0000931763-95-000124.txt : 19950811 0000931763-95-000124.hdr.sgml : 19950811 ACCESSION NUMBER: 0000931763-95-000124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950810 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL COMMERCE BANCORP CENTRAL INDEX KEY: 0000101844 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 620784645 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06094 FILM NUMBER: 95560395 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 BUSINESS PHONE: 9015233242 MAIL ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANCSHARES CORP DATE OF NAME CHANGE: 19780820 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANSHARES CORP DATE OF NAME CHANGE: 19780525 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 Commission file number 0-6094 ------- NATIONAL COMMERCE BANCORPORATION -------------------------------- (Exact name of registrant as specified in its charter) Tennessee 62-078464 --------- --------- (State or other jurisdiction (I.R.S. Employer of incorporation organization) Identification No.) One Commerce Square Memphis, Tennessee 38150 --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code - (901)523-3242 Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 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. Common Stock, $2 par value -- 24,731,738 shares as of August 8, 1995. PART I. FINANCIAL INFORMATION ------------------------------ Item 1. Financial Statements -------------------- NATIONAL COMMERCE BANCORPORATION Consolidated Balance Sheets -------------------------------- (In Thousands)
June 30 Dec. 31 1995 1994 ---------- ---------- (unaudited) ASSETS ------ Cash and cash equivalents: Interest bearing deposits $ 17,133 $ 17,620 Cash and non-interest bearing deposits 106,211 123,138 Federal funds sold and securities purchased under agreements to resell 6,500 25,675 ---------- ---------- Total cash and cash equivalents 129,844 166,433 ---------- ---------- Securities: Held to maturity 289,844 283,906 Available for sale 784,760 872,379 ---------- ---------- Total securities 1,074,604 1,156,285 ---------- ---------- Trading account securities 22,445 13,507 Loans: Commercial, financial and agricultural 367,210 356,035 Real estate - construction 104,287 91,424 Real estate - mortgage 516,738 501,489 Consumer 711,296 630,927 Lease financing 16,855 14,818 ---------- ---------- Total loans 1,716,386 1,594,693 Less: Allowance for loan losses 25,580 24,310 Unearned discounts 1,764 1,887 ---------- ---------- Net loans 1,689,042 1,568,496 ---------- ---------- Bank premises and equipment 18,316 17,729 Broker/dealer customer receivables 5,186 1,130 Other assets 67,220 82,229 ---------- ---------- Total assets $3,006,657 $3,005,809 ========== ==========
See notes to consolidated financial statements. 2 Consolidated Balance Sheets (cont.) --------------------------- (In Thousands)
June 30 Dec. 31 1995 1994 ---------- ---------- (unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities: Deposits: Non-interest bearing deposits $ 299,544 $ 306,684 Money market checking 248,026 257,729 Savings deposits 92,213 93,094 Money market savings 677,176 705,551 Certificates of deposit less than $100,000 641,017 511,772 Certificates of deposit of $100,000 or more 344,526 279,560 ---------- ---------- Total deposits 2,302,502 2,154,390 ---------- ---------- Federal funds purchased and securities sold under agreements to repurchase 259,547 275,136 Broker/dealer customer payables 1,546 399 Accounts payable and accrued liabilities 25,917 23,541 Federal Home Loan Bank advances 138,933 321,541 Long-term debt 6,382 6,383 ---------- ---------- Total liabilities 2,734,827 2,781,390 ---------- ---------- Stockholders' equity: Common stock 49,343 49,094 Additional paid-in capital 79,088 77,785 Retained earnings 145,115 130,404 Unrealized securities gains (losses) (1,716) (32,864) ---------- ---------- Total stockholders' equity 271,830 224,419 Total liabilities and ---------- ---------- stockholders' equity $3,006,657 $3,005,809 ========== ==========
See notes to consolidated financial statements. 3 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Income --------------------------------- (Unaudited) (In Thousands)
For the three months ended June 30 -------------------- 1995 1994 --------- --------- Interest income: Loans $38,586 $31,155 Securities: Taxable 15,159 13,024 Non-taxable 2,229 2,224 Trading account securities 336 331 Deposits at banks 242 178 Other 490 81 -------- -------- Total interest income 57,042 46,993 -------- -------- Interest expense: Deposits: Money market checking 1,243 1,339 Savings 507 593 Money market savings 7,602 3,275 Certificates of deposit less than $100,000 9,062 5,565 Certificates of deposit of $100,000 or more 4,953 3,434 Federal Home Loan Bank advances 2,228 2,616 Long-term debt 114 97 Federal funds purchased and securities sold under agreements to repurchase 2,960 2,370 -------- -------- Total interest expense 28,669 19,289 -------- -------- Net interest income 28,373 27,704 Provision for loan losses 1,685 2,399 -------- -------- Net interest income after provision for loan losses 26,688 25,305 -------- -------- Other income: Trust service income 2,054 1,948 Service charges on deposits 3,459 3,592 Other service charges and fees 1,422 1,010 Broker/dealer revenue 2,885 3,130 Securities gains 115 34 Other income 4,610 3,121 -------- -------- Total other income 14,545 12,835 -------- --------
4 Consolidated Statements of Income (cont.) ---------------------------------
For the three months ended June 30 -------------------- 1995 1994 --------- --------- Other expenses: Salaries and employee benefits 10,358 9,936 Occupancy expense 2,156 1,847 Furniture and equipment expenses 882 840 FDIC assessment 1,211 1,055 Other expenses 9,079 8,197 -------- -------- Total other expense 23,686 21,875 -------- -------- Income before income taxes l7,547 16,265 Income taxes 5,684 5,495 -------- -------- Net income $11,863 $10,770 ======= ======== Net income per share of common stock $.47 $.43 Dividends per share of common stock $.17 $.15
See notes to consolidated financial statements. 5 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Income --------------------------------- (Unaudited) (In Thousands)
For the six months ended June 30 ------------------ 1995 1994 -------- ------- Interest income: Loans $ 74,676 $60,113 Securities: Taxable 31,697 24,865 Non-taxable 4,519 4,242 Trading account securities 565 972 Deposits at banks 492 329 Other 921 157 -------- ------- Total interest income 112,870 90,678 -------- ------- Interest expense: Deposits: Money market checking 2,410 2,603 Savings 1,021 1,181 Money market savings 15,129 6,222 Certificates of deposit less than $100,000 16,706 11,022 Certificates of deposit of $100,000 or more 9,776 6,279 Federal Home Loan Bank advances 5,708 5,033 Long-term debt 227 193 Federal funds purchased and securities sold under agreements to repurchase 5,723 4,194 -------- ------- Total interest expense 56,700 36,727 -------- ------- Net interest income 56,170 53,951 Provision for loan losses 3,393 4,060 -------- ------- Net interest income after provision for loan losses 52,777 49,891 -------- ------- Other income: Trust service income 4,003 4,067 Service charges on deposits 6,870 7,216 Other service charges and fees 2,622 2,137 Broker/dealer revenue 4,775 5,252 Securities gains 168 369 Other income 8,615 5,472 -------- ------- Total other income 27,053 24,513 -------- -------
6 Consolidated Statements of Income (cont.) ---------------------------------
For the six months ended June 30 ------------------ 1995 1994 -------- ------- Other expenses: Salaries and employee benefits 20,166 19,632 Occupancy expense 4,258 3,609 Furniture and equipment expenses 1,739 1,626 FDIC assessment 2,402 2,111 Other expenses 17,185 16,028 ------- ------- Total other expense 45,750 43,006 ------- ------- Income before income taxes 34,080 31,398 Income taxes 10,997 10,473 ------- ------- Net income $23,083 $20,925 ======= ======= Net income per share of common stock $.92 $.84 Dividends per share of common stock $.34 $.30
See notes to consolidated financial statements. 7 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Cash Flows ------------------------------------- (Unaudited)
For the six months ended June 30 --------------------- 1995 1994 ---------- --------- (In Thousands) Operating Activities: Net income $ 23,083 $ 20,925 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for loan losses 3,393 4,060 Provision for depreciation and amortization 2,109 1,906 Amortization of security premiums and accretion of discounts, net 100 254 Deferred income taxes (credit) 1,018 (800) (Increase) decrease in trading account securities (8,938) 47,079 Realized securities (gains) (168) (369) (Increase) decrease in broker/dealer customer receivables (4,056) 22,059 (Increase) decrease in interest receivable 1,761 (1,424) (Increase) decrease in other assets (6,898) (6,487) Increase (decrease) in broker/dealer customer payables 1,147 (12,371) Increase in interest payable 3,230 2,673 Increase (decrease) in accounts payable and accrued expenses (1,525) (8,430) --------- --------- Net cash provided by operating activities 14,256 69,075 --------- --------- Investing Activities: Proceeds from the maturities of securities 26,395 146,602 Proceeds from sales of securities 187,041 59,888 Purchases of securities (80,607) (339,774) Net increase in loans (123,939) (142,051) Purchase of premises and equipment (2,483) (4,480) --------- --------- Net cash provided by operating activities (6,407) (279,815) --------- --------- Financing Activities: Net increase (decrease) in demand deposits, NOW accounts and savings accounts (46,099) 7,931
8 Net increase in certificates of deposit 194,211 90,455 Net (increase) decrease in federal funds purchased and securities sold under agreements to repurchase (15,589) 62,712 Increase (decrease) in long-term debt (1) 12 Increase (decrease) in Federal Home Loan Bank advances (182,608) 89,807 Proceeds from exercise of stock options 1,205 345 Issuance of common stock 0 76 Cash dividends paid (8,371) (7,334) --------- --------- Net cash provided by (used in) financing activities (57,252) 244,004 --------- --------- Increase (decrease) in cash and cash equivalents (36,589) 33,264 Cash and cash equivalents at beginnning of period 166,433 120,396 --------- --------- Cash and Cash Equivalents at End of Period $ 129,844 $ 153,660 ========= ========= Cash paid during the period for: Interest expense $ 53,195 $ 34,054 ========= ========= Income taxes $ 12,740 $ 12,599 ========= =========
9 NATIONAL COMMERCE BANCORPORATION -------------------------------- Notes to Consolidated Financial Statements ------------------------------------------ (Unaudited) --------- Note A - Basis of Presentation ------------------------------ The consolidated balance sheet at December 3l, 1994 has been derived from the audited financial statements at that date. The accompanying unaudited interim consolidated financial statements reflect all adjustments (consisting only of normally recurring accruals) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The statements should be read in conjunction with the summary of accounting policies and notes to financial statements included in the Registrant's annual report for the year ended December 31, 1994. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted in accordance with the rules of the Securities and Exchange Commission. Note B - Securities Portfolio ----------------------------- The Company adopted FAS No. 115 "Accounting for Certain Investments in Debt and Equity Securities" at December 31, 1993. As a result, as of June 30, 1995, the securities in the "Available for Sale" category included $2,813,000 in unrealized losses. Accordingly, total securities and total stockholders' equity were decreased by $2.8 million and $1.7 million (net of taxes), respectively, at June 30, 1995, to reflect the adjustment of the securities portfolio to market. The calculation of book value per share reflects this mark-to-market unrealized loss, whereas the calculation of ROA and ROE do not, because the unrealized loss is not included in net income. The fair value of the "Held to Maturity" category was $291.4 million at June 30, 1995. 10 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ----------------------------------------------------------- The purpose of this discussion is to focus on important factors affecting the Company's financial condition and results of operations. Reference should be made to the consolidated financial statements (including the notes thereto) for an understanding of the following discussion and analysis. In this discussion, net interest income and net interest margin are presented on a fully taxable equivalent basis. All per share data is adjusted to reflect all stock dividends and stock splits declared through June 30, 1995. Financial Condition ------------------- Following is a comparison of the June 30, 1995, and December 31, 1994, consolidated balance sheets. In the liability section, total deposits increased by $148 million or 6.9%, principally as a result of a $65 million or 23.2% increase in certificates of deposit of $100,000 or more, and a $129 million or 25.3% increase in certificates of deposit less than $100,000. Partially offsetting these increases, money market checking accounts decreased $10 million or 3.8%, money market savings deposits decreased $28 million of 4.0%, savings deposits decreased $1 million or 0.9%, and total non interest-bearing deposits decreased $7 million or 2.3% reflecting current market trends and normally higher year-end non-interest-bearing deposit levels. Federal funds purchased and securities sold under agreements to repurchase decreased $16 million or 5.7% from year-end 1994 levels. This category of liabilities fluctuates with the availability of overnight funds purchased from downstream correspondent banks. Federal Home Loan Bank advances decreased $183 million or 56.8% from December 31, 1994. This decrease is principally the result of asset/liability management decisions related to the current interest rate environment. In the asset section, total gross loans increased by $122 million or 7.6% compared to December 31, 1994 levels. Commercial loans increased by $11 million or 3.1%, and real estate construction loans increased by $13 million or 14.1%, reflecting current demand. Consumer loans increased $80 million or 12.7%, and real estate mortgage loans increased by $15 million or 3.0%, reflecting increased emphasis on promoting indirect automobile loans and real estate mortgage loans. Investment securities decreased by $82 million or 7.1% from year-end 1994. U.S. Government securities decreased $67 million 11 or 56.1%, Federal agency securities decreased by $9 million or 1.1%, and state and municipal securities decreased $7 million or 4.1%, and other securities decreased $1 million or 4.4%. Federal funds sold and securities purchased under agreements to resell decreased by $19.2 million or 74.7% from December 31, 1994 levels, reflecting excess funds that otherwise were not employed in loans or securities at June 30, 1995. Trading account securities increased by $8.9 million or 66.2% from year-end 1994 levels. This increase reflects the trading activity generated by Commerce Investment Corporation, the Company's broker/dealer subsidiary, which fluctuates from time to time. Broker/dealer customer receivables and payables both increased, reflecting levels of activity. Results of Operations --------------------- Three Months Ended June 30, 1995, Compared to Three Months Ended June 30, 1994 ------------------------------------------------------------------------------ Net income was $11,863,000 for the second quarter of 1995, a 10.2% increase over the $10,770,000 reported for the same period a year earlier. Earnings per share were $.47, compared to $.43 per share in 1994, up 9.3%. Net interest income, the difference between interest earned on loans and investments and interest paid on interest-bearing liabilities, increased by $815,000 or 2.8% for the second quarter of 1995. This increase reflects a $10,210,000 or 21.1% increase in total interest income that more than offsets a $9,380,000 or 48.6% increase in interest expense. Interest income increased in 1995 due to an increase of $141,747,000 or 5.4% in total average earnings assets, and an increase in the yield on average earning assets from 7.35% in the second quarter of 1994 to 8.44% in the second quarter of 1995. The increased volume of earning assets positively impacted interest income by approximately $2,596,000, while the increased yield positively impacted interest income by approximately $7,614,000. Interest expense increased in the second quarter of 1995, reflecting an increase in average interest-bearing liabilities of $115,505,000 or 5.1%, and an increase in the cost of interest-bearing liabilities from 3.42% to 4.84%, primarily as a result of deposit gathering in new markets. The increase in the rate paid on interest-bearing liabilities negatively affected interest expense by approximately $8,409,000, and the increase in average outstandings negatively affected interest expense by approximately $986,000. The net interest margin (taxable equivalent net interest income as a 12 percentage of average earning assets) was 4.31% in second quarter 1995, compared to 4.41% in second quarter of 1994. The provision for loan losses in the second quarter of 1995 was $1,685,000, versus $2,399,000 for the second quarter of 1994. Net charge-offs were $951,000, compared to $800,000 in 1994. The allowance for loan losses totaled $25,580,000 at June 30, 1995, representing 1.49% of quarter-end net loans, compared to $23,831,000 or 1.55% of quarter-end net loans at June 30, 1994. Following is a comparison of non-earning assets and loans past due 90 days of more for the quarters ended June 30, 1995, March 31, 1995, and June 30, 1994, (dollars in thousands):
6-30-95 3-31-95 6-30-94 ------- ------- ------- Non-accrual loans 58 0 0 Renegotiated loans 0 0 0 Other real estate 0 0 1,734 -- -- ----- Total non-earning assets 58 0 1,734 == == ===== Loans past due 90 days or more 2,697 2,426 2,990
Non-interest income totaled $14,545,000 for the quarter, an increase of $1,710,000, or 13.3%, from last year's second quarter. The Company's broker/dealer revenue decreased $245,000 versus second quarter, 1994, reflecting current market conditions. All other sources of non-interest income, including service charge income, trust service income, and supermarket sublicence income increased a net of $1,955,000 or 20.1%. Non-interest expenses (excluding the provision for loan losses) increased by $1,811,000 or 8.3% in second quarter, 1995, primarily reflecting expenses of new locations and the expenses of introducing new loan and cash management products totaling approximately $1,100,000. The Company's return on average assets and return on average equity, excluding unrealized losses on investment securities, were 1.61% and 17.72% respectively, for the second quarter of 1995. These compared with 1994 second quarter returns of 1.53% and 18.27%. 13 Six Months Ended June 30, 1995, Compared to Six Months Ended June 30, 1994 -------------------------------------------------------------------------- For the six months ended June 30, 1995, net income totaled $23,083,000, a 10.3% increase over the $20,925,000 for the first six months of 1994. Earnings per share were $.92, compared to $.84 for the same period in 1994, a 9.5% increase. For the six-month period, return on average assets and return on average equity, excluding unrealized losses on investment securities, were 1.55% and 17.52% respectively. These compared with 1994 six month returns of 1.53% and 18.02%. Net interest income increased by $2,619,000 or 4.6% for the first six months of 1995. This increase reflects a $22,592,000 or 24.2% increase in total interest income that more than offsets a $19,973,000 or 54.4% increase in interest expense. Interest income increased in 1995 due to an increase of $233,769,000 or 9.1% in total average earning assets, and an increase in the yield on average earning assets from 7.32% in 1994 to 8.34% in 1995. The increased volume of earning assets positively impacted interest income by approximately $8,491,000, while the increased yield positively impacted interest income by approximately $14,101,000. Interest expense increased in the first six months of 1995, reflecting an increase in average interest-bearing liabilities of $209,132,000 or 9.5% and an increase in the cost of interest-bearing liabilities from 3.37% to 4.76%, primarily as a result of deposit gathering in new markets. The increase in the rate paid on interest-bearing liabilities negatively impacted interest expense by approximately $16,475,000, and the increase in average outstandings negatively impacted interest expense by approximately $3,498,000. The net interest margin was 4.26% in the first six months of 1995, compared to 4.44% in the first six months of 1994. The provision for loan losses for the first six months of 1995 was $3,393,000, versus $4,060,000 for the first six months of 1994. Net charge-offs were $2,123,000, compared to $1,696,000 in 1994. Non-interest income totaled $27,053,000 for the first six months of 1995, compared to a total of $24,513,000 for the first six months of 1994, an increase of 10.4%. The Company's broker-dealer revenue decreased $477,000 or 9.1%, reflecting current market conditions. Other sources of non-interest income, including service charge income, trust service income, and supermarket sublicense income, increased a net of $3,017,000 or 15.7%. Non-interest expenses (excluding the provision for loan losses) increased by $2,744,000 or 6.4% for the first six months 14 of 1995, primarily reflecting expenses of new locations and the expenses of introducing new loan and cash management products totaling approximately $1,625,000. Liquidity and Capital Resources ------------------------------- Interest-bearing bank balances, federal funds sold, trading account securities, and investment securities available for sale are the principal sources of short-term asset liquidity. Other sources of short-term liquidity include federal funds purchased and repurchase agreements, credit lines with other banks, and borrowings from the Federal Reserve Bank. Maturing loans and investment securities are the principal sources of long-term assets liquidity. Total realized stockholders' equity increased by $16,263,000 from December 31, 1994, with retained earnings accounting for substantially all of the increase. The following capital ratios do not include the effect of FAS No. 115 on Tier I capital, total capital, or total risk-weighted assets.
6-30-95 3-31-95 6-30-94 ------- ------- ------- Total capital to risk-weighted assets 15.16% 15.48% 14.65% Tier I capital to risk-weighed assets 13.91% 14.23% 13.40% Leverage ratio 9.10% 9.19% 8.48%
15 PART II. OTHER INFORMATION --------------------------- Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- At the Company's Annual Meeting of Shareholders held April 26, 1995, the following proposals were approved by the Shareholders of the Company: The following individuals were elected to serve as directors of the Company for terms that expire at the Annual Meeting of Shareholders to be held in 1998: R. Grattan Brown, Jr.; Bruce E. Campbell, Jr; Thomas M. Garrott; Michael McDonnell; Harry J. Phillips, Sr.; Rudi E. Scheidt; and Henry M. Turley, Jr. (20,038,103 shares in favor of the slate of directors; 45,970 withheld) The appointment of Ernst & Young LLP as auditors of the Company for 1995 was ratified. (20,086,633 in favor; 31,450 against; 61,331 abstained) Item 6. Exhibits and Reports on Form 8-K -------------------------------- a. Exhibits 11. Computation of Earnings per Share 27. Financial Schedule b. Reports on Form 8-K The Registrant did not file any reports on Form 8-K during the quarter ended June 30, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL COMMERCE BANCORPORATION (Registrant) By -------------------------------- Lewis E. Holland Vice President, Treasurer and Chief Financial Officer (Authorized Officer) (Principal Financial Officer) Date ---------------------- 16 EX-11 2 EARNINGS PER SHARE EXHIBIT 11 - Computation of Earnings Per Share ---------------------------------------------- (CAPTION> In Thousands, Excpet Per Share Data ----------------------------------------- Three Months Ended Six Months Ended June 30 June 30 ------------------- ---------------- 1995 1994 1995 1994 ------- ------- ------- ------- Primary: Average shares outstanding 24,635 24,453 24,607 24,435 Less leveraged ESOP shares (50) (75) (50) (75) Net effect of the assumed exercise of stock options - based on the treasury stock method using average market price 643 668 649 666 ------- ------- ------- ------- Total 25,228 25,046 25,206 25,026 ======= ======= ======= ======= Net income $11,863 $10,770 $23,083 $20,925 Per share amount $.47 $.43 $.92 $.84 Fully Diluted: Average shares outstanding 24,635 24,453 24,607 24,435 Less leveraged ESOP shares (50) (75) (50) (75) Net effect of the assumed exercise of stock options - based on the treasury stock method using higher of quarter -end and average market price 686 668 676 666 ------- ------- ------- ------- Total 25,271 25,046 25,233 25,026 ======= ======= ======= ======= Net income $11,863 $10,770 $23,083 $20,925 Per share amount $.47 $.43 $.92 $.84
17 EX-27 3 FINANCIAL DATA SCHEDULE
9 1,000 6-MOS 6-MOS DEC-31-1995 DEC-31-1994 JAN-01-1995 JAN-01-1994 JUN-30-1995 JUN-30-1994 106,211 107,382 17,133 19,103 6,500 27,175 22,445 16,045 784,760 882,628 289,844 194,149 291,400 182,214 1,714,622 1,536,609 25,580 23,831 3,006,657 2,838,140 2,302,502 2,018,027 259,547 386,139 27,463 11,610 145,315 190,320 271,830 232,044 0 0 0 0 0 0 3,006,657 2,838,140 74,676 60,113 36,216 29,107 1,978 1,458 112,870 90,678 45,042 27,307 56,700 36,727 56,170 53,591 3,393 4,060 168 369 45,750 43,006 34,080 31,398 34,080 31,398 0 0 0 0 23,083 20,925 .92 .84 .92 .84 4.26 4.44 58 0 2,697 2,990 0 0 808 1,977 24,310 21,467 3,290 2,751 1,167 1,055 25,580 23,831 25,580 23,831 0 0 0 0