FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1997
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT
For the transition period from __________ to _________
Commission File Number 0-17851
Bank Corporation of Georgia
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1406233
--------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) identification number)
4951 Forsyth Road, Macon, Georgia 31210
----------------------------------------
(Address of principal executive offices)
(912) 757-2000
-----------------------------------------------
(Issuer's telephone number, including area code)
N/A
---------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since
last report)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past
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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Check whether the issuer filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by court.
Yes / / No / /
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity as of September 30, 1997: 2,274,357
shares of Common Stock, $1.00 par value per share.
1
<PAGE>
BANK CORPORATION OF GEORGIA
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
September 30, 1997, December 31, 1996
and September 30, 1996
Consolidated Statements of Income
for the nine months and quarters ended
September 30, 1997 and 1996
Consolidated Statements of Cash Flows
for the nine months ended
September 30, 1997 and 1996
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
Bank Corporation of Georgia and Subsidiaries
Consolidated Balance Sheets
September 30, 1997 and December 31, 1996
<TABLE>
<CAPTION>
September 30, 1997 December 31, 1996
------------------ -----------------
<S> <C> <C>
Assets
- -------
Cash & due from banks $ 12,244,494 15,385,724
Interest bearing deposits 750,720 18,642,250
Federal Funds sold 8,900,000 5,210,000
Investment securities:
Available for sale 54,138,410 42,828,598
Held to maturity 999,933 1,088,719
------------- ------------
Total investment securities 55,138,343 43,917,317
------------- ------------
Loans 201,845,209 190,169,408
Less: Unearned discount (474,225) (736,360)
Allowance for loan losses (3,014,876) (2,849,340)
------------- ------------
Loans, net 198,356,108 186,583,708
------------- ------------
Bank premises and equipment 9,043,014 9,801,980
Accrued interest receivable 2,725,255 2,333,047
Goodwill 1,279,429 1,323,231
Other assets 4,348,150 7,057,065
------------- ------------
$ 292,785,513 290,254,322
============= ============
Liabilities and Stockholders' Equity
- ------------------------------------
Deposits:
Demand 45,681,800 44,709,405
NOW and money market accounts 89,501,822 79,417,686
Savings 8,656,740 9,405,878
Time 114,902,129 125,165,463
----------- -----------
Total deposits 258,742,491 258,698,432
------------- ------------
Other liabilities 3,116,050 3,333,327
Long-term debt 1,500,000 1,500,000
------------- ------------
Total liabilities 263,358,541 263,531,759
------------- ------------
Stockholders' equity:
Common stock, $1 par value, 3,000,000 shares authorized,
2,291,124 and 2,284,864 shares issued, respectively 2,291,124 2,284,864
Additional paid in capital 6,238,180 6,170,157
Retained earnings 20,956,980 18,286,889
Net unrealized gain on securities-AFS 248,797 288,689
Treasury Stock, at cost, 16,767 shares (111,540) (111,540)
Unearned ESOP shares (196,496) (196,496)
------------- ------------
Total stockholders' equity 29,426,972 26,722,563
------------- ------------
$ 292,785,513 290,254,322
============= ============
</TABLE>
<PAGE>
Bank Corporation of Georgia and Subsidiaries
Consolidated Balance Sheets
September 30, 1997 and September 30, 1996
<TABLE>
<CAPTION>
September 30, 1997 September 30, 1996
------------------ ------------------
<S> <C> <C>
Cash & due from banks $ 12,244,494 10,941,425
Interest bearing deposits 750,720 0
Federal Funds sold 8,900,000 16,684,500
Investment securities:
Available for sale 54,138,410 42,582,714
Held to maturity 999,933 1,088,103
------------- ------------
Total investment securities 55,138,343 43,670,817
------------- ------------
Loans 201,845,209 196,083,065
Less: Unearned discount (474,225) (809,686)
Allowance for loan losses (3,014,876) (2,928,729)
------------- ------------
Loans, net 198,356,108 192,344,650
------------- ------------
Bank premises and equipment 9,043,014 9,885,762
Accrued interest receivable 2,725,255 1,738,443
Goodwill 1,279,429 949,586
Other assets 4,348,150 7,160,125
------------- ------------
$ 292,785,513 283,375,308
============= ============
Liabilities and Stockholders' Equity
- ------------------------------------
Deposits:
Demand $ 45,681,800 43,160,819
NOW and money market accounts 89,501,822 72,915,416
Savings 8,656,740 10,199,449
Time 114,902,129 126,666,838
------------- ------------
Total deposits 258,742,491 252,942,522
------------- ------------
Other liabilities 3,116,050 2,084,158
Other borrowed money 0 700,000
Long-term debt 1,500,000 1,500,000
------------- ------------
Total liabilities 263,358,541 257,226,680
------------- ------------
Stockholders' equity:
Common stock, $1 par value, 3,000,000 shares authorized,
2,291,124 and 2,281,791 shares issued, respectively 2,291,124 2,281,791
Additional paid in capital 6,238,180 6,200,513
Retained earnings 20,956,908 17,856,874
Net unrealized gain on securities-AFS 248,797 191,799
Treasury Stock, at cost, 16,767 shares (111,540) (111,540)
Unearned ESOP shares (196,496) (270,809)
------------- ------------
Total stockholders' equity 29,426,972 26,148,628
------------- ------------
$ 292,785,513 283,375,308
=============== ============
</TABLE>
<PAGE>
Bank Corporation of Georgia
Consolidated Statements of Earnings
For the nine months ended September 30, 1997 and September 30, 1996
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
September 30, 1997 September 30, 1996
------------------ ------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 15,634,219 15,289,812
Interest on federal funds sold 939,074 717,907
Interest on investment securities 2,715,426 2,358,689
-------------- -----------
Total interest income 19,288,719 18,366,408
-------------- -----------
Interest expense:
Interest on NOW and money market accounts 2,400,783 1,615,208
Interest on savings and time deposits 5,157,767 5,607,880
Other borrowings 107,706 401,689
-------------- -----------
Total interest expense 7,666,256 7,624,777
-------------- -----------
Net interest income 11,622,463 10,741,631
Provision for possible loan losses 255,300 373,000
-------------- -----------
Net interest income after provision for
possible loan losses 11,367,163 10,368,631
-------------- -----------
Other operating income:
Service charge on deposit accounts 1,208,483 1,165,165
Securities gains (losses) 0 (6,581)
Mortgage origination fees 727,774 120,889
Other 835,688 764,129
-------------- -----------
Total other operating income 2,771,945 2,043,602
-------------- -----------
Other operating expenses:
Salaries and employee benefits 5,841,383 4,915,193
Occupancy and equipment 1,718,076 1,319,929
Other operating expense 3,027,053 3,023,377
-------------- -----------
Total operating expenses 10,586,512 9,258,499
-------------- -----------
Earnings before income taxes and
minority interests 3,552,596 3,153,734
Income tax expense 883,434 674,009
-------------- -----------
Earnings before minority interests 2,669,162 2,479,725
Minority interests 0 46,913
-------------- -----------
Net earnings $ 2,669,162 2,432,812
============== ===========
Net earning per share:
Primary $ 1.10 1.10
Fully diluted $ 1.09 1.10
Weighted average:
Primary 2,433,602 2,215,415
Fully diluted 2,444,612 2,212,629
/TABLE
<PAGE>
Bank Corporation of Georgia and Subsidiaries
Consolidated Statements of Earnings
For the three months ended September 30, 1997 and September 30, 1996
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
September 30, 1997 September 30, 1996
------------------ -------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 5,353,686 5,215,706
Interest on federal funds sold 186,275 414,542
Interest on investment securities 947,762 792,983
------------- ---------
Total interest income 6,487,723 6,423,231
------------- ---------
Interest expense:
Interest on NOW and money market accounts 827,122 607,807
Interest on savings and time deposits 1,686,733 1,913,734
Other borrowings 12,763 342,675
------------- ---------
Total interest expense 2,526,618 2,864,216
------------- ---------
Net interest income 3,961,105 3,559,015
Provision for possible loan losses 46,500 111,000
------------- ---------
Net interest income after provision for
possible loan losses 3,914,605 3,448,015
------------- ---------
Other operating income:
Service charge on deposit accounts 477,628 393,652
Mortgage origination fees 294,222 134,622
Other 402,686 313,434
------------- ---------
Total other operating income 1,174,536 841,708
------------- ---------
Other operating expenses:
Salaries and employee benefits 2,032,324 1,755,606
Occupancy and equipment 488,933 511,523
Other operating expense 953,739 797,278
------------- ---------
Total operating expenses 3,474,996 3,064,407
------------- ---------
Earnings before income taxes 1,614,145 1,225,316
Income tax expense 563,000 458,700
------------- ---------
Net earnings $ 1,051,145 766,616
============= =========
Net earning per share:
Primary $ 0.43 0.34
Fully diluted $ 0.43 0.34
Weighted average:
Primary 2,441,133 2,264,656
Fully diluted 2,445,950 2,261,808
</TABLE>
<PAGE>
Bank Corporation of Georgia
Consolidated Statements of Cash Flows
For the nine months ended September 30, 1997 and September 30, 1996
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
September 30, 1997 September 30, 1996
------------------- --------------------
<S> <C> <C>
Cash flows from operating activities:
Net income 2,669,162 $2,432,812
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation 596,055 528,042
Amortization and accretion, net (40,914) (93,132)
Minority interests in earnings (loss)
of subsidiary 0 46,913
Provision for loan losses 255,300 373,000
Gain on sale of premises and equipment (148,104) 0
Loss on sale of investment securities 0 6,581
Change in:
Other assets 2,290,315 (808,936)
Other liabilities (217,277) (789,027)
--------- ---------
Net cash flows provided by operating activities 5,404,537 1,696,253
--------- ---------
Cash flows from investing activities:
Proceeds from maturities of securities AFS 4,546,773 3,138,586
Proceeds from maturities of securities HTM 90,000 0
Proceeds from sales of securities AFS 0 9,578,063
Purchase of securities AFS (15,786,583) (16,993,532)
Net increase in loans (12,027,700) (14,828,040)
Proceeds from sales of premises and equipment 857,840 0
Purchases of premises and equipment ( 546,825) (2,490,045)
----------- ------------
Net cash flows used in investing activities (22,866,495) (21,594,968)
----------- -----------
Cash flows from financing activities:
Net increase in deposits 44,058 28,725,783
Repayment of other borrowings 0 (13,200,000)
Proceeds from other borrowings 0 6,800,000
Dividends paid 0 0
Purchase of treasury stock 0 (109,819)
Proceeds from issuance of common stock 75,140 21,701
--------- ---------
Net cash flows provided by financing activities 119,198 22,237,265
---------- ----------
Net change in cash and cash equivalents (17,342,760) 2,338,950
----------- ----------
Cash and cash equivalents at beginning of period 39,237,974 25,286,975
----------- ----------
Cash and cash equivalents at end of period 21,895,214 27,625,925
=========== ==========
</TABLE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The financial statements included herein have been prepared by Bank
Corporation of Georgia (BCG), without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although BCG believes that the disclosures contained herein
are adequate to make the information presented not misleading. In the
opinion of management, the information furnished in the condensed
consolidated financial statements reflects all adjustments which are
ordinary in nature and necessary to present fairly BCG's financial
position, results of operations and changes in financial position for
such interim period. These financial statements should be read in
conjunction with BCG's financial statements and the notes thereto as of
December 31, 1996, included in BCG's annual report on Form 10-KSB for the
year ended December 31, 1996.
Bank Corporation of Georgia is a bank holding company whose business is
primarily conducted by its wholly-owned banking subsidiaries First South
Bank, N. A. ("FSB") and Ameribank, N. A. ("Ameribank"). The accounting
principles followed by Bank Corporation of Georgia and its subsidiaries,
and the methods of applying those principles conform with generally
accepted accounting principles and with general practices within the
banking industry, where applicable.
BCG's consolidated financial statements include the accounts of the
parent company and its subsidiaries. All significant intercompany
accounts and transactions have been eliminated in consolidation.
There are statutory and regulatory requirements applicable to payment of
dividends by the Banks as well as by BCG to its shareholders. A dividend
of $0.10 per common share was declared on August 20, 1997, for
shareholders of record on September 15, 1997 payable October 1, 1997.
As part of the overall interest rate risk management, BCG uses interest
rate swaps and interest rate floors. These contracts are designated by
the Company as hedges of interest rate exposures, and interest income or
expense derived from these contracts is recorded over the life of the
contract as an adjustment to interest income or expense.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
Earnings Summary
----------------
Net income for the first nine months of 1997 was $2,669,000 or $1.10 per
share, compared to $2,433,000 or $1.10 per share for the same period in
1996. Net income for the quarter ended September 30, 1997 was $1,051,000
or $0.43 per share compared to $766,000 or $0.34 per share for the same
period in 1996.
Net interest income for the nine months ended September 30, 1997
increased $999,000 or 9.6 percent over the same period in 1996. Net
interest income for the quarter ended September 30, 1997 increased
$402,000 or 11.3 percent over the same period in 1996. These changes
are primarily due to increasing levels in net interest earning assets, as
well as a continued shift in the deposit mix from time deposits to demand
deposits.
The net interest margin, as a percentage of average earning assets,
decreased to 5.74 percent for the first nine months of 1997 as compared
to 5.75 percent for the same period in 1996. For the quarter ended
September 30, 1997, the net interest margin as a percent of interest
earning assets was 5.87 percent versus 5.58 percent for the same period
in 1996.
Non-interest income for the nine month period ended September 30, 1997
increased $728,000 or 35.6 percent from 1996 to 1997. Non-interest
income for the quarter ended September 30, 1997 increased by $333,000 or
39.5 percent over the same period in 1996. The increase was primarily
the result of increasing mortgage origination fees as well as brokerage
commissions.
Non-interest expense increased by $1,328,000 in the first nine months of
1997 from the same period in 1996, an increase of 14.4 percent. Non-
interest expense increased by $411,000 during the quarter ended September
30, 1997, an increase of 13.4 percent over the same period in 1996.
These increases were primarily due to an increase in salaries and
employee benefits over the same periods in 1996. In addition, BCG, FSB
and Ameribank recorded charges of $359,000 in the quarter ending June 30,
1997 for the early termination of data processing contracts and related
equipment.
For the first nine months of 1997, return on equity was 12.7 percent on
an annualized basis versus 13.1 percent for the same period a year
earlier. For the quarter ended September 30, 1997, return on equity was
14.5 percent on an annualized basis versus 11.9 percent for the same
period in 1996. These decreases in return on equity were primarily due
to the second quarter charges discussed above. Return on equity, before
the special charges was 14.0 percent for the nine month period ended
September 30, 1997.
Due to the dependence on data processing and management information, the
company has assembled a management advisory team to study the effects of
"year 2000" issues. Management does not believe that any modifications
will be of a material nature to the company's operations.
<PAGE>
Risk Elements
-------------
The allowance for loan losses at September 30, 1997 was $3,015,000 or 5.8
percent and 2.9 percent higher than at December 31, 1996 and September
30, 1996, respectively. At September 30, 1997, the allowance represented
1.49 percent of total loans as compared with 1.50 percent at December 31,
1996 and 1.49 percent at September 30, 1996. At September 30, 1997 non-
performing loans represented 0.38% of total loans as compared with 0.39%
at December 31, 1996 and 0.19% at September 30, 1996. The allowance for
loan losses as a percentage of non-performing loans was 394% at September
30, 1997 as compared with 393% at December 31, 1996 and 769% at September
30, 1996.
Capital Resources
-----------------
Shareholders' equity of $29,427,000 at September 30, 1997 increased 11.1
percent over the same period in 1996 resulting in book value per
outstanding common of share of $12.84 compared to $11.69 at December 31,
1996 and $11.46 at September 30, 1996. Capital for BCG is above
regulatory requirements, with GAAP equity of 10.1 percent of total assets
at September 30, 1997. The increases in shareholders' equity were
primarily the result of earnings.
Set forth below are pertinent capital ratios for the Company and the
Banks as of September 30, 1996:
<TABLE>
<CAPTION>
FSB Ameribank BCG
--- --------- ---
<S> <C> <C> <C>
Minimum Capital Requirement
Tier 1 Capital to Risk-based
Assets: 4.00% <F1> 11.94% 13.66% 12.67%
Total Capital to Risk-based
Assets: 8.00% <F2> 13.11% 14.91% 13.91%
Leverage Ratio (Tier 1 Capital
to Total Assets): 3.00% <F3> 8.97% 9.43% 9 .28%
_______________________
<FN>
<F1> Minimum for "Well Capitalized" Banks = 6%
<F2> Minimum for "Well Capitalized" Banks = 10%
<F3> Minimum for "Well Capitalized" Banks = 5%
</FN>
/TABLE
<PAGE>
Liquidity and Interest Rate Sensitivity
- ---------------------------------------
Liquidity management involves the ability to meet cash flow
requirements of customers who may be depositors making
withdrawals or borrowers needing credit funding. BCG's cash
flows are generated from interest and fee income, as well as from
loan repayments, deposit acquisition, and maturities or sales of
investments. BCG's liquidity needs are provided for primarily
through short-term securities, and the maturing of loans.
Federal funds sold represent the BCG's primary source of
immediate liquidity and were maintained at a level adequate to
meet immediate needs. Federal funds averaged $23,346,000 and
$16,391,000 for the nine months ended September 30, 1997 and
1996, respectively. Federal funds averaged $15,795,000 and
$9,193,000 and for the three months ended September 30, 1997 and
1996, respectively. Maturities in BCG's loan and investment
portfolios are monitored regularly to avoid matching short-term
deposits with long-term loans and investments. Other assets and
liabilities are also monitored to provide the proper balance
between liquidity, safety, and profitability. This monitoring
process must be continuous due to the constant flow of cash which
is inherent in a financial institution.
BCG manages its liquidity through the volatility of its deposits
and patterns in loan demand, its current liquidity position, its
ability to control funding needs and potential sources of funds.
As part of managing liquidity, the Company monitors its loan to
deposit ratio on a daily basis. The target ratio is 85 percent.
At September 30, 1997 the ratio was 78.73 percent.
BCG experienced a net decrease in cash and cash equivalents, its
primary source of liquidity, of $17,343,000 during the first nine
months of 1997. Operating activities provided $5,405,000 of
funds. Adjustments to net income for non-cash expenses of
depreciation, amortization, and provision for loan losses are
included in this amount as a net provision of funds. Investing
activities used $22,866,000 of funds, primarily due to an
increase in loans and purchases of investment securities during
the nine month period. Financing activities provided net cash of
$119,000 due to an increase in deposit accounts during the nine
months ended September 30, 1997.
<PAGE>
AUTHORITATIVE STATEMENTS
------------------------
During 1997, the Financial Accounting Standards Board has issued
Statement of Financial Accounting Standards No. 128, "Earnings
Per Share" (SFAS 128). SFAS 128 supersedes APB Opinion 15. SFAS
128 simplifies current standards by eliminating the presentation
of primary EPS and requiring the presentation of basic EPS, which
includes no potential common shares and thus no dilution. The
Statement also requires entities with complex capital structures
to present basic and diluted EPS on the face of the income
statement and also eliminates the modified treasury stock method
of computing potential common shares. The Statement is effective
for financial statements issued for periods ending after December
15, 1997, including interim periods. Early application is not
permitted. On adoption, restatement of all prior-period EPS data
presented is required. Presently, BCG is unable to determine the
impact that adoption of SFAS 128 will have on the consolidated
financial statements, but management anticipates that the impact
will not be material.
In January 1997, the Securities and Exchange Commission approved
rule amendments (the Release) regarding disclosures about
derivative financial instruments, other financial instruments and
derivative commodity instruments. The Release requires inclusion
in the footnotes to the financial statements of extensive detail
about the accounting policies followed by a registrant in
connection with its accounting for derivative financial
instruments and derivative commodity instruments. The accounting
policy requirements become effective for all registrants for
filings that include financial statements for periods ending after
June 15, 1997.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Item 2. Changes in Securities -
---------------------
Item 3. Defaults Upon Senior Securities -
-------------------------------
Item 4. Submission of Matters to a Vote of Security Holders -
---------------------------------------------------
Item 5. Other Information - Bank Corporation and its
-----------------
subsidiary, First South Bank N.A. have entered into an agreement
dated September 2, 1997 to sell the assets and liabilities of
FSB's Wrightsville, Georgia branch. As of September 30, 1997 the
branch had approximately $3,500,000 in loans and approximately
$18,500,000 in deposit liabilities. It is expected that the sale
of these assets and liabilities will close prior to the year end.
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule (for SEC use only)
<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.
Date: November 14, 1997
BANK CORPORATION OF GEORGIA
/s/ Dennis J. Zember, Jr.
Dennis J. Zember Jr., CPA
V. P. Finance
(Principal Financial Officer and
Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000315708
<NAME> BANK CORPORATION OF GEORGIA
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 12,244,494
<INT-BEARING-DEPOSITS> 750,720
<FED-FUNDS-SOLD> 8,900,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 54,138,410
<INVESTMENTS-CARRYING> 999,933
<INVESTMENTS-MARKET> 993,280
<LOANS> 201,845,209
<ALLOWANCE> 3,014,876
<TOTAL-ASSETS> 292,785,513
<DEPOSITS> 258,742,490
<SHORT-TERM> 0
<LIABILITIES-OTHER> 3,116,050
<LONG-TERM> 1,500,000
0
0
<COMMON> 2,281,124
<OTHER-SE> 27,135,848
<TOTAL-LIABILITIES-AND-EQUITY> 292,785,513
<INTEREST-LOAN> 15,634,219
<INTEREST-INVEST> 2,715,426
<INTEREST-OTHER> 939,074
<INTEREST-TOTAL> 19,288,719
<INTEREST-DEPOSIT> 7,558,550
<INTEREST-EXPENSE> 7,666,256
<INTEREST-INCOME-NET> 11,622,463
<LOAN-LOSSES> 255,300
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 10,586,512
<INCOME-PRETAX> 3,552,596
<INCOME-PRE-EXTRAORDINARY> 3,552,596
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,669,162
<EPS-PRIMARY> 1.10
<EPS-DILUTED> 1.09
<YIELD-ACTUAL> 5.74
<LOANS-NON> 388,000
<LOANS-PAST> 378,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,849,340
<CHARGE-OFFS> 235,333
<RECOVERIES> 145,569
<ALLOWANCE-CLOSE> 3,014,876
<ALLOWANCE-DOMESTIC> 3,014,876
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
