LUCKEY, OHIO
EXCHANGE BANCSHARES, INC.
LUCKEY, OHIO
CONSOLIDATED BALANCE SHEETS
___________________________________________________________________________________________
(Dollars in thousands)
December 31,
1996 1995
____ ____
Cash and cash equivalents
Cash and amounts due from depository institutions $ 2,440 $ 2,197
Federal funds sold 2,254 3,895
________ ________
Total cash and cash equivalents 4,694 6,092
Investment securities
Securities held-to-maturity 3,184 3,703
Securities available-for-sale 17,533 16,745
Loans, net 40,963 37,856
Accrued interest receivable 646 588
Premises and equipment, net 892 913
Investment required by law-
stock in Federal Reserve Bank, at cost 131 131
Deferred income taxes 22 7
Other assets 141 105
________ ________
TOTAL ASSETS $ 68,206 $ 66,140
LIABILITIES
Deposits $ 60,158 $ 58,511
Accrued interest payable 152 126
Other liabilities 79 74
________ ________
TOTAL LIABILITIES 60,389 58,711
SHAREHOLDERS' EQUITY
Preferred stock of $25.00 par value; 750 shares
authorized; 0 shares issued 0 0
Common stock of $5.00 par value; 750,000 shares
authorized; 475,747 shares issued 2,379 2,265
Additional paid-in capital 3,050 2,801
Retained earnings 2,459 2,282
Treasury stock at cost, 8,395 and 898 shares (131) (13)
Unrealized gain on securities available-for-sale,
net of applicable deferred income taxes 60 94
________ ________
TOTAL SHAREHOLDERS' EQUITY 7,817 7,429
________ ________
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 68,206 $ 66,140
________ ________
See accompanying notes.
EXCHANGE BANCSHARES, INC.
LUCKEY, OHIO
CONSOLIDATED STATEMENTS OF INCOME
_____________________________________________________________________________________________________________
(Dollars in thousands except per share data)
Years ended December 31,
1996 1995 1994
____ ____ ____
INTEREST INCOME
Interest and fees on loans $3,756 $3,505 $3,171
Interest on taxable investment securities 1,189 1,187 1,302
Interest on tax free investment securities 64 63 63
Dividends on investment securities 9 8 8
Interest on federal funds sold 193 192 129
______ ______ ______
TOTAL INTEREST INCOME 5,211 4,955 4,673
INTEREST EXPENSE
Interest on interest-bearing checking accounts 287 293 293
Interest on passbook accounts 421 463 569
Interest on certificates of deposits 1,466 1,282 1,030
______ ______ ______
TOTAL INTEREST EXPENSE 2,174 2,038 1,892
NET INTEREST INCOME 3,037 2,917 2,781
Provision for loan losses 75 120 80
______ ______ ______
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 2,962 2,797 2,701
OTHER INCOME
Service charges 221 224 213
Gain (loss) from sales of investment securities, net 0 (38) 34
Other 95 53 60
______ ______ ______
TOTAL OTHER INCOME 316 239 307
OTHER EXPENSES
Salaries and employee benefits 1,070 1.011 991
Net occupancy and equipment 284 274 282
Other operating expenses 834 870 902
______ ______ ______
TOTAL OTHER EXPENSES 2,197 2,155 2,175
INCOME BEFORE FEDERAL INCOME TAX EXPENSE 1,081 881 833
Federal income tax expense 334 269 253
______ ______ ______
NET INCOME $ 747 $ 612 $ 580
______ ______ ______
PER SHARE DATA:
Net income $ 1.59 $ 1.28 $ 1.22
______ ______ ______
See accompanying notes.
EXCHANGE BANCSHARES, INC.
LUCKEY, OHIO
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
___________________________________________________________________________________________________________________________________
(Dollars in thousands)
Unrealized
Gain (Loss) Total
Additional On Securitis Share-
Common Stock Paid-In Retained Treasury Available holders'
Shares Amount Capital Earnings Stock For Sale Equity
______ _____ _______ ________ _____ ________ ______
Balances at 12/31/93 409,640 $2,048 $2,315 $2,132 $ 0 $ 0 $6,495
Net income 580 580
Cash dividend declared
($.39 per share) (186) (186)
Sale of common stock 1,328 7 18 25
5% stock dividend declare 20,548 103 (103) 0
Purchase of 3,530 shares
of treasury stock (57) (57)
Sale of 3,050 shares of
treasury stock 49 49
Adopt SFAS No. 115 to record
net unrealized gain on
securities available for sale 227 227
Change in unrealized
gain (loss) on securities
available-for-sale (559) (559)
Transfer 333 (333) 0
_______ ______ ______ ______ _____ ______ ______
Balance at 12/31/94 431,516 2,158 2,563 2,193 (8) (332) 6,574
Net income 612 612
Cash dividends declared
($.37 per share) (178) (178)
5% stock dividend declared 21,576 107 238 (345) 0
Purchase of 342 shares of
treasury stock (5) (5)
Change in unrealized
gain (loss) on securities
available-for-sale 426 426
_______ ______ ______ ______ _____ ______ ______
Balance of 12/31/95 453,092 2,265 2,801 2,282 (13) 94 7,429
Net income 747 747
Cash dividends declared
($.45 per share) (207) (207)
5% stock dividend declared 22,655 114 249 (363) 0
Purchase of 7,372 shares of
treasury stock (118) (118)
Change in unrealized
gain (loss) on securities
available-for-sale (34) (34)
_______ ______ ______ ______ _____ ______ ______
Balances at 12/31/96 475,747 $2,379 $3,050 $2,459 $(131) $ 60 $7,817
See accompanying notes.
EXCHANGE BANCSHARES, INC.
LUCKEY, OHIO
CONSOLIDATED STATEMENTS OF CASH FLOWS
_____________________________________________________________________________________________________________
(Dollars in thousands)
Years ending December 31,
1996 1995 1994
____ ____ ____
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 747 $ 612 $ 580
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization net of discount accretion 134 124 158
Provision for loan losses 75 120 80
(Gain) loss from sale of foreclosed assets 0 4 (2)
(Gain) loss from sales of investment securities, net 0 38 (34)
Gain on sales of equipment (1) 0 (10)
Depreciation 131 126 125
Deferred income taxes 2 (2) 4
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable (58) 25 (70)
(Increase) decrease in other assets (36) (27) (30)
Increase (decrease) in accrued interest payable 26 9 (16)
Increase (decrease) in other liabilities 5 118 (33)
______ ______ ______
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,025 1,147 752
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of held-to-maturity securities (100) 0 (2,004)
Proceeds from maturities of held-to-maturity securities 605 253 759
Purchases of available-for-sale securities (9,360) (3,624) (4,616)
Proceeds from sales of available-for-sale securities 0 4,066 4,049
Proceeds from maturities of available-for-sale securities 8,400 2,000 3,500
Net increase in loans (3,182) (1,393) (1,174)
Purchases of premises and equipment (110) (21) (52)
Proceeds from sale of equipment 1 5 14
Proceeds from sale of foreclosed assets 0 22 25
______ ______ ______
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (3,746) 1,308 501
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits 1,648 326 (2,587)
Payments on long term debt 0 0 (77)
Purchase of treasury stock (118) (5) (57)
Proceeds from sale of common stock 0 0 25
Proceeds from sale of treasury stock 0 0 49
Dividends paid (207) (178) (186)
______ ______ ______
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,323 143 (2,833)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,398) 2,598 (1,580)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 6,092 3,494 5,074
______ ______ ______
CASH AND CASH EQUIVALENTS AT END OF YEAR $4,694 $6,092 $3,494
______ ______ ______
See accompanying notes.
