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Previous: FIRST CITIZENS BANCSHARES INC /TN/, 10-Q/A, 1997-11-13 |
Next: PERFECTDATA CORP, 10-Q, 1997-11-13 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X QUARTERLY 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
Commission File Number 0-23976
FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia 54-1232965
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
112 West King Street, Strasburg, Virginia 22657
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (540) 465-9121
NONE
(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
Indicate the number of shares of each of the issuer's classes of common stock,
as of the latest practicable date:
Class: Common stock, $5.00 par value
Outstanding as of October 30, 1997: 776,465
<PAGE>
FIRST NATIONAL CORPORATION
INDEX
Part 1. Financial Information
<TABLE>
<S> <C> <C> <C>
Item 1. Financial Statements Page No.
Consolidated Statements of Income 3
Consolidated Balance Sheets 5
Consolidated Statements of Cash Flows 6
Consolidated Statements of Changes in Stockholders' Equity 7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition 11
Part II. Other Information
Item 1 Legal Proceedings 13
Item 4. Submission of Matters to a vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signature 15
</TABLE>
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands of Dollars)
(Except Per Share Amounts)
<CAPTION>
Three Months Ended
September 30, 1997 September 30, 1996
<S> <C> <C>
Interest Income
Interest and Fees on Loans $2,425 $2,199
Interest on Federal Funds Sold 31 29
Interest on Deposits in Banks 7 6
Interest and Dividends on Investment Securities
Available for Sale
Taxable 446 371
Non Taxable 89 94
Held to Maturity
Taxable 34 52
Non Taxable 0 0
----------- -----------
Total Interest Income 3,032 2,751
Interest Expense
Interest on Savings Deposits and Interest
Bearing Demand Deposits 694 655
Interest on Time Deposits of $100,000 or more 187 151
Interest on All Other Time Deposits 576 471
Interest on Federal Funds Purchased 2 0
Interest on Note Payable 23 24
---------- ----------
Total Interest Expense 1,482 1,301
------- -------
Net Interest Income 1,550 1,450
------- -------
Provision for Loan Losses 45 30
--------- ----------
Net Interest Income After Provision
for Loan Losses 1,505 1,420
Other Operating Income
Service Charges 146 116
Profits (Losses) on Securities Available for Sale 0 1
Other Operating Income 135 89
-------- ---------
Total Non-interest Income 281 206
Other Operating Expenses
Salaries and Employee Benefits 594 550
Occupancy Expense 67 53
Equipment Expense 134 133
Other 382 320
-------- ---------
Total Operating Expenses 1,177 1,056
Income Before Income taxes 609 570
Income Taxes 186 166
--------- ---------
Net Income $423 $404
======== ========
Per Share Data
Net Income $0.55 $0.52
======== ========
Cash Dividends 0.175 0.00
========= ========
<FN>
The Accompanying Notes Are An Integral Part Of These Statements
</FN>
</TABLE>
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands of Dollars)
(Except Per Share Amounts)
<CAPTION>
Nine Months Ended
September 30, 1997 September 30, 1996
<S> <C> <C>
Interest Income
Interest and Fees on Loans $6,955 $6,326
Interest on Federal Funds Sold 66 72
Interest on Deposits in Banks 22 19
Interest and Dividends on Investment Securities
Available for Sale
Taxable 1,261 1,027
Non Taxable 269 290
Held to Maturity
Taxable 115 190
Non Taxable 0 0
----------- -----------
Total Interest Income 8,688 7,924
Interest Expense
Interest on Savings Deposits and Interest
Bearing Demand Deposits 1,871 1,444
Interest on Time Deposits of $100,000 or more 518 443
Interest on All Other Time Deposits 1,736 1,810
Interest on Federal Funds Purchased 6 2
Interest on Note Payable 69 75
---------- ----------
Total Interest Expense 4,200 3,774
------- -------
Net Interest Income 4,488 4,150
------- -------
Provision for Loan Losses 135 90
--------- ----------
Net Interest Income After Provision
for Loan Losses 4,353 4,060
Other Operating Income
Service Charges 393 348
Profits on Securities Available for Sale 8 1
Other Operating Income 381 257
-------- ----------
Total Non-interest Income 782 606
Other Operating Expenses
Salaries and Employee Benefits 1,767 1,654
Occupancy Expense 176 165
Equipment Expense 399 383
Other 1,084 949
-------- ---------
Total Operating Expenses 3,426 3,151
Income Before Income taxes 1,709 1,515
Income Taxes 517 436
--------- ---------
Net Income $1,192 $1,079
======== ========
Per Share Data
Net Income $1.54 $1.40
======== ========
Cash Dividends 0.52 0.30
======== ========
<FN>
The Accompanying Notes Are An Integral Part Of These Statements
</FN>
</TABLE>
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars)
<CAPTION>
September 30, 1997 December 31, 1996
<S> <C> <C>
ASSETS
Cash and due from banks $3,185 $3,511
Federal Funds Sold 0 0
Investment Securities
Available for Sale 36,499 30,709
Held to Maturity 2,163 3,033
Loans Net of Unearned Discount 108,762 99,395
Less: Allowance for Loan Losses 1,077 974
--------- ---------
Net Loans 107,685 98,421
Bank Premises and Equipment 4,032 3,320
Interest Receivable 994 891
Other Real Estate 804 804
Other Assets 816 536
-------- -------
Total Assets $156,178 $141,225
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposits
Non-Interest Bearing $17,168 $14,409
Interest Bearing 16,385 16,507
Savings Deposits 47,688 37,100
Certificates of Deposit of $100,000 and over 11,723 12,130
All Other Time Deposits 43,341 43,839
---------- ----------
Total Deposits $140,252 $123,985
-------- --------
Federal Funds Purchased 1,303 315
Federal Home Loan Bank Advance 1,467 1,481
Accrued Expenses 1,177 607
--------- ---------
Total Liabilities $140,252 $126,388
-------- --------
Stockholders' Equity
Common Stock, Par Value $5 per Share;
Authorized 2,000,000 Shares
775,799 and 774,406 Shares Issued and Outstanding $3,879 $3,872
Surplus 1,155 1,133
Unrealized Gain on Securities Available for Sale, Net 306 31
Undivided Profits 10,586 9,801
--------- ---------
Total Stockholders' Equity $15,926 $14,837
------- -------
Total Liabilities and Stockholders' Equity $156,178 $141,225
======== ========
<FN>
The Accompanying Notes Are An Integral Part of These Statements
</FN>
</TABLE>
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
<CAPTION>
NINE MONTHS ENDED
September 30, 1997 September 30, 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $1,192 $1,079
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 351 322
Provision for loan losses 135 90
Change in assets and liabilities:
(Increase) in interest receivables (103) (19)
(Increase) in other assets (280) (103)
Increase in accrued expenses 570 178
------ ------
Net Cash Provided by Operating Activities $1,865 $1,547
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of securities-available for sale $6,708 $1,101
Proceeds from maturities and principal payments on
securities-available for sale 3,600 4,014
Purchases of securities-available for sale (15,910) (5,363)
Proceeds from maturities and principal payments on
securities-held to maturity 865 2,710
Purchases of bank premises and equipment (1,003) (320)
Net (increase) in loans (9,367) (11,318)
(Increase) in federal funds sold 0 (998)
---------- --------
Net Cash (Used in) Investing Activities ($15,107) ($10,174)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in demand deposits, NOW accounts,
and savings accounts 13,225 9,077
Net increase (decrease) in certificates of deposit (905) 155
Net (decrease) in long-term borrowings (14) (14)
Net proceeds from issuance of common stock 29 22
Cash dividends paid (407) (232)
Net increase (decrease) in federal funds purchased 988 (382)
-------- -------
Net Cash Provided by Financing Activities $12,916 $8,626
--------- -------
(Decrease) in Cash and Cash Equivalents ($326) ($1)
CASH AND CASH EQUIVALENTS:
Beginning $ 3,511 $4,314
------- ------
Ending $3,185 $4,313
====== ======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest $1,074 $1,072
======= =========
Income Taxes $436 $391
======= ========
<FN>
The Accompanying Notes Are An Integral Part of These Statements
</FN>
</TABLE>
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(IN THOUSANDS OF DOLLARS)
Nine Months Ended September 30 1997 and 1996
<CAPTION>
Unrealized
Gain / Loss on
Common Securities Available Retained
Stock Surplus For Sale Earnings Total
<S> <C> <C> <C> <C> <C>
Balances, December 31, 1995 $3,859 $1,090 $71 $8,888 $13,908
Issuance of 1,114 shares of common stock
Dividend Reinvestment Plan 5 17 --- --- 22
Net Income --- --- --- 1,079 1,079
Change in unrealized gain (loss) on
securities available for sale --- --- (212) --- (212)
Cash dividends --- --- --- (232) (232)
--------- --------- -------- -------- ---------
Balances, September 30, 1996 $3,864 $1,107 ($141) $9,735 $14,565
====== ====== ====== ====== =======
Balances , December 31, 1996 $3,872 $1,133 $31 $9,801 $14,837
Issuance of 1,392 shares of common stock
Dividend Reinvestment Plan $7 $22 --- --- 29
Net Income --- --- --- 1,192 1,192
Change in unrealized gain (loss) on
secutities available for sale --- --- 275 --- 275
Cash dividends --- --- --- (407) (407)
---------- -------- -------- -------- --------
Balances, June 30, 1997 $3,879 $1,155 $306 $10,586 $15,926
====== ====== ==== ======= =======
<FN>
The Accompanying Notes Are An Integral Part of These Statements
</FN>
</TABLE>
<PAGE>
FIRST NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Interim Financial Statements
The accompanying consolidated financial statements of First National
Corporation and its subsidiaries have not been audited by independent
accountants, except for the balance sheet at December 31, 1996. In the opinion
of the company's management, the financial statements reflect all adjustments
necessary to present fairly the results of operations for the nine month periods
ended Septemer 30, 1997 and 1996, the company's financial position at September
30, 1997 and December 31, 1996, and the cash flows for the nine month periods
ended September 30, 1997 and 1996. These adjustments are of a normal recurring
nature.
The results of operations for the nine month periods ended September
30, 1997 and 1996, are not necessarily indicative of the results to be expected
for the full year.
<TABLE>
Note 2. Securities as of September 30, 1997 and December 31, 1996 are summarized below:
(000 Omitted)
<CAPTION>
September 30, 1997 December 31, 1996
------------------ -----------------
Unrealized Unrealized
Book Market Gain (Loss) Book Market Gain (Loss)
<S> <C> <C> <C> <C> <C> <C>
Securities Available For Sale
U. S. Treasury Securities $0 $0 $0 $0 $0 $0
U. S. Agency Securities 28,493 28,692 $199 23,070 23,089 $19
Obligation of State and Political
Subdivisions 6,413 6,677 $264 6,530 6,559 $29
Other Securities 1,130 1,130 $0 1,061 1,061 $0
--------- -------- ------ --------- ----------- ------
Total Securities Available for Sale $36,036 $36,499 $463 $30,661 $30,709 $48
Securities Held to Maturity
U. S. Treasury Securities $0 $0 $0 $0 $0 $0
U. S. Agency Securities 2,163 2,165 $0 3,033 3,031 ($2)
Obligation of State and Political
Subdivisions 0 0 $0 0 0 $0
Other Securities 0 0 $0 0 0 $0
---------- ---------- ------ ---------- ---------- ----
Total Securities Held to Maturity $2,163 $2,165 $0 $3,033 $3,031 ($2)
</TABLE>
<PAGE>
FIRST NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
Note 3. The consolidated loan portfolio, stated at face amount, is composed of
the following:
(000 Omitted)
<CAPTION>
September 30, 1997 December 31, 1996
<S> <C> <C>
Real estate loans:
Construction and land development $3,205 $2,127
Secured by farm land 995 993
Secured by 1-4 family residential 43,994 43,615
Other real estate loans 17,308 16,959
Loans to farmers (except those secured by real estate) 667 770
Commercial and industrial loans
(except those secured by real estate) 17,469 13,548
Loans to individuals for personal expenditures 25,173 21,397
All other loans 517 1,075
--------- ---------
Total loans $109,328 $100,484
Less unearned income reflected in loans 566 1,089
--------- ---------
Loans, net of unearned income $108,762 $99,395
======== =======
<FN>
The Bank had loans in a nonaccrual category of $12,827 on December 31, 1996
and $ 61,000 on September 30, 1997.
</FN>
</TABLE>
<TABLE>
Note 4. Allowance for Loan Losses
Analysis of the Allowance for Loan Losses
For the Nine Months Ended
(000 Omitted)
<CAPTION>
September 30, 1997 September 30, 1996
<S> <C> <C>
Balance at Beginning of Period $974 $901
Charge-Offs 40 34
Recoveries 8 15
------- --------
Net Charge-Offs 32 19
Provision for Loan Losses 135 90
------- --------
Balance at End of Period $1,077 $972
======== ====
</TABLE>
<PAGE>
FIRST NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 5. New Accounting Pronouncements
FASB Statement No. 125, Accounting for Transfers and Servicing of
Financial Assets and Extinguishment of Liabilities was issued in June, 1996 and
establishes, among other things, new criteria for determining whether a transfer
of financial assets in exchange for cash of other consideration should be
accounted for as a sale or as a pledge of collateral in a secured borrowing.
Statement 125 also establishes new accounting requirements for pledged
collateral. As issued, Statement 125 is effective for all transfers and
servicing of financial assets and extinguishments of liabilities occurring after
December 1996.
FASB Statement No. 127, Deferral of the Effective Date of Certain
Provisions of FASB Statement No. 125", defers for one year the effective date of
(a) paragraph 15 of Statement 125 and (b) for repurchase agreement, dollar-roll,
securities lending, or similar transactions, of paragraph 9-12 and 237(b) of
Statement 125.
The effects of these Statements on the Company's consolidated financial
statements are not expected to be material.
<PAGE>
FIRST NATIONAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Net income for the first three quarters of 1997 was $1,192 thousand
compared to $1,079 thousand in the same period of 1996, an increase of 10.5%.
Interest and fees on loans increased $629 thousand during the period, while
interest on deposits increased $428 thousand resulting in an increase in net
interest income of $338 thousand. Management provided an additional $45 thousand
to the allowance for loan losses during the first three quarters of 1997 as a
result of continued growth in the loan portfolio. In comparison with the first
three quarters of 1996, total other operating expenses increased $275 thousand
during the first three quarters of 1997, an increase of $99 thousand more than
the increase in total other non-interest income of $176 thousand.
Total assets continued to grow, increasing 10.6% or $15.0 million during
the first three quarters of 1997. The corporation's two major earning assets
accounted for most of the growth. The loan protfolio had the greatest total
increase with total loans net of unearned discount increasing 9.4 million or
9.4% and the investnment portfolio had the greatest percentage increase growing
14.6% or $4.9 million. This growth was funded by an increase in deposits of
$16.3 million or 13.1%.
Yields, Rates and Net Interest Margin
The net interest margin for the first nine months of 1997 was 4.39% a
decline of twenty basis points in comparison to 1996. This decline was the
result of decline of eighteen basis points in the yields on earning assets lead
by a decline of twenty four basis points in the tax equivalent yield on the loan
portfolio from 9.25% in 1996 to 9.01% in 1997 in conjunction with a decline of
eight basis points in the tax equivalent yield on the securities portfolio from
6.73% in 1996 to 6.65%. An increase in the cost of interest earning liabilities
of nine basis points from 4.70% to 4.79% further eroded the net interest margin.
This trend is explanable by increasing competition which is lowering the yield
on loans while at the same time increasing the cost of funding.
Future Operations
Management views the recent merger of several large banks in the state as
an opportunity for a community bank such as First Bank to attract customers who
are dissatisfied with super regional banks and their brand of customer service
and would rather deal with a local bank which is committed to personal service
and the future of the local economy. While there are no plans to expand the
bank's market area, the bank will be in a mode to expand within the market area,
should the opportunities present themselves.
The bank will be adding an ATM at its Winchester, Ward Plaza, branch before
the end of this year. This will expand the ATM network to seven machines and
will place one at each banking office.
<PAGE>
<TABLE>
FIRST NATIONAL CORPORATION
AVERAGE BALANCES, INCOME AND EXPENSE, YIELDS AND RATES
Nine Months Ended September 30,
1997 1996
<CAPTION>
Annualized Annualized
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Balances at correspondent banks
- interest bearing $201,647 $22,364 14.79% $175,694 $19,332 14.67%
Securities:
Taxable 29,377,200 1,376,029 6.25% 26,138,124 1,216,644 6.21%
Tax-exempt (1) 6,387,145 407,412 8.50% 6,666,485 440,076 8.80%
------------ --------- ----- ---------- ------- ------
Total Securities 35,764,344 1,783,441 6.65% 32,804,609 1,656,720 6.73%
Loans (net of earned income): (2)
Taxable 102,834,394 6,940,537 9.00% 90,792,671 6,291,389 9.24%
Tax-exempt (1) 249,557 21,532 11.50% 656,185 52,294 10.63%
------------ --------- ------ ------------ --------- ------
Total Loans 103,083,951 6,962,069 9.01% 91,448,856 6,343,683 9.25%
Fed funds sold and repurchase
agreements 1,599,462 65,880 5.49% 1,790,990 71,653 5.33%
------------ --------- ----- ------------- --------- -----
Total earning assets 140,649,404 8,833,754 8.37% 126,220,149 8,091,388 8.55%
Less: allowance for Loan Losses (1,021,907) (936,751)
Total nonearning assets 9,266,593 9,941,850
------------ ------------
Total Assets $148,894,090 $135,225,248
============ ============
LIABILITIES AND SHAREHOLDER EQUITY
Interest bearing deposits:
Checking $9,437,890 $157,212 2.22% $9,941,021 $162,825 2.18%
Money market savings 7,699,923 194,074 3.36% 7,615,827 193,661 3.39%
Regular savings 41,569,730 1,520,111 4.88% 31,318,624 1,087,665 4.63%
Certificates of deposit:
Less than $100,000 43,843,628 1,735,058 5.28% 45,227,989 1,809,698 5.34%
$100,000 and more 12,721,202 518,389 5.43% 10,748,579 442,673 5.49%
----------- ---------- ----- ---------- --------- -----
Total interest bearing deposits 115,272,374 4,124,844 4.77% 104,852,040 3,696,522 4.70%
Fed funds purchased 138,112 5,791 5.59% 47,224 2,523 7.12%
Long term borrowings 1,474,769 68,894 6.23% 1,496,158 51,551
------------ ---------- ----- ------------ ------- -----
4.51%
Total interest bearing liabilities 116,885,255 4,199,529 4.79% 106,395,422 3,750,596 4.70%
Noninterest bearing liabilities
Demand deposits 15,792,742 13,975,034
Other liabilities 822,897 780,065
------------- ------------
Total liabilities 133,500,894 121,150,521
Stockholders' equity 15,393,195 14,074,727
------------- ------------
Total liabilities and stockholders' equity $148,894,089 $135,225,248
============ ============
Net Interest income 4,634,225 4,340,792
=========== =========
Interest rate spread 3.58% 3.85%
Interest expense as a percent of average
earning assets 3.98% 3.96%
Net interest margin 4.39% 4.59%
<FN>
(1) Income and yields are reported on a taxable-equivalent basis assuming a
federal tax rate of 34% in 1996 and 1997.
(2) Loans placed on a nonaccrual status are reflected in the balances.
</FN>
</TABLE>
<PAGE>
First National Corporation
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
As of September 30, 1997 neither the corporation nor the bank was a
party to any legal proceedings.
Item 2. Not Applicable
Item 3. Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of security holders during the
third quarter of 1997.
Item 5. Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
2. Plan of acquisition, reorganization, arrangement, liquidation
or succession.
Not applicable
3. (I) Articles of Incorporation
(ii) Bylaws
There have been no amendments during the quarter.
4. Instruments defining the rights of security holders, including
indentures.
Not applicable
10. Material contracts
Not applicable
11. Statement re computation of per share earnings.
Not applicable
15. Letter re unaudited interim financial information.
Not applicable
<PAGE>
First National Corporation
PART II. OTHER INFORMATION
18. Letter re change in accounting principles.
Not applicable
19. Report furnished to security holders.
Not applicable
22. Published report regarding matters submitted to vote of security
holders.
Not applicable
23. Consent of experts and counsel.
Not applicable
24. Power of attorney
Not applicable
27. Financial Data Schedule
Filed electronically as a separate document.
99. Additional Exhibits
Not applicable
(b). Reports on form 8-K
None
<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.
First National Corporation
(Registrant)
Date November 13, 1997 /S/ Dana A. Froom
--------------------------------- --------------------
Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 3,185
<INT-BEARING-DEPOSITS> 135
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 36,499
<INVESTMENTS-CARRYING> 2,163
<INVESTMENTS-MARKET> 2,165
<LOANS> 108,762
<ALLOWANCE> 1,077
<TOTAL-ASSETS> 156,178
<DEPOSITS> 140,252
<SHORT-TERM> 1,303
<LIABILITIES-OTHER> 1,177
<LONG-TERM> 1,467
0
0
<COMMON> 3,879
<OTHER-SE> 12,047
<TOTAL-LIABILITIES-AND-EQUITY> 156,178
<INTEREST-LOAN> 6,955
<INTEREST-INVEST> 1,645
<INTEREST-OTHER> 88
<INTEREST-TOTAL> 8,688
<INTEREST-DEPOSIT> 4,125
<INTEREST-EXPENSE> 4,200
<INTEREST-INCOME-NET> 4,488
<LOAN-LOSSES> 135
<SECURITIES-GAINS> 8
<EXPENSE-OTHER> 3,426
<INCOME-PRETAX> 1,709
<INCOME-PRE-EXTRAORDINARY> 1,709
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,192
<EPS-PRIMARY> 1.54
<EPS-DILUTED> 1.54
<YIELD-ACTUAL> 3.19
<LOANS-NON> 61
<LOANS-PAST> 513
<LOANS-TROUBLED> 37
<LOANS-PROBLEM> 1,446
<ALLOWANCE-OPEN> 974
<CHARGE-OFFS> 40
<RECOVERIES> 8
<ALLOWANCE-CLOSE> 1,077
<ALLOWANCE-DOMESTIC> 1,077
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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