<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 March 31, 1999
[ ] 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 000-24255
GLB BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Ohio 31-1529973
(State or Other Jurisdiction of (I.R.S. Employer Identification No,)
Incorporation of Organization)
7001 Center Street, Mentor, Ohio 44060
(Address of Principal Executive Offices) (Zip Code)
(440) 974-0000
(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 reports), and (2) has been subject to such
requirements for the past 90 days.
YES [ X ] NO [ ]
As of March 31, 1999, there were 2,133,906 shares of the Registrant's Common
Stock outstanding.
Transitional Small Business Disclosure Format Yes____No__X__
<PAGE>
GLB BANCORP, INC.
TABLE OF CONTENTS
<TABLE>
<S> <C> <C>
Part I. Financial Information Page
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition as of 3
March 31, 1999 (unaudited) and December 31, 1998
Consolidated Statements of Earnings for the three months ended 4
March 31, 1999 (unaudited) and March 31, 1998 (unaudited)
Consolidated Statements of Cash Flows for the three months ended 5
March 31, 1999 (unaudited) and March 31, 1998 (unaudited)
Notes to Consolidated Financial Statements (unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition 8
and Results of Operations
Part II. Other Information 12
Signatures 14
</TABLE>
<PAGE>
GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, 1999 December 31, 1998
Assets (unaudited)
<S> <C> <C>
Cash and due from banks $4,484,180 $3,606,939
Federal Funds sold 21,506,167 30,534,573
Total Cash and Cash Equivalents 25,990,347 34,141,512
Securities Available for Sale 3,236,915 2,802,711
Securities Held to Maturity 2,006,075 2,007,742
Loans, net of allowance for loan losses 67,436,716 60,330,461
Stock in Federal Home Loan Bank of Cincinnati, cost 466,900 459,000
Premises and equipment, net 2,813,940 2,704,255
Intangibles, net 691,885 692,024
Other assets 819,778 730,308
Total Assets $103,462,556 $103,868,013
Liabilities and Shareholders' Equity
Liabilities
Non-interest bearing demand deposits $10,945,528 $12,886,078
Interest bearing demand deposits 6,313,744 7,154,389
Savings accounts 37,777,272 35,144,171
Certificates 14,756,908 13,470,488
Total Deposits 69,793,452 68,655,126
Advances from the Federal Home Loan Bank 7,500,000 9,000,000
Accrued expenses and other liabilities 714,932 781,235
Total Liabilities 78,008,384 78,436,361
Shareholders' Equity
Common Stock, no par value,
10,000,000 shares authorized; 2,133,906 and
596,342 shares issued and outstanding 5,334,765 5,334,765
Additional Paid-In Capital 19,152,715 19,152,715
Accumulated Other Comprehensive Income (Loss) (119,913) 7,192
Retained Earnings 1,086,605 936,980
Total Shareholders' Equity 25,454,172 25,431,652
Total Liabilities and Shareholders' Equity $103,462,556 $103,868,013
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1999 1998
<S> <C> <C>
Interest Income:
Loans $1,326,597 $1,140,840
Federal funds sold 296,137 81,033
Securities 56,231 23,024
Total Interest Income 1,678,965 1,244,897
Interest Expense:
Deposits 544,637 452,524
Borrowings 126,407 125,445
Total Interest Expense 671,044 577,969
Net Interest Income 1,007,921 666,928
Provision for loan losses 30,000 30,000
Net Interest Income After Provision 977,921 636,928
Non-Interest Income:
Service charges on demand deposits 43,798 33,908
Loan fees 49,518 36,108
Other service charges and fees 33,903 33,212
Gain on sale of loans 8,846 52,391
Total Non-Interest Income 136,065 155,619
Non-Interest Expense:
Compensation and related benefits 435,503 303,601
Office occupancy and equipment, net 168,844 112,350
Professional fees 27,002 39,540
Advertising 25,922 15,358
Amortization of intangibles 24,164 27,179
Ohio franchise tax 38,012 25,434
Data processing 40,233 34,790
Office supplies and printing 29,156 16,733
FDIC deposit insurance 1,732 1,487
Outside services 45,148 26,931
Credit card processing 13,790 10,158
Year 2000 expense 5,555 0
22,957 10,164
Other operating expense
Total Non-Interest Expense 878,018 623,725
Income Before Income Tax Expense 235,968 168,822
Income Tax Expense 86,343 65,840
Net Income $149,625 $102,982
Earnings per share basic and diluted $0.07 $0.17
</TABLE>
See accompanying notes to financial statements
4
<PAGE>
GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
Three Months Ended March 31,
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Net income $149,625 $102,982
Adjustments required to reconcile net income to net
cash provided by operating activities:
Amortization of intangibles 24,164 27,179
Depreciation 61,775 45,669
Premium amortization and discount accretion, net 1,667 803
Net deferred loan origination fees (249) 33,467
Origination of loans held for sale (1,484,809) (3,336,811)
Proceeds from sale of loans held for sale 1,474,453 3,357,350
Gain on sale of loans (8,846) (52,391)
Provision for loan losses 30,000 30,000
Origination of mortgage servicing rights (24,025) (22,700)
(Increase) decrease in other assets (89,470) 47,903
(Decrease) increase in accrued expenses and other liabilities 1,971 (290,397)
Net cash provided (used) by operating activities: 136,256 (56,946)
Cash flows from investing activities:
Purchases of securities held to maturity 0 (999,107)
Purchases of securities available for sale (629,583) 0
Maturities and payments of securities held to maturity 0 1,600,000
Purchase of FHLB stock (7,900) (7,600)
Origination of loans, net of principal collected (7,116,804) (1,587,771)
Purchases of premises and equipment (171,460) (264,430)
Net cash used in investing activities: (7,925,747) (1,258,908)
Cash flows from financing activities:
Net proceeds from issuance of common stock 0 406,976
Net increase in deposits 1,138,326 6,325,549
Cash payment for FHLB advances (1,500,000) 0
Net cash provided (used) by financing activities (361,674) 6,732,525
Net increase (decrease) in cash and cash equivalents (8,151,165) 5,416,671
Cash and cash equivalents at beginning of period 34,141,512 7,826,597
Cash and cash equivalents at end of period $25,990,347 $13,243,268
Supplemental disclosure of cash flow information
Interest paid $662,856 $578,391
Income taxes paid $75,000 $216,604
Supplemental disclosure of non-cash financing activities
Issuance of common stock in exchange for property $0 $250,000
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
GLB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. BASIS OF PRESENTATION
GLB Bancorp, Inc. is a one-bank holding company that owns all of the outstanding
common stock of Great Lakes Bank (the Bank). The Corporation, a consolidation of
the holding company and the bank, was incorporated under Ohio law in March 1997
with the reorganization of the Bank completed in September 1997.
The accompanying unaudited consolidated financial statements have been prepared
in accordance with instructions to Form 10-QSB. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. However, such information reflects
all adjustments (consisting solely of normal recurring adjustments) which are,
in the opinion of management, necessary for a fair statement of results for the
interim periods.
The results of operations and cash flows reported for the period ended March 31,
1999 are not necessarily indicative of the results to be expected for the year
ending December 31, 1999. The unaudited consolidated financial statements and
notes included herein should be read in conjunction with the audited
consolidated financial statements and notes for the year ended December 31,
1998, contained in the Corporation's 1998 Annual Report and the Corporation's
most recent filing of its form 10-KSB.
Note 2. EARNINGS PER SHARE
Earnings per share was computed in accordance with Statement of Financial
Accounting Standards (SFAS) No. 128. This calculation has been computed based on
the weighted average number of shares outstanding for the quarters ended March
31, 1999 and 1998, respectively, giving consideration to the dilutive effect of
incentive stock options.
Earnings per share is calculated as follows:
<TABLE>
<CAPTION>
For the quarter ended March 31, 1999
Income Shares Per share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Net Income $149,625
Basic EPS
Income available to
Common Shareholders $149,625 2,133,906 $0.07
Effect of Dilutive
Incentive Stock Options -0- -0- -0-
Dilutive EPS
Income available to
Common Shareholders and
assumed conversions $149,625 2,133,906 $0.07
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
For the quarter ended March 31, 1998
Income Shares Per share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Net Income $102,982
Basic EPS
Income available to
Common Shareholders $102,982 608,940 $0.17
Effect of Dilutive
Incentive Stock Options -0- -0- -0-
Dilutive EPS
Income available to
Common Shareholders and
assumed conversions $102,982 608,940 $0.17
</TABLE>
Note 3.
The Corporation's comprehensive income for the quarters ended March 31, 1999
and 1998 are as follows:
<TABLE>
<CAPTION>
For the quarter ended March 31,
1999 1998
---- ----
<S> <S> <S>
Net Income $149,625 $102,982
Other comprehensive income:
Change in unrealized gain on securities
available for sale, net of tax ($127,105) $0
---------- ----------
Comprehensive income $ 22,520 $102,982
</TABLE>
7
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GLB BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
FORWARD-LOOKING STATEMENTS
This report may contain certain "forward-looking statements". The Corporation
desires to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 with respect to all forward-looking
statements. The words "believe", "expect", "anticipate", "estimate", "project",
and similar expressions are intended to identify forward-looking statements. The
Corporation's ability to predict the results or effect of future plans is
inherently uncertain. Factors which could affect actual results include interest
rate trends, the economic climate in the Corporation's market area and the
country, loan delinqency rates, and changes in federal and state regulations.
These factors should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.
ACQUISITION
On November 24, 1998, GLB Bancorp, Inc. and Maple Leaf Financial, Inc. (Maple
Leaf) signed an Agreement of Affiliation and Plan of Merger, which was later
amended on December 29, 1998. The Agreement states that GLB Bancorp is to be the
acquirer with the anticipated effective date to be sometime in the second
quarter of 1999. As of December 31, 1998, Maple Leaf had total assets of
$115,145,964. The total consideration to be given for the acquisition is
$18,000,000 and 375,000 shares of GLB Bancorp, Inc. common stock. Upon
completion of the acquisition, GLB Bancorp, Inc. will account for the
transaction as a purchase, in accordance with generally accepted accounting
principles.
STATEMENTS OF FINANCIAL CONDITION
The Corporation's total assets were $103,462,556 at March 31, 1999, compared to
$103,868,013 at December 31, 1998, a decrease of 0.4%. Although total assets
experienced a minor decrease, average loans increased 13.6% for the three month
period with loans being funded by federal funds.
LIQUIDITY
The maintenance of an adequate level of liquidity is necessary to ensure
sufficient funds are available to meet customer loan demand, deposit
withdrawals, and expenses. The primary sources of funds are deposits, principal
and interest payments on loans, proceeds of loan sales, federal funds, and FHLB
borrowings and other correspondent banking arrangements. The Corporation feels
it has adequate resources to fund it's required commitments as of March 31,
1999.
CAPITAL RESOURCES
Shareholders'equity was $25,454,172 at March 31, 1999 and $25,431,652 at
December 31, 1998, an increase of 0.1%. Net income for the quarter ended March
31, 1999 of $149,625 was offset by unrealized losses on securities available for
sale of $127,105, net of taxes, recorded as a component of accumulated other
comprehensive income.
RESULTS OF OPERATIONS
Net Income: The Corporation had net income of $149,625 for the quarter ended
March 31, 1999, compared to $102,982 for the quarter ended March 31, 1998, an
increase of 45.3% . This increase was due to the increase in average loan
balances and additional federal fund investment income from the funds generated
by the initial public offering in May 1998 . Return on average assets for the
quarter ended March 31, 1999 was 0.58%, compared to 0.60% for the quarter ended
March 31, 1998. Return on average equity (ROE) for the quarter ended March 31,
1999 was 2.34%, compared to 6.23% for the quarter ended March 31, 1998. The
decrease in ROE was due to the additional shareholders' equity generated by the
initial public offering in May 1998.
8
<PAGE>
Interest Income: Interest income was $1,678,965 for the quarter ended March 31,
1999, compared to $1,244,897 for the quarter ended March 31, 1998, an increase
of 34.9%. This increase was due primarily to the increase in federal fund
balances from the proceeds of the stock sale and additional loan volume.
Interest Expense: Interest expense was $671,044 for the quarter ended March 31,
1999, compared to $ 577,969 for the quarter ended March 31, 1998, an increase of
16.1%. This increase was due primarily to the increase in average deposit
balances.
Provision for Loan Losses: The provision for loan losses is based upon
management's assessment of relevant factors, including types and amounts of
nonperforming loans, historical and anticipated loss experience on such types of
loans, current, and projected economic conditions. The provision for loan losses
was $30,000 for the quarters ended March 31, 1999 and 1998.
Non-Interest Income: Non-interest income was $136,065 for the quarter ended
March 31, 1999 and $155,619 for the quarter ended March 31, 1998, a decrease of
12.6%. The decrease was largely due to fewer loans being sold in the secondary
market causing a decrease of 83.1% in realized gains on sale of loans which was
offset somewhat by the 29.2% increase in service charges in demand deposit
accounts and the 37.1% increase in loan fees collected.
Non-Interest Expense: Non-interest expense was $878,018 for the quarter ended
March 31, 1999 and $623,725 for the quarter ended March 31, 1998, an increase of
40.8%. The increase was the result of an increase in compensation due to
increased staff to operate our new branches and annual merit raises.
Additionally, non-interest expenses increased due to all of the costs associated
with adding new branches; such as supplies, depreciation, marketing, and
automation of some of the backoffice daily duties.
The effective tax rate for the quarter ended March 31, 1999 was 36.6% compared
to 39.0% for the quarter ended March 31, 1998.
ACCOUNTING DEVELOPMENTS
The Financial Accounting Standards Board ("FASB") issued Statement of Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and
Hedging Activities" with an effective date for all fiscal quarters of fiscal
years beginning after June 15, 1999. This Statement establishes accounting and
reporting standards for derivative instruments and for hedging activities. It
requires that an entity recognize derivatives as either assets or liabilities at
fair value with gains or losses determined depending on the intended use of the
derivative and it's resulting designation. This Statement should not be applied
retroactively to prior period fiancial statements. At the present time, the
Corporation has not fully analyzed the effect of the adoption of this statement
on the Corporation's consolidated statements.
The FASB issued SFAS No. 134, " Accounting for Mortgage-Backed Securities
Retained after Securitization of Mortgage Loans Held for Sale by a Mortgage
Banking Enterprise" in October 1998 and is effective for the first fiscal
quarter beginning after December 15, 1998. This statement amends SFAS No. 65 to
require that after the securitization of mortgage loans held for sale, an entity
engaged in mortgage banking activities must classify the resulting
mortgage-backed securities or other retained interests based on its ability and
intent to sell or hold those investments. After the secruitization of a mortgage
loan held for sale, any retained mortgage-backed securities shall be classified
in accordance with the provision of SFAS No. 115. However, a mortgage banking
enterprise must classify as trading any retained mortgage-backed securities that
it commits to sell before or after the securitization process. The Bank does not
currently securitize mortgage loans and retain the mortgage-backed security.
Therefore, there is currently no impact on the Corporation consolidated
financial statements as a result of the adoption of SFAS No. 134.
9
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FUTURE DEVELOPMENTS
YEAR 2000 : The Corporation is aware of the current concerns throughout the
business community of reliance upon computer software programs that do not
properly recognize the year 2000 in date formats, commonly referred to as the
"Year 2000 Problem". The Corporation utilizes and is dependent upon data
processing systems and software to conduct its business. As with any business,
the Corporation also depends upon other businesses to provide products and
services, both in the area of information technology and other areas such as
security, environmental systems, power and communications. Any failure to
properly prepare for the Year 2000 could create service disruptions to customers
with resulting adverse impacts to the Corporation's financial condition or
results of operations.
This discussion contains some forward looking statements. A forward looking
statement may contain words such as "will continue to be", "will be", "continues
to", "expect to", "anticipates that", "to be", or "can impact". Management
cautions that forward looking statements are subject to risks and uncertainties
that could cause the Corporation's actual results to differ materially from
those projected in forward looking statements.
STATE OF READINESS: The Corporation has established a Year 2000 planning and
implementation process. This process is overseen by a Year 2000 Committee which
includes senior management representation and reports monthly to the Board of
Directors.
An assessment of the Corporation's software, hardware, environmental and other
computer controlled systems has been completed. Mission critical systems, both
information and non information technology related, have been identified and
prioritized and a written testing plan has been completed providing for the
testing of all mission critical systems.
The Corporation initiated the testing of internal mission critical systems with
this testing being substantially completed by December 31, 1998.
The Corporation has contacted all of its third party vendors and software
providers and is requiring them to demonstrate and represent that the products
provided are or will be Year 2000 compliant. Testing of external mission
critical systems provided by third parties has also commenced and it is
anticipated that this testing will be substantially completed by June 30, 1999.
The Corporation's primary data processing function is undertaken pursuant to a
contract with an electronic data processing firm that services banking
institutions nationwide. The electronic data processing firm has substantially
completed Year 2000 testing and the Corporation has conducted various tests with
the firm to verify the ability to communicate and process valid transactions.
Based upon the results of the testing and ongoing discussions, the Corporation
currently expects that Year 2000 computer compliance will be achieved
principally pursuant to that contract.
The Federal Reserve Bank provides certain services for the Corporation including
electronic funds transfers and check processing. The Federal Reserve Bank has
substantially completed year 2000 testing and the Corporation has conducted
various tests with the Federal Reserve to verify the ability to communicate and
process valid transactions.
The Corporation has also surveyed its largest dollar deposit and loan customers
to asses the risk posed by these parties and to determine their readiness for
Year 2000.
COSTS: The Corporation does not expect costs associated with prevention or
remediation of the Year 2000 Problem to be material. The Corporation's current
estimate of cost related to this issue is $37,000. This figure is subject to
change as we continue the Year 2000 process.
In general, the Corporation does not expect the Year 2000 Problem to materially
affect the Corporation's financial condition or results of operation.
10
<PAGE>
YEAR 2000 RISKS: The largest general risk to the Corporation concerning Year
2000 is the malfunction of its data processing system. In the event the data
processing system does not function properly, the Corporation is prepared to
perform functions manually. The Corporation expects that there may be additional
risks in the form of temporary and periodic failures in utilities and
communications and liquidity problems caused by large cash withdrawals or by
reductions in balances on deposit.
CONTINGENCY PLANS: The Corporation has developed general contingency plans for
its core business activities and is in the process of refining and validating
these plans. It is anticipated that this process will be substantially complete
by June 30, 1999.
The Corporation is prepared to perform functions manually in the event of
temporary or short term failures in the primary data processing system,
utilities or communications. The Corporation has identified alternative sources
of cash and funds to replace possible withdrawals and is taking steps to insure
customer confidence in the Corporation's ability to meet the Year 2000 challenge
through a variety of informational and educational efforts.
11
<PAGE>
GLB BANCORP, INC.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS-Not applicable
ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS
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-Not Applicable
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-k
Exhibits
<TABLE>
<S> <C>
2 Plan of acquisition, reorganization, arrangement, liquidation
or succession-Not Applicable
3 (i) Articles of Incorporation and (ii) by-laws-Not Applicable
4 Not Applicable
10 Material Contracts-Not Applicable
11 Statement re computation of per-share earnings
15 Letter re unaudited interim financial statements-Not
Applicable
18 Letter re change in accounting principles-Not Applicable
19 Report furnished to security holders-Not Applicable
22 Published report regarding matters submitted to vote of
security holders-Not Applicable
23 Consents of experts and council-Not Applicable
24 Power of Attorney-Not Applicable
27 Financial Data Schedule
No report on Form 8-K was filed during the quarter ended March 31, 1999.
</TABLE>
12
<PAGE>
SIGNATURES
In accordance with 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.
GLB BANCORP, INC.
<TABLE>
<S> <C> <C>
By: /s/ Richard T. Flenner, Jr. Date: MAY 12, 1999
--------------------------- ------------
Richard T. Flenner, Jr., President
Chief Executive Officer and Director
By: /s/ Cheryl J. Mihitsch, Treasurer Date: MAY 12, 1999
--------------------------------- ------------
Cheryl J. Mihitsch
Principal Financial and Accounting Officer
</TABLE>
13
<PAGE>
Per-Share earnings
<TABLE>
<CAPTION>
For the quarter ended March 31, 1999
Income Shares Per share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Net Income $149,625
Basic EPS
Income available to
Common Shareholders $149,625 2,133,906 $0.07
Effect of Dilutive
Incentive Stock Options -0- -0- -0-
Dilutive EPS
Income available to
Common Shareholders and
assumed conversions $149,625 2,133,906 $0.07
For the quarter ended March 31, 1998
Income Shares Per share
(Numerator) (Denominator) Amount
Net Income $102,982
Basic EPS
Income available to
Common Shareholders $102,982 608,940 $0.17
Effect of Dilutive
Incentive Stock Options -0- -0- -0-
Dilutive EPS
Income available to
Common Shareholders and
assumed conversions $102,982 608,940 $0.17
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 4,442,884
<INT-BEARING-DEPOSITS> 41,296
<FED-FUNDS-SOLD> 21,506,167
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,236,915
<INVESTMENTS-CARRYING> 2,006,075
<INVESTMENTS-MARKET> 2,006,250
<LOANS> 67,436,716
<ALLOWANCE> 510,227
<TOTAL-ASSETS> 103,462,556
<DEPOSITS> 69,793,452
<SHORT-TERM> 7,500,000
<LIABILITIES-OTHER> 714,932
<LONG-TERM> 0
0
0
<COMMON> 5,334,765
<OTHER-SE> 20,119,407
<TOTAL-LIABILITIES-AND-EQUITY> 103,462,556
<INTEREST-LOAN> 1,326,597
<INTEREST-INVEST> 56,231
<INTEREST-OTHER> 296,137
<INTEREST-TOTAL> 1,678,965
<INTEREST-DEPOSIT> 544,637
<INTEREST-EXPENSE> 671,044
<INTEREST-INCOME-NET> 1,007,921
<LOAN-LOSSES> 30,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 878,018
<INCOME-PRETAX> 235,968
<INCOME-PRE-EXTRAORDINARY> 235,968
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 149,625
<EPS-PRIMARY> 0.07
<EPS-DILUTED> 0.07
<YIELD-ACTUAL> 6.49
<LOANS-NON> 0
<LOANS-PAST> 30,970
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 482,418
<CHARGE-OFFS> 6,329
<RECOVERIES> 4,138
<ALLOWANCE-CLOSE> 510,227
<ALLOWANCE-DOMESTIC> 510,227
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
