-----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, SezDIVVCHLiJAXPDzMcNjXUK0OADogX4/Q0yvXl4z18AKdhq4A6jqIB0V5334Eb3 dsiwsrRXWaFw1nNIXUqBFA== 0000832818-00-000014.txt : 20000505 0000832818-00-000014.hdr.sgml : 20000505 ACCESSION NUMBER: 0000832818-00-000014 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 20000504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOL BANCSHARES INC CENTRAL INDEX KEY: 0000832818 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 721121561 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-16934 FILM NUMBER: 618782 BUSINESS ADDRESS: STREET 1: 300 ST CHARLES AVE CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5048899400 MAIL ADDRESS: STREET 1: 300 ST CHARLES AVENUE CITY: NEW ORLEANS STATE: LA ZIP: 70130 10-Q/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q/A Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1999 Commission file Number 01-16934 BOL BANCSHARES, INC. (Exact name of registrant as specified in its charter.) Louisiana 72-1121561 (State of incorporation) (I. R. S. Employee Identification No.) 300 St. Charles Avenue, New Orleans, La. 70130 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (504) 889-9400 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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: Common Stock, $1 Par Value - 179,145 shares as of October 31, 1999. Part I. - Financial Information BOL BANCSHARES, INC. CONSOLIDATED STATEMENT OF CONDITION (Unaudited)
Sept 30 Dec. 31, Sept 30 (Amounts in Thousands) 1999 1998 1998 ASSETS Cash and Due from Banks Non-Interest Bearing Balances and Cash $7,546 $6,693 $7,119 Interest Bearing Balances - - - Investment Securities Securities Held to Maturity (Fair Values at 9/30/99, 12/31/98, & 9/30/98 respectively 3,009 4,498 4,996 were $3,004,000, $4,514,000, and $5,019,000) Securities Available for Sale 374 291 90 Federal Funds Sold 29,926 26,950 18,725 Loans, net of Unearned Discount 57,249 61,542 59,243 Allowance for Loan Losses (1,800) (1,800) (1,800) Property, Equipment and Leasehold Improvements (Net of Depreciation and Amortization) 2,674 2,506 2,549 Other Real Estate 1,337 1,357 1,357 Deferred Taxes 426 454 618 Letters of Credit 76 84 84 Other Assets 965 1,311 2,298 TOTAL ASSETS $101,782 $103,886 $95,279 See accompanying notes to Financial Statements
BOL BANCSHARES, INC. CONSOLIDATED STATEMENT OF CONDITION (Continued)
Sept 30 Dec. 31, Sept 30 (Amounts in Thousands) 1999 1998 1998 LIABILITIES Deposits: Non-Interest Bearing $34,459 $36,826 $32,383 Interest Bearing 58,795 57,757 54,097 TOTAL DEPOSITS 93,254 94,583 86,480 Notes Payable 2,234 2,272 2,274 Letters of Credit Outstanding 76 84 84 Accrued Litigation Settlement 150 200 150 Accrued Interest 463 526 492 Other Liabilities 1,021 1,035 428 TOTAL LIABILITIES 97,198 98,700 89,908 STOCKHOLDERS' EQUITY Preferred Stock - Par Value $1 2,302,811 Shares Issued and Outstanding at 9/30/99, 12/31/98, and 9/30/98 2,303 2,303 2,303 Common Stock - Par Value $1 179,145 Shares Issued and Outstanding at 9/30/99, 12/31/98, and 9/30/98 179 179 179 Accumulated Other Comprehensive Income 188 133 - Capital in Excess of Par - Retired Stock 15 15 15 Undivided Profits 2,556 2,784 2,783 Current Earnings (657) (228) 91 TOTAL STOCKHOLDERS' EQUITY 4,584 5,186 5,371 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $101,782 $103,886 $95,279 See accompanying notes to Financial Statements
BOL BANCSHARES, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited)
Three months ended Nine months ended Sept 30 Sept 30 (Amounts in Thousands) 1999 1998 1999 1998 INTEREST INCOME Interest and Fees on Loans $2,014 $2,091 $5,837 $6,212 Interest on Time Deposits - - - - Interest on Securities Held to 44 105 155 381 Maturity Interest & Dividends on Securities - - 2 6 Available for Sale Interest on Federal Funds Sold 419 275 1,143 846 Other Interest Income - - - - Total Interest Income 2,477 2,471 7,137 7,445 INTEREST EXPENSE Interest on Deposits 418 437 1,266 1,345 Interest on Federal Funds Purchased - - - - Other Interest Expense 10 12 31 33 Interest Expense on Notes Payable 2 3 7 8 Interest Expense on Debentures 39 41 118 119 Total Interest Expense 469 493 1,422 1,505 NET INTEREST INCOME 2,008 1,978 5,715 5,940 Provision for Loan Losses 237 308 662 798 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,771 1,670 5,053 5,142 OTHER INCOME Service Charges on Deposit Accounts 308 319 886 963 Cardholder & Other Credit Card Income 168 174 497 498 ORE Income 4 22 19 30 Other Operating Income 48 54 190 204 Gain on Sale of Securities - - - - Total Other Income 528 569 1,592 1,695 OTHER EXPENSE Salaries and Employee Benefits 959 941 2,952 2,708 Occupancy Expense 481 466 1,473 1,413 Loan & Credit Card Expense 231 241 761 728 ORE Expense 2 43 57 123 Other Operating Expense 741 616 2,059 1,774 Total Other Expenses 2,414 2,307 7,302 6,746 Income Before Tax Provision (115) (68) (657) 91 Provision (Benefit) For Income Taxes - - - - NET INCOME ($115) ($68) ($657) $91 Earnings Per Share of Common Stock ($0.64) ($0.38) ($3.67) $0.51 See accompanying notes to Financial Statements
BOL BANCSHARES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Sept 30 Sept 30 (Amounts in thousands) 1999 1998 NET INCOME (LOSS) (657) 91 OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Holding Gains (Losses) on Investment Securities Available-for-Sale, Arising During the Period 55 1 Less: Reclassification Adjustment for Gains Included in Net Income OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME (LOSS) ($602) $92 See accompanying notes to Financial Statements
BOL BANCSHARES, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY Unaudited)
(Amounts in Thousands) ACCUMULATED CAPITAL IN OTHER EXCESS OF COMPREHEN- PAR PREFERRED COMMON SIVE RETIRED RETAINED STOCK STOCK INCOME STOCK EARNING TOTAL Balance December 31, 2,303 179 (1) 15 2,783 5,279 1997 Other Comprehensive Income, net of applicable deferred income taxes 1 1 Net Income (Loss) 91 91 Balance - Sept 30, 2,303 179 - 15 2,874 $5,371 1998 Balance December 31, 2,303 179 133 15 2,556 5,186 1998 Other Comprehensive Income, net of applicable deferred income taxes 55 55 Net Income (Loss) (657) (657) Balance - Sept 30, 2,303 179 188 15 1,899 $4,584 1999
QUARTERLY CONSOLIDATED SUMMARY OF INCOME AND SELECTED FINANCIAL DATA
Three Nine Months Ended Months Ended (Amounts in Thousands, Sept 30 June 30 Sept 30 Sept 30 Sept 30 Except Per Share Data) 1999 1999 1998 1999 1998 Interest Income $2,477 $2,320 $2,471 $7,137 $7,445 Interest Expense 469 483 493 1,422 1,505 Net Interest Income 2,008 1,837 1,978 5,715 5,940 Provision for Loan 237 327 308 662 798 Losses Net Interest Income 1,771 1,510 1,670 5,053 5,142 after Provision Noninterest Income: Noninterest Income 528 530 569 1,592 1,695 Securities Gains - - - - - Noninterest Income 528 530 569 1,592 1,695 Noninterest Expense 2,414 2,481 2,307 7,302 6,746 Income before Taxes (115) (441) (68) (657) 91 Income Tax Expense - - - - - (Benefit) Net Income (Loss) ($115) ($441) ($68) ($657) $91 Income per Common Share ($0.64) ($2.38) ($0.38) ($3.67) $0.51 Average Common Shares 179 179 179 179 179 Outstanding Selected Quarter-End Balances Loans $57,249 $56,529 $59,243 Deposits 93,254 95,880 86,480 Long-Term Debt 2,234 2,246 2,274 Stockholders' Equity 4,584 4,682 5,371 Total Assets 101,782 104,704 95,279 Selected Average Balances Loans $56,128 $56,855 $59,732 $55,988 $58,899 Deposits 93,341 94,694 88,042 93,664 90,101 Long-Term Debt 2,235 2,255 2,277 2,254 2,282 Stockholders' Equity 5,389 5,531 5,378 5,623 5,161 Total Assets 102,146 103,591 96,968 102,657 98,907 Selected Ratios Return on Average Assets -0.09% -0.41% -0.07% -0.60% 0.09% Return on Average Equity -1.70% -7.68% -1.26% -10.94% 1.76% Tier 1 Risk-Based 10.19% 10.22% 11.02% Capital Risk-Based Capital 11.46% 11.48% 12.29% Tier 1 Leverage 6.27% 6.23% 7.21%
TABLE 1. MAJOR CLASSIFICATION OF LOAN PORTFOLIO
Sept 30, 1999 June 30, 1999 Sept 30, 1998 (Amounts in Loans % Loans % Loans % Thousands) Commercial, $4,763 8.28% $4,073 7.18% $4,609 7.78% Financial, & Agricultural Real Estate Mortgage 28,494 49.99% 27,486 48.83% 26,367 44.51% Mortgage Loan Held - 0.00% - 0.00% - 0.00% for Resale Personal Loans 3,293 5.73% 3,179 5.60% 3,144 5.31% Credit Cards-Visa, 18,713 32.54% 19,331 34.06% 21,518 36.32% MasterCard Credit Cards- 1,837 3.19% 2,363 4.16% 3,432 5.79% Proprietary Overdrafts 149 0.26% 97 0.17% 173 0.29% Loans $57,249 100.00% $56,529 100.00% $59,243 100.00%
TABLE 7. QUARTERLY SELECTED CAPITAL RATIOS
Sept 30, June 30, March 31, Dec. 31, Sept. 30, 1999 1999 1999 1998 1998 Risk-Based Capital Tier 1 Risk Based 10.19% 10.22% 10.73% 10.27% 11.02% Capital Ratio Risk Based Capital 11.46% 11.49% 12.00% 11.54% 12.29% Ratio Tier 1 Leverage Ratio 6.27% 6.23% 6.70% 6.89% 7.21%
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