FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-9785
TRI CITY BANKSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Wisconsin 39-1158740
------------------------------ ----------------------
(State or other jurisdiction of (IRS Employer ID Number)
incorporation or organization)
6400 S. 27th Street, Oak Creek, WI 53154
-----------------------------------------
(Address of principal executive offices)
(414) 761-1610
----------------------------------------------
(Registrant's phone number, including area code)
Indicate by check mark whether the registrant (1) has filed all documents and
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
The number of shares outstanding of $1.00 par value common stock, as of June
30, 1996: 2,474,549
<PAGE>
FORM 10-Q
TRI CITY BANKSHARES CORPORATION
INDEX
PART I - FINANCIAL INFORMATION
Page #
Item 1 Financial Statements (Unaudited)
Consolidated Balance Sheets as of
June 30, 1996 and December 31, 1995 3
Consolidated Statements of Income
for the Three Months ended June 30,
1996 and 1995 4
Consolidated Statements of Income
for Six Months ended June 30, 1996
and 1995 5
Consolidated Statements for Cash Flows
for the Six Months ended June 30,
1996 and 1995 6
Notes to Consolidated Financial Statements 7
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8
Part II - Other Information
Items 1 - 6 15
Signatures 18
-2-
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
ASSETS June 30, December 31,
1996 1995
------------- -------------
Cash and due from banks $ 28,299,588 $ 32,535,066
Federal funds sold 9,200,000 2,190,000
Investment securities:
Available-for-sale
(at fair value) 9,996,875 12,763,844
Held-to-maturity (fair 110,044,764 96,627,721
value of 1996 - 108,263,285
1995 - 89,652,451)
Loans 239,306,601 232,472,708
Allowance for loan losses (3,743,286) (3,626,217)
------------ ------------
NET LOANS 235,563,315 228,846,491
Premises and equipment 19,314,191 19,550,437
Other assets 5,589,950 5,135,365
------------ ------------
$ 418,008,683 $ 397,648,924
============ ============
LIABILITIES AND STOCKHOLDERS'EQUITY
Deposits:
Non-interest bearing $ 95,223,135 $ 90,745,057
Interest bearing
(over $100,000) 17,736,000 14,516,000
Interest bearing 254,772,765 244,958,463
------------ ------------
TOTAL DEPOSITS 367,731,900 350,219,520
Short-term borrowing 3,056,329 1,914,521
Other Liabilities 1,136,688 1,200,152
------------ ------------
TOTAL LIABILITIES 371,924,917 353,334,193
Stockholders' equity:
Cumulative preferred stock,
par value -$1 per share
Authorized-200,000 shares
Issued and outstanding-none
Common stock, par value
$1 per share
Authorized-5,000,000 shares
Issued and outstanding:
1996 - 2,478,440 shares;
1995 - 2,470,449 2,478,440 2,470,449
Additional paid in capital 8,561,317 8,372,997
Retained earnings 35,087,580 33,363,037
Net unrealized gains (losses)
on investment securities
available-for-sale (43,571) 108,248
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 46,083,766 44,314,731
$ 418,008,683 $ 397,648,924
============ ============
See Notes to Unaudited Consolidated Financial Statements.
-3-
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
1996 1995
---- ----
Interest income:
Loans, including fees $ 5,638,531 $ 5,304,919
Investment securities:
Taxable 1,056,745 1,002,264
Exempt from federal income tax 607,289 379,172
Federal funds sold 175,782 123,888
---------- ----------
TOTAL INTEREST INCOME 7,478,347 6,810,243
Interest expense:
Deposits 2,675,422 2,310,037
Short-term borrowings 15,283 25,553
---------- ----------
TOTAL INTEREST EXPENSE 2,690,705 2,335,590
---------- ----------
NET INTEREST INCOME 4,787,642 4,474,653
Provision for loan losses (75,000) (23,139)
---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 4,712,642 4,451,514
Other income:
Service charge income 842,634 798,443
Rental income 204,387 202,443
Other 395,760 274,637
----------- ----------
TOTAL OTHER INCOME 1,442,781 1,275,523
Other expense:
Salaries and employee benefits 2,299,493 2,118,072
Net occupancy 612,428 531,069
Equipment 301,136 316,620
Data processing 136,653 126,440
Advertising 118,852 127,049
Regulatory Agency Assessments 40,354 186,696
Office Supplies 212,691 136,841
Other 645,453 628,848
---------- ----------
TOTAL OTHER EXPENSE 4,367,060 4,171,635
---------- ----------
Income before income taxes 1,788,363 1,555,402
Provision for income taxes 462,350 437,700
---------- ----------
NET INCOME $ 1,326,013 $ 1,117,702
========== ==========
Per share data:
Net income $ 0.54 $ 0.45
Average shares outstanding 2,477,376 2,463,161
See Notes to Unaudited Consolidated Financial Statements.
-4-
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
1996 1995
---- ----
Interest income:
Loans, including fees $ 11,206,697 $ 10,408,967
Investment securities:
Taxable 2,115,966 2,051,224
Exempt from federal income tax 1,144,695 760,720
Federal funds sold 293,649 167,266
----------- -----------
TOTAL INTEREST INCOME 14,761,007 13,388,177
Interest expense:
Deposits 5,265,061 4,262,602
Short-term borrowings 43,774 140,305
----------- -----------
TOTAL INTEREST EXPENSE 5,308,835 4,402,907
----------- -----------
NET INTEREST INCOME 9,452,172 8,985,270
Provision for loan losses (150,000) (98,139)
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 9,302,172 8,887,131
Other income:
Service charge income 1,663,595 1,537,674
Rental income 434,220 411,573
Other 760,407 1,056,251
----------- -----------
TOTAL OTHER INCOME 2,858,222 3,005,498
Other expense:
Salaries and employee benefits 4,585,114 4,224,884
Net occupancy 1,280,874 1,133,466
Equipment 620,956 623,239
Data processing 275,664 249,287
Advertising 211,431 220,946
Regulatory Agency Assessments 48,127 373,397
Office Supplies 267,084 234,183
Other 1,386,815 1,195,190
----------- -----------
TOTAL OTHER EXPENSE 8,676,065 8,254,592
----------- -----------
Income before income taxes 3,484,329 3,638,037
Provision for income taxes 894,600 1,079,341
----------- -----------
NET INCOME $ 2,589,729 $ 2,558,696
=========== ===========
Per share data:
Net income $ 1.05 $ 1.04
Common stock investment $ 18.62 $ 17.03
Dividends $ 0.350 $ 0.250
Average shares outstanding 2,475,534 2,461,733
See Notes to Unaudited Consolidated Financial Statements.
-5-
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
1996 1995
---- ----
OPERATING ACTIVITIES
Net income $ 2,589,729 $ 2,558,696
Adjustments to reconcile net
income to net cash provided
by operating activities:
Provision for loan losses 150,000 98,139
Provision for depreciation 796,187 767,850
Increase(decrease) in interest
receivable (362,121) 58,660
Increase in interest payable 88,918 251,712
----------- -----------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 3,262,713 3,735,057
INVESTING ACTIVITIES
Proceeds from maturities
and redemptions of
investment securities
available for sale 2,870,318 0
Purchases of investment
securities available for sale (255,168) 0
Proceeds from maturities
and redemptions of
investment securities held
to maturity 16,890,354 6,611,642
Purchase of investment
securities held to maturity (30,307,397) (3,061,190)
Net increase in loans (6,866,824) (11,437,272)
Purchases of premises and
equipment (559,941) (419,911)
Net (increase) decrease in other
assets (92,464) 969,613
----------- -----------
NET CASH USED
BY INVESTING ACTIVITIES (18,321,122) (7,337,118)
FINANCING ACTIVITIES
Sale of Common Stock 196,311 147,550
Net increase in deposits 17,512,380 27,376,696
Net increase (decrease) in
short-term borrowings 1,141,808 (11,868,848)
Cash dividends (865,186) (614,798)
Net decrease in other liabilities (152,382) (597,170)
----------- -----------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 17,832,931 14,443,430
----------- -----------
INCREASE IN CASH AND
CASH EQUIVALENTS 2,774,522 10,841,369
Cash and cash equivalents at the
beginning of the period 34,725,066 28,042,066
----------- -----------
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD $ 37,499,588 $ 38,883,435
=========== ===========
See Notes to Unaudited Consolidated Financial Statements.
-6-
<PAGE>
TRI CITY BANKSHARES CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(A) Basis of Presentation
The unaudited consolidated financial statements included herein omit certain
information and footnote disclosures normally included in annual financial
statements prepared in accordance with generally accepted accounting
principles. Such condensation is permitted by generally accepted accounting
principles applicable to interim financial data and by rules and regulations
of the Securities and Exchange Commission. These financial statements should
be read in conjunction with the financial statements and the notes thereto
included in the latest Annual Report on Form 10-K of Tri City Bankshares
Corporation (The "Corporation") for the year ended December 31, 1995. The
December 31, 1995 financial information included herein is derived from the
December 31, 1995 Consolidated Balance Sheet of the Corporation which is
included in the aforesaid Annual Report on Form 10-K.
In the opinion of the Corporation's management, the accompanying unaudited
consolidated financial statements contain all adjustments consisting of normal
recurring accruals considered necessary to present fairly the Corporation's
financial position as of June 30, 1995 and December 31, 1995 and the results
of its operations and cash flows for the three and six month periods ending
June 30, 1996 and 1995.
-7-
<PAGE>
TRI CITY BANKSHARES CORPORATION
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
CHANGES IN FINANCIAL POSITION
Net assets of Tri City Bankshares Corporation (the "Corporation")
increased $20.4 million (5.1%) during the first six months of 1996
compared to an increase of $17.3 million (4.8%) in the first six months
of 1995. Federal funds sold increased $7.0 million during the first
half of 1996 compared to an increase of $14.8 million in the first half
of 1995. The Corporation has continued to grow by attracting new money
in its core deposits. These additional funds are invested in
government and municipal securities or are invested back into the
communities serviced through consumer loans. Management does not want
to compromise the Corporation s investment portfolio and thus tries to
find suitable investments that provide an attractive yield without
placing the Corporation at undo risk. The same holds true for loans
and, therefore, management invests these additional funds into Federal
funds sold so that they are readily available to transfer into a
suitable investment when one becomes available.
Investment securities during the first six months of 1996 increased
$10.7 million (9.7%) compared to a decrease of $3.5 million (3.8%)
during the first six months of 1995. Additional municipal securities
have accounted for this increase in investments. Management strives to
-8-
<PAGE>
acquire investments that help maintain a quality portfolio while
earning the Corporation the highest yield possible.
Loan balances for the Corporation increased $6.7 million (2.9%) during
the first half of 1996 compared to an increase of $11.4 million (5.4%)
during the first half of 1995. Management continues to review loans
with the same high standards used for the selection of securities.
This sometimes limits the growth in new loans. However, the
Corporation has been able to keep its non-performing loans to a minimum
and collectibility adequate. Thus, the reserve for loan losses has
only increased $117,000 (3.2%) during the first six months of 1996
compared to an increase of $87,300 (2,6%) during the same period in
1995.
There have been few purchases in premises and equipment during 1996 and
therefore the decrease in this area is attributed to the normal accrual
of depreciation on the Corporation s existing fixed assets. Other
assets increased $455,000 (8.9%) due to the increase in accrued
interest income from additional investment securities and loans.
During the first six months of 1996 deposits increased $17.5 million
(5.0%) compared to an increase of $27.4 million (9.1%) during the first
six months of 1995. The Corporation has been able to maintain its core
deposits and also to increase deposit balances in non-interest bearing
and interest bearing accounts. Management has tried to maintain the
Corporation s competitiveness by offering comparable rates as well as
offering additional incentives to depositors. The Corporation has been
-9-
<PAGE>
able to maintain a low level of borrowings due to the growth in
deposits.
Stockholder's equity has continued to grow as well, increasing $1.8
million (4.0%) in the first six months of 1996 compared to a growth of
$2.1 million (5.4%) in the first six months of 1995. This continued
growth has encouraged the Board of Directors to increase the
Corporation s quarterly dividend from $0.125 per share in 1995, to
$0.175 per share for 1996.
LIQUIDITY
Management of the Corporation has always strived to maintain a strong
liquidity position through monitoring the correlation between interest
earning assets and interest bearing liabilities. Fluctuations in
interest rates can be the main cause for the flow of funds either into
or out of a financial institution. As interest rates rise depositors
want to acquire the best yield that they can and thus deposits may
increase, while as rates decrease the demand for loans often times
increases substantially. Management has been diligent in maintaining a
low borrowing position for the Corporation so that as these
fluctuations occur, the Corporation can respond more readily to these
changes.
-10-
<PAGE>
CAPITAL RESOURCES
There were no capital expenditures made during the first six months of
1996. The Corporation however is in the process of opening one new
banking facility inside a Pick n Save food store during the last
quarter of 1996. The branch will be located in Milwaukee, Wisconsin
and the cost of this facility should be nominal and will be borne by
the Corporation s banking subsidiary.
Management has no immediate plans for any additional capital
expenditures in 1996, but will pursue any opportunities that would
benefit the Corporation and aid in its growth and increase net income.
RESULTS OF OPERATIONS
Net income of the Corporation increased $208,000 (18.6%) during the
second quarter of 1996 compared to a decrease of $3,900 (0.4%) during
the second quarter of 1995. Loan interest income, including fees
increased $334,000 (6.3%) in the second quarter of 1996 compared to an
increase of $792,000 (17.5%) during the same quarter in 1995. Although
the demand for loans has been slow, loan balances have continued to
grow. Management has been working hard to stimulate loan demand and
attract new customers.
Investment security income, excluding Federal funds sold, for the
second quarter of 1996 increased $283,000 (20.5%) compared to a
decrease of $167,000 (10.8%) during the second quarter of 1995. Since
-11-
<PAGE>
the average yield on securities has not changed, this increase can be
attributed entirely to a volume change rather than a rate change.
Management continues to watch for investments that will provide the
Corporation with the highest yield possible without compromising the
integrity of the securities portfolio. Interest on Federal funds sold
increased $52,000 (41.9%) in the second quarter of 1996 compared to an
increase of $113,000 (102.2%) during the second quarter of 1995.
Balances in Federal funds sold have decreased since most of these funds
have been used to purchase additional securities and provide funding
for new loans.
Interest expense on deposits increased $365,000 (15.8%) during the
second quarter of 1996 compared to an increase of $722,000 (45.5%)
during the second quarter of 1995. Average rates have increased
slightly, while balances have increased $17.5 million in 1996 compared
to $27.4 million in 1995. Management has continued to offer incentives
to depositors to encourage them to place and keep their funds with the
Corporation. Interest expense on short term borrowings has decreased
$10,000 (40.2%) in the second quarter of 1996 compared to a decrease of
$57,000 (69.0%) during the same period in 1995.
Total other income increased $167,000 (13.1%) in the second quarter of
1996 compared to an increase of $60,000 (5.0%) in the second quarter of
1995. During the same periods other expenses increased $195,000 (4.7%)
in 1996 and $239,000 (6.1%) in 1995.
-12-
<PAGE>
A summarized change in income for the quarters appears below:
Three Months Ended June 30, June 30, 1996
1996 1995 Over(Under)
(Unaudited) (Unaudited) 1995
------------- ------------- -----------
Revenue and Expenses:(000 s)
Interest Income $ 7,478 $ 6,810 $ 668
Less:Interest Expense 2,691 2,335 356
-------- -------- -------
Net Interest Income 4,787 4,475 312
Provision for Loan Loss 75 23 52
Other Operating Expense
Net of Other Operating
Expenses 2,924 2,896 28
-------- -------- -------
Income Before Income Taxes 1,788 1,556 232
Tax Provision 462 438 24
-------- -------- -------
NET INCOME $ 1,326 $ 1,118 $ 208
======== ======== =======
During the first six months of 1996 net income increased $31,000 (1.2%)
compared to an increase of $336,000 (15.1%) during the first six months
of 1995. In 1995 the sale of other real estate owned contributed
approximately $400,000 to net income.
Total interest income increased $1.4 million (10.3%) in the first half
of 1996 compared to an increase of $1 million (10.9%) in the first half
of 1995. Interest income on both loans and securities increased in
1996 as compared to 1995. Total interest expense increased $906,000
(20.6%) in the first six months of 1996 compared to an increase of $1.1
million (32.0%) in the first six months of 1995.
Total other expense net of total other income increased $569,000
(10.8%) during the first six months of 1996 compared to a decrease of
-13-
<PAGE>
$186,700 (3.4%) during the first six months of 1995. The $400,000 gain
on the sale of other real estate owned is included in other income in
1995 and therefore affects the actual difference.
CAPITAL ADEQUACY
Federal banking regulatory agencies have established capital adequacy
rules that take into account risk associated to balance sheet assets
and off-balance-sheet activities. All banks and bank holding companies
must meet a minimum risk-based capital ratio of 8.0% of which 4.0% must
be comprised of tier 1 capital.
The federal banking agencies also have adopted leverage capital
guidelines which banking organizations must meet. Under these
guidelines, the most highly rated banking organizations must meet a
minimum leverage ratio of at least 3.0% tier 1 capital to total assets,
while lower rated banking organizations must maintain a ratio of at
least 4.0% to 5.0%.
The Corporation has exceeded the minimum requirements for the risk-
based capital ratio by 9.50% and leverage ratio by 8.30%.
-14-
<PAGE>
PART II - OTHER INFORMATION
Item 1 Legal Proceedings
None
Item 2 Changes in Securities
None
Item 3 Defaults Upon Senior Securities
None
Item 4 Submission of Matters to a Vote of Security Holders
On June 12, 1996, Tri City Bankshares Corporation held its annual
stockholders meeting. The only item held for a vote of stockholders was for
the election of Directors for the ensuing year. The number of shares of
common stock represented by proxy and in person was 2,142,309, which
represented approximately 86.5% of the total outstanding shares entitled to
vote for directors. There was no solicitation in opposition to management's
nominees for directors and such nominees were elected pursuant to the
following vote:
Director's Name: Frank Bauer
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Sanford Fedderly
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Richard Fitzgerald
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: William Gravitter
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Henry Karbiner, Jr.
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
-15-
<PAGE>
Director's Name: Christ Krantz
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Rudie Lauterbach
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: William McGovern
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Ronald Puetz
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: John Rupcich
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: David Ulrich
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: Marilyn Ulrich-Graves
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
Director's Name: William Werry
For 2,139,403
Against 0
Withheld 2,906
Abstain 0
Broker Non-Vote 0
-16-
<PAGE>
Director's Name: Scott Wilson
For 2,128,383
Against 0
Withheld 13,926
Abstain 0
Broker Non-Vote 0
No other matters were voted on at the annual meeting.
Item 5 Other Information
None
Item 6 Exhibits and Reports on Form 8-K
Exhibits - None
The Corporation did not file any reports on Form 8-K during the
three month period ended June 30, 1996.
-17-
<PAGE>
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.
TRI CITY BANKSHARES CORPORATION
DATE: August 12, 1996 /s/Henry Karbiner, Jr.
--------------- -----------------------------
Henry Karbiner, Jr.
Executive Vice President,
Secretary/Treasurer
DATE: August 12, 1996 /s/Thomas W. Vierthaler
--------------- -----------------------------
Thomas W. Vierthaler
Vice President and Comptroller
(Chief Accounting Officer)
-18-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000313337
<NAME> TRI CITY BANKSHARES CORP
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 28,300
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 9,200
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 9,997
<INVESTMENTS-CARRYING> 110,045
<INVESTMENTS-MARKET> 108,263
<LOANS> 239,307
<ALLOWANCE> 3,743
<TOTAL-ASSETS> 418,009
<DEPOSITS> 367,732
<SHORT-TERM> 3,056
<LIABILITIES-OTHER> 1,137
<LONG-TERM> 0
0
0
<COMMON> 2,478
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 418,009
<INTEREST-LOAN> 5,639
<INTEREST-INVEST> 1,664
<INTEREST-OTHER> 176
<INTEREST-TOTAL> 7,478
<INTEREST-DEPOSIT> 2,675
<INTEREST-EXPENSE> 2,691
<INTEREST-INCOME-NET> 4,787
<LOAN-LOSSES> 75
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,367
<INCOME-PRETAX> 1,788
<INCOME-PRE-EXTRAORDINARY> 1,326
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,326
<EPS-PRIMARY> .54
<EPS-DILUTED> .54
<YIELD-ACTUAL> 5.20
<LOANS-NON> 1,664
<LOANS-PAST> 1,197
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,626
<CHARGE-OFFS> 34
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 3,743
<ALLOWANCE-DOMESTIC> 3,743
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
