UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended September 30, 1995.
Commission File Number 0-10658
BWC FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
CALIFORNIA 94-262100
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1400 Civic Drive, Walnut Creek, California _ 94596 __
(Address of principal executive officer)
(510) 932-5353
(Registrant's Telephone Number, including area code)
N/A
(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 ISSUERS INVOLVED
IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1924 subsequent to the distribution of securities under a plan
confirmed by court. Yes No _____
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as the latest practicable date. As of September 30, 1995, there
were 935,907 shares of common stock, no par value outstanding.
<PAGE>
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
PAGE
Item 1 Consolidated Balance Sheets 3
Consolidated Statements of Income 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6-7
Item 2 Management's Discussion and Analysis
of Results of Operations 8-11
Interest Rate Sensitivity Table 12
PART II - OTHER INFORMATION
Item 1 Legal Proceedings 13
Item 2 Changes in Securities 13
Item 3 Defaults Upon Senior Securities 13
Item 4 Submission of Matters to a Vote of
Security Holders 13
Item 5 Other Materially Important Events 13
Item 6 Exhibits and Reports on Form 8-K 13
Signatures 14
<PAGE>
<TABLE>
BWC FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
September 30, December 31,
ASSETS 1995 1994
<S> <C> <C>
Cash and Due From Banks $9,767,000 $8,552,000
Federal Funds Sold $1,545,000 3,300,000
Other Short Term Investments 1,507,000 3,018,000
Total Cash and Cash Equiv 12,819,000 14,870,000
Investment Securities:
Available for Sale 28,205,000 17,419,000
Held to Maturity (approximate market value
of $8,934,000 in 1995 and $10,982,00 8,899,000 11,335,000
Loans, Net of Allowance for Credit Losses of $1,656,000
in 1995 and $1,498,000 in 1994. 89,285,000 86,411,000
Bank Premises and Equipment, Net 1,011,000 993,000
Interest Receivable and Other Assets 2,588,000 2,116,000
Other Real Estate Owned 161,000 --
Total Assets $142,968,000 $133,144,000
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $30,269,000 $27,340,000
Interest-bearing:
Money Market Accounts 35,935,000 37,062,000
Savings and NOW Accounts 21,030,000 24,681,000
Time Deposits:
Under $100,000 21,508,000 16,862,000
$100,000 or more 18,654,000 14,027,000
Total Interest-bearing 97,127,000 92,632,000
Total Deposits 127,396,000 119,972,000
Interest Payable and Other Liabilities 1,313,000 529,000
Total Liabilities 128,709,000 120,501,000
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY
Preferred Stock, no par value:
5,000,000 shares authorized, none outs -- --
Common Stock, no par value:
25,000,000 shares authorized; issued and outstanding -
935,907 shares in 1995 and 830,737 in 10,508,000 9,026,000
Retained Earnings 3,751,000 3,617,000
Total Shareholders' Equit 14,259,000 12,643,000
Total Liabilities and
Shareholders' Equity $142,968,000 $133,144,000
<FN>
The accompanying notes are an integral part of these consolidated statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
BWC FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
For For the Nine Months
End Ended September 30,
1995 1994 1995 1994
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans, Including Fees $2,371,000 $6,076,000 $6,945,000 $6,076,000
Investment Securities:
Taxable $382,000 455,000 943,000 455,000
Non-taxable $88,000 300,000 261,000 300,000
Federal Funds Sold $77,000 159,000 160,000 159,000
Other Short Term Investments $21,000 -- 75,000 --
Total Interest Inco 2,939,000 6,990,000 8,384,000 6,990,000
INTEREST EXPENSE
Deposits 917,000 1,826,000 2,477,000 1,826,000
Federal Funds Purchased -- -- 1,000 2,000
Total Interest Exp 917,000 1,828,000 2,478,000 1,828,000
NET INTEREST INCOME 2,022,000 5,162,000 5,906,000 5,162,000
PROVISION FOR CREDIT LOSSES 90,000 180,000 240,000 180,000
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES 1,932,000 4,982,000 5,666,000 4,982,000
NONINTEREST INCOME
Service Charges on Deposit A 142,000 289,000 392,000 289,000
Investment Securities Gains, -- -- -- 5,000
Other 190,000 139,000 393,000 139,000
Total Noninterest I 332,000 433,000 785,000 433,000
NONINTEREST EXPENSE
Salaries and Related Benefit 835,000 2,149,000 2,410,000 2,149,000
Occupancy 181,000 500,000 550,000 500,000
Furniture and Equipment 122,000 320,000 332,000 320,000
Other 436,000 1,345,000 1,458,000 1,345,000
Total Noninterest E 1,574,000 4,314,000 4,750,000 4,314,000
INCOME BEFORE INCOME TAXES 690,000 1,101,000 1,701,000 1,101,000
Provision for Income Taxes 273,000 346,000 604,000 346,000
NET INCOME $417,000 $755,000 $1,097,000 $755,000
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE $0.41 $0.84 $1.12 $0.86
Average common and common equivalen 1,024,090 893,690 980,104 881,875
<FN>
The accompanying notes are an intergral part of these consolidated statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
BWC FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income $1,097,000 $755,000
Adjustments to reconcile net income to
net cash provided(used):
Amortization of loan fees (481,000) (648,000)
Provision for possible credit losses 240,000 180,000
Depreciation and amortization 224,000 368,000
Gain on sale of securities available for sale -- (5,000)
Increase in accrued interest receivable
and other assets (634,000) (589,000)
Increase in accrued interest payable
and other liabilities 784,000 37,000
Net Cash Provided by Operating Activ 1,230,000 98,000
INVESTING ACTIVITIES:
Proceeds from maturities of investment securities 9,656,000 5,505,000
Proceeds from the sales of investment securities -- 4,995,000
Purchase of investment securities (17,679,000) (18,584,000)
Loans originated, net of collections (2,633,000) 160,000
Purchase of bank premises and equipment (241,000) (487,000)
Net Cash Used by Investing Activitie (10,897,000) (8,411,000)
FINANCING ACTIVITIES:
Net increase in deposits 7,423,000 12,731,000
Proceeds from issuance of common stock 196,000 88,000
Cash paid for the repurchase of common stock -- (123,000)
Cash paid in lieu of fractional shares (4,000) --
Net Cash Provided by Financing Activ 7,615,000 12,696,000
CASH AND CASH EQUIVALENTS:
Increase (decrease) in cash and cash equivalents (2,052,000) 4,383,000
Cash and cash equivalents at beginning of year 14,871,000 9,126,000
Cash and Cash Equivalents at period end $12,819,000 $13,509,000
ADDITIONAL CASH FLOW INFORMATION:
Interest Paid $2,148,000 $1,668,000
Income Taxes Paid $558,000 $422,000
<FN>
The accompanying notes are an integral part of these consolidated statements.
</FN>
</TABLE>
<PAGE>
BWC FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of management, the unaudited interim consolidated
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to present fairly the financial position at
September 30, 1995 and the results of operations for the nine months ended
September 30, 1995 and 1994 and cash flows for the nine months ended September
30, 1995 and 1994.
Certain information and footnote disclosures presented in the
Corporation's annual consolidated financial statements are not included in
these interim financial statements. Accordingly, the accompanying unaudited
interim consolidated financial statements should be read in conjunction with
the consolidated financial statements and notes thereto included in the
Corporation's 1994 Annual Report to Shareholders, which is incorporated by
reference in the Company's 1994 annual report on Form 10-K. The results of
operations for the nine months ended September 30, 1995 are not necessarily
indicative of the operating results for the full year.
Net income per common and common equivalent share is computed using the
weighted average number of shares outstanding during the period, adjusted for
the dilutive effect of stock options and stock dividends.
2. INVESTMENT SECURITIES AND OTHER SHORT TERM INVESTMENTS
The amortized cost and approximate market value of investment securities
at September 30, 1995 are as follows:
Gross
Amortized Unrealized Market
Cost Gain(Loss) Value
Held-to-maturity
Obligations of State and
Political Subdivisions $ 8,899,000 $ 35,000 $ 8,934,000
Available-for-sale
U.S. Treasury Securities $13,056,000 $ 28,000 $13,084,000
Available-for-sale
U.S. Government Agencies $15,123,000 $ 2,000 $15,121,000
For the nine months ended September 30, 1995, the Bank had no proceeds
from sale of investment securities.
<PAGE>
The following table shows the amortized cost and estimated market value
of investment securities by contractual maturity at September 30, 1995.
Held-to-Maturity Available-for-Sale
Amortized Market Amortize Market
Cost Value Cost Value
Within one year $2,527,000 $2,532,000 $ 7,547,000 $ 7,546,000
After one but within
five years $6,372,000 $6,402,000 $19,907,000 $19,931,000
Over five years -- -- $ 725,000 $ 728,000
The Corporation had investments in a mutual fund comprised of
investments in short term U.S. government securities and redeemable on a one
day notice, in the amount of $1,507,000. The yield on this investment
averages slightly higher than that available on Fed Funds and the liquidity is
approximately the same.
3. ALLOWANCE FOR CREDIT LOSSES
For the Nine months Ended
September 30,
1995 1994
Allowance for credit losses at
beginning of period $1,498,000 $1,418,000
Chargeoffs (96,000) (49,000)
Recoveries 14,000 47,000
Net chargeoffs (82,000) (2,000)
Provisions 240,000 180,000
Allowance for credit losses at
end of period $1,656,000 $1,596,000
Ratio of allowance for credit
losses to loans 1.82 1.93%
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS
Net Income
Net income for the first nine months in 1995 of $1,097,000 is $342,000 greater
then the first nine months in 1994. This represents a return on average
assets during this period of 1.11% and a return on average equity of 10.82%.
During the first nine months of 1994 the Corporation earned $755,000 which was
a return on average assets of .82% and on average equity of 8.10%.
Net income for the three months ending September 30, 1995, of $417,000 was
$126,000 over the comparable period in 1994. The return on average assets
during the third quarter was 1.21% and the return on average equity was 11.87%
as compared to a return on average assets during the third quarter of 1994 of
.90% and a return on average equity of 9.47%.
Earning assets averaged $121,995,000 during the nine months ended September
30, 1995, as compared to $113,107,000 for the comparable period in 1994.
Earning assets averaged $128,334,000 during the third quarter of 1995 as
compared to $121,384,000 during the third quarter of 1994.
Earnings per average common and common equivalent shares (this includes any
dilutive effect of unexercised options outstanding) was $1.12 for the first
nine months of 1995 as compared to $0.86 for the first nine months of 1994.
For the third quarter of 1995, earnings per average common and common
equivalent shares was $0.41 as compared to $0.33 for the third quarter of
1994.
Net Interest Income
Interest income represents the interest earned by the Corporation on its
portfolio of loans, investment securities, and other short term investments.
Interest expense represents interest paid to the Corporation's depositors, as
well as to others from whom the Corporation borrows funds on a temporary
basis.
Net interest income is the difference between interest income on earning
assets and interest expense on deposits and other borrowed funds. The volume
of loans and deposits and interest rate fluctuations caused by economic
conditions greatly affect net interest income.
Net interest income during the first nine months of 1995 was $5,906,000 or
$744,000 greater than the comparable period in 1994. This is primarily the
result of an increase in interest rates resulting in an improved net interest
spread in the 1995 period as compared to 1994. Based on the volume increase
alone, net interest income increased by $114,000 over the comparable quarter
in 1994. Based in the improved net spread alone, net interest income
increased by $630,000.
Net interest income during the three months ending September 30, 1995 was
$2,022,000 or $177,000 greater than the comparable period in 1994. Based on
the volume increase alone, net interest income increased by $23,000 over the
comparable quarter in 1994. Based in the improved net spread alone, net
interest income increased by $154,000.
<PAGE>
Provision for Credit Losses
An allowance for credit losses is maintained at a level considered adequate to
provide for losses that can be reasonably anticipated. The allowance is
increased by provisions charged to expense and reduced by net charge-offs.
Management continually evaluates the economic climate, the performance of
borrowers, and other conditions to determine the adequacy of the allowance.
The ratio of the allowance for credit losses to total loans as of September
30, 1995 was 1.82% as compared to 1.93% for the period ending September 30,
1994. This reflects a conservative attitude on the part of management and is
considered adequate to provide for potential future losses.
The Corporation had net loan losses of $82,000 during the first nine months of
1995 as compared to a net loss of $2,000 during the comparable period in 1994.
The following table provides information on past due and nonaccrual loans:
For the Nine months Ended
September 30,
1995 1994
Loans Past Due 90 Days or More $ 41,000 $ --
Nonaccrual Loans 229,000 905,000
Total $ 270,000 $ 905,000
As of September 30, 1995 and 1994, no loans were outstanding that had been
restructured. No interest earned on nonaccrual loans that was recorded in
income during 1995 remains uncollected. Interest foregone on nonaccrual loans
was approximately $31,000 and $86,000 as of September 30, 1995 and 1994
respectively.
Noninterest Income
Noninterest income during the first nine months of 1995 of $785,000 was
$352,000 greater than earned during the comparable period of 1994. This was
reflected in increases in most areas of noninterest income and fees and the
category of Other includes gains on the sale of SBA loans of $122,000.
Noninterest income during the third quarter of 1995 of $332,000 was $185,000
greater than earned during the comparable period of 1994. As with the nine
month report, this was reflected in increases in most areas of noninterest
income and fees and the category of Other includes gains on the sale of SBA
loans.
Noninterest Expense
Salaries and related benefits are $261,000 greater during the first nine
months of 1995 as compared to 1994. This increase is related to staffing
additions for the Bank's SBA division and the new business factoring division.
It also includes general merit increases and the opening of the Corporation's
new banking office in Pleasanton, California and additional staffing for the
expanded Orinda Office.
<PAGE>
Occupancy expense also increased $50,000 during the respective periods due to
the addition of the new Pleasanton Office in April 1994 and the expanded
facilities and remodeling of the Corporation's Orinda Office. Also included
are CPI rental adjustments and operating expense increases. Furniture and
Equipment expense are relatively unchanged between the respective periods.
Other Expense increased $113,000 between the respective periods. The primary
categories accounting for this increase include increases in professional
fees, postage expense (related in part to an increase in US Postage fees),
correspondent service fees, charges associated with the Bank's Prestige
checking program and an increase in operating losses over the comparable
period in 1994.
During the third quarter of 1995 non-interest expense was $95,000 over the
comparable quarter in 1994. The same reasons given for the nine month period
apply to the third quarter's operations.
Other Real Estate Owned
As of September 30, 1995 the Corporation had $161,000 in Other Real Estate
Owned assets (assets acquired as the result of foreclosure on real estate
collateral) on its books.
Capital Adequacy
In 1989, the Federal Deposit Insurance Corporation (FDIC) established risk-
based capital guidelines requiring banks to maintain certain ratios of
"qualifying capital" to "risk-weighted assets". Under the guidelines,
qualifying capital is classified into two Tiers, referred to as Tier 1 (core)
and Tier 2 (supplementary) capital. Currently, the bank's Tier 1 capital
consists of shareholders' equity, while Tier 2 capital consists of the
eligible allowance for loan losses. The Bank has no subordinated notes or
debentures included in its capital. Risk-weighted assets are calculated by
applying risk percentages specified by the FDIC to categories of both balance-
sheet assets and off-balance-sheet assets.
The Bank's Tier 1 and Total (which included Tier 1 and Tier 2) risk-based
capital ratios surpassed the regulatory minimum of 8% at September 30, for
both 1995 and 1994. At year-end 1990, the FDIC also adopted a leverage ratio
requirement. This ratio supplements the risk-based capital ratios and is
defined as Tier 1 capital divided by the quarterly average assets during the
reporting period. The requirement established a minimum leverage ratio of 3%
for the highest rated banks.
The following table shows the Corporation's risk-based capital ratios and
leverage ratio as of September 30, 1995, December 31, 1994, and September 30,
1994.
Risk-based capital ratios: Capital Ratios
Minimum
Current guidelines September 30, December 31, September 30, regulatory
1995 1994 1994 requirements
Tier 1 capital 13.52% 12.70% 12.96% 4.00%
Total capital 14.78% 13.95% 14.22% 8.00%
Leverage ratio 9.60% 9.35% 9.06% 3.00%
<PAGE>
Liquidity
Liquidity is a key aspect in the overall fiscal health of a financial
corporation. The primary source of liquidity for BWC Financial Corp. is its
marketable securities and Federal Funds sold. Cash, investment securities and
other temporary investments represented 38% of total assets at September 30,
1995 and 37% at September 30, 1994. The Corporation's management has an
effective asset and liability management program and carefully monitors its
liquidity on a continuing basis. Additionally, the Corporation has available
from correspondent banks Federal Fund lines of credit totaling $10,000,000.
General
Total assets of the Corporation at September 30, 1995 of $142,968,000 have
increased $14,261,000 as compared to September 30, 1994 Total deposits of
$127,396,000 have increased $11,498,000 from September 30, 1994.
The Corporation's loan to deposit ratio as of September 30, 1995 and on
September 30, 1994 was 71%.
<PAGE>
<TABLE>
INTEREST RATE SENSITIVITY
(in thousands except share and per share data)
Proper management of the rate sensitivity and maturities of assets and liabilities are required to provide an optimum and
stable net interest margin. Interest rate sensitivity spread management is an important tool for achieving this objective
and for developing strategies and means to improve profitability. The schedules shown below reflect the interest rate
sensitivity position of the Corporation as of September 30, 1995 and 1994 respectively. Management believes that the
sensitivity ratios reflected in these schedules fall within acceptable ranges, and represent no undue interest rate risk
to the future earnings prospects of the Corporation.
<CAPTION>
Interest Rate Sensitivity 3 3-6 12 1-5 Over 5
Repricing within: months months months years years Totals
<S> <C> <C> <C> <C> <C> <C>
September 30, 1995
ASSETS:
Federal funds sold $1,545 $0 $0 $0 $0 $1,545
Other short term investments $1,507 $0 $0 $0 $0 $1,507
Investment securities $500 $3,607 $5,967 $25,232 $1,798 $37,104
Construction & real estate loans $16,606 $10,333 $6,565 $239 $717 $34,460
Commercial loans $24,833 $1,846 $506 $891 $84 $28,160
Consumer loans $24,020 $444 $554 $3,117 $186 $28,321
Real estate mortgages
Interest-bearing assets $69,011 $16,230 $13,592 $29,479 $2,785 $131,097
Savings and Now accounts $21,030 $0 $0 $0 $0 $21,030
Money market accounts $35,934 $0 $0 $0 $0 $35,934
Time deposits <$100,000 $4,570 $5,951 $8,731 $2,256 $0 $21,508
Time deposits >$100,000 $4,872 $8,062 $5,110 $611 $0 $18,655
Interest-bearing liabilities $66,406 $14,013 $13,841 $2,867 $0 $97,127
Rate sensitive gap $2,605 $2,217 ($249) $26,612 $2,785 $33,970
Cumulative rate sensitiveity gap $2,605 $4,822 $4,573 $31,185 $33,970 $67,940
Cumulative position to average
earning assets 1.99% 3.68% 3.49% 23.79% 25.91%
</TABLE>
<TABLE>
<CAPTION>
Interest Rate Sensitivity 3 3-6 12 1-5 Over 5
Repricing within: months months months years years Totals
<S> <C> <C> <C> <C> <C> <C>
September 30, 1994
ASSETS:
Federal funds sold $1,320 $0 $0 $0 $0 $1,320
Other short term investments $3,000 $0 $0 $0 $3,000
Investment securities $2,256 $3,174 $6,448 $18,987 $0 $30,865
Construction & real estate loans $21,174 $4,186 $3,747 $236 $755 $30,098
Commercial loans $25,537 $267 $189 $562 $0 $26,555
Consumer loans $24,654 $137 $211 $924 $242 $26,168
Real estate mortgages
Interest-bearing assets $77,941 $7,764 $10,595 $20,709 $997 $118,006
Savings and Now accounts $21,258 $0 $0 $0 $0 $21,258
Money market accounts $41,027 $0 $0 $0 $0 $41,027
Time deposits <$100,000 $4,467 $2,829 $7,411 $2,330 $0 $17,037
Time deposits >$100,000 $4,804 $2,261 $2,888 $561 $0 $10,514
Interest-bearing liabilities $71,556 $5,090 $10,299 $2,891 $0 $89,836
Rate sensitive gap $6,385 $2,674 $296 $17,818 $997 $28,170
Cumulative rate sensitiveity gap $6,385 $9,059 $9,355 $27,173 $28,170 $56,340
Cumulative position to earning
assets 4.87% 6.91% 7.14% 20.73% 21.49%
</TABLE>
<PAGE>
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
At this time there are no pending or threatened material legal
proceedings to which the corporation is a party or to which any of the
corporation's properties are subject.
Item 2 - Changes in Securities
None
Item 3 - Defaults Upon Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
None
Item 5 - Other Materially Important Events
None
Item 6 - Exhibits and Reports on Form 8-K
None
<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.
BWC FINANCIAL CORP.
(Registrant)
___________________________ _________________________________
Date James L. Ryan
Chairman and Chief Executive Officer
______________________ ________________________________
Date Leland E. Wines
CFO and Corp. Secretary
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000353650
<NAME> BWC FINANCIAL CORP.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 9,767,000
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,545,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 28,205,000
<INVESTMENTS-CARRYING> 8,899,000
<INVESTMENTS-MARKET> 8,934,000
<LOANS> 90,941,000
<ALLOWANCE> 1,656,000
<TOTAL-ASSETS> 142,968,000
<DEPOSITS> 127,396,000
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,313,000
<LONG-TERM> 0
<COMMON> 10,508,000
0
0
<OTHER-SE> 3,751,000
<TOTAL-LIABILITIES-AND-EQUITY> 142,968,000
<INTEREST-LOAN> 6,945,000
<INTEREST-INVEST> 1,204,000
<INTEREST-OTHER> 235,000
<INTEREST-TOTAL> 8,384,000
<INTEREST-DEPOSIT> 2,477,000
<INTEREST-EXPENSE> 2,478,000
<INTEREST-INCOME-NET> 5,906,000
<LOAN-LOSSES> 240,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,750,000
<INCOME-PRETAX> 1,701,000
<INCOME-PRE-EXTRAORDINARY> 1,701,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,097,000
<EPS-PRIMARY> 1.17
<EPS-DILUTED> 1.12
<YIELD-ACTUAL> 6.61
<LOANS-NON> 229,000
<LOANS-PAST> 41,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 1,484,000
<ALLOWANCE-OPEN> 1,498,000
<CHARGE-OFFS> 96,000
<RECOVERIES> 14,000
<ALLOWANCE-CLOSE> 1,656,000
<ALLOWANCE-DOMESTIC> 945,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 711,000
</TABLE>
