SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
/X/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1996
-------------
OR
/ / Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
---------- ----------
Commission File Number 0-10489
-----------
CENTENNIAL BANCORP
(Exact name of registrant as specified in its charter)
OREGON 93-0792841
(State of Incorporation) (I.R.S. Employer
Identification Number)
675 Oak Street
Eugene, Oregon 97401
(Address of principal executive offices)
(Zip Code)
(541) 342-3970
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes /X/ No / /
<PAGE>
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of latest practicable date:
4,880,352 shares as of July 31, 1996.
<PAGE>
CENTENNIAL BANCORP
FORM 10-Q
JUNE 30, 1996
INDEX
-----
Page
PART I - FINANCIAL INFORMATION Reference
- ------------------------------ ---------
Condensed Consolidated Balance Sheets as of 4
June 30, 1996 and December 31, 1995.
Condensed Consolidated Statements of Income for 5
the six months and the quarter ended
June 30, 1996 and 1995.
Condensed Consolidated Statements of Cash Flows 6
for the six months ended June 30, 1996
and 1995.
Notes to Condensed Consolidated Financial Statements 7 - 9
Management's Discussion and Analysis of Financial
Condition and Results of Operations:
Overview 10
Material Changes in Financial Condition 10 - 11
Material Changes in Results of Operations 11 - 13
Loan Loss Provision 13
Liquidity and Capital Resources 13 - 14
PART II - OTHER INFORMATION
- ---------------------------
Item 4 - Submission of Matters to a Vote 15
of Security Holders.
Item 6 - Exhibits and Reports on Form 8-K. 15
Signatures 16
<PAGE>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
------------- -------------
<S> <C> <C>
ASSETS
- ------
Cash and cash equivalents:
Cash and due from banks $ 19,364,011 $ 21,991,459
Interest-bearing balances due from banks 2,910,000 6,000,000
Federal funds sold 245,000 8,730,000
------------ ------------
Total cash and cash equivalents 22,519,011 36,721,459
Available-for-sale securities 78,789,825 76,964,342
Loans 226,137,142 186,517,192
Reserve for loan losses (2,209,008) (1,928,372)
------------ ------------
Loans, net 223,928,134 184,588,820
Loans held for sale 4,769,736 4,573,095
Accrued interest receivable 2,923,920 2,536,493
Premises and equipment, net 9,271,850 9,214,564
Intangible assets 496,724 539,618
Other assets 4,364,513 2,325,324
------------ ------------
$347,063,713 $317,463,715
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Liabilities:
Deposits:
Demand $ 73,659,090 $ 70,578,820
Interest-bearing demand 104,670,107 98,600,873
Savings 13,760,027 13,743,140
Time 96,183,985 84,957,459
------------ ------------
Total deposits 288,273,209 267,880,292
Short-term borrowings 18,894,671 11,419,123
Accrued interest and other liabilities 3,376,342 2,574,240
Long-term debt 7,721,000 9,200,000
------------ ------------
Total liabilities 318,265,222 291,073,655
Shareholders' equity:
Preferred stock, $5.00 par value; none issued
Non-voting, 5,000,000 shares authorized -- --
Voting, 5,000,000 shares authorized -- --
Common stock, $2.00 par value; 10,000,000 shares
authorized, 4,880,352 issued and outstanding
(4,651,130 at December 31, 1995) 9,760,704 9,302,260
Surplus 6,911,986 5,829,404
Retained earnings 13,676,501 10,657,696
Net unrealized gain (loss) on securities available-
for-sale, net of deferred income taxes (1,550,700) 600,700
------------ ------------
Total shareholders' equity 28,798,491 26,390,060
------------ ------------
$347,063,713 $317,463,715
============ ============
</TABLE>
See accompanying notes.
<PAGE>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
The Quarter Ended The Six Months Ended
June 30, June 30,
--------------------------- -------------------------
1996 1995 1996 1995
---------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $6,265,594 $5,268,754 $11,982,880 $10,014,919
Interest on investment securities 1,289,922 843,788 2,495,795 1,692,294
Other interest income 72,287 112,254 228,784 138,358
---------- ---------- ----------- -----------
Total interest income 7,627,803 6,224,796 14,707,459 11,845,571
INTEREST EXPENSE
Interest on deposits 2,203,233 1,819,957 4,264,389 3,347,606
Interest on short-term borrowings 275,309 206,241 495,684 416,398
Interest on long-term debt 167,054 154,691 341,871 316,416
---------- ---------- ----------- -----------
Total interest expense 2,645,596 2,180,889 5,101,944 4,080,420
---------- ---------- ----------- -----------
NET INTEREST INCOME 4,982,207 4,043,907 9,605,515 7,765,151
Loan loss provision 135,000 75,000 285,000 150,000
---------- ---------- ----------- -----------
Net interest income after
loan loss provision 4,847,207 3,968,907 9,320,515 7,615,151
NONINTEREST INCOME
Service charges on deposit accounts 243,462 234,710 478,926 461,344
Other 94,439 58,098 199,070 211,620
Loan servicing fees 21,581 112,922 43,457 226,414
Gains on sales of loans 149,748 71,658 285,529 111,156
Gains on sales of investment securities 6,595 20,363 6,595 20,363
--------- ---------- ----------- -----------
Total noninterest income 515,825 497,751 1,013,577 1,030,897
NONINTEREST EXPENSE
Salaries and employee benefits 1,841,441 1,611,539 3,596,614 3,226,622
Premises and equipment 499,691 421,061 940,993 805,329
Legal and professional 135,031 142,899 233,229 253,328
Insurance 13,229 126,092 28,569 271,152
Advertising 132,562 70,490 243,086 158,788
Printing and stationery 84,528 68,557 153,057 134,853
Communications 82,776 80,524 133,632 157,532
Other 254,082 413,882 532,702 726,095
---------- ---------- ----------- -----------
Total noninterest expense 3,043,340 2,935,044 5,861,882 5,733,699
---------- ---------- ----------- -----------
Income before income taxes 2,319,692 1,531,614 4,472,210 2,912,349
Provision for income taxes 753,800 494,700 1,453,400 936,500
---------- ---------- ----------- -----------
NET INCOME $1,565,892 $1,036,914 $ 3,018,810 $ 1,975,849
========== ========== =========== ===========
Earnings per common share:
Primary $ .30 $ .21 $ .58 $ .39
Fully diluted $ .27 $ .19 $ .54 $ .37
Weighted average shares outstanding:
Primary 5,302,357 5,010,091 5,221,448 5,006,892
Fully diluted 6,088,914 5,947,293 6,008,005 5,944,094
</TABLE>
See accompanying notes.
<PAGE>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
The Six Months Ended
June 30,
--------------------------
1996 1995
------------ ------------
<S> <C> <C>
Net cash provided by operating activities $ 3,117,820 $ 5,044,449
Cash flows from investing activities:
Net increase in loans (39,624,314) (17,062,312)
Investment security purchases (14,825,926) (3,014,669)
Proceeds from investment securities:
Maturities 3,376,914 1,965,826
Sales 6,304,169 3,008,018
Purchases of premises and equipment (587,910) (2,319,088)
----------- -----------
Net cash used by investing activities (45,357,067) (17,422,225)
Cash flows from financing activities:
Net increase in deposits 20,392,917 20,678,937
Net increase in short-term borrowings 7,475,548 1,514,732
Proceeds from issuance of common stock 168,334 54,145
----------- -----------
Net cash provided by financing activities 28,036,799 22,247,814
----------- -----------
Net increase (decrease) in cash and cash equivalents (14,202,448) 9,870,038
Cash and cash equivalents at beginning of period 36,721,459 25,358,038
----------- -----------
Cash and cash equivalents at end of period $22,519,011 $35,228,076
=========== ===========
Supplemental Disclosure of Cash Flow Information:
Noncash investing and financing activities:
Conversion of debentures to common stock $ 1,479,000 $ --
Net costs attributable to debentures converted (106,219) --
Cash paid in lieu of issuance of fractional shares (90) --
---------- -----------
$ 1,372,691 $ --
=========== ===========
</TABLE>
See accompanying notes.
<PAGE>
CENTENNIAL BANCORP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
---------------------
The interim condensed consolidated financial statements
include the accounts of Centennial Bancorp, a bank
holding company ("Bancorp"), and its wholly owned
subsidiaries, Centennial Bank ("Bank") and Centennial
Mortgage Co. ("Mortgage Co."). The Bank is an Oregon state-
chartered bank which provides commercial banking services.
Mortgage Co. originates residential mortgage loans for
resale in the secondary market.
The interim condensed consolidated financial statements are
unaudited, but include all adjustments, consisting only of
normal accruals, which Bancorp considers necessary for a
fair presentation of the results of operations for such
interim periods.
All significant intercompany balances and transactions have
been eliminated in consolidation.
The interim condensed consolidated financial statements
should be read in conjunction with the consolidated
financial statements, including the notes thereto, included
in Bancorp's 1995 Annual Report to Shareholders.
Certain amounts for 1995 have been reclassified to conform
with the 1996 presentation.
2. Divestiture
-----------
In August 1995, Bancorp sold substantially all the assets of
its subsidiary, Harding Fletcher Co. ("Harding Fletcher"),
for $746,000 in cash and assets, recognizing a pretax gain
of approximately $64,000. Harding Fletcher provided
commercial mortgage banking services and loan servicing.
Exclusive of the gain recognized, this transaction did not
have a significant impact on Bancorp's operating results.
<PAGE>
3. Loans and Reserve for Loan Losses
---------------------------------
The composition of the loan portfolio was as follows:
June 30, December 31,
1996 1995
------------ ------------
Real estate - mortgage $ 60,198,876 $ 54,631,309
Real estate - construction 55,209,801 44,002,950
Commercial 101,126,374 78,252,968
Installment 6,217,970 5,929,351
Lease financing 3,610,939 4,001,250
Other 556,213 310,737
------------ ------------
226,920,173 187,128,565
Less deferred loan fees (783,031) (611,373)
------------ ------------
$226,137,142 $186,517,192
============ ============
Loans held for sale of $4,769,736 and $4,573,095 at June 30,
1996 and December 31, 1995, respectively, represent real
estate mortgage loans. These loans are recorded at cost
which approximates market.
Transactions in the reserve for loan losses were as follows
for the six months ended June 30:
1996 1995
----------- -----------
Balance at beginning of period $1,928,372 $1,700,130
Provision charged to operations 285,000 150,000
Recoveries 4,722 17,800
Loans charged off (9,086) (23,214)
---------- ----------
Balance at end of period $2,209,008 $1,844,716
========== ==========
It is Bancorp's policy to place loans on nonaccrual status
whenever the collection of all or a part of the principal
balance is in doubt. Loans placed on nonaccrual status may
or may not be contractually past due at the time of such
determination, and may or may not be secured by collateral.
Loans on nonaccrual status at June 30, 1996 and December 31,
1995 were approximately $1,099,000 and $478,000,
respectively.
<PAGE>
Loans past due 90 days or more on which Bancorp continued to
accrue interest were approximately $379,000 at June 30,
1996, and approximately $645,000 at December 31, 1995.
There were no loans on which the interest rate or payment
schedule were modified from their original terms to
accommodate a borrower's weakened financial position at
June 30, 1996 or December 31, 1995.
4. Earnings Per Common Share
-------------------------
Primary earnings per common share is calculated by dividing
net income by the weighted average shares outstanding.
Weighted average shares outstanding consists of common
shares outstanding and common stock equivalents attributable
to outstanding stock options.
Fully diluted earnings per share is calculated by dividing
net income plus after-tax interest incurred on the 7%
Convertible Debentures by common shares outstanding, common
stock equivalents attributable to outstanding stock options,
and shares assumed to be issued on conversion of the
Convertible Debentures.
The weighted average number of shares and common share
equivalents have been adjusted to give retroactive effect to
a 21-for-20 stock split declared July 16, 1996.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
- --------
Centennial Bancorp reported net income of $3,018,810, or
$.58 per share (primary), for the six months ended June 30, 1996.
This represented a 53% increase in net income, as compared to
$1,975,849, or $.39 per share, for the six months ended June 30,
1995. Net income of $1,565,892, or $.30 per share, for the
quarter ended June 30, 1996 similarly represented a 51% increase
in net income as compared to $1,036,914, or $.21 per share for
the quarter ended June 30, 1995. The increased earnings during
the six months and the quarter ended June 30, 1996 reflected
primarily the expansion of Bancorp's interest-earning assets and
increased net interest income.
The net income added to shareholders' equity during the six
months and the second quarter of 1996 was offset in part by a
decrease in the valuation of Bancorp's investment portfolio of
available-for-sale securities. This decrease in the value of the
available-for-sale securities resulted from an increase in
interest rates which caused bond prices to decrease. Management
believes that the net unrealized loss on available-for-sale
securities, net of deferred income taxes, will be reduced during
the remainder of 1996 as interest rates and the bond market
stabilize.
MATERIAL CHANGES IN FINANCIAL CONDITION
- ---------------------------------------
Material changes in financial condition for the six months
ended June 30, 1996 include an increase in total assets,
primarily in loans and loans held for sale, and available-for-
sale securities. Funds were provided for these changes by
increases in total deposits and short-term borrowings, a decrease
in cash and cash equivalents, and earnings.
At June 30, 1996, total assets increased 9.3%, or
approximately $29.6 million, over total assets at December 31,
1995. An increase of $39.8 million in loans and loans held for
sale represented the majority of the increase in total assets.
The increase in loans and loans held for sale was primarily due
to increased commercial loan and real estate mortgage and
construction activity. The Pacific Corporate Center Branch of
the Bank continues to provide most of the new loan activity;
however, increases in loan activity were also noted in the
Eugene, Springfield and Cottage Grove markets.
<PAGE>
Available-for-sale securities increased approximately
$1.8 million at June 30, 1996 as compared to December 31, 1995.
The increase represented the purchase of securities issued by
states and political subdivisions in excess of sales and
maturities of U.S. Treasury and U.S. Government agency
securities. The increase in available-for-sale securities at
June 30, 1996 was offset in part by a decrease in the market
valuation of Bancorp's available-for-sale securities.
Cash and cash equivalents decreased at June 30, 1996 as
compared to December 31, 1995. This decrease was primarily due
to decreases in interest-bearing balances due from banks and
federal funds sold, both of which represent temporary investments
of excess funds which can fluctuate significantly on a daily
basis.
Other assets increased $2.0 million at June 30, 1996 as
compared to December 31, 1995. This increase was primarily
attributable to an increase in deferred tax assets as a result of
the decrease in the market valuation of Bancorp's available-for-
sale securities.
Bancorp experienced an increase in total deposits of $20.4
million during the first six months of 1996. All categories of
deposits increased. Management believes that the increases in
demand and interest-bearing demand deposits were due to Bancorp's
increased business activities, and that the increase in time
deposits was due to offering more competitive interest rates on
time deposits.
Short-term borrowings increased $7.5 million at June 30,
1996 as compared to December 31, 1995. During the quarter ended
March 31, 1996, Bancorp borrowed $10.4 million at a favorable
interest rate from the Federal Home Loan Bank of Seattle and
reinvested those funds in securities issued by states and
political subdivisions.
All other changes experienced in asset and liability
categories during the first six months of 1996 were comparatively
modest.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
- -----------------------------------------
Total interest income increased approximately $2.9 million
for the six months and approximately $1.4 million for the quarter
ended June 30, 1996 as compared to the same periods in 1995.
These increases were primarily due to increases in loans and
loans held for sale and available-for-sale securities held during
1996 as compared to 1995.
<PAGE>
Total interest expense similarly increased approximately
$1.0 million for the six months and approximately $464,700 for
the quarter ended June 30, 1996 as compared to the comparable
1995 periods. These increases were primarily due to the increase
in deposits held during 1996 as compared to 1995, but were also
due to increased short-term borrowings during the 1996 periods.
The increase in interest earned, offset in part by the
increase in interest paid, served to increase Bancorp's net
interest income by approximately $1.8 million (or 24%) for the
six-month period, and approximately $938,300 (or 23%) for the
second quarter of 1996 over the comparable periods of 1995. Net
income per common share (primary) increased to $.58 for the first
six months of 1996 from $.39 for the first six months of 1995,
and increased to $.30 from $.21 for the comparable second quarter
periods.
Noninterest income decreased approximately $17,300 for the
six months, but increased approximately $18,100 for the quarter
ended June 30, 1996 as compared to the comparable 1995 periods.
The decrease for the six-month period was primarily attributable
to a decrease in loan servicing fees due to the sale of Harding
Fletcher in August 1995, which also served to offset in part the
increase in other income for the quarter ended June 30, 1996.
The decrease in loan servicing fees during the six-month period
was offset in part by an increase in gains recognized on sales of
residential mortgage loans originated by Mortgage Co.
Noninterest expense increased approximately $128,200 for the
six months ended June 30, 1996 as compared to the comparable 1995
period. Approximately $108,300 of the increase in noninterest
expense was incurred during the quarter ended June 30, 1996. The
increases for the six-month and the quarterly periods were
primarily attributable to increases in salaries and employee
benefits, premises and equipment, and advertising, which were
offset in part by decreases in insurance expenses and other
noninterest expense.
Salaries and employee benefits increased approximately
$370,000 during the six months and the quarter ended June 30,
1996 as compared to the 1995 periods, which was due to additions
to the Bank's and Mortgage Co.'s staffs to accommodate Bancorp's
increased business activities.
Premises and equipment expense increased approximately
$135,700 during the six months and approximately $78,600 during
the quarter ended June 30, 1996 as compared to the comparable
1995 periods. These increases were primarily due to the
additional expenses incurred in the Bank's occupancy of the
Pacific Corporate Center Branch permanent facility, which
occurred in June 1995.
<PAGE>
Insurance expense decreased approximately $242,600 during
the six months and approximately $112,900 during the quarter
ended June 30, 1996 as compared to the comparable 1995 periods.
These decreases were attributable to the decreased assessment
rate for Federal Deposit Insurance coverage.
Other noninterest expense decreased approximately $193,400
during the six months and approximately $159,800 during the
quarter ended June 30, 1996 as compared to the comparable 1995
periods. These decreases were attributable to the recovery of
the value of assets previously written off.
LOAN LOSS PROVISION
- -------------------
During the six months ended June 30, 1996, Bancorp charged a
$285,000 loan loss provision to operations, as compared to
$150,000 charged during the six months ended June 30, 1995.
Loans charged off, net of recoveries, during the six months ended
June 30, 1996 were $4,364, as compared to net charge-offs of
$5,414 for the 1995 six-month period.
The $135,000 increase in the loan loss provision has been
established to provide coverage for the significant increase in
loans and Bancorp's anticipated continued growth. Management
believes that the reserve for loan losses is adequate for
potential loan losses, based on management's assessment of
various factors, including present delinquent and non-performing
loans, past history of industry loan loss experience, and present
and anticipated future economic trends impacting the areas and
customers served by Bancorp.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Bancorp's principal subsidiary, Centennial Bank, has adopted
policies to maintain a relatively liquid position to enable it to
respond to changes in the Bank's needs and financial environment.
Generally, the Bank's major sources of liquidity are customer
deposits, sales and maturities of investment securities, the use
of federal funds markets and net cash provided by operating
activities. Scheduled loan repayments are a relatively stable
source of funds, while deposit inflows and unscheduled loan
prepayments, which are influenced by general interest rate
levels, interest rates available on other investments,
competition, economic conditions and other factors, are not.
<PAGE>
Along with federal funds lines, the Bank maintains a cash
management advance with the Federal Home Loan Bank, Seattle,
Washington, which allows temporary borrowings for liquidity.
At June 30, 1996, Bancorp's Tier 1 and total risk-based
capital ratios under the Federal Reserve Board's ("FRB") risk-
based capital guidelines were approximately 11.0% and 11.8%,
respectively. The FRB's minimum risk-based capital ratio
guidelines for Tier 1 and total capital are 4% and 8%,
respectively.
At June 30, 1996, Bancorp's capital-to-assets ratio under
leverage ratio guidelines was approximately 8.6%. The FRB's
current minimum leverage capital ratio guideline is 3%.
<PAGE>
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
- ------------------------------------------------------------
Centennial Bancorp held its annual meeting of shareholders
on May 15, 1996. At the meeting, Dan Giustina, Cordy H. Jensen,
Robert L. Newburn, Brian B. Obie and Richard C. Williams were
reelected to the Board of Directors for one-year terms. Voting
on the election of directors was as follows:
Votes Votes Broker
For Withheld Non-Votes
--------- -------- ---------
Dan Giustina 3,804,603 29,040 -0-
Cordy H. Jensen 3,804,548 29,095 -0-
Robert L. Newburn 3,804,638 29,005 -0-
Brian B. Obie 3,803,294 30,349 -0-
Richard C. Williams 3,803,653 29,990 -0-
In addition to the election of the Board of Directors,
shareholders also approved the 1995 Stock Incentive Plan. A
reconcilement of the shares voted for the Plan is as follows:
For 3,610,116
Against 172,281
Abstain 51,245
Broker non-votes -0-
Item 6. Exhibits and Reports on Form 8-K.
- -----------------------------------------
None.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
CENTENNIAL BANCORP
Dated: August 13, 1996 /s/ Richard C. Williams
-----------------------------------
Richard C. Williams
President & Chief Executive Officer
Dated: August 13, 1996 /s/ Michael J. Nysingh
-----------------------------------
Michael J. Nysingh
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM CENTENNIAL BANCORP'S CONSOLIDATED FINANCIAL STATEMENTS
CONTAINED IN ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD
ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 19,364,011
<INT-BEARING-DEPOSITS> 2,910,000
<FED-FUNDS-SOLD> 245,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 78,789,825
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 226,137,142
<ALLOWANCE> (2,209,008)
<TOTAL-ASSETS> 347,063,713
<DEPOSITS> 288,273,209
<SHORT-TERM> 18,894,671
<LIABILITIES-OTHER> 3,376,342
<LONG-TERM> 7,721,000
0
0
<COMMON> 9,760,704
<OTHER-SE> 19,037,787
<TOTAL-LIABILITIES-AND-EQUITY> 347,063,713
<INTEREST-LOAN> 11,982,880
<INTEREST-INVEST> 2,495,795
<INTEREST-OTHER> 228,784
<INTEREST-TOTAL> 14,707,459
<INTEREST-DEPOSIT> 4,264,389
<INTEREST-EXPENSE> 5,101,944
<INTEREST-INCOME-NET> 9,605,515
<LOAN-LOSSES> 285,000
<SECURITIES-GAINS> 6,595
<EXPENSE-OTHER> 5,861,882
<INCOME-PRETAX> 4,472,210
<INCOME-PRE-EXTRAORDINARY> 3,018,810
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,018,810
<EPS-PRIMARY> .58
<EPS-DILUTED> .54
<YIELD-ACTUAL> 0
<LOANS-NON> 1,099,000
<LOANS-PAST> 379,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,928,372
<CHARGE-OFFS> 9,086
<RECOVERIES> 4,722
<ALLOWANCE-CLOSE> 2,209,008
<ALLOWANCE-DOMESTIC> 2,209,008
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
</FN>
</TABLE>
