FORM 10-Q -- 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) Quarter Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended September 30, 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: 0-14745
-------------------------
SUN BANCORP, INC. (SUN)
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2233584
- ---------------------------------------- ----------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
PO Box 57, Selinsgrove, Pennsylvania 17870
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(717)-374-1131
- ------------------------------------------------------------------------------
Registrant's telephone number, including area code
N/A
- ------------------------------------------------------------------------------
(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 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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Common Stock, $1.25 Par Value 4,125,575
--------------------------------- ----------------------------------------
Class Outstanding Shares At September 30, 1997
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
<CAPTION>
(In Thousands)
September 30, 1997 December 31, 1996
Unaudited (Note)
------------------ -----------------
<S> <C> <C>
ASSETS
<S> <C> <C>
Cash and due from banks $ 13,597 $ 6,793
Interest-bearing deposits in banks 4,862 706
----------- ----------
Total Cash and cash equivalents 18,459 7,499
----------- ----------
Securities available for sale 153,513 136,538
Loans (net of unearned income of $4,340
and $5,357) 312,809 216,376
Less: Deferred loan fees (616) (661)
Allowance for possible loan losses (3,518) (2,490)
----------- -----------
Net loans 308,675 213,225
----------- -----------
Bank premises and equipment, Net 8,844 5,078
Other real estate owned 355 311
Intangible asset, Goodwill 11,135 -
Accrued interest and other assets 5,729 4,739
----------- -----------
Total assets $ 506,710 $ 367,390
=========== ===========
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
The accompanying notes are an integral part of these financial statements.
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
<CAPTION>
(In Thousands)
September 30, 1997 December 31, 1996
Unaudited (Note)
------------------ -----------------
LIABILITIES & SHAREHOLDERS' EQUITY
Deposits:
<S> <C> <C>
Noninterest-bearing $ 33,340 $ 19,977
Interest-bearing 294,859 185,642
---------- ---------
Total deposits 328,199 205,619
---------- ---------
<CAPTION>
Short-term borrowings:
<S> <C> <C>
Federal funds purchased and
securities sold under agreements
to repurchase 19,506 35,823
Other borrowed funds 91,703 83,625
Accrued interest and other liabilities 3,695 3,457
---------- ---------
Total liabilities 443,103 328,524
---------- ---------
<CAPTION>
Shareholders' Equity
<S> <C> <C>
Common Stock, Par value $1.25 $ 5,217 $ 4,272
Authorized 20,000,000 shares
Issued 4,173,084 shares in 1997
3,417,358 shares in 1996
Additional Paid in Capital 56,001 30,404
Retained earnings 1,612 4,927
Unrealized gains on available-for-sale
securities, net 2,186 672
Less Treasury stock, At cost
47,509 Shares in 1997 and 1996 (1,409) (1,409)
---------- ---------
Total shareholders' equity 63,607 38,866
---------- ---------
Total liabilities and
shareholders' equity $ 506,710 $ 367,390
========== =========
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
The accompanying notes are an integral part of these financial statements.
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
(In Thousands)
For the Three Months For the Nine Months
Ended September 30 Ended September 30
----------------------- ---------------------
1997 1996 1997 1996
Interest and Dividend Income:
<S> <C> <C> <C> <C>
Interest and fees on loans $7,222 $4,943 $17,032 $14,486
Interest on deposits in banks 136 8 189 26
Income from available-for-sale securities
Taxable 1,503 1,271 4,094 3,914
Tax Exempt 680 450 1,989 1,318
Dividends 183 146 546 368
------ ------ ------- -------
Total interest and dividend income 9,724 6,818 23,850 20,112
------ ------ ------- -------
Interest Expense:
Interest on deposits 2,745 2,088 7,018 6,157
Interest on short-term borrowings 267 559 591 1,184
Interest on other borrowed funds 1,609 743 4,256 2,742
------ ------ ------- -------
Total interest expense 4,621 3,390 11,865 10,083
------ ------ ------- -------
Net interest income 5,103 3,428 11,985 10,029
Provision for possible loan losses 300 425 875 575
------ ------ ------- -------
Net interest income,
after provision for
possible loan losses $4,803 $3,003 11,110 9,454
</TABLE>
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
-----------
(Continued)
<CAPTION>
(In Thousands)
For the Three Months For the Nine Months
Ended September 30 Ended September 30
------------------------- -----------------------
1997 1996 1997 1996
Other Operating Income:
<S> <C> <C> <C> <C>
Service charges on deposit accounts $ 304 $ 130 $ 644 $ 378
Trust income 108 83 324 222
Other income 165 133 385 404
Net security gains 433 358 1,301 358
Income from insurance subsidiary 33 68 99 184
-------- ------- -------- --------
Total other operating income 1,043 772 2,753 1,546
-------- ------- -------- --------
Other Operating Expense:
Salaries and employee benefits 1,413 897 3,263 2,599
Net occupancy expense 236 91 454 309
Furniture and equipment expenses 200 85 460 293
Other expenses 1,049 444 1,998 1,317
Expenses of insurance subsidiary 70 37 109 102
Amortization of intangible asset (Goodwill) 189 - 189 -
-------- ------- -------- --------
Total other operating expense 3,157 1,554 6,473 4,620
-------- ------- -------- --------
Income before income tax provision 2,689 2,221 7,390 6,380
Income tax provision 612 534 1,675 1,645
-------- ------- -------- --------
Net income $ 2,077 $ 1,687 $ 5,715 $ 4,735
======== ======= ======== ========
PER SHARE DATA
Net Income $ 0.50 $ 0.46 $ 1.53 $ 1.33
Dividends Paid $ 0.28 $ 0.23 $ 0.77 $ 0.65
Weighted average number of
shares outstanding 4,128,102 3,578,366 3,746,645 3,541,121
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
-----------
<CAPTION>
(In Thousands)
Nine Months Ended
September 30
-----------------------
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 5,715 $ 4,735
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for possible loan and other
real estate losses 1,055 575
Provision for depreciation 493 258
Amortization and accretion, net 328 -
Net security gains ( 1,301) ( 358)
Gain on sale of bank premises ( 83) -
(Increase) in accrued interest and
other assets ( 391) ( 2,696)
Increase (decrease) in accrued interest and
other liabilities ( 457) 527
------- -------
Net cash provided by operating activities 5,359 3,041
------- -------
Cash flows from investing activities:
Proceeds from sales of available-for-sale
securities 12,858 3,760
Proceeds from maturities of available-for-sale
securities 13,347 15,115
Purchases of available-for-sale securities (23,937) (38,674)
Net (increase) decrease in loans 1,646 (12,491)
Proceeds from sale of bank premises 266 -
Capital expenditures ( 1,096) ( 681)
------- --------
Net cash provided by (used in) investing
activities 3,084 (32,971)
------- --------
Cash flows from financing activities:
Net increase in deposit accounts 8,546 12,385
Net increase (decrease) in short-term borrowings (17,417) 24,601
Proceeds from other borrowed funds 20,000 18,525
Repayments of other borrowed funds (12,003) (21,313)
Cash dividends paid ( 3,003) ( 2,292)
Proceeds from sale of stock for employee
benefits program 451 214
Cash and cash equivalents received from
issuance of stock related to acquisition
of Bucktail Bank and Trust Company 6,093 -
Offering costs paid ( 150) -
------- -------
Net cash provided by financing activities 2,517 32,120
------- -------
Net increase in cash and cash equivalents 10,960 2,190
Cash and cash equivalents at beginning of period 7,499 6,471
------- -------
Cash and cash equivalents at end of period $18,459 $ 8,661
======= =======
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
<TABLE>
SUN BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
-----------
(Continued)
<CAPTION>
(In Thousands)
For the Nine Months
Ended September 30
------------------------
Supplemental disclosure of cash flow information:
<S> <C> <C>
Cash paid during the period for:
Interest paid $11,286 $10,002
Income taxes paid 1,600 1,875
<CAPTION>
Supplemental schedule of noncash investing
and financing activities (in thousands):
During the nine-month period ended September 30,
1997, loans with an estimated value of
$244,000 were reclassified to other real
estate owned.
On June 30, 1997, SUN acquired all of the capital
stock of Bucktail Bank and Trust Company in
exchange for shares of SUN's common stock
valued at $20,213,000. In conjunction with
the acquisition, liabilities were assumed
as follows:
<S> <C>
Cash and cash equivalents acquired $ 6,093
Fair value of other assets acquired 130,030
--------
136,123
Value of stock issued by SUN, net of
offering costs ( 20,063)
--------
Liabilities assumed $116,060
========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 1. Financial Statements
SUN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 -- Basis of Presentation
---------------------
The consolidated financial statements include the accounts of SUN BANCORP,
INC. ("SUN") and subsidiaries, Sun Bank and the Pennsylvania SUN Life Insurance
Company. SUN is a limited partner to two partnerships which were formed for the
purpose of building, owning and operating affordable elderly apartment complexes
in SUN's market area. All material intercompany balances and transactions have
been eliminated in consolidation.
The accompanying unaudited consolidated financial statements for the
interim periods do not include all of the information and footnotes required
by generally accepted accounting principles. However, in the opinion of
management, all adjustments necessary for a fair presentation of the results
of the interim period have been included. Operating results for the three-
and nine-month periods ended September 30, 1997 are not necessarily indicative
of the results that may be expected for the year ending December 31, 1997.
The accounting policies followed in the presentation of interim financial
results are the same as those followed on an annual basis. These policies are
presented on pages 10 and 11 of the 1996 Annual Report to Shareholders.
Note 2 -- Purchase of Bucktail Bank and Trust Company
-------------------------------------------
On June 30, 1997, SUN acquired Bucktail Bank and Trust Company ("Bucktail")
from FNB Corporation, a multi-bank holding company headquartered in Hermitage,
Pennsylvania. Concurrently, Bucktail was merged into Sun Bank. The acquistion,
which has been accounted for as a purchase, resulted in the issuance of 565,384
shares of SUN common stock pursuant to a private placement in exchange for all
of the outstanding shares of Bucktail held by FNB. Based on the market price of
SUN's common stock as of June 30, 1997, the total cost of the acquisition was
$20,063,000.
The pro forma combined operating results provided in the table below are
presented as if the acquisition had been effective on January 1, 1996. The
pro forma results include adjustments for the amortization of goodwill and other
charges in depreciation expense, interest expense and interest income which
result from accounting for the purchase of Bucktail's assets and assumption of
Bucktail's liabilities at their fair market values. In addition, overhead
charges of $375,000 for the nine-months ended September 30, 1997 and $563,000
for the corresponding period of 1996 have been eliminated from the combined
historical results of operations based on the excess of historical overhead
charges made by the former parent company over the estimated cost of
providing these services.
<TABLE>
<CAPTION>
(In Thousands, except Nine Months ended September 30
net income per share) 1997 1996
---- ----
<S> <C> <C>
Net interest income $ 14,917 $ 14,216
Net income $ 6,415 $ 5,609
Net income per common share $ 1.56 $ 1.37
<PAGE>
SUN BANCORP, INC.
FOR 10-Q
PART I
Note 3 -- Subsequent Event - Announcement of Stock Split
----------------------------------------------
On November 3, 1997, SUN issued a press release announcing a three-for-two
split of its common stock, effective for shareholders of record as of the close
of business on November 28, 1997, with the additional shares to be distributed
on December 12, 1997. Since this transaction is expected to be consummated
after the issuance of the accompanying financial statements, per share data does
not include the effect of the stock split.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The following is management's discussion and analysis of the significant
changes in the results of operations, capital resources and liquidity presented
in its accompanying consolidated financial statements for SUN Bancorp, Inc., a
bank holding company ("SUN"), and its wholly-owned subsidiary, Sun Bank. SUN's
consolidated financial condition and results of operations consist almost
entirely of the bank's financial condition and results of operations. This
discussion should be read in conjunction with the 1996 Annual Report. Current
performance does not guarantee, assure or may be indicative of similar
performance in the future, and may not be indicative of future results.
SUN's net income for the nine months ended September 30, 1997 amounted to
$5,715,000, an increase of 20.7% over the corresponding period of 1996.
Earnings per share rose to $1.53 for the first nine months of 1997, or an
increase of 15.0% from the $1.33 earnings per share realized for the same period
of 1996. SUN achieved a 1.8% return on average assets and a 16.1% return on
average equity for the nine months ended September 30, 1997, compared to ratios
of 1.9% and 17.4% for the first nine months of 1996. For the third quarter of
1997, SUN's earnings were $2,077,000, which represented an increase of $390,000,
or 23.1%, over the third quarter of 1996. Earnings per share for the three
months ended September 30, 1997 and 1996 were $0.50 and $0.46, respectively,
which was an increase of 8.7%. Per share amounts have been adjusted to give
retroactive effect to 5% stock dividends issued in the second quarter of 1997
and 1996. Per share amounts have not been adjusted for the effects of the
three-for-two stock split, which is to result in the issuance of additional
shares in December 1997
(see Note 3).
Results of Operations - Three Months Ended September 30, 1997 and 1996
- ----------------------------------------------------------------------
SUN's statement of income for the third quarter of 1997, compared to the
corresponding period of 1996, was significantly affected by the acquisition of
Bucktail Bank and Trust Company ("Bucktail") on June 30, 1997. Due primarily to
the purchase of Bucktail, SUN's average balances of earning assets and interest-
bearing liabilities increased substantially, resulting in large increases in
total interest income and total interest expense, and an overall increase in net
interest income of $1,675,000, or 48.9%.
Total other operating income increased $271,000, or 35.1%, in the third
quarter of 1997 compared to the third quarter of 1996. Service charges on
accounts increased $174,000 due in part to an increase in automatic teller fees.
Also, net security gains, primarily from sales of equity securities, increased
$75,000 in the three months ended September 30, 1997 compared to 1996.
Other operating expenses increased to $3,157,000 in the third quarter of
1997, compared to $1,554,000 in 1996. Increases in salaries and employee
benifits, net occupancy expense, furniture and equipment expense, and other
expenses were reflective of increased operating costs associated with the
addition of seven former Bucktail branch locations. Also, amortization expense
of $189,000 was recorded in the third quarter of 1997, resulting from goodwill
related to the Bucktail acquisiton. Other factors that resulted in increased
operating expenses in the third quarter of 1997, compared to the prior year,
include increased furniture and equipment expenses related to expanding and
relocating the Northumberland and Shamokin Dam branch operations, and a write-
down of the estimated value of other real estate of $180,000 (included in other
expenses).
Results of Operations - Nine Months Ended September 30, 1997 and 1996
- ---------------------------------------------------------------------
The increase in SUN's net earnings for the nine-month period ended
September 30, 1997, compared to the same period in 1996, was attributable
primarily to increases in net interest income and net security gains,
partially reduced by increases in other operating expenses and the provision
for possible loan losses. Net interest income for the first nine months of
1997 increased $1,956,000, or 19.5%, over the corresponding period in 1996,
principally due to increased volumes in the third quarter of 1997 resulting
from the Bucktail acquistition, as described above. The provision for
possible loan losses increased $300,000 for the nine months ended
September 30, 1997 as a result of management's desire to maintain the allowance
for loan losses at a level in excess of 1% of total loans, while absorbing net
loan charge-offs of $1,140,000 primarily related to installment loans. Other
operating income increased $1,207,000, or 78.1% over the first nine months of
1996, as net security gains increased $943,000. Other operating expenses
increased $1,853,000, or 40.1%, for the nine months ended September 30, 1997
over the same period in 1996, principally for the reasons described above in
the third quarter analysis.
Balance Sheet - September 30, 1997 and December 31, 1996
- --------------------------------------------------------
Total assets were $506,710,000 at September 30, 1997, an increase of 37.9%
over the amount at December 31, 1996. Also, total liablities increased
$114,579,000, or 34.9%, at September 30. 1997 compared to December 31, 1996.
The largest contributing factor to SUN's asset growth over this time period
was the acquistion of Bucktail, as discussed earlier. SUN's total shareholders'
equity increased $20,063,000 as a result of the issuance of common stock related
to the Bucktail acquisition.
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART I
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Adequacy
- ----------------
Management believes capital is being maintained at adequate levels. SUN
paid a cash dividend of $.28 per share to its stockholders on September 12,
1997. SUN's stock is traded publicly on the NASDAQ national market system
under the symbol SUBI. SUN's strong capital position is evidenced by the
following capital ratios which are well above the regulatory minimum levels.
</TABLE>
<TABLE>
<CAPTION>
For Capital
Actual Ratio Adequacy Purposes
<S> <C> <C> <C>
As of September 30, 1997
Total Capital
(to Risk Weighted Assets) 53,804 17.4% 8.0%
Tier I Capital
(to Risk Weighted Assets) 50,286 16.5% 4.0%
Tier I Capital
(to Average Assets) 50,286 12.1% 4.0%
As of December 31, 1996
Total Capital
(to Risk Weighted Assets) 40,684 18.4% 8.0%
Tier I Capital
(to Risk Weighted Assets) 38,194 17.3% 4.0%
Tier I Capital
(to Average Assets) 38,194 11.1% 4.0%
Regulatory Activity
- -------------------
From time to time, various types of federal and state legislation has been
proposed that could result in additional regulation of, and restrictions on,
the business of SUN and Sun Bank. It cannot be predicted whether such legis-
lation will be adopted or, if adopted, how such legislation would affect the
business of SUN and Sun Bank. As a consequence of the extensive regulation of
commercial banking activities in the United States, SUN's and Sun Bank's
business is particularly susceptible to being affected by federal legislation
and regulations that may increase the cost of doing business. Except as
described above, Management believes that the effect of the provisions of
legislation on the liquidity, capital resources and results of operations of
SUN will be immaterial. Management is not aware of any other current specific
recommendations by regulatory authorities or proposed legislation, which if
implemented, would have a material adverse effect upon the liquidity, capital
reserves or results of operations, although the general cost of compliance with
numerous and multiple federal and state laws and regulations does have, and in
the future may have, a negative impact on SUN's results or operations.
Further, the business of SUN is also affected by the state of the financial
services industry in general. As a result of legal and industry changes,
Management predicts that the industry will continue to experience an increase in
consolidations and mergers as the finanacial services industry strives for
greater cost efficiencies and market share. Management also expects increased
diversification of financial products and services offered by Sun Bank and its
competitors. Management believes that such consolidations and mergers, and
diversificaton of products and services may enhance its competitive position
as a community bank.
</TABLE>
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART II
Items 1, 2, 3, and 4 -- Omitted pursuant to instructions to Part II
Item 5 -- Other information
On November 3, 1997, the Board of Directors approved a three-for-two common
stock split, and an increase in the quarterly dividend payment to $0.195 per
share payable December 12, 1997 to shareholders of record November 28, 1997.
Item 6 -- Exhibits and Reports on Form 8-K
A report on Form 8-k was filed on July 11, 1997, and amended on
September 30, 1997. This report, as amended, stated that on June 30, 1997,
Registrant completed the acquisition of Bucktail Bank and Trust Company from FNB
Corporation by issuing 565,384 shares of SUN common stock in exchange for all of
the outstanding shares of Bucktail.
<PAGE>
SUN BANCORP, INC.
FORM 10-Q
PART II
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.
SUN BANCORP, INC.
Date 11/13/97 /s/ Fred W. Kelly, Jr.
-------- -----------------------
Fred W. Kelly, Jr.
Chief Executive Officer
(Principal Executive Officer)
/s/ Jeffrey E. Hoyt
----------------------
Jeffrey E. Hoyt
Exec. Vice President, Chief Operating Officer
and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
SUN BANCORP, INC.
P.O. Box 57
Selinsgrove, PA 17870
(717)374-1131
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1997
<CASH> 18459
<INT-BEARING-DEPOSITS> 4862
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 153513
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 312809
<ALLOWANCE> 3518
<TOTAL-ASSETS> 506710
<DEPOSITS> 328199
<SHORT-TERM> 19506
<LIABILITIES-OTHER> 3695
<LONG-TERM> 91703
<COMMON> 5217
0
0
<OTHER-SE> 58390
<TOTAL-LIABILITIES-AND-EQUITY> 506710
<INTEREST-LOAN> 17032
<INTEREST-INVEST> 6629
<INTEREST-OTHER> 189
<INTEREST-TOTAL> 23850
<INTEREST-DEPOSIT> 7018
<INTEREST-EXPENSE> 11865
<INTEREST-INCOME-NET> 11985
<LOAN-LOSSES> 875
<SECURITIES-GAINS> 1301
<EXPENSE-OTHER> 6473
<INCOME-PRETAX> 7390
<INCOME-PRE-EXTRAORDINARY> 7390
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5715
<EPS-PRIMARY> 1.53
<EPS-DILUTED> 1.53
<YIELD-ACTUAL> 3.65
<LOANS-NON> 1046
<LOANS-PAST> 2984
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2491
<CHARGE-OFFS> 1252
<RECOVERIES> 112
<ALLOWANCE-CLOSE> 3518
<ALLOWANCE-DOMESTIC> 3518
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1362
</TABLE>
