SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 10 - Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934.
For Quarter Ended SEPTEMBER 30, 1997 Commission File Number 0-10929
GUARANTY BANCSHARES HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0933277
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. BOX 2208, MORGAN CITY, LOUISIANA 70381
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 504-384-2813
NOT APPLICABLE
(Former name, former address and former fiscal year
if changed since last report.)
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 such reports), 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 of the latest practicable
date.
Common Stock, $5 par value, 206,524 shares outstanding as of
September 30, 1997, Common Stock, no par value, 166,901 shares
outstanding as of September 30, 1997.
I N D E X
Part I - Financial Information
Financial Statements
Consolidated Statement of Condition
September 30, 1997, and December 31, 1996 3
Consolidated Statement of Income -
Quarters Ended September 30, 1997 and 1996 4
Consolidated Statement of Cash Flows -
Quarters Ended September 30, 1997 and 1996 5
Consolidated Statement of Changes in
Stockholders' Equity 6
Notes to Consolidated and Financial Statements 7
Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Signature 15
Exhibit Index 17
2
<PAGE>
<TABLE>
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATION STATEMENT OF CONDITION
<CAPTION>
Sept 30 Dec 31
1997 1996
(in thousands)
(Unaudited)
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,852 $ 2,626
Investment securities available for sale at market 7,818 4,648
Investment securities held to maturity
(Estimated market value $9,117,000
and $12,832,000, respectively) 9,104 12,818
Federal funds sold 4,175 5,350
Loans 37,911 38,142
Less: Allowance for loan losses 482 506
-------- ---------
Net Loans 37,429 37,636
Premises and equipment 1,788 1,969
Other real estate 152 0
Other assets 1,513 1,383
-------- ---------
Total Assets $ 64,831 $ 66,430
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 51,441 $ 56,793
Securities sold under agreement to repurchase 3,728 0
Obligation under capital lease 1,470 1,546
Notes payable 1,319 1,480
Other liabilities 923 1,045
-------- ---------
Total Liabilities 58,881 60,864
-------- ---------
Commitments and contingent liabilities (Note 2) - -
Stockholders' Equity
$2.70 Cumulative Preferred stock; 145,001
shares authorized, issued and outstanding 3,481 3,481
$.50 Cumulative Preferred stock, 64,999 shares
authorized, 21,900 issued and outstanding 107 107
Class A Common stock; $5 par value; 210,000
shares authorized and outstanding 1,050 1,050
Class B Common stock; no par value; 210,000
shares authorized, 170,887 issued and
Outstanding 17 17
Capital surplus 2,039 2,039
Accumulated deficit ( 733) ( 1,131)
Treasury Stock ( 14) ( 14)
Unrealized gain on securities
available for sale 3 17
-------- ---------
Total Stockholders' Equity 5,950 5,566
-------- ---------
Total Liabilities and Stockholders' Equity $ 64,831 $ 66,430
======== =========
</TABLE>
3
<PAGE>
<TABLE>
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
<CAPTION>
THREE MONTHS ENDED
SEPT 30
1997 1996
(In thousands, except
per share data)
(Unaudited)
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 899 $ 877
Interest on federal
funds sold 64 82
Interest on investment securities:
Taxable income 215 204
Non-Taxable income 9 9
---------- ---------
Total Interest Income 1,187 1,172
INTEREST EXPENSE
Interest on deposits 383 455
Federal funds purchased and securities sold
under agreements to repurchase 42 0
Interest on capital lease 37 39
Interest on notes payable 23 27
--------- ---------
Total Interest Expense 485 521
--------- ---------
Net Interest Income 702 651
Provision (recovery) from reserve
for loan losses 0 0
--------- ---------
Net Interest Income after Provision (Recovery)
from reserve for loan losses 702 651
Other operating income 58 68
Operating expenses 593 630
--------- ---------
Income before income tax expense 167 89
Income tax expense 57 45
--------- ---------
Net income 110 44
Dividends required for preferred stock (100) (100)
--------- ---------
Net income (loss) available for common
stockholders $ 10 $ ( 56)
========= ==========
Earnings (loss) per common share $ .03 $ (.15)
========= ==========
Weighted average common shares
outstanding 373,425 373,025
========= =========
</TABLE>
4
<PAGE>
<TABLE>
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF INCOME
<CAPTION>
NINE MONTHS ENDED
SEPT 30
1997 1996
(In thousands, except
per share data)
(Unaudited)
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 2,692 $ 2,578
Interest on federal
funds sold 165 223
Interest on investment securities:
Taxable income 703 614
Non-Taxable income 27 28
--------- ---------
Total Interest Income 3,587 3,443
INTEREST EXPENSE
Interest on deposits 1,234 1,277
Federal funds purchased and securities sold
under agreements to repurchase 54 0
Interest on capital lease 113 120
Interest on notes payable 72 83
--------- ---------
Total Interest Expense 1,473 1,480
--------- ---------
Net Interest Income 2,114 1,963
Provision (recovery) from reserve
for loan losses 0 0
--------- ---------
Net Interest Income after Provision (Recovery)
from reserve for loan losses 2,114 1,963
Other operating income 195 216
Operating expenses 1,706 1,837
--------- ---------
Income before income tax expense 603 342
Income tax expense 205 135
--------- ---------
Net income 398 207
Dividends required for preferred stock (302) (302)
--------- ---------
Net income (loss) available for common
stockholders $ 96 $ ( 95)
========= =========
Earnings (loss) per common share $ .26 $ (.25)
========= =========
Weighted average common shares
outstanding 373,425 373,025
========= =========
</TABLE>
5
<PAGE>
<TABLE>
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARIES
STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
<CAPTION>
NINE MONTHS ENDED
SEPT 30
1997 1996
(In thousands)
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 398 $ 207
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization of premium (accretion of discount
on investments), net (265) (148)
Net loss on sale of other real estate owned - 14
Depreciation and amortization 182 214
(Increase) decrease in accrued interest receivable (6) (36)
Increase (decrease) in accrued interest payable (41) 51
Increase (decrease) in accounts payable
and other liabilities (81) 160
--------- ---------
Net cash provided by operating activities 187 462
Cash flows from investing activities:
(Increase) decrease in federal funds sold 1,175 625
Proceeds from maturities of investment securities
Available for sale 2,564 1,000
Held to maturity 14,168 19,408
Purchase of investment securities
Available for sale (10,204) (518)
Held to maturity (5,735) (23,643)
Net (increase) decrease in loans 207 (2,720)
Proceeds from sale of other real estate owned - 51
Investment in other real estate owned (152) -
Purchase of premises and equipment (1) (163)
Change in other assets (122) (78)
--------- ---------
Net cash provided (used) by investing activities 1,900 (6,038)
Cash flows from financing activities:
Net increase (decrease) in demand deposits
NOW, savings, and certificates of deposit (5,352) 5,000
Net increase (decrease) in securities sold under
agreement to repurchase 3,728 -
Increase (decrease) of notes payable (161) (149)
Repayment of capital lease obligation (76) (62)
--------- ---------
Net cash provided (used) in financing activities (1,861) 4,789
Net increase (decrease) in cash and due from banks 226 (787)
Cash and due from banks, beginning of year 2,626 3,230
--------- ---------
Cash and due from banks, end of quarter $ 2,852 $ 2,443
========= =========
Supplement cash flow information:
Interest paid $ 1,514 $ 1,432
========= =========
Income taxes paid $ 120 $ 163
========= =========
</TABLE>
6
<PAGE>
<TABLE>
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
<CAPTION>
Unrealized
Gain (Loss)
On Securities
Balance at Available Balance at
Jan. 1, 1997 Net Income For Sale Sept 30, 1997
<S> <C> <C> <C> <C>
$2.70
Preferred
Stock $ 3,481 - - 3,481
$.50
Preferred
Stock $ 107 - - 107
Class A
Common
Stock $ 1,050 - - 1,050
Class B
Common
Stock $ 17 - - 17
Capital
Surplus $ 2,039 - - 2,039
Accumulated
Deficit $ (1,131) 398 - (733)
Treasury
Stock $ (14) - - (14)
Unrealized
loss on
Securities
available
for sale $ 17 - (14) 3
</TABLE>
7
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The information furnished reflects all adjustments which
are, in the opinion of management, necessary for a fair statement
of results for the nine (9) months ended September 30, 1997 and
1996. All adjustments are considered to be of recurring nature.
Results for the interim period may not necessarily be indicative
of results for the entire year.
NOTE 1:
On January 13, 1983, pursuant to a Reorganization and Merger
Agreement, Guaranty Bank & Trust Company of Morgan City (the
Bank) was merged into a subsidiary of Guaranty Bancshares Holding
Corporation (Bancshares) with the effect that the Bank became a
wholly owned subsidiary of Bancshares.
Bancshares has outstanding $2.70 Cumulative Preferred Stock
and Class B, No Par Value, Common Stock which were issued in 1988
in exchange for subordinated debentures issued in 1983 when the
company was formed. Bancshares also has outstanding Class A,
$5.00 Par Value, Common Stock which were also issued when the
company was formed. The $.50 Cumulative Preferred Stock is
subordinate to the $2.70 Preferred Stock and were issued for cash
in 1989 and 1990.
The Class B common stock does not differ from the Class A
common stock except that Class A common stock has a par value of
$5 per share and Class B Common stock has no par value.
NOTE 2: Contingent Liabilities
As of September 30, 1997, there were $484,331 of letters of
credit outstanding which are not reflected in the consolidated
financial statements. Management does not expect any loss as a
result of these transactions.
GUARANTY BANCSHARES HOLDING CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Summary
For the nine months ended September 30, 1997, Bancshares
earned $398,000, compared with earnings of $207,000 for the
comparable period in 1996. The primary reasons for the increase
in earnings were increased net interest income and lower
operating expenses. The subsidiary bank did not make a provision
for loan losses in either period.
Changes in financial position at September 30, 1997 from
December 31, 1996 were net decreases in investment securities and
loans. Deposits decreased $5,352,000. Investments decreased
$544,000. Loans decreased $231,000. Notes payable to the
Federal Home Loan Bank of Dallas decreased $161,000 through
amortization. These borrowings are used to match maturities and
amortization on certain loans.
8
<PAGE>
Net credit income is the most significant component of
financial operations and is affected by interacting forces,
including changes in investment market interest rates and changes
in volume and mix of interest earning assets and interest bearing
deposits. For the first nine months of 1997, net interest income
as a percent of average earning assets of $58,798,000 was 4.79
percent, up from 4.63 percent for the nine months of 1996. The
increase is attributable to a small decline in interest rates
paid on deposits.
Net Operating Results
The following analysis should be read in conjunction with
the accompanying financial statements.
Net interest income increased $151,000. Of this amount,
interest on funds sold decreased $58,000. Interest on loans
increased $114,000, while interest earned on securities
investments increased $88,000. Total interest expenses decreased
$7,000.
The increase in loan income is attributable to a $1,099,000
increase in average loans outstanding, average yields increased
0.1 to 9.5 percent. The increase in investment income was the
result of a $2,262,000 increase in average securities
investments. Average yields remained constant at 5.7 percent.
Interest expense decreased $7,000 from 1996 levels. Average
interest bearing deposits increased $378,000, while average rates
paid decreased 0.1 percent from 1996 levels to 3.8 percent.
Funds borrowed are from the Federal Home Loan Bank of Dallas and
were used to fund commercial real estate loans which have a
comparable scheduled amortization and maturity. Securities sold
under agreements to repurchase, a program begun in 1997, averaged
$1,471,000 at an annual rate of 4.9 percent.
Investment Securities
Investment securities decreased from $20,056,000 as of
September 30, 1996 to $16,922,000 at September 30, 1997. This is
attributable to maturities of U.S. Government agency securities
and scheduled amortization on mortgage backed securities. There
were no securities sales during the first nine months of 1997 or
1996. Maturities were used to fund deposit withdrawals.
9
<PAGE>
<TABLE>
An analysis of investment securities follows (in thousands).
<CAPTION>
Amortized Unrealized Market
Cost Gain Loss Value
<S> <C> <C> <C> <C>
September 30, 1997
Held to Maturity
U.S. Treasury Securities $ 1,998 $ 2 $ - $ 2,000
Obligations of U.S.
Agencies and Corporations 6,470 5 8 6,467
Obligations of states and
political subdivisions 636 14 - 650
--------- ----- ----- -------
Total $ 9,104 $ 21 $ 8 $ 9,117
========= ===== ===== =======
Available for Sale
U.S. Treasury Securities $ 999 $ 1 $ - $ 1,000
Obligations of U.S.
Agencies and Corporations 6,285 13 10 6,288
Other investments 530 - - 530
--------- ----- ----- -------
Total $ 7,814 $ 14 $ 10 $ 7,818
========= ===== ===== =======
December 31, 1996
Held to Maturity
U.S. Treasury Securities $ 250 $ 1 $ - $ 251
Obligations of U.S.
Agencies and Corporations 11,898 8 8 11,898
Obligations of states and
political subdivisions 661 13 - 674
Other Investments 9 - - 9
--------- ----- ----- -------
Total $ 12,818 $ 22 $ 8 $12,832
========= ===== ===== =======
Available for Sale
Obligations of U.S.
Agencies and Corporations $ 4,109 $ 30 $ 5 $ 4,134
Other investments 514 - - 514
--------- ----- ----- -------
Total $ 4,623 $ 30 $ 5 $ 4,648
========= ===== ===== =======
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Amortized Unrealized Market
Cost Gain Loss Value
<S> <C> <C> <C> <C>
September 30, 1996
Held to Maturity
U.S. Treasury Securities $ 251 $ - $ - $ 251
Obligations of U.S.
Agencies and Corporations 13,987 5 10 13,982
Obligations of states and
political subdivisions 666 10 1 675
Other investments 12 - - 12
--------- ----- ----- -------
Total $ 14,916 $ 15 $ 11 $14,920
========= ===== ===== =======
Available for Sale
Obligations of U.S.
Agencies and Corporations $ 4,627 $ 11 $ 6 $ 4,632
Other investments 508 - - 508
--------- ----- ----- -------
Total $ 5,135 $ 11 $ 6 $ 5,140
========= ===== ===== =======
</TABLE>
An analysis of the market value of the investment portfolio
by maturity periods or repricing frequency at September 30, 1997
follows (in thousands):
Amortized Market
Cost Value
Within one year $13,712 $13,717
One to five years 1,748 1,758
Five to ten years 363 368
After ten years 1,095 1,092
------- -------
Total $16,918 $16,935
======= =======
Maturities of mortgage backed securities are classified by
contractual (stated) maturity dates. Expected maturities will
differ from contractual maturities because borrowers have the
right to call or prepay obligations.
Investment securities with a carrying value of approximately
$8,693,000, $9,047,000, and $9,086,000 at September 30, 1997,
December 31, 1996 and September 30, 1996, respectively, were
pledged to secure public deposits as required by law.
11
<PAGE>
Deposits
A summary of the deposits as of September 30, 1997, December
31, and September 30, 1996 is as follows:
Sept. 30 December 31 Sept. 30
1997 1996 1996
(In thousands)
Demand Deposits $11,465 $ 8,826 $ 8,771
NOW Accounts 7,073 7,539 6,415
Money Market
Investment Accts. 5,666 8,461 8,131
Savings Deposits 6,577 6,675 6,821
Other Time Deposits 15,043 18,886 19,148
Certificates of Dep.
of $100,000 or
more 5,617 6,406 6,484
------- ------- -------
$51,441 $56,793 $55,770
======= ======= =======
Non-interest bearing demand deposits at September 30, 1997
increased $2,694,000, from September 30, 1996. As interest rates
paid on money market investment accounts and other bank deposits
remained low, depositors transferred funds to higher yielding and
more competitive non-bank related institutions. Certificates of
deposits of $100,000 or more to commercial entities decreased
$1,043,000 while public fund deposits in certificates of deposit
of $100,000 or more increased $176,000.
The Bank has insignificant foreign and no brokered deposits.
Short Term Borrowings
The Bank had no short term borrowings in 1996. However
during the second quarter of 1997, the Bank instituted a program
of selling securities under repurchase agreements. The amount
outstanding at September 30, 1997 was $3,728,000.
12
<PAGE>
Allowance for Loan Losses and Non-Performing Loans and Other Real
Estate
The allowance for loan losses was 1.27 percent of loans
outstanding at September 30, 1997, compared with 1.32 percent at
December 31, 1996 and 1.37 percent at September 30, 1996. The
Bank did not make a provision to the reserve for loan losses
during the nine months of 1997 or 1996.
1997 1996
Balance at January 1, $506,000 $505,000
(Recovery) Provision for loan losses 0 0
Recoveries credited to the allowance 9,000 7,000
-------- --------
515,000 512,000
Losses charged to the allowance 33,000 2,000
-------- --------
Balance at September 30 $482,000 $510,000
======== ========
Indicative of improving conditions in the local economy, the
following schedule shows non-performing loans on non-accrual
status and repossessed and foreclosed real estate.
Sept 30 Dec 31 Sept 30
1997 1996 1996
Non-accrual loans $ -0- $145,000 $230,000
Foreclosed real estate 152,000 -0- -0-
Management believes the Bank has adequate reserves to
provide for possible future loan losses.
Other Income
Other operating income aggregated to $195,000 for the first
nine months of 1997 compared with $216,000 in 1996. There was no
trading account activity in 1997 or 1996.
Nine Months Ending
Sept 30
1997 1996
Service charges on deposit accounts $129,000 $ 139,000
Other service charges and fees 41,000 48,000
Other operating income 25,000 29,000
Total $195,000 $ 216,000
13
<PAGE>
Operating Expenses
Other operating expenses totaled $1,706,000 for the first
nine months of 1997, compared with $1,837,000 for 1996, a
$131,000 decrease, primarily due to accounting and legal fees
incurred in 1996 in an unsuccessful stock exchange offer and a
reduction in depreciation and other expenses on furniture and
equipment..
Personnel expenses totaled $812,000 for the period, compared
with $799,000 in 1996. In 1996, expenses related to other real
estate and repossessed property, net of rental income on these
properties, totaled $16,000. In 1997, these expenses, net of
rental income on these properties, totaled $12,000. These
expenses represent taxes, maintenance and insurance on the
foreclosed real estate reported above.
A summary of other operating expenses is as follows:
Nine Months 1997
Ending Over
Sept 30, (Under)
1997 1996 1996
(In Thousands)
Salaries and benefits $ 812 $ 799 $ 13
Expenses related to other real
estate and repossessed
properties, net of rental
income on these properties 12 16 (4)
Net occupancy expenses 311 312 (1)
Equipment and computer expenses 105 142 (37)
Professional fees and services 144 231 (87)
FDIC and other insurance 32 28 4
Other 290 309 (19)
------- ------- ------
Total $ 1,706 $ 1,837 $(131)
======= ======= ======
Income Taxes
Income taxes were accrued at the U.S. federal tax rate.
Liquidity
The term "liquidity" generally refers to the ability of a
company to generate adequate of cash to meet its needs. For a
bank, "liquidity" represents its ability to meet timely the
demand for funds used to honor checks, to pay maturing time
deposits, to fund increases in loan demand and to satisfy other
commitments. Unless it borrows funds, a bank's sources of funds
are generally its core deposits and its retained earnings.
At September 30, 1997 and 1996, the Bank's gross loans-to-deposits
ratios were 73.7 percent and 66.8 percent, respectively.
Loans increased $639,000 from 1996 levels. Significant to the
loan-to-deposit ratio computation, deposits decreased $4,329,000
as of September 30, 1997 from 1996. The Bank has no brokered
deposits.
14
<PAGE>
As a bank holding company, the ability of Bancshares to pay
its obligations is wholly dependent upon the receipt of dividends
and tax benefits from the Bank.
Capital Resources
At September 30, 1997, stockholders' equity amounted to
$5,950,000 compared with $5,865,000 at September 30, 1996 and
$5,566,000 at December 31, 1996.
Selected capital adequacy measures for Bancshares and Guaranty
Bank are as follows
as of September 30, 1997:
Risk-based capital
GUARANTY GUARANTY
BANCSHARES BANK
Tier 1 10.10% 10.08%
Total Capital 10.92% 10.90%
Leverage ratio 9.32% 9.30%
Bancshares paid a $2.70 dividend on its $2.70 cumulative
preferred stock on January 24, 1997. No dividends have been
declared or paid on its $.50 cumulative preferred stock since
their issuance. As a result, accumulated and unpaid dividends at
October 13, 1997 are as follows:
$2.70 Preferred stock, dividends
accumulated from January 13, 1991
through September 13, 1997 $2,741,000
$.50 Preferred stock, dividends
accumulated from January 13, 1990
through September 13, 1997 89,000
----------
$2,830,000
==========
On October 28, 1997, the common stockholders of Guaranty
Bancshares Holding Corporation approved the Acquisition
Agreement, between MC Bank & Trust Company, MC Bancshares, Inc.
and Guaranty Bancshares Holding Corporation and Guaranty Bank
&Trust Company, which provides for the merger of MC Subsidiary,
Inc. with and into Guaranty Bancshares following which Guaranty
Bancshares and Guaranty Bank will liquidate and merge into MC
Bank. The Acquisition Agreement was approved subject to approval
by the Federal Deposit Insurance Corporation and the Louisiana
Office of Financial Institutions. It is intended that, if all
other conditions of the merger are satisfied or waived, the
effective date of the merger will be November 30, 1997.
15
<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.
/s/ Lee A. Ringeman
Lee A. Ringeman
Executive Vice President
Chief Financial Officer
DATE: November 4, 1997
<PAGE>
PART II
Item 6: Exhibits and Reports on Form 8-K
a. Exhibit No. 11. Computation of Earnings Per Common Share
Exhibit No. 27. Financial Data Schedule
Exhibit No. 11 Computation of Earnings Per Common Share
NINE MONTHS ENDED
SEPTEMBER 30, 1997
Net income available
for common shareholders $ 96,000
Average common shares outstanding 373,425
Income per common share $ 0.26
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 2852
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 4175
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7818
<INVESTMENTS-CARRYING> 9104
<INVESTMENTS-MARKET> 9117
<LOANS> 37,911
<ALLOWANCE> 482
<TOTAL-ASSETS> 64,831
<DEPOSITS> 51,441
<SHORT-TERM> 3728
<LIABILITIES-OTHER> 923
<LONG-TERM> 2789
0
3588
<COMMON> 1067
<OTHER-SE> 1295
<TOTAL-LIABILITIES-AND-EQUITY> 64,831
<INTEREST-LOAN> 2692
<INTEREST-INVEST> 730
<INTEREST-OTHER> 165
<INTEREST-TOTAL> 3587
<INTEREST-DEPOSIT> 1234
<INTEREST-EXPENSE> 1473
<INTEREST-INCOME-NET> 2114
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1706
<INCOME-PRETAX> 603
<INCOME-PRE-EXTRAORDINARY> 603
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 398
<EPS-PRIMARY> .26
<EPS-DILUTED> .26
<YIELD-ACTUAL> 4.8
<LOANS-NON> 0
<LOANS-PAST> 72
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 17
<ALLOWANCE-OPEN> 506
<CHARGE-OFFS> 33
<RECOVERIES> 9
<ALLOWANCE-CLOSE> 482
<ALLOWANCE-DOMESTIC> 482
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
