-----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, VLn5Hpm+65MREFlaodDKABGLfn/6kTb2TBf7z0HuCB/t5OZNBY0/Fnbh6MsRX/hW VMMO/3YH6R/GgOx/ixmGTw== 0000950144-96-007745.txt : 19961111 0000950144-96-007745.hdr.sgml : 19961111 ACCESSION NUMBER: 0000950144-96-007745 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961108 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST COMMUNITY CORP /SC/ CENTRAL INDEX KEY: 0000932781 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 571010751 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-28344 FILM NUMBER: 96656629 BUSINESS ADDRESS: STREET 1: 5455 SUNSET BLVD CITY: LEXINGTON STATE: SC ZIP: 29072 BUSINESS PHONE: 8032538875 10QSB 1 FIRST COMMUNITY CORPORATION 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark One) X Quarterly report under Section 13 or 15(d) of the Securities Exchange - ---- Act of 1934 for the quarterly period ended September 30, 1996. Transition report under Section 13 or 15(d) of the Exchange Act for - ---- the transition period from to -------------- ---------------------- Commission File No. 33-86258 FIRST COMMUNITY CORPORATION --------------------------- (Exact Name of Small Business Issuer as Specified in its Charter) South Carolina 57-1010751 -------------- ------------------- (State of Incorporation) (I.R.S. Employer Identification) 5455 Sunset Boulevard, Lexington, South Carolina 29072 ------------------------------------------------------ (Address of Principal Executive Offices) (803) 951-2265 -------------- (Issuer's Telephone Number, Including Area Code) -------------------------------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ---- ---- State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 688,077 shares of common stock, par value $1.00 per share, were issued and outstanding as of October 31, 1996. Transitional Small Business Disclosure Format (check one): Yes No X ---- ---- 2 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. The financial statements of First Community Corporation (the "Company") are set forth in the following pages. 3 FIRST COMMUNITY CORPORATION BALANCE SHEETS
September 30, 1996 December 31, (Unaudited) 1995 ------------- ------------ ASSETS Cash and due from banks $ 1,430,464 $ 548,945 Federal funds sold and securities purchased under agreements to resell 2,628,855 4,304,268 Investment securities - available for sale 9,194,727 6,819,265 Investment securities - held to maturity (market value of $2,546,606 and $2,201,370 at September 30, 1996 and Decemebr 31, 1995, respectively) 2,600,160 2,200,000 Loans 13,569,190 3,833,142 Less, allowance for loan losses 163,545 76,750 ------------ ----------- Net loans 13,405,645 3,756,392 Property, furniture and equipment - net 2,340,715 1,563,859 Other assets 280,942 186,869 ------------ ----------- Total assets $ 31,881,508 $19,379,598 ============ =========== LIABILITIES Deposits: Non-interest bearing demand $ 4,364,839 $ 1,254,338 NOW and money market accounts 4,886,818 2,777,214 Savings 5,654,788 1,779,226 Time deposits less than $100,000 6,133,399 2,905,218 Time deposits $100,000 and over 3,590,620 2,617,944 ------------ ----------- Total deposits 24,630,464 11,333,940 Securities sold under agreements to repurchase 1,159,300 1,631,500 Other borrowed money - demand note to US Treasury 111,919 169,361 Other liabilities 228,031 109,292 ------------ ----------- Total liabilities 26,129,714 13,244,093 ------------ ----------- SHAREHOLDERS' EQUITY Common stock, par value $1.00 per share; 10,000,000 shares authorized; issued and outstanding 688,077 at September 30, 1996 and December 31, 1995 $ 688,077 $ 688,077 Additional paid in capital 6,140,837 6,140,837 Accumulated deficit (987,977) (702,449) Unrealized gain (loss) on securities available-for-sale (89,143) 9,040 ------------ ----------- Total shareholders' equity 5,751,794 6,135,505 ------------ ------------ Total liabilities and shareholders' equity $ 31,881,508 $ 19,379,598 ============ ============
4 FIRST COMMUNITY CORPORATION STATEMENTS OF OPERATIONS
Nine Nine Months Ended Months Ended September 30 September 30 1996 1995 (Unaudited) (Unaudited) ----------- ----------- Interest income: Loans, including fees $ 630,878 $ 2,305 Investment securities - taxable 467,428 29,421 Federal funds sold and securities purchased under resale agreements 92,667 16,428 Other, Preopening - 86,754 ----------- ---------- Total interest income 1,190,973 134,908 ----------- ---------- Interest expense: Deposits 472,433 9,285 Federal funds sold and securities sold under agreement to repurchase 35,525 - Other borrowed money 1,431 - ----------- ---------- Total interest expense 509,389 9,285 ----------- ---------- Net interest income 681,584 125,623 Provision for loan losses 98,000 15,750 ----------- ---------- Net interest income after provision for loan losses 583,584 109,873 ----------- ---------- Non-interest income: Deposit service charges 50,976 405 Mortgage origination fees 18,459 - Other 12,480 492 ----------- ---------- Total non-interest income 81,915 897 ----------- ---------- Non-interest expense: Salaries and employee benefits 519,769 82,440 Occupancy 106,300 17,485 Equipment 75,368 8,055 Marketing and public relations 26,115 19,418 Other 223,475 40,758 Preopening expense - 250,833 ----------- ---------- Total non-interest expense 951,027 418,989 ----------- ---------- Net loss $ (285,528) $ (308,219) =========== ========== Net loss per share $ (0.41) ===========
5 FIRST COMMUNITY CORPORATION STATEMENTS OF OPERATIONS
Three Three Months Ended Months Ended September 30 September 30 1996 1995 (Unaudited) (Unaudited) ------------ ------------ Interest income: Loans, including fees $ 278,670 $ 2,305 Investment securities - taxable 164,188 29,421 Federal funds sold and securities purchased under resale agreements 30,389 16,428 Other, Preopening - 36,341 ----------- ----------- Total interest income 473,247 84,495 ----------- ----------- Interest expense: Deposits 191,370 9,285 Federal funds sold and securities sold under agreement to repurchase 12,182 - Other borrowed money 849 - ----------- ----------- Total interest expense 204,401 9,285 ----------- ----------- Net interest income 268,846 75,210 Provision for loan losses 33,000 15,750 ----------- ----------- Net interest income after provision for loan losses 235,846 59,460 ----------- ----------- Non-interest income: Deposit service charges 22,956 405 Mortgage origination fees 8,002 - Other 5,569 492 ----------- ----------- Total non-interest income 36,527 897 ----------- ----------- Non-interest expense: Salaries and employee benefits 179,271 82,440 Occupancy 27,112 17,485 Equipment 26,498 8,055 Marketing and public relations 7,408 19,418 Other 77,886 40,758 Preopening expense - 95,121 ----------- ----------- Total non-interest expense 318,175 263,277 ----------- ----------- Net loss $ (45,802) $ (202,920) =========== =========== Net loss per share $ (0.07) $ (0.30) =========== ===========
6 FIRST COMMUNITY CORPORATION STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) NINE MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
Unrealized loss Additional on Securites Common Paid-in Accumulated Available for Stock Capital Deficit Sale Total ---------- ---------- ----------- --------------- ---------- Balance December 31, 1995 $ 688,077 $6,140,837 $(702,449) $ 9,040 $6,135,505 Net loss (285,528) (285,528) Unrealized loss on securities avialable-for-sale (98,183) (98,183) ---------- ---------- --------- --------- ---------- Balance September 30, 1996 $ 688,077 $6,140,837 $(987,977) ($89,143) $5,751,794 ========== ========== ========= ========= ==========
7 FIRST COMMUNITY CORPORATION STATEMENTS OF CASH FLOWS
Nine months ended September 30 ---------------------------------- 1996 1995 -------------- ------------- Cash flows from operating activities: Net loss $ (285,528) $ (308,219) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 134,071 19,030 Premium amortization (Discount accretion) (2,396) - Provision for loan losses 98,000 15,750 Increase in other assets (94,073) (5,434) Increase (decrease) in accounts payable 118,739 (162,441) ------------- ------------- Net cash used in operating activities (31,187) (441,314) ------------- ------------- Cash flows form investing activities: Purchase of investment securities available-for-sale (7,418,434) (11,560,829) Maturity of investment securities available-for-sale 4,947,337 6,910,946 Purchase of investment securities held-to-maturity (1,400,312) (400,000) Maturity of investment securities held-to-maturity 1,000,000 - Increase in loans (9,747,253) (499,933) Purchase of property and equipment (910,927) (1,578,885) ------------- ------------- Net cash used in investing activities 13,529,589 (7,128,701) ------------- ------------- Cash flows from financing activities: Increase in deposit accounts 13,296,524 3,314,739 Decrease in securities sold under agreements to repurchase (472,200) - Increase in other borrowings (57,442) - Proceeds from sale of common stock - 6,830,444 ------------- ------------- Net cash provided from financing activities 12,766,882 10,145,183 ------------- ------------- Net increase (decrease) in cash and cash equivalents (793,894) 2,575,168 Cash and cash equivalents at beginning of period 4,853,213 100 ------------- ------------- Cash and cash equivalents at end of period $ 4,059,319 $ 2,575,268 ============= ============= Supplemental disclosure: Cash paid during the period for: Interest $ 418,295 5,246 Non-cash investing and financing activities: Unrealized (loss) on securities available-for-sale $ (94,073) (1,734)
8 FIRST COMMUNITY CORPORATION NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30 1996 Note 1- Basis of Presentation The consolidated financial statements include the accounts of First Community Corp- oration and its wholly owned subsidiary First Community Bank, N.A. The Company was organized on November 2, 1994 (the "Inception Date"). From the Inception Date through August 16, 1995, the Company was a development stage company. The activities during this period included conducting the initial public offering, the pursuit of approvals from various agencies to charter its bank subsidiary, establishing systems, hiring and training personnel to open the Bank. In the opinion of management, the unaudited financial statements reflect all adjustments necessary for a fair presentation of the balance sheet and results of operations for the periods presented. Note 2 Net Loss Per Share Net loss per share for the nine and three months ended September 30, 1996 and 1995, is based on the weighted average outstanding shares for the period. Net loss per share for the nine month period ended September 30, 1995 has not been presented because stock was not issued until June 27, 1995, and the net loss per share for this period is deemed not to be meaningful. There were 688,077 weighted average shares outstanding for the three and nine months ended September 30, 1996 and 677,313 weighted average shares outstanding for the three months ended September 30, 1995. Note 3 Commitments The Company has entered into an agreement to construct a permanent banking facility of approximately 4,000 square feet on the site adjacent to where the Forest Acres office facility is currently located. The contract cost, including the building, paving and landscaping is approximately $545,000. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS The Company commenced operations on November 2, 1994 and from that date through August 16, 1995, the Company was a Development Stage Company. First Community Bank N.A. (the Bank), the Company's only subsidiary, began operations on August 17, 1995. During the period from January 1, 1995 through August 16, 1995, the Company's principal activities related to its organization, the conducting of its initial public offering, the pursuit of approvals from the Office of the Comptroller of the Currency for its application to charter the Bank, the pursuit of approvals from the Federal Deposit Insurance Corporation for its application for insurance of the deposits of the Bank, and the pursuit of approvals from the Federal Reserve Bank of Richmond and the South Carolina State Board of Financial Institutions for its applications seeking approval to become a bank holding company by acquiring all of the capital stock issued by the Bank. As a result, comparisons of the Company's and the Bank's results of operations for the nine and three month periods ended September 30, 1996 and September 30, 1995, particularly with respect to their banking operations, should be made with an understanding of those events. Net Income (Loss) The Company's net loss was $285,528 for the nine months ended September 30, 1996 as compared to a loss of $308,219 for the nine months ended September 30, 1995. This decrease in the net loss is a result of the Bank being in operation during all of 1996, whereas in the comparable prior year period the Company and Bank were in the development stage during the majority of this period. Net interest income increased $551,961 and $193,636 during the nine and three month periods ended September 30, 1996, respectively. This increase is a result of the Bank's development of its deposit and loan base during 1996. The Company will experience losses until the Bank grows its assets to a point where the assets generate revenue from operations which exceed the Bank's fixed cost. These cost, which include salaries, employee benefits, occupancy expense, furniture and equipment expense and other non-interest expense can be covered by the Bank's net interest income at the point when the Bank leverages its capital with a sufficient volume of earning assets. Net Interest Income The table on page 12 shows yield and rate data for interest-bearing balance sheet components during the nine and three month periods ended September 30, 1996, along with average balances and the related interest income and interest expense amounts. Net interest income was $681,584 during the nine months ended September 30, 1996. The net interest margin for this period was 4.13% on average earning assets of $21,997,187. Interest income during this period was $1,190,973 consisting of interest on loans in the amount of $630,878, interest income on the investment portfolio of $467,428 and interest income on federal funds sold and securities purchased under agreements to resell of $92,667. The average yield on earning assets during this period was 7.21%. Management expects that the yield on earning 10 ITEM 2. CONTINUED PAGE 2 assets will increase as the loan to deposit ratio increases and a higher percentage of earning assets are invested in higher rate loan products as contrasted to lower yielding U.S. Treasury and Agency securities. Interest expense during the nine months ended September 30, 1996, amounted to $509,389 which consisted of $472,433 on deposits and $36,956 on short term borrowings. The average rate paid during this period for all interest-bearing liabilities was 4.29%. During the three months ended September 30, 1996, interest income amounted to $473,247 consisting of $278,670 of interest on loans, $164,188 of interest income on the investment portfolio and $30,389 of interest on federal funds sold and securities purchased under agreements to resell. The average yield on interest earning assets was 7.39%. Interest expense during this period was $204,401 consisting of interest on deposits of $191,370 and $13,031 on short term borrowings. The average rate paid during this quarter was 4.27%. The quarter ended September 30, 1995, was the first quarter that the Company had any source of revenue from banking operations. Interest income during this period amounted to $84,495 of which $36,341 was earned on stock offering proceeds invested in short term investments prior to the Bank commencing operations on August 17, 1995. During the period from August 17, 1995, to Septemebr 30, 1995, interest income consisted of $2,305 of interest on loans, $29,421 of interest income on the investment portfolio and $16,428 of interest income on federal funds sold. Provision and Allowance for Loan Losses The provision for loan losses was $98,000 and $33,000 for the nine and three month period ending September 30, 1996, reflecting management's estimate of the amount necessary to maintain the allowance for loan losses at a level believed to be adequate in relation to the current size, mix and quality of the portfolio. The Company's allowance for loan losses as a percentage of its period-end loans was 1.21% at September 30, 1996. The Company had no nonperforming loans at September 30, 1996. Charge-offs during the nine and three months ended September 30, 1996, amounted to $11,205 and $1,500, respectively. Loans past due greater than 30 days amounted to $8,879 and there were no loans greater than 60 days past due at September 30, 1996. Noninterest Income and Expense Noninterest income during the nine months ended September 30, 1996, was $81,915 resulting primarily from service charges on deposit accounts in the amount of $50,976 and fees received from the origination of mortgage loans in the amount of $18,459. Noninterest income during the three months ended September 30, 1996, amounted to $36,527 consisting primarily of $22,956 of charges on deposit accounts and $8,002 of fees received from the origination of mortgage loans. Sources of noninterest income during the comparable nine and three month periods of 1995 were insignificant due to the short period of time the Bank was open for operations. 11 ITEM 2. CONTINUED PAGE 3 Noninterest expense amounted to $951,027 in the nine months ended September 30, 1996, which was an increase of $532,038 (127%) over the comparable period of 1995. Noninterest expense for the three months ended September 30, 1996, amounted to $318,175 an increase of $54,898 (20.9%) over the comparable period during 1995. Noninterest expenses during the nine and three month period ended September 30 ,1995 were primarily related to the preopening activities noted above. The increase in noninterest expense during 1996 as compared to the comparable periods in 1995 reflect an increase in all expense categories, as a result, of the Bank subsidiary beginning operations on August 17, 1995. Financial Position Assets totaled $31,881,508 at September 30, 1996 as compared to $19,379,598 at December 31, 1995 an increase of $12,501,910 (64.5%). Loan growth accounted for the majority of this growth, increasing $9,736,048 from $3,833,142 at December 31, 1995 to $13.569,190 at September 30, 1996. The loan to deposit ratio at September 30, 1996 was 55.1% as compared to 33.8% at December 31, 1995. It is anticipated that this ratio will continue to increase as management invest more of its assets in the higher earning loan portfolio as compared to the investment portfolio. The investment portfolios (available-for-sale and held-to-maturity) increased by $2,775,622 during the nine months of 1996. The growth in assets was funded through growth in deposits of $13,296,524 (117.3%) from December 31, 1995 to September 30, 1996. All categories of deposits increased during this period and the relative mix of average deposit balances did not change significantly. Liquidity and Capital Resources The Company's liquidity remains adequate to meet operating and loan funding requirements. Federal funds sold and investment securities available-for sale represent 37.1% of total assets. Management believes that its existing stable base of core deposits along with continued growth in this deposit base will enable the Company to meet its long term liquidity needs successfully. The successful completion of the subscription offering in 1995 provided capital sufficient to fund the activities of the Bank during the initial stages of operations and should allow the Bank to remain a "well capitalized" institution until such time as sufficient income is generated from operations to fund its activities on an on-going basis. Shareholders' equity was 18.0% of total assets at September 30, 1996 as compared to 31.7% at December 31, 1995. The Bank's risked-based capital ratios of Tier 1, total capital and leverage ratio were 25.5%, 26.3% and 14.5%, respectively at September 30, 1996. This compares to required OCC regulatory capital guidelines for Tier 1capital, total capital and leverage capital ratios of 4.0%, 8.0% and 3.0%, respectively. The Company will be required by the Federal Reserve to meet the same guidelines once its consolidated total assets exceed $150 million. 12 FIRST COMMUNITY CORPORATION YIELDS ON AVERAGE EARNING ASSETS AND RATES ON AVERAGE INTEREST-BEARING LIABILITIES
Nine months ended September 30, 1996 Three months ended September 30, 1996 ------------------------------------- ------------------------------------- Average Interest Yield/ Average Interest Yield/ Balance Earned/Paid Rate Balance Earned/Paid Rate ------------ ----------- ------ ------------ ------------- -------- Assets Earning assets Loans $ 9,008,025 $ 630,878 9.33% $12,027,143 $278,670 9.19% Securities: Taxable 10,683,618 467,428 5.83% 11,113,702 164,188 5.86% Federal funds sold and securities purchased under agreements to resell 2,305,544 92,667 5.35% 2,280,817 30,389 5.29% ----------------------------------- ------------------------------- Total earning assets 21,997,187 1,190,973 7.21% 25,421,662 473,247 7.39% ----------------------------------- ------------------------------- Cash and due from banks 807,034 916,272 Premises and equipment 1,863,068 2,176,247 Other assets 247,269 271,447 Allowance for loan losses 117,859 142,186 ------------ ----------- Total assets $ 24,796,699 $28,643,442 ============ =========== LIABILITIES Interest-bearing liabilities NOW and money market accounts 3,480,652 57,184 2.19% 3,918,148 20,432 2.07% Savings deposits 3,058,189 91,499 3.99% 4,606,285 48,376 4.17% Time deposits 8,139,916 323,750 5.30% 9,255,808 122,562 5.25% Other short term borrowings 1,136,754 36,956 4.33% 1,210,258 13,031 4.27% ----------------------------------- ------------------------------- Total interest-bearing liabilities 15,815,511 509,389 4.29% 18,990,499 204,401 4.27% ----------------------------------- ------------------------------- Demand deposits 2,941,724 3,704,280 Other liabilities 165,717 207,605 Shareholders' equity 5,873,747 5,741,058 ------------ ----------- Total liabilities and shareholders' $ 24,796,699 $28,643,442 ============ =========== Net interest spread 2.92% 3.12% Net interest income/margin $ 681,584 4.13% $268,846 4.20% ========= ========
13 ITEM 1. LEGAL PROCEEDINGS. There are no material pending legal proceedings to which the Company or any of its subsidiaries is a party or of which any of their property is the subject. ITEM 2. CHANGES IN SECURITIES. (a) Not applicable (b) Not applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES. Not Applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There were no matters submitted to security holders for a vote during the three months ended September 30, 1996. ITEM 5. OTHER INFORMATION. None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) The following documents are filed as part of this report: 3.1 Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement No. 33-86258 on Form S-1). 3.2 Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement No. 33-86258 on Form S-1). 4.1 Provisions in the Company's Articles of Incorporation and Bylaws defining the rights of holders of the Company' Common Stock (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement No. 33-86258 on Form S-1). 14 10.1 Employment Agreement dated June 1, 1994, by and between Michael C. Crapps and the Company (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement no. 33-86258 on Form S-1).* 10.2 Employment Agreement dated June 1, 1994, by and between James C. Leventis and the Company (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement No. 33-86258 on Form S-1).* 10.3 Construction agreement dated January 11, 1996 by and between the Bank and Summerfield Associates, Inc. to build permanent banking facility in Lexington, South Carolina (incorporated by reference to Exhibit 10.3 to the Company's Annual Report for fiscal year ended December 31, 1995 on Form 10-KSB). 10.4 Contract of sale of real estate dated August 1, 1994 between First Community Bank (In Organization) and Three Seventy-Eight Company, Inc. (Incorporated by reference to the Company's Registration Statement No. 33-86258 on Form S-1). 10.5 Contract of sale of real estate dated July 28, 1994, between First Community Bank (In Organization) and the Crescent Partnership (Incorporated by reference to the Company's Registration Statement No. 33-86258 on Form S-1). 10.6 First Community Corporation 1996 Stock Option Plan (Incorporated by reference to Exhibit 10.6 to the Company's Annual Report for fiscal year ended December 31, 1995 on Form 10-KSB). 27 Financial Data Schedule (for SEC use only).
*Denotes executive compensation contract or arrangement. (b) Reports on Form 8-K. There were no reports on Form 8-K filed by the Company during the quarter ended September 30, 1996. 15 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. FIRST COMMUNITY CORPORATION --------------------------- (REGISTRANT) Date: November 8, 1996 By: /s/ Michael C. Crapps ------------------ --------------------------------------------- Michael C. Crapps President and Chief Executive Officer By: /s/ Joseph G. Sawyer --------------------------------------------- Joseph G. Sawyer Senior Vice President, Principal Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996, CONTAINED IN FORM 10- QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-QSB. 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 1,430,464 0 2,628,855 0 9,194,727 2,600,160 2,546,606 13,569,190 163,545 31,881,508 24,630,464 1,271,219 228,031 0 0 0 688,077 5,063,717 31,881,508 630,878 467,428 92,667 1,190,973 472,433 509,389 681,584 98,000 0 951,027 (285,528) (285,528) 0 0 (285,528) (0.41) 0 4.13 0 0 0 0 76,750 11,205 0 163,545 163,545 0 0
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