HOMELAND BANKSHARES CORP
10-Q, 1995-11-13
NATIONAL COMMERCIAL BANKS
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                        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:  0-14507



                          HOMELAND BANKSHARES CORPORATION



  Incorporated in Iowa                   I.R.S. Employer Identification
                                                 No. 42-1168487

                  229 EAST PARK AVENUE, WATERLOO, IOWA 50704-5300

                         Telephone number:  (319) 291-5260



    Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Sections 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      

    Indicate the number of shares outstanding of each of the issuer's classes
  of common stock, as of November 13, 1995:

                  5,738,713 SHARES COMMON STOCK, $12.50 PAR VALUE

  PART I. FINANCIAL INFORMATION
  -----------------------------

  ITEM 1.  FINANCIAL STATEMENTS.
  ------------------------------

  HOMELAND BANKSHARES CORPORATION
  CONSOLIDATED BALANCE SHEETS
  (Unaudited)

                                            SEPTEMBER 30,  December 31,
  (Dollars in thousands, except per share data)  1995          1994
  -------------------------------------------------------------------
  ASSETS
  Cash and due from banks                      $51,621       $ 46,692
  Federal funds sold                            14,300         14,700

  Securities
    Available for sale                         161,563        161,096
    Held to maturity (market value $97,093
      in 1995 and $119,190 in 1994)             96,031        121,354
  Total securities                             257,594        282,450
  -------------------------------------------------------------------
  Loans
    Commercial, financial, and agricultural    188,324        175,623
    Commercial real estate                     212,505        207,495
    Consumer real estate                       318,496        286,085
    Consumer                                   135,914        123,593
  -------------------------------------------------------------------
  Total loans                                  855,239        792,796
    Allowance for loan losses                   (8,954)        (9,082)
  -------------------------------------------------------------------
  Net loans                                    846,285        783,714

  Premises and equipment                        24,478         24,676
  Intangible assets                             19,008         20,620
  Other assets                                  19,347         17,781
  -------------------------------------------------------------------

  Total assets                              $1,232,633     $1,190,633
  ===================================================================

  LIABILITIES
  Deposits
    Noninterest bearing demand              $  112,332     $  118,949
    Interest bearing demand                    101,099        110,749
    Money market                               170,084        171,746
    Savings                                     65,321         68,254
    Time                                       493,398        479,662
  -------------------------------------------------------------------
  Total deposits                               942,234        949,360

  Federal funds purchased                       48,575         27,425
  Other short-term borrowings                   63,271         84,320
  Accrued expenses and other liabilities        12,093         12,336
  Long-term borrowings                          42,525          2,450
  -------------------------------------------------------------------

  Total liabilities                          1,108,698      1,075,891
  -------------------------------------------------------------------

  STOCKHOLDERS' EQUITY
  Common stock, $12.50 par value; 25,000,000
    shares authorized; 5,738,713 shares
    issued and outstanding                      71,734         71,734
  Additional paid-in capital                       227            227
  Retained earnings                             52,289         46,068
  Net unrealized loss on securities available 
    for sale                                      (315)        (3,287)
  -------------------------------------------------------------------

  Total stockholders' equity                   123,935        114,742
  -------------------------------------------------------------------

  Total liabilities and stockholders' 
    equity                                  $1,232,633     $1,190,633
  ===================================================================

  See notes to consolidated financial statements


   HOMELAND BANKSHARES CORPORATION
   CONSOLIDATED STATEMENTS OF INCOME
   (Unaudited)

                                      THREE MONTHS ENDED,   NINE MONTHS ENDED
                                         SEPTEMBER 30,        SEPTEMBER 30,
   (Dollars in thousands, except 
   per share data)                       1995     1994        1995     1994  
   -------------------------------------------------------------------------
   Interest income
     Loans                             $19,172   $15,939    $54,988   $36,190
     Taxable securities                  3,640     4,132     11,395    10,546
     Tax-exempt securities                 481       667      1,556     2,072
     Federal funds sold                    111       302        474     1,242
     Other short-term investments          ---         7        ---       134
   --------------------------------------------------------------------------

   Total interest income                23,404    21,047     68,413    50,184
   --------------------------------------------------------------------------
   Interest expense
     Deposits                            9,053     7,770     26,899    18,434
     Short-term borrowings               1,643     1,070      5,213     1,922
     Long-term borrowings                  623        98        874       116
   --------------------------------------------------------------------------

   Total interest expense               11,319     8,938     32,986    20,472
   --------------------------------------------------------------------------
   Net interest income                  12,085    12,109     35,427    29,712
     Provision for loan losses             229        40        612        45
   --------------------------------------------------------------------------

   Net interest income after provision 
   for loan losses                      11,856    12,069     34,815    29,667
   --------------------------------------------------------------------------
   Noninterest income
     Data processing services              660       621      1,926     1,910
     Trust services                        661       391      1,819     1,839
     Deposit account service charges       820       800      2,295     2,002
     Securities gains (losses)             ---       (20)        31       (19)
     Other                                 952       593      2,611     1,610
   --------------------------------------------------------------------------

   Total noninterest income              3,093     2,385      8,682     7,342
   --------------------------------------------------------------------------
   Noninterest expenses
     Personnel                           4,724     4,916     14,185    12,156
     Occupancy                             681       679      1,918     1,829
     Equipment                             572       598      1,763     1,698
     Supplies                              255       215        918       596
     Advertising and promotion             411       471      1,363     1,167
     Professional fees                     253       349        750       687
     FDIC insurance                        104       568      1,168     1,424
     Intangible amortization               537       560      1,612       925
     Other real estate owned                (8      (117)      (154)     (463)
     Other                               1,353     1,207      3,807     2,988
   --------------------------------------------------------------------------
   Total noninterest expenses            8,882     9,446     27,330    23,007
   --------------------------------------------------------------------------

   Income before income taxes            6,067     5,008     16,167    14,002

   Income tax expense                    2,425     1,864      6,215     4,959
   --------------------------------------------------------------------------
   NET INCOME                           $3,642    $3,144     $9,952    $9,043
   ==========================================================================

   NET INCOME PER SHARE                 $  .63    $  .55     $ 1.73    $ 1.58
   ==========================================================================

   AVERAGE NUMBER OF SHARES 
   OUTSTANDING                       5,747,843 5,743,095  5,741,888 5,729,441
   ==========================================================================

   See notes to consolidated financial statements 

   HOMELAND BANKSHARES CORPORATION
   CONSOLIDATED STATEMENTS OF CASH FLOWS
   (Unaudited)
                                                    NINE MONTHS ENDED
                                                      SEPTEMBER 30,
   (Dollars in thousands)                             1995       1994  
   -------------------------------------------------------------------
   OPERATING ACTIVITIES
   Net income                                    $  9,952    $  9,043
   Adjustments to reconcile net income to net
    cash provided by (used for) operating activities
      Amortization and accretion                    1,721         347
      Depreciation                                  1,484       1,417
      Provision for loan losses                       612          45
      Provision for deferred income taxes             663        (283)
      Net gain on securities
       Available for sale                             (21)         20
       Held to maturity                               (10)         (1)
      Net gain on sales of other assets               (39)        (80)
      Decrease (increase) in other assets          (3,915)        735
      Decrease in accrued expenses and other 
       liabilities                                   (906)     (3,218)
   -------------------------------------------------------------------
   Net cash provided by operating activities        9,541       8,025
   -------------------------------------------------------------------
   INVESTING ACTIVITIES
   Cash and cash equivalents acquired; net of payment
    for purchase of financial institution             ---     (41,932)
   Divestiture of branch offices, net of cash and 
    cash equivalents                                          (46,853)
   Proceeds from sales of securities
    Available for sale                                142      25,841
    Held to maturity                                  ---         ---
   Proceeds from maturities and calls of securities
    Available for sale                             43,543      20,972
    Held to maturity                               33,570      35,934
   Purchases of securities
    Available for sale                            (48,948)    (12,826)
    Held to maturity                                 (616)     (6,172)
   Net increase in loans                          (62,016)    (82,243)
   Purchases of premises and equipment             (1,496)     (1,844)
   Proceeds from sales of other assets              1,490         562
   -------------------------------------------------------------------
   Net cash used for investing activities         (34,331)   (108,561)
   -------------------------------------------------------------------
   FINANCING ACTIVITIES
   Net increase (decrease) in deposits             (7,126)      2,521
   Net increase (decrease) in federal funds 
    purchased                                      21,150      (9,850)
   Net increase (decrease) in other short-term 
    borrowings                                    (21,049)     91,728
   Proceeds from long-term borrowings              40,300       2,450
   Repayments of long-term borrowings                (225)     (3,000)
   Payments of cash dividends                      (3,731)     (3,603)
   Proceeds from stock options                        ---         975
   -------------------------------------------------------------------
   Net cash provided by financing activities       29,319      81,221
   Net change in cash and cash equivalents          4,529     (19,315)
   Cash and cash equivalents at beginning 
    of period                                      61,392      93,121
   -------------------------------------------------------------------
   Cash and cash equivalents at end of period    $ 65,921    $ 73,806
   ===================================================================
   SUPPLEMENTAL CASH FLOW INFORMATION
   Cash paid
    Interest                                     $ 33,091    $ 21,949
    Income taxes                                    4,841       5,700
   Noncash investing and financing activities
    Loans transferred to foreclosed property        1,244         198
    Sales of foreclosed property financed by 
    Homeland                                          149          33
   Acquisitions accounted for by a purchase 
    transaction
    Cash paid (including acquisition costs)           ---      47,881
    Liabilities assumed                               ---     308,198
    Fair value of assets acquired                     ---     356,079
   Divestiture of branch offices
    Cash paid                                         ---      46,853
    Liabilities assumed by purchaser                  ---      56,698
    Fair value of assets sold                         ---       9,845
   ===================================================================
   See notes to consolidated financial statements 
   <TABLE>

    HOMELAND BANKSHARES CORPORATION
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
    NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
    (Unaudited)
    <CAPTION>
                                                                                               NET
                                                                    ADDITIONAL              UNREALIZED
                                                          COMMON      PAID-IN   RETAINED    SECURITIES
    (Dollars in thousands, except per share data)         STOCK       CAPITAL   EARNINGS       LOSS       TOTAL 
    -------------------------------------------------------------------------------------------------------------
    <S>                                                    <C>          <C>        <C>         <C>          <C>
    Balance at January 1, 1995                           $ 71,734    $    227     $46,068    $ (3,287)  $ 114,742
      Net income                                              ---         ---       9,952         ---       9,952
      Cash dividends - $.65 per share                         ---         ---      (3,731)        ---      (3,731)
      Net unrealized gain on securities available 
        for sale                                              ---         ---         ---       2,972       2,972
    -------------------------------------------------------------------------------------------------------------
    BALANCE AT SEPTEMBER 30, 1995                        $ 71,734    $    227     $52,289    $   (315)  $ 123,935
    =============================================================================================================

    Balance at January 1, 1994                           $ 70,984    $      2     $38,615    $    ---   $ 109,601
      Net income                                              ---         ---       9,043         ---       9,043
      Cash dividends - $.63 per share                         ---         ---      (3,603)        ---      (3,603)
      Common stock issued under stock option plans            750         225         ---         ---         975
      Net unrealized loss on securities available 
        for sale                                              ---         ---         ---      (2,133)     (2,133)
    -------------------------------------------------------------------------------------------------------------
    Balance at September 30, 1994                        $ 71,734    $    227     $44,055    $ (2,133)  $ 113,883
    =============================================================================================================
    <FN>
    See notes to consolidated financial statements
     </TABLE>

   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
   (Unaudited)
    
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Unaudited consolidated financial statements:  The accompanying interim
   consolidated financial statements are unaudited.  In the opinion of
   management, all adjustments consisting of normal recurring accruals
   considered necessary for fair presentation have been included.  Certain
   balances previously reported have been reclassified to conform with 1995
   financial statement presentation.  Further information may be obtained by
   reference to the consolidated financial statements and accompanying footnotes
   included in the Homeland Bankshares Corporation ("Homeland") 1994 
   Annual Report.  

      Cash and cash equivalents:  Cash equivalents include amounts due from
   banks and federal funds sold.  

      Securities:  Securities available for sale are reported at fair value,
   with the unrealized gains and losses excluded from earnings and reported as a
   separate component of stockholders' equity.  Securities available for sale
   may be sold for management of general liquidity needs, response to market
   interest rate fluctuations, implementation of asset-liability management
   strategy, funding increased loan demand, changes in securities prepayment
   risk, or other similar factors.  Realized gains and losses on sales are
   computed on a specific identification basis and are shown separately as a
   component of noninterest income.  Securities held to maturity are stated at
   cost, net of premium amortization and discount accretion, and consist of debt
   securities for which Homeland has the positive intent and the ability to hold
   to maturity.  

   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   (Unaudited) 


   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      Loans:  SFAS No. 114 "Accounting by Creditors for Impairment of a Loan,"
   was adopted January 1, 1995.  Under this statement, loans considered to be
   impaired are reduced to the present value of expected future cash flows or to
   the fair value of collateral, by allocating a portion of the allowance for
   loan losses to such loans.  If these allocations cause the allowance for loan
   losses to require an increase, such increase is reported as provision for
   loan losses.  Adopting this standard resulted in no increase to either the
   allowance for loan losses or the provision for loan losses.  

      The carrying values of impaired loans are periodically adjusted to reflect
   cash payments, revised estimates of future cash flows, and increases in the
   present value of expected cash flows due to the passage of time.  Cash
   payments are reported as reductions in carrying value, while increases or
   decreases due to changes in estimates of future payments and due to the
   passage of time are reported as provision for loan losses.  

      Intangible assets:  Goodwill and core deposit intangibles arise from
   purchase transactions.  Goodwill is amortized on a straight-line basis over a
   15 year period.  Core deposit intangibles are amortized on a straight-line
   basis over the estimated lives of deposits which average approximately 
   7 years.  At September 30, 1995 and 1994, the unamortized balances of
   goodwill were $13,283,000 and $14,370,000 and core deposit intangibles were
   $5,725,000 and $6,787,000, respectively. 

      Net income per share:  Net income per share calculations are based on the
   weighted average number of common shares outstanding, adjusted for stock
   splits and common stock equivalents arising from the assumed exercise of
   outstanding stock options. 


   2. ACQUISITION

      On June 1, 1994, Homeland acquired all of the outstanding common stock of
   MidAmerica Financial Corporation ("MidAmerica").  The acquisition was
   accounted for as a purchase transaction with the results of MidAmerica's
   operations subsequent to the acquisition date included in Homeland's
   consolidated financial statements.  

      The following unaudited pro forma financial information contains the
   results of operations for the nine month periods ended September 30, 1995 and
   1994 assuming the acquisition of MidAmerica had occurred on January 1, 1994. 
   The pro forma amounts are not necessarily indicative of the financial results
   that would have actually occurred had the acquisition taken place on January
   1, 1994, nor are they necessarily indicative of future consolidated
   operations of Homeland.  

                                                          NINE MONTHS ENDED
                                                            SEPTEMBER 30,
   (Dollars in thousands, except per share data)            1995     1994 
   ----------------------------------------------------------------------------
   Total revenues                                          $77,095  $70,182
   Net interest income                                      35,427   34,619
   Provision for loan losses                                   612      175
   Net income                                                9,952    9,186
   Net income per share                                      $1.73    $1.60

   <TABLE>
   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
    (Unaudited) 
    <CAPTION>

    3.   SECURITIES

         AVAILABLE FOR SALE                                                    GROSS         GROSS
                                                              AMORTIZED      UNREALIZED   UNREALIZED    MARKET
         (Dollars in thousands)                                 COST           GAINS        LOSSES      VALUE  
         -------------------------------------------------------------------------------------------------------
         <S>                                                     <C>            <C>           <C>         <C>
         U.S. Treasury                                       $  27,414     $       128    $    (273)  $   27,269
         U.S. Government agencies                               13,702             118          (94)      13,726
         U.S. Government agencies mortgage-backed               72,639             588         (857)      72,370
         Student loan participation certificates                31,118             ---          ---       31,118
         Corporate mortgage-backed                               4,285             ---         (103)       4,182
         Other                                                  12,898             ---          ---       12,898
        --------------------------------------------------------------------------------------------------------

         BALANCE AT SEPTEMBER 30, 1995                       $ 162,056     $       834    $  (1,327)  $  161,563
         =======================================================================================================

         U.S. Treasury                                       $  32,512     $         1    $  (1,234)  $   31,279
         U.S. Government agencies                                8,441             ---         (302)       8,139
         U.S. Government agencies mortgage-backed               81,668               2       (3,434)      78,236
         Student loan participation certificates                30,105             ---          ---       30,105
         Corporate mortgage-backed                               4,781             ---         (208)       4,573
         Other                                                   8,764             ---          ---        8,764
        --------------------------------------------------------------------------------------------------------

         Balance at December 31, 1994                        $ 166,271     $         3    $  (5,178)  $  161,096
         =======================================================================================================
         <CAPTION>
         HELD TO MATURITY                                                      GROSS         GROSS
                                                              AMORTIZED      UNREALIZED   UNREALIZED   MARKET  
         (Dollars in thousands)                                 COST           GAINS        LOSSES     VALUE    
         -------------------------------------------------------------------------------------------------------
         <S>                                                     <C>           <C>            <C>        <C> 
         U.S. Treasury                                       $  49,008     $       173    $    (261)  $   48,920
         U.S. Government agencies                               10,525             153           (4)      10,674
         States and political subdivisions                      34,791           1,081          (83)      35,789
         Corporate                                               1,707               3         (---)       1,710
         -------------------------------------------------------------------------------------------------------

         BALANCE AT SEPTEMBER 30, 1995                       $  96,031     $     1,410    $    (348)  $   97,093
        ========================================================================================================

         U.S. Treasury                                       $  54,216     $       ---    $  (1,740)  $   52,476
         U.S. Government agencies                               22,747              30         (141)      22,636
         States and political subdivisions                      42,436             735       (1,026)      42,145
         Corporate                                               1,955             ---          (22)       1,933
        --------------------------------------------------------------------------------------------------------

         Balance at December 31, 1994                        $ 121,354     $       765    $  (2,929)  $  119,190
        ========================================================================================================
        <CAPTION>

         REALIZED GAINS AND LOSSES                            THREE MONTHS ENDED           NINE MONTHS ENDED
                                                                 SEPTEMBER 30,               SEPTEMBER 30,
         (Dollars in thousands)                               1995             1994        1995         1994  
         -------------------------------------------------------------------------------------------------------
         <S>                                                    <C>            <C>           <C>         <C>
         Gross realized gains                                $     ---     $        33    $      31   $      39
         Gross realized losses                                     ---              53          ---          58
        --------------------------------------------------------------------------------------------------------

         Total                                               $     ---     $      ($20)   $      31   $     (19)
        ========================================================================================================
    </TABLE>
  Realized gains and losses consisted entirely of net gains related to calls of
  securities prior to their maturity or sales of securities from the available
  for sale category.  


  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
  (Unaudited)


  4. ALLOWANCE FOR LOAN LOSSES

                                     THREE MONTHS ENDED       NINE MONTHS ENDED
                                        SEPTEMBER 30,           SEPTEMBER 30,
  (Dollars in thousands)                 1995    1994          1995     1994 
  -----------------------------------------------------------------------------
  Balance at beginning of period       $8,950  $9,110       $ 9,082  $ 7,315
  Allowance of purchased financial 
     institution                          ---     ---           ---    1,600
  Provision for loan losses               229      40           612       45
  Loan loss recoveries                    168     213           354    1,309
  Loans charged off                      (393)   (373)       (1,094)  (1,279)
  -----------------------------------------------------------------------------
  Balance at end of period             $8,954  $8,990       $ 8,954  $ 8,990
  =============================================================================

  The average investment in impaired loans for the nine months ended September
  30, 1995 was $2,265,000.  No interest income was recognized on impaired loans
  during this period.  Information regarding impaired loans at September 30,
  1995 was as follows:


  (Dollars in thousands)
  ---------------------------------------------------------------------------
  Balance of impaired loans                                            $ 625
  Less portion for which no allowance for loan 
     losses was allocated                                               (---)
  ---------------------------------------------------------------------------
  Portion of impaired loan balance for which an allowance for loan
     losses was allocated                                              $ 625
  ===========================================================================
  Portion of allowance for loan losses allocated to the impaired
     loan balance                                                      $  13
  ===========================================================================

  5. SHORT-TERM BORROWINGS

     At September 30, 1995, other short-term borrowings consisted of $57
  million of advances from the Federal Home Loan Bank ("FHLB") and $6 million
  in U.S. Treasury tax depository accounts.  The FHLB advances were secured by
  certain U.S. Government securities, FHLB stock, and a blanket pledge of
  eligible consumer real estate loans, with a weighted average interest rate of
  6.5%.  


  6. LONG-TERM BORROWINGS

     Long-term borrowings consisted of $42,525,000 advances from the Federal
  Home Loan Bank to Homeland subsidiaries with an average fixed interest rate
  of 5.8%.  These advances were secured by eligible consumer real estate loans
  and FHLB stock and were scheduled to mature as follows at 
  September 30, 1995:


  (Dollars in thousands)                                    
  ----------------------------------------------------------------------------
  1996                                                                 $   225
  1997                                                                  40,225
  1998                                                                     225
  1999                                                                     225
  2000                                                                     225
  Thereafter                                                             1,400
  ----------------------------------------------------------------------------

  Balance at end of period                                             $42,525
  ============================================================================

    ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                CONDITION AND RESULTS OF OPERATIONS.
    <TABLE>
    HOMELAND BANKSHARES CORPORATION
    FINANCIAL HIGHLIGHTS
    <CAPTION>
                                                        THREE MONTHS ENDED SEPTEMBER 30,       NINE MONTHS ENDED SEPTEMBER 30,
    (Dollars in thousands, except per share data)         1995        1994     % Change          1995        1994  % Change  
    ------------------------------------------------------------------------------------------------------------------------
    <S>                                                     <C>         <C>        <C>             <C>         <C>      <C>
    OPERATING RESULTS
         Net interest income                            $12,085     $12,109       (.2)%        $35,427     $29,712     19.2%
         Provision for loan losses                          229          40         NM             612          45       NM
         Noninterest income                               3,093       2,385       29.7           8,682       7,342     18.3
         Noninterest expenses                             8,882       9,446      (6.0)          27,330      23,007     18.8
         Income tax expense                               2,425       1,864       30.1           6,215       4,959     25.3
         Net income                                       3,642       3,144       15.8           9,952       9,043     10.1

    PER SHARE DATA
         Net income                                        $.63        $.55       14.5%          $1.73       $1.58      9.5%
         Cash dividends                                     .22         .21        4.8             .65         .63      3.2
         Book value                                       21.60       19.84        8.9           21.60       19.84      8.9
         Market price                                     29.75       24.25       22.7           29.75       24.25     22.7

    END OF PERIOD BALANCES
         Loans                                         $855,239    $768,935       11.2%       $855,239    $768,935     11.2%
         Deposits                                       942,234     934,339         .8         942,234     934,339       .8
         Stockholders' equity                           123,935     113,883        8.8         123,935     113,883      8.8
         Total assets                                 1,232,633   1,200,021        2.7       1,232,633   1,200,021      2.7
         Nonperforming assets                             5,623       7,832      -28.2           5,623       7,832    -28.2

    AVERAGE BALANCES
         Loans                                         $844,709    $746,427       13.2%       $821,003    $589,182     39.3%
         Deposits                                       931,317     972,029       (4.2)        942,329     832,621     13.2
         Stockholders' equity                           122,572     115,897        5.8         119,315     113,078      5.5
         Total assets                                 1,218,116   1,196,967        1.8       1,208,674   1,020,360     18.5
         Total earning assets                         1,120,866   1,090,167        2.8       1,110,110     932,138     19.1

    FINANCIAL RATIOS
         Return on average total assets                    1.19%       1.04%                      1.10%       1.18%
         Return on average stockholders' equity           11.79       10.76                      11.15       10.69
         Net interest margin                               4.36        4.52                       4.36        4.40
         Efficiency ratio                                 57.67       64.50                      61.30       61.70
         Stockholders' equity to total assets             10.05        9.49                      10.05        9.49
         Leverage capital ratio                            8.77        8.07                       8.77        8.07
    <FN>
    Note:  The comparability of this financial information is significantly affected by the acquisition of MidAmerica Financial
    Corporation on June 1, 1994 which was accounted for as a purchase transaction.  
    </TABLE>
  EARNINGS ANALYSIS

  PERFORMANCE SUMMARY

     Homeland Bankshares Corporation's net earnings for the first nine months
  of 1995 were $9,952,000, an increase of 10.1% over $9,043,000 for the same
  period in 1994.  Earnings per share were $1.73 and $1.58 for the nine-month
  periods ended September 30, 1995 and 1994, respectively.  Net interest income
  was $5.7 million higher for the first nine months of 1995 than the same
  period in 1994, but increased noninterest expenses and loan loss provision
  modified the overall increase in consolidated net earnings.  Net earnings for
  the 1995 and 1994 third quarters were $3,642,000 and $3,144,000,
  respectively, a 15.8% increase.  Earnings per share were $.63 and $.55 for
  the same three-month periods.  1995 earnings were boosted by FDIC deposit
  insurance refunds which contributed after-tax income of $270,000 or $.05 per
  share.

     Comparisons of 1995 results of operations with 1994 are significantly
  affected by the addition of MidAmerica Financial Corporation ("MidAmerica")
  which was acquired by Homeland on June 1, 1994.  The acquisition was
  accounted for as a purchase, and therefore, the results of operations of
  MidAmerica are only included subsequent to the acquisition date.

     Homeland's year-to-date return on average assets was 1.10% in 1995,
  compared to 1.18% in 1994.  For the three months ended September 30, this
  same ratio was 1.19% in 1995 and 1.04% in 1994.  The nine-month returns on
  average stockholders' equity as of September 30, 1995 and 1994 were 11.15%
  and 10.69%, respectively, with ratios of 11.79% and 10.76% for the respective
  third quarters.

     SFAS No. 122 "Accounting for Mortgage Servicing Rights" was issued in May
  1995 with an effective date for fiscal years beginning after December 15,
  1995.  This statement amends SFAS No. 65 by establishing a new standard for
  capitalizing mortgage servicing rights.  Under SFAS No. 122, the accounting
  principles for mortgage servicing rights are the same for mortgages
  originated by the servicer as for those acquired through purchase
  transactions.  Accordingly, under the new statement, a bank would record an
  asset for mortgage servicing rights when it sold mortgages and retained the
  servicing.   Management believes that the effect of the statement on
  Homeland's financial statements will not be material.  

     SFAS No. 123 "Accounting for Stock-Based Compensation" was issued in
  October 1995 with an effective date for fiscal years beginning after December
  15, 1995.  This statement established financial accounting and reporting
  standards for stock-based employee compensation plans applying a fair value
  based method to measure the compensation cost.  Management believes that the
  effect of the statement on Homeland's financial statements will not be
  material.  


  NET INTEREST INCOME

     Net interest income increased by $5,715,000 or 19.2% for the nine months
  of 1995 compared to the same period in 1994, primarily generated by an
  increase in earning assets over the past year.  The increase in earning
  assets was caused by substantial loan growth, both from internal loan volume
  increases and from the June 1994 MidAmerica acquisition.  Net interest income
  reported on a taxable-equivalent basis increased by $5,514,000 for the same
  period.  For the three month periods ended September 30, 1995 and 1994, net
  interest income declined slightly as higher interest income generated from
  loan growth was nullified by funding cost increases.


  NET INTEREST SPREAD AND MARGIN

                                     THREE MONTHS ENDED     NINE MONTHS ENDED
                                        SEPTEMBER 30,          SEPTEMBER 30,
  (Taxable-equivalent basis)            1995   1994            1995   1994  
  ---------------------------------------------------------------------------

  Yield on earning assets               8.37%  7.77%           8.33%  7.34%
  Rate on interest bearing 
     liabilities                        4.63   3.73            4.58   3.49
  ---------------------------------------------------------------------------
  NET INTEREST SPREAD                   3.74   4.04            3.75   3.85
  Noninterest bearing funds 
     contribution                        .62    .48             .61    .55
  ---------------------------------------------------------------------------
  NET INTEREST MARGIN                   4.36%  4.52%           4.36%  4.40%
  ===========================================================================

     Both net interest spread and net interest margin remained unchanged from
  the second quarter of 1995, at 3.74% and 4.36%, respectively.  Net interest
  spread and margin continued to be slightly lower in 1995 than in 1994, as
  indicated in the table above.  Rising market interest rates have increased
  earning asset yields, however, a shift in deposits to higher interest-bearing
  accounts has restrained net interest spread and margin during 1995.  


  NONINTEREST INCOME
     Total noninterest income for the first nine months of 1995 was up over the
  same period in 1994 by $1,340,000, or 18.3%.  Student loan origination fee
  income generated by the Homeland Student Loan Company totaled $793,000
  through September 30, 1995, compared to $148,000 for the same period of 1994. 
  Also, income generated from the gains on sales of fixed-rate real estate
  loans sold on the secondary market was $302,000 higher at September 30, 1995
  than it was at September 30, 1994.  Trust services income during the third
  quarter of 1995 of $661,000 were $38,000 higher than second quarter 1995
  trust income.  


  NONINTEREST EXPENSES

     Total noninterest expenses increased by $4,323,000 for the first nine
  months of 1995 compared to the same period in 1994, however, noninterest
  expenses for the 1995 third quarter were lower than the 1994 third quarter by
  $564,000.  Contributing to the noninterest expense reduction in the third
  quarter was a $192,000 decline in personnel costs, and FDIC insurance refunds
  totaling $431,000.  Proposed federal legislation for recapitalizing the
  Savings Association Insurance Fund (SAIF) currently calls for a one-time
  special assessment of $.85 per $100 of SAIF deposits, which could result in
  an estimated expense of approximately $2,200,000, payable in 1996.  

     Expenses associated with Homeland's corporate name change in 1995 totaled
  approximately $550,000.  In addition, supplies costs have also been higher
  than normal in 1995 as supplies inventories were replenished with items
  displaying the new name and logo.  Amortization of intangible assets
  increased by $687,000 for the first nine months of 1995 from 1994.  Net gains
  related to other real estate owned properties declined from the prior year
  which also contributed to the increase in noninterest expenses during the
  nine months ended September 30, 1995.

     The significant FDIC insurance refund helped reduce Homeland's efficiency
  ratio to 57.7% for the third quarter of 1995, improving that ratio for the
  fourth consecutive quarter.  The efficiency ratio for year-to-date 1995 was
  61.3% compared to 61.7% the prior year-to-date.  The efficiency ratio
  represents adjusted operating expenses as a percentage of fully-taxable
  equivalent net interest income and adjusted noninterest income.

  CREDIT RISK MANAGEMENT

  NONPERFORMING ASSETS AND RESTRUCTURED LOANS


                                          Sept. 30,      Dec. 31,  Sept. 30,
  (Dollars in thousands)                     1995          1994      1994  
  --------------------------------------------------------------------------
  Loans past due 90 days or more           $2,829(1)<F1>  $1,622    $2,204
  Nonaccrual loans                          2,068          5,443     5,306
  Foreclosed property                         726            356       322
  --------------------------------------------------------------------------

  Total nonperforming assets               $5,623         $7,421    $7,832
  ==========================================================================

  Total nonperforming assets as a percentage
  of total loans and foreclosed property      .66%           .94%     1.02%
  ==========================================================================

  Restructured loans                         $327           $296      $437  
  ==========================================================================
  [FN]
  <F1>
   (1) Included in loans past due 90 days or more were $1,684,000 of government
  sponsored student loans for which there is minimal risk of loss.
     Complementing Homeland's loan volume growth has been a steady decline in
  the amount of nonperforming assets.  Nonperforming assets were $5.6 million
  at September 30, 1995, a 28.2% decline from one year ago.  Expressed as a
  percentage of total loans and foreclosed property, nonperforming assets
  improved to an unprecedented level of .66% at September 30, 1995, compared to
  .94% at year-end 1994.  Nonaccrual loans have been reduced to less than half
  the amount that existed at year-end 1994.  


  ALLOWANCE FOR LOAN LOSSES

     The allowance for loan losses is a valuation reserve for estimated losses
  inherent in the loan portfolio.  Actual credit losses, net of recoveries, are
  deducted from the allowance for loan losses when they occur.  Factors
  considered in the evaluation of the allowance level include estimated future
  losses from loan agreements and obligations, deterioration in credit
  concentrations or pledged collateral, and historical loss experience, as well
  as trends in portfolio volume, composition, delinquencies, and nonaccruals. 
  Management assesses the adequacy of the allowance for loan losses of each
  subsidiary bank every quarter.

     SFAS No. 114, "Accounting by Creditors for Impairment of a Loan" was
  adopted January 1, 1995.  Under this standard, loans considered to be
  impaired were reduced to the present value of expected future cash flows or
  to the fair value of collateral by allocating a portion of the allowance for
  loan losses to such loans.  If these allocations cause the allowance for loan
  losses to require increase, such increase was reported as provision for loan
  losses.  Adopting this standard resulted in no increase to either the
  allowance for loan losses or the provision for loan losses.

     The balance in the reserve for loan losses was $9.0 million at September
  30, 1995, representing 1.05% of total loans and 159% of nonperforming assets. 
  The prior year allowance stood at 1.17% of total loans and 115% of
  nonperforming assets.  

     Net loan charge offs totaled $740,000 during the first nine months of
  1995.  This compares to net recoveries of $30,000 for the same period in
  1994.  The provision for loan losses was $612,000 compared to $45,000 for the
  first three quarters of 1995 and 1994, respectively.  Net loan charge offs
  and provision for the 1995 third quarter alone were $225,000 and $229,000,
  respectively.


  CAPITAL RESOURCES

     Homeland's stockholders' equity totaled $123.9 million at September 30,
  1995, an 8.8% increase from September 30, 1994.  Out of net income of $9.9
  million during the first nine months of 1995, Homeland retained $6.2 million
  after paying dividends to stockholders of $3.7 million.  The net unrealized
  loss on securities available for sale, net of deferred income taxes, was
  $315,000 at September 30, 1995, compared to a $3.3 million net unrealized
  loss at year-end 1994.  Declining market interest rates during 1995 were
  responsible for the securities portfolio market value improvement.

     The stockholders' equity-to-asset ratio was 10.05% at September 30, 1995
  compared to 9.49% the prior year.  The core risk-based capital ratio was
  13.11% at September 30, 1995, with a total risk-based capital ratio of
  14.19%, both ratios exceeding the respective regulatory levels of 6.00% and
  10.00% required for "well-capitalized" financial institutions.  The leverage
  capital ratio was 8.77%, substantially higher than the "well-capitalized"
  requirement of 5.00%.

     Homeland's book values per share were $21.60 and $19.84 at September 30,
  1995 and 1994, respectively.  The closing market trade price of Homeland's
  common stock was $29.75 per share at September 30, 1995, which represented a
  price-to-earnings ratio of 12.9.


  ASSET-LIABILITY MANAGEMENT

     Asset-liability management encompasses both the maintenance of adequate
  liquidity and the management of interest rate sensitivity.  Liquidity
  management involves planning to meet anticipated funding needs.  Interest
  rate sensitivity management attempts to provide the optimal level of net
  interest income, while managing exposure to risks associated with interest
  rate movements.


  LIQUIDITY

     Core deposits have historically provided Homeland with a major source of
  stable and relatively low-cost funding.  Secondary sources of liquidity
  include federal funds sold, maturing securities and loans, and borrowed
  funds.  Also, Homeland banks have established lines of credit for short-term
  borrowings for the management of daily liquidity needs.

     The loan-to-deposit ratio increased from 83.5% at December 31, 1994 to
  90.8% at September 30, 1995.  Net loans increased by $62.6 million during the
  first nine months of 1995, while deposits declined by $7.2 million during the
  same time period.  The increase in loans was funded with maturing securities
  proceeds and borrowed funds.  


  INTEREST RATE SENSITIVITY

     Interest rate sensitivity has traditionally been measured by gap analysis,
  which represents the difference between assets and liabilities that reprice
  in certain time periods.  This method, while useful, has a number of
  limitations as it is a static point-in-time measurement and does not take
  into account the varying degrees of sensitivity to interest rates within the
  balance sheet.  As shown in the table following, on a static-gap basis, the
  cumulative ratio of interest sensitive assets to interest sensitive
  liabilities in a one-year time frame was 1.13, and as a percentage of total
  assets was 5.87%.  Because of inherent limitations of gap analysis, Homeland
  uses an earnings simulation model to more realistically measure its
  sensitivity to changing interest rates.  Management monitors the rate
  sensitivity and liquidity positions on an ongoing basis and, when necessary,
  appropriate action is taken to minimize any adverse effects of rapid interest
  rate movements or any unexpected liquidity concerns.

  <TABLE>
   INTEREST RATE SENSITIVITY ANALYSIS 
    <CAPTION>


                                                                             SEPTEMBER 30, 1995
                                                --------------------------------------------------------------------------------
                                                               AFTER ONE    AFTER THREE
                                                    WITHIN      THROUGH       THROUGH
                                                     ONE         THREE         TWELVE        TOTAL       AFTER ONE
    (Dollars in thousands)                          MONTH        MONTHS        MONTHS      ONE YEAR        YEAR         TOTAL
    -----------------------------------------------------------------------------------------------------------------------------
    <S>                                              <C>          <C>           <C>           <C>           <C>          <C>
    Interest earning assets
       Federal funds sold                       $    14,300   $       ---  $        ---  $     14,300  $       ---   $    14,300
       Securities                                    33,954        31,360        36,257       101,571      156,023       257,594
       Loans                                        224,515        83,163       207,837       515,515      339,724       855,239
    -----------------------------------------------------------------------------------------------------------------------------
    Total interest earning assets                   272,769       114,523       244,094       631,386      495,747     1,127,133
    -----------------------------------------------------------------------------------------------------------------------------
    Sources of funds
       Interest bearing demand deposits(1)<F2>       20,219           ---           ---        20,219       80,880       101,099
       Money market deposits(1)<F2>                 121,716           ---           ---       121,716       48,368       170,084
       Savings deposits(1)<F2>                       13,064           ---           ---        13,064       52,257        65,321
       Time deposits                                 43,883        48,555       199,484       291,922      201,476       493,398
       Federal funds purchased                       48,575           ---           ---        48,575          ---        48,575
       Other short-term borrowings                   63,271           ---           ---        63,271          ---        63,271
       Long-term borrowings                             ---           ---           225           225       42,300        42,525
    -----------------------------------------------------------------------------------------------------------------------------
    Total rate sensitive liabilities                310,728        48,555       199,709       558,992      425,281       984,273
       Demand deposits, net of cash and
          due from banks                                ---           ---           ---           ---       60,711        60,711
       Other, net                                       ---           ---           ---           ---       82,149        82,149
    -----------------------------------------------------------------------------------------------------------------------------
    Total sources of funds                          310,728        48,555       199,709       558,992      568,141     1,127,133
    -----------------------------------------------------------------------------------------------------------------------------
    Interest sensitivity gap                    $   (37,959)  $    65,968  $     44,385  $     72,394  $   (72,394)  $       ---
    =============================================================================================================================
    Cumulative gap                              $   (37,959)  $    28,009  $     72,394  $     72,394
    Cumulative gap as a percentage
       of total assets                                -3.11%         2.24%         5.87%         5.87%
    Cumulative ratio of interest sensitive
       assets to interest sensitive liabilities         .88          1.08          1.13          1.13
    =============================================================================================================================
    <FN>
    <F2>(1) On the basis of historical studies, deposits determined to be less sensitive to changes in market interest rates are
    included in the "after one year" category.  
    </TABLE>

                            PART II.  OTHER INFORMATION


  ITEM 1.  LEGAL PROCEEDINGS.
  =======  ------------------

           Not applicable.

  ITEM 2.  CHANGES IN SECURITIES.
  =======  ----------------------

           Not applicable.

  ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.
  =======  --------------------------------

           Not applicable.

  ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  =======  ----------------------------------------------------               

           Not applicable.

  ITEM 5.  OTHER INFORMATION.
  =======  ------------------                  

           Not applicable.

  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.
  =======  ---------------------------------

         (a) EXHIBITS: Index to Exhibits - Page 16.
         Exhibit 10.5    Supplemental Retirement Income Plan dated June 20,
                         1995.  

         Exhibit 10.5(a) Supplemental Retirement Income Agreement with Erl A. 
                         Schmiesing dated July 3, 1995.  

         Exhibit 10.5(b) Supplemental Retirement Income Agreement with Robert S.
                         Kahler dated July 3, 1995.  

         Exhibit 10.5(c) Supplemental Retirement Income Agreement with Gregory
                         L. O'Hara dated July 3, 1995.  

         Exhibit 10.5(d) Supplemental Retirement Income Agreement with Josef M.
                         Vich dated July 3, 1995.  

         Exhibit 11      Statement Re Computation of Earnings Per Share

         Exhibit 27      Financial Data Schedule

         (b) REPORTS ON FORM 8-K: 

         No reports were filed on Form 8-K during the quarter ended September
         30, 1995.  



                                *** 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. 



                                 HOMELAND BANKSHARES CORPORATION 
                                 -------------------------------
                                            (Registrant)
   
   

  Date   November 13, 1995       /s/Erl A. Schmiesing
                                 -----------------------------------
                                 Erl A. Schmiesing, Chairman, President & CEO
                                 (Principal Executive Officer)


  Date   November 13, 1995       /s/Robert S. Kahler
                                 -----------------------------------
                                 Robert S. Kahler, EVP & CFO
                                 (Principal Financial and Accounting Officer)


  -----------------------------------------------------------------------------

                        SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.  20549

                            ---------------------------

                                 INDEX TO EXHIBITS
                           TO FORM 10-Q QUARTERLY REPORT
                          PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934
                           ----------------------------

                          HOMELAND BANKSHARES CORPORATION
                               229 EAST PARK AVENUE
                             WATERLOO, IOWA 50704-5300

  EXHIBIT NO.                            ITEM                               PAGE
  -----------    ----------------------------------------------------------
     10.5    Supplemental Retirement Income Plan dated June 20, 1995.        17 

     10.5(a) Supplemental Retirement Income Agreement with Erl A. Schmiesing
             dated July 3, 1995.                                             18 

     10.5(b) Supplemental Retirement Income Agreement with Robert S. Kahler
             dated July 3, 1995.                                             19 

     10.5(c) Supplemental Retirement Income Agreement with Gregory L. O'Hara
             dated July 3, 1995.                                             20 

     10.5(d) Supplemental Retirement Income Agreement with Josef M. Vich
             dated July 3, 1995.                                             21 

     11      Statement Re Computation of Earnings Per Share                  22 

     27      Financial Data Schedule                                         23 

  -----------------------------------------------------------------------------



                           HOMELAND BANKSHARES CORPORATION          EXHIBIT 10.5
                         SUPPLEMENTAL RETIREMENT INCOME PLAN


     I.   Purpose

          The  purpose of the Supplemental Retirement Income Plan ("Plan") is to
          provide appropriate  supplemental retirement and survivor benefits for
          key executives of Homeland  Bankshares Corporation ("Company") and its
          subsidiaries.    The  Plan was  originally  adopted  by  the Board  of
          Directors of Homeland Bankshares Corporation on June 20, 1995.  

     II.  Eligibility

          Key executives with at least ten years of service with the Company, or
          equivalent years  of service or experience  with another organization,
          or who are expected  to have at least  ten years of service  by normal
          retirement age  (65), as designated  by the Board of  Directors of the
          Company to be  eligible, shall  be provided benefits  under the  Plan.
          The  participants  shall  be  designated pursuant  to  an  appropriate
          resolution of the Board of Directors.  

     III. Retirement Income

          The Plan provides for a base retirement benefit of fifty percent (50%)
          of  the  participant's  highest   annual  compensation  (base  salary,
          incentives, and  bonuses)  during  the  five  years  prior  to  normal
          retirement age (65) dependent  upon the number of years of  service or
          equivalent  experience credited  to  the participant,  reduced by  the
          annual benefit available to the participant under  the defined benefit
          pension plan sponsored by the Company.  A participant must have twenty
          (20) years of service or credited  service and have an attained age of
          65 to receive the maximum benefit.  

          Retirement with full benefits may occur beginning on the first  day of
          the  month following  attainment of  age 65.   In  the event  of early
          retirement  (after age  55 but  prior  to age  65),  benefits will  be
          reduced at the rate of 1% per year for each year prior to age  65 that
          retirement occurs AND 1% for each year  of service or credited service
          less than  20 years accumulated  by the participant.   For example, if
          retirement  occurs at age  60 with 15  years of service,  benefits are
          reduced by 5% for the early  retirement due to age and another 5%  for
          service less than 20 years making a total targeted benefit of 40%.  

     IV.  Manner of Payment

          The retirement benefit will  be paid to the participant  on a monthly,
          quarterly, or annual basis, as determined by the Board of Directors.  

     V.   Survivor Benefits

          A.   Death After Retirement

               In the event of the  death of the participant during the  15 year
               period following retirement,  the supplemental payments  provided
               under  this Plan shall  be paid to the  surviving spouse or other
               designated beneficiary for the balance of the 15 year period.  

     V.   Survivor Benefits (continued)

          B.   Death Before Retirement

               In the event  of death  during active employment,  a base salary 
               continuation benefit  of 50% of the  participant's current salary
               at  time of death  will be paid for  a period of  one year, and a
               survivor's  benefit equal  to  25% of  the participant's  highest
               annual salary and bonus during the five years prior to death will
               be paid to the  surviving spouse or other designated  beneficiary
               for a period of fourteen years.  

     VI.  Annual Compensation

          Bonus and/or incentive compensation will be counted in determining the
          highest  annual compensation  during the  five years  prior to  normal
          retirement  age  (65),  upon  which  retirement  and  survivor  income
          benefits are based under the Plan.  

     VII. Financing of the Plan

          The Plan  will be unfunded  and benefits will  be paid out  of general
          corporate funds.  

     VIII.     Exclusions

          No benefits shall be payable under  this Plan if retirement other than
          for reasons of disability occurs prior  to age 55; or if employment is
          terminated  for  cause; or  if the  participant  resigns; or  if after
          retirement the participant is  employed in a capacity which  is deemed
          by the Board  of Directors to be competitive with  and contrary to the
          best interest of the Company.  

     IX.  Accelerated Vesting

          In the event the Company becomes a party to any merger, consolidation,
          reorganization or  is acquired, participants  under this Plan  with at
          least five years of service will  be immediately vested with a benefit
          payment equal to 15% of their annual compensation at the  time of such
          event payable for  15 years at the election of  the participant.  This
          provision  will not affect any payments provided under any contract or
          agreement between the Company and the participant.  

          Notwithstanding  the  above, should  the  participant  have a  greater
          benefit under this Plan by electing either early or normal retirement,
          the participant shall receive the greater of the vested benefit or the
          supplemental retirement income benefit.  

     X.   Modifications

          The  Board of  Directors  of  the  Company shall  have  the  right  to
          designate  additional participants as well  as the right  to modify or
          discontinue the Plan  as it deems to  be in the best  interests of the
          Company;   provided,   however,   that   no   such   modification   or
          discontinuance  shall serve to reduce any benefits under this Plan for
          any executive  who was already a participant in the Plan prior to such
          modification or discontinuance.  

     XI.  Effective Date

          The Plan shall be effective as of July 1, 1995.   



                           HOMELAND BANKSHARES CORPORATION       EXHIBIT 10.5(a)
                       SUPPLEMENTAL RETIREMENT INCOME AGREEMENT


       Pursuant  to action  by  the Board  of  Directors of  Homeland Bankshares
     Corporation  (HBC), on June 20, 1995, Erl A. Schmiesing, hereinafter called
     the  "Employee," was designated as a participant in the Homeland Bankshares
     Corporation  Supplemental Retirement  Income Plan,  hereinafter  called the
     "Plan."  Employee's participation was made effective as of July 1, 1995.  

       This agreement,  by  and  between  HBC,  an  Iowa  corporation  with  its
     principal office in Waterloo, Iowa,  hereinafter called the "Company,"  and
     Employee,

       WHEREAS, the Employee  has been  employed by the  Company or  one of  its
     corporate  subsidiaries  for  26 years  and  is  now  employed by  Homeland
     Bankshares Corporation as Chairman, President, and Chief Executive Officer;

       WHEREAS, the Company desires  to retain the  services of the Employee  in
     an executive capacity; and

       WHEREAS, the Employee  is willing to continue his employment provided the
     Company  will  agree  to make  certain  payments  following  the Employee's
     retirement or death;

       NOW, THEREFORE, in consideration of the services heretofore rendered  and
     to be rendered  by the Employee and the mutual  covenants contained herein,
     the parties hereto agree as follows:

        1.  BENEFITS.     The  Company   will  provide   to  the   Employee  the
     supplemental retirement and  death benefits set  forth in the  Supplemental
     Retirement Income Plan ("Plan") attached hereto as Exhibit A.  The Plan was
     originally  adopted  by  the  Board of  Directors  of  Homeland  Bankshares
     Corporation  on June  20, 1995.   THE  MAXIMUM ANNUAL  SUPPLEMENTAL BENEFIT
     UNDER THIS PLAN WILL NOT EXCEED $142,500.  

        2.  CONDITIONS.  No benefits shall be payable under this Agreement if:

          a.  retirement other  than for  reasons of disability occurs  prior to
              age 55;

          b.  employment is terminated for cause;

          c.  the employee voluntarily resigns from employment; or

          d.  after retirement, the Employee  is employed in a capacity which is
              deemed by the Board  of Directors of the Company to be competitive
              with and contrary to the best interests of the Company.  

        3.  BENEFICIARY.  In  the event of  the Employee's  death, any  survivor
     benefits  provided  under  the  Plan  shall  be  paid  to  the  beneficiary
     designated  by the Employee.  The Company shall provide a form on which the
     Employee designate the primary and secondary beneficiaries for any survivor
     benefits.  In the event no such designation has been made  by the Employee,
     the survivor payment shall be made to the surviving spouse of the Employee,
     or if there is no surviving spouse, to the estate of the Employee.  

        4.  OTHER BENEFITS.   Nothing contained herein  shall in  any way  limit
     the Employee's right  to participate in or benefit from any pension, profit
     sharing, or  other retirement  plan which  said Employee  is or  may become
     eligible by reason of his employment.  

        5.  PAYMENT OF BENEFITS.  All  payments provide by this  Agreement shall
     be made in  conformity with the  regular payroll procedures  in use by  the
     Company at the time of payment.  

        6.  WITHHOLDING.    Notwithstanding  any  of  the  foregoing  provisions
     hereof, the Company may withhold from any payment to be made hereunder such
     amount as it  may be  required to  withhold under  any applicable  federal,
     state,  or other law, and transmit  such withheld amounts to the applicable
     taxing authority.  

        7.  GOVERNING LAW.   This Agreement  shall be governed  and construed in
     accordance with the laws of the State of Iowa.  

        8.  BINDING EFFECT OF AGREEMENT.   This Agreement shall be  binding upon
     the  parties  hereto,  their  heirs, assigns,  successors,  executors,  and
     administrators.   In the event the  Company becomes a party  to any merger,
     consolidation, acquisition, or reorganization, this Agreement  shall remain
     in full force and effect as an obligation  of the Company or its successors
     in interest.  None of the payments provided for in this Agreement shall  be
     subject to  seizure  for payment  of  any debts  or  judgments against  the
     Employee or any beneficiary; nor shall the Employee or any beneficiary have
     any  right to  transfer,  modify, anticipate,  or  encumber any  rights  or
     benefits hereunder.  

        9.  COUNTERPARTS.  This  Agreement may be  executed in  an original  and
     any number of counterparts,  each of which shall constitute  an original of
     one and the same instrument.  

       10.  SUPPLEMENTAL DEATH  BENEFIT PLAN.   The  supplemental death  benefit
     plan  dated  April 19,  1993, is  hereby  specifically rescinded  by mutual
     agreement  of  the  employee  and the  Company  contemporaneously  with the
     execution of this agreement.  

       11.  NATURE OF AGREEMENT.  This is not a contract for employment.   It is
     not intended to be construed in any manner as a contract of employment.  

       12.  AMENDMENT.   During the lifetime of the Employee, this Agreement may
     be amended  or revoked  in whole  or in  part only  by  the mutual  written
     agreement of the Employee and Company.  

       IN WITNESS WHEREOF, the parties hereto have set their names,  the Company
     by its duly authorized officers on this 3rd day of July, 1995.  


                                        HOMELAND BANKSHARES CORPORATION

                                            
                                        By /s/Thomas G. Turner
                                           ------------------------------
                                           Thomas G. Turner
                                           Vice President-Human Resources

     ATTEST:


     By /s/Marcia C. Borwig
        -----------------------
        Marcia C. Borwig
        Secretary to the Board


     By /s/Herbert E. Williams
        -----------------------
        Herbert E. Williams
        Director

                                        By /s/Erl A. Schmiesing
                                           -----------------------
                                           Erl A. Schmiesing



                           HOMELAND BANKSHARES CORPORATION       EXHIBIT 10.5(b)
                       SUPPLEMENTAL RETIREMENT INCOME AGREEMENT


          Pursuant  to action by the  Board of Directors  of Homeland Bankshares
     Corporation (HBC), on June  20, 1995, Robert S. Kahler,  hereinafter called
     the  "Employee," was designated as a participant in the Homeland Bankshares
     Corporation  Supplemental Retirement  Income Plan,  hereinafter  called the
     "Plan."  Employee's participation was made effective as of July 1, 1995.  

          This  agreement,  by and  between HBC,  an  Iowa corporation  with its
     principal office in Waterloo, Iowa,  hereinafter called the "Company,"  and
     Employee,

          WHEREAS, the Employee has been  employed by the Company or one  of its
     corporate  subsidiaries  for  13 years  and  is  now  employed by  Homeland
     Bankshares  Corporation as  Executive  Vice President  and Chief  Financial
     Officer;

          WHEREAS, the Company desires to retain the services of the Employee in
     an executive capacity; and

          WHEREAS, the Employee is  willing to continue his employment  provided
     the  Company will agree to  make certain payments  following the Employee's
     retirement or death;

          NOW, THEREFORE,  in consideration of the  services heretofore rendered
     and  to  be rendered  by the  Employee and  the mutual  covenants contained
     herein, the parties hereto agree as follows:

         1.  BENEFITS.     The  Company  will  provide   to  the  Employee   the
     supplemental retirement  and death benefits  set forth in  the Supplemental
     Retirement Income Plan ("Plan") attached hereto as Exhibit A.  The Plan was
     originally  adopted  by  the  Board  of Directors  of  Homeland  Bankshares
     Corporation  on June  20, 1995.   THE  MAXIMUM ANNUAL  SUPPLEMENTAL BENEFIT
     UNDER THIS PLAN WILL NOT EXCEED $161,500.  

         2.  CONDITIONS.  No benefits shall be payable under this Agreement if:

           a.  retirement other  than for reasons of disability  occurs prior to
               age 55;

           b.  employment is terminated for cause;

           c.  the employee voluntarily resigns from employment; or

           d.  after retirement, the Employee is employed in a capacity which is
               deemed by the Board of Directors of the Company to be competitive
               with and contrary to the best interests of the Company.  

         3.  BENEFICIARY.   In the  event of the Employee's  death, any survivor
     benefits  provided  under  the  Plan  shall  be  paid  to  the  beneficiary
     designated by the Employee.  The Company  shall provide a form on which the
     Employee designate the primary and secondary beneficiaries for any survivor
     benefits.  In  the event no such designation has been made by the Employee,
     the survivor payment shall be made to the surviving spouse of the Employee,
     or if there is no surviving spouse, to the estate of the Employee.  

         4.  OTHER  BENEFITS.  Nothing  contained herein shall in  any way limit
     the Employee's right to participate in  or benefit from any pension, profit
     sharing, or other  retirement plan  which said  Employee is  or may  become
     eligible by reason of his employment.  

         5.  PAYMENT OF BENEFITS.  All payments provide by this Agreement  shall
     be made  in conformity with  the regular payroll  procedures in use  by the
     Company at the time of payment.  

         6.  WITHHOLDING.    Notwithstanding  any  of  the foregoing  provisions
     hereof, the Company may withhold from any payment to be made hereunder such
     amount as  it may be  required to  withhold under  any applicable  federal,
     state, or other  law, and transmit such withheld  amounts to the applicable
     taxing authority.  

         7.  GOVERNING LAW.   This Agreement shall be governed and  construed in
     accordance with the laws of the State of Iowa.  

         8.  BINDING EFFECT OF AGREEMENT.  This Agreement shall be binding  upon
     the  parties  hereto,  their  heirs, assigns,  successors,  executors,  and
     administrators.   In the event the  Company becomes a party  to any merger,
     consolidation, acquisition, or reorganization,  this Agreement shall remain
     in full force and effect as an obligation of the Company or its  successors
     in interest.  None of  the payments provided for in this Agreement shall be
     subject to  seizure for  payment  of any  debts  or judgments  against  the
     Employee or any beneficiary; nor shall the Employee or any beneficiary have
     any  right to  transfer,  modify, anticipate,  or  encumber any  rights  or
     benefits hereunder.  

         9.  COUNTERPARTS.   This Agreement  may be executed in  an original and
     any number of counterparts, each of  which shall constitute an original  of
     one and the same instrument.  

        10.  SUPPLEMENTAL DEATH  BENEFIT PLAN.   The supplemental  death benefit
     plan  dated  April 19,  1993, is  hereby  specifically rescinded  by mutual
     agreement  of the  employee  and  the  Company contemporaneously  with  the
     execution of this agreement.  

        11.  NATURE OF AGREEMENT.  This is not a contract for employment.  It is
     not intended to be construed in any manner as a contract of employment.  

        12.  AMENDMENT.  During the lifetime of the Employee, this Agreement may
     be amended  or  revoked in  whole or  in part  only by  the mutual  written
     agreement of the Employee and Company.  

        IN WITNESS WHEREOF, the parties hereto have set their names, the Company
     by its duly authorized officers on this 3rd day of July, 1995.  


                                        HOMELAND BANKSHARES CORPORATION


                                        By /s/Thomas G. Turner
                                           ------------------------------
                                           Thomas G. Turner
                                           Vice President-Human Resources

     ATTEST:


     By /s/Marcia C. Borwig
        -------------------------
        Marcia C. Borwig
        Secretary to the Board


     By /s/Herbert E. Williams
        -------------------------
        Herbert E. Williams
        Director
                                        By /s/Robert S. Kahler 
                                           ----------------------------
                                           Robert S. Kahler



                          HOMELAND BANKSHARES CORPORATION        EXHIBIT 10.5(c)
                     SUPPLEMENTAL RETIREMENT INCOME AGREEMENT


       Pursuant  to action  by  the Board  of  Directors of  Homeland Bankshares
  Corporation (HBC), on  June 20, 1995,  Gregory L.  O'Hara, hereinafter  called
  the "Employee," was  designated as a  participant in  the Homeland  Bankshares
  Corporation  Supplemental  Retirement  Income  Plan,  hereinafter  called  the
  "Plan."  Employee's participation was made effective as of July 1, 1995.  

       This agreement,  by  and  between  HBC,  an  Iowa  corporation  with  its
  principal office  in  Waterloo, Iowa,  hereinafter called  the "Company,"  and
  Employee,

       WHEREAS, the Employee  has been  employed by the  Company or  one of  its
  corporate subsidiaries for 1  year and is now employed by  Homeland Bankshares
  Corporation as  President and  CEO of  its wholly-  owned subsidiary  Homeland
  Savings Bank;

       WHEREAS, the  Company desires to retain  the services of  the Employee in
  an executive capacity; and

       WHEREAS, the Employee  is willing to continue his employment provided the
  Company  will  agree  to  make  certain   payments  following  the  Employee's
  retirement or death;

       NOW, THEREFORE,  in consideration of the services heretofore rendered and
  to be rendered by the Employee and the mutual covenants contained herein,  the
  parties hereto agree as follows:

      1.  BENEFITS.  The Company  will provide to the Employee  the supplemental
  retirement and death  benefits set forth in the Supplemental Retirement Income
  Plan ("Plan") attached hereto as Exhibit  A.  The Plan was originally  adopted
  by the  Board  of Directors  of Homeland  Bankshares Corporation  on June  20,
  1995.    THE MAXIMUM  ANNUAL  SUPPLEMENTAL BENEFIT  UNDER THIS  PLAN  WILL NOT
  EXCEED $188,500.  

      2.  CONDITIONS.  No benefits shall be payable under this Agreement if:

        a.  retirement other  than for reasons of disability occurs prior to age
            55;

        b.  employment is terminated for cause;

        c.  the employee voluntarily resigns from employment; or

        d.  after retirement,  the Employee is  employed in a  capacity which is
            deemed by the  Board of Directors of  the Company to  be competitive
            with and contrary to the best interests of the Company.  

      3.  BENEFICIARY.    In the  event of  the  Employee's death,  any survivor
  benefits provided under the  Plan shall be paid to  the beneficiary designated
  by the  Employee.   The Company  shall provide  a form on  which the  Employee
  designate the primary and  secondary beneficiaries for any  survivor benefits.
  In the event no such designation has  been made by the Employee, the  survivor
  payment shall be  made to the surviving spouse of the Employee, or if there is
  no surviving spouse, to the estate of the Employee.  

      4.  OTHER BENEFITS.  Nothing contained  herein shall in any way limit  the
  Employee's  right  to participate  in  or  benefit  from  any pension,  profit
  sharing,  or  other retirement  plan  which  said Employee  is  or may  become
  eligible by reason of his employment.  

      5.  PAYMENT OF BENEFITS.  All payments provide  by this Agreement shall be
  made in conformity with  the regular payroll procedures in use  by the Company
  at the time of payment.  

      6.  WITHHOLDING.  Notwithstanding any  of the foregoing provisions hereof,
  the Company may withhold from any payment to be made hereunder such  amount as
  it may be required  to withhold under any applicable federal,  state, or other
  law, and transmit such withheld amounts to the applicable taxing authority.  

      7.  GOVERNING  LAW.   This Agreement  shall be  governed and  construed in
  accordance with the laws of the State of Iowa.  

      8.  BINDING EFFECT OF AGREEMENT.  This Agreement shall be binding upon the
  parties   hereto,   their   heirs,   assigns,   successors,   executors,   and
  administrators.   In the  event the  Company becomes  a party  to any  merger,
  consolidation, acquisition, or reorganization, this  Agreement shall remain in
  full force  and effect as  an obligation of  the Company or its  successors in
  interest.   None of  the  payments provided  for in  this Agreement  shall  be
  subject to seizure for payment of any debts  or judgments against the Employee
  or any beneficiary; nor shall the  Employee or any beneficiary have any  right
  to  transfer,  modify,   anticipate,  or  encumber  any   rights  or  benefits
  hereunder.  

      9.  COUNTERPARTS.  This  Agreement may be executed in an  original and any
  number of counterparts, each of which shall constitute  an original of one and
  the same instrument.  

     10.  NATURE OF AGREEMENT.   This is not  a contract for employment.   It is
  not intended to be construed in any manner as a contract of employment.  

     11.  AMENDMENT.  During the lifetime of the Employee, this Agreement may be
  amended or  revoked in whole or  in part only by  the mutual written agreement
  of the Employee and Company.  

     IN WITNESS WHEREOF, the parties hereto have set their names, the Company by
  its duly authorized officers on this 3rd day of July, 1995.  


                                     HOMELAND BANKSHARES CORPORATION


                                     By /s/Thomas G. Turner
                                        ------------------------------
                                        Thomas G. Turner
                                        Vice President-Human Resources

  ATTEST:


  By /s/Marcia C. Borwig
     --------------------------
     Marcia C. Borwig
     Secretary to the Board


  By /s/Herbert E. Williams
     --------------------------
     Herbert E. Williams
     Director


                                     By /s/Gregory L. O'Hara 
                                        ----------------------------
                                        Gregory L. O'Hara



                          HOMELAND BANKSHARES CORPORATION        EXHIBIT 10.5(d)
                     SUPPLEMENTAL RETIREMENT INCOME AGREEMENT


       Pursuant  to action  by  the Board  of  Directors of  Homeland Bankshares
  Corporation  (HBC), on  June 20, 1995,  Josef M. Vich,  hereinafter called the
  "Employee,"  was  designated  as  a participant  in  the  Homeland  Bankshares
  Corporation  Supplemental  Retirement  Income  Plan,  hereinafter  called  the
  "Plan."  Employee's participation was made effective as of July 1, 1995.  

       This agreement,  by  and  between  HBC,  an  Iowa  corporation  with  its
  principal office  in  Waterloo, Iowa,  hereinafter called  the "Company,"  and
  Employee,

       WHEREAS, the Employee  has been  employed by the  Company or  one of  its
  corporate subsidiaries for 7 years and is  now employed by Homeland Bankshares
  Corporation  as President  and  CEO of  its  wholly-owned subsidiary  Homeland
  Bank, N.A.;

       WHEREAS, the  Company desires to retain  the services of  the Employee in
  an executive capacity; and

       WHEREAS, the Employee  is willing to continue his employment provided the
  Company  will  agree  to  make  certain   payments  following  the  Employee's
  retirement or death;

       NOW, THEREFORE,  in consideration of the services heretofore rendered and
  to be rendered by the Employee and the mutual covenants contained herein,  the
  parties hereto agree as follows:

      1.  BENEFITS.  The Company  will provide to the Employee  the supplemental
  retirement and death  benefits set forth in the Supplemental Retirement Income
  Plan ("Plan") attached hereto as Exhibit  A.  The Plan was originally  adopted
  by the  Board  of Directors  of Homeland  Bankshares Corporation  on June  20,
  1995.    THE MAXIMUM  ANNUAL  SUPPLEMENTAL BENEFIT  UNDER THIS  PLAN  WILL NOT
  EXCEED $97,500.  

      2.  CONDITIONS.  No benefits shall be payable under this Agreement if:

        a.    retirement other than  for reasons of  disability occurs prior  to
              age 55;

        b.    employment is terminated for cause;

        c.    the employee voluntarily resigns from employment; or

        d.    after  retirement, the Employee is employed in a capacity which is
              deemed by  the Board of Directors of the Company to be competitive
              with and contrary to the best interests of the Company.  

      3.  BENEFICIARY.    In the  event of  the  Employee's death,  any survivor
  benefits provided under the  Plan shall be paid to  the beneficiary designated
  by the  Employee.   The Company  shall provide  a form on  which the  Employee
  designate the primary and  secondary beneficiaries for any  survivor benefits.
  In the event no such designation has  been made by the Employee, the  survivor
  payment shall be  made to the surviving spouse of the Employee, or if there is
  no surviving spouse, to the estate of the Employee.  

      4.  OTHER BENEFITS.  Nothing contained  herein shall in any way limit  the
  Employee's  right  to participate  in  or  benefit  from  any pension,  profit
  sharing,  or  other retirement  plan  which  said Employee  is  or may  become
  eligible by reason of his employment.  

      5.  PAYMENT OF BENEFITS.  All payments provide  by this Agreement shall be
  made in conformity with  the regular payroll procedures in use  by the Company
  at the time of payment.  

      6.  WITHHOLDING.  Notwithstanding any  of the foregoing provisions hereof,
  the Company may withhold  from any payment to be made hereunder such amount as
  it may be required to withhold  under any applicable federal, state, or  other
  law, and transmit such withheld amounts to the applicable taxing authority.  

      7.  GOVERNING  LAW.   This Agreement  shall be  governed and  construed in
  accordance with the laws of the State of Iowa.  

      8.  BINDING EFFECT OF AGREEMENT.  This Agreement shall be binding upon the
  parties   hereto,   their   heirs,   assigns,   successors,   executors,   and
  administrators.   In the  event the  Company becomes  a party  to any  merger,
  consolidation, acquisition, or reorganization, this  Agreement shall remain in
  full force and effect  as an obligation  of the Company  or its successors  in
  interest.   None  of the  payments provided  for  in this  Agreement shall  be
  subject to seizure for  payment of any debts or judgments against the Employee
  or any  beneficiary; nor shall the Employee or  any beneficiary have any right
  to  transfer,  modify,  anticipate,  or   encumber  any  rights  or   benefits
  hereunder.  

      9.  COUNTERPARTS.  This Agreement may  be executed in an original and  any
  number of counterparts, each  of which shall constitute an original of one and
  the same instrument.  

     10.  NATURE OF AGREEMENT.   This is not a  contract for employment.   It is
  not intended to be construed in any manner as a contract of employment.  

     11.  AMENDMENT.  During the lifetime of the Employee, this Agreement may be
  amended or  revoked in whole or in  part only by the  mutual written agreement
  of the Employee and Company.  

     IN WITNESS WHEREOF, the parties hereto have set their names, the Company by
  its duly authorized officers on this 3rd day of July, 1995.  


                                     HOMELAND BANKSHARES CORPORATION


                                     By /s/Thomas G. Turner
                                        ------------------------------
                                        Thomas G. Turner
                                        Vice President-Human Resources

  ATTEST:


  By /s/Marcia C. Borwig
     ---------------------------
     Marcia C. Borwig
     Secretary to the Board


  By /s/Herbert E. Williams
     ---------------------------
     Herbert E. Williams
     Director


                                     By /s/Josef M. Vich    
                                        ----------------------------
                                        Josef M. Vich



    <TABLE>
                                                    HOMELAND BANKSHARES CORPORATION                                    EXHIBIT 11
                                                                                                                                   
                                            STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
    <CAPTION>



                                                                  THREE MONTHS ENDED               NINE MONTHS ENDED
                                                                     SEPTEMBER 30,                   SEPTEMBER 30,        
                                                             -----------------------------    ----------------------------
                                                                  1995            1994            1995           1994
                                                                  ----            ----            ----           ----
    <S>                                                      <C>             <C>              <C>             <C>
    NET INCOME:                                              $  3,642,227    $  3,143,532     $  9,951,532    $  9,042,707
                                                              ============    ============    ============    ============


    PRIMARY EARNINGS PER SHARE:

         Weighted average shares outstanding                    5,738,713       5,738,713        5,738,713       5,718,946

         Net effect of the assumed exercise of stock
             options based on the treasury stock
             method using average market price                      9,130           4,382            3,175          10,495
                                                              ------------    ------------    ------------    ------------
                                                                5,747,843       5,743,095        5,741,888       5,729,441
                                                              ============    ============    ============    ============

         Primary earnings per share                          $        .63    $        .55     $       1.73    $       1.58
                                                              ============    ============    ============    ============




    FULLY DILUTED EARNINGS PER SHARE:

         Weighted average shares outstanding                    5,738,713       5,738,713        5,738,713       5,718,946

         Net effect of the assumed exercise of stock
             options based on the treasury stock
             method using average market price or
             market price at the end of the period,
             whichever is higher                                   15,738           4,382            6,544          10,495
                                                              ------------    ------------    ------------    ------------
                                                                5,754,451       5,743,095        5,745,257       5,729,441
                                                              ============    ============    ============    ============

         Fully diluted earnings per share                    $        .63    $        .55     $       1.73    $       1.58
                                                              ============    ============    ============    ============

    </TABLE>


<TABLE> <S> <C>

<ARTICLE> 9
<LEGEND>
This chedule contains summary financial information extracted from
Homeland Bankshares Corporation 1995 Third Quarter 10-Q and is qualified
in its entirety by reference to such 10-Q.
</LEGEND>
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                           51621
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                 14300
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                     161563
<INVESTMENTS-CARRYING>                           96031
<INVESTMENTS-MARKET>                             97093
<LOANS>                                         855239
<ALLOWANCE>                                       8954
<TOTAL-ASSETS>                                 1232633
<DEPOSITS>                                      942234
<SHORT-TERM>                                    111846
<LIABILITIES-OTHER>                              12093
<LONG-TERM>                                      42525
<COMMON>                                         71734
                                0
                                          0
<OTHER-SE>                                       52201
<TOTAL-LIABILITIES-AND-EQUITY>                 1232633
<INTEREST-LOAN>                                  54988
<INTEREST-INVEST>                                12951
<INTEREST-OTHER>                                   474
<INTEREST-TOTAL>                                 68413
<INTEREST-DEPOSIT>                               26899
<INTEREST-EXPENSE>                               32986
<INTEREST-INCOME-NET>                            35427
<LOAN-LOSSES>                                      612
<SECURITIES-GAINS>                                  31
<EXPENSE-OTHER>                                  27330
<INCOME-PRETAX>                                  16167
<INCOME-PRE-EXTRAORDINARY>                        9952
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                      9952
<EPS-PRIMARY>                                     1.73
<EPS-DILUTED>                                     1.73
<YIELD-ACTUAL>                                    4.36
<LOANS-NON>                                       2068
<LOANS-PAST>                                      2829
<LOANS-TROUBLED>                                   327
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                  9082
<CHARGE-OFFS>                                     1094
<RECOVERIES>                                       354
<ALLOWANCE-CLOSE>                                 8954
<ALLOWANCE-DOMESTIC>                              8954
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>


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