UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 March 31, 2000
PARK BANCORP, INC.
(Exact name of registrant as specified in its charter)
0-20867
(Commission File Number)
DELAWARE
(State of incorporation)
36-4082530
(IRS Employer Identification No.)
5400 SOUTH PULASKI ROAD, CHICAGO, ILLINOIS
(Address of Principal Executive Offices)
60632
(ZIP Code)
(773) 582-8616
(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.
As of March 31, 2000, the Registrant had outstanding 1,656,139 shares of common
stock.
<PAGE>
PARK BANCORP, INC.
Form 10-Q Quarterly Report
Index
Page
----
PART I - Financial Information
Item 1 Financial Statements 1
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
Item 3 Quantitative and Qualitative Disclosures About Market Risk 8
PART II - Other Information
Item 1 Legal Proceedings 10
Item 2 Changes in Securities 10
Item 3 Defaults Upon Senior Securities 10
Item 4 Submission of Matters to a Vote of Securities Holders 10
Item 5 Other Information 10
Item 6 Exhibits and Reports on Form 8-K 10
SIGNATURES 11
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This report contains certain forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Park Bancorp, Inc. (Company)
intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private Securities
Reform Act of 1995, as amended, and are including this statement for purposes of
these safe harbor provisions. Forward-looking statements, which are based on
certain assumptions and describe future plans, strategies and expectations of
the Company, are generally identifiable by use of the words "believe," "expect,"
"intend," "anticipate," "estimate," "project," or similar expressions. The
Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
effect on the operations and future prospects of the Company and its wholly
owned subsidiaries include, but are not limited to, changes in: interest rates;
the economic health of the local real estate market; general economic
<PAGE>
conditions; legislative/regulatory provisions; monetary and fiscal policies of
the U.S. Government, including policies of the U.S. Treasury and the Federal
Reserve Board; the quality or composition of the loan and securities portfolios;
demand for loan products; deposit flows; competition; demand for financial
services in the Company's market area; and accounting principles, policies, and
guidelines. These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such
statements.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
---- ----
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,024 $ 1,389
Interest-bearing deposit accounts in other financial institutions 5,012 2,635
--------- ---------
Total cash and cash equivalents 6,036 4,024
Securities available-for-sale 124,027 124,359
Loans receivable, net 87,784 86,692
Federal Home Loan Bank stock 1,831 1,800
Real estate held for development 722 234
Premises and equipment, net 2,655 2,377
Accrued interest receivable 1,945 2,686
Other assets 2,211 3,855
--------- ---------
Total assets $ 227,211 $ 226,027
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 148,621 $ 145,675
Securities sold under repurchase agreements 17,430 13,185
Federal Home Loan Bank advances 31,000 36,000
Advances from borrowers for taxes and insurance 1,404 1,593
Accrued interest payable 364 296
Other liabilities 2,128 1,920
--------- ---------
Total liabilities 200,947 198,669
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 1,000,000 shares authorized;
none issued and outstanding -- --
Common stock, $.01 par value, 9,000,000 shares authorized;
2,701,441 shares issued 27 27
Additional paid-in capital 26,448 26,436
Retained earnings 24,227 23,990
Treasury stock at cost - 1,001,936 and 860,436 shares, at cost (16,317) (14,294)
Unearned ESOP shares (1,414) (1,456)
Unearned MRP shares (465) (550)
Accumulated other comprehensive income (loss) (6,242) (6,795)
--------- ---------
Total stockholders' equity 26,264 27,358
--------- ---------
Total liabilities and stockholders' equity $ 227,211 $ 226,027
========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
1.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
THREE MONTHS
ENDED MARCH 31,
---------------
2000 1999
---- ----
Interest income
Loans receivable $1,657 $1,567
Securities 2,265 1,996
------ ------
Total 3,922 3,563
Interest expense
Deposits 1,818 1,713
Federal Home Loan Bank advances 459 135
------ ------
Total 2,277 1,848
------ ------
Net interest income 1,645 1,715
Provision for loan losses -- --
------ ------
Net interest income after provision for loan losses 1,645 1,715
Noninterest income
Gain on sale of real estate held for development 55 72
Service fee income 51 39
Other operating income 3 30
------ ------
Total noninterest income 109 141
Noninterest expense
Compensation and benefits 770 777
Occupancy and equipment expense 120 150
Advertising 41 48
Other operating expenses 212 236
------ ------
Total noninterest expense 1,143 1,211
------ ------
Income before income taxes 611 645
Income tax expense 205 219
------ ------
Net income $ 406 $ 426
====== ======
Basic earnings per share $ .26 $ .22
Diluted earnings per share $ .26 $ .22
See accompanying notes to consolidated financial statements.
2.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
2000 1999
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 406 $ 426
Adjustments to reconcile net income to net cash from
operating activities
Net premium amortization (discount accretion) on securities 423 (62)
Gain on sale of real estate held for development (55) (72)
Depreciation 60 98
ESOP compensation expense 54 61
MRP compensation expense 85 112
FHLB stock dividends (31) --
Net change in:
Accrued interest receivable 741 450
Accrued interest payable 68 (48)
Other assets 1,360 (136)
Other liabilities 284 360
-------- --------
Net cash from operating activities 3,395 1,189
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans (1,092) (1,541)
Purchase of securities available-for-sale -- (40,426)
Maturities and calls of securities available-for-sale -- 23,930
Principal repayments on mortgage-backed securities 746 1,288
Purchase of FHLB stock -- (63)
Net change in real estate held for development (433) (636)
Purchase of premises and equipment (338) (78)
-------- --------
Net cash from investing activities (1,117) (17,526)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits 2,946 243
Net change in repurchase agreements 4,245 136
Net change in advances from borrowers for taxes and insurance (189) (142)
Net change in Federal Home Loan Bank advances (5,000) 9,000
Purchase of treasury stock (2,023) --
Dividends paid (245) (229)
-------- --------
Net cash from financing activities (266) 9,008
-------- --------
Net change in cash and cash equivalents 2,012 (7,329)
Cash and cash equivalents at beginning of period 4,024 10,709
-------- --------
Cash and cash equivalents at end of period $ 6,036 $ 3,380
======== ========
Supplemental disclosures of cash flow information
Cash paid during the period for
Interest $ 2,209 $ 1,896
Income taxes 21 --
</TABLE>
See accompanying notes to consolidated financial statements.
3.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
Accumulated Total
Additional Unearned Unearned Other Stock-
Common Paid-in Retained ESOP MRP Treasury Comprehensive holders'
Stock Capital Earnings Shares Shares Stock Income (Loss) Equity
----- ------- -------- ------ ------ ----- ------------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999
----
Balance at January 1, 1999 $ 27 $ 26,353 $ 22,211 $(1,628) $(933) $ (8,733) $ (274) $ 37,023
Net income -- -- 426 -- -- -- -- 426
Change in fair value of securities
available-for-sale, net of income taxes -- -- -- -- -- -- (976) (976)
--------
Total comprehensive income (loss) -- -- -- -- -- -- -- (550)
Dividends declared -- (229) -- -- -- -- -- (229)
ESOP shares earned -- 18 43 -- -- -- 61
MRP shares earned -- -- -- -- 112 -- -- 112
---- -------- -------- ------- ----- -------- ------- --------
Balance at March 31, 1999 $ 27 $ 26,142 $ 22,637 $(1,585) $(821) $ (8,733) $(1,250) $ 36,417
==== ======== ======== ======= ===== ======== ======= ========
2000
----
Balance at January 1, 2000 $ 27 $ 26,436 $ 23,990 $(1,456) $(550) $(14,294) $(6,795) $ 27,358
Net income -- -- 406 -- -- -- -- 406
Change in fair value of securities
available-for-sale, net of income taxes -- -- -- -- -- -- 553 553
--------
Total comprehensive income 959
Purchase of 141,500 shares of treasury stock -- -- -- -- -- (2,023) -- (2,023)
Dividends declared -- -- (169) -- -- -- -- (169)
ESOP shares earned -- 12 -- 42 -- -- -- 54
MRP shares earned -- -- -- -- 85 -- -- 85
---- -------- -------- ------- ----- -------- ------- --------
Balance at March 31, 2000 $ 27 $ 26,448 $ 24,227 $(1,414) $(465) $(16,317) $(6,242) $ 26,264
==== ======== ======== ======= ===== ======== ======= ========
</TABLE>
See accompanying notes to consolidated financial statements.
4.
<PAGE>
PARK BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(table amounts in thousands of dollars, except share data)
Note 1 - Basis of Presentation
The accompanying unaudited consolidated financial statements include the
accounts of Park Bancorp, Inc. (Company) and its wholly owned subsidiaries, Park
Federal Savings Bank (Bank) and PBI Development Corporation (PBI), and the
Bank's subsidiaries, GPS Corporation and GPS Development Corporation (GPS), as
of March 31, 2000 and December 31, 1999 and for the three-month periods ended
March 31, 2000 and 1999. Significant intercompany accounts and transactions have
been eliminated in consolidation.
The accompanying unaudited interim consolidated financial statements have been
prepared pursuant to the rules and regulations for reporting on Form 10-Q.
Accordingly, certain disclosures required by generally accepted accounting
principles are not included herein. These interim statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's 1999 Annual Report on Form 10-K filed with the
Securities and Exchange Commission. The December 31, 1999 balance sheet
presented herein has been derived from the audited financial statements included
in the Company's 1999 Annual Report on Form 10-K filed with the Securities and
Exchange Commission, but does not include all disclosures required by generally
accepted accounting principles.
Interim statements are subject to possible adjustment in connection with the
annual audit of the Company for the year ending December 31, 2000. In the
opinion of management of the Company, the accompanying unaudited interim
consolidated financial statements reflect all adjustments (consisting of normal
recurring adjustments) necessary for a fair presentation of the consolidated
financial position and consolidated results of operations for the periods
presented.
The results of operations for the three months ended March 31, 2000 and 1999 are
not necessarily indicative of the results to be expected for the full year.
5.
<PAGE>
Note 2 - Segment Information
The reportable segments are determined by the products and services offered,
primarily distinguished between banking and real estate development operations.
Loans, investments, and deposits provide the revenues in the banking operation,
and sales of single-family residence lots provide the revenues in real estate
development operations. All operations are domestic.
Information reported internally for performance assessment follows for the three
month period ended March 31 for the years presented.
Real Estate
Banking Development Total
------- ----------- -----
2000
Net interest income $ 1,645 $ -- $ 1,645
Gain on sale of real estate held for development -- 55 55
Other revenue 54 -- 54
Other expenses 1,143 -- 1,143
Income tax expense 186 19 205
Segment profit 370 36 406
Segment assets 226,489 722 227,211
1999
Net interest income $ 1,715 $ -- $ 1,715
Gain on sale of real estate held for development -- 72 72
Other revenue 69 -- 69
Other expenses 1,211 -- 1,211
Income tax expense 219 -- 219
Segment profit 354 72 426
Segment assets 208,645 3,583 212,228
Note 3 - Earnings Per Share
The following table presents a reconciliation of the components used to compute
basic and diluted earnings per share for the three-month periods ended March 31,
2000 and 1999.
2000 1999
---- ----
Net income as reported $ 406 $ 426
Weighted average common
shares outstanding 1,581,393 1,959,230
-------------- --------------
Basic earnings per share $ .26 $ .22
============== ==============
The effects of stock options and stock awards could potentially dilute basic
earnings per share in the future but were not included in the computation of
diluted earnings per share for the three-month periods ended March 31, 2000 or
1999 because to do so would have been anti-dilutive.
6.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion compares the financial condition of Park Bancorp, Inc.
(Company) and its wholly owned subsidiaries, Park Federal Savings Bank (Bank)
and PBI Development Corporation, and the Bank's subsidiaries, at March 31, 2000
to its financial condition at December 31, 1999 and the results of operations
for the three months ended March 31, 2000 to the same period in 1999. This
discussion should be read in conjunction with the interim financial statements
and footnotes included herein.
FINANCIAL CONDITION
Total assets at March 31, 2000 were $227.2 million compared to $226.0 million at
December 31, 1999, an increase of $1.2 million. The growth in total assets was
primarily funded by deposits and securities sold under repurchase agreements.
During the three months ended March 31, 2000, cash and cash equivalents
increased by $2.0 million and loans increased $1.1 million while securities
available-for-sale decreased by $332,000.
The allowance for loan losses was $500,000 at both March 31, 2000 and December
31, 1999. There were no impaired loans at either date.
Total liabilities at March 31, 2000 were $200.9 million compared to $198.7
million at December 31, 1999, an increase of $2.2 million, primarily due to
increases in repurchase agreements of $4.2 million and an increase in deposits
of $2.9 million. These increases were used to fund the growth in loans
receivable, purchase 141,500 shares of the Company's common stock for treasury,
and repay $5 million of Federal Home Loan Bank (FHLB) advances.
Stockholders' equity at March 31, 2000 was $26.3 million compared to $27.4
million at December 31, 1999, a decrease of $1.1 million. This decrease was
primarily attributable to the purchase of 141,500 shares of the Company's common
stock and the declaration of dividends of $169,000, partially offset by net
income of $406,000 and an increase in the fair value of securities
available-for-sale of $553,000, net of deferred taxes.
RESULTS OF OPERATIONS
Net income decreased to $406,000, or 4.7%, for the quarter ended March 31, 2000
from $426,000 for the quarter ended March 31, 1999. Fluctuations in net income
are discussed below.
Net interest income was $1.6 million for the three months ended March 31, 2000
compared to $1.7 million for the same quarter in 1999. Although the Company's
assets grew during the period, the net interest margin decreased to 3.30% for
the 2000 period from 3.52% for the 1999 period. This was largely due to a
decrease in the ratio of interest-earning assets to interest-bearing
liabilities.
Noninterest income decreased $42,000 to $109,000 for the quarter ended March 31,
2000 due to lower gains on sale of real estate held for development and less
miscellaneous income. Lot sales decreased in 2000 as a result of high demand
early in the project development stages during 1999 with few remaining lots
available in 2000.
Noninterest expense decreased to $1.1 million for the three-month period ended
March 31, 2000 from $1.2 million for the three-month period ended March 31, 1999
primarily as a result of decreased occupancy and equipment expense.
7.
<PAGE>
The Company's federal income tax expense decreased to $205,000 for the
three-month period ended March 31, 2000 from $219,000 for the three-month period
ended March 31, 1999. The change in income tax was attributable to the decrease
in income before income taxes.
LIQUIDITY
The Bank is required to maintain minimum levels of liquid assets as defined by
Bank regulators. The Bank's liquidity ratio does fluctuate, but has been in
excess of the required and targeted levels. The Bank's regulatory liquidity at
March 31, 2000 was 59.72%.
At March 31, 2000, the Bank had $3,927,130 in commitments to originate loans and
$2,469,000 in standby letters of credit.
CAPITAL RESOURCES
The Bank is subject to capital-to-asset requirements in accordance with bank
regulations. The following table summarizes the Bank's regulatory capital
requirements versus actual capital as of March 31, 2000:
ACTUAL REQUIRED EXCESS
------ -------- ------
AMOUNT % AMOUNT % AMOUNT %
------ - ------ - ------ -
Core capital $ 24,085 11.2% $ 8,627 4.0% $ 15,458 7.2%
Risk-based capital 24,585 27.7 7,099 8.0 17,486 19.7
YEAR 2000
The Company successfully completed its Year 2000 changeover without any problems
or disruptions to operations. While management believes that it is unlikely,
there can be no assurance that problems not yet apparent to the Company or its
vendors will not arise as the year progresses. Management will continue to
monitor all business processes and relationships with third parties to ensure
that all processes continue to function properly. Expenses related to the Year
2000 changeover were not significant in the first quarters of 2000 or 1999.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Bank's interest rate sensitivity is monitored by management through the use
of a model which estimates the change in net portfolio value ("NPV") over a
range of interest rate scenarios. NPV is the present value of expected cash
flows from assets, liabilities, and off-balance-sheet contracts. An NPV Ratio,
in any interest rate scenario, is defined as the NPV in that scenario divided by
the market value of assets in the same scenario. The Sensitivity Measure is the
decline in the NPV Ratio, in basis points, caused by a 2% increase or decrease
in rates, whichever produces a larger decline. The higher an institution's
Sensitivity Measure is, the greater its exposure to interest rate risk is
considered to be. The OTS has incorporated an interest rate risk component into
its regulatory capital rule. Under the rule, an institution whose sensitivity
measure exceeds 2% would be required to deduct an interest rate risk component
in calculating its total capital for purposes of the risk-based capital
requirement. As of December 31, 1999, the Bank's sensitivity measure, as
measured by the OTS, resulting from a 200 basis point increase in interest rates
was (0.58)% and would result in a $1.9 million reduction in the NPV of the Bank.
Accordingly, increases in interest rates would be expected to have a negative
impact on the Bank's operating results. The NPV Ratio sensitivity measure is
below the threshold at which the Bank could be required to hold additional
risk-based capital under OTS regulations.
8.
<PAGE>
Certain shortcomings are inherent in the methodology used in the above interest
rate risk measurements. Modeling changes in NPV requires the making of certain
assumptions that may tend to oversimplify the manner in which actual yields and
costs respond to changes in market interest rates. First, the models assume that
the composition of the Bank's interest sensitive assets and liabilities existing
at the beginning of a period remains constant over the period being measured.
Second, the models assume that a particular change in interest rates is
reflected uniformly across the yield curve regardless of the duration to
maturity or repricing of specific assets and liabilities. Third, the model does
not take into account the impact of the Bank's business or strategic plans on
the structure of interest-earning assets and interest-bearing liabilities.
Accordingly, although the NPV measurement provides an indication of the Bank's
interest rate risk exposure at a particular point in time, such measurement is
not intended to and does not provide a precise forecast of the effect of changes
in market interest rates on the Bank's net interest income and will differ from
actual results. The results of this modeling are monitored by management and
presented to the Board of Directors quarterly.
The following table shows the NPV and projected change in the NPV of the Bank at
December 31, 1999 assuming an instantaneous and sustained change in market
interest rates of 100, 200, and 300 basis points.
INTEREST RATE SENSITIVITY OF NET PORTFOLIO VALUE (NPV)
<TABLE>
<CAPTION>
NPV as a % of
------------Net Portfolio Value------------ ---------PV of Assets------
------------------- ------------
Change in Rates $ Amount $ Change % Change NPV Ratio Change
- --------------- -------- -------- -------- --------- ------
<S> <C> <C> <C> <C> <C>
+ 300 bp $ 20,361 $ (3,035) (12.97)% 9.98% -99bp
+ 200 bp 21,513 (1,883) (8.05) 10.38 -58bp
+ 100 bp 22,585 (811) (3.47) 10.74 -23bp
0 bp 23,396 -- -- -- --
- 100 bp 23,552 156 0.67 10.91 -5bp
- 200 bp 23,290 (106) (0.45) 10.68 -29bp
- 300 bp 22,564 (832) (3.56) 10.25 -71bp
</TABLE>
Management has not yet completed the computation of NPV as of March 31, 2000 but
estimates that the results would not be materially different than those
presented above.
9.
<PAGE>
PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None
ITEM 2. CHANGES IN SECURITIES.
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS.
None
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits - Not applicable.
(b) Reports on Form 8-K. No reports on Form 8-K were
filed by the registrant during the quarter ended
March 31, 2000.
10.
<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.
PARK BANCORP, INC.
Date: May 12, 2000 /s/ David A. Remijas
----------------------------------------
David A. Remijas
President and Chief Executive Officer
Date: May 12, 2000 /s/ Steven J. Pokrak
----------------------------------------
Steven J. Pokrak
Treasurer and Chief Financial Officer
11.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,024
<INT-BEARING-DEPOSITS> 5,012
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 124,027
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 87,784
<ALLOWANCE> 500
<TOTAL-ASSETS> 227,211
<DEPOSITS> 148,621
<SHORT-TERM> 31,000
<LIABILITIES-OTHER> 169,947
<LONG-TERM> 0
0
0
<COMMON> 27
<OTHER-SE> 26,237
<TOTAL-LIABILITIES-AND-EQUITY> 227,211
<INTEREST-LOAN> 1,657
<INTEREST-INVEST> 2,265
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3,922
<INTEREST-DEPOSIT> 1,701
<INTEREST-EXPENSE> 2,277
<INTEREST-INCOME-NET> 1,645
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,143
<INCOME-PRETAX> 611
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 406
<EPS-BASIC> .26
<EPS-DILUTED> .26
<YIELD-ACTUAL> 3.30
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 500
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 500
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 500
</TABLE>
