<PAGE>
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, 1995
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 0-11033
GULF SOUTHWEST BANCORP, INC.
(Exact name of registrant as specified in its charter)
TEXAS 76-0045946
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4200 WESTHEIMER, SUITE 210, HOUSTON, TEXAS 77027
(Address of principal executive offices) (zip code)
(713) 622-0042
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or 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
--------- ------
As of April 24, 1995, Registrant had outstanding 1,258,636 shares of its $1.00
par value per share common stock.
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following financial statements are provided in response to item 1:
<PAGE>
PRESENTATION OF FINANCIAL INFORMATION
The consolidated balance sheet as of March 31, 1995 and the consolidated
statements of income and cash flows for the three months ended March 31, 1995
and 1994 have been prepared by the Company without audit. In the opinion of
management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
cash flows as of March 31, 1995, and for all periods presented have been made.
Certain information and footnote disclosure normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. The results of operations for the period ended
March 31, 1995 are not necessarily indicative of the operating results of the
full year.
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
--------- ------------
<S> <C> <C>
Cash and due from banks $ 12,897 $ 14,962
Time deposits in banks 1,744 1,994
Federal funds sold 17,875 26,950
Investment securities:
Held-to-Maturity 52,008 48,889
Available-for-Sale 6,003 7,963
Loans, net of allowance for
loan losses 146,114 142,396
Bank premises and equipment 4,524 4,621
Accrued interest receivable 1,981 2,009
Other assets 2,981 2,931
Excess of cost of subsidiaries
over equity in net assets
acquired, net of accumulated
amortization 308 312
-------- --------
Total Assets $246,435 $ 253,027
======== ========
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (CONTINUED)
(Dollars in thousands)
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
--------- ------------
<S> <C> <C>
Deposits:
Non-interest bearing $ 68,299 $ 71,984
Interest bearing 150,019 154,081
-------- ------------
218,318 226,065
Accrued interest, taxes and
other liabilities 1,543 1,423
-------- ------------
Total Liabilities 219,861 227,488
-------- ------------
Stockholders' Equity:
Common stock 1,281 1,281
Paid-in capital 8,631 8,631
Retained earnings 16,996 16,003
Unrealized securities
gains (losses) (21) (63)
-------- ------------
26,887 25,852
-------- ------------
Less cost of stock held in treasury:
Common (313) (313)
-------- ------------
Total Stockholders' Equity 26,574 25,539
-------- ------------
Total Liabilities and
Stockholders' Equity $246,435 $253,027
======== ============
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1995 1994
-------- --------
<S> <C> <C>
Interest Income:
Interest and fees on loans $3,427 $ 2,818
Investment securities:
Taxable 790 658
Non-taxable 75 104
Time deposits with banks 24 10
Federal funds sold 317 309
------ --------
Total Interest Income 4,633 3,899
------ --------
Interest Expense:
Interest bearing deposits 1,276 1,178
------ --------
Total Interest Expense 1,276 1,178
------ --------
Net interest income 3,357 2,721
Provision for possible loan losses 0 (50)
------ --------
Net interest income after provision
for loan losses 3,357 2,671
------ --------
Non-Interest Income:
Service charges and fees 616 637
Other operating income 202 77
------ --------
Total Non-Interest Income 818 714
------ --------
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (CONTINUED)
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------------------
1995 1994
--------- ---------
<S> <C> <C>
Non-Interest Expense:
Salaries and employee benefits 1,233 1,222
Furniture, equipment and
occupancy expense 383 367
Other operating expenses 980 930
--------- ---------
Total Non-Interest Expense 2,596 2,519
--------- ---------
Income before income taxes 1,579 866
Income taxes 485 197
--------- ---------
Net Income $ 1,094 $ 669
========= =========
Per Share:
Net Income $ .87 $ .53
========= =========
Dividend - Common Stock $ .08 $ .05
========= =========
Average Number of Shares Outstanding 1,258,636 1,258,636
========= =========
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-----------------------
1995 1994
------ ------
<S> <C> <C>
Increase (Decrease) in Cash and
Cash Equivalents:
Operating Activities:
Net income $1,094 $ 669
Adjustments to Reconcile Net
Income to Net Cash Provided by
Operating Activities:
Provision for loan losses 0 50
Depreciation and amortization 107 100
Discount (accretion) amortized
to income 114 95
Provision for losses on real
estate and other assets 49 100
(Increase) decrease in interest
receivable 28 22
(Decrease) increase in accrued
interest and other liabilities 120 (134)
Other - net (28) 51
------ -----
Net Cash Flows From Operating Activities 1,484 953
------ -----
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1995 1994
-------- --------
<S> <C> <C>
Investing Activities:
Net decrease in time deposits in banks 250 0
Proceeds from the maturities of held-to-
maturity investment securities 3,500 465
Proceeds from the maturity of available-
for-sale investment securities 2,500 2,500
Purchase of held-to-maturity
investment securities (6,710) (1,789)
Purchase of available-for-sale
investment securities (500) 0
Net decrease (increase) in loans (3,851) (3,296)
Purchase of bank premise and equipment (33) (463)
Proceeds from sale of real estate and
other loan related assets 68 161
------ ------
Net Cash From Investing Activities (4,776) (2,422)
------ ------
</TABLE>
<PAGE>
GULF SOUTHWEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-----------------------------
1995 1994
--------- -------
<S> <C> <C>
Financing Activities:
Net increase (decrease) in deposits (7,747) (598)
Dividends paid (101) (64)
Purchase Treasury stock 0 (37)
-------- -------
Net Cash Flows from Financing Activities (7,848) (699)
-------- -------
Net Increase (decrease) in Cash
and Cash Equivalents (11,140) (2,168)
Cash and Cash Equivalents at
Beginning of Period 41,912 52,822
-------- -------
Cash and Cash Equivalents at
End of Period $ 30,772 $50,654
======== =======
For the three months ended March 31:
Interest paid $ 1,253 $ 1,210
======== =======
Income taxes paid $ 88 $ 49
======== =======
</TABLE>
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANALYSIS OF STATEMENT OF INCOME
The following analysis discusses material changes in the results of operations
for the first quarter of 1995 as compared to the first quarter of 1994. Gulf
Southwest Bancorp, Inc. recorded earnings of $1,094,000 in the first quarter of
1995. This level of earnings represented an increase of $425,000 from the
$669,000 earned in the first quarter of 1994.
NET INTEREST INCOME
Net interest income increased by 23.4% during the first quarter of 1995 when
compared to the same period in 1994. The increase of $636,000 resulted from a
$734,000 (18.8%) increase in interest income on earning assets, partially offset
by an increase of $98,000 (8.3%) in interest expense. Higher interest rates and
increased loan balances were the primary reasons for the increase in interest
income. The Company's subsidiary bank (the "Subsidiary Bank") adjusts the rates
paid or earned on interest bearing liabilities and interest earning assets to
maintain a consistent net interest margin to the extent possible.
PROVISION FOR POSSIBLE LOAN LOSSES
The provision for possible loan losses decreased by $50,000 for the first
quarter of 1995 as compared to the first quarter of 1994. The ratio of the
allowance for possible loan losses to outstanding loans decreased to 1.38% at
March 31, 1995 from 1.60% at March 31, 1994. The improving quality of the
Subsidiary Bank's loan portfolio allowed it to decrease the provision for
possible loan losses despite increased loan balances.
The Subsidiary Bank's policy is to maintain a level in the allowance for
possible loan losses that is adequate to cover the loan losses sustained plus
provide for any future possible losses on problem loans. The adequacy of the
allowance is continually monitored and management considers the current level to
be appropriate based on an evaluation of the Subsidiary Bank's loan portfolio.
The transactions in the allowance for possible loan losses were as follows:
<TABLE>
<CAPTION>
FOR THE QUARTER
ENDED MARCH 31,
------------------------------
1995 1994
-------------- --------------
<S> <C> <C>
Loans outstanding at period end $ 148,157,000 $ 129,984,000
=========== ===========
Allowance at beginning of period $ 2,063,0000 $ 1,986,000
----------- -----------
Provision charged to expense $ 0 $ 50,000
----------- -----------
</TABLE>
<PAGE>
PROVISION FOR POSSIBLE LOAN LOSSES (CONTINUED)
<TABLE>
<CAPTION>
FOR THE QUARTER
ENDED MARCH 31,
-----------------------
1995 1994
-------- ----------
<S> <C> <C>
Loans charged off:
Commercial and industrial $ (18,000) $ (6,000)
Real estate 0 (20,000)
Installment (25,000) (36,000)
---------- ---------
Total (43,000) (62,000)
---------- ---------
Loans recovered:
Commercial and industrial 14,000 102,000
Real estate 6,000 17,000
Installment 3,000 0
---------- ---------
Total 23,000 119,000
---------- ---------
Net Loans recovered (charged off) (20,000) 57,000
---------- ---------
Allowance at end of period $2,043,000 $2,093,000
========== ==========
Ratios:
Allowance as a percent of
loans outstanding 1.38% 1.60%
========== ==========
Allowance as a percent of
nonperforming loans 149.0% 109.1%
========== ==========
</TABLE>
NON-PERFORMING ASSETS
All loans which cause management to have doubt as to the borrower's ability to
substantially comply with present loan repayment terms are included in the
schedule of non-performing loans.
Non-performing loans consist of loans on which interest is not being accrued;
i.e., loans which are 90 days or more past due as to principal and/or interest
payment and not yet in a non-accruing status. The policy of the Subsidiary Bank
is to continue to accrue interest on loans which are 90 days or more past due if
periodic payments are being made on the loans. If a loan is classified as past
due and payments then resume on the loan, it continues to be classified as past
due until all past due amounts are paid.
<PAGE>
NON-PERFORMING ASSETS (CONTINUED)
The following table discloses information regarding non-performing assets for
the indicated periods:
<TABLE>
<CAPTION>
MARCH 31,
----------------------
1995 1994
---------- ----------
<S> <C> <C>
Non-accrual loans $ 991,000 $1,181,000
Past due 90 days or more 380,000 737,000
---------- ----------
Total 1,371,000 1,918,000
Other real estate owned 1,515,000 2,134,000
---------- ----------
Total non-performing assets $2,886,000 $4,052,000
========== ==========
</TABLE>
NON-INTEREST INCOME
Total non-interest income increased by 14.6% for the first quarter of 1995 as
compared to the first quarter of 1994. The components included in non-interest
income for the indicated periods are as follows:
<TABLE>
<CAPTION>
FOR THE QUARTER
ENDED MARCH 31,
-----------------------
1995 1994
-------- --------
<S> <C> <C>
Service charges and fees $616,000 $637,000
Other operating income 202,000 77,000
Securities transactions 0 0
-------- --------
Total non-interest income $818,000 $714,000
======== ========
</TABLE>
The total of the various service charges and fees earned by the Subsidiary Bank
decreased by $21,000, or 3.3%, for the first quarter of 1995 as compared to the
first quarter of 1994.
Other operating income consists of miscellaneous fees charged by the Subsidiary
Bank, as well as fees charged for data processing by the non-bank subsidiary.
During the second quarter of 1994, the Company's non-bank subsidiary began
providing data processing for three additional banks. This is the primary
reason for the increase of $125,000 in other operating income.
The Company maintains a policy of constantly monitoring and evaluating service
charges and fees to ensure that the fees charged reflect the cost of service
provided and remain competitive with other financial institutions located in the
Subsidiary Bank's market area.
<PAGE>
NON-INTEREST EXPENSE
Non-interest expense increased by 3.1% for the first quarter of 1995 over the
first quarter of 1994. The totals were as follows:
<TABLE>
<CAPTION>
FOR THE QUARTER
ENDED MARCH 31,
-------------------------
1995 1994
---------- ----------
<S> <C> <C>
Salaries and employee benefits $1,233,000 $1,222,000
Furniture, equipment and occupancy
expense 383,000 367,000
Other operating expenses 980,000 930,000
---------- ----------
Total non-interest expenses $2,596,000 $2,519,000
========== ==========
</TABLE>
Salaries and employee benefits are the most significant operating expenses for
the Company. These expenses increased by $11,000 or .9% for the first quarter
of 1995 as compared to the first quarter of 1994.
Furniture, equipment and occupancy expense increased by 4.4% for the first
quarter of 1995 over the first quarter of 1994. Other operating expenses
increased by 5.4% for the first quarter of 1995 over the comparable period of
1994.
The major components of other operating expenses are legal and accounting fees,
data processing, supplies and advertising expenses. Also included are expenses
related to real estate held for sale and other loan-related assets acquired
through foreclosure.
ANALYSIS OF BALANCE SHEET
When comparing the total of earning assets at March 31, 1995 to the total at
December 31 1994, earning assets decreased 2.0%. The decrease of $4,498,000 was
due to decreases of $9,075,000 in federal funds sold and $250,000 in time
deposits with banks, partially offset by increases of $3,668,000 and $1,159,000
in loans and investment securities, respectively.
Included in the total of earning assets at March 31, 1995 are loans totaling
$991,000 which are on a non-accrual status. This compares to non-accrual loans
totaling $1,181,000 and $1,215,000 at March 31, 1994 and December 31, 1994,
respectively.
DEPOSITS
The most important funding source for earning asset growth is deposits. Total
deposits decreased by 3.4% from December 31, 1994 to March 31, 1995, compared to
a decrease of .2% from December 31, 1993, to March 31, 1994. Non-interest
bearing deposits decreased 5.1% from December 31, 1994 to March 31, 1995, and
interest bearing deposits decreased by 2.6% for the same period.
<PAGE>
CAPITAL
Stockholders' equity increased $1,035,000, or 4.1%, for the three months ended
March 31, 1995, as compared to an increase of 2.6% for the three months ended
March 31, 1994. The ratio of stockholders' equity to total assets was 10.8% on
March 31, 1995, as compared to 10.1% on December 31, 1994.
Bank holding companies and their bank subsidiaries are required to maintain
certain capital ratios. The Federal Reserve Board's guidelines classify capital
into two tiers, referred to as Tier 1 and Tier 2. Tier 1 capital consists of
common and qualifying preferred shareholders' equity less goodwill. Tier 2
capital consists of mandatory convertible debt, preferred stock not qualifying
as Tier 1, qualifying subordinated debt and the allowance for loan losses up to
1.25% of risk-weighted assets. The minimum ratio for the sum of Tier 1 and Tier
2 to risk weighted assets is 8.0%, at least one-half of which should be in the
form of Tier 1 capital. At March 31, 1995, core capital (Tier 1) and total
capital (Tier 1 and Tier 2) as a percentage of risk-weighted assets was 17.8%
and 18.9%, respectively. The Subsidiary Bank at March 31, 1995 had core capital
of 16.31% and total capital of 17.56% as a percentage of risk weighted assets.
In addition to the foregoing ratios, bank holding companies are required to
maintain a minimum ratio of core capital to total assets (hereinafter referred
to as the "Leverage Ratio") of at least 3.0%. At March 31, 1995, the Company's
Leverage Ratio was 10.8%. A similar leverage ratio applicable to the Subsidiary
Bank has been adopted by the FDIC. At March 31, 1995, the Subsidiary Bank's
ratio was 9.7%.
LIQUIDITY AND CAPITAL COMMITMENTS
Liquidity is the ability of the Company and its Subsidiary Bank to meet their
short-term needs for cash arising from demands such as operating expenses,
withdrawal of deposits and demand for loans. The liquidity of the Company is
primarily provided by dividends from the Subsidiary Bank and interest on time
deposits in financial institutions. Currently, the Company has agreed with the
regulatory authorities that it will not permit the Subsidiary Bank to declare
any dividend which would cause the Subsidiary Bank's primary capital ratio to
fall below 7%.
The Subsidiary Bank's liquidity is primarily provided by maturing loans,
deposits, cash, short-term investments, time deposits in other banks, federal
funds sold and profits. With bank regulators critically reviewing liquidity,
the Company has adopted a policy of maintaining a minimum liquidity level of 20%
as measured by the FDIC formula, at the Subsidiary Bank. As of March 31, 1995,
the liquidity level of the Subsidiary Bank was 38.6%.
The Company believes that both it and the Subsidiary Bank have sufficient
capital and financial resources to meet its current and anticipated capital
commitments.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal proceedings.
Not applicable
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.
Not applicable
Item 5. Other information.
Not applicable
Item 6. Exhibits and reports on Form 8-K.
(a) Exhibit number and description
<TABLE>
<CAPTION>
(IF APPLICABLE)
INCORPORATED BY REFERENCE FROM
---------------------------------
FORM DATE FILE NO. EXHIBIT
---- -------- -------- -------
<S> <C> <C> <C> <C>
(2) Plan of acquisition, reorganization,
arrangement, liquidation or succession
2.1 Agreement and Plan of S-4 11/25/94 33-86750 2.1
Reorganization
2.2 Agreement and Plan of Merger 10-K 12/31/94 0-11033 2.2
(3) Articles of Incorporation and Bylaws
3.1 Articles of Incorporation, together
with amendments thereto 10-K 12/31/90 0-11033 3.1
3.2 Bylaws of the Registrant 10 03/31/83 0-11033 3.2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(IF APPLICABLE)
INCORPORATED BY REFERENCE FROM
---------------------------------
FORM DATE FILE NO. EXHIBIT
---- -------- -------- -------
<S> <C> <C> <C> <C>
(4) Instruments defining rights of security
holders, including indentures
4.1 Form of specimen certificate
representing the Common Stock,
par value $1.00 per share of the
Registrant S-4 07/06/90 33-35767 4.1
(10) Material contracts
10.1 Profit sharing plan of Gulf
Southwest Bancorp, Inc. 10-K 12/31/83 0-11033 10.1
10.2 Gulf Southwest Bancorp, Inc.
Flexible Stock Option Plan 10-K 12/31/86 0-11033 10.2
10.3 Gulf Southwest Bancorp, Inc.
401 (k) Plan 10-K 12/31/89 0-11033 10.3
10.4 Gulf Southwest Bancorp, Inc.
Defined Benefit Pension Plan 10-K 12/31/94 0-11033 10.4
10.5 Texas Bankers Association
Retirement System Declaration
of Trust and First Amendment
thereto 10-K 12/31/94 0-11033 10.5
10.6 Texas Bankers Association
Retirement System Defined
Benefit Pension Plan and First
Amendment thereto 10-K 12/31/94 0-11033 10.6
(27) Financial Data Schedule
27.1 Financial Data Schedule N/A N/A N/A N/A
</TABLE>
(b) No reports on Form 8-K were filed with the Securities and Exchange
Commission during the fiscal quarter ended March 31, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GULF SOUTHWEST BANCORP, INC.
Date: April 24, 1995 BY: /s/ J. W. Lander,Jr.
---------------------------
J. W. Lander, Jr., Chairman
Date: April 24, 1995 BY: /s/ J. W. Lander, III
----------------------------
J. W. Lander, III, President
(principal financial and chief
accounting officer)
<PAGE>
EXHIBIT INDEX
Exhibit number and description
<TABLE>
<CAPTION>
(IF APPLICABLE)
INCORPORATED BY REFERENCE FROM
---------------------------------
FORM DATE FILE NO. EXHIBIT
---- -------- -------- -------
<S> <C> <C> <C> <C>
(2) Plan of acquisition, reorganization,
arrangement, liquidation or succession
2.1 Agreement and Plan of S-4 11/25/94 33-86750 2.1
Reorganization
2.2 Agreement and Plan of Merger 10-K 12/31/94 0-11033 2.2
(3) Articles of Incorporation and Bylaws
3.1 Articles of Incorporation, together
with amendments thereto 10-K 12/31/90 0-11033 3.1
3.2 Bylaws of the Registrant 10 03/31/83 0-11033 3.2
(4) Instruments defining rights of security
holders, including indentures
4.1 Form of specimen certificate
representing the Common Stock,
par value $1.00 per share of the
Registrant S-4 07/06/90 33-35767 4.1
(10) Material contracts
10.1 Profit sharing plan of Gulf
Southwest Bancorp, Inc. 10-K 12/31/83 0-11033 10.1
10.2 Gulf Southwest Bancorp, Inc. 10-K 12/31/86 0-11033 10.2
Flexible Stock Option Plan
10.3 Gulf Southwest Bancorp, Inc. 10-K 12/31/89 0-11033 10.3
401 (k) Plan
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(IF APPLICABLE)
INCORPORATED BY REFERENCE FROM
---------------------------------
FORM DATE FILE NO. EXHIBIT
---- -------- -------- -------
<S> <C> <C> <C> <C>
10.4 Gulf Southwest Bancorp, Inc.
Defined Benefit Pension Plan 10-K 12/31/94 0-11033 10.4
10.5 Texas Bankers Association
Retirement System Declaration
of Trust and First Amendment
thereto 10-K 12/31/94 0-11033 10.5
10.6 Texas Bankers Association
Retirement System Defined
Benefit Pension Plan and First
Amendment thereto 10-K 12/31/94 0-11033 10.6
(27) Financial Data Schedule
27.1 Financial Data Schedule N/A N/A N/A N/A
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 12,897,000
<INT-BEARING-DEPOSITS> 1,744,000
<FED-FUNDS-SOLD> 17,875,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,003,000
<INVESTMENTS-CARRYING> 52,008,000
<INVESTMENTS-MARKET> 51,802,000
<LOANS> 148,157,000
<ALLOWANCE> 2,043,000
<TOTAL-ASSETS> 246,435,000
<DEPOSITS> 218,318,000
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,543,000
<LONG-TERM> 0
<COMMON> 1,281,000
0
0
<OTHER-SE> 25,293,000
<TOTAL-LIABILITIES-AND-EQUITY> 246,435,000
<INTEREST-LOAN> 3,427,000
<INTEREST-INVEST> 865,000
<INTEREST-OTHER> 341,000
<INTEREST-TOTAL> 4,633,000
<INTEREST-DEPOSIT> 1,276,000
<INTEREST-EXPENSE> 1,276,000
<INTEREST-INCOME-NET> 3,357,000
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,596,000
<INCOME-PRETAX> 1,579,000
<INCOME-PRE-EXTRAORDINARY> 1,579,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,094,000
<EPS-PRIMARY> 0.87
<EPS-DILUTED> 0.87
<YIELD-ACTUAL> 5.95
<LOANS-NON> 991,000
<LOANS-PAST> 380,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,063,000
<CHARGE-OFFS> 43,000
<RECOVERIES> 23,000
<ALLOWANCE-CLOSE> 2,043,000
<ALLOWANCE-DOMESTIC> 2,043,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
