<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30,1995 Commission File Number 0-16187
___________________ ______
FWB BANCORPORATION
____________________
(Exact name of small business issuer as specified in its charter)
Maryland 52-1332050
___________ ______________
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
1800 Rockville Pike, Rockville, Maryland 20852
______________________________________________
(Address of principal executive offices)
(301) 770-1300
________________
(Issuer's telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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
_____ _____
At October 31, 1995, there were 3,258,833 shares of Common Stock, Par
Value $.10 per share outstanding.
Transitional Small Business Disclosure Format
YES NO X
_____ _____
<PAGE> 2
TABLE OF CONTENTS
_________________
PART I - FINANCIAL INFORMATION PAGE
______________________________ _____
Item 1 - Consolidated Financial Statements
Consolidated Balance Sheets...................................3
Consolidated Statements of Income (Loss)......................4
Consolidated Statements of Changes in Stockholders' Equity....5
Consolidated Statements of Changes in Cash Flows..............6
Notes to Consolidated Financial Statements....................7
Item 2 - Management's Discussion and Analysis
Financial Condition ........................................7-9
Results of Operations......................................9-11
PART II - OTHER INFORMATION
___________________________
Item 1 - Legal Proceedings..........................................12
Item 2 - Changes in Securities......................................12
Item 3 - Defaults Upon Senior Securities............................12
Item 4 - Submission of Matters to a Vote of Security Holders........12
Item 5 - Other Information..........................................12
Item 6 - Exhibits and Reports on Form 8-K........................12-13
SIGNATURES..........................................................14
<PAGE> 3
- -------------------------------------------------------------------------------
PART I - FINANCIAL INFORMATION
Item 1 - Consolidated Financial Statements
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FWB BANCORPORATION
CONSOLIDATED BALANCE SHEET
(in thousands)
September 30, December 31,
1995 1994
--------------- --------------
<S> <C> <C>
ASSETS
Cash and due from banks $1,508 $1,567
Federal funds sold - -
Investment securities:
Available for sale - at fair value 3,558 2,244
Held to maturity - at amortized cost 4,931 4,866
--------------- --------------
Total Investment Securities 8,489 7,110
--------------- --------------
Loans 29,850 27,002
Less allowance for loan losses (726) (704)
--------------- -------------
Loans - net 29,124 26,298
--------------- -------------
Property and equipment 315 289
Other real estate owned, net 1,052 1,633
Accrued interest receivable 322 429
Other assets 261 4,087
--------------- -------------
TOTAL ASSETS $41,071 $41,413
=============== =============
LIABILITIES
Non-interest bearing deposits $7,810 $8,850
Interest bearing deposits 28,404 27,992
--------------- -------------
Total deposits 36,214 36,842
Federal funds purchased and securities sold
under agreements to repurchase 1,001 1,352
Accrued expenses and other liabilities 186 114
--------------- -------------
TOTAL LIABILITIES 37,401 38,308
--------------- -------------
STOCKHOLDERS' EQUITY
Common stock - $.10 par value, shares
authorized 7,500,000; shares outstanding
3,258,833; 2,758,833 and 3,178,833
respectively 326 318
Additional paid-in capital 8,476 8,331
Accumulated deficit (4,842) (5,081)
Net unrealized holding loss on investment
securities (290) (463)
--------------- -------------
TOTAL STOCKHOLDERS' EQUITY 3,670 3,105
--------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $41,071 $41,413
=============== =============
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
FWB BANCORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands)
(unaudited)
For the Nine Third Quarter
Months Ended Ended
September 30, September 30,
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $2,216 $1,663 $769 $632
Interest on investment
securities: U. S. Government,
its agencies, and sponsored
entities 331 555 108 197
Interest on federal funds sold 90 28 24 3
------- ------- ------- -------
Total interest income 2,637 2,246 901 832
------- ------- ------- -------
INTEREST EXPENSE:
Interest on certificates
of deposit of $100,000 or more 89 21 33 6
Interest on other deposits 737 653 256 207
------- ------- ------- -------
826 674 289 213
Interest on federal funds
purchased and securities
sold under agreements to
repurchase 9 12 7 10
------- ------- ------ -------
Total interest expense 835 686 296 223
------- ------- ------ -------
NET INTEREST INCOME 1,802 1,560 605 609
PROVISION (RECOVERY)
FOR LOAN LOSSES (30) (114) --- ---
------- ------- ------ -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,832 1,674 605 609
------- ------- ------ -------
NON-INTEREST INCOME:
Service charges on
deposit accounts 168 147 53 54
Gain on sale of OREO --- 9 --- (1)
Other income 165 147 91 76
------- ------- ------- -------
Total non-interest income 333 303 144 129
------- ------- ------- -------
NON-INTEREST EXPENSE:
Salaries and employee benefits 945 883 308 321
Occupancy and equipment expense 355 375 120 129
Data processing services 152 130 54 44
FDIC insurance 46 75 1 23
Insurance 32 74 14 10
Legal fees 120 97 32 57
Other real estate owned expense 48 143 7 21
Other expenses 228 200 85 71
------- ------- ------- -------
Total non-interest expense 1,926 1,977 621 676
------- ------- ------- -------
INCOME (LOSS) BEFORE
INCOME TAXES 239 0 128 62
APPLICABLE INCOME TAX --- --- --- ---
------- ------- ------- -------
NET INCOME (LOSS) $ 239 $0 $128 $62
======= ======= ======= =======
EARNINGS PER COMMON SHARE: $0.10 $0.00 $0.05 $0.02
</TABLE>
2
<PAGE> 5
<TABLE>
<CAPTION>
FWB BANCORPORATION
CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)
Unrealized
Additional Holding Total
Common Paid-In Accumulated (Loss) Stock-
Stock Capital (Deficit) on Secur- holders'
ities Equity
------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C>
BALANCE AT DECEMBER 31,
1993 $ 276 $7,541 $(5,153) $(192) $2,472
Net loss for the nine
months ended
September 30, 1994 --- --- --- --- ---
Net change in unrealized
depreciation on
investment securities --- --- --- 1,289) (1,289)
------- ------- -------- ------- -------
BALANCE AT SEPTEMBER 30,
1994 $ 276 $7,541 $(5,153) $1,481) $1,183
======= ======= ======== ======= =======
BALANCE AT DECEMBER 31,
1994 $ 318 $8,331 $(5,081) $(463) $3,105
Net income for the nine
months ended
September 30, 1995 --- --- 239 --- 239
Issuance of common
stock at $2.00 per share 8 145 --- --- 153
Net change in unrealized
appreciation on
investment securities --- --- --- 173 173
------- ------- -------- -------- --------
BALANCE AT SEPTEMBER 30,
1995 $ 326 $8,476 $(4,842) $(290) $3,670
======= ======= ======== ======== ========
</TABLE>
3
<PAGE> 6
<TABLE>
<CAPTION>
FWB BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For Nine Months Ended
September 30,
1995 1994
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 239 $ 0
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 77 82
Accretion and amortization of securities (8) (8)
Provision for loan losses (30) (114)
Net realized gain from sales of assets (58) (9)
Other real estate owned - write downs 30 114
Net changes in:
Accrued interest receivable 107 56
Prepaid expenses and other assets 376 13
Accrued expenses and other liabilities 72 41
Other - net 86 125
------- --------
Net cash provided by operating activities 891 300
------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale securities (1,248) (2,012)
Proceeds from maturities/principal payments
on available for sale securities 50 250
Proceeds from sale of available for sale
securities 4,000 1,300
Net increase in loans originated (5,093) (6,604)
Net increase in loans sold 1,830 1,116
Net decrease in loans purchased 440 2,957
Purchases of property and equipment (103) (39)
Proceeds from disposition of other real estate owned --- 1,174
------- --------
Net cash used by investing activities (124) (1,858)
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits (628) (421)
Net (decrease) increase in federal funds
purchased and securities sold
under agreements to repurchase (351) 1,617
Proceeds from issuance of common stock 153 ---
------- --------
Net cash (used) provided by financing activities (826) 1,196
------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS (59) (362)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,567 2,170
------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $1,508 $1,808
======= ========
Supplemental disclosures:
Interest payments $791 $691
Income tax payments --- ---
Noncash investing and financing activities:
Transfers from loans to other real estate owned --- ---
Unrealized gain (loss) on investment
securities available for sale 21 (1,081)
</TABLE>
4
<PAGE> 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Management is responsible for the financial statements which have been prepared
in accordance with generally accepted accounting principles. The financial
statements contained herein, except for the financial statements as of December
31, 1994, are unaudited. In management's opinion, the financial statements
present fairly the financial condition of the Corporation and its subsidiary at
September 30, 1994 and September 30, 1995, and all adjustments necessary to
fairly state the results of operations and financial condition are reflected and
that such adjustments are of a normal recurring nature. The results of
operations presented for the nine months ended September 30, 1995 are not
necessarily indicative of the results of operations to be expected for the
remainder of the year.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
FINANCIAL CONDITION
FWB Bancorporation's (the "Corporation") total assets at September 30, 1995 of
$41,071,000 reflected a decrease of $342,000 or 0.83% from December 31, 1994.
The Corporation's Stockholders' Equity of $3,670,000 at September 30, 1995
reflected an increase of $565,000 or 18.20% from December 31, 1994. The increase
is attributable to additional capital raised under a private placement
memorandum, earnings from operations, and a reduction in net unrealized holding
loss on investment securities. See "Stockholders' Equity of the Corporation"
below.
Total loans of the Corporation's wholly owned financial institution subsidiary,
FWB Bank, (the "Bank") at September 30, 1995 of $29,850,000 reflected an
increase of $2,848,000 or 10.55% from December 31, 1994. The increase in total
loans reflects the results of the Bank's increased marketing efforts to small
business and professionals.
Total deposits of the Bank at September 30, 1995 of $36,214,000 reflected a
decrease of $628,000 or 1.70% from December 1994. While non-interest bearing
deposits decreased $1,040,000 or 11.75%, these deposits continue to constitute
approximately 22% of total deposits. Although interest bearing deposits
decreased by 11% in the third quarter due to maturity of approximately
$2,800,000 in certificates of deposits, when compared to December 1994, interest
bearing deposits increased $412,000 or 1.47%.
Liquidity.
__________ The Bank's liquidity position, those assets invested in cash,
federal funds, and obligations of the U.S. Government, its agencies, and
sponsored entities available for sale, totalling $5,066,000, reflected an
increase of $1,255,000 from December 31, 1994 due to a shift from less liquid
assets to more liquid assets. In the first quarter of 1995, the Bank received
$4,000,000 from the proceeds of the sale of investment securities. These funds
were used to fund loans in the first two quarters of 1995 and increase holdings
of fixed rate securities in the Bank's available for sale portfolio. Funds
available through the Bank's sources of short term borrowing, asset maturities,
and available-for-sale securities are considered adequate to meet current needs.
5
<PAGE> 8
Although this liquidity position remains adequate, the Bank continues to
evaluate the asset and liability mix to ensure that liquidity needs are met.
The Bank's loan to deposit ratio was 82.04% at September 30, 1995 compared to
73.17% at December 31, 1994.
Investment Activity.
____________________ The Corporation invests in various types of liquid assets,
including United States Treasury obligations, securities of federal government
agencies and government sponsored entities, certain certificates of deposit,
federal funds, and other qualifying liquid investments. In March 1995, the Bank
purchased $250,000 in Treasury Notes with a one year maturity and in June 1995,
the Bank purchased two $500,000 fixed rate medium term agency issues maturing in
two and five years, respectively. The issues purchased in June have callable
options within one year. These purchases were a result of an evaluation of short
term liquidity needs and current yields.
Allowance for Loan Losses.
___________________________ The allowance for loan losses at September 30, 1995
was $726,000 or 2.43% of total loans outstanding, compared to $704,000 or 2.61%
at December 31, 1994. There were $5,000 in charge-offs and $21,000 in recoveries
in the quarter ending September 30, 1995. As of September 30, 1995, the Bank's
total charge-offs year to date were $34,000. Year-to-date recoveries in 1995
totalled $86,000. At September 30, 1995, the allowance for loan loss was 186.15%
of non-performing loans compared to 177.33% at December 31, 1994.
Non-Performing Loans and Assets.
_________________________________ The Bank's non-performing assets totalling
$1,582,000 consist of past due and restructured loans, other real estate owned
("OREO"), and other assets. The percentage of non-performing assets to total
assets continues to decrease to 3.85% at September 30, 1995 from 4.90% at
December 31, 1994. Management intends to continue its efforts to reduce
non-performing assets through future sales of OREO and other assets and
upgrading of non-performing loans.
Non-performing loans, consisting of loans delinquent 90 days or more and in
non-accrual status and restructured loans, were $390,000 at September 30, 1995
compared to $397,000 at December 31, 1994. This amount consists primarily of one
loan in the amount of $371,000 which has been renegotiated and is currently
performing within its terms. The percentage of non-performing loans to total
loans decreased to 1.31% at September 30, 1995 from 1.47% at December 31, 1994.
At September 30, 1995, OREO, net of valuation reserve, was $1,052,000 compared
to $1,633,000 at December 31, 1994, a decrease of $581,000 or 35.58%. This
decrease is primarily a result of a reclassification of a property in the amount
of $550,000 to other assets. The reclassification of this property was the
result of an evaluation done in conjunction with the Bank's recent examination
as of January 31, 1995. The Bank has a contractual interest in sales proceeds
from the property which is owned by an affiliate of the Bank as a result of
foreclosure. A significant portion of this asset was sold as of July 31, 1995.
The portion which continues to be held as other assets in the amount of $140,000
remains available for sale. In addition, a valuation reserve in the amount of
6
<PAGE> 9
$30,000 was established in the first quarter of 1995 for another property as a
result of an updated appraisal. This property is currently generating rental
income on a monthly basis (see "Non-Interest Income and Expense") and the lease
agreement contains a purchase option at a price significantly above the Bank's
carrying value. It is management's belief that the property will be sold for the
option price at the end of the lease. Generally, the Bank obtains appraisals
annually by state licensed or certified appraisers for each property owned. At
September 30, 1995, management believes OREO properties approximate fair value.
There were no additions to OREO in the current period.
Stockholders' Equity.
______________________ Stockholders' equity of $3,670,000 at September 30, 1995
increased $565,000 or 18.20% from December 31, 1994. The increase in equity
capital since December 31, 1994 includes year-to-date earnings from operations
in the amount of $239,000 and the raising of an additional $153,000 under a
private placement offering initiated in December 1994. This offering closed June
25, 1995. Also included in stockholders' equity at September 30, 1995 is an
unrealized holding gain of $21,000 for securities available for sale compared to
an unrealized holding loss of $86,000 at December 31, 1994 and $311,000 of
unamortized loss on securities held to maturity compared to $377,000 at December
31, 1994. The unamortized loss on securities held to maturity relates to the
transfer of securities from the available for sale portfolio to the held to
maturity portfolio in 1994. This unrealized loss is being amortized over the
remaining life of the securities as an adjustment of yield.
Capital Adequacy and Regulatory Requirements.
_____________________________________________ At September 30, 1995, the Bank's
ratio of Tier I capital to total average assets equalled 8.71%, which exceeded
the minimum leverage capital ratio of 4% by 4.71%.
At September 30, 1995, the Bank's Tier I capital to risk-weighted assets ratio
was 13.64% which exceeded the minimum required ratio of 4% by 9.64%. The Bank's
total capital to risk- weighted assets ratio at September 30, 1995 was 14.89%
which exceeded the minimum required ratio of 8% by 6.89%.
RESULTS OF OPERATIONS
For the nine months ended September 30, 1995, the Corporation had net income of
$239,000, a significant improvement compared to net income from the
corresponding period in 1994 of $593. This increase in net income resulted
primarily from an increase in net interest income of $242,000. Included in net
income for the period ended September 30, 1995 is a reduction of $30,000 in the
allowance for loan losses through the provision for loan losses in the first
quarter of 1995. This is compared to a reduction in the allowance for loan
losses through the provision of $114,000 in the corresponding period of 1994, a
decrease of $84,000.
The earnings per share were $0.10 for the nine months ended September 30, 1995,
compared to $0.00 per share for the corresponding period in 1994.
7
<PAGE> 10
Net Interest Income.
_____________________ Net interest income is the difference between
interest income on earning assets and interest expense on interest bearing
deposits and funds purchased. Net interest income for the nine-month period
ending September 30, 1995 of $1,802,000 reflected an increase of $242,000 or
15.51% compared to the corresponding period in 1994. Interest income for the
nine-month period ending September 30, 1995 was $2,637,000, an increase of
$391,000 or 17.41% from the same period last year. This increase was primarily
due to an increase in interest and fees on loans of $553,000 during the nine
months ended September 30, 1995 compared to the same period in 1994 which
resulted from an increase in average loans outstanding of $5,687,000 at
September 30, 1995 compared to September 30, 1994 and an overall rate increase.
Although net interest income for the quarter ended September 30, 1995 was about
the same as net interest income in the corresponding quarter of 1994, net
interest income in the quarter ended September 30, 1994 included collection of
interest on a loan which had been in non-accrual status and was re-classified as
a restructured loan. Interest income on investment securities for the nine-month
period ending September 30, 1995 of $331,000 reflected a decrease of $224,000 or
40.36% compared to the corresponding period in 1994. This decrease is primarily
the result of the sale of $4,000,000 in investment securities in December 1994
and, to a lesser extent, the repricing of floating rate securities in the
investment portfolio. The earnings on these securities will continue to be
affected by changes in the relationship of long term and short term rates as
they reprice. As a result of growth in interest bearing deposits, and an overall
rate increase, interest expense of $835,000 during the nine months ended
September 30, 1995 reflected an increase of $149,000 or 21.72% from the
corresponding period in 1994.
The average yield on interest earning assets for the nine-month period ended
September 30, 1995, was 8.97% compared to 8.49% for the nine months ended
September 30, 1994. The average cost of funds for the nine months ended
September 30, 1995, was 3.68% compared to 3.13% for the same period in 1994.
Additionally, the net interest margin was 6.13% for the nine months ended
September 30, 1995 compared to 5.90% for the corresponding period in 1994.
Provision for Loan Losses.
____________________________ A reduction of $30,000 in the allowance for loan
losses through a provision for loan losses in the period ended March 31, 1995
was the result of management's evaluation that the allowance was more than
adequate as credit quality improved and recoveries were realized. No future
reductions of the allowance for loan losses through the provision for loan
losses are anticipated.
Non-Interest Income.
_____________________ Non-interest income for the period ended September 30,
1995, was $333,000 compared to $303,000 for the nine months ended September 30,
1994, an increase of $30,000 or 9.90%. This improvement in non-interest income
was due primarily to an increase in service charges on deposit accounts in the
first and second quarters of 1995 and receipt of monthly rental income totalling
$13,500 from a property carried as OREO. In addition, in the third quarter of
1995, a gain on the sale of loans in the amount of $58,000 was recognized. These
increases in the nine months ending September 30, 1995 compared to the
comparable period in 1994, were offset by decreases in gross brokers' fees on
loans originated by the mortgage loan origination department and in other
non-recurring fee income.
8
<PAGE> 11
Non-Interest Expense.
______________________ Non-interest expense for the period ended September 30,
1995 of $1,926,000 reflected a decrease of $51,000 or 2.58% compared to the
corresponding period of 1994. The increase in salaries and benefits expense of
$62,000 during the nine months ended September 30, 1995 compared to the same
period of 1994 resulted primarily from the addition of an internal auditor and a
retail sales executive hired to further develop the marketing efforts of the
Bank's branch network. Legal expenses of $120,000 for the nine months ended
September 30, 1995 increased $23,000 compared to the corresponding period of
1994 due to continuing litigation arising from normal banking activities.
Expenses associated with OREO at September 30, 1995 of $48,000 decreased $95,000
or 66.43% from the corresponding period in 1994 due to a reduction in the amount
of OREO carried. The Bank's expense for FDIC insurance for the nine-month period
ending September 30, 1995 of $46,000 decreased by $29,000 or 38.67% compared to
the same period in 1994. On August 8, 1995, the FDIC voted to reduce the deposit
insurance premium paid by most members of the Bank Insurance Fund ("BIF")
effective June 1, 1995. Therefore, the Bank was eligible for a refund in the
amount of $23,420 which it received in September 1995. In addition, the Bank's
FDIC insurance expense continues to decrease due to its improved supervisory
rating and well-capitalized position. The Bank's current assessment rate is .07%
of deposits. The FDIC has established a process for raising or lowering all
assessment rates for BIF-insured institutions semi-annually if conditions
warrant a change. The Corporation's expense for other insurance for the period
ending September 30, 1995 of $32,000 decreased by $42,000 or 56.76% compared to
the corresponding period in 1994 due to a re-evaluation of the Bank's insurance
coverages and premiums due to its improved financial condition and results of
operations.
Applicable Income Tax.
______________________ Net operating loss carryforwards are offsetting current
tax expense.
9
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS N/A
ITEM 2 - CHANGES IN SECURITIES N/A
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES N/A
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS N/A
ITEM 5 - OTHER INFORMATION N/A
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits
(2) Plan of purchase, sale, reorganization, arrangement,
liquidation or succession: N/A
(3) (i) Articles of Incorporation: Incorporated by
reference to Exhibit 3.1(a) of the issuer's Form
10-KSB for the period ending December 31, 1994 filed
with the Commission.
(ii) By-Laws: Incorporated by reference to Exhibit 3.2 of
the issuer's Form 10- KSB for the period ending December
31, 1994 filed with the Commission.
(4) Instruments defining the rights of security holders,
including indentures: N/A
(10) Material contracts: N/A
(11) Statement regarding computation of per share earnings:
Earnings per share have been computed based upon 3,237,217
shares,the weighted average number of shares outstanding
during the period ending September 30, 1995.
(15) Letter regarding unaudited interim financial
information: N/A
(18) Letter regarding change in accounting principles: N/A
(19) Report furnished to security holders: N/A
(22) Published report regarding matters submitted to vote of
security holders: N/A
(23) Consents of experts and counsel: N/A
10
<PAGE> 13
(24) Power of attorney: N/A
(27) Financial Data Schedule: Filed herewith.
B. Reports on Form 8-K
No reports on Form 8-K were filed during the third quarter of 1995.
11
<PAGE> 14
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
FWB BANCORPORATION
(Registrant)
Date: November 6, 1995 /s/ Steven K. Colliatie
________________ _______________________
Steven K. Colliatie
President
Date: November 6, 1995
________________ /s/ Barbara L. Martinez
_______________________
Barbara L. Martinez
Chief Financial Officer
12
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Form
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000719488
<NAME> FWB BANCORPORATION
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 1,508
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,558
<INVESTMENTS-CARRYING> 4,931
<INVESTMENTS-MARKET> 0<F1>
<LOANS> 29,850
<ALLOWANCE> 726
<TOTAL-ASSETS> 41,071
<DEPOSITS> 36,214
<SHORT-TERM> 1,001
<LIABILITIES-OTHER> 186
<LONG-TERM> 0
<COMMON> 326
0
0
<OTHER-SE> 3,344
<TOTAL-LIABILITIES-AND-EQUITY> 41,071
<INTEREST-LOAN> 2,216
<INTEREST-INVEST> 331
<INTEREST-OTHER> 90
<INTEREST-TOTAL> 2,637
<INTEREST-DEPOSIT> 826
<INTEREST-EXPENSE> 835
<INTEREST-INCOME-NET> 1,802
<LOAN-LOSSES> (30)
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,926
<INCOME-PRETAX> 239
<INCOME-PRE-EXTRAORDINARY> 239
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 239
<EPS-PRIMARY> .10
<EPS-DILUTED> .10
<YIELD-ACTUAL> 6.13
<LOANS-NON> 0
<LOANS-PAST> 78
<LOANS-TROUBLED> 390
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 704
<CHARGE-OFFS> 31
<RECOVERIES> 86
<ALLOWANCE-CLOSE> 726<F2>
<ALLOWANCE-DOMESTIC> 112
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 614<F3>
<FN>
<F1>Not broken out in 10-QSB.
<F2>Allowance for loan loss at end of period includes a reduction in the allowance
through the provision for loan losses.
<F3>All unallocated is for domestic loans.
</FN>
</TABLE>
