<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 1997
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _________ to ___________
Commission file number 0-27938
COLUMBIA BANCORP
(Exact name of registrant as specified in its charter)
93-1193156
Oregon (I.R.S. Employer
(State of Incorporation) Identification Number)
316 East Third Street
The Dalles, Oregon 97058
(Address of principal executive offices)
(541) 298-6647
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has 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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
2,269,576 shares as of April 5, 1997
<PAGE> 2
COLUMBIA BANCORP
FORM 10-QSB
MARCH 31, 1997
INDEX
<TABLE>
<CAPTION>
PAGE
REFERENCE
---------
<S> <C>
PART I - FINANCIAL INFORMATION
Consolidated Balance Sheets as of March 31, 1997 and 3
December 31, 1996.
Consolidated Statements of Income for the three months ended March 31,
1997 and 1996. 4
Consolidated Statements of Cash Flows for the three months ended March
31, 1997 and 1996. 5
Consolidated Statements of Changes in Shareholders' Equity for the
periods of December 31, 1995 to March 31, 1997. 6
Notes to Consolidated Financial Statements 7-8
Management's Discussion and Analysis of Financial
Condition and Results of Operations:
Overview 9
Material Changes in Financial Condition 9
Material Changes in Results of Operations 9-10
Loan Loss Provision 10
Liquidity and Capital Resources 10
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 11
Signatures 12
</TABLE>
2
<PAGE> 3
COLUMBIA BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------- -------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 13,229,995 $ 16,030,017
Federal funds sold 3,203,277 7,367,394
------------- -------------
Total cash and cash equivalents 16,433,272 23,397,411
Investment securities available-for-sale 10,651,504 9,714,233
Investment securities held-to-maturity 41,012,149 41,098,327
Federal Home Loan Bank stock 676,600 671,900
------------- -------------
Total investment securities 52,340,253 51,484,460
Loans, net of allowance for loan losses and unearned loan fees 128,469,988 118,227,668
Property and equipment, net of depreciation 4,975,354 4,881,318
Accrued interest receivable 2,089,971 1,948,444
Other assets 471,733 362,456
------------- -------------
Total Assets $ 204,780,571 $ 200,301,757
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest bearing demand deposits $ 31,220,945 $ 33,548,608
Interest bearing demand accounts 75,349,912 72,671,399
Savings accounts 23,231,619 22,833,187
Time certificates and IRA accounts 52,725,314 49,690,664
------------- -------------
Total deposits 182,527,790 178,743,858
Notes payable to Federal Home Loan Bank 600,000 600,000
Accrued interest payable and other liabilities 1,655,298 1,424,917
------------- -------------
Total liabilities 184,783,088 180,768,775
Employee stock ownership plan shares subject to put option 1,058,183 1,058,183
Shareholders' equity:
Common stock, no par value; 4,000,000 shares
authorized, 2,255,921 issued and outstanding
(2,254,841 at December 31, 1996) 5,150,018 5,139,218
Additional paid-in capital 6,317,732 6,317,732
Retained earnings 8,619,192 8,087,264
Net unrealized loss on securities available-for-sale, net of tax (89,459) (11,232)
------------- -------------
19,997,483 19,532,982
Less: employee stock ownership plan shares subject to put option (1,058,183) (1,058,183)
------------- -------------
Total shareholders' equity 18,939,300 18,474,799
------------- -------------
$ 204,780,571 $ 200,301,757
============= =============
</TABLE>
See accompanying notes.
3
<PAGE> 4
COLUMBIA BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------------
1997 1996
----------- -----------
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 3,195,665 $ 2,733,663
Interest on investments:
Taxable investment securities 601,505 503,911
Nontaxable investment securities 188,379 184,075
Other interest income 100,066 142,183
----------- -----------
Total interest income 4,085,615 3,563,832
INTEREST EXPENSE
Interest bearing demand and savings 780,906 706,959
Interest on time deposits and IRA's 688,717 689,011
Other borrowed funds 11,651 19,393
----------- -----------
Total interest expense 1,481,274 1,415,363
----------- -----------
NET INTEREST INCOME 2,604,341 2,148,469
PROVISION FOR LOAN LOSSES 90,000 30,000
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,514,341 2,118,469
NONINTEREST INCOME
Service charges and fees 316,667 244,285
Credit card discounts and fees 65,100 61,852
Financial services department 45,287 29,618
Other noninterest income 57,919 77,316
----------- -----------
Total noninterest income 484,973 413,071
NONINTEREST EXPENSE
Salaries and employee benefits 1,055,769 919,273
Occupancy expense 195,412 129,139
Credit card processing fees 46,564 42,164
Office Supplies 38,073 31,935
FDIC assessment 8,308 1,000
Data processing expense 69,129 53,120
Other noninterest expenses 555,912 586,955
----------- -----------
Total noninterest expense 1,969,167 1,763,586
----------- -----------
INCOME BEFORE INCOME TAXES 1,030,147 767,954
PROVISION FOR INCOME TAXES 317,745 239,480
----------- -----------
NET INCOME $ 712,402 $ 528,474
=========== ===========
Earnings per share of common stock $ .31 $ .23
=========== ===========
</TABLE>
See accompanying notes.
4
<PAGE> 5
COLUMBIA BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
The Three months ended
March 31,
--------------------------------
1997 1996
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 712,402 $ 528,474
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation 112,189 87,837
Provision for loan losses 90,000 30,000
Federal Home Loan Bank stock dividend (4,700) --
Increase (decrease) in cash due to changes in
certain assets and liabilities
Accrued interest receivable (141,526) (59,395)
Other assets (46,495) 81,716
Accrued interest payable and other liabilities 262,310 3,598
------------- -------------
Net cash provided by operating activities 984,180 672,230
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the maturity of available-for-sale securities 300,000 1,429,361
Purchases of available-for-sale securities (1,374,715) (1,758,824)
Proceeds from the maturity of held-to-maturity securities 2,980,741 6,794,772
Purchases of held-to-maturity securities (2,898,353) (7,023,071)
Net change in loans made to customers (10,332,320) 449,780
Purchases of premises and equipment (206,086) (161,791)
Proceeds from the sale of premises and equipment -- 40,000
------------- -------------
Net cash used in investing activities (11,530,733) (229,773)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand deposits and savings accounts 749,282 496,389
Net change in time deposits and IRA accounts 3,034,649 2,205,801
Dividends paid (180,388) (387,808)
Proceeds from stock options 10,800 41,830
Net increase (decrease) in short-term borrowings (31,929) 309,429
------------- -------------
Net cash provided by financing activities 3,582,414 2,665,641
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 6,964,139 3,108,098
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 23,397,411 18,882,852
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 16,433,272 $ 21,990,950
============= =============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash $ 1,458,910 $ 1,410,092
============= =============
SCHEDULE OF NONCASH ACTIVITIES
Change in unrealized loss on available-for
sale securities, net of tax $ (78,227) $ 748
============= =============
</TABLE>
See accompanying notes.
5
<PAGE> 6
COLUMBIA BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
Unrealized
gain
(Loss) on
available ESOP
Additional for sale plan shares Total
Common Paid-in Retained investment subject to Shareholders'
Shares Stock Capital Earnings securities put options Equity
---------- ----------- ---------- ----------- --------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1995 2,237,817 4,974,400 4,848,953 7,683,876 (23,337) (866,471) $ 16,617,421
Stock options exercised 10,156 66,262 27,899 -- -- -- 94,161
Sale of common stock 6,868 98,556 -- -- -- -- 98,556
Transfer to surplus 1,440,880 (1,440,880) --
Changes in unrealized loss
on AFS securities, net of tax -- -- -- -- 12,105 -- 12,105
Changes in ESOP shares
subject to put option -- -- -- -- -- (191,712) (191,712)
Cash dividends -- -- -- (702,215) -- -- (702,215)
Cash dividend declared (180,388) (180,388)
Net Income -- -- -- 2,726,871 -- -- 2,726,871
---------- ----------- ---------- ----------- --------------- ----------- ------------
BALANCE, December 31, 1996 2,254,841 $ 5,139,218 $6,317,732 $ 8,087,264 $ (11,232) $(1,058,183) $ 18,474,799
Stock options exercised 1,080 10,800 -- -- -- -- 10,800
Changes in unrealized loss
on AFS securities, net of tax -- -- -- -- (78,227) -- (78,227)
Cash dividend declared (180,474) (180,474)
Net Income -- -- -- 712,402 -- -- 712,402
---------- ----------- ---------- ----------- --------------- ----------- ------------
BALANCE, March 31, 1997 2,255,921 $ 5,150,018 $6,317,732 $ 8,619,192 $ (89,459) $(1,058,183) $ 18,939,300
</TABLE>
See accompanying notes.
6
<PAGE> 7
COLUMBIA BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Principles of Consolidation
The interim consolidated financial statements include the accounts of
Columbia Bancorp, a bank holding company (Bancorp), and its wholly-owned
subsidiary, Columbia River Banking Company (Columbia River), after
elimination of intercompany transactions and balances. Columbia River is
an Oregon state-chartered bank, headquartered in The Dalles, Oregon, and
doing business as Columbia River Bank, Juniper Banking Company, and
Klickitat Valley Bank. Substantially all activity of Bancorp is conducted
through its subsidiary bank.
The interim financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial
information. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. The financial information included in this
interim report has been prepared by management without audit by
independent public accountants who do not express an opinion thereon.
Bancorp's annual report will contain audited financial statements. In the
opinion of management, all adjustments including normal recurring accruals
necessary for fair presentation of results of operations for the interim
periods included herein have been made. The results of operations for the
three months ended March 31, 1997 are not necessarily indicative of
results to be anticipated for the year ending December 31, 1997. Certain
amounts for 1996 have been restated to conform with the 1997 presentation.
2. Recent Mergers
Bancorp was incorporated on October 3, 1995, and became the holding
company of Columbia River through merger. The effective date of the merger
was January 1, 1996, and the transaction was consummated on January 13,
1996, on which date Bancorp acquired 100% of the common stock of Columbia
River, and the shareholders of Columbia River became shareholders of
Bancorp.
Effective June 13, 1996, Bancorp completed its acquisition of Klickitat
Valley Bank, at the time, making Klickitat Valley Bank the second
wholly-owned bank subsidiary of Bancorp. The business combination was
accomplished through the exchange of 8.5 shares of Bancorp common stock
for each share of Klickitat Valley common stock. Klickitat Valley was a
Washington state-chartered bank with headquarters in Goldendale,
Washington.
Effective March 1, 1997 Columbia River merged with Klickitat Valley
Bank, resulting in Bancorp having only one banking subsidiary. The two
branches of Klickitat Valley Bank became branches of Columbia River and
will continue to do business under the "Klickitat Valley Bank" name
The accompanying financial statements have been restated and include
the accounts and results of operations of the mergers as
pooling-of-interest combinations.
3. Loans and Reserve for Loan Losses
The composition of the loan portfolio was as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------- -------------
<S> <C> <C>
Commercial 29,042,343 26,485,383
Agriculture 16,207,945 15,592,095
Real estate 69,238,285 62,521,308
Consumer 13,882,361 13,775,599
Other 1,545,350 1,148,184
------------- -------------
129,916,284 119,522,569
Allowance for loan losses (1,086,571) (994,576)
Deferred loan fees (359,725) (300,325)
------------- -------------
$ 128,469,988 $ 118,227,668
============= =============
</TABLE>
7
<PAGE> 8
Transactions in the reserve for loan losses were as follows for the three
months ended March 31:
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Balance at beginning of period $ 994,577 $ 1,071,494
Provision charged to operations 90,000 30,000
Recoveries 11,159 28,065
Loans charged off (9,165) (29,967)
----------- -----------
Balance at end of period $ 1,086,571 $ 1,099,592
=========== ===========
</TABLE>
It is the policy of Bancorp's subsidiary Columbia River, to place loans on
nonaccrual status whenever the collection of all or a part of the
principal balance is in doubt. Loans placed on nonaccrual status may or
may not be contractually past due at the time of such determination, and
may or may not be secured by collateral. Loans on nonaccrual status at
March 31, 1997 and December 31, 1996 were approximately $15,000 and
$52,000, respectively.
Loans past due 90 days or more on which Bancorp continued to accrue
interest were approximately $495,000 at March 31, 1997, and approximately
$58,000 at December 31, 1996. There was one loan with a principal balance
of approximately $51,000 on which the interest rate or payment schedule
was modified from original terms to accommodate a borrower's weakened
financial position at March 31, 1997. There were no loans in this category
at December 31, 1996.
4. Earnings Per Common Share
Earnings per common share is calculated by dividing net income by the
weighted average shares outstanding. Weighted average shares outstanding
consist of common shares outstanding and common stock equivalents
attributable to outstanding stock options.
The weighted average number of shares and common share equivalents have
been adjusted to give retroactive effect to the 3-for-1 stock split in
September 1995.
8
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
Columbia Bancorp's first quarter of 1997 has again been one of progress
and change, and continued financial improvement. Bancorp's two subsidiaries,
Klickitat Valley Bank (Klickitat Valley), and Columbia River Banking Company
(Columbia River), joined forces on March 1, 1997 resulting in a single banking
subsidiary - Columbia River Banking Company - doing business as Columbia River
Bank, Juniper Banking Company and Klickitat Valley Bank. Management believes
this merger will result in streamlined financial reporting, greater management
efficiencies and enhanced opportunities for all employees.
Columbia Bancorp reported net income of $712,402, or $.31 per share for
the three months ended March 31, 1997. This represented a 34.8% increase in net
income, as compared to $528,474, or $.23 per share, for the three months ended
March 31, 1996. The increased earnings during the quarter ended March 31, 1997
reflected primarily the expansion of Bancorp's interest-earning assets and
increased net interest income.
The net income added to shareholders' equity during the first three months
of 1997 was offset, in part, by dividends declared of $180,474. On March 13, the
Bancorp board declared a first-quarter dividend of $.08 per share payable May 1
to shareholders of record April 1, 1997. With the payment of the declared
dividend, approximately 25% of earnings will have been returned to shareholders,
the remaining 75% being retained to fund the continued strong growth of Bancorp.
MATERIAL CHANGES IN FINANCIAL CONDITION
Material changes in financial condition for the three months ended March
31, 1997 include an increase in total assets, primarily in loans. Funds were
provided for these changes primarily by a reduction in federal funds sold and
cash and due from banks as well as an increase in total deposits.
At March 31, 1997, total assets increased 2.2%, or approximately $4.5
million, over total assets at December 31, 1996. An increase of $10.2 million in
loans, a decrease of $7.0 million in cash and cash equivalents, and a $.9
million increase in investment securities were the major components of the
change in total assets. The increase in loans is reflected in increases in all
loan categories and is indicative of the continuing good local economy, and the
efforts of experienced loan professionals capitalizing on borrowers' desire for
service and value-added products.
Bancorp experienced an increase in deposits of $3.8 million during the
first three months of 1997. Interest bearing demand deposits increased $2.7
million, and time certificate deposits and IRA's increased $3.0 million at March
31, 1997 as compared to December 31, 1996. Management believes this increase is
due to continuing marketing efforts and helped by continued customer
dissatisfaction with merger and consolidation activities by competition in the
markets served by the Bank.
All other changes experienced in asset and liability categories during the
first three months of 1997 were comparatively modest.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Total interest income increased $521,783 for the three months ended March
31, 1997, as compared to the same period in 1996. This increase is primarily due
to the increase in loans and investment securities held in 1997 as compared to
1996.
Total interest expense also increased $65,911 for the quarter ended March
31, 1997, as compared to the same period in 1996. This increase is primarily
due to the increase in interest bearing deposits held during 1997 as compared
to 1996.
9
<PAGE> 10
The increase in interest earned, offset in part by the increase in
interest paid, served to increase Bancorp's net interest income by $455,872 for
the three months ended March 31, 1997, as compared to the three months ended
March 31, 1996. Net income per common share increased to $.31 for the first
three months of 1997 from $.23 for the first three months of 1996.
Noninterest income increased approximately $72,000 for the three months
ended March 31, 1997 as compared to the same period in 1996. This increase is
primarily attributable to increases in income generated by service charges and
fees on deposit accounts, and the financial services division of Columbia River.
Noninterest expense increased approximately $206,000 for the three months
ended March 31, 1997 as compared to the comparable 1996 period. The increase for
the three month period was primarily attributable to increases in salaries and
employee benefits and occupancy expenses. The opening of the Bend, Oregon branch
of Juniper Banking Company, and commitment and investment in technology were
primary forces in the increased expense in these categories.
LOAN LOSS PROVISION
During the three months ended March 31, 1997, Bancorp charged a $90,000
loan loss provision to operations, as compared to $30,000 charged during the
same period in 1996. Loans recoveries, net of loans charged off, was $1,994
during the three months ended March 31, 1997, as compared to net charged off
loans of $1,907 for the like period in 1996.
Management believes that the reserve for loan losses is adequate for
potential loan losses, based on management's assessment of various factors,
including present delinquent and nonperforming loans, past history of industry
loan loss experience, and present and anticipated future economic trends
impacting the areas and customers served by Bancorp.
LIQUIDITY AND CAPITAL RESOURCES
Bancorp's subsidiary, Columbia River, has adopted policies to maintain a
relatively liquid position to enable it to respond to changes in the financial
environment. Generally, the Bank's major sources of liquidity is customer
deposits, sales and maturities of investment securities, the use of federal
funds markets and net cash provided by operating activities. Scheduled loan
repayments are a relatively stable source of funds, while deposit inflows and
unscheduled loan prepayments, which are influenced by general interest rate
levels, interest rates available on other investments, competition, economic
conditions and other factors, are not.
The analysis of liquidity should also include a review of the changes that
appear in the consolidated statement of cash flows for the first three months of
1997. The statement of cash flows includes operating, investing and financing
categories. Operating activities include net income of $712,402, which is
adjusted for non-cash items and increases or decreases in cash due to changes in
certain assets and liabilities. Investing activities consisted primarily of both
proceeds from and purchases of securities, and the impact of the net growth in
loans. Financing activities present the cash flows associated with deposit
accounts, and reflect the dividend paid to shareholders.
The Federal Reserve Board ("FRB") and Federal Deposit Insurance
Corporation ("FDIC") have established minimum requirements for capital adequacy
for bank holding companies and member banks. The requirements address both
risk-based capital and leveraged capital. The regulatory agencies may establish
higher minimum requirements if, for example, a corporation has previously
received special attention or has a high susceptibility to interest rate risk.
At March 31, 1997, the Bancorp's tier-one and total risk-based capital ratios
were 12.76% and 13.45%, respectively. The FRB's minimum risk-based capital ratio
guidelines for Tier 1 and total capital are 4% and
10
<PAGE> 11
8%, respectively. At March 31, 1997, the capital-to-assets ratio under leverage
ratio guidelines was approximately 9.92%. The FRB's current minimum leverage
capital ratio guideline is 3%.
11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibit 27 Article 9 Financial Data Schedule for Form 10-QSB
(b) No current reports on Form 8-K were filed during the quarter ended
March 31, 1997.
12
<PAGE> 13
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.
COLUMBIA BANCORP
Dated: May 9, 1997 /s/ Terry L. Cochran
------------------------------------------------
Terry L. Cochran
President & Chief Executive Officer
Dated: May 9, 1997 /s/ Richard J. Croghan
------------------------------------------------
Richard J. Croghan, EVP, Chief Financial Officer
and Chief Accounting Officer - Columbia River
Banking Company; Chief Financial Officer and
Chief Accounting Officer - Columbia Bancorp
13
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM COLUMBIA
BANCORP'S CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN ITS QUARTERLY REPORT ON
FORM 10-QS8 FOR THE PERIOD ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 13,229,995
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,203,277
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 10,651,504
<INVESTMENTS-CARRYING> 41,012,149
<INVESTMENTS-MARKET> 0
<LOANS> 129,556,559
<ALLOWANCE> 1,086,571
<TOTAL-ASSETS> 204,780,571
<DEPOSITS> 182,527,790
<SHORT-TERM> 290,163
<LIABILITIES-OTHER> 1,365,135
<LONG-TERM> 600,000
0
0
<COMMON> 5,150,018
<OTHER-SE> 14,847,465
<TOTAL-LIABILITIES-AND-EQUITY> 204,780,571
<INTEREST-LOAN> 3,195,665
<INTEREST-INVEST> 789,884
<INTEREST-OTHER> 100,066
<INTEREST-TOTAL> 4,085,615
<INTEREST-DEPOSIT> 1,469,623
<INTEREST-EXPENSE> 1,481,274
<INTEREST-INCOME-NET> 2,604,341
<LOAN-LOSSES> 90,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,969,167
<INCOME-PRETAX> 1,030,147
<INCOME-PRE-EXTRAORDINARY> 712,402
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 712,402
<EPS-PRIMARY> .31
<EPS-DILUTED> .31
<YIELD-ACTUAL> 0<F1>
<LOANS-NON> 15,000
<LOANS-PAST> 495,000
<LOANS-TROUBLED> 51,000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 994,577
<CHARGE-OFFS> 9,165
<RECOVERIES> 11,159
<ALLOWANCE-CLOSE> 1,086,571
<ALLOWANCE-DOMESTIC> 1,086,571
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>INFORMATION NOT CALCULATED FOR INTERIM REPORTS
</FN>
</TABLE>
