-----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, HEr5fneG2f2DKccYoeaExJH5TpAgLa0aJbFLaMiQFAS3dEB8HkFCGPS0ibwcVrCJ r7hWQ+Y4CBk6okoKEOUo3A== 0000804563-96-000011.txt : 19961118 0000804563-96-000011.hdr.sgml : 19961118 ACCESSION NUMBER: 0000804563-96-000011 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BENCHMARK BANKSHARES INC CENTRAL INDEX KEY: 0000804563 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541460991 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-18445 FILM NUMBER: 96665155 BUSINESS ADDRESS: STREET 1: 100-102 S BROAD ST STREET 2: PO BOX 569 CITY: KENBRIDGE STATE: VA ZIP: 23944 BUSINESS PHONE: 8046768444 10QSB 1 THIRD QUARTER 10QSB Form 10-QSB U. S. Securities and Exchange Commission Washington, DC 20549 [X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the 9-month period ended September 30, 1996. [ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File No. 000-18445 Benchmark Bankshares, Inc. (Name of Small Business Issuer in its Charter) Virginia 54-1460991 (State or Other Jurisdiction of (I.R.S. Employer ID No.) Incorporation or Organization) 100-102 South Broad Street Kenbridge, Virginia 23944 (Address of Principal Executive Offices) Issuer's Telephone Number: (804)676-8444 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. (1) Yes [X] No [ ] (2) Yes [X] No [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest applicable date: 1,449,849.901 Form 10-QSB Benchmark Bankshares, Inc. Index September 30, 1996 Part I Financial Information Item 1 Consolidated Balance Sheet Consolidated Statement of Income Condensed Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Part II Other Information Item 1 Legal Proceedings Item 2 Changes in Securities Item 3 Defaults Upon Senior Securities Item 4 Submission of Matters to a Vote of Security Holders Item 5 Other Information Item 6 Report on Form 8K Form 10-QSB Benchmark Bankshares, Inc. Consolidated Balance Sheet
(Unaudited) (Audited) September 30, December 31, 1996 1995 ---- ---- Assets Cash and due from banks ..................................... $ 5,134,027 $ 4,397,058 Securities Federal Agency obligations ............................... 7,632,363 7,870,567 State and municipal obligations .......................... 10,148,304 11,112,356 Other securities ......................................... 137,000 137,000 Federal funds sold ....................................... 5,358,000 5,862,000 Loans ....................................................... 116,777,242 103,723,930 Less Unearned interest and fees ............................ (303,149) (275,998) Loan loss reserve ..................................... (1,170,984) (1,037,344) ------------- ------------- Net Loans ....................................... 115,303,109 102,410,588 Premises and equipment - net ................................ 3,002,294 2,000,241 Accrued interest receivable ................................. 1,495,477 1,267,967 Deferred income taxes ....................................... 319,421 151,931 Other assets ................................................ 317,380 153,807 ------------- ------------- Total Assets .................................... $ 148,847,375 $ 135,363,515 ============================================================= ============= =============
Form 10-QSB Benchmark Bankshares, Inc. Consolidated Balance Sheet
(Unaudited) (Audited) September 30, December 31, 1996 1995 ---- ---- Liabilities and Shareholders' Equity Deposits Demand (non-interest bearing) ............................ $ 13,261,503 $ 12,392,332 NOW accounts ............................................. 13,373,856 11,589,895 Money market accounts .................................... 6,480,620 5,542,293 Savings .................................................. 8,196,107 7,679,313 Time, $100,000 and over .................................. 14,305,896 12,734,404 Other time ............................................... 78,189,233 71,684,402 - ---------------------------------------------------------------- ------------- ------------- Total Deposits .................................. 133,807,215 121,622,639 Accrued interest payable .................................... 680,579 650,822 Accrued income tax payable .................................. -- 97,302 Dividends payable ........................................... -- 286,709 Other liabilities ........................................... 294,923 205,473 ------------- ------------- Total Liabilities ............................... 134,782,717 122,862,945 Shareholders' Equity Common stock, par value $.21 per share, authorized 4,000,000 shares; issued and outstanding 1,447,854.692 shares as of 9-30-96; and authorized a4,000,000 shares, issued and outstanding 1,433,544.679 shares as of 12-31-95 .......... 304,468 301,044 Capital surplus ............................................. 3,261,627 3,007,305 Undivided profits ........................................... 10,532,016 8,987,406 Unrealized security gains (losses) net of tax effect ........ (33,453) 204,815 ------------- ------------- Total Shareholders' Equity ...................... 14,064,658 12,500,570 - ---------------------------------------------------------------- ------------- ------------- Total Liabilities and Shareholders' Equity ...... $ 148,847,375 $ 135,363,515 ================================================================ ============= =============
Note: The balance sheet at December 31, 1995 has been derived from the audited financial statements at that date. See notes to consolidated financial statements. Form 10-QSB Benchmark Bankshares, Inc. Consolidated Statement of Income (Unaudited)
Nine Months Ended September 30, 1996 1995 ---- ---- Interest Income Interest and fees on loans .................... $ 8,404,562 $ 7,139,702 Interest on U. S. Government obligations ...... 406,524 278,121 Interest on State and municipal obligations ... 425,039 430,449 Interest on Federal funds sold ................ 172,258 351,468 Interest on other securities .................. 2,610 2,642 Total Interest Income ............. 9,410,993 8,202,382 Interest Expense Interest on deposits .......................... 4,564,718 3,926,645 Net Interest Income ............... 4,846,275 4,275,737 Provision for Loan Losses ........................ 220,628 100,419 Net Interest Income after Provision 4,625,647 4,175,318 Non-Interest Income Service charges, commissions, and fees on deposits ................................... 258,419 256,701 Other operating income ........................ 168,983 190,876 (Losses) on sale of securities ................ (8,725) (1,855) Rental income ................................. 5,400 5,400 Total Non-Interest Income ......... 424,077 451,122 Non-Interest Expense Salaries and wages ............................ 1,322,776 1,137,299 Employee benefits ............................. 285,402 270,950 Occupancy expense ............................. 119,232 109,657 Furniture and equipment expense ............... 97,472 114,089 Other operating expense ....................... 602,160 672,589 Total Non-Interest Expense ........ 2,427,042 2,304,584 Net Income before Taxes ........... 2,622,682 2,321,856 Income Taxes ..................................... 789,640 690,277 Net Income ....................................... $ 1,833,042 $ 1,631,579 ================================================== =========== =========== Net Income per Share ............................. $ 1.27 $ 1.14 =========== =========== See notes to consolidated financial statements.
Form 10-QSB Benchmark Bankshares, Inc. Consolidated Statement of Income (Unaudited)
Three Months Ended September 30, 1996 1995 ---- ---- Interest Income Interest and fees on loans .................... $ 2,907,501 $ 2,481,881 Interest on U. S. Government obligations ...... 133,612 112,725 Interest on State and municipal obligations ... 135,440 147,690 Interest on Federal funds sold ................ 47,397 150,185 Total Interest Income ............. 3,223,950 2,892,481 Interest Expense Interest on deposits .......................... 1,563,822 1,442,662 Net Interest Income ............... 1,660,128 1,449,819 Provision for Loan Losses ........................ 63,898 10,010 Net Interest Income after Provision 1,596,230 1,439,809 Non-Interest Income Service charges, commissions, and fees on deposits ................................... 89,961 90,401 Other operating income ........................ 59,105 70,354 Rental income ................................. 1,800 1,800 (Losses) on sale of securities ................ (624) (878) Total Non-Interest Income ......... 150,242 161,677 Non-Interest Expense Salaries and wages ............................ 450,620 393,005 Employee benefits ............................. 100,032 89,938 Occupancy expense ............................. 45,321 38,468 Furniture and equipment expense ............... 34,840 42,423 Other operating expense ....................... 200,640 184,123 Total Non-Interest Expense ........ 831,453 747,957 Net Income before Taxes ........... 915,019 853,529 Income Taxes ..................................... 278,930 248,289 Net Income ....................................... $ 636,089 $ 605,240 Net Income per Share ............................. $ 0.44 $ 0.42 See notes to consolidated financial statements.
Form 10-QSB Benchmark Bankshares, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited)
Nine Months Ended September 30, 1996 1995 ---- ---- Cash Provided by Operations .................... $ 1,170,339 $ 1,274,934 Cash Provided by Financing Activities Net increase in demand deposits and interest bearing transaction accounts ............. 2,653,132 3,244,878 Net increase (decrease) in savings and money market deposits .......................... 1,455,121 (1,512,739) Net increase in certificates of deposit ..... 8,076,323 12,611,887 Increase (decrease) in dividends payable .... (286,709) (213,035) Sale (redemption) of stock .................. 257,746 189,691 Notes payable ............................... -- 155,000 Total Cash Provided by Financing Activities ........................... 12,155,613 14,475,682 Cash Used in Investing Activities Purchase of securities ...................... (1,640,000) (6,105,000) Sale of securities .......................... 509,747 849,545 Maturity of securities ...................... 2,035,352 964,493 Net increase in loans ....................... (12,892,521) (6,549,862) Purchases of premises and equipment ......... (1,105,561) (57,156) Total Cash Used by Investing Activities (13,092,983) (10,897,980) Increase (Decrease) in Cash and Cash Equivalents 232,969 4,852,636 Beginning Cash and Cash Equivalents ............ 10,259,058 8,681,483 Ending Cash and Cash Equivalents ............... $ 10,492,027 $ 13,534,119 ================================================ ============ ============ Supplemental Data Interest paid ............................... $ 4,534,961 $ 3,770,265 Capitalized interest ........................ 3,269 -- Taxes paid .................................. 886,942 654,231 See notes to consolidated financial statements.
Form 10-QSB Benchmark Bankshares, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended September 30, 1996 1995 ---- ---- Cash Provided by Operations .......................... $ 439,944 $ 529,017 Cash Provided by Financing Activities Net increase in demand deposits and interest bearing transaction accounts ...... 2,210,921 428,843 Net increase (decrease) in savings and money market deposits ................................ 384,541 (463,004) Net increase in certificates of deposit ........... 2,979,252 3,753,738 Decrease in dividends payable ..................... (288,435) (214,003) Increase in notes payable ......................... -- 155,000 Sale of stock ..................................... 130,456 96,058 ------------ Total Cash Provided by Financing Activities ......................... 5,416,735 3,756,632 Cash Used in Investing Activities Purchase of securities ............................ -- (3,750,000) Sale of securities ................................ -- 333,048 Maturity of securities ............................ 316,092 344,435 Net increase in loans ............................. (2,423,064) (286,907) Purchases of premises and equipment ............... (256,270) (12,431) ------------ Total Cash Used by Investing Activities (2,363,242) (3,371,855) ------------ Increase (Decrease) in Cash and Cash Equivalents ..... 3,493,437 913,794 Beginning Cash and Cash Equivalents .................. 6,998,590 12,620,325 ------------ ------------ Ending Cash and Cash Equivalents ..................... $ 10,492,027 $ 13,534,119 ====================================================== ============ ============ Supplemental Data Interest paid ..................................... $ 1,538,051 $ 1,389,952 Taxes paid ........................................ 278,930 234,199 See notes to consolidated financial statements.
Form 10-QSB Benchmark Bankshares, Inc. Notes to Consolidated Financial Statements September 30, 1996 1. Basis of Presentation The accompanying consolidated financial statements and related notes of Benchmark Bankshares, Inc. and its subsidiary, Benchmark Community Bank, were prepared by management, which has the primary responsibility for the integrity of the financial information. The statements have been prepared in conformity with generally accepted accounting principles appropriate in the circumstances and include amounts that are based on management's best estimates and judgments. In meeting its responsibilities for the accuracy of its financial statements, management relies on the Company's internal accounting controls. The system provides reasonable assurances that assets are safeguarded and transactions are recorded to permit the preparation of appropriate financial information. The interim period financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary to a fair presentation of financial position, results of operation, and changes in financial position for the interim periods herein reported. 2. Significant Accounting Policies and Practices The accounting policies and practices of Benchmark Bankshares, Inc. conform to generally accepted accounting principles and general practice within the banking industry. Certain of the more significant policies and practices follow: (a) The consolidated financial statements of Benchmark Bankshares, Inc. and its wholly owned subsidiary, Benchmark Community Bank, include the accounts of both companies. All material inter-company balances and transactions have been eliminated in consolidation. (b) Investment Securities. Pursuant to guidelines established in FAS 115, the Company has elected to classify a portion of its current portfolio as securities available-for-sale. This category refers to investments that are not actively traded, but are not anticipated by management to be held to maturity. Typically, these types of investments will be utilized by management to meet short-term asset/liability management needs. The remainder of the portfolio is classified as held to maturity. This category refers to investments that are anticipated by management to be held until they mature. For purposes of financial statement reporting, securities classified as available-for-sale are to be reported at fair market value (net of any tax effect) as of the date of the statements; however, unrealized holding gains or losses are to be excluded from earnings and reported as a net amount in a separate component of shareholders' equity until realized. Securities classified as held to maturity are recorded at cost. The resulting book value ignores the impact of current market trends. (c) Loans. Interest on loans is computed by methods which generally result in level rates of return on principal amounts outstanding (simple interest). Unearned interest on certain installment loans is recognized as income using the rule of 78's method, which materially approximates the effective interest method. Loan fees and related costs are recognized as income and expense in the year the fees are charged and costs incurred. (d) Allowance for Loan Losses. The allowance for loan losses is increased by provisions charged to expense and decreased by loan losses net of recoveries. The provision for loan losses is based on the Bank's loan loss experience and management's detailed review of the loan portfolio which considers economic conditions, prior loan loss experience, and other factors affecting the collectivity of loans. Accrual of interest is discontinued on loans past due 90 days or more when collateral is inadequate to cover principal and interest or immediately if management believes, after considering economic and business conditions and collection efforts, that the borrower's financial condition is such that collection is doubtful. (e) Premises and Equipment. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed generally by the straight line basis over the estimated useful lives of the assets. Additions to premises and equipment and major betterments and replacements are added to the accounts at cost. Maintenance and repairs and minor replacements are expensed as incurred. Gains and losses on dispositions are reflected in current earnings. (f) Depreciation. For financial reporting, property and equipment are depreciated using the straight line method; for income tax reporting, depreciation is computed using statutory accelerated methods. Leasehold improvements are amortized on the straight line method over the estimated useful lives of the improvements. Income taxes in the accompanying financial statements reflect the depreciation method used for financial reporting and, accordingly, include a provision for the deferred income tax effect of depreciation which will be recognized in different periods for income tax reporting. (g) Earnings Per Share Earnings per share were computed by using the average shares outstanding for each period presented. The 1996 average shares have been adjusted to reflect the sale of 8,631 shares of the Company's common stock through the dividend reinvestment plan on January 25, 1996 and 7,673.88 shares on July 25, 1996. The 1995 average shares have been adjusted to reflect the sale of 6,459 shares through the dividend reinvestment program on January 31, 1995 and 6,859 shares on July 31, 1995. The average shares of outstanding stock for the first nine months of 1996 and 1995 were 1,447,854 shares and 1,429,052 shares, respectively. The Company has granted options to purchase 74,500 shares of Benchmark Bankshares, Inc. stock to employees and directors under two separate incentive stock plans. Based on current trading values of the stock, the stock options are not considered materially dilutive; therefore, the Company's earnings per share are reported as a simple capital structure. (h) Cash and Cash Equivalents The term cash as used in the Condensed Consolidated Statement of Cash Flows refers to all cash and cash equivalent investments. For purposes of the statement, Federal Funds sold, which have a one day maturity, are classified as cash equivalents. (i) The table below reflects the components of the Net Deferred Tax Asset account as of September 30, 1996: Deferred tax assets resulting from loan loss reserves $359,544 Deferred tax liabilities resulting from depreciation (57,356) Unrealized securities losses 17,233 Net Deferred Tax Asset $319,421 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations The following is management's discussion and analysis of certain significant factors which have affected the Company's financial position and operating results during the periods included in the accompanying condensed financial statements. Nine Months Ending September 30: 1996 Versus 1995 Earnings Summary Net income of $1,833,042 for the first nine months of 1996 increased $201,463 or 12.3% as compared to net income of $1,631,579 earned during the first nine months of 1995. Earnings per share of $1.27 as of September 30, 1996 increased $.13 over the September 30, 1995 level of $1.14. The annualized return on average assets of 1.7% decreased 2.2% while the annualized return on average equity of 18.3% decreased 8.0% when comparing first nine months 1996 results with those of first nine months 1995. The increase in earnings and return on assets reflects a continued growth in loans and deposits with a favorable interest rate spread. Interest Income and Interest Expense Total interest income of $9,410,993 for the first nine months of 1996 increased $1,208,611 or 14.7% over interest income of $8,202,382 recorded during the first nine months of 1995. The major area of increase was in interest and fees on loans, which was a direct result from the growth of the loan portfolio. Since loan growth exceeded deposit growth for the period, management had reduced the amount of funds invested in both short and long-term investments. This strategy led to higher yields on assets. Total interest expense in the first nine months of 1996 increased to a level of $4,564,718. This amounted to an increase of $638,073 or 16.2% over the level reached during the first nine months of 1995. This increase in interest expense resulted from deposit growth, as well as the payment of higher interest rates to meet market competition. Provision for Loan Losses While the Company's loan loss experience ratio remains low, management continues to set aside increasing provisions to the loan loss reserve. During the first nine months of 1996, the Bank increased the loan loss reserve by $133,640 to a level of $1,170,984 or 1.0% of the outstanding loan balance. At year end 1995, the reserve level amounted to $1,037,344 or 1.0% of the outstanding loan balance net of unearned interest. Non-Accrual Loans Non-accrual loans consist of loans accounted for on a non-accrual basis. These loans are maintained on a non-accrual status because of deterioration in the financial condition of the borrower or payment in full of principal or interest is not expected or principal or interest has been in default for a period of 90 days or more unless the asset is both well secured and in the process of collection. Non-Interest Income and Non-Interest Expense Non-interest income of $424,077 decreased $27,045 or 6.0% for the first nine months of 1996 as compared to the level of $451,122 reached during the first nine months of 1995. The decrease primarily resulted from $8,725 in losses from the sale of securities. Non-interest expense of $2,427,042 increased $122,458 or 5.3% for the first nine months of 1996 as compared to the level of $451,122 reached during the first nine months of 1995 as increases in salaries due to staffing the new office were offset by a decrease in other operating expenses. Off Balance Sheet Instruments/Credit Concentrations The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. Unless noted otherwise, the Company does not require collateral or other security to support these financial instruments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to facilitate the transaction of business between these parties where the exact financial amount of the transaction is unknown, but a limit can be projected. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. There is a fee charged for this service. As of September 30, 1996, the Bank had $930,539 outstanding letters of credit all of which will mature within twelve months. These instruments are based on the financial strength of the customer and the existing relationship between the Company and the customer. Liquidity As of the end of the first nine months of 1996, $51,388,029 or 44.0% of gross loans will mature or are subject to repricing within one year. These loans are funded in part by $14,305,896 in certificates of deposits of $100,000 or more of which $3,114,279 mature in one year or less. Currently, the Bank has a maturity average ratio for the next twelve months of 72.7% when comparing assets and deposits. At year end 1995, $47,402,000 or 45.7% of gross loans were scheduled to mature or were subject to repricing within one year and $39,480,000 in certificates of deposit were scheduled to mature during 1996. Capital Adequacy Total shareholder equity was $14,064,658 or 9.4% of total assets as of September 30, 1996. This compared to $12,500,570 or 9.2% of total assets as of December 31, 1995. Primary capital (shareholders' equity plus loan loss reserves) of $15,235,642 represents 10.2% of total assets as of September 30, 1996 as compared to $13,537,914 or 10.0% of total assets as of December 31, 1995. The increase in the equity position resulted from the sale of additional stock through the Dividend Reinvestment Program as well as a significant increase in earnings in the first nine months of 1996 versus the first nine months of 1995; however, this gain was somewhat offset by a decline in the market value of securities classified as available-for-sale. Three Months Ending September 30: 1996 Versus 1995 The same operating policies and philosophies discussed in the nine month discussion were prevalent throughout the third quarter and the operating results were predictably similar. Earnings Summary Net income of $636,089 for the third quarter of 1996 increased $30,849 or 5.1% as compared to the $605,240 earned during the third quarter of 1995. Earnings per share of $.44 for the third quarter of 1996 increased $.02 or 4.8% when compared to the corresponding period in 1995. The annualized return on average assets was 1.7% and the return on average equity was 18.6% for the third quarter of 1996. This compares to a return on average assets of 1.9% and a return on average equity of 20.8% for the same period in 1995. The increased earnings are an indication of the growth experienced during the third quarter. The return on average assets and equity reflect a slightly reduced interest spread, as market rates for deposits grew more quickly than the market rates for loans in the trade area, and a lower loan to deposit ratio. Interest Income and Interest Expense Total interest income of $3,223,950 for the third quarter of 1996 increased $331,469 or 11.5% from the total interest income of $2,892,481 for the corresponding quarter in 1995. The increase resulted from growth in the loan portfolio. Interest and fees on loans amounted to $2,907,501. This represented an increase of $425,620 or 17.1% over the corresponding period in 1995. Interest expense for the third quarter of 1996 increased $121,160 or 8.4% over the same period in 1995. The increase in interest expense reflected the current economic trend of increased interest rates as well as steady deposit growth. Provisions for Loan Losses During the third quarter, the demand for loans was strong and the level of quality loans continued to increase. During the period, the Bank provided an additional $63,898 to the reserve through its provision for loan loss. Loans and Deposits During the third quarter of 1996, net loans grew $12,892,521. This growth resulted from the continued strong loan demand experienced throughout the Company's trade area which has expanded due to the addition of the Crewe office. Deposits increased by $12,184,576 or 10.0% for the three month period ending September 30, 1996. Management feels that the growth in deposits has resulted from an increase in the size of the trade area as well as further penetration into existing market areas. Form 10-QSB Benchmark Bankshares, Inc. September 30, 1996 Part II Other Information Item 1 Legal Proceedings None Item 2 Changes in Securities None Item 3 Defaults Upon Senior Securities None Item 4 Submission of Matters to a Vote of Security Holders None Item 5 Other Information None Item 6 Report on Form 8-K No reports on Form 8-K have been filed during the quarter ended September 30, 1996. Form 10-QSB Benchmark Bankshares, Inc. September 30, 1996 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. Benchmark Bankshares, Inc. (Registrant) Date: 10-28-96 Ben L. Watson, III President & CEO Date: 10-28-96 Janice C. Whitlow Cashier and Treasurer EX-27 2 FDS ARTICLE 9 FOR 10QSB
9 1000 9-MOS DEC-31-1996 SEP-30-1996 5134 0 5358 0 15556 2237 2188 116777 1171 148847 133807 0 976 0 0 0 304 13760 148847 8405 1006 0 9411 4565 4565 4846 221 (9) 2427 2623 2623 0 0 1833 1.27 1.27 6.72 610 740 0 6798 1037 133 46 1171 0 0 1171
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