SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
-------------------
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
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 0-29030
SUSSEX BANCORP
(Exact name of registrant as specified in its charter)
New Jersey 22-3475473
- --------------------------------------------------------------------------------
(State of other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
399 Route 23, Franklin, New Jersey 07416
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code) (201) 827-2914
-------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
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 and 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 [ ]
As of April 30, 1997 there were 676,367 shares of common stock, no par value,
outstanding.
<PAGE>
SUSSEX BANCORP
FORM 10-QSB
INDEX
Part I - Financial Information
Item I. Financial Statements and Notes to
Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security
holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share Data)
(Unaudited)
ASSETS March 31, 1997 December 31, 1996
-------------- -----------------
<S> <C> <C>
Cash and Due from Banks ................. $ 3,807 $ 4,605
Federal Funds Sold ...................... 4,600 4,250
Securities:
Available for Sale, at Market ......... 22,269 22,154
Value Held to maturity ................ 947 1,122
--------- ---------
Total Securities .................. 23,216 23,276
Loans (Net of Unearned Income) .......... 66,770 65,464
Less: Allowance for Possible
Loan Losses .......................... 605 542
--------- ---------
Net Loans ............................ 66,165 64,922
Premises and Equipment, Net ............. 2,276 2,242
Other Real Estate ....................... 393 396
Intangible Assets, Primarily
Core Deposit Premiums ................. 850 870
Other Assets .......................... 1,571 1,215
--------- ---------
Total Assets .......................... $ 102,878 $ 101,776
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand ................................ 14,212 13,807
Savings ............................... 27,743 26,502
Time .................................. 51,165 52,580
--------- ---------
Total Deposits ..................... 94,120 92,889
Other Liabilities ....................... 859 1,005
--------- ---------
Total Liabilities .................. 94,979 93,894
<PAGE>
<CAPTION>
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share Data)
(Unaudited)(continued)
March 31, 1997 December 31, 1996
-------------- -----------------
<S> <C> <C>
Stockholders' Equity:
Common Stock, No Par Value
Authorized 5,000,000 Shares,
Issued and outstanding
676,367 in 1997 and
674,996 in 1996, respectively ........... 5,026 5,246
Retained Earnings ....................... 3,035 2,729
Net Unrealized Gain on Securities
Available for Sale,
net of income taxes ..................... (162) (93)
--------- ---------
Total Stockholders' Equity .............. 7,899 7,882
Total Liabilities and
Stockholders' Equity ................. $ 102,878 $ 101,776
========= =========
See Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
(Unaudited)
Three Months Ended
March 31,
-----------------------
1997 1996
---- ----
<S> <C> <C>
INTEREST INCOME
Interest and Fees on Loans .................... $ 1,344 $ 1,157
Interest on Securities:
Taxable ...................................... 345 371
Exempt from Federal Income Tax ............... 9 18
Interest on Federal Funds Sold ................... 57 82
-------- --------
Total Interest Income ................... 1,755 1,628
INTEREST EXPENSE Interest on Deposits:
Interest on Savings Deposits ................. 164 164
Interest on Time Deposits .................... 567 499
-------- --------
Total Interest Expense .................. 731 663
Net Interest Income .......................... 1,024 965
Provision for Possible
Loan Losses ................................ 75 15
-------- --------
Net Interest Income After
Provision for Possible Loan Losses ........ 949 950
NON-INTEREST INCOME
Trust Income ................................. -0- 1
Service charges
on Deposit Accounts ....................... 126 126
Other Income ................................. 39 41
-------- --------
Total Non-interest Income ............... 165 168
<PAGE>
<CAPTION>
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
(Unaudited)(continued)
Three Months Ended
March 31,
-----------------------
1997 1996
---- ----
<S> <C> <C>
NON-INTEREST EXPENSE
Salaries and Employee Benefits ............... 464 409
Occupancy Expense, Net ....................... 94 102
Furniture and Equipment Expense .............. 90 87
Data Processing Expense ...................... 16 13
Amortization of Intangibles .................. 21 21
Other Expenses ............................... 242 252
-------- --------
Total Non-Interest Expense .............. 927 884
Income Before Provision for Income Taxes ......... 187 234
Provision for Income Taxes ....................... 63 86
-------- --------
Net Income .............................. $ 124 $ 148
======== ========
Net Income Per Common Share .................. $ 0.18 $ 0.23
======== ========
Weighted Average Shares Outstanding .............. 675,051 649,862
See Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUSSEX BANCORP
CONSOLIDATED STATEMENT OF CHANGES IN
STOCKHOLDERS' EQUITY
(In Thousands, Except Share Data)
(Unaudited)
Unrealized
Gain (Loss) on Total
Common Retained Securities Stockholders
Stock Earnings Available for Sale Equity
----- -------- ------------------ ------
<S> <C> <C> <C> <C>
Balance December 31, 1996 .... $ 5,003,000 $ 2,971,000 $ (93,000) $ 7,882,000
Net Income for the Period .... 124,000
Cash Dividend ($.06 per share) (60,000)
Shares issued through
dividend reinvestment plan . 23,000
Change in unrealized gain
on securities available
for sale ................... (69,000)
----------- ----------- ----------- -----------
Balance March 31, 1997 ....... $ 5,026,000 $ 3,035,000 $ (162,000) $ 7,899,000
See Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
Three Months Ended
March
1997 1996
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income ................................ $ 124 $ 148
Adjustments to reconcile net income
to net cash provided by Operating
Activities:
Depreciation and Amortization of Premises
and Equipment .................................. 66 90
Amortization of Intangible Assets .................. 20 20
Premium amortization (discount accretion)
of securities, net ............................. 12 8
Provision for Possible Loan Loses .................. 75 15
Accretion of Loan origination and
commitment fees, net ........................... 6 (7)
Deferred Federal income tax benefit
(increase) ..................................... 101 100
Decrease (Increase) in Accrued Interest
Receivable ..................................... (208) (239)
Decrease (Increase) in Other Assets ................ (123) (75)
Decrease (Increase) in Accrued Interest
and Other Liabilities .......................... (124) (162)
-------- --------
Net Cash Provided by Operating Activities ... $ (51) $ (102)
<PAGE>
<CAPTION>
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)(continued)
Three Months Ended
March
1997 1996
---- ----
<S> <C> <C>
Cash Flow from Investing Activities:
Securities Available for Sale:
Proceeds from Maturities and Paydowns ....... 96 2427
Proceeds from Sales/Calls Prior to Maturity . -- --
Purchases ................................... -- --
Securities Held to maturity:
Proceeds from Maturities .................. -- --
Purchases ................................... (295) (8619)
Net Increase in Loans Outstanding .............. (1412) (529)
Capital Expenditures ........................... (101) (78)
Net Increase in Other Real Estate .............. 17 (105)
-------- --------
Net Cash Provided by (used in)
Investing Activities ...................... $(1695) $(6904)
Cash Flows from Financing Activities:
Net (Decrease) Increase Total Deposits ...... 1230 (855)
Payment of dividends ........................ (40) --
-------- --------
Net Cash (used in) Provided by
Financing Activities ................... $ 1,190 $ (855)
Net increase (Decrease) in Cash and
Cash Equivalents ........................ (556) (7,861)
Cash and Cash Equivalents,
Beginning of Period ..................... 8,964 14,202
Cash and Cash Equivalents,
End of Period .......................... $ 8,408 $ 6,341
======== ========
See Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
SUSSEX BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
Sussex Bancorp ("the Company"), a one-bank holding company was incorporated
in January, 1996 to serve as a holding company for the Sussex County State Bank
("the Bank"). The company acquired the Bank and became its holding company on
November 20, 1996. The Bank is the only active subsidiary of the Company at
March 31, 1997. The Bank operates seven banking offices, all located in Sussex
County. The Company is subject to the supervision and regulation of the Board of
Governors of the Federal Reserve system (the "FRB"). The Bank's deposits are
insured by the Bank Insurance Fund ("BIF") of the Federal Deposit Insurance
corporation ("FDIC") up to applicable limits. The operations of the Company and
the Bank are subject to the supervision and regulation of the FRB, FDIC and the
New Jersey Department of Banking and Insurance (the "Department").
The consolidated financial statements included herein have been prepared
without audit in accordance with the rules and regulations of the Securities and
Exchange Commission and reflect all adjustments which, in the opinion of
management, are necessary for a fair statement of the results for interim
periods. All adjustments made were of a normal recurring nature. These
consolidated financial statements should be read in conjunction with the
consolidated financial statements and the notes thereto that are included in the
Company's Annual Report on Form 10-SB for the year ended December 31, 1996.
2. Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash
and due from banks and federal funds sold. Generally, federal funds are sold for
a one day period.
<PAGE>
3. Securities
The amortized cost and approximate market value of securities are summarized
as follows (in thousands):
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
-------------- -----------------
Amortized Market Amortized Market
Cash Value Cash Value
------- ------- ------- -------
<S> <C> <C> <C> <C>
Securities Available
For Sale -
U. S. Treasury Securities ..... $ 8,064 $ 7,932 $ 8,068 $ 8,022
U. S. Government
Mortgage Backed Securities .... 14,006 13,867 14,239 14,132
------- ------- ------- -------
Total Securities
Available for Sale ..... $22,070 $21,799 $22,307 $22,154
Securities Held to Maturity -
Obligations of State and
Political Subdivisions ........ 947 946 652 646
Other Debt Securities .. 470 470 470 470
------- ------- ------- -------
Total Securities
Held to Maturity ......... $ 1,417 $ 1,416 $ 1,122 $ 1,116
------- ------- ------- -------
Total Securities .................. $23,487 $23,215 $23,429 $23,270
======= ======= ======= =======
</TABLE>
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS
Three Months Ended March 31, 1997 and March 31, 1996.
OVERVIEW
The Company realized net income of $124,000 for the first quarter of 1997, a
decrease of $24,000 or 16.2% from the $148,000 reported for the same period in
1996. Earnings per share were $.18 as compared to the $.23 for the respective
periods, reflecting both reduced earnings and an increase in the average number
of shares
outstanding.
The decrease in net income for the three months ended March 31, 1997, compared
to 1996, resulted from a number of factors including a slight increase in net
increase income offset by a substantial increase to the provision of loan
losses.
Interest Income. Total interest income increased $127 thousand, or 7.8%, to $1.8
million for the three months ended March 31, 1997 from $1.6 million for the
three months ended March 31, 1996. This growth in interest income is the result
of a $8 million, or 9.3%, increase in the average balance of interest - earnings
assets over the comparable period last year, partially offset by a decrease in
the average yield on total interest-earning assets to 7.48% during the current
quarter, compared to 7.59% during the quarter ended March 31, 1996. The decline
in average yield reflects reinvestment of mortgage principal repayments and
amortization, as well as securities maturities at lower rates than were
previously earned, reflecting both lower market rates of interest as well as the
Company's decision to offer lower rate products in an effort to re-establish its
presence in its service areas.
Interest Expense. Interest expense on deposits increased $68 thousand, or 10.3%,
during the current quarter compared to the same quarter a year ago. The average
balance of interest bearing deposits increased $7.3 million, or 10.01%, for the
quarter ended March 31, 1997 over the same quarter in the prior year. This
growth is primarily the result of marketing a Certificate of Deposit product
which was not being offered by the competitors. The average cost of the
interest-bearing deposits, increased to 3.73%, during the current quarter, from
the 3.71% during the same quarter in the prior year.
Table 1 following presents a summary of the Company's interest-earning assets
and their average yields, and interest-bearing liabilities and their average
costs and shareholders' equity for the three months ended March 31, 1997 and
1996. The average balance of loans includes non-accrual loans, and associated
yields include loan fees which are considered adjustment to yields.
<PAGE>
<TABLE>
<CAPTION>
Comparative Average
Balance Sheets
Three Months Ended March 31,
----------------------------------------------------------------------------
1997 1996
-------------------------------------- ------------------------------------
Interest Average Rates Interest Average Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
------- ------- ---- ------- ------- ----
(Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C>
Assets
Interest Earning assets:
Taxable loans (net of unearned
income) ....................... $ 66,208 $ 1,344 8.09% $ 52,819 $ 1,157 8.68%
Tax exempt securities ......... 829 9 5.85% 1,671 18 6.16%
Taxable investment securities . 22,537 345 6.09% 25,519 371 6.20%
Interest bearing deposits ..... 0 0 0.00% 0 0 0.00%
Federal Funds sold ............ 4,446 57 5.26% 6,009 82 5.53%
Total earning assets .......... 94,020 1,755 7.48% 86,018 1,628 7.59%
Non-interest earning assets ... 8,388 8,370
Allowance for possible
loan losses ................. (602) (483)
Total Assets ............ $ 101,806 $ 93,905
Liabilities and Shareholders' Equity
Interest bearing liabilities:
NOW deposits
Savings deposits ................ $ 12,578 $ 59 1.90% $ 11,239 52 1.88%
Money market deposits ........... 3,529 19 2.30% 4,320 24 2.25%
Time deposits ................... 36,947 489 5.46% 30,589 423 5.48%
Subordinated debt ............... 0 0 0.00% 0 0 0.00%
Total interest bearing
liabilities ............... 79,679 731 3.73% 72,428 663 3.71%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Comparative Average
Balance Sheets
Three Months Ended March 31,
----------------------------------------------------------------------------
1997 1996
----------------------------------------------------------------------------
Interest Average Rates Interest Average Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
<S> <C> <C> <C> <C> <C> <C>
Non-interest bearing liabilities:
Demand deposits ............... $ 13,286 $ 12,566
Other liabilities ............. 939 1,196
Total non-interest bearing
liabilities ................ 14,225 13,762
Shareholders' equity .......... 7,902 7,715
Total liabilities and
shareholders' equity ....... $101,806 $ 93,905
Net interest differential ..... $ 3,965 $ 965
Net yield on interest-earning
assets ..................... 4.32% 4.46%
</TABLE>
Provision for Loan Losses. The provision for loan losses for the three months
ended March 31, 1997 was $75 thousand, compared to $15 thousand for the same
period last year. The provision for the three months ended March 31, 1997 was
determined by management after review of, among other things, the Company's loan
portfolio, the risks inherent in the Company's lending activities and the
economy in the Company's market areas. Upon this review, it was determined that
with the increase in the Company's loan portfolio the provision should be
increased in light of the growth in the Company's loan portfolio.
Income Taxes. Income taxes expense decreased $23 thousand to $63 thousand for
the first quarter of 1997 as compared to $86 thousand for the same period in
1996. The decrease in income taxes resulted from lower levels of taxable income
in 1997.
FINANCIAL CONDITION
March 31, 1997 as compared to December 31, 1996
Total assets increased $1.1 million or 1.08% from December 31, 1996. There were
increases of $350 thousand in Federal Funds, $1.3 million in total loans, and
$367 thousand in all other assets, which consists of premises and equipment,
other real estate, intangible assets, and all other assets. This was offset by
decrease of $798 thousand in cash and due from banks.
Total loans at March 31, 1997 increased $1.3 million or 2%, to $66.8 million
from year-end 1996. Commercial and industrial loans increased $381 thousand, or
21%, from December 31, 1996 to $2.1 million at March 31, 1997. In addition, the
residential and commercial real estate loan portfolio increased by $771
thousand, or 1.3%, to $61.9 million at March 31, 1997.
<PAGE>
The following schedule presents the components of loans, net of unearned income,
by type, for each of the periods presented.
<TABLE>
<CAPTION>
March 31 December 31
1997 1996
--------------------- --------------------
Amount Percent Amount Percent
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Commercial and industrial .. $ 2,198 3.30% $ 1,817 2.75%
Real Estate-non residential
properties ............. 10,259 15.35% 9,603 14.75%
Residential properties . 51,687 77.40% 51,572 78.75%
Construction .............. 50 10.00% 381 0.60%
Lease financing ........... 0 0% 0 0
Consumer .................. 2,576 3.85% 2,091 3.15%
-------- ------ ------- -------
Total Loans ............... $ 66,770 100.00% $65,464 100.00%
======== ======= ======= ======
</TABLE>
Total deposits increased $1.1 million, or 1.2%. Time deposits decreased by $415
thousand, while savings deposits increased $1.2 million. Demand deposits also
increased by $405 thousand. Management continues to monitor the shift of
deposits through its Asset/Liability Committee.
The following schedule presents the components of deposits, for each periods
presented.
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
--------------------- ------------------
Amount % Amount %
------- ------ ------- -----
<S> <C> <C> <C> <C>
Balance Deposits:
NOW deposits ......................... $11,557 12.30% $12,058 13.00%
Savings deposits ..................... 27,743 29.45% 26,502 28.50%
Money market deposits ................ 3,525 3.75% 3,693 4.00%
Time deposits ........................ 37,083 39.40% 36,829 39.65%
Demand deposits ...................... 14,212 15.10% 13,807 14.85%
------- ------ ------- -----
Total interest-bearing liabilities . $94,120 100.00% $92,889 100.00%
======= ====== ======= ======
</TABLE>
ASSET QUALITY
At March 31, 1997, non-performing loans decreased $220 thousand, as compared to
December 31, 1996. Of the decrease in non-performing loans, $206 thousand, was
real estate loans which were restored to performing status. The balance of the
decrease was in commercial loans. Management continues to work diligently to
reduce the Company's non-performing loans.
<PAGE>
The following table were real estate loans which were restored to performing
status:
<TABLE>
<CAPTION>
March 31 December 31
1997 1996
---- ----
<S> <C> <C>
Non-accrual loans ............................ $ 715 $ 935
Non-accrual loans to
total loans ............................... 1.07% 1.40%
Non-performing assets
to total assets ........................... 0.69% 0.91%
Allowance for possible
loan losses as a percentage of
non-performing loans ....................... 84.61% 56.00%
</TABLE>
ALLOWANCE FOR POSSIBLE LOAN LOSSES
The allowance for possible loan losses is maintained at a level considered
adequate to provide for potential loan losses. The level of the allowance is
based on management's evaluation of potential losses in the portfolio, after
consideration of risk characteristics of the loans and prevailing and
anticipated economic conditions. The allowance is increased by provisions
charged to expense and reduced by charge-offs, net of recoveries.
At March 31, 1997, the allowance for possible loan losses was $605 thousand, up
11.6% from the $542 thousand at year-end 1996. Net charge-offs for the first
quarter of 1997 were $13 thousand.
LIQUIDITY MANAGEMENT
At March 31, 1997, the amount of liquid assets remain at a level management
deemed adequate to ensure that contractual liabilities, depositors' withdrawal
requirements, and other operational and customer credit needs could be
satisfied.
At March 31, 1997, liquid investments totaled $9 million, and all mature within
30 days.
CAPITAL RESOURCES
Total Stockholders' equity increased $124 thousand to $7,899,000 at March 31,
1997 from the $7,882,000 at the end of 1996. The increase was due primarily to
net income of $124,000 for the first three months of 1997. This increase was
offset by a cash dividend of $40 thousand and increases in net unrealized gains
on securities available for sale, net of tax, of $162 thousand.
At March 31, 1997, both the Company and the Bank exceeded each of the regulatory
capital requirements applicable to it. The table below presents the capital
ratios at March 31, 1997 for both the Company and the Bank as well as the
minimum regulatory requirements:
<PAGE>
<TABLE>
<CAPTION>
Regulatory Minimum
Amount Ratio Amount Ratio
------ ----- ------ -----
<S> <C> <C> <C> <C>
The Company 0
Leverage Capital $7,049,000 6.85 $ 3,358,000 3-5%
(5,146,000)
Tier 1 Risk-Based 7,049,000 13.82 2,040,000 4%
Total Risk-Based 7,687,000 15.07 4,081,000 8%
The Bank
Leverage Capital 7,049,000 6.85 3,358,000 3-5%
Tier 1 Risk-Based 7,049,000 13.82 2,040,000 4%
Total Risk-Based 7,687,000 15.07 4,081,000 8%
</TABLE>
Part II Other Information
Item 1 Legal Proceedings
The Company and the Bank are periodically involved in various legal
proceedings as a normal incident to their businesses. In the opinion of
management, no material loss is expected from any such pending lawsuit.
Item 2 Changes in Securities
Not applicable
Item 3 Defaults Upon Served Securities
Not applicable
Item 4 Submission of Matters to a Vote of Security Holders
Not applicable
Item 5 Other Information
Not applicable
Item 6 Exhibits and Report on Form 8-K
(a) Exhibits
Number Description
------ -----------
27 Financial Data Schedule
(b) Reports on Form 8-K
None
<PAGE>
SIGNATURE
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.
SUSSEX BANCORP
Date: May 14, 1997 By:/s/ Candace A. Leatham
----------------------
CANDACE A. LEATHAM
Senior Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996
<PERIOD-END> MAR-31-1997 DEC-31-1996
<CASH> 3,807 4,605
<INT-BEARING-DEPOSITS> 0 0
<FED-FUNDS-SOLD> 4,600 4,250
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 22,269 22,154
<INVESTMENTS-CARRYING> 947 1,122
<INVESTMENTS-MARKET> 0 0
<LOANS> 66,165 64,922
<ALLOWANCE> 605 542
<TOTAL-ASSETS> 102,878 101,776
<DEPOSITS> 94,120 92,889
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 5,026 5,003
<OTHER-SE> 3,305 2,972
<TOTAL-LIABILITIES-AND-EQUITY> 102,878 101,776
<INTEREST-LOAN> 1,344 4,958
<INTEREST-INVEST> 411 1,752
<INTEREST-OTHER> 0 0
<INTEREST-TOTAL> 1,755 6,710
<INTEREST-DEPOSIT> 731 2,728
<INTEREST-EXPENSE> 731 2,728
<INTEREST-INCOME-NET> 1,024 3,982
<LOAN-LOSSES> 75 130
<SECURITIES-GAINS> 0 (9)
<EXPENSE-OTHER> 927 3,707
<INCOME-PRETAX> 187 844
<INCOME-PRE-EXTRAORDINARY> 187 844
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 124 522
<EPS-PRIMARY> 0.18 0.78
<EPS-DILUTED> 0.18 0.78
<YIELD-ACTUAL> 0 0
<LOANS-NON> 715 935
<LOANS-PAST> 0 0
<LOANS-TROUBLED> 172 172
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 542 476
<CHARGE-OFFS> 13 66
<RECOVERIES> 0 2
<ALLOWANCE-CLOSE> 605 542
<ALLOWANCE-DOMESTIC> 605 542
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
