<PAGE>
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1998
Commission File Number: 333-20489
Rocky Ford Financial, Inc.
- ----------------------------------------------------------------
(Exact Name of Small business Issuer as Specified in Its Charter)
Delaware 84-1413346
- ------------------------------- -----------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
801 Swink Avenue, Rocky Ford, Colorado 81067
- -----------------------------------------------------------------
(Address of Principal Executive Offices)
719-254-7642
- -----------------------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer's: (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
---- ----
State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date:
Shares of common stock outstanding as of March 31, 1998
423,200
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Consolidated Statement of Condition at
March 31, 1998 and September 30, 1997 3
Statements of Consolidated Income for the
Six Months and Three Months Ended
March 31, 1998 and 1997 4
Statements of Consolidated Cash Flows for the
Six Months Ended March 31, 1998 and 1997 5
Notes to Financial Statements 6 - 7
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8 - 10
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
Signature 11
2
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, September 30,
1998 1997
---------- ------------
ASSETS
<S> <C> <C>
Cash and cash equivalents
Interest - bearing $ 3,400,000 $ 2,900,000
Non-interest bearing 247,836 305,382
Certificates of deposit 1,602,277 1,999,312
Securities available for sale
Equity securities (amortized cost
of $11,327) 548,757 409,218
Securities held to maturity
Mortgage-backed securities (estimated
market value of $2,197,700 and
$2,629,000) 2,102,936 2,421,308
U.S. agencies (estimated market value
of $753,000 and $743,000) 749,082 748,965
Loans receivable - net 13,554,780 13,529,566
Federal Home Loan Bank stock, at cost 336,200 323,500
Retirement trust assets 251,687 251,687
Accrued interest receivable 136,285 146,769
Premises and equipment 75,842 83,270
Prepaids 24,466 45,910
----------- -----------
TOTAL ASSETS $23,030,148 $23,164,887
=========== ===========
LIABILITIES AND EQUITY
Deposits $15,779,150 $16,139,404
Advances from borrowers for taxes and
insurance 53,644 35,562
Accounts payable and accrued expenses 327,676 372,700
Current income taxes 31,500 -
Deferred income taxes 223,500 169,400
----------- -----------
TOTAL LIABILITIES 16,415,470 16,717,066
----------- -----------
Commitments and contingencies
Preferred stock - $.01 par value;
authorized 1,000,000 shares; no
shares issued or outstanding - -
Common stock-$.01 par value;
authorized 3,000,000 shares;
issued and outstanding 423,200
shares 4,232 4,232
Paid-in capital 3,837,887 3,830,582
Retained earnings - substantially
restricted 2,734,138 2,700,923
Net unrealized gain on securities
available for sale, net of tax of
$198,850 and $158,600 338,554 250,644
Note receivable from ESOP Trust (300,133) (338,560)
----------- -----------
TOTAL EQUITY 6,614,678 6,447,821
----------- -----------
TOTAL LIABILITIES AND EQUITY $23,030,148 $23,164,887
=========== ===========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------------------- --------------------
1998 1997 1998 1997
---------- --------- -------- --------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable $291,114 $272,494 $584,206 $554,826
Securities held 64,432 55,791 128,751 122,000
Other interest-bearing assets 68,253 62,770 139,129 117,075
-------- -------- -------- --------
TOTAL INTEREST INCOME 423,799 391,055 852,086 793,901
INTEREST ON DEPOSITS 187,381 206,380 386,356 413,276
-------- -------- -------- --------
NET INTEREST INCOME 236,418 184,675 465,730 380,625
(PROVISION FOR) RECOVERY OF LOAN
LOSSES - - - -
-------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 236,418 184,675 465,730 380,625
-------- -------- -------- --------
NON-INTEREST INCOME
Other charges 3,041 4,102 4,867 7,349
-------- -------- -------- --------
NON-INTEREST EXPENSE
GENERAL AND ADMINISTRATIVE
Compensation and benefits 84,712 292,090 156,408 352,656
Occupancy and equipment 6,847 8,269 15,162 16,059
Computer services 11,144 8,439 19,435 16,462
SAIF deposit insurance 4,382 2,357 8,849 13,910
Other 51,672 25,296 114,393 54,673
-------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 158,757 336,451 314,247 453,760
-------- -------- -------- --------
INCOME (LOSS) BEFORE TAXES 80,702 (147,674) 156,350 (65,786)
INCOME TAX (EXPENSE) BENEFIT (37,733) 54,509 (64,733) 29,209
-------- -------- -------- --------
NET INCOME (LOSS) $ 42,969 $(93,165) $ 91,617 $(36,577)
======== ======== ======== ========
BASIC EARNINGS PER COMMON SHARE $ 0.11 $ 0.23
======== ========
DILUTED EARNINGS PER COMMON SHARE $ 0.11 $ 0.23
======== ========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING BASIC 396,116 396,116
DILUTED 396,116 396,116
DIVIDENDS PER SHARE $ 0.15
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
March 31,
----------------------------
1998 1997
---------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 91,617 $ (36,577)
----------- -----------
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of:
Deferred loan origination fees (4,331) (8,155)
Discounts on investments (117) (490)
Stock dividend received from FHLB (12,700) (9,900)
ESOP market value expense 11,876 -
Depreciation 7,428 10,016
Change in assets and liabilities
Accrued interest receivable 10,484 (98)
Prepaids 21,444 (12)
Accounts payable and accrued expenses (45,024) 35,408
Current income taxes 31,500 -
Deferred income taxes 2,471 (19,909)
----------- -----------
TOTAL ADJUSTMENTS 23,031 6,860
----------- -----------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES 114,648 (29,717)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in certificates of deposit 397,035 100,000
Loan originations and principal payments
on loans (20,883) (284,327)
Purchase of investment securities held
to maturity - (248,836)
Principal payments on mortgage-backed
securities 318,372 58,719
Capital purchases - (4,630)
Conversion costs capitalized - (214,554)
Payment received on ESOP note 33,856 -
----------- -----------
NET CASH PROVIDED (USED) BY INVESTING
ACTIVITIES 728,380 (593,628)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (58,402) -
Net change in deposits (360,254) 862,499
Net change in mortgage escrow funds 18,082 21,323
----------- -----------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES (400,574) 883,822
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 442,454 260,477
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,205,382 2,221,416
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 3,647,836 $ 2,481,893
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
Cash paid for:
Taxes $ 10,528 $ 20,367
Interest 390,585 105,290
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 1998
Note 1. Nature of Business
Rocky Ford Financial, Inc. (the "Company") was incorporated under
the laws of the State of Delaware for the purpose of becoming
the holding company of Rocky Ford Federal Savings and Loan
Association (the "Association") in connection with the
Association's conversion from a federally chartered mutual
savings and loan association to a federally chartered stock
savings and loan association, pursuant to its Plan of
Conversion. The Company was organized in January 1997 to
acquire all of the common stock of Rocky Ford Federal Savings
and Loan Association upon its conversion to stock form. The
subscription and community offering of the Company's shares was
completed on May 21, 1997.
Note 2. Basis of Presentation
The accompanying unaudited consolidated financial
statements,(except for the statement of financial condition at
September 30, 1997, which is audited) have been prepared in
accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form
10-QSB of Regulation S-X. Accordingly, they do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the
opinion of management all adjustments necessary for a fair
presentation of the financial position and results of operations
for the periods presented have been included. The financial
statements of the Company are presented on a consolidated basis
with those of Rocky Ford Federal Saving and Loan Association.
The account balances include only the accounts and operations of
Rocky Ford Federal Savings and Loan Association prior to May 21,
1997. The results of operations for the six months ended March
31, 1998 are not necessarily indicative of the results of
operations that may be expected for the year ended September 30,
1998. The preparation of financial statements in conformity
with generally accepted accounting principles requires
management 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 the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from
those estimates.
The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1997 Rocky Ford
Financial, Inc. financial statements
Note 3. Regulatory Capital Requirements
At March 31, 1998, the Association met each of the three current
minimum regulatory capital requirements. The following table
summarizes the Association's regulatory capital position at
March 31, 1998:
Tangible Capital:
Actual $4,656,000 22.08%
Required 316,000 1.50
Excess $4,340,000 20.58%
Core Capital:
Actual $4,656,000 22.08%
Required 633,000 3.00
Excess $4,023,000 19.08%
Risk-Based Capital:
Actual $4,716,000 55.62%
Required 678,000 8.00
Excess $4,038,000 47.62%
6<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 1998
Note 3. Regulatory Capital Requirements (Continued)
Tangible and core capital levels are shown as a percentage of
total adjusted assets; risk-based capital levels are shown as
a percentage of risk-weighted assets.
Note 4. Mutual to Stock Conversion
On January 14, 1997, The Board of Directors of the
Association adopted a Plan of Conversion (the Plan) under
which the Association would convert from a federally charted
mutual savings and loan association to a federally chartered
stock savings and loan association and become a wholly-owned
subsidiary of the Company formed in connection with the
Conversion. The Plan was approved by the Office of Thrift
Supervision (OTS) and included the filing of a registration
statement with Securities and Exchange Commission. The Plan
was approved by the members of the Association at a special
meeting held May 6, 1997. In accordance with the Plan, the
Company issued common stock which was sold in the Conversion.
The closing of the offering occurred on May 21, 1997 and
resulted in a stock offering of $4,232,000 (including
$331,560 in shares subscribed by the ESOP). The Company
transferred fifty percent of the net proceeds for the
purchase of all of the capital stock of the Association.
The costs of issuing the common stock were deferred and was
deducted from the proceeds of the stock sale and amounted to
$410,186.
For the purpose of granting eligible members of the
Association a priority in the event of future liquidation,
the Association, at the time of conversion, established a
liquidation account equal to its regulatory capital as of the
date of the latest balance sheet used in the final conversion
offering circular. In the event (and only in such event) of
future liquidation of the converted Association, an eligible
savings account holder who continues to maintain a savings
account shall be entitled to receive a distribution from the
liquidation account, in the proportionate amount of the then-
current adjusted balance of the savings deposits then held,
before any distributions may be made with respect to capital
stock.
The Association may not declare or pay a cash dividend on its
common stock if its net worth would thereby be reduced below
either the aggregate amount then required for the liquidation
account or the minimum regulatory capital requirements
imposed by federal regulations
The ESOP stock purchases were financed by issuing a note to
the Company for the entire purchase.
Note 5. Earnings Per Share
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share, effective
for the quarter ended December 31, 1997. The statement
requires dual presentations of basic and diluted earnings per
share on the face of the income statement. Basic EPS
excludes dilution and is computed by dividing income
available to common stockholders by the weighted-average
number of common shares outstanding for the period. Diluted
EPS reflects the potential dilution that could occur if
securities or other contracts to issue common stock were
exercised or converted into common stock or resulted in the
issuance of common stock that then shares in the earnings of
the entity.
<PAGE>
Note 6 Dividends Paid
On January 12, 1998, the Board of Directors declared a cash
dividend of $0.15 per share to stockholders of record as of
February 16, 1998 and payable on February 25, 1998.
7<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 1998 AND
SEPTEMBER 30, 1997
The Company's total assets decreased by $135 thousand or .58%
from $23.2 million at September 30, 1997 to $23.0 million at
March 31, 1998. The decrease is attributed to the reduction of
investments, with the cash received used to cover the decrease
in deposit accounts of $360,000.
The Company's net loan portfolio increased by approximately $25
thousand during the six months ended March 31, 1998. Net loans
totaled $13.55 million at March 31, 1998 and $13.53 million
September 30, 1997.
The allowance for loan losses totaled $60,000 at March 31, 1998
and September 30, 1997. As of those dates the Company did not
have any non-performing loans in its portfolio. There were no
loans charged off or recoveries of previous loan losses during
the six months ended March 31, 1998. The determination of the
allowance for loan losses is based on management's analysis,
performed on a quarterly basis, of various factors, including
the market value of the underlying collateral, growth and
composition of the loan portfolio, the relationship of the
allowance for loan losses to outstanding loans, historical loss
experience, delinquency trends and prevailing economic
conditions. Although management believes its allowance for loan
losses is adequate, there can be no assurance that additional
allowances will not be required or that losses on loans will not
be incurred. The Company has had minimal losses on loans in
prior years. At March 31, 1998, the ratio of the allowance for
loan losses to net loans was .44% as compared to .44% at
September 30, 1997.
At March 31, 1998, the Company's investment portfolio included
mortgage-backed and related securities classified as "held to
maturity" carried at amortized cost of $2.9 million and an
estimated fair value of $3.0 million, and equity securities
classified as "available for sale" with an estimated fair value
of $549 thousand. The balance of the Company's investment
portfolio at March 31, 1998 consists of interest bearing
deposits with various financial institutions totaling $5.0
million.
At March 31, 1998 deposits decreased to $15.8 million from $16.1
million at September 30, 1997 or a net decrease of 2.23%.
Management is continually evaluating the investment alternatives
available to the Company's customers, and adjusts the pricing on
its savings products to maintain its existing deposits.
COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED MARCH
31, 1998 AND 1997
Net Income. The Company's net income for the six months ended
March 31, 1998 was $91,617 compared to net loss of $(36,577) for
the six months ended March 31, 1997. The increase in net
earnings for the six months ended March 31, 1998 resulted
primarily from the recognition of benefit plans adopted that
became effective as of March 31, 1997 in the approximate amount
of $142,000 net of deferred income tax effect, less the effects
of professional services incurred in the current period as a
result of the added reporting and legal requirements and the
increase in net interest income.
Net Interest Income. Net interest income for the six months
ended March 31, 1998 was $466,000 compared to $381,000 for the
six months ended March 31, 1997. The increase in net interest
income for the six months ended March 31, 1998 was due to an
increase in the interest earning assets of $1.8 million received
from the conversion and a reduction in deposits of $2.2 million.
Interest Income. Interest income increased by $58,000 from
$794,000 to $852,000 or by 7.30%, during 1998 compared to 1997.
This increase resulted in part from an overall increase of
interest-earning assets by $1,785,000 from $20,611,000 to
$22,396,000 or by 8.66% from 1998 to 1997. The Company
experienced a decrease in the average yield on the interest-
earning assets from 7.74% in 1997 to 7.64% in 1998
8<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Interest Expense. Interest expense decreased $27,000 to
$386,000 for the six months ended March 31, 1998 from $413,000
for the six months ended March 31, 1997. The change was caused
by the increase of the average rate paid from 4.75% in 1997 to
4.87% in 1998 with a corresponding decrease in average deposits
from $17,495,000 in 1997 to $15,882,000 in 1998.
Provision for Loan Losses. The allowance for loan losses is
established through a provision for loan losses based on
management's evaluation of the risk inherent in its loan
portfolio and the general economy. Such evaluation considers
numerous factors including, general economic conditions, loan
portfolio composition, prior loss experience, the estimated fair
value of the underlying collateral and other factors that
warrant recognition in providing for an adequate loan loss
allowance.
The Company determined a provision for loan loss was not
required for the six months ended March 31, 1998 and 1997.
Non-Interest Expense. The decrease in the non-interest expense
section of the consolidated statement of income is attributed to
expense recognized in accordance with benefit plans adopted by
the board effective March 31. 1997, in amount of $226,000 less
the effect of professional expenses incurred in the current
period due to additional reporting requirements.
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH
31, 1998 AND 1997
Net Income. The Company's net income for the three months ended
March 31, 1998 was $42,969 compared to a net loss of $(93,165)
for the three months ended March 31, 1997. The increase is
attributed to the recognition as of March 31, 1997 benefit plans
in the approximate amount of $142,000, net of deferred income
tax effect, less the effect of professional services incurred in
the current period as a result of added reporting and legal
requirements, and the increase in net interest income.
Net Interest Income. Net interest income for the three months
ended March 31, 1998 was $236,000 compared to $185,000 for the
three months ended March 31, 1997. The increase is attributed
to increase in interest earning assets due to the stock issuance
and the decrease in deposits for the current period.
Non-Interest Expense. The decrease in non-interest expenses
from $336,000 for the three months ended March 31, 1997 to
$159,000 for the three months ended March 31, 1998 is due to the
recognition of benefit plans adopted by the board that become
effective March 31, 1997 in the amount of $226,000.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of funds consists of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
form operations. While scheduled repayments of loans and
mortgage-backed securities and maturities of investment
securities are predicable sources of funds, deposit flows and
loan prepayments are greatly influenced by the general level of
interest rates, economic conditions and competition. The
Company uses its liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of deposit and demand deposit withdrawals, to
invest in other interest-earning assets, to maintain liquidity,
and to meet operating expenses. Management believes that
proceeds from the stock sale, loan repayments and other sources
of funds will be adequate to meet the Company's liquidity needs
for the immediate future.
9<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
LIQUIDITY AND CAPITAL RESOURCES CONTINUED
The Association is required to maintain minimum levels of liquid
assets as defined by OTS regulations. This requirement, which
may be varied at the direction of the OTS depending upon
economic conditions and deposit flows, is based upon a
percentage of deposits and short-term borrowings. The required
minimum ratio was 5% until November 24, 1997 when it was changed
to 4%. The Company has historically maintained a level of
liquid assets in excess of regulatory requirements. The
Company's liquidity ratios at March 31, 1998 and 1997 were 20%
and 24%, respectively.
IMPACT OF INFLATION AND CHANGING PRICES
The financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting
principles, which require the measurement of financial position
and results of operations in terms of historical dollars without
considering changes in the relative purchasing power of money
over time because of inflation. Unlike most industrial
companies, virtually all of the assets and liabilities of the
Company are monetary in nature. As a result, interest rates
have a more significant impact on the Company's performance than
the effects of general levels of inflation. Interest rates do
not necessarily move in same direction or in the same magnitude
as the prices of goods and services.
YEAR 2000 ISSUE
The Company is evaluating the potential effect of the year 2000
on its information processing systems. Because critical computer
systems and software are vendor maintained, the Company is not
directly involved with programming changes or application
upgrades. The Company expects the providers to be compliant on a
timely basis and plans to test the compliance efforts. The
association's primary data processor has indicated that
renovations to the system for year 2000 compliance with be
complete in May 1998. Testing on this system will begin in July
1998 and continue into 1999. Testing has already begun on other
systems and will continue into 1999. It is management's opinion
that the modifications will not have a material effect on the
Company's financial position. All costs associated with
modifications will be expensed as incurred.
10
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
PART II - OTHER INFORMATION
ITEM 1: Legal Proceedings
None.
ITEM 2: Changes in Securities
None.
ITEM 3: Defaults Upon Senior Securities
Not Applicable
ITEM 4: Submission of Matters to a Vote of Security Holders.
On January 22, 1998, the Annual Meeting of the
Stockholders was held for the election of two
directors of the Company for three-year terms,
approval of the Rocky Ford Financial, Inc. 1997
Stock Option and Incentive Plan, and approval of the
Rocky Ford Financial, Inc. Management Recognition
Plan. There were outstanding and entitled to vote
423,200 shares of common stock of the Company.
There were represented at the Annual Meeting in
person or by proxy the holders of 392,267 shares of
the Company's common stock, representing 92.69% of
the total votes eligible to be cast, constituting
more than a majority of the outstanding shares
entitled to vote.
The following is a record of the votes cast:
<TABLE>
<CAPTION>
Vote
---------------------------------
Against or
For Withheld Abstain
--- ---------- --------
<S> <C> <C> <C>
Election of Directors:
Norman L. Bailey 379,767 12,500 0
R. Dean Jones 279,767 12,500 0
Stock Option and Incentive Plan 285,062 94,705 12,500
Management Recognition Plan 275,812 103,955 12,500
</TABLE>
ITEM 5: Other Information
None
ITEM 6: Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
<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.
Rocky Ford Financial, Inc.
Registrant
Date April 30, 1998 /s/ Keith E Waggoner
----------------------------
Keith E. Waggoner, President
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<CASH> 247,836
<INT-BEARING-DEPOSITS> 5,002,277
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 548,757
<INVESTMENTS-CARRYING> 2,852,018
<INVESTMENTS-MARKET> 2,950,700
<LOANS> 13,554,780
<ALLOWANCE> 60,000
<TOTAL-ASSETS> 23,030,148
<DEPOSITS> 15,779,150
<SHORT-TERM> 0
<LIABILITIES-OTHER> 636,320
<LONG-TERM> 0
<COMMON> 4,232
0
0
<OTHER-SE> 6,610,446
<TOTAL-LIABILITIES-AND-EQUITY> 23,030,148
<INTEREST-LOAN> 584,206
<INTEREST-INVEST> 128,751
<INTEREST-OTHER> 139,129
<INTEREST-TOTAL> 852,086
<INTEREST-DEPOSIT> 386,356
<INTEREST-EXPENSE> 386,356
<INTEREST-INCOME-NET> 465,730
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 314,247
<INCOME-PRETAX> 156,350
<INCOME-PRE-EXTRAORDINARY> 156,350
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 91,617
<EPS-PRIMARY> 0.23
<EPS-DILUTED> 0.23
<YIELD-ACTUAL> 7.64
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 60,000
<ALLOWANCE-DOMESTIC> 60,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
