US BANCORP \DE\
10-K405/A, 1998-05-19
NATIONAL COMMERCIAL BANKS
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<PAGE>



                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.   20549


                                     FORM 10-K/A

                                   AMENDMENT NO. 1
                                          TO
                                    ANNUAL REPORT

                     For the fiscal year ended December 31, 1997


                            Commission file number 1-6880

                                     U.S. BANCORP
                (Exact name of registrant as specified in its charter)


                     DELAWARE                             41-0255900
         (State or other jurisdiction of               (I.R.S. Employer
          incorporation or organization)              Identification No.)


                                   U.S. BANK PLACE,
                               601 SECOND AVENUE SOUTH,
                          MINNEAPOLIS, MINNESOTA 55402-4302
                (Address of principal executive offices and Zip Code)

                                     612-973-1111
                 (Registrant's telephone number, including area code)

                                   (NOT APPLICABLE)
                 (Former name, former address and former fiscal year,
                            if changed since last report)

<PAGE>

U.S. Bancorp hereby amends its Annual Report on Form 10-K for the fiscal year
ended December 31, 1997, to include as exhibits Restated Financial Data
Schedules for (i) the Nine Months Ended September 30, 1997, (ii) the Six Months
Ended June 30, 1997, (iii) the Three Months Ended March 31, 1997, (iv) the Year
Ended December 31, 1996, (v) the Nine Months Ended September 30, 1996, (vi) the
Six Months Ended June 30, 1996, (vii) the Three Months Ended March 31, 1996 and
(viii) the Year Ended December 31, 1995.  The Financial Data Schedules are
restated as the result of the Registrant's adoption of Statement of Financial
Accounting Standards  No. 128, "Earnings Per Share."

The Registrant hereby amends its Form 10-K to include the following additional
exhibits to Item 14(c) of Part IV thereof:

Exhibit 27.1 -- Restated Financial Data Schedule for the Nine Months Ended 
                September 30, 1997.
Exhibit 27.2 -- Restated Financial Data Schedule for the Six Months Ended 
                June 30, 1997.
Exhibit 27.3 -- Restated Financial Data Schedule for the Three Months Ended
                March 31, 1997.
Exhibit 27.4 -- Restated Financial Data Schedule for the Year Ended 
                December 31, 1996.
Exhibit 27.5 -- Restated Financial Data Schedule for the Nine Months Ended
                September 30, 1996.
Exhibit 27.6 -- Restated Financial Data Schedule for the Six Months Ended 
                June 30, 1996.
Exhibit 27.7 -- Restated Financial Data Schedule for the Three Months Ended
                March 31, 1996.
Exhibit 27.8 -- Restated Financial Data Schedule for the Year Ended 
                December 31, 1995.

                                      SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                       U.S. BANCORP


                   By: /s/ Susan E. Lester
                       ------------------------------------
                       Susan E. Lester
                       Executive Vice President and Chief Financial Officer
                       (Principal Financial Officer and Duly Authorized Officer)


DATE:  May 19, 1998



<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP SEPTEMBER 30, 1997, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       4,342,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               529,000
<TRADING-ASSETS>                               156,000
<INVESTMENTS-HELD-FOR-SALE>                  6,832,000
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                     54,143,000
<ALLOWANCE>                                  1,019,900
<TOTAL-ASSETS>                              70,174,000
<DEPOSITS>                                  48,374,000
<SHORT-TERM>                                 4,497,000
<LIABILITIES-OTHER>                          1,661,000
<LONG-TERM>                                  8,710,000
                                0
                                    150,000
<COMMON>                                       306,000
<OTHER-SE>                                   5,285,000
<TOTAL-LIABILITIES-AND-EQUITY>              70,174,000
<INTEREST-LOAN>                              3,561,900
<INTEREST-INVEST>                              332,500
<INTEREST-OTHER>                                50,700
<INTEREST-TOTAL>                             3,945,100
<INTEREST-DEPOSIT>                           1,077,700
<INTEREST-EXPENSE>                           1,668,000
<INTEREST-INCOME-NET>                        2,277,100
<LOAN-LOSSES>                                  370,300
<SECURITIES-GAINS>                               3,600
<EXPENSE-OTHER>                              2,168,100
<INCOME-PRETAX>                                933,400
<INCOME-PRE-EXTRAORDINARY>                     549,600
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   549,600
<EPS-PRIMARY>                                     2.21
<EPS-DILUTED>                                     2.19
<YIELD-ACTUAL>                                    5.05
<LOANS-NON>                                    293,200
<LOANS-PAST>                                    79,500
<LOANS-TROUBLED>                                 3,900
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               992,500
<CHARGE-OFFS>                                  439,900
<RECOVERIES>                                    93,500
<ALLOWANCE-CLOSE>                            1,019,900
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP JUNE 30, 1997, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       4,299,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             2,024,000
<TRADING-ASSETS>                               176,000
<INVESTMENTS-HELD-FOR-SALE>                  6,112,000
<INVESTMENTS-CARRYING>                         760,000
<INVESTMENTS-MARKET>                           773,000
<LOANS>                                     54,158,000
<ALLOWANCE>                                    999,400
<TOTAL-ASSETS>                              71,675,000
<DEPOSITS>                                  50,812,000
<SHORT-TERM>                                 4,586,000
<LIABILITIES-OTHER>                          1,461,000
<LONG-TERM>                                  7,583,000
                                0
                                    150,000
<COMMON>                                       315,000
<OTHER-SE>                                   5,388,000
<TOTAL-LIABILITIES-AND-EQUITY>              71,675,000
<INTEREST-LOAN>                              2,350,800
<INTEREST-INVEST>                              226,700
<INTEREST-OTHER>                                35,500
<INTEREST-TOTAL>                             2,613,000
<INTEREST-DEPOSIT>                             715,400
<INTEREST-EXPENSE>                           1,101,200
<INTEREST-INCOME-NET>                        1,511,800
<LOAN-LOSSES>                                  185,300
<SECURITIES-GAINS>                               3,600
<EXPENSE-OTHER>                              1,165,000
<INCOME-PRETAX>                                946,500
<INCOME-PRE-EXTRAORDINARY>                     597,200
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   597,200
<EPS-PRIMARY>                                     2.42
<EPS-DILUTED>                                     2.39
<YIELD-ACTUAL>                                    5.07
<LOANS-NON>                                    318,100
<LOANS-PAST>                                    86,000
<LOANS-TROUBLED>                                 3,900
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               992,500
<CHARGE-OFFS>                                  247,300
<RECOVERIES>                                    65,400
<ALLOWANCE-CLOSE>                              999,400
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP MARCH 31, 1997, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                       4,428,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,102,000
<TRADING-ASSETS>                               192,000
<INVESTMENTS-HELD-FOR-SALE>                  6,305,000
<INVESTMENTS-CARRYING>                         776,000
<INVESTMENTS-MARKET>                           785,000
<LOANS>                                     52,914,000
<ALLOWANCE>                                    993,400
<TOTAL-ASSETS>                              69,715,000
<DEPOSITS>                                  48,499,000
<SHORT-TERM>                                 6,327,000
<LIABILITIES-OTHER>                          1,675,000
<LONG-TERM>                                  6,211,000
                                0
                                    150,000
<COMMON>                                       317,000
<OTHER-SE>                                   5,316,000
<TOTAL-LIABILITIES-AND-EQUITY>              69,715,000
<INTEREST-LOAN>                              1,153,200
<INTEREST-INVEST>                              113,900
<INTEREST-OTHER>                                17,100
<INTEREST-TOTAL>                             1,284,200
<INTEREST-DEPOSIT>                             351,800
<INTEREST-EXPENSE>                             537,200
<INTEREST-INCOME-NET>                          747,000
<LOAN-LOSSES>                                   84,200
<SECURITIES-GAINS>                               1,700
<EXPENSE-OTHER>                                575,500
<INCOME-PRETAX>                                464,800
<INCOME-PRE-EXTRAORDINARY>                     293,300
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   293,300
<EPS-PRIMARY>                                     1.18
<EPS-DILUTED>                                     1.17
<YIELD-ACTUAL>                                    5.07
<LOANS-NON>                                    322,300
<LOANS-PAST>                                    85,000
<LOANS-TROUBLED>                                   300
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               992,500
<CHARGE-OFFS>                                  116,300
<RECOVERIES>                                    32,400
<ALLOWANCE-CLOSE>                              993,400
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP DECEMBER 31, 1996, 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                       4,813,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               898,000
<TRADING-ASSETS>                               231,000
<INVESTMENTS-HELD-FOR-SALE>                  6,473,000
<INVESTMENTS-CARRYING>                         797,000
<INVESTMENTS-MARKET>                           811,000
<LOANS>                                     52,355,000
<ALLOWANCE>                                    992,500
<TOTAL-ASSETS>                              69,749,000
<DEPOSITS>                                  49,356,000
<SHORT-TERM>                                 6,592,000
<LIABILITIES-OTHER>                          1,572,000
<LONG-TERM>                                  5,369,000
                                0
                                    150,000
<COMMON>                                       316,000
<OTHER-SE>                                   5,297,000
<TOTAL-LIABILITIES-AND-EQUITY>              69,749,000
<INTEREST-LOAN>                              4,537,700
<INTEREST-INVEST>                              491,500
<INTEREST-OTHER>                                85,200
<INTEREST-TOTAL>                             5,114,400
<INTEREST-DEPOSIT>                           1,441,300
<INTEREST-EXPENSE>                           2,143,800
<INTEREST-INCOME-NET>                        2,970,600
<LOAN-LOSSES>                                  271,200
<SECURITIES-GAINS>                              20,800
<EXPENSE-OTHER>                              2,538,100
<INCOME-PRETAX>                              1,944,400
<INCOME-PRE-EXTRAORDINARY>                   1,218,700
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,218,700
<EPS-PRIMARY>                                     4.81
<EPS-DILUTED>                                     4.72
<YIELD-ACTUAL>                                    5.04
<LOANS-NON>                                    265,900
<LOANS-PAST>                                    90,600
<LOANS-TROUBLED>                                 3,400
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               908,000
<CHARGE-OFFS>                                  397,200
<RECOVERIES>                                   135,700
<ALLOWANCE-CLOSE>                              992,500
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP SEPTEMBER 30, 1996, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                       5,102,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,134,000
<TRADING-ASSETS>                               207,000
<INVESTMENTS-HELD-FOR-SALE>                  6,743,000
<INVESTMENTS-CARRYING>                         825,000
<INVESTMENTS-MARKET>                           836,000
<LOANS>                                     51,792,000
<ALLOWANCE>                                    987,400
<TOTAL-ASSETS>                              70,056,000
<DEPOSITS>                                  49,571,000
<SHORT-TERM>                                 7,179,000
<LIABILITIES-OTHER>                          1,677,000
<LONG-TERM>                                  5,069,000
                                0
                                    237,000
<COMMON>                                       320,000
<OTHER-SE>                                   5,411,000
<TOTAL-LIABILITIES-AND-EQUITY>              70,056,000
<INTEREST-LOAN>                              3,370,300
<INTEREST-INVEST>                              372,900
<INTEREST-OTHER>                                68,000
<INTEREST-TOTAL>                             3,811,200
<INTEREST-DEPOSIT>                           1,078,700
<INTEREST-EXPENSE>                           1,602,800
<INTEREST-INCOME-NET>                        2,208,400
<LOAN-LOSSES>                                  195,700
<SECURITIES-GAINS>                              20,300
<EXPENSE-OTHER>                              1,951,200
<INCOME-PRETAX>                              1,483,800
<INCOME-PRE-EXTRAORDINARY>                     926,600
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   926,600
<EPS-PRIMARY>                                     3.64
<EPS-DILUTED>                                     3.58
<YIELD-ACTUAL>                                    5.03
<LOANS-NON>                                    271,200
<LOANS-PAST>                                    85,100
<LOANS-TROUBLED>                                 5,500
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               908,000
<CHARGE-OFFS>                                  293,000
<RECOVERIES>                                   102,700
<ALLOWANCE-CLOSE>                              987,400
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP JUNE 30, 1996, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                       4,171,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,179,000
<TRADING-ASSETS>                               228,000
<INVESTMENTS-HELD-FOR-SALE>                  7,026,000
<INVESTMENTS-CARRYING>                         854,000
<INVESTMENTS-MARKET>                           860,000
<LOANS>                                     51,286,000
<ALLOWANCE>                                    984,200
<TOTAL-ASSETS>                              68,973,000
<DEPOSITS>                                  48,487,000
<SHORT-TERM>                                 7,391,000
<LIABILITIES-OTHER>                          1,552,000
<LONG-TERM>                                  4,877,000
                                0
                                    239,000
<COMMON>                                       324,000
<OTHER-SE>                                   5,515,000
<TOTAL-LIABILITIES-AND-EQUITY>              68,973,000
<INTEREST-LOAN>                              2,221,000
<INTEREST-INVEST>                              250,400
<INTEREST-OTHER>                                45,400
<INTEREST-TOTAL>                             2,516,800
<INTEREST-DEPOSIT>                             715,100
<INTEREST-EXPENSE>                           1,062,300
<INTEREST-INCOME-NET>                        1,454,500
<LOAN-LOSSES>                                  122,600
<SECURITIES-GAINS>                              19,400
<EXPENSE-OTHER>                              1,308,900
<INCOME-PRETAX>                              1,084,200
<INCOME-PRE-EXTRAORDINARY>                     670,900
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   670,900
<EPS-PRIMARY>                                     2.64
<EPS-DILUTED>                                     2.59
<YIELD-ACTUAL>                                    5.01
<LOANS-NON>                                    231,300
<LOANS-PAST>                                    76,600
<LOANS-TROUBLED>                                 5,400
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               908,000
<CHARGE-OFFS>                                  194,200
<RECOVERIES>                                    73,800
<ALLOWANCE-CLOSE>                              984,200
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP MARCH 31, 1996, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                       4,065,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,281,000
<TRADING-ASSETS>                               291,000
<INVESTMENTS-HELD-FOR-SALE>                  7,300,000
<INVESTMENTS-CARRYING>                         835,000
<INVESTMENTS-MARKET>                           848,000
<LOANS>                                     50,299,000
<ALLOWANCE>                                    972,200
<TOTAL-ASSETS>                              68,129,000
<DEPOSITS>                                  47,573,000
<SHORT-TERM>                                 7,573,000
<LIABILITIES-OTHER>                          1,648,000
<LONG-TERM>                                  4,858,000
                                0
                                    246,000
<COMMON>                                       322,000
<OTHER-SE>                                   5,400,000
<TOTAL-LIABILITIES-AND-EQUITY>              68,129,000
<INTEREST-LOAN>                              1,100,300
<INTEREST-INVEST>                              125,600
<INTEREST-OTHER>                                23,100
<INTEREST-TOTAL>                             1,249,000
<INTEREST-DEPOSIT>                             356,800
<INTEREST-EXPENSE>                             533,400
<INTEREST-INCOME-NET>                          715,600
<LOAN-LOSSES>                                   61,100
<SECURITIES-GAINS>                              18,000
<EXPENSE-OTHER>                                705,600
<INCOME-PRETAX>                                480,200
<INCOME-PRE-EXTRAORDINARY>                     289,700
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   289,700
<EPS-PRIMARY>                                     1.15
<EPS-DILUTED>                                     1.13
<YIELD-ACTUAL>                                    4.97
<LOANS-NON>                                    216,500
<LOANS-PAST>                                    74,700
<LOANS-TROUBLED>                                   800
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               908,000
<CHARGE-OFFS>                                   87,300
<RECOVERIES>                                    31,300
<ALLOWANCE-CLOSE>                              972,200
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE U.S.
BANCORP DECEMBER 31, 1995, 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<CASH>                                       4,253,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               771,000
<TRADING-ASSETS>                               366,000
<INVESTMENTS-HELD-FOR-SALE>                  6,423,000
<INVESTMENTS-CARRYING>                         865,000
<INVESTMENTS-MARKET>                           886,000
<LOANS>                                     49,345,000
<ALLOWANCE>                                    908,000
<TOTAL-ASSETS>                              65,668,000
<DEPOSITS>                                  45,779,000
<SHORT-TERM>                                 7,984,000
<LIABILITIES-OTHER>                          1,450,000
<LONG-TERM>                                  4,583,000
                                0
                                    253,000
<COMMON>                                       312,000
<OTHER-SE>                                   4,777,000
<TOTAL-LIABILITIES-AND-EQUITY>              65,668,000
<INTEREST-LOAN>                              4,373,400
<INTEREST-INVEST>                              480,100
<INTEREST-OTHER>                                67,300
<INTEREST-TOTAL>                             4,920,800
<INTEREST-DEPOSIT>                           1,416,700
<INTEREST-EXPENSE>                           2,098,100
<INTEREST-INCOME-NET>                        2,822,700
<LOAN-LOSSES>                                  239,100
<SECURITIES-GAINS>                               3,000
<EXPENSE-OTHER>                              2,475,900
<INCOME-PRETAX>                              1,421,000
<INCOME-PRE-EXTRAORDINARY>                     897,100
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   897,100
<EPS-PRIMARY>                                     3.56
<EPS-DILUTED>                                     3.48
<YIELD-ACTUAL>                                    5.10
<LOANS-NON>                                    236,500
<LOANS-PAST>                                    68,800
<LOANS-TROUBLED>                                11,100
<LOANS-PROBLEM>                                      0
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<CHARGE-OFFS>                                  326,000
<RECOVERIES>                                   130,900
<ALLOWANCE-CLOSE>                              908,000
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

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