UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20429
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1999
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 000-25267
OCONEE FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
GEORGIA 58-2442250
- ------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
35 North Main Street
Watkinsville, Georgia 30677
- -------------------- ----------
(Address of principal (Zip Code)
executive offices)
706-769-6611
------------------
(Telephone Number)
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 subjected to
such filing requirements for the past 90 days.
YES XX NO
-- --
Common stock, par value $10 per share: 180,000 shares
outstanding as of November 8, 1999
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
INDEX
<TABLE>
<CAPTION>
Page No.
--------
PART I FINANCIAL INFORMATION
<S> <S> <S> <C>
Item 1. Financial Statements
Balance Sheet (unaudited) at September 30, 1999 3
Statements of Earnings (unaudited) for the Nine
Months Ended September 30, 1999 and 1998 4
Statements of Comprehensive Income (unaudited)
for the Nine Months Ended September 30, 1999 and 1998 5
Statements of Cash Flows (unaudited) for the Nine
Months Ended September 30, 1999 and 1998 6
Notes to Financial Statements (unaudited) 7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-13
PART II OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Defaults Upon Senior Securities 14
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
</TABLE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Balance Sheet
September 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and due from banks $ 9,112,355
Federal funds sold 0
Investment securities available for sale
(amortized cost of $37,027,981) 36,117,795
Mortgage loans held for sale 1,241,219
Loans 91,054,795
Less: Allowance for loan losses (1,392,502)
-------------
Loans, net 89,662,293
-------------
Premises and equipment, net 1,562,445
Accrued interest receivable and other assets 3,321,344
-------------
Total Assets $ 141,017,451
=============
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Deposits:
Noninterest-bearing $ 17,029,513
Interest-bearing 108,317,243
-------------
Total Deposits 125,346,756
Securities sold under repurchase agreements 783,757
Federal Funds Purchased 530,000
Accrued interest payable and other liabilities 838,797
-------------
Total Liabilities 127,499,310
Stockholders' equity:
Common stock, $10 par value;
authorized 300,000 shares;
issued and outstanding 180,000 shares 1,800,000
Additional paid-in capital 4,250,000
Retained earnings 8,032,820
Unrealized gain (loss) on investment securities, net of tax (564,679)
-------------
Total stockholders' equity 13,518,141
-------------
Total liabilities and stockholders' equity $ 141,017,451
=============
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
<TABLE>
<CAPTION>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Statements of Earnings
For the Three Months and the Nine Months Ended September 30, 1999 and 1998
(Unaudited)
Three Months Nine Months
Ended Ended
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest Income:
Loans $2,186,203 $1,915,252 $6,086,945 $5,719,486
Investment securities:
Tax exempt 199,039 177,031 604,689 517,172
Taxable 289,952 267,756 868,978 754,821
Federal funds sold and other 57,759 105,341 179,948 281,996
---------- ---------- ---------- ----------
Total interest income 2,732,953 2,465,380 7,740,560 7,273,475
---------- ---------- ---------- ----------
Interest Expense:
Deposits 1,087,015 1,024,576 3,034,811 3,001,087
Other 9,310 5,857 26,747 13,505
---------- ---------- ---------- ----------
Total interest expense 1,096,325 1,030,433 3,061,558 3,014,592
---------- ---------- ---------- ----------
Net interest income 1,636,628 1,434,947 4,679,002 4,258,883
Provision for loan losses 12,600 15,180 37,800 45,540
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 1,624,028 1,419,767 4,641,202 4,213,343
---------- ---------- ---------- ----------
Other Income:
Service charges on deposit accounts 183,898 186,426 539,968 521,125
Securities gains (losses), net 2,890 5,116 11,712 7,016
Other operating income 144,380 91,657 446,374 364,306
---------- ---------- ---------- ----------
Total other income 331,168 283,199 998,054 892,447
---------- ---------- ---------- ----------
Other Expense:
Salaries and other personnel expense 649,587 594,532 1,948,697 1,764,263
Net occupancy and equipment expense 135,811 124,668 408,206 371,416
Other operating expense 330,648 298,888 1,005,741 903,206
---------- ---------- ---------- ----------
Total other expense 1,116,046 1,018,088 3,362,644 3,038,885
---------- ---------- ---------- ----------
Earnings before income taxes 839,150 684,878 2,276,612 2,066,905
Income taxes 244,896 198,149 642,204 596,404
---------- ---------- ---------- ----------
Net earnings $ 594,254 $ 486,729 $1,634,408 $1,470,501
========== ========== ========== ==========
Earnings per common share based on average outstanding
shares of 180,000 in 1998 and 1997: $ 3.30 $ 2.70 $ 9.08 $ 8.17
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Statements of Comprehensive Income
<TABLE>
<CAPTION>
For the Nine Months Ended September 30, 1999 and 1998
(Unaudited)
1999 1998
----------- ---------
<S> <C> <C>
Net earnings $ 1,634,408 1,470,501
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities availble for sale:
Holding gains (losses) arising during period, net of tax
of $(375,960) and $15,758 (614,451) 25,754
Reclassification adjustments for (gains) losses included
in net earnings, net of tax of $4,450 and $2,666 (7,262) (4,350)
----------- ----------
Total other comprensive income (loss) (621,713) 21,404
----------- ----------
Comprehensive income $ 1,012,695 1,491,905
=========== ==========
</TABLE>
See accompanying notes to financial statements.
-5-
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Statements of Cash Flows
<TABLE>
<CAPTION>
For Each of the Nine Months Ended September 30, 1999 and 1998
(Unaudited)
1999 1998
---------------- -----------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 1,634,408 $ 1,470,501
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Provision for loan losses 37,800 45,540
Depreciation, amortization and accretion 174,490 155,181
Change in assets and liabilities:
Interest receivable and other assets (610,220) 137,540
Interest payable and other liabilities (14,499) (576,564)
Mortgage loans held for sale 471,081 (1,138,637)
---------------- -----------------
Net cash used by operating activities 1,693,060 93,561
---------------- -----------------
Cash flows from investing activities:
Proceeds from maturities and paydowns of
investment securities held to maturity 496,179 374,000
Proceeds from maturities and paydowns of
investment securities available for sale 4,673,106 6,327,344
Purchases of investment securities held to maturity (1,854,069) (2,249,674)
Purchases of investment securities available for sale (5,064,008) (9,067,088)
Net changes in loans (14,347,626) (1,650,111)
Purchases of premises and equipment (242,278) (192,797)
---------------- -----------------
Net cash used by investing activities (16,338,696) (6,458,326)
---------------- -----------------
Cash flows from financing activities:
Net change in deposits 9,226,563 1,681,733
Repayments of long-term debt 225,588 327,427
---------------- -----------------
Net cash provided by financing activities 9,452,151 2,009,160
---------------- -----------------
Net increase (decrease) in cash and cash equivalents (5,193,485) (4,355,605)
Cash and cash equivalents at beginning of period 14,305,840 12,180,521
---------------- -----------------
Cash and cash equivalents at end of period $ 9,112,355 $ 7,824,916
================ =================
Supplemental cash flow information:
Cash paid for interest $ 2,629,755 $ 2,619,255
</TABLE>
See accompanying notes to financial statements.
-6-
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
---------------------
The financial statements include the accounts of Oconee Financial
Corporation (the Corporation) and its wholly-owned subsidiary, Oconee
State Bank. All significant intercompany accounts and transactions have
been eliminated in consolidation.
The consolidated financial information furnished herein reflects all
adjustments which are, in the opinion of management, necessary to
present a fair statement of the results of operations and financial
position for the periods covered herein. All such adjustments are of a
normal recurring nature.
(2) Cash and Cash Equivalents
-------------------------
For presentation in the financial statements, cash and cash equivalents
include cash on hand and amounts due from banks.
(3) Comprehensive Income
--------------------
In 1997, the Financial Accounting and Standards Board issued Statement
of Financial Accounting Standards No. 130, "Reporting Comprehensive
Income" (SFAS 130"). SFAS 130 established standards for the reporting
and display of comprehensive income and its components in a full set of
general-purpose financial statements. The Bank has elected to present
comprehensive income in a separate statement of comprehensive income.
Accumulated other comprehensive income is solely related to the net of
tax effect of unrealized gains on securities available for sale.
(4) Holding Company Formation
-------------------------
On December 15, 1998, the Bank's shareholders approved a Plan of
Reorganization and Agreement of Merger (the "Plan"), providing for the
merger of Oconee Interim Corporation, a wholly-owned subsidiary of
Oconee Financial Corporation, with and into the Bank. The Plan called
for stockholders to exchange each share of Bank stock for one share of
Oconee Financial Corporation stock. The effective date of the Plan was
January 1, 1999, and is being accounted for in a manner similar to a
pooling of interest.
-7-
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements (Continued)
(Unaudited)
(5) Implementation of Recent Accounting Pronouncements
--------------------------------------------------
The Corporation adopted Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging Activities",
(SFAS No. 133") during the third quarter of 1999. As allowed by SFAS
No. 133, an entity may transfer any held to maturity security into the
available for sale or trading category without calling into question
the entity's intent to hold other securities to maturity in the future.
The result of the transfer of held to maturity securities to the
available for sale category was to increase stockholders' equity
approximately $22,000. There were no other financial statement effects
associated with the implementation of SFAS No. 133.
-8-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
For Each of the Nine Months in the Periods Ended
September 30, 1999 and 1998
FORWARD-LOOKING STATEMENT
This discussion contains forward-looking statements under the private
Securities Litigation Reform Act of 1995 that involve risk and uncertainties.
Although the Corporation believes that the assumptions underlying the
forward-looking statements contained in the discussion are reasonable, any of
the assumptions could be inaccurate, and therefore, no assurance can be made
that any of the forward-looking statements included in this discussion will be
accurate. Factors that could cause actual results to differ from results
discussed in forward-looking statements include, but are not limited to:
economic conditions (both generally and in the markets where the Corporation
operates); competition from other providers of financial services offered by the
Corporation; government regulations and legislation; changes in interest rates;
material unforeseen changes in the financial stability and liquidity of the
Corporation's credit customers; material unforeseen complications related to the
Year 2000 issues for the Corporation, its suppliers, customers and governmental
agencies, all of which are difficult to predict and which may be beyond the
control of the Corporation. The Corporation undertakes no obligation to revise
forward-looking statements to reflect events or changes after the date of this
discussion or to reflect the occurrence of unanticipated events.
FINANCIAL CONDITION
Total assets at September 30, 1999 were $141,017,451, representing a
$10,457,609 (8.01%) increase from December 31, 1998. Deposits increased
$9,226,568 (7.95%) from December 31, 1998. Loans increased $14,274,911 (18.59%).
The allowance for loan losses at September 30, 1999 totaled $1,392,502 compared
to the December 31, 1998 total of $1,427,420, representing 1.53% of total loans
at September 30, 1999, compared to 1.86% at December 31, 1998. Cash and cash
equivalents decreased $5,199,528 from December 31, 1998.
The total of nonperforming assets, which includes nonaccruing loans,
other real estate owned, repossessed collateral and loans for which payments are
more than 90 days past due were $192,746 at June 30, 1999, representing an
increase of $164 (0.09%) from December 31, 1998. There were no related party
loans which were considered nonperforming at September 30, 1999.
The Corporation's subsidiary bank was most recently examined by its
primary regulatory authority in March 1998. There were no recommendations by the
regulatory authority that in management's opinion will have material effects on
the Company's liquidity, capital resources or operations.
-9-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, continued
For the Nine Months in the Period Ended
September 30, 1999 and 1998
RESULTS OF OPERATIONS
Net interest income increased $420,119 (9.86%) in the first nine months
of 1999 compared to the same period for 1998. Interest income for the first nine
months of 1999 was $7,740,560, representing an increase of $467,085 (6.42%) over
the same period in 1998. Interest expense for the first nine months of 1999
increased $46,966 (1.56%) compared to the same period in 1998. The increase in
net interest income during the first nine months of 1999 compared to the same
period in 1998 is primarily attributable to the increase in the volume of loans.
The bank analyzes its allowance for loan losses on a monthly basis. As
of September 30, 1999, that analysis indicated an allowance reserve surplus of
$868.170. Due to this surplus, the Bank has provided the budgeted provision for
1999, which is less than the amount provided in 1998, resulting in a $7,740
decrease in the provision for loan losses compared to the previous year. It is
management's belief that the allowance for loan losses is adequate to absorb
possible losses in the portfolio.
Other expenses for the nine months of 1999 increased $102,535 (11.35%)
compared to the first nine months in 1998. The net increase is primarily
attributable to additional salary and benefits expense and other operating
expense comprised of organizational and other expenses at the holding company
level.
YEAR 2000 PREPAREDNESS
Generally, the year 2000 risk involves computer programs and computer
hardware that are not able to perform without interruption into the year 2000.
The arrival of the year 2000 poses a unique worldwide challenge to the ability
of all systems to correctly recognize the date change from December 31, 1999 to
January 1, 2000. If Oconee's systems do not correctly recognize such a date
change, computer applications that rely on the date field could fail or create
erroneous results. Such erroneous results could affect interest, payment or due
dates or could cause the temporary inability to process transactions, send
invoices or engage in similar normal business activities. If it is not
adequately addressed by Oconee or its suppliers and borrowers, the year 2000
issue could result in a material adverse impact on Oconee's financial condition,
liquidity and results of operations.
Oconee's State of Readiness - The Bank began its Year 2000 project in
-----------------------------
1996. The Bank established a Year 2000 Task Force comprised of executive and
senior management of the Bank. The chairman of the committee is the Bank's
President and CEO. The Year 2000 Task Force continues to communicate the Year
2000 issue and the Bank's status to the Board, employees, and the customers of
the Bank. The Bank has made a complete assessment of its information technology
systems and non-information technology systems and has contacted its system
vendors requesting information as to their Year 2000 preparedness.
-10-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, CONTINUED
For the Nine Months in the Period Ended
September 30, 1999 and 1998
The Bank has developed a year 2000 plan with the following phases:
awareness, assessment, renovation, validation and implementation. The Bank
developed a specific timeline to follow through each of these processes. The
Bank is currently in the implementation phase. Testing of all computer systems
was completed during the second quarter of 1999, and non-compliant systems have
been upgraded or replaced in accordance with the Bank's overall contingency
plan.
Costs to Address Year 2000 Issues - The Bank currently estimates that
---------------------------------
the total cost of such modifications for Year 2000 compliance issues will be
approximately $230,500 expensed over the course of five years from 1998 through
2002 (including hardware/software expenses which are permitted to be
capitalized). Year 2000 expenditures for 1999 have been budgeted and are not
expected to have a significantly negative impact on results of operations,
liquidity, or capital resources. However, there can be no assurance that all
necessary modifications will be identified and corrected or that unforeseen
difficulties or additional costs will not arise.
Risks of Third Party Year 2000 Issues - The impact of year 2000
------------------------------------------
non-compliance by outside parties with whom Oconee transacts business cannot be
accurately gauged. Oconee has surveyed its major vendors and suppliers to
ascertain their year 2000 readiness. Although all are not year 2000 compliant at
this date, Oconee has received certain assurances that such third parties will
be ready for the year 2000 date change by the end of 1999, including any
additional certification from its major software provider.
The Bank will continue to monitor the progress of third party vendors
regarding their Year 2000 readiness focusing on mission critical applications
including, but not limited to, The Federal Reserve Bank, Intercept, The Bankers
Bank, telecommunications providers, and power companies. The Year 2000 Task
Force reviews progress reports from third party vendors. Third party progress
reports may include, but are not limited to, updates from the company website,
written status reports from the third party vendor, and verbal communication
regarding the current status of the vendor. The Bank is currently requesting the
results from the testing and validation of its mission critical third party
vendors regarding business contingency plans.
Oconee's Contingency Plan - The Bank has established an overall
---------------------------
contingency plan, a liquidity plan, as well as a business resumption contingency
plan for implementation in the event of system or operational failures. The Bank
has developed business resumption contingency plans that contain the following
elements: (1) evaluates options and selects the most reasonable contingency
strategy; (2) identifies contingency plans and implementation for each core
business process; (3) establishes trigger dates to activate the contingency
plans; (4) assigns responsibility for
-11-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, CONTINUED
For the Nine Months in the Period Ended
September 30, 1999 and 1998
resumption of core business processes; (5) implements an independent review of
the feasibility of the contingency plan; and (6) develops an implementation
strategy for the century date change as well as other critical dates. In
general, the overall contingency plan is designed to minimize the disruption of
service to the Bank and its customers in the event of a Year 2000 disruption.
The Bank's Year 2000 Liquidity Contingency Plan provides a framework
for meeting liquidity needs on an expedited basis. The Plan identifies and
assesses liquidity needs in connection with Year 2000, further identifies and
updates both primary and secondary sources of liquidity, and provides policy and
procedures for the use of liquidity should the need for additional liquidity
arise.
During the third quarter 1999, the Bank has primarily focused upon two
areas related to Year 2000: liquidity and customer awareness. As to liquidity,
the Bank is implementing its Liquidity Contingency Plan as referenced above.
Goals established for Y2K cash reserves were accomplished as of September 30,
1999. At quarter end, the Bank had not yet achieved its goal for federal funds
sold position, but fully expects to accomplish this component of the Plan by
year-end 1999. In addition to an unsecured federal funds purchased accommodation
line of credit, the Bank has established borrowing facilities with The Bankers
Bank, its primary correspondent bank, as well as lines of credit with the
Federal Home Loan Bank of Atlanta and the Federal Reserve Bank of Atlanta. The
Bank has not yet received confirmation of its borrowing capacity with the
Federal Reserve Bank on its Century Date Change Special Liquidity Facility
application.
The other focus during the third quarter 1999 has been on customer
awareness. The Bank will be providing Year 2000 readiness disclosures to its
customers during the fourth quarter 1999. In addition, the Bank has worked with
the local chamber of commerce to coordinate a community-wide seminar regarding
Y2K issues, which is scheduled for November 9, 1999. Additional efforts will be
ongoing throughout the fourth quarter 1999 to communicate to our customers the
status of the Bank's readiness for the century date change.
-12-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, CONTINUED
For the Nine Months Ended September 30, 1999
CAPITAL
The following tables present Oconee State Bank's regulatory capital position at
September 30, 1999:
RISK-BASED CAPITAL RATIOS
Tier 1 Tangible Capital, Actual 14.4%
Tier 1 Tangible Capital minimum requirement 4.0%
----
Excess 9.4%
====
Total Capital, Actual 15.7%
Total Capital minimum requirement 8.0%
----
Excess 7.7%
====
LEVERAGE RATIO
Tier 1 Tangible Capital to adjusted total assets
(Leverage Ratio) 10.3%
Minimum leverage requirement 3.0%
----
Excess 7.3%
====
-13-
<PAGE>
PART II. OTHER INFORMATION
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
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 a Vote of Security Holders
---------------------------------------------------
None
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports On Form 8-K
--------------------------------
Exhibit 27 - Financial Data Schedule (for SEC use only)
-14-
<PAGE>
OCONEE FINANCIAL CORPORATION AND SUBSIDIARY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
OCONEE FINANCIAL CORPORATION
By: /s/ B. Amrey Harden
B. Amrey Harden, President and C.E.O.
(Principal Executive Officer)
Date: November 8, 1999
By: /s/ Jerry K. Wages
Jerry K. Wages
Executive Vice-President and C.F.O.
(Principal Accounting Officer)
Date: November 8, 1999
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0001076691
<NAME> OCONEE FINANCIAL CORPORATION
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 9,112,355
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 36,117,795
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 92,296,014
<ALLOWANCE> 1,392,502
<TOTAL-ASSETS> 141,017,451
<DEPOSITS> 125,346,756
<SHORT-TERM> 1,313,757
<LIABILITIES-OTHER> 838,797
<LONG-TERM> 0
0
0
<COMMON> 1,800,000
<OTHER-SE> 11,718,141
<TOTAL-LIABILITIES-AND-EQUITY> 141,017,451
<INTEREST-LOAN> 6,086,945
<INTEREST-INVEST> 1,473,667
<INTEREST-OTHER> 179,948
<INTEREST-TOTAL> 7,740,560
<INTEREST-DEPOSIT> 3,034,811
<INTEREST-EXPENSE> 3,061,558
<INTEREST-INCOME-NET> 4,679,002
<LOAN-LOSSES> 37,800
<SECURITIES-GAINS> 11,712
<EXPENSE-OTHER> 3,362,644
<INCOME-PRETAX> 2,276,612
<INCOME-PRE-EXTRAORDINARY> 2,276,612
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,634,408
<EPS-BASIC> 9.08
<EPS-DILUTED> 9.08
<YIELD-ACTUAL> 5.38
<LOANS-NON> 148,751
<LOANS-PAST> 13,295
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,427,420
<CHARGE-OFFS> 91,191
<RECOVERIES> 18,473
<ALLOWANCE-CLOSE> 1,392,502
<ALLOWANCE-DOMESTIC> 1,392,502
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
