-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UjiRJbozDOfgKHVX+ldarrFQ8EUZHyGAtvVxOADZs84SsR1n3xrBZ81RG9NztOGZ FkL/43yBRd7k6WOnsOZAbQ== 0000950131-97-003448.txt : 19970520 0000950131-97-003448.hdr.sgml : 19970520 ACCESSION NUMBER: 0000950131-97-003448 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH CENTRAL BANCSHARES INC CENTRAL INDEX KEY: 0001005188 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 421449849 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27672 FILM NUMBER: 97606096 BUSINESS ADDRESS: STREET 1: 825 CENTRAL AVE STREET 2: C/O FIRST FED SAVINGS BANK OF FT DODGE CITY: FORT DODGE STATE: I0 ZIP: 50501 BUSINESS PHONE: 5155767531 MAIL ADDRESS: STREET 1: 825 CENTRAL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 --------------------------------- FORM 10-Q [Mark One] [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _________________ to _________________ Commission File Number 0-27672 NORTH CENTRAL BANCSHARES, INC. (Exact name of registrant as specified in its charter) Iowa 42-1449849 ---- ---------- (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification Number) 825 Central Avenue Fort Dodge, Iowa 50501 -------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code #(515)576-7531 None - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at May 7, 1997 ----- -------------------------- (Common Stock, $.01 par value) 3,319,455 NORTH CENTRAL BANCSHARES, INC. INDEX Page ---- Part I. Financial Information Item 1. Consolidated Condensed Financial Statements (unaudited) 1 to 5 Consolidated Condensed Statements of Financial Condition at March 31, 1997 and December 31, 1996 1 Consolidated Condensed Statements of Income for the three months ended March 31, 1997 and 1996 2 Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 1997 and 1996 3 Notes to Consolidated Condensed Financial Statements 4 & 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 to 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 10 Part II. Other Information 11 & 12 Items 1 through 6 11 Signatures 12 Exhibits NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, December 31, ASSETS 1997 1996 ------------ ------------- Cash: Interest-bearing $ 2,237,345 $ 2,973,490 Noninterest-bearing 775,894 963,325 Securities available for sale 23,381,607 23,103,614 Securities held to maturity 999,956 3,499,528 Loans receivable, net 168,923,201 165,831,040 Accrued interest receivable 1,285,996 1,327,733 Foreclosed real estate 135,643 128,471 Premises and equipment, net 1,825,014 1,780,392 Rental real estate 2,096,108 1,775,844 Title plant 925,256 968,747 Deferred taxes 202,000 198,000 Prepaid expenses and other assets 708,530 542,351 ------------ ------------ Total assets $203,496,550 $203,092,535 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $132,374,427 $129,722,044 Other borrowed funds 19,300,000 22,335,000 Advances from borrowers for taxes and insurance 470,567 845,488 Dividend payable 214,341 230,344 Income taxes payable 603,149 182,826 Accrued expenses and other liabilities 494,940 542,026 ------------ ------------ Total liabilities 153,457,424 153,857,728 ------------ ------------ COMMITMENTS STOCKHOLDERS' EQUITY Preferred stock -- -- Common Stock 40,111 40,111 Additional paid-in capital 37,825,648 37,796,611 Retained earnings, substantially restricted 21,206,334 20,531,604 Unrealized gain on securities available for sale, net of income taxes 121,399 73,097 Treasury stock at cost (7,789,661) (7,789,661) Unearned shares, employee stock ownership plan (1,364,705) (1,416,955) ------------ ------------ Total stockholders' equity 50,039,126 49,234,807 ------------ ------------ Total liabilities and stockholders' equity $203,496,550 $203,092,535 ============ ============
See Notes to Consolidated Condensed Financial Statements. -1- NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended March 31, 1997 1996 ---------- ---------- Interest Income: Loans receivable: First mortgage loans $2,980,603 $2,677,727 Consumer loans 523,467 460,225 Securities and cash deposits 400,878 439,588 ---------- ---------- 3,904,948 3,577,540 ---------- ---------- Interest expense: Deposits 1,550,267 1,555,683 Other borrowed funds 304,024 280,882 ---------- ---------- 1,854,291 1,836,565 ---------- ---------- Net Interest Income 2,050,657 1,740,975 Provision for loan losses 60,000 60,000 ---------- ---------- Net interest income after provision for loan losses 1,990,657 1,680,975 ---------- ---------- Noninterest income: Fees and service charges 154,364 124,637 Abstract fees 254,810 195,640 Gain on sale of securities available for sale -- 13,774 Other income 75,211 88,191 ---------- ---------- Total noninterest income 484,385 422,242 ---------- ---------- Noninterest expense: Salaries and employee benefits 524,183 582,542 Premises and equipment 103,814 111,060 Data processing 64,419 60,135 SAIF deposit insurance premiums 21,069 73,109 Other expenses 396,145 248,859 ---------- ---------- Total noninterest expense 1,109,630 1,075,705 ---------- ---------- Income before income taxes 1,365,412 1,027,512 Provision for income taxes 476,262 371,634 ---------- ---------- Net Income $ 889,150 $ 655,878 ========== ========== Earnings per share $ 0.27 $ 0.17 ========== ========== Dividends declared per common share $ 0.0625 $ 0.0922 ========== ==========
See Notes to Consolidated Condensed Financial Statements. -2- NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 1997 1996 ----------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 889,150 $ 655,878 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 60,000 60,000 Depreciation 54,544 54,621 Amortization and accretion 29,426 (44,512) Deferred taxes (30,925) (57,750) Effect of contribution to employee stock ownership plan 81,287 9,809 (Gain) on sale of foreclosed real estate and loans, net (2,855) (9,103) (Gain) on sale of securities available for sale -- (13,774) Loss on disposal of equipment 5,024 1,752 Change in assets and liabilities: (Increase) decrease in accrued interest receivable 41,737 (18,439) Decrease in income taxes receivable -- 31,766 (Increase) in prepaid expenses and other assets (166,179) (150,218) Increase in income taxes payable 420,323 394,982 (Decrease) in accrued expenses and other liabilities (46,757) (93,135) ----------- ------------ Net cash provided by operating activities 1,334,775 821,877 ----------- ------------ CASH FLOWS FROM INVESTING ACTIVITIES Net decrease in loans 1,632,421 112,749 Purchase of loans (4,940,253) (2,378,800) Proceeds from sale of loans 161,381 -- Proceeds from sale of securities available for sale -- 53,891 Purchase of securities available for sale (236,948) (2,461,865) Proceeds from maturities of securities held to maturity 2,500,000 1,500,000 Purchase of premises and equipment (124,640) (109,400) Proceeds from sale of premises and equipment 30,450 -- Purchase of rental real estate (330,264) (1,456) Proceeds from sale of title plant 43,491 -- Other (6,107) 88,799 ----------- ------------ Net cash (used in) investing activities (1,270,469) (3,196,082) ----------- ------------ CASH FLOWS FROM FINANCING ACTIVITIES Net increase in deposits 2,652,383 1,656,951 (Decrease) in advances from borrowers for taxes and insurance (374,921) (379,619) Net change in short term borrowings (7,000,000) (16,000,000) Proceeds from other borrowed funds 4,000,000 -- Payments of other borrowings (35,000) -- Proceeds from issuance of 2,625,467 shares of common stock -- 25,412,159 Payments for expenses incurred relating to conversion to stock form -- (790,145) Dividends paid (230,344) (111,053) ----------- ------------ Net cash provided by (used in) financing activities (987,882) 9,788,293 ----------- ------------ Net increase (decrease) in cash (923,576) 7,414,088 CASH Beginning 3,936,815 3,071,642 ----------- ------------ Ending $ 3,013,239 $ 10,485,730 =========== ============ SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION Cash payments for: Interest paid to depositors $ 1,524,121 $ 1,544,569 Interest paid on borrowings 344,648 315,251 Income taxes 86,864 --
See Notes to Consolidated Condensed Financial Statements. -3- ITEM 1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES 1. SIGNIFICANT ACCOUNTING POLICIES The consolidated condensed financial statements for the three month period ended March 31, 1997 and 1996 are unaudited. In the opinion of the management of North Central Bancshares, Inc. (the "Company" or the "Registrant") these financial statements reflect all adjustments, consisting only of normal recurring accruals, necessary to present fairly these consolidated financial statements. The results of operations for the interim periods are not necessarily indicative of results which may be expected for an entire year. Certain information and footnote disclosure normally included in complete financial statements prepared in accordance with generally accepted accounting principles have been omitted in accordance with the requirements for interim financial statements. The financial statements and notes thereto should be read in conjunction with the Company's 1996 Annual Report on Form 10-K. The consolidated condensed financial statements include the accounts of the Company and its wholly-owned subsidiaries (See Note 2). All significant intercompany balances and transactions have been eliminated in consolidation. 2. REORGANIZATION The Company was organized on December 5, 1995 at the direction of the Board of Directors of First Federal Savings Bank of Fort Dodge (the "Bank") for the purpose of acquiring all of the capital stock of the Bank, in connection with the conversion of the Bank, and North Central Bancshares, M.H.C. (the "Mutual Holding Company" or "MHC") from the mutual to the stock holding company structure (these transactions are collectively referred to as the "Reorganization"). On March 20, 1996, upon completion of the Reorganization, the Company issued an aggregate of 4,011,057 shares of its common stock, 1,385,590 shares of which were issued in exchange for all of the Bank's issued and outstanding shares, except for shares owned by the MHC which were cancelled, and 2,625,467 shares of which were sold in Subscription and Community Offerings (the "Offering") at a price of $10.00 per share, with gross proceeds amounting to $26,254,670. In addition, the Company replaced the Bank as the issuer listed on The Nasdaq Stock Market. At this time, the Company conducts business as a unitary savings and loan holding company and the principal business of the Company consists of the operation of its wholly owned subsidiary, the Bank. 3. EARNINGS PER SHARE The earnings per share amounts were computed using the weighted average number of shares outstanding during the periods presented. In accordance with Statement of Position No. 93-6, Employers' Accounting for Employee Stock Ownership Plans, issued by the American Institute of Certified Public Accountants, shares owned by the Bank's Employee Stock Ownership Plan that have not been committed to be released are not considered to be outstanding for the purpose of computing earnings per share. For the three month periods ended March 31, 1997 and 1996, the weighted average number of shares outstanding was 3,282,238 and 3,843,710, respectively. The number of shares outstanding for the three month period ended at March 31, 1996 was restated to reflect the conversion ratio effected as part of the Reorganization. 4. DIVIDENDS On February 28, 1997, the Company declared a cash dividend on its common stock, payable on April 7, 1997 to stockholders of record as of March 14, 1997, equal to $0.0625 per share. -4- NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 5. PENDING ACCOUNTING PRONOUNCEMENTS In June 1996, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 125, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities" ("SFAS No. 125"). SFAS No. 125 is effective for transfers and servicing of financial assets and extinguishments of liabilities occurring after December 31, 1996, and is to be applied prospectively. The Company adopted SFAS No. 125 on January 1, 1997 and its adoption has not had a material effect on the Company's financial condition or results of operations. In February 1997, FASB issued Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS No. 128"). SFAS No. 128 specifies the computation, presentation, and disclosure requirements for earnings per share ("EPS") for entities with publicly held common stock or potential common stock. This statement simplifies the standards for computing EPS previously found in Accounting principles Board Opinion No. 15 ("APB No. 15"). It replaces the presentation of primary EPS with a presentation of Basic EPS, and requires dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. SFAS No. 128 is effective for financial statements issued for periods ending after December 15, 1997 and requires restatement of all prior-period EPS data presented. Upon adoption of SFAS No. 128, the change will not result in a material change in the Company's EPS presentation from primary to basic EPS and from fully diluted to diluted EPS. In February 1997, the FASB issued Statement of Financial Accounting Standards No. 129 ("SFAS No. 129") "Disclosure of Information about Capital Structure." SFAS No. 129 requires nonpublic entities to include disclosure requirements regarding capital structure as specified in APB Opinion No. 15, "Earnings Per Share." These disclosure requirements are effective for financial statements for periods ending after December 15, 1997. The adoption of SFAS No. 129 will have no effect on the financial condition or results of operations. 6. RECENT DEVELOPMENTS On April 22, 1997, the Company announced a stock repurchase program to begin on or about April 28, 1997. The program authorizes the Company to purchase up to five percent of its 3,429,455 outstanding shares of common stock during the next twelve months. During the quarter ended March 31, 1997, the Company did not repurchase any shares of the Company's common stock. -5- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXPLANATORY NOTE This Quarterly Report on Form 10-Q contains forward-looking statements consisting of estimates with respect to the financial condition, results of operations and business of the Company that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, changes in general, economic and market, and legislative and regulatory conditions, and the development of an adverse interest rate environment that adversely affects the interest rate spread or other income anticipated from the Company's operations and investments. FINANCIAL CONDITION Total assets remained relatively stable at $203.5 million at March 31, 1997 compared to $203.1 million at December 31, 1996. Securities held to maturity decreased $2.5 million, or 71.4%, primarily due to the maturities of several U.S. Treasury Notes. Total loans receivable, net, increased by $3.1 million, or 1.9%, from December 31, 1996, due primarily to originations of $4.2 million of first mortgage loans secured primarily by one-to-four family residences, purchases of $4.9 million of first mortgage loans secured by one-to-four family and multi-family residences and originations of $2.1 million of second mortgage loans, which originations and purchases were offset in part by payments and prepayments of loans (of approximately $9.1 million). Deposits increased $2.7 million, or 2.0%, from $129.7 million at December 31, 1996 to $132.4 million at March 31, 1997, primarily due to increases in NOW and money market savings accounts, due to normal market fluctuations. Other borrowings, primarily Federal Home Loan Bank of Des Moines ("FHLB") advances, decreased by $3.0 million, to $19.3 million at March 31, 1997 from $22.3 million at December 31, 1996, primarily due to the repayment of certain outstanding FHLB advances with the proceeds from deposit increases. Total stockholders' equity increased $804,000, from $49.2 million at December 31, 1996 to $50.0 million at March 31, 1997, primarily due to earnings, offset by dividends declared. CAPITAL The Company's total stockholders' equity increased by $804,000 to $50.0 million at March 31, 1997 from $49.2 million at December 31, 1996. The unrealized gain on securities available for sale increased by $48,000 to $121,000 at March 31, 1997 from $73,000 at December 31, 1996. The unearned shares from the Employee Stock Ownership Plan (the "ESOP") decreased by $52,000 to $1.4 million at March 31, 1997 from $1.4 million at December 31, 1996, due to the release of shares by the ESOP to employees of the Bank. The Office of Thrift Supervision (the "OTS") requires that the Bank meet minimum tangible, leverage (core) and risk-based capital requirements. As of March 31, 1997, the Bank exceeded all of its regulatory capital requirements. The Bank's required, actual and excess capital levels as of March 31, 1997 are as follows: -6-
Amount Percentage of Assets -------- --------------------- (dollars in thousands) Tangible capital: Capital Level $44,936 22.27% Less Requirement 3,027 1.50% ------- ----- Excess $41,909 20.77% ======= ===== Core capital: Capital level $44,936 22.27% Less Requirement 6,055 3.00% ------- ----- Excess $38,881 19.27% ======= ===== Risk-based capital: Capital level $46,354 41.09% Less Requirement 9,025 8.00% ------- ----- Excess $37,329 33.09% ======= =====
LIQUIDITY The Company's primary sources of funds is cash provided by investing activities and includes principal and interest payments on loans, deposits, maturities of securities and other investments, and earnings and funds provided by operations. During the first quarter of 1997 and 1996, principal payments on loans totalled $9.1 million and $7.5 million, respectively. The net increases in deposits during the first quarter of 1997 and 1996 totalled $2.7 million and $1.7 million, respectively. During the first quarter of 1997 and 1996, the proceeds from the maturities and sales of securities totalled $2.5 million and $1.6 million, respectively. Cash provided from operating activities during the first quarter of 1997 and 1996 totalled $1.4 million and $822,000, respectively, of which $889,000 and $656,000, respectively, represented net income of the Company. In the first quarter of 1996, the Company had net proceeds from the Reorganization of $24.6 million. The Company's primary use of funds is cash used to originate and purchase loans, repayment of borrowed funds and other financing activities. During the first quarter of 1997 and 1996, the Company's gross purchases and origination of loans totalled $12.6 million and $9.4 million, respectively. The net decrease in borrowed funds during the first quarter of 1997 and 1996 totalled $3.0 million and $16.0 million, respectively, due to the repayment of FHLB advances with the proceeds of the Reorganization. For additional information about cash flows from the Company's operating, financing and investing activities, see Statements of Cash Flows in the Condensed Consolidated Financial Statements. OTS regulations require that thrift institutions such as the Bank maintain an average daily balance of liquid assets (cash, certain time deposits, banker's acceptances and specified U.S. government, state or federal agency obligations) equal to a monthly average of not less than 5% of their net withdrawable deposits, plus short term borrowings. At March 31, 1997, the Bank's liquidity position was $9.6 million or 6.83% of liquid assets, compared to $13.1 million or 9.11% at December 31, 1996. The decrease of $3.5 million was primarily due to the maturities of several U. S. Treasury Notes. OTS regulations also require that thrift institutions such as the Bank maintain an average daily balance of short term liquid assets (cash, certain time deposits, banker's acceptances and specified U.S. government, state or federal agency obligations) equal to a monthly average of not less than 1% of their net withdrawable deposits, plus short term borrowings. At March 31, 1997, the Bank's short term liquidity position was $3.1 million or 2.2% of short term liquid assets, compared to $4.1 million or 2.84% at December 31, 1996. Stockholders' equity totaled $50.0 million at March 31, 1997 compared to $49.2 million at December 31, 1996, reflecting the Company's earnings for the quarter, the amortization of the unallocated portion of shares held by the ESOP, dividends paid on common stock and the change in the net unrealized gains on securities, net of taxes. On January 10, 1997, the Company paid a quarterly cash dividend equal to $0.0625 per share on common stock outstanding as of the close of business on December 12, 1996, aggregating $230,000. On February 28, 1997, the Company declared a quarterly cash dividend of $0.0625 per share payable on April 7, 1997 to shareholders of record as of the close of business on March 14, 1997 aggregating $214,000. -7- RESULTS OF OPERATIONS Interest Income. Interest income increased by $327,000 to $3.9 million for the three months ended March 31, 1997 compared to $3.6 million for the three months ended March 31, 1996. The increase in interest income was primarily due to a $18.9 million increase in the average balance of interest earning assets (primarily first and second mortgage loans) to $197.8 million for the three months ended March 31, 1997, from $178.9 million for the comparable 1996 period, due to the investment of a portion of the proceeds from the Reorganization. The increase in the average balance in first mortgage loans and consumer loans (primarily second mortgage loans) generally reflects an increase over the past twelve months in originations of first and second mortgage loans and purchases of first mortgage loans secured by one-to-four family residences and multi- family residences, which were offset, in part, by payments and prepayments on such loans. See "Financial Condition." The impact of the increase in the average balances of first mortgage and consumer loans was offset in part by a decrease in the average yield on first mortgage loans, consumer loans and securities available for sale. The average yield on first mortgage loans decreased to 8.10% for the three months ended March 31, 1997 from 8.14% for the three months ended March 31, 1996, primarily due to a general decrease in market interest rates. The average yield on consumer loans decreased to 9.58% for the three months ended March 31, 1997 from 9.63% for the three months ended March 31, 1996, also primarily due to a general decrease in market interest rates. The average balance of securities held to maturity decreased $12.2 million, or 82.9%, and such securities were in part, replaced by lower yielding securities available for sale. The average yield on interest earning assets decreased from 8.01% for the three months ended March 31, 1996 to 7.92% for the three months ended March 31, 1997, due to general market interest rates. Interest Expense. Interest expense increased by $18,000 to $1.9 million for the three months ended March 31, 1997 compared to $1.8 million for the three months ended March 31, 1996. The increase in interest expense was due in part to a $1.5 million increase in the average balance of deposits to $128.1 million for the three months ended March 31, 1997 from $126.7 million for the comparable 1996 period due to an increase in the average balance of certificates of deposit and money market savings accounts, which have relatively higher costs than the Company's other deposit products. The increase in interest expense resulting from increases in the average balance of certificates of deposit and money market savings accounts were offset in part by decreases in the average balance of lower costing passbook savings accounts. The increase in interest expense was also due in part to a $1.7 million increase in the average balance of borrowed funds to $20.6 million for the three months ended March 31, 1997 from $18.9 million for the comparable 1996 period. The average cost of interest bearing liabilities remained relatively stable for the three months ended March 31, 1997. Net Interest Income. Net interest income before provision for loan losses increased by $310,000 to $2.1 million for the three months ended March 31, 1997 from $1.7 million for the three months ended March 31, 1996. The increase is primarily due to the increase in the excess of average interest earning assets over average interest bearing liabilities, and reflects the use of a portion of the proceeds from the Reorganization. The impact of this net increase was offset in part by the decrease in the Company's interest rate spread (i.e., the difference in the average yield on assets and average cost of liabilities) from 2.94% for the three months ended March 31, 1996 to 2.86% for the three months ended March 31, 1997. The following tables set forth certain information relating to the Company's average balance sheets and reflect the average yield on assets and average cost of liabilities for the three month periods ended March 31, 1997 and 1996. -8- RESULTS OF OPERATIONS (Continued)
For Three Months Ended March 31, ------------------------------------------------------------ At March 31, 1997 1997 1996 ----------------- ------------------------------ ---------------------------- Average Average Yield/ Average Yield/ Average Yield/ Balance Cost Balance Interest Cost Balance Interest Cost ------- ------- -------- -------- -------- -------- -------- ------- (Dollars in thousands) Assets: Interest-earning assets: First mortgage loans................. $148,606 8.11% $147,276 $2,981 8.10% $131,602 $2,678 8.14% Consumer loans....................... 22,337 9.53 22,168 523 9.58 19,230 460 9.63 Securities available for sale........ 23,188 5.68 23,079 325 5.71 9,476 146 6.18 Securities held to maturity.......... 1,000 6.35 2,500 41 6.71 14,662 244 6.70 Interest bearing cash................ 2,237 5.00 2,783 35 5.05 3,962 50 5.08 -------- ------ -------- ------ ------ -------- ------ ------ Total interest-earning assets...... 197,368 7.94% 197,806 $3,905 7.92% 178,932 $3,578 8.01% ------ ------ ------ ------ ------ Noninterest-earning assets............. 6,129 6,605 4,278 -------- -------- -------- Total assets....................... $203,497 $204,411 $183,210 ======== ======== ======== Liabilities and Equity: Interest-bearing liabilities: NOW and money market savings......... $ 22,172 2.95% $ 20,696 $ 146 2.87% $ 17,830 $ 124 2.80% Passbook savings..................... 17,495 2.25 17,653 98 2.25 20,875 119 2.29 Certificates of Deposit.............. 89,957 5.88 89,789 1,306 5.90 87,967 1,313 6.00 Borrowed funds....................... 19,300 5.82 20,627 304 5.98 18,932 281 5.97 -------- ------ -------- ------ ------ -------- ------ ------ Total interest-bearing liabilities..... 148,924 5.01% 148,765 $1,854 5.06% 145,604 $1,837 5.07% ------ ------ ------ ------ ----- Noninterest-bearing liabilities........ 4,534 5,913 4,485 -------- -------- -------- Total liabilities.................. 153,458 154,678 150,089 Equity................................. 50,039 49,733 33,121 -------- -------- -------- Total liabilities and equity....... $203,497 $204,411 $183,210 ======== ======== ======== Net interest income.................... $2,051 $1,741 ====== ====== Net interest rate spread............... 2.93% 2.86% 2.94% ====== ====== ====== Net interest margin.................... 4.16% 4.15% 3.89% ====== ====== ====== Ratio of average interest-earning assets to average interest-bearing liabilities.......................... 132.53% 132.97% 122.89% ====== ====== ======
Provision for Loan Losses. The Company's provision for loan losses was $60,000 for each of the three months ended March 31, 1997 and 1996. The Company establishes provisions for loan losses, which are charged to operations, in order to maintain the allowance for loan losses at a level which is deemed to be appropriate based upon an assessment of prior loss experience, industry standards, past due loans, economic conditions, the volume and type of loans in the Bank's portfolio, which includes a significant amount of multifamily loans, substantially all of which are purchased and are collateralized by properties located outside of the Bank's market area, and other factors related to the collectibility of the Bank's loan portfolio. The net charge offs (recoveries) were ($7,000) for the three months ended March 31, 1997 as compared to $2,000 for the three months ended March 31, 1996. The resulting allowance for loan losses was $2.0 million at March 31, 1997 as compared to $2.0 million at December 31, 1996 and $1.8 million at March 31, 1996. This increase in the allowance for the first quarter of 1997 reflects the increase in total loans from $153.2 million at March 31, 1996 to $172.2 million at March 31, 1997. The level of nonperforming loans increased to $306,000 at March 31, 1997 from $184,000 at December 31, 1996 and $194,000 at March 31, 1996. Management believes that the allowance for loan losses is adequate. While management estimates loan losses using the best available information, such as independent appraisals for significant collateral properties, no assurance can be made that future adjustments to the allowance will not be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, identification of additional problem loans, and other factors, both within and outside of management's control. -9- RESULTS OF OPERATIONS (Continued) Noninterest Income. Total noninterest income increased by $62,000 to $484,000 for the three months ended March 31, 1997 from $422,000 for the three months ended March 31, 1996. The increase is due to increases in fees and service charges and abstract fees, offset by decreases in gain on sale of securities available for sale. Fees and service charges increased $30,000, primarily due to increases in overdraft fees, checking account fees and loan prepayment fees. Abstract fees increased $59,000 due to increased sales volume, partially attributable to the purchase of the assets of an abstract company in December, 1996. Noninterest income for the three months ended March 31, 1996 also reflects gains on sales of securities available for sale of $14,000, while no such gains were recorded for the corresponding three month period in 1997. Noninterest Expense. Total noninterest expense increased by $34,000 to $1.1 million for the three months ended March 31, 1997 from $1.1 million for the three months ended March 31, 1996. The increase is primarily due to increases in other expenses, offset by decreases in salaries and employee benefits and SAIF deposit insurance premiums. The decrease in salaries and benefits was primarily a result of the costs incurred in the 1996 period related to the adoption of a retirement plan for the benefit of the former chairman of the board, offset by increased costs in the corresponding 1997 period associated with the ESOP, normal salary increases and an increase in the number of employees. The decrease in SAIF deposit insurance premiums was primarily due to lower assessment rates. The increase in other expenses is primarily a result of higher expenditures for professional fees, advertising costs and costs associated with the Bank's investment in the Northridge Apartments Limited Partnership, which owns and operates a 44-unit apartment complex in Fort Dodge, Iowa. The Company's efficiency ratio for the three months ended March 31, 1997 and 1996 was 43.77% and 49.73%, respectively. The Company's ratio of noninterest expense to average assets for the three months ended March 31, 1997 and 1996 was 2.17% and 2.35%, respectively. Income Taxes. Income taxes increased by $105,000 to $476,000 for the three months ended March 31, 1997 as compared to $372,000 for the three months ended March 31, 1996. The increase was primarily due to an increase in pre-tax earnings during the 1997 period as compared to the corresponding 1996 period. Net Income. Net income totalled $889,000 for the three months ended March 31, 1997, compared to $656,000 for the same period in 1996. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. -10- PART II. OTHER INFORMATION Item 1. Legal Proceedings Not applicable Item 2. Changes in Securities Not applicable Item 3. Defaults Upon Senior Securities Not applicable Item 4. Submission of Matters to a vote of Security Holders Not applicable Item 5. Other Information Not applicable Item 6. Exhibits and Reports on Form 8-K Exhibit 27. Financial data schedule. (Only submitted with filing in electronic format.) Exhibit 99.1 Press Release (regarding the issuance of limited financial information for the year ended December 31, 1996). Exhibit 99.2 Press Release (regarding the declaration of a dividend). Exhibit 99.3. Press Release (regarding the issuance of limited financial information for the quarter ended March 31, 1997). (b)Reports on Form 8-K None -11- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. NORTH CENTRAL BANCSHARES, INC. DATE: May 13, 1997 BY: /s/ David M. Bradley David M. Bradley, CPA Chairman, President and Chief Executive Officer DATE: May 13, 1997 BY: /s/ John L. Pierschbacher John L. Pierschbacher, CPA Principal Financial Officer -12- EX-27 2 FINANCIAL DATA SCHEDULE
9 This schedule contains summary financial information extracted from the consolidated condensed statement of financial condition and the consolidated condensed statement of income and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 775,894 2,237,345 0 0 23,381,607 999,956 1,000,312 168,923,201 2,019,834 203,496,550 132,374,427 11,000,000 1,783,326 8,300,000 40,111 0 0 49,999,015 203,496,550 3,504,070 400,878 0 3,904,948 1,550,267 1,854,291 2,050,657 60,000 0 1,109,630 1,365,412 1,365,412 0 0 889,150 .27 .27 7.92 306,000 0 0 0 1,952,887 3,000 10,000 2,019,834 0 0 0
EX-99.1 3 PRESS RELEASE Exhibit 99.1 Press release January 27, 1997 For Further Information Contact: David M. Bradley Chairman, President & Chief Executive Officer North Central Bancshares, Inc. 825 Central Avenue Fort Dodge, Iowa 50501 Phone: (515) 576-7531 NORTH CENTRAL BANCSHARES, INC. ANNOUNCES EARNINGS (Nasdaq: FFFD) Fort Dodge, Iowa -- North Central Bancshares, Inc., (the "Company") the holding company for First Federal Savings Bank of Fort Dodge (the "Bank"), announced today that the Company earned $970,000, or $0.27 per share for the fourth quarter of 1996. This compares to net income of $667,000, or $0.17 per share during the fourth quarter of 1995. For the year ended December 31, 1996, net earnings were $3,133,000, or $0.82 per share, after posting the one-time SAIF special assessment, as compared to $2,461,000 or $0.63 per share for the corresponding period a year ago, an increase of $672,000 or 27.3%. The Company earned $3,645,000, or $0.96 per share during the year ended December 31, 1996, before posting the SAIF special assessment. David M. Bradley, President and Chief Executive Officer said, "While the special recapitalization assessment adversely impacted earnings for the year ended December 31, 1996, the short-term impact of this assessment is outweighed by the long-term benefit of significantly reduced deposit insurance premiums for well capitalized institutions such as First Federal." On March 20, 1996, First Federal Savings Bank completed a reorganization from a mutual holding company form of organization to a stock holding company form of organization. Pursuant to this transaction, the Bank became a wholly-owned subsidiary of North Central Bancshares, Inc. and the Company replaced the Bank as the issuer listed by The Nasdaq Stock Market. In addition to the exchange of the Bank's common stock for 1,385,590 shares of the Company's stock, the Company sold 2,625,467 shares of stock in a subscription offering. This stock offering resulted in net proceeds for the Company of $25.4 million. Total assets at December 31, 1996 reached $203.1 million as compared to $179.9 at December 31, 1995. The primary reason for the $23.2 million or 12.9% increase in total assets was the $25.4 million in net proceeds received from the offering. Securities increased $2.8 million, or 11.8%, and net loans increased $18.0 million, or 12.1% from December 31, 1995. Deposits increased $3.0 million, or 2.4% from December 31, 1995. Nonperforming assets were 0.15% of total assets as of December 31, 1996 compared to 0.23% as of September 30, 1996 and 0.17% as of December 31, 1995. The allowance for loan losses was to $2.0 million or 1.14% of total loans at December 31, 1996, compared to $1.7 million or 1.15% of total loans at December 31, 1995. The net interest margin for the year ended December 31, 1996 was 4.33% compared to 3.66% for the corresponding year in 1995 . Net interest income for the year ending December 31, 1996 was $8.2 million, an -1- increase of 34.4% from $6.1 million for the corresponding period last year. Interest income for the year ended December 31, 1996 increased $1.9 million, or 14.8%, compared with the corresponding period in 1995, due primarily to increased average balances of interest-earning assets. Interest expense decreased $150,000 or 2.1%, when comparing the year ended December 31, 1996 with the corresponding period of 1995. The decrease in interest expense was due primarily to a decrease in the cost of interest-bearing deposits and the decrease in the average balances of borrowed funds, offset by an increase in the average balances of interest-bearing deposits. The Bank's provision for loan losses was $240,000 and $250,000, for the years ended December 31, 1996 and 1995, respectively. The Bank establishes provisions for loan losses, which are charged to operations, in order to maintain the allowance for loan losses at a level which is deemed to be appropriate based upon an assessment of prior conditions, the volume and type of loans in the Bank's portfolio, and other factors related to the collectiblity of the Bank's loan portfolio. Noninterest income increased $191,000 or 11.2% and noninterest expense, which included the one-time SAIF special assessment, increased $1.3 million or 35.0%, for the year ended December 31, 1996 compared to the corresponding period of 1995. Noninterest income, excluding the gain on sale of securities available for sale, increased $359,000 or 23.6%, and noninterest expense, excluding the one- time SAIF special assessment, increased $463,000 or 12.7%, for the year ended December 31, 1996 as compared to the corresponding period of 1995. Stockholders' equity was $49.2 million at December 31, 1996, compared to $29.9 million at December 31, 1995. Book value, or stockholders' equity, per share at December 31, 1996 was $14.36 and was $7.45 at December 31, 1995. The Company repurchased 581,602 shares of its common stock during the fourth quarter of 1996. The shares were repurchased at an average cost of $13.39 per share, which was primarily funded by an increase in borrowed funds for the quarter ended December 31, 1996. The ratio of stockholders' equity to total assets was 24.2% at December 31, 1996, as compared to 16.6% for the corresponding date in 1995. North Central Bancshares, Inc. serves north central Iowa at 4 full service locations in Fort Dodge, Nevada and Ames, Iowa through its wholly-owned subsidiary, First Federal Savings Bank of Fort Dodge, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company's stock is traded on The Nasdaq National Market under the symbol "FFFD". -2- FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition
(Dollars in Thousands, except per share and share data) December 31, 1996 December 31, 1995 ------------------ ------------------ Assets Cash and cash equivalents $ 3,937 $ 3,071 Securities available for sale 23,104 7,799 Securities held to maturity (Market value $3.5 million and $16.2 million, respectively) 3,500 15,995 Loans (net of allowance of loan loss of $2.0 million and $1.7 million, respectively) 165,831 147,872 Other Assets $ 6,721 $ 5,193 ---------- ---------- Total Assets $ 203,093 $ 179,930 ========== ========== Liabilities Deposits $ 129,722 $ 126,672 Other borrowed funds 22,335 21,940 Other liabilities 1,801 1,418 ---------- ---------- Total Liabilities 153,858 150,030 Stockholders' Equity 49,235 29,900 ---------- ---------- Total Liabilities and Stockholders' Equity $ 203,093 $ 179,930 ========== ========== Stockholders' equity to total assets 24.24% 16.62% ========== ========== Book value per share $ 14.36 $ 7.45* ========== ========== Total shares outstanding 3,429,455 4,011,057 ========== ==========
*Book value per share has been calculated assuming 4,011,057 shares of common stock had been outstanding as of December 31, 1995. Condensed Consolidated Statements of Income
(Dollars in Thousands, except per share data) For the Three Months For the Year Ended December 31 Ended December 31, 1996 1995 1996 1995 ------------------ ------------------- ------------------ ------------------- Interest income $3,953 $3,552 $15,090 $13,148 Interest expense 1,812 1,923 6,929 7,079 ------ ------ ------- ------- Net interest income 2,141 1,629 8,161 6,069 Provision for loan loss 60 60 240 250 ------ ------ ------- ------- Net interest income after provision for loan 2,081 1,569 7,921 5,819 loss Noninterest income 489 400 1,880 1,521 Gain on the sale of securities available for sale -- -- 14 182 One-time SAIF special assessment -- -- 817 -- Noninterest expense 1,066 942 4,121 3,658 ------ ------ ------- ------- Income before income taxes 1,504 1,027 4,877 3,864 Income taxes 534 360 1,744 1,403 ------ ------ ------- ------- Net income $ 970 $ 667 $ 3,133 $ 2,461 ------ ------ ------- ------- Earnings per share $ 0.27 $ 0.17 $ 0.82 $ 0.63 ====== ====== ======= =======
Selected Financial Ratios
For the Three Months For the Year Ended December 31 Ended December 31 1996 1995 1996 1995 ------ ------ ------- ------- Performance ratios: (annualized) Net interest spread 3.00% 2.86% 3.01% 2.75% Net interest margin 4.33% 3.73% 4.33% 3.66% Return on average assets 1.91% 1.49% 1.62% 1.48% Return on average equity 7.18% 9.01% 6.30% 8.78% Efficiency ratio (noninterest expense divided by the sum of net income before provision for loan losses plus noninterest income) 40.53% 46.44% 49.11% 46.48%
December 31, 1996 September 30, 1996 December 31, 1995 ----------------- ------------------ ----------------- Asset Quality Ratios: Nonaccrual loans to total net loans 0.11% 0.18% 0.12% Nonperforming assets to total assets 0.15% 0.23% 0.17% Allowance for loan losses as a percent of total loans receivable 1.14% 1.16% 1.15%
-3- EX-99.2 4 PRESS RELEASE Exhibit 99.2 Press Release February 28, 1997 For further information contact: David M. Bradley President & Chief Executive Officer North Central Bancshares, Inc. 825 Central Avenue Fort Dodge, Iowa 50501 515-576-7531 NORTH CENTRAL BANCSHARES, INC. DECLARES DIVIDEND Fort Dodge, Iowa -- David M. Bradley, President and Chief Executive Officer of North Central Bancshares, Inc. (the "Company") announced today that the Company declared a regular quarterly cash dividend of $0.625 per share on the Company's common stock for the fiscal quarter ended March 31, 1997. The dividend will be payable to all stockholders of record as of March 14, 1997 and will be paid on April 7, 1997. The Company's common stock trades on the Nasdaq Stock Market under the symbol "FFFD". The Company's wholly owned subsidiary, First Federal Savings Bank of Fort Dodge, is a federally chartered savings bank headquartered in Fort Dodge, Iowa. 1 EX-99.3 5 PRESS RELEASE Exhibit 99.3 Press Release April 21, 1997 For Further Information Contact: David M. Bradley Chairman, President & Chief Executive Officer North Central Bancshares, Inc. 825 Central Avenue Fort Dodge, Iowa 50501 Phone: (515) 576-7531 NORTH CENTRAL BANCSHARES, INC. ANNOUNCES EARNINGS (Nasdaq: FFFD) Fort Dodge, Iowa -- North Central Bancshares, Inc., (the "Company") the holding company for First Federal Savings Bank of Fort Dodge (the "Bank"), announced today that the Company earned $889,000, or $0.27 per share for the first quarter of 1997. This compares to net income of $656,000, or $0.17 per share during the first quarter of 1996. On March 20, 1996, First Federal Savings Bank completed a reorganization from a mutual holding company form of organization to a stock holding company form of organization. Pursuant to this transaction, the Bank became a wholly-owned subsidiary of North Central Bancshares, Inc. and the Company replaced the Bank as the issuer listed by The Nasdaq Stock Market. In addition to the exchange of the Bank's common stock for 1,385,590 shares of the Company's stock, the Company sold 2,625,467 shares of stock in a subscription offering. This stock offering resulted in net proceeds for the Company of $25.4 million. Total assets at March 31, 1997 were $203.5 million as compared to $203.1 million at December 31, 1996. The increase in total assets resulted primarily from increases in securities available for sale, loans and other assets, partially offset by decreases in cash and securities held to maturity. Deposits increased $2.7 million, or 2.0% from $129.7 million at December 31, 1996 to $132.4 million at March 31, 1997. Other borrowed funds decreased $3.0 million or 13.6% from $22.3 million at December 31, 1996 to $19.3 million at March 31, 1997. Nonperforming assets were 0.22% of total assets as of March 31, 1997 compared to 0.15% of total assets as of December 31, 1996. The allowance for loan losses was $2.0 million or 1.17% of total loans at March 31, 1997, compared to $2.0 million or 1.14% of total loans at December 31, 1996. The net interest margin for the three months ended March 31, 1997 was 4.15% compared to 3.89% for the corresponding three months in 1996, primarily due to the use of the proceeds of the offering during the entire first quarter of 1997, as compared to the use of such funds for only several days in the first quarter of 1996. Net interest income for the three months ending March 31, 1997 was $2.1 million, an increase of 17.8% from $1.7 million for the corresponding period last year. Interest income for the three months ended March 31, 1997 increased $327,000, or 9.2%, compared with the corresponding period in 1996, due primarily to increased average balances of interest-earning assets. Interest expense increased $18,000 or 1.0%, when comparing the three months ended March 31, 1997 with the corresponding period of 1996. The 1 increase in interest expense was due primarily to an increase in the average balance of interest-bearing liabilities. The Bank's provision for loan losses was $60,000, for the three months ended March 31, 1997 and 1996. The Bank establishes provisions for loan losses, which are charged to operations, in order to maintain the allowance for loan losses at a level which is deemed to be appropriate based upon an assessment of prior conditions, the volume and type of loans in the Bank's portfolio, and other factors related to the collectiblity of the Bank's loan portfolio. Noninterest income increased $62,000, or 14.7%, primarily as a result of the increases in abstract fees due to increased sales volume and noninterest expense increased $34,000 or 3.2%, for the three months ended March 31, 1997 compared to the corresponding period of 1996. Stockholders' equity was $50.0 million at March 31, 1997, compared to $49.2 million at December 31, 1996. Book value, or stockholders' equity, per share at March 31, 1997 was $14.59 and was $14.36 at December 31, 1996. The ratio of stockholders' equity to total assets was 24.6% at March 31, 1997, as compared to 24.2% at December 31, 1996. North Central Bancshares, Inc. serves north central Iowa at 4 full service locations in Fort Dodge, Nevada and Ames, Iowa through its wholly-owned subsidiary, First Federal Savings Bank of Fort Dodge, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company's stock is traded on The Nasdaq National Market under the symbol "FFFD". 2 FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition
(Dollars in Thousands, except per share and share data) March 31, 1997 December 31, 1996 -------------- ------------------ Assets Cash and cash equivalents $ 3,013 $ 3,937 Securities available for sale 23,382 23,104 Securities held to maturity (Market value $1.0 million and $3.5 million, respectively) 1,000 3,500 Loans (net of allowance of loan loss of $2.0 million and $2.0 million, respectively) 168,923 165,831 Other assets 7,179 6,721 --------- --------- Total Assets $ 203,497 $ 203,093 ========= ========= Liabilities Deposits $ 132,374 129,722 Other borrowed funds 19,300 22,335 Other liabilities 1,784 1,801 --------- --------- Total Liabilities 153,458 153,858 Stockholders' Equity 50,039 49,235 --------- --------- Total Liabilities and Stockholders' Equity $ 203,497 $ 203,093 ========= ========= Stockholders' equity to total assets 24.59% 24.24% ========= ========= Book value per share $ 14.59 $ 14.36 ========= ========= Total shares outstanding 3,429,455 3,429,455 ========= =========
Condensed Consolidated Statements of Income
(Dollars in Thousands, except per share data) For the Three Months Ended March 31, 1997 1996 ------ ------ Interest income $3,905 $3,578 Interest expense 1,854 1,837 ------ ------ Net interest income 2,051 1,741 Provision for loan loss 60 60 ------ ------ Net interest income after provision for loan loss 1,991 1,681 Noninterest income 484 408 Gain on the sale of securities available for sale -- 14 Noninterest expense 1,110 1,075 ------ ------ Income before income taxes 1,365 1,028 Income taxes 476 372 ------ ------ Net income $ 889 $ 656 ====== ====== Earnings per share $ 0.27 $ 0.17 ====== ======
Selected Financial Ratios
For the Three Months Ended March 31, 1997 1996 ----- ----- Performance ratios: Net interest spread 2.87% 2.94% Net interest margin 4.15% 3.89% Return on average assets 1.74% 1.43% Return on average equity 7.15% 7.69% Efficiency ratio (noninterest expense divided by the sum of net interest income before provision for loan losses plus noninterest income) 43.79% 49.55%
March 31, 1997 December 31, 1996 -------------- ----------------- Asset Quality Ratios: Nonaccrual loans to total net loans 0.18% 0.11% Nonperforming assets to total assets 0.22% 0.15% Allowance for loan losses as a percent of total loans receivable 1.17% 1.14%
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