<PAGE> 1
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
-----------------------
For quarter ended September 30, 1995 Commission file number 0-10853
------------------ -------
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
(Exact name of small business issuer as specified in its charter)
-----------------------
GEORGIA 58-1458268
- ------------------------------ -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
40 NORTH MAIN STREET
P.O. BOX 878
STATESBORO, GEORGIA 30459
-------------------------------
(Address of Principal Executive
Offices, including Zip Code)
912-764-6611
-------------------------------
(Issuer's telephone number, including area code)
NOT APPLICABLE
-------------------------------
(Former name, former address
and former fiscal year, if
changed since last report)
-------------------------------
Check whether the issuer: (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports) and (2)
has been subject to such filing requirement for the past 90 days.
Yes X No
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
COMMON STOCK, $1.00 PAR VALUE 2,661,711 SHARES AS OF SEPTEMBER 30, 1995
- -----------------------------------------------------------------------------
<PAGE> 2
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
-----------------------------
(thousands of dollars)
<S> <C> <C>
ASSETS
Cash and Due From Banks $ 9,616 $ 12,019
Interest Bearing Deposits in Other Banks 13,520 13,038
Federal Funds Sold 1,375 5,675
Investment Securities:
Available for Sale (Cost of $47,439 in 1995
and $46,866 in 1994) 47,427 45,337
Held to Maturity (Estimated Market Value
of $32,114 in 1995 and $17,317 in 1994) 31,341 17,285
Loans 175,080 162,787
Less: Unearned Interest (31) (56)
Allowance for Loan Losses (3,335) (3,005)
-------- --------
Loans, Net 171,714 159,726
-------- --------
Interest Receivable 4,475 3,185
Premises and Equipment, Net 3,577 3,113
Other Real Estate 375 307
Other Assets 1,906 2,467
-------- --------
TOTAL ASSETS $285,326 $262,152
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $ 30,139 $ 31,509
Interest Bearing:
NOW Accounts 33,297 34,511
Money Market Deposit Accounts 32,934 35,371
Savings 11,255 10,469
Time ($100,000 and above) 65,373 51,099
Other Time 73,605 65,439
-------- --------
Total Deposits 246,603 228,398
Other Borrowed Money 5,380 4,630
Interest Payable 2,507 1,855
Other Liabilities 1,199 1,012
-------- --------
Total Liabilities 255,689 235,895
-------- --------
Shareholders' Equity (Note 3):
Common Stock, 2,661,711 Shares Issued and Outstanding 2,662 2,662
Surplus 5,265 5,268
Retained Earnings 21,717 19,336
Net Unrealized Loss on Investment
Securities Available for Sale (7) (1,009)
-------- --------
Shareholders' Equity 29,637 26,257
-------- --------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $285,326 $262,152
======== ========
</TABLE>
See notes to consolidated financial statements.
<PAGE> 3
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
For the Three Months Ended
September 30,
1995 1994
------------------------------
(thousands of dollars)
<S> <C> <C>
INTEREST INCOME
Loans (Including fees) $ 4,831 $ 3,900
Interest Bearing Deposits 135 5
Investments:
U.S. Treasury 444 454
U.S. Government Agencies 456 240
States and Political Subdivisions 220 195
Dividend Income 23 20
Federal Funds Sold 18 43
------- ------
Total Interest Income 6,127 4,857
------- ------
INTEREST EXPENSE
NOW Accounts 252 225
Money Market Deposits Accounts 297 272
Savings 92 77
Time Deposits ($100,000 and above) 973 482
Other Time Deposits 1,089 713
Other 104 53
------- -------
Total Interest Expense 2,807 1,822
------- -------
NET INTEREST INCOME 3,320 3,035
Provision for Loan Losses 162 170
------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 3,158 2,865
------- -------
NON-INTEREST INCOME
Service Charges on Deposits 334 351
Fees for Trust Services 50 57
Other 74 84
------- -------
Total Non-interest Income 458 492
------- -------
NON-INTEREST EXPENSE
Salaries 796 768
Other Personnel Expense 286 298
Occupancy Expense, Net 146 151
Equipment Expense 192 193
Other 519 690
------- -------
Total Non-interest Expense 1,939 2,100
------- -------
INCOME BEFORE INCOME TAXES 1,677 1,257
Provision for Income Taxes 514 367
------- -------
NET INCOME $ 1,163 $ 890
======= =======
EARNINGS PER COMMON SHARE (NOTE 3) $ .43 $ .33
======= =======
DIVIDENDS PER COMMON SHARE (NOTE 3)
$ .12 $ .09
======= =======
AVERAGE NUMBER OF SHARES OUTSTANDING (NOTE 3)
2,661,711 2,661,939
========= =========
</TABLE>
See notes to consolidated financial statements.
2
<PAGE> 4
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
1995 1994
---------------------------
(thousands of dollars)
<S> <C> <C>
INTEREST INCOME
Loans (Including fees) $13,651 $10,900
Interest Bearing Deposits 573 26
Investments:
U.S. Treasury 1,377 1,307
U.S. Government Agencies 1,104 732
States and Political Subdivisions 641 543
Dividend Income 103 28
Federal Funds Sold 73 226
------- -------
Total Interest Income 17,522 13,762
------- -------
INTEREST EXPENSE
NOW Accounts 794 638
Money Market Deposits Accounts 885 781
Savings 261 229
Time Deposits ($100,000 and above) 2,445 1,469
Other Time Deposits 2,983 2,103
Other 295 110
------- -------
Total Interest Expense 7,663 5,330
------- -------
NET INTEREST INCOME 9,859 8,432
Provision for Loan Losses 475 510
------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 9,384 7,922
------- -------
NON-INTEREST INCOME
Service Charges on Deposits 1,053 1,029
Fees for Trust Services 139 138
Other 224 322
------- -------
Total Non-interest Income 1,416 1,489
------- -------
NON-INTEREST EXPENSE
Salaries 2,345 2,253
Other Personnel Expense 841 863
Occupancy Expense, Net 428 417
Equipment Expense 601 553
Other 1,778 1,918
------- -------
Total Non-interest Expense 5,993 6,004
------- -------
INCOME BEFORE INCOME TAXES 4,807 3,407
Provision for Income Taxes 1,471 985
NET INCOME ------- -------
$ 3,336 $ 2,422
======= =======
EARNINGS PER COMMON SHARE (NOTE 3) $ 1.25 $ .91
======= =======
DIVIDENDS PER COMMON SHARE (NOTE 3) $ .36 $ .28
======= =======
AVERAGE NUMBER OF SHARES OUTSTANDING (NOTE 3) 2,661,823 2,661,939
========= =========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 5
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
September 30,
1995 1994
----------------------
(thousands of dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $3,336 $ 2,422
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Provision for Depreciation 414 390
Provision for Loan Losses 475 510
(Gain) Loss on Sale of Other Real Estate 5 (16)
Gain on Call of Securities (3)
Gain on Sale of Equipment (6) (2)
Net Amortization of Premiums and Discounts on Securities (82) 166
Changes in Assets and Liabilities:
Increase in Interest Receivable (1,290) (759)
(Increase) Decrease in Other Assets 45 (723)
Increase (Decrease) in Interest Payable 652 (108)
Increase (Decrease) in Other Liabilities 187 522
------ ------
Net Cash Provided by Operating Activities 3,733 2,402
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (Increase) Decrease in Interest Bearing Deposits
in Other Banks (482) (38)
Net Decrease in Federal Funds Sold 4,300 10,250
Available-for-Sale Securities:
Proceeds from Maturity 16,508 9,764
Purchases (17,190) (17,492)
Held-to-Maturity Securities:
Proceeds from Maturity 3,683 1,118
Purchases (17,544) (1,828)
Net Increase in Loans (12,543) (7,611)
Purchases of Premises and Equipment (879) (208)
Proceeds from Sale of Equipment 7 2
Proceeds from Sale of Other Real Estate 7
------- -------
Net Cash Used in Investing Activities (24,133) (6,043)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits 18,205 3,109
Net Increase in Other Borrowed Money 2,565 3,883
Repayment of Other Borrowed Money and Note Payable (1,815) (1,751)
Dividends Paid (958) (748)
------- -------
Net Cash Provided by Financing Activities 17,997 4,493
------- -------
INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (2,403) 852
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 12,019 8,940
------- -------
CASH AND DUE FROM BANKS AT END OF PERIOD $ 9,616 $ 9,792
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ 7,011 $ 5,438
Income Taxes 1,440 950
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Other Real Estate Acquired through Loan Foreclosure $ 106
Loans granted to facilitate the sale of Other Real Estate 26 95
(Increase) Decrease in Net Unrealized Loss on
Investment Securities Available for Sale 1,002 (958)
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 6
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION
The consolidated financial statements of First Banking Company of
Southeast Georgia (the "Company") include the financial statements of
First Bulloch Bank & Trust Company and Metter Banking Company,
wholly-owned subsidiaries. Intercompany balances and transactions have
been eliminated in consolidation.
The consolidated statements contained in this report are unaudited but
reflect all adjustments, consisting only of normal recurring accruals,
which are, in the opinion of management, necessary to a fair statement of
the results for the interim period reflected. Certain information and
footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to applicable rules and regulations of the
Securities and Exchange Commission. The results of operations for the
interim period reported herein are not necessarily indicative of results
to be expected for the full year.
The consolidated financial statements included herein should be read in
conjunction with the financial statements and notes thereto, and the
Independent Auditors' Report included in the Company's Annual Report on
Form 10-KSB for the fiscal year ended December 31, 1994.
2. ACCOUNTING POLICIES
Reference is made to the accounting policies of the Company described in
the notes to consolidated financial statements contained in the Company's
Annual Report on Form 10-KSB for the year ended December 31, 1994. The
Company has followed those policies in preparing this report.
3. COMMON STOCK
The par value of First Banking's common stock is $1 and 5,000,000 shares
are authorized. The Banks may pay dividends to First Banking in any year
up to 50% of the previous year's net income without the approval of the
Georgia Department of Banking and Finance, or $1,813,000 for 1995.
Effective May 15, 1995, the Company declared a 5-for-3 stock split of its
common stock effected in the form of a 60 percent stock dividend. All
references to number of shares and to per share amounts have been
retroactively adjusted to reflect the split.
4. EARNINGS PER SHARE
Net Income per share of common stock is based on the weighted average
number of shares of common stock outstanding during each period.
5
<PAGE> 7
5. IMPACT OF NEW ACCOUNTING STANDARDS
The Company adopted Statements of Financial Accounting Standards Numbers
114 and 118 as of January 1, 1995. As of that date and as of September
30, 1995, the Company did not have a significant amount of impaired
loans.
6. SUBSEQUENT EVENTS
On October 16, 1995, the Company signed a nonbinding letter of intent to
merge with FNB Bancshares, Inc., parent company of First National Bank of
Effingham, located in Springfield, Georgia. The Company will be the
surviving corporation resulting from the proposed merger, and following
the closing of the merger, First National Bank of Effingham will be
operated as a separate subsidiary of the Company. As of September 30,
1995, First National Bank of Effingham had total assets of $45,112,000
and total capital of $3,505,000. The combination of the two
organizations is subject to several conditions, including the execution
of a definitive agreement, normal due diligence, approval of FNB
Banchshares' shareholders, and regulatory approval. The transaction is
expected to be consummated during the second quarter of 1996.
6
<PAGE> 8
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL
CONDITION AND SUMMARY OF OPERATIONS FOR THE
NINE MONTHS ENDED SEPTEMBER 30, 1995
This discussion relates to the consolidated financial condition and
results of operations of First Banking Company of Southeast Georgia (the
"Company") and its wholly-owned subsidiaries, First Bulloch Bank & Trust
Company and Metter Banking Company (the "Banks"). Since the Company has no
subsidiaries other than the Banks and no activities other than those of the
Banks, the following narrative refers to the operations of the Banks.
FINANCIAL CONDITION
The Company functions as the sole owner of two commercial banks, and its
financial condition should be examined in terms of trends in sources and uses
of funds. The Company's primary use of funds comes from loan demand. Loans
outstanding have increased $12,293,000 or 7.6% since year-end as a result of a
continued increase in loan demand. Investment securities and interest-bearing
deposits in other banks have increased $16,146,000 and $482,000, respectively,
while federal funds sold have decreased by $4,300,000 from year-end.
Total assets have increased by $23,174,000 since year-end, while total
funds (deposits plus Other Borrowed Money) have increased $18,955,000. Total
deposits have increased $18,205,000 since year-end, and Other Borrowed Money
has increased $750,000. Demand deposits have decreased $1,370,000, while
savings deposits (including NOW accounts and the liquid money market accounts)
have decreased by $2,865,000. Time deposits over $100,000 have increased
approximately $14,274,000, and other time deposits have increased approximately
$8,166,000, primarily as a result of an increase in rates paid on deposits.
The Company has been able to attract additional time deposits because of an
increase in the availability of such deposits resulting from an overall
increase in market rates.
Effective May 15, 1995, the Company declared a 5-for-3 stock split of its
common stock effected in the form of a 60 percent stock dividend. All
references to number of shares and to per share amounts have been retroactively
adjusted to reflect the split.
7
<PAGE> 9
CAPITAL RESOURCES
The Company's ratio of shareholders' equity to total assets was 10.4% at
September 30, 1995 and 10.0% at December 31, 1994. This ratio of shareholders'
equity to assets is considered adequate to support the operations of the
Company.
The Banks are also required to maintain minimum amounts of capital to
total "risk-weighted" assets, as defined by the banking regulators. At
September 30, 1995, the Banks were required to have a minimum Tier 1 and Total
Captial ratios of 4% and 8%, respectively. At that date each of the Banks'
actual ratios exceeded 14.6% and 16.5%, respectively. Additionally, the Banks
are required to maintain a leverage ratio of at least 3%. At September 30,
1995 each Bank's leverage ratio exceeded 9.8%. The Company is considered a
"well-capitalized" institution based upon the definition of its regulatory
authorities.
LIQUIDITY
The percentage of loans net of unearned interest to total funds was 69.5%
at September 30, 1995 and 69.8% at December 31, 1994. At September 30, 1995,
the Banks had $24,511,000 in Cash and Due from Banks, Interest Bearing Deposits
in Other Banks, and Federal Funds Sold as compared with $30,732,000 at December
31, 1994. The Banks' Liquidity Policies require that the ratio of cash and
certain short-term investments to net withdrawable deposit accounts be at least
20.0%. At September 30, 1995, both banks exceeded this ratio. The liquidity
of the Company and the Banks is considered adequate to repay deposits and other
obligations, meet expected loan demand and pay dividends.
The Company included an Interest Rate Sensitivity Analysis as of December
31, 1994 in its 1994 annual report to shareholders. No significant change has
occurred in such analysis as of September 30, 1995.
SUMMARY OF OPERATIONS
INTEREST INCOME
Total interest income increased $3,760,000 (27.3%) in the first nine
months of 1995 as compared to the first nine months of 1994 and increased
$1,270,000 (26.1%) in the third quarter of 1995 as compared to the third
quarter of 1994. Interest on loans increased
8
<PAGE> 10
$2,751,000 in the first nine months of 1995 as compared to the first nine
months of 1994 and increased $931,000 in the third quarter of 1995 as compared
to the third quarter of 1994, as a result of higher interest rates on loans
outstanding as well as an increase in the average loan portfolio of
$18,064,000, due to the general conditions of our market. Interest on
investments increased $615,000 in the first nine months of 1995 from the first
nine months of 1994 and increased $234,000 in the third quarter of 1995 from
the third quarter of 1994. These increases are primarily the result of higher
yields within the portfolio as well as an increase of $11,040,000 in the
average carrying amount of investments.
During the first nine months of 1995, interest on federal funds sold
decreased $153,000 from the first nine months of 1994 and decreased $25,000 in
the third quarter of 1995 as compared to the third quarter of 1994. Interest
on interest-bearing deposits in other banks increased $547,000 during the first
nine months of 1995 from the first nine months of 1994 and increased $130,000
in the third quarter of 1995 from the third quarter of 1994. These decreases
and increases were the result of a shift in short-term investments from federal
funds sold to interest bearing deposit accounts as well as an overall increase
in total funds available for short-term investment.
INTEREST EXPENSE
During the first nine months of 1995, total interest expense increased
$2,333,000 (43.8%) from the first nine months of 1994 and increased $985,000
(54.1%) in the third quarter of 1995 from the third quarter of 1994. Interest
on deposits increased $2,148,000 (41.2%) in the first nine months of 1995 from
the first nine months of 1994 and increased $934,000 (52.8%) in the third
quarter of 1995 from the third quarter of 1994. These increases are
attributable to higher average interest rates paid on deposits outstanding in
1995 as compared to 1994 as well as an increase in the average amount of
interest bearing deposits of $20,368,000. Interest on Other Borrowed Money
increased $185,000 in the first nine months of 1995 from the first nine months
of 1994 and increased $51,000 in the third quarter of 1995 from the third
quarter of 1994. These increases are the result of an increase in the average
balance outstanding of Other Borrowed Money of $2,926,000 at a higher average
interest rate.
9
<PAGE> 11
PROVISIONS FOR LOAN LOSSES
Provisions for loan losses for the first nine months of 1995 decreased
$35,000 from the first nine months of 1994 and decreased $8,000 in the third
quarter of 1995 from the third quarter of 1994. After considering the credit
worthiness of the loan portfolios, it is the opinion of the management of the
Banks that the allowance for loan losses is adequate. At September 30, 1995
the allowance for loan losses was 1.9% of outstanding loans less unearned
interest.
Nonperforming loans were $1,362,000 at September 30, 1995 and $1,356,000
at December 31, 1994. These loans included those on a nonaccrual status of
$134,000 and $182,000, accruing loans contractually past due at least 90 days
of $134,000 and $135,000, and restructured loans of $1,094,000 and $1,040,000
at September 30, 1995 and December 31, 1994, respectively. Net loans charged
off totaled $39,000 during the third quarter of 1995 as compared to $75,000
during the third quarter of 1994 and totaled $145,000 during the first nine
months of 1995 as compared to $139,000 during the first nine months of 1994.
The Company adopted Statements of Financial Accounting Standards Numbers
114 and 118 as of January 1, 1995. As of that date and as of September 30,
1995, the Company did not have a significant amount of impaired loans. The
Company considers a loan to be impaired when it is probable that its Banks will
be unable to collect all amounts due according to the contractual terms of the
loan agreement. The Banks measure impairment on a loan-by-loan basis for real
estate, commercial and agricultural loans. Installment and other consumer
loans are considered smaller balance, homogeneous loans. Amounts of impaired
loans that are not probable of collection are charged-off immediately.
NONINTEREST INCOME AND EXPENSE
Noninterest income decreased $73,000 in the first nine months of 1995
from the first nine months of 1994 and decreased $34,000 in the third quarter
of 1995 from the third quarter of 1994. These decreases are primarily the
result of a decrease in origination income from long-term mortgage loans, which
are acquired by other banks on a non-recourse basis concurrent with the closing
of the loan, partially offset by an increase in service charge income on
10
<PAGE> 12
deposit accounts and insurance commissions. Noninterest expense decreased
$11,000 in the first nine months of 1995 compared to the first nine months of
1994 and decreased $161,000 in the third quarter of 1995 as compared to the
third quarter of 1994. These decreases in expense resulted primarily from a
total rebate of $145,000 from the FDIC on deposit insurance premiums which was
received during the third quarter of 1995 as well as a decrease in Other Real
Estate expense from 1994.
11
<PAGE> 13
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Neither the Registrant nor either of its subsidiaries is a party to, nor
is any of their property the subject of, any material pending legal
proceedings, other than ordinary routine proceedings incidental to the
business of banks, nor to the knowledge of management are any such
proceedings contemplated or threatened against the Registrant or its
subsidiaries.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS.
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27 - Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K: The Registrant did not file any reports on
Form 8-K during the quarter for which this report is filed.
12
<PAGE> 14
SIGNATURES
In accordance with the requirements of the Exchange Act,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
DATE: November 9, 1995 BY:/s/ James Eli Hodges
-------------------- ----------------------------------------
JAMES ELI HODGES
PRESIDENT
DATE: November 9, 1995 BY:/s/Dwayne E. Rocker
-------------------- ----------------------------------------
DWAYNE E. ROCKER
SECRETARY-TREASURER
(PRINCIPAL FINANCIAL OFFICER)
13
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST BANKING COMPANY OF SOUTHEAST GEORGIA FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 9,616
<INT-BEARING-DEPOSITS> 13,520
<FED-FUNDS-SOLD> 1,375
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 47,427
<INVESTMENTS-CARRYING> 31,341
<INVESTMENTS-MARKET> 32,114
<LOANS> 175,049
<ALLOWANCE> 3,335
<TOTAL-ASSETS> 285,326
<DEPOSITS> 246,603
<SHORT-TERM> 0
<LIABILITIES-OTHER> 3,706
<LONG-TERM> 5,380
<COMMON> 2,662
0
0
<OTHER-SE> 26,975
<TOTAL-LIABILITIES-AND-EQUITY> 285,326
<INTEREST-LOAN> 13,651
<INTEREST-INVEST> 3,225
<INTEREST-OTHER> 646
<INTEREST-TOTAL> 17,522
<INTEREST-DEPOSIT> 7,368
<INTEREST-EXPENSE> 7,663
<INTEREST-INCOME-NET> 9,859
<LOAN-LOSSES> 475
<SECURITIES-GAINS> 3
<EXPENSE-OTHER> 5,993
<INCOME-PRETAX> 4,807
<INCOME-PRE-EXTRAORDINARY> 4,807
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,336
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 1.25
<YIELD-ACTUAL> 5.34
<LOANS-NON> 134
<LOANS-PAST> 134
<LOANS-TROUBLED> 1,362
<LOANS-PROBLEM> 1,630
<ALLOWANCE-OPEN> 3,005
<CHARGE-OFFS> 189
<RECOVERIES> 44
<ALLOWANCE-CLOSE> 3,335
<ALLOWANCE-DOMESTIC> 3,335
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
