-----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, WA++DsGQi084HDRR5C74OqqK3u1vbLKk9nLR2seWzFnYGE3gAKtlcQ0/UKUYwd9K dN6nISJGR+6mUEDEkwYDiw== 0000832818-02-000011.txt : 20020510 0000832818-02-000011.hdr.sgml : 20020510 ACCESSION NUMBER: 0000832818-02-000011 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020510 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: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-16934 FILM NUMBER: 02640568 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 10QSB 1 r10qsb3-02.txt REPORT FOR 3-2002 10QSB UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-QSB /X/ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2002 / / TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from to Commission file Number 01-16934 BOL BANCSHARES, INC. (Exact name of small business issuer as specified in its charter.) Louisiana 72-1121561 (State of incorporation) (IRS Employer Identification No.) 300 St. Charles Avenue, New Orleans, La. 70130 (Address of principal executive offices) (504) 889-9400 (Issuer's telephone number) State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practical date: 179,145 SHARES AS OF APRIL 30, 2002 BOL BANCSHARES, INC. & SUBSIDIARY INDEX Page No. PART 1. Financial Information Item 1: Financial Statements Consolidated Statement of Condition 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statement of Cash Flow 6 Item 2: Management's Discussion and Analysis 7 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K A. Exhibits 8 None B. Reports on Form 8-K 8 No reports have been filed on Form 8-K during this quarter. Signatures 9 Part I. - Financial Information BOL BANCSHARES, INC. CONSOLIDATED STATEMENT OF CONDITION (Unaudited) March 31, (Amounts in thousands) 2002 ASSETS Cash and Due from Banks Non-Interest Bearing Balances and Cash 5,568 Federal Funds Sold 19,970 Investment Securities Securities Held to Maturity 14,505 Securities Available for Sale 413 Loans-Less Allowance for Loan Losses of $1,800 and Unearned Discount of $205 57,199 Property, Equipment and Leasehold Improvements (Net of Depreciation and Amortization) 1,764 Other Real Estate - Other Assets 2,484 TOTAL ASSETS $101,903 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Non-Interest Bearing 36,575 NOW Accounts 12,532 Money Market Accounts 4,745 Savings Accounts 29,132 Time Deposits, $100,000 and over 1,186 Other Time Deposits 8,427 TOTAL DEPOSITS 92,597 Notes Payable 2,216 Other Liabilities 828 TOTAL LIABILITIES 95,641 STOCKHOLDERS' EQUITY Preferred Stock - Par Value $1 2,299,347 Shares Issued and Outstanding 2,299 Common Stock - Par Value $1 179,145 Shares Issued and Outstanding 179 Accumulated Other Comprehensive Income 213 Capital in Excess of Par - Retired Stock 17 Undivided Profits 3,504 Current Earnings 50 TOTAL STOCKHOLDERS' EQUITY 6,262 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $101,903 BANCSHARES, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) March 31, March 31, (Amounts in thousands) 2002 2001 INTEREST INCOME Interest and Fees on Loans 1,848 2,018 Interest on Investment Securities 160 34 Interest on Federal Funds Sold 78 356 Total Interest Income 2,086 2,408 INTEREST EXPENSE Interest on Deposits 177 375 Other Interest Expense 10 10 Interest on Notes Payable 2 2 Interest Expense on Debentures 39 39 Total Interest Expense 228 426 NET INTEREST INCOME 1,858 1,982 Provision for Loan Losses 109 97 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,749 1,885 NONINTEREST INCOME Service Charges on Deposit Accounts 256 260 Cardholder & Other Credit Card Income 170 158 ORE Income - 687 Other Operating Income 74 113 Total Noninterest Income 500 1,218 NONINTEREST EXPENSE Salaries and Employee Benefits 1,016 1,047 Occupancy Expense 420 392 Communications 106 102 Loan & Credit Card Expense 292 238 Professional Fees 105 102 ORE Expense - 435 Other Operating Expense 256 262 Total Noninterest Expense 2,195 2,578 Income Before Tax Provision 54 525 Provision (Benefit) For Income Taxes 4 187 NET INCOME $50 $338 Earnings Per Share of Common Stock $0.28 $1.89 BOL BANCSHARES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) March 31, March 31, (Amounts in thousands) 2002 2001 NET INCOME $50 $338 OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Holding Gains (Losses) on Investment Securities Available-for-Sale, Arising During the Period 13 - COMPREHENSIVE INCOME $63 $338 BOL BANCSHARES, INC. STATEMENTS OF CASH FLOWS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, (Amounts in thousands) 2002 2001 OPERATING ACTIVITIES Net Income 50 338 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Provision for Loan Losses 109 98 Depreciation and Amortization Expense 75 94 Amortization of Investment Security Premiums 2 (4) Accretion of Investment Security Discounts (0) (6) Decrease in Deferred Income Taxes 11 184 (Gain) Loss on Sale of Property and Equipment - - (Gain) Loss on Sale of Other Real Estate - - (Increase)Decrease in Other Assets (49) 541 (Decrease)Increase in Other Liabilities, Accrued Interest and Accrued Loss Contingency (30) (818) Net Cash Provided by Operating Activities 168 427 INVESTING ACTIVITIES Proceeds from Held-to-Maturity Investment Securities Released at Maturity 4,000 1,497 Purchases of Held-to-Maturity Investment Securities (2,992) - Proceeds from Sale of Property and Equipment - - Purchases of Property and Equipment (9) (18) Proceeds from Sale of Other Real Estate - - Purchases of Other Real Estate - - Net (Increase)Decrease in Loans 89 (3,349) Net Cash Provided by (Used in) Investing Activities 1,088 (1,870) FINANCING ACTIVITIES Net Increase (Decrease) in Non-Interest Bearing and Interest Bearing Deposits 984 2,867 Proceeds from Issuance of Long-Term Debt - - Preferred Stock Retired (1) - Principal Payments on Long Term Debt (2) (2) Net Cash Provided by Financing Activities 981 2,865 Net Increase in Cash and Cash Equivalents 2,237 1,422 Cash and Cash Equivalents - Beginning of Year 23,301 30,814 Cash and Cash Equivalents - End of Period $25,538 $32,236 BOL BANCSHARES, INC. STATEMENTS OF CASH FLOWS (Continued) (Unaudited) SUPPLEMENTAL DISCLOSURES: 2002 2001 Additions to Other Real Estate through Foreclosure - - Cash Paid for Interest 177 377 Cash (Paid) Received for Income Taxes (4) (187) Market Value Adjustment for Unrealized Gain on Securities Available-for-Sale 19 - Accounting Policies Note: Cash Equivalents Include Amounts Due from Banks and Federal Funds Sold. Generally, Federal Funds are Purchased and Sold for One Day Periods. ITEM 2.- MANAGEMENT'S DISCUSSION AND ANALYSIS THREE MONTHS ENDED MARCH 31, 2002 COMPARED WITH THREE MONTHS ENDED MARCH 31, 2001. BALANCE SHEET Total Assets at March 31, 2002 were $101,903,000 compared to $97,102,000 at March 31, 2001 an increase of $4,801,000. Total loans decreased $1,978,000 to $57,199,000 at March 31, 2002 from $59,177,000 at March 31, 2001 and Federal Funds Sold decreased $5,585,000 to $19,970,000 at March 31, 2002 from $25,555,000 at March 31, 2001. Investment securities increased $12,622,000 to $14,505,000 at March 31, 2002 from $1,883,000 at March 31, 2001. Total deposits increased to $92,597,000 at March 31, 2002 from $88,031,000 at March 31, 2001. Shareholder's Equity increased to $6,262,000 at March 31, 2002 from $6,060,000 at March 31, 2001. INCOME Income for the three months ended March 31, 2002 was $50,000 compared to $338,000 for the same period last year. Interest income decreased $322,000 for the three months ended March 31, 2002 over the same period last year. Noninterest income decreased $718,000 for the three month period as compared to the same period last year. This decrease was attributable to a gain on the sale of ORE. This parcel was sold in 1998, however the regulators advised that the Company incorrectly applied the full accrual method of accounting. Due to this the Company restated all financials. The Company recognized this gain on the sale of ORE in 2001 as the purchaser's payments have reached certain levels outlined by the regulators. Interest expense decreased $198,000 for the three months ended March 31, 2002 over the same period last year. Noninterest expense decreased $383,000 for the three month period as compared to the same period last year. This decrease is attributable to the writedown of 4 parcels of ORE in 2001. MARCH 31, 2002 COMPARED WITH DECEMBER 31, 2001 BALANCE SHEET Total Assets at March 31, 2002 were $101,903,000 compared to $101,891,000 at December 31, 2001. Total loans decreased $198,000 to $57,199,000 at March 31, 2002 from $57,397,000 at December 31, 2001 and investment securities decreased to $14,505,000 at March 31, 2002 from $15,908,000 at December 31, 2001. Federal Funds Sold increased to $19,970,000 at March 31, 2002 from $16,160,000 at December 31, 2001. Total deposits increased to $92,597,000 at March 31, 2002 from $91,612,000 at December 31, 2001. Shareholder's Equity increased to $6,262,000 at March 31, 2002 from $6,200,000 at December 31, 2001. PART II - OTHER INFORMATION Item #6 Exhibits and Reports on Form 8-K A. Exhibits None B. Reports on Form 8-K No reports have been filed on Form 8-K during this quarter. BOL BANCSHARES, INC. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BOL BANCSHARES, INC. (Registrant) G. Harrison Scott May 9, 2002 G. Harrison Scott Date Chairman (in his capacity as a duly authorized officer of the Registrant) Peggy L. Schaefer Peggy L. Schaefer Treasurer (in her capacity as Chief Accounting Officer of the Registrant) -----END PRIVACY-ENHANCED MESSAGE-----