U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly Report Under Section 13 Or 15(d) Of The Securities Exchange
Act Of 1934 For The Quarterly Period Ended March 31, 1997
[ ] Transition Report Pursuant To Section 13 Or 15(d) Of The Securities
Exchange Act Of 1934
Commission File Number 0-22606
BRITTON & KOONTZ CAPITAL CORPORATION
Mississippi 64-0665423
(State of Incorporation) (IRS Employer
Identification No.)
500 Main Street, Natchez, Mississippi 39120
Telephone: 601-445-5576
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
441,072 Shares of Common Stock, Par Value $10.00, were issued and outstanding
as of April 1, 1997.
Transitional Small Business Disclosure Format: Yes , No X
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION
AND SUBSIDIARY
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets for March 31, 1997
and December 31, 1996.
Consolidated Statements of Income for the Three Months
Ended March 31, 1997 and March 31, 1996.
Consolidated Statements of Stockholders' Equity
for the Three Months Ended March 31, 1997 and
March 31, 1996.
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 1997 and March 31, 1996.
Notes to the Consolidated Financial Statements.
Item 2. Management's Discussion and Analysis or
Plan of Operation.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION
AND SUBSIDIARY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets for March 31, 1997 and December 31, 1996.
Consolidated Statements of Income for the Three Months Ended March 31,
1997 and March 31, 1996.
Consolidated Statements of Stockholders' Equity for the Three Months
Ended March 31, 1997 and March 31, 1996.
Consolidated Statements of Cash Flows for the Three Months Ended March
31, 1997 and March 31, 1996.
Notes to the Consolidated Financial Statements. These Notes constitute
an integral part of the Consolidated Financial Statements.
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
-------------- ---------------
ASSETS:
<S> <C> <C>
Cash and due from banks:
Non-interest bearing $ 2,679,201 $ 4,656,684
Interest bearing 3,067,864 449,801
-------------- --------------
Total cash and due from banks 5,747,065 5,106,485
Federal funds sold 6,700,000 700,000
Investment securities:
Held-to-maturity(estimated market value of
$39,831,522 in 1997 and $43,595,368 in 1996) 39,992,562 43,412,008
Equity securities 1,197,050 1,197,650
Loans, less unearned income of $242,430 in 1997 and
$252,625 in 1996; and allowance for loan losses of
$654,845 in 1997 and $622,975 in 1996 96,336,337 95,322,179
Bank premises and equipment, net of accumulated
depreciation 3,649,325 3,674,397
Other real estate owned 78,448 78,928
Accrued interest receivable 1,141,342 1,058,111
Cash surrender value life insurance 649,780 634,930
Other assets 109,946 117,974
-------------- --------------
Total Assets $ 155,601,855 $ 151,302,662
============== ==============
LIABILITIES:
Deposits:
Non-interest bearing 16,369,894 16,065,133
Interest bearing 113,143,861 110,375,292
-------------- --------------
Total Deposits $ 129,513,755 $ 126,440,425
Securities sold under repurchase agreements 4,414,678 1,664,139
Federal funds purchased 0 2,000,000
Accrued Interest Payable 899,327 839,461
Negative Goodwill, net of accumulated amortization
of $1,621,230 in 1997 and $1,543,680 in 1996 1,439,192 1,516,742
Advances from borrowers for taxes & insurance 154,136 367,734
Accrued taxes and other liabilities 2,076,995 1,952,779
-------------- --------------
Total Liabilities $ 138,498,083 $ 134,781,280
-------------- --------------
STOCKHOLDERS EQUITY:
Common stock, $10 par value per share; 3,000,000
shares authorized; 441,072 shares issued and
outstanding in 1997 and 1996 4,410,720 4,410,720
Additional paid-in-capital 3,395,617 3,395,617
Retained earnings 9,297,435 8,715,045
-------------- --------------
Total Stockholders' Equity $ 17,103,772 $ 16,521,382
-------------- --------------
Total Liabilities and Stockholders' Equity $ 155,601,855 $ 151,302,662
============== ==============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1997 1996
__________ __________
<S> <C> <C>
Interest Income:
Interest and fees on loans $2,102,560 $2,003,031
Interest on investment securities
Taxable interest income 730,803 802,887
Exempt from federal taxes 19,642 18,631
Interest on federal funds sold 22,163 26,908
---------- -----------
Total Interest Income $2,875,168 $2,851,457
---------- -----------
Interest Expense:
Interest on deposits $1,223,125 $1,287,655
Interest on federal funds purchased 2,538 0
Interest on securities sold under
repurchase agreements 26,464 35,041
---------- ----------
Total Interest expense $1,252,127 $1,322,696
---------- ----------
Net Interest Income $1,623,041 $1,528,761
Provision for loan losses 40,000 50,000
---------- ----------
Net interest income after
Provision for loan Losses $1,583,041 $1,478,761
---------- -----------
Other Income:
Service charge on deposit accounts 171,525 156,866
Income from fiduciary activities 14,412 13,264
Insurance premiums and commissions 9,560 11,141
Gain/(loss) on sale of ORE 0 (9,061)
Gain/(loss) on sale of mortgage loans (4,161) (978)
Gain on sale of premises & equipment 0 100
Amortization of negative goodwill 77,550 92,860
Other 88,433 76,636
---------- ----------
Total other income $ 357,319 $ 340,828
---------- ----------
Other Expense:
Salaries 550,447 513,091
Employee benefits 79,169 76,482
Net occupancy expense 83,587 80,113
Equipment expense 97,144 133,537
FDIC assessment 9,380 28,119
Stationery & supplies 22,416 32,987
Other real estate expense 130 (7,069)
Other 227,351 208,603
---------- ----------
Total other expenses $1,069,624 $1,065,863
---------- ----------
Income Before Income Taxes 870,736 753,726
Income tax expense 288,346 248,473
---------- ----------
Net Income $ 582,390 $ 505,253
========== ==========
Net Income Per Share $ 1.32 $ 1.14
Weighted Average Shares Outstanding 441,718 443,072
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
PAR RETAINED
# SHARES VALUE SURPLUS EARNINGS TOTAL
-------- ---------- ---------- ---------- -----------
Balance December 31, 1995 441,072 $4,410,720 $3,395,617 $7,564,900 $15,371,237
Net income for three months
ended March 31, 1996 505,253 505,253
-------- ---------- ---------- ---------- -----------
Balance March 31, 1996 441,072 $4,410,720 $3,395,617 $8,070,153 $15,876,490
======== ========== ========== ========== ===========
Balance December 31, 1996 441,072 $4,410,720 $3,395,617 $8,715,045 $16,521,382
Net income for three months
ended March 31, 1997 582,390 582,390
-------- ---------- ---------- ---------- -----------
Balance March 31, 1997 441,072 $4,410,720 $3,395,617 $9,297,435 $17,103,772
======== ========== ========== ========== ===========
The accompanying notes are an integral part of these financial statements
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
1997 1996
----------- -----------
<S> <C> <C>
Operating activities:
Net Income $ 582,390 $ 505,253
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Deferred taxes (18,386) (37,759)
Provision for loan losses 40,000 50,000
Provision for depreciation 78,792 70,653
Federal home loan bank stock dividends received (13,400) (14,000)
(Gain) loss on sale of other real estate 0 9,061
(Gain) loss on sale of loans 4,161 0
Amortization of investment security premiums, net 1,698 25,991
Amortization of valuation adjustment on acquired loans 20,560 33,060
Amortization of valuation adjustment on acquired deposits (4,350) (22,580)
Amortization of negative goodwill (77,550) (92,860)
(Increase) decrease in accrued interest receivable (83,231) (68,940)
(Increase) decrease in cash surrender value (14,850) (13,024)
(Increase) decrease in other assets 8,028 (41,969)
Increase (decrease) in interest payable 59,866 63,435
Increase (decrease) in advances from borrowers for
taxes and insurance (213,598) (188,137)
Increase (decrease) in other liabilities 142,602 (113,263)
------------ ------------
Net cash provided (used) by operating activities $ 512,732 $ 164,921
------------ ------------
Investing activities:
Proceeds from sale of federal home loan bank stock 14,000 15,300
Purchases of investment securities 0 (4,186,939)
Proceeds from maturities and paydowns
of investment securities 3,417,748 1,714,685
(Increase) decrease in federal funds sold (6,000,000) (720,000)
Net (increase)/decrease in loans (1,078,399) 963,685
Purchases of premises and equipment (53,720) (84,764)
Proceeds from sales of other real estate, net 0 221,280
------------ ------------
Net cash provided (used) by investing activities $(3,700,371) $(2,076,753)
------------ ------------
Financing activities:
Net increase (decrease) in customer deposits 3,077,680 2,089,060
Net increase (decrease) in short term borrowings 2,750,539 198,593
Net increase (decrease) in Fed Funds Purchased (2,000,000) 0
------------ ------------
Net cash provided (used) by financing activities $ 3,828,219 $ 2,287,653
------------ ------------
Increase (decrease) in cash and cash equivalents 640,580 375,821
Cash and cash equivalents at beginning of period 5,106,485 4,702,493
Cash and cash equivalents at end of period $ 5,747,065 $ 5,078,314
============ ============
(Continued)
The accompanying notes are an integral part of these financial statements
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Continued)
1997 1996
---------- ----------
Supplemental disclosures:
Cash paid for:
Interest on deposits and other borrowing $1,194,765 $1,258,927
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997 AND DECEMBER 31, 1996
Presentation. The accompanying consolidated balance sheet for Britton &
Koontz Capital Corporation (the "Company") as of December 31, 1996, has been
derived from the audited financial statements of the Company for the year then
ended.
The accompanying consolidated financial statements as of March 31, 1997, and
March 31, 1996, are unaudited and reflect all normal recurring adjustments
which, in the opinion of management, are necessary for the fair presentation
of financial position and operating results of the periods presented.
Nonperforming Assets. Nonperforming assets at March 31, 1997 and December 31,
1996, were as follows:
<TABLE>
<CAPTION>
03/31/97 12/31/96
--------- ---------
(dollars in thousands)
<S> <C> <C>
Nonaccrual loans by type
Real estate $ 139 $ 157
Installment 2 2
Commercial and all other loans 25 75
--------- ---------
Total nonaccrual loans 166 234
Loan past due 90 days or more 267 383
--------- ---------
Total nonperforming loans 433 617
Other real estate owned (net) 78 79
--------- ---------
Total nonperforming assets $ 511 $ 696
========= =========
Nonperforming loans as a
percent of loans, net of
unearned interest and loans
held for sale .45% .64%
Allowance for Loan Losses. The following table reflects the transactions in
the allowance for loan losses for the three month periods ended March 31, 1997
and 1996:
03/31/97 03/31/96
--------- ---------
(dollars in thousands)
<S> <C> <C>
Balance at beginning of year $ 623 $ 724
Provision charged to operations 40 50
Charge offs (15) (51)
Recoveries 7 3
--------- --------
Net recoveries (charge offs) (8) (48)
--------- --------
Balance at end of period $ 655 $ 726
========= ========
Allowance for loan losses as a
percent of loans, net of unearned
interest and loans held for sale .68% .80%
</TABLE>
<PAGE>
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations
This discussion is intended to supplement the consolidated financial
statements, expand on material changes in financial condition since year end
and to compare the operating results for the three months ended March 31,
1997, to the same period in 1996.
Financial Condition
Total assets increased to $155.6 million at March 31, 1997, as
compared to $151.3 million at year end 1996. Loans, net of unearned interest and
allowance for losses, increased 1.1% to $96.3 million at March 31, 1997, as
compared to $95.3 million at December 31, 1996.
Nonperforming loans at March 31, 1997, were $433 thousand compared to
$617 thousand at December 31, 1996. The breakdown of nonperforming loans were
nonaccrual loans of $166 thousand at March 31, 1997, as compared to the $234
thousand at December 31, 1996, and loans past due ninety days or more of $267
thousand and $383 thousand at March 31, 1997 and December 31, 1996
respectively. Nonperforming loans as a percent of loans, net of unearned
income, decreased to .45% at March 31, 1997, as compared to .64% at December
31, 1996, due primarily to a reduction of 1-4 family residential loans past
due 90 days delinquent along with several non-accrual loans.
The allowance for possible loan losses was $655 thousand at March 31,
1997, compared to $726 thousand at March 31, 1996. The ratio of the allowance
for possible loan losses to loans, net of unearned income and loans held for
sale, decreased to .68% at March 31, 1997, as compared to .80% at March 31,
1996. Management regularly reviews the level of the allowance for possible
loan losses and is of the opinion that the additional $40 thousand in the
first quarter is adequate at March 31, 1997. The Company experienced net
chargeoffs for the first three months of 1997 of $8 thousand compared to $48
thousand for the same period in 1996.
Other real estate remained stable at $78 thousand.
Management determines the classification of its securities at
acquisition. Securities that are deemed to be held to maturity are accounted
for by the amortized cost method. These securities decreased $3.4 million to
$40.0 million at March 31, 1997, as compared to $43.4 million at December 31,
1996. Equity securities at March 31, 1997, comprised of Federal Reserve Bank
Stock of $239 thousand and Federal Home Loan Bank Stock of $958 thousand,
remained stable. There were no securities available for sale at either
period.
The Company's cash and cash equivalents increased to $5.7 million at
March 31, 1997, compared to $5.1 million at December 31, 1996. Cash provided
by operating and financing activities increased by $.5 million and $3.8
million respectively while investing activities used $3.7 million.
Deposits increased to $129.5 million at March 31, 1997, compared to
$126.4 million at December 31, 1996. Short-term borrowings at March 31, 1997
increased to $4.4 million in customer repurchase agreements.
Stockholders' equity increased to $17.1 million at March 31, 1997,
compared to $16.5 million at the end of 1996. The ratio of Stockholders'
equity to assets increased to 10.99% at March 31, 1997, compared to 10.92% at
the end of 1996, due to growth in retained earnings.
The Company maintained a Tier 1 capital to risk weighted assets
ratio at March 31, 1997, of 19.18%, a total capital to risk weighted assets
ratio of 19.92% and a leverage ratio of 11.35%. These levels exceed the
minimum requirements of the regulatory agencies of 4.00%, 8.00% and 3.00%
respectively.
<PAGE>
Results of Operations
First Quarter of 1997 Compared to the First Quarter of 1996
The Company recorded net income of $582 thousand or $1.32 per share
for the quarter ended March 31, 1997, which is an increase of 15% compared with
net income of $505 thousand and $1.14 per share, earned in the first quarter
of 1996. The increase in net income is due to an increase in net interest
income. The returns on average assets and average equity for the first
quarter of 1997 were 1.54% and 13.78%, respectively, while the returns were
1.33% and 12.86%, respectively, for the same period in 1996.
Analysis of Net Interest Income. Net interest income for the period
ended March 31, 1997 increased 6.2% or $94 thousand over the same period in
1996. This is due to an increase in net interest margin from 4.25% to 4.56%
which is the result of a lower cost of funds and a shift in earning assets due
to increased loan demand. Overall cost of funds decreased from 4.53% to 4.38%
while the yield on earnings assets increased from 7.93% to 8.08%. Average
loan volumes during the first quarter of 1997 increased by 4% to $96.3 million
from $92.6 million for the same period in 1996.
Provision for loan losses. The company recorded a provision for
loan loss expense of $40 thousand in the first quarter of 1997 compared to $50
thousand in the same period in 1996. This reflects management's expectations
of a reduction in loan recoveries compared to prior years.
Non-Interest Income. Non-interest income for the quarter ended March
31, 1997, increased to $357 thousand from $341 thousand for the same period in
1996. This increase is primarily attributable to the increase in fees from
core business lines, primarily service charges on deposit accounts, merchant
fees and other retail service fees. Fee income was partially offset with a
scheduled $15 thousand decrease in amortization of negative goodwill.
Non-Interest Expense. Non-interest expense remained relatively
stable during the periods analyzed. Increases in salaries and employee benefits
were offset by reductions in FDIC premiums on insured deposits.
Pretax Income. The combination of all the above factors produced a
15.5% increase in pretax income of $871 thousand compared to $754 thousand for
the previous year.
Income Taxes. Income taxes increased 16% to $288 thousand in 1997 as
compared to $248 thousand in 1996
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
Not Applicable
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
(a) April 10, 1997, 1997 Annual Meeting of Shareholders
(b) The following directors were re-elected by Shareholders at the
Annual Meeting for three year terms expiring in 2000 (Class I): James
J. Cole, A. J. Ferguson, W. Page Ogden, Bethany L. Overton, and Robert
R. Punches.
Directors whose terms of office as a director continued after the
meeting and the expiration date of their current term are: W. W.
Allen, Jr. (1998), Craig A. Bradford (1998), W. J. Feltus, III
(1998), Donald E. Killelea, M.D. (1998), Bazile R. Lanneau, Sr.
(1998), Wilton R. Dale (1999), Charles W. Herold, Jr. (1999), C. H.
Kaiser, Jr.(1999), Bazile R. Lanneau, Jr. (1999), Albert W. Metcalfe
(1999).
(c) The following directors were elected by Shareholders at the
Annual Meeting by the votes indicated:
<TABLE>
<CAPTION>
For Against Abstain Total
------- ------- ------- -------
<S> <C> <C> <C> <C>
James J. Cole 350,579 1,407 0 351,986
A. J. Ferguson 350,579 1,407 0 351,986
W. Page Ogden 350,579 1,407 0 351,986
Bethany L. Overton 350,579 1,407 0 351,986
Robert R. Punches 350,579 1,407 0 351,986
</TABLE>
(d) Other proposals of business brought before the Security Holders.
Of the 351,986 shares present, votes were tabulated on each item as
follows:
To approve an amendment to Article FOURTH of the Company's Articles of
Incorporation to increase the number of authorized shares, and decrease
the par value, of the Company's common stock from 3,000,000 shares, par
value $10.00 per share, to 12,000,000 shares, par value $2.50 per
share, and to effect a split of the issued common stock of the Company
by changing each issued share of common stock, par value $10.00 per
share, into four shares of common stock, par value $2.50 per share.
334,144 - for; 17,696 - against; and 146 - abstain.
(e) None.
Item 5. Other Information
None.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11 Statement Regarding Computation of Per Share Earnings
(b) Reports on Form 8-K
The Company filed a report on Form 8-K, dated March 26, 1997,
reporting fourth quarter 1996 earnings and a proposed 4:1 stock
split.
<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 thereto duly authorized.
BRITTON & KOONTZ CAPITAL CORPORATION
May 15, 1997 /s/ W. Page Ogden
W. Page Ogden
President and Chief Executive
Officer
May 15, 1997 /s/ Bazile R. Lanneau, Jr.
Bazile R. Lanneau, Jr.
Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Item
- ------- ----
11 Statement Regarding Computation of Per Share Earnings
EXHIBIT 11
Statement Re: Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended
March
---------------------
1997 1996
-------- --------
<S> <C> <C>
Primary:
Average shares outstanding: 441,072 441,072
Net effect of the assumed
exercise of stock options-
based on the treasury stock
method using average stock prices 646 2,000
-------- --------
Total 441,718 443,072
======== ========
Net income $582,390 $505,253
======== ========
Net income per share $1.32 $1.14
======== ========
Fully Diluted:
Average shares outstanding: 441,072 441,072
Net effect of the assumed exercise
of stock options based on the
treasury stock method using
average market price or period
end market price, whichever is high 708 2,000
-------- --------
Total 441,780 443,072
======== ========
Net income $582,390 $505,253
======== ========
Net income per share $1.32 $1.14
======== ========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000707604
<NAME> BRITTON AND KOONTZ FIRST NATIONAL BANK
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 5747065
<INT-BEARING-DEPOSITS> 113143861
<FED-FUNDS-SOLD> 6700000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 39992562
<INVESTMENTS-MARKET> 39831522
<LOANS> 96336337
<ALLOWANCE> 654845
<TOTAL-ASSETS> 155601855
<DEPOSITS> 129513755
<SHORT-TERM> 4414678
<LIABILITIES-OTHER> 4569650
<LONG-TERM> 0
0
0
<COMMON> 4410720
<OTHER-SE> 12693052
<TOTAL-LIABILITIES-AND-EQUITY> 155601855
<INTEREST-LOAN> 2102560
<INTEREST-INVEST> 772608
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 2875168
<INTEREST-DEPOSIT> 1223125
<INTEREST-EXPENSE> 1252127
<INTEREST-INCOME-NET> 1623041
<LOAN-LOSSES> 40000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1069624
<INCOME-PRETAX> 870736
<INCOME-PRE-EXTRAORDINARY> 582390
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 582390
<EPS-PRIMARY> 132
<EPS-DILUTED> 132
<YIELD-ACTUAL> 808
<LOANS-NON> 166250
<LOANS-PAST> 267453
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 622975
<CHARGE-OFFS> 14775
<RECOVERIES> 6645
<ALLOWANCE-CLOSE> 654845
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
