<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D. C. 20549
-----------------------------------
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
---
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 No. 0-23571
PROGRESSIVE BANCORP, INC.
-------------------------
(Exact name of registrant as specified in its charter)
Delaware 36-4178818
------------ ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
601-617 Court Street, Pekin, Illinois 61554
- ------------------------------------- -----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (309)-347-5101
--------------
Not applicable
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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. Yes X . No .
--- ---
Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date.
Class Outstanding June 30, 1998
- ------------------------------------- -------------------------
Common Stock, par value $.01 per share 174,369
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
INDEX
PAGE
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of June 30, 1998
(Unaudited) and September 30, 1997................................ 1
Condensed Consolidated Statements of Income (Unaudited)
for the Three months ended June 30, 1998 and 1997
and the Nine months ended June 30, 1998 and 1997.................. 2
Condensed Consolidated Statements of Cash Flows (Unaudited)
for the Three months ended June 30, 1998 and 1997 and
the Nine months ended June 30, 1998 and 1997...................... 4
Notes to Condensed Consolidated Financial Statements................. 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.............................. 7
PART II. OTHER INFORMATION
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30,
1998 SEPTEMBER 30,
(UNAUDITED) 1997
----------- ----
ASSETS
<S> <C> <C>
Cash and amounts due from banks $ 1,507,443 $ 925,795
Interest-bearing deposits 1,785,278 4,042,707
Money market investments and investment securities:
Held-to-maturity, at amortized cost (estimated fair value
of $5,265,000 and $6,101,695, respectively) 5,224,260 6,095,717
Available-for-sale, at fair value 7,803,000 5,788,174
Mortgage-backed securities:
Held-to-maturity, at amortized cost (estimated fair value
of $3,692,000 and $5,219,101, respectively) 3,669,680 5,185,045
Available-for-sale, at fair value 3,598,000 2,937,508
Loans receivable, net of allowance for loan loss of
$225,093 and $223,121, respectively 60,208,724 57,937,437
Other assets 2,745,802 2,499,858
------------ -----------
TOTAL ASSETS $ 86,542,187 $85,412,241
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 68,305,849 $69,058,706
Borrowed funds 10,500,000 8,000,000
Accrued expenses and other liabilities 1,247,050 1,033,795
------------ -----------
Total liabilities 80,052,899 78,092,501
------------ -----------
Stockholders' equity:
Serial preferred stock, $.10 par value, 50,000 shares
authorized, no shares issued and outstanding - -
Common stock, $.01 par value, 250,000 shares authorized,
174,369 and 168,172 shares issued at June 30, 1998
and September 30, 1997, respectively 1,744 1,682
Paid-in surplus 1,429,263 1,367,605
Retained earnings, substantially restricted 6,321,686 5,898,816
Net unrealized gain on available-for-sale securities,
net of taxes 36,595 51,637
------------ -----------
7,789,288 7,319,740
Treasury stock, 25,000 shares at cost (1,300,000) -
------------ -----------
Total stockholders' equity 6,489,288 7,319,740
------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 86,542,187 $85,412,241
============ ===========
</TABLE>
see accompanying notes to condensed consolidated financial statements.
1
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
-------- --------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable:
First mortgage loans $ 909,140 $ 899,824 $2,701,270 $2,638,046
Other loans 284,212 255,269 850,546 757,817
Mortgage-backed securities 119,155 148,213 373,190 485,927
Interest-bearing deposits 25,625 53,083 116,418 139,444
Money market investments and investment
securities 218,917 184,280 621,639 522,591
------- ------- ------- -------
Total interest income 1,557,049 1,540,669 4,663,063 4,543,825
--------- --------- --------- ---------
INTEREST ON DEPOSITS 841,990 831,042 2,570,650 2,468,255
INTEREST ON BORROWED FUNDS 140,744 120,777 380,368 362,331
------- ------- ------- -------
Total interest expense 982,734 951,819 2,951,018 2,830,586
------- ------- --------- ---------
Net interest income 574,315 588,850 1,712,045 1,713,239
PROVISION FOR LOAN LOSSES 4,000 3,000 10,001 9,000
----- ----- ------ -----
Net interest income after provision
for loan losses 570,315 585,850 1,702,044 1,704,239
------- ------- --------- ---------
NONINTEREST INCOME
Net gain on sales of securities available-
for-sale - 4,381 32,400 4,381
Net gain on sales of loans held-for-sale 20,297 10,595 79,209 53,919
Loan origination fees 38,040 28,175 103,357 81,162
Other 154,554 129,378 455,175 436,712
------- ------- ------- -------
Total noninterest income 212,891 172,529 670,141 576,174
------- ------- ------- -------
</TABLE>
2
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
-------- --------
1998 1997 1998 1997
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
NONINTEREST EXPENSE
Compensation and benefits $255,657 $246,872 $ 773,900 $ 758,777
Other operating expenses 235,933 210,441 682,056 661,374
-------- -------- ---------- ----------
Total noninterest expense 491,590 457,313 1,455,956 1,420,151
-------- -------- ---------- ----------
Income before income taxes 291,616 301,066 916,229 860,262
INCOME TAXES 110,248 111,454 344,240 314,650
------- ------- ------- -------
NET INCOME $181,368 $189,612 $571,989 $545,612
======== ======= ======= =======
INCOME PER SHARE
Basic $ 1.18 $ 1.13 $ 3.50 $ 3.25
==== ==== ==== ====
Diluted $ 1.12 $ 1.07 $ 3.30 $ 3.08
==== ==== ==== ====
Weighted average number of common
shares outstanding:
Basic 154,288 168,172 163,547 167,963
======== ======== ======== ========
Diluted 161,700 177,811 173,111 177,350
======== ======== ======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
------- -------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net cash provided by (used in) operating
activities $ (102,381) $ 241,082 $ 473,154 $ 649,162
--------- -------- -------- --------
CASH FLOWS FROM INVESTING
ACTIVITIES
Principal received on mortgage-backed
securities 751,370 377,223 1,882,897 1,340,764
Proceeds from the maturity of investment
securities 1,000,000 - 2,500,000 1,000,000
Proceeds from sale of investment securities
available-for-sale - - 1,024,531 1,903
Proceeds from sale of mortgage-backed
securities available-for-sale - 885,061 - 885,061
Purchase of investment securities (515,500) (2,021,529) (4,649,195) (2,537,560)
Purchase of mortgage-backed securities (514,769) - (1,017,269) -
Net (increase) decrease in loans receivable (1,158,353) (473,800) (2,369,729) 589,381
Other 18,000 (29,786) 241 (5,286)
---------- ---------- ---------- ----------
Net cash provided by (used in)
investing activities (419,252) (1,262,831) (2,628,524) 1,274,263
---------- ---------- ---------- ----------
CASH FLOWS FROM FINANCING
ACTIVITIES
Net increase (decrease) in deposits 268,860 1,803,115 (752,857) 978,431
Proceeds from FHLB advances 1,000,000 - 2,500,000 -
Payments to acquire treasury stock (1,300,000) - (1,300,000) -
Other (314,053) (327,439) 32,446 26,240
---------- ---------- ---------- ----------
Net cash provided by (used in)
financing activities (345,193) 1,475,676 479,589 1,004,671
---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (866,826) 453,927 (1,675,781) 2,928,096
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 4,159,547 5,164,425 4,968,502 2,690,256
--------- --------- --------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 3,292,721 $ 5,618,352 $ 3,292,721 $ 5,618,352
========== ========== ========== ==========
</TABLE>
4
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
-------- --------
1998 1997 1998 1997
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
Cash paid during the periods for:
Interest on deposits and borrowed funds $979,024 $952,807 $2,940,566 $2,831,077
======== ======== ========== ==========
Income taxes, net of refunds $ 28,707 $102,303 $ 118,023 $ 71,123
======== ======== ========== ==========
SUPPLEMENTAL DISCLOSURES OF
NONCASH INVESTING ACTIVITIES
Transfers from loans to real estate acquired
through foreclosure $ - $ 6,315 $ 241,441 $ 24,643
======== ======== ========== ==========
Additions to loans resulting from sales of
real estate owned $153,000 $ - $ 153,000 $ 74,400
======== ======== ========== ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
5
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
On October 10, 1997, the stockholders approved the reorganization of Pekin
Savings, s.b. (Bank) into a holding company form of ownership to which the Bank
became a wholly owned subsidiary of Progressive Bancorp, Inc. (Company), a newly
formed Delaware corporation, and each outstanding share of common stock of the
Bank was exchanged for one share of common stock of Progressive Bancorp, Inc.
On November 6, 1997, the reorganization was completed. The transaction was
accounted for in a manner similar to the pooling-of-interest method of
accounting. Accordingly, the financial information relating to periods prior to
November 6, 1997 is reported under the name of Progressive Bancorp, Inc.
The stockholders also approved an amendment to the Articles of Incorporation of
the Bank to change the name of the Bank from Pekin Savings, s.b. to "Pekin
Savings Bank."
The Company's unaudited consolidated financial statements were prepared in
accordance with the instructions for Form 10-QSB and, therefore, do not include
information or footnotes necessary for a complete presentation of financial
position, results of operations, and cash flows in conformity with generally
accepted accounting principles. In the opinion of management of the Company,
however, the consolidated financial statements reflect all adjustments
(consisting of only normal recurring accruals) which are necessary to present
fairly the consolidated financial position and the consolidated results of
operations of the Company. The consolidated results of operations for the nine
month periods ended June 30, 1998 and 1997 are not necessarily indicative of the
results which may be expected for an entire year.
NOTE 2 - EARNINGS PER COMMON SHARE
Basic earnings per share is computed based upon the weighted average number of
common shares outstanding during the period. Earnings per common share -
assuming dilution is computed based upon the weighted average number of shares
outstanding during the period plus the shares that would be outstanding assuming
the exercise of the dilutive stock options. The number of shares that would be
issued from the exercise of stock options has been reduced by the number of
shares that could have been purchased from the proceeds at the average market
price of the Company's stock.
NOTE 3 - YEAR 2000 COMPLIANCE
A significant issue has emerged in the banking industry and for the economy
overall regarding how existing application software programs and operating
systems can accommodate the date value for the year 2000. The financial impact
to the Company to ensure year 2000 compliance is not anticipated by management
to be material to the financial position, results of operations, or cash flow of
the Company.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Total assets increased by $1.1 million or 1.3 percent from September 30, 1997 to
June 30, 1998. Interest-bearing deposits decreased $2.3 million or 55.8 percent
from September 30, 1997 to June 30, 1998. All money market investments and
investment securities increased $1.1 million or 9.6 percent from September 30,
1997 to June 30, 1998. Loans receivable, net increased $2.3 million or 3.9
percent for this period. Deposits decreased $753,000 or 1.1 percent from
September 30, 1997 to June 30, 1998. Borrowed funds increased $2.5 million or
31.3 percent from September 30, 1997 to June 30, 1998.
CAPITAL
Total equity decreased $830,000 or 11.3 percent to $6.5 million during the nine
months ended June 30, 1998. During the three months ended June 30, 1998, the
Company acquired 25,000 shares of treasury stock at $52.00 per share and paid
dividends of $149,000. The FDIC requires that the Company meet minimum amounts
and ratios of total and Tier I Capital (as defined in the regulations) to risk-
weighted assets (as defined), and Tier I Capital (as defined) to average assets
(as defined). As of June 30, 1998, the Company had total capital of $6.6
million or 15.6 percent of risk-weighted assets, Tier I Capital of $6.4 million
or 15.1 percent of risk-weighted assets, and Tier I Capital of $6.4 million or
7.4 percent of average assets. As of June 30, 1998, the Company was in full
compliance with all three minimum capital requirements.
LIQUIDITY
FDIC regulations require that savings banks maintain an average daily balance of
liquid assets (cash, certain time deposits, bankers' acceptances, and specified
United States Government, state, or federal agency obligations) equal to a
monthly average of not less than 5 percent of its net withdrawable deposits plus
short-term borrowing. At June 30, 1998, the Company's average liquidity
position was $13.5 million or 18.5 percent compared to $12.9 million or 18.1
percent at September 30, 1997. The Company adjusts its liquidity levels in
order to meet funding needs for deposit outflows, payment of real estate taxes
escrowed on mortgage loans, repayment of borrowing, when applicable, and loan
commitments. The Company also adjusts liquidity as appropriate to meet its
asset, liability, and management objectives.
7
<PAGE>
RESULTS OF OPERATIONS
INTEREST INCOME
Interest income increased 1.1 percent or $16,000 for the three months ended June
30, 1998, compared to the three months ended June 30, 1997. Interest income
increased by 2.6 percent or $119,000 for the nine months ended June 30, 1998,
compared to the nine months ended June 30, 1997. The increase in interest
income for the three months ended June 30, 1998 resulted from an increase in
average interest-earning assets to $82.5 million from $80.3 million, for a 2.7
percent increase compared to the three months ended June 30, 1997. Average
interest-earning assets for the nine months ended June 30, 1998 increased to
$82.3 million from $79.8 million, for a 3.1 percent increase from the nine
months ended June 30, 1997. The increase in interest income was offset by a
decrease in the average yield on interest-earning assets for the three months
ended June 30, 1998, to 7.87 percent compared to 7.93 percent for the three
months ended June 30, 1997. The average yield on interest-earning assets for
the nine months ended June 30, 1998, of 7.85 percent compared to 7.87 percent
for the nine months ended June 30, 1997, offset the increase in interest income
for the respective nine months.
INTEREST EXPENSE
Interest expense increased 3.2 percent or $31,000 for the three months ended
June 30, 1998 compared to the three months ended June 30, 1997. Interest
expense also increased 4.3 percent or $120,000 for the nine months ended June
30, 1998, compared to the nine months ended June 30, 1997. The increase in
interest expense for the three months ended June 30, 1998, was due to an
increase in average deposits and borrowed funds of $2.3 million from $75.7
million to $78.0 million. The average weighted costs of the deposits and
borrowed funds increased to 5.04 percent for the three months ended June 30,
1998, compared to the 5.03 percent for the three months ended June 30, 1997.
The increase in interest expense for the nine months ended June 30, 1998,
resulted from an increase in average deposits and borrowed funds of $1.9 million
from $75.4 million to $77.3 million. The average costs of these funds also
increased to 5.09 percent from 5.00 percent for the respective nine months ended
June 30, 1998 and 1997. The Company continues to offer competitive savings
deposit rates on all its savings products to try to retain its deposit base in a
very competitive market. The Company will continue to use its borrowing
authority from the seventh district Federal Home Loan Bank to augment its
financing needs.
NET INTEREST INCOME
Net interest income decreased by 2.5 and 0.1 percent or $15,000 and $1,000 for
the respective three months and nine months ended June 30, 1998, as compared to
June 30, 1997. The primary cause of the decrease in net interest income for the
comparable three months ended June 30, 1998 and June 30, 1997, was a decrease in
the net interest spread to 2.83 percent from 2.90 percent. The net interest
spread also decreased to 2.76 percent for the nine months ended June 30, 1998,
compared to 2.87 percent for the nine months ended June 30, 1997.
8
<PAGE>
PROVISION FOR LOAN LOSSES
The provision for loan losses increased $1,000 to $4,000 for the three months
ended June 30, 1998, compared to $3,000 for the three months ended June 30,
1997. The provision of $10,000 for the nine months ended June 30, 1998
increased $1,000 for the comparable nine months ended June 30, 1997. The
Company increased its loan loss provision in the consumer loan portfolio due to
increased loan charge offs. The Company also continues to closely monitor its
problem loans for potential losses.
NONINTEREST INCOME
Noninterest income increased by 23.4 percent or $40,000 for the three months
ended June 30, 1998 and increased 16.3 percent or $94,000 for the nine months
ended June 30, 1998, as compared to the three and nine months ended June 30,
1997. Net gain on sales of loans held-for-sale increased $10,000 for the three
months ended June 30, 1998 compared to the comparable period ended June 30,
1997, and increased $25,000 for the comparable nine months ended June 30, 1998
and June 30, 1997. Due to increased loan originations in both the three months
and nine months ended June 30, 1998, compared to the same periods ended June 30,
1997, loan origination fees increased $10,000 for the three month periods and
increased $22,000 for the nine month period. While there was no net gain on
sales of securities available-for-sale in the three months ended June 30, 1998,
the gain for the nine months ended June 30, 1998, increased $28,000 over the
comparable period ended June 30, 1997.
NONINTEREST EXPENSE
Noninterest expense increased 7.5 percent or $34,000 for the comparable three
months ended June 30, 1998 and June 30, 1997. Noninterest expense also
increased 2.5 percent or $36,000 for the nine months ended June 30, 1998,
compared to the nine months ended June 30, 1997.
NET INCOME
Net income decreased 4.3 percent or $8,000 for the three months ended June 30,
1998, compared to the three months ended June 30, 1997. This decrease was
caused mainly by the Company's increased interest expense on deposits and
borrowed funds. Net income increased 4.8 percent or $26,000 for the nine months
ended June 30, 1998, compared to the nine months ended June 30, 1997. This
increase was mainly due to the Company's increase in loan originations; thereby
increasing loan origination fees and taking advantage of the market to sell
securities available-for-sale and increasing sales of loans held-for-sale.
9
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDING
There are no material legal proceedings to which the Company or the Bank is a
party or of which any of their property is subject. From time to time, the
Bank is a party to various legal proceedings incident to its business.
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
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits: none
(b) Reports on Form 8-K: none
10
<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.
PROGRESSIVE BANCORP, INC.
-------------------------
(Registrant)
DATE: August 13, 1998 BY: /s/ Arthur E. Krile, Jr.
--------------- -------------------------------------
Arthur E. Krile, Jr.
President and Chief Executive Officer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 1,507,443
<INT-BEARING-DEPOSITS> 1,785,278
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 11,401,000
<INVESTMENTS-CARRYING> 8,893,940
<INVESTMENTS-MARKET> 9,317,000
<LOANS> 60,433,817
<ALLOWANCE> 225,093
<TOTAL-ASSETS> 86,542,187
<DEPOSITS> 68,305,849
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,247,050
<LONG-TERM> 10,500,000
0
0
<COMMON> 1,744
<OTHER-SE> 6,487,544
<TOTAL-LIABILITIES-AND-EQUITY> 86,542,187
<INTEREST-LOAN> 3,551,816
<INTEREST-INVEST> 1,111,247
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 4,663,063
<INTEREST-DEPOSIT> 2,570,650
<INTEREST-EXPENSE> 2,951,018
<INTEREST-INCOME-NET> 1,712,045
<LOAN-LOSSES> 10,001
<SECURITIES-GAINS> 32,400
<EXPENSE-OTHER> 1,455,956
<INCOME-PRETAX> 916,229
<INCOME-PRE-EXTRAORDINARY> 571,989
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 571,989
<EPS-PRIMARY> 3.50
<EPS-DILUTED> 3.30
<YIELD-ACTUAL> 2.08
<LOANS-NON> 0
<LOANS-PAST> 205,182
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 442,320
<ALLOWANCE-OPEN> 223,121
<CHARGE-OFFS> 8,160
<RECOVERIES> 131
<ALLOWANCE-CLOSE> 225,093
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 225,093
</TABLE>
