- 14 -
These changes were primarily due to its declining loan income.
The decline in loan income was closely related to a decrease in
Western National Bank's net loan assets.
Western National had significant problems with bad loans
during the early and middle 1980's. At the start of 1985,
Western National Bank had $88,000 in its loan loss reserve. In
1985, it had net loan losses of $462,000, which caused it to have
a net loss for 1985. It normally takes at least several years
for a bank to correct problems with bad loans.
11. Book Values and Dividend Payment Histories of Scottsbluff
National Corp. and Western National Bank
The book values of Scottsbluff National Corp. and Western
National Bank on September 30, 1986, and March 31, 1987, were as
follows:
9/30/86 3/31/87
9/30/86 Book Value 3/31/87 Book Value
Corporation Book Value Per Share Book Value Per Share
Scottsbluff $14,595,077.21 $364.88 $15,719,232.71 $392.98
Natl. Corp.
Western 2,231,862.00 111.59 2,331,145.79 116.56
Natl. Bank
From 1981 to 1986, Scottsbluff National Corp. paid dividends
per share as follows:
Year Dividends Per Share
1981 $4.00
1982 4.00
1983 4.00
1984 11.00
1985 10.50
1986 12.50
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