SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[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
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 number: 000-23543
UNION COMMUNITY BANCORP
(Exact name of registrant specified in its charter)
Indiana 35-2025237
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
221 East Main Street
Crawfordsville, Indiana 47933
(Address of principal executive offices,
including Zip Code)
(765) 362-2400
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such report), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
The number of shares of the Registrant's common stock, without par value,
outstanding as of March 31, 2000 was 2,568,750.
<PAGE>
Union Community Bancorp
Form 10-Q
Index
Page No.
FORWARD LOOKING STATEMENT 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheet 4
Consolidated Condensed Statement of Income 5
Consolidated Condensed Statement of Shareholders' Equity 6
Consolidated Condensed Statement of Cash Flows 7
Notes to Unaudited Consolidated Condensed Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. 8
Item 3. Quantitative and Qualitative Disclosures about Market Risk 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
SIGNATURES 12
<PAGE>
FORWARD LOOKING STATEMENT
This Quarterly Report on Form 10-Q ("Form 10-Q") contains statements which
constitute forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements appear in a number of
places in this Form 10-Q and include statements regarding the intent, belief,
outlook, estimate or expectations of the Company (as defined in the notes to the
consolidated condensed financial statements), its directors or its officers
primarily with respect to future events and the future financial performance of
the Company. Readers of this Form 10-Q are cautioned that any such forward
looking statements are not guarantees of future events or performance and
involve risks and uncertainties, and that actual results may differ materially
from those in the forward looking statements as a result of various factors. The
accompanying information contained in this Form 10-Q identifies important
factors that could cause such differences. These factors include changes in
interest rates; loss of deposits and loan demand to other financial
institutions; substantial changes in financial markets; changes in real estate
values and the real estate market; or regulatory changes.
<PAGE>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
UNION COMMUNITY BANCORP AND SUBSIDIARY
Consolidated Condensed Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------------------ -------------------------
Assets
<S> <C> <C>
Cash $ 158,479 $ 286,812
Interest-bearing demand deposits 2,549,518 2,830,213
------------------------ -------------------------
Cash and cash equivalents 2,707,997 3,117,025
Investment securities
Available for sale 198,760 315,463
Held to maturity 7,461,900 7,521,923
------------------------ -------------------------
Total investment securities 7,660,660 7,837,386
Loans, net of allowance for loan losses of $437,258 and $422,258 107,683,658 106,173,782
Premises and equipment 363,293 367,427
Federal Home Loan Bank stock 1,043,700 1,043,700
Investment in limited partnership 981,609 1,011,609
Interest receivable 816,786 823,768
Other assets 122,832 278,942
------------------------ -------------------------
Total assets $ 121,380,535 $ 120,653,639
======================== =========================
Liabilities
Deposits
Noninterest-bearing $ 1,321,126 $ 1,151,075
Interest-bearing 69,509,910 67,839,367
------------------------ -------------------------
Total deposits 70,831,036 68,990,442
Federal Home Loan Bank advances 10,534,893 11,658,526
Note payable 654,542 837,442
Interest payable 138,080 122,565
Dividends payable 336,883 315,591
Other liabilities 689,317 449,158
------------------------ -------------------------
Total liabilities 83,184,751 82,373,724
------------------------ -------------------------
Commitments and Contingent Liabilities
Shareholders' Equity
Preferred stock, no-par value
Authorized and unissued - 2,000,000 shares
Common stock, no-par value
Authorized - 5,000,000 shares
Issued and outstanding - 2,568,750 and 2,600,700 shares 25,079,437 25,389,422
Retained earnings 16,077,730 15,912,206
Accumulated other comprehensive income (loss) (6,981) 15,385
Unearned employee stock ownership plan ("ESOP") shares (1,598,615) (1,624,444)
Unearned recognition and retention plan ("RRP") shares (1,355,787) (1,412,654)
------------------------ -------------------------
Total shareholders' equity 38,195,784 38,279,915
------------------------ -------------------------
Total liabilities and shareholders' equity $ 121,380,535 $ 120,653,639
======================== =========================
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
UNION COMMUNITY BANCORP AND SUBSIDIARY
Consolidated Condensed Statement of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
------------------- -------------------
2000 1999
------------------- -------------------
Interest and Dividend Income
<S> <C> <C>
Loans $ 2,106,274 $ 1,816,349
Investment securities 131,531 141,532
Dividends on Federal Home Loan Bank stock 20,760 14,686
Deposits with financial institutions 23,296 49,045
------------------- -------------------
Total interest and dividend income 2,281,861 2,021,612
------------------- -------------------
Interest Expense
Deposits 897,382 859,225
Federal Home Loan Bank advances 171,180 11,414
------------------- -------------------
Total interest expense 1,068,562 870,639
------------------- -------------------
Net Interest Income 1,213,299 1,150,973
Provision for loan losses 15,000 15,000
------------------- -------------------
Net Interest Income After Provision for Loan Losses 1,198,299 1,135,973
------------------- -------------------
Other Income (Losses)
Equity in losses of limited partnerships (30,000) (25,000)
Net realized gains on sales of available for sale securities 8,331
Other income 33,096 13,779
------------------- -------------------
Total other income (losses) 11,427 (11,221)
------------------- -------------------
Other Expenses
Salaries and employee benefits 266,106 266,869
Net occupancy expenses 5,914 7,167
Equipment expenses 4,978 7,883
Deposit insurance expense 3,840 11,221
Legal and professional fees 22,805 34,549
Data processing fees 19,502 61,023
Other expenses 69,470 70,179
------------------- -------------------
Total other expenses 392,615 458,891
------------------- -------------------
Income Before Income Tax 817,111 665,861
Income tax expense 281,889 230,736
------------------- -------------------
Net Income $ 535,222 $ 435,125
=================== ===================
Basic Earnings per Share $ .23 $ .17
=================== ===================
Diluted Earnings per Share $ .23 $ .17
=================== ===================
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
UNION COMMUNITY BANCORP AND SUBSIDIARY
Consolidated Condensed Statement of Shareholders' Equity
For the Three Months Ended March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stock Accumulated
------------------------ Other Unearned
Shares Comprehensive Retained Comprehensive ESOP Unearned
Outstanding Amount Income Earnings Income (Loss) Shares Compensation Total
------------ ---------- ------------ ------------ -------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balances, January 1, 2000 2,600,700 $25,389,422 $ 15,912,206 $ 15,385 $(1,624,444)$(1,412,654) $38,279,915
Comprehensive income
Net income for the period $ 535,222 535,222 535,222
Other comprehensive
loss, net of tax
Unrealized losses on
securities (22,366) (22,366) (22,366)
------------
Comprehensive income $ 512,856
============
Cash dividends
($.14 per share) (336,883) (336,883)
Purchase of common stock (31,950) (311,948) (32,815) (344,763)
Amortization of unearned
compensation expense 56,867 56,867
ESOP shares earned 1,963 25,829 27,792
----------- ----------- ------------ -------------- ----------- ------------- -----------
Balances, March 31, 2000 2,568,750 $ 25,079,437 $ 16,077,730 $ (6,981) $(1,598,615)$(1,355,787) $38,195,784
=========== =========== ============ ============== =========== ============= ===========
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
UNION COMMUNITY BANCORP AND SUBSIDIARY
Consolidated Condensed Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------- ---------------
2000 1999
---------------- ---------------
Operating Activities
<S> <C> <C>
Net income $ 535,222 $ 435,125
Adjustments to reconcile net income to
net cash provided by operating activities
Provision for loan losses 15,000 15,000
Depreciation and amortization 6,530 7,798
Investment securities accretion, net (2,962) (3,405)
Gain on sale of investment securities available for sale (8,331)
Equity in losses of limited partnerships 30,000 25,000
Amortization of unearned compensation expense 56,867 56,866
ESOP shares earned 27,792 31,250
Net change in:
Interest receivable 6,982 (22,985)
Interest payable 15,515 (18,983)
Other assets 85,461 47,301
Other liabilities 96,069 231,737
---------------- ---------------
Net cash provided by operating activities 864,145 804,704
---------------- ---------------
Investing Activities
Investment securities
Purchase of securities available for sale (778,529)
Purchase of securities held to maturity (815,000)
Proceeds from sales of investment securities available for sale 87,997
Proceeds from maturities of securities held to maturity and paydowns of mortgage-
backed securities 62,985 558,628
Net changes in loans (1,439,556) (5,648,458)
Purchases of property and equipment (2,396) (19,846)
Other investing activities (850)
---------------- ---------------
Net cash used by investing activities (1,290,970) (6,704,055)
---------------- ---------------
Financing Activities
Net change in
Interest-bearing demand and savings deposits 1,016,740 3,134,450
Certificates of deposit 823,854 (518,933)
Proceeds from borrowings 6,000,000 2,000,000
Repayment of borrowings (7,306,533) (296,900)
Cash dividends (315,591) (270,567)
Repurchase of common stock (344,763) (1,309,693)
Net change in advances by borrowers for taxes and insurance 144,090 120,695
---------------- ---------------
Net cash provided by financing activities 17,797 2,859,052
---------------- ---------------
Net Change in Cash and Cash Equivalents (409,028) (3,040,299)
Cash and Cash Equivalents, Beginning of Period 3,117,025 6,191,080
---------------- ---------------
Cash and Cash Equivalents, End of Period $ 2,707,997 $ 3,150,781
================ ===============
Additional Cash Flows Information
Interest paid $ 1,053,047 $ 889,622
Income tax paid 228,025 38,610
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
UNION COMMUNITY BANCORP AND SUBSIDIARY
Notes to Unaudited Consolidated Condensed Financial Statements
Note 1: Basis of Presentation
The consolidated financial statements include the accounts of Union Community
Bancorp (the "Company") and its wholly owned subsidiary, Union Federal Savings
and Loan Association, a federally chartered savings and loan association ("Union
Federal"). A summary of significant accounting policies is set forth in Note 1
of Notes to Financial Statements included in the December 31, 1999 Annual Report
to Shareholders. All significant intercompany accounts and transactions have
been eliminated in consolidation.
The interim consolidated financial statements have been prepared in accordance
with instructions to Form 10-Q, and therefore do not include all information and
footnotes necessary for a fair presentation of financial position, results of
operations and cash flows in conformity with generally accepted accounting
principles.
The interim consolidated financial statements at March 31, 2000, and for the
three months ended March 31, 2000 and 1999, have not been audited by independent
accountants, but reflect, in the opinion of management, all adjustments (which
include only normal recurring adjustments) necessary to present fairly the
financial position, results of operations and cash flows for such periods.
Note 2: Earnings Per Share
Earnings per share have been computed based upon the weighted average common
shares outstanding. Unearned Employee Stock Ownership Plan shares have been
excluded from the computation of average common shares outstanding.
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended March
March 31, 2000 31, 1999
------------------------------------------ --------------------------------------
Weighted Weighted
Average Per Share Average Per Share
Income Shares Amount Income Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Basic earnings per share
Income available to common
shareholders $ 535,222 2,324,276 $ .23 $ 435,125 2,595,026 $ .17
=========== =============
Effect of dilutive RRP awards
and stock options
-------------- --------------- ------------ -------------
Diluted earnings per share
Income available to common
shareholders and assumed
conversions $ 535,222 2,324,276 $ .23 $ 435,125 2,595,026 $ .17
============== =============== =========== ============ ============= =============
</TABLE>
Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations
General
Union Community Bancorp, an Indiana corporation (the "Company"), was organized
in September, 1997. On December 29, 1997, it acquired the common stock of Union
Federal Savings and Loan Association ("Union Federal") upon the conversion of
Union Federal from a federal mutual savings and loan association to a federal
stock savings and loan association.
Union Federal was organized as a state-chartered savings and loan association in
1913. Since then, Union Federal has conducted its business from its full-service
office located in Crawfordsville, Indiana. Union Federal's principal business
consists of attracting deposits from the general public and originating
fixed-rate and adjustable-rate loans secured primarily by first mortgage liens
on one- to four-family residential real estate. Union Federal's deposit accounts
are insured up to applicable limits by the Savings Association Insurance Fund
("SAIF") of the Federal Deposit Insurance Corporation ("FDIC"). Union Federal
offers a number of financial services, including: (i) residential real estate
loans; (ii) multi-family loans; (iii) commercial real estate loans; (iv)
construction loans; (v) home improvement loans and consumer loans, including
single-pay loans, loans secured by deposits, installment loans and commercial
loans; (vi) money market demand accounts ("MMDAs"); (vii) passbook savings
accounts; and (viii) certificates of deposit.
Union Federal currently owns one subsidiary, UFS Service Corp. ("UFS"), whose
sole asset is its investment in Pedcor Investments 1993-XVI, L.P. ("Pedcor"),
which is an Indiana limited partnership that was established to organize, build,
own, operate and lease a 48-unit apartment complex in Crawfordsville, Indiana
known as Shady Knoll II Apartments (the "Project"). Union Federal owns the
limited partner interest in Pedcor. The general partner is Pedcor Investments
LLC. The Project, operated as a multi-family, low- and moderate-income housing
project, is completed and is performing as planned. Because UFS engages
exclusively in activities that are permissible for a national bank, OTS
regulations permit Union Federal to include its investment in UFS in its
calculation of regulatory capital.
Union Federal's results of operations depend primarily upon the level of net
interest income, which is the difference between the interest income earned on
interest-earning assets, such as loans and investments, and costs incurred with
respect to interest-bearing liabilities, primarily deposits and borrowings.
Results of operations also depend upon the level of Union Federal's non-interest
income, including fee income and service charges, and the level of its
non-interest expenses, including general and administrative expenses.
Financial Condition
Total assets increased $727,000, or .6%, to $121.4 million at March 31, 2000,
from $120.7 million at December 31, 1999. The increase was primarily due to loan
growth of $1.5 million. Net loans increased by 1.4% to $107.7 million due to an
increase in customer demand and an increased focus by the Company in the areas
of commercial and consumer lending.
Deposits increased by $1.8 million to $70.8 million during the first quarter of
2000. Demand and savings deposits increased $1.0 million, or 4.4%, from December
31, 1999 to March 31, 2000 primarily due to an increase in money market savings
of $846,000. Certificates of deposit also increased $824,000, or 1.8%, during
this period.
Borrowed funds decreased by $1.3 million, or 10.5%, from December 31, 1999 to
March 31, 2000. The decrease in total borrowed funds resulted from a decrease in
FHLB advances of $1.1 million and a decrease in the note payable to a limited
partnership of $183,000.
Shareholders' equity decreased $84,000 to $38.2 million at March 31, 2000. The
decrease was primarily due to stock repurchases of $345,000, cash dividends of
$337,000 and unrealized losses on securities available for sale of $22,000.
These decreases were offset by net income for three months ended March 31, 2000
of $535,000, Employee Stock Ownership Plan shares earned of $28,000 and unearned
compensation amortization of $57,000.
Comparison of Operating Results for the Three Months Ended March 31, 2000 and
1999
Net income increased $100,000, or 23.0%, from $435,000 for the three months
ended March 31, 1999 to $535,000 for the three months ended March 31, 2000. The
increases were primarily attributable to an increase in the volume of interest
earning assets and a decrease in non-interest expenses. The return on average
assets was 1.77% and 1.60% for the three months ended March 31, 2000 and 1999,
respectively.
Interest income increased $260,000, or 12.9%, from $2.0 million for the three
months ended March 31, 1999 to $2.3 million for same period in 2000. Interest
expense increased $198,000, or 22.7%, from $871,000 for the three months ended
March 31, 1999 to $1.1 million for the same period in 2000. As a result, net
interest income for the three months ended March 31, 2000 amounted to $1.2
million, a 5.4% increase from the first quarter of 1999. Although the Company's
net interest income increased due to an increase in the volume of interest
earning assets, the Company's net interest margin decreased from 4.3% for the
first quarter of 1999 to 4.1% for the comparable period in 2000.
The provision for loan losses made for the three months ended March 31, 2000 was
$15,000 as compared to $15,000 for the same period in 1999. The 2000 provision
and the allowance for loan losses were considered adequate, based on size,
condition and components of the loan portfolio. While management estimates loan
losses using the best available information, no assurance can be given that
future addition to the allowance will not be necessary based on changes in
economic and real estate market conditions, further information obtained
regarding problem loans, identification of additional problem loans and other
factors, both within and outside of management's control.
Other income (losses) increased from losses of $11,000 for the three months
ended March 31, 1999 to income of $11,000 for the three months ended March 31,
2000. This increase was due in part to $8,000 of gains on sales of securities
available for sale. An increase in customer fee income also contributed to the
increase in other income. Other income (losses) also includes the equity in
losses of the Company's investment in a limited partnership, Pedcor. In addition
to recording the equity in the losses of Pedcor, a benefit of low income housing
income tax credits in the amount of $45,000 was recorded for both three month
periods ended March 31, 2000 and 1999.
Other expenses decreased from $459,000 for the first quarter of 1999 to $393,000
for the first quarter of 2000. This decrease was primarily due to $35,000 of
non-recurring expenses related to the Company's data processing conversion
during the first quarter of 1999.
Income tax expense increased $51,000, or 22.2%, for the three months ended March
31, 2000 compared to the same period in 1999. The increase was directly related
to the increase in taxable income for the period.
Asset Quality
Union Federal currently classifies loans as special mention, substandard,
doubtful and loss to assist management in addressing collection risks and
pursuant to regulatory requirements which are not necessarily consistent with
generally accepted accounting principles. Special mention loans represent
credits that have potential weaknesses that deserve management's close
attention. If left uncorrected, these potential weaknesses may result in
deterioration of the repayment prospects or Union Federal's credit position at
some future date. Substandard loans represent credits characterized by the
distinct possibility that some loss will be sustained if deficiencies are not
corrected. Doubtful loans possess the characteristics of substandard loans, but
collection or liquidation in full is doubtful based upon existing facts,
conditions and values. A loan classified as a loss is considered uncollectible.
Union Federal had no loans classified as special mention as of March 31, 2000
and 1999. In addition, Union Federal had $636,000 and $650,000 of loans
classified as substandard at March 31, 2000 and December 31, 1999, respectively.
At March 31, 2000 and December 31, 1999, no loans were classified as doubtful or
loss. At March 31, 2000, and December 31, 1999, respectively, $153,000 and
$166,000 of the substandard loans were non-accrual loans. The allowance for loan
losses was $437,000 or .40% of loans at March 31, 2000 as compared to $422,000
or .40% of loans at December 31, 1999.
Liquidity and Capital Resources
The standard measure of liquidity for savings associations is the ratio of cash
and eligible investments to a certain percentage of net withdrawable savings
accounts and borrowings due within one year. The minimum required ratio is
currently set by the Office of Thrift Supervision regulation at 4%. As of March
31, 2000, Union Federal had liquid assets of $10.2 million and a liquidity ratio
of 10.8%.
Other
The Securities and Exchange Commission maintains a Web site that contains
reports, proxy information statements, and other information regarding
registrants that file electronically with the Commission, including the Company.
The address is (http://www.sec.gov).
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Presented below, as of March 31, 2000 and 1999, is an analysis performed by the
OTS of Union Federal's interest rate risk as measured by changes in Union
Federal's net portfolio value ("NPV") for instantaneous and sustained parallel
shifts in the yield curve, in 100 basis point increments, up and down 300 basis
points.
March 31, 2000
Net Portfolio Value NPV as % of PV of Assets
Changes
In Rates $ Amount $ Change % Change NPV Ratio Change
- -------- -------- -------- -------- --------- ------
+300 bp 23,768 -9,236 -28% 21.64% -584 bp
+200 bp 26,777 -6,227 -19% 23.66% -383 bp
+100 bp 29,896 -3,107 -9% 25.63% -185 bp
0 bp 33,004 27.49%
- -100 bp 35,852 2,848 9% 29.09% +160 bp
- -200 bp 37,948 4,944 15% 30.19% +271 bp
- -300 bp 39,746 6,743 20% 31.10% +361 bp
March 31, 1999
Net Portfolio Value NPV as % of PV of Assets
Changes
In Rates $ Amount $ Change % Change NPV Ratio Change
+300 bp 24,988 -8,461 -25% 24.05% -548 bp
+200 bp 28,053 -5,395 -16% 26.15% -338 bp
+100 bp 30,920 -2,528 -8% 28.00% -153 bp
0 bp 33,448 29.53%
- -100 bp 35,528 2,079 6% 30.72% +119 bp
- -200 bp 37,460 4,012 12% 31.78% +225 bp
- -300 bp 39,575 6,126 18% 32.90% +337 bp
The analysis at March 31, 2000 indicates that there have been no material
changes in market interest rates or in the Company's interest rate sensitive
instruments which would cause a material change in the market risk exposures
which affect the quantitative and qualitative risk disclosures as presented in
Item 7A of the Company's Annual Report on Form 10-K for the period ended
December 31, 1999.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits 27. Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter
ended March 31, 2000.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNION COMMUNITY BANCORP
Date: May 12, 2000 By: /s/ Joseph E. Timmons
-------------- -------------------------
Joseph E. Timmons
President and
Chief Executive Officer
Date: May 12, 2000 By: /s/ Denise E. Swearingen
-------------- ----------------------------
Denise E. Swearingen
Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited consolidated financial statements for the three months
ended March 31, 2000 and is qualified in its entirety by reference to such
statements.
</LEGEND>
<CIK> 0001046183
<NAME> Union Community Bancorp
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-1-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1.000
<CASH> 158
<INT-BEARING-DEPOSITS> 2,550
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 199
<INVESTMENTS-CARRYING> 7,462
<INVESTMENTS-MARKET> 7,189
<LOANS> 108,121
<ALLOWANCE> 437
<TOTAL-ASSETS> 121,381
<DEPOSITS> 70,831
<SHORT-TERM> 10,306
<LIABILITIES-OTHER> 1,164
<LONG-TERM> 883
<COMMON> 25,079
0
0
<OTHER-SE> 13,117
<TOTAL-LIABILITIES-AND-EQUITY> 121,381
<INTEREST-LOAN> 2,106
<INTEREST-INVEST> 132
<INTEREST-OTHER> 44
<INTEREST-TOTAL> 2,282
<INTEREST-DEPOSIT> 897
<INTEREST-EXPENSE> 1,069
<INTEREST-INCOME-NET> 1,213
<LOAN-LOSSES> 15
<SECURITIES-GAINS> 8
<EXPENSE-OTHER> 393
<INCOME-PRETAX> 817
<INCOME-PRE-EXTRAORDINARY> 817
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 535
<EPS-BASIC> .23
<EPS-DILUTED> .23
<YIELD-ACTUAL> 4.1
<LOANS-NON> 153
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 483
<ALLOWANCE-OPEN> 422
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 437
<ALLOWANCE-DOMESTIC> 437
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 54
</TABLE>
