UNITED STATES 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 AND EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
-----------------
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 0-8467
------
WESBANCO, INC.
----------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
West Virginia 55-0571723
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1 Bank Plaza, Wheeling, WV 26003
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
</TABLE>
304-234-9000
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
---------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
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 filing requirements for the past 90 days. Yes X No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at April 30, 1996, 8,469,573 shares.
1 of 16
<PAGE> 2
PART 1 - FINANCIAL INFORMATION
- ------------------------------
Consolidated Balance Sheets at March 31, 1996 (unaudited) and December 31,
1995, Consolidated Statements of Income, Consolidated Statements of Changes
in Shareholders' Equity and Consolidated Statements of Cash Flows for the
three months ended March 31, 1996 and 1995 (unaudited) are set forth on the
following pages. In the opinion of management of the Registrant, all
adjustments, consisting of normal recurring accruals, necessary for a fair
presentation of the financial information referred to above for such periods,
have been made. The results of operations for the three months ended
March 31, 1996 are not necessarily indicative of what results will be for
the entire year. For further information, refer to the Annual Report to
Shareholders which includes consolidated financial statements and footnotes
thereto and WesBanco, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 1995.
Earnings per share for the three months ended March 31, 1996 and 1995
were computed by dividing net income less preferred stock dividends and
discount accretion, where applicable, by the weighted average number of
common shares outstanding during the period. Effective November 15, 1995
WesBanco redeemed its Series A 8% Cumulative Preferred stock. Prior to
redemption, preferred stock dividends were cumulative and payable quarterly
at an annual rate of $15.20 per share. The fully dilutive effect of
preferred stock for the three months ended March 31, 1995 was less than 3%.
2
<PAGE 3>
WESBANCO, INC.
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
Cash and due from banks $ 48,186 $ 49,008
Due from banks - interest bearing 297 301
Federal funds sold 6,225 14,230
Investment securities (Note 1) 432,368 423,153
Loans-net (Notes 2 and 3) 842,870 837,821
Bank premises and equipment - net 23,327 23,026
Accrued interest receivable 11,898 11,020
Other assets 14,894 13,234
---------- ----------
TOTAL ASSETS $1,380,065 $1,371,793
========== ==========
LIABILITIES
Deposits:
Non-interest bearing demand $ 123,800 $ 127,168
Interest bearing demand 246,931 252,950
Savings deposits 279,053 278,821
Certificates of deposit 468,324 456,534
--------- ---------
Total deposits 1,118,108 1,115,473
Federal funds purchased and repurchase
agreements 67,837 70,457
Short-term borrowings 6,962 1,402
Dividends payable 2,204 2,126
Accrued interest payable 6,256 6,744
Other liabilities 8,232 5,551
--------- ---------
TOTAL LIABILITIES 1,209,599 1,201,753
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 1,000,000
shares authorized; none outstanding --- ---
Common stock, $2.0833 par value;
25,000,000 shares authorized;
8,682,103 shares issued 18,087 18,087
Capital surplus 25,758 25,758
Market value adjustment on investments
available for sale - net of tax effect (725) 849
Retained earnings 134,230 131,527
Less: Treasury stock at cost (211,031
and 186,131 shares, respectively) (5,719) (5,038)
-------- --------
171,631 171,183
Deferred benefits for employees and directors (1,165) (1,143)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 170,466 170,040
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $1,380,065 $1,371,793
========== ==========
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
3
<PAGE> 4
WESBANCO, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(in thousands, except share and per share amounts)
For the three months
ended March 31,
------------------------
1996 1995
--------- ----------
<TABLE>
<CAPTION>
INTEREST INCOME:
<S> <C> <C>
Interest and fees on loans $ 18,684 $ 16,704
Interest on investment securities 6,020 6,610
Other interest income 244 298
--------- ---------
Total interest income 24,948 23,612
--------- ---------
INTEREST EXPENSE:
Interest on deposits 9,680 9,137
Interest on other borrowings 901 746
--------- ---------
Total interest expense 10,581 9,883
--------- ---------
NET INTEREST INCOME 14,367 13,729
Provision for possible loan losses 864 377
--------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR POSSIBLE LOAN LOSSES 13,503 13,352
--------- ---------
OTHER INCOME:
Trust fees 1,471 1,295
Service charges and other income 1,400 1,459
Net securities transaction gains 86 106
--------- ---------
Total other income 2,957 2,860
--------- ---------
OTHER EXPENSES:
Salaries, wages and fringe benefits 5,205 5,284
Premises and equipment - net 1,309 1,173
Other operating 2,853 3,134
--------- ---------
Total other expenses 9,367 9,591
--------- ---------
Income before provision for income taxes 7,093 6,621
Provision for income taxes (Note 5) 2,188 1,963
--------- ---------
NET INCOME $ 4,905 $ 4,658
========= =========
Preferred stock dividends and discount
accretion --- $ 46
=========
Net income available to common
shareholders $ 4,905 $ 4,612
========= =========
Earnings per share of common stock $ .58 $ .54
========= =========
Average outstanding shares of common
stock 8,480,550 8,509,821
========= =========
Dividends declared per share of
common stock $ .26 $ .23
========= =========
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
4
<PAGE> 5
WESBANCO, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
For the three months ended
March 31,
--------------------------
1996 1995
----------- ----------
<S> <C> <C>
Total Shareholders' Equity
Balance, beginning of period $170,040 $156,630
-------- --------
Net Income 4,905 4,658
Cash dividends:
Common (2,203) (1,957)
Preferred (38)
Accretion of preferred stock --- (8)
Net purchase of treasury shares (681) (51)
Change in market value adjustment on
investments available for sale-net
of tax effect (1,574) 2,470
Change in deferred benefits for employees
and directors (21) (312)
---------- ---------
Net change in Shareholders' Equity 426 4,762
---------- ---------
Total Shareholders' Equity
Balance, end of period $170,466 $161,392
========== ==========
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
5
<PAGE> 6
WESBANCO, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(dollars in thousands)
</TABLE>
<TABLE>
<CAPTION>
For the three months ended
March 31,
--------------------------
1996 1995
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 4,905 $ 4,658
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 566 489
Provision for possible loan losses 864 377
Net amortization and accretion 602 956
Gain on sales of investment securities (86) (106)
Deferred income taxes (125) (119)
Other - net 4 7
Increase or decrease in assets and
liabilities:
Interest receivable (878) 15
Other assets (888) (1,419)
Interest payable (488) (101)
Other liabilities 3,021 2,244
--------- ---------
Net cash provided by operating activities 7,497 7,001
--------- ---------
Investing Activities:
Investment securities held to maturity:
Payments for purchases (6,378) (3,234)
Proceeds from maturities and calls 29,456 17,977
Investment securities available for sale:
Payments for purchases (58,846)
Proceeds from sales 15,234 12,307
Proceeds from maturities, calls
and prepayments 8,211 8,142
Net increase in loans (5,903) (8,927)
Purchases of premises and equipment-net (868) (703)
---------- ----------
Net cash provided (used) by investing
activities (19,094) 25,562
---------- ----------
Financing activities:
Net increase in certificates of deposit 11,790 19,481
Net decrease in demand and savings accounts (9,155) (28,086)
Decrease in federal funds purchased
and repurchase agreements (2,619) (16,113)
Increase (decrease) in short-term
borrowings 5,560 (2,041)
Dividends paid (2,125) (1,909)
Net purchases of treasury stock (681) (51)
---------- ----------
Net cash provided (used) by financing
activities 2,770 (28,719)
---------- ----------
Net increase (decrease) in cash and cash
equivalents (8,827) 3,844
Cash and cash equivalents at beginning of
period 63,238 65,013
-------- --------
Cash and cash equivalents at end of period $54,411 $68,857
======== ========
</TABLE>
For the three months ended March 31, 1996 and 1995, WesBanco paid
$11,069 and $9,985 in interest on deposits and other borrowings
and $0 and $30 for income taxes, respectively.
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
6
<PAGE> 7
WESBANCO, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
<TABLE>
<CAPTION>
NOTE 1 - INVESTMENT SECURITIES:
March 31, December 31,
1996 1995
------------- -------------
(Unaudited)
<S> <C> <C>
Investments Held to Maturity (at cost):
U.S. Treasury and Federal
Agency securities $108,298 $133,888
Obligations of states and
political subdivisions 117,653 115,770
Other debt securities 1,700 1,358
--------- ---------
Total Held to Maturity (market value
of $228,621 and $253,831, respectively) 227,651 251,016
--------- ---------
Investments Available for Sale (at market):
U.S. Treasury and Federal
Agency securities 146,847 157,505
Obligations of states and
political subdivisions 12,570 5,667
U.S. corporate securities 5 4
Mortgage-backed securities 42,245 6,610
Other debt and equity securities 3,050 2,351
--------- ---------
Total Available for Sale 204,717 172,137
--------- ---------
Total Investment Securities $432,368 $423,153
========= =========
NOTE 2 - LOANS:
- ---------------
March 31, December 31,
1996 1995
----------- -------------
(Unaudited)
Loans:
Commercial $167,972 $172,270
Real Estate-Construction 16,226 15,493
Real Estate-Mortgage 393,269 392,681
Installment 284,906 277,934
-------- --------
Total Loans 862,373 858,378
-------- --------
Deduct:
Unearned income (6,317) (7,810)
Reserve for possible loan losses (Note 3) (13,186) (12,747)
--------- ---------
Net Loans $842,870 $837,821
========= =========
</TABLE>
7
<PAGE> 8
Note 2 - LOANS:(continued)
- --------------------------
Impaired loans are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
---------- --------------
<S> <C> <C>
Nonaccrual $4,982 $5,199
Renegotiated and other 2,642 2,092
------- --------
Total impaired loans $7,624 $7,291
======= ========
</TABLE>
Related reserves for possible loan losses on impaired loans were
$176 and $334 as of March 31, 1996 and December 31, 1995, respectively.
The average balances of impaired loans during the periods ended
March 31, 1996 and December 31, 1995 were approximately $7,624 and $6,773,
respectively. For the periods ended March 31, 1996 and December 31, 1995,
the interest income recognized on impaired loans did not have a material
effect on the results of operations.
NOTE 3 - RESERVE FOR POSSIBLE LOAN LOSSES:
- ------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
For the three months
ended March 31,
---------------------
1996 1995
--------- ----------
<S> <C> <C>
Balance at beginning of period $12,747 $12,317
Recoveries credited to reserve 121 230
Provision for possible loan losses 864 377
Losses charged to reserve (546) (334)
-------- --------
Balance at end of period $13,186 $12,590
======== ========
</TABLE>
NOTE 4 - ADOPTION OF NEW ACCOUNTING STANDARD: (unaudited)
- ----------------------------------------------
The Corporation adopted FAS No. 121 "Accounting for the Impairment of
Long-lived Assets and for Long-lived Assets to be Disposed Of," on January 1,
8
<PAGE> 9
Note 4 - ADOPTION OF NEW ACCOUNTING STANDARD: (continued)
- ---------------------------------------------------------
1996. Under the new standard, assets are to be reviewed for impairment
whenever circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized when the sum of expected
future cash flows from an impaired asset, on a discounted basis, is less
than the asset's carrying amount. The adoption of FAS No. 121 did not
have a material impact on the Corporation's financial position or results of
operations.
NOTE 5 - INCOME TAXES: (Unaudited)
- ----------------------
A reconciliation of the average federal statutory tax rate to the reported
effective tax rate attributable to income from operations follows:
<TABLE>
<CAPTION>
For the three months
ended March 31,
---------------------------
1996 1995
------------ ------------
<S> <C> <C>
Federal statutory tax rate $2,482 35% $2,317 35%
Tax-exempt interest income from
securities of states and political
subdivisions (571) (9) (571) (9)
State income tax - net of federal
tax effect 208 3 185 3
All other - net 69 2 32 1
------------ ------------
Effective tax rate $2,188 31% $1,963 30%
============ ============
</TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ---------------------------------------------------------------
RESULTS OF OPERATIONS (Dollars in thousands except per share amounts)
- ---------------------
Financial Condition
- -------------------
Total assets of WesBanco as of March 31, 1996 were $1,380,065 as
compared to $1,371,793 as of December 31, 1995.
Investment securities increased by $9,215 between March 31, 1996
and December 31, 1995. During the period, maturities, calls, prepayments
and sales aggregated $52,901, while investment purchases totaled $65,224.
Investment purchases consisted primarily of mortgage-backed securities, which
9
<PAGE> 10
represented a yield advantage over other investments during the first quarter
of 1996.
The market value adjustments, before tax effect, in the available for
sale investment portfolio resulted in unrealized net losses of $1,193 and
unrealized net gains of $1,392 on available for sale securities as of
March 31, 1996 and December 31, 1995, respectively. These adjustments
represent market value fluctuations caused by general changes in market
rates and the length of time to respective maturity dates. If these
securities are held until their respective maturity date, no market value
adjustment would be realized.
Net loans increased $5,049 or .6% between March 31, 1996 and December 31,
1995. Overall loan growth was primarily attributable to the installment
loan portfolio. During the first quarter of 1996 and throughout 1995,
WesBanco experienced steady growth in this area as a result of offering
attractive rates on automobile loans.
Total deposits increased $2,635 between March 31, 1996 and December 31,
1995. The deposit increase, which occurred primarily in certificates of
deposit, can be attributed to the new retail banking program called "Good
Neighbor Banking." The program is designed to build customer relationships
by offering a series of pricing bonuses, which vary according to the customer's
number of qualifying services. This relationship building is key to long
term growth and customer profitability. There was also a shift in deposit
mix from demand deposits, which decreased $9,387 or 2.5% during the three
month period between March 31, 1996 and December 31, 1995, to certificates
of deposit, which increased $11,790 or 2.6% during the same period. The
shift to certificates of deposit from demand deposits reflect the
customer's preference for higher-yielding products. The certificate of
deposit increase occurred
10
<PAGE> 11
primarily in the Good Neighbor Banking products which offer a tiered pricing
structure based on balance and number of qualifying services.
Comparison of the three months ended March 31, 1996 and 1995
- ------------------------------------------------------------
Earnings Summary
- ----------------
Net income for the three months ended March 31, 1996 was $4,905, a 5.3%
increase over the same period in 1995. Earnings per share of common stock
for the three months ended March 31, 1996 and 1995 were $.58 and $.54
respectively. Net income increased primarily due to an increase in net
interest income, a decrease in overhead expenses and an increase in trust
fees for the three months ended March 31, 1996 as compared to March 31, 1995.
Return on average assets was 1.42% and 1.40% for the three months ended
March 31, 1996 and 1995, respectively. Return on average equity was 11.51%
compared to 11.72% for the three months ended March 31, 1996 and 1995,
respectively.
Net Interest Income
- -------------------
Net interest income for the three months ended March 31, 1996 increased
$638 or 4.6% over the same period for 1995. The increase resulted from a
.1% increase in the net tax equivalent yield combined with volume growth
in both average earning assets of $30,700 or 2.5% and interest bearing
liabilities of $45,331 or 4.4%. Average earning assets increased primarily
due to loan growth. As interest rates generally declined during 1995, lower
rates on mortgage and consumer loans contributed to a 9.3% increase in average
loans. During the three months ended March 31, 1996, most banks' primary
lending rates averaged 8.3% compared to 8.8% for the corresponding period
in 1995. Average interest bearing liabilities increased primarily due to
growth in certificates of deposit and repurchase agreements.
11
<PAGE> 12
Net tax equivalent yield increased to 4.8% from 4.7% for the three months
ended March 31, 1995. The increase in the net yield was due to a shift in
the mix of assets from investment securities to higher-yielding loans as
well as a reduction of interest rates on demand and savings products in
January 1996.
Interest Income
- ---------------
Total interest income increased $1,336 or 5.6% between the three month
periods ended March 31, 1996 and 1995. Interest and fees on loans increased
$1,980 or 11.9% primarily due to both an increase in the average rates earned
and the average balance of loans outstanding. Average rates earned on loans
increased approximately .20% and average loan balances increased by
approximately $71,803 or 9.3%. Interest on taxable investments decreased
$590 or 11.9%. The decline was due to a decrease in the average outstanding
balance of approximately $44,913, partially offset by an increase in the
average yield of .08% between the three month period ending March 31, 1996
and 1995. The decrease in taxable investments resulted from the funding of
excess loan demand with scheduled investment maturities. Matured, called or
sold investment securities represent a primary source of liquidity. Interest
earned on nontaxable investments remained stable. Increases in the average
balance of this type of investment approximated $5,881 while the average
yield declined .25%.
Interest Expense
- ----------------
Total interest expense increased $698 or 7.0% between the three month
periods ended March 31, 1996 and 1995. Interest expense on deposits
increased $543 or 5.9% during the period as the average rate on
interest-bearing deposits increased to 3.9% from 3.8% and average
interest-bearing deposit balances increased by approximately $20,516.
The increase in average
12
<PAGE> 13
interest-bearing deposit balances resulted from
growth in certificates of deposit of $42,111. Customers were attracted to
the higher-yielding certificate of deposit products and the introduction of
the Good Neighbor Banking Program in the fourth quarter of 1995. Interest
expense on certificates of deposit increased $1,209 or 23% reflecting this
growth in average balances. Interest expense on interest bearing demand
deposits decreased $322 or 17.7% primarily due to a decrease in the average
balances of approximately $6,716 and a decrease in the average rates of .44%.
Interest on savings accounts decreased $344 or 16.4% primarily due to a
decrease in the average balances of $14,878 combined with a .33% average
rate decrease. Interest on other borrowings, which primarily includes
repurchase agreements, increased $155 or 21% due to an increase in average
balances outstanding of $24,814. Rates paid on repurchase agreements closely
follow the direction of interest rates in the federal funds market.
Provision for Possible Loan Losses
- ----------------------------------
The provision for possible loan losses increased due to an increase in net
charge-offs and due to management's evaluation of the credit risk in the loan
portfolio and analysis of underlying collateral value. Net charge-offs
increased to $425 as of March 31, 1996 from $104 as of March 31, 1995. The
reserve for possible loan losses was 1.54% of total loans as of March 31,
1996 and 1.50% as of December 31, 1995. Nonperforming loans consisting of
nonaccrual, renegotiated, and other impaired loans totalled $7,624 or .9% of
loans as of March 31, 1996 as compared to $7,291 or .9% as of December 31,
1995, an increase of $333. Other real estate totaled $4,283 as of March 31,
1996, compared to $4,137 as of December 31, 1995. Loans past due 90 days or
more increased to $4,821 or .6% of total loans as of March 31, 1996 from
$3,006 or .4% of total loans as of December 31, 1995.
13
<PAGE> 14
Lending by WesBanco banks is guided by written lending policies which
allow for various types of lending. Normal lending practices do not include
the acquisition of high yield non-investment grade loans or "highly leveraged
transactions" ("HLT") from out of the primary market area.
Other Income
- ------------
Other income increased $97 or 3.4%. Trust fee income increased $176
primarily due to increases in the market values and new trust business during
the first three months of 1996. The market value of trust assets
approximated $1,410,007 as of March 31, 1996, an increase of $254,600 or 22%
over March 31, 1995. Service charges and other income decreased $59 between
the three month periods ended March 31, 1996 and 1995. Net securities
transaction gains decreased $20 between the three months ended March 31, 1996
and 1995. In 1995, the Corporation recognized security gains of approximately
$85, resulting from a decision to divest an equity position which no longer
had a stratgic value.
Other Expenses
- --------------
Total other expenses decreased $224 or 2.3%. Salary expense increased
$41 or .9% while employee benefits decreased $121 during this period
primarily due to a reduction in pension expense of $192. The reduction of
pension expense resulted from an increase in the market value of Pension Plan
assets, combined with a change in the method of calculating benefits.
Premise and equipment expense increased $136 or 11.6% due to the installation
of a local area network and other technological advancements designed to
enhance customer service. Other operating expenses decreased $281 or 9.0%
primarily due to a reduction in FDIC insurance expense of $624. However, the
decrease was partially offset by the recognition of renovation costs
totalling $265, at a
14
<PAGE> 15
nonbank subsidiary of WesBanco Bank Wheeling during the first quarter of
1996. The nonbank subsidiary is comprised of real estate held for resale.
Part II - OTHER INFORMATION
- ---------------------------
Item 1-5 - Not Applicable
- -------------------------
Item 6(a) - Exhibits
- --------------------
(27)Financial Data Schedule required by Article 9 of Regulation S-X.
Item 6(b) - Reports on Form 8-K
- -------------------------------
(1)Filed current report on Form 8-K dated February 20, 1996, announcing
the signing of a definitive Agreement and Plan of Merger providing for the
merger of Bank of Weirton with WesBanco Bank Wheeling, an affiliate of
WesBanco, Inc.
(2)Filed current report on Form 8-K dated April 10, 1996, announcing a
change in the Registrant's certifying accountant.
15
<PAGE> 16
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.
WESBANCO, INC.
--------------
May 13, 1996 /s/ Edward M. George
Date:__________________ _____________________________________
Edward M. George
President and Chief Executive Officer
May 13, 1996 /s/ Paul M. Limbert
Date:__________________ _______________________________________
Paul M. Limbert
Executive Vice President and
Chief Financial Officer
16
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 48,186
<INT-BEARING-DEPOSITS> 297
<FED-FUNDS-SOLD> 6,225
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 204,717
<INVESTMENTS-CARRYING> 227,651
<INVESTMENTS-MARKET> 228,621
<LOANS> 856,056
<ALLOWANCE> 13,186
<TOTAL-ASSETS> 1,380,065
<DEPOSITS> 1,118,108
<SHORT-TERM> 74,799
<LIABILITIES-OTHER> 15,915
<LONG-TERM> 777
0
0
<COMMON> 18,087
<OTHER-SE> 152,379
<TOTAL-LIABILITIES-AND-EQUITY> 1,380,065
<INTEREST-LOAN> 18,684
<INTEREST-INVEST> 6,020
<INTEREST-OTHER> 244
<INTEREST-TOTAL> 24,948
<INTEREST-DEPOSIT> 9,680
<INTEREST-EXPENSE> 10,581
<INTEREST-INCOME-NET> 14,367
<LOAN-LOSSES> 864
<SECURITIES-GAINS> 86
<EXPENSE-OTHER> 9,367
<INCOME-PRETAX> 7,093
<INCOME-PRE-EXTRAORDINARY> 7,093
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,905
<EPS-PRIMARY> .58
<EPS-DILUTED> .58
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
