<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, 2000
Commission file number 0-22441
Rocky Ford Financial, Inc.
------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its
Charter)
Delaware 84-1413346
- ------------------------------- -----------------------
(State of Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
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, 2000
358,467
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Independent Accountants' Report 3
Consolidated Statement of Financial
Condition at March 31, 2000 and
September 30, 1999 4
Consolidated Statements of Income for
the Six Months and Three Months Ended
March 31, 2000 and 1999 5
Consolidated Statements of Cash Flows
for the Six Months Ended March 31, 2000
and 1999 6
Notes to Financial Statements 7 - 8
Item 2: Management's Discussion and Analysis
of Financial Condition and Results of
Operations 9 - 11
PART II - OTHER INFORMATION
Item 1: Legal Proceedings 12
Item 2: Changes in Securities 12
Item 3: Defaults Upon Senior Securities 12
Item 4: Submission of Matters to a Vote of
Security Holders 12
Item 5: Other Information 12
Item 6: Exhibits and Reports on Form 8-K 12
Signature 12
2
<PAGE>
<PAGE>
[LETTERHEAD OF GRIMSLEY, WHITE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS]
Independent Accountants' Report
-------------------------------
Board of Directors
Rocky Ford Financial, Inc.
Rocky Ford, Colorado
We have reviewed the accompanying consolidated statement of
financial condition of Rocky Ford Financial, Inc. as of March
31, 2000, the consolidated statements of income for the six
month and three month periods ended March 31, 2000 and 1999, the
consolidated statements of cash flows for the six month periods
ended March 31, 2000 and 1999. These financial statements are
the responsibility of the company's management.
We conducted our review in accordance with standards established
by the American Institute of Certified Public Accountants. A
review of interim financial information consists principally of
applying analytical procedures to financial data and making
inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
The consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for
interim financial information as modified by 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.
Based on our review, with the exception described in the
preceding paragraph, we are not aware of any material
modifications that should be made to the accompanying financial
statements for them to be in conformity with generally accepted
accounting principles.
The consolidated statement of financial condition as of
September 30, 1999, was taken from the September 30, 1999,
financial statements, which were audited by us, and we expressed
an unqualified opinion on them in our report dated November 24,
1999.
/s/Grimsley, White & Company
Grimsley, White & Company
April 11, 2000
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, September 30,
2000 1999
----------------------------
ASSETS
<S> <C> <C>
Cash and cash equivalents
Interest-bearing $ 3,000,000 $ 4,100,000
Non-interest bearing 319,241 574,771
Certificates of deposit 2,099,000 2,099,000
Securities available for sale
Equity securities (cost of $11,327) 511,161 601,536
Securities held to maturity
Mortgage-backed securities (estimated
market value of $2,593,000 and
$1,702,000) 2,552,564 1,667,376
U.S. agencies (estimated market value
of $249,500 and $253,000) 249,551 249,434
Loans receivable - net 12,819,443 13,446,497
Federal Home Loan Bank stock, at cost 169,500 166,400
Retirement trust assets 340,105 305,673
Accrued interest receivable 146,245 133,799
Premises and equipment 77,338 89,732
Prepaids 16,112 43,172
----------- -----------
TOTAL ASSETS $22,300,260 $23,477,390
=========== ===========
LIABILITIES AND EQUITY
Deposits $15,342,794 $16,214,512
Advances from borrowers for taxes and
insurance 45,664 26,680
Accounts payable and accrued expenses 431,378 396,415
Deferred income taxes 134,000 180,100
----------- -----------
TOTAL LIABILITIES 15,953,836 16,817,707
----------- -----------
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;
423,200 shares issued and 358,457
shares outstanding as of March 31,
2000 4,232 4,232
Paid-in capital 3,848,959 3,849,305
Retained earnings - substantially
restricted 2,909,763 2,860,454
Net unrealized gain on securities
available for sale, net of tax of
$185,100 and $218,400 314,868 371,805
Treasury stock, at cost (494,406) (189,121)
Note receivable from ESOP Trust (236,992) (236,992)
----------- -----------
TOTAL EQUITY 6,346,424 6,659,683
----------- -----------
TOTAL LIABILITIES AND EQUITY $22,300,260 $23,477,390
=========== ===========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
-------- ------- -------- --------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable $271,477 $290,963 $549,378 $598,500
Securities available for sale 4,685 5,852 9,566 9,050
Securities held to maturity 38,977 35,906 75,786 89,176
Other interest-bearing assets 86,220 72,756 177,373 157,789
-------- -------- -------- --------
TOTAL INTEREST INCOME 401,359 405,477 812,103 854,515
INTEREST ON DEPOSITS 181,217 190,091 372,712 384,812
-------- -------- -------- --------
NET INTEREST INCOME 220,142 215,386 439,391 469,703
(PROVISION FOR) RECOVERY OF LOAN
LOSSES -- -- -- --
-------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 220,142 215,386 439,391 469,703
-------- -------- -------- --------
NON-INTEREST INCOME
Other charges 2,580 1,648 5,183 5,748
-------- -------- -------- --------
NON-INTEREST EXPENSE
GENERAL AND ADMINISTRATIVE
Compensation and benefits 73,145 84,796 146,418 157,301
Occupancy and equipment 7,379 7,893 15,054 14,676
Computer services 13,636 14,347 26,205 28,631
SAIF deposit insurance 2,982 4,206 7,255 8,306
Other 49,138 59,052 100,754 117,278
-------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 146,280 170,294 295,686 326,192
-------- -------- -------- --------
INCOME BEFORE TAXES 76,442 46,740 148,888 149,259
INCOME TAX EXPENSE 23,565 14,868 45,966 54,287
-------- -------- -------- --------
NET INCOME $ 52,877 $ 31,872 $102,922 $ 94,972
======== ======== ======== ========
BASIC EARNINGS PER COMMON SHARE $ 0.15 $ 0.08 $ 0.28 $ 0.24
======== ======== ======== ========
DILUTED EARNINGS PER COMMON SHARE $ 0.15 $ 0.08 $ 0.28 $ 0.24
======== ======== ======== ========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING BASIC 360,535 385,971 370,380 390,921
DILUTED 360,535 385,971 370,380 390,921
DIVIDENDS PER SHARE $ 0.15 $ 0.15 $ 0.15 $ 0.15
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
March 31,
2000 1999
---------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 102,922 $ 94,972
----------- -----------
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of:
Deferred loan origination fees (3,798) (9,718)
Discounts on investments (117) (117)
Stock dividend received from FHLB (3,100) (5,800)
ESOP market value expense (346) 2,159
Depreciation 14,289 9,014
Change in assets and liabilities
Accrued interest receivable (12,446) (11,269)
Prepaids 27,060 (7,732)
Accounts payable and accrued expenses 34,963 (79,472)
Deferred income taxes (12,662) (16,942)
----------- -----------
TOTAL ADJUSTMENTS 43,843 (119,877)
----------- -----------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES 146,765 (24,905)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in certificates of deposit -- (400,000)
Loan originations and principal payments
on loans 630,852 639,837
Purchase of treasury stock (305,285) (152,821)
Purchase of mortgage-backed securities (1,004,375) --
Principal payments on mortgage-backed
securities 119,187 369,005
Capital purchases (1,894) (34,918)
FHLB stock redeemed -- 54,900
Payment to retirement trust (34,432) --
----------- -----------
NET CASH PROVIDED (USED) BY INVESTING
ACTIVITIES (595,947) 476,003
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (53,614) (57,287)
Net change in deposits (871,718) 539,577
Net change in mortgage escrow funds 18,984 10,839
----------- -----------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES (906,348) 493,129
----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,355,530) 944,227
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,674,771 3,967,576
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 3,319,241 $ 4,911,803
=========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
Cash paid for:
Taxes $ 55,365 $ 174,731
Interest 375,910 390,097
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 2000
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 it's 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, 1999, 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 results of operations for the six months ended March 31, 2000
are not necessarily indicative of the results of operations that
may be expected for the year ended September 30, 2000. 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 1999 Rocky Ford
Financial, Inc. financial statements
Note 3. Regulatory Capital Requirements
At March 31, 2000, 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, 2000:
Tangible Capital:
Actual $4,889,000 23.45%
Required 313,000 1.50
Excess $4,576,000 21.95%
Core Capital:
Actual $4,889,000 23.45%
Required 625,000 3.00
Excess $4,264,000 20.45%
Risk-Based Capital:
Actual $5,174,000 62.28
Required 665,000 8.00
Excess $4,509,000 54.28%
7
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 2000
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. Earnings Per Share
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share. 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.
Note 5. Dividends Paid
On January 13, 2000 and January 11, 1999, respectively, the
Board of Directors declared a cash dividend of $0.15 per share
to stockholders of record payable on February 8, 2000 and
February 26, 1999, respectively.
8
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND SEPTEMBER
30, 1999
The Company's total assets decreased by $1,2 million or 5.01%
from $23.5 million at September 30, 1999 to $22.3 million at
March 31, 2000. The decrease is attributed to the decrease in
deposit accounts of $872,000 and the purchase of treasury stock
for $305,000.
The Company's net loan portfolio decreased by approximately
$627,000 during the six months ended March 31, 2000. Net loans
totaled $12.8 million at March 31, 2000 and $13.4 million
September 30, 1999. The Association made new loans in the amount
of $684,000 and received payoffs or payments of $1.3 million
during the six months ended March 31, 2000. The large amount of
payoffs is attributed to intense activity of two local financial
institutions who offer lower rates, and then sell the mortgages.
As of March 31, 2000, the Association had outstanding loan
commitments of $215,000.
The allowance for loan losses totaled $60,000 at March 31, 2000
and September 30, 1999. As of those dates the Company's
non-performing loans in its portfolio were $4,100 and $33,000.
There were no loans charged off or recoveries of previous loan
losses during the six months ended March 31, 2000. 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, 2000, the ratio of the allowance for
loan losses to net loans was .47% as compared to .45% at
September 30, 1999.
At March 31, 2000, the Company's investment portfolio included
mortgage-backed and related securities classified as "held to
maturity" carried at amortized cost of $2.8 million and an
estimated fair value of $2.8 million, and equity securities
classified as "available for sale" with an estimated fair value
of $511,000. The balance of the Company's investment portfolio
at March 31, 2000 consists of interest bearing deposits with
various financial institutions totaling $5.1 million.
At March 31, 2000 deposits decreased to $15.3 million from $16.2
million at September 30, 1999 or a net decrease of $872,000 or
5.38%. The decrease was in certificate of deposit accounts and
represents area deposits. Short term certificate of deposit
rates have become more competitive in the Association's market
area. 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.
During the six month period ending March 31, the Company
purchased 27,949 shares of it's common stock in the open market,
at a cost of $305,300, and is holding the shares as treasury
stock.
COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED MARCH
31, 2000 AND 1999
Net Income. The Company's net income for the six months ended
March 31, 2000 was $103,000 compared to $95,000 for the six
months ended March 31, 1999. The increase in net income for the
six months ended March 31, 2000 resulted primarily from the
reduction of general and administrative expenses and the
reduction in the effective rate of income taxes. The
administrative staff has been reduced by one person and the
requirement for professional services has declined.
Net Interest Income. Net interest income for the six months
ended March 31, 2000 was $439,000 compared to $470,000 for the
six months ended March 31, 1999. The decrease in net interest
income for the six months ended March 31, 2000 was due to a
decrease in interest earning assets of $462,000 and a reduction
in deposits of $89,000.
9
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Interest Income. Interest income decreased by $42,000 from
$855,000 to $812,000 or by 4.96%, during the 2000 six month
period compared to the 1999 six month period. This decrease
resulted in part from an overall decrease of average
interest-earning assets by $462,000 from $22.5 million to $22.1
million or by 2.05% from the 1999 six month period to the 2000
six month period. The Company experienced a decrease in the
average rate received on the interest-earning assets from 7.59%
in the 1999 six month period to 7.36% in the 2000 six month
period.
Interest Expense. Interest expense decreased $12,000 to $373,000
for the six months ended March 31, 2000 from $385,000 for the six
months ended March 31, 1999. The change was caused by the
decrease in average deposits of $89,000 from $15.8 million in
1999 to $15.7 million in 2000. The effective interest rate for
the six months ended March 31, 2000 was 4.74% compared to 4.87%
for the six months ended March 31, 1999.
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 that a provision for loan loss was not
required for the six months ended March 31, 2000 and 1999 due to
the limited occurrence of delinquent loans.
Non-Interest Expense. The decrease in non-interest expense
section is attributable to reduced administrative staff and less
professional expenses incurred in the 2000 six month period.
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH
31, 2000 AND 1999
Net Income. The Company's net income for the three months ended
March 31, 2000 was $53,000 compared to $32,000, for the three
months ended March 31, 1999. The increase is attributable to the
reduction in general and administrative expenses.
Net Interest Income. Net interest income for the three months
ended March 31, 2000 was $220,000 compared to $215,000 for the
three months ended March 31, 1999. The increase is attributed to
the reduction in interest expense caused by a decrease in average
deposits.
Interest Income. The interest income for the three months ended
March 31, 2000 was $401,000 compared to $405,000 for the three
months ended March 31, 1999. The decrease is attributable to the
decrease in interest earning assets from $15.9 million for the
three months ended March 31,1999 to $15.4 million for the three
months ended March 31, 2000. The yield on interest earning
assets was 7.23% for the three months ended March 31,1999
compared to 7.38% for the three months ended March 31, 2000.
Interest Expense. The interest expense for the three months
ended March 31, 2000 was $181,000 compared to $190,000 for the
three months ended March 31, 1999. The decrease was caused by a
decrease in average deposits from $15.9 million as of March 31,
1999 to $15.4 million as of March 31, 2000, and a decrease in the
average rates paid from 4.79% as of March 31, 1999 to 4.70% for
the three months ended March 31, 2000.
Non-Interest Expense. The decrease in non-interest expenses from
$170,000 for the three months ended March 31, 1999 to $146,000
for the three months ended March 31, 1999 was due to the
reduction of the administrative staff and professional services.
10
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
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
from 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 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.
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, 2000 and 1999 were 34% and 26%, 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 has an ongoing program of evaluating the effect of
the Year 2000 on its information processing systems and business
operations. The Company's core data processing is performed by
an outside vendor. As of March 31, 2000, the system was
functioning with no noted errors.
It is not possible to be certain that all aspects of the Year
2000 issue affecting the Company, including those related to the
efforts of customers, other financial institutions, of other
third parties either have been, or will all be fully resolved.
Although the Company and its subsidiary had not experienced any
problems as of April 30, 2000, systems failures and errors could
still happen with other date changes throughout the year.
11
<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.
Not Applicable
ITEM 5: Other Information
None
ITEM 6: Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
Reports on Form 8-K - None
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, 2000 /s/ Keith E. Waggoner
____________________________
Keith E. Waggoner, President
12
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<CASH> 319,241
<INT-BEARING-DEPOSITS> 5,099,000
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 511,161
<INVESTMENTS-CARRYING> 2,802,115
<INVESTMENTS-MARKET> 2,842,500
<LOANS> 12,819,443
<ALLOWANCE> 60,000
<TOTAL-ASSETS> 22,300,260
<DEPOSITS> 15,342,794
<SHORT-TERM> 0
<LIABILITIES-OTHER> 611,042
<LONG-TERM> 0
<COMMON> 4,232
0
0
<OTHER-SE> 6,342,192
<TOTAL-LIABILITIES-AND-EQUITY> 22,300,260
<INTEREST-LOAN> 549,378
<INTEREST-INVEST> 85,352
<INTEREST-OTHER> 177,373
<INTEREST-TOTAL> 812,103
<INTEREST-DEPOSIT> 372,712
<INTEREST-EXPENSE> 372,712
<INTEREST-INCOME-NET> 439,391
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 295,686
<INCOME-PRETAX> 148,888
<INCOME-PRE-EXTRAORDINARY> 148,888
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 102,922
<EPS-BASIC> 0.28
<EPS-DILUTED> 0.28
<YIELD-ACTUAL> 7.36
<LOANS-NON> 4,800
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 60,000
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 60,000
<ALLOWANCE-DOMESTIC> 60,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
