<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
Commission File Number: 0-21385
-------
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Indiana 31-1463057
- ----------------------- -----------------
(State of incorporation) (I.R.S. Employer
Identification No.)
3002 Harrison Avenue, Cincinnati, Ohio 45211-5789
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(513) 661-5735
--------------
Indicate by checkmark whether the registrant (1) filed all
reports required to be filed by Section 13 or 15(d) of the
Exchange Act 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 [ ] No [ X ]. The registrant has not been
subject to the reporting requirements of the Exchange Act for the
past 90 days.
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practical
date. Shares outstanding at September 30, 1996 common stock,
$.01 par value: 2,843,375.
<PAGE>
<PAGE> CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of
September 30, 1996 and December 31, 1995 1
Consolidated Statements of Operations for the Three- and
Nine-Month Periods Ended September 30, 1996
and 1995 2
Consolidated Statements of Cash Flows for the Nine-Month
Periods Ended September 30, 1996 and 1995 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings 8
Item 2. Changes in Securities 8
Item 3. Defaults Upon Senior Securities 8
Item 4. Submission of Matters to a Vote of
Security-Holders 8
Item 5. Other Information 8
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
--------------------
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Consolidated Statements of Financial Condition
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
------------ -------------
<S> <C> <C>
Assets
Cash and cash equivalents $15,946,541 869,124
Securities available for sale 4,942,100 993,460
Mortgage backed securities available
for sale 15,020,017 17,380,012
Loans held for sale 713,376 1,697,114
Loans receivable, net 80,506,312 73,245,098
Stock in Federal Home Loan Bank 937,200 889,900
Accrued interest receivable 600,336 507,714
Premises and equipment, net 632,357 590,871
Income taxes 417,264 364,978
Prepaid expenses and other assets 150,277 99,740
------------ -----------
Total assets $119,865,780 96,638,011
============ ===========
Liabilities and stockholders' equity
Deposits 79,083,057 81,748,061
Federal Home Loan Bank advances 130,371 138,604
Advances from borrowers for taxes
and insurance 410,561 501,491
Accrued expenses and other liabilities 752,749 59,833
------------ -----------
Total liabilities 80,376,738 82,447,989
============ ===========
Contingencies (Note 4)
Stockholders' equity:
Common Stock, $.01 par value,
15,000,000 shares authorized;
2,843,375 shares outstanding at
September 30, 1996 28,434 --
Additional paid in capital 27,702,272 --
Retained income 14,461,308 14,517,003
Employee Stock Ownership Plan (2,242,001) --
Net unrealized loss on securities
available for sale (460,971) (326,981)
------------ -----------
Total stockholders' equity 39,489,042 14,190,022
------------ -----------
Total liabilities and stockholders'
equity $119,865,780 96,638,011
============ ===========
</TABLE>
See accompanying notes to financial statements.
1<PAGE>
<PAGE>
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ----------------------
1996 1995 1996 1995
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $1,621,108 1,446,220 4,671,534 4,255,187
Mortgage backed securities 255,422 396,486 789,476 1,491,348
Investment securities and
interest bearing deposits
with banks 123,405 49,843 206,244 136,434
---------- --------- --------- ---------
Total interest income 1,999,935 1,892,549 5,667,254 5,882,969
Interest expense:
Deposits 1,233,874 1,241,529 3,648,917 3,744,861
Borrowings 19,879 21,736 26,998 259,109
---------- --------- --------- ---------
Total interest expense 1,253,753 1,263,265 3,675,915 4,003,970
---------- --------- --------- ---------
Net interest income 746,182 629,284 1,991,339 1,878,999
Provision for loan losses 14,878 27,861 45,047 27,861
---------- --------- --------- ---------
Net interest income after
provision for loan losses 731,304 601,423 1,946,292 1,851,138
Non-interest income (loss):
Gain(loss) on sale of securities -- -- 4,458 (592,225)
Gain on loan sales 3,852 -- 40,421 --
Service charges and fees 18,941 10,621 47,102 61,395
---------- --------- --------- ---------
Total non-interest income(loss) 22,793 10,621 91,981 (530,830)
Non-interest expense:
Compensation and benefits 342,368 228,396 818,740 598,929
Occupancy costs 43,237 24,024 106,928 71,080
Franchise tax 46,800 33,675 146,100 127,123
Federal deposit insurance premiums
(note 6) 631,513 51,125 724,531 158,345
Data processing 20,641 16,913 61,925 55,330
Legal, accounting and examination
fees 25,826 16,908 65,392 47,754
Consulting fees 7,716 10,515 30,983 44,407
Advertising 12,141 5,884 36,742 27,843
Other 36,479 33,149 131,627 108,567
Total non-interest expense 1,166,721 420,589 2,122,968 1,239,378
---------- --------- --------- ---------
Income (loss) before income
tax benefit (412,624) 191,455 (84,695) 80,930
Income tax benefit (140,500) -- (29,000) --
---------- --------- --------- ---------
Net income (loss) $ (272,124) 191,455 (55,695) 80,930
========== ========= ========= =========
Loss per share (Note 3) to
financial statements N/M N/A N/M N/A
=== === === ===
</TABLE>
2<PAGE>
<PAGE>
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1996 1995
--------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income(loss) $ (55,695) 80,930
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Net amortization of premium and discounts 5,261 19,807
Depreciation of premises and equipment 55,442 41,835
Federal Home Loan Bank stock dividend (47,300) (42,700)
Deferred income taxes 27,128 (11,130)
Accretion of net loan fees deferred (5,763) (25,869)
Provision for loan loss 45,047 27,861
Loss (gain)on securities sales (4,457) 592,225
Gain on loan sales (40,421) --
Net loans originated held for sale (524,820) --
Proceeds from sale of loans held for sale 1,548,979 --
Employee Stock Ownership Plan amortization 118,000 --
Change in:
Accrued interest receivable (114,034) 64,826
Prepaid expenses and other assets (50,537) (227,702)
Accrued expenses 664,715 (112,140)
Income taxes 36,853 54,805
Net cash provided by operating activities 1,658,398 462,748
----------- -----------
Cash from investing activities:
Purchase of mortgage backed securities (3,937,700) --
Proceeds from sale of mortgage backed
securities 1,667,340 15,222,137
Principal payments on mortgage backed
securities 480,266 1,292,971
Net increase in loans receivable (7,300,498) (1,729,088)
Additions to premises and equipment (96,928) (21,854)
Sale of Federal Home Loan Bank stock -- 13,400
----------- -----------
Net cash (used in)provided by
investing activities (9,187,520) 14,777,566
----------- -----------
Cash flow from financing activities
Net decrease in deposits (2,665,004) (11,467,153)
Proceeds from stock conversion, net of
conversion costs 27,730,706 --
Purchase of common stock by Employee
Stock Ownership Plan (2,360,001) --
Increase in Federal funds purchased -- 1,700,000
Short term Federal Home Loan Bank advances -- (5,200,000)
Long term Federal Home Loan Bank advances
repayment (8,232) (7,583)
Net decrease in advances from borrowers for
taxes and insurance (90,930) (279,718)
Net cash provided by (used in)
financing activities 22,606,539 (15,254,454)
Net (decrease)increase in cash and
cash equivalents 15,077,417 (14,140)
Beginning cash and cash equivalents 869,124 747,804
----------- ----------
Ending cash and cash equivalents $15,946,541 733,664
=========== ==========
</TABLE>
See accompanying notes to financial statements
3<PAGE>
<PAGE>
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
September 30, 1996 and December 31, 1995
(1) Basis of Presentation.
----------------------
The accompanying unaudited consolidated financial
statements were prepared in accordance with instructions
for Form 10-Q and therefore, do not include all disclosures
necessary for a complete presentation of the consolidated
statements of financial condition, operations and cash
flows in conformity with generally accepted accounting
principles. However, all adjustments which are, in the
opinion of management, necessary for the fair presentation
of the interim financial statements have been included. The
consolidated statements of operations for the nine months
ended September 30, 1996 are not necessarily indicative of
the results which may be expected for the entire year.
(2) Consummation of the Conversion
------------------------------
On September 27, 1996, the Westwood Homestead Savings Bank
(the "Bank") completed its conversion from an Ohio mutual
savings bank to an Ohio stock savings bank and was
simultaneously acquired by Westwood Homestead Financial
Corporation (the "Company"), an Indiana corporation, which
was formed to act as the holding company of the Bank.
On the date of conversion, the Company issued 2,843,375
shares of common stock, $.01 par value, at $10 per share,
raising net proceeds of $27.7 million. In accordance with
the plan of conversion, $13.9 million of the net proceeds
were utilized to purchase 100% of the stock of the Bank.
(3) Earnings (Loss) Per Share
-------------------------
Earnings (loss) per share is not presented for the quarter
and nine months ended September 30, 1995 because no shares
of stock were outstanding for that period. Loss per share
is not presented for the same periods in 1996 because the
net loss subsequent to the conversion was not meaningful due
to the fact that it was only for one day.
(4) Contingencies
-------------
Although the Bank, from time to time, is involved in various
legal proceedings in the normal course of business, there
are no material legal proceedings to which the Bank is a
party or to which any of its property is subject.
(5) Employee Stock Ownership Plan
-----------------------------
Effective January 1, 1996, the Company established the
Employee Stock Ownership Plan (ESOP). On September 30,
1996, the ESOP purchased 227,470 shares of the Company's
common stock. The ESOP was capitalized with a loan from the
Company for $2.4 million which is secured by the shares of
common stock purchased. The obligation of the ESOP, net of
amounts charged to expense, is shown as a reduction of
stockholders' equity. The Bank intends to make annual
contributions to the ESOP sufficient to repay the loan plus
interest over a 13 year period. Amortization of the ESOP of
$118,000 has been recorded as compensation expense for the
nine months ended September 30, 1996.
(6) Recapitalization of SAIF and Related Legislation
------------------------------------------------
Pursuant to recently enacted legislation, the FDIC has
levied an assessment on institutions with deposits insured
by the Savings Association Insurance Fund (the "SAIF") in
order to recapitalize the SAIF. The assessment, set by the
FDIC at 0.65% of SAIF-insured deposits as of March 31, 1995,
will be paid on November 27, 1996. The effect of this
assessment was to reduce the Company's net income for the
quarter ended September 30, 1996 by $584,000. As a result
of this legislation, the Company's deposit insurance
premiums will be reduced from the current 23 basis points to
approximately 6.5 basis points, a 72% decrease, effective
for the quarter ended December 31, 1996.
In addition to numerous regulatory relief provisions
contained in the recent legislation, the legislation
provides for a merger of the SAIF and the Bank Insurance
Fund effective January 1, 1999 if there are no insured
savings associations remaining on that date, and directs the
Secretary of Treasury to make recommendations to the
Congress by March 31, 1997 with respect to establishment of
a common charter for banks and thrift institutions.
4<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 1996 AND
DECEMBER 31, 1995
Westwood Homestead Savings Bank (the "Bank") converted from
a state chartered mutual savings bank to a state chartered stock
savings bank on September 27, 1996. In the conversion, 2,843,375
shares of common stock of Westwood Homestead Financial
Corporation (the "Company") were sold, generating net proceeds
after conversion expenses of $27.7 million. Of this amount,
$13.9 million was used to purchase 100% of the common stock of
the Bank, $2.4 million to fund the stock purchase made by the
Employee Stock Ownership Plan and the balance will be used to
purchase investments and for other corporate purposes.
Total assets increased $23.3 million, or 24.1% from $96.6
million at December 31, 1995 to $119.9 million at September 30,
1996 due to the receipt of net proceeds of the mutual to stock
conversion on September 27, 1996. Cash equivalents increased
$15.0 million from December 31, 1995 to $15.9 million at
September 30, 1996 and were primarily invested in short term
Federal Home Loan Bank term deposits. Management expects to
explore alternate investments for these funds in the fourth
quarter 1996. Loans receivable increased $7.3 million, or 10.0%
from $73.2 million at December 31, 1995 to $80.5 million at
September 30, 1996. This increase in loans receivable was
primarily in one-to-four family three year adjustable rate loans.
Mortgage backed securities decreased $2.4 million primarily due
to $1.7 million in sales and $700,000 in normal repayments while
investment securities increased $3.9 million due to purchases.
The market value of the adjustable rate COFI CMOs is being
adversely affected by the current flat interest rate environment.
Management believes these investments provide an acceptable yield
and has the ability to hold them to maturity if necessary.
Total liabilities decreased $2.0 million from $82.4 million
at December 31, 1995 to $80.4 million at September 30, 1996.
This decrease was due primarily to a decrease in deposits of $2.7
million partially offset by an increase of $693,000 in accrued
expenses relating to the conversion. A decrease in out of state
deposits of $1.2 million combined with local deposit withdrawals
to purchase stock in the Company contributed to the lower deposit
balances.
As a result of the mutual to stock conversion, net of
Company stock purchased by the ESOP, total equity increased
$25.3 million from December 31, 1995 to $39.5 million, or 32.9%
of total assets, at September 30, 1996.
COMPARISON OF OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED SEPTEMBER 30, 1996 AND 1995
Net Income(loss). Net income decreased $463,000 to a loss
of $272,000 for the quarter ended September 30, 1996 as compared
with net income of $191,000 for the quarter ended September 30,
1995. The decrease was primarily due to the FDIC special
assessment of $584,000 partially offset by an increase of
$117,000 in net interest income. Net income decreased $137,000
to a loss of $56,000 for the nine months ended September 30, 1996
from net income of $81,000 for the nine months ended September
30, 1995. The FDIC special assessment and the $592,000 loss on
sale of securities available for sale occurred during the nine
months ended September 30, 1996, and 1995, respectively.
Net Interest Income. Net interest income before provision
for loan losses increased $117,000, or 18.6%, to $746,000 for the
quarter ended September 30, 1996 from $629,000 for the quarter
ended September 30, 1995. This increase was due to an increase
of 31 basis points in the net interest rate spread to 2.16% for
the quarter ended September 30, 1996 from 1.84% for the quarter
ended September 30, 1995 and $0.8 million more in average net
interest earning assets.
5<PAGE>
<PAGE>
Interest Income. Interest income increased $107,000, or
5.6%, to $2.0 million for the quarter ended September 30, 1996
from $1.9 million for the quarter ended September 30, 1995. This
increase was due primarily to an increase of $8.2 million, or
8.5%, in average interest earning assets to $105.2 million for
the quarter ended September 30, 1996 from $97.0 million for the
quarter September 30, 1995. Interest income on loans receivable
increased $175,000, or 12.1%, to $1,621,000 for the quarter ended
September 30, 1996 from $1,446,000 for the quarter ended
September 30, 1995. Interest income on mortgage backed
securities decreased $141,000, or 35.6%, to $255,000 for the
quarter ended September 30, 1996 from $396,000 for the quarter
ended September 30, 1995. This shift in interest income relates
directly to the changes in the statement of financial condition
designed to reemphasize mortgage originations funded with local
deposits. Interest income decreased $216,000, or 3.7%, to
$5,667,000 for the nine months ended September 30, 1996 from
$5,883,000 for the nine months ended September 30, 1995. The
average balance of interest earning assets decreased $1.6 million
for the quarter ended September 30, 1996 from the same period
last year.
Interest Expense. Although interest expense decreased
$9,000 to $1,254,000 for the quarter ended September 30, 1996
from $1,263,000 for the quarter ended September 30, 1995, the
average balance of interest bearing liabilities increased $7.4
million, or 8.7 %, to $92.1 million for the quarter ended
September 30, 1996 from $84.7 million for the quarter ended
September 30, 1995. This improvement is due to a decrease of 52
basis points in the average rate on interest bearing liabilities
to 5.45% for the quarter ended September 30, 1996 from 5.97% for
the quarter ended September 30, 1995. Interest expense decreased
$328,000, or 8.2%, to $3,676,000 for the nine months ended
September 30, 1996 from $4,004,000 for the nine months ended
September 30, 1995.
Provision for Loan Losses. The Bank established provisions
for loan losses of $15,000 and $45,000 during the quarter and
nine months ended September 30, 1996, respectively, as compared
to $28,000 for both the quarter and nine months ended September
30, 1995.
Non-Interest Income. Non-interest income increased $12,000
to $23,000 for the quarter ended September 30, 1996 from $11,000
for the quarter ended September 30, 1995. Service charges and
fees increased $8,000 to $19,000 for the quarter ended September
30, 1996 from $11,000 for the quarter ended September 30, 1995.
This increase reflects the Bank's emphasis on attracting new NOW
accounts. Non interest income increased $623,000 to $92,000 for
the nine months ended September 30, 1996 from a negative $531,000
for the nine months ended September 30, 1995. The primary cause
for the increase was the absence of the loss on sale of
securities available for sale of $592,000 during the nine months
ended September 30, 1996. The Bank recognized a $40,000 gain on
loan sales during the nine months ended September 30, 1996.
Non-Interest Expense. Non-interest expense increased
$746,000 to $1,167,000 for the quarter ended September 30, 1996
from $421,000 for the quarter ended September 30, 1995. This
increase was due primarily to the FDIC special assessment of
$584,000 for the quarter ended September 30, 1996. Compensation
and benefits increased $114,000, or 50.0%, during the quarter
ended September 30, 1996 as compared to the quarter ended
September 30, 1995 primarily due to the amortization accrual of
$118,000 for the nine months of ESOP expense. Non-interest
expense increased $884,000 to $2,123,000 for the nine months
ended September 30, 1996 from $1,239,000 for the nine months
ended September 30, 1995 due primarily to the previously
mentioned items. In addition, a recovery of approximately
$90,000 of benefit expense will be recorded in the fourth quarter
1996 if the Directors' Retirement Plan is approved by the
stockholders at a Special meeting to be held on December 23,
1996.
Income Taxes. The Bank has recorded an income tax benefit of
$140,500 and $29,000 for the quarter and nine months ended
September 30, 1996, which represents effective tax rates of 34.1%
and 34.2%, respectively.
6<PAGE>
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents totaled $15.9 million at September
30, 1996 which consisted of overnight federal funds and Federal
Home Loan Bank short term deposits. The Bank plans to engage in
an aggressive strategy of growth, both externally through the
selective acquisition of other financial institutions and
internally through branch expansion and through an expansion of
the Bank's lending activities. Management believes that current
liquidity levels are adequate to fund daily operations.
At September 30, 1996, the Bank exceeded all regulatory
minimum capital requirements. The following table reconciles the
Bank's retained income as reported in the financial statements at
September 30, 1996 to its tangible, core and risk-based capital
levels and compares such totals to the regulatory requirements.
<TABLE>
<CAPTION>
Percent of
Amount avg. assets
------ ------------
<S> <C> <C>
Tangible capital:
Actual $28,444,661 26.52%
Requirement 1,608,960 1.50%
----------- -----
Excess 26,835,701 25.02%
=========== =====
Core capital:
Actual 28,444,661 26.52%
Requirement 3,217,921 3.00%
----------- -----
Excess 25,226,740 23.52%
----------- -----
Risk-based capital
Actual 28,591,417 44.57%
Requirement 5,131,600 8.00%
----------- -----
Excess 23,459,817 36.57%
=========== =====
</TABLE>
7<PAGE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Although the Bank, from time to time, is involved in various legal
proceedings in the normal course of business, there are no material legal
proceedings to which the Bank is a party or to which any of its property is
subject.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
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. The following exhibits are being filed with
-------- this report.
Exhibit Description
------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K. None
-------------------
8<PAGE>
<PAGE>
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.
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Date: November 12, 1996 By: /s/ Michael P. Brennan
-----------------------------
Michael P. Brennan
(Principal Executive Officer)
Date: November 12, 1996 By: /s/ John E. Essen
-----------------------------
John E. Essen
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,038,634
<INT-BEARING-DEPOSITS> 13,711,707
<FED-FUNDS-SOLD> 1,196,200
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 19,962,117
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 80,506,312
<ALLOWANCE> 0
<TOTAL-ASSETS> 119,865,780
<DEPOSITS> 79,083,057
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,163,309
<LONG-TERM> 130,371
0
0
<COMMON> 28,434
<OTHER-SE> 39,489,042
<TOTAL-LIABILITIES-AND-EQUITY> 119,865,780
<INTEREST-LOAN> 1,621,108
<INTEREST-INVEST> 255,422
<INTEREST-OTHER> 123,405
<INTEREST-TOTAL> 1,999,935
<INTEREST-DEPOSIT> 1,233,874
<INTEREST-EXPENSE> 1,253,753
<INTEREST-INCOME-NET> 746,182
<LOAN-LOSSES> 14,878
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,166,721
<INCOME-PRETAX> (412,624)
<INCOME-PRE-EXTRAORDINARY> (412,624)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (272,124)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 2.37
<LOANS-NON> 0
<LOANS-PAST> 32,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 131,878
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 146,756
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 146,756
</TABLE>
