secQ397
FORM 10-Q QUARTERLY REPORT
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 10
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1997 Commission file number
0-17077
PENNS WOODS BANCORP, INC.
Incorporated in Pennsylvania 23-2226454
Main Office 115 South Main Street
Jersey Shore, Pennsylvania, 1774
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
Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the
past 90 days.
YES [ X ] NO[ ]
On March 31, 1997 there were 1,277,298 shares of the
Registrant's common stock outstanding.
PART I FINANCIAL STATMENTS
<TABLE>
<CAPTION>
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
AT DATES INDICATED
March 31, December 31,
1997 1996
--------------------------------
<S> <C> <C>
ASSETS:
Cash and due from banks $8,403,194 $8,014,461
Investment securities available-for-sale 82,080,979 81,272,404
Investment Securities held-to-maturity 3,104,349 3,105,408
Loans, net of unearned discount 163,010,479 162,266,721
Allowance for loan losses (2,479,094) (2,413,021)
Loans, net 160,531,385 159,853,700
Bank premises and equipment 3,614,704 3,614,924
Foreclosed assets held for sale 332,954 252,710
Accrued interest receivable 1,712,947 1,676,206
Other assets 2,284,508 1,934,280
--------------------------------
TOTAL ASSETS $262,065,020 $259,724,093
================================
LIABILITIES:
Demand Deposits $30,606,513 $28,956,182
Interest-bearing demand deposits 36,221,097 38,122,803
Savings deposits 45,209,001 45,381,900
Time deposits 99,973,888 90,555,626
--------------------------------
Total deposits $212,010,499 $203,016,511
Federal funds purchased 0 14,490,477
Securities sold under repurchase agreements 11,781,564 5,628,067
Accrued interest payable 837,936 884,096
Other Liabilities 2,825,379 2,148,305
Total liabilities --------------------------------
$227,455,378 $226,167,456
--------------------------------
SHAREHOLDERS' EQUITY:
Common stock, par value $10 per share,
10,000,000 shares authorized;
1,277,298 shares issued and outstanding
at March 31, 1997 and December 31, 1996 $12,772,980 $12,772,980
Additional paid-in capital 4,558,910 4,558,910
Retained earnings 15,499,810 13,873,040
Net unrealized gain (loss) on securities
available for sale 1,777,942 2,351,707
--------------------------------
Total shareholders' equity $34,609,642 $33,556,637
--------------------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $262,065,020 $259,724,093
================================
</TABLE>
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE PERIODS INDICATED
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS QUARTER QUARTER
ENDED ENDED ENDED ENDED
Mach 31, 1997 March 31, 1996 March 31, 1997 March 31, 1996
------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $3,818,782 $3,640,106 $3,818,782 $3,640,106
Interest and dividends on investments: ------------------------------------------------------------------
Taxable interest 723,458 732,962 723,458 732,962
Nontaxable interest 437,110 264,245 437,110 264,245
Dividends 131,445 121,584 131,445 121,584
------------------------------------------------------------------
Total interest and dividends
on investments 1,292,013 1,118,791 1,292,013 1,118,791
Interest on Federal funds sold 0 22,789 0 22,789
------------------------------------------------------------------
Total interest income 5,110,795 4,781,686 5,110,795 4,781,686
------------------------------------------------------------------
INTEREST EXPENSE:
Interest on deposits 1,885,012 1,897,288 1,885,012 1,897,288
Interest on Federal funds purchased 99,069 820 99,069 820
Interest on securities sold under
repurchase agreements 97,746 71,734 97,746 71,734
Interest on other borrowings 0 0 0 0
------------------------------------------------------------------
Total interest expense 2,081,827 1,969,842 2,081,827 1,969,842
------------------------------------------------------------------
Net interest income 3,028,968 2,811,844 3,028,968 2,811,844
Provision for loan losses 60,000 42,000 60,000 42,000
------------------------------------------------------------------
Net interest income after provision for
loan losses 2,968,968 2,769,844 2,968,968 2,769,844
------------------------------------------------------------------
OTHER OPERATING INCOME:
Service charges 200,531 202,200 200,531 202,200
Securities gains 1,176,226 36,477 1,176,226 36,477
Other income 75,114 60,294 75,114 60,294
------------------------------------------------------------------
Total other operating income 1,451,871 298,971 1,451,871 298,971
------------------------------------------------------------------
OTHER OPERATING EXPENSES:
Salaries and employee benefits 947,460 873,872 947,460 873,872
Occupancy expense, net 120,633 130,414 120,633 130,414
Furniture and equipment expense 149,235 128,123 149,235 128,123
Other expenses 558,046 627,653 558,046 627,653
------------------------------------------------------------------
Total other operating expenses 1,775,374 1,760,062 1,775,374 1,760,062
------------------------------------------------------------------
INCOME BEFORE TAXES 2,645,465 1,308,753 2,645,465 1,308,753
INCOME TAX PROVISION 699,370 326,325 699,370 326,325
------------------------------------------------------------------
NET INCOME $1,946,095 $982,428 $1,946,095 $982,428
==================================================================
EARNINGS PER SHARE 1.52 0.77 1.52 0.77
==================================================================
TOTAL SHARES OUTSTANDING 1,277,298 1,271,522 1,277,298 1,271,522
==================================================================
</TABLE>
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
ADDITIONAL (DEPRECIATION) ON TOTAL
COMMON PAID-IN RETAINED SECURITIES SHAREHOLDERS'
STOCK CAPITAL EARNINGS AVAILABLE-FOR-SALE EQUITY
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1996 $12,772,980 $4,558,910 $13,873,040 $2,351,707 $33,556,637
Net income for the three months ended
March 31, 1997 1,946,095 1,946,095
Dividends declared and paid (319,325) (319,325)
Net change in unrealized gain on marketable
equity securities (573,765) (573,765)
---------------------------------------------------------------------------------
Balance, March 31, 1997 $12,772,980 $4,558,910 $15,499,810 $1,777,942 $34,609,642
=================================================================================
</TABLE>
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE QUARTERS ENDED MARCH 31, 1997 AND MARCH 31, 1996
<TABLE>
<CAPTION>
MARCH 31, MARCH 31,
1997 1996
--------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $1,946,095 $982,427
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation 99,423 101,162
Provision for loan losses 60,000 42,000
Amortization of investment security premiums 5,871 4,607
Accretion of investment security discounts (39,317) (13,981)
Securities gains (1,176,226) (36,477)
Increase in all other assets (73,077) (964,233)
Increase (decrease) in all other liabilities 612,598 844,565
--------------------------------
Net cash provided by operating activities 1,435,367 960,070
--------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of securities available-for-sale (14,877,284) (10,658,639)
Proceeds from sale of securities available-for-sale 14,384,169 644,559
Purchase of securities held-to-maturity 0 (493,895)
Proceeds from calls and maturities of securities held-to-maturity 25,930 509,685
Net increase in loans (737,685) 2,317,549
Decrease in foreclosed assets (80,244) 290,093
Acquisition of bank premises and equipment (99,203) (124,162)
--------------------------------
Net cash provided by (used in) investing activities (1,384,317) (7,514,810)
--------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in interest-bearing deposits 7,343,657 2,448,458
Net increase in noninterest-bearing deposits 1,650,331 (50,993)
Net increase (decrease) in sec. sold under repurch. agree. 6,153,497 48,455
Increase (decrease) in other borrowed funds (14,490,477) 0
Dividends paid (319,325) (279,736)
Stock options exercised 0 1,261
--------------------------------
Net cash (used in) provided by financing activities 337,683 2,167,445
--------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 388,733 (4,387,295)
CASH AND CASH EQUIVALENTS, BEGINNING 8,014,461 14,853,649
--------------------------------
CASH AND CASH EQUIVALENTS, ENDING $8,403,194 $10,466,354
================================
</TABLE>
The interim financial statements are unaudited
but, in the opinion of management, reflect all
adjustments necessary for the fair presentation
of results for such periods. The results of
operations for any interim period are not
necessarily indicative of results for the full
year. These financial statements should be read
in conjunction with financial statements and
notes thereto contained in the Company's annual
report for the year ended December 31, 1996.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EARNINGS SUMMARY
Interest Income
For the three months ended March 31, 1997,
total interest income increased by $329,109
or 6.88% compared to the same period in 1996.
This increase is due to an increase of $178,676
in interest and fees on loans, an increase in total
interest and dividends on investments of
$173,222 and a $22,789 decrease in income
on federal funds sold.
The increase in interest and fees on
loans of $178,676 was primarily due to
premiums received from the fourth quarter, 1996
sales of student loans, fees and late charges
collected and also due to an increase in the
loan volume during the first three months, ended
March 31, 1997. The decrease in interest on
federal funds sold of $22,789 was due to a
decrease in the amount of funds sold.
Interest and dividends on investments
increased primarily due to an increase in
nontaxable interest of $172,865 and a slight
decrease in taxable interest on
investments of $9,504. In addition, there
was an increase in dividend income of
$9,861 due to an increase of holdings in
the equity portfolio.
Interest Expense
For the three months ended March 31, 1997
total interest expense increased $111,985 or
5.68% over the same period in 1996. The
increase in interest expense can be attributed
to the interest paid on Federal funds purchased
during the first two months of the quarter. In
addition, there was an increase in the amount of
interest paid on securities sold under repurchase
agreements due to the increase in volume
of these accounts.
Provision for Loan Losses
The provision for losses for the three
months ended March 31, 1997 increased
$18,000 from the corresponding period in
1996. This increase reflects an anticipated
rise in consumer loan losses throughout the
remainder of the year.
As of the first quarter of 1997, recoveries
exceeded charge offs by $6,000 compared to
the first quarter of 1996 when recoveries
exceeded charge offs by $24,000. Provisions
to date total $60,000 as compared to
provisions through March 31, 1996 of
$42,000.
Senior Management utilizes several
different methods to determine the adequacy
of the loan loss allowance and to establish
quarterly provisions. Among these methods
is the analysis of the most recent five
year average loss history, the coverage of
non-performing loans provided by the
allowance, an estimate of potential loss in
homogeneous pools of loans and the internal
credit rating assigned to watch any problem
loans.
In addition to the preceding, senior
management also reviews macro portfolio
risks such as the absence of
concentrations, absence of foreign credit
exposure and growth objectives in further
tuning the allowance and provisions.
The ratio of non-accruing loans and those
accruing but delinquent more than 90 days
(collectively called "non-performing"
loans) to the allowance for loan losses
stood at .37 times at March 31, 1997 an
improvement in coverage from the .42 times at
December 31, 1996. The decrease in
non-performing loans occurred throughout the
entire portfolio. Based upon this analysis
as well as the others noted above, senior
management has concluded that the allowance
for loan losses is adequate.
Other Operating Income
Other operating income for the three months
ended March 31, 1997 increased $1,152,900.
This increase is due to the net effect of a
slight decrease in service charges collected of
$1,669, an increase in securities gains
realized of $1,139,749 and an increase in
other income of $14,820.
The decrease in service charges was
a result of a decrease in service charges
collected on deposit accounts. A gain taken
on the sale of a foreclosed asset during the
first quarter of 1997 was the contributing
factor to the increase in other income. The
primary increase in other operating income
was due to the increase in securities gains
recognized of $1,139,749. Realized gains
were on sales of bonds that were sold
in effort to better match the Bank's rate-sensitive
assets and rate-sensitive liabilities given the
current economic conditions. In addition, gains
were realized on partial sales of equity securities
that have been in the portfolio long-term
that had reached what management had
determined to be their maximum potential.
Other Operating Expense
For the three months ended March 31, 1997
total other operating expenses increased $15,312
or .87% over the same period in 1996.
Employee salaries and benefits
increased $73,588 as a result of increases in
salary levels.
Occupancy expense decreased $9,781 and
furniture and equipment expense increased
$21,112. The minimal decrease in occupancy
expense is the result of a decrease in the amount
of maintenance and repairs expense incurred.
The $21,112 increase in furniture and
equipment expense can be attributed to
an increase in the amount of repairs and
maintenance incurred and also to an increase
in depreciation.
Expenses included under the other expenses
heading are such items as: advertising, postage,
maintenance, FDIC, SAIF and other
insurance, Pennsylvania State shares tax,
legal and professional fees, telephone,
printing and supplies and other general and
administrative expenses. Decreases in
other expenses totalled $69,607. As compared
to the first quarter of 1996, FDIC Insurance
declined considerably due to the decrease in
the Bank's "Bank Insurance Fund" assessment
rate. There was also a decrease in the amount
of repairs and maintenance expense on the
foreclosed assets incurred during the first
quarter of 1997 compared to the same period in
1996. These savings, netted against increases
in other expenses, mainly legal, supplies and
Pennsylvania Capital shares tax, account for
the $69,607 decrease in other expenses.
Provision for Income Taxes
Provision for income taxes for the three
months ended March 31, 1997 resulted in an
effective income tax rate of 26.44%
compared to 24.93% for the corresponding
period in 1996. The increase noted is
primarily a result of an increase in the amount
of security gains included in taxable income.
ASSET/LIABILITY MANAGEMENT
Assets
At March 31, 1997, cash
and investment securities totalled
$93,588,522, or a net increase of $1,196,249
over the corresponding balance at December
31, 1996. Investment securities increased,
$807,516, while cash increased $388,733.
During this period, net loans
increased by $677,685 to $160,531,385.
The increase in investment securities from
December 31, 1996 to March 31, 1997 can be
attributed to the net effect of various purchases
and sales of investments during the first quarter
with the main transactions being; purchases of
United States Treasury Notes and agency
securities, and sales of municipal securities.
Management evaluates credit risk,
anticipated economic conditions and other
relevant factors impacting the quality of
the loan portfolio in order to establish an
adequate loan-loss allowance. An internal
credit review committee monitors loans in
accordance with Federal supervisory
standards. Furthermore, results of
examination and appraisal of the coverage of
the loan-loss allowance by the committee,
Federal regulators and independent
accountants are frequently reviewed by
management.
Accordingly, on a quarterly basis,
management determines an appropriate
provision for possible loan losses from
earnings in order to maintain allowance
coverage relative to potential losses.
The allowance for loan losses totalled
$2,479,094 at March 31, 1997, an increase of
$66,073 over the balance at December 31,
1996. For the three months ended March 31, 1997,
the provision for loan losses totalled
$60,000. As a percent of loans, the
allowance for loan losses at March 31, 1997
totalled 1.52% versus 1.49% at December 31,
1996.
Loans accounted for on a non-accrual basis
totalled $596,000 and $748,000 at March
31, 1997 and December 31, 1996 respectively.
Accruing loans, contractually delinquent 90
days or more were $323,000 at March 31,
1997 and $256,000 at December 31, 1996.
These loans are predominately secured by
first lien mortgages on residential real
estate where appraisal values mitigate any
potential loss of interest and principal.
The ratio of non-accruing loans and those
accruing but delinquent more than 90 days to
the allowance for loan losses stood at .37
times at March 31, 1997 and .42 times at
December 31, 1996. Presently the portfolio
has no loans that meet the definition of
"trouble debt restructurings" under FAS 15.
A watch list of potential problem loans is
maintained and updated quarterly by an
internal credit review committee. At this
time there are no credits of substance that
have the potential to become more than 90
days delinquent.
The Bank has not had nor presently has any
foreign outstandings. In addition, no known
concentrations of credit presently exist.
At March 31, 1997 the balance of other real
estate was $332,954 compared to $252,710 at
December 31, 1996. Two properties were
transferred into the account during the first
quarter of 1997. In addition, one property that
was on the books at December 31, 1996 was sold
during March of 1997.
Deposits
At March 31, 1997 total deposits amounted to
$212,010,499 representing an increase of
$8,993,988 or a 4.43% increase from total
deposits at December 31, 1996.
Other Liabilities
At March 31, 1997, other liabilities
totalled $2,825,379 or a $677,074 increase
over the balance at December 31, 1996. This
increase is primarily due to an increase in
accrued taxes and accrued expenses.
Capital
The adequacy of the Company's capital is
reviewed on an ongoing basis with reference
to the size, composition and quality of the
Company's resources and regulatory
guidelines. Management seeks to maintain a
level of capital sufficient to support
existing assets and anticipated asset
growth, maintain favorable access to capital
markets and preserve high quality credit
ratings. The capital requirements of the
Pennsylvania Department of Banking are 6%.
The capital requirements of the Federal
Deposit Insurance Corporation are:
1. Regulatory capital to total assets 6%.
2. Primary capital to total assets 5 1/2%.
At March 31, 1997, regulatory capital to
total assets was 13.21% compared to 12.92%
at December 31, 1996. Primary capital to
total assets at March 31, 1997 was 14.15%
compared to 13.85% at December 31, 1996.
The Federal Reserve Board, the FDIC and the
OCC have issued certain risk-based capital
guidelines, which supplement existing
capital requirements. The guidelines
require all United States banks and bank
holding companies to maintain a minimum
risk-based capital ratio of 8.00% (of which
at least 4.00% must be in the form of common
stockholders' equity). Assets are assigned
to five risk categories, with higher levels
of capital being required for the categories
perceived as representing greater risk. The
required capital will represent equity and
(to the extent permitted) nonequity capital
as a percentage of total risk-weighted
assets. The risk-based capital rules are
designed to make regulatory capital
requirements more sensitive to differences
in risk profiles among banks and bank
holding companies and to minimize
disincentives for holding liquid assets.
Capital is being maintained in compliance
with risk-based capital guidelines.
The Company's Tier 1 Capital to total risk
weighted assets ratio is 20.42% and the
total capital ratio to total risk weighted
assets ratio is 21.67%.
Liquidity and Interest Rate Sensitivity
The asset/liability committee addresses the
liquidity needs of the Bank to see that
sufficient funds are available to meet
credit demands and deposit withdrawals as
well as to the placement of available funds
in the investment portfolio. In assessing
liquidity requirements, equal consideration
is given to the current position as well as
the future outlook.
The following liquidity measures are
monitored and kept within the limits cited.
1. Net Loans to Total Assets, 70% maximum
2. Net Loans to Total Deposits, 85% maximum
3. Net Loans to Core Deposits, 90% maximum
4. Investments to Total Assets, 40% maximum
5. Investments to Total Deposits, 50% maximum
6. Total Liquid Assets to Total Assets, 25% minimum
7. Total Liquid Assets to Total Liabilities, 25% minimum
8. Volatility Liability Dependence Ratio, 10% maximum
The Bank has maintained a liquidity level at or above the
guidelines of the FDIC and the Pennsylvania Department
of Banking. The Bank has available to it Federal Funds
lines of credit totalling $8,000,000 from correspondent banks.
In addition, the Bank has an agreement with the Federal
Home Loan Bank of Pittsburgh that enables the Bank
to receive advances up to $85,954,000 for terms of 1
to 120 days under the Federal Home Loan Bank's
"Repo Plus" credit program.
All of the funding mentioned is available to the Bank,
should the need for short-term funds arise.
The following table sets forth the Bank's interest rate
sensitivity as of March 31, 1997:
<TABLE>
<CAPTION>
AFTER ONE AFTER THREE AFTER
WITHIN BUT WITHIN BUT WITHIN FIVE
ONE YEAR THREE YEARS FIVE YEARS YEARS
<S> <C> <C> <C> <C>
Earning assets: (1) (2)
Investment securities $ $ $ $ 48,568
Loans (2) 68,703 20,777 57,989 17,767
--------------------------------------------------------------
Total earning assets 74,181 27,710 75,834 66,335
Deposits (3) 109,030 22,250 49,088 14,466
Borrowings 0 0 0 0
--------------------------------------------------------------
Total interest bearing lia 109,030 22,250 49,088 14,466
Net non-interest bearing
funding (4) 8,954 6,714 16,112 17,446
--------------------------------------------------------------
Total net funding sources 117,984 28,964 65,200 31,912
Excess assets (liabilities (43,803) (1,254) 10,634 34,423
Cumulative excess
assets (liabilities) (43,803) (45,057) (34,423) -
<FN>
(1) Investment balances reflect estimated prepayments
on mortgage-backed securities.
(2) Loan balances include annual repayment assumptions
based on projected cash flow from the loan portfolio.
The cash flow projections are based on the terms of
the credit facilities and estimated prepayments on
fixed rate mortgage loans. Loans include loans held
for resale.
(3) Adjustments to the interest sensitivity of Savings,
NOW and MMDA account balances reflect managerial
assumptions based on historical experience,
expected behavior in future rate environments and
JSSB's positioning for these products.
(4) Net non-interest bearing funds is the sum of non-interest
bearing liabilities and shareholders' equity minus
non-interest earning assets and reflect managerial
assumptions as to the appropriate investment
maturities for these sources.
</FN>
</TABLE>
In reference to the attached financial statements, all
adjustments are of a normal recurring nature pursuant
to Rule 10-01 (b) (8) of Regulation S-X.
Part II. OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K.
a. Exhibits:
Number Description
- --------------------------
(11) Statement Regarding Computation of Per Share Earnings
(27) Financial Data Schedule
b. Reports: No reports on Form 8-K were filed in the first quarter
of 1997.
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.
PENNS WOODS BANCORP, INC.
(Registrant)
Date: May 13, 1997
--------------------------------
Theodore H. Reich, President
Date: May 13, 1997
--------------------------------
Sonya E. Hartranft, Secretary
Description
- --------------------------
(11) Statement Regarding Computation of Per Share Earnings
(27) Financial Data Schedule
EXHIBIT 11
<TABLE>
<CAPTION>
STATEMENT OF COMPUTATION OF EARNING PER SHARE
FOR THE PERIOD ENDED 3/31/97
LESS FRACTION
SHARES FRACTIONAL OF WEIGHTED
DATE OUTSTANDING RESTATEMENT SHARES YEAR SHARES
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/01/97-3/31 1,277,298 - - 90/90 1,277,298
WEIGHTED SHARES OUTSTANDING 3/31/97 1,277,298
================
<CAPTION>
<S> <C> <C>
NET INCOME 3/31/97 $1,946,095
WEIGHTED SHARES OUTSTANDING 3/31/97 1,277,298
EARNINGS PER SHARE 3/31/97 $1.52
================
<CAPTION>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 8,368
<INT-BEARING-DEPOSITS> 35
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 82,081
<INVESTMENTS-CARRYING> 3,104
<INVESTMENTS-MARKET> 0
<LOANS> 163,010
<ALLOWANCE> 2,479
<TOTAL-ASSETS> 262,065
<DEPOSITS> 212,011
<SHORT-TERM> 12,619
<LIABILITIES-OTHER> 2,825
<LONG-TERM> 0
0
0
<COMMON> 12,773
<OTHER-SE> 21,837
<TOTAL-LIABILITIES-AND-EQUITY> 262,065
<INTEREST-LOAN> 3,819
<INTEREST-INVEST> 1,292
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 5,111
<INTEREST-DEPOSIT> 1,885
<INTEREST-EXPENSE> 197
<INTEREST-INCOME-NET> 3,029
<LOAN-LOSSES> 60
<SECURITIES-GAINS> 1,176
<EXPENSE-OTHER> 1,776
<INCOME-PRETAX> 2,645
<INCOME-PRE-EXTRAORDINARY> 2,645
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,946
<EPS-PRIMARY> 1.52
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 596
<LOANS-PAST> 2,472
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,413
<CHARGE-OFFS> 49
<RECOVERIES> 55
<ALLOWANCE-CLOSE> 2,479
<ALLOWANCE-DOMESTIC> 2,479
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
