<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 December 31, 1999
Commission file number 0-23409
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, $.01 par value outstanding as of
December 31, 1999 1,190,250
<PAGE>
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HIGH COUNTRY BANCORP, INC.
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Consolidated Statements of Condition at
June 30, 1999 and December 31, 1999 3
Statements of Consolidated Income for
the Six and Three Months Ended December 31,
1999 and 1998 4
Statements of Consolidated Cash Flows for the
Six Months Ended December 31, 1999 and 1998 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.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
December 31, June 30,
1999 1999
ASSETS ----------------------------
<S> <C> <C>
Cash and amounts due from banks $ 3,949,377 $ 2,248,971
Interest-bearing deposits at other institutions 949,599 4,409,949
Mortgage-backed securities, held to maturity 2,852,977 3,328,789
Securities held to maturity 200,000 310,000
Loans receivable - net 106,437,514 98,433,182
Loans held for sale, lower of cost or market 467,000 --
Federal Home Loan Bank stock, at cost 1,411,500 1,201,300
Accrued interest receivable 800,646 801,223
Property and equipment, net 4,158,090 2,863,725
Mortgage servicing rights 24,146 22,496
Prepaid expenses and other assets 284,496 386,664
Deferred income taxes 20,000 7,400
------------ ------------
TOTAL ASSETS $121,555,345 $114,013,699
============ ============
LIABILITIES AND EQUITY
LIABILITIES
Deposits $ 76,323,095 $ 72,604,408
Advances by borrowers for taxes and insurance 296,650 18,015
Accounts payable and other liabilities 633,001 656,030
Advances from Federal Home Loan Bank 27,245,000 22,685,000
Accrued income taxes payable 13,154 22,014
------------ ------------
TOTAL LIABILITIES 104,510,900 95,985,467
------------ ------------
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 1,190,250 shares
(12/31/99) and 1,298,719 (6/30/99) 11,903 12,987
Paid-in capital 11,056,942 12,426,953
Retained earnings - substantially restricted 7,138,117 6,868,120
Note receivable from ESOP Trust (838,465) (838,465)
Deferred stock awards (324,052) (441,363)
------------ ------------
TOTAL EQUITY 17,044,445 18,028,232
------------ ------------
TOTAL LIABILITIES AND EQUITY $121,555,345 $114,013,699
============ ============
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3
<PAGE>
<PAGE>
HIGH COUNTRY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
1999 1998 1999 1998
------------ ------------ --------- ----------
<S> <C> <C> <C> <C>
Interest Income
Interest on loans $2,172,028 $1,924,054 $4,289,271 $3,752,265
Interest on securities held-to-maturity 48,868 65,609 101,429 137,093
Interest on other interest-bearing assets 37,978 109,120 108,413 240,551
---------- ---------- ---------- ----------
Total interest income 2,258,874 2,098,783 4,499,113 4,129,909
---------- ---------- ---------- ----------
Interest Expense
Deposits 713,947 684,386 1,416,680 1,339,155
Federal Home Loan Bank advances 335,894 312,108 671,562 586,203
---------- ---------- ---------- ----------
Total interest expense 1,049,841 996,494 2,088,242 1,925,358
---------- ---------- ---------- ----------
Net interest income 1,209,033 1,102,289 2,410,871 2,204,551
Provision for losses on loans 44,925 59,946 89,850 119,874
---------- ---------- ---------- ----------
Net income after provision
for loan losses 1,164,108 1,042,343 2,321,021 2,084,677
---------- ---------- ---------- ----------
Noninterest Income
Income from loan sales 62,386 -- 122,808 --
Service charges on deposits 36,578 34,043 74,286 71,453
Other 31,920 8,563 59,065 23,467
---------- ---------- ---------- ----------
Total noninterest income 130,884 42,606 256,159 94,920
---------- ---------- ---------- ----------
Noninterest Expense
Compensation and benefits 540,553 475,216 1,072,134 850,674
Occupancy and equipment 159,616 156,735 322,120 316,981
Insurance and professional fees 54,071 42,159 107,309 93,827
Other 137,862 133,023 256,554 228,757
---------- ---------- ---------- ----------
Total noninterest expense 892,102 807,133 1,758,117 1,490,239
---------- ---------- ---------- ----------
Income before income taxes 402,890 277,816 819,063 689,358
Income tax expense 162,000 101,242 318,400 264,970
---------- ---------- ---------- ----------
Net income $ 240,890 $ 176,574 $ 500,663 $ 424,388
========== ========== ========== ==========
Basic Earnings Per Common Share $ 0.21 $ 0.14 $ 0.43 $ 0.34
========== ========== ========== ==========
Diluted Earnings Per Common Share $ 0.21 $ 0.14 $ 0.43 $ 0.34
========== ========== ========== ==========
Weighted Average Common Shares
Outstanding Basic 1,129,273 1,232,555 1,154,301 1,235,207
Diluted 1,129,273 1,232,555 1,154,301 1,235,207
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
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HIGH COUNTRY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
December 31,
1999 1998
---------- ----------
<S> <C> <C>
Operating Activities
Net income $ 500,663 $ 424,388
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of:
Deferred loan origination fees (29,644) (149,245)
Discounts on investments 3,293 8,461
Stock dividend received from FHLB (45,300) (39,500)
Compensation expense on Management Recognition
Plan 116,546 110,358
ESOP market value expense 11,131 13,661
Provision for losses on loans 90,000 120,000
Deferred income taxes (12,600) (24,300)
Depreciation 90,735 95,444
Income taxes (8,860) -
Net change in miscellaneous assets 101,095 (25,878)
Net change in miscellaneous liabilities (23,029) (243,936)
----------- -----------
Net cash provided by operating
activities 794,030 289,453
----------- -----------
Investing Activities
Net change in loans receivable (8,531,688) (9,799,692)
Principal repayments of mortgage-backed
securities held-to-maturity 472,519 608,550
Redemption securities held to maturity 110,000 -
Purchase of FHLB stock (164,900) (55,700)
Purchases of property and equipment (1,385,100) (306,832)
Purchase of stock for MRP - (551,721)
----------- -----------
Net cash used by investing activities (9,499,169) (10,105,395)
----------- -----------
Financing Activities
Net change in deposits 3,718,687 5,156,581
Net change in mortgage escrow funds 278,635 213,418
Purchase of common stock (1,381,461) -
Cash dividends paid (230,666) (245,454)
Proceeds (payment)on FHLB advances 4,560,000 4,435,000
----------- -----------
Net cash provided by financing
activities 6,945,195 9,559,545
----------- -----------
Net (decrease) increase in cash and
cash equivalents (1,759,944) (256,397)
Cash and cash equivalents, beginning 6,658,920 9,962,414
----------- -----------
Cash and cash equivalents, ending $ 4,898,976 $ 9,706,017
=========== ===========
Supplemental disclosure of cash flow
information
Cash paid for:
Taxes $ 313,639 $ 297,254
Interest 2,105,429 1,894,223
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
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HIGH COUNTRY BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
DECEMBER 31, 1999
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,
which was completed on December 9, 1997. In November 1999, the
Association incorporated a new subsidiary, High Country Title
and Escrow Company. This company is offering title insurance
and escrow closing services within the Association's market
area.
Note 2. Basis of Presentation
The accompanying unaudited consolidated financial statements,
(except for the statement of financial condition at June 30,
1999, 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 three months ended December 31, 1999 are
not necessarily indicative of the results of operations that may
be expected for the year ended June 30, 2000. 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 1999 High Country
Bancorp, Inc. financial statements
Note 3. Regulatory Capital Requirements
At December 31, 1999, the Association met each of the three
current minimum regulatory capital requirements. The following
table summarizes the Association's regulatory capital position
at December 31, 1999:
Tangible Capital:
Actual $12,837,000 10.52%
Required 1,830,000 1.50
Excess $11,007,000 9.02%
Core Capital:
Actual $12,837,000 10.52%
Required 3,660,000 3.00
Excess $ 9,177,000 7.52%
Risk-Based Capital:
Actual $13,799,000 16.53%
Required 6,679,000 8.00
Excess $ 7,120,000 8.53%
6
<PAGE>
HIGH COUNTRY BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
DECEMBER 31, 1999
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.
Note 4. Earnings Per Share
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share. 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
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HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF FINANCIAL CONDITION AT JUNE 30 1999 AND DECEMBER
31, 1999
The Company's total assets increased by $7.6 million or 6.6% from
$114.0 million at June 30 1999 to $121.6 million at December 31,
1999. The increase in assets was due to loan growth of $8.5
million.
Net loans totaled $106.5 million at December 31, 1999 and $98.4
million at June 30 1999. The increase in loans occurred in
commercial real estate loans which increased $5.0 million,
consumer loans which increased $1.2 million, residential
construction loans which increased $1.0 million, and in other
loan categories which increased $1.3 million.
The Association continues loan sales of fixed-rate loans to the
Federal Home Loan Mortgage Corporation (FHLMC). Loan sales for
the six months ended December 31, 1999 totaled $7.4 million. At
December 31, 1999, loans held for sale were $467,000. The loans
are valued at the lower of cost or market.
The allowance for loan losses totaled $962,000 at December 31,
1999 and $909,000 at June 30 1999. As of those dates the
non-performing loans in the Association's portfolio were $667,000
and $275,000, respectively. The increase was primarily due to
the addition of two secured commercial loans totaling $226,000
and two single family mortgage loans totaling $165,000. The
total non-performing loans at December 31, 1999 include 23 loans
secured by single family residences, business inventory,
equipment and autos. The largest non-performing loan balance was
$125,000 and is secured by inventory and equipment. There was
$37,000 of loans charged off and less than $1,000 of recoveries
of previous loan losses during the three months ended December
31, 1999. 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 December 31, 1999 and June 30 1999,
the ratio of the allowance for loan losses to net loans was .90%
and .92%, respectively.
At December 31, 1999, the Company's investment portfolio included
mortgage-backed securities and local municipal bonds classified
as "held to maturity" carried at amortized cost of $3.1 million
and an estimated fair value of $3.0 million. The balance of the
Company's investment portfolio at December 31, 1999 consists of
interest bearing deposits with various financial institutions
totaling. Interest bearing deposits decreased by $3.5 million
from June 30, 1999 to $1.0 million at December 31, 1999. The
funds were used for loan growth.
At December 31, 1999 deposits increased to $76.3 million from
$72.6 million at June 30 1999 or a net increase of 5.1%. The
increase was used to fund loan growth. 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.
The Company announced the commencement of a stock repurchase
program on May 24, 1999. In December 1999, the program completed
the purchase of 10% of the Company's outstanding common stock or
132,250 shares. The total cost of the repurchase was $1,667,000
or an average of $12.60 per share.
8
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<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 1999 AND 1998
Net Income. The Company's net income for the three months ended
December 31, 1999 was $241,000 compared to net income of
$177,000 for the three months ended December 31, 1998. The
$64,000 increase in net income for the three months ended
December 31, 1999 resulted principally from increased interest
income and income from loan sales which offset increased interest
expense and compensation.
Net Interest Income. Net interest income for the three months
ended December 31, 1999 was $1,209,000 compared to $1,102,000 for
the three months ended December 31, 1998. The increase is
attributed to increased interest earned on interest earning
assets due to loan growth less the increase in interest expense
due to the increase in interest bearing liabilities. For the
three months ended December 31, 1999, the interest rate spread
increased from 3.54% for the three months ended December 31, 1998
to 3.71% for the three months ended December 31, 1999. This was
caused by a decrease in the average cost of interest bearing
liabilities from 4.72% at December 31, 1998 to 4.42% at December
31, 1999. The interest rate spread was also affected by a
decrease in the average yield on earning assets from 8.26% at
December 31, 1998 to 8.12% at December 31, 1999.
Non-interest Income. Non-interest income was $131,000 for the
three months ended December 31, 1999 as compared to $43,000 for
the three months ended December 31, 1998. The majority of the
increase is due to income from loan sales of $62,000 for the
three months ended December 31, 1999.
Non-interest Expenses. Non-interest expenses were $892,000 for
the three months ended December 31, 1999 as compared to $807,000
for the three months ended December 31, 1998. The majority of
the increase occurred in compensation and benefit expense, which
increased $65,000. The increase was due to additional employees
associated with growth.
COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED DECEMBER
31, 1999 AND 1997
Net Income. The Company's net income for the six months ended
December 31, 1999 was $501,000 compared to net income of $424,000
for the six months ended December 31, 1998. The increase in net
income resulted primarily from increased interest income and
income from loan sales which offset increased interest expense
and compensation.
Net Interest Income. Net interest income for the six months
ended December 31, 1999 was $2,411,000 compared to $2,205,000 for
the six months ended December 31, 1998. The increase is
attributed to increased interest earned on interest earning
assets due to loan growth less the increase in interest expense
due to the increase in interest bearing liabilities. The
interest rate spread increased slightly from 3.63% for the six
months ended December 31, 1998 to 3.66% for the six months ended
December 31, 1999. The increase was caused by a decrease in the
average cost of interest bearing liabilities from 4.69% at
December 31, 1998 to 4.44% at December 31, 1999. The decrease in
the cost was due to an increase in non-interest bearing checking
and other lower cost deposit accounts. The decrease in cost was
offset by a decrease in the average yield on earning assets from
8.32% at December 31, 1998 to 8.10% at December 31, 1999. The
decrease was due to refinancing of higher rate mortgage loans to
lower rates.
9
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<PAGE>
HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Allowance for Loan Loss. The provision for loan losses for the
six months ended December 31, 1999 was $90,000 as compared to
$120,000 for the six months ended December 31, 1998. The
decrease in the provision was due to an analysis of the loss
history of the loans held by the Association. The Association
continues to provide for loan losses based on the mix of new
loans and the need to maintain an adequate balance in the
allowance for loan losses.
Non-interest Income. Non-interest income was $256,000 for the
six months ended December 31, 1999 was compared to $95,000 for
the six months ended December 31, 1998. The majority of the
increase is due to income from loan sales of $123,000 for the six
months ended December 31, 1999.
Non-interest Expenses. Non-interest expenses were $1,758,000 for
the six months ended December 31, 1999 as compared to $1,490,000
for the six months ended December 31, 1998. The majority of the
increase occurred in compensation and benefit expense, which
increased $221,000. The increase was due to additional employees
associated with growth.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of funds consist of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
from 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 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 December 31, 1999 and 1998 were
5.69% and 6.85%, 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.
10
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HIGH COUNTRY BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR 2000 READINESS DISCLOSURE
The Company has not experienced any abnormalities on its
information processing systems due to the effect of the year
2000. The Company and the Association will continue to monitor
the information processing systems as the year continues. It is
management's opinion that any additional year 2000 related
expenses will not have a material effect on the Company's
financial position. All additional costs will be expensed as
incurred.
11
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<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.
The Company held its annual meeting on October 21,
1999 in Salida, Colorado to vote on the election of
two directors of the Company. At the meeting, Richard
A. Young and Larry D. Smith were elected to three-year
terms, each receiving more than 99% of the votes cast.
ITEM 5: Other Information
In November 1999, the Association incorporated a new
subsidiary, High Country Title and Escrow Company.
The new subsidiary offers title insurance and escrow
closing services to customers in the Association's
market area.
On December 15, 1999 the Association announced that
the Association's name will be changed to High Country
Bank during the first few months of 2000. This change
is currently scheduled to occur on or about February
15, 2000.
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 February 11, 2000 /s/ Larry D. Smith
---------------- ------------------------------
Larry D. Smith, President
12
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 3,949,377
<INT-BEARING-DEPOSITS> 949,599
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 3,052,977
<INVESTMENTS-MARKET> 3,049,411
<LOANS> 106,437,514
<ALLOWANCE> 962,465
<TOTAL-ASSETS> 121,555,345
<DEPOSITS> 76,323,095
<SHORT-TERM> 7,700,000
<LIABILITIES-OTHER> 942,805
<LONG-TERM> 19,545,000
<COMMON> 11,903
0
0
<OTHER-SE> 17,032,542
<TOTAL-LIABILITIES-AND-EQUITY> 121,555,345
<INTEREST-LOAN> 4,289,271
<INTEREST-INVEST> 101,429
<INTEREST-OTHER> 108,413
<INTEREST-TOTAL> 4,499,113
<INTEREST-DEPOSIT> 1,416,680
<INTEREST-EXPENSE> 2,088,242
<INTEREST-INCOME-NET> 2,410,871
<LOAN-LOSSES> 89,850
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,758,117
<INCOME-PRETAX> 819,063
<INCOME-PRE-EXTRAORDINARY> 500,663
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 500,663
<EPS-BASIC> 0.43
<EPS-DILUTED> 0.43
<YIELD-ACTUAL> 8.25
<LOANS-NON> 667,000
<LOANS-PAST> 338,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 909,471
<CHARGE-OFFS> 37,215
<RECOVERIES> 209
<ALLOWANCE-CLOSE> 962,465
<ALLOWANCE-DOMESTIC> 962,465
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
