SECURITIESAND EXCHANGE COMMISSIONWashington,D.C. 20549

FORM10-K

AnnualReport Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

 

| For the Fiscal Year Ended December 31, 2001             | Commission File           |
|---------------------------------------------------------|---------------------------|
|                                                    | Number 2-84047       |
|                                                    |
| **Peoples  Bancshares of Pointe Coupee Parish, Inc.**   |
| (Exact  name of registrant as specified in its charter) |
|                                                    |                      |
| **Louisiana**                                           | **72-0995027 **      |
| (State or other jurisdiction of                         | (I.R.S. Employer     |
| incorporation or organization)                          | Identification No.)  |
|                                                    |                      |
| **805 Hospital Road**                                   | **70760 **           |
| **New Roads, Louisiana**                                | (Zip Code)           |
| (Address of principal executive offices)                |                      |

Registrant's Telephone Number, including areacode:  (225) 638-3713  

Securities registered pursuant to Section 12(b)of the Act:  None  Securities registered pursuant to Section 12(g) of the Act:  

CommonStock, $2.50 Par Value  (Title of Class)

        Indicate by check markwhether the registrant:  (1) has filedall reports  required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934  during the preceding 12 months(or for suchshorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.   

     Yes   X    No      

        State the aggregatemarket value of the voting stock held by nonaffiliates of the  registrant:  $8,708,321

        Indicate the number ofshares outstanding of each of the issuer's classes of  common stock, as of the latest practicable date.  

        Common stock, $2.50Par Value, 308,977 shares outstanding as of March 31, 2002.  

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**DocumentsIncorporated by Reference**

 

|             Document | Part of Form 10-K        |
|----------------------------------------------------------------------------------|--------------------------|
|                                                                             |                     |
| "Consolidated Financial Statements for                                      | Part I and Part II  |
|     Years Ended December 31, 2001, 2000 and                            |                     |
|    1999  and Independent Auditors' Report"                        |                     |

**Item 1:             Business **

          PeoplesBancshares of Pointe Coupee Parish, Inc. (the Corporation) was  incorporated under the laws of the State ofLouisiana in 1983.  On December 9, 1983,  Peoples Bank and Trust Company (the Bank)was reorganized as a subsidiary of the Corporation.  Prior to December9, 1983, the corporation had no activity.  The  Corporation is currentlyengaged, through its subsidiary, in banking and related  business. The Bank is the Corporation's principal asset and primary source ofincome.  

**The Bank **

        TheBank incorporated under the State Banking Laws in 1979 and received its  charter on March 31, 1980.  It is in the business of gathering funds byaccepting  checking, savings, and othertime-deposit accounts and reemploying these by making  loans and investing in securities and other interest bearingassets.  The Bank is a  full service commercial bank.  Some of the major services which it providesinclude  checking, NOW accounts, moneymarket investments, money market checking, savings and  other time deposits of various types, loansfor business, agriculture, real estate, personal use, home improvement, automobile, and a variety of other typesof loans and  services including lettersof credit, safe deposit rental, bank money orders, cashiers  checks, credit cards, and wiretransfers.  

        TheState of Louisiana and various agencies of Parish (County) Government  deposits public funds with the Bank.  As of December 31, 2001, $1,751,360 were on  deposit representing 4.68% of total depositsoutstanding.  Of this total,$1,354,014  represented demand deposits,$274,154 were time deposits and $.00 were savings  deposits.  The weightedaverage interest rate on these deposits was 4.36%.  The maturity  of thesedeposits range from one day to twelve months. 

        TheBank's general and primary market area is in Pointe Coupee Parish which hasa  population of approximately23,000.  Population of Pointe Coupee hasexperienced virtually no  growth sinceinception of the bank.  

        TheBank faces keen competition from three other banks operating in nine  locations throughout the parish.  The largest bank in the parish as ofDecember 31,  2001 was Regions Bank ofAlabama, New Roads Branch, which had in excess of $50 billion  in assets nationwide. Regions Bank ofAlabama acquired the former Bank of New Roads in  August of 1994. The other banks operating in Pointe Coupee areGuaranty Bank and Trust Company which had total assets of approximately $47million as of December 31, 2001 and Cottonport Bank, which opened a branch in1998 with assets of approximately $200 million on December 31, 2001.  Additional competition for deposits andloans comes from banks and non-banks (credit unions, brokerage houses, etc.) in Baton Rouge, the capital city ofLouisiana, which  is 35 miles from NewRoads.  

**Supervision and Regulation **

        TheBank is subject to regulation and regular examinations by the StateBanking  Department and by the FederalDeposit Insurance Corporation. Applicable regulations  relate toreserves, investments, loans, issuance of securities, establishment of branchesand aspects of its operations.  

        TheCorporation is a bank holding company within the meaning of the Bank HoldingCompany Act of 1956, as amended (the Act), and is thereby subject to the provisionsof the Act and to regulation by the Board of Governors of the Federal ReserveSystem (the Board).  

 

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        TheAct requires the Corporation to file with the Board an annual report containingsuch information as the Board may require. The Board is authorized by the Act to examine the Corporation and allits activities.  The activities that maybe engaged in by the Corporation and its subsidiary are limited by the Act tothose soclosely related to banking or managing or controlling banks, the Board must considerwhether its performance by an affiliate of a holding company can reasonably beexpected to produce benefits to the public, such as greater convenience,increased competition or gains in efficiency that out-weigh possible adverseeffects, such as undue concentration of resources, decreased or unfaircompetition, conflicts of interest, or unsound banking practices. The Board hasadopted regulations implementing the provisions of the Act with respect to theactivities of bank holding companies. Such regulations reflect a determinationby the Board that the following activities are permissible for bank holdingcompanies:  (1) making, for its ownaccount or for the account of others, loans such as would be made, for example,by a mortgage, finance or factoring company; (2) operating as an industrialbank; (3) servicing loans; (4) acting as a fiduciary; (5) acting as aninvestment trust or a real estate investment trust; (6) leasing personal orreal property, where the lease is to serve as the functional equivalent of anextension of credit to the lessee of the property; (7) investing in communitywelfare corporations or projects; (8) providing bookkeeping and data processingservices for a bank holding company and its subsidiaries, or storing andprocessing certain other banking, financial or related economic data; (9)acting as insurance agent or broker with respect to certain kinds of insurance,principally insurance issued in connection with extensions of credit by theholding company or any of its subsidiaries; (10) underwriting credit life andcredit accident and health insurance related to extensions of credit; (11)providing courier services for documents and papers related to bankingtransactions; (12) providing management consulting advice to non-affiliatedbanks; and (13) selling money orders, travelers checks and U.S. SavingsBonds.  In each case, the Corporationmust secure the approval of the Board prior to engaging in any of theseactivities.  

        Whetheror not a particular non-banking activity is permitted under the  Act, the Board is authorized to require aholding company to terminate any activity, or divest itself of any non-bankingsubsidiary, if in its judgement the activity or subsidiaries would be unsound.  

        Underthe Act the Board's regulations, a bank holding company and its subsidiariesare prohibited from engaging in certain tie-in arrangements in connection withany extension of credit or provision of any property or services.  

        TheBoard of Directors of the Corporation has no present plans or intentions tocause the Corporation to engage in any substantial business activity whichwould be permitted under the Louisiana Act but which is not permitted to theBank; however, a significant reason for formation of the one-bank holding companyis to take advantage of the additional flexibility afforded by that structureif the Board of Directors of the Corporation concludes that such action wouldbe in the best interest of stockholders.  

        Withcertain exceptions, the Bank is restricted by Sections 22 and 23A of theFederal Reserve Act and Section 18(j) of the Federal Deposit Insurance  Corporation Act from extending credit ormaking loans to or investments in the Corporation.  

**StatisticalInformation **

          Thefollowing tables contain additional information concerning the business andoperations of the Registrant and its subsidiary and should be read inconjunction with the Consolidated Financial Statements of the Registrant andManagement's Discussion and Analysis of Operations.  

 

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**I.  Distribution of Assets,Liabilities and Stockholders' Equity InterestRates and Interest Differential**

|                                       | (In  Thousands)  |
|--------------------------------------------|------------------|
|                                       | Average  Balance | 2001  Amount  Earnedor Paid | Yield/Rate | AverageBalance | 2000  Amount  Earnedor Paid | Yield/Rate |
| Assets:                                    |             |   |   |   |   |   |   |   |   |   |   |
|  Interest earning assets              |             |   |   |   |   |   |   |   |   |   |   |
|  Loans  and Leases                    | $                | 39,084 | $ | 3,308 | 8.46% | $ | 35,443 | $ | 3,438 |   |   9.70% |
|  Taxable securities                   |             | 3,175 |   | 199 | 6.27% |   | 4,491 |   | 301 |   | 6.70% |
|  Tax  exempt securities               |             |   |   |   |   |   |   |   |   |   |   |
|  (tax  equivalent yields)             |             | 606 |   | 32 | 8.26% |   | 600 |   | 34 |   | 8.50% |
|  Federal funds sold and               |             |   |   |   |   |   |   |   |   |   |   |
|   time  deposits with       |             |   |   |   |   |   |   |   |   |   |   |
|   other  banks                        |             | 3,448 |   | 138 | 4.00% |   | 1,375 |   | 87 |   | 6.33% |
|                                       |             |             |   |            |             |   |             |   |             |   |             |
|  Total  interest                      |             |   |   |   |   |   |   |   |   |   |   |
| earning assets                             | $                | 46,313 |   | 3,677 | 7.94% |   | 41,909 |   | 3,860 |   | 9.21% |
|                                       |             |             |   |            |             |   |             |   |             |   |             |
| Non-interest earnings assets:              |             |   |   |   |   |   |   |   |   |   |   |
|  Cash  and due from banks             | $                | 1,362 |   |   |   |   | 1,278 |   |   |   |   |
|  Bank  premises and equipment         |             | 577 |   |   |   |   | 607 |   |   |   |   |
|  Other  assets                        |             | 1,389 |   |   |   |   | 1,388 |   |   |   |   |
| Allowance for Loan Losses                  |             | (731) |   |   |   |   | (797) |   |   |   |   |
|                                       |             |             |   |   |   |   |             |   |   |   |   |
|      Total assets           | $                | 48,910 |   |   |   | $ | 44,385 |   |   |   |   |
|                                       |             | ===== |   |   |   |   | ===== |   |   |   |   |
| LIABILITIES AND  STOCKHOLDERS' EQUITY |             |   |   |   |   |   |   |   |   |   |   |
| Interest bearing Liabilities:              |             |   |   |   |   |   |   |   |   |   |   |
|    Deposits                           |             |   |   |   |   |   |   |   |   |   |   |
|    Savings account                    | $                | 5,906 |   | 172 | 2.91% | $ | 5,258 |   | 154 |   | 2.93% |
|   NOW  accounts                       |             | 1,786 |   | 194 | 10.86% |   | 2,119 |   | 244 |   | 11.51% |
|  Money  market                        |             |   |   |   |   |   |   |   |   |   |   |
|    investment accounts                |             | 4,406 |   | 14 | 0.32% |   | 3,238 |   | 13 |   | 0.40% |
|   Other  time deposits                |             | 19,126 |   | 1,021 | 5.34% |   | 16,605 |   | 953 |   | 5.74% |
| Federal funds purchased                    |             |   |   |   |   |   |   |   |   |   |   |
| and securities sold under                  |             |   |   |   |   |   |   |   |   |   |   |
| agreements to repurchase                   |             | 0 |   | 0 | 0.00% |   | 177 |   | 12 |   | 6.78% |
| Other borrowed funds                       |             | 1,975 |   | 92 | 4.66% |   | 2,292 |   | 138 |   | 6.02% |
|                                       |             |             |   |            |             |   |             |   |             |   |             |
| Total interest bearing                     |             |   |   |   |   |   |   |   |   |   |   |
|  Liabilities                          | $                | 33,199 |   | 1,493 | 4.50% |   | 29,689 |   | 1,514 |   | 5.10% |
|                                       |             |             |   |            |             |   |             |   |             |   |             |
| Non-interest                               |             |   |   |   |   |   |   |   |   |   |   |
|      bearing Liabilities    |             |   |   |   |   |   |   |   |   |   |   |
| and stockholders' equity:                  |             |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                            | $                | 6,757 |   |   |   |   | 6,513 |   |   |   |   |
| Other Liabilities                          |             | 557 |   |   |   |   | 435 |   |   |   |   |
| Stockholders' equity                       |             | 8,397 |   |   |   |   | 7,748 |   |   |   |   |
|                                       |             |             |   |            |             |   |             |   |             |   |             |
| Total Liabilities and                      |             |   |   |   |   |   |   |   |   |   |   |
| stockholders' equity                       | $                | 48,910 |   |   |   | $ | 44,385 |   |   |   |   |
|                                       |             | ===== |   |   |   |   | ===== |   |   |   |   |
| Net interest income                        |             |   | $ | 2,184 |   |   |   | $ | 2,346 |   |   |
|                                       |             |   |   | ===== |   |   |   |   | ==== |   |   |
| Margin Analysis                            |             |   |   |   |   |   |   |   |   |   |   |
| Interest Income/earnings assets            |             |   |   |   | 7.94% |   |   |   |   |   | 9.21% |
| Interest Expense/earnings assets           |             |   |   | 4.50% |   |   |   |   |   | 5.10% |
|                                       |             |   |   |   |             |   |   |   |   |   |             |
| Net interest income/earnings assets        |             |   |   | 3.44% |   |   |   |   |   | 4.11% |
|                                       |             |   |   |   | ===== |   |   |   |   |   | ===== |

 

----

 

|                                                   | 2001 Compared with 2000  Variance due to |                                             | 2000 Compared with 1999  Variance due to |
|--------------------------------------------------------|------------------------------------------|--------------------------------------------------|------------------------------------------|
|                                                   | Volume                                   | Rate                                             | Net                                      |   | Volume | Rate | Net |
| INTEREST  INCOME                        |                                     |                                             |                                     |   |   |   |   |   |   |   |   |
|  Loans                                            | $                                        | 557                                              |                                     | (687) |   | (130) | $ | 442 |   | 65 |   | 507 |
|  Taxable securities                               |                                     | (84)                                             |                                     | (19) |   | (102) |   | 18 |   | 1 |   | 19 |
|  Tax exempt securities                            |                                     | 1                                                |                                     | (4) |   | (3) |   | (4) |   |      - |   | (4) |
|  Federal funds sold                               |                                     | 93                                               |                                     | (41) |   | 51 |   | (57) |   | 27 |   | (30) |
|                                                   |                                     |          |                                     |          |   |          |   |          |   |          |   |          |
| Total  interest                                        |                                     |                                             |                                     |   |   |   |   |   |   |   |   |   |
|     earning assets                      |                                     | 567                                              |                                     | (751) |   | (184) |   | 399 |   | 93 |   | 492 |
|                                                   |                                     |          |                                     |          |   |          |   |          |   |          |   |          |
|                                                   |                                     |                                             |                                     |   |   |   |   |   |   |   |   |   |
| INTEREST  EXPENSE                                      |                                     |                                             |                                     |   |   |   |   |   |   |   |   |   |
|  Savings accounts                                 |                                     | 19                                               |                                     | (1) |   | 18 |   | (30) |   | 12 |   | (18) |
|  NOW accounts                                     |                                     | (35)                                             |                                     | (15) |   | (50) |   | (29) |   | 177 |   | 148 |
|  Money market                                     |                                     | 4                                                |                                     | (3) |   | 1 |   | 20 |   | (29) |   | (9) |
|  Other time deposit                               |                                     | 126                                              |                                     | (58) |   | 68 |   | 21 |   | 159 |   | 180 |
|  Federal funds purchased                          |                                     | (6)                                              |                                     | (6) |   | (12) |   | 10 |   |  - |   | 10 |
|  Other borrowed funds                             |                                     | (19)                                             |                                     | (28) |   | (47) |   | 110 |   | 1 |   | 111 |
|                                                   |                                     |          |                                     |          |   |          |   |          |   |          |   |          |
| Total  interest bearing                                |                                     |                                             |                                     |   |   |   |   |   |   |   |   |   |
|         liabilities |                                     | 89                                               |                                     | (111) |   | (22) |   | 102 |   | 320 |   | 422 |
|                                                   |                                     |          |                                     |          |   |          |   |          |   |          |   |          |
|                                                   |                                     |                                             |                                     |   |   |   |   |   |   |   |   |   |
| Net  interest income                                   | $                                        | 477                                              |                                     | (639) |   | (162) | $ | 297 |   | (227) |   | 70 |
|                                                   |                                     | ====                                             |                                     | ===== |   | ===== |   | ===== |   | ===== |   | ===== |

 

**II.                Investment Portfolio**

|                                                                     |   2001                                                                                                                                    |   2000                                                                                                                                    |
|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| US Treasury  Securities  And obligations of other  Governmental entities | $                                                                                                                                                             | 1,418,009                                                                                                                                                     | $ | 4,431,305 |
|                                                                     |                                                                                                                                                          |                                                                                                                                                          |   |   |
| Tax - free  municipal bonds                                              |                                                                                                                                                | 670,314                                                                                                                                                       |     | 590,533 |
|                                                                     |                                                                                                                                                          |                                                                                                                                                          |   |   |
| Mortgage -  backed securities                                            |                                                                                                                                                          | 562,615                                                                                                                                                       |   |    488,438 |
|                                                                     |                             |                             |
|                                                                     | $                                                                                                                                                             | 2,650,938                                                                                                                                                     | $ | 5,510,276 |
|                                                                     | ============                                                                                                                                                  | ============                                                                                                                                                  |

For year ended December 31, 2001

ScheduledMaturity

|                                                                                             | Within OneYear                                                                                   | Greater Than  1 but withinfive years         | Greater Than  5 but withinten years                                                  | Greater  than 10years                                                                       |
|--------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| U.S.  Treasury Securities and   obligations of other   governmental entities | $       671,000                                                         | $     747,009            | $               -0- | $                 -0- |
|                                                                                             |                                                                                             |                                         |                                                                                 |                                                                                        |
|                                                                                             |                                                                                             |                                         |                                                                                 |                                                                                        |
| Tax - free  municipal bonds                                                                      |      35,000                                                                       |    15,133                               |    296,427                                                                      |     323,754                                                                       |
|                                                                                             |                                                                                             |                                         |                                                                                 |                                                                                        |
| Mortgage -  back securities                                                                      |                   -0- |        188,198 |                -0-       |           374,417                              |
|                                                                                             |                                                                                             |                                         |                                                                                 |                                                                                        |
|                                                                                             | $        706,000                                                   | $     950,340            | $      296,427                                              | $         698,171                                             |
|                                                                                             | ==========                                                                                       | =========                                    | =========                                                                            | ==========                                                                                  |

 

----

 

**III. Loan Portfolio**

MajorClassification of loans are summarized as follows:   (in thousands)

| For year ended Dec. 31, |   | 2001                                                                                             |         | 2000                                                                                             |
|-------------------------|--------|--------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------|
|                    |   |                                                                                             |         |                                                                                             |
| Real Estate             |   | $    7,539                                                                        |         | $     5,785                                                                  |
| Commercial              |   |  16,821                                                                                     |    | 16,216                                                                                           |
| Agricultural            |   |   6,281                                                                                     |         |  7,082                                                                                      |
| Individual              |   |   6,397                                                                                     |         |  7,190                                                                                      |
| Other                   |   |     570                                                                           |         |    389                                                                                 |
|                    |   |                  |         |                  |
| TOTAL LOANS:            |   | $  37,608                                                                                   |         | 36,662                                                                                           |
| Less Unearned Discount  |   | -                                                                       |         | -                                                                  |
|                    |   |                  |         |                  |
| Net Loans               |   | $  37,608                                                                                   |         | 36,662                                                                                           |

   

LoanAnalysis of Principal Subject to Rate Change December 31, 2001

|                                                 | 1  Year     | Over  1 Year | Over  5         |
|------------------------------------------------------|-------------|--------------|-----------------|
|                                                 | or  Less    | Less  than 5 | Years           |
| 1.   Commercial, Financial,                     |        |         |            |
|      Agricultural, Real Estate,  |        |         |            |
|      Consumer and Other               | $28,897,955 | $  8,495,368 | $  215,677 |
|      Average Rate                     | 6.13%       | 9.17%        | 9.60%      |
|                                                 |        |         |            |

 

Non-performing Loans and Other Problem Assets 

     It is management's policy to discontinueaccrual of interest on loans where there is reasonable doubt as tocollectibility.   The policy to placeloans on non-accrual status is to normally discontinue accrual of interest whenthe loan is delinquent 90 days or more, or where circumstances indicate thatcollection of principal or interest is doubtful, unless the obligation issecured (1) by mortgage on real estate or pledge of securities that have arealizable value sufficient to pay the debt in full; or (2) by guarantee of afinancially responsible party.  Thefollowing tables presents the non-performing loans and other problem assets atDecember 31, 2001 and 2000.  Assetsacquired through the default of loans are recorded at the lower of theoutstanding loan amount or fair market value of the assets acquired at the timeof foreclosure.  Reductions fromoutstanding loan amounts to fair market value are charged against the reservefor possible loan losses.  Subsequentadjustments to market valuations are charged to operating expense. 

 

|                                      | 2001                                                                                                                     | 2000                                                                                                                     |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
|                                      |                                                                                                                     |                                                                                                                     |
| NON-ACCRUAL LOANS                         | $      226,144                                                                                  | $      215,473                                                                                  |
| Restructured Loans                        | 89,282                                                                                                                   | 89,282                                                                                                                   |
|                                      |                                                                                                                     |                                                                                                                     |
| Other Real Estate                         | 114,822                                                                                                                  | 129,722                                                                                                                  |
|                                      |                      |                      |
|     TOTAL NON-ACCRUAL & ORE | $      430,248                                                                                  | $      434,477                                                                                  |
|                                      | =========                                                                                                                | =========                                                                                                                |

 

----

 

Loans Over90-days past due and still accruing interest: 

|                | 2001                                                                                                                                 | 2000                                                                                                                                 |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
| Commercial          | $    21,760                                                                                                                | $    308,608                                                                                                               |
| Agriculture         | 127,398                                                                                                                              | 164,843                                                                                                                              |
| Student             |  -0-                                                                                                                            |  10,196                                                                                                                         |
| Consumer            | 103,809                                                                                                                              | 724,221                                                                                                                              |
| Real Estate         |  36,550                                                                                                                         |    -0-                                                                                                                          |
|                |                        |                        |
| TOTAL OVER  90-DAYS | $ 289,517                                                                                                                            | $1,207,868                                                                                                                           |
|                | ==========                                                                                                                           | ==========                                                                                                                           |

           The effect of non-accruing loans oninterest income for 2001 was $22,023. The effect of restructured loans oninterest income for 2001 was $1,785.64. Interest recognized on such loans for the year approximated $6,500. 

           At December 31, 2001, there were nocommitments to lend additional funds to debtors whose loans were considered tobe non-performing.  

          All loans listed above are subject toconstant attention by management and their progress is reviewed monthly.  

          At the present time, management does nottrack loan concentrations by particular industries, but rather by the groupingof types of loan, i.e., Agriculture, Real Estate, Consumer and Commercial. Weattempt to avoid any undue concentration in any particular sector.  

**IV.  Summary of Loan Loss Experience**

        Changesin the allowance for loan losses were as follows:

|                                   | 2001                                                                                                                                             | 2000                                                                                                   |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|
|                                   |                                                                                                                                             |                                                                                                   |
| Balance,  January 1,                   |  $   825,337                                                                                                                      | 801,545                                                                                                |
| Provision  charged to Operations  |    4,433                                                                                                                               |   -0-                                                                                             |
| Loans  charged off                     | (153,049)                                                                                                                                        | (37,871)                                                                                               |
|  Recoveries                       | 32,003                                                                                                                                           |  61,663                                                                                           |
|                                   |                          |                   |
| Balance  December 31,                  |  $   708,724                                                                                                                      | 825,337                                                                                                |
|                                   | ===========                                                                                                                                      | ========                                                                                               |

        In determining the adequacy of the loanloss reserves, management uses the following formulas:  100% of loans classified loss, 50% ofdoubtful loans, 5% of substandard loans, 0% of savings loans and governmentguaranteed loans and 1.5% of all other loan types.  This analysis is performed on a quarterly basis.  

**V.   Deposits**

Deposits aresummarized below:

|                                              | December 31,                                                                                                                                                 |
|---------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                              | 2001                                                                                                                                                         | 2000 |
|                                              |                                                                                                                                                         |   |
|      Demand deposits accounts | $      7,388,169                                                                                                                         | $        7,079,628 |
|      NOW accounts             |  6,310,655                                                                                                                                              |    6,754,120 |
|      Savings accounts         | 6,149,171                                                                                                                                                    |    5,340,615 |
|      Time accounts            | 17,580,358                                                                                                                                                   |  19,231,708 |
|                                              |                            |                           |
|                                              | $    37,428,353                                                                                                                               | $    38,406,071 |
|                                              | ============                                                                                                                                                 | =========== |

        Includedin deposits are approximately $5,228,500 and $6,960,000 of certificates ofdeposit in excess of $100,000 at December 31, 2001 and 2000, respectively.

 

----

 

Certificateof Deposit Maturity and Rate Analysis

As of December 31, 2000:  

|               | 0-90       | 91-364     | 1  Year    | Over        |
|--------------------|------------|------------|------------|-------------|
|               | Days       | Days       | 5  Years   | 5  Years    |
|               |       |       |       |        |
| Total Certificates | $7,810,884 | $8,126,272 | $1,643,202 | $  -0- |
| of Deposit    |       |       |       |        |
| Average Rate       | 4.03%      | 3.81%      | 4.51%      | ---    |

**VI.       Returnon Equity and Assets**

| ITEM 1:                | 2001      | 2000      |
|------------------------|-----------|-----------|
|                   |      |      |
| Return on assets       |  1.8 |  2.1 |
| Return on equity       | 10.0      | 11.8      |
| Dividend payout ratio  |   .4 |   .3 |
| Equity to assets ratio | 17.9      | 17.5      |

 

**VII.      Short-Term Borrowings**

        The bank hasestablished a line-of-credit for approximately $16,000,000 with the FederalHome Loan Bank (FHLB) to provide an additional source of operatingcapital.  The current advances, whichtotalled $2,332,000 and $2,371,900 at December 31, 2001 and 2000, respectively,bore interest at variable rates ranging from 1.93% to 2.50%.

        Thisline of credit is secured by $402,700 of FHLB stock owned by the Bank and aportion of the loan portfolio.  The bankhas also utilized $1,120,000 of the line of credit with the FHLB to acquireletters of credit to secure public deposits.

**ITEM 2:   Properties **

      Themain office of the Corporation and Bank are presently located in a two-storyoffice building on State Highway 3131, New Roads, Louisiana.  The bank owns one branch located on StateHighway 78, Livonia, Louisiana, which is approximately 13 miles from the mainoffice.  Additionally, in 1994 the bankpurchased from its Other Real Estate portfolio the property directly behind thebank for $75,000.  This property wasformerly an insurance building and lot. It was acquired in an exchange of properties from Farm Bureau Insurance.All locations are owned free of any mortgages or liens. 

**ITEM 3:   Legal Proceedings**

        There is no threatenedor pending litigation against the Corporation, the Bank, or its officers. 

**ITEM 4:   Submission of Matters to a Vote of Security Holders**

Nomatters were submitted to a vote of security holders during the fourth quarter ofthe fiscal year covered by this report. 

----

**PART II**

  

**ITEM 5:    Market Price Dividends on the Registrant'sCommon Equity and RelatedStockholder Matters**

        The primary market area for theCorporation stock is Pointe Coupee Parish with Peoples Bank and Trust Companyacting as registrar and transfer agent. There were approximately 575shareholders of record as of December 31, 2001.  The stock of the Corporation is not listed on any securityexchange.  

        Due to lack of an active trading market,the Corporation does not have available information to furnish a high and lowsales price on the range of bid and asked quotations for its stock.  Based on limited inquiries by management, itis believed that less than 3,000 shares traded in 2001.  There can be no assurance that the limitedinquiries adequately reflect the marketability of the stock.  

        In March 2001 Peoples Bancshares declareda special dividend of $.55 per share to all stockholders of record as of March31, 2001, totaling $169,937.   Additionally,In December of 2001, Peoples Bancshares declared a dividend of $.45 per shareto all stockholders of record as of November 14, 2001, totaling $139,040. 

        The Bank, as a state charteredBank, is subject to the dividend restrictions set forth by the Commissioner.  Under such restrictions, the Bank may not,without the prior approval of the Commissioner, declare dividends in excess ofthe sum of the current year's retained net earnings (as defined)  plus the retained net earnings (as defined)from the prior year.  At December 31,2001, the Bank could not declare any additional dividends without the approvalof the Commissioner.

Management, will for the foreseeablefuture, approach the payment of dividends on an annual basis and according tothe profitability of the bank in that particular year, as well as consideringthe long-term capital needs of the bank in the future.       

**ITEM 6:    Selected Financial Data **

CondensedConsolidated Statement of Income  

| For Year  Ended Dec. 31,         | 2001                      | 2000                      | 1999            | 1998              | 1997            |
|----------------------------------|---------------------------|---------------------------|-----------------|-------------------|-----------------|
|                             |                      |                      |            |              |            |
| Interest  Income                 | 3,676,403                 | 3,859,137                 | 3,387,916       |    3,465,179 |  3,371,808 |
| Interest  Expense                | 1,492,736                 | 1,513,905                 | 1,091,748       |    1,131,970 | 1,139,117       |
|                             |                      |                      |            |              |            |
| Net  Interest Income             | 2,183,667                 | 2,345,232                 | 2,296,168       |  2,333,209   | 2,232,691       |
| Credit(Provisions)for            |                      |                      |            |              |            |
| Loan Losses                      | (4,433)                   |  -0-                 | 57,629          |  46,000      | -0-             |
|                             |                      |                      |            |              |            |
| Other  non-interest income       |                      |                      |            |              |            |
| and  expenses net                |  (892,405)           |  (958,162)           | (1,049,184)     | (1,004,289)       |  (853,166) |
|                             |                      |                      |            |              |            |
| Income  Tax            |                      |                      |            |              |            |
|   (Expense) benefit         |  (425,182)           |  (472,658)           |  (416,321) | (452,387)         | (465,439)       |
| Net Income  (Loss)               |    861,647           |    914,412           |    888,292 | 922,533           | 914,086    |
|                             |                      |                      |            |              |            |
| Per  Share:                 |                      |                      |            |              |            |
| Net  (Income)          | $     2.79 | $2.96                     | $2.88           | $2.99             | $2.96           |
|                             |                      |                      |            |              |            |
|    Cash Dividend  |    308,977           |  $293,528            | $262,430        | $262,288          | $200,575        |
|   Book Value-End of Year    |     28.18  |      26.35 | 24.08           | 22.41             | 20.21           |
|                             |                      |                      |            |              |            |
| Selected  Ratios                 |                      |                      |            |              |            |
|    Loans to Assets     | 77.11                     | 74.40                     | 77.70           | 71.17             | 71.52           |
|    Loans to Deposits   |     100.50      | 95.46                     | 99.64           | 87.83             | 85.47           |
|    Deposits to Assets  |      76.74 | 77.94                     | 77.98           | 81.03             | 83.69           |
|    Capital to Deposits |      23.27 | 21.20                     | 24.27           | 20.85             | 18.95           |

 

----

 

**ITEM 7:    Management Discussion and Analysis ofFinancial Condition andResults of Operation**

        Peoples Bancshares of Pointe CoupeeParish, Inc., (Bancshares) is a one bank holding company whose sole subsidiaryis Peoples Bank and Trust Company of Pointe Coupee Parish, Inc., (theBank).  All items discussed below areattributable to the activities of the Bank unless otherwise stated.  This section should be read in conjunction withthe consolidated financial statements and related notes and the tablespresented in an earlier section of this report.  

**FINANCIAL REVIEW**

**Summary**

        Bancshares consolidated net income for2001 was $872,419.  This represents aReturn on Average Assets of 1.79%, which we believe is a good return.  This is in comparison to 2.07% for 2000 and2.26% in 1999.  

        Several factors contributed to thiscontinued success.  The most importantfactors were: 1) good interest rate margins; 2) a low level of classifiedassets; and 3) low loan loss provisions.  

        In 2001, charge-offs were $153,049 ascompared to $37,871 in 2000.  Recoveriesfor 2001 were $32,003 and provisions were 4433.  Provisions for 2000 were ($.00) and recoveries were $61,663.   

        The prospects for 2002 remainencouraging.  The bank continues to notefinancial stability and deem our reserves as adequate.  As a result, the projections for income aregood.  Additionally, Peoples Bank isdeemed to be a well capitalized institution within the guidelines of theFDIC.  

        However, we still remain conservative inour view of the economy and current management will maintain that philosophythroughout 2002.

**OtherIncome and Expenses**

        Other Income, excluding loan relatedincome, increased $ 98,188 or 13.87% in 2001 as compared to 2000. The increasewas due to a large gain on sale of loans. 

        Other expenses, excluding interestexpense increased by $32,431 or 1.95% in 2001 as compared to 2000.  Occupancy & other operating expensesaccounted for the net increase in other expenses. 

**IncomeTaxes**

        Bancshares files a consolidated federalincome tax return.  Deferred incometaxes are provided using the liability method on items of income or expensesrecognized in different time periods for financial statement and income taxpurposes.  

**Statementof Condition**

        Total deposits as of December 31, 2001decreased $977,718 or 2.55% as compared to year end 2000.  Non-interest bearing deposits increased$308,541 or 4.36% and interest bearing deposits decreased $1,286,259 or4.11%.  Total loans excluding loanreserves increased $946,116 or 2.51% and book value of investment securitiesdecreased $2,859,338 or 51.9%.  Theincrease in loans was concentrated primarily in commercial loans. 

**LiquidityManagement**

        The purpose of liquidity management is toassure the corporation's ability, at an acceptable cost, to raise funds tosupport asset growth, meet deposit withdrawals, and otherwise operate theCorporation on a continuing basis.  Theoverall liquidity position of the bank is insured by acquisition of additionalfunds in the form of time deposits, borrowings such as Federal Funds, FederalHome Loan Bank borrowings, and the sale or maturing of investments.

        Inmanagement's opinion, there are no known trends, commitments or uncertaintiesthat will or should have a material effect on deposits or the liquidityposition.  Additionally, no trends orevents were cited by the regulatory authorities.

 

----

 

**CapitalAdequacy**

           The management of capital is a continuousprocess which consists of providing capital for the current position and theanticipated future growth of the Corporation. The purposes of capital are to serve as a source of funds, protectdepositors against losses, and provide a measure of reassurance to the publicthat the community's needs will continue to be served.  Since capital serves a multiplicity ofpurposes, the evaluation of capital adequacy cannot be made solely in terms oftotal capital or related ratios.  

          Traditionally, the source of additionalcapital has been retained earnings.  Dueto strong earnings from 1990 - 2001, and large recoveries of charged-off loans,our capital ratio is at an acceptable level. As such, retained earnings should continue to provide neededcapital.  Additionally, we willconcentrate on the following to provide for our capital needs:  

    1.  Increase non-interest income and reduce non-interest expenses      2.  Maintain an adequate interest rate spread      3.  Actively pursue previous charged-off loans for recoveries      4.  Manage our growth rate  

        Furthermore, the prospects for 2002continue to be encouraging.  Our capitalbase continued to grow in 2001; our loan loss reserve is adequate; our netincome was extremely good with a Return on Average Assets of 1.79%; loandelinquencies continue to be manageable; and classified assets have remained ata manageable level. 

**ECONOMIC CONDITIONS**

        Current economic conditions are aboutaverage compared to the previous (5) five years, but are certainly notgreat.  Our asset/liability managementstrategy helped produced good margins in 2001. The size and frequency of theinterest rate decreases in 2001 did have some effect on our profits as the bankis strategically positioned in an asset sensitive scenario.  However, our strategies remain conservative;therefore, we are positioned as interest rates continue to fluctuate. 

Item 8:    Financial Statements  (following on next pages)

Item 9:    Changes in and Disagreements withAccountants on Accounting and                    FinancialDisclosure 

                None

 

----

**PARTIII**

 

**Item 10:  Directors and Executive Officers**

 Directors of Bancshares are identified in the following table:

| Name  Principal Occupation             | Age      | Type of  Stock  Ownership | Amount  Owned                                                                  | Percent  of  Total                                                                   |
|----------------------------------------|----------|---------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
|                                   |     |                      |                                                                           |                                                                                 |
| Joseph Jefferson David                 | 82       | Direct                    | 30,638                                                                         | 9.916                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Stephen P. David                       | 44       | Direct                    | 4,522                                                                          | 1.464                                                                                |
| President and CEO of Peoples           |     | Indirect                  | 19,557                                                                         | 6.330                                                                                |
| Bancshares of Pointe Coupee and   |     |                      |                                                                           |                                                                                 |
| Peoples Bank & Trust Company  |     |                      |                                                                           |                                                                                 |
|                                   |     |                      |                                                                           |                                                                                 |
| Frank Ned Foti                         | 66       | Direct                    | 24,561                                                                         | 7.949                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| C. E. Hebert, III                      | 58       | Direct                    | 5,588                                                                          | 1.809                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Junies W. Hurst  *                | 90       | Direct                    | 3,888                                                                          | 1.258                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Clyde Walker Kimball                   | 60       | Direct                    | 5,014                                                                          | 1.623                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Camille N. Laborde                     | 74       | Direct                    | 5,028                                                                          | 1.627                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Norris A. Melancon, Jr.                |  74 | Direct                    | 20,491                                                                         | 6.632                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Thomas W. Montgomery, III              | 62       | Direct                    | 3,588                                                                          | 1.161                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |
| Joseph Major Thibaut                   | 48       | Direct                    | 600                                                                            | .194                                                                                 |
|                                   |     | Indirect                  | 1,000                                                                          | .324                                                                                 |
|                                   |     |                      |                                                                           |                                                                                 |
| Rodney Fontaine                        | 50       | Direct                    | 1,480                                                                          |  .479                                                                           |
|                                   |     |                      |                                                                           |                                                                                 |
| Maurice Picard                         | 54       | Direct                    |   400                                                                     | .129                                                                                 |
|                                   |     |                      |               |                |
| All Directors and Principal            |     | Direct                    | 105,798                                                                        | 34.241                                                                               |
| Officers as a Unit (12 Persons)        |     | Indirect                  | 20,557                                                                         | 6.647                                                                                |
|                                   |     |                      |                                                                           |                                                                                 |

* In January, 2002, Mr. Junies W. Hurst electedto retire from his position on the Board of Directors of the Bank and theHolding Company due to health reasons.

 

----

 

**MANAGEMENTOF THE BANK AND BANCSHARES**

 

**Employees**

  OnDecember 31, 2001, there were twenty-one full time employees.  This includes the officers of theCorporation and Bank listed below:

|               |        Officers |
|--------------------|----------------------------------------------------|
|          |                                               |   |
| Name               | Age                                                | Position Currently Held |
|               |                                               |   |
| Stephen P. David   | 44                                                 | President and CEO of Peoples Bancshares |
|               |                                               |   and Peoples Bank and Trust  Company  |
|               |                                               |   |
| Joyce A. York      | 54                                                 | Senior Vice President and Cashier of |
|               |                                               |   Peoples Bank  |
|               |                                               |   |
| Robin Cashio       | 51                                                 | Branch Manager of Peoples Bank  |
|               |                                               |   |
| Kenneth R. Ramagos | 46                                                 | Assistant Vice President and |
|               |                                               |   Loan Officer of Peoples Bank  |
|               |                                               |   |
| Melissa Laborde    | 38                                                 | Loan Review Officer of Peoples Bank |
|               |                                               |   |
| Mary Posey         | 43                                                 | Loan Officer and |
|               |                                               |   Loan Collections Officer |
|               |                                               |   |
| Annie LeBlanc      | 68                                                 | Customer Account Officer |
|               |                                               |   |
| Belinda LeJeune    | 40                                                 | Assistant Cashier |

        Ms.York has been with Peoples Bank since inception.  Mr. David was elected an officer of the Bank in December of 1983.

        StephenP. David, Director, CEO, and President of Bancshares and the Bank, age 44. Mr.David joined the Bank on August 3, 1981 and has held many positions, including,Loan Officer; Assistant Vice President; Senior Loan Officer; SeniorVice-President and Assistant Secretary to the Board of Directors prior to beingnamed to his current post on February 1, 1990.

        Bancshareswas formed in 1983 and became the Bank's sole shareholder on December 27, 1983,at which time all directors of the Bank became directors of Bancshares.

        Joseph Jefferson Davidis the father of Stephen P. David.

----

 

**Item 11:   Executive Compensation**

     a)  Remuneration of Directors and Officers:  

          All Executive Officers(President David & Senior Vice President York) had direct cash compensationof $212,919, $206,420, and $200,920 excluding board fees, but includingbonuses  in 2001, 2000, and 1999,respectively. 

        On September 17, 1981, theBoard of Directors of the Bank approved a profit sharing plan which conforms tothe Internal Revenue Code, Section 401(a). All employees who have been employed by the Bank for a period of sixmonths or more; who are 25 years of age; and who have at least 1,000 hours ofservice annually may participate in the profit sharing plan.  No contributions were made to the plan in2001.   

        In January 1990 the Board ofDirectors approved a 401(k) savings plan which conforms to the Internal RevenueCode.  All employees who have beenemployed by the  bank for a period ofsix months or more were eligible to participate in the plan. Contributions bythe bank in 2001 totaled $16,011.  Theaccrued amount at year end totaled $467,493.   

        The Bank has a deferredcompensation plan available to its directors. At present only two directors are participating.  Upon retirement, the Bank will pay thedirectors their deferred compensation plus interest, which accrues at the"low Wall Street rate", in 15 equal annual installments beginning themonth after retirement. Upon pre-retirement death, the bank will pay hisdesignated beneficiaries the greater of $8,400 a year for 15 years or hisdeferred compensation and accrued interest. The bank is the owner and beneficiary of an insurance policy on the lifeof each director. 

        The Bank also maintains asupplemental executive retirement plan with its president.  Upon retirement, the president will receive $25,000 per year for20 years, beginning immediately.  Thebank is the owner and beneficiary of an insurance policy on the life of thepresident.  If employment is terminated"without cause" prior to retirement, the bank will pay the presidenthis accrued  benefit, which is based onthe number of months of completed service since January, 1996.  

        The Board of Directors ofBancshares held twelve (12) regular scheduled meetings during 2001. The Boardof Directors of the Bank held twelve (12) regularly scheduled meetings.  The Bank has a personnel committee which metone (1) times during 2001, and a loan committee which met seventeen (17) timesduring the year.  The Board of Directorsheld no special meeting during 2001. The Bank also has an audit committee and executive committee which didnot meet during 2001.  

        The Board of Directors of Bancshares andthe Bank do not have a nomination committee.  

        Directors of Bancsharesreceive no remuneration for serving in that capacity. Each director of the Bankreceived a fee of $500 for each regular board meeting. Members of eachcommittee receive $75 per meeting attended.

**Item 12:  Security Ownership of Certain Beneficial Owners and Management**

        As of March 31, 2002, Peoples Bancshareshad authorized 1,000,000 shares of common stock and of this amount, 308,977shares were outstanding.  Additionally,as of this date, Peoples Bancshares had authorized but unissued 500,000 sharesof Series A Preferred stock and 500,000 shares of Series B Preferredstock.  

        As of March 31, 2002 the management ofBancshares knew of no other person  orgroup that owned 5% or more of the outstanding stock of Bancshares other thanMr. N. A. Melancon, Jr., with 20,491 shares representing 6.632%; Mr. Frank N.Foti with 24,561 shares representing 7.949%; Mr. J. Jeff David with 30,638shares representing 9.916% and William C. David* with 19,477 sharesrepresenting 6.304%.  

       *William C. David has granted a ProxyAuthority to his brother, Stephen P. David.  

----

 

**Item 13:   Certain Relationships & RelatedTransactions**

      b)  Transactions with Management:  

        From time to time the Bankhas extended credit to its Officers and Directors and to businesses in whichOfficers and Directors own an interest; and the Bank intends to continue thispolicy because of the deposits, business and the income that these activitiesgenerate for the Bank.  Such loans aremade only with the approval of the Board of Directors.

        At no time in 2001 did thesetransactions exceed 10% of the equity capital, except for those matters notedbelow.  

        All directors and officers asa group had total loans outstanding at year end 2001 and 2000 of $1,339,399 and $1,353,120 respectively.

**PART IV**

**Item 14:   EXHIBITS, FINANCIAL STATEMENT SCHEDULES ANDREPORTS ON FORM 8-K**

 

| A.     | (1)  Financial Statements                                                                 |
|--------|-------------------------------------------------------------------------------------------|
|   |                                                                                      |
|   | The  financial statements are listed under Part II, Item 8 of this Report                 |
|   |                                                                                      |
|   | (2)  Financial Statement Schedules                                                        |
|   |                                                                                      |
|   | The  financial statement schedules are listed under Part II, Item 8 of  this Report. |
|   |                                                                                      |
| B.     | Reports on  Form 8-K                                                                      |
|   |                                                                                      |
|   | None                                                                                      |
|   |                                                                                      |
| C.     | Exhibits                                                                                  |
|   |                                                                                      |
|   | None                                                                                      |

 

----

**Signatures **

        Pursuant to the requirements of Section 13of the Securities Exchange Act of 1934, the Registrant has duly caused thisreport to be signed on its behalf by the under signed, thereunto dulyauthorized.  

  

                   PEOPLES BANCSHARES OFPOINTE COUPEE                     PARISH, INC.  

    

                                 By: /s/ Rodney G. Fontaine                                                      Rodney G. Fontaine                                        Chairman 

    

        Pursuant to the Requirements of theSecurities Exchange Act of 1934, this report has been signed by the followingpersons on behalf of the Registrant and in the capacities and on the datesindicated:  

  

  

| /s/ Joseph Jefferson David                                                                            | /s/ Clyde Walker Kimball                                                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Joseph  Jefferson David                                                                                                                                                                    | Clyde  Walker Kimball                                                                                                                                                                                                           |
| Director                                                                                                                                                                                   | Director                                                                                                                                                                                                                        |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
| /s/ Frank Ned Foti                             | /s/ Camille N. LaBorde                                                                                  |
| Frank Ned  Foti                                                                                                                                                                            | Camille N.  LaBorde                                                                                                                                                                                                             |
| Director                                                                                                                                                                                   | Director                                                                                                                                                                                                                        |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
| /s/ Norris A. Melancon, Jr.                                                                                | /s/ C. E. Hebert, III                                                     |
| Norris A.  Melancon, Jr.                                                                                                                                                                   | C. E.  Hebert, III                                                                                                                                                                                                              |
| Director                                                                                                                                                                                   | Director  and Secretary                                                                                                                                                                                                              |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
| /s/ Stephen P. David                                     | /s/ Maurice Picard                                    |
| Stephen P.  David                                                                                                                                                                          | Maurice  Picard                                                                                                                                                                                                                      |
| President/CEO  and Director                                                                                                                                                                | Director                                                                                                                                                                                                                             |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
| /s/ Thomas W. Montgomery, III                                                                                                                 | /s/ Joseph Major Thibaut                                                                                     |
| Thomas W.  Montgomery, III                                                                                                                                                                 | Joseph  Major Thibaut                                                                                                                                                                                                           |
| Director                                                                                                                                                                                   | Director                                                                                                                                                                                                                             |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |
| /s/ Rodney G. Fontaine                                                       |                                                                                                                                                                                                                                 |
| Rodney G.  Fontaine                                                                                                                                                                        |                                                                                                                                                                                                                                 |
| Director                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                       |                                                                                                                                                                                                                                 |

 

----

**PEOPLES BANCSHARES OF POINTE COUPEE    PARISH, INC. AND SUBSIDIARY   **

** CONSOLIDATED FINANCIAL STATEMENTS**

** DECEMBER 31, 2001AND 2000**

 

 

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**C O N T E N T S**

 

|                                                                                     | **   Page    **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Consolidated  Financial Statements                                                       |     
 
   Consolidated balance sheets

2 - 3

 

 

   Consolidated statements of  operations and comprehensive income

4 - 5

 

 

   Consolidated statements of  changes in stockholders' equity

6 - 7

 

 

   Consolidated statements of cash  flows

8 - 9

 

 

 

 

Notes to Consolidated Financial Statements

10 - 31

 

 

 

 

**INDEPENDENT AUDITORS' REPORT**

 

 

To the Board of Directorsand StockholdersPeoples Bancshares of Pointe Coupee Parish, Inc.New Roads, Louisiana

Wehave audited the accompanying consolidated balance sheets of Peoples Bancsharesof Pointe Coupee Parish, Inc. and Subsidiary as of December 31, 2001and 2000,and the related consolidated statements of operations and comprehensive income,changes in stockholders' equity and cash flows for each of the years during thethree year period ended December 31, 2001.These financial statements are the responsibility of the Company's management.Our responsibility is to express an opinion on these consolidated financialstatements based on our audits.  

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

In our opinion, theconsolidated financial statements referred to above present fairly, in all materialrespects, the financial position of Peoples Bancshares of Pointe Coupee Parish,Inc. and Subsidiary as of December 31, 2001and 2000,and the results of their operations and their cash flows for each of the yearsduring the three year period ended December 31, 2001, in conformity withaccounting principles generally accepted in the United States of America.

/s/ Postlethwaite & Netterville

Baton Rouge, LouisianaMarch 4, 2002

 

**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY**

**NEW ROADS, LOUISIANA**

 

 

 

 

**CONSOLIDATED BALANCE SHEETS**

**DECEMBER 31, 2001 AND 1990**

 

 

 

 

**A S S E T S**

 

 

 

 

 

 

 

 

 

2001

 

2000 

 

 

 

 

Cash and due from banks 

$            1,669,591

 

$            1,769,687

Federal funds sold 

              4,875,000

 

              4,300,000 
      
   Cash and cash  equivalents

6,544,591

 

6,069,687

 

 

 

 

Interest-bearing deposits in other banks 

890,000

 

-

 

 

 

 

Securities available-for-sale 

 2,687,585

 

5,526,465

 

 

 

 

Federal Home Loan Bank Stock, at cost

423,200

 

402,700

 

 

 

 

Loans, less allowances for loan losses of $708,724 

 

 

 

   and $825,337 at  December 31, 2001 and 2000, 

 

 

 

   respectively 

36,899,355

 

35,836,626

 

 

 

 

Accrued interest receivable 

461,284

 

621,319

 

 

 

 

Bank premises and equipment, net of 

 

 

 

   accumulated  depreciation 

560,598

 

587,226

 

 

 

 

Foreclosed real estate 

114,822

 

129,722

 

 

 

 

Other assets 

190,545

 

104,543

 

 

 

 

 

 

 

 

 

 

** TOTAL ASSETS**

$          48,771,980

 

$          49,278,288

 

 

 

 

 The accompanying notes  are an integral part of these consolidated financial statements. 

 
 
 

 

 

 

 

 
**L I A B I L I T I E S   A N D    S T O C K H O L D E R S'   E Q  U I T Y**

 
 

 

 

 

 
 

 

 

 

 
 

2001 

 

2000

 
 

 

 

 

 
**LIABILITIES**

 

 

 

 
   Deposits:  

 

 

 

 
      Noninterest-bearing

$           7,388,169

 

$           7,079,628 

 
      Interest-bearing

30,040,184

 

31,326,443 

       
            Total  deposits 

37,428,353

 

38,406,071

 
 

 

 

 

 
   Other  borrowed funds 

2,332,000

 

2,371,900 

 
   Accrued  interest payable 

144,494

 

213,309 

 
   Other  liabilities 

158,812

 

144,858 

       
            Total liabilities 

40,063,659

 

41,136,138 

       
 
**COMMITMENTS AND CONTINGENCIES**

-   

 

-   

 
 

 

 

 

 
 

 

 

 

 
**STOCKHOLDERS' EQUITY**

 

 

 

 
   Common  stock; $2.50 par value; 1,000,000 shares authorized; 

 

 

 

 
      309,677  shares issued; and 308,977 shares outstanding

774,193

 

774,193

 
   Capital  surplus 

1,530,320

 

1,530,320

 
   Retained  earnings 

6,387,898

 

5,835,228

 
   Accumulated  other comprehensive income 

24,186

 

10,685
      
 

8,716,597

 

8,150,426

 
   Less:  700 shares held in treasury - at cost 

 (8,276)

 

 (8,276)

       
            Total  stockholders' equity 

8,708,321

 

8,142,150

 
 

 

 
 

 

 

 

 
** TOTAL LIABILITIES  AND STOCKHOLDERS' EQUITY**

 $         48,771,980

 

 $         49,278,288

 
 

 

 
 

 

 

 

 
 

 

 

 

 
 

 

 

 

 
 

**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY**

**NEW ROADS, LOUISIANA**

 

 

 

 

 

 

**CONSOLIDATED STATEMENTS OF OPERATIONS  AND COMPREHENSIVE INCOME**

**YEARS ENDED DECEMBER 31, 2001, 2000,  AND 1999**

 

 

 

 

 

 

 

 

 

 

 

 

 

2001 

 

2000 

 

1999 

 

 

 

 

 

 

INTEREST INCOME 

 

 

 

 

 

Interest and  fees on loans 

$       3,307,850

 

$       3,437,670

 

$       2,949,718

Interest on  available-for-sale securities 

230,717

 

334,928

 

319,632

Interest on  federal funds sold

131,605

 

74,994

 

98,125

Interest on  deposits in other banks 

6,231

 

11,545

 

20,441
         
   Total interest  income 

3,676,403

 

3,859,137

 

3,387,916
         
 

 

 

 

 

 

 

 

 

 

 

 

INTEREST  EXPENSE 

 

 

 

 

 

  Interest on  deposits 

1,401,522

 

1,363,628

 

1,062,992

  Interest on federal  funds purchased 

258

 

12,197

 

1,863

  Interest on  other borrowed funds 

90,956

 

138,080

 

26,893
         
 

1,492,736

 

1,513,905

 

1,091,748
         
 

 

 

 

 

 

**NET INTEREST INCOME**

2,183,667

 

2,345,232

 

2,296,168

 

 

 

 

 

 

  Provision  (credit) for loan losses 

4,433

 

-   

 

 (57,629)
         
 

 

 

 

 

 

**NET INTEREST INCOME AFTER**

 

 

 

 

 

**PROVISION (CREDIT) FOR**

 

 

 

 

 

**LOAN LOSSES**

2,179,234

 

2,345,232

 

2,353,797
         
 

 

 

 

 

 

NON-INTEREST  INCOME 

 

 

 

 

 

  Service  charges on deposit accounts 

162,094

 

161,247

 

136,122

  Other service  charges and fees 

388,593

 

394,498

 

364,313

  Net gain on  sales of loans

174,101

 

20,736

 

-   

Net realized  gains on sales of    available-for-sale securities 

2,729

 

-   

 

8,587

Other income 

78,690

 

131,538

 

81,468
         
   Total other  income 

806,207

 

708,019

 

590,490
         
 

 

 

 

 

 

The  accompanying notes are an integral part of these consolidated financial  statements.

 

 
 
**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY**

**NEW ROADS, LOUISIANA**

 

 

 

 

 

 

**CONSOLIDATED STATEMENTS OF OPERATIONS  AND COMPREHENSIVE INCOME**

**YEARS ENDED DECEMBER 31, 2001, 2000,  AND 1999**

 

 

 

 

 

 

 

 

2001 

 

2000 

 

1999 

 

 

 

 

 

 

NON-INTEREST  EXPENSES 

 

 

 

 

 

  Salaries and  employee benefits 

$          879,466

 

$           899,353 

 

$          889,118 

  Occupancy  expenses 

170,421

 

153,630 

 

166,605 

  Data  processing expenses 

94,762

 

95,342 

 

104,024 

  Other  operating expenses 

553,963

 

517,856

 

479,927
         
    Total other  expenses 

1,698,612

 

1,666,181 

 

1,639,674 
         
 

 

 

 

 

 

**INCOME BEFORE INCOME**

 

 

 

 

 

**TAX EXPENSE**

1,286,829

 

1,387,070 

 

1,304,613 

 

 

 

 

 

 

  Income tax  expense 

425,182

 

472,658 

 

416,321 
         
 

 

 

 

 

 

**NET INCOME**

861,647

 

914,412 

 

888,292 
         
 

 

 

 

 

 

OTHER  COMPREHENSIVE INCOME 

 

 

 

 

 

Unrealized  holding gains (losses) arising during 

 

 

 

 

 

  the period,  net of taxes 

13,501

 

80,868

 

 (101,752)

Less:  reclassification adjustment for realized gains 

                    (2,729) 

 

-      

 

 (8,587)
         
 

10,772

 

80,868

 

 (110,339)
         
 

 

 

 

 

 

**COMPREHENSIVE INCOME**

 $          872,419

 

 $          995,280 

 

 $          777,953 
         
 

 

 

 

 

 

Per common share  data: 

 

 

 

 

 

 

 

 

 

 

 

  Net income 

 $              2.79 

 

 $              2.96 

 

 $              2.88 
         
 

 

 

 

 

 

  Cash dividends  

 $              1.00 

 

 $              0.95 

 

 $              0.85 
         
 

 

 

 

 

 

  Average number of shares outstanding 

308,977 

 

308,977 

 

308,777 
         
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 The accompanying notes are an integral part  of these consolidated financial statements. 

 

 

 
 
 
 
**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY**

**NEW ROADS, LOUISIANA**

 

 

 

 

 

 

 

**CONSOLIDATED STATEMENTS OF CHANGES IN  STOCKHOLDERS' EQUITY**

**YEARS ENDED DECEMBER 31, 2001, 2000,  AND 1999**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

Capital

 

 

 Shares 

 

 Amount 

 

 Surplus 

 

 

 

 

 

 

 

 

 Balance at December 31, 1998 

        309,677 

 

$            774,193 

 

$       1,525,808 

 

 

 

 

 

 

 

 

      Net  income 

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

      Net  change in unrealized gain (loss) 

 

 

 

 

 

 

            on  available-for-sale securities, 

 

 

 

 

 

 

            net  of deferred income taxes of $56,841

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

      Sale of 400 shares of common stock

 

 

 

 

 

 

            held in the treasury

-   

 

-   

 

4,512

 

 

 

 

 

 

 

 

      Cash  dividends paid 

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 Balance at December 31, 1999 

        309,677 

 

        774,193 

 

     1,530,320 

 

 

 

 

 

 

 

 

       Net income 

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

       Net change in unrealized gain (loss) 

 

 

 

 

 

 

            on  available-for-sale securities, 

 

 

 

 

 

 

            net  of deferred income taxes of $41,659

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

      Cash  dividends paid 

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 Balance at December 31, 2000 

        309,677 

 

        774,193 

 

     1,530,320 

 

 

 

 

 

 

 

 

       Net income 

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

       Net change in unrealized gain (loss) 

 

 

 

 

 

 

            on  available-for-sale securities, 

 

 

 

 

 

 

            net  of deferred income taxes of $6,957

                  -   

 

                  -   

 

                  -   

 

 

 

 

 

 

 

 

      Cash  dividends paid 

                       -   

 

                       -   

 

                        -   

 

 

 

 

 

 Balance at December 31, 2000 

           309,677 

 

$            774,193 

 

$         1,530,320 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 The accompanying notes are an integral part  of these consolidated financial statements. 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Total

Retained

 

Comprehensive

 

Treasury Stock

 

Stockholders'

Earnings

 

Income

 

Shares

 

Amount

 

Equity

 

 

 

 

 

 

 

 

 

$     4,588,482 

 

$          40,156 

 

            1,100 

 

$        (13,000)

 

$     6,915,639 

 

 

 

 

 

 

 

 

 

        888,292

 

                  -   

 

                  -   

 

                  -   

 

        888,292 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                  -   

 

          (110,339)

 

                  -   

 

                  -   

 

          (110,339)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(400)

 

4,724

 

9,236

 

 

 

 

 

 

 

 

 

      (262,430)

 

                  -   

 

                  -   

 

                  -   

 

      (262,430)

 

 

 

 

     5,214,344 

 

         (70,183)

 

            700 

 

         (8,276)

 

     7,440,398 

 

 

 

 

 

 

 

 

 

        914,412 

 

                  -   

 

                  -   

 

                  -   

 

        914,412 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                  -   

 

80,868

 

             -   

 

            -   

 

            80,868

 

 

 

 

 

 

 

 

 

      (293,528)

 

                  -   

 

                  -   

 

                  -   

 

      (293,528)

 

 

 

 

 

 

 

 

 

 

 

 

 

5,835,228 

 

       10,685

 

               700 

 

         (8,276)

 

    8,142,150

 

 

 

 

 

 

 

 

 

861,647

 

-

 

-

 

-

 

861,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

13,501

 

-

 

-

 

13,501

 

 

 

 

 

 

 

 

 

(308,977)

 

                     -

 

                     -

 

                     -

 

                 (308,977)

 

 

 

 

 

 

 

 

 

 

 

 

 

$     6,387,898

 

$          24,186

 

                700

 

$           (8,276)

 

$        8,708,321

    
    
    
    
 
 

 

**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY   NEW ROADS, LOUISIANA**

**CONSOLIDATED STATEMENTS OF CASH FLOWS   YEARS ENDED DECEMBER 31, 2001, 2000,  AND 1999**

 
 

 

 

 

 

 

 
 

 

 

 

 

 

 
 

2001 

 

2000 

 

1999 

 
 

 

 

 

 

 

 
CASH FLOWS FROM OPERATING ACTIVITIES 

 

 

 

 

 

 
Net income 

 $        861,647

 

 $        914,412

 

 $        888,292 

 

Adjustments to  reconcile net income to net cash 

 

 

 

 

 

 

provided by  operating activities: 

 

 

 

 

 

 

   Gain on sales  of assets

            (3,183)

 

            (54,263)

 

            (8,771)

 

 

 

 

 

 

 

 

   Net realized  gains from sales and maturities     of available-for-sale securities 

            (2,729)

 

            -   

 

            (8,587)

 

 

 

 

 

 

 

 

   Net accretion  of investment security discounts /       amortization  of investment security premiums 

               (7,290)

 

964 

 

6,815 

 

  Provision (credit)  for loan losses 

          4,433

 

          -   

 

          (57,629)

 

  Provision for  foreclosed real estate 

              9,900

 

              10,200

 

              4,500 

 

  Depreciation 

            61,823

 

            60,580

 

            62,200 

 

  Net changes in  operating assets and liabilities: 

 

 

 

 

 

 

    Accrued  interest receivable 

          160,035

 

          (56,399)

 

          (51,791)

 

    Other assets 

            (97,006)

 

            (12,260)

 

            28,296 

 

    Accrued  interest payable 

            (68,815)

 

            98,933 

 

            14,007 

 

    Other  liabilities 

          18,003

 

          21,771

 

          (10,495)

 
            
**Net cash provided by operating activities**

          936,818 

 

          983,938 

 

          866,837 

 
            
 

 

 

 

 

 

 

CASH FLOWS  FROM INVESTING ACTIVITIES 

 

 

 

 

 

 

Proceeds from  sales and maturities of 

 

 

 

 

 

 

   available-for-sale securities 

        9,210,274

 

        1,666,912

 

        2,282,152

 

Purchases of  available-for-sale securities 

      (6,340,919)

 

      (2,087,801)

 

      (2,698,132)

 

Net (increase)  decrease in interest-bearing deposits in 

 

 

 

 

 

 

   other banks 

           (890,000)

 

           394,000

 

                  -   

 

Purchase of  other stocks

(20,500)

 

(24,300)

 

(26,800)

 

Loan  originations and principal collections, net

      (1,067,162)

 

      (6,860,676)

 

      (1,447,140)

 

Expenditures  on foreclosed real estate

             - 

 

             (30,129)

 

              -    

 

Proceeds from  sales of foreclosed real estate and other assets

            5,000

 

            863,300

 

            61,418

 

Purchases of  bank premises and equipment 

          (40,112)

 

          (21,167)

 

          (15,961)

 

   Proceeds from sales of bank premises and  equipment

8,100

 

-

 

-

 
                                 
**    Net cash provided by (used in)  investing activities**

         864,681

 

         (6,099,861)

 

          (1,844,463)

 
            
 

 

 

 

 

 

 

 The accompanying notes are an integral part  of these consolidated financial statements. 

 

 

 
 
 
 

**PEOPLES BANCSHARES OF POINTE COUPEE  PARISH, INC. AND SUBSIDIARY**

**NEW ROADS, LOUISIANA**

 

 

 

 

 

 

**CONSOLIDATED STATEMENTS OF CASH FLOWS   YEARS ENDED DECEMBER 31, 2000, 1999,  AND 1998**

 

 

 

 

 

 

 

 

 

 

 

 

 

2000 

 

1999 

 

1998 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES 

 

 

 

 

 

  Net increase (decrease ) in  noninterest-bearing demand 

 

 

 

 

 

   deposit accounts, savings accounts,  and NOW accounts 

 $        (2,629,068)

 

$        4,094,440

 

 $   (2,628,725)

  Net increase in time deposits 

          1,651,350

 

          3,649,166

 

          134,677 

  Net increase in other borrowed funds 

          (39,900)

 

          1,371,900

 

          372,000 

  Proceeds from sales of treasury stock 

               -

 

              -   

 

              9,236 

  Dividends paid 

         (308,977)

 

         (293,528)

 

         (262,430)
         
**Net  cash provided by (used in) financing activities**

      (1,326,595)

 

      8,821,978

 

      (2,375,242)
         
 

 

 

 

 

 

 

 

 

 

 

 

 Net increase (decrease)  in cash and due from banks 

         474,904

 

         3,706,055

 

         (3,352,868)

 

 

 

 

 

 

 Cash and cash equivalents  - beginning of year 

          6,069,687

 

          2,363,632 

 

        5,716,500 
         
 

 

 

 

 

 

 Cash and cash  equivalents - end of year 

$           6,544,591

 

$        6,069,687

 

$       2,363,632
         
 

 

 

 

 

 

 

 

 

 

 

 

 Supplemental disclosures  of cash flow information 

 

 

 

 

 

 

 

 

 

 

 

 Cash paid for interest 

$           1,561,551

 

$        1,414,972

 

$       1,077,741
         
 

 

 

 

 

 

 Cash paid for income  taxes 

$              463,039

 

$           466,000 

 

$          398,793
         
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 The accompanying notes  are an integral part of these consolidated financial statements. 

 

 

 
 
 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The accounting and reportingpolicies of Peoples Bancshares of Pointe Coupee Parish, Inc. (Bancshares) andits subsidiary conform to accounting principles generally accepted in theUnited States of America and to the prevailing practices within the bankingindustry. A summary of significant accounting policies is as follows:

Basis of presentation

The consolidated financialstatements include the accounts of Bancshares and its wholly owned subsidiary,Peoples Bank and Trust Company (the Bank). All significant intercompanyaccounts and transactions have been eliminated in consolidation. 

Natureof operations

Substantially all of the assets, liabilities, andoperations presented in the consolidated financial statements are attributableto Peoples Bank and Trust Company. The Bank provides a variety of bankingservices to individuals and businesses primarily in and around Pointe CoupeeParish, Louisiana. Its primary deposit products are demand deposits accountsand certificates of deposits, and its primary lending products are commercial,agriculture, real estate, and consumer loans.

Use of estimates

The preparation of financial statements inconformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting period. Actual resultscould differ from those estimates.

The determination of theadequacy of the allowance for loan losses is based on estimates that areparticularly susceptible to significant changes in the economic environment andmarket conditions.  In connection withthe determination of the estimated losses on loans, management obtainsindependent appraisals for significant collateral.

The Bank's loans aregenerally secured by specific items of collateral including real property,consumer assets, and business assets. Although the Bank has a diversified loanportfolio, a substantial portion of its debtors' ability to honor theircontracts is dependent on local economic conditions and the agriculturalindustry.

 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

Use of estimates (continued)

While management usesavailable information to recognize losses on loans, further reductions in thecarrying amounts of loans may be necessary based on changes in local economicconditions. In addition, regulatory agencies, as an integral part of theirexamination process, periodically review the estimated losses on loans. Suchagencies may require the Bank to recognize additional losses based on theirjudgments about information available to them at the time of theirexamination.  Because of these factors,it is reasonably possible that the estimated losses on loans may changematerially in the near term.  However,the amount of the change that is reasonably possible cannot be estimated.

Investment securities

The Bank's investments in securities are classifiedas available-for-sale securities and consist of bonds, notes, and debenturesthat are available to meet the Bank's operating needs. These securities arereported at fair value as determined by quoted market prices.

Unrealized holding gains andlosses, net of tax, on available-for-sale securities are reported as a netamount in other comprehensive income. Gains and losses on the sale ofinvestment securities are determined using the specific-identification method.Realized gains (losses) on the sales and maturities of investment securitiesare classified as non-interest income and reported as a reclassificationadjustment in other comprehensive income.

Interest bearing deposits in other banks

Interest bearing depositsin other banks mature within one year and are carried at cost, whichapproximates market.

Loans

Loans that management has the intent and ability to hold for theforeseeable future or until maturity or pay-off are reported at theiroutstanding principal adjusted for any charge-off's, the allowance for loanlosses, and any deferred fees or costs on originated loans. Interest is accruedon the unpaid principal balance. Loan origination fees, net of certain directorigination costs, are deferred and recognized as an adjustment of the relatedloan yield using the interest method.

The accrual of interest on impaired loans is discontinued when, inmanagement's opinion, the borrower may be unable to meet payments as they become due. When interest accrual isdiscontinued, all unpaid accrued interest is reversed. Interest income issubsequently recognized only to the extent cash payments are received, untilqualifying for return to accrual.  Loansare returned to accrual status when all the principal and interest amountscontractually due are brought current and future payments are reasonablyassured.

 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

Allowance for loan losses

The allowance for loan losses is maintained at a level which, inmanagement's judgment, is adequate to absorb credit losses inherent in the loanportfolio. The amount of the allowance is based on management's evaluation ofthe collectibility of the loan portfolio, including the nature of the portfolio,credit concentrations, trends in historical loss experience, specific impairedloans, and economic conditions.

A loan is considered impaired when, based on current information andevents, it is probable that the Bank will be unable to collect the scheduledpayments of principal or interest when due according to the contractual termsof the loan agreement.  Factorsconsidered by management in determining impairment include payment status,collateral value, and the probability of collecting scheduled principal andinterest payments when due.  Loans thatexperience insignificant payment delays and payment shortfalls generally are notclassified as impaired.  Managementdetermines the significance of payment delays and payment shortfalls on acase-by-case basis, taking into consideration all of the circumstancessurrounding the loan and the borrower, including the length of the delay, theborrower's prior payment record, and the amount of the shortfall in relation tothe principal and interest owed. Impairment is measured on a loan by loan basis for commercial andconstruction loans by either the present value of expected future cash flowsdiscounted at the loan's effective interest rate, the loan's obtainable marketprice, or the fair value of the collateral if the loan is collateral dependent.

Large groups of smaller balance homogeneous loans are collectivelyevaluated for impairment.  Accordingly,the Bank does not separately identify consumer and residential loans forimpairment disclosures.  Because ofuncertainties associated with the regional economic conditions, collateralvalues, and future cash flows on impaired loans, it is reasonably possible thatmanagement's estimate of loan losses inherent in the loan portfolio and therelated allowance may change materially in the near term. The allowance isincreased by a provision for loan losses, which is charged to expense and reducedby charge-off's, net of recoveries.

Foreclosed real estate

Real estate propertiesacquired through, or in lieu of, loan foreclosure are to be sold and areinitially recorded at fair value at the date of foreclosure, establishing a newcost basis. After foreclosure, valuations are periodically performed bymanagement, and the real estate is subsequently carried at the lower ofcarrying amount or fair value, less cost to sell. Revenue and expenses fromoperations and changes in the valuation allowance are included in loss onforeclosed real estate.

Bank premises and equipment

Land is carried at cost. Bank premises andequipment are stated at cost less accumulated depreciation, which is computedusing straight-line and accelerated methods over the estimated useful lives ofthe assets, which range from 3 to 30 years.

 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

Income taxes

Provisions for income taxesare based on taxes payable or refundable for the current year (after exclusionof non-taxable income such as interest on state and municipal securities) anddeferred taxes on temporary differences between the amount of taxable incomeand pretax financial income and between the tax bases of assets and liabilitiesand their reported amounts in the financial statements. Deferred tax assets andliabilities are included in the financial statements at currently enactedincome tax rates applicable to the period in which the deferred tax assets andliabilities are expected to be realized or settled as prescribed in Statementof Financial Accounting Standards No. 109, *Accountingfor Income Taxes.* As changes in tax laws or rates are enacted, deferred taxassets and liabilities are adjusted through the provision for income taxes.

Net Income per share

Net income per share ofcommon stock has been computed on the basis of the weighted average number ofshares of common stock outstanding.

Comprehensive income

Comprehensive income is the change in stockholders'equity during the period from transactions and other events and circumstancesfrom non-owner sources. Comprehensive income includes the change in unrealizedgains (losses), net of taxes, on available-for-sale securities during theperiod.

Cash and cash equivalents

For purposes of presentation in the consolidatedstatements of cash flows, cash and cash equivalents include cash and balancesdue from banks and federal funds sold.

Credit related financial information

In the ordinary course ofbusiness, the Bank has entered into commitments to extend credit, includingcommercial letters of credit and standby letters of credit. Such financialinstruments are recorded when they are funded.

 

 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

Fair values of financial instruments

Statement of FinancialAccounting Standards (SFAS) No. 107, *Disclosuresabout Fair Value of Financial Instruments*, requires disclosure of fairvalue information about financial instruments, whether or not recognized in thebalance sheet. In cases where quoted market prices are not available, fairvalues are based on estimates using present value or other valuationtechniques. Those techniques are significantly affected by the assumptionsused, including the discount rate and estimates of future cash flows. In thatregard, the derived fair value estimates cannot be substantiated by comparisonto independent markets and, in many cases, could not be realized in immediatesettlement of the instruments from its disclosure requirements. Accordingly,the aggregate fair value amounts presented do not represent the underlyingvalue of Bancshares.

The following methods andassumptions were used by Bancshares in estimating its fair value disclosuresfor financial instruments:

*Cash and cash equivalents* - the carrying amounts of cash and cash equivalentsapproximate their fair values.

*Interest-bearing deposits in other banks*- fair values forinterest-bearing deposits in other banks are estimated using a discounted cashflow analysis that applies interest rates currently being offered oncertificates to a schedule of aggregated contractual maturities on such timedeposits.

*Investment securities* - fair values for investment securities are basedon quoted market prices, where applicable. If quoted market prices are notavailable, fair values are based on quoted market prices of comparableinstruments.

*Loans*- for variable-rate loans that reprice frequently and have no significantchange in credit risk, fair values are based on carrying values. Fair valuesfor certain mortgage loans (i.e., one-to-four family residential), credit cardloans, and other consumer loans are based on quoted market prices of similarloans sold in conjunction with securitization transactions, adjusted fordifferences in loan characteristics. Fair values for commercial real estate andcommercial loans are estimated using discounted cash flow analyses, usinginterest rates currently being offered for loans with similar terms toborrowers of similar credit quality. Fair values for impaired loans areestimated using discounted cash flow analyses or underlying collateral values,where applicable.

*Deposit liabilities* - the fair values disclosed for demand deposits are, by definition,equal to the amount payable on demand at the reporting date (that is, theircarrying amounts). The carrying amounts of variable-rate, fixed-term moneymarket accounts and certificates of deposit approximate their fair values atthe reporting date. Fair values for fixed-rate certificates of deposit areestimated using a discounted cash flow calculation that applies interest ratescurrently being offered on certificates to a schedule of aggregated expectedmonthly maturities on time deposits.

 

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

Fair values of financial instruments (continued)

The following methods andassumptions were used by Bancshares in estimating its fair value disclosuresfor financial instruments:

*Short-term borrowings* - the carrying amounts of other short-termborrowings maturing within 90 days approximate their fair values. Fair valuesof other short-term borrowings are estimated using discounted cash flowanalyses based on the incremental borrowing rates for similar types ofborrowing arrangements.

*Accrued interest* - the carrying amounts of accrued interest approximate their fairvalues.

*Off-balance sheet instruments* - fair values for off-balance sheet lendingcommitments are based on fees currently charged to enter into similaragreements, taking into account the remaining terms of the agreements and thecounterparties' credit standing.

Reclassification

Certain amounts in the 2000and 1999consolidated financial statements have been reclassified to conform with thecurrent year presentation.

**2.      INVESTMENT SECURITIES**

Debt and equity securitieshave been classified in the consolidated statements of financial conditionaccording to management's intent. Securities classified as available-for-saleconsisted of the following at December 31, 2001:

 

AmortizedCost

UnrealizedGains

UnrealizedLosses

FairValue

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and

 

 

 

 

 

 

 

 

   obligations of other

 

 

 

 

 

 

 

 

   governmental entities

$

1,418,009

$

11,668

$

4,863

$

1,424,814

Tax-free municipal bonds

 

670,314

 

29,950

 

4,416

 

695,848

Mortgage-backed securities

 

    562,615

 

       4,783

 

              475

 

        566,923

 

$

2,650,938

$

46,401

$

9,754

$

2,687,585
               
 

 

**2.      INVESTMENT SECURITIES (continued)**

Debt and equity securitieshave been classified in the consolidated statements of financial conditionaccording to management's intent. Securities classified as available-for-saleconsisted of the following at December 31, 2000:

 

AmortizedCost

UnrealizedGains

UnrealizedLosses

FairValue

U.S. Treasury securities and

 

 

 

 

 

 

 

 

   obligations of other

 

 

 

 

 

 

 

 

   governmental entities

$

4,431,305

$

12,354

$

12,555

$

4,431,104

Tax-free municipal bonds

 

590,533

 

24,376

 

-

 

614,909

Mortgage-backed securities

 

488,438

 

-

 

7,986

 

480,452
               
 

$

5,510,276

$

36,730

$

20,541

$

5,526,465
                                          
 

The amortized costs andestimated market values of debt securities at December 31, 2001,by contractual maturity, are shown below. Expected maturities may differ fromcontractual maturities because borrowers have the right to call or prepayobligations with or without call or prepayment penalties.

 

 

AmortizedCost

 

FairValue

Within one year

$

706,000

$

701,835

Greater than one but within

 

 

 

 

  five  years

 

762,142

 

774,291

Greater than five but within

 

 

 

 

   ten  years

 

296,427

 

313,903

Greater than ten years

 

323,754

 

330,633
         
 

 

2,088,323

 

2,120,662

Mortgage-backed securities

 

562,615

 

566,923
         
 

$

2,650,938

$

2,687,585
                        
Investment securities withcarrying values of approximately $195,400 and $3,258,885 at December 31, 2001 and 2000, respectively, werepledged to secure public deposits and for other purposes as required orpermitted by law.
 
 

 

**3.   LOANS**

The components of loans inthe consolidated balance sheets at December 31, 2001 and 2000, were as follows:

 

 

2001

 

2000

 

 

 

 

 

Agricultural loans

$

6,280,542

$

7,082,483

Commercial loans

 

16,820,986

 

16,215,815

Real estate loans

 

7,538,708

 

5,785,359

Consumer loans

 

6,397,315

 

7,190,415

Other

 

570,528

 

387,891
         
 

 

37,608,079

 

36,661,963

Less: allowance for loan losses

 

(708,724)

 

(825,337)
         
     Loans,  net

$

36,899,355

$

35,836,626
         
Changes in the allowance forloan losses during the years ended December 31, 2001, 2000,and 1999were as follows:

 

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

Balance - beginning of year

$

825,337

$

801,545

$

852,171

Provision (credit) for loan losses

 

4,433

 

-     

 

(57,629)

Loans charged-off

 

(153,049)

 

(37,871)

 

(33,424)

Recoveries

 

32,003

 

61,663

 

40,427
      
Balance - end of year  

$

708,724

$

825,337

$

801,545
            
Impairment of loans havingrecorded investments of approximately $315,426 at December 31, 2001, and $469,600at December 31, 2000, has beenrecognized in conformity with SFAS No. 114, *Accountingby Creditors for Impairment of a Loan*, as amended by SFAS No. 118. Theaverage recorded investment in impaired loans during 2001 and 2000was approximately $331,000 and $588,000, respectively. The total allowances forloan losses related to these loans was approximately $31,000 and $42,000, at December 31, 2001 and 2000, respectively.

Interest income on impairedloans, which is recognized when cash payments are received, totalledapproximately $6,500, $5,000, and $7,000 during the years ended December 31, 2001, 2000,and 1999,respectively.

The Bank transferred $36,000and $774,308 of real estate acquired in settlements of loans to other realestate owned and other assets during the years ended December 31, 2001 and 2000, respectively.

The Bank is not committed to lend additional funds to debtorswhose loans have been modified.
 
 

**4.   BANK PREMISES AND EQUIPMENT**

Major classifications ofbank premises and equipment at December 31, 2001 and 2000, are summarized asfollows:

 

 

2001

 

2000

 

 

 

 

 

Land

$

100,081

$

100,081

Buildings and improvements

 

894,923

 

894,923

Equipment

 

522,462

 

518,950
         
 

 

1,517,466

 

1,513,954

Less:   accumulated depreciation

 

(956,868)

 

(926,728)
         
 

$

      560,598

$

587,226
                        
Depreciation expenseamounted to $61,823, $60,580, and $62,200 during theyears ended December 31, 2001,2000,and 1999,respectively.

**5.   DEPOSITS**

Deposits at December 31, 2001 and 2000, are summarizedbelow:

2001

2000

 

 

 

 

 

Demand deposit accounts

$

7,388,169

$

7,079,628

NOW accounts

 

6,310,655

 

6,754,120

Savings accounts

 

6,149,171

 

5,340,615

Time accounts

 

17,580,358

 

19,231,708
         
 

$

37,428,353

$

38,406,071
         
At December 31, 2001,the scheduled maturities of all outstanding certificates of deposit were asfollows:

Year ending

 

 

December 31st

 

Amount

 

 

 

2002

 

$      15,932,465

2003

 

1,163,329

2004

 

172,752

2005

 

14,004

2006

 

297,808
      
 

 

$      17,580,358
      
Included in deposits areapproximately $5,228,500 and $6,960,000 of certificates of deposit in excess of$100,000 at December 31, 2001 and 2000, respectively.  Interest expense on such deposits wasapproximately $346,400, $286,500, and $239,600, during the years ended December 31, 2001, 2000,and 1999,respectively.

 

 

 

**6.   OTHER BORROWED FUNDS**

TheBank has established a line-of-credit for approximately $16,000,000 with theFederal Home Loan Bank (FHLB) to provide an additional source of operatingcapital. The current advances, which totalled $2,332,000 and $2,371,900 at December 31, 2001and 2000,respectively, bore interest at variable rates ranging from 1.93% to 2.50%, andare scheduled to mature as follows:

Year ending

 

 

December 31st

 

Amount

 

 

 

2002

$

1,000,000

2003

 

250,000

2005

 

1,082,000
      
 

$

2,332,000
      
This indebtedness is securedby $402,700 of FHLB stock owned by the Bank and a portion of its loanportfolio.

The Bank has utilized $1,120,000 of its line-of-creditwith the Federal Home Loan Bank to acquire letters-of-credit which it has usedto secure public deposits.

**7.   INCOME TAXES**

The source and tax effect ofitems reconciling income tax expense to the amount computed by applying thefederal income tax rates in effect to income before income tax expense for theyears ended December 31, 2001, 2000,and 1999were as follows:

 

2001

2000

1999

 

 

Amount

 

%

 

Amount

%

 

Amount

 

%

Income  before income

 

 

 

 

 

 

 

 

 

 

 

   tax  expense

$

1,286,829

 

100.0%

$

1,387,070

100.0%

$

1,304,613

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

Income  tax expense at

 

 

 

 

 

 

 

 

 

 

 

   statutory rate

$

437,522

 

34.0%

$

471,604

34.0%

$

443,568

 

34.0%

Tax-exempt interest income

 

 

 

 

 

 

 

 

 

 

   and nondeductible

 

 

 

 

 

 

 

 

 

 

 

   interest cost
   
(9,722)
   
(0.7)
   
(9,438)

(0.7)
   
(9,220)
   
(.07)

Other
   
(2,618)
   
(0.2)

 

10,492

0.8  
   
(18,027)
   
(1.4 )  
                  
 

$

425,182

 

34.1%

$

472,658

34.1%

$

416,321

 

31.9%
                  ****
** **

**7.   INCOME TAXES (continued)**

** **The components of income taxexpense during the years ended December 31, 2001, 2000,and 1999were as follows:

 

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

Current tax expense

$

403,235

$

486,253

$

384,604

Deferred tax expense (benefit)

 

21,947

(

13,595)

 

31,717
            
 

$

425,182

$

472,658

$

416,321
            
Bancshares records deferredincome taxes on the tax effect of temporary differences. Deferred tax assetsare subject to a valuation allowance if their realization is less than fiftypercent probable. Deferred tax assets (liabilities) were comprised of thefollowing at December 31, 2001 and 2000:

 

 

2001

 

2000

Depreciation

($

107,006)

($

120,511)

Stock dividends

(

24,247)

(

17,279)  

Unrealized gains on securities

(

12,461)

(

5,504)
         
Gross deferred tax liability

(

143,714)

(

143,294)
         
 

 

 

 

 

Reserve for loan losses

 

79,409

 

77,901

Write-downs of foreclosed property

 

27,627

 

24,261

Deferred compensation

 

47,619

 

37,083
         
Gross deferred tax assets

 

154,655

 

139,245

Less:   deferred tax asset valuation allowance

 

-

 

-
         
     Net deferred tax asset (liability)

$

10,941

($

4,049)
         
**8.      EMPLOYEE BENEFITS**

The Bank maintains a 401(k)savings plan for which the majority of its employees are eligible. The employercontributes to the plan based on the discretion of the Board of Directors. TheBank matches 50% of employee contributions up to 6% of each employee's salary.The Bank recognized expenses relating to this plan of approximately $16,000,$16,700, and $16,200, during the years ended December 31, 2001, 2000,and 1999,respectively.

 

**8.      EMPLOYEE BENEFITS (continued)**

The Bank maintains adeferred compensation agreement with several directors. Upon retirement, theBank will pay the directors their deferred compensation plus interest. The Bankis the owner and beneficiary of several insurance policies covering the livesof these directors.

The Bank also maintains asupplemental executive retirement plan agreement with its president. Uponretirement, or in the event of death, the president, or his designatedbeneficiary, will receive the benefit over a 20 year period. The Bank is theowner and beneficiary of an insurance policy covering the life of the president.If employment is terminated "without cause" prior to retirement, theBank will pay the president his accrued benefit, which is based on the numberof months of completed service since January, 1996.

**9.   OFF-BALANCE SHEET ACTIVITIES**

The Bank is a party tofinancial instruments with off-balance sheet risk in the normal course ofbusiness to meet the financing needs of its customers. These financialinstruments include commitments to extend credit and standby letters of credit.These instruments involve, to varying degrees, elements of credit and interestrate risk in excess of the amount recognized in the consolidated balancesheets. 

The Bank's exposure to credit loss is represented bythe contractual amount of these commitments. The Bank uses the same creditpolicies in making commitments and conditional obligations as it does forfinancial instruments recorded on its balance sheets.

Commitments to Extend Credit

Commitments to extend credit are agreements to lend to acustomer, as long as there is no violation of any condition established in thecontract. Commitments generally have fixed expiration dates or othertermination clauses and may require the payment of a fee.  Since many of the commitments are expectedto expire without being drawn upon, the total commitment amounts do notnecessarily represent future cash requirements. The amount of collateralobtained, if it is deemed necessary by the Bank upon extension of credit, isbased on management's credit evaluation of the customer. At December 31, 2001, unfundedloan commitments totalled approximately $5,885,000.

Unfunded commitments under commercial lines-of-credit,revolving credit lines and overdraft protection agreements are commitments forpossible future extensions of credit to existing customers.  These lines-of-credit are uncollateralizedand usually do not contain a specified maturity date and may not be drawn uponto the total extent to which the Bank is committed.

****

** **

**9.    FINANCIAL INSTRUMENTS(continued)**

Commitments to Extend Credit (continued)

Standby letters of credit areconditional commitments issued by the Bank to guarantee the performance of acustomer to a third party. Those guarantees are primarily issued to supportpublic and private borrowing arrangements, including commercial paper, bondfinancing, and similar transactions. At December 31, 2001, commitmentsunder standby letters of credit totalled approximately $57,000. The credit riskinvolved in issuing letters of credit is essentially the same as that involvedin extending loan facilities to customers. The Bank generally holds collateralsupporting these commitments if deemed necessary. Because these instrumentshave fixed maturity dates, they do not generally present any significantliquidity risk to the Bank.

The Bank has not been requiredto perform on any financial guarantees during the past three years. The Bankdid not incur any losses on such commitments during either 2001,2000,or 1999.

The estimated fair values ofBancshares's financial instruments at December 31, 2001 and 2000, were as follows (inthousands):

 

2001

2000

 

Carrying  Amount

Fair  Value

Carrying  Amount

Fair  Value

Financial assets:

 

 

 

 

 

 

 

 

   Cash and due from banks, interest

 

 

 

 

 

 

 

 

     bearing deposits in other banks,

 

 

 

 

 

 

 

 

     and federal funds sold

$

7,435

$

7,435

$

6,070

$

6,070

  Securities available-for-sale

 

2,688

 

2,688

 

5,526

 

5,526

  Loans receivable (net)

 

36,899

 

37,262

 

35,837

 

35,724

  Accrued interest receivable

 

461

 

461

 

621

 

621

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

  Deposit liabilities

 

37,428

 

37,585

 

38,406

 

38,425

  Other borrowed funds

 

2,332

 

2,332

 

2,372

 

2,372

  Accrued interest payable

 

144

 

144

 

213

 

213

 

 

**10.    RELATED PARTYTRANSACTION**

In the ordinary course of business, certain officers and directorsof the Bank and companies in which they have 10% or more beneficial ownershipmaintain a variety of banking relationships with the Bank. An analysis ofactivity during 2001,2000,and 1999with respect to loans to officers and directors of the Bank is as follows:

2001

2000

1999

 

 

 

 

 

 

 

Balance - beginning of year

$

1,353,120

$

1,441,636

$

1,382,362

  Additions

 

1,380,886

 

492,406

 

1,705,025

  Payments

(

          1,394,607)

(

             580,922)

(

          1,645,751)

Balance - end of year

$

1,339,399

$

1,353,120

$

1,441,636
            
 

Included in deposits aredeposits from directors, officers, their immediate families, and relatedcompanies. These accounts totalled approximately $1,499,000 and $1,471,000 at December 31, 2001 and 2000, respectively.

**11.  RESTRICTIONS OF RETAINED EARNINGS**

The Bank, as a statechartered Bank, is subject to the dividend restrictions set forth by theCommissioner. Under such restrictions, the Bank may not, without the priorapproval of the Commissioner, declare dividends in excess of the sum of thecurrent year's retained net earnings (as defined) plus the retained netearnings (as defined) from the prior year. At December 31, 2001, the Bankcould not declare any additional dividends without the approval of theCommissioner.

**12.  MINIMUM REGULATORY CAPITALMATTERS**

The Bank is subject tovarious regulatory capital requirements administered by the federal bankingagencies. Failure to meet minimum capital requirements can initiate certainmandatory, and possibly additional discretionary actions, by regulators that,if undertaken, could have a direct material effect on the Bank's financialstatements. Under capital adequacy guidelines and the regulatory framework forprompt corrective action, the Bank must meet specific capital guidelines thatinvolve quantitative measures of the Bank's assets, liabilities, and certainoff-balance sheet items as calculated under regulatory accounting practices.The Bank's capital amounts and classification are also subject to qualitativejudgments by the regulators about components, risk weightings, and otherfactors.

Quantitative measuresestablished by regulation to ensure capital adequacy require the Bank tomaintain minimum amounts and ratios (set forth in the table on the followingpage) of total and Tier I capital (as defined in the regulations) torisk-weighted assets (as defined), and of Tier I capital (as defined) toaverage assets (as defined). Management believes, as of December 31, 2001 and 2000, that the Bank meetsall capital adequacy requirements to which it is subject.

 

**12.  REGULATORY MATTERS(continued)**

Themost recent notification from the Federal Deposit Insurance Corporation (as ofSeptember 30, 2001) categorized the Bank as well capitalized under theregulatory framework for prompt corrective action. To remain as wellcapitalized the Bank must maintain minimum total risk-based, Tier I risk-based,and Tier I leverage ratios as set forth in the table below (on the followingpage). There are no conditions or events since that notification thatmanagement believes have changed the institution's category.

      The Bank's actual capital amounts and ratios as of December 31, 2001 and 2000, are presented below:

 

Actual

For capital  adequacypurposes

To be well  capitalized under  prompt correctiveaction provisions

 
 

 

Amount

 

Ratio

 

Amount

 

Ratio

 

Amount

 

Ratio

 
As of December 31, 2001:

 

 

 

 

 

 

 

 

 

 

 

 

 
 Total capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to risk-weighted assets)

$

6,302,783

 

17.6%

$

2,873,040

 

>8.0%

$

3,591,300

 

>10.0%

 
 Tier I capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to risk-weighted assets)

 

5,853,870

 

16.3%

 

1,436,520

 

>4.0%

 

2,154,780

 

>6.0%

 
 Tier I capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to average assets)

 

5,853,870

 

12.0%

 

1,952,720

 

>4.0%

 

2,440,900

 

>5.0%

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
As of December 31, 2000:

 

 

 

 

 

 

 

 

 

 

 

 

 
 Total capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to risk-weighted assets)

$

6,491,686

 

20.9%

$

2,653,520

 

>8.0%

$

3,316,900

 

>10.0%

 
 Tier I capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to risk-weighted assets)

 

6,077,073

 

19.6%

 

1,326,760

 

>4.0%

 

1,990,140

 

>6.0%

 
 Tier I capital

 

 

 

 

 

 

 

 

 

 

 

 

 
  (to average assets)

 

6,077,073

 

12.5%

 

1,892,720

 

>4.0%

 

2,365,900

 

>5.0%

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** **

**13.  SIGNIFICANT GROUPCONCENTRATIONS OF CREDIT RISK**

Most of the Bank's businessactivity is with customers located within Pointe Coupee Parish. As of December 31, 2001, the Bank'sreceivables from, guarantees of, and obligations from agriculture loans made tosugar cane, cotton, and wheat farmers were considered a concentration. Theseloans are generally secured by assets or farm crops, and a large majority ofthese loans are 90% guaranteed by the Farm Service Agency. The loans areexpected to be repaid from cash flow or proceeds from the sale of crops. Loanlosses arising from lending transactions with farmers compare favorably withthe Bank's loan loss experience on its loan portfolio as a whole.

The distribution ofcommitments to extend credit approximates the distribution of loansoutstanding. Commercial and standby letters of credit were granted primarily tocommercial borrowers.

The contractual amounts ofcredit-related financial instruments such as commitments to extend credit, andletters of credit represent the amounts of potential accounting loss should thecontract be fully drawn upon, the customer default, and the value of anyexisting collateral become worthless.

**14.    SUPPLEMENTAL EXPENSEITEMS**

Supplemental expense itemsduring the years ended December 31, 2001,2000,and 1999were as follows:

 

2001

2000

1999

 

 

 

 

 

 

 

Director fees

$

98,725

$

93,025

$

79,350

 

 

 

 

Professional fees

$

76,235

$

76,690

$

76,750
            
 

**15. BANK ONLY FINANCIAL STATEMENTS**

**STATEMENTS OF FINANCIAL CONDITIONDECEMBER 31, 2001 AND 2000**

**ASSETS**

 

2001

 

2000

Cash and due from banks

 $      1,669,591 

 

 $      1,769,687 

Federal funds sold

4,875,000 

 

4,300,000 
      
     Cash and cash  equivalents

6,544,591 

 

6,069,687 

 

 

 

 

Interest bearing  deposits in other banks

          890,000 

 

                 -   

Securities  available-for-sale

2,598,460 

 

5,395,409 

Federal Home Loan Bank  Stock, at cost

423,200 

 

402,700 

Loans, less allowances  for loan losses of $708,724 and $825,337

 

 

 

   at December 31, 2001  and 2000, respectively

36,899,355 

 

35,836,626 

Bank premises and  equipment, net

560,598 

 

587,226 

Accrued interest  receivable

460,813 

 

620,606 

Foreclosed real estate,  net

114,822 

 

129,722 

Other assets

193,832 

 

107,201 
      
**Total assets**

 $    48,685,671 

 

 $    49,149,177 
      
 

 

 

 

**LIABILITIES AND STOCKHOLDER'S  EQUITY**

Liabilities:

 

 

 

  Deposits

 

 

 

     Noninterest-bearing

 $    10,133,839 

 

 $      9,003,077 

     Interest-bearing

30,040,184 

 

31,326,443 
      
       Total deposits

      40,174,023 

 

      40,329,520 

 

 

 

 

  Other borrowed funds

2,332,000 

 

2,371,900 

  Accrued interest  payable

144,494 

 

213,309 

  Other liabilities

158,229 

 

145,481 

       Total liabilities

      42,808,746 

 

      43,060,210 
      
 

 

 

 

Stockholder's  equity:

 

 

 

  Common stock; $2.50 par  value; 1,000,000 shares authorized;

 

 

 

     309,677 shares issued  and outstanding

774,193 

 

774,193 

  Capital surplus

3,475,808 

 

3,225,808 

  Undivided profits

        1,603,869 

 

        2,077,072 

  Accumulated other  comprehensive income

             23,055 

 

             11,894 
      
       Total stockholder's  equity

        5,876,925 

 

        6,088,967 
      
**        Total liabilities  and stockholder's equity**

 $    48,685,671 

 

 $    49,149,177 
      
 
 
 

**15.BANK ONLY FINANCIAL STATEMENTS (continued)**

 

**STATEMENTS OF OPERATIONSDECEMBER 31, 2001, 2000 AND1999**
   
2001   
2000   
1999
INTEREST INCOME

 

 

 

 

 

  Interest and fees on loans

$      3,307,850 

 

 $     3,437,670 

 

$      2,949,718 

  Interest on available-for-sale securities

224,373 

 

313,749 

 

293,416 

  Interest on federal funds sold

131,605 

 

74,994 

 

98,125 

  Interest on deposits in other banks

6,231 

 

11,545 

 

20,441 

 

 

 

     Total interest income

         3,670,059 

 

         3,837,958 

 

         3,361,700 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

  Interest on deposits

1,401,522 

 

1,363,628 

 

1,062,992 

  Other borrowed funds

90,956 

 

138,080 

 

26,893 

  Loan from parent company

                   -   

 

                   -   

 

             15,107 

  Interest on federal funds purchased

258 

 

12,197 

 

1,863 

 

 

 

    Total interest expense

         1,492,736 

 

         1,513,905 

 

         1,106,855 

 

 

 

 

 

 

 

 

 

**NET INTEREST INCOME**

         2,177,323 

 

         2,324,053 

 

         2,254,845 

 

 

 

 

 

 

  Provision (credit) for loan losses   

               4,433 

 

                   -   

 

           (57,629)

 

 

 

 

 

 

 

 

 

**NET INTEREST INCOME AFTER**

 

 

 

 

 

**  PROVISION (CREDIT) FOR**

 

 

 

 

 

**  LOAN LOSSES**

         2,172,890 

 

         2,324,053 

 

         2,312,474 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

  Service charges on deposit accounts

162,094 

 

161,247 

 

136,122 

  Other service charges and fees

388,593 

 

394,498 

 

364,313 

  Net gain on sales of loans

174,101 

 

20,736 

 

                  -   

  Net realized gains on sales of

 

 

 

 

 

    available-for-sale securities

2,729

 

-   

 

               8,587 

  Other income

78,690

 

131,538 

 

81,468 

 

 

 

 

806,207 

 

708,019 

 

           590,490 

 

 

 

 

**15.BANK ONLY FINANCIAL STATEMENTS (continued)**

 

**STATEMENTS OF OPERATIONSDECEMBER 31, 2001, 2000 AND1999**

 

 

2001

 

2000

 

1999

NONINTEREST EXPENSES

 

 

 

 

 

  Salaries and employee benefits

 $       879,466 

 

 $    899,353 

 

$ 889,118 

  Occupancy expenses

170,421  

 

153,630 

 

166,605 

  Data processing expenses

94,762  

 

95,342 

 

104,024 

  Other operating expenses

532,469  

 

504,300 

 

432,170 

 

 

 

 

        1,677,118 

 

        1,652,625 

 

        1,591,917 

 

 

 

 

 

 

 

 

 

**INCOME BEFORE INCOME**

 

 

 

 

 

**   TAX EXPENSE**

      1,301,979 

 

   1,379,447 

 

1,311,047 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

425,182  

 

470,046 

 

423,607 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**NET INCOME**

          876,797 

 

          909,401 

 

887,440 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

  Unrealized holding gains (losses) arising

 

 

 

 

 

    during the period, net of taxes

13,890  

 

76,984 

 

 (97,635)

  Less: reclassification adjustment for

 

 

 

 

 

    realized gains

(2,729)

 

  -    

 

 (8,587)

 

 

 

 

11,161  

 

76,984 

 

 (106,222)

 

 

 

 

 

 

 

 

 

**COMPREHENSIVE INCOME**

 $       887,958 

 

 $    986,385 

 

$ 781,218 

 

 

 

 

 

 

 
 
 

**16.PARENT ONLY FINANCIAL STATEMENTS**

**STATEMENTS OF FINANCIALCONDITIONDECEMBER 31, 2001 AND 2000**

**ASSETS**

 

 

2001

 

2000

Cash  in subsidiary bank

 $      2,745,670 

 

 $      1,923,449 

Securities  available-for-sale

89,125 

 

131,056 

Accrued  interest receivable

471 

 

713 

Other  assets

                    -  

 

1,252 

Investment  in subsidiary bank

5,876,925 

 

6,088,967 

 

 

**     Total assets**

 $      8,712,191 

 

 $      8,145,437 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

Due to subsidiary bank

 $            3,287 

 

 $            3,287 

Other liabilities

583 

 

                   -   

 

 

     Total liabilities

               3,870 

 

               3,287 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 Common stock; $2.50 par value; 1,000,000  shares authorized;  309,677 shares issued; and  308,977 shares outstanding 

 

 

 

           774,193 

 

           774,193 

 Capital surplus 

        1,530,320 

 

        1,530,320 

 Retained earnings 

        6,387,898 

 

        5,835,228 

Accumulated  other comprehensive income

             24,186 

 

             10,685 

 

 

 

        8,716,597 

 

        8,150,426 

 Less: 700 shares held in treasury - at cost  

            (8,276)

 

            (8,276)

 

 

      Total stockholders' equity 

        8,708,321 

 

        8,142,150 

 

 

**       Total liabilities and stockholders' equity**

 $      8,712,191 

 

 $      8,145,437 

 

 

 

 

**16.PARENT ONLY FINANCIAL STATEMENTS (continued)**

**STATEMENTS OF OPERATIONSDECEMBER 31, 2001, 2000 AND1999**

 

INCOME

2001

2000

1999

  Interest on available-for-sale securities

 $          6,344

 

 $         21,179 

 

 $         26,216 

  Interest on loan to subsidiary

                   - 

 

                  -

 

            15,107 

  Dividends from subsidiary

      1,100,000 

 

                  -

 

     1,354,040  

 

 

 

 

1,106,344 

 

21,179 

 

 1,395,363 

 

 

 

 

 

 

 

 

 

EXPENSES

21,494 

 

13,556 

 

             47,757 

 

 

 

 

 

 

 

 

 

**INCOME BEFORE EQUITY (DEFICIT)**

 

 

 

 

 

**  IN UNDISTRIBUTED EARNINGS**

 

 

 

 

 

**  OF SUBSIDIARY**

     1,084,850 

 

             7,623 

 

      1,347,606 

 

 

 

 

 

 

Equity (deficit) in undistributed earnings

 

 

 

 

 

of subsidiary

(223,203)

 

909,401 

 

(466,600)

 

 

 

 

 

 

 

 

 

**INCOME BEFORE INCOME TAX**

 

 

 

 

 

**  EXPENSE (BENEFIT)**

        861,647 

 

          917,024 

 

         881,006 

 

 

 

 

 

 

Income tax expense (benefit)

              -   

 

2,612 

 

(7,286)

 

 

 

 

 

 

 

 

 

**NET INCOME**

        861,647 

 

 914,412 

 

        888,292 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 Unrealized holding gains (losses) arising

 

 

 

 

 

    during the period, net of taxes

          13,501 

 

          80,868 

 

      (101,752)

 Less: reclassification adjustment for

 

 

 

 

 

    realized gains

               -   

 

               -   

 

          (8,587)

 

 

 

 

          13,501 

 

           80,868 

 

      (110,339)

 

 

 

**COMPREHENSIVE INCOME**

 $     875,148 

 

 $       995,280 

 

 $       777,953 

 

 

 

 

 

 

 
 
 

**16.PARENT ONLY FINANCIAL STATEMENTS (continued)**

 

**STATEMENTS OF CASH FLOWSDECEMBER 31, 2001, 2000 AND1999**

 
   
           2001       
        2000        
        1999
CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 Net income

 $      861,647

 

 $      914,412

 

 $       888,292

 Adjustments to reconcile net income to net cash

 

 

 

 

 

   provided by operating activities:

 

 

 

 

 

     Net accretion of investment security discounts /

 

 

 

 

 

      amortization of investment security premiums

824

 

712

 

 1,404

     Decrease (increase) in other assets

         629

 

(629)

 

         -

     Decrease (increase) in accrued interest receivable

       242

 

              2,828

 

               462

     Increase (decrease) in other liabilities

                  -

 

        2,612

 

           (7,285)

     Undistributed earnings of subsidiaries

    223,203

 

      (909,401)

 

  466,600

 

 

 

 

**   Net cash provided by operating activities**

  1,086,545

 

     10,534

 

       1,349,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

  Proceeds from maturities of available-for-sale securities

          44,653

 

        328,319

 

            85,387

  Repayment of funds from subsidiary

                  -

 

                  -   

 

          600,000

 

 

 

 

**   Net cash provided by (used in) investing activities**

            44,653

 

          328,319

 

          685,387

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

  Dividends paid

       (308,977)

 

       (293,528)

 

      (262,430)

  Proceeds from sales of treasury stock

                  -

 

                 -    

 

9,236

 

 

 

 

**     Net cash used in financing activities**

       (308,977)

 

    (293,528)

 

      (253,194)

 

 

 

 

Increase  in cash

        822,221

 

            45,325

 

          1,781,666

 

 

 

 

 

 

 

Cash  - beginning of year

         1,923,449

 

       1,878,124

 

            96,458

 

 

 

 

Cash  - end of year

 $   2,745,670

 

 $   1,923,449

 

 $   1,878,124
            
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