UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-27154
JOACHIM BANCORP, INC.
(Exact name of registrant as specified in its charter)
Missouri
43-1721475
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
De Soto Plaza, De Soto, Missouri
63020
(Address of principal executive office)
(Zip Code)
Registrant's telephone number, including area code (314) 586-8821
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 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 the number of shares outstanding of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding January 31, 1998
Common Stock, par value $.01 per share 722,415 Shares
JOACHIM BANCORP, INC. AND SUBSIDIARY
FORM 10-QSB
FOR THE QUARTER ENDED DECEMBER 31, 1997
INDEX
PAGE NO.
<TABLE>
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PART I - Financial Information (Unaudited)
Consolidated Balance Sheets 1
Consolidated Statements of Earnings 2
Consolidated Statements of Cash Flows 3
Notes to Consolidated Financial Statements 4
Management's Discussion and Analysis of
Financial Condition and Results of Operations 5
PART II - Other Information 9
JOACHIM BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
December 31, March 31,
Assets 1997 1997
Cash and cash equivalents $ 2,311,210 2,091,535
Certificates of deposit 1,144,003 3,052,899
Securities held to maturity, at amortized cost
(market value of $3,612,987 and $4,746,611,
respectively) 3,619,721 4,793,178
Stock in Federal Home Loan Bank of Des Moines 288,500 288,500
Mortgage-backed securities held to maturity,
at amortized cost (market value of $823,465
and $820,499, respectively) 822,912 840,127
Loans receivable, net 25,291,566 23,771,636
Premises and equipment, net 477,500 358,133
Foreclosed real estate held for sale, net - 126,104
Accrued interest receivable:
Securities and certificates of deposit 111,202 170,483
Mortgage-backed securities 4,550 4,651
Loans receivable 137,573 132,476
Other assets 20,726 26,624
Total assets $ 34,229,463 35,656,346
Liabilities and Stockholders' Equity
Deposits $ 24,027,831 24,825,297
Accrued interest on deposits 10,724 25,137
Advances from borrowers for taxes and insurance 6,961 122,711
Other liabilities 61,183 143,890
Income taxes payable 225,552 204,842
Total liabilities 24,332,251 25,321,877
Commitments and contingencies
Stockholders' equity;
Preferred stock, $.01 par value; 1,000,000
shares authorized; none issued and outstanding - -
Common stock, $.01 par value; 5,000,000 shares
authorized; 760,437 shares issued 7,604 7,604
Additional paid-in capital 7,079,257 7,047,500
Common stock acquired by ESOP (381,172) (448,440)
Common stock acquired by MRDP (252,248) (305,615)
Treasury stock, at cost, 38,022 shares (544,190) -
Retained earnings - substantially restricted 3,987,961 4,033,420
Total stockholders' equity 9,897,212 10,334,469
Total liabilities and stockholders' equity $ 34,229,463 35,656,346
See accompanying notes to consolidated financial statements.
JOACHIM BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Earnings
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1997 1996 1997 1996
Interest income:
Loans receivable $ 496,452 480,070 1,486,148 1,417,960
Mortgage-backed securities 13,328 13,824 40,345 41,891
Securities 57,238 70,463 197,830 217,558
Other interest-earning assets 56,591 65,877 167,508 230,375
Total interest income 623,609 630,234 1,891,831 1,907,784
Interest expense on deposits 271,099 265,083 814,652 810,345
Net interest income 352,510 365,151 1,077,179 1,097,439
Provision for loan losses 2,000 2,000 6,641 5,500
Net interest income after
provision for loan losses 350,510 363,151 1,070,538 1,091,939
Noninterest income:
Loan service charges 5,418 5,198 15,165 19,736
NOW service charges 5,162 4,944 14,493 17,030
Gain on investment in
data center - - - 12,668
Other 904 1,756 2,476 4,329
Total noninterest income 11,484 11,898 32,134 53,763
Noninterest expense:
Compensation and benefits 170,888 180,093 545,588 532,275
Occupancy expense 4,987 5,153 15,843 15,746
Equipment and data
processing expense 18,657 17,780 54,980 57,283
Loss (gain) on foreclosed
real estate, net - - (7,387) -
SAIF deposit insurance premium 3,882 14,503 11,663 43,693
SAIF deposit special assessment - - - 167,146
Professional services 33,930 13,206 72,809 54,523
Other 33,497 27,520 75,879 87,072
Total noninterest expense 265,841 258,255 769,375 957,738
Earnings before income taxes 96,153 116,794 333,297 187,964
Income taxes 35,725 40,325 124,665 61,325
Net earnings $ 60,428 76,469 208,632 126,639
Basic earnings per common share $ .09 .11 .30 .18
Diluted earnings per
common share $ .09 .11 .30 .18
Dividends per common share $ .125 .125 .375 .375
See accompanying notes to consolidated financial statements.
JOACHIM BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
December 31,
1997 1996
Cash flows from operating activities:
Net earnings $ 208,632 126,639
Adjustments to reconcile net earnings
to net cash provided by
(used for) operating activities:
Depreciation expense 17,364 20,685
ESOP expense 99,025 87,931
MRDP expense 53,367 51,105
Amortization of premiums (discounts),
net on securities and MBS 3,457 3,445
Provision for loan losses 6,641 5,500
Loss (gain) on foreclosed real estate, net (7,387) -
Decrease (increase) in:
Accrued interest receivable 54,285 (36,961)
Other assets 5,898 55,637
Increase (decrease) in:
Accrued interest on deposits (14,413) (7,486)
Other liabilities (82,707) (1,003)
Income taxes payable 20,710 -
Other, net (1,816) (1,989)
Net cash provided by (used for)
operating activities 363,056 303,503
Cash flows from investing activities:
Loans receivable:
Originated (4,497,410)(3,572,775)
Purchased - (1,337,688)
Principal collections 2,942,007 3,709,552
Principal collections on
mortgage-backed securities 17,215 19,730
Securities held to maturity -
proceeds from maturity 1,170,000 500,000
Certificates of deposit:
Purchased (600,000)(2,500,000)
Proceeds from maturity 2,510,712 1,250,000
Purchases of premises and equipment (136,731) (6,559)
Proceeds from sale of (additions to)
foreclosed real estate, net 162,323 -
Net cash provided by (used for)
investing activities 1,568,116 (1,937,740)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits (797,466)(1,580,425)
Advances from borrowers for taxes and insurance (115,750) (80,671)
Purchase of treasury stock (544,190) -
Cash dividends (254,091) (264,984)
Net cash provided by (used for)
financing activities (1,711,497)(1,926,080)
Net increase (decrease) in cash
and cash equivalents 219,675 (3,560,317)
Cash and cash equivalents at beginning of period 2,091,535 5,384,802
Cash and cash equivalents at end of period $ 2,311,210 1,824,485
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest on deposits $ 829,065 817,831
Income taxes 103,675 24,000
Real estate acquired in settlement of loans $ 28,832 100,816
See accompanying notes to consolidated financial statements.
JOACHIM BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(1)The information contained in the accompanying consolidated financial
statements is unaudited. In the opinion of management, the financial
statements contain all adjustments (none of which were other than
normal recurring entries) necessary for a fair statement of the
results of operations for the interim periods. The results of
operations for the interim periods are not necessarily indicative of
the results which may be expected for the entire fiscal year. The
accompanying consolidated financial statements should be read in
conjunction with the consolidated financial statements for the year
ended March 31, 1997 contained in the Annual Report to stockholders
and as an exhibit filed with Form 10-KSB.
(2)On December 29, 1997, Joachim Bancorp, Inc. (Company) entered into a
definitive merger agreement (Agreement) with First State Bancshares,
Inc. (First State) pursuant to which the Company will be merged into
First State and the Company's wholly-owned subsidiary, Joachim Federal
Savings and Loan Association, will be merged into First State's
wholly-owned subsidiary, First State Community Bank. The Agreement
provides that each share of the Company's common stock will be
exchanged for $17.25 in cash.
Options to purchase shares of the Company's common stock granted
pursuant to its 1996 Stock Option Plan will be canceled as of the
effective date of the merger. In lieu thereof the holders of such
options will be paid $4.9375 for each share of the Company's common
stock the holder of the option formerly had the right to purchase.
Unvested restricted shares of the Company's common stock granted
pursuant to its 1996 Management Recognition and Development Plan will
be canceled as of the effective date of the merger. In lieu thereof
the holders of such shares will be paid $17.25 for each share.
Pursuant to the Agreement, the Company has agreed to pay First State a
termination fee of $500,000 in the event the Agreement is terminated
under certain conditions. Consummation of the merger is subject to
several conditions, including receipt of applicable regulatory
approval, completion of due diligence by First State and approval by
the Company's stockholders.
(3)In February 1997, the FASB issued SFAS No. 128, "Earnings per Share"
and SFAS No. 129, "Disclosure of Information about Capital Structure."
The Statements supersede APB Opinion No. 15, amend certain other
accounting pronouncements, and modify the presentation of earnings per
share. The Statements are effective for financial statements for both
interim periods and years ending after December 15, 1997. Following
is a summary of basic and diluted earnings per common share for the
three and nine months ended December 31, 1997 and the three and nine
months ended December 31, 1996, as restated, under SFAS No. 128:
Three Months Ended Nine Months Ended
December 31, December 31,
1997 1996 1997 1996
Net earnings $ 60,428 76,469 208,632 126,639
Weighted-average shares - Basic EPS 683,177 712,230 685,912 709,988
Stock options under treasury
stock method 14,021 9,178 14,021 9,178
Weighted-average shares - Diluted EPS 697,198 721,408 699,933 719,166
Basic earnings per common share $ .09 .11 .30 .18
Diluted earnings per common share $ .09 .11 .30 .18
JOACHIM BANCORP, INC. AND SUBSIDIARY
Management's Discussion and Analysis of
Financial Condition and Results of Operations
General
On December 27, 1995, Joachim Federal Savings and Loan Association
(Association) converted from mutual to stock form and became a wholly-
owned subsidiary of a newly formed Missouri holding company, Joachim
Bancorp, Inc. (Company). The Company has no significant assets other
than common stock of the Association, the loan to the ESOP and net
proceeds retained by the Company following the conversion. The
Company's principal business is the business of the Association.
Therefore, the discussion in the Management's Discussion and Analysis
of Financial Condition and Results of Operations relates to the
Association and its operations.
Certain statements in this report which relate to the Company's plans,
objectives or future performance may be deemed to be forward-looking
statements within the meaning of Private Securities Litigation Act of
1995. Such statements are based on management's current expectations.
Actual strategies and results in future periods may differ materially
from those currently expected because of various risks and
uncertainties. Additional discussion of factors affecting the
Company's business and prospects is contained in periodic filings with
the Securities and Exchange Commission.
During the quarter ended September 30, 1997, Mrs. Margaret Smith and
Mr. Andrew England changed from director to director emeritus status.
Effective October 16, 1997, the bylaws were amended reducing the number
of directors from seven to five.
Asset and Liability Management and Market Risk
The Association's net interest income is dependent primarily upon the
difference or spread between the average yield earned on loans,
securities and MBS and the average rate paid on deposits, as well as
the relative amounts of such assets and liabilities. The Association,
as other thrift institutions, is subject to interest rate risk to the
degree that its interest-bearing liabilities mature or reprice at
different times, or on a different basis, than its interest-earning
assets.
The Association does not purchase derivative financial instruments or
other financial instruments for trading purposes. Further, the
Association is not subject to any foreign currency exchange rate risk,
commodity price risk or equity price risk. The Association is subject
to interest rate risk. Quantitative and qualitative disclosures about
market risk are discussed in the following paragraphs.
The Association's principal financial objective is to achieve long-term
profitability while reducing its exposure to fluctuating interest
rates. The Association has an exposure to interest rate risk,
including short-term U.S. prime interest rates. The Association has
employed various strategies intended to minimize the adverse effect of
interest rate risk on future operations by providing a better match
between the interest rate sensitivity of its assets and liabilities.
In particular, the Association's strategies are intended to stabilize
net interest income for the long-term by protecting its interest rate
spread against increases in interest rates. Such strategies include
the origination of adjustable-rate mortgage (ARM) loans for retention
in its portfolio and the purchase of shorter-term securities. The
Association relies on retail deposits as its primary source of funds.
Management believes retail deposits, compared to brokered deposits,
reduce the effects of interest rate fluctuations because they generally
represent a more stable source of funds. As part of its interest rate
risk management strategy, the Association promotes transaction accounts
and one- to three-year certificates of deposit. Management does not
anticipate that either financial objectives, strategies or instruments
used to reduce its interest rate risk exposure will change
significantly in the near future.
The OTS provides a net market value methodology to measure the interest
rate risk exposure of thrift institutions. This exposure is a measure
of the potential decline in the net portfolio value (NPV) of the
institution based upon the effect of an assumed 200 basis point
increase or decrease in interest rates. NPV is the present value of
the expected net cash flows from the institution's financial
instruments (assets, liabilities and off-balance sheet contracts).
Loans, deposits, and investments are valued taking into consideration
similar maturities, related discount rates and applicable prepayment
assumptions. Under OTS regulations, an institution's normal level of
interest rate risk in the event of this assumed change in interest
rates is a decrease in the institution's NPV in an amount not exceeding
2% of the present value of its assets. This procedure for measuring
interest rate risk was developed by the OTS to replace the gap analysis
(the difference between interest-earning assets and interest-bearing
liabilities that mature or reprice within a specific time period).
Year 2000
The Association is reviewing computer applications with its outside
data processing service bureau and other software vendors to ensure
operational and financial systems are not adversely affected by "year
2000" software failures. All major customer applications are processed
through the outside service bureau. The service bureau has indicated
that it expects to modify existing programs to make them year 2000
compliant. Management of the Association is unable to estimate any
additional expense related to this issue. Any year 2000 compliance
failures could result in additional expense to the Association.
Liquidity and Capital Resources
The Association's principal sources of funds are cash receipts from
deposits, loan repayments by borrowers and net earnings. The
Association has an agreement with the Federal Home Loan Bank of Des
Moines to provide cash advances.
During November, 1997, the Office of Thrift Supervision (OTS) lowered
the liquidity requirement for savings institutions from 5% to 4% of its
liquidity base. The Association's liquidity ratio exceeded the
regulatory requirement at December 31, 1997.
Since the early 1980's, the Association has originated primarily
adjustable-rate mortgage loans in order to reduce interest-rate risk
exposure.
During May, 1997, the Company repurchased an additional 38,022 shares
of treasury stock at a price of $14.3125 per share. While the purchase
of treasury stock may be beneficial to the Company or shareholders, the
purchase of treasury stock reduces interest-earning assets of the
Company. Capital of the Association may also be reduced to the extent
treasury stock purchases are funded by dividends from the Association
to the Company.
The Association is required to maintain certain minimum capital
requirements under OTS regulations. Failure by a savings institution
to meet minimum capital requirements can result in certain mandatory
and possible discretionary actions by regulators which, if undertaken,
could have a direct material effect on the Association's financial
statements. Under the capital adequacy guidelines and regulatory
framework for prompt corrective action, the Association must meet
specific capital guidelines that involve quantitative measures of the
Association's assets, liabilities, and certain off-balance sheet items
as calculated under regulatory accounting practices. The capital
amounts and classifications are also subject to quantitative judgments
by the regulators about components, risk-weightings and other factors.
The Association's actual and required capital amounts and ratios at
December 31, 1997 are summarized as follows:
</TABLE>
<TABLE>
<CAPTION>
Minimum Required Minimum Required
for Capital to be "Well Capitalized"
Actual Adequacy
Amount Ratio Amount Ratio Amount Ratio
(Dollars in Thousands)
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Consolidated stockholders' equity $ 9,897
Stockholders' equity of Company $ (1,995)
Tangible capital $ 7,902 24.2% $ 490 1.5%
General valuation allowance $ 75
Total capital to risk-weighted
assets $ 7,977 48.4% $1,320 8.0% $ 1,650 10.0%
Tier 1 capital to risk
weighted-assets $ 7,902 47.9% $ 660 4.0% $ 990 6.0%
Tier 1 capital to total assets $ 7,902 24.2% $ 979 3.0% $ 1,632 5.0%
</TABLE>
Commitments to originate adjustable-rate and fixed-rate mortgage loans
at December 31, 1997 were approximately $271,000 and $21,000,
respectively.
Financial Condition
Maturing certificates of deposit and securities and principal
collections on loans were used to fund purchase of treasury shares,
loan originations and deposit account withdrawals. Premises and
equipment increased due to remodeling costs. Foreclosed real estate
held for sale was sold during the quarter ended June 30, 1997 at a net
gain of $7,387. Accrued interest receivable decreased due to a
substantial decrease in certificates of deposit and securities.
Accrued interest on deposits decreased as a result of timing of
interest paid on transaction accounts. Advances from borrowers for
taxes and insurance decreased due to seasonal factors. Real estate
taxes are paid on behalf of borrowers in December of each year. Other
liabilities decreased due to the timing of payment of certain accrual
items.
Asset Quality
Loans are generally placed on a nonaccrual status when contractually
delinquent more than ninety days. Nonaccrual loans amounted to
$73,000, or .29% of net loans receivable, at December 31, 1997.
Following is a summary of activity in the allowance for loan losses:
Balance at March 31, 1997 $ 74,285
Charge-offs (5,798)
Recoveries 74
Provision for loan loss 6,641
Balance at December 31, 1997 $ 75,202
Results of Operations
Net Earnings
Net earnings decreased from $76,000 for the three months ended December
31, 1996 to $60,000 for the three months ended December 31, 1997. Net
earnings increased from $127,000 for the nine months ended December 31,
1996 to $209,000 for the nine months ended December 31, 1997. The
increase in earnings for the nine month period ended December 31, 1997
was due primarily to the $167,000 special one-time SAIF assessment
expensed in the nine months ended December 31, 1996. In addition to
having no comparable assessment expensed in the nine months ended
December 31, 1997, recurring SAIF deposit insurance premiums were
reduced. These increases to net earnings for the nine months ended
December 31, 1997 were partially offset by higher income taxes and
lower net interest income and noninterest income.
Net Interest Income
Net interest income decreased for both the three and nine months ended
December 31, 1997 as compared to the 1996 periods as the proportion of
net interest-earning assets over interest-bearing liabilities
decreased. Interest on loans receivable increased as both the average
balance and yield increased. The average balance increased from $23.5
million for the nine months ended December 31, 1996 to $24.5 million
for the nine months ended December 31, 1997. Interest on other
interest-earning assets decreased due primarily to a decline in the
average balance from $5.3 million for 1996 to $3.8 million for 1997.
Components of interest income change from time to time based on the
availability, quality and interest rates on securities, MBSs and other
interest-earning assets.
Provision for Loan Losses
Provision for loan losses is based upon management's consideration of
economic conditions which may affect the ability of borrowers to repay
the loans. Management also reviews individual loans for which full
collectibility may not be reasonably assured and considers, among other
matters, the risks inherent in the Association's portfolio and the
estimated fair value of the underlying collateral. This evaluation is
ongoing and results in variations in the Association's provision for
loan losses. As a result of this evaluation, the Association's
provision for loan losses amounted to $2,000 and $7,000 for the three
and nine month periods ended December 31, 1997, as compared to $2,000
and $6,000 for the three and nine month periods ended December 31,
1996.
Noninterest Income
Noninterest income decreased from $54,000 for the nine months ended
December 31, 1996 to $32,000 for the nine months ended December 31,
1997. During the nine months ended December 31, 1996 the Association
recognized income of $13,000 as a result of the sale of assets of the
Association's data processing service bureau. In addition, the
Association recognized prepayment penalty income of $4,500 on a
participation loan.
Noninterest Expense
Noninterest expense increased from $258,000 for the three months ended
December 31, 1996 to $266,000 for the three months ended December 31,
1997. Noninterest expense decreased from $958,000 for the nine months
ended December 31, 1996 to $769,000 for the nine months ended December
31, 1997. Compensation and benefits expense increased for the nine
months ended December 31, 1997 due primarily to higher salary levels
and an increase in the ESOP plan expense, offset by lower retirement
plan expense. ESOP plan expense was $88,000 for the nine months ended
December 31, 1996 and $99,000 for the 1997 period. Under generally
accepted accounting principles, expense of the ESOP is affected by
changes in the market price of the Company's stock. The Association
sold two foreclosed properties held for sale in the nine months ended
December 31, 1997 at a net gain of $7,000. There were no sales in the
comparable 1996 period. A special one-time SAIF deposit insurance
assessment of $167,000 was expensed in the nine months ended December
31, 1996, which recapitalized the fund. Subsequent to the special SAIF
assessment, the Association's recurring SAIF premiums are assessable at
a substantially lower rate. Professional services for the three and
nine months ended December 31, 1997, increased as a result of
additional costs of reviewing the strategic options of the Company, and
evaluating the proposed merger of the Company.
Income Taxes
Income taxes increased due to the level of earnings before income
taxes. JOACHIM BANCORP, INC. AND SUBSIDIARY
PART II - Other Information
Item 1 - Legal Proceeding
There are no material legal proceedings to which the Company or the
Association is a party or of which any of their property is subject.
From time to time, the Association is a party to various legal
proceedings incident to its business.
Item 2 - Changes in Securities
None.
Item 3 - Defaults upon Senior Securities
Not applicable.
Item 4 - Submission of Matters to a Vote of Security Holders
None.
Item 5 - Other Information
None.
Item 6 - Exhibits and Reports on Form 8-K.
(a) Exhibits: none
(b) Reports on Form 8-K: On December 29, 1997, Form 8-K was filed
with the Securities and Exchange Commission as a result of the
Company entering into a definitive merger agreement with First
State Bancshares, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
JOACHIM BANCORP, INC.
(Registrant)
DATE: February 9, 1998 BY: Bernard R. Westhoff
Bernard R. Westhoff, President and
Duly Authorized Officer
BY: Lee Ellen Hogan
Lee Ellen Hogan, Treasurer and
Chief Financial Officer
[ARTICLE] 9
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[PERIOD-TYPE] 9-MOS
[FISCAL-YEAR-END] MAR-31-1998
[PERIOD-START] APR-01-1997
[PERIOD-END] DEC-31-1997
[CASH] 2,311,210
[INT-BEARING-DEPOSITS] 1,144,003
[FED-FUNDS-SOLD] 0
[TRADING-ASSETS] 0
[INVESTMENTS-HELD-FOR-SALE] 0
[INVESTMENTS-CARRYING] 4,442,633
[INVESTMENTS-MARKET] 4,436,452
[LOANS] 25,291,566
[ALLOWANCE] 75,202
[TOTAL-ASSETS] 34,229,463
[DEPOSITS] 27,027,831
[SHORT-TERM] 0
[LIABILITIES-OTHER] 304,420
[LONG-TERM] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 7,604
[OTHER-SE] 9,889,608
[TOTAL-LIABILITIES-AND-EQUITY] 34,229,463
[INTEREST-LOAN] 1,486,148
[INTEREST-INVEST] 238,175
[INTEREST-OTHER] 167,508
[INTEREST-TOTAL] 1,891,831
[INTEREST-DEPOSIT] 814,652
[INTEREST-EXPENSE] 814,652
[INTEREST-INCOME-NET] 1,077,179
[LOAN-LOSSES] 6,641
[SECURITIES-GAINS] 0
[EXPENSE-OTHER] 769,375
[INCOME-PRETAX] 333,297
[INCOME-PRE-EXTRAORDINARY] 208,632
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 208,632
[EPS-PRIMARY] .30
[EPS-DILUTED] .30
[YIELD-ACTUAL] 0
[LOANS-NON] 73,000
[LOANS-PAST] 73,000
[LOANS-TROUBLED] 0
[LOANS-PROBLEM] 0
[ALLOWANCE-OPEN] 74,285
[CHARGE-OFFS] 0
[RECOVERIES] 74
[ALLOWANCE-CLOSE] 75,202
[ALLOWANCE-DOMESTIC] 75,202
[ALLOWANCE-FOREIGN] 0
[ALLOWANCE-UNALLOCATED] 75,202
</TABLE>
