<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
-----------------
Commission file number 2-78572
---------
UNITED BANCORPORATION OF ALABAMA, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 63-0833573
- -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
P.O. Drawer 8, Atmore, Alabama 36504
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(334) 368-2525
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code:
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 report(s), 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 March 31, 1998.
Class A Common Stock....516,385 Shares
Class B Common Stock.... -0- Shares
<PAGE> 2
UNITED BANCORPORATION OF ALABAMA, INC.
FORM 10-Q
For the Quarter Ended March 31, 1998
INDEX
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION PAGE
- ------------------------------ ----
<S> <C>
Item 1. Financial Statements
Condensed Consolidated Balance Sheets 3
Condensed Consolidated Statements of Earnings 4
Consolidated Statement's of Stockholders' Equity 5
Consolidated Statement of Cash Flows 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8
Item 3. Market Risk Disclosures 11
PART II - OTHER INFORMATION
- ---------------------------
Item 6. (a) Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K 12
</TABLE>
2
<PAGE> 3
ITEM 1. UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
CONDENSED CONSOLIDATED
STATEMENT OF CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
Assets
Cash and due from banks $ 8,376,152 8,465,030
Federal funds sold 2,330,000 2,710,000
------------ -------------
Cash and cash equivalents 10,706,152 11,175,030
Interest bearing deposits with other
financial institutions 100,443 100,920
Securities Available for sale 57,182,726 38,649,802
Investment securities (market values of $23,000,395 22,614,875 24,914,930
and $25,077,650 respectively)
Loans 88,165,151 87,237,875
Less: Unearned income 313,357 466,859
Allowance for loan losses 1,354,601 1,443,135
------------ -------------
Net loans 86,497,193 85,327,881
Premises and equipment, net 2,262,997 2,060,477
Interest receivable and other assets 2,545,178 2,316,032
------------ -------------
Total assets 181,909,564 164,545,072
============ =============
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing $22,392,589 21,669,112
Interest bearing 129,148,405 113,612,701
------------ -------------
Total deposits 151,540,994 135,281,813
Securities sold under agreements to repurchase 9,724,566 8,972,154
Other borrowed funds 4,096,310 2,729,885
Accrued expenses and other liabilities 1,502,400 2,934,161
------------ -------------
Total liabilities 166,864,270 149,918,013
Stockholders' equity:
Class A common stock. Authorized 975,000
shares of $.01 par value; 548,160
shares issued 5,482 5,482
Class B common stock of $.01 par value.
Authorized 250,000 shares;
-0- shares issued and outstanding. 0 0
Preferred stock of $.01 par value. Authorized
250,000 shares; -0- shares issued
and outstanding. 0 0
Surplus 3,476,518 3,476,518
Accumulated other comprehensive income 222,034 228,757
Retained earnings 11,806,849 11,381,892
------------ -------------
15,510,883 15,092,649
Less 31,775 and 31,775 treasury shares, at cost 465,590 465,590
------------ -------------
Total stockholders' equity 15,045,294 14,627,059
------------ -------------
Total liabilities and stockholders' equity 181,909,564 164,545,072
============ =============
</TABLE>
3
<PAGE> 4
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1998 1997
<S> <C> <C>
Interest income:
Interest and fees on loans 2,239,439 1,887,734
Interest on investment securities Available for Sale:
Taxable 601,835 492,968
Nontaxable 74,086 57,557
Interest on investment securities Held to Maturity:
Taxable 213,999 255,068
Nontaxable 129,533 84,169
----------- -----------
Total investment income 1,019,453 889,762
Other interest income 82,100 103,336
----------- -----------
Total interest income 3,340,992 2,880,832
Interest expense:
Interest on deposits 1,402,045 1,174,524
Interest on other borrowed funds 175,543 100,835
----------- -----------
Total interest expense 1,577,588 1,275,359
Net interest income 1,763,404 1,605,473
Provision for loan losses 60,000 60,000
----------- -----------
Net interest income after
provision for loan losses 1,703,404 1,545,473
Noninterest income:
Service charge on deposits 241,234 243,582
Commission on credit life 11,537 12,851
Investment securities gains and losses, net 0 (6,586)
Other 84,996 194,815
----------- -----------
Total noninterest income 337,767 444,662
Noninterest expense:
Salaries and benefits 789,758 718,915
Net occupancy expense 218,120 212,610
Other 442,390 395,996
----------- -----------
Total non-interest expense 1,450,268 1,327,521
Earnings before income tax expense 590,903 662,614
Income tax expense 165,945 200,640
----------- -----------
Net earnings 424,958 461,974
=========== ===========
Basic earnings per share $ 0.82 $ 0.89
Weighted average shares outstanding 516,385 516,385
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
Statement of Comprehensive Income
Net Income 424,958 461,974
Other Comprehensive Income, net of tax:
Unrealized Holding gains arising during the period (6,723) (165,078)
Less: Reclassification adjustment for gains (losses)
included in net income -- (3,952)
----------- -----------
Comprehensive income 418,235 300,848
=========== ===========
</TABLE>
4
<PAGE> 5
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE PERIODS ENDED
(UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Retained
stock Surplus earnings
<S> <C> <C> <C> <C>
Balance December 31, 1994 548,160 5,482 3,476,518 8,291,545
Net earnings 1995 -- -- 1,230,362
Cash dividends declared ($.50 per share) -- -- (258,192)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses)
on investments available for sale
Cash dividends payable on partial shares
----------- ----------- ----------- -----------
Balance December 31, 1995 548,160 5,482 3,476,518 9,263,715
Net earnings 1996 1,473,027
Cash dividends declared ($1.00 per share) -- -- (516,386)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses)
on investments available for sale -- --
----------- ----------- ----------- -----------
Balance December 31, 1996 548,160 5,482 3,476,518 10,220,356
Net earnings 1997 1,729,559
Cash dividends declared ($1.10 per share) (568,023)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses)
on investments available for sale -- --
----------- ----------- ----------- -----------
Balance December 31, 1997 548,160 5,482 3,476,518 11,381,892
Net earnings three months ended March 1998 424,958
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses)
on investments available for sale
Balance March 31, 1998 --
----------- ----------- ----------- -----------
548,160 5,482 3,476,518 11,806,850
=========== =========== =========== ===========
<CAPTION>
Accumulated
Other Total
Comprehensive Treasury stockholders'
Income stock equity
<S> <C> <C> <C>
Balance December 31, 1994 (637,286) (465,590) 10,670,669
Net earnings 1995 -- 1,230,362
Cash dividends declared ($.50 per share) -- (258,192)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses) -- --
on investments available for sale 754,699 754,699
Cash dividends payable on partial shares --
----------- ----------- -----------
Balance December 31, 1995 117,413 (465,590) 12,397,538
Net earnings 1996 1,473,027
Cash dividends declared ($1.00 per share) (516,386)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses) --
on investments available for sale (91,130) -- (91,130)
----------- ----------- -----------
Balance December 31, 1996 26,283 (465,590) 13,263,049
Net earnings 1997 1,729,559
Cash dividends declared ($1.10 per share) (568,023)
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses) --
on investments available for sale 202,474 -- 202,474
----------- ----------- -----------
Balance December 31, 1997 228,757 (465,590) 14,627,059
Net earnings three months ended March 1998 424,958
Other Comprehensive Income, net of tax
Net Change in unrealized gain (losses) --
on investments available for sale --
Balance March 31, 1998 (6,723) (6,723)
----------- ----------- -----------
222,034 (465,590) 15,045,294
=========== =========== ===========
</TABLE>
5
<PAGE> 6
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIOD ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
Operating Activities
Net Income $ 424,958 $ 461,974
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities
Provision for Loan Losses 60,000 60,000
Depreciation on Premises and Equipment 74,259 84,567
Amortization of Investment Securities 17,550 13,758
Amortization of Investment Securities Available for Sale 32,716 14,247
(Gain) Loss on Sale of Investment Securities Available for Sale -- --
(Gain) Loss on Sale of Investment Securities Held for Sale -- 6,586
(Gain) Loss on Sale of Other Real Estate -- --
(Gain)Loss on Disposal of Premises and Equipment (3,500) (171)
Writedown of Other Real Estate -- --
(Increase) Decrease in Interest Receivable
and Other Assets (262,163) 195,732
Increase (Decrease) in Deferred Income Taxes -- --
Increase (Decrease) in Accrued Expenses
and Other Liabilities (1,431,761) 248,841
------------ ------------
Net Cash Provided (Used) by Operating Activities (1,087,941) 1,085,534
------------ ------------
Investing Activities
Proceeds From Interest-bearing Deposits in
Other Financial Institutions 477 416
Purchases of Interest-bearing Deposits in
Other Financial Institutions -- --
Proceeds From Sales of Investment Securities -- --
Proceeds From Sales of Investment Securities Available for Sale -- 1,999,651
Proceeds From Maturities of Investment Securities 2,972,706 797,595
Proceeds From Maturities of Investment Securities Available for Sale 4,698,203 540,482
Purchases of Investment Securities (690,201) (259,741)
Purchases of Investment Securities Available for Sale (23,275,049) (4,286,173)
Net (Increase) Decrease in Loans (1,229,312) (1,548,338)
Purchases of Premises and Equipment (276,779) (56,433)
Proceeds From Sales of Premises and Equipment 3,500 3,400
Purchases of Other Real Estate -- 55,000
Proceeds From Sales of Other Real Estate 37,500 --
------------ ------------
Net Cash Provided (Used) by Investing Activities (17,758,955) (2,754,141)
------------ ------------
Financing Activities
Net Increase (Decrease) in Deposits, 16,259,181 4,797,239
Net Increase (Decrease) in securities sold under
agreement to repurchase 752,412 1,349,134
Cash Dividends -- --
Purchase of Treasury Stock -- --
Increase (Decrease) in Other Borrowed Funds 1,366,425 340,422
------------ ------------
Net Cash Provided (Used) by Financing Activities 18,378,018 6,486,795
------------ ------------
Increase (Decrease) in Cash and Cash Equivalents (468,878) 4,818,188
Cash and Cash Equivalents at Beginning of Period 11,175,030 8,789,453
------------ ------------
Cash and Cash Equivalents at End of Period $ 10,706,152 $ 13,607,641
============ ============
Supplemental disclosures
Cash paid during the period for;
Interest 1,582,867 1,228,169
============ ============
Income taxes 0 0
============ ============
</TABLE>
6
<PAGE> 7
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Notes to Consolidated Financial Statements
NOTE 1 - General
The consolidated financial statements in this report have not been audited. In
the opinion of management, all adjustments necessary to present fairly the
financial position and the results of operations and cash flows for the interim
periods have been made. All such adjustments are of a normal recurring nature.
The results of operations are not necessarily indicative of the results of
operations for the full year or any other interim periods. For further
information, refer to the consolidated financial statements and footnotes
included in the Company's annual report on Form 10-K for the year ended December
31, 1997.
NOTE 2 - New Accounting Pronouncements
Earnings per share are computed in accordance with Statement of Financial
Accounting Standards (SFAS) No. 128, "Earnings Per Share." SFAS No. 128 requires
the replacement of previously reported primary and fully diluted earnings per
share under Accounting Principles Board Opinion No. 15 with basic earnings per
share and diluted earnings per share. Basic income per share is computed on the
weighted average number of shares outstanding in accordance with SFAS 128
Earnings per Share. The Company does not have stock option plans or other
stock-based compensation plans that would result in potential common shares and
thus diluted earnings per share are identical to basic earnings per share.
Effective January 1, 1998, the Company adopted the (SFAS) No. 130 "Reporting
Comprehensive Income", which requires disclosure, in financial statement
format, all non-owner changes in equity. Adoption of this statement requires
the presentation of comprehensive income, which includes the unrealized gain of
loss on investment securities.
7
<PAGE> 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
The following financial review is presented to provide an analysis of the
results of operations of United Bancorporation of Alabama, Inc. (the
"Corporation"), and its subsidiary for the three months ended March 31, 1998,
and 1997, compared. This review should be used in conjunction with the
consolidated financial statements included in the Form 10-Q.
Net income after taxes for the three months ended March 31, 1998, was $424,958,
a decrease of $37,016, or 8.01%, as compared to $461,974 for the same period in
1997. This decrease is due to an insurance settlement of $121,000 in 1997.
Total interest income increased $460,160, or 15.97% to $3,340,992 in 1998, from
$2,880,832 in 1997. Average interest earning assets were $161,247,219 for the
first quarter of 1998 as compared to $140,031,259 for the same period in 1997,
an increase of $21,215,960 or 15.15%. The average rate earned in 1998 was 8.40%
as compared to 8.34% in 1997, reflecting the stable interest rates on loans
during 1998. Thus, the increase in total interest income in 1998 is attributed
to the increase in volume of earning assets. The net interest margin decreased
to 4.43% for the first quarter of 1998 as compared to 4.65% for the same period
in 1997. This decrease reflects an increase in cost of funds.
Total interest expense increased by $312,229, or 23.70%, in 1998 to $1,577,588
from $1,275,359 in 1997. Average interest bearing liabilities increased to
$142,466,082 in 1998 from $113,960,449 in 1997, an increase of $28,505,633, or
25.01%. The average rate paid during the first quarter of 1998 was 4.80% as
compared to 4.54% for the same period in 1997. The increase in interest expense
is attributed to the increase in interest bearing liabilities and the higher
interest rates paid. The Bank received approximately 15,000,000 in interest
bearing checking accounts based on a floating rate of 61.8% of prime. The
account is currently paying 5.25%. These deposits were a competitive bid on
public funds, and the contract runs for three years.
The provision for loan losses remained constant at $60,000 for the first three
months of 1998 as compared to $60,000 for the same period in 1997. Net
charged-off loans for the first quarter of 1998 were $148,534, as compared to
$9,028 net charge-offs in 1997. This increase consist of several small loans
spread throughout all sectors of the Bank.
The allowance for loan losses represents 1.54% of gross loans at March 31, 1998,
as compared to 1.65% at year-end 1997. Loans on which the accrual of interest
had been discontinued amounted to $297,709 at March 31, 1998, as compared to
$405,236 at December 31, 1997.
8
<PAGE> 9
Total non-interest income decreased to $337,767 for the first quarter of 1998,
as compared to $444,662 for the same period of 1997, a decrease of $106,895, or
24.03%. Service charges on deposits decreased $2,348, or .96%, to $241,234 in
1998 from $243,582 in 1997. Commissions on credit life decreased to $11,537 in
1998 from $12,851 in 1997. Other income decreased during the first quarter of
1998 to $84,996 from $194,815 in 1997. Resulting in a decrease of $109,819 or
56.37%, this can be attributed to the insurance settlement of $121,000 received
in 1997.
Total non-interest expense increased $122,747, or 9.25%, to $1,450,268 during
the first quarter of 1998, as compared to $1,327,521 for the same period in
1997. Salaries and benefits increased to $789,758 in 1998 from $718,915 in 1997,
an increase of $70,843 or 9.85%. The Corporation has added one new branch since
March of 1997, therefore causing the increase in salaries and benefits.
Occupancy expense increased $5,510, or 2.59%, to $218,120 in 1998 from $212,610
in 1997. Other expense increased to $442,390 during the first quarter of 1998
from $395,996 for the same period in 1997, an increase of $46,394, or 11.72%.
This increase can be traced to marketing which increased $25,048 and supplies
which increased $13,061. The marketing increase is a result of advertising in
the new markets the Bank has entered into in the last several years.
Earnings before taxes for the first quarter of 1998 decreased $71,711, or
10.82%, to $590,903 from $662,614 for the same period of 1997. Income tax
expense decreased to $165,945 in 1998 from $200,640 in 1997, a decrease of
$34,695, or 17.29%. The effective tax rate decreased from 30.28% to 28.08%
as a result of the Bank carrying more tax free bonds.
Financial Condition and Liquidity
Total assets on March 31, 1998, were $181,909,564, as compared to $164,545,072
on December 31, 1997, an increase of $17,364,492, or 10.55%. Average total
assets for the first quarter of 1998 were $171,119,129 as compared to
$149,294,764 for the same period in 1997. Net loans increased to $86,497,193 at
March 31, 1998, from $85,327,881 at year end 1997, an increase of $1,169,312, or
1.37%. The loan to deposit ratio (net loans) on March 31, 1998 was 57.08%, as
compared to 63.07% on December 31, 1997. This decrease is the result of the
large deposit received in the first quarter of 1998.
Fed Funds Sold decreased to $2,330,000 on March 31, 1998, as compared to
$2,710,000 on December 31, 1997, a decrease of $380,000. The investment
securities available for sale increased to $57,182,726 in the first quarter of
1998 from $38,649,802 at December 31, 1997. The large deposit received is
subject to a three year contract. The Bank, in an attempt to maximize return
and minimize risk invested the excess cash in variable rate mortgage back
securities, these securities are held in AFS in case the Bank needs the
securities for liquidity purposes at the end of the three year contract. The
investment securities held to maturity decreased to $22,614,875 at March 31,
1998 from $24,914,930 at December 31, 1997.
Non-performing Assets: The following table sets forth the Corporation's
non-performing assets at March 31, 1998 and December 31, 1997. Under the
Corporation's nonaccrual policy, a loan is placed on nonaccrual status when
collectibility of principal and interest is in doubt or when principal and
interest is 90 days or more past due.
9
<PAGE> 10
<TABLE>
<CAPTION>
March December
Description 1998 1997
(Dollars in Thousands)
<S> <C> <C> <C>
(A) Loans accounted for on a $ 298 $ 405
nonaccrual basis
(B) Loans which are contractually
past due ninety days or more as
to interest or principal payments
(excluding balances included in
(A) above). 12 15
(C) Loans, the term of which have
been renegotiated to provide a
reduction or deferral of interest
or principal because of a
deterioration in the financial
position of the borrower. 39 36
(D) Other non-performing assets 11 48
</TABLE>
Total deposits increased $16,259,181, or 12.02%, to $151,540,994 on March 31,
1998, from $135,281,813 at year end. Non-interest bearing deposits increased to
$22,392,589 at quarter end from 1997's year end total of $21,669,112, an
increase of $723,477, or 3.34%. Interest bearing deposits increased $15,535,704,
or 13.67%, to a $129,148,405 on March 31, 1998, from $113,612,701 at December
31, 1997. Average total deposits for the first quarter of 1998 were
$141,084,491, as compared to $126,004,478 for the same period in 1997.
The Corporation relies primarily on internally generated capital growth to
maintain capital adequacy. Total stockholders' equity on March 31, 1998, was
$15,045,294, an increase of $418,235, or 2.86%, from $14,627,059 at year end
1997.
Primary capital to total assets at March 31, 1998, was 8.27%, as compared to
8.89% at year end 1997. Total capital and allowances for loan losses to total
assets at March 31, 1998 was 9.02%, as compared to 9.76% at December 31, 1997.
The Corporation's bank subsidiary, United Bank, had risk based capital of
$15,498,000, or 15.62%, at March 31, 1998, as compared to $15,316,000, or 16.24%
at year end 1997. United Bank had excess risk based capital of 7.62% at March
31, 1998, and 8.24% at December 31, 1997, based upon the minimum requirement of
8.00%. Based on management's projection, internally generated capital should be
sufficient to satisfy capital requirements in the foreseeable future, for
existing operations, but the continual growth into new markets may require the
Bank to access external funding sources.
10
<PAGE> 11
Y2K
The Bank continues its effort to insure that the Bank's computer systems are
year 2000 compliant, by compiling information on vendors and making the year
2000 a credit issue. The Bank is still on schedule to start testing in June of
1998. For further information refer to Company's Form 10-K.
Market Risk Disclosures
The corporation's market risk has not materially changed in the last three
months. For further information refer to Company's Form 10-K.
11
<PAGE> 12
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(A) Exhibit 27 Financial Data Schedule
(B) During the three months ended March 31, 1998, the Corporation
did not file a Form 8-K Current Report with the Securities and
Exchange Commission.
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.
UNITED BANCORPORATION OF ALABAMA, INC.
Date: May 12, 1998 /s/ Robert R. Jones, III
------------ ------------------------
Robert R. Jones, III
President
11
<PAGE> 13
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
- ------- -------
<S> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S INTERIM FINANCIAL STATEMENTS FOR FISCAL PERIOD ENDED 3-31-98 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 8,376,152
<INT-BEARING-DEPOSITS> 100,443
<FED-FUNDS-SOLD> 2,330,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 57,182,726
<INVESTMENTS-CARRYING> 22,614,875
<INVESTMENTS-MARKET> 23,000,395
<LOANS> 88,165,151
<ALLOWANCE> 1,354,601
<TOTAL-ASSETS> 181,909,564
<DEPOSITS> 151,540,994
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,502,400
<LONG-TERM> 3,679,935
0
0
<COMMON> 5,482
<OTHER-SE> 15,039,812
<TOTAL-LIABILITIES-AND-EQUITY> 181,909,564
<INTEREST-LOAN> 2,239,439
<INTEREST-INVEST> 1,019,453
<INTEREST-OTHER> 82,100
<INTEREST-TOTAL> 3,340,992
<INTEREST-DEPOSIT> 1,402,045
<INTEREST-EXPENSE> 175,543
<INTEREST-INCOME-NET> 1,763,404
<LOAN-LOSSES> 60,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,450,268
<INCOME-PRETAX> 590,903
<INCOME-PRE-EXTRAORDINARY> 165,945
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 424,958
<EPS-PRIMARY> .82
<EPS-DILUTED> .82
<YIELD-ACTUAL> 8.40
<LOANS-NON> 297,709
<LOANS-PAST> 12,000
<LOANS-TROUBLED> 39,000
<LOANS-PROBLEM> 0<F1>
<ALLOWANCE-OPEN> 1,443,135
<CHARGE-OFFS> 157,276
<RECOVERIES> 8,742
<ALLOWANCE-CLOSE> 60,000
<ALLOWANCE-DOMESTIC> 1,354,601
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>INFORMATION NOT CONTAINED IN FINANCIAL STATEMENTS.
</FN>
</TABLE>
