U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________
Commission file number - 0-21809
HOME CITY FINANCIAL CORPORATION
(Exact name of small business issuer as specified in its charter)
OHIO 34-1839475
_______________________________ ____________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
63 West Main Street
Springfield, Ohio 45502
________________________________________ __________
(Address of principal executive offices) (zip code)
(513) 324-5736
___________________________
(Issuer's telephone number)
N/A
____________________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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_____
As of January 31, 1997, 876,024 common shares, no par value, of the Registrant
were outstanding. There were no preferred shares outstanding.
* The Registrant's Registration Statement on Form S-1 was declared effective on
November 12, 1996. Prior to December 30, 1996, the Registrant conducted no
business except the offering of its shares and preparation to acquire Home City
Federal Savings Bank of Springfield.
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<PAGE>
HOME CITY FINANCIAL CORPORATION
SPRINGFIELD, OHIO
FORM 10-QSB
INDEX
Page Number
PART I FINANCIAL INFORMATION
Item. 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets -- 3
December 31, 1996 and June 30, 1996
Condensed consolidated statements of income -- 4
Three & Six months ended December 31, 1996 and 1995
Condensed consolidated statements of cash flows -- 5
Six months ended December 31, 1996 and 1995
Notes to condensed consolidated financial 6
statements -- December 31, 1996 and June 30, 1996
Item 2. Management's Discussion and Analysis of Financial 7
Condition and Results of Operations
PART II OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
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<PAGE>
<TABLE>
HOME CITY FINANCIAL CORPORATION
Springfield, Ohio
CONSOLIDATED BALANCE SHEETS
Dollars in thousands
----------------------------
(Unaudited) (Unaudited)
December 31, June 30,
1996 1996
------------ -----------
<S> <C> <C>
Assets
Cash and cash equivalents
Cash and due from banks $ 1,519 $ 855
Interest-bearing time deposits 7,320 588
Federal funds sold 1,000 400
-------- --------
Total cash and cash equivalents 9,839 1,843
Time deposits with original maturities 90 days or more 361 1,061
Investment securities available for sale, at fair value 2,234 2,188
Mortgage-backed securities available for sale, at fair value 2,748 2,975
Loans, net 50,558 45,225
Accrued interest receivable 313 273
Properties and equipment 485 488
Investments required by law - stock in Federal Home Loan Bank 408 394
Cash surrender value of life insurance 1,070 1,044
Other assets 124 237
-------- --------
Total assets $ 68,140 $ 55,728
======== ========
Liabilities and Shareholders' Equity
Deposits
Demand accounts $ 1,383 $ 302
NOW accounts 426 395
Savings accounts 8,235 9,561
Time deposits, $100,000 or more 5,689 7,216
Other time deposits 33,826 29,700
-------- --------
Total deposits 49,559 47,174
Advances from Federal Home Loan Bank 4,101 2,903
Accrued interest payable 65 49
Advance payments by borrowers for taxes and insurance 69 20
Deferred income taxes 70 68
Other liabilities 293 116
-------- --------
Total liabilities 54,157 50,330
-------- --------
Shareholders' equity
Common shares, 5,000,000 authorized w/o par value;
876,024 shares issued & outstanding 0 0
Additional paid-in capital 9,075 0
Retained earnings, substantially restricted 5,454 5,271
Unrealized gain on securities available for sale, net of applicable
deferred income taxes 216 127
Common shares acquired by Employee Stock Ownership Plan (762) 0
-------- --------
Total shareholders' equity 13,983 5,398
-------- --------
Total liabilities and shareholders' equity $ 68,140 $ 55,728
======== ========
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
HOME CITY FINANCIAL CORPORATION
Springfield, Ohio
CONSOLIDATED STATEMENTS OF INCOME
Dollars in thousands, except per share amounts
----------------------------------------------
(Unaudited) (Unaudited)
3 Months Ended 6 Months Ended
December 31, December 31,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $1,163 $1,015 $2,267 $1,973
Interest on investment securities 42 34 81 73
Interest on mortgage-backed securities 49 47 98 101
Interest on deposits in banks and federal funds sold 35 6 62 24
------ ------ ------ ------
Total interest income 1,289 1,102 2,508 2,171
------ ------ ------ ------
Interest expense
Interest on interest-bearing checking accounts 2 1 5 1
Interest on savings deposits 65 65 122 133
Interest on certificates of deposit 619 522 1,209 1,008
Interest on advances from Federal Home Loan Bank 60 45 101 91
------ ------ ------ ------
Total interest expense 746 633 1,437 1,233
------ ------ ------ ------
Net interest income 543 469 1,071 938
Provision for loan losses 36 0 37 0
------ ------ ------ ------
Net interest income after provision for loan loss 507 469 1,034 938
Noninterest income
Service charges on deposit accounts 2 1 3 1
Life insurance 15 15 30 15
Other income 1 1 2 2
------ ------ ------ ------
Total noninterest income 18 17 35 18
------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 116 138 246 256
Supplies, telephone and postage 12 13 22 23
Occupancy and equipment 25 19 50 47
FDIC deposit insurance 24 23 311 46
Data processing 20 9 34 25
Legal, accounting and examination 28 32 51 62
Franchise tax 19 13 38 34
Other expense 33 63 82 112
------ ------ ------ ------
Total noninterest expense 277 310 834 605
------ ------ ------ ------
Income before income taxes 248 176 235 351
Federal income tax expense 55 57 52 114
------ ------ ------ ------
Net income $ 193 $ 119 $ 183 $ 237
====== ====== ====== ======
__________________________________________________________________________________________________________
Per share data:
Net income per share of common stock $ .22 N/A $ .21 N/A
====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
HOME CITY FINANCIAL CORPORATION
Springfield, Ohio
CONSOLIDATED STATEMENT OF CASH FLOWS
Dollars in thousands
---------------------------
(Unaudited)
6 Months Ended December 31,
1996 1995
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 183 $ 237
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of discount accretion 13 33
Provision for loan losses 37 0
Depreciation 20 18
Deferred income taxes 45 68
Life insurance income, net of expenses (26) 2
Changes in operating assets and liabilities:
Increase in accrued income receivable (40) (46)
Increase (decrease) in other assets 113 (55)
Increase in accrued interest payable 16 6
Increase in other liabilities 177 37
-------- --------
Net cash provided by operating activities 538 300
-------- --------
Cash flows from investing activities:
Net increase (decrease) in time deposits 700 (1)
Proceeds from maturities of held-to-maturity securities 0 500
Payments on available-for-sale mortgage-backed securities 214 276
Net change in loans (5,370) (4,862)
Purchases of premises and equipment (17) (47)
Purchase of Federal Home Loan Bank stock (14) (10)
Purchase of life insurance contracts 0 (1,020)
-------- --------
Net cash used in investing activities (4,487) (5,164)
-------- --------
Cash flows from financing activities:
Net increase in deposits 2,385 4,086
Proceeds from advances from Federal Home Loan Bank 1,825 900
Payments on advances from Federal Home Loan Bank (627) (1,007)
Proceeds from sale of Common Stock 8,313 0
Net increase in advance payments by borrowers for
tax and insurance 49 21
-------- --------
Net cash provided by financing activities 11,945 4,000
-------- --------
Net increase (decrease) in cash and cash equivalents 7,996 (864)
Cash and cash equivalents at beginning of period 1,843 2,377
-------- --------
Cash and cash equivalents at end of period $ 9,839 $ 1,513
======== ========
________________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
HOME CITY FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 1996, and June 30, 1996
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In September 1996, the Board of Directors of Home City Federal Savings Bank of
Springfield (the "Company") adopted a Plan of Conversion (the "Plan") whereby
the Company would convert to the stock form of ownership, followed by the
issuance of all the Company's outstanding stock to a newly formed holding
company, Home City Financial Corporation (the "Corporation"). Pursuant to the
Plan, the Corporation offered common shares for sale to certain depositors of
the Company and members of the community. The conversion was completed on
December 30, 1996, and resulted in the issuance of 952,200 common shares of the
Corporation, which, after consideration of offering expenses totaling
approximately $447,000 and $762,000 in shares purchased by the ESOP, resulted in
net capital proceeds of $8.3 million. Condensed financial statements of the
Corporation are presented herein. Future references are made either to the
Corporation or the Company as applicable.
The Corporation is a savings and loan holding company whose activities are
primarily limited to holding the stock of the Company. The Company conducts a
general banking business in west central Ohio which consists of attracting
deposits from the general public and applying those funds to the origination of
loans for residential, consumer and nonresidential purposes. The Company's
profitability is significantly dependent on net interest income, which is the
difference between interest income generated from interest-earning assets (i.e.,
loans and investments) and the interest expense paid on interest-bearing
liabilities (i.e., customer deposits and borrowed funds). Net interest income is
affected by the relative amount of interest-earning assets and interest-bearing
liabilities and interest received or paid on these balances. The level of
interest rates paid or received by the Company can be significantly influenced
by a number of environmental factors, such as governmental monetary policy, that
are outside of management control.
The consolidated financial information presented herein has been prepared in
accordance with generally accepted accounting principles ("GAAP") and general
accounting practices within the financial services industry. In preparing
consolidated financial statements in accordance with GAAP, management is
required to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the financial statements and revenues and expenses during the
reporting period. Actual results could differ from such estimates.
NOTE B - BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles ("GAAP") for interim
financial information and with instructions to Form 10-QSB and Article 10 of
Regulation S-X and Rule 310 of Regulation SB. Accordingly, they do not include
all information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included.
Operating results are not necessarily indicative of the results that may be
expected for the year ended June 30, 1997.
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<PAGE>
HOME CITY FEDERAL SAVINGS BANK OF SPRINGFIELD
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following focuses on the consolidated financial condition of the
Company at December 31, 1996, compared to June 30, 1996, and the results of
operations for the three- and six-month periods ended December 31, 1996,
compared to the same periods in 1995. The purpose of this discussion is to
provide a better understanding of the consolidated financial statements and
footnotes included in the Form 10-QSB. The Company is not aware of any market or
institutional trend, events or uncertainties that will have or are reasonably
likely to have a material effect on liquidity, capital resources or operations
except as discussed herein. Other than as discussed herein, the Company is not
aware of any current recommendations by regulatory authorities which would have
such effect if implemented.
Note Regarding Forward-Looking Statements
In addition to historical information contained herein, the following
discussion contains forward-looking statements that involve risks and
uncertainties. Economic circumstances, the Company's operations and the
Company's actual results could differ significantly from those discussed in the
forward-looking statements. Some of the factors that could cause or contribute
to such differences are discussed herein but also include changes in the economy
and interest rates in the nation and the Company's market area generally. Some
of the forward-looking statements included herein are the statements regarding
the allowance for loan losses.
Financial Condition
Liquidity
Liquidity relates to the Company's ability to meet cash demands of its
customers and their credit needs. Liquidity is provided by the Company's ability
to readily convert assets to cash and readily marketable, short-term assets,
such as federal funds sold and deposits in other banks.
Cash and cash equivalents, time deposits with original maturities of 90
days or more, investment securities available-for-sale, mortgage-backed
securities available-for-sale and FHLB stock were $15.59 million at December 31,
1996, an increase of $7.13 million from the June 30, 1996, total. Such increase
was attributable to the net inflow of funds from the conversion and related
stock offering.
Liability liquidity relates to the Company's ability to retain existing
deposits, obtain new deposits and borrow in the marketplace. Total deposits
increased $2.39 million for the six months ended December 31, 1996, compared to
June 30, 1996. The Company experienced a decrease of $1.33 million in savings
passbooks and a $1.53 million decrease in Jumbo or negotiable rate certificates,
offset by increases in transaction accounts (i.e., demand deposit and negotiable
order of withdrawal, or "NOW", accounts) of $1.11 million and other time
certificates of $4.13 million.
Access to funds from the Federal Home Loan Bank (the "FHLB") in the
form of short- and long-term advances is a supplemental source of cash to meet
liquidity needs.
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<PAGE>
Capital Resources
Shareholders' equity totaled $13.98 million at December 31, 1996,
compared to $5.40 million at June 30, 1996. This increase was primarily due to
the additional paid-in-capital as a result of the aforementioned conversion and
related public offering. A net unrealized holding gain on securities
available-for-sale of $89,000 also contributed to the increase. As of December
31, 1996, the Corporation's ratio of shareholders' equity to assets was 20.52%
compared to 9.69% at June 30, 1996.
Regulatory Capital Requirements
The Company is required by applicable law and regulation to meet
certain minimum capital requirements. These requirements call for tangible
capital of 1.5% of adjusted total assets, core capital (which for the Company is
equal to tangible capital) of 3% of adjusted total assets, and risk-based
capital (which for the Company consists of core capital and general valuation
allowances) equal to 8% of risk-weighted assets. Assets and certain
off-balance-sheet items are weighted at percentage levels ranging from 0% to
100% depending on their relative risk.
The following table summarizes the Company's regulatory capital
requirements and actual capital at December 31, 1996:
<TABLE>
Excess of actual capital
Actual Capital Current requirements over current requirements Applicable
Amount Percent Amount Percent Amount Percent asset total
------ ------- ------ ------- ------ ------- -----------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Tangible
Capital $ 9,955 14.62% $ 1,022 1.50% 8,933 13.12% 68,100
Core
Capital 9,955 14.62 2,043 3.00 7,912 11.62 68,100
Risk-based
Capital 10,355 29.61 2,798 8.00 7,557 21.61 34,970
</TABLE>
Changes in Financial Condition
General. The Corporation's consolidated total assets were $68.14
million at December 31, 1996, reflecting an increase of $12.41 million, or
22.27%, over the $55.73 million at June 30, 1996. This growth was primarily
attributable to an increase in loans outstanding, funded primarily by the
proceeds from the capital stock offering and secondarily by increases in total
deposits of $2.39 million and Federal Home Loan Bank advances of $1.20 million.
Cash and Cash Equivalents, Time Deposits, Investment Securities,
Mortgage-Backed Securities and FHLB Stock. Cash and cash equivalents, time
deposits with original maturities of 90 days or more, investment securities,
mortgage-backed securities and FHLB stock increased by $7.13 million between
June 30 and December 31, 1996. The primary changes were an increase in cash and
cash equivalents from $1.84 million at June 30, 1996, to $9.84 million at
December 31, 1996, and a decrease in time deposits with original maturities of
90 days or more from $1.06 million at June 30, 1996, to $361,000 at December 31,
1996.
Loans Receivable. Net loans receivable equaled $50.56 million at
December 31, 1996, compared to $45.23 million at June 30, 1996, an increase of
-8-
<PAGE>
11.79%, attributable to the continued demand for mortgage loans coupled with the
growth of the consumer loan product line, which was introduced in January 1996.
Management has continued to emphasize single-family residential lending.
Deposits. Total deposits increased by $2.39 million, or 5.06%, during the
first six months of fiscal year 1997. Total time deposits increased by $2.6
million, or 7.04%, while demand and savings deposits decreased a net of
$214,000, or 2.09%, during the six month period ended December 31, 1996.
Other liabilities also increased by $244,000. Such increase was primarily
attributed to the recording of $143,000 in accounts payable related to the stock
offering and corporate conversion. Minor increases were also reported in accrued
interest payable and other miscellaneous liability accounts. Advances from the
FHLB increased $1.20 million, or 41.27%, during the first two quarters of fiscal
year 1997, due to sustained loan demand.
Results of Operations
General. The Company recorded a consolidated net income of $193,000 for the
three months ended December 31, 1996, compared to $119,000 for the same quarter
in 1995.
Three Months Ended December 31, 1996, Compared to Three Months Ended December
31, 1995
Net Interest Income. The Company's net interest income for the three months
ended December 31, 1996, increased by 15.78%, from $469,000 to $543,000,
compared to the same period in 1995. The net interest margin, which consists of
net interest income as a percentage of average interest-earning assets,
decreased slightly, from 3.78% for the three months ended December 31, 1995, to
3.74% for the same period in 1996, primarily as a result of the growth in the
higher-yielding deposits of the Company. During the same period, the net
interest spread, which reflects average yield on interest-earning assets less
average costs of interest-bearing liabilities, increased 8 basis points, to
3.31%.
Provision for Loan Losses. The allowance for loan losses was established
and is maintained by periodic charges to the provision for loan loss, an
operating expense, in order to provide for the risk of loss inherent in the
Company's loan portfolio. Loan losses and recoveries are charged or credited,
respectively, to the allowance for loan losses as they occur.
The allowance and provision for loan losses is determined by management
upon consideration of such factors as the size and character of the loan
portfolio, loan loss experience, problem loans and economic conditions in the
Company's market area. Management attempts to minimize the risk associated with
each loan by evaluating each loan independently based upon criteria which
include, but are not limited to, (a) the purpose of the loan, (b) the credit
history of the borrower, (c) the borrower's financial standing and trends, (d)
the market value of the collateral involved, and (e) the down payment received.
Quarterly reviews of the loan portfolio are conducted to identify problem loans
and to determine appropriate courses of action on a loan-by-loan basis. While
management believes that it uses the best information available to determine the
allowance for loan losses, unforeseen market conditions could result in material
adjustments, and net earnings could be significantly adversely affected, if
circumstances differ substantially from the assumptions used in making the final
determination.
The Company added $36,000 to the loan loss allowance during the quarter
ended December 31, 1996, due to the increase in loans receivable and the
increase in consumer loans, which are generally considered to have a greater
risk of loss.
Noninterest Income and Expense: Noninterest income was $18,000 for the
three months ended December 31, 1996, compared to $17,000, for the same period
in 1995. This increase was the result of an increase in the service charges
collected on deposit accounts. Noninterest expense decreased by $33,000 for the
three months ended December 31, 1996, compared to the same period in 1995. The
decrease was attributed to the reductions in the costs of employee benefit plans
and other miscellaneous operating expenses.
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<PAGE>
Six Months Ended December 31, 1996, Compared to the Six Months Ended December
31, 1995
Net Interest Income. The Company's net interest income for the six months
ended December 31, 1996, increased by 14.18%, from $938,000 to $1,071,000,
compared to the same period in 1995. The net interest margin decreased slightly
from 3.86% for the six-month period ended December 31, 1995, to 3.82% for the
same period in 1996, primarily as a result of the shifting of deposits from
lower yielding accounts to longer termed deposits, which generally have a higher
rate of interest. During the same period, the net interest spread decreased to
3.36%.
Noninterest Income and Expense. Noninterest income was $35,000 for the six
months ended December 31, 1996, compared to $18,000 for the same six-month
period in 1995. This increase is attributed to the increase in the cash
surrender value of a key-man life insurance policy. Noninterest expense
increased by 37.85% in 1996 compared to 1995 primarily as a result of the
one-time special deposit insurance assessment of $263,000, which was levied on
September 30, 1996. As a result, net income for the six-month period was reduced
by approximately $174,000 after federal income taxes. During this same period,
the Company was able to reduce other noninterest expenses by a net of $34,000,
primarily in the other miscellaneous expense category.
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<PAGE>
HOME CITY FINANCIAL CORPORATION
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None
ITEM 2 - CHANGES IN SECURITIES
Not Applicable
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5 - OTHER INFORMATION
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibit 27: Financial Data Schedule
b. No reports on Form 8-K were filed during the
quarter ended December 31, 1996.
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<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1933,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HOME CITY FINANCIAL CORPORATION
/s/ Douglas L. Ulery
Date: February 10, 1997 ___________________________________
Douglas L. Ulery
President
/s/ Gary E. Brown
Date: February 11, 1997 ____________________________________
Gary E. Brown
Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
The schedule contains summary financial information extracted from the
Consolidated Balance Sheets as of December 31, 1996 and 1995, and June 30, 1996,
and the related Consolidated Income Statements for the 3 months and 6 months
ending December 31, 1996 and 1995, and the periods ended December 31, 1996 and
1995, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<CASH> 1,519
<INT-BEARING-DEPOSITS> 7,681
<FED-FUNDS-SOLD> 1,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,982
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 50,958
<ALLOWANCE> 400
<TOTAL-ASSETS> 68,140
<DEPOSITS> 49,559
<SHORT-TERM> 0
<LIABILITIES-OTHER> 497
<LONG-TERM> 4,101
0
0
<COMMON> 0
<OTHER-SE> 13,983
<TOTAL-LIABILITIES-AND-EQUITY> 68,140
<INTEREST-LOAN> 1,163
<INTEREST-INVEST> 91
<INTEREST-OTHER> 35
<INTEREST-TOTAL> 1,289
<INTEREST-DEPOSIT> 686
<INTEREST-EXPENSE> 60
<INTEREST-INCOME-NET> 543
<LOAN-LOSSES> 36
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 277
<INCOME-PRETAX> 248
<INCOME-PRE-EXTRAORDINARY> 193
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 193
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.22
<YIELD-ACTUAL> 3.74
<LOANS-NON> 231
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 565
<ALLOWANCE-OPEN> 363
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 400
<ALLOWANCE-DOMESTIC> 400
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 256
</TABLE>
