FORM 10-QSB
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transaction period from to .
Commission file number: 333-32245
Heartland Bancshares, Inc.
(Exact name of small business issuer as specified in its charter)
Indiana 35-2017085
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
420 North Morton Street, P.O. Box 469, Franklin, Indiana 46131
(Address of principal executive offices)
(317)738-3915
(Registrant's telephone number)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities 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
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
As of May 11, 2000, the latest practicable date, 1,265,000 shares of the
Registrant's Common Stock, no par value, were issued and outstanding.
Transitional Small Business Disclosure Format Yes No X
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HEARTLAND BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
March 31, 2000 and December 31, 1999
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
March 31, December 31,
2000 1999
---- ----
ASSETS
Cash and due from banks $ 5,788 $ 3,598
Federal funds sold 161 75
-------- --------
Total cash and cash equivalents 5,949 3,673
Securities available-for-sale, at market 14,115 13,677
Loans 100,493 91,045
Allowance for loan losses (1,507) (1,365)
-------- --------
Loans, net 98,986 89,680
Premises, furniture and equipment, net 1,801 1,659
Accrued interest receivable and other assets 1,677 1,450
-------- --------
$122,528 $110,139
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Noninterest-bearing deposits $ 10,516 $ 8,707
Interest-bearing demand and savings deposits 32,694 29,428
Interest-bearing time deposits 59,036 50,384
-------- --------
Total deposits 102,246 88,519
Short-term borrowings 2,936 3,519
Other borrowings 5,000 6,000
Accrued interest payable and other liabilities 508 458
-------- --------
110,690 98,496
Shareholders' equity
Common stock, no par value: 10,000,000 shares
authorized; 1,265,000 shares issued and
outstanding 1,265 1,265
Additional paid-in capital 10,466 10,466
Retained earnings 337 105
Accumulated other comprehensive income/(loss) (230) (193)
-------- --------
11,838 11,643
$122,528 $110,139
======== ========
See accompanying notes.
<PAGE>
HEARTLAND BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months ended March 31, 2000 and 1999
(Dollar amounts in thousands, except per share data)
- --------------------------------------------------------------------------------
2000 1999
---- ----
Interest income
Loans, including fees $ 2,242 $ 1,265
Securities:
Taxable 217 166
Non-taxable 6 6
Other 19 15
-------- -------
2,484 1,452
Interest expense
Deposits 1,093 665
Short-term borrowings 44 6
Other borrowings 82 -
-------- -------
1,219 671
Net interest income 1,265 781
Provision for loan losses 157 176
-------- -------
Net interest income after provision for loan losses 1,108 605
Noninterest income
Service charges and fees 65 27
Investment Commissions 59 -
-------- -------
124 27
Noninterest expense
Salaries and employee benefits 486 298
Occupancy and equipment, net 88 49
Data processing 95 62
Printing and Supplies 34 13
Advertising 33 17
Director fees 7 7
Credit reports and other loan expenses 18 14
Professional fees 31 12
Other 54 33
-------- -------
846 505
Income before income taxes 386 127
Income taxes 154 -
-------- -------
Net income $ 232 $ 127
======== =======
Basic and diluted earnings per share $ .18 $ .10
======== =======
See accompanying notes.
<PAGE>
HEARTLAND BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Three Months ended March 31, 2000 and 1999
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
Accumulated
Other Total
Additional Accum- Compre- Share-
Common Paid-in ulated hensive holders'
Stock Capital Deficit Income Equity
----- ------- ------- ------ ------
Balance December 31, 1998 $ 1,265 $10,466 $ (868) $ 53 $ 10,916
Comprehensive income
Net income for three months
Ended March 31, 1999 127 127
Change in unrealized
Gain/(loss) on securities
available-for-sale (82) (82)
---------
Total comprehensive income 45
------- ------- ------- --------- ---------
Balance March 31, 1999 $ 1,265 $10,466 $ (741) $ (29) $ 10,961
======= ======= ======= ========= =========
Balance December 31, 1999 $ 1,265 $10,466 $ 105 $ (193) $ 11,643
Comprehensive income/(loss)
Net income for three months
ended March 31, 2000 232 232
Change in unrealized
loss on securities
available-for-sale (37) (37)
---------
Total comprehensive income 195
------- ------- ------- --------- ---------
Balance March 31, 2000 $ 1,265 $10,466 $ 337 $ (230) $ 11,838
======= ======= ======= ========= =========
See accompanying notes.
<PAGE>
HEARTLAND BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months ended March 31, 2000 and 1999
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
2000 1999
---- ----
Cash flows from operating activities
Net income/(loss) $ 232 $ 127
Adjustments to reconcile net loss to net cash
from operating activities
Depreciation and amortization 33 30
Provision for loan losses 157 176
Change in assets and liabilities:
Accrued interest receivable and other assets (204) (47)
Accrued interest payable and other liabilities 50 133
Net cash from operating activities 268 419
Cash flows from investing activities
Purchase of securities available-for-sale (551) (1,933)
Proceeds from calls and maturities of securities
available-for-sale 57 646
Loans made to customers, net of payments collected (9,463) (11,649)
Net purchases of property and equipment (179) (23)
-------- --------
Net cash from investing activities (10,136) (12,959)
Cash flows from financing activities
Net change in deposit accounts 13,727 11,306
Net change in short-term borrowings (583) (216)
Net change other borrowings (1,000) -
-------- --------
Net cash from financing activities 12,144 11,090
-------- --------
Net change in cash and cash equivalents 2,276 (1,450)
Cash and cash equivalents at beginning of period 3,673 3,163
-------- --------
Cash and cash equivalents at end of period $ 5,949 $ 1,713
======== ========
See accompanying notes.
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
- --------------------------------------------------------------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business: The consolidated financial statements include the
accounts of Heartland Bancshares, Inc. (Heartland) and its wholly-owned
subsidiary, Heartland Community Bank (Bank), after elimination of significant
inter-company transactions and accounts.
Heartland operates primarily in the banking industry, which accounts for more
than 90% of its revenues, operating income and assets. The Bank is engaged in
the business of commercial and retail banking, with operations conducted through
its offices located in Franklin, Greenwood and Bargersville Indiana. The
majority of the Bank's income is derived from commercial and retail business
lending activities and investments. The majority of the Bank's loans are secured
by specific items of collateral including business assets, real property and
consumer assets.
Use of Estimates: To prepare financial statements in conformity with generally
accepted accounting principles, management makes estimates and assumptions based
on available information. These estimates and assumptions affect the amounts
reported in the financial statements and the disclosures provided, and future
results could differ.
Securities: Securities are classified as held to maturity and carried at
amortized cost when management has the positive intent and ability to hold them
to maturity. Securities are classified as available for sale when they might be
sold before maturity. Securities available for sale are carried at fair value,
with unrealized holding gains and losses reported separately in shareholders'
equity, net of tax. Securities are written down to fair value when a decline in
fair value is not temporary. Interest and dividend income, adjusted by
amortization of purchase premium or discount, is included in earnings. The Bank
had no held to maturity securities at March 31, 1999 or 2000.
Loans: Loans are reported at the principal balance outstanding, net of unearned
interest, deferred loan fees and costs, and an allowance for loan losses.
Interest income is reported on the interest method and includes amortization of
net deferred loan fees and costs over the loan term.
Interest income is not reported when full loan repayment is in doubt, typically
when payments are significantly past due. Payments received on such loans are
reported as principal reductions.
Allowance for Loan Losses: The allowance for loan losses is a valuation
allowance, increased by the provision for loan losses and decreased by
charge-offs less recoveries. Management estimates the allowance balance required
based on known and inherent risks in the portfolio, information about specific
borrower situations and estimated collateral values, economic conditions, and
other factors. Allocations of the allowance may be made for specific loans, but
the entire allowance is available for any loan that, in management's judgment,
should be charged-off.
(Continued)
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
- --------------------------------------------------------------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Loan impairment is reported when full payment under the loan terms is not
expected. Impairment is evaluated in total for smaller-balance loans of similar
nature such as residential mortgage, consumer and credit card loans, and on an
individual loan basis for other loans. If a loan is impaired, a portion of the
allowance is allocated so that the loan is reported, net, at the present value
of estimated future cash flows using the loan's existing rate or at the fair
value of collateral if repayment is expected solely from the collateral. Loans
are evaluated for impairment when payments are significantly delayed or when it
is probable that all principal and interest amounts will not be collected
according to the original terms of the loan.
Premises, Furniture and Equipment: Premises, furniture and equipment are stated
at cost less accumulated depreciation. Depreciation expense is recognized over
the estimated useful lives of the assets, principally on the straight-line
method. These assets are reviewed for impairment when events indicate the
carrying amount may not be recoverable. Maintenance and repairs are expensed and
major improvements are capitalized.
Income Taxes: Income tax expense is the sum of the current year income tax due
or refundable and the change in deferred tax assets and liabilities. Deferred
tax assets and liabilities are the expected future tax consequences of temporary
differences between the carrying amounts and tax bases of assets and
liabilities, computed using enacted tax rates. A valuation allowance, if needed,
reduces deferred tax assets to the amount expected to be realized.
Statement of Cash Flows: Cash and cash equivalents are defined to include cash
on hand, amounts due from banks, and federal funds sold. Heartland reports net
cash flows for customer loan transactions, deposit transactions, and short-term
borrowings.
Earnings Per Share: Basic earnings per share is net income divided by the
weighted average number of shares outstanding during the period. Diluted
earnings per common share includes the dilutive effect of additional potential
common shares issuable under stock options.
Comprehensive Income: Comprehensive income consists of net income and other
comprehensive income. Other comprehensive income includes unrealized gains and
losses on securities available for sale which are also recognized as separate
components of equity.
Dividend Restriction: Banking regulations require maintaining certain capital
levels and may limit the dividends paid by the bank to the holding company or by
the holding company to shareholders.
Industry Segment: Internal financial information is primarily reported and
aggregated in one line of business, i.e. banking.
(Continued)
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
- --------------------------------------------------------------------------------
NOTE 2 - GENERAL
These financial statements were prepared in accordance with the Securities and
Exchange Commission instructions for Form 10-QSB and for interim periods do not
include all of the disclosures necessary for a complete presentation of
financial position, results of operations and cash flows in conformity with
generally accepted accounting principles. These financial statements have been
prepared on a basis consistent with the annual financial statements and include,
in the opinion of management, all adjustments, consisting of only normal
recurring adjustments, necessary for a fair presentation of the results of
operations and financial position at the end of and for the periods presented.
NOTE 3 - PER SHARE DATA
The following illustrates the computation of basic and diluted earnings per
share for the three months ended March 31, 2000 and 1999.
2000 1999
---- ----
Basic earnings per share
Net income/(loss) $ 232 $ 127
========== =========
Weighted average shares outstanding 1,265,000 1,265,000
========== =========
Basic earnings per share $ .18 $ .10
========= =========
2000 1999
Dilutive earnings per share
Net income/(loss) $ 232 $ 127
========== =========
Weighted average shares outstanding 1,265,000 1,265,000
Dilutive effect of assumed exercise of
stock options - -
---------- ---------
Diluted average shares outstanding 1,265,000 1,265,000
========== =========
Diluted earnings per share $ .18 $ .10
========= =========
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
MANAGEMENT'S DISCUSSION AND ANALYSIS
MARCH 31, 2000
(Dollar amounts in thousands, except per share data)
- --------------------------------------------------------------------------------
INTRODUCTION
The following discussion focuses on the financial condition at March 31, 2000
compared to December 31, 1999 and the results of operations for the three month
period ended March 31, 2000 in comparison to the three month period ended March
31, 1999 of Heartland Bancshares, Inc. (Heartland). Heartland was incorporated
May 27, 1997.
This discussion should be read in conjunction with the interim financial
statements and related footnotes and the consolidated financial statements and
other financial data, and the Management's Discussion and Analysis of Financial
Condition and Results of Operation included in Heartland's December 31, 1999
Annual Report to Shareholders.
GENERAL
Heartland's plan of operation is centralized around the growth of the Bank. The
primary operation of the Bank is to accept deposits and make loans. The
operating results of Heartland are affected by general economic conditions, the
monetary and fiscal policies of federal agencies and the regulatory policies of
agencies that regulate financial institutions. Heartland's cost of funds is
influenced by interest rates on competing investments and general market rates
of interest. Lending activities are influenced by consumer and commercial
demand, which in turn are affected by the interest rates at which such loans are
made, general economic conditions and the availability of funds for lending
activities.
FINANCIAL CONDITION
Heartland experienced continued growth through the first three months of 2000.
Total assets at March 31, 2000 are $122,528, an increase of $12,389 or 11.25%
from the December 31, 1999 total assets of $110,139. Total gross loans were
$100,493 at March 31, 2000, representing growth of $9,448, or 10.38%, from the
December 31, 1999 total of $91,045.
An increase in total deposits of $13,727 to $102,246 at March 31, 2000, or
15.51% from $88,519 at December 31, 1999 primarily funded the growth in assets.
Short-term borrowings were decreased by $583 from $3,519 at December 31, 1999 to
$2,936 at March 31, 2000. Other borrowings, consisting entirely of Federal Home
Loan Bank Advances, were reduced from $6,000 at December 31, 1999 to $5,000 at
March 31, 2000 with the repayment of a single $1,000 advance.
Heartland's total equity to total asset ratio was 9.66% at March 31, 2000
compared to 10.57% at December 31, 1999. The decline was primarily due to the
growth in assets, offset by the total comprehensive income for the three months
ended March 31, 2000. Book value per common share of Heartland was $9.36 at
March 31, 2000 compared to $9.20 at December 31, 1999. The change in book value
per common share resulted from the total comprehensive income for the three
months ended March 31, 2000.
(Continued)
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
MANAGEMENT'S DISCUSSION AND ANALYSIS
MARCH 31, 2000
(Dollar amounts in thousands, except per share data)
- --------------------------------------------------------------------------------
RESULTS OF OPERATIONS
Heartland recorded net income of $232,000 for the three months ended March 31,
2000 compared to net income of $127,000 for the three months ended March 31,
1999. Interest income for the three months ended March 31, 2000 was $2,484 and
was $1,452 for the three months ended March 31, 1999. The increase in interest
income was primarily related to the increase in average interest earning assets.
Non-interest income was $124 for the three months ended March 31, 2000 and
includes $59 of investment commissions. Comparatively, non-interest income was
$27 for the three months ended March 31, 1999 and included $0 of investment
commissions. Investment commissions are earned on the sale of mutual funds,
annuities, equities and other investments. Heartland uses a third party
broker-dealer to settle trades and pays its internal brokers a percentage of the
commissions received.
Interest expense of $1,219 was incurred during the three months ended March 31,
2000. Interest expense during the three months ended March 31, 1999 was $671.
The increase in interest expense is primarily due to the increase in average
interest bearing liabilities
The Provision for loan losses recorded during the three month periods ended
March 31, 2000 was $157 compared to $176 for the three months ended March 31,
1999.
Salaries and benefits expense was $486 for the three months ended March 31, 2000
compared to $298 for the three months ended March 31, 1999. The increase in
salaries and benefits expense is primarily due to the addition of employees to
staff the third banking office, the investment services department and the
certificate of deposit brokerage program. The certificate of deposit brokerage
program was initiated in January 2000. Investors use the program to invest
amounts over $100 in FDIC insured institutions. Heartland locates the highest
interest rates for available and spreads the investment to keep the amounts in
any individual institution within the FDIC insurance limits. Heartland's revenue
is derived from the difference between the interest rate paid by the institution
issuing the certificate of deposit and the rate paid to the investor over the
life of the certificate. Heartland pays its brokers a percentage of the expected
future cash inflows at the time of the issuance of the certificate.
Net occupancy and equipment expenses of $88 were incurred during the three
months ended March 31, 2000. During the three months ended March 31, 1999 the
net occupancy and equipment expenses were $49. The increase in occupancy and
equipment expenses was primarily due to the opening of an additional banking
office in January 2000.
(Continued)
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
MANAGEMENT'S DISCUSSION AND ANALYSIS
MARCH 31, 2000
(Dollar amounts in thousands, except per share data)
- --------------------------------------------------------------------------------
Data processing expense was $95 for the three months ended March 31, 2000
compared to $62 for the three months ended March 31, 1999. In the fourth quarter
of 1997, the Bank entered into a three-year contract with a third party service
provider for core data processing, with monthly expense partially based on
volume of accounts and transactions. The increase in expense from 1999 to 2000
is primarily due to the increase in volume of accounts and transactions, data
processing costs associated with the additional banking office opened in January
2000 and additional costs related to the implementation of a new loan
documentation software in the first quarter of 2000.
Printing and supplies expense was $34 for the three months ended March 31, 2000
and $13 for the three months ended March 31, 1999. The increase is primarily due
to the increased volume of loan and deposit customers.
Heartland incurred advertising expense of $33 during the three months ended
March 31, 2000 compared to $17 during the three months ended March 31 1999.
Advertising expenses were increased in 2000 to foster continued growth in loans
and deposits.
Professional fees expense for the three months ended March 31, 2000 was $31
compared to $12 for the three months ended March 31, 1999. The increase in
professional fees is related to additional outside loan review and legal fees
related to ongoing loan collection matters and other issues pertinent to
Heartland's ongoing businesses.
The remaining expenses of $54 during the three months ended March 31, 2000 and
$33 during the three months ended March 31, 1999 relate to various other items
such as postage, insurance and training. The increase is primarily due to the
increase in volume of loans and deposits as well as training of employees for a
loan documentation software implemented in the first quarter of 2000.
At December 31, 1998, the Corporation had a net deferred tax asset of $275,
which was reduced to $0 by a valuation allowance. During the three months ended
March 31, 1999 no income tax expense was recorded because the valuation
allowance was reduced by the amount of income tax expense related to the
earnings recorded during the same period. During 1999, the Corporation generated
sufficient profit to fully utilize all existing net operating loss carryforwards
and eliminate the need for a valuation allowance. During the three months ended
March 31, 2000 income tax expense was recorded using the current applicable
state and federal income tax rates.
CAPITAL RESOURCES
Shareholders' equity totaled $11,838 at March 31, 2000, compared to $11,643 at
December 31, 1999. The change is attributable to the total comprehensive income
for the three months ended March 31, 2000. As of March 31, 2000, 1,265,000
shares of common stock were issued and outstanding. Additional paid-in capital
was $10.5 million at December 31, 1999 and March 31, 2000.
(Continued)
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
MANAGEMENT'S DISCUSSION AND ANALYSIS
MARCH 31, 2000
(Dollar amounts in thousands, except per share data)
- --------------------------------------------------------------------------------
LIQUIDITY
Liquidity management for Heartland focuses on the ability to keep funds
available to meet the requirements of withdrawals of depositors and funding of
new loans and investments. The primary source of liquidity for Heartland is the
receipt of new deposits. The Bank has the ability to borrow Federal funds from
other commercial banks on a daily basis. Such borrowings are secured by
investment securities. The Bank also has the ability to borrow from the Federal
Home Loan Bank of Indianapolis with various repayment terms ranging from 1 day
to 15 years. Such borrowings would be secured by a "blanket" collateral
agreement covering all available mortgage loans and investment securities in the
Bank's portfolio. Heartland manages liquidity through the use of deposits with
other financial institutions, Federal Funds and investment securities.
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
PART II
- --------------------------------------------------------------------------------
Item 6 - Exhibits and Reports on Form 8-K:
(a) Exhibit 27: Financial Data Schedule
(b) No reports on Form 8-K were filed during the three months
ended March 31, 2000.
<PAGE>
HEARTLAND BANCSHARES, INC.
FORM 10-QSB
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.
HEARTLAND BANCSHARES, INC.
(Registrant)
Date: 5/11/00 /s/ Steve Bechman
------------ -----------------
Steve Bechman
President and
Chief Executive Officer
Date: 5/11/00 /s/ Jeffery D. Joyce
------------ --------------------
Jeffery D. Joyce
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements contained in the filer's Form 10-QSB for the Quarter
ended March 31, 2000, and is filed in its entirety by reference to such
finanacial statements.
</LEGEND>
<CIK> 0001042905
<NAME> Heartland Bancshares, Inc.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-2000
<PERIOD-START> Jan-01-2000
<PERIOD-END> Mar-31-2000
<CASH> 5,788
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 161
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 14,441
<INVESTMENTS-MARKET> 14,115
<LOANS> 100,493
<ALLOWANCE> 1,507
<TOTAL-ASSETS> 122,528
<DEPOSITS> 102,246
<SHORT-TERM> 7,936
<LIABILITIES-OTHER> 508
<LONG-TERM> 0
0
0
<COMMON> 11,731
<OTHER-SE> 107
<TOTAL-LIABILITIES-AND-EQUITY> 122,528
<INTEREST-LOAN> 2,242
<INTEREST-INVEST> 223
<INTEREST-OTHER> 19
<INTEREST-TOTAL> 2,484
<INTEREST-DEPOSIT> 1,093
<INTEREST-EXPENSE> 1,219
<INTEREST-INCOME-NET> 1,265
<LOAN-LOSSES> 157
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 846
<INCOME-PRETAX> 386
<INCOME-PRE-EXTRAORDINARY> 386
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 232
<EPS-BASIC> .18
<EPS-DILUTED> .18
<YIELD-ACTUAL> 4.52
<LOANS-NON> 206
<LOANS-PAST> 2
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,365
<CHARGE-OFFS> 16
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 1,507
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,507
</TABLE>
