-----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, A22A4kZRGrkK8/Q8FTkE2oX/t51+erpzDnGMNvKMpM/3Dg4ESXzZXeahRE2FP6UR 3buL+1EQZUOUZZ49ieGd1Q== 0000950152-98-006818.txt : 19980817 0000950152-98-006818.hdr.sgml : 19980817 ACCESSION NUMBER: 0000950152-98-006818 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST CITIZENS BANC CORP /OH CENTRAL INDEX KEY: 0000944745 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341558688 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25980 FILM NUMBER: 98689637 BUSINESS ADDRESS: STREET 1: 100 EAST WATER ST STREET 2: P O BOX 5016 CITY: SANDUSKY STATE: OH ZIP: 44870 BUSINESS PHONE: 4196254121 MAIL ADDRESS: STREET 1: 100 EAST WATER ST STREET 2: P O BOX 5016 CITY: SANDUSKY STATE: OH ZIP: 44870 10-Q 1 FIRST CITIZENS BANC CORP. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended:....................................June 30, 1998 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from......................to.......................... Commission File Number:..................................................0-25980 First Citizens Banc Corp ------------------------ (Exact name of Registrant as specified in its charter) Ohio 34-1558688 ---- ---------- (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification Number) 100 East Water Street, Sandusky, Ohio 44870 - -------------------------------------------------------------------------------- (Address of principle executive offices) (Zip Code) Registrant's telephone number, including area code: (419) 625-4121 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. [X] Yes ------- No ------- Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date. Common Stock, no par value Outstanding at August 13, 1998 4,263,401 common shares 2 FIRST CITIZENS BANC CORP Index
PART I. Financial Information ITEM 1. Financial Statements: Consolidated Balance Sheets (unaudited) June 30, 1998 and December 31, 1997..........................................................3 Consolidated Statements of Income (unaudited) Three and six months ended June 30, 1998 and 1997............................................4 Consolidated Statement of Shareholders' Equity (unaudited) For the periods ended December 31, 1996 and 1997 and June 30, 1998...........................5 Consolidated Statement of Cash Flows (unaudited) Six months ended June 30, 1998 and 1997......................................................6 Notes to Consolidated Financial Statements (unaudited)........................................7-16 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................................................................17-21 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk........................................21-22 PART II. Other Information ITEM 1. Legal Proceedings....................................................................................23 ITEM 2. Changes in Securities and Use of Proceeds............................................................23 ITEM 3. Defaults upon Senior Securities......................................................................23 ITEM 4. Submission of Matters to a Vote of Security Holders..................................................23 ITEM 5. Other Information....................................................................................23 ITEM 6. Exhibits and Reports on Form 8-K.....................................................................23 SIGNATURES....................................................................................................25
3 FIRST CITIZENS BANC CORP Consolidated Balance Sheet
(Unaudited) June 30 December 31 Assets 1998 1997 ------------- ------------- Cash and due from banks $ 16,799,294 $ 17,695,634 Federal funds sold 16,825,000 17,600,000 Interest-bearing deposits 248,282 347,282 Securities Available-for-sale 151,287,836 137,217,076 Held-to-maturity (Estimated Fair Value of $3,284,333 at June 30, 1998 and $6,796,389 at December 31, 1997) 3,256,748 6,737,206 ------------- ------------- Total securities 154,544,584 143,954,282 Loans available for sale 1,871,340 690,998 Loans 284,863,787 292,445,109 Less: Allowance for possible loan losses (4,682,281) (4,707,051) ------------- ------------- Net Loans 280,181,506 287,738,058 Office premises and equipment, net 7,543,709 7,562,988 Intangible assets 2,684,487 2,870,011 Accrued interest and other assets 5,822,503 5,659,119 ------------- ------------- Total assets $ 486,520,705 $ 484,118,372 ============= ============= Liabilities Deposits Interest-bearing deposits $ 363,435,484 $ 365,347,015 Noninterest-bearing deposits 38,979,002 36,836,226 ------------- ------------- Total deposits 402,414,486 402,183,241 Federal Home Loan Bank borrowings 13,870,499 14,488,034 Securities sold under agreements to repurchase 10,510,043 7,779,346 U. S. Treasury interest-bearing demand notes payable 3,003,444 3,375,458 Accrued interest, taxes and other expenses 3,682,623 5,092,858 ------------- ------------- Total liabilities 433,481,095 432,918,937 Shareholders' Equity Common stock, no par value; 10,000,000 shares authorized, 4,263,401 shares issued and outstanding 23,257,520 23,257,520 Retained Earnings 26,773,513 25,514,853 Unrealized gain on securities available for sale 3,008,577 2,427,062 ------------- ------------- Total shareholders' equity 53,039,610 51,199,435 ------------- ------------- Total liabilities and shareholders' equity $ 486,520,705 $ 484,118,372 ============= =============
See notes to interim consolidated financial statements. Page 3 4 FIRST CITIZENS BANC CORP Consolidated Statements of Income (Unaudited)
Three months ended Six months ended June 30, June 30, --------------------------- --------------------------- 1998 1997 1998 1997 INTEREST INCOME: Interest and fees on loans $ 6,060,491 $ 5,926,679 $ 12,306,292 $ 11,580,666 Interest and dividends on securities Taxable 1,645,258 1,742,415 3,180,523 3,516,859 Nontaxable 515,981 551,513 1,018,068 1,111,578 Interest on federal funds sold 250,405 101,161 452,850 232,206 Other interest income 13,703 25,634 29,349 38,953 ------------ ------------ ------------ ------------ Total interest income 8,485,838 8,347,402 16,987,082 16,480,262 INTEREST EXPENSE: Interest on deposits 3,998,866 3,728,056 7,950,836 7,361,154 Interest on FHLB borrowings 200,291 218,700 407,532 441,649 Interest on other borrowings 130,669 79,767 251,533 169,727 ------------ ------------ ------------ ------------ Total interest expense 4,329,826 4,026,523 8,609,901 7,972,530 ------------ ------------ ------------ ------------ NET INTEREST INCOME 4,156,012 4,320,879 8,377,181 8,507,732 PROVISION FOR LOAN LOSSES 108,000 203,000 216,000 316,500 ------------ ------------ ------------ ------------ NET INTEREST INCOME AFTER 4,048,012 4,117,879 8,161,181 8,191,232 PROVISION FOR LOAN LOSSES NONINTEREST INCOME: Computer center data processing fees 356,603 533,648 818,695 1,110,390 Service charges on deposit accounts 258,166 230,836 467,827 453,586 Security gain 0 78 19,580 (28,672) Gain on sale of loans 45,939 0 79,904 0 Other operating income 330,722 248,899 575,273 472,365 ------------ ------------ ------------ ------------ Total noninterest income 991,430 1,013,461 1,961,279 2,007,669 NONINTEREST EXPENSE: Salaries, wages and benefits 1,721,192 1,709,794 3,424,862 3,393,907 Net occupancy expense 159,676 167,605 327,420 331,258 Equipment 182,376 200,454 354,130 391,550 FDIC premiums 5,560 12,160 24,531 23,740 Franchise tax 165,388 157,128 339,370 311,198 Professional fees 526,322 187,391 702,354 373,069 Other operating expenses 883,502 846,822 1,790,790 1,698,086 ------------ ------------ ------------ ------------ Total noninterest expense 3,644,016 3,281,354 6,963,457 6,522,808 ------------ ------------ ------------ ------------ Income before taxes 1,395,426 1,849,986 3,159,003 3,676,093 Provision for Income taxes 386,285 517,014 889,443 992,316 ------------ ------------ ------------ ------------ Net Income $ 1,009,141 $ 1,332,972 $ 2,269,560 $ 2,683,777 ============ ============ ============ ============ Per share data (based on 4,263,401 shares) Earnings per share $ 0.24 $ 0.31 $ 0.53 $ 0.63 ============ ============ ============ ============
See notes to interim consolidated financial statements Page 4 5 FIRST CITIZENS BANC CORP Condensed Consolidated Statement of Shareholders' Equity (Unaudited) Form 10-Q
Accumulated Other Total Common Stock Retained Comprehensive Comprehensive Shareholders' Amount Earnings Income Income Equity Balances, January 1, 1996 As previously reported $15,257,520 $18,160,292 $388,979 $33,806,791 Restate capital structure for pooling of interests 8,000,000 4,291,053 464,761 12,755,814 Balances, January 1, 1996 As restated 23,257,520 22,451,345 853,740 46,562,605 Net income 5,568,238 $5,568,238 5,568,238 Other comprehensive income, net of tax: Unrealized gain/(loss) on securities (42,341) (42,341) (42,341) -------------- Comprehensive income $5,525,897 ============== Cash dividends ($1.02 per share) (3,120,163) (3,120,163) Cash dividend declared Farmers, prior to merger (280,000) (280,000) -------------- --------------- --------------- Balance, December 31, 1996 23,257,520 24,619,420 811,399 48,688,339 Net income 4,440,544 $4,440,544 4,440,544 Other comprehensive income, net of tax: Unrealized gain/(loss) on securities 1,615,663 1,615,663 1,615,663 -------------- Comprehensive income $6,056,207 ============== Cash dividends ($1.07 per share) (3,265,111) (3,265,111) Cash dividend declared Farmers, prior to merger (280,000) (280,000) -------------- --------------- -------------- --------------- Balance, December 31, 1997 $23,257,520 $25,514,853 2,427,062 $51,199,435 Net income 2,269,560 $2,269,560 2,269,560 Other comprehensive income, net of tax: Unrealized gain/(loss) on securities 581,515 581,515 581,515 -------------- Comprehensive income $2,851,075 ============== Cash paid for fractional shares (3,451) (3,451) Cash dividends ($.30 per share) (1,007,449) (1,007,449) -------------- --------------- -------------- --------------- Balance, June 30, 1998 $23,257,520 $26,773,513 3,008,577 $53,039,610 ============== =============== ============== ===============
See notes to interim consolidated financial statements Page 5 6 FIRST CITIZENS BANC CORP Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30, ---------------------------- 1998 1997 Cash flows from operating activities: Net Income $ 2,269,560 $ 2,683,777 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation and amortization of office premises and equipment 422,009 352,603 Amortization of intangible assets 185,524 168,121 Provision for loan losses 216,000 316,500 Loans originated for sale (4,482,255) Proceeds from sale of loans 3,342,364 Gain on sale of loans (79,904) Change in deferred loan fees (90,368) (12,900) Net amortization of security premiums and discounts 88,222 71,231 Change in accrued interest receivable and other assets (123,931) (1,278,232) Change in accrued interest, taxes and other expenses (1,709,803) (356,5020 ------------ ------------ Net cash from operating activities 37,418 1,944,598 ------------ ------------ Cash flows from investing activities Maturity of deposits in other bank 99,000 293,000 Purchase of securities, held-to-maturity (347,784) Maturities and calls of securities, held-to-maturity 3,474,857 3,868,523 Maturities and calls of securities, available-for-sale 21,690,783 10,239,062 Purchase of securities, available-for-sale (34,963,081) (7,206,567) Loans made to customers, net of principal collected 7,430,920 (20,641,370) Change in federal funds sold 775,000 2,749,000 Proceeds from sale of property and equipment 25,613 Purchases of office promises and equipment (428,343) (234,453) ------------ ------------ Net cash from investing activities (1,895,251) (11,280,589) ------------ ------------ Cash flows from financing activities: Cash and cash equivalents received from branch acquisition 0 12,153,945 Repayments of FHLB borrowings (617,535) (583,419) Change in deposits 231,245 755,069 Change in securities sold under agreements to repurchase 2,730,697 (346,348) Change in U. S. Treasury interest-bearing demand notes payable (372,014) 1,107,125 Cash dividends paid, including cash paid in lieu of fractional shares (1,010,900) (854,421) ------------ ------------ Net cash from financing activities 961,493 12,231,951 ------------ ------------ Net Change in cash and due from banks (890,430) 2,895,960 Cash and due from banks at beginning of period 17,695,634 14,146,432 ------------ ------------ Cash and due from banks at end of period $ 16,799,294 $ 17,042,392 ============ ============ Supplemental disclosures Cash paid during the period for: Interest $ 9,157,300 $ 8,465,356 ============ ============ Federal Income taxes $ 580,000 $ 626,00 ============ ============
See notes to interim consolidated financial statements Page 6 7 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (1) Consolidated Financial Statements The consolidated financial statements include the accounts of First Citizens Banc Corp (Corporation) and it wholly-owned subsidiaries, The Citizens Banking Company (Citizens), The Castalia Banking Company (Castalia), The Farmers State Bank of New Washington (Farmers), SCC Resources, Inc. (SCC), and R. A. Reynolds Appraisal Service, Inc. (Reynolds). All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated balance sheets as of June 30, 1998 and December 31, 1997; the consolidated statements of income for the three and six month periods ended June 30, 1998 and 1997; the consolidated statement of shareholders' equity for the six months ended June 30, 1998 and the years ended December 31, 1997 and 1996; and the consolidated statement of cash flows for the six month periods ended June 30, 1998 and 1997 have been prepared by the Corporation without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Corporation's financial position as of June 30, 1998 and its results of operations and changes in cash flows for the periods ended June 30, 1998 and 1997 have been made. The accompanying consolidated financial statements have been prepared in accordance with instructions of form 10-Q, and therefore certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The results of operations for the period ended June 30, 1998 are not necessarily indicative of the operating results for the full year. Reference is made to the accounting policies of the Corporation described in the notes to financial statements contained in the Corporation's 1997 annual report. The Corporation has consistently followed these policies in preparing this Form 10-Q. The provision for income taxes is based on the effective tax rate expected to be applicable for the entire year. The corporation follows the liability method of accounting for income taxes. The liability method provides that deferred tax assets and liabilities are recorded at enacted tax rates based on the difference between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as "temporary differences." A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 125, "Accounting for Transfers and Servicing, of Financial Assets and Extinguishments of Liabilities" in 1996. It revises the accounting for Page 7 8 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- transfers of financial assets, such as loans and securities, and for distinguishing between sales and secured borrowings. It was originally effective for some transactions in 1997. SFAS No. 127, "Deferral of the Effective Date of Certain Provisions of FASB Statement No. 125", was issued in December 1996. SFAS No. 127 deferred for one year the effective date of provisions related to securities lending, repurchase agreements and other similar transactions. The remaining portions of SFAS No. 125 continued to be effective January 1, 1997. SFAS No. 125 did not have a material impact on the Corporation's financial statements. First Citizens adopted on January 1, 1998, SFAS No. 130, "Reporting Comprehensive Income," issued by the FASB in June 1997. SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components (revenues, expenses, gains and losses) in a full set of general-purpose financial statements. SFAS No. 130 requires that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in the financial statement that is displayed with the same prominence as other financial statements. It does not require a specific format for that financial statement but requires that an enterprise display an amount representing total comprehensive income for the period in that financial statement. SFAS No. 130 requires that an enterprise (a) classify items of other comprehensive income by their nature in a financial statement and (b) display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of a statement of financial position. In June 1997, the FASB issued SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information." This statement significantly changes the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about reportable segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. SFAS No. 131 uses a "management approach" to disclose financial and descriptive information about an enterprise's reportable operating segments which is based on reporting information the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. For many enterprises, the management approach will likely result in more segments being reported. In addition, SFAS No. 131 requires significantly more information to be disclosed for each reportable segment than is presently being reported in annual financial statements. The Statement also requires that selected information be reported in interim financial statements. SFAS No. 131 is effective for financial statements for periods beginning after December 15, 1997. No additional disclosure under SFAS No. 131 was required for First Citizens. Page 8 9 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- In February 1998, the FASB issued SFAS No. 132, "Employers' Disclosures about Pensions and other Postretirement Benefits". SFAS No. 132 amends disclosure requirements of previous pension and other postretirement benefit accounting standards by requiring additional disclosures about such plans as well as eliminating some disclosures no longer considered useful. SFAS No. 132 also allows greater aggregation of disclosures for employers with multiple defined benefit plans. Non-public companies are subject to reduced disclosure requirements, however, such entities may elect to follow the full disclosure requirements of SFAS No. 132. SFAS No. 132 will be effective for 1998 and is not expected to have a significant impact on the First Citizens financial statements. In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133 requires companies to record derivatives on the balance sheet as assets or liabilities, measured at fair value. Gains or losses resulting from changes in the values of those derivatives would be accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. The key criterion for hedge accounting is that the hedging relationship must be highly effective in achieving offsetting changes in fair value or cash flows. SFAS No. 133 does not allow hedging of a security which is classified as held-to-maturity, accordingly, upon adoption of SFAS No. 133, companies may reclassify any security from held-to-maturity to available-for-sale if they wish to be able to hedge the security in the future. SFAS No. 133 is effective for fiscal years beginning after June 15, 1999 with early adoption encouraged for any fiscal quarter beginning July 1, 1998 or later, with no retroactive application. Page 9 10 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (2) Securities The amortized cost, gross unrealized gains and losses and estimated fair values of securities as presented in the consolidated balance sheets at June 30, 1998 and December 31, 1997 are as follows:
June 30, 1998 ------------------------------------------------------------------------- Gross Gross Unrealized Unrealized Estimated AVAILABLE FOR SALE Amortized Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $73,133,867 $412,701 ($46,800) $73,499,768 Obligations of state and political sub divisions 40,698,332 1,129,463 (7,231) 41,820,564 Corporate bonds 7,736,199 51,894 (1,901) 7,786,192 Equity securities 2,737,909 3,051,895 (42,186) 5,747,618 Other securities, including mortgage- backed securities 22,422,844 32,604 (21,754) 22,433,694 ---------- ------ -------- ---------- $146,729,151 $4,678,557 ($119,872) $151,287,836 ============ ========== ========= ============ June 30, 1998 ------------------------------------------------------------------------ Gross Gross Unrealized Unrealized Estimated Fair HELD TO MATURITY Amortized Cost Gains Losses Value Obligations of state and political subdivisions 2,199,112 18,644 0 2,217,756 Other securities, including mortgage- backed securities 1,057,636 9,435 ($493) 1,066,578 --------- ----- ------ --------- $3,256,748 $28,079 ($ 493) $3,284,334 ========== ======= ======= ==========
Page 10 11 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - --------------------------------------------------------------------------------
December 31, 1997 Gross Gross Unrealized Unrealized Estimated Fair AVAILABLE FOR SALE Amortized Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $72,157,416 $308,423 ($179,531) $72,286,308 Obligations of state and political sub divisions 33,328,474 1,274,319 (16,135) 34,586,658 Corporate bonds 4,551,174 29,706 (8,371) 4,572,509 Equity securities 3,234,209 2,460,081 (20,116) 5,674,174 Other securities, including mortgage- backed securities 20,093,479 38,300 (34,352) 20,097,427 ---------- ------ -------- ---------- $133,364,752 $4,110,829 ($258,505) $137,217,076 ============ ========== ========== ============ December 31, 1997 Gross Gross Unrealized Unrealized Estimated Fair HELD TO MATURITY Amortized Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $1,000,000 $2,500 $1,002,500 Obligations of states and political subdivisions 4,004,519 50,389 ($5,613) 4,049,295 Other securities, including mortgage- backed securities 1,732,687 13,974 (2,067) 1,744,594 --------- ------ ------- --------- $6,737,206 $66,863 ($7,680) $6,796,389 ========== ======= ======== ==========
Page 11 12 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- The amortized cost and estimated fair value of debt securities at June 30, 1998, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
Amortized Cost Estimated Fair Value AVAILABLE FOR SALE Due in one year or less $24,554,158 $24,596,224 Due after one year through five years 62,417,383 63,235,810 Due after five years through ten years 25,201,112 25,807,417 Due after ten years 1,446,970 1,473,146 Mortgage-backed securities 12,085,782 12,080,715 Other securities 18,285,837 18,346,906 Equity securities 2,737,909 5,747,618 --------- --------- Total securities available for sale $146,729,151 $151,287,836 ============ ============ HELD TO MATURITY Due in one year or less $1,844,112 $1,858,882 Due after one year through five years 355,000 358,875 Mortgage-backed securities 420,153 425,632 Other securities 637,483 640,945 ------- ------- Total securities held to maturity $3,256,748 $3,284,334 ========== ==========
No securities were sold during the six months ended June 30, 1998. Farmers sold securities during the six months ended June 30, 1997 resulting in a loss of $34,922. Securities called or settled by the issuer resulted in gains of $19,580 for the six months ended June 30, 1998 and $6,250 for the six months ended June 30, 1997. The net loss for 1997 was $28,672. Securities with a carrying value of approximately $52,242,000 and $48,318,000 were pledged as of June 30, 1998 and December 31, 1997, respectively, to secure public deposits, other deposits and liabilities as required by law. Page 12 13 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (3) Loans Loans as presented in the consolidated balance sheet are comprised of the following classifications:
6/30/98 12/31/97 Commercial and agriculture $ 53,383,976 $ 68,969,554 Real estate - mortgage 183,294,078 177,778,532 Real estate - construction 2,985,074 3,922,768 Consumer 45,395,089 41,863,624 Credit card and other 1,348,954 1,693,798 Deferred loan fees (1,212,652) (1,303,020) Unearned Interest (330,732) (480,147) ----------- ----------- Total loans $284,863,787 $292,445,109 ============ ============
(4) Allowance for Loan Losses A summary of the activity in the allowance for loan losses for the six months ended June 30, 1998 and June 30, 1997 is as follows:
1998 1997 Balance January 1, $4,707,051 $3,935,039 Loans charged off (367,266) (306,432) Recoveries 126,496 124,992 Provision for loan losses 216,000 316,500 ------- ------- Balance June 30, $4,682,281 $4,070,099 ========== ==========
Page 13 14 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- Information regarding impaired loans is as follows for the six months ended June 30.
1998 1997 Average investment in impaired loans $4,222,970 $2,954,639 Interest income recognized on impaired loans including interest income recognized on cash basis $142,919 $61,321 Interest income recognized on impaired loans on cash basis $142,919 $61,321
Information regarding impaired loans at June 30, 1998 and December 31, 1997 is as follows:
6/30/98 12/31/97 Balance impaired loans $4,084,225 $4,335,220 Less portion for which no allowance for loan losses is --- --- allocated Portion of impaired loan balance for which an allowance for credit losses is allocated 4,084,225 4,335,220 Portion of allowance for loan losses allocated to the impaired loan balance 1,239,249 1,253,779
(6) Commitments, Contingencies and Off-Balance Sheet Risk The Bank subsidiaries are parties to financial instruments with off-balance sheet risk in the normal course of business to meet financing needs of their customers. These include commitments to make or purchase loans, undisbursed lines of credit, undisbursed credit card balances and letters of credit. The Banks' exposure to credit loss in the event of nonperformance by the other party to the financial instrument is represented by the contractual amount of those instruments. The Banks follow the same credit policy to make such commitments as they use for loans recorded on the consolidated balance sheet. Since many commitments to make loans expire without being used, the amount does not Page 14 15 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- necessarily represent future cash commitments. Collateral obtained relating to the commitments is determined using management's credit evaluation of the borrower and may include real estate, vehicles, business assets, deposits and other items. The Banks do make fixed rate loan commitments for short periods of time. However, such commitments were immaterial as of June 30, 1998 and December 31, 1997. Commitments to extend credit and letters of credit approximated the following amounts at June 30, 1998 and December 31, 1997.
Contract Amount --------------- June 30, 1998 December 31, 1997 ------------- ----------------- Commitment to extend credit: Lines of credit and construction loans $22,318,000 $20,308,000 Credit cards 3,118,000 3,169,000 Letters of credit 748,000 667,000 ------- ------- $26,184,000 $24,144,000
The Banks are required to maintain certain reserve balances on hand in accordance with the Federal Reserve Board requirements. The average reserve balance maintained in accordance with such requirements for the periods ended June 30, 1998 and December 31, 1997 approximated $1,994,000 and $1,682,000 respectively. In the normal course of business, the Corporation and its subsidiaries are involved in various legal actions, but in the opinion of management and its legal counsel, ultimate disposition of such legal matters is not expected to have a material adverse effect on the consolidated financial statements. (7) Acquisitions Effective April 28, 1998, the Corporation merged with The Farmers State Bank of New Washington ("Farmers"), headquartered in New Washington, Ohio, in a transaction accounted for as a pooling of interests. First Citizens issued approximately 1.2 million shares of common stock to the shareholders of Farmers based upon an exchange ratio of 6.06 shares of First Citizens for each outstanding share of Farmers common stock. The historical financial statements have been restated to show First Citizens and Farmers on a combined Page 15 16 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- basis. Separate results of operations for First Citizens and Farmers are as follows:
- ----------------------------- ----------------------------- ------------------------------ Six months ended June 30, Three months ended March 31, 1997 (unaudited) 1998 (unaudited) - ----------------------------- ----------------------------- ------------------------------ Net interest income - ----------------------------- ----------------------------- ------------------------------ First Citizens $6,367,345 $3,229,420 - ----------------------------- ----------------------------- ------------------------------ Farmers 2,140,387 1,030,436 --------- --------- - ----------------------------- ----------------------------- ------------------------------ Combined $8,507,732 $4,259,856 ========== ========== - ----------------------------- ----------------------------- ------------------------------ - ----------------------------- ----------------------------- ------------------------------ Net Income - ----------------------------- ----------------------------- ------------------------------ First Citizens $1,828,237 $899,232 - ----------------------------- ----------------------------- ------------------------------ Farmers 855,540 361,187 ------- ------- - ----------------------------- ----------------------------- ------------------------------ Combined $2,683,777 $1,260,419 ========== ========== - ----------------------------- ----------------------------- ------------------------------
Page 16 17 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- Introduction - ------------ The following discussion focuses on the consolidated financial condition of First Citizens Banc Corp at June 30, 1998, compared to December 31, 1997 and the consolidated results of operations for the three and six month periods ending June 30, 1998 compared to the same periods in 1997. This discussion should be read in conjunction with the consolidated financial statements and footnotes included in this Form 10-Q. The registrant is not aware of any trends, events or uncertainties that will have, or are reasonably likely to have, a material effect on the liquidity, capital resources, or operations except as discussed herein. Also, the registrant is not aware of any current recommendation by regulatory authorities, which would have such effect if implemented. In addition to the historical information contained herein, the following discussion contains forward-looking statements that involve risks and uncertainties. Economic circumstances, the Corporation's operations, and the Corporation's actual results could differ significantly from those disclosed in forward-looking statements. Some of the factors that could cause or contribute to such differences are discussed herein but also include changes in the economy and interest rates in the nation and in the Corporation's general market area. Some of the forward-looking statements included herein are the statements regarding the following: 1. Management's determination of the amount of loan loss allowance and the amount of the loan loss provision; 2. The sufficiency of the Corporation's liquidity and capital reserves See Exhibit 99, which is incorporated herein by reference. Financial Condition - ------------------- Total assets of the Corporation at June 30, 1998 totaled $486,520,705 compared to $484,118,372 at December 31, 1997. This was an increase of $2,402,333 or 0.5 percent. Within the structure of the assets, net loans have decreased $7,556,552 since December 31, 1997. The decrease in loans is due to the fact that the Corporation is now selling mortgages on the secondary market. For the first half of 1998, loans originated for sale totaled $4,482,255. Office premises and equipment have decreased $19,279 and intangible assets have decreased $185,524 since December 31, 1997. The decrease in office premises and equipment is attributed to new purchases of $428,343, less proceeds Page 17 18 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- from the sale of equipment of $25,613 and depreciation of $422,009. At June 30, 1998, $151,287,836, or 97.9 percent of the portfolio was classified as available-for-sale. The remainder of $3,256,748 was classified as held-to-maturity. Securities increased $10,590,302 from December 31, 1997. With loan demand being slow, additional investments in securities have been made to gain additional yield over fed funds Total loans at June 30, 1998 decreased $7,581,322, or 2.6 percent from year end 1997. Loans available-for-sale increased $1,180,342, or 170.8 percent from December 31, 1997. At June 30, 1998, the net loan to deposit ratio was 69.6 percent compared to 71.5 percent at December 31, 1997. At June 30, 1998, the allowance for loan losses as a percent of total loans was 1.64 percent compared to 1.61 percent at December 31, 1997. For the six months of operations of 1998, $216,000 was placed into the allowance from earnings compared to $316,500 for the same period of 1997. Net charge-offs for the first six months of 1998 were $240,770 compared to $181,439 for the same period of 1997. Impaired loans at June 30, 1998 totaled $4,084,225, or 1.4 percent of the loan portfolio compared to $4,335,220, or 1.5 percent of the loan portfolio at December 31, 1997. Total deposits at June 30, 1998 increased $231,245 from year-end 1997. Noninterest bearing deposits, representing demand deposit balances, increased $2,142,776 from year-end 1997. Interest bearing deposits, including savings and time deposits, decreased $1,911,531 from year-end 1997. The year to date 1998 average balance of savings deposits has decreased $8,673,000 compared to the average balance of the same period for 1997. The current average rate of these deposits is 2.92 percent. The year to date 1998 average balance of time certificates has increased $19,923,000 compared to the average balance for the same period for 1997. The current average rate on these deposits is 5.55 percent. The average balance of certificates of deposit increased because of the introduction of a 13-month add-on certificate. Substantial dollars shifted from savings to this certificate to take advantage of the higher rate. Other borrowed funds have increased $1,741,148 from December 31, 1997 to June 30, 1998. Federal Home Loan Bank borrowings have decreased $617,535 as a result of scheduled paydowns. Securities sold under agreements to repurchase have increased $2,730,697 and U.S. Treasury Tax Demand Notes have decreased $372,014. Shareholders' equity at June 30, 1998 was $53,039,610, which was 10.9 percent of total assets. Shareholders' equity at December 31, 1997 was $51,199,435, which was 10.6 percent of total assets. The increase in shareholders' equity was represented by earnings of $2,269,560 less dividends of $1,010,900 plus the increase in the unrealized gain on securities available for sale of $581,515. The company paid cash dividends on February 1, 1998 and May 1, 1998 at the rate of $.15 per share Page 18 19 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- each. The February 1, 1998 dividend was prior to the merger with Farmers. The May 1, 1998 dividend was payable to shareholders of record on April 21, which was also prior to the merger with Farmers. Farmers paid a dividend of $92,000 in 1998 prior to the merger. Total outstanding shares for the period December 31, 1997 to June 30, 1998 were 4,263,401. Results of Operations - --------------------- Net income for the quarter ended June 30, 1998 was $1,009,141, or $.24 per common share compared to $1,332,972, or $.31 per common share for the same period in 1997. This was a decrease of $323,831, or 24.3 percent. Net earnings for the six months ended June 30, 1998 were $2,269,560, or $.53 per common share compared to $2,683,777, or $.63 per common share for the same period in 1997. This was a decrease of $414,217, or 15.4 percent. Some of the reasons for the decreases are explained below. Net interest income for the second quarter 1998 totaled $4,156,012 compared to $4,320,879 for the second quarter of 1997. This was a decrease of $164,867 or 3.8 percent. Total interest income for the first six months of 1998 has increased $506,820 or 3.0 percent compared to the same period of 1997. The average rate on earning assets on a tax equivalent basis for the first six months of 1998 was 7.64 percent and 7.78 percent for the first six months of 1997. Total interest expense for the first six months of 1998 has increased $637,371 or 8.0 percent compared to the same period of 1997. This increase is due to an increase in interest on deposits of $589,682. The average rate on paying liabilities for the first six months of 1998 was 4.46 percent compared to 4.29 percent for the same period of 1997. The net interest margin on a tax equivalent basis was 3.89 percent for the six-month period ended June 30, 1998 and 4.16 percent for the same period ended June 30, 1997. Noninterest income for the second quarter 1998 totaled $991,430 compared to $1,013,461 for the second quarter 1997. This decrease of $22,031 or 2.2 percent is mainly attributed to decreases in revenue from the computer operations of $177,045. An increase in gain on the sale of loans of $45,939, an increase in service charges on deposits accounts of $27,330 and an increase in other operating income of $81,823 partially offset the decrease. The decrease in revenue from computer operations is the result of SCC Resources, Inc. selling its microcomputer division. Noninterest income for the first six months of 1998 totaled $1,961,279 compared to $2,007,669 for the same period of 1997. Decreases in revenue from the computer operations of $291,695, increased service charges on deposit accounts of $14,241, gains on the sale of loans of $79,904, gains on securities of $19,580 versus net losses of $28,672 in the prior year and increased other operating income of $102,908 attributed to a net decrease in noninterest income of $46,390 or 2.3 percent. Noninterest expense for the second quarter 1998 totaled $3,644,016 compared to $3,281,354 for the Page 19 20 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- second quarter 1997. This was an increase of $362,662 or 11.0 percent. The largest change in noninterest income was in professional fees. Professional fees increased $338,931, due mainly to one-time costs incurred in the purchase of Farmers. The increase in noninterest expense for the six months ended June 30, 1998 compared to the same period in 1997 was primarily due to the one-time costs as well. Provision for Income Taxes - -------------------------- The provision for income taxes for the second quarter of 1998 totaled $386,285 compared to $517,014 for the second quarter of 1997. This was a decrease of $130,729 or 25.3 percent. The decrease in the federal income taxes is a result of the decrease in total income before taxes of $454,560. The provision for income taxes for the first half of 1998 totaled $889,443 compared to $992,316 for the first half of 1997. This was a decrease of $102,873 or 10.4 percent. The decrease in the federal income taxes is a result of the decrease in total income before taxes of $517,090. Capital Resources - ----------------- Shareholders equity totaled $53,039,610 at June 30, 1998 compared to $51,199,435 at December 31, 1997. All of the capital ratios exceed the regulatory minimum guidelines as identified in the following table:
Corporation Ratios Regulatory 6/30/98 12/31/97 Minimums ------- -------- -------- Tier I Risk Based Capital 16.42% 17.47% 4.00% Total Risk Based Capital 17.68% 18.83% 8.00% Leverage Ratio 9.78% 9.47% 5.00%
The Corporation paid cash dividends of $.15 per common share on February 1, 1998 and $.15 per common share on May 1, 1998 compared to $.14 per common share on February 1, 1997 and $.14 per common share on May 1, 1997. Year-to-date 1998 dividends have increased $.02 per common share from year-to-date 1997. Capital expenditures totaled $428,343 for the first six months of 1998 compared to $1,190,598 for the same period of 1997. The capital expenditures for the first six months of 1997 include $956,145 of premises and equipment acquired in the purchase of two branches. Page 20 21 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- Liquidity - --------- Liquidity as it relates to the banking entities of the Corporation is the ability to meet the cash demand and credit needs of its customers. For the first six months of 1998 the Banks maintained a federal funds sold position that averaged $16,858,000. In addition, the Banks, through their respective correspondent banks, maintain federal funds borrowing lines totaling $28,950,000 and the Banks have total borrowing availability at the Federal Home Loan Bank of Cincinnati of $11,825,356 at June 30, 1998. Finally, 97.9% of the Corporation's security portfolio has been classified as available for sale, which provides additional liquidity. Quantitative and Qualitative Disclosures about Market Risk - ---------------------------------------------------------- The Corporation's primary market risk exposure is interest rate risk and, to a lesser extent, liquidity risk. The Banks do not maintain a trading account for any class of financial instrument and the Corporation is not affected by foreign currency exchange rate risk or commodity price risk. Due to the basis in equities held by Farmers being so much less than the current fair value at this time, the Corporation is not subject to significant equity price risk. Interest rate risk is the risk that the Corporation's financial condition will be adversely affected due to movements in interest rates. The Corporation, like other financial institutions, is subject to interest rate risk to the extent that its interest-earning assets reprice differently than interest-bearing liabilities. The income of financial institutions is primarily derived from the excess of interest earned on interest-earning assets over interest paid on interest-bearing liabilities. One of the Corporation's principal financial objectives is to achieve long-term profitability while reducing its exposure to fluctuations in interest rates. Accordingly, the Corporation places great importance on monitoring and controlling interest rate risk. There are several methods employed by the Corporation to monitor and control interest rate risk. One such method is using gap analysis. The gap is defined as the repricing variance between rate sensitive assets and rate sensitive liabilities within certain periods. The repricing can occur due to changes in rates on variable products as well as maturities of interest-earning assets and interest-bearing liabilities. A high ratio of interest sensitive liabilities, generally referred to as a negative gap, tends to benefit net interest income during periods of falling rates as the average rate on interest-bearing liabilities falls faster than the average rate earned on interest-earning assets. The opposite holds true in during periods of rising rates. The Corporation attempts to Page 21 22 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- minimize the interest rate risk through management of the gap in order to achieve consistent shareholder return. The Corporation's Assets and Liability Management Policy is to maintain a laddered gap position. One strategy is to originate variable rate loans tied to market indices. Such loans reprice as the underlying market index changes. Currently, approximately 54.2% of the Corporation's loan portfolio reprices on at least an annual basis. The Corporation also invests excess funds in federal funds that mature and reprice daily. The Corporation's 1997 annual report details a table, which provides information about the Banks financial instruments that are sensitive to changes in interest rates as of December 31, 1997. The table is based on information and assumptions set forth in the notes. The Corporation believes the assumptions are reasonable. For loans, securities and liabilities with contractual maturities, the table represents principal cash flows and weighted average interest rate. For variable rate loans the contractual maturity and weighted average interest rate were used with an explanatory footnote as to repricing periods. For liabilities without contractual maturities such as demand and savings deposits, a decay rate was utilized to match their most likely withdrawal behavior. Since the Asset/Liability mix of Farmers is similar to that of First Citizens, management believes that no events have occurred since December 31, 1997 which would significantly change the ratio of rate sensitive liabilities for the given time horizon. Year 2000 Issue - --------------- Many computer programs use only two digits to identify a year in the date field and were apparently designed and developed without considering the impact of the upcoming change in the century. Such programs could erroneously read entries for the year 2000 as the year 1900. This could result in major systems failures and miscalculations. Rapid and accurate data processing is essential to the operation of financial institutions, such as the Corporation. The Corporation has formed a Year 2000 committee to assess the extent to which it and its outside vendors may be adversely affected by Year 2000 problems. Management has determined that most programs are or will be capable of identifying the turn of the century. Management is closely monitoring this issue and expects full compliance for the Corporation by the end of 1998. In addition, the Corporation has instituted a program of notification for its loan customers. The program is designed to alert all of the Corporation's loan customers as to the nature and the seriousness of the Year 2000 issue. Notification at this early stage is expected to offer our customers the greatest opportunity to address this issue on their end, so that they can avoid any Year 2000 related problems. Page 22 23 First Citizens Banc Corp Other Information Form 10-Q - -------------------------------------------------------------------------------- Part II - Other Information ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS First Citizens Banc Corp held a Special meeting of Shareholders on March 17, 1998, for the purpose of adopting the Agreement and Plan of Reorganization dated July 3, 1997 as amended November 25, 1997, November 26, 1997 and January 26, 1998 by and between the Corporation and The Farmers State Bank of New Washington, Ohio and the related Merger Agreement, and to approve the transaction contemplated. The results of voting were as follows:
--------------------------- -------------------------- ------------------------------ FOR AGAINST ABSTAIN --------------------------- -------------------------- ------------------------------ 2,304,047 23,060 3,148 --------------------------- -------------------------- ------------------------------
First Citizens Banc Corp held its annual meeting on April 21, 1998, for the purpose of considering and voting on the following: 1.) To elect four Class III directors to serve for terms of three years or until their successors are elected and qualified. 2.) To ratify the appointment of Crowe, Chizek & Co. as independent auditors for the calendar year 1998. Four directors, John L. Bacon, H. Lowell Hoffman, Lowell W. Leech, David A. Voight were nominated for reelection and were subsequently reelected as directors. No other issues were brought before the meeting. The summary of the voting of 3,051,504 common shares outstanding were as follows: Page 23 24 First Citizens Banc Corp Other Information Form 10-Q - --------------------------------------------------------------------------------
For Against Not Voted Director Candidate - ------------------ John L. Bacon 2,687,200 H. Lowell Hoffman 2,687,200 Lowell W. Leech 2,681,152 David A. Voight 2,687,200 Accounting Firm - --------------- Crowe, Chizek & Co. 2,689,186 4,465
ITEM 5. OTHER INFORMATION None. ITEM 6. (a) EXHIBIT NO. 27 Financial Data Schedule.........................27 (b) EXHIBIT NO. 27.1 Restated Financial Data Schedule (c) EXHIBIT NO. 27.2 Restated Financial Data Schedule (d) EXHIBIT NO. 27.3 Restated Financial Data Schedule (e) REPORTS ON FORM 8-K - Incorporated by reference. Originally filed on May 13, 1998 and subsequently amended on July 10, 1998 Page 24 25 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, The registrant has caused this report to be signed on its behalf the undersigned thereunto duly authorized. First Citizens Banc Corp /s/ David A. Voight August 14, 1997 - -------------------------- --------------- David A. Voight Date President /s/ James O. Miller August 14, 1997 - -------------------------- --------------- James O. Miller Date Senior Vice President Page 25 26 First Citizens Banc Corp Index to Exhibits Form 10-Q
Exhibit Number Description Page Number - ------ ----------- ----------- 27 Financial Data Schedule 27 27.1 Restated Financial Data Schedule 27.2 Restated Financial Data Schedule 27.3 Restated Financial Date Schedule 99 Safe Harbor Under the Private Securities Incorporated by reference to Exhibit 99 to Litigation Reform Act of 1995 Annual Report on Form 10-K for the Year Ended December 31, 1997 filed by the registrant on March 25, 1998
Page 26 EX-27 2 EXHIBIT 27
9 0000944745 FIRST CITIZENS BANC CORP 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 16,799,294 248,282 16,825,000 0 151,287,836 3,256,748 3,284,333 280,181,506 4,682,281 486,520,705 402,414,486 13,513,487 3,682,623 13,870,499 0 0 23,257,520 29,782,090 486,520,705 12,306,292 4,198,591 482,199 16,987,082 7,950,836 8,609,901 8,377,181 216,000 19,580 6,963,457 3,159,003 2,269,560 0 0 2,269,560 .53 .53 3.66 2,136,000 1,151,000 0 0 4,707,051 367,266 126,496 4,682,281 4,682,281 0 1,806,471
EX-27.1 3 EXHIBIT 27.1
9 0000944745 FIRST CITIZENS BANC CORP 3-MOS YEAR 9-MOS 6-MOS DEC-31-1998 DEC-31-1997 DEC-31-1997 DEC-31-1997 JAN-01-1998 JAN-01-1997 JAN-01-1997 JAN-01-1997 MAR-31-1998 DEC-31-1997 SEP-30-1997 JUN-30-1997 14,813,367 17,695,634 15,661,623 17,042,392 248,282 347,282 442,282 740,282 19,140,000 17,600,000 10,562,000 6,872,000 0 0 0 0 140,624,447 137,217,076 135,508,886 111,232,362 4,601,684 6,737,206 9,563,021 40,063,790 4,646,843 6,796,389 0 40,157,713 284,671,005 287,738,058 286,719,410 280,360,449 4,704,700 4,707,051 3,479,438 4,070,099 481,729,450 484,118,372 474,349,447 473,595,785 400,837,600 402,183,241 391,160,319 391,141,215 10,494,859 11,154,804 12,142,912 12,694,310 3,835,391 5,092,858 3,388,711 3,838,863 14,182,740 14,488,034 14,790,282 15,088,267 0 0 0 0 0 0 0 0 23,257,520 23,257,520 23,257,520 23,257,520 29,121,340 27,941,915 29,609,703 27,575,610 481,729,450 484,118,372 474,349,447 473,595,785 6,284,484 24,274,287 17,875,587 11,580,666 1,989,105 8,703,551 7,182,648 4,628,437 266,341 930,400 64,088 271,159 8,539,930 33,908,238 25,122,323 16,480,262 3,951,969 15,247,451 11,240,356 7,361,154 4,280,074 16,675,000 945,306 7,972,530 4,259,856 17,238,238 12,936,661 8,507,732 108,000 1,129,468 434,500 316,500 19,580 107,057 146,384 (28,672) 3,319,444 14,190,411 10,008,526 6,522,808 1,763,577 5,999,483 5,532,902 3,676,093 1,260,419 4,440,544 5,532,902 2,683,777 0 0 0 0 0 0 0 0 1,260,419 4,440,544 3,984,439 2,683,777 .30 1.04 0.93 .63 .03 1.04 0.93 .63 3.68 3.83 3.91 3.88 2,175,000 1,969,000 1,841,000 1,661,000 1,345,000 1,685,000 2,105,000 2,139,000 0 0 0 0 0 0 0 0 4,707,051 2,770,162 3,935,038 3,935,038 156,216 557,701 392,000 306,432 45,865 200,246 151,000 124,992 4,704,700 4,707,051 3,479,438 4,070,099 4,704,700 4,707,051 3,479,438 4,070,099 0 0 0 0 1,680,799 1,543,893 1,298,061 1,589,193
EX-27.2 4 EXHIBIT 27.2
9 0000944745 FIRST CITIZENS BANC CORP 3-MOS YEAR 9-MOS 6-MOS DEC-31-1997 DEC-31-1996 DEC-31-1996 DEC-31-1996 JAN-01-1997 JAN-01-1996 JAN-01-1996 JAN-01-1996 MAR-31-1997 DEC-31-1996 SEP-30-1996 JUN-30-1996 16,971,989 14,146,432 15,769,675 16,441,694 839,282 1,033,282 1,035,031 1,134,031 8,548,000 9,421,000 12,550,000 11,760,000 0 0 0 0 143,112,046 113,821,522 46,184,899 111,289,083 12,284,453 43,621,362 113,813,922 46,963,161 0 0 0 0 264,607,336 260,022,679 252,861,030 248,497,637 3,340,218 3,935,038 3,284,095 3,313,108 463,137,480 455,908,387 456,517,718 447,402,245 385,694,593 375,809,623 375,617,537 370,719,762 8,077,900 11,733,533 12,357,337 10,553,872 3,152,171 4,005,207 3,733,744 2,997,258 16,432,102 15,671,686 15,957,237 16,238,762 0 0 0 0 0 0 0 0 23,257,520 23,257,520 23,257,520 23,257,520 26,523,194 25,430,818 25,594,343 23,635,071 463,137,480 455,908,387 456,517,718 447,402,245 5,653,987 21,725,418 16,238,112 10,710,383 3,465,554 10,075,073 7,769,075 5,150,314 13,319 337,309 4,006 2,242 8,132,860 32,137,800 24,011,193 15,862,939 3,633,098 14,497,410 10,844,649 7,186,253 312,909 1,358,154 973,787 634,793 4,186,853 16,282,236 12,192,757 8,041,893 113,500 733,350 268,500 159,000 (28,750) 58,771 17,850 15,850 3,241,454 11,900,053 8,779,615 5,759,077 1,826,107 7,253,970 5,817,950 3,899,210 1,826,107 7,253,970 5,817,950 3,899,210 0 0 0 0 0 0 0 0 1,350,805 5,327,052 4,238,884 2,899,969 0.32 1.25 0.99 0.68 0.32 1.25 0.99 0.68 3.86 3.78 3.81 3.83 911,000 921,000 1,317,000 1,719,000 2,425,000 1,310,000 1,046,000 1,037,000 0 0 0 0 0 0 0 0 3,935,038 3,259,569 3,259,569 3,259,569 116,000 573,000 352,000 182,000 57,000 165,000 107,000 76,000 3,340,218 3,935,038 3,284,095 3,313,108 3,340,218 3,935,038 3,284,095 3,313,108 0 0 0 0 1,550,278 1,571,820 1,356,892 1,437,409
EX-27.3 5 EXHIBIT 27.3
9 0000944745 FIRST CITIZENS BANC CORP 3-MOS Dec-31-1996 JAN-01-1996 MAR-31-1996 17,329,676 1,527,031 11,738,000 0 110,968,569 48,758,266 0 239,973,307 3,292,329 444,772,654 371,038,859 6,160,250 3,739,840 16,516,315 0 0 23,257,520 24,059,870 444,772,654 5,352,415 2,585,213 1,267 7,938,894 3,583,788 327,331 4,027,775 79,500 5,550 2,854,091 1,954,379 1,954,379 0 0 1,443,108 0.34 0.34 3.87 1,961,000 1,799,000 0 0 3,259,569 80,000 32,000 3,292,329 3,292,329 0 1,389,723
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