<PAGE>
STATES 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 AND
EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1999
-----------------------
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from __________ to __________
COMMISSION FILE NUMBER: 333-13583
First Georgia Community Corp.
------------------------------------
(Exact name of small business issuer as specified in its charter)
GEORGIA 58-2261088
- ---------------------------- ----------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
150 COVINGTON STREET, JACKSON, GEORGIA 30233
---------------------------------------------------------
(Address of principal executive offices)
(770) 504-1090
----------------------------------------
(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 _________
-------
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes ________ No _________
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 1, 1999: 758,458; $5 par value
Transitional Small Business Disclosure Format (Check One) Yes ____ No X
---
1
<PAGE>
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
================================================================================
INDEX
-----
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET - MARCH 31, 1999.................. 3
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS - THREE MONTHS ENDED
MARCH 31, 1999 AND 1998..................................... 4
CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE
MONTHS ENDED MARCH 31, 1999 AND 1998........................ 5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS................... 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS......... 7
PART II. OTHER INFORMATION
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.... 14
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K....................... 14
SIGNATURES...................................................... 15
</TABLE>
2
<PAGE>
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
MARCH 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
------
<S> <C>
Cash and due from banks $ 1,103,332
Federal funds sold 3,670,000
Securities available-for-sale, at fair value 7,063,155
Loans 28,151,618
Less allowance for loan losses 479,882
----------------------
Loans, net 27,671,736
Premises and equipment 2,232,338
Other assets 368,839
----------------------
Total assets $ 42,109,400
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
-------------------------------------
Deposits
Demand $ 5,119,850
Interest-bearing demand 13,115,000
Savings 885,000
Time 15,859,000
----------------------
Total deposits 34,978,850
Other liabilities 252,805
----------------------
Total liabilities 35,231,655
----------------------
Commitments and contingent liabilities
Stockholders' equity
Common stock, par value $5; 10,000,000 shares authorized;
758,458 shares issued and outstanding 3,792,290
Capital surplus 3,754,816
Accumulated deficit (605,708)
Accumulated other comprehensive loss (63,653)
----------------------
Total stockholders' equity 6,877,745
----------------------
Total liabilities and stockholders' equity $ 42,109,400
======================
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, MARCH 31,
1999 1998
---------------- -----------------
<S> <C> <C>
Interest income
Loans $ 610,220 $ 217,628
Taxable securities 85,415 36,825
Federal funds sold 45,157 60,110
---------------- -----------------
Total interest income 740,792 314,563
---------------- -----------------
Interest expense on deposits 326,207 97,929
---------------- -----------------
Net interest income 414,585 216,634
Provision for loan losses 46,000 90,000
---------------- -----------------
Net interest income after provision for loan losses 368,585 126,634
---------------- -----------------
Other operating income 55,534 38,254
---------------- -----------------
Other expenses
Salaries and other employee benefits 178,074 127,982
Occupancy and equipment expenses 59,692 43,121
Other operating expenses 116,333 87,578
---------------- -----------------
Total other expenses 354,099 258,681
---------------- -----------------
Net income (loss) before income taxes 70,020 (93,793)
Income tax expense - -
---------------- -----------------
Net income (loss) 70,020 (93,793)
---------------- -----------------
Other comprehensive losses:
Unrealized losses on securities available-for-sale
arising during period (62,077) _
---------------- -----------------
Comprehensive income (loss) $ 7,943 $ (93,793)
================ =================
Basic and diluted earnings (losses) per common share $ 0.09 $ (0.12)
================ ==================
Cash dividends per share of common stock $ - $ -
================ =================
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
---------------- ----------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ 70,020 $ (93,793)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 31,429 29,192
Provision for loan losses 46,000 90,000
Increase in interest receivable (46,012) (52,738)
Increase in interest payable 32,392 19,275
Other operating activities 63,753 32,327
---------------- ----------------
Net cash provided by operating activities 197,582 24,263
---------------- ----------------
INVESTING ACTIVITIES
Purchases of securities available-for-sale (2,004,016) (1,500,000)
Proceeds from maturities of securities available-for-sale 443,812 481,699
Net (increase) decrease in Federal funds sold (260,000) 730,000
Net increase in loans (3,585,397) (4,918,200)
Purchase of premises and equipment (21,565) (83,314)
---------------- ----------------
Net cash used in investing activities (5,427,166) (5,289,815)
---------------- ----------------
FINANCING ACTIVITIES
Net increase in deposits 5,656,947 5,146,362
---------------- ----------------
Net cash provided by financing activities 5,656,947 5,146,362
---------------- ----------------
Net increase (decrease) in cash and due from banks 427,363 (119,190)
Cash and due from banks, beginning of period 675,969 1,568,017
---------------- ----------------
Cash and due from banks, end of period $ 1,103,332 $ 1,448,827
================ ================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for:
Interest $ 293,815 $ 78,654
Income taxes $ _ $ -
NONCASH TRANSACTION
Unrealized losses on securities available-for-sale $ 62,077 $ -
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The consolidated financial information included herein is unaudited;
however, such information reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the interim
period.
The results of operations for the three month period ended March 31,
1999 is not necessarily indicative of the results to be expected for
the full year.
NOTE 2. CURRENT ACCOUNTING DEVELOPMENTS
In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities".
This statement is required to be adopted for fiscal years beginning
after June 15, 1999. However, the statement permits early adoption as
of the beginning of any fiscal quarter after its issuance. The Company
expects to adopt this statement effective January 1, 2000. SFAS No.
133 requires the Company to recognize all derivatives as either assets
or liabilities in the balance sheet at fair value. For derivatives
that are not designated as hedges, the gain or loss must be recognized
in earnings in the period of change. For derivatives that are
designated as hedges, changes in the fair value of the hedged assets,
liabilities, or firm commitments must be recognized in earnings or
recognized in other comprehensive income until the hedged item is
recognized in earnings, depending on the nature of the hedge. The
ineffective portion of a derivative's change in fair value must be
recognized in earnings immediately. Management has not yet determined
what effect the adoption of SFAS No. 133 will have on the Company's
earnings or financial position.
There are no other accounting pronouncements that have had, or are
expected to have, a material effect on the Company's financial
statements.
6
<PAGE>
FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors which have affected the financial position and
operating results of the Company and its bank subsidiary, First
Georgia Community Bank, during the periods included in the
accompanying consolidated financial statements.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made herein under the caption "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" ("MD&A") are forward-looking statements for purposes of
the Securities Act of 1933, as amended (the "Securities Act") and the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
as such may involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward looking statements include
statements using the words such as "may," "will," "anticipate,"
"should," "would," "believe," "contemplate," "expect," "estimate,"
"continue," "may," "intend," or other similar words and expressions of
the future. Our actual results may differ significantly from the
results we discuss in these forward-looking statements.
These forward-looking statements involve risks and uncertainties and
may not be realized due to a variety of factors, including, without
limitation: the effects of future economic conditions; governmental
monetary and fiscal policies, as well as legislative and regulatory
changes; the risks of changes in interest rates on the level and
composition of deposits, loan demand, and the values of loan
collateral, securities, and other interest-sensitive assets and
liabilities; interest rate risks; the effects of competition from
other commercial banks, thrifts, mortgage banking firms, consumer
finance companies, credit unions, securities brokerage firms,
insurance companies, money market and other mutual funds and other
financial institutions operating in the Company's market area and
elsewhere, including institutions operating regionally, nationally,
and internationally, together with such competitors offering banking
products and services by mail, telephone, computer, and the Internet;
the possible effects of the Year 2000 issues on the Company.
Management's current assessment and estimates with respect to the
Company's Year 2000 compliance efforts and the impact of Year 2000
issues on the Company's business and operations have been included in
the MD&A. Various factors could cause actual plans and results to
differ materially from those contemplated by such assessments,
estimates and forward-looking statements, many of which are beyond the
control of the Company. Some of these factors include, but are not
limited to representations by the Company's vendors and
counterparties, technological advances, economic considerations, and
consumer perceptions.
7
<PAGE>
The Company's Year 2000 compliance program is an ongoing process
involving continual evaluation and may be subject to change in
response to new developments.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 1999, the liquidity ratio of the Bank, as determined
under guidelines established by regulatory authorities, was
satisfactory.
At March 31, 1999, the capital ratios of the Company and the Bank were
adequate based on regulatory minimum capital requirements. The minimum
capital requirements and the actual capital ratios for the Company and
the Bank are as follows:
<TABLE>
<CAPTION>
ACTUAL
-------------------------------------
FIRST FIRST
GEORGIA GEORGIA
COMMUNITY COMMUNITY REGULATORY
CORP. BANK REQUIREMENT
---------------- --------------- -------------
<S> <C> <C> <C>
Leverage capital ratios 17.67% 15.13% 4.00 %
Risk-based capital ratios:
Core capital 20.94 17.93 4.00
Total capital 22.20 19.19 8.00
</TABLE>
FINANCIAL CONDITION
Following is a summary of the Company's balance sheets for the periods
indicated:
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1999 1998 INCREASE (DECREASE)
----------------- ------------------- -------------------------------------
(DOLLARS IN THOUSANDS) AMOUNT PERCENT
------------------------------------------ ---------------- -------------
<S> <C> <C> <C> <C>
Cash and due from banks $ 1,103 $ 676 $ 427 63.17 %
Federal funds sold 3,670 3,410 260 7.62
Securities 7,063 5,565 1,498 26.92
Loans 27,672 24,132 3,540 14.67
Premises and equipment 2,232 2,242 (10) (0.45)
Other assets 369 326 43 13.19
----------------- ------------------- ----------------
$ 42,109 $ 36,351 $ 5,758 15.84
================= =================== ================
Deposits $ 34,979 $ 29,322 $ 5,657 19.29 %
Other liabilities 252 159 93 58.49
Stockholders' equity 6,878 6,870 8 0.12
----------------- ------------------- ----------------
$ 42,109 $ 36,351 $ 5,758 15.84
================= =================== ================
</TABLE>
As indicated in the above table, the Company's total assets grew at a rate of
15.84%. This continued high rate of growth is not uncommon for a de novo bank.
Significant deposit growth of 19.29% was invested in loans and securities. The
Company's loan to deposit ratio has decreased slightly from 83.78% at December
31, 1998 to 80.48% at March 31, 1999 indicating continued strong loan demand in
the Company's primary market area of Butts County.
8
<PAGE>
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
Following is a summary of the Company's operations for the periods indicated.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------------------------
1999 1998 INCREASE
(DECREASE)
----------------- --------------- -----------------
(DOLLARS IN THOUSANDS) AMOUNT
------------------------------------- -----------------
<S> <C> <C> <C>
Interest income $ 741 $ 315 $ 426
Interest expense 326 98 228
Net interest income 415 217 198
Provision for loan losses 46 90 (44)
Other income 55 38 17
Other expense 354 259 95
Net income (loss) 70 (94) 164
</TABLE>
As indicated in the above table, the Company's net interest income has increased
by $198,000 during the first quarter of 1999 as compared to the same period in
1998. The Company's net interest margin decreased to 4.60% during the first
quarter of 1999 as compared to 5.52% for the previous year. The increase in net
interest income is due primarily to the increased volume of average interest-
earning assets. The decrease in net interest margin is due to lower overall
yields on average interest-earning assets.
The provision for loan losses decreased by $44,000 during the first quarter of
1999 as compared to the same period in 1998. This amount is due exclusively to
loan growth. The decrease was due primarily to a slower rate of loan growth. The
Company's reserve for loan losses amounted to 1.70% at March 31, 1999 as
compared to 1.77% at December 31, 1998. The allowance for loan losses is
maintained at a level that is deemed appropriate by management to adequately
cover all known and inherent risks in the loan portfolio. Management's
evaluation of the loan portfolio includes a continuing review of loan loss
experience, current economic conditions which may affect the borrower's ability
to repay and the underlying collateral value.
9
<PAGE>
Information with respect to nonaccrual, past due and restructured loans at March
31, 1999 and 1998 is as follows:
<TABLE>
<CAPTION>
MARCH 31,
----------------------------------------
1999 1998
----------------------------------------
(DOLLARS IN THOUSANDS)
----------------------------------------
<S> <C> <C>
Nonaccrual loans $ - $ -
Loans contractually past due ninety days or more as to interest
or principal payments and still accruing - -
Restructured loans - -
Loans, now current about which there are serious doubts as to the
ability of the borrower to comply with loan repayment terms - -
Interest income that would have been recorded on nonaccrual
and restructured loans under original terms - -
Interest income that was recorded on nonaccrual and restructured loans - -
</TABLE>
It is the policy of the Bank to discontinue the accrual of interest income when,
in the opinion of management, collection of such interest becomes doubtful. This
status is accorded such interest when (1) there is a significant deterioration
in the financial condition of the borrower and full repayment of principal and
interest is not expected and (2) the principal or interest is more than ninety
days past due, unless the loan is both well-secured and in the process of
collection.
Loans classified for regulatory purposes as loss, doubtful, substandard, or
special mention that have not been included in the table above do not represent
or result from trends or uncertainties which management reasonably expects will
materially impact future operating results, liquidity or capital resources.
These classified loans do not represent material credits about which management
is aware of any information which causes management to have serious doubts as to
the ability of such borrowers to comply with the loan repayment terms.
10
<PAGE>
Information regarding certain loans and allowance for loan loss data through
March 31, 1999 and 1998 is as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-----------------------------------------
1999 1998
----------------- -------------------
(DOLLARS IN THOUSANDS)
-----------------------------------------
<S> <C> <C>
Average amount of loans outstanding $ 26,010 $ 8,801
================= ===================
Balance of allowance for loan losses at beginning of period $ 434 $ 72
----------------- -------------------
Loans charged off
Commercial and financial $ - $ -
Real estate mortgage - -
Instalment - -
----------------- -------------------
- -
----------------- -------------------
Loans recovered
Commercial and financial - -
Real estate mortgage - -
Instalment - -
----------------- -------------------
- -
----------------- -------------------
Net charge-offs - -
----------------- -------------------
Additions to allowance charged to operating expense during period 46 90
----------------- -------------------
Balance of allowance for loan losses at end of period $ 480 $ 162
================= ===================
Ratio of net loans charged off during the period to
average loans outstanding -% -%
================= ===================
</TABLE>
Other income was $55,000 for the first quarter of 1999 consisting of $40,000 of
service charges on deposit accounts and $15,000 of other miscellaneous fees as
compared to a total of $38,000 during the first quarter of 1998 ($25,000 in
service charges and $13,000 in other fees).
Other expenses were $354,000 for the first quarter of 1999 as compared to
$259,000 for the first quarter of 1998. Increased salaries and employee benefits
of $50,000 accounted for the majority of the increase.
The Company has recorded no provision for income taxes due to cumulative net
operating losses.
11
<PAGE>
YEAR 2000 DISCLOSURES
- ---------------------
The Situation: Now that 1999 is well into the second quarter and the millennium
draws closer, the Company recognizes the global concern that information systems
may be subject to the much discussed "Year 2000 Bug". The Year 2000 ("Y2K")
problem is the existence of many programs and systems that will not operate
correctly unless they are reprogrammed to accommodate the new century. In fact,
many programs were originally written to only accommodate a two digit year field
and/or defaulted to the nineteenth century.
No country, government, business, or person is immune from the potential adverse
effects of the Y2K problem. The banking industry is especially susceptible to
the Y2K problem. If loan or deposit interest accruals are not calculated
properly, the impact can be devastating. A system crash could result in a
disruption of business which in turn could cause the Company to lose a
significant portion of its customer base, either of which could result in
material adverse consequences for the Company.
Because of the potential risk posed by the Y2K problem, the Company has taken a
proactive role in addressing the impact to the Company and its customer base.
The Company formed a Y2K committee, consisting of key management, directors, and
staff, to address the impact. The Committee has been charged with the
responsibility of assessing the problem, overseeing corrective action, as well
as testing Y2K readiness of all equipment, software, and applications.
Readiness: The Company's Y2K committee has addressed each area of risk to the
Company's continued operation once the century date change takes place. The
Company has broken down the areas according to mission critical and non-mission
critical areas. Each area requiring attention are: service bureau (including
ATM processing and bank forms), correspondent relationship, check/coupon
printers, and internal office equipment. In efforts to ensure Y2K readiness,
the Company converted to a new core processing system in February 1999 with The
InterCept Group. The Company also engaged the services of an external firm to
review and monitor the progress of the Company's readiness plans. Readiness
plans are under constant review and scrutiny to ensure each aspect of the
Federal Deposit Insurance Corporation and the Federal Financial Institutions
Examination Council's Year 2000 guidelines for preparedness are met.
The Company also relies heavily on external vendors for its daily operations,
such as electricity, phone service, water, and gas. Each of these vendors is
under constant review as the century date change is rapidly approaching. An
initial review to assess readiness was completed in early 1998 and continues to
be monitored.
Contingency Plans: Due to the critical nature of our core processing systems and
our automated platform for new accounts and loan document preparation, the
Company has developed contingency plans that will be put into operation should
any of these systems not pass Year 2000 readiness testing. Contingency plans
have also been developed in the event of disruption of service due to power
outage, etc.
Cost: After completing an overall assessment of the Year 2000 impact to the
Company, the Company established a Y2K budget. The budget has been reviewed and
updated to keep up to date with the current Y2K status. Subsequently, the
budget was amended to its current level of $48,777 with provisions made for the
core processing conversion and hardware changes to facilitate conversion.
Management does not expect the cost of remediation to vary significantly from
the present budget.
12
<PAGE>
Other Concerns: The Company has taken a proactive stance to communicate to the
customer base the Y2K problem, its impact, and how to stay informed. Customers
are receiving mailers in a timely manner to keep them updated on the Company and
the Federal Deposit Insurance Corporation's preparedness. The Company will
continue to keep its customer base updated.
In relation to credit risk, the Company has performed due diligence analysis on
both commercial loan customers and fund providers. The analysis is updated and
reviewed to ensure proper risk assessment.
Finally, the Company acknowledges that due to the heightened media attention to
the Year 200 issue that customers may withdraw extra amounts of money at the end
of 1999. The increased withdrawal could result in a liquidity issue for the
Company; therefore, the Company has revised its liquidity policy to address the
liquidity needs anticipated in light of the Y2K issue.
The Company is not aware of any known trends, events or uncertainties, other
than the effect of events as described above, that will have or that are
reasonably likely to have a material effect on its liquidity, capital resources
or operations. The Company is also not aware of any current recommendations by
the regulatory authorities which, if they were implemented, would have such an
effect.
13
<PAGE>
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
27. Financial Data Schedule.
(b) Reports on Form 8-K.
None.
14
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
FIRST GEORGIA COMMUNITY CORP.
(Registrant)
DATE: May 14, 1999 BY: /s/ John L. Coleman
--------------- ---------------------------------------------
John L. Coleman, President and C.E.O.
(Principal Executive Officer)
DATE: May 14, 1999 BY: /s/ Elaine S. Kendrick
--------------- --------------------------------------------
Elaine S. Kendrick, Secretary and Treasurer
(Principal Financial and Accounting Officer)
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 1,103,332
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,670,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,063,155
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 28,151,618
<ALLOWANCE> 479,882
<TOTAL-ASSETS> 42,109,400
<DEPOSITS> 34,978,850
<SHORT-TERM> 0
<LIABILITIES-OTHER> 252,805
<LONG-TERM> 0
0
0
<COMMON> 3,792,290
<OTHER-SE> 3,085,455
<TOTAL-LIABILITIES-AND-EQUITY> 42,109,400
<INTEREST-LOAN> 610,220
<INTEREST-INVEST> 85,415
<INTEREST-OTHER> 45,157
<INTEREST-TOTAL> 740,792
<INTEREST-DEPOSIT> 326,207
<INTEREST-EXPENSE> 326,207
<INTEREST-INCOME-NET> 414,585
<LOAN-LOSSES> 46,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 354,099
<INCOME-PRETAX> 70,020
<INCOME-PRE-EXTRAORDINARY> 70,020
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 70,020
<EPS-PRIMARY> 0.09
<EPS-DILUTED> 0.09
<YIELD-ACTUAL> 4.60
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 434,000
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 480,000
<ALLOWANCE-DOMESTIC> 480,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
