Louisiana | 72-1121561 |
(State of incorporation) | (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company x |
Page No.
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PART I. Financial Information
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Item 1.
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Financial Statements
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3
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4
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5
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6
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7
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11
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13
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13
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PART II. Other Information
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14
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15
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Mar. 31
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Dec. 31,
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(Amounts in Thousands)
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2011
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2010
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(Unaudited)
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(Audited)
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ASSETS
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Cash and Due from Banks
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Non-Interest Bearing Balances and Cash
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$ | 2,838 | $ | 3,834 | ||||
Federal Funds Sold
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16,700 | 14,950 | ||||||
Certificates of Deposit
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3,953 | 4,203 | ||||||
Investment Securities
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Securities Held to Maturity
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0 | 0 | ||||||
Securities Available for Sale
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878 | 878 | ||||||
Loans-Less Allowance for Loan Losses of $1,800 in 2011 and in 2010
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58,270 | 60,236 | ||||||
Property, Equipment and Leasehold Improvements (Net of Depreciation and Amortization)
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5,781 | 5,856 | ||||||
Other Real Estate
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3,395 | 3,137 | ||||||
Other Assets
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756 | 1,282 | ||||||
TOTAL ASSETS
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$ | 92,571 | $ | 94,376 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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LIABILITIES
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Deposits:
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Non-Interest Bearing
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30,938 | 31,867 | ||||||
NOW Accounts
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11,135 | 11,184 | ||||||
Money Market Accounts
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4,047 | 3,948 | ||||||
Savings Accounts
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19,785 | 20,157 | ||||||
Time Deposits, $100,000 and over
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2,870 | 5,248 | ||||||
Other Time Deposits
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10,153 | 8,173 | ||||||
TOTAL DEPOSITS
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78,928 | 80,577 | ||||||
Notes Payable
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1,144 | 1,144 | ||||||
Other Liabilities
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676 | 882 | ||||||
TOTAL LIABILITIES
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80,748 | 82,603 | ||||||
SHAREHOLDERS’ EQUITY
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Preferred Stock - Par Value $1
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1,808,911 Shares Issued and Outstanding in 2011
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1,810,296 Shares Issued and Outstanding in 2010
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1,809 | 1,810 | ||||||
Common Stock - Par Value $1
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179,145 Shares Issued and Outstanding in 2011 and 2010
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179 | 179 | ||||||
Accumulated Other Comprehensive Income
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513 | 513 | ||||||
Capital in Excess of Par - Retired Stock
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196 | 195 | ||||||
Undivided Profits
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9,075 | 8,777 | ||||||
Current Earnings
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50 | 299 | ||||||
TOTAL SHAREHOLDERS’ EQUITY
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11,823 | 11,773 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$ | 92,571 | $ | 94,376 |
Three Months Ended
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Mar 31
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Mar 31
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(Amounts in Thousands)
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2011
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2010
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INTEREST INCOME
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Interest and Fees on Loans
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$ | 1,478 | $ | 1,487 | ||||
Interest on Investment Securities
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2 | 2 | ||||||
Interest on Federal Funds Sold
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6 | 4 | ||||||
Interest on Certificates of Deposit
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9 | 17 | ||||||
Total Interest Income
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1,495 | 1,510 | ||||||
INTEREST EXPENSE
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Interest on Deposits
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88 | 90 | ||||||
Interest Expense on Notes Payable and Debentures
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18 | 19 | ||||||
Total Interest Expense
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106 | 109 | ||||||
NET INTEREST INCOME
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1,389 | 1,401 | ||||||
Provision for Loan Losses
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20 | 75 | ||||||
NET INTEREST INCOME AFTER PROVISION
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FOR LOAN LOSSES
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1,369 | 1,326 | ||||||
NON-INTEREST INCOME
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Service Charges on Deposit Accounts
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109 | 112 | ||||||
Cardholder & Other Credit Card Income
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101 | 101 | ||||||
Other Operating Income
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39 | 314 | ||||||
Total Non-interest Income
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249 | 527 | ||||||
NON-INTEREST EXPENSE
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Salaries and Employee Benefits
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600 | 624 | ||||||
Occupancy Expense
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224 | 268 | ||||||
Communications
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57 | 47 | ||||||
Outsourcing Fees
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346 | 319 | ||||||
Loan & Credit Card Expense
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28 | 26 | ||||||
Professional Fees
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82 | 54 | ||||||
ORE Expense
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43 | 110 | ||||||
Other Operating Expense
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156 | 13 | ||||||
Total Non-interest Expense
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1,536 | 1,461 | ||||||
Income Before Tax Provision
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82 | 392 | ||||||
Provision For Income Taxes
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32 | 137 | ||||||
NET INCOME
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$ | 50 | $ | 255 | ||||
Earnings Per Share of Common Stock
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$ | 0.28 | $ | 1.42 |
BOL BANCSHARES, INC. & SUBSIDIARY
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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Three Months Ended
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Mar. 31
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Mar. 31
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(Amounts in thousands)
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2011
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2010
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NET INCOME
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$ | 50 | $ | 255 | ||||
OTHER COMPREHENSIVE INCOME, NET OF TAX
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Unrealized Holding (Losses) Gains on Investment Securities Available-for-Sale, Arising During the Period
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(0 | ) | 37 | |||||
COMPREHENSIVE INCOME
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$ | 50 | $ | 292 |
(Amounts in thousands)
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2011
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2010
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OPERATING ACTIVITIES
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Net Income
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$ | 50 | $ | 255 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
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Provision for Loan Losses
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20 | 75 | ||||||
Depreciation and Amortization Expense
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79 | 97 | ||||||
Amortization of Investment Security Premiums
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— | — | ||||||
Decrease in Deferred Income Taxes
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(122 | ) | (258 | ) | ||||
Gain on Sale of Other Real Estate
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— | (200 | ) | |||||
Decrease in Other Assets
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268 | 172 | ||||||
Decrease in Other Liabilities and Accrued Interest
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175 | 247 | ||||||
Net Cash Provided by Operating Activities
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470 | 388 | ||||||
INVESTING ACTIVITIES
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Proceeds from Held-to-Maturity Investment Securities Released at Maturity
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— | 1,000 | ||||||
Purchases of Held-to-Maturity Investment Securities
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— | (1,000 | ) | |||||
Purchases of Property and Equipment
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(5 | ) | (11 | ) | ||||
Proceeds from Sale of Other Real Estate
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— | 200 | ||||||
OREO Costs Capitalized
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(258 | ) | (180 | ) | ||||
Decrease (Increase) in Certificate of Deposit with Other Banks
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250 | 752 | ||||||
Net (Increase) in Loans
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1,946 | (224 | ) | |||||
Net Cash Provided by (Used in) Investing Activities
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1,932 | 537 | ||||||
FINANCING ACTIVITIES
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Net Decrease in Non-Interest Bearing and Interest Bearing Deposits
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(1,648 | ) | (1,415 | ) | ||||
Preferred Stock Retired
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(1 | ) | (15 | ) | ||||
Net Cash Used in Financing Activities
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(1,649 | ) | (1,430 | ) | ||||
Net (Decrease) Increase in Cash and Cash Equivalents
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754 | (505 | ) | |||||
Cash and Cash Equivalents - Beginning of Year
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18,784 | 17,591 | ||||||
Cash and Cash Equivalents - End of Period
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19,538 | 17,086 |
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2011
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2010
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SUPPLEMENTAL DISCLOSURES:
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Cash Paid During the Year for Interest
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$ | 80 | $ | 28 | ||||
Cash Paid During the Year for Income Taxes
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$ | 0 | $ | 0 | ||||
Market Value Adjustment for Unrealized (Loss) Gain
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$ | 0 | $ | 57 |
March 31, 2011
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Carrying
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Fair
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Amount
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Value
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Financial Assets:
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Cash and Short-Term Investments
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$ | 2,838 | $ | 2,838 | ||||
Certificates of Deposit
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3,953 | 3,953 | ||||||
Investment Securities
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878 | 878 | ||||||
Loans
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60,070 | 59,922 | ||||||
Less: Allowance for Loan Losses
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(1,800 | ) | (1,800 | ) | ||||
$ | 65,363 | $ | 65,791 | |||||
Financial Liabilities:
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Deposits
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$ | 78,928 | $ | 79,024 | ||||
Unrecognized Financial Instruments:
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Commitments to Extend Credit
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$ | 1,100 | $ | 1,100 | ||||
Credit Card Arrangements
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13,400 | 13,400 | ||||||
$ | 14,500 | $ | 14,500 |
December 31, 2010
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Carrying
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Fair
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Amount
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Value
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Financial Assets:
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Cash and Short-Term Investments
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$ | 3,834 | $ | 3,834 | ||||
Certificates of Deposit
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4,203 | 4,203 | ||||||
Investment Securities
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878 | 878 | ||||||
Loans
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62,036 | 62,054 | ||||||
Less: Allowance for Loan Losses
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(1,800 | ) | (1,800 | ) | ||||
$ | 68,575 | $ | 69,169 | |||||
Financial Liabilities:
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Deposits
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$ | 80,577 | $ | 80,675 | ||||
Unrecognized Financial Instruments:
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Commitments to Extend Credit
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$ | 1,763 | $ | 1,763 | ||||
Credit Card Arrangements
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14,626 | 14,626 |
●
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Level 1 - Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets
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●
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Level 2 - Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market date for substantially the full term of the assets or liabilities
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●
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Level 3 - Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.
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Level 1
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Level 2
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Level 3
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Net Balance
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Assets
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Equity Securities
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$ | — | $ | 878 | $ | — | $ | 878 | ||||||||
Total
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$ | — | $ | 878 | $ | — | $ | 878 |
Exhibits | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer |
31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
32 | Certification Pursuant to 18 U.S.C. Section 1350 |
BOL BANCSHARES, INC. | ||
May 16, 2011
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/s/G. Harrison Scott | |
Date
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G. Harrison Scott | |
Chairman | ||
(in his capacity as a duly authorized officer of the Registrant) | ||
/s/Peggy L. Schaefer | ||
Peggy L. Schaefer | ||
Treasurer | ||
(in her capacity as Chief Accounting Officer of the Registrant) |
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1.
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I have reviewed this quarterly report on Form 10-Q of BOL Bancshares, Inc;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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e)
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The registrant’s other certifying officer(s), and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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f)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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g)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/G. Harrison Scott | |||
G. Harrison Scott
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Chairman |
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1.
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I have reviewed this quarterly report on Form 10-Q of BOL Bancshares, Inc;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
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b.
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Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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e.
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The registrant’s other certifying officer(s), and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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f.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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g.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/Peggy L. Schaefer | |||
Peggy L. Schaefer
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Treasurer |
/s/G. Harrison Scott | |||
Date: May 16, 2011 |
G. Harrison Scott
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Chairman |
/s/Peggy L. Schaefer
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Date: May 16, 2011 |
Peggy L. Schaefer
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Treasurer |