QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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 period ended March 31, 1997
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 2-78658
INTRUST Financial Corporation
-----------------------------
(Exact name of registrant as specified in its charter)
Kansas 48-0937376
------ ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
105 North Main Street 67201
Box One -----
Wichita, Kansas (Zip Code)
---------------
(Address of principal (316) 383-1111
executive offices) --------------
(Registrant's
telephone number)
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. X Yes No
At April 9, 1997, there were 2,201,110 shares of the registrant's common stock,
par value $5 per share, outstanding.
<PAGE>
Part 1. Financial Information
INTRUST Financial Corporation
Consolidated Condensed Statements of Financial Condition
(Unaudited)
(Dollars in thousands except per share data)
March 31, December 31,
Assets 1997 1996
- --------------------------------------------------------------------------------
Cash and cash equivalents:
Cash and due from banks $ 143,024 $ 123,378
Federal funds sold and securities purchased
under agreements to resell 31,747 61,726
- --------------------------------------------------------------------------------
Total cash and cash equivalents 174,771 185,104
- --------------------------------------------------------------------------------
Investment securities:
Held-to maturity (market value, $278,352 for 1997
and $293,098 for 1996) 278,112 291,404
Available-for-sale, at market 1,489 1,498
Equity, at cost 2,686 2,736
- --------------------------------------------------------------------------------
Total investment securities 282,287 295,638
- --------------------------------------------------------------------------------
Loans held-for-sale, net of unrealized losses of
$24,703 in 1997 and $29,120 in 1996 97,134 102,063
Loans, net of allowance for loan losses of
$16,144 in 1997 and $15,536 in 1996 1,115,054 1,038,576
Land, buildings and equipment, net 27,980 28,501
Other assets 73,356 71,520
- --------------------------------------------------------------------------------
Total assets $1,770,582 $1,721,402
- ------------------------------------------------------==========================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------------------------
Deposits $1,449,314 $1,428,395
Short-term borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 130,364 117,726
Other 9,910 11,149
- --------------------------------------------------------------------------------
Total short-term borrowings 140,274 128,875
- --------------------------------------------------------------------------------
Accounts payable and accrued liabilities 22,494 13,159
Notes payable 21,660 17,660
Convertible capital notes 11,219 11,219
- --------------------------------------------------------------------------------
Total liabilities 1,644,961 1,599,308
- --------------------------------------------------------------------------------
Stockholders' equity:
Common stock, $5 par value; 10,000,000 shares
authorized, 2,415,071 shares issued 12,075 12,075
Capital surplus 12,377 12,377
Retained earnings 116,158 112,374
Treasury stock, at cost (213,961 shares in
1997 and 210,161 shares in 1996) (15,046) (14,799)
Unrealized securities gains, net of tax 57 67
- --------------------------------------------------------------------------------
Total stockholders' equity 125,621 122,094
- --------------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,770,582 $1,721,402
- ------------------------------------------------------==========================
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Condensed Statements of Income
(Unaudited - Dollars In Thousands Except per Share Data)
Three Months
Ended March 31,
------------------
1997 1996
- --------------------------------------------------------------------------------
Interest income:
Loans $25,677 $25,930
Investment securities 4,479 5,176
Federal funds sold and securities purchased under
agreements to resell, and other 696 1,889
- --------------------------------------------------------------------------------
Total interest income 30,852 32,995
- --------------------------------------------------------------------------------
Interest expense:
Deposits 11,948 11,767
Federal funds purchased and securities sold under
agreement to repurchase 1,750 1,659
Convertible capital notes 252 269
Other borrowings 461 429
- --------------------------------------------------------------------------------
Total interest expense 14,411 14,124
- --------------------------------------------------------------------------------
Net interest income 16,441 18,871
Provision for loan losses 1,600 4,015
- --------------------------------------------------------------------------------
Net interest income after provision for loan losses 14,841 14,856
- --------------------------------------------------------------------------------
Noninterest income:
Service charges on deposit accounts 2,369 2,247
Trust department fees 1,632 1,396
Credit card fees 3,407 2,989
Other service charges, fees and income 2,763 1,696
- --------------------------------------------------------------------------------
Total noninterest income 10,171 8,328
- --------------------------------------------------------------------------------
Noninterest expenses:
Salaries and employee benefits 8,368 7,810
Net occupancy and equipment expense 2,032 2,086
Data processing expense 958 856
Supplies 513 450
Deposit insurance assessment (29) 85
Postage and dispatch 569 597
Advertising and promotional activities 1,055 1,260
Goodwill amortization 404 399
Other 3,897 3,259
- --------------------------------------------------------------------------------
Total noninterest expenses 17,767 16,802
- --------------------------------------------------------------------------------
Income before provision for income taxes 7,245 6,382
Provision for income taxes 2,689 2,525
- --------------------------------------------------------------------------------
Net income $ 4,556 $ 3,857
- -------------------------------------------------------------===================
Per share data:
Net income - assuming no dilution $2.07 $1.65
- -------------------------------------------------------------===================
Net income - assuming full dilution $1.83 $1.48
- -------------------------------------------------------------===================
Cash Dividends $0.35 $0.25
- -------------------------------------------------------------===================
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands of dollars)
Three Months Ended
March 31,
--------------------
1997 1996
- --------------------------------------------------------------------------------
Cash provided (absorbed) by operating activities:
Net Income $ 4,556 $ 3,857
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 1,600 4,015
Provision for depreciation and amortization 1,685 1,734
Amortization of premium and accretion of discount on
investment securities (77) 104
Changes in assets and liabilities:
Loans held for sale 4,929 2,118
Prepaid expenses and other assets (450) (237)
Income taxes 2,674 2,467
Interest receivable (1,280) (596)
Interest payable 2,542 1,948
Other liabilities 3,950 (603)
Other 39 13
- --------------------------------------------------------------------------------
Net cash provided by operating activities 20,168 14,820
- --------------------------------------------------------------------------------
Cash provided (absorbed) by investing activities:
Purchase of investment securities (20,017) (71,385)
Investment securities matured or called 33,439 38,781
Net increase in loans (78,777) (2,189)
Purchases of land, buildings and equipment (508) (531)
Proceeds from sale of equipment 0 4
Proceeds from sale of other real estate
and repossessions 831 915
Other (768) (71)
- --------------------------------------------------------------------------------
Net cash absorbed by investing activities (65,800) (34,476)
- --------------------------------------------------------------------------------
Cash provided (absorbed) by financing activities:
Net increase in deposits 20,919 7,462
Net increase in short-term borrowings 11,399 7,559
Retirement of convertible capital notes 0 (29)
Proceeds from notes payable 4,000 0
Cash dividends (772) (585)
Purchase of treasury stock (247) (626)
- --------------------------------------------------------------------------------
Net cash provided by financing activities 35,299 13,781
- --------------------------------------------------------------------------------
Decrease in cash and cash equivalents (10,333) (5,875)
Cash and cash equivalents at beginning of period 185,104 214,983
- --------------------------------------------------------------------------------
Cash and cash equivalents at end of period $174,771 $209,108
- -----------------------------------------------------------=====================
Supplemental disclosures
Interest paid $11,869 $12,176
Income tax paid $15 $ 58
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Notes to Consolidated Financial Statements
(Unaudited)
1. PRINCIPLES OF CONSOLIDATION AND PRESENTATION
- ------------------------------------------------
The accompanying consolidated financial statements include the accounts of
INTRUST Financial Corporation and subsidiaries. All significant intercompany
accounts and transactions have been eliminated. In the opinion of management,
the consolidated financial statements reflect all normal recurring adjustments
necessary for a fair presentation of the financial position and results of
operations for the periods presented.
The significant accounting policies followed in the preparation of the quarterly
financial statements are the same as those disclosed in the 1996 INTRUST
Financial Corporation Annual Report on Form 10-K. Reference is made to the
"Notes to Consolidated Financial Statements" under Item 8 of the 1996 Form 10-K
for additional disclosure.
2. ALLOWANCE FOR LOAN LOSSES
- -----------------------------
The following is a summary of the allowance for loan losses for the three months
ended March 31, 1997 and 1996 (in thousands):
1997 1996
------- -------
Balance, January 1 $15,536 $25,892
Additions:
Provision for loan losses 1,600 4,015
------- -------
17,136 29,907
Deductions:
Loans charged off 1,351 4,830
Less recoveries on loans
previously charged off 359 749
------- -------
Net loan losses 992 4,081
------- -------
Balance, March 31 $16,144 $25,826
======= =======
SFAS No. 114 requires that certain impaired loans be measured based on the
present value of expected future cash flows discounted at the loan's original
effective interest rate. As a practical expedient, impairment may be measured
based on the loan's observable market price or the fair value of the collateral
if the loan is collateral dependent. When the measure of the impaired loan is
less than the recorded investment in the loan, the impairment is recorded
through a valuation allowance.
Less than 1% of the Company's total loan portfolio meet the criteria defined in
SFAS Nos. 114 and 118 for classification as an impaired loan. The Company
maintained a valuation allowance of $857,000 at March 31, 1997 related to loans
considered impaired. Interest income on this classification of loans has been
recorded by the Company in a manner consistent with its income recognition
policies on other loans. Such amount of interest income is not material to the
Company's financial statements.
3. EARNINGS PER SHARE CALCULATIONS
- -----------------------------------
Net income per share, assuming no dilution, is computed based upon the weighted
average number of shares outstanding plus average incremental shares of stock
outstanding from the assumed exercise of stock options. Net income per share,
assuming full dilution, is computed based upon the additional assumption that
the 9% convertible subordinated capital notes had been converted into common
stock as of the beginning of each respective period presented with related
adjustments to interest and income tax expense. The weighted average number of
shares outstanding for the three months ended March 31, 1997 and 1996 were
2,202,188 and 2,332,267 respectively.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Unaudited consolidated net income of INTRUST Financial Corporation for the three
months ended March 31, 1997 was $4,556,000 an increase of $699,000 or 18.1% over
that recognized during the same period of the preceding year. As noted in
previous filings, the Company entered into a letter of intent to sell the
national market portion of its credit card portfolio ("the national portfolio").
The letter of intent was finalized, resulting in the execution of a sales
agreement on April 9, 1997 which provides that economic ownership of the
majority of the national portfolio is to be sold to a third party, with that
ownership transfer effective as of January 1, 1997. Discussions continue on the
possible sale of the remainder of the national portfolio. This has resulted in a
reduction in the Company's interest income when compared to the first quarter of
1996, but this reduction has been more than offset by a reduced provision for
loan losses.
NET INTEREST INCOME. First quarter net interest income amounts have declined
$2,430,000, or 12.9% from the comparable 1996 period. The national portfolio
transaction is the principal cause of this decrease. Interest on approximately
$85 million in average credit card loans was not recognized by the Company
during the first quarter. Rather, interest was recorded on a lesser amount at a
LIBOR-based rate. The Company's 1997 total average interest-earning assets have
not changed appreciably from 1996 first quarter levels.
The national portfolio transaction caused significant compression in the
Company's interest spread during the first quarter. Yields on average
interest-earning assets have declined 54 basis points from first quarter 1996
levels. The national portfolio transaction accounted for this change, as this
transaction reduced company-wide yields by approximately 60 basis points.
Mitigating this impact to some degree was an increase in the percentage of
average interest-earning assets comprised of loans. Loans, even after the
charge-offs and write-downs recognized in 1996, comprised 77% of average
interest-earning assets during the first quarter of 1997. The comparable 1996
percentage was 68%.
Funding costs have changed little in 1997. The weighted average cost of funds
for the first quarter of 1997 was 4.58%, compared to 4.59% in 1996. Non-interest
bearing deposits averaged 19.8% of total deposits in the first quarter of 1997,
compared to 19.7% in 1996.
The Company's loan growth in the first quarter has been somewhat higher than
what it has historically experienced. Loans totaled $1,212,188,000 at March 31,
1997, an increase of $71,549,000 over the December 31, 1996 total. This
represents an annualized growth rate of approximately 25%. Much of this growth
has occurred in the commercial, financial and agricultural sector of the loan
portfolio. Also contributing to the increase was the fact that one of the
Company's securitization vehicles entered its contractual amortization period.
Approximately $12.5 million in off-balance sheet loans came back on the balance
sheet in the first quarter.
Loans, including loans held-for-sale, as a percentage of deposits, were 83.6% at
March 31, 1997 compared to 79.9% at December 31, 1996.
PROVISION FOR LOAN LOSSES. The provision for loan losses for the three month
period ended March 31, 1997 was $1,600,000 compared to a provision of $4,015,000
for the corresponding period of the preceding year. The national portfolio
transaction has significantly impacted the Company's provision for loan losses.
As can be seen in the accompanying table, loans charged-off in the first quarter
of 1997 have declined significantly from prior year levels. The commercial,
financial and agricultural sectors of the loan portfolio continue to perform
well, with a very low level of charge-offs. No significant change in charge-off
activity has occurred in the installment lending area. Credit card charge-offs
have been significantly reduced in 1997. The portion of the national portfolio
that is to be sold contains those accounts with the highest level of
charge-offs. The national portfolio sales agreement specifies that charge-offs
in the national portfolio occurring after December 31, 1996 revert to the
purchaser of the portfolio, thus the $3.6 million reduction in credit card loans
charged-off. The Company believes that its loan loss provision for the remainder
of 1997 will be less than that recorded in 1996.
Summary of Loan Loss Experience
- --------------------------------------------------------------------------------
March 31,
1997 1996
- --------------------------------------------------------------------------------
Amount of loans at period-end $1,131,198 $1,058,689
- -------------------------------------------------------=========================
YTD Average loans outstanding $1,084,739 $1,049,532
- -------------------------------------------------------=========================
Beginning balance of allowance for loan losses $15,536 $25,892
Loans charged-off
Commercial, Financial and Agricultural 167 51
Credit Card 727 4,375
Installment 457 404
- --------------------------------------------------------------------------------
Total loans charged off 1,351 4,830
- --------------------------------------------------------------------------------
Recoveries on charge-offs
Commercial, Financial and Agricultural 169 396
Real Estate-Mortgage 11 5
Credit Card 117 275
Installment 62 73
- --------------------------------------------------------------------------------
Total recoveries 359 749
- --------------------------------------------------------------------------------
Net loans charged off 992 4,081
Provision charged to expense 1,600 4,015
- --------------------------------------------------------------------------------
Ending balance of allowance for loan losses $16,144 $25,826
- -------------------------------------------------------=========================
Net charge-offs/average loans 0.09% 0.39%
- -------------------------------------------------------=========================
Allowance for loan losses/loans at period-end 1.43% 2.44%
- -------------------------------------------------------=========================
The accompanying table summarizes, by type, the Company's outstanding loans.
Installment loans are principally comprised of loans secured by automobiles.
March 31, 1997 December 31, 1996
- --------------------------------------------------------------------------------
Percent Percent
Amount of Total Amount of Total
- --------------------------------------------------------------------------------
Commercial, Financial
and Agricultural $ 546,089 48.3% $ 485,891 46.1%
Real Estate-Construction 25,668 2.3 27,130 2.5
Real Estate-Mortgage 215,250 19.0 210,591 20.0
Installment, excluding
credit card 290,468 25.7 286,632 27.2
Credit card 53,723 4.7 43,868 4.2
- --------------------------------------------------------------------------------
Subtotal $1,131,198 100.0% 1,054,112 100.0%
Allowance for loan losses (16,144) (15,536)
- --------------------------------------------------------------------------------
$1,115,054 $1,038,576
- -----------------------------------=============================================
Loans considered risk elements, as presented in the following table, totaled
.95% of total loans at March 31, 1997 compared to 1.03% at December 31, 1996.
Approximately 40% of the loans considered risk elements at March31, 1997 are
comprised of credit card accounts contained in the national portfolio. The
allowance for loan losses at March 31, 1997 was 1.43% of total loans, compared
to 1.47% at December 31, 1996. Excluding the nonaccrual and past due credit card
loans that will be sold, the allowance for loan losses at the end of the first
quarter would have equaled approximately 250% of those loans identified as risk
elements in the following table. Management will continue to actively review the
activity in its loan portfolio to ensure that the provision for loan losses and
resultant allowance for loan losses remain adequate to appropriately address the
credit risk existing in the portfolio.
March 31, December 31,
1997 1996
- --------------------------------------------------------------------------------
Loan Categories
Nonaccrual Loans $ 4,827 $ 5,208
Past Due 90 days or more 5,925 5,695
- --------------------------------------------------------------------------------
Total $10,752 $10,903
- ----------------------------------------------==================================
LIQUIDITY AND CAPITAL RESOURCES. Consolidated liquidity remained strong at March
31, 1997. The average maturity of United States government and agency securities
in the investment portfolio was 1 year and 8 months, and the average maturity of
municipal securities was 4 years and 9 months.
The Company has thoroughly reviewed its investment security portfolio and has
determined that at March 31, 1997, it has the ability and intent to hold all
securities in the portfolio that have been classified as held-to-maturity. The
Company believes the regularly scheduled maturities of those securities
presently held in its investment portfolio, along with other funding
alternatives, such as the securitization of credit card receivables, provide
sufficient liquidity to meet depositors' needs and make available lendable funds
within its service area.
The Company's capital position exceeds regulatory capital requirements. The
Company must maintain a minimum ratio of total capital to risk-weighted assets
of 8%, of which at least 4% must qualify as Tier 1 capital. At March 31, 1997,
the Company's total capital to risk-weighted assets ratio was 8.9% and its Tier
1 capital to risk-weighted assets ratio was 7.7%. In addition to the
aforementioned regulatory requirements, each of the Company's subsidiary banks
met all capital ratios required at the individual bank level.
OTHER INCOME AND OTHER EXPENSE. Noninterest income increased $1,843,000 or 22%
over prior year levels. Increases were realized in all major areas of
noninterest income. Service charges on deposit accounts increased $122,000 over
prior year levels, as the Company experienced modest increases in the number of
deposit customers, and saw some change in the level of deposit balances
maintained by certain commercial customers. As noted in previous filings, the
Company anticipated that trust fee revenue growth in 1997 would exceed that
recognized in 1996. 1997 trust fees increased $236,000, or 16.9%, over the
comparable period of the preceding year. The establishment of proprietary mutual
funds and the increase in assets under management are responsible for the growth
in this noninterest income line item.
Credit card fees have increased approximately $400,000 from 1996 levels as
increased merchant activity has resulted in a $900,000 increase in merchant fee
revenue. This increase has more than offset the declines the Company has
experienced in excess servicing fee income and cardholder fees. The reduction in
excess servicing fees is attributable to one of the Company's securitization
programs beginning its amortization period in January. Cardholder fees have
declined because of the national portfolio transaction and the competitive
environment existing in the industry. Other service charges, fees and income
have increased slightlymore than $1 million from 1996 levels. This increase is
attributable to servicing fees and other compensation the Company received
during the first quarter relative to the operational services it performed for
those accounts contained in the national portfolio.
Noninterest expenses have increased $965,000, or 5.7% from the comparable first
quarter prior year period. Increases in the areas of salaries and employee
benefits, and increased costs associated with merchant processing activities
were the principal causes of the increase.
First quarter employment expenses increased $558,000, or 7.1%, over those of the
comparable period in 1996. At March 31, 1997, the company had 894 full-time
equivalent employees, compared to 875 at March 31, 1996. The majority of the
increase in employment costs is the result of the Company's continuing
investment in the establishment of additional fee-based business in the area of
employee benefit plan support services.
Occupancy and equipment expenses did not change significantly from levels
recognized during the corresponding period of 1996. 1997 data processing
expenses were somewhat higher than those recognized in 1996, as the Company
funded a development project that was completed by its third party provider, and
incurred costs as it worked to establish its personal computer banking product.
Advertising and promotional activities for the first quarter of 1997 decreased
from 1996 levels, but it is believed that this is an issue of timing. It is
anticipated that 1997 advertising costs will increase over prior year levels.
Other expenses increased $638,000 over 1996 amounts. Over $500,000 of this
increase is associated with increased merchant processing costs. Net noninterest
expense in 1997 was $7,596,000, compared to $8,474,000 in 1996.
NEW ACCOUNTING STANDARDS. Statement of Financial Accounting Standards No. 125,
"Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities", provides accounting and reporting standards for transfers and
servicing of financial assets and extinguishments of liabilities. This Statement
is effective for transfers and servicing of financial assets and extinguishments
of liabilities occurring after December 31, 1996. The adoption of Statement No.
125 did not have a material impact on the Company's financial statements.
Statement of Financial Accounting Standards No. 128, "Earnings per Share",
establishes standards for computing and presenting earnings per share. Statement
No. 128 is effective for financial statements for both interim and annual
periods ending after December 15, 1997. The Company anticipates that the
adoption of Statement No. 128 will have little impact on reported earnings per
share.
<PAGE>
PART 2. OTHER INFORMATION
Item 6(b). Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No. Description
27 Financial Data Schedule
(b) There were no reports on Form 8-K filed during the
quarter for which this report is filed.
SIGNATURES
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.
INTRUST Financial Corporation
Date: May 14, 1997 By: /s/ C.Q. Chandler IV
---------------------
C. Q. Chandler IV
President
(Principal Executive Officer)
Date: May 14, 1997 By: /s/ Jay L. Smith
-----------------
Jay L. Smith
Chief Financial Officer
(Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Number Description
- ------ -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 143,024
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 31,747
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,489
<INVESTMENTS-CARRYING> 280,798
<INVESTMENTS-MARKET> 282,527
<LOANS> 1,228,332
<ALLOWANCE> 16,144
<TOTAL-ASSETS> 1,770,582
<DEPOSITS> 1,449,314
<SHORT-TERM> 140,274
<LIABILITIES-OTHER> 22,494
<LONG-TERM> 32,879
0
0
<COMMON> 12,075
<OTHER-SE> 113,546
<TOTAL-LIABILITIES-AND-EQUITY> 1,770,582
<INTEREST-LOAN> 25,677
<INTEREST-INVEST> 4,479
<INTEREST-OTHER> 696
<INTEREST-TOTAL> 30,852
<INTEREST-DEPOSIT> 11,948
<INTEREST-EXPENSE> 14,411
<INTEREST-INCOME-NET> 16,441
<LOAN-LOSSES> 1,600
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 17,767
<INCOME-PRETAX> 7,245
<INCOME-PRE-EXTRAORDINARY> 4,556
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,556
<EPS-PRIMARY> 2.07
<EPS-DILUTED> 1.83
<YIELD-ACTUAL> 0.00
<LOANS-NON> 4,827
<LOANS-PAST> 5,925
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 15,536
<CHARGE-OFFS> 1,351
<RECOVERIES> 359
<ALLOWANCE-CLOSE> 16,144
<ALLOWANCE-DOMESTIC> 16,144
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
