BOL BANCSHARES INC

CIK:0000832818|SEC Filings

Consolidated Statement of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
INTEREST INCOME
Interest and Fees on Loans	$ 1,296	$ 1,492	$ 2,585	$ 2,970
Interest on Investment Securities	2	2	4	4
Interest on Federal Funds Sold	10	4	15	10
Interest on Certificates of Deposit	9	9	19	18
Total Interest Income	1,317	1,507	2,623	3,002
INTEREST EXPENSE
Interest on Deposits	71	89	151	177
Interest Expense on Notes Payable and Debentures	18	19	37	37
Total Interest Expense	89	108	188	214
NET INTEREST INCOME	1,228	1,399	2,435	2,788
Provision for Loan Losses	(10)	32	41	51
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	1,238	1,367	2,394	2,737
NON-INTEREST INCOME
Service Charges on Deposit Accounts	112	108	226	217
Gain on Sale of Securities			1,079
Cardholder & Other Credit Card Income	100	105	194	206
Other Operating Income	20	19	63	59
Total Non-interest Income	232	232	1,562	482
NON-INTEREST EXPENSE
Salaries and Employee Benefits	569	597	1,115	1,197
Occupancy Expense	247	233	465	457
Communications	61	57	119	114
Outsourcing Fees	288	381	551	726
Loan & Credit Card Expense	30	30	57	58
Professional Fees	66	68	127	150
ORE Expense	47	65	99	109
Other Operating Expense	174	158	329	316
Total Non-interest Expense	1,482	1,589	2,862	3,127
Income Before Tax Provision	(12)	10	1,094	92
Provision for Income Taxes	(4)	7	326	39
NET INCOME (LOSS)	$ (8)	$ 3	$ 768	$ 53
Earnings (Loss) Per Share of Common Stock	$ (0.04)	$ 0.02	$ 4.29	$ 0.29

Consolidated Statement of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
OPERATING ACTIVITIES
Net Income	$ 768	$ 53
Provision for Loan Losses	41	51
Depreciation and Amortization Expense	133	157
Decrease in Deferred Income Taxes	(64)
Gain on Sale of Available for Sale Investments	(1,079)
Decrease in Deferred Loan Fees	(15)
Decrease in Other Assets	(89)	468
Decrease in Other Liabilities and Accrued Interest	305	(120)
Net Cash Provided by Operating Activities	0	609
INVESTING ACTIVITIES
Proceeds from Sale of AFS Securities	1,148
Purchases of Property and Equipment	(11)	(56)
Capitalized Construction Costs for ORE	(16)	(17)
(Increase) Decrease in Certificate of Deposit with other Banks	(252)	250
Net Decrease in Loans	1,504	2,045
Net Cash Provided by Investing Activities	2,374	2,222
FINANCING ACTIVITIES
Net Decrease in Non-Interest Bearing and Interest Bearing Deposits	(3,859)	(2,014)
Preferred Stock Retired	(8)	(1)
Net Cash Used in Financing Activities	(3,867)	(2,015)
Net Increase in Cash and Cash Equivalents	(1,493)	816
Cash and Cash Equivalents - Beginning of Year	19,656	18,784
Cash and Cash Equivalents - End of Period	18,163	19,600
SUPPLEMENTAL DISCLOSURES:
Cash Paid During the Year for Interest	175	94
Cash Paid (Received) During the Year for Income Taxes	111	11
Market Value Adjustment for Unrealized Loss on Securities Available-for-Sale
Additions to Other Real Estate Thru Foreclosure		$ 999