U. S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31,_1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from __________ to __________
Commission file number 0-10241
AMERICAN_BANCSHARES_OF_HOUMA,_INC.
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0695017
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
801_Barrow_Street,_Houma,_Louisiana 70360
(Address of principal executive offices)
Issuer's telephone number: (504)_872-1434
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 ___.
The number of shares of common stock, $3.00 par value,
outstanding as of March 31, 1996, was 229,564.
Transitional Small Business Disclosure Format (check one): Yes ___.
No _X_.
<PAGE>
TABLE OF CONTENTS
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements.
Consolidated Statements of Condition -
March 31, 1996 and December 31, 1995............................
Consolidated Statements of Income -
Periods Ended March 31, 1996 and 1995...........................
Consolidated Statements of Changes in Stockholders' Equity -
Periods Ended March 31, 1996 and 1995...........................
Consolidated Statements of Cash Flows -
Periods Ended March 31, 1996 and 1995...........................
Notes to Consolidated Financial Statements........................
Item 2. Management's Discussion and Analysis.......................
PART II--OTHER INFORMATION
Item 1. Legal Proceedings..........................................
Item 6. Exhibits and Reports on Form 8-K...........................
SIGNATURES............................................................
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Condition
March 31, 1996 and December 31, 1995
Thousands of Dollars
Unaudited
<CAPTION>
Mar. 31, Dec. 31,
__1996__ __1995__
<S> <C> <C>
ASSETS
Cash and due from banks.......................................... $ 5,224 $ 6,569
Federal funds sold............................................... ____--- __1,300
Total cash and cash equivalents....................... 5,224 7,869
Investment securities:
Available-for-sale securities at fair value (amortized cost
of $24,848 and $22,889 in 1996 and 1995, respectively)....... 24,876 23,205
Held-to-maturity securities at amortized cost (fair value of
$3,513 and $3,589 in 1996 and 1995, respectively)............ __3,502 __3,547
Total investment securities........................... 28,378 26,752
Loans............................................................ 53,691 50,980
Less: Unearned income......................................... (171) (167)
Allowance for loan losses............................... _(1,089) ___(993)
Loans, net............................................ 52,431 49,820
Premises and equipment........................................... 2,027 2,034
Real estate acquired by foreclosure.............................. 8 303
Other assets..................................................... __1,242 __1,432
Total assets........................................ $ 89,310 $ 88,210
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits (Note 2):
Noninterest-bearing............................................ $ 17,573 $ 18,076
Interest-bearing............................................... _61,721 _60,632
Total deposits........................................ 79,294 78,708
Federal funds purchased and securities sold under
repurchase agreements.......................................... 459 200
Other liabilities................................................ ____753 ____622
Total liabilities..................................... _80,506 _79,530
Stockholders' equity:
Common stock ($3.00 par value; 1,000,000 shares
authorized; 258,737 shares issued)........................... 776 776
Paid-in capital................................................ 4,263 4,263
Retained earnings.............................................. 4,681 4,366
Net unrealized gains (losses) on available-for-sale securities. 18 209
Treasury stock (Cost of 29,173 shares)......................... ___(934) __(934)
Total stockholders' equity............................ __8,804 __8,680
Total liabilities and stockholders' equity.......... $ 89,310 $ 88,210
======= =======
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Income
Periods Ended March 31, 1996 and 1995
Thousands of Dollars Except for Per Share Data
Unaudited
<CAPTION>
Three_Months_Ended
Mar. 31, Mar. 31,
__1996__ __1995__
<S> <C> <C>
Interest income:
Interest and fees on loans.................................. $ 1,185 $ 1,107
Taxable securities income................................... 383 307
Nontaxable securities income................................ 34 17
Interest on federal funds sold.............................. _____23 _____36
Total interest income................................... __1,625 __1,467
Interest expense:
Interest on deposits (Note 2)............................... 612 566
Interest on federal funds purchased and
securities sold under repurchase
agreements................................................ ______3 ______2
Total interest expense.................................. ____615 ____568
Net interest income......................................... 1,010 899
Provisions for loan losses.................................. ____--- ____---
Net interest income after provisions
for loan losses........................................... 1,010 899
Noninterest income, excluding investment
securities gains and losses (Note 3)...................... 351 299
Investment securities gains (losses)........................ --- (1)
Noninterest expense (Note 4)................................ ____776 ____882
Earnings before income taxes................................ 585 315
Provision for income taxes.................................. ____197 _____88
Net earnings................................................ $ 388 $ 227
======= =======
PER SHARE DATA:
Net earnings................................................ $ 1.69 $ 0.99
======= =======
Average common shares outstanding........................... 229,564 229,564
======= =======
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Changes in Stockholders' Equity
Three Months Ended March 31, 1996 and 1995
Thousands of Dollars
Unaudited
<CAPTION>
Net unreal-
ized Gains
(Losses) on
Available-
Common Paid-in Retained Treasury for-Sale
Stock_ Capital Earnings _Stock__ Securities_ Total
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1994.. $ 776 4,263 3,602 (934) (183) 7,524
Net earnings.................. --- --- 227 --- --- 227
Change in net unrealized gains
or losses on available-for-
sale securities............. __--- __--- __--- __--- __133 __133
Balance at March 31, 1995..... $ 776 4,263 3,829 (934) (50) 7,884
===== ===== ===== ===== ===== =====
Balance at December 31, 1995.. $ 776 4,263 4,366 (934) 209 8,680
Net earnings.................. --- --- 388 --- --- 388
Dividends ($0.32 per share)... (73) (73)
Change in net unrealized gains
or losses on available-for-
sale securities............. __--- __--- __--- __--- _(191) _(191)
Balance at March 31, 1996..... $ 776 4,263 4,681 (934) 18 8,804
===== ===== ===== ===== ===== =====
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Cash Flows
Three Months Ended March 31, 1996 and 1995
Thousands of Dollars
Unaudited
<CAPTION>
Three_Months_Ended
Mar. 31, Mar. 31,
__1996__ __1995__
<S> <C> <C>
Cash flows from operating activities:
Interest received....................................... $ 1,761 $ 1,499
Fees and commissions received........................... 379 334
Interest paid........................................... (671) (525)
Other expenses paid..................................... (846) (861)
Income taxes paid....................................... ___--- ___(14)
Net cash provided by operating activities............. ___623 ___433
Cash flows from investing activities:
Proceeds from sales of available-for-sale securities.... --- 999
Proceeds from paydowns and maturities
of available-for-sale securities...................... 1,051 1,031
Purchases of available-for-sale securities.............. (3,031) (6,042)
Proceeds from paydowns and maturities
of held-to-maturity securities........................ 39 139
Loan originations, net of repayments.................... (2,263) 591
Capital expenditures.................................... (49) (32)
Proceeds from sales of foreclosed assets................ 97 30
Net decrease (increase) in other assets................. ____43 _____9
Net cash used in investment activities................ (4,113) (3,275)
Cash flows from financing activities:
Net increase (decrease) in deposits..................... 586 (154)
Net increase (decrease) in federal funds purchased and
securities sold under repurchase agreements........... ___259 ___(91)
Net cash provided by (used in) financing activities... ___845 __(245)
Net decrease in cash and cash equivalents................. (2,645) (3,087)
Cash and cash equivalents at beginning of period.......... 7,869 10,367
Cash and cash equivalents at end of period................ $ 5,224 $ 7,280
====== ======
(continued)
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Cash Flows (Continued)
Three Months Ended March 31, 1996 and 1995
Thousands of Dollars
Unaudited
<CAPTION>
Three_Months_Ended
Mar. 31, Mar. 31,
__1996__ __1995__
<S> <C> <C>
Reconciliation of net income to net cash provided
by operating activities:
Net earnings.............................................. $ ___388 $ ___227
Adjustments to reconcile net income to
net cash provided by operating activities:
Investment securities losses.......................... --- 1
Depreciation and amortization of premises
and equipment....................................... 57 46
Write-downs of foreclosed assets...................... 7 11
Losses (gains) on sales of foreclosed assets.......... (128) 4
Decrease (increase) in interest receivable............ 111 12
Amortization of goodwill.............................. 3 3
Net amortization of premiums on investment securities. 27 20
Decrease (increase) in prepaid expenses............... 36 (24)
Increase (decrease) in accrued expenses............... (3) 2
Increase (decrease) in interest payable............... (55) 44
Increase (decrease) in current income taxes payable... 97 85
Decrease (increase) in net deferred tax asset......... 67 (11)
Net increase (decrease) in deferred loan fees
and other unearned income........................... ____16 ____13
Total adjustments................................. ___235 ___206
Net cash provided by operating activities................. $ 623 $ 433
====== ======
Supplemental schedule of noncash investing activities:
Assets acquired through foreclosure of loans............ $ 22 $ 55
====== ======
Loans made to finance sales of foreclosed assets........ $ 371 $ 25
====== ======
See notes to consolidated financial statements.
</TABLE>
<PAGE>
AMERICAN BANCSHARES OF HOUMA, INC.
Notes to Consolidated Financial Statements
March 31, 1996 and 1995
Unaudited
(1) Summary of Significant Accounting Policies
No significant changes in accounting policies have occurred since the
filing of the Form 10-KSB report on March 29, 1996, for the fiscal
year ended December 31, 1995.
Certain reclassifications have been made to conform to the 1996
presentation of financial information.
(2) Deposits
Included in interest-bearing deposits are certificates of deposit of
$100,000 or more, which totaled $10,799,992 at March 31, 1996, and
$9,408,673 at December 31, 1995.
Interest expense on certificates of deposit of $100,000 or more
totaled $143,323 and $102,691 for the three months ended March 31,
1996 and 1995, respectively.
(3) Noninterest Income
Details of noninterest income, excluding investment securities gains and
losses, are as follows:
Three_Months_Ended
(Thousands of Dollars) Mar. 31, Mar. 31,
__1996__ __1995__
Service charges on deposit accounts.................... $ 245 $ 222
Secondary market loan origination fees................. 31 15
Other.................................................. ______75 ______62
$ 351 $ 299
======== ========
<PAGE>
(4) Noninterest Expense
Details of noninterest expense are as follows:
Three_Months_Ended
(Thousands of Dollars) Mar. 31, Mar. 31,
__1996__ __1995__
Salaries and employee benefits......................... $ 437 $ 425
Net occupancy expense of premises...................... 105 97
Equipment expense...................................... 69 61
Advertising, marketing and promotion................... 25 21
FDIC and state assessments............................. 5 44
Stationery, printing and supplies...................... 30 28
Data processing........................................ 34 34
Directors' fees........................................ 41 44
Legal and professional fees............................ 41 26
Postage................................................ 20 18
Telephone expense...................................... 18 16
Net foreclosed assets expense (income)................. (118) 6
Other.................................................. ______69 ______62
$ 776 $ 882
======== ========
<PAGE>
AMERICAN BANCSHARES OF HOUMA. INC.
Management's Discussion and Analysis
American Bancshares of Houma, Inc. (the Company) is a one-bank holding
company whose primary asset is the 100% ownership of American Bank and
Trust Company of Houma (the Bank) domiciled in Houma, Louisiana. As
previously disclosed in the 1995 Annual Report on Form 10-KSB, the Company
entered into a definitive agreement on February 29, 1996, with Regions
Financial Corporation (Regions) under which the Company will be acquired by
Regions in a tax-free, stock-for-stock transaction. Under the terms of the
agreement, shareholders of the Company will receive 1.66 shares of Regions
common stock for each share of Company common stock. The transaction is
subject to the approval of the Company's shareholders and appropriate
regulatory agencies and is expected to be consummated during the third
quarter of 1996. Regions is a multi-bank regional holding company
headquartered in Birmingham, Alabama. Regions common stock is traded on
the NASDAQ National Market under the symbol "RGBK."
Overview
The Company earned $388,000 or $1.69 per share for the first quarter
of 1996, providing a 1.76% return on average assets and a 17.64% return on
average equity. First quarter earnings increased by $161,000 or $0.70 per
share from the same period in 1995. During the first quarter of 1996, the
Bank recognized a gain of $127,000 on the sale of the last significant
piece of other real estate held on its books.
During the first quarter of 1996, the Company's total assets grew by
$1,100,000 or 1.2%. Total loans, net of unearned income, increased by
$2,707,000 or 5.3%, while total deposits increased $586,000 or 0.7%,
resulting in a loans-to-deposits ratio of 67.5%.
At March 31, 1996, nonaccrual loans totaled $120,000, restructured
loans totaled $1,061,000, loans past due 90 days or more totaled $33,000,
and foreclosed assets totaled $20,000. Overall, total nonperforming assets
decreased by $249,000 or 16.8% since December 31, 1995. The level of
impaired loans as defined by Statement of Financial Accounting Standards
No. 114 was insignificant.
Net_Interest_Income
Year-to-date net interest income increased by $111,000 or 12.3% due to
growth in earning assets and increased loan portfolio yields. Compared to
the same period in 1995, average earning assets increased by $6,796,000 or
9.1%. The tax equivalent net interest margin for the period equaled 5.13%
in 1996 compared to 4.94% in 1995.
Detailed analysis of the components of and changes in net interest
income on a taxable equivalent basis is provided in the "Summary of Average
Balance Sheets, Interest, and Interest Rates" and "Comparative Changes in
Interest Income and Expense" tables that follow this discussion.
<PAGE>
Allowance_and_Provisions_for_Loan_Losses
No provisions for loan losses were made during the quarters ending
March 31, 1996 and 1995. The $1,089,000 allowance for loan losses
(representing 2.0% of the portfolio) is deemed to be adequate by Bank
management. The Bank recorded year-to-date net recoveries of $96,000 in
1996 compared to net charge-offs of $52,000 for the same period in 1995.
Noninterest_Income
Year-to-date noninterest income, excluding investment securities gains
and losses, increased by $52,000 or 17.4% due primarily to increased
service charge income on deposit accounts, secondary market mortgage loan
origination fees, and other fee income. Service charge income increased
primarily due to a new pricing structure on high-volume commercial accounts
implemented in mid-1995 and also due to increased NSF volume. Other fee
income increased due to the implementation of ATM surcharges at the end of
1995 and also due to increased loan insurance premium income. Details of
other noninterest income are provided in note 3 to the consolidated
financial statements.
Noninterest_Expense
Year-to-date total overhead expenses decreased by $106,000 or 12.0%
primarily due to the gain on the sale of other real estate previously
mentioned and reduced F.D.I.C. insurance premiums. A comparative
breakdown of overhead expenses is provided in note 4 to the consolidated
financial statements.
Liquidity
The Bank's liquidity ratio, which is a measure of net cash, short-term
and marketable assets as a percent of net deposits and short-term
liabilities, equaled 32.7% at March 31, 1996, compared to 34.0% at December
31, 1995. Management strives to maintain a minimum liquidity ratio of 25%.
Total loans, net of unearned discounts, represented 67.5% of total deposits
at March 31, 1996, compared to 64.6% at December 31, 1995. Federal funds
sold and investments in short-term, high quality U. S. Government and U. S.
Government Agency securities provide a source of ongoing liquidity for the
Bank. The investment portfolio is structured to provide a ladder of
maturities to ensure that funds will be available when needed. Also, a
significant portion of the investment portfolio is classified as available-
for-sale in accordance with Statement of Financial Accounting Standards No.
115. While the Bank has the intent to hold these securities indefinitely,
they are available for disposal and may be sold for liquidity as well as
other reasons. The Bank also has the ability to purchase federal funds
from correspondent banks and to pledge securities for other borrowings if
necessary to satisfy temporary liquidity needs. Management believes that
these factors place the Bank in a sound liquidity position.
<PAGE>
Capital_Adequacy_&_Dividends
Regulatory capital guidelines set forth minimum ratios of total
capital to total "risk-weighted" assets of 8.0%, "Tier 1" capital to total
"risk-weighted" assets of 4.0%, and a leverage ratio ("Tier 1" capital to
total assets) of 3%. The Federal Deposit Insurance Corporation Improvement
Act of 1991 provides that an institution is "well capitalized" if its total
risk-based capital ratio is 10% or greater, its Tier 1 risk-based capital
ratio is 6% or greater, its leverage ratio is 5% or greater, and the
institution is not subject to a capital directive. Because the Company has
total consolidated assets of less than $150 million and meets certain other
conditions, the guidelines are applied on a bank-only basis. For the Bank,
"Tier 1" capital consists of its shareholders' equity, excluding net
unrealized market gains or losses on available-for-sale securities. Total
capital consists of "Tier 1" capital plus an allowable portion of the
allowance for loan losses. At March 31, 1996, the Bank's total capital to
total "risk-weighted" assets ratio equaled 18.84%, its "Tier 1" capital to
total "risk-weighted" assets ratio equaled 17.58%, and its leverage ratio
equaled 9.60%.
During the first quarter of 1996, the Board of Directors of the
Company declared a regular quarterly dividend of $0.32 per share, totaling
$73,460, which was paid to shareholders on April 4, 1996.
Regulatory_Matters
On February 8, 1995, the Bank entered into a Memorandum of Understanding
(MOU) with the Federal Deposit Insurance Corporation (FDIC) regarding
regulatory compliance issues. The MOU resulted from a compliance
examination of the Bank conducted by the FDIC on October 1, 1993,
in which several violations of federal regulations were noted, primarily
record-keeping and disclosure violations. The MOU requires the bank to
improve its compliance program to insure adequate management supervision,
training, and review procedures to insure compliance with federal record-
keeping and disclosure requirements. Management believes it has taken the
necessary steps to insure future compliance. A subsequent compliance
examination of the Bank was conducted by the FDIC in March of 1996, the
results of which are still pending.
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Summary of Average Balance Sheets, Interest, and Interest Rates
Three Months Ended March 31, 1996 and 1995
Tax Equivalent Basis, Thousands of Dollars
Unaudited
___________________Three_Months_Ended____________________
______March_31,_1996_______ ______March_31,_1995_______
Average Average Average Average
Balance Interest _Rate__ Balance Interest _Rate__
<S> <C> <C> <C> <C> <C> <C>
ASSETS
INTEREST-EARNING ASSETS:
Loans, net of unearned income* $52,279 ___1,185 9.19% $51,221 ___1,107 8.76%
Investment securities: **
Taxable...................... 24,076 383 6.45 19,128 307 6.51
Nontaxable***................ _3,026 ______50 6.70 _1,442 ______24 6.75
Total investment securities. 27,102 433 6.48 20,570 331 6.53
Federal funds sold............ _1,725 ______23 5.41 _2,519 ______36 5.80
Total interest-earning assets 81,106 ___1,641 8.21 74,310 ___1,474 8.04
NONINTEREST-EARNING ASSETS AND
ALLOWANCE FOR LOAN LOSSES:
Cash and due from banks....... 4,658 4,556
Bank premises and equipment... 2,045 1,973
Other assets.................. 1,596 1,436
Allowance for loan losses..... (1,038) (1,125)
Total assets................ $83,367 $81,150
====== ======
LIABILITIES_AND
STOCKHOLDERS'_EQUITY
INTEREST-BEARING LIABILITIES:
NOW accounts.................. $10,213 41 1.63 $10,144 60 2.40
Money market accounts......... 6,883 41 2.42 7,714 56 2.94
Savings deposits.............. 8,787 50 2.31 9,376 69 2.98
Time deposits................. 34,926 ____480 5.57 30,106 _____381 5.13
Total interest-bearing
deposits................... 60,809 612 4.08 57,340 566 4.00
Short-term borrowings......... ___186 ______3 6.54 ___118 _______2 6.87
Total interest-bearing
liabilities................ 60,995 ____615 4.09 57,458 _____568 4.01
NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS' EQUITY:
Noninterest-bearing deposits.. 17,842 15,471
Other liabilities............. 710 529
Stockholders' equity.......... _8,820 _7,692
Total liabilities and
stockholders' equity....... $88,367 $81,150
====== ======
Net interest earned on total
interest-earning assets...... $81,106 1,026 5.13% $74,310 906 4.94%
====== ======= ====== =======
*Nonaccruing loan balances are included in loans for purposes of this analysis.
**Investment securities are shown at amortized cost, with net market gains or losses on
available-for-sale securities included in other assets.
***Interest and yields on nontaxable investment securities are shown as tax equivalent
amounts based on a 34% federal income tax rate and adjusted for the nondeductibility
of certain interest expense incurred to carry tax exempt obligations.
</TABLE>
<PAGE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Comparative Changes in Interest Income and Expense
For the Three Months Ended March 31, 1996 and 1995
Tax Equivalent Basis, Thousands of Dollars
Thousands of Dollars
Unaudited
1996 Compared to 1995 1995 Compared to 1994
Increase_(Decrease)_Due_To Increase_(Decrease)_Due_To
Change Change Change Change
in in in in
Volume _Rate_ Total Volume _Rate_ Total
<S> <C> <C> <C> <C> <C> <C>
INTEREST_INCOME
Loans........................ $___23 ____55 ___78 $__238 ____27 __265
Investment securities:
Taxable..................... 79 (3) 76 (76) (3) (79)
Nontaxable.................. ___26 ___--- ___26 ___20 ___--- ___20
Total investments.......... 105 (3) 102 (56) (3) (59)
Federal funds sold........... __(11) ____(2) __(13) ___(4) ____18 ___14
Total interest income...... __117 ____50 __167 __178 ____42 __220
INTEREST_EXPENSE
Interest-bearing deposits:
NOW accounts................ 0 (19) (19) 1 12 13
Money market accounts....... (6) (9) (15) (5) 7 2
Savings deposits............ (4) (15) (19) (2) 7 5
Time deposits............... ___64 ____35 ___99 ___75 ____90 __165
Total interest-bearing
deposits.................. 54 (8) 46 69 116 185
Short-term borrowings....... ____1 ___--- _____1 ____1 ___--- _____1
Total interest expense..... ___55 ____(8) ____47 ___70 ___116 ___186
Net interest income........ $ 62 58 120 $ 108 (74) 34
===== ====== ====== ===== ====== ======
NOTE: The change in interest due to both volume and rate has been allocated to change
due to volume and change due to rate in proportion to the relationship of the
absolute dollar amounts of change in each.
</TABLE>
<PAGE>
PART II - OTHER INFORMATION
Item_1._Legal_Proceedings.
No material developments have occurred in the legal proceedings
previously disclosed in the 1995 Annual Report on Form 10-KSB.
Item_6._Exhibits_and_Reports_on_Form_8-K.
During the quarter ended March 31, 1996, no reports on Form 8-K have
been filed.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
American_Bancshares_of_Houma,_Inc.
(Registrant)
Date: May 13, 1996 /s/_Robert_W._Boquet______________
Robert W. Boquet
President and C.E.O.
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 5,224
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 24,876
<INVESTMENTS-CARRYING> 3,502
<INVESTMENTS-MARKET> 3,513
<LOANS> 53,691
<ALLOWANCE> 1,089
<TOTAL-ASSETS> 89,310
<DEPOSITS> 79,294
<SHORT-TERM> 459
<LIABILITIES-OTHER> 753
<LONG-TERM> 0
0
0
<COMMON> 776
<OTHER-SE> 8,028
<TOTAL-LIABILITIES-AND-EQUITY> 89,310
<INTEREST-LOAN> 1,185
<INTEREST-INVEST> 417
<INTEREST-OTHER> 23
<INTEREST-TOTAL> 1,625
<INTEREST-DEPOSIT> 612
<INTEREST-EXPENSE> 615
<INTEREST-INCOME-NET> 1,010
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 776
<INCOME-PRETAX> 585
<INCOME-PRE-EXTRAORDINARY> 388
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 388
<EPS-PRIMARY> 1.69
<EPS-DILUTED> 0
<YIELD-ACTUAL> 5.13
<LOANS-NON> 120
<LOANS-PAST> 33
<LOANS-TROUBLED> 1,061
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 993
<CHARGE-OFFS> 43
<RECOVERIES> 139
<ALLOWANCE-CLOSE> 1,089
<ALLOWANCE-DOMESTIC> 732
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 357
</TABLE>
