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 June 30, 1996
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 number 0-28106
FirstBancorporation, Inc.
(Exact name of registrant as specified in its charter)
South Carolina 57-1033905
(State or other jurisdiction (IRS Employer Identification No.)
incorporation or organization)
1121 Boundary Street P.O. Box 2147, Beaufort, S.C. 29901-2147
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 803-521-5600
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 [ ]
The number of outstanding shares of the issuer's $.01 par value common stock
as of August 8, 1996 is 625,586.
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INDEX FORM 10-QSB
Part I
Page
Item 1. Financial Statements and Related Notes---------- 3-6
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations ------------------------- 7-12
Part II
Item 1. Legal Proceedings ------------------------------ 13
Item 2. Changes in Securities -------------------------- 13
Item 3. Defaults upon Senior Securities ---------------- 13
Item 4. Submission of Matters to a Vote
of Security Holders --------------------------- 13
Item 5. Other Information ------------------------------ 13
Item 6. Exhibits and Reports on Form 8-K --------------- 13
Signatures ------------------------------------- 14
2
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PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS AND RELATED NOTES
BALANCE SHEETS (Unaudited)
(Dollars in thousands)
June 30, December 31,
1996 1995
-------- --------
ASSETS
Cash and due from overnight deposits $ 4,493 $ 4,197
Interest bearing overnight deposits 2,596 1,349
Other short-term investment 223 199
Mortgage backed securities 1,833 2,055
Loans 79,300 72,755
Less unearned income (41) (8)
Less allowance for loan losses (592) (470)
Net loans 78,667 72,277
Federal Home Loan Bank and Federal
Reserve Bank Stock 678 575
Premises and equipment 1,031 1,036
Accrued interest receivable
Loans 497 490
Investments 20 7
Real estate owned-acquired
through foreclosure 0 443
Deferred organizational costs 108 109
Other assets 355 310
-------- --------
Total assets $90,501 $83,047
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $78,668 $74,905
Federal Home Loan Bank Advances 3,800 1,000
Amounts due depository
institutions 539 238
Accrued interest payable 106 105
Advances from borrowers for
taxes and insurance 157 84
Other liabilities 379 198
Total liabilities $83,649 $76,530
Stockholders' Equity Preferred
stock - $.01 par value;
shares authorized - 1,000,000,
issued and outstanding - none
Common stock - $.01 par value;
shares authorized - 3,000,000,
issued and outstanding - 625,586
- 6/30/96; 595,848 - 12/31/95. $ 6 $ 6
Additional paid-in capital 5,362 5,037
Unrealized gain (loss) on securities
available-for-Sale, net of
applicable deferred income taxes (26) (19)
Retained earnings 1,510 1,493
Total stockholders' equity $ 6,852 $ 6,517
Total liabilities and stockholders' -------- --------
equity $90,501 $83,047
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STATEMENTS OF INCOME FOR THE PERIODS ENDED
June 30, 1996 and 1995 (Unaudited)
(Dollars in thousands, except per share amounts)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
6/30/96 6/30/95 6/30/96 6/30/95
------- ------- ------- -------
Interest income
Interest on mortgage loans $1,239 $1,196 $2,430 $2,347
Interest on other loans 380 275 744 535
Interest on investments 75 56 151 130
------- ------- ------- -------
Total interest income 1,694 1,527 3,325 3,012
Interest expense
Interest on deposits 769 726 1,551 1,369
Interest on FHLB advances 26 44 42 95
------- ------- ------- -------
Total interest expense 795 770 1,593 1,464
Net interest income 899 757 1,732 1,548
Provision for loan losses 51 51 102 119
Net interest income after
provision for loan losses 848 706 1,630 1,429
Non interest income
Service charges on deposit
accounts 113 99 213 205
Other non interest income 80 70 159 117
------- ------- ------- -------
Total non interest income 193 169 372 322
Non interest expense
Compensation and benefits 379 344 744 681
Occupancy 107 111 215 216
Data processing 38 32 77 66
Other non interest expense 222 179 412 342
------- ------- ------- -------
Total non interest expense 746 666 1,448 1,305
Net income before taxes 295 209 554 446
Income tax expense 115 70 213 166
------- ------- ------- -------
Net income $ 180 $ 139 $ 341 $ 280
Net income per primary share $0.27 $ 0.21 $ 0.52 $ 0.43
Net income per fully diluted
share $0.27 $ 0.21 $ 0.52 $ 0.43
4
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STATEMENT OF CASH FLOWS FOR THE PERIODS ENDED
June 30, 1996 and 1995 (unaudited)
(Dollars in thousands)
Six Six
months months
Ended Ended
6/30/96 6/30/96
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 341 $ 280
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 89 97
Provision for loan losses 102 119
Decrease (increase) in interest receivable (21) (36)
Decrease (increase) in prepaid expenses &
other assets (56) (78)
Originations of loans sold to investors 3,429 2,190
Proceeds from sales of loans to investors (3,429) (2,190)
Increase (decrease) in accrued interest
payable 1 6
Increase (decrease) in accounts payable and
accrued expenses payable (17) 97
Increase (decrease) in other liabilities (738) (885)
------- -------
Net cash provided by operating activities (299) (400)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities 0 0
Maturities of investment securities 0 0
Principal repayments of mortgage-backed
securities 206 96
Purchase of Federal Home Loan Bank/Federal
Reserve Bank stock and dividends
received (104) (160)
Loans originated or acquired, net (6,565) (3,107)
Capital expenditures (68) (140)
Proceeds from sales of real estate owned 443 4
------- -------
Net cash used for investing activities (6,088) (3,307)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in non interest bearing demand
accounts (642) 3,547
Increases (decrease) in Now, money market
and Savings accounts 2,889 (4,636)
(Increase) decrease in certificates of
deposit, net 1,509 4,947
Proceeds from Federal Home Loan Bank Advances 9,800 3,500
Repayment of Federal Home Loan Bank Advances (6,000) (1,500)
Proceeds from other borrowed money 0 0
Repayment of other borrowed money 0 0
(Decrease) increase in amounts due to
depositories 301 (83)
Increase in advances from borrowers for taxes
and insurance 73 98
Proceeds from stock options exercised 0 25
------- -------
Net cash provided by financing activities 7,930 5,898
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,543 2,191
CASH EQUIVALENTS, BEGINNING OF PERIOD 5,546 3,378
------- -------
CASH EQUIVALENTS, END OF PERIOD $7,089 $5,569
5
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NOTES TO FINANCIAL STATEMENTS
1. On October 31, 1995, FirstBank, N.A. ("Bank"), (formerly The Savings Bank
of Beaufort County, FSB) reorganized as a wholly-owned subsidiary of
FirstBancorporation, Inc. ("Company"). As a result of the reorganization, each
issued and outstanding share of common stock, $5.00 par value per share, of
the Bank was converted into one share of common stock, $.01 par value per
share, of the Company. The Company's principal business is its investment in
the Bank and, therefore, the assets and liabilities of the Company on a
consolidated basis are substantially those of the Bank. The unaudited interim
financial statements included in this Form 10-QSB are those of the Company for
the periods ended June 30, 1996 and December 31, 1995 and for the Bank alone
for the period ended June 30, 1995 because the reorganization was effective as
of the close of business on October 31, 1995.
2. The unaudited interim financial statements reflect all adjustments which
are, in the opinion of management, necessary to a fair presentation of the
results for the reported interim periods. Such adjustments are of a normal
recurring nature. The interim financial statements, including related notes,
should be read in conjunction with the financial statements for the year ended
December 31, 1995 appearing in the 1995 Annual Report of FirstBancorporation,
Inc. The results of operations for the period ended June 30, 1996 are not
necessarily indicative of the results of operations for the full year.
3. Earnings Per Share - Primary earnings per share are based on the weighted
average number of shares outstanding, giving retroactive effect to stock
dividends and the assumed exercise of grants under stock option plans which
are exercisable within five years. The number of shares outstanding for prior
periods has been restated to give effect to prior stock dividends which should
have reduced the exercise price of the stock options. Fully diluted earnings
per share assume the exercise of all grants under the incentive stock option
plan. Primary and fully diluted earnings per share are based on 656,732
shares and 658,276 shares outstanding respectively for the six months ended
June 30, 1996.
4. Loan Commitments - At June 30, 1996, loan commitments consisted of
$1,213,000 in adjustable rate residential mortgage loans, $834,000 in fixed
rate residential mortgage loans, undisbursed amounts of loans in process of
$2,947,000 and unused lines of credit totaling $5,976,000. The Bank's general
practice is to obtain investor commitments for fixed rate loans at the time of
commitment. At June 30, 1996, all fixed rate residential loan commitments
were covered by commitments from investors for sale.
5. Statement of Cash Flows - For the purposes of reporting cash flows, cash
and cash equivalents include cash, interest-bearing overnight deposits and
other short-term investments with original maturities of 90 days or less.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
During the first six months of the 1996 year, total assets grew by
$7,454,000 to $90,501,000. During this period, the Bank's deposits increased
by $3,763,000 and its Federal Home Loan Bank advances increased by $2,800,000.
These sources funded net loan growth of $6,390,000. Real estate owned-acquired
through foreclosure declined to $0 at June 30, 1996 from $446,000 at the
beginning of the year as the Bank was able to liquidate all properties
acquired through foreclosure.
Net income for the three month period ended June 30, 1996 was $180,000,
or $.27 per share, as compared to a net income of $139,000, or $.21 per share,
for the second quarter of 1995. Interest income for the current quarter was
$167,000 greater than that of the prior year's period and is attributable to
higher yields and volumes on interest earning assets during the current
quarter. Interest expense increased by $25,000 during the current quarter as
average interest bearing liabilities increased by $5,070,000. The higher
volume was partially offset by a lower rate paid on interest bearing
liabilities during the current quarter. Net interest income (interest income
less interest expense) for the current quarter was $142,000 greater than net
interest income for the quarter ended June 30, 1995. The Bank provided
$51,000 in provision for loan losses during each of the two quarters. At June
30, 1996 the Bank's allowance for loan losses totaled $592,000 or .74% of
total loans as compared to $470,000 or .65% of total loans at December 31,
1995. The Bank reviews its substandard and non accrual loans at least
quarterly to estimate losses and makes an assessment of losses based on
historical experience for the balance of the portfolio by loan category. The
Bank's loan portfolio is concentrated in lower risk (relative to
non-residential mortgage loans) 1-4 residential first mortgage loans. Such
loans comprise 74% of total loans outstanding at June 30, 1996. Consumer
loans, including open ended home equity consumer loans, totaled 11% of total
loans while other real estate loans totaled 11% and commercial loans totaled
4% of loans at June 30, 1996.
Net income for the six months ended June 30, 1996 was $341,000, or $.52
per share, as compared to net income of $280,000 for the six month period
ending June 30, 1995. This increase was primarily attributable to an increase
in net interest income of $201,000 during the current year, a decline in loan
loss provision of $17,000 and an increase in non interest income of $50,000.
These increases were offset by an increase in non interest expense of $143,000
and a higher tax provision of $50,000. The increase in net interest income
resulted from a combination of higher net interest rate spreads and increased
outstanding loan volumes. Management reduced its provision for loans losses
during the first six months of 1996 primarily as a result of recent net
recoveries to its allowance for loan losses totaling $20,000 for the six month
period ending June 30, 1996. In management's opinion, allowances for loan
losses are adequate to cover current estimated losses as of June 30, 1996.
Provision for taxes increased as net income before taxes increased during the
current year.
Recent discussions in Congress have focused on the recapitalization of
SAIF, the insurance arm of the FDIC that insures the Bank's deposits. A
one-time charge to the Bank of 80 to 85 basis points of deposits outstanding
appears to be likely. The proposed charge would reduce the capital of the
Bank by the amount of the charge, net of related income taxes. On an after-tax
basis this assessment would approximate $375,000. As of this date the Bank
has no assurance of the certainty or the amount of this assessment.
ASSET/LIABILITY MANAGEMENT AND LIQUIDITY
Asset/Liability management is the process by which the Bank monitors and
controls the pricing, mix and maturity of its assets and liabilities. An
essential purpose of asset/liability management is to ensure adequate
liquidity and to maintain an
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appropriate balance between interest sensitive assets and liabilities.
Liquidity management involves managing this mix so that the Bank can meet its
demands for cash in a timely manner. The Bank uses a number of tools to manage
its liquidity including maintaining adequate current asset levels
(particularly cash, cash equivalents and overnight investments), pricing
deposits appropriately and ensuring the availability of sources for borrowed
funds (primarily from the FHLB). Current assets, including cash and due from
accounts and overnight investments increased approximately $1,543,000 during
the year to date. Deposit growth of $3,763,000 along with increases in FHLB
advances of $2,800,000 funded loan growth and current asset increases. The
Bank has total credit lines of $11 million at the FHLB-Atlanta which assist in
meeting liquidity needs. The interest rates paid on these borrowings are from
time to time higher than the rates generally paid to deposit customers.
Management sees this capacity as a viable tool in its overall asset/liability
strategy of managing pricing and liquidity.
Commitments and anticipated cash outflows, not including undisbursed
portions of loans in process, totaled approximately $11,456,000 at June 30,
1996, as compared to $5,076,000 at June 30, 1995. See Note 4 for additional
information.
The Bank continues to monitor its interest rate risk through policies
designed to match the maturities of interest-earning assets and
interest-bearing liabilities. One measure of the Bank's interest sensitivity
is using a static gap analysis which compares repricing interest-earning
assets and interest-bearing liabilities for specific time intervals. A gap is
considered positive when the amount of interest sensitive assets exceeds the
amount of interest sensitive liabilities. A gap is considered negative when
the amount of interest sensitive liabilities exceeds the amount of interest
sensitive assets. During a period of rising rates, a negative gap would tend
to adversely affect net interest income while a positive gap would tend to
result in an increase in net interest income. During a period of falling
rates, a negative gap would tend to result in an increase in net interest
income while a positive gap would tend to adversely affect net interest
income. The following table shows the Bank's interest sensitivity position at
June 30, 1996.
Interest Sensitivity Position
June 30, 1996 Years 3
Year 1 Year 2 and 4 Year 5+ Total
------ ------ ------ ------ ------
Interest earning assets
Loans 46,354 13,365 10,591 8,990 79,300
GNMA MBSs 1,833 1,833
Overnight and other investments 3,261 0 0 130 3,391
------ ------ ------ ------ ------
Total interest earning assets 51,448 13,365 10,591 9,120 84,524
Interest Bearing Liabilities
Deposits 50,019 8,336 9,428 2,535 70,317
FHLB Borrowings 2,000 500 0 500 3,800
------ ------ ------ ------ ------
Total interest bearing liabilities 52,819 8,836 9,428 3,035 74,117
Asset (liability) Gap position (1,371) 4,529 1,164 6,085 10,407
Cumulative Gap Position (1,371) 3,158 4,322 10,407
Cumulative Gap to Total Earning ------ ------ ------ ------
Assets (1.62%) 3.74% 5.12% 12.28%
(1) Contractual terms regarding periodic repricing during the loan terms are
used to determine repricing periods. Loans are net of undisbursed portions of
loans in process.
(2) Now, money market and savings accounts are considered interest-sensitive.
(3) Repricing considerations for regular savings accounts are based on
estimated decay rates for the Bank.
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As of June 30, 1996 the Bank's interest-earning assets that reprice
within one year totaled $51,448,000 while interest-bearing liabilities
repricing within one year totaled $52,819,000 This resulted in a negative gap
position of $1,371,000 or (1.62%) of total interest-earning assets.
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YIELDS EARNED AND RATES PAID
The following table is a comparison of the three months ended June 30,
1996 and 1995. Second quarter 1995 figures are for the Bank only.
Average balances and yields earned versus rates paid
Quarter ended June 30, 1996 compared to 1995
(Dollars in thousands)
Average Interest Earned Annualized
Balance or Paid Yield/Rate
For the quarter ended June 30,
1996 1995 1996 1995 1996 1995
------ ------ ------ ------ ------ ------
Assets
Interest-earning assets
Loans $76,460 $70,938 $1,619 $1,471 8.47% 8.29%
Investments 4,499 3,950 75 56 6.67% 5.67%
Total earning assets/ ------ ------ ------ ------ ------ ------
Income earned 80,959 74,888 1,694 1,527 8.37% 8.16%
Non-earning assets 6,001 5,462
Total assets $86,960 $80,350
Liabilities
Interest Bearing Deposits $71,505 $65,322 $ 769 $ 726 4.30% 4.45%
Borrowings 1,779 2,892 26 44 5.85% 6.09%
Interest-bearing ------ ------ ------ ------ ------ ------
liabilities/expense 73,284 68,214 795 770 4.34% 4.52%
Non-interest-bearing
liabilities 6,944 6,026
Stockholders' Equity 6,732 6,110
Total liabilities and
Stockholders' Equity $86,960 $80,350
Net interest income (1) $ 899 $ 757
Interest Rate Spread (1) 4.03% 3.64%
Net yield on Average
interest earning assets (1) 4.44% 4.04%
(1) Net interest income is the difference between interest income and interest
expense. Interest rate spread is the difference between the average rate on
earning assets and the average rate on interest bearing liabilities. Net
yield on average interest earning assets is net interest income divided by
total interest earning assets.
Net interest income increased by $142,000 during the current year's
quarter as a result of the combined effects of a greater net interest rate
spread and a higher volume of interest earning assets. Yield on interest
earning assets increased by .21% during the current year's quarter and
interest bearing liabilities decreased by .18% resulting in and increase in
the net interest rate spread of .39% over the same period last year. Total
interest earning assets increased by $6,610,000 while interest bearing
liabilities increased by $5,070,000 from second quarter 1995.
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OTHER INCOME
During the three month period ended June 30, 1996, total non interest income
was $193,000 as compared to $169,000 during the same 1995 period. Non interest
income in the current quarter consisted primarily of service charges on
deposit accounts of $112,000, rental income from the Bluffton branch of
$14,000 and gains on the sale of loans to investors of $20,000 (servicing
released premiums and fees allowed as income when a loan is sold to an
investor). The increase in other income is primarily attributable to a gain
of $20,000 from the sale of property previously carried as Real Estate Owned
and Other Foreclosed Property category. For the year to date, total non
interest income totaled $372,000 while the prior year to date total was
$322,000. Deposit account service charges increased by $8,000 as a result of
increased outstandings. Other non interest income was higher by $42,000
primarily because of gains of the sales of properties in the "Other real
estate" account which totaled $32,000 during the first six months of 1996.
OTHER EXPENSES
Other non interest expenses for the periods ended June 30, 1996 and June 30,
1995 are compared and detailed in the table below.
(Dollars in thousands)
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
6/30/96 6/30/95 6/30/96 6/30/95
------- ------- ------- -------
Other Expenses
Compensation
and Benefits $ 379 344 744 652
Occupancy 107 111 215 216
Marketing 16 13 29 24
Data Processing 38 32 77 66
FDIC Insurance 42 39 84 78
Professional Fees 31 16 57 27
Supplies and
Printing 19 19 32 38
Telephone and
Postage 25 27 49 53
Loan costs
deferred (35) (39) (82) (69)
Other Expenses 124 103 243 220
------- ------- ------- -------
Total Other Expenses 746 665 1,448 1,305
Other expenses increased by 12% during the quarter ended June 30, 1996 as
compared to the quarter ended June 30, 1995. Compensation and Benefits expense
accounted for $35,000 of the total increase resulting from general salary
increases and new staff additions. Professional fees were higher during the
quarter because of increases legal fees. Data processing fees were higher
because of increases in transaction account activity. Miscellaneous increases
in other categories accounted for the remaining increase over the prior year's
quarter. For the year to date, total Other expenses increased by $144,000
with compensation expense accounting for $92,000 of the increase. General
salary increases and new staff additions accounted for the increase. Data
processing expenses increased by $11,000 because of increased accounts.
Professional fees increased by $30,000 as a result of increased legal fees and
for consultant fees. Consultant fee expense resulted from outsourcing quality
control and compliance related functions.
CAPITAL RESOURCES
For regulatory purposes, the Bank is required to maintain a minimum of level
of capital based upon the risk related composition of its loan portfolio.
This risk-based capital
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requirement requires that the Bank maintain capital at a minimum 8% level of
its regulatory defined risk weighted assets. The Bank may not declare or pay
a cash dividend or repurchase any of its capital stock, if the effect would
cause the stockholders' equity of the Bank to be reduced below its capital
requirements. As of June 30, 1996, the Bank met all of its risk-based capital
requirements and met the definition of a "well capitalized institution" under
the OCC's regulation entitled Prompt and Corrective Action. Total Tier 1
risk-based capital was 11.42% and total Risk-based capital was 12.40%.
The table below outlines the capital ratios of the Bank under the capital
regulations of the Office of the Comptroller of the Currency and the dollar
amounts of capital maintained by the Bank at June 30, 1996.
At 6/30/96
Total Risk-Based Capital $ 7,529,000
Risk-Based Capital/Risk Weighted Assets 12.40%
Tier 1 Risk-Based Capital $ 6,937,000
Tier 1 Risk-Based Capital/Risk Weighted
Assets 11.42%
Tangible Equity Capital $ 6,694,000
Tangible Equity Capital/Total Assets
Assets 7.40%
Total equity for the Company at June 30, 1996 was $6,852,000 or 7.57% of total
assets outstanding.
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PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There were no material legal proceedings pending or settled during the quarter
in which the Company or the Bank was a party.
ITEM 2. CHANGES IN SECURITIES
There were no changes made in the rights of security holders or in the
securities of the Company during the quarter.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Company has not issued any instruments of indebtedness which constitute
securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the annual shareholders meeting held on April 25, 1996 shareholders
approved the election of directors of the Holding Company and ratification of
the adoption of the FirstBancorporation, Inc. 1996 Stock Option Plan. Richard
L. Gray, Robert A Kerr, William C. Robinson and James A. Shuford, III were
elected for a one-year term; Colden R. Battey, Jr., Russell L. Jeter and James
D. Neighbors were elected for a two-year term; and Laurance H. Davis, Jr.,
Jerry H. Reeves, III and Carson R. Rentz were elected for a three-year term.
The 1996 Stock Option Plan was ratified by a vote of 361,412 for, 3,275
against, and 6,274 abstain.
ITEM 5. OTHER INFORMATION
There were no matters of the registrant which required reporting.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No exhibits are applicable.
No reports on Form 8-K were filed during the quarter under report.
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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.
FirstBancorporation, Inc.
DATED: August 8, 1996 /s/James A. Shuford, III
James A. Shuford, III
Chief Executive Officer
DATED: August 8, 1996 /s/James L. Pate, III
James L. Pate, III
Chief Financial Officer
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<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 4493
<INT-BEARING-DEPOSITS> 2596
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2056
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 79259
<ALLOWANCE> 592
<TOTAL-ASSETS> 90501
<DEPOSITS> 78668
<SHORT-TERM> 4602
<LIABILITIES-OTHER> 379
<LONG-TERM> 0
0
0
<COMMON> 6
<OTHER-SE> 6846
<TOTAL-LIABILITIES-AND-EQUITY> 90501
<INTEREST-LOAN> 3174
<INTEREST-INVEST> 151
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3325
<INTEREST-DEPOSIT> 1551
<INTEREST-EXPENSE> 1593
<INTEREST-INCOME-NET> 1732
<LOAN-LOSSES> 102
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1448
<INCOME-PRETAX> 554
<INCOME-PRE-EXTRAORDINARY> 341
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 341
<EPS-PRIMARY> .52
<EPS-DILUTED> .52
<YIELD-ACTUAL> 8.37
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 470
<CHARGE-OFFS> 0
<RECOVERIES> 20
<ALLOWANCE-CLOSE> 592
<ALLOWANCE-DOMESTIC> 592
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
