<PAGE>
1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO 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
For the transition period from to
Commission file number 0-11535
CITY NATIONAL BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 22-2434751
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
900 Broad Street, 07102
Newark, New Jersey (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (201) 624-0865
Securities Registered Pursuant to Section 12(b) of the Act: None
Securities Registered Pursuant to Section 12(g) of the Act:
Title of each class
Common stock, par value $10 per share
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
The aggregate market value of voting stock held by non affiliates of the
Registrant as of May 12, 1997 was approximately $1,304,960.
There were 114,141 shares of common stock outstanding at May 12, 1997.
<PAGE>
2
CITY NATIONAL BANCSHARES CORPORATION
AND SUBSIDIARY
Consolidated Balance Sheet
March 31, December 31,
Dollars in thousands, except per share data 1997 1996
================================================================================
Assets
Cash and due from banks ............................ $ 4,138 $ 2,767
Federal funds sold ................................. 3,000 8,900
Interest bearing deposits
with banks ....................................... 59 74
Investment securities
available for sale ............................... 29,280 30,997
Investment securities held
to maturity (Market value
of $28,855 at March 31, 1997
and $29,517 at December 31, 1996) ............... 29,579 29,866
Loans held for sale ................................ 200 291
Loans .............................................. 56,702 57,128
Less: Reserve for possible
loan losses ...................................... 760 750
-------- --------
Net loans .......................................... 55,942 56,378
-------- --------
Premises and equipment ............................. 3,312 3,331
Accrued interest receivable ........................ 882 1,078
Other real estate owned ............................ 648 672
Other assets ....................................... 1,556 597
-------- --------
Total assets ....................................... $128,596 $134,951
======== ========
Liabilities and Stockholders' Equity
Deposits:
Demand ........................................... $ 12,798 $ 13,699
Savings .......................................... 35,463 37,527
Time ............................................. 58,191 64,628
-------- --------
Total deposits ..................................... 106,452 115,854
Short-term borrowings .............................. 5,832 5,175
Accrued expenses and
other liabilities ................................ 4,154 3,886
Long-term debt ..................................... 3,749 1,749
-------- --------
Total liabilities .................................. 120,187 126,664
Commitments and contingencies
Stockholders' equity
Preferred stock, no par value:
Authorized 100,000 shares;
128 shares issued and
outstanding in 1997 and 1996 ..................... 727 727
Common stock, par value $10:
Authorized 400,000 shares;
114,980 shares issued in 1997
and 1996, 114,141 shares
outstanding in 1997 and 1996 ................... 1,150 1,150
Surplus .......................................... 901 901
Retained earnings ................................ 5,854 5,645
Less:
Net unrealized loss on
investment securities
available for sale ........................... 198 111
Treasury stock, at cost -
839 shares ................................... 25 25
-------- --------
Total stockholders' equity ......................... 8,409 8,287
-------- --------
Total liabilities and stockholders' equity ......... $128,596 $134,951
======== ========
See accompanying notes to consolidated financial statements.
<PAGE>
3
CITY NATIONAL BANCSHARES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Income
Three months ended March 31,
Dollars in thousands, except per share data 1997 1996
================================================================================
Interest income
Interest and fees on loans ....................... $ 1,253 $ 1,045
Interest on Federal funds sold and
securities purchased under
agreements to resell ........................... 121 158
Interest on other short term investments
Interest on deposits with banks .................. 1 2
Interest and dividends on investment
securities:
Taxable ....................................... 897 823
Tax-exempt .................................... 29 29
------- --------
Total interest income ............................ 2,301 2,057
-------- --------
Interest expense
Interest on deposits ............................. 921 725
Interest on short-term borrowings ................ 48 37
Interest on long-term debt ....................... 36 25
-------- --------
Total interest expense ........................... 1,005 787
-------- --------
Net interest income .............................. 1,296 1,270
Provision for possible loan losses ............... 27 10
-------- --------
Net interest income after
provision for possible loan losses ............. 1,269 1,260
-------- --------
Other operating income
Service charges on deposit accounts .............. 143 143
Other income ..................................... 158 169
Net gain on sales of investment
securities ..................................... 21 10
-------- --------
Total other operating income ..................... 322 322
-------- --------
Other operating expenses
Salaries and other employee benefits ............. 641 661
Occupancy expense ................................ 87 64
Equipment expense ................................ 97 73
Other expenses ................................... 369 366
-------- --------
Total other operating expenses ................... 1,194 1,164
--------
Income before income tax expense ................. 397 418
Income tax expense ............................... 144 146
-------- --------
Net income ....................................... $ 253 $ 272
======== ========
Net income per share
Primary .......................................... $ 1.83 $ 2.37
Fully diluted .................................... 1.66 2.10
======== ========
Primary average shares outstanding ............... 114,141 113,501
Fully diluted average shares outstanding ......... 127,991 127,351
======== ========
See accompanying notes to consolidated financial statements.
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4
CITY NATIONAL BANCSHARES CORPORATION
AND SUBSIDIARY
<TABLE>
Consolidated Statement of Changes
in Stockholders' Equity
<CAPTION>
Net Unrealized
Loss on Invest-
Common Preferred Retained ment Securities Treasury
Dollars in thousands, except per share data Stock Surplus Stock Earnings Available for Sale Stock Total
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1995 ........................ $ 1,120 $ 886 200 $ 4,856 $ (141) $ (25) $ 6,896
Net income ........................................ -- -- -- 272 -- -- 272
Proceeds from issuance of stock ................... 30 15 527 -- -- -- 572
Change in net unrealized loss on .................. -- -- -- -- --
investment securities available for sale ........ (18) (18)
Dividends paid on common stock .................... -- -- -- (2) -- -- (2)
------- ------- ------- ------- ------- ------- -------
Balance, March 31, 1996 ........................... $ 1,150 $ 901 $ 727 $ 5,126 $ (159) $ (25) $ 7,720
======= ======= ======= ======= ======= ======= =======
Balance, December 31, 1996 ........................ $ 1,150 $ 901 $ 727 $ 5,645 $ (111) $ (25) $ 8,287
Net income ........................................ -- -- -- 253 -- -- 253
Proceeds from issuance of stock ................... -- -- -- -- -- -- 0
Change in net unrealized loss on
investment securities available for sale ........ -- -- -- -- (87) -- (87)
Dividends paid on preferred stock ................. -- -- -- (44) -- -- (44)
------- ------- ------- ------- ------- ------- -------
Balance, March 31, 1997 ........................... $ 1,150 $ 901 $ 727 $ 5,854 $ (198) $ (25) $ 8,409
======= ======= ======= ======= ======= ======= =======
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
5
CITY NATIONAL BANCSHARES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Cash Flows
Three Months Ended March 31,
In thousands 1997 1996
================================================================================
Operating activities
Net income ............................................. $ 253 $ 272
Adjustments to reconcile net income
to net cash from operating activities:
Depreciation and amortization ........................ 68 64
Provision for possible loan losses ................... 27 10
Writedown of other real estate owned ................. 24 --
Amortization of premium, net of
discount accretion on investment
securities ......................................... 19 12
Net gains on calls of investment
securities held to maturity ........................ (21) (10)
Gains and commissions on loans held for sale ......... (2) (14)
Decrease in accrued interest receivable ................ 196 45
Deferred income tax (benefit) expense .................. (13) 50
(Increase) decrease in other assets .................... (959) 176
Increase in accrued expenses and other liabilities ..... 339 396
------- -------
Net cash (used in) provided by operating activities .... (69) 1,001
------- -------
Investing activities
Loans originated for sale .............................. -- (1,251)
Proceeds from sales of loans held for sale ............. 93 1,432
Decrease (increase) in loans ........................... 409 (1,964)
Purchase of loans in connection with branch
acquisitions ......................................... -- (4,035)
Decrease in interest bearing deposits with banks ....... 15 193
Proceeds from maturities of investment securities
available for sale, including principal
payments and calls ................................... 3,574 1,684
Proceeds from maturities of investment securities
held to maturity, including principal payments
and calls ............................................ 282 3,335
Purchases of investment securities available for sale .. (1,995) (2,028)
Purchases of investment securities held to maturity .... -- (8,812)
Purchases of premises and equipment .................... (49) (822)
------- -------
Net cash provided by (used in) investing activities .... 2,329 (12,268)
------- -------
Financing activities
Deposits assumed in branch acquisition ................. -- 7,661
Increase in long term debt ............................. 2,000 --
(Decrease) increase in deposits ........................ (9,402) 4,218
Decrease (increase) in short-term borrowings ........... 657 (134)
Proceeds from issuance of common stock ................. -- 45
Proceeds from issuance of preferred stock .............. -- 527
Dividends paid on preferred stock ...................... (44) (2)
------- -------
Net cash (used in) provided by financing activities .... (6,789) 12,315
------- -------
Net (decrease) increase in cash and cash equivalents ... (4,529) 1,048
Cash and cash equivalents at beginning of period ....... 11,667 10,294
------- -------
Cash and cash equivalents at end of period ............. $ 7,138 $ 11,342
------- -------
Cash paid during the year:
Interest ............................................... $ 818 $ 731
Income taxes ........................................... 1 (57)
See accompanying notes to consolidated financial statements.
<PAGE>
6
CITY NATIONAL BANCSHARES CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
1. Principles of consolidation
The accompanying consolidated financial statements include the accounts of City
National Bancshares Corporation (the "Corporation") and its subsidiary, City
National Bank of New Jersey (the "Bank"). All significant intercompany accounts
and transactions have been eliminated in consolidation.
2. Basis of presentation
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation of
the financial statements have been included. Operating results for the three
months ended March 31, 1997 are not necessarily indicative of the results that
may be expected for the year ended December 31,1997.
3. Net income per common share
Primary income per common share is calculated by dividing net income less
dividends paid on preferred stock by the weighted average number of common
shares outstanding. Common shares issuable upon conversion of the subordinated
debentures have been excluded from the primary income per common share as they
are not considered to be common stock equivalents. On a fully diluted basis,
both net income and common shares outstanding are adjusted to assume the
conversion of the convertible subordinated debentures from the date of issue.
<PAGE>
7
Management's Discussion and Analysis of Results of Operations and Financial
Condition
Results of operations
Net income for the first quarter of 1997 was $253,000, a decrease of 7% compared
to $272,000 for the similar 1996 period. Related earnings per share on a fully
diluted basis decreased to $1.66 from $2.10, and were affected by the annual
preferred stock dividend payments. Returns on average common equity and average
assets were 13.30% and .74% for the first quarter of 1997 and 14.76 % and .89%
for the corresponding 1996 period.
Lower gains and commissions on loan sales resulting from a decrease in mortgage
loans originated for sale along with higher operating expenses were the primary
reasons for the lower earnings.
Net interest income
For the first quarter of 1997, net interest income was relatively unchanged from
the same 1996 period. The related net interest margins were 4.21% compared to
4.42%. Average interest earning assets for the first quarter of 1997 rose to
$126.2 million from $116.5 million in 1996. Most of this growth occurred within
the loan portfolio, which averaged $56.6 million compared to $47.1 million , a
20.2 % increase, due in part to the purchase of $4 million in residential
mortgage loans in conjunction with a March, 1996 branch acquisition.
Interest income was higher due to an increase in earning assets and a more
favorable earning asset mix, which contributed to an increase in the average
rate earned to 7.44% from 7.13%. Interest expense rose as well, due to higher
interest bearing funding sources as well as an increase in the cost of funding
interest earning assets from 3.68% to 3.92%.
Provision and reserve for possible loan losses
Changes in the reserve for possible loan losses are set forth below.
Three Months
Ended March 31
(Dollars in thousands) 1997 1996
---- ----
Balance at beginning of period ................................ $ 750 $ 650
Provision (credit) for possible
loan losses ................................................. 27 (10)
Recoveries of previous charge-offs ............................ 12 18
----- -----
789 678
Less: Charge-offs ............................................. 29 3
----- -----
Balance at end of period ...................................... $ 760 $ 675
Ended March 31,
Management believes that the reserve for possible loan losses is adequate based
on an ongoing evaluation of the loan portfolio. This evaluation includes
consideration of past loan loss experience, the level and composition of
nonperforming loans, collateral adequacy, and general economic conditions,
including the effect of such conditions on particular industries.
While management uses available information to determine the adequacy of the
reserve, future additions may be necessary based on changes in economic
conditions or in subsequently occurring events unforeseen at the time of
evaluation.
(Dollars in thousands) March 31, December 31, March 31,
1997 1996 1996
- --------------------------------------------------------------------------------
Reserve for possible loan
losses as a percentage of:
Total loans ............................... 1.34% 1.31% 1.32%
Total nonperforming loans ................. 77.08% 70.89% 94.27%
Total nonperforming assets
(nonperforming loans and OREO) .......... 46.51% 43.35% 72.73%
Net charge-offs (recoveries)
as a percentage of average
loans (year-to-date) .................... (.03)% .02% .02%
<PAGE>
8
Nonperforming loans
Nonperforming loans include loans on which the accrual of interest has been
discontinued or loans which are contractually past due 90 days or more as to
interest or principal payments on which interest income is still being accrued.
Nonaccrual loans include loans where principal or interest interest income is
still being accrued Delinquent interest payments are credited to income when
received. The following table presents the principal amounts of nonperforming
loans past due 90 days or more and accruing.
(Dollars in thousands) March 31, December 31, March 31,
1997 1996 1996
- --------------------------------------------------------------------------------
Nonaccrual loans
Commercial ................................. $ 385 $ 423 $ 65
Installment ................................ 5 4 2
Real estate ................................ 596 598 638
------ ------ ------
Total ...................................... 986 1,025 705
------ ------ ------
Loans past due 90 days
or more and still accruing
Commercial ................................. -- 14 --
Installment ................................ -- -- --
Real estate ................................ -- 19 11
------ ------ ------
Total ...................................... -- 33 11
- ----------------------------------------------- ------ ------ ------
Total nonperforming loans $986 $1,058 $716
Nonperforming assets are generally well secured by real estate and small
commercial buildings. It is the Bank's intent to move nonperforming loans into
other real estate owned ("OREO") as rapidly as possible and to dispose of all
OREO properties at the earliest possible date at prices considered reasonable
under the circumstances.
Other operating income
Other operating income, including the results of investment securities
transactions was unchanged for the three months ended March 31, 1997 compared to
the similar 1996 quarter.
Other operating expenses
Other operating expenses rose 2.6% for the first quarter of 1997 to $1,194,000
from $1,164,000 in the first quarter of 1996, with the increase attributable to
higher occupancy and equipment expense, due to increased costs associated with
the completion of the administrative office renovations.
Income tax expense
Income tax expense as a percentage of pretax income rose from 34.9% to 36.3% for
the first quarter of 1997 compared to the first quarter of 1996 as a result of
higher levels of income subject to state income tax.
Short-term interest earning assets
Short-term interest earning assets averaged $9.4 million for the three months of
1997 compared to $12.5 million for the similar 1996 period, reflecting the
redistribution of these assets into the loan and investment portfolios.
Investment securities
There was little activity in either the held to maturity or available for sale
portfolio during the first quarter of 1997.
Loans
Loans held for sale declined from $291,000 at December 31,1996 to $200,000 at
March 31, 1997 while there were no loans originated for sale during the 1997
first quarter compared to $809,000 during the first three months of 1996. Loans
totalled $56.7 million at March 31, 1997 compared to $57.1 million at December
31, 1996.
Deposits
Average deposits for the first quarter of 1997 totalled $117.4 million compared
to $109.4 million for the first quarter of 1996 due primarily to the addition of
$7.6 million in deposits assumed in connection with a branch acquisition on
March 8, 1996.
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9
Short-term borrowings
Average short-term borrowings rose 32.1% from the first quarter of 1996 to the
corresponding 1997 period, reflecting higher levels of U.S. Treasury tax and
loan note option balances.
Long-term debt
Average long-term debt increased $800,000, or 45.7% in the first quarter of 1997
from the first quarter of 1996 as a result of $2 million in Federal Home Loan
Bank advances incurred in February, 1997.
Liquidity
The liquidity position of the Corporation is dependent on the successful
management of its assets and liabilities so as to meet the needs of both deposit
and credit customers. Liquidity needs arise primarily to accommodate possible
deposit outflows and to meet borrowers' requests for loans. Such needs can be
satisfied by investment and loan maturities and payments, along with the ability
to raise short-term funds from external sources.
It is the responsibility of the Asset/Liability Management Committee ("ALCO") to
monitor and oversee all activities relating to liquidity management and the
protection of net interest income from fluctuations in interest rates.
The Bank depends primarily on deposits as a source of funds and also provides
for a portion of its funding needs through short-term borrowings, such as
Federal Funds purchased, securities sold under repurchase agreements and
borrowings under the U.S. Treasury tax and loan note option program.
The major contributions during the first quarter of 1997 from operating
activities to the Corporation's liquidity came from higher accrued expenses and
other liabilities.
Net cash used in investing activities was primarily the result of the purchase
of investment securities, which totalled $2 million, while sources of cash
provided by investing activities were derived primarily from proceeds from
maturities, principal payments and early redemptions of investment securities,
amounting to $3.8 million.
The primary source of funds from financing activities resulted from an increase
in long-term debt of $2 million while a decrease in deposits of $9.4 million
represented the highest use of cash for financing activities.
Interest rate sensitivity
The management of interest rate risk is also important to the profitability of
the Corporation. Interest rate risk arises when an earning asset matures or when
its interest rate changes in a time period different from that of a supporting
interest bearing liability, or when its interest rate changes in a time period
different from that of an interest earning asset that it supports. While the
Corporation does not match specific assets and liabilities, total earnings
assets and interest bearing liabilities are grouped to determine the overall
interest rate risk within a number of specific time frames.
Interest sensitivity analysis attempts to measure the responsiveness of net
interest income to changes in interest rate levels. The difference between
interest sensitive assets and interest sensitive liabilities is referred to as
the interest sensitivity gap. At any given point in time, the Corporation may be
in an asset-sensitive position, whereby its interest-sensitive assets exceed its
interest-sensitive liabilities or in a liability-sensitive position, whereby its
interest-sensitive liabilities exceed its interest-sensitive assets, depending
on management's judgment as to projected interest rate trends.
One measure of interest rate risk is the interest-sensitvity analysis, which
details the repricing differences for assets and liabilities for given periods.
The primary limitation of this analysis is that it is a static (i.e, as of a
specific point in time) measurement which does not capture risk that varies
nonproportionally with changes in interest rates. Because of this limitation,
the Corporation uses a simulation model as its primary method of measuring
interest rate risk. This model, because of its dynamic nature, forecasts the
effects of different patterns of rate movement and variances in the effects of
rate changes on the Corporations' mix of interest-sensitive assets and
liabilities.
At March 31,1997, the Corporation had a cumulative one-year static gap of a
negative $10.7 million, representing 8.98% of total assets compared to a
negative $12.4 million gap at December 31,1996, which represented 9.19% of total
assets. Utilizing a dynamic simulation model, management believes that this
amount would not result in a significant change in net interest income should
interest rates rise or fall up to 300 basis points, which is the maximum change
that management uses to measure the Corporation's exposure to interest rate
risk.
<PAGE>
10
Capital
Stockholders' equity amounted to $8.4 million at March 31,1997 compared to $8.3
million to December 31,1996. Stockholders' equity as a percentage of total
assets was 6.06% at March 31,1997, while the consolidated leverage ratio was
6.16%, which compares with existing guidelines established by the Federal
Reserve Bank for bank holding companies of 5% for classification as
well-capitalized.
Risk-based capital ratios are expressed as a percentage of risk-adjusted assets,
and relate capital to the risk factors of a bank's asset base, including
off-balance sheet risk exposures. Various weights are assigned to different
asset categories as well as off-balance sheet exposures depending on the risk
associated with each. In general, less capital is required for less risk.
At March 31,1997, the Corporation's core capital (Tier 1 ) and total (Tier 1
plus Tier 2) risked-based capital ratios were 16.90% and 22.05%, respectively.
PART II Other information
Item 6a. Exhibits
(11 ) Statement re computation of per share earnings
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 hereunto duly authorized.
CITY NATIONAL BANCSHARES CORPORATION
(Registrant)
May 12, 1997 ____________________
Edward R. Wright
Senior Vice President and Chief Financial
Officer (Principal Financial and Accounting Officer)
EXHIBIT 11. STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
City National Bancshares Corporation
Computation of Earnings Per Common Share on a
Primary & Fully Diluted Basis
In thousands, except per share data
Three Months Ended
March 31,
-------------------------
1997 1996
Net income ......................................... $ 253 $ 272
Dividends paid on preferred stock .................. 44 6
-------- --------
Net income applicable to primary
common shares ..................................... 209 266
Interest expense on convertible
subordinated debentures, net of
income tax ....................................... 3 3
-------- --------
Net income applicable to fully
diluted common shares ............................ $ 212 $ 269
======== ========
Number of average common shares
Primary ............................................ 114,141 113,501
======== ========
Fully diluted:
Average common shares outstanding ................ 114,141 113,501
Average convertible subordinated
debentures convertible to common shares ........ 13,850 13,850
-------- --------
127,991 127,351
======== ========
Net income per share
Primary .......................................... $ 1.83 $ 2.37
Fully diluted .................................... 1.66 2.10
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1997 MAR-31-1996
<CASH> 4138 2442
<INT-BEARING-DEPOSITS> 59 128
<FED-FUNDS-SOLD> 3000 8900
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 29280 30920
<INVESTMENTS-CARRYING> 29579 29967
<INVESTMENTS-MARKET> 28855 29738
<LOANS> 56702 51123
<ALLOWANCE> 760 675
<TOTAL-ASSETS> 128596 127390
<DEPOSITS> 106452 112768
<SHORT-TERM> 5832 3527
<LIABILITIES-OTHER> 0 0
<LONG-TERM> 3749 1749
0 0
727 727
<COMMON> 2051 2051
<OTHER-SE> 5631 5126
<TOTAL-LIABILITIES-AND-EQUITY> 128596 127390
<INTEREST-LOAN> 1253 1045
<INTEREST-INVEST> 1048 1172
<INTEREST-OTHER> 0 0
<INTEREST-TOTAL> 2301 2217
<INTEREST-DEPOSIT> 921 725
<INTEREST-EXPENSE> 84 62
<INTEREST-INCOME-NET> 1296 1270
<LOAN-LOSSES> 27 10
<SECURITIES-GAINS> 21 10
<EXPENSE-OTHER> 1194 1164
<INCOME-PRETAX> 397 418
<INCOME-PRE-EXTRAORDINARY> 397 418
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 253 272
<EPS-PRIMARY> 1.83 2.37
<EPS-DILUTED> 1.66 2.11
<YIELD-ACTUAL> 4.16 4.02
<LOANS-NON> 981 655
<LOANS-PAST> 0 161
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 750 650
<CHARGE-OFFS> 29 3
<RECOVERIES> 12 18
<ALLOWANCE-CLOSE> 760 675
<ALLOWANCE-DOMESTIC> 655 650
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 105 25
</TABLE>
