<PAGE>
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] Quarterly report under Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1998
Commission file number 333-34153
High Country Bancorp, Inc.
- ----------------------------------------------------------------
(Exact Name of Small business Issuer as Specified in Its
Charter)
Colorado 84-1438612
- ------------------------------- -------------------
(State of Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
130 West 2nd Street, Salida Colorado 81201
-------------------------------------------
(Address of Principal Executive Offices)
719-539-2516
--------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer's: (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during
the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90- days.
Yes X No
------ -----
State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date:
Shares of common stock outstanding as of March 31, 1998
1,322,500
<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Consolidated Statements of Condition at
June 30, 1997 and March 31, 1998 3
Consolidated Statements of Income for
the Nine and Three Months Ended
March 31, 1998 and 1997 4
Consolidated Statement of Cash Flows
for the Nine Months Ended March 31,
1998 and 1997 5
Notes to Financial Statements 6 - 7
Item 2: Management's Discussion and Analysis
of Financial Condition and Results of
Operations 8 - 11
PART II - OTHER INFORMATION
Item 1: Legal Proceedings 12
Item 2: Changes in Securities 12
Item 3: Defaults Upon Senior Securities 12
Item 4: Submission of Matters to a Vote
of Security Holders 12
Item 5: Other Information 12
Item 6: Exhibits and Reports on Form 8-K 12
Signature 12
2<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, June 30,
1998 1997
ASSETS ------------ ------------
<S> <C> <C>
Cash and amounts due from banks $ 1,731,361 $ 894,995
Interest-bearing deposits at other institutions 6,912,661 2,381,315
Securities held-to-maturity 4,906,414 5,339,762
Loans receivable, net 74,090,838 63,126,864
Federal Home Loan Bank stock, at cost 1,046,000 988,500
Accrued interest receivable 694,314 595,007
Property and equipment, net 2,461,503 2,507,398
Mortgage servicing rights 31,186 35,352
Prepaid expenses and other assets 383,553 454,909
----------- -----------
TOTAL ASSETS $92,257,830 $76,324,102
=========== ===========
LIABILITIES AND EQUITY
LIABILITIES
Deposits $58,891,721 $56,152,178
Advances by borrowers for taxes and insurance -- 127,175
Accounts payable and other liabilities 638,240 491,929
Advances from Federal Home Loan Bank 14,455,000 13,520,000
Accrued income taxes payable 176,000 --
Deferred income taxes 50,000 74,600
----------- -----------
TOTAL LIABILITIES 74,210,961 70,365,882
----------- -----------
Commitments and contingencies
EQUITY
Preferred stock - $.01 par value;
authorized 1,000,000 shares; no
shares issued or outstanding -- --
Common Stock - $.01 par value;
authorized 3,000,000 shares; issued
and outstanding 1,322,500 shares 13,225 --
Paid-in capital 12,677,768 --
Retained earnings, substantially restricted 6,413,876 5,958,220
Note receivable from ESOP Trust (1,058,000) --
----------- -----------
TOTAL EQUITY 18,046,869 5,958,220
----------- -----------
TOTAL LIABILITIES AND EQUITY $92,257,830 $76,324,102
=========== ===========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest Income
Interest on loans $1,609,529 $1,317,039 $4,599,051 $3,775,594
Interest on securities available-for-sale -- 1,874 -- 18,172
Interest on securities held-to-maturity 82,302 101,858 255,892 318,059
Interest on other interest-bearing assets 97,779 15,940 249,086 53,237
---------- ---------- ---------- ----------
Total interest income 1,789,610 1,436,711 5,104,029 4,165,062
---------- ---------- ---------- ----------
Interest Expense
Deposits 560,968 546,937 1,800,557 1,622,690
Federal Home Loan Bank advances 203,735 160,435 614,441 399,356
---------- ---------- ---------- ----------
Total interest expense 764,703 707,372 2,414,998 2,022,046
---------- ---------- ---------- ----------
Net interest income 1,024,907 729,339 2,689,031 2,143,016
Provision for losses on loans 59,878 32,400 159,378 77,200
---------- ---------- ---------- ----------
Net interest income after provision
for loan losses 965,029 696,939 2,529,653 2,065,816
---------- ---------- ---------- ----------
Noninterest Income
Service charges on deposits 38,086 31,838 110,561 90,731
Other 4,752 2,702 14,277 11,479
---------- ---------- ---------- ----------
Total noninterest income 42,838 34,540 124,838 102,210
---------- ---------- ---------- ----------
Noninterest Expense
Compensation and benefits 384,545 271,043 1,110,563 821,198
Occupancy and equipment 138,737 128,661 412,791 345,212
Insurance and professional fees 47,046 24,853 114,373 135,990
Other 122,484 82,832 283,162 272,677
SAIF special assessment -- -- -- 296,578
---------- ---------- ---------- ----------
Total noninterest expense 692,812 507,389 1,920,889 1,871,655
---------- ---------- ---------- ----------
Income before income taxes 315,055 224,090 733,602 296,371
Income tax expense 120,422 82,913 277,946 109,657
---------- ---------- ---------- ----------
Net income $ 194,633 $ 141,177 $ 455,656 $ 186,714
========== ========== ========== ==========
Basic Earnings Per Common Share $ 0.16 $ 0.17
========== ==========
Based on income allocated from December 9, 1997
Diluted Earnings Per Common Share $ 0.16 $ 0.17
========== ==========
Weighted Average Common Shares
Outstanding Basic 1,322,500 1,322,500
Diluted 1,322,500 1,322,500
</TABLE>
See Notes to Consolidated Financial Statements
4<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
March 31,
1998 1997
---------- ----------
<S> <C> <C>
Operating Activities
Net income $ 455,656 $ 186,714
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of:
Depreciation loan origination fees (95,059) (58,047)
Discounts on investments 13,901 15,842
Stock dividend received from FHLB (57,500) (28,000)
ESOP market value expense 36,709 -
Provision for losses on loans 159,378 77,200
Deferred income taxes (24,600) -
Depreciation 136,849 114,496
Net change in miscellaneous assets (23,785) (178,237)
Net change in miscellaneous liabilities 322,311 28,815
----------- -----------
Net cash provided by operating
activities 923,860 158,783
----------- -----------
Investing Activities
Net change in loans receivable (11,028,293) (11,476,855)
Proceeds from sale of securities available-
for-sale -- 1,000,000
Principal repayments of mortgage-backed
securities held-to-maturity 729,447 904,122
Purchases of property and equipment (90,954) (587,644)
Purchase of securities held to maturity (310,000) --
Purchase FHLB stock -- (32,800)
----------- -----------
Net cash used by investing activities (10,699,800) (10,193,177)
----------- -----------
Financing Activities
Issuance of common stock 11,596,284 --
Net increase in deposit accounts 2,739,543 5,859,457
Net increase (decrease) in mortgage
escrow funds (127,175) (118,472)
Proceeds (payment)on FHLB advances 935,000 5,335,000
----------- -----------
Net cash provided by financing
activities 15,143,652 11,075,985
----------- -----------
Net increase in cash and cash
equivalents 5,367,712 1,041,591
Cash and cash equivalents, beginning 3,276,310 2,087,997
----------- -----------
Cash and cash equivalents, ending $ 8,644,022 $ 3,129,588
=========== ===========
Supplemental disclosure of cash flow
information
Cash paid for:
Taxes $ 68,258 $ 90,680
Interest $ 1,794,528 $ 1,614,221
</TABLE>
See Notes to Consolidated Financial Statements
5<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 1998
Note 1. Nature of Business
High Country Bancorp, Inc. (the "Company") was incorporated
under the laws of the State of Colorado for the purpose of
becoming the holding company of Salida Building and Loan
Association (the "Association") in connection with the
Association's conversion from a federally chartered mutual
savings and loan association to a federally chartered stock
savings and loan association, pursuant to its Plan of
Conversion. The Company was organized in August 1997 to acquire
all of the common stock of Salida Building and Loan Association
upon its conversion to stock form. A subscription and community
offering of the Company's shares was completed on December 9,
1997.
Note 2. Basis of Presentation
The accompanying unaudited consolidated financial
statements,(except for the statement of financial condition at
June 30, 1997, which is audited) have been prepared in
accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form
10-QSB of Regulation S-X. Accordingly, they do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the
opinion of management all adjustments necessary for a fair
presentation of the financial position and results of operations
for the periods presented have been included. The financial
statements of the Company are presented on a consolidated basis
with those of Salida Building and Loan Association. The results
of operations for the nine months ended March 31, 1998 are not
necessarily indicative of the results of operations that may be
expected for the year ended June 30, 1998. The preparation of
financial statements in conformity with generally accepted
accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and
liabilities as the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1997 Salida Building
and Loan Association financial statements.
Note 3. Regulatory Capital Requirements
At March 31, 1998, the Association met each of the three current
minimum regulatory capital requirements. The following table
summarizes the Association's regulatory capital position at
March 31, 1998:
Tangible Capital:
Actual $12,177,000 14.00%
Required 1,305,000 1.50
Excess $10,872,000 12.50%
Core Capital:
Actual $12,177,000 14.00%
Required 2,609,000 3.00
Excess $9,568,000 11.00%
Risk-Based Capital:
Actual $12,866,000 23.33%
Required 4,412,000 8.00
Excess $8,454,000 15.33%
Tangible and core capital levels are shown as a percentage of
total adjusted assets; risk-based capital levels are shown as a
percentage of risk-weighted assets.
6<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 1998
Note 4. Mutual to Stock Conversion
On May 15, 1997, The Board of Directors of the Salida Building
and Loan Association adopted a Plan of Conversion (the Plan)
under which the Association would convert from a federally
charted mutual savings and loan association to a federally
chartered stock savings and loan association and become a
wholly-owned subsidiary of the Company formed in connection with
the Conversion. The Plan was approved by the Office of Thrift
Supervision (OTS) and included the filing of a registration
statement with Securities and Exchange Commission. The Plan was
approved by the members of the Association at a special meeting
held December 1, 1997. In accordance with the Plan, the Company
issued common stock which was sold in the Conversion. The
closing of the offering occurred on December 9, 1997 and
resulted in a stock subscription of $13,225,000 (including
$1,058,000 in shares subscribed by the ESOP). The Company
transferred fifty percent of the net proceeds for the purchase
of all of the capital stock of the Association.
The costs of issuing the common stock were deducted from the
proceeds of the stock sale, and amounted to $570,716.
For the purpose of granting eligible members of the Association
a priority in the event of future liquidation, the Association,
at the time of conversion, established a liquidation account
equal to its regulatory capital as of the date of the latest
balance sheet used in the final conversion offering circular.
In the event (and only in such event) of future liquidation of
the converted Association, an eligible savings account holder
who continues to maintain a savings account shall be entitled
to receive a distribution from the liquidation account, in the
proportionate amount of the then-current adjusted balance of the
savings deposits then held, before any distributions may be made
with respect to capital stock.
The Association may not declare or pay a cash dividend on its
common stock if its net worth would thereby be reduced below
either the aggregate amount then required for the liquidation
account or the minimum regulatory capital requirements imposed
by federal regulations.
The ESOP stock purchases were financed by issuing a note to the
Company for the entire purchase.
Note 5. Earnings Per Share
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share, effective for
the quarter ended December 31, 1997. The statement requires
dual presentations of basic and diluted earnings per share on
the face of the income statement and requires a reconciliation
of the numerator and denominator of the basic EPS computation
to the numerator and denominator of the diluted EPS computation.
Basic EPS excludes dilution and is computed by dividing income
available to common stockholders by the weighted-average number
of common shares outstanding for the period. Diluted EPS
reflects the potential dilution that could occur if securities
or other contracts to issue common stock were exercised or
converted into common stock or resulted in the issuance of
common stock that then shares in the earnings of the entity.
7
<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 1997 AND MARCH 31,
1998
The Company's total assets increased by $15.9 million or 20.84%
from $76.3 million at June 30, 1997 to $92.2 million at March
31, 1998. The increase in assets was due to net proceeds
received from common stock issued in the amount of $12.7 million
and loan growth.
The Company's net loan portfolio increased by approximately
$11.0 million during the nine months ended March 31, 1998. Net
loans totaled $74.1 million at March 31, 1998 and $63.1 million
at June 30, 1997. The increase in loans included residential
mortgage loans increasing $7.7 million, auto loans increasing
$1.7 million and commercial loans increasing $1.7 million. The
growth in loans is due to significant refinancing of residential
mortgage loans, special auto loan rates and seasonal commercial
loan demand.
The allowance for loan losses totaled $700,000 at March 31, 1998
and $604,000 at June 30, 1997. As of those dates the non-
performing loans in its portfolio were $419,000 and $140,000.
The total non-performing loans at March 31, 1998 include 28
loans to consumer and small business borrowers. The largest
loan balance is $90,000 and the loans are secured by single
family residences, equipment and autos. There were $64,000 of
loans charged off and $1,000 of recoveries of previous loan
losses during the nine months ended March 31, 1998. The
determination of the allowance for loan losses is based on
management's analysis, performed on a quarterly basis, of
various factors, including the market value of the underlying
collateral, growth and composition of the loan portfolio, the
relationship of the allowance for loan losses to outstanding
loans, historical loss experience, delinquency trends and
prevailing economic conditions. Although management believes
its allowance for loan losses is adequate, there can be no
assurance that additional allowances will not be required or
that losses on loans will not be incurred. The Company has had
minimal losses on loans in prior years. At March 31, 1998, the
ratio of the allowance for loan losses to net loans was .94%. as
compared to .96% at June 30, 1997.
At March 31, 1998, the Company's investment portfolio included
mortgage-backed securities and local municipal bonds classified
as "held to maturity" carried at amortized cost of $4.9 million
and an estimated fair value of $5.0 million. The balance of the
Company's investment portfolio at March 31, 1998 consists of
interest bearing deposits with various financial institutions
totaling $6.9 million.
At March 31, 1998 deposits increased to $58.9 million from $56.2
million at June 30, 1997 or a net increase of 4.81%. Management
is continually evaluating the investment alternatives available
to the Company's customers, and adjusts the pricing on its
savings products to maintain its existing deposits.
Advances from the Federal Home Loan Bank increased from $13.5
million at June 30, 1997 to $14.5 million as of March 31, 1998.
The increase was used to fund loan growth.
The Company's total equity went from $6.0 million as of June 30,
1997 to $18.0 million as of March 31, 1998. The increase is due
to the net proceeds of common stock issued. The Company issued
1,322,500 shares of common stock at $10.00 per share in December
1997. The proceeds of the issue were used to purchase all of
the common stock of Salida Building and Loan, funding an ESOP
note receivable, and investing in overnight deposits.
8
<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH
31, 1998 AND 1997
Net Income. The Company's net income for the three months ended
March 31, 1998 was $195,000 as compared to net income of
$141,000 for the three months ended March 31, 1997. The
increase in net income for the three months ended March 31, 1998
resulted principally from increased interest income.
Net Interest Income. Net interest income for the three months
ended March 31, 1998 was $1,025,000 compared to $729,000 for the
three months ended March 31, 1997. The increase in net interest
income for the three months ended March 31, 1998 was due to an
increase in interest earning assets from $69.3 million as of
March 31, 1997 to $87.2 million as of March 31, 1998, less the
effect of the increase in interest bearing accounts from $65.3
million at March 31, 1997 to $70.0 million at March 31, 1998.
The average yield on earning assets also increased from 8.33%
for the three months ending March 31, 1997 to 8.46% for the
three months ending March 31,1998. The yield increase offset
the change in the average cost of interest bearing liabilities
which increased from 4.44% for the three months ending March 31,
1997 to 4.52% for the three months ending March 31, 1998.
Allowance for Loan Losses. The provision for loan losses for
the three months ended March 31, 1998 was $60,000 as compared to
$32,000 for the three months ended March 31, 1997. The increase
in the provision was due to the increase in the balance of loans
held by the Association, the mix of loans being made and the
need to maintain an adequate balance in the allowance for loan
losses.
Non-interest Expenses. Non-interest expenses were $693,000 for
the three months ended March 31, 1998 as compared to $507,000
for the three months ended March 31, 1997. The increase is
attributable to increases in total compensation and benefits
associated with a greater number of employees, ESOP expenses,
Company legal, accounting and other expenses, and the new branch
that was opened.
COMPARISON OF OPERATING RESULTS FOR THE NINE MONTHS ENDED MARCH
31, 1998 AND 1997
Net Income. The company's net income for the nine months ended
March 31, 1998 was $456,000 compared to $187,000 for the nine
months ended March 31, 1997. The decrease in earnings for the
nine months ended March 31, 1997 is attributed to the special
SAIF assessment of approximately $297,000. The net income for
the nine months ended March 31, 1998 was affected by increased
interest earnings from the proceeds of the stock sale and loan
growth less the expenses associated with additional employees,
ESOP expenses, and the new branch that was opened.
Net Interest Income. Net interest income for the nine months
ended March 31, 1998 was $2,689,000 compared to $2,143,000 for
the nine months ended March 31, 1997. The increase is
attributed to interest earned on interest earning assets due to
the net proceeds of the stock issue and loan growth less the
increase in interest due to the increase in deposits from $55.4
million as of March 31, 1997 to $58.9 as of March 31, 1998 and
the increase in FHLB advances from $12.5 million as of March 31,
1997 to $14.5 million as of March 31, 1998. The average yield
on interest earning assets increased from 8.38% for the nine
months ending March 31, 1997 to 8.45% for the nine months ending
March 31, 1998. The increase in yields was offset by an
increase in the average cost of interest bearing liabilities
from 4.47% for the nine months ending March 31, 1997 to 4.73%
for the nine months ending March 31, 1998. The increase in the
average cost was primarily due to an increased reliance on FHLB
advances which generally have a higher average cost than
deposits.
9
<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Allowance for Loan Losses. The provision for the nine months
ended March 31, 1998 was $159,000 as compared to $77,000 for the
nine months ended March 31, 1997. The increase in the provision
was due to the increase in the balance of loans held by the
Association, the mix of loans being made and the need to
maintain an adequate balance in the allowance for loan losses.
Non-interest Expenses and SAIF Special Assessment. The non-
interest expenses for the nine months ended March 31, 1998 were
$1,921,000 compared to $1,872,000 for the nine months ended
March 31, 1997. The increase was attributable to increases in
compensation and benefits, ESOP expenses, costs of the branch
opened in Buena Vista, Colorado and Company expenses. These
items offset the SAIF special assessment of $297,000 in
September 1997.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of funds consists of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
form operations. While scheduled repayments of loans and
mortgage-backed securities and maturities of investment
securities are predicable sources of funds, deposit flows and
loan prepayments are greatly influenced by the general level of
interest rates, economic conditions and competition. The
Company uses its liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of deposit and demand deposit withdrawals, to
invest in other interest-earning assets, to maintain liquidity,
and to meet operating expenses. Management believes that
proceeds from the stock sale, loan repayments and other sources
of funds will be adequate to meet the Company's liquidity needs
for the immediate future.
The Association is required to maintain minimum levels of liquid
assets as defined by OTS regulations. This requirement, which
may be varied at the direction of the OTS depending upon
economic conditions and deposit flows, is based upon a
percentage of deposits and short-term borrowings. The required
minimum ratio was 5% until November 24, 1997 when the
requirement was lowered to 4%. The Association has historically
maintained a level of liquid assets in excess of regulatory
requirements. The Association's liquidity ratios at March 31,
1998 and 1997 were 5.73% and 5.54%, respectively.
IMPACT OF INFLATION AND CHANGING PRICES
The financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting
principles, which require the measurement of financial position
and results of operations in terms of historical dollars without
considering changes in the relative purchasing power of money
over time because of inflation. Unlike most industrial
companies, virtually all of the assets and liabilities of the
Company are monetary in nature. As a result, interest rates
have a more significant impact on the Company's performance than
the effects of general levels of inflation. Interest rates do
not necessarily move in same direction or in the same magnitude
as the prices of goods and services.
YEAR 2000 ISSUE
The Company is evaluating the potential effect of the year 2000
on its information processing systems. Because critical
computer systems and software are vendor maintained, the Company
is not directly involved with programming changes or application
upgrades. The company expects the providers to be compliant on a
timely basis and plans to test the compliance efforts. The
association's primary data processor has indicated that
renovations to the system for year 2000 compliance will be
complete in May 1998. Testing on this system will begin in July
1998 and continue into 1999. Testing has already begun
10
<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
on other systems and will continue into 1999. It is
management's opinion that the modifications will not have a
material effect on the Company's financial position. All costs
associated with modifications will be expensed as incurred.
11
<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
PART II - OTHER INFORMATION
ITEM 1: Legal Proceedings
None
ITEM 2: Changes in Securities
None
ITEM 3: Defaults Upon Senior Securities
Not Applicable
ITEM 4: Submission of Matters to a Vote of Security Holders
Not Applicable
ITEM 5: Other Information
None
ITEM 6: Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
High Country Bancorp, Inc.
Registrant
Date May 7, 1998 /s/ Larry D. Smith
-------------------------------
Larry D. Smith, President
Date May 7, 1998 /s/ Frank L. DeLay
-------------------------------
Frank L. DeLay, Chief Financial
Officer
12
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> MAR-31-1998
<CASH> 1,731,361
<INT-BEARING-DEPOSITS> 6,912,661
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 4,906,414
<INVESTMENTS-MARKET> 4,978,000
<LOANS> 74,090,838
<ALLOWANCE> 699,958
<TOTAL-ASSETS> 92,257,830
<DEPOSITS> 58,891,721
<SHORT-TERM> 6,500,000
<LIABILITIES-OTHER> 864,240
<LONG-TERM> 7,955,000
<COMMON> 13,225
0
0
<OTHER-SE> 18,033,644
<TOTAL-LIABILITIES-AND-EQUITY> 92,257,830
<INTEREST-LOAN> 4,599,051
<INTEREST-INVEST> 255,892
<INTEREST-OTHER> 249,086
<INTEREST-TOTAL> 5,104,029
<INTEREST-DEPOSIT> 1,800,557
<INTEREST-EXPENSE> 2,414,998
<INTEREST-INCOME-NET> 2,689,031
<LOAN-LOSSES> 159,378
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,920,889
<INCOME-PRETAX> 733,602
<INCOME-PRE-EXTRAORDINARY> 733,602
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 455,656
<EPS-PRIMARY> 0.17
<EPS-DILUTED> 0.17
<YIELD-ACTUAL> 8.46
<LOANS-NON> 419,000
<LOANS-PAST> 0
<LOANS-TROUBLED> 58,000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 640,080
<CHARGE-OFFS> 64,347
<RECOVERIES> 522
<ALLOWANCE-CLOSE> 699,958
<ALLOWANCE-DOMESTIC> 699,958
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
