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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10 - QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1996
----------------------------
Commission File Number 0-16587
------------------------
South Branch Valley Bancorp, Inc.
---------------------------------------------------
(Exact name of small business issuer as
specified in its charter)
West Virginia 55-0672148
- - -------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
310 North Main Street
Moorefield, West Virginia 26836
- - -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(304) 538-2353
- - -------------------------------------------------------------------------------
(Issuer's telephone number, including area code)
Check whether the issuer: (1) has filed all reports required by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- ------
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date.
378,510 common shares were outstanding as of August 8, 1996.
Transitional Small Business Disclosure Format (Check one):
Yes No X
------ -----
This report contains 16 pages.
SOUTH BRANCH VALLEY BANCORP, INC. AND SUBSIDIARY
INDEX
Page
I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed consolidated balance sheets
June 30, 1996 (unaudited) and
December 31, 1995 3
Condensed consolidated statements of
income for the three months and six
months ended June 30, 1996, and
1995 (unaudited) 4
Condensed consolidated statements of
cash flows for the six months ended
June 30, 1996 and 1995 (unaudited) 5-6
Condensed consolidated statements of
shareholders' equity for the three
months and six months ended June 30,
1996 and 1995 (unaudited) 7
Notes to condensed consolidated financial
statements (unaudited) 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 9-13
II. OTHER INFORMATION
Item 4. Submissions of Matters to a Vote
of Security Holders 14
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
2
SOUTH BRANCH VALLEY BANCORP, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
1996 1995
ASSETS (Unaudited) *
-------------- ----------------
Cash and due from banks $1,986,718 $2,191,647
Interest bearing deposits with other banks 1,949,000 2,134,919
Federal funds sold 60,777 2,161,745
Securities available for sale 32,290,947 31,480,580
Loans, net 75,125,994 70,598,398
Bank premises and equipment, net 3,130,864 3,180,351
Accrued interest receivable 1,044,507 983,841
Other assets 448,990 386,377
-------------- ----------------
Total Assets $116,037,797 $113,117,858
============== ================
LIABILITIES
Non-interest bearing deposits $8,238,115 $7,832,774
Interest bearing deposits 91,820,287 92,213,562
------------- ----------------
Total deposits 100,058,402 100,046,336
Securities sold with agreement to
repurchase 2,211,926 --
Long-term borrowings 1,725,382 750,000
Other liabilities 741,934 992,862
-------------- ----------------
Total Liabilities 104,737,644 101,789,198
-------------- ----------------
SHAREHOLDERS' EQUITY
Common stock, $2.50 par value, authorized
600,000 shares, issued 382,625 shares 956,562 956,562
Surplus 685,534 685,534
Net unrealized gain (loss) on securities (191,377) 340,650
Less cost of shares acquired for the
treasury 1996, 4,115; and 1995, 4,115 (166,970) (166,970)
Retained earnings 10,016,404 9,512,884
-------------- ----------------
Total Shareholders' Equity 11,300,153 11,328,660
-------------- ----------------
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $116,037,797 $113,117,858
============== ================
* December 31, 1995 financial information has been
extracted from audited financial statements.
See Notes to Condensed Consolidated Financial Statements
3
SOUTH BRANCH VALLEY BANCORP, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Six Months ended June 30, 1996 and 1995
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1996 1995 1996 1995
------------- ---------- ----------- -----------
Interest income:
Interest and fees on loans $1,836,100 $1,620,217 $3,633,917 $3,153,272
Interest on securities:
Taxable 481,174 442,675 953,152 858,783
Tax-exempt 61,434 42,154 109,218 77,591
Interest on federal funds sold 12,534 22,689 35,791 31,940
------------- --------- ---------- -----------
Total interest income 2,391,242 2,127,735 4,732,078 4,121,586
------------- ---------- ----------- -----------
Interest expense:
Interest on deposits 1,159,445 1,001,550 2,300,068 1,865,903
Interest on federal funds
purchased and securities
sold under repo agmt 1,346 -- 1,596 1,138
Interest on borrowings 25,910 1,242 46,885 27,364
------------- ---------- ----------- -----------
Total interest expense 1,186,701 1,002,792 2,348,549 1,894,405
------------- ---------- ----------- -----------
Net interest income 1,204,541 1,124,943 2,383,529 2,227,181
Provision for loan losses 15,000 25,000 25,000 50,000
------------- ---------- ----------- -----------
Net interest income after
provision for loan losses 1,189,541 1,099,943 2,358,529 2,177,181
------------- ---------- ----------- -----------
Non-interest income:
Insurance commissions 26,161 27,410 48,724 47,265
Trust department income -- -- (8) 508
Service fee income 59,240 53,669 109,145 103,218
Securities gains (losses) -- 1,292 33,912 (1,855)
Other income 11,331 9,649 26,068 23,771
------------- ---------- ----------- -----------
Total other income 96,732 92,020 217,841 172,907
------------- ---------- ----------- -----------
Non-interest
expense:
Salaries and employee benefits 422,276 390,698 865,973 781,910
Net occupancy expense of premises 47,261 28,478 100,587 57,673
Equipment expense 52,236 40,528 100,042 81,322
FDIC insurance premiums 500 48,480 1,500 96,961
Other expenses 264,196 227,888 532,109 443,544
------------- ---------- ----------- -----------
Total other expense 786,469 736,072 1,600,211 1,461,410
------------- ---------- ----------- -----------
Income before income tax expense 499,804 455,891 976,159 888,678
Income tax expense 163,635 162,036 328,805 322,214
------------- ---------- ----------- -----------
Net Income $336,169 $293,855 $647,354 $566,464
============= ========== =========== ===========
Earnings per common share (Note2) $0.89 $0.78 $1.71 $1.50
============= ========== =========== ===========
Dividends per common share $0.38 $0.33 $0.38 $0.33
============= ========== =========== ===========
See Notes to Condensed Consolidated Financial Statements
4
SOUTH BRANCH VALLEY BANCORP, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 1996 and 1995
(Unaudited)
Six Months Ended
June 30, June 30,
1996 1995
-------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $647,354 $566,464
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation 112,204 74,434
Provision for loan losses 25,000 50,000
Securities (gains) losses (33,911) 1,855
Provision for deferred income tax expense 70 30,189
(Increase) in accrued income receivable (60,666) (29,781)
Amortization of security premiums and
(accretion of discounts), net 32,521 52,150
(Increase) decrease in other assets 57,122 (113,249)
Increase (decrease) in other liabilities (37,675) 9,107
-------------------------------
Net cash provided by operating activities 742,019 641,169
-------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of securities held to maturity -- 100,000
Purchases of securities held to maturity -- (615,567)
Proceeds from sales of securities available for sale 2,209,305 970,000
Proceeds from maturities of securities available for sale 2,800,000 1,300,000
Purchases of securities available for sale (6,982,712) (4,181,186)
Principal payments received on securities held to maturity -- 174,090
Principal payments received on securities available for sale 299,345 57,517
(Increase) decrease in Federal funds sold, net 2,100,968 (658,030)
Principal collected on (loans to customers), net (4,552,596) (892,263)
(Purchase of) proceeds from interest bearing deposits with
other banks 185,919 (392,108)
Purchase of Bank premises and equipment (62,717) (377,107)
-------------------------------
Net cash provided by (used in) investing activities (4,002,488) (4,514,654)
-------------------------------
Continued
See Notes to Condensed Consolidated Financial Statements
5
SOUTH BRANCH VALLEY BANCORP, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
For the Six Months Ended June 30, 1996 and 1995
(Unaudited)
Six Months Ended
June 30, June 30,
1996 1995
CASH FLOWS FROM FINANCING ACTIVITIES
-------------------------------
Net increase (decrease) in demand deposits, NOW and
savings accounts (1,337,761) 2,661,492
Proceeds from sales of time deposits, net 1,349,827 3,111,865
Increase in securities sold with agreement to repurchase 2,211,926 --
Net increase (decrease) in other borrowings 975,382 (1,700,000)
Dividends paid (143,834) (124,908)
-------------------------------
Net cash provided by (used in) financing activities 3,055,540 3,948,449
-------------------------------
Increase (decrease) in cash and due from banks (204,929) 74,964
Cash and due from banks:
Beginning 2,191,647 2,152,919
-------------------------------
Ending $1,986,718 $2,227,883
============== ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest paid to depositors $2,280,320 $1,797,117
============== ============
Income taxes $243,063 $371,502
============== ============
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Other real estate acquired in settlement of loans $0 $8,400
============== ============
6
SOUTH BRANCH VALLEY BANCORP, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Three Months and Six Months ended June 30, 1996 and 1995
(Unaudited)
Three Months Ended
---------------------------------------
June 30, June 30,
1996 1995
-------------- ----------------
Balance, beginning of period $11,401,205 $9,980,743
Net income 336,169 293,855
Cash dividends declared (143,834) (124,908)
Change in net unrealized gain (loss)
on securities (293,387) 363,141
-------------- ----------------
Balance, June 30 $11,300,153 $10,512,831
============== ================
Six Months Ended
--------------------------------------
June 30, June 30,
1996 1995
-------------- ----------------
Balance, beginning of period $11,328,660 $9,378,140
Net income 647,354 566,464
Cash dividends declared (143,834) (124,908)
Change in net unrealized gain (loss)
on securities (532,027) 693,135
-------------- ----------------
Balance, June 30 $11,300,153 $10,512,831
============== ================
See Notes to Condensed Consolidated Financial Statements
7
SOUTH BRANCH VALLEY BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The 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 for a fair statement of results for the
interim periods.
The presentation of financial statements in conformity with
generally accepted accounting procedures requires management to make
estimates and assumptions that effect the reported amount of assets
and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from the estimates.
The results of operations for the six month period ended June 30,
1996 are not necessarily indicative of the results to be expected
for the full year. The Condensed Consolidated Financial Statements
and notes included herein should be read in conjunction with the
Company's 1995 audited financial statements and Form 10-K.
Note 2. Earnings Per Share
Earnings per common share are computed based upon the weighted
average shares outstanding. The weighted average shares outstanding
were 378,510 at June 30, 1996 and 1995.
8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
INTRODUCTION AND SUMMARY
The following is Management's discussion and analysis of the financial
condition and financial results of operations for South Branch Valley Bancorp,
Inc. and its wholly owned subsidiary, South Branch Valley National Bank, as of
June 30, 1996. Since the primary business activities of South Branch Valley
Bancorp, Inc. are conducted through the Bank, this discussion focuses primarily
on the financial condition and operations of the Bank.
Net income for the second quarter of 1996 was $336,000, a 14.3% increase
from the second quarter earnings of 1995 which totaled $294,000. This translated
to $.89 per share during the second quarter of 1996 compared to $.78 during the
second quarter of 1995.
Net income for the six months ended June 30, 1996 totaled $647,000, which
is an $81,000 or 14.3% increase from the $566,000 earned in the first six months
of 1995. Annualized return on average assets for 1996 was 1.13% as compared to
1.15% at June 30, 1995. Earnings per share increased from $1.50 for the first
six months of 1995 to $1.71 for the first six months of 1996.
RESULTS OF OPERATIONS
Net Interest Income
- - -------------------
For purposes of this discussion, the "taxable equivalent basis" adjustment
has been included in interest income to reflect the level of income had income
on state and municipal obligations exempt from Federal income tax been taxable,
assuming a Federal tax rate of 34% in both 1996 and 1995. The amounts of tax
equivalent adjustments were $25,000 in 1996 and $17,000 in 1995.
For the six months ended June 30, 1996, the Company's net interest income,
as adjusted, increased $163,000 or 7.3% to $2,408,000 as compared with
$2,245,000 for the six months ended June 30, 1995. However, the Company's net
interest yield on earning assets decreased 28 basis points from 4.72% at June
30, 1995 to 4.44% for the six months ended June 30, 1996. A detailed analysis of
the net interest yield is shown on Table I.
Provision for Loan Losses and Loan Quality
- - ------------------------------------------
An allowance for loan losses is maintained by the Company and is funded
through the provision for loan losses as a charge to current earnings. The
allowance for loan losses is reviewed by management on a quarterly basis to
determine that it is maintained at levels considered necessary to cover
potential losses associated with the Bank's current loan portfolio. The
Company's provision for loan losses for the first six months of this year
totaled $25,000 compared to $50,000 for the six months ended June 30, 1995.
Net loan charge-offs for the first six months of 1996 were $33,000 as
compared to $161,000 for the first six months of 1995. Expressed as a percentage
of loans (net of unearned interest), net charge-offs (recoveries) were .04% for
the first six months of 1996 compared to .25% for the comparable period of 1995.
9
South Branch Valley Bancorp, Inc. and Subsidiary
- - -------------------------------------------------------------------------------
Table I - Average Distribution Of Assets, Liabilities And Shareholders'
Equity, Interest Earnings & Expenses, And Average Rates
(In thousands of dollars)
June 30, 1996 June 30, 1995
-------------------------------- ---------------------------------
AVERAGE EARNINGS/ YIELD/ AVERAGE EARNINGS/ YIELD/
BALANCES EXPENSE RATE BALANCES EXPENSE RATE
-------------------------------- ---------------------------------
ASSETS
Interest earning assets
Loans, net of unearned
interest $73,444 $3,634 9.90% $64,228 $3,153 9.82%
Securities
Taxable 27,603 884 6.41% 25,412 798 6.28%
Tax-exempt 4,061 134 6.60% 2,685 95 7.08%
Interest bearing
deposits
with other banks 2,052 69 6.73% 1,813 61 6.73%
Federal Funds sold 1,318 36 5.46% 1,024 32 6.25%
--------- ----------- ------- ---------- --------- --------
Total interest
earning assets 108,478 4,757 8.77% 95,162 4,139 8.70%
Noninterest earning
assets 5,956 3,611
--------- ----------
Total assets $114,434 $98,773
========= ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest bearing liabilities
Interest bearing
demand deposits $19,489 $331 3.40% $16,749 $297 3.55%
Regular savings 15,972 285 3.57% 13,129 217 3.31%
Time savings 57,024 1,684 5.91% 49,902 1,352 5.42%
Short-term
borrowings 20 1 6.38% 921 28 6.08%
Long-term borrowings 1,573 47 5.98% -- -- --
Sec sold w/agmt to
repur 48 1 4.17% -- -- --
--------- ----------- ------- ---------- --------- --------
94,126 2,349 4.99% 80,701 1,894 4.69%
Noninterest bearing
liabilities
Demand deposits 8,191 7,618
Other liabilities 866 628
--------- ----------
Total liabilities 103,183 88,947
Shareholders' equity 11,251 9,826
--------- ----------
Total liabilities and
shareholders'equity $114,434 $98,773
========= ==========
NET INTEREST EARNINGS $2,408 $2,245
=========== =========
NET INTEREST YIELD ON EARNING ASSETS 4.44% 4.72%
======= ========
10
The total of non-performing assets and loans past due 90 days or more and
still accruing interest has remained relatively stable during the past 12
months, and management has no knowledge that would lead them to believe that
such assets will increase substantially during the remainder of 1996.
Summary of Past Due Loans and Non-Performing Assets
June 30 December 31
--------------- -------------
1996 1995 1995
Loans contractually past due
90 days or more and still $ 159 $ 102 $ 260
====== ====== ======
accruing interest
Non-performing assets:
Non-accruing Loans $ 450 $ 950 $ 538
Other Real Estate Owned 40 31 40
------ ----- ------
$ 491 $ 981 $ 578
====== ====== ======
At June 30, 1996, the allowance for loan losses totaled $852,000 or 1.1%
of net loans compared to $860,000 or 1.2% of net loans at December 31, 1995.
While there may be some loans or portions of loans identified as potential
problem credits which are not specifically identified as either non-accrual or
accruing loans past due 90 or more days, they are considered by management to be
insignificant to the overall disclosure and are therefore not specifically
quantified within the Management's Discussion and Analysis.
Non-interest Income
- - -------------------
Total other income increased approximately $45,000 or 26.0% during the
first six months of 1996, as compared to the first six months of 1995. A
detailed discussion of non-interest expense components follows.
Service fee income increased from approximately $103,000 to $109,000 or
5.8%. Management believes the Company will be able to maintain levels of
service fee income similar to this throughout the remainder of 1996.
Net realized gains on securities increased by approximately $36,000 for
the six month period ended June 30, 1996 as compared with the six month period
ended June 30, 1995.
Non-interest Expense
- - --------------------
Total non-interest expense increased approximately $139,000 or 9.5% during
the first six months of 1996 as compared to the first six months of 1995. A more
detailed discussion of non-interest expense components follows:
An increase of approximately $84,000 or 10.7% in salaries and employee
benefits can be attributed to a general increase in salaries and a slight
increase in insurance costs. Also contributing to this increase was the
11
purchase of the Petersburg branch in November 1995. This new branch increased
our number of full time employees by 9.6% from 52 employees before the purchase
to 57 employees after the purchase.
Net occupancy expense increased approximately $43,000 to $101,000 or 74.1%
from 1995 to 1996. Equipment expense also increased 23.5% from approximately
$81,000 for the period ending June 30,1995 to $100,000 for the period ending
June 30, 1996. These increases were expected and planned for by management due
to the purchase of the Petersburg branch during the fourth quarter of 1995 and
the recently completed renovation and addition to the Company's home office in
Moorefield.
Due to the decrease in the semi-annual rate of deposit insurance from
$.115 per hundred dollars of deposits to a minimum assessment of $1,000, FDIC
insurance premiums decreased approximately $95,000 for the first six months
of 1996 as compared to the first six months of 1995.
Other expenses increased approximately $88,000 or 19.8% from $444,000 to
$532,000 during the first six months of 1996 compared to 1995. The major factors
contributing to this increase are as follows:
** During the first six months of 1996 the bank did a computer
conversion and experienced some one time expenses. Data processing
expense increased 73.0% from approximately $37,000 in 1995 to
$64,000 in 1996. ATM expense increased from $7,000 to $16,000 or
128.6%. Management does not expect these large increases to expenses
to continue.
** Associated with the acquisition of the new branch in Petersburg
was the creation of a new expense, Amortized goodwill. This
expense has totaled $19,000 thus far in 1996.
** Credit card expense increased 60.0% from $15,000 in 1995 to $24,000
in 1996. This increase is the result of an increase in the fees
charged by Visa and MasterCard and the Bank's processor.
** The bank's strong loan demand required more credit reports which
increased credit reference fees from $9,000 in 1995 to $13,000 in
1996, an increase of 44.4%.
Liquidity
- - ---------
Liquidity in commercial banking can be defined as the ability to satisfy
customer loan demand and meet deposit withdrawals while maximizing net interest
income. The Company's primary sources of funds are deposits and principal and
interest payments on loans. Additional funds are provided by maturities of
securities. The Company uses ratio analysis to monitor the changes in its
sources and uses of funds so that an adequate liquidity position is maintained.
At June 30, 1996 the loan to deposit ratio was 75.1% as compared to 70.6% at
June 30, 1995. Cash and due from banks coupled with Federal funds sold totaled
$2,047,000 or 1.8% of total assets. Additionally, securities and interest
bearing deposits with other banks maturing within one
12
year approximated $5,043,000 or 4.4% of total assets. Management believes that
the liquidity of the company is adequate and foresees no demands or
conditions that would adversely affect it.
FINANCIAL CONDITION
The Company's total assets have increased approximately 2.6% or $2.9
million from December 31, 1995. The overall composition of the Company's assets
has not changed significantly since December of 1995.
Total deposits have changed very little since December 31, 1995. In the
Bank's never ending quest to provide better service to all of it's customer
base, the Bank began a new service on June 30, 1996. This service is called
securities sold under agreement to repurchase. Federal law prohibits the
payment of interest on corporate demand accounts. In order to be more
competitive and to better serve it's corporate customers, the Bank was pleased
to be able to offer this new service. The Bank has set aside a group of U. S.
Agency securities for these repurchase agreements. These repurchase agreements
totaled $2,212,000 on June 30, 1996 with a yield of 4.17%.
The Company's total shareholders' equity has decreased approximately
$29,000 or .26% since December 31, 1995. This decrease is primarily due to a
decrease in net unrealized gain on securities by approximately $293,000.
This decrease was due to changes in market interest rates as opposed to a
decline in the underlying quality of the Company's investments portfolio. The
Company's equity to total assets ratio was 9.7% at June 30, 1996 compared to
10.0% at December 31, 1995. The Company's subsidiary bank's risk weighted
capital ratio was approximately 16.4% at June 30, 1996, and is well within
Federal regulatory guidelines. The Company is not aware of any pending Federal
regulation which would have a material negative impact on its operations at this
point in time.
13
PART II
Item 4 - Submissions of Matters to a Vote of Security Holders
- - -------------------------------------------------------------
On April 16, 1996 the annual meeting of South Branch Valley Bancorp, Inc.
was held to (1) elect five directors for a three year term, (2) ratify the
election of Arnett & Foster as the Company's independent certified public
accountants for the fiscal year ending December 31, 1996, and (3) to transact
such other business to come before the meeting.
The following persons received the number of votes opposite their names
for directors of the Company:
Donald W. Biller 247,648
John W. Crites 247,648
Jeffrey E. Hott 247,892
Russell F. Ratliff, Jr. 247,649
Harry C. Welton 247,648
Total number of shares voted was 247,837, of which all were voted by proxy
and none were voted in person.
The firm of Arnett & Foster was ratified to serve as the Company's
independent certified public accountants by a vote of 247,657 for, none against,
and 180 abstentions.
There were no other matters to come before the annual meeting.
Item 6 - Exhibits and Reports on Form 8-K
- - -----------------------------------------
A. Exhibit - Financial Data Schedule required by Part I Item 601 of
Regulation S-B.
B. No reports on Form 8-K were filed by the Company during the quarter
ended June 30, 1996.
14
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.
South Branch Valley Bancorp, Inc.
(registrant)
By:
------------------------------------------
H. Charles Maddy, III, President and
Chief Financial Officer
By:
------------------------------------------
Russell F. Ratliff, Jr., Treasurer
Date: August 5, 1996
-----------------
15
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.
South Branch Valley Bancorp, Inc.
(registrant)
By: /s/ H. Charles Maddy, III
--------------------------------------------
H. Charles Maddy, III, President and
Chief Financial Officer
By: /s/ Russell F. Ratliff, Jr.
-------------------------------------------
Russell F. Ratliff, Jr.
Treasurer
Date: August 5, 1996
---------------------
16
9 0000811808 SOUTH BRANCH VALLEY NATIONAL BANK 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1,986,718 1,949,000 60,777 0 32,290,947 0 0 75,977,505 (851,511) 116,037,797 100,058,042 0 2,953,860 1,725,382 0 0 956,562 10,343,591 116,037,797 3,633,917 1,017,923 80,238 4,732,078 2,300,068 2,348,549 2,383,529 25,000 33,912 1,600,211 976,159 647,354 0 0 647,354 1.71 1.71 4.40 450,157 159,074 55,068 1,352,040 859,681 42,871 9,701 851,511 851,511 0 0