-----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, US0jtjF3Wz09N0DUeJ2OzcyK+Y42xJPNib5qhZbFyrHKqEPBjGiCNqkIw+P/z56B aJ8JgnUw5UbSzcMEOlfKkw== 0000353650-95-000018.txt : 19951109 0000353650-95-000018.hdr.sgml : 19951109 ACCESSION NUMBER: 0000353650-95-000018 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19951108 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BWC FINANCIAL CORP CENTRAL INDEX KEY: 0000353650 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 942621001 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-10658 FILM NUMBER: 95588049 BUSINESS ADDRESS: STREET 1: 1400 CIVIC DR CITY: WALNUT CREEK STATE: CA ZIP: 94596 BUSINESS PHONE: 5109325353 MAIL ADDRESS: STREET 1: P O BOX 8080 STREET 2: 1400 CIVIC DRIVE CITY: WALNUT CREEK STATE: CA ZIP: 94596-8080 10-Q/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 1995. Commission File Number 0-10658 BWC FINANCIAL CORP. (Exact name of registrant as specified in its charter) CALIFORNIA 94-262100 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 1400 Civic Drive, Walnut Creek, California _ 94596 __ (Address of principal executive officer) (510) 932-5353 (Registrant's Telephone Number, including area code) N/A (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 Securities 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 _____ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1924 subsequent to the distribution of securities under a plan confirmed by court. Yes No _____ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock as the latest practicable date. As of September 30, 1995, there were 935,907 shares of common stock, no par value outstanding. A complete refiling of the 10Q and supporting FDS document is being made due to an error in the third quarter 1994 income statement amounts, in the origional 10Q filing. In the origional filing the 1994 third quarter results repeated the nine month 1994 amounts instead of the three month results. The 1995 figures were reported correctly. TABLE OF CONTENTS PART I - FINANCIAL INFORMATION PAGE Item 1 Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6-7 Item 2 Management's Discussion and Analysis of Results of Operations 8-11 Interest Rate Sensitivity Table 12 PART II - OTHER INFORMATION Item 1 Legal Proceedings 13 Item 2 Changes in Securities 13 Item 3 Defaults Upon Senior Securities 13 Item 4 Submission of Matters to a Vote of Security Holders 13 Item 5 Other Materially Important Events 13 Item 6 Exhibits and Reports on Form 8-K 13 Signatures 14 BWC FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS
September 30, December 31, ASSETS 1995 1994 Cash and Due From Banks $9,767,000 $8,552,000 Federal Funds Sold $1,545,000 3,300,000 Other Short Term Investments 1,507,000 3,018,000 Total Cash and Cash Equiv 12,819,000 14,870,000 Investment Securities: Available for Sale 28,205,000 17,419,000 Held to Maturity (approximate market value of $8,934,000 in 1995 and $10,982,00 8,899,000 11,335,000 Loans, Net of Allowance for Credit Losses of $1,656,000 in 1995 and $1,498,000 in 1994. 89,285,000 86,411,000 Bank Premises and Equipment, Net 1,011,000 993,000 Interest Receivable and Other Assets 2,588,000 2,116,000 Other Real Estate Owned 161,000 -- Total Assets $142,968,000 $133,144,000 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Deposits: Noninterest-bearing $30,269,000 $27,340,000 Interest-bearing: Money Market Accounts 35,935,000 37,062,000 Savings and NOW Accounts 21,030,000 24,681,000 Time Deposits: Under $100,000 21,508,000 16,862,000 $100,000 or more 18,654,000 14,027,000 Total Interest-bearing 97,127,000 92,632,000 Total Deposits 127,396,000 119,972,000 Interest Payable and Other Liabilities 1,313,000 529,000 Total Liabilities 128,709,000 120,501,000 COMMITMENTS AND CONTINGENT LIABILITIES SHAREHOLDERS' EQUITY Preferred Stock, no par value: 5,000,000 shares authorized, none outs -- -- Common Stock, no par value: 25,000,000 shares authorized; issued and outstanding - 935,907 shares in 1995 and 830,737 in 10,508,000 9,026,000 Retained Earnings 3,751,000 3,617,000 Total Shareholders' Equit 14,259,000 12,643,000 Total Liabilities and Shareholders' Equity $142,968,000 $133,144,000 The accompanying notes are an integral part of these consolidated statements.
BWC FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME
For For the Nine Months End Ended September 30, 1995 1994 1995 1994 (Unaudited) (Unaudited) (Unaudited) (Unaudited) INTEREST INCOME Loans, Including Fees $2,371,000 $2,133,000 $6,945,000 $6,076,000 Investment Securities: Taxable $382,000 $228,000 943,000 455,000 Non-taxable $88,000 $107,000 261,000 300,000 Federal Funds Sold $77,000 $86,000 160,000 159,000 Other Short Term Investments $21,000 -- 75,000 -- Total Interest Inco 2,939,000 2,554,000 8,384,000 6,990,000 INTEREST EXPENSE Deposits 917,000 $709,000 2,477,000 1,826,000 Federal Funds Purchased -- -- 1,000 2,000 Total Interest Exp 917,000 709,000 2,478,000 1,828,000 NET INTEREST INCOME 2,022,000 1,845,000 5,906,000 5,162,000 PROVISION FOR CREDIT LOSSES 90,000 $75,000 240,000 180,000 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 1,932,000 1,770,000 5,666,000 4,982,000 NONINTEREST INCOME Service Charges on Deposit A 142,000 $101,000 392,000 289,000 Investment Securities Gains, -- -- -- 5,000 Other 190,000 $46,000 393,000 139,000 Total Noninterest I 332,000 147,000 785,000 433,000 NONINTEREST EXPENSE Salaries and Related Benefit 835,000 $716,000 2,410,000 2,149,000 Occupancy 181,000 $172,000 550,000 500,000 Furniture and Equipment 122,000 $106,000 332,000 320,000 Other 436,000 $485,000 1,458,000 1,345,000 Total Noninterest E 1,574,000 1,479,000 4,750,000 4,314,000 INCOME BEFORE INCOME TAXES 690,000 438,000 1,701,000 1,101,000 Provision for Income Taxes 273,000 $147,000 604,000 346,000 NET INCOME $417,000 $291,000 $1,097,000 $755,000 NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE $0.41 $0.33 $1.12 $0.86 Average common and common equivalen 1,024,090 893,690 980,104 881,875 The accompanying notes are an intergral part of these consolidated statements.
BWC FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 1995 1994 OPERATING ACTIVITIES: Net Income $1,097,000 $755,000 Adjustments to reconcile net income to net cash provided(used): Amortization of loan fees (481,000) (648,000) Provision for possible credit losses 240,000 180,000 Depreciation and amortization 224,000 368,000 Gain on sale of securities available for sale -- (5,000) Increase in accrued interest receivable and other assets (634,000) (589,000) Increase in accrued interest payable and other liabilities 784,000 37,000 Net Cash Provided by Operating Activ 1,230,000 98,000 INVESTING ACTIVITIES: Proceeds from maturities of investment securities 9,656,000 5,505,000 Proceeds from the sales of investment securities -- 4,995,000 Purchase of investment securities (17,679,000) (18,584,000) Loans originated, net of collections (2,633,000) 160,000 Purchase of bank premises and equipment (241,000) (487,000) Net Cash Used by Investing Activitie (10,897,000) (8,411,000) FINANCING ACTIVITIES: Net increase in deposits 7,423,000 12,731,000 Proceeds from issuance of common stock 196,000 88,000 Cash paid for the repurchase of common stock -- (123,000) Cash paid in lieu of fractional shares (4,000) -- Net Cash Provided by Financing Activ 7,615,000 12,696,000 CASH AND CASH EQUIVALENTS: Increase (decrease) in cash and cash equivalents (2,052,000) 4,383,000 Cash and cash equivalents at beginning of year 14,871,000 9,126,000 Cash and Cash Equivalents at period end $12,819,000 $13,509,000 ADDITIONAL CASH FLOW INFORMATION: Interest Paid $2,148,000 $1,668,000 Income Taxes Paid $558,000 $422,000 The accompanying notes are an integral part of these consolidated statements.
BWC FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management, the unaudited interim consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position at September 30, 1995 and the results of operations for the nine months ended September 30, 1995 and 1994 and cash flows for the nine months ended September 30, 1995 and 1994. Certain information and footnote disclosures presented in the Corporation's annual consolidated financial statements are not included in these interim financial statements. Accordingly, the accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation's 1994 Annual Report to Shareholders, which is incorporated by reference in the Company's 1994 annual report on Form 10-K. The results of operations for the nine months ended September 30, 1995 are not necessarily indicative of the operating results for the full year. Net income per common and common equivalent share is computed using the weighted average number of shares outstanding during the period, adjusted for the dilutive effect of stock options and stock dividends. 2. INVESTMENT SECURITIES AND OTHER SHORT TERM INVESTMENTS The amortized cost and approximate market value of investment securities at September 30, 1995 are as follows: Gross Amortized Unrealized Market Cost Gain(Loss) Value Held-to-maturity Obligations of State and Political Subdivisions $ 8,899,000 $ 35,000 $ 8,934,000 Available-for-sale U.S. Treasury Securities $13,056,000 $ 28,000 $13,084,000 Available-for-sale U.S. Government Agencies $15,123,000 $ 2,000 $15,121,000 For the nine months ended September 30, 1995, the Bank had no proceeds from sale of investment securities. The following table shows the amortized cost and estimated market value of investment securities by contractual maturity at September 30, 1995. Held-to-Maturity Available-for-Sale Amortized Market Amortize Market Cost Value Cost Value Within one year $2,527,000 $2,532,000 $ 7,547,000 $ 7,546,000 After one but within five years $6,372,000 $6,402,000 $19,907,000 $19,931,000 Over five years -- -- $ 725,000 $ 728,000 The Corporation had investments in a mutual fund comprised of investments in short term U.S. government securities and redeemable on a one day notice, in the amount of $1,507,000. The yield on this investment averages slightly higher than that available on Fed Funds and the liquidity is approximately the same. 3. ALLOWANCE FOR CREDIT LOSSES For the Nine months Ended September 30, 1995 1994 Allowance for credit losses at beginning of period $1,498,000 $1,418,000 Chargeoffs (96,000) (49,000) Recoveries 14,000 47,000 Net chargeoffs (82,000) (2,000) Provisions 240,000 180,000 Allowance for credit losses at end of period $1,656,000 $1,596,000 Ratio of allowance for credit losses to loans 1.82 1.93% 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS Net Income Net income for the first nine months in 1995 of $1,097,000 is $342,000 greater then the first nine months in 1994. This represents a return on average assets during this period of 1.11% and a return on average equity of 10.82%. During the first nine months of 1994 the Corporation earned $755,000 which was a return on average assets of .82% and on average equity of 8.10%. Net income for the three months ending September 30, 1995, of $417,000 was $126,000 over the comparable period in 1994. The return on average assets during the third quarter was 1.21% and the return on average equity was 11.87% as compared to a return on average assets during the third quarter of 1994 of .90% and a return on average equity of 9.47%. Earning assets averaged $121,995,000 during the nine months ended September 30, 1995, as compared to $113,107,000 for the comparable period in 1994. Earning assets averaged $128,334,000 during the third quarter of 1995 as compared to $121,384,000 during the third quarter of 1994. Earnings per average common and common equivalent shares (this includes any dilutive effect of unexercised options outstanding) was $1.12 for the first nine months of 1995 as compared to $0.86 for the first nine months of 1994. For the third quarter of 1995, earnings per average common and common equivalent shares was $0.41 as compared to $0.33 for the third quarter of 1994. Net Interest Income Interest income represents the interest earned by the Corporation on its portfolio of loans, investment securities, and other short term investments. Interest expense represents interest paid to the Corporation's depositors, as well as to others from whom the Corporation borrows funds on a temporary basis. Net interest income is the difference between interest income on earning assets and interest expense on deposits and other borrowed funds. The volume of loans and deposits and interest rate fluctuations caused by economic conditions greatly affect net interest income. Net interest income during the first nine months of 1995 was $5,906,000 or $744,000 greater than the comparable period in 1994. This is primarily the result of an increase in interest rates resulting in an improved net interest spread in the 1995 period as compared to 1994. Based on the volume increase alone, net interest income increased by $114,000 over the comparable quarter in 1994. Based in the improved net spread alone, net interest income increased by $630,000. Net interest income during the three months ending September 30, 1995 was $2,022,000 or $177,000 greater than the comparable period in 1994. Based on the volume increase alone, net interest income increased by $23,000 over the comparable quarter in 1994. Based in the improved net spread alone, net interest income increased by $154,000. Provision for Credit Losses An allowance for credit losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. The allowance is increased by provisions charged to expense and reduced by net charge-offs. Management continually evaluates the economic climate, the performance of borrowers, and other conditions to determine the adequacy of the allowance. The ratio of the allowance for credit losses to total loans as of September 30, 1995 was 1.82% as compared to 1.93% for the period ending September 30, 1994. This reflects a conservative attitude on the part of management and is considered adequate to provide for potential future losses. The Corporation had net loan losses of $82,000 during the first nine months of 1995 as compared to a net loss of $2,000 during the comparable period in 1994. The following table provides information on past due and nonaccrual loans: For the Nine months Ended September 30, 1995 1994 Loans Past Due 90 Days or More $ 41,000 $ -- Nonaccrual Loans 229,000 905,000 Total $ 270,000 $ 905,000 As of September 30, 1995 and 1994, no loans were outstanding that had been restructured. No interest earned on nonaccrual loans that was recorded in income during 1995 remains uncollected. Interest foregone on nonaccrual loans was approximately $31,000 and $86,000 as of September 30, 1995 and 1994 respectively. Noninterest Income Noninterest income during the first nine months of 1995 of $785,000 was $352,000 greater than earned during the comparable period of 1994. This was reflected in increases in most areas of noninterest income and fees and the category of "Other" includes gains on the sale of SBA loans of $122,000. Noninterest income during the third quarter of 1995 of $332,000 was $185,000 greater than earned during the comparable period of 1994. As with the nine month report, this was reflected in increases in most areas of noninterest income and fees and the category of "Other" includes gains on the sale of SBA loans. Noninterest Expense Salaries and related benefits are $261,000 greater during the first nine months of 1995 as compared to 1994. This increase is related to staffing additions for the Bank's SBA division and the new business factoring division. It also includes general merit increases and the opening of the Corporation's new banking office in Pleasanton, California and additional staffing for the expanded Orinda Office. Occupancy expense also increased $50,000 during the respective periods due to the addition of the new Pleasanton Office in April 1994 and the expanded facilities and remodeling of the Corporation's Orinda Office. Also included are CPI rental adjustments and operating expense increases. Furniture and Equipment expense are relatively unchanged between the respective periods. Other Expense increased $113,000 between the respective periods. The primary categories accounting for this increase include increases in professional fees, postage expense (related in part to an increase in US Postage fees), correspondent service fees, charges associated with the Banks Prestige checking program and an increase in operating losses over the comparable period in 1994. During the third quarter of 1995 non-interest expense was $95,000 over the comparable quarter in 1994. The same reasons given for the nine month period apply to the third quarter's operations. Other Real Estate Owned As of September 30, 1995 the Corporation had $161,000 in Other Real Estate Owned assets (assets acquired as the result of foreclosure on real estate collateral) on its books. Capital Adequacy In 1989, the Federal Deposit Insurance Corporation (FDIC) established risk- based capital guidelines requiring banks to maintain certain ratios of "qualifying capital" to "risk-weighted assets". Under the guidelines, qualifying capital is classified into two Tiers, referred to as Tier 1 (core) and Tier 2 (supplementary) capital. Currently, the bank's Tier 1 capital consists of shareholders' equity, while Tier 2 capital consists of the eligible allowance for loan losses. The Bank has no subordinated notes or debentures included in its capital. Risk-weighted assets are calculated by applying risk percentages specified by the FDIC to categories of both balance- sheet assets and off-balance-sheet assets. The Bank's Tier 1 and Total (which included Tier 1 and Tier 2) risk-based capital ratios surpassed the regulatory minimum of 8% at September 30, for both 1995 and 1994. At year-end 1990, the FDIC also adopted a leverage ratio requirement. This ratio supplements the risk-based capital ratios and is defined as Tier 1 capital divided by the quarterly average assets during the reporting period. The requirement established a minimum leverage ratio of 3% for the highest rated banks. The following table shows the Corporation's risk-based capital ratios and leverage ratio as of September 30, 1995, December 31, 1994, and September 30, 1994. Risk-based capital ratios: Capital Ratios Minimum Current guidelines September 30, December 31, September 30, regulatory 1995 1994 1994 requirements Tier 1 capital 13.52% 12.70% 12.96% 4.00% Total capital 14.78% 13.95% 14.22% 8.00% Leverage ratio 9.60% 9.35% 9.06% 3.00% Liquidity Liquidity is a key aspect in the overall fiscal health of a financial corporation. The primary source of liquidity for BWC Financial Corp. is its marketable securities and Federal Funds sold. Cash, investment securities and other temporary investments represented 38% of total assets at September 30, 1995 and 37% at September 30, 1994. The Corporation's management has an effective asset and liability management program and carefully monitors its liquidity on a continuing basis. Additionally, the Corporation has available from correspondent banks Federal Fund lines of credit totaling $10,000,000. General Total assets of the Corporation at September 30, 1995 of $142,968,000 have increased $14,261,000 as compared to September 30, 1994 Total deposits of $127,396,000 have increased $11,498,000 from September 30, 1994. The Corporation's loan to deposit ratio as of September 30, 1995 and on September 30, 1994 was 71%. 8 INTEREST RATE SENSITIVITY (in thousands except share and per share data) Proper management of the rate sensitivity and maturities of assets and liabilities are required to provide an optimum and stable net interest margin. Interest rate sensitivity spread management is an important tool for achieving this objective and for developing strategies and means to improve profitability. The schedules shown below reflect the interest rate sensitivity position of the Corporation as of September 30, 1995 and 1994 respectively. Management believes that the sensitivity ratios reflected in these schedules fall within acceptable ranges, and represent no undue interest rate risk to the future earnings prospects of the Corporation.
Interest Rate Sensitivity 3 3-6 12 1-5 Over 5 Repricing within: months months months years years Totals September 30, 1995 ASSETS: Federal funds sold $1,545 $0 $0 $0 $0 $1,545 Other short term investments $1,507 $0 $0 $0 $0 $1,507 Investment securities $500 $3,607 $5,967 $25,232 $1,798 $37,104 Construction & real estate loans $16,606 $10,333 $6,565 $239 $717 $34,460 Commercial loans $24,833 $1,846 $506 $891 $84 $28,160 Consumer loans $24,020 $444 $554 $3,117 $186 $28,321 Real estate mortgages Interest-bearing assets $69,011 $16,230 $13,592 $29,479 $2,785 $131,097 Savings and Now accounts $21,030 $0 $0 $0 $0 $21,030 Money market accounts $35,934 $0 $0 $0 $0 $35,934 Time deposits <$100,000 $4,570 $5,951 $8,731 $2,256 $0 $21,508 Time deposits >$100,000 $4,872 $8,062 $5,110 $611 $0 $18,655 Interest-bearing liabilities $66,406 $14,013 $13,841 $2,867 $0 $97,127 Rate sensitive gap $2,605 $2,217 ($249) $26,612 $2,785 $33,970 Cumulative rate sensitiveity gap $2,605 $4,822 $4,573 $31,185 $33,970 $67,940 Cumulative position to average earning assets 1.99% 3.68% 3.49% 23.79% 25.91%
Interest Rate Sensitivity 3 3-6 12 1-5 Over 5 Repricing within: months months months years years Totals September 30, 1994 ASSETS: Federal funds sold $1,320 $0 $0 $0 $0 $1,320 Other short term investments $3,000 $0 $0 $0 $3,000 Investment securities $2,256 $3,174 $6,448 $18,987 $0 $30,865 Construction & real estate loans $21,174 $4,186 $3,747 $236 $755 $30,098 Commercial loans $25,537 $267 $189 $562 $0 $26,555 Consumer loans $24,654 $137 $211 $924 $242 $26,168 Real estate mortgages Interest-bearing assets $77,941 $7,764 $10,595 $20,709 $997 $118,006 Savings and Now accounts $21,258 $0 $0 $0 $0 $21,258 Money market accounts $41,027 $0 $0 $0 $0 $41,027 Time deposits <$100,000 $4,467 $2,829 $7,411 $2,330 $0 $17,037 Time deposits >$100,000 $4,804 $2,261 $2,888 $561 $0 $10,514 Interest-bearing liabilities $71,556 $5,090 $10,299 $2,891 $0 $89,836 Rate sensitive gap $6,385 $2,674 $296 $17,818 $997 $28,170 Cumulative rate sensitiveity gap $6,385 $9,059 $9,355 $27,173 $28,170 $56,340 Cumulative position to earning assets 4.87% 6.91% 7.14% 20.73% 21.49%
PART II - OTHER INFORMATION Item 1 - Legal Proceedings At this time there are no pending or threatened material legal proceedings to which the corporation is a party or to which any of the corporation's properties are subject. Item 2 - Changes in Securities None Item 3 - Defaults Upon Senior Securities None Item 4 - Submission of Matters to a Vote of Security Holders None Item 5 - Other Materially Important Events None Item 6 - Exhibits and Reports on Form 8-K None 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 thereunto duly authorized. BWC FINANCIAL CORP. (Registrant) November 8, 1995 James L. Ryan ___________________________ _________________________________ Date James L. Ryan Chairman and Chief Executive Officer November 8, 1995 Leland E. Wines ______________________ ________________________________ Date Leland E. Wines CFO and Corp. Secretary EX-27 2
9 0000353650 BWC FINANCIAL CORP. 9-MOS DEC-31-1995 SEP-30-1995 9,767,000 0 1,545,000 0 28,205,000 8,899,000 8,934,000 90,941,000 1,656,000 142,968,000 127,396,000 0 1,313,000 0 10,508,000 0 0 3,751,000 142,968,000 6,945,000 1,204,000 235,000 8,384,000 2,477,000 2,478,000 5,906,000 240,000 0 4,750,000 1,701,000 1,701,000 0 0 1,097,000 1.17 1.12 6.61 229,000 41,000 0 1,484,000 1,498,000 96,000 14,000 1,656,000 945,000 0 711,000
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