-----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, Rve/pt0WNGwGIg11of5ZxxucO72VzqtTGysOKMOQmwFlqjeRcuy0jqK8nMoqeF/9 7w9REF9xCE5WMp+43lJrBg== 0000906280-00-000122.txt : 20000516 0000906280-00-000122.hdr.sgml : 20000516 ACCESSION NUMBER: 0000906280-00-000122 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGIERS BANCORP INC CENTRAL INDEX KEY: 0001011296 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 721317594 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-20911 FILM NUMBER: 632370 BUSINESS ADDRESS: STREET 1: 1 WESTBANK EXPRESSWAY CITY: NEW ORLEANS STATE: LA ZIP: 70114 BUSINESS PHONE: 5043678221 10QSB 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB _X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 ___ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ COMMISSION FILE NUMBER 0-20911 ALGIERS BANCORP, INC. (Name of small business issuer as specified in its charter) LOUISIANA 72 - 1317594 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) #1 WESTBANK EXPRESSWAY, NEW ORLEANS, LOUISIANA 70114 (Address of principal executive offices) (Zip Code) Issuer's telephone number: (504) 367-8221 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 issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _X_ No ___ Number of shares of Common Stock outstanding on April 30, 2000: 506,348 Transitional Small Business Disclosure Format (check one): Yes ___ No _X_ ALGIERS BANCORP, INC. QUARTERLY REPORT ON FORM 10-QSB FOR THE QUARTER ENDED MARCH 31, 2000 PAGE PART I - FINANCIAL INFORMATION Interim Financial Information required by Rule 10-01 of Regulation S-X and Item 303 of Regulation S-B is included in this Form 10-QSB as referenced below: Item 1. Financial Statements Consolidated Statements Of Financial Condition (Unaudited) at March 31, 2000 and December 31, 1999 ........................... 1 Consolidated Statements Of Operations (Unaudited) For the Three Months Ended March 31, 2000 and 1999 ........................... 3 Consolidated Statements Of Cash Flows (Unaudited) For the Three Months Ended March 31, 2000 and 1999 ..................... 5 Notes to Consolidated Financial Statements ..................... 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .............................. 8 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K ......................... 12 i ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION ASSETS
March 31, December 31, 2000 1999 ----------- ------------ (Unaudited) (In Thousands) Cash and Cash Equivalents $ 388 $ 1,374 Interest-Bearing Deposits in Other Banks 814 1,465 Investments Available-for-Sale - at Fair Value (Note 2) 5,505 5,510 Loans Receivable - Net 10,007 9,788 Mortgage Loans Held for Resale 126 130 Mortgage-Backed Securities - Available- for-Sale - at Fair Value (Note 2) 26,172 26,054 Stock in Federal Home Loan Bank 549 541 Accrued Interest Receivable 284 324 Real Estate Owned - Net 251 251 Office Properties and Equipment, at Cost - Furniture, Fixtures and Equipment, Less Accumulated Depreciation of $482 and $428, respectively 740 795 Prepaid Expenses 45 46 Deferred Taxes 327 374 Income Tax Receivable 193 105 Other Assets 11 7 ----------- ------------ Total Assets $ 45,412 $ 46,764 =========== ============
The accompanying notes are an integral part of these consolidated financial statements. 1 ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, December 31, 2000 1999 ----------- ------------ LIABILITIES (Unaudited) (In Thousands) Deposits : Interest Bearing $ 37,377 $ 37,844 Non-Interest Bearing 298 524 FHLB Advances 500 1,000 Advance Payments from Borrowers for Insurance and Taxes 102 84 Accrued Interest Payable on Depositors' Accounts 22 16 Dividends Payable 25 25 Other Liabilities 151 104 ----------- ------------ 38,475 39,597 Minority Interest in Subsidiary 16 48 ----------- ------------ Total Liabilities 38,491 39,645 ----------- ------------ STOCKHOLDERS' EQUITY Preferred Stock - Par Value $.01; 5,000,000 Shares Authorized; 0 Shares Issued and Outstanding - - Common Stock - Par Value $.01 10,000,000 Shares Authorized, 648,025 Issued Shares 6 6 Treasury Stock - 141,677 Shares, at Cost (1,823) (1,823) Paid-in Capital in Excess of Par 6,132 6,132 Retained Earnings 3,751 3,882 Accumulated Other Comprehensive Income (Loss) (787) (720) ----------- ------------ 7,279 7,477 ----------- ------------ Less: Unearned ESOP Shares (322) (322) Unearned MRP Shares (36) (36) ----------- ------------ (358) (358) ----------- ------------ Total Stockholders' Equity 6,921 7,119 ----------- ------------ Total Liabilities and Stockholders' Equity $ 45,412 $ 46,764 =========== ============
The accompanying notes are an integral part of these consolidated financial statements. 2 ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, March 31, 2000 1999 ------------------------ (Unaudited) (Unaudited) (In Thousands) INTEREST INCOME Loans $ 200 $ 230 Mortgage-Backed Securities 394 411 Investment Securities 84 162 Other Interest-Earning Assets 18 54 ---------- ---------- Total Interest Income 696 857 ---------- ---------- INTEREST EXPENSE Deposits 466 465 FHLB Advances 10 - ---------- ---------- Total Interest Expense 476 465 ---------- ---------- NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 220 392 PROVISION FOR LOAN LOSSES - - ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 220 392 ---------- ---------- NON-INTEREST INCOME Service Charges and Fees 66 17 Recovery of GIC Bonds Previously Written Off 4 - Miscellaneous Income 6 5 ---------- ---------- Total Non-Interest Income 76 22 ---------- ----------
The accompanying notes are an integral part of these consolidated financial statements. 3 ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
Three Months Ended March 31, March 31, 2000 1999 ----------- ----------- (Unaudited) (Unaudited) (In Thousands) NON-INTEREST EXPENSES Compensation and Benefits $ 208 $ 148 Occupancy and Equipment 112 83 Computer 15 9 Deposit Insurance Premium 2 14 Professional Services 40 55 Bank Service Charges 7 2 Real Estate Owned Expenses 5 1 (Recovery of) Provision for Losses on Real Estate Owned - - Other 52 59 ---------- --------- Total Non-Interest Expense 441 371 ---------- --------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST (145) 43 FEDERAL INCOME TAX EXPENSE (BENEFIT) (7) 15 ---------- --------- INCOME BEFORE MINORITY INTEREST (138) 28 MINORITY INTEREST IN SUBSIDIARY 32 11 ---------- --------- NET INCOME (106) 39 OTHER COMPREHENSIVE INCOME- NET OF INCOME TAX Unrealized Gains (Losses) on Securities (67) 3 ========== ========= COMPREHENSIVE INCOME (173) 42 ========== ========= EARNINGS PER SHARE Basic (0.22) 0.08 ========== ========= Fully Diluted (0.22) 0.08 ========== =========
The accompanying notes are an integral part of these consolidated financial statements. 4 ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, March 31, 2000 1999 ----------- ----------- (Unaudited) (Unaudited) (In Thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) $ (106) $ 39 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: Depreciation and Amortization 55 27 Premium Amortization Net of Discount Accretion 9 17 Stock Dividend - FHLB (8) - ESOP and MRP Expense 7 20 Increase in Accrued Interest Payable 6 38 Increase (Decrease) in Other Liabilities 40 (38) (Increase) Decrease in Accrued Interest Receivable 40 (129) Originations of Loans Held for Sale - (312) Proceeds from Sales of Loans Held for Sale 4 - (Increase) Decrease in Other Assets (4) 28 Increase (Decrease) in Deferred Loan Fees 4 (1) (Increase) Decrease in Prepaid Expenses 1 1 Decrease in Minority Interest (32) - Increase in Prepaid Income Taxes (88) (73) (Increase) Decrease in Deferred Income Taxes 81 - ----------- ----------- Net Cash Provided by (Used in) Operating Activities 9 (383) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Investment Securities - Available-for-Sale - - Maturities of Investment Securities - Available-for-Sale 8 500 Purchases of Mortgage-Backed Securities - Available-for-Sale (1,309) (2,055) Maturities of Mortgage-Backed Securities - Available-for-Sale 1,078 2,110 Proceeds from Sale of Mortgage Backed Securities - Available-for-Sale - - Principal Collected on Loans 115 614 Loans Made to Customers (338) (447) Purchase of Furniture and Fixtures - (283) Proceeds from Sales of Foreclosed Real Estate - - (Increase) in Investment in Subsidiary - 43 ----------- ----------- Net Cash Provided by (Used in)Investing Activities (446) 482 ----------- -----------
The accompanying notes are an integral part of these consolidated financial statements. 5 ALGIERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Three Months Ended March 31, March 31, 2000 1999 ----------- ----------- (Unaudited) (Unaudited) (In Thousands) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase (Decrease) in Deposits $ (693) $ 380 Net Increase (Decrease) in Advances from Borrowers for Taxes and Insurance 18 (51) Repayment of Federal Home Loan Advance (500) - Purchase of Treasury Stock - (148) Dividends Paid on Common Stock (25) (20) ----------- ----------- Net Cash Provided by (Used in) Financing Activities (1,200) 161 ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,637) 260 CASH AND CASH EQUIVALENTS - BEGINING OF YEAR 2,839 4,881 ----------- ----------- CASH AND CASH EQUIVALENTS - END OF PERIOD $ 1,202 $ 5,141 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash Paid During the Year for: Interest $ 470 $ 427 Income Taxes $ - 88 SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS Dividends Declared $ 25 $ 26
The accompanying notes are an integral part of these consolidated financial statements. 6 Algiers Bancorp, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 2000 Note 1 - Basis of Presentation - Algiers Bancorp, Inc. (the "Company") was organized as a Louisiana corporation on February 5, 1996 for the purpose of engaging in any lawful act or activity for which a corporation may be formed under the Louisiana Business Corporation Law, as amended. Other than steps related to the reorganization described below, the Corporation was essentially inactive until July 8, 1996, when it acquired Algiers Homestead Association (the "Association") in a business reorganization of entities under common control in a manner similar to a pooling of interest. The Association is engaged in the savings and loan industry. The acquired Association became a wholly-owned subsidiary of the Corporation through the issuance of 1,000 shares of common stock to the Corporation in exchange for 50% of the net proceeds received by the Corporation in the reorganization. During 1998, the Company formed Algiers Com, Inc., a subsidiary that owns a 51% interest in Planet Mortgage, LLC. Planet Mortgage, LLC is engaged in the solicitation of mortgage loans through its Internet site. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Algiers Homestead Association and Algiers Com, Inc. In consolidation, significant inter-company accounts, transactions, and profits have been eliminated. Note 2 - Available for Sale Securities - Investments and mortgage-backed securities available-for-sale at March 31, 2000 and December 31, 1999, respectively, are summarized as follows (in thousands):
March 31, 2000 December 31, 1999 ------------------------------------------------ --------------------------------------------- Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value ---- ----- ------ ----- ---- ----- ------ ----- Investments $ 5,790 $ - $ 285 $ 5,505 $ 5,826 $ - $ 316 $ 5,510 ======== ========= ======== ======== ========= ========= ========= ======== GNMA Certificates $ 7,080 $ 4 $ 161 $ 7,245 $ 6,877 $ - $ 146 $ 6,731 FNMA Certificates 15,039 1 543 15,583 14,756 - 472 14,284 FHLMC Certificates 4,915 2 179 5,096 5,198 - 159 5,039 -------- --------- -------- -------- --------- --------- --------- -------- $ 27,034 $ 7 $ 883 $ 27,924 $ 26,831 $ - $ 777 $ 26,054 ======== ========= ======== ======== ========= ========= ========= ========
Note 3 - Employee Stock Ownership Plan - The Company sponsors a leveraged employee stock ownership plan (ESOP) that covers all employees who have at least one year of service and have attained the age of 21. The ESOP shares are pledged as collateral for the ESOP debt. The debt is being repaid based on a ten-year amortization and the shares are being released for allocation to active employees annually over the ten-year period. The shares pledged as collateral are deducted from stockholders' equity as unearned ESOP shares in the accompanying Consolidated Statements of Financial Condition. 7 As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of unearned ESOP shares. ESOP compensation expense was $16,850 for the three months ended March 31, 2000 based on the annual release of shares. Note 4 - Management Recognition Plan - On July 18, 1997, the Company established a Recognition and Retention Plan as an incentive to retain personnel of experience and ability in key positions. The Association approved a total of 25,921 shares of stock to be acquired for the Plan, of which 4,205 have been allocated for distribution to key employees and directors. As shares are acquired for the Plan, the purchase price of these shares is recorded as unearned compensation, a contra equity account. As the shares are distributed, the contra equity account is reduced. Plan share awards are earned by recipients at a rate of 20% of the aggregate number of shares covered by the Plan over five years. If the employment of an employee or service as a non-employee director is terminated prior to the fifth anniversary of the date of grant of plan share award for any reason, the recipient shall forfeit the right to any shares subject to the award which have not been earned. The total cost associated with the Plan is based on the market price of the stock as of the date on which the Plan shares were granted. Note 5 - Regulatory Matters. As previously reported in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1999, on March 1, 2000 the Office of Thrift Supervision (OTS) and the Office of Financial Institutions (OFI) issued a preliminary supervisory agreement (the "Agreement") as a result of their examination of the Association as of November 29, 1999. On April 17, 2000 the Company signed the Agreement which, among other things, calls for the following actions to be taken within specified time periods: (a) the Association shall appoint a new Chief Executive Officer, two new directors and a compliance officer; (b) the Association must formulate a revised three-year business plan; (c) the Association must adopt written policy and procedures for non- real estate commercial and consumer lending; and (d) the Association must obtain written approval from the regional director for any contractual arrangements with employees or third parties outside of the normal course of business and for any capital distributions. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS GENERAL The following discussion compares the consolidated financial condition of Algiers Bancorp, Inc. and Subsidiaries at March 31, 2000 to December 31, 1999 and the results of operations for the three months ended March 31, 2000 with the same period in 1999. Currently, the business and management of Algiers Bancorp, Inc. is primarily the business and management of the Association. This discussion 8 should be read in conjunction with the interim consolidated financial statements and footnotes included herein. This quarterly report includes statements that may constitute forward-looking statements, usually containing the words "believe," "estimate," "project," "expect," "intend" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause future results to vary from current expectations include, but are not limited to, the following: changes in economic conditions (both generally and more specifically in the markets in which the Company operates); changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies or guidelines and in government legislation and regulation (which change from time to time and over which the Company has no control); and other risks detailed in this quarterly report and in the Company's other public filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. CHANGES IN FINANCIAL CONDITION Total assets decreased $1,352,000 or 2.89% from $46.8 million at December 31, 1999 to $45.4 million at March 31, 2000. The decrease in assets is primarily due to a decrease in cash and cash equivalents, interest-bearing deposits in other banks, deposits and FHLB advances, offset by an increase in loans. Interest-earning deposits in other banks and investments was $6.3 million at March 31, 2000 and $7.0 million at December 31, 1999. This decrease was due to a decrease in balances held by FHLB. The mortgage-backed securities portfolio increased $118,000 or .5% from $26.1 million at December 31, 1999 to $26.2 million at March 31, 2000, as new mortgage-backed securities purchased increased and the amount of mortgage-backed securities maturing increased slightly. Mortgage-backed securities amounted to $26.2 million or 57.6% of total assets at March 31, 2000, compared to $26.1 million or 55.7% of total assets at December 31, 1999. The Association's loan portfolio increased $219,000 or 2.2% over the past three months from $9.8 million at December 31, 1999 to $10.0 million at March 31, 2000. Total deposits decreased $693,000 or 1.81% to $37.7 million at March 31, 2000 from $38.4 million at December 31, 1999. The decrease was primarily in certificate of deposit accounts. Total stockholders' equity declined by $198,000 during the past three months. This decrease was due to a net loss of $106,000, a decrease in accumulated other comprehensive income of $67,000, and a $25,000 dividend declared on common stock. Stockholders' equity at March 31, 2000 totaled $6.9 million or 15.2% of total assets compared to $7.1 million or 15.2% of total assets at December 31, 1999. RESULTS OF OPERATIONS The profitability of the Company depends primarily on its net interest income, which is the difference between interest and dividend income on interest-earning assets, principally mortgage - -backed securities, loans and investment securities, and interest expense on interest-bearing deposits and borrowings. Net interest income is dependent upon the level of interest rates and the extent to which such rates are changing. The Company's profit- ability also is dependent, to a lesser extent, on the level of its 9 non-interest income, provision for loan losses, non-interest expense and income taxes. For the three months ended March 31, 2000, net interest income before provision for loan losses was less than total non-interest expense. Total non-interest expense consists of general, administrative and other expenses, such as compensation and benefits, occupancy and equipment expense, federal insurance premiums, and miscellaneous other expenses. The Company's net income for the three months ended March 31, 2000 decreased $145,000 or 371.8% compared to the three months ended March 31, 1999. The decrease was due to a decrease of $145,000 or 18.8% in interest income, an increase of $11,000 or 2.4% in interest expense, and an increase of $70,000 or 18.9% in non-interest expense, partially offset by a $54,000 or 245.5% increase in non-interest income. Total interest income decreased by $145,000 or 18.8% during the three months ended March 31, 2000 compared to the three months ending March 31, 1999, due to a decrease in the average yield on interest earning assets from 7.71% in the first three months of 1999 to 6.43% in the first three months of 2000 and a decrease of $1,116,000 or 2.5% in average interest- earning assets. The decrease in the average balance was primarily due to principal pay-downs on mortgage backed securities exceeding repurchases and decreases in interest bearing deposits in other banks, partially offset by increases in loans. Total interest expense increased by $11,000 or 2.4% in the three months ending March 31, 2000 compared to the three months ending March 31, 1999, primarily due to an increase in the average rate on interest-bearing liabilities to 4.91% from 4.69% over the same period in 1999. The higher average rate was partially offset by a decrease in average deposits of $914,000 or 2.3% in the first three months of 2000 over the comparable 1999 period. The decreased net interest income of $172,000 was due to a decrease in the average interest rate spread to 1.51% in the first three months of 2000 from 3.02% in the first three months of 1999 and a decrease of $202,000 or 4.2% in net average interest-earning assets in the three months ended March 31, 2000 over the comparable 1999 period. The average yield on interest-earning assets decreased to 6.43% during the three months ended March 31, 2000 compared to 7.71% during the three months ended March 31, 1999. The decreased yield on assets was primarily due to a decrease in the average rate earned on investments. The average rate on deposits increased from 4.69% during the first three months of 1999 to 4.90% during the first three months of 2000. During the quarter ended March 31, 2000 compared to the same period of 1999, non-interest income increased $54,000 due to an increase of $49,000 in service charges and fees. The Association had no provision or credit for loan losses in the three months ended March 31, 2000 and 1999. Total non-performing loans at March 31, 2000 and December 31, 1999 was $177,000 and the allowance for loan losses at March 31, 2000 and December 31, 1999 was $230,000. The $70,000 increase in total non-interest expense in the three months ended March 31, 2000 was due to a $60,000 increase in compensation and benefits, a $29,000 increase in occupancy and equipment expense, offset by a $15,000 decrease in professional services. The $22,000 or 146.7% decrease in income tax expense was primarily due to a decrease of $188,000 in pre-tax income for the three months ended March 31, 2000 from the comparable 1999 period. LIQUIDITY AND CAPITAL RESOURCES The Association is required under applicable federal regulations to maintain specified levels of "liquid" investments in qualifying types of U.S. Government, federal agency and other investments having maturities of five years or less. Current OTS regulations require that a savings institution maintain 10 liquid assets of not less than 4% of its average daily balance of net withdrawable deposit accounts and borrowings payable in one year or less. At March 31, 2000, the Association's liquidity was 3.21% or $293,000 less than the minimum OTS requirement of 4%. The Association is required to maintain regulatory capital sufficient to meet tangible, core and risk-based capital ratios of 1.5%, 3.0%, and 8.0%, respectively. At March 31, 2000, the Association's tangible and core capital both amounted to $7.1 million or 15.37% of adjusted total assets of $45.2 million, and the Association's risk-based capital amounted to $7.3 million or 63.29% of adjusted risk-weighted assets of $11.5 million. As of March 31, 2000, the Association's unaudited regulatory capital requirements are as indicated in the following table:
TANGIBLE CORE RISK-BASED CAPITAL CAPITAL CAPITAL --------- --------- ---------- (DOLLARS IN THOUSANDS) GAAP Capital 6,360 6,360 6,360 Additional Capital Items: General Valuation Allowance - - 151 Unrealized Loss on Securities Available for Sale 766 766 766 --------- --------- ---------- Regulatory Capital 7,126 7,126 7,277 Minimum Capital Requirement 695 1,390 920 --------- --------- ---------- Regulatory Capital Excess 6,431 5,736 6,357 Regulatory Capital as a Percentage 15.37% 15.37% 63.29% Minimum Capital Required as a Percentage 1.50% 3.00% 8.00%
Based on the above capital ratios, the Association meets the criteria for a "well capitalized" institution at March 31, 2000. The Association's management believes that under the current regulations, the Association will continue to meet its minimum capital requirements in the foreseeable future. However, events beyond the control of the Association, such as increased interest rates or a downturn in the economy of the Association's area, could adversely affect future earnings. COMMON STOCK REPURCHASE PLAN On March 12, 1997, the Company received permission from the Office of Thrift Supervision ("OTS") to repurchase up to 32,401 shares or 5.0% of the Company's then outstanding common stock. Pursuant to the plan, the Company purchased 29,901 shares of its common stock on April 1, 1997 and 2,500 shares of its common stock on May 7, 1997. These two purchases have fulfilled the number of shares approved by the OTS. On October 15, 1997, the Company received permission from the OTS to repurchase up to 30,781 shares or 5.0% of the Company's then outstanding common stock. Several purchases of the Company's common stock were made and the 5.0% repurchase was completed on April 3, 1998. The OTS granted the Company permission on September 3, 1998 to repurchase approximately 14% of the Company's outstanding common stock. The approval included 21,419 shares to fund the 1997 Management Recognition and Retention Plan and shares for general corporate purposes. 11 PART II - OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K: (a) The following exhibit is filed herewith: EXHIBIT NO. DESCRIPTION ----------- ----------- 2.1* Plan of Conversion 3.1* Articles of Incorporation of Algiers Bancorp, Inc. 3.2* Bylaws of Algiers Bancorp, Inc. 4.1* STock Certificate of Algiers Banccorp, Inc. 27.1 Financial Data Schedule ----------- * Incorporated herein by reference to the Company's Form SB-2 (Registration No. 333-2770) filed by the Company with the SEC on March 26, 1996, as subsequently amended. (b) Reports on Form 8-K: No reports on Form 8-K were filed by the Registrant during the quarter ended March 31, 2000. 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALGIERS BANCORP, INC. Date: May 15, 2000 By: /S/ Janice Ray -------------------------------- Janice Ray Chairman of the Board Date: May 15, 2000 By: /S/ Francis M. Minor, Jr. -------------------------------- Francis M. Minor, Jr. Acting President and Chief Executive Officer (Principal financial and accounting officer) 13 EX-27 2
9 1,000 3-MOS DEC-31-2000 MAR-31-2000 388 814 0 0 31,677 0 0 10,007 230 45,412 37,675 0 816 0 6 0 0 6,915 45,412 200 478 18 696 466 476 220 0 0 441 (145) (145) 0 0 (106) (.22) (.22) 0 0 0 0 0 230 0 0 230 0 0 0
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