U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------
FORM 10-QSB
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
( ) 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 0-22997
WSB HOLDING COMPANY
---------------------------------------
(Exact name of Registrant as specified in its Charter)
Pennsylvania 23-2908963
------------ ----------
(State or other jurisdiction of I.R.S. Employer Identification Number
incorporation or organization)
807 Middle Street, Pittsburgh, Pennsylvania 15212
- ------------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 231-7297
--------------
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 reports), and (2) has been subject to such
filing requirements for the past 90 days.
X Yes No
--- ---
As of January 31, 2000, there were 302,684 shares of the Registrant's
common stock, par value $0.10 per share, outstanding. The Registrant has no
other classes of common equity outstanding.
Transitional small business disclosure format:
Yes X No
--- ---
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
PITTSBURGH, PENNSYLVANIA
TABLE OF CONTENTS
PAGE
----
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - as of December 31, 1999
(Unaudited) and June 30, 1999 3
Consolidated Statements of Income - (Unaudited) for the six months
ended December 31, 1999 and 1998 4
Consolidated Statements of Income - (Unaudited) for
the three months ended December 31, 1999 and 1998 5
Consolidated Statements of Cash Flows - (Unaudited)
for the six months ended December 31, 1999 and 1998 6-7
Notes to (Unaudited) Consolidated Financial Statements 8-9
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10-12
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 2. Changes in Securities and use of Proceeds 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
December 31,
1999 June 30,
(Unaudited) 1999
--------------- -----------
<S> <C> <C>
Cash and cash equivalents:
Interest bearing $ 543,889 $ 3,161,518
Non-interest bearing 451,966 250,666
Securities held-to-maturity (estimated fair
value of $14,346,471 and $13,959,821) 15,283,390 14,373,813
Securities available-for-sale, at fair value 3,458,578 3,909,755
Loans and real estate, net 19,015,556 16,989,946
Cash value of life insurance 1,185,942 1,162,749
Federal Home Loan Bank stock, at cost 153,300 153,300
Accrued interest receivable 356,909 303,415
Premises and equipment, net 952,163 986,468
Other assets 119,409 64,927
------------ ------------
TOTAL ASSETS $ 41,521,102 $ 41,356,557
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 34,354,717 $ 35,250,627
Federal Home Loan Bank advances 2,000,000 1,000,000
Advances from borrowers for taxes and insurance 263,384 227,241
Accrued expenses and other liabilities 89,823 83,671
Accrued income taxes 59,288 10,690
------------ ------------
TOTAL LIABILITIES 36,767,212 36,572,229
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock ($ .10 par value, 1,000,000 shares
authorized, none outstanding) - -
Common stock ($ .10 par value, 4,000,000 shares authorized;
330,600 shares issued and 302,684 shares outstanding at
December 31, 1999 and 330,600 shares issued and
312,934 shares outstanding at June 30, 1999) 33,060 33,060
Additional paid-in capital 2,994,394 2,994,026
Retained earnings, substantially restricted 2,349,746 2,287,772
Unearned Employee Stock Ownership Plan shares (ESOP) (202,763) (215,988)
Unearned compensation - Restricted Stock Plan (RSP) (118,851) (139,679)
Treasury stock, at cost; 27,916 and 17,666 shares (311,742) (204,792)
Accumulated other comprehensive income, net
of applicable income taxes of $4,305 and $12,826 10,046 29,929
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 4,753,890 4,784,328
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 41,521,102 $ 41,356,557
============ ============
</TABLE>
See accompanying notes to the unaudited consolidated financial statements.
(3)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Six Months Ended
December 31,
1999 1998
---------- ----------
INTEREST AND DIVIDEND INCOME
Loans $ 706,171 $ 682,634
Investments 633,920 500,022
Other interest earning assets 75,993 165,094
---------- ----------
TOTAL INTEREST AND DIVIDEND INCOME 1,416,084 1,347,750
---------- ----------
INTEREST EXPENSE
Deposits 735,207 734,289
Advances from FHLB 32,914 28,900
---------- ----------
TOTAL INTEREST EXPENSE 768,121 763,189
---------- ----------
NET INTEREST INCOME 647,963 584,561
PROVISION FOR LOAN LOSSES -- --
---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 647,963 584,561
---------- ----------
NONINTEREST INCOME
Service charges and other fees 78,995 43,455
Gain on sale of securities available-for-sale 4,037 46,769
Gain on sale of foreclosed real estate -- 20,665
Income from real estate rental 2,050 3,540
---------- ----------
TOTAL NONINTEREST INCOME 85,082 114,429
---------- ----------
NONINTEREST EXPENSE
Compensation and benefits 310,815 280,612
Occupancy and equipment expense 86,154 80,906
Federal insurance premiums 16,857 15,424
Other 187,873 215,566
---------- ----------
TOTAL NONINTEREST EXPENSE 601,699 592,508
---------- ----------
INCOME BEFORE INCOME TAXES 131,346 106,482
INCOME TAX EXPENSE 44,449 34,898
---------- ----------
NET INCOME $ 86,897 $ 71,584
========== ==========
EARNINGS PER COMMON SHARE-BASIC $ .32 $ .23
========== ==========
EARNINGS PER COMMON SHARE-DILUTED $ .32 $ .23
========== ==========
See accompanying notes to the unaudited consolidated financial statements.
(4)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
December 31,
1999 1998
--------- ---------
INTEREST AND DIVIDEND INCOME
Loans $ 354,204 $ 341,817
Investments 325,060 263,967
Other interest earning assets 29,134 85,631
--------- ---------
TOTAL INTEREST AND DIVIDEND INCOME 708,398 691,415
--------- ---------
INTEREST EXPENSE
Deposits 358,417 371,811
Advances from FHLB 18,464 14,450
--------- ---------
TOTAL INTEREST EXPENSE 376,881 386,261
--------- ---------
NET INTEREST INCOME 331,517 305,154
PROVISION FOR LOAN LOSSES -- --
--------- ---------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 331,517 305,154
--------- ---------
NONINTEREST INCOME
Service charges and other fees 41,071 22,424
Gain (loss) on sale of securities available-for-sale (2,132) 17,838
Income from real estate rental 1,125 1,325
--------- ---------
TOTAL NONINTEREST INCOME 40,064 41,587
--------- ---------
NONINTEREST EXPENSE
Compensation and benefits 155,195 142,865
Occupancy and equipment expense 42,462 40,245
Federal insurance premiums 8,547 7,693
Other 95,547 116,438
--------- ---------
TOTAL NONINTEREST EXPENSE 301,751 307,241
--------- ---------
INCOME BEFORE INCOME TAXES 69,830 39,500
INCOME TAX EXPENSE 23,633 12,421
--------- ---------
NET INCOME $ 46,197 $ 27,079
========= =========
EARNINGS PER COMMON SHARE-BASIC $ .17 $ .09
========= =========
EARNINGS PER COMMON SHARE-DILUTED $ .17 $ .09
========= =========
See accompanying notes to the unaudited consolidated financial statements.
(5)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
December 31,
1999 1998
------------ ------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 86,897 $ 71,584
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of:
Deferred loan origination fees (546) (1,126)
Premiums and discounts on investment securities 650 28,636
Net loss (gain) on sale of securities available-for-sale (4,037) (46,769)
Net gain on sales of real estate owned -- (20,665)
Unearned ESOP shares 13,593 17,049
Compensation expense related to RSP 20,828 20,828
Depreciation of premises and equipment 38,399 25,844
(Increase) decrease in:
Accrued interest receivable (53,494) 3,093
Other assets (38,748) 42,331
Income taxes receivable 48,598 --
Deferred income taxes (11,219) (5,652)
Cash value life insurance (23,193) --
Increase (decrease) in:
Accrued expenses and other liabilities 10,158 (1,498)
Accrued income taxes -- 38,153
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 87,886 171,808
---------- ----------
INVESTING ACTIVITIES
Purchases of securities held-to-maturity (1,101,353) (11,134,996)
Proceeds from maturities of and principal
repayments on securities held-to-maturity 188,478 10,053,449
Proceeds from sale of securities available-for-sale 375,252 613,167
Purchases of securities available-for-sale (240,054) (1,512,521)
Proceeds from maturities of and principal
repayments on securities available-for-sale 294,260 165,661
Net loan originations and principal repayments on loans (2,025,064) (154,287)
Proceeds from sales of real estate owned -- 220,586
Purchases of premises and equipment (4,094) (29,246)
---------- ----------
NET CASH USED BY INVESTING ACTIVITIES (2,512,575) (1,778,187)
---------- ----------
</TABLE>
See accompanying notes to the unaudited consolidated financial statements.
(6)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
December 31,
1999 1998
----------- ------------
<S> <C> <C>
FINANCING ACTIVITIES
Net (decrease) increase in deposits (895,910) 1,706,640
Net increase in Federal Home Loan Bank advances 1,000,000 --
Purchase of treasury stock (106,950) (47,297)
Dividends paid (24,923) (13,918)
Net increase in advances from borrowers for taxes and insurance 36,143 24,019
Contribution to Restricted Stock Plan (RSP) for the
purchase of treasury stock -- (191,748)
----------- -----------
NET CASH USED BY FINANCING ACTIVITIES 8,360 1,477,696
----------- -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,416,329) (128,683)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,412,184 5,157,544
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 995,855 $ 5,028,861
=========== ===========
SUPPLEMENTAL DISCLOSURES Cash paid during the period for:
Interest on deposits, advances,
and other borrowings $ 789,648 $ 766,282
=========== ===========
Income taxes $ 6,500 $ 2,400
=========== ===========
Transfer from loans to real estate acquired through foreclosure $ 19,525 $ --
=========== ===========
</TABLE>
See accompanying notes to the unaudited consolidated financial statements.
(7)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - BASIS OF PREPARATION
The accompanying unaudited consolidated financial statements were prepared in
accordance with instructions for Form 10-QSB and therefore, do not include all
disclosures necessary for a complete presentation of the consolidated balance
sheets, consolidated statements of income, consolidated statements of
stockholders' equity, and consolidated statements of cash flows in conformity
with generally accepted accounting principles. However, all adjustments which
are, in the opinion of management, necessary for the fair presentation of the
interim financial statements have been included. All such adjustments are of a
normal recurring nature. The statement of income for the six month and three
month periods ended December 31, 1999 is not necessarily indicative of the
results which may be expected for the entire year or any other interim period.
These consolidated financial statements should be read in conjunction with the
audited consolidated financial statements and notes thereto for the Company for
the year ended June 30, 1999 which are included in the Form 10KSB (file no.
0-22997).
NOTE B - EARNINGS PER SHARE
The following data shows the amounts used in computing earnings per share and
the effect on income and the weighted average number of shares of dilutive
potential common stock.
<TABLE>
<CAPTION>
Six Months Ended
December 31,
1999 1998
----------- ---------
<S> <C> <C>
Net income $ 86,897 $ 71,584
Adjustments - -
-------- --------
Income available to common
stockholders used in basic and diluted EPS $ 86,897 $ 71,584
======== ========
Weighted average number of shares used in basic EPS 271,668 305,170
Effect of dilutive securities - -
-------- --------
Weighted number of shares and dilutive potential common stock
used in diluted EPS 271,668 305,170
======== =========
</TABLE>
(8)
<PAGE>
WSB HOLDING COMPANY AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE C - EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
At December 31, 1999, the ESOP had 6,161 allocated shares and 20,287 unallocated
shares. For the purpose of computing earnings per share, all ESOP shares
committed to be released have been considered outstanding.
NOTE D - COMPREHENSIVE INCOME
Total comprehensive income for the six months ended December 31, 1999 and 1998
was $67,014 and $63,654, respectively. Total comprehensive income for the three
months ended December 31, 1999 and 1998 was $95,707 and $82,946, respectively.
(9)
<PAGE>
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The Private Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this discussion,
the words "believes", "anticipates", "contemplates", "expects", and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties which could cause actual results
to differ materially from those projected. Those risks and uncertainties include
changes in interest rates, risks associated with the ability to control costs
and expenses, Year 2000 issues, and general economic conditions. We undertake no
obligation to publicly release the results of any revisions to those forward
looking statements which may be made to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.
General
The following discussion and analysis is intended to assist in understanding the
financial condition and the results of operations of the Company. References to
"we", "us" and "our" refer collectively to WSB Holding Company and Workingmens
Bank.
Financial Condition
Our total consolidated assets of $41,500,000 at December 31, 1999 remained
relatively unchanged from June 30, 1999. At December 31, 1999, we used
approximately $2,000,000 million of our interest-bearing cash and $1,000,000 of
FHLB advances to fund loan originations of $2,000,000 and to purchase $1,000,000
of investment securities held to maturity.
Our deposits decreased $896,000 to $34,355,000 at December 31, 1999 from
$35,250,000 at June 30, 1999. During the quarter ended December 31, 1999,
competing banks in our surrounding area offered higher interest rates on
certificates of deposit accounts than we currently offer. In order to enhance
our profitability, we decided not to match such interest rates.
Results of Operations
Net Income. Net income increased $15,300 or 21.4% to $86,900 for the six months
ended December 31, 1999 from $71,600 for the comparable 1998 period. Net income
increased $19,000 or 70.4% to $46,000 for the three months ended December 31,
1999 from $27,000 for the comparable 1998 period. The increase in net income for
both periods was primarily a result of our increase in core earnings.
Net Interest Income. Net interest income increased $63,000 to $648,000 for the
six months ended December 31, 1999 from $585,000 for the comparable 1998 period.
The increase was primarily due to a $2.55 million increase in the average
interest-earning assets, offset by a 12 basis point decrease in the average
yield earned thereon. The average balance of interest-bearing liabilities
increased by $2.62 million, offset by a 29 basis point decrease in the average
rate paid thereon. The interest rate spread (the difference between our average
yield on our average interest earnings assets and our average cost on our
average interest bearing liabilities) increased to 2.87% for the six months
ended December 31, 1999 from 2.70% for the comparable 1998 paid. Our increase
was primarily the result of decreases in the average interest paid on the
average balance of certificates of deposits.
(10)
<PAGE>
Net interest income increased $27,000 to $332,000 for the three months ended
December 31, 1999 from $305,000 for the comparable 1998 period. The increase was
primarily due to a $1.82 million increase in the average interest-earning assets
and a 20 basis point increase in the average yield earned thereon. The average
balance of interest-bearing liabilities increased by $1.71 million which was
offset by a 5 basis point decrease in the average rate paid on the average
balance of certificates of deposit. Additionally, the interest rate spread
increased to 2.86% for the three months ended December 31, 1999 from 2.61% for
the comparable 1998 period. The increase in the interest rate spread was
primarily the result of an increase in our lending activities which generated a
higher average interest income yield.
Noninterest Income and Noninterest Expense. For the six months and three months
ended December 31, 1999, noninterest income decreased $29,000 and $1,600,
respectively, from the comparable 1998 periods. For the six months and three
months ended December 31, 1998, we recognized gains from the sales of available
for sale securities of $47,000 and $17,800, respectively. Additionally, for the
six months ended December 31, 1998, we recognized a $21,000 gain on the sale of
foreclosed real estate. For the comparable 1999 periods, we had fewer sales in
our available for sale securities portfolio and recognized no sales on
foreclosed real estate.
However, for the six months and three months ended December 31, 1999, we
increased service charges and other fees income $36,000 and $19,000,
respectively, from the comparable 1998 periods. Such increases were primarily
the result of the income we earned from our investment in life insurance for our
executive officers and directors. Such investment is to be used as a
supplemental retirement plan for such officers and directors. For the six months
and three months ended December 31, 1999, we recognized approximately $15,000
and $5,000, respectively, of compensation expenses in connection with such plan.
Additionally, for the six months and three months ended December 31, 1999, other
noninterest expense decreased $28,000 and $21,000, respectively, from the
comparable 1998 periods, due primarily to a decrease in payment of professional
fees.
Liquidity and Capital Resources
Our primary sources of funds are new deposits, proceeds from principal and
interest payments of loans, and repayments on mortgage-backed securities. 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. We maintain liquidity
levels adequate to fund loan commitments, investment opportunities, deposit
withdrawals and other financial commitments. At December 31, 1999, we had
obligations to fund outstanding loan commitments of approximately $936,000, for
which adequate resources were available to fund these loans.
(11)
<PAGE>
Year 2000
Like many financial institutions, we rely on computers to conduct our business
and information systems processing. Industry experts were concerned that on
January 1, 2000, some computers might not be able to interpret the new year
properly, causing computer malfunctions. Some banking industry experts remain
concerned that some computers may not be able to interpret additional dates in
the year 2000 properly. We have operated and evaluated our computer operating
systems following January 1, 2000 and have not identified any errors or
experienced any computer system malfunctions. We will continue to monitor our
information systems to assess whether our systems are at risk of misinterpreting
any future dates and will develop, if needed, appropriate contingency plans to
prevent any potential system malfunction or correct any system failures. We have
not been informed of any such problem experienced by our vendors or our
customers.
However, it is too soon to conclude that there will not be any problems arising
from the Year 2000 problem, particularly with some of our vendors or customers.
We will continue to monitor our significant vendors of goods and services and
customers with respect to any Year 2000 problems they may encounter, as those
issues may effect our ability to continue operations, or might adversely affect
our financial position, results of operations and cash flows. At this time, we
do not believe that these potential problems will materially impact the ability
to continue our operations. However, no assurance can be given that this will be
the case.
(12)
<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
From time to time, the Company and its subsidiary may be a party to
various legal proceedings incident to its or their business. At
December 31, 1999, there were no legal proceedings to which the Company
or any subsidiary was a party, or to which of any of their property was
subject, which were expected by management to result in a material
loss.
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
None
Item 3. Defaults Upon Senior Securities
-------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The annual meeting of shareholders of WSB Holding Company was held on
October 18, 1999.
The shareholders elected the one nominee for director as described
in the proxy statement for the annual meeting. The results for the
re-election of Johanna C. Guehl as director were 200,718 shares or
79.8% in favor, and 50,808 shares or 20.2% withheld. The other
continuing directors are Robert D. Neudorfer, Stanford H. Rosenberg,
Joseph Manfred and John P. Mueller.
The shareholders ratified Stokes Kelly & Hinds, LLC as the independent
auditors of the Company for the fiscal year ending June 30, 2000. The
results were 244,193 shares or 97.1% in favor, and 2,324 shares or .9%
against and 5,009 abstain.
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a)
(3)(i) Restated Articles of Incorporation of WSB Holding
Company*
(3)(ii) Bylaws of WSB Holding Company**
(4) Specimen Stock Certificate of WSB Holding Company**
(10) Employment Agreement between Workingmens Bank and
Robert Neudorfer***
(10.1) 1999 Stock Option Plan****
(10.2) Workingmens Bank Restricted Stock Plan and Trust
Agreement****
(10.3) Form of Supplemental Benefit Agreement*****
(10.4) Form of Split Dollar Agreement*****
(27) Financial Data Schedule (electronic filing only)
(b) Reports on Form 8-K
None
- ------------------------------------
* Incorporated by reference to the registration statement on Form 8-A.
** Incorporated by reference to the registration statement on Form SB-2.
*** Incorporated by reference to the Form 10QSB for December 31, 1998.
**** Incorporated by reference to the Definitive Proxy Statement filed February
6, 1999.
***** Incorporated by reference to the Form 10KSB for June 30, 1999
(13)
<PAGE>
SIGNATURES
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.
WSB Holding Company
Date: February 9, 2000 By /s/ Robert D. Neudorfer
----------------------------------
Robert D. Neudorfer, President
(Principal Financial Officer)
Date: February 9, 2000 By /s/ Ronald W. Moreschi
---------------------------------
Ronald W. Moreschi
Vice President and Treasurer
(Principal Accounting Officer)
(14)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT ON FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-2000
<CASH> 451,966
<INT-BEARING-DEPOSITS> 543,889
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,458,578
<INVESTMENTS-CARRYING> 15,283,390
<INVESTMENTS-MARKET> 17,805,049
<LOANS> 19,176,877
<ALLOWANCE> 161,321
<TOTAL-ASSETS> 41,521,102
<DEPOSITS> 34,354,717
<SHORT-TERM> 2,000,000
<LIABILITIES-OTHER> 412,495
<LONG-TERM> 0
0
0
<COMMON> 33,060
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 0
<INTEREST-LOAN> 706,171
<INTEREST-INVEST> 633,920
<INTEREST-OTHER> 75,993
<INTEREST-TOTAL> 1,416,084
<INTEREST-DEPOSIT> 735,207
<INTEREST-EXPENSE> 768,121
<INTEREST-INCOME-NET> 647,963
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 4,037
<EXPENSE-OTHER> 601,699
<INCOME-PRETAX> 131,346
<INCOME-PRE-EXTRAORDINARY> 131,346
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 86,897
<EPS-BASIC> .32
<EPS-DILUTED> .32
<YIELD-ACTUAL> 3.25
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 165,482
<CHARGE-OFFS> 4,161
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 161,321
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
