SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(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,
1998
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: 333-29031
CITIZENS BANCORP
(Exact name of registrant specified in its charter)
Indiana 35-2017500
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
60 South Main Street
Frankfort, Indiana 46041
(Address of principal executive offices,
including Zip Code)
(765) 654-8533
(Registrant's telephone number, including area code)
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 Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such report), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
The number of shares of the Registrant's common stock, without par value,
outstanding as of May 11, 1998 was 1,058,000.
1
<PAGE>
Citizens Bancorp
Form 10-Q
Index
PART I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Consolidated Statements of Financial
Condition as of March 31, 1998 and June 30, 1997
(Unaudited) 3
Consolidated Statements of Income for the three
months ended March 31, 1998 and 1997
(Unaudited) 4
Consolidated Statements of Income for the nine months
ended March 31, 1998 and 1997 (Unaudited) 5
Consolidated Statement of Changes in
Shareholders' Equity for the nine months ended
March 31, 1998 (Unaudited) 6
Consolidated Statements of Cash Flows for the
nine months ended March 31, 1998 and 1997
(Unaudited) 7
Notes to Unaudited Consolidated Financial
Statements 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. 9
Item 3. Quantitative and Qualitative Disclosure about Market Risk 11
Part II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities and Use of Proceeds 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
2
<PAGE>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
Consolidated Statements of Condition
(in thousands)
March 31, June 30,
1998 1997
-------- --------
(Unaudited)
Assets
Cash on hand and in other institutions $ 2,338 $ 861
Interest-bearing deposits 4,587 3,264
Investment securities available for sale 325 161
Stock in Federal Home Loan Bank
of Indianapolis 332 332
Loans receivable, net 44,787 38,435
Land held for development 956 996
Cash surrender value of
life insurance contract 1,108 1,076
Property and equipment 551 578
Other assets 623 650
-------- --------
Total assets $ 55,607 $ 46,353
======== ========
Liabilities and shareholders' equity
Deposits $ 38,327 $ 36,355
Federal Home Loan Bank advances 1,000 4,000
Other liabilities 647 307
-------- --------
Total liabilities 39,974 40,662
Commitments and contingencies -- --
Shareholders' equity:
Common Stock (no par value);
5,000,000 shares authorized;
1,058,000 shares outstanding 10,062 --
Additional paid-in-capital 27 --
Unearned stock awards (791) --
Unrealized gain (loss) on securities
available for sale (net) 11 --
Retained income - substantially restricted 6,324 5,691
-------- --------
Total shareholders equity 15,633 5,691
-------- --------
Total liabilities and shareholders equity $ 55,607 $ 46,353
======== ========
3
<PAGE>
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
CONSOLIDATED STATEMENTS OF INCOME
(in thousands)
Three months ended March 31,
1998 1997
-------- --------
(Unaudited)
Interest income:
Interest on loans $ 943 $ 810
Other interest income 87 61
-------- --------
1,030 871
Interest expense:
Interest on deposits 407 404
Interest on borrowings 15 39
-------- --------
443 422
-------- --------
Net interest income 608 428
Provision for loan losses 12
Net interest income
after provision for loan losses 591 416
Other income:
Fees and service charges 35 36
Other 14 15
-------- --------
49 51
Other expense:
Salaries and employee benefits 130 116
Occupancy expense 27 29
Data processing expense 30 28
Federal insurance premium 5 6
Other 97 61
-------- --------
289 240
-------- --------
Income before income taxes 351 227
Income taxes 13 74
-------- --------
Net income $ 217 $ 153
======== ========
Net income per share N/A
Average shares outstanding 977,535 N/A
4
<PAGE>
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
CONSOLIDATED STATEMENTS OF INCOME
(in thousands)
Nine months ended March 31,
1998 1997
------- -------
(Unaudited)
Interest income:
Interest on loans $ 2,720 $ 2,380
Other interest income 26 240
------- -------
2,987 2,620
Interest expense:
Interest on deposits 1,232 1,227
Interest on borrowings 135
------- -------
1,301 1,362
------- -------
Net interest income 1,686 1,258
Provision for loan losses 57 32
------- -------
Net interest income
after provision for loan losses 1,629 1,226
Other income:
Fees and service charges 103 105
Gain on sale of real estate 180 12
Other 46 (13)
------- -------
32 104
Other expense:
Salaries and employee benefits 399 352
Occupancy expense 83 84
Data processing expense 85 80
Federal insurance premium 17 253
Other 250 192
------- -------
834 961
------- -------
Income before income taxes 1,124 369
Income taxes 44 125
------- -------
Net income $ 682 $ 244
======= =======
Net income per share N/A N/A
Average shares outstanding N/A N/A
5
<PAGE>
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
CONSOLIDATED STATEMENTS OF CHANGES TO SHAREHOLDERS' EQUITY
(Dollars in thousands)
<TABLE>
<CAPTION>
Unrealized Gain (Loss) Total
Common Stock Paid in Unearned on Securities Available Retained Shareholders'
Shares Amount Capital Stock Awards for Sale (Net) Income Equity
------ ------ ------- ------------ -------------------------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, July 1, 1997 ---- $ ---- $ ---- $ ---- $ ---- $ 5,691 $ 5,691
Net Income ---- ---- ---- ---- ---- 682 682
Change in unrealized gain (loss)
on securities available
for sale (net) ---- ---- ---- ---- 11 ---- 11
Common stock issued in
conversion, net of costs 973,360 9,216 ---- ---- ---- ---- 9,216
Dividends declared on
common stock ---- ---- ---- ---- ---- (49) (49)
Shares issued to ESOP 84,640 846 ---- (846) ---- ---- ----
Release of ESOP Shares ---- ---- 27 55 ---- ---- 82
--------- -------- ------ ------- ------- -------- ---------
Balance, March 31, 1998 1,058,000 $ 10,062 $ 27 ($791) $ 11 $ 6,324 $ 15,633
========= ======== ====== ====== ======== ======== =========
</TABLE>
6
<PAGE>
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine months ended March 31,
1998 1997
-------- --------
(Unaudited)
Operating activities:
<S> <C> <C>
Net income $ 682 $ 244
Adjustments to reconcile net income
to net cash provided
by operating activities:
Loss on sale of investments -- 60
Provision for loan losses 57 32
Depreciation and amortization 22 31
Deferred federal income tax credit (21) (35)
Release of ESOP shares 82 --
(Increase) decrease in other assets 15 (37)
Increase (decrease) in other liabilities 285 (32)
-------- --------
Net cash provided by operating activities 1,122 263
Investing activities:
Purchases of investment securities (146) (63)
Proceeds from sale of investment securities -- 2,932
Principal collected on loans 13,195 10,087
Loans originated (17,104) (13,036)
Proceeds from sale of loans -- 91
Loans purchased (2,494) --
Decrease in land held for development 40 30
Purchases of equipment (1) (16)
-------- --------
Net cash provided (used) by investing activities (6,510) 25
Financing activities:
Increase (decrease) in NOW,
MMDA and passbook deposits (312) 100
Increase in certificates of deposit 2,284 1,555
Advances from Federal
Home Loan Bank -- 11,500
Payments to Federal
Home Loan Bank (3,000) (12,500)
Sale of Common Stock, net of costs 9,216 --
-------- --------
Net cash provided by financing activities 8,188 655
-------- --------
Increase in cash and cash equivalents 2,800 943
Cash and cash equivalents at beginning of period 4,125 3,308
-------- --------
Cash and cash equivalents at end of period $ 6,925 $ 4,251
======== ========
</TABLE>
7
<PAGE>
CITIZENS BANCORP
AND WHOLLY-OWNED SUBSIDIARY
CITIZENS SAVINGS BANK OF FRANKFORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A: Basis of Presentation
The unaudited interim consolidated financial statements include the accounts of
Citizens Bancorp ("Company") and its wholly-owned subsidiary, Citizens Savings
Bank of Frankfort (Bank").
The unaudited interim consolidated financial statements have been prepared in
accordance with the instructions to Form 10-Q and, therefore, do not include all
information and disclosures required by generally accepted accounting principles
for complete financial statements. The significant accounting policies followed
by the Company and Bank for interim financial reporting are consistent with the
accounting policies followed for annual financial reporting. All adjustments,
consisting of normal recurring adjustments, which in the opinion of management
are necessary for a fair presentation of the results for the periods reported,
have been included in the accompanying consolidated financial statements.
Financial and other data contained herein prior to September 18, 1997 relates
solely to the Bank (See Note B). The results of operations for the three- and
nine-month periods ended March 31, 1998 are not necessarily indicative of those
expected for the remainder of the year.
NOTE B: Conversion to Federal Stock Savings Bank
In April, 1997, the Board of Directors adopted a Plan of Conversion ("Plan") to
convert the Bank from a federal-chartered mutual savings bank to a
federal-chartered stock savings bank. The Plan provided for the sale of the
Bank's capital stock to the Company, which was formed in connection with the
conversion.
On September 18, 1997 the Bank completed the conversion and the formation of the
Company as the holding company of the Bank. As part of the conversion, the
Company issued 1,058,000 shares of common stock at $10 per share of which 84,640
shares were issued to an Employee Stock Ownership Plan. Net proceeds of the
Company's stock issuance, after costs, were approximately $9,216,000 of which
$5,031,000 was used to acquire 100% of the stock and ownership of the Bank.
Costs associated with the conversion were deducted from the proceeds of stock
sold by the Company. The transaction was accounted for in a manner similar to a
pooling of interests. Since the Company did not commence operations until
September 18, 1997, financial and other data contained herein prior to September
18, 1997 relates solely to the Bank.
At the date of conversion, the Bank established a liquidation account of
$5,691,000 which equaled the Bank's retained earnings as of the most recent
financial statements, June 30, 1997, contained in the final conversion
prospectus. The liquidation account was established to provide a limited
priority claim to the assets of the Bank to qualifying depositors who continue
to maintain deposits in the Bank after conversion. In the unlikely event of a
complete liquidation of the Bank, and only in such event, qualifying depositors
would receive a liquidation distribution based on their proportionate share of
the then total remaining qualifying deposits.
The Company, subject to certain supervisory policies of the Office of Thrift
Supervision, may pay dividends to its shareholders if its assets exceed its
liabilities and it is able to pay its debts as they come due. Current
regulations allow the Bank to pay dividends on its stock after the conversion of
its regulatory capital would not be reduced below the amount then required for
the liquidation account, and if those dividends do not exceed its net income to
date in the calendar year plus 50% of the excess capital of the Bank.
NOTE C: New Accounting Pronouncements
In June 1997, the Financial Accounting Standards Board issued Statement 130,
"Reporting Comprehensive Income" and Statement 131, "Disclosures about Segments
of an Enterprise and Related Information." Statement 130 establishes standards
for reporting and display of comprehensive income and its components in a full
set of general-purpose financial statements. This statement is effective for
fiscal years beginning after December 15, 1997. Statement 131 established
standards for public business enterprises reporting on information about
operating segments in annual financial statements and requires that those
enterprises report selected information about operating segments in interim
financial reports. It also establishes standards for related disclosures on
products and services, geographical areas, and major customers. This statement
is effective for financial statements for periods beginning after December 15,
1997. Adoption of these statements will result in additional disclosures, but
will not impact the Company's consolidated results of operations and financial
position.
8
<PAGE>
NOTE D: Earnings Per Share
The Company completed its stock conversion on September 18, 1997. Earnings per
share information is not meaningful for the quarter ended September 30, 1997,
and is not applicable for any years prior to the stock conversion. The Company
had $.22 and $.43 earnings per share for the three and six months ended March
31, 1998. In February 1997, the Financial Accounting Standards Board issued
Statement 128, "Earnings per Share," effective for periods ending after December
15, 1997. Under the new requirements for calculating primary earnings per share,
the dilutive effect of stock options will be excluded. The impact of Statement
128 on the calculation of basic and fully diluted earnings per share is not
expected to be material.
Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations.
General
Citizens Bancorp, an Indiana corporation (the "Company"), was organized in June,
1997. On September 18, 1997, it acquired the common stock of Citizens Savings
Bank of Frankfort ("Citizens") upon the conversion of Citizens from a federal
mutual savings bank to a federal stock savings bank.
Citizens was organized as a state-chartered building and loan association in
1916 and currently conducts its business from one full-service office located in
Frankfort, Indiana. Citizens' principal business consists of attracting deposits
from the general public and originating fixed-rate and adjustable-rate loans
secured primarily by first mortgage liens on one-to four-family real estate.
Citizens' deposit accounts are insured up to applicable limits by the Savings
Association Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation
("FDIC"). Citizens offers a number of consumer and commercial financial
services. These services include: (i) residential real estate loans;
(ii)multi-family loans; (iii) construction loans; (iv) nonresidential real
estate loans; (v) home equity loans (vi) single-pay loans; (vii) installment
loans; (viii) automobile loans; (ix) NOW accounts; (x) money market demand
accounts ("MMDAs") (xi) passbook savings accounts; (xii) certificates of deposit
and (xiii) individual retirement accounts.
Citizens currently owns one subsidiary, Citizens Loan and Service Corporation
("CLSC"), which primarily engages in the purchase and development of tracts of
undeveloped land. Because CLSC engages in activities that are not permissible
for a national bank, OTS regulations prohibit Citizens from including its
investment in CLSC in its calculation of regulatory capital. CLSC purchases
undeveloped land, constructs improvements and infrastructure on the land, and
then sells lots to builders, who construct homes for sale to home buyers. CLSC
ordinarily receives payment when title is transferred.
Citizens' results of operations depend primarily upon the level of net interest
income, which is the difference between the interest income earned on
interest-earnings assets, such as loans and investments, and costs incurred with
respect to interest-bearing liabilities, primarily deposits and borrowings.
Results of operations also depend upon the level of the Company's non-interest
income, including fee income and service charges, and the level of its
non-interest expenses, including general and administrative expenses.
Financial Condition
Total assets increased to $55,607,000 at March 31, 1998, compared to $46,353,000
at June 30, 1997. Cash increased by $1.5 million while interest bearing deposits
increased by $1.3 million, due primarily to the additional capital received from
the sale of the Company's common stock on September 18, 1997.
Deposits increased $2.0 million primarily as a result of an increase in the
amount of public funds on deposit. Borrowings at the Federal Home Loan Bank
decreased $3.0 million to $1.0 million as a result of net repayments during the
period.
Shareholder equity increased $9.9 million primarily as a result of stock issued
by the Company in the conversion, plus the profit for the nine month period,
less the conversion costs. The company declared a dividend of $.05 per share of
common stock held as of March 24, 1998, payable on April 7, 1998. Shareholder
equity decreased by $49,000 as a result of the declaration of the dividend.
Comparison of operating results for the three-month periods ended March 31, 1998
and 1997.
The Company had an increase in net income of $64,000 to $217,000 for the
three-months ended March 31, 1998, compared to a net income of $153,000 for the
three-month period ended March 31,1997.
Net interest income increased $180,000 to $608,000 for the quarter ended March
31, 1998 compared to $428,000 for the same period in 1997. The increase resulted
primarily from an increase in earning assets during the 1998 period.
9
<PAGE>
The Provision for loan losses was $17,000 for the March 31, 1998 period, as
compared to $12,000 for the 1997 period. At March 31, 1998, the allowance for
loan loss was 0.57% of the total loans compared to 0.46% at March 31, 1997.
Total non-interest income decreased $2,000 to $49,000 for the quarter ended
March 31, 1998, compared to $51,000 during the same period in 1997.
Total non-interest expense increased $49,000 to $289,000 for the quarter ended
March 31, 1998 compared to $240,000 for the same quarter in 1997. The increase
was primarily due to $40,000 in compensation expense related to the ESOP during
the quarter ended March 31, 1998. Salaries and benefits exclusive of the ESOP
decreased for the 1998 period by $26,000 and FDIC premiums, office occupancy
expense and data processing expenses decreased by $1,000 for the same period.
Other expenses, consisting primarily of legal and accounting expenses, increased
by $36,000 for the 1998 period, due primarily to the increased reporting
requirements for public companies.
Income tax expense increased by $60,000 to $134,000 for the three-months ended
March 31, 1998, compared to $74,000 for the same period in 1997. This was
primarily the result of an increase in net income.
Comparison of operating results for the nine-month periods ended March 31, 1998
and 1997.
The Company had an increase in net income of $438,000 to $682,000 for the nine
months ended March 31, 1998, compared to a net income of $244,000 for the
nine-month period ended March 31, 1997.
Net interest income increased $428,000 to $1,686,000 for the quarter ended March
31, 1998 compared to $1,258,000 for the same period in 1997. The increase
resulted primarily from an increase in earning assets generated by the sale of
the Company's common stock during the 1998 period.
The provision for loan losses was $57,000 for the period ended March 31, 1998 as
compared to $32,000 for the 1997 period. At March 31, 1998, the allowance for
loan loss was 0.57% of the total loans compared to 0.46% at March 31, 1997.
Total non-interest income increased $225,000 to $329,000 for the nine months
ended March 31, 1998, compared to $104,000 for the same period in 1997. The
increase primarily resulted from a net gain on the sale of real estate of
$173,000 during the 1998 period and from a loss of $60,000 on the sale of an
investment in the 1997 period.
Total non-interest expense decreased $127,000 to $834,000 for the nine months
ended March 31, 1998 compared to $961,000 for the same period in 1997. The
decrease was primarily due to the one-time FDIC special assessment to
recapitalize the Savings Association Insurance Fund ("SAIF"), in the pre-tax
amount of $210,999. The FDIC deposit insurance premium decreased $236,000 to
$17,000 for the nine months ended March 31, 1998 from $253,000 for the none
month period ended March 31, 1997. Salaries and benefits increased for the 1998
period by $47,000, and office occupancy expense and data processing expense
increased by $4,000 for the same period. Other expenses, consisting primarily of
legal and accounting fees, increased by $58,000 during the 1998 period, due to
the increased reporting requirements for public companies.
Income tax expense increased by $317,000 to $442,000 for the nine months ended
March 31, 1998, compared to $125,000 for the same period in 1997. This primarily
resulted from the gain on the sale of real estate, which increased the
non-interest income for the 1998 period, and from the FDIC special assessment,
which decreased non-interest income for the 1997 period.
Asset Quality
The allowance for loan losses was $254,000 at March 31, 1998 compared to
$212,000 at June 30, 1997. Management considered the allowance for loan losses
at March 31, 1998 to be adequate to cover estimated losses inherent in the loan
portfolio at that date, taking into consideration probable losses that could be
reasonably estimated. Such belief is based upon an analysis of loans currently
outstanding, past loss experience, current economic conditions and other factors
and estimates which are subject to change over time. The following table sets
forth the changes affecting the allowance for loan losses for the nine months
ended March 31, 1998.
Balance, July 1, 1997 $211,635
Provision for loan losses 57,000
Recoveries 1,075
Charge-offs (15,936)
---------
Balance, March 31, 1998 $253,774
========
Non-performing loans totaled $443,000 or .99% of total loans at March 31, 1998
compared to $344,000 or .89% of total loans at June 30, 1997.
10
<PAGE>
Liquidity and Capital Resources
The Company's most liquid assets are cash and interest-bearing deposits. The
levels of these assets are dependent on the Company's operating, financing, and
investing activities. At March 31, 1998 and June 30, 1997, cash and
interest-bearing deposits totaled $6.9 million and $4.1 million, respectively.
The Company's primary sources of funds are deposits, borrowings and the proceeds
from principal and interest payments on loans. While maturities and scheduled
amortization of loans are a predictable source of funds, deposit flows and
mortgage prepayments are greatly influenced by general interest rates, economic
conditions and competition.
If the Company requires funds beyond its ability to generate them internally, it
has the ability to borrow funds from the Federal Home Loan Bank ("FHLB") of
Indianapolis. Federal law limits an institution's borrowings from the FHLB to 20
times the amount paid for capital stock in the FHLB, subject to regulatory
capital requirements. As a policy matter, however, the FHLB of Indianapolis
typically limits the amount of borrowings from the FHLB to 50% of adjusted
assets (total assets less borrowings). At March 31, 1998, borrowing from the
FHLB totaled $1.0 million.
Year 2000 Compliance
Because computer memory was so expensive on early mainframe computers, some
computer programs used only the final two digits for the year in the date field
while maintaining the first two digits of each year constant. As a result, some
computer applications may be unable to interpret the change from year 1999 to
year 2000. The Company is actively monitoring its year 2000 computer compliance
issues. The bulk of the Company's commuter processing is provided under contract
by BISYS, Inc. in Houston, Texas ("BISYS"). BISYS expects to be in year 2000
compliance by June, 1999. BISYS will assist the Company with other phases of
year 2000 compliance throughout the remainder of 1998 and 1999. The Bank's loan
documentation system is provided by Banker's Systems and is also expected to be
in year 2000 compliance within the next year. The Company has also appointed one
of the executive officers to address all aspects of year 2000 compliance. The
Company's expense in connection with year 2000 compliance is not expected to be
material to its overall financial condition.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in market interest rates or in the Company's
interest rate sensitive instruments which would cause a material change in the
market risk exposures which effect the quantitative and qualitative risk
disclosures as presented in the Registrant's Annual Report on Form 10-K for the
period ended June 30,1997.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 27.1. Financial Data Schedule as of March 31, 1998
(b) Exhibit 27.2. Amended Financial Data Schedule as of
December 31, 1997
(c) No reports on form 8-K were filed during the quarter ended March
31, 1998.
11
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CITIZENS BANCORP
Date: May 12, 1998 By:/s/ Fred W. Carter
--------------------------------
Fred W. Carter
President and Chief Executive Officer
Date: May 12, 1998 By:/s/ Stephen D. Davis
--------------------------------
Stephen D. Davis
Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS
ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001040734
<NAME> Citizens Bancorp
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-1-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1.000
<CASH> 2,338
<INT-BEARING-DEPOSITS> 4,587
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 325
<INVESTMENTS-CARRYING> 332
<INVESTMENTS-MARKET> 332
<LOANS> 44,787
<ALLOWANCE> 254
<TOTAL-ASSETS> 55,607
<DEPOSITS> 38,327
<SHORT-TERM> 1,000
<LIABILITIES-OTHER> 647
<LONG-TERM> 0
<COMMON> 10,062
0
0
<OTHER-SE> 5,571
<TOTAL-LIABILITIES-AND-EQUITY> 55,607
<INTEREST-LOAN> 2,720
<INTEREST-INVEST> 27
<INTEREST-OTHER> 240
<INTEREST-TOTAL> 2,987
<INTEREST-DEPOSIT> 1,232
<INTEREST-EXPENSE> 1,301
<INTEREST-INCOME-NET> 1,686
<LOAN-LOSSES> 57
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 834
<INCOME-PRETAX> 1,124
<INCOME-PRE-EXTRAORDINARY> 682
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 682
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 4.76
<LOANS-NON> 167
<LOANS-PAST> 237
<LOANS-TROUBLED> 39
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 212
<CHARGE-OFFS> 16
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 254
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 254
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS AMENDED SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE REGISTRANT'S UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS
ENDED DECEMBER 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001040734
<NAME> Citizens Bancorp
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1.000
<CASH> 684
<INT-BEARING-DEPOSITS> 5,227
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0
0
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</TABLE>
