Bol Bancshares Inc - Quarterly Report (10-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended June 30, 2008

/ / TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT

For the transition period from to

Commission file Number 00-16934

 BOL BANCSHARES, INC.

(Exact name of registrant as specified in its charter.)

Louisiana 72-1121561
(State of incorporation) (I.R.S. Employer Identification No.)

300 St. Charles Avenue, New Orleans, La. 70130
(Address of principal executive offices)

(504) 889-9400
(Registrant's telephone number)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X_ No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer __ Accelerated filer __ Non-accelerated filer __ Smaller reporting company X_

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes __ No X_

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: 179,145 SHARES AS OF JULY 30, 2008.

BOL BANCSHARES, INC. & SUBSIDIARY
INDEX

 Page No.


PART I. Financial Information

 Item 1. Financial Statements

 Consolidated Statements of Condition 3

 Consolidated Statements of Income 4

 Consolidated Statements of Comprehensive Income 5

 Consolidated Statements of Cash Flow 6

 Notes to Consolidated Financial Statements 7

 Item 2. Management's Discussion and Analysis 7

 Item 3. Quantitative and Qualitative Disclosures about Market Risk 10

 Item 4T. Controls and Procedures 10


PART II. Other Information

 Item 4. Submission of Matters to a Vote of Security Holders 10

 Item 6. Exhibits 11


 Signatures 12

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CONDITION

 June 30 Dec. 31,
(Amounts in Thousands) 2008 2007
 (Unaudited) (Audited)

ASSETS

Cash and Due from Banks
 Non-Interest Bearing Balances and Cash $3,449 $4,161
Federal Funds Sold 34,015 27,490
Investment Securities
 Securities Held to Maturity 2,002 8,000
 Securities Available for Sale 740 740
Loans-Less Allowance for Loan Losses of $1,800
 in 2008 and in 2007 55,283 55,820
Property, Equipment and Leasehold Improvements
 (Net of Depreciation and Amortization) 6,811 6,923
Other Real Estate 1,036 1,036
Other Assets 1,125 1,100
 TOTAL ASSETS $104,461 $105,270


LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Deposits:
 Non-Interest Bearing 40,434 41,408
 NOW Accounts 10,950 12,143
 Money Market Accounts 4,376 4,248
 Savings Accounts 22,532 23,789
 Time Deposits, $100,000 and over 2,987 2,260
 Other Time Deposits 8,178 5,819
 TOTAL DEPOSITS 89,457 89,667
Notes Payable 1,543 1,543
Other Liabilities 2,005 3,320
 TOTAL LIABILITIES 93,005 94,530
SHAREHOLDERS' EQUITY
Preferred Stock - Par Value $1

2,012,454 Shares Issued and Outstanding in 2008 2,081,857 Shares Issued and Outstanding in 2007 2,012 2,082 Common Stock - Par Value $1
179,145 Shares Issued and Outstanding in 2008 and 2007

 179 179
Accumulated Other Comprehensive Income 422 422
Capital in Excess of Par - Retired Stock 156 141
Undivided Profits 7,916 6,440
Current Earnings 771 1,476
 TOTAL SHAREHOLDERS' EQUITY 11,456 10,740
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $104,461 $105,270