<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 1997
Commission File Number 0-11928
AMERICAN BANCORP, INC.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0951347
- ------------------------------- -------------------------------
(State or other jurisdiction of (I R S Employer I. D. Number)
incorporation or organization)
328 EAST LANDRY STREET, OPELOUSAS, LA 70571-1579
- -------------------------------------- ------------------------
(Address of principal executive office) (Zip Code)
(318) 948-3056
- ------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
- ------------------------------------------------------------------------------
(Former name, address, 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 periods 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
-------- --------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common stock, $5 Par Value-------120,000 shares as of July 15, 1997
<PAGE> 2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
June 30, 1997 and 1996
(In Thousands)
<TABLE>
<CAPTION>
ASSETS 1997 1996
- ------ ---- ----
<S> <C> <C>
Cash 4 2
Investment in Subsidiary 8,138 7,245
Dividend Receivable 0 0
Due From Subsidiary 32 42
------ ------
TOTAL ASSETS $8,174 $7,289
====== ======
LIABILITIES
- -----------
Federal Income Taxes Payable 26 37
Other Liabilities 0 0
------ ------
TOTAL LIABILITIES $26 $37
------ ------
SHAREHOLDERS' EQUITY
- --------------------
Unrealized Gain (Loss) on Securities
Available for Sale 65 20
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares 600 600
Surplus 2,150 2,150
Retained Earnings 5,333 4,482
------ ------
TOTAL EQUITY 8,148 7,252
------ ------
TOTAL LIABILITIES & EQUITY $8,174 $7,289
====== ======
</TABLE>
<PAGE> 3
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
June 30, 1997 and 1996
(In Thousands)
<TABLE>
<CAPTION>
ASSETS 1997 1996
------ ------- -------
<S> <C> <C>
Cash and Due From Banks 4,656 3,967
Interest Bearing Deposits 694 1,091
Securities Held to Maturity 15,713 17,019
Securities Available for Sale 11,639 6,868
Federal Funds Sold 2,600 4,350
Loans - Net 26,565 27,646
Bank Premises and Equipment 1,265 1,388
Other Real Estate Owned 14 14
Accrued Interest Receivable 567 581
Deferred Tax Asset 0 15
Prepaid Expenses and Other Assets 449 441
------- -------
TOTAL ASSETS $64,162 $63,380
======= =======
LIABILITIES
-----------
Deposits:
Non-Interest Bearing 16,975 16,274
Interest Bearing 38,783 39,621
------- -------
Total Deposits 55,758 55,895
Accrued Interest Payable 121 120
Deferred Income Tax Credits 12 0
Accrued Expenses and Other Liabilities 123 113
------- -------
TOTAL LIABILITIES $56,014 $56,128
------- -------
SHAREHOLDERS' EQUITY
--------------------
Unrealized Gain (Loss) on Securities
Available for Sale 65 20
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares 600 600
Surplus 2,150 2,150
Retained Earnings 5,333 4,482
------- -------
TOTAL SHAREHOLDERS' EQUITY $8,148 $7,252
------- -------
TOTAL LIABILITIES & EQUITY $64,162 $63,380
======= =======
</TABLE>
See Notes to Financial Statements.
<PAGE> 4
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
For the Six Month Periods Ended June 30, 1997 and 1996
(In Thousands)
<TABLE>
<CAPTION>
INCOME FROM SUBSIDIARY 1997 1996
---------------------- ---- ----
<S> <C> <C>
Dividends $0 $0
OPERATING EXPENSES
------------------
Other Expenses 1 1
Interest Expense 0 0
---- ----
TOTAL EXPENSES $1 $1
---- ----
Earnings (loss) before income tax benefit
and equity in undistributed earnings of
subsidiary ($1) ($1)
Income tax (benefit) 0 0
---- ----
Earnings (loss) before equity in undistributed
earnings of subsidiary ($1) ($1)
Equity in undistributed earnings of
subsidiary 485 553
---- ----
Net Income $484 $552
==== ====
</TABLE>
<PAGE> 5
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Six Month Periods Ended June 30, 1997 and 1996
(In Thousands)
<TABLE>
<CAPTION>
INCREASE
1997 1996 (DECREASE)
INTEREST INCOME: ---- ---- ----------
<S> <C> <C> <C>
Interest and fees on loans $1,273 $1,278 (5)
Interest on investment securities:
Taxable 732 641 91
Tax-Exempt 67 52 15
Other Interest 140 132 8
------ ------ ------
TOTAL INTEREST INCOME $2,212 $2,103 109
------ ------ ------
INTEREST EXPENSE:
Interest on deposits $698 $640 58
Interest on short-term borrowings 0 0 0
------ ------ ------
TOTAL INTEREST EXPENSE $698 $640 58
------ ------ ------
NET INTEREST INCOME $1,514 $1,463 51
Provision for possible loan losses 0 0 0
------ ------ ------
Net Interest Income after provision for
possible loan losses $1,514 $1,463 51
------ ------ ------
NON-INTEREST INCOME:
Service charges on deposit accounts $244 $260 (16)
Investment securities gains (losses) 0 0 0
Other 45 53 (8)
------ ------ ------
TOTAL NON-INTEREST INCOME $289 $313 (24)
------ ------ ------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits $547 $527 20
Net Occupancy Expense 279 295 (16)
Net cost of operation of O.R.E.O. (5) (2) (3)
Other 291 280 11
------ ------ ------
TOTAL NON-INTEREST EXPENSE $1,112 $1,100 12
------ ------ ------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEMS $691 $676 15
INCOME TAX (BENEFIT) 207 124 83
------ ------ ------
INCOME BEFORE EXTRAORDINARY ITEMS $484 $552 (68)
EXTRAORDINARY ITEMS 0 0 0
------ ------ ------
NET INCOME $484 $552 (68)
====== ====== ======
Net income per share of common stock $4.03 $4.60 ($0.57)
====== ====== ======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 6
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Six Month Periods Ended June 30, 1997 & 1996
(In Thousands)
<TABLE>
<CAPTION>
NET
UNREALIZED
GAINS(LOSS) COMMON RETAINED
SECURITIES STOCK SURPLUS EARNINGS TOTAL
---------- ----- ------- -------- ------
<S> <C> <C> <C> <C> <C>
Balance 12/31/95 $ 105 $ 600 $2,150 $3,930 $6,785
Net Income (Loss) 552 552
Cash Dividends 0 0
Change in Unrealized
Gains/Losses (85) (85)
------ ------ ------ ------ ------
Balance 6/30/96 $ 20 $ 600 $2,150 $4,482 $7,252
====== ====== ====== ====== ======
Balance 12/31/96 $57 $600 $2,150 $4,849 $7,656
Net Income (Loss) 484 484
Cash Dividends 0 0
Change in Unrealized
Gains/Losses 8 8
------ ------ ------ ------ ------
Balance 6/30/97 $ 65 $ 600 $2,150 $5,333 $8,148
====== ====== ====== ====== ======
</TABLE>
<PAGE> 7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Month Periods Ended June 30, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
------- -------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 484 $ 552
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization,net of accretion on
investment securities 7 (1)
Depreciation 99 99
Provision for loan losses 0 0
Gain on sale of other real estate 0 0
(Gain) loss on sale of assets 3 0
Decrease (increase) in accrued interest receivable 1 (29)
Increase (decrease) in accrued interest payable 2 17
Increase (decrease) in other liabilities 22 (413)
Decrease (increase) in other asset 10 0
------- -------
Net cash provided by operating activities $ 628 $ 225
------- -------
INVESTING ACTIVITIES
Proceeds from sales & maturities of available for sale securities $ 496 $ 324
Proceeds from sales & maturities of held to maturity securities 2,800 3,500
Purchases of available for sale securities (3,469) (2,178)
Purchases of held to maturity securities (2,986) (4,023)
(Increase) decrease in loans 1,747 (1,256)
Net decrease (increase) in other real estate 0 0
Purchases of property & equipment (30) (51)
Other (9) 50
------- -------
Net cash provided (used) by investing activities $(1,451) $(3,634)
------- -------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings (3,585) (3,677)
Increase (decrease) in time deposits (23) 3,916
Dividends paid 0 0
------- -------
Net cash provided (used) by financing activities $(3,608) $ 239
------- -------
Increase (decrease) in cash and cash equivalents $(4,431) $(3,170)
Cash and cash equivalents at beginning of year 12,381 12,578
------- -------
Cash and cash equivalents at end of period $ 7,950 $ 9,408
======= =======
Cash payments for:
Interest expense $ 1,110 $ 623
======= =======
Income taxes $ 214 $ 496
======= =======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1997
NOTE 1 - A BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted principles of accounting for
instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
NOTE 2 - IMPAIRED LOANS
On January 1, 1995 the Company adopted Statement of Financial Accounting
Standards (SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan."
The adoption of SFAS No. 114 did not have a material impact on the financial
condition or operating results of the Company. Interest payments received on
impaired loans are applied to principal if there is doubt as to the
collectibility of the principal; otherwise, these receipts are recorded as
interest income.
As it relates to in-substance foreclosures, SFAS No. 114 requires that a
creditor continue to follow loan classification on the balance sheet unless the
creditor receives physical possession of the collateral. The Company had no
in-substance foreclosures in foreclosed assets to transfer to nonperforming
loans and no related reserve for losses to transfer to the reserve for possible
loan losses.
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management's Discussion presents a review of the major factors and trends
affecting the performance of the Company and its bank subsidiary and should be
read in conjunction with the accompanying consolidated financial statements and
notes.
OVERVIEW
The Company reported net income of $484,000 for the first six months of
1997 compared to $552,000 for the same period of 1996. On a per share basis,
the income was $4.03 for the first half of 1997 compared to $4.60 for the
same period of 1996. The Company recorded a provision for possible loan losses
of $0 for the six months ended June 30, 1997 and 1996, respectively. Net
interest income increased 3.5% to $1,514,000 for the first half of 1997
compared to $1,463,000 for the same period of 1996.
Total assets were $64,162,000 at June 30, 1997, an increase of $782,000
from June 30, 1996. Loans decreased by $1,081,000 or 3.9% from $27,646,000
at June 30, 1996 to $26,565,000 at June 30, 1997. Deposits experienced little
change with total deposits of $55,758,000 at June 30, 1997 and $55,895,000 at
June 30, 1996.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the six months ended June
30, 1997 totaled $1,514,000, a $51,000 increase from the same period in 1996.
Factors contributing to this increase include an increase in the average
balance and average rate earned on taxable investment securities. The increase
in interest income was partially offset by an increase in the average balance
of time deposits. The overall effect of volume and rate changes on net interest
income during the first half of 1997 was favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded no provision for
possible loan losses for both the first half of 1997 and 1996. The absence of a
provision is the result of continued improvements in asset quality and low net
charge offs of loans. As a percentage of outstanding loans, the allowance for
possible loan losses was 2.22% and 2.20% at June 30, 1997 and 1996,
respectively. The provision is determined by the level of net charge offs, the
size of the loan portfolio, the level of nonperforming loans, anticipated
economic conditions, and review of financial condition of specific customers.
NONINTEREST INCOME. There has been immaterial variances in noninterest
income for the six month periods ended June 30, 1997 and 1996. The $24,000
decrease in noninterest income for the first half of 1997 is the result of a
$16,000 decrease in total service charges on deposit account as compared to the
same period of 1996.
There were no securities gains in the first six months of 1997 or of 1996.
NONINTEREST EXPENSE. For the first six months of 1997 noninterest expense
increased $12,000 or 1.1% compared to the same period in 1996.
Salaries and employee benefits, the largest component of noninterest expense,
increased by $20,000 or 3.8% for the first six months of 1997 as compared to
the same period in 1996. Employee medical insurance expense increased by
$14,000 for the first half of 1997 as compared to the same period of 1996. This
increase is reflective of a increase in medical claim experience for the six
months ended June 30, 1997.
Net occupancy expense and other expenses experienced normal variations between
the first half of 1997 and 1996.
INCOME TAXES. The Company recorded provisions for income taxes of
$207,000 in the first half of 1997 as compared to $124,000 in the first half of
1996. Effective January 1, 1992, the company adopted Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes." Due to limitations
related to the valuation of deferred tax assets, there was no cumulative effect
adjustment at adoption. During the first quarter of 1996 the deferred tax
valuation reserve was removed resulting in a reduction in the income tax
expense of $62,000.
<PAGE> 10
FINANCIAL CONDITION
LOANS. Loans were $26,565,000 at June 30, 1997; down by $1,081,000 or
3.9% from June 30, 1996.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
Commercial, Financial and Agricultural $6,599 $6,487
Real Estate Construction 171 310
Real Estate Mortgage 15,347 16,093
Consumer Loans 4,623 4,776
Industrial Revenue Bonds 428 601
------- -------
TOTAL LOANS $27,168 $28,267
Allowance for possible loan losses 603 621
Unearned income 0 0
------- -------
$26,565 $27,646
======= =======
</TABLE>
SECURITIES HELD TO MATURITY. Securities held to maturity were
$15,713,000 at June 30, 1997; down by $1,306,000 or 7.7% from June 30, 1996.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$11,639,000 at June 30, 1997; up by $4,771,000 or 69.5% from June 30, 1996.
TABLE II - INVESTMENT SECURITIES
A comparison of the book value and estimated market value of investment
securities is as follows:
<TABLE>
<CAPTION>
June 30, 1997
---------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
---- ----- ---- -----
<S> <C> <C> <C> <C>
U.S. Treasury $3,690 $3,701 $1,992 2,001
U.S. Agencies 12,023 12,044 4,999 5,016
Mortgaged-backed securities 0 0 1,360 1,419
State & Political Subdivisions 0 0 3,190 3,203
------- ------- ------- -------
TOTAL $15,713 $15,745 $11,541 $11,639
======= ======= ======= =======
June 30, 1996
---------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
---- ----- ---- -----
U.S. Treasury $5,000 $5,016 $995 995
U.S. Agencies 12,019 11,906 1,500 1,490
Mortgaged-backed securities 0 0 1,924 1,989
State & Political Subdivisions 0 0 2,418 2394
------- ------- ------- -------
TOTAL $17,019 $16,922 $6,837 $6,868
======= ======= ======= =======
</TABLE>
<PAGE> 11
TABLE III - NONPERFORMING ASSETS
Non-performing assets include nonaccrual loans, loans which are contractually
90 days past due, restructured loans, and foreclosed assets. Restructured loans
are loans which, due to a deteriorated financial condition of the borrower,
have a below market yield. Interest payments received on nonperforming loans
are applied to reduce principal if there is doubt as to the collectibility of
the principal; otherwise, these receipts are recorded as interest income.
Certain nonperforming loans are current as to principal and interest payments
are classified as nonperforming because there is a question concerning full
collectibility of both principal and interest.
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
-------------- --------------
<S> <C> <C>
Non-Performing Loans:
Loans on Non-Accrual $403 $ 1
Restructured loans which are not
on non-accrual 14 33
---- ---
Total nonperforming loans 417 34
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 14 14
---- ---
TOTAL NONPERFORMING ASSETS $431 $48
==== ===
Loans past due 90 days or more as to
principal or interest, but not on
non-accrual $ 4 $35
==== ===
</TABLE>
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
Beginning balance $614 $624
Charge-offs:
Commercial, financial and agricultural - -
Real estate - construction - -
Real estate - mortgage - -
Installment loans to individuals 11 9
---- ----
Total charge-offs 11 9
---- ----
Recoveries:
Commercial, financial and agricultural - 4
Real estate - construction - -
Real estate - mortgage - 1
Installment loans to individuals - 1
---- ----
Total recoveries 0 6
---- ----
Net charge-offs 11 3
---- ----
Provision charged against income - -
---- ----
Balance at end of period $603 $621
==== ====
Ratio of net charge-offs during the period
to average loans outstanding during
the period 0.04% 0.01%
==== ====
</TABLE>
The present level of the allowance for loan losses is considered adequate to
absorb future potential loan losses. In making this determination, management
considered asset quality, the level of net loan charge-offs, as well as current
economic conditions and market trends.
<PAGE> 12
TABLE V - ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
The allowance for possible loan losses has been allocated according to the
amount deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
------------------ -------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------------------ -------------------
<S> <C> <C> <C> <C>
Commercial, financial and
agricultural $109 18% $143 23%
Real estate - construction 4 1% 6 1%
Real estate - mortgage 254 42% 360 57%
Installment loans 227 38% 100 17%
Industrial revenue bonds 9 1% 12 2%
---- ----
$603 100% $621 100%
==== ====
</TABLE>
DEPOSITS. As of June 30, 1997 total deposits have decreased by $137,000
or .2% from June 30, 1996. Noninterest bearing deposits increased by $701,000
or 4.3% from June 30, 1996 to June 30, 1997. Interest bearing deposits
decreased by $838,000 or 2.1% from June 30, 1996 to June 30, 1997.
CAPITAL. Shareholders' equity totaled $8,148,000 at June 30, 1997,
compared to $7,252,000 at June 30, 1996. The increase is primarily the result
of net income over the most recent 12 months. Risk-based capital and leverage
ratios for the Company and the bank subsidiary exceed the ratios required for
the designation as a "well-capitalized" institution under regulatory
guidelines.
TABLE VI - CAPITAL RATIOS
<TABLE>
<CAPTION>
June 30,1997
---------------
AMERICAN BANK & TRUST COMPANY 1997 1996
(Bank subsidiary) ---- ----
<S> <C> <C>
Risk-based capital:
Tier 1 risk-based capital ratio 26.32% 22.96%
Total risk-based capital ratio 27.57% 24.21%
Leverage ratio 12.60% 12.10%
</TABLE>
INSIDERS. Directors, executive officers and 10% shareholders and their
related interest had loans outstanding totaling $1,454,000 at June 30, 1997.
CONTINGENT LIABILITIES. In the normal course of business, the bank becomes
involved in legal proceedings. It is the opinion of management that the
resulting liability, if any, for pending litigation is negligible.
<PAGE> 13
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 to sign on behalf of the registrant.
AMERICAN BANCORP, INC.
-----------------------
(Registrant)
August 4, 1997 /s/ Salvador L. Diesi
- ------------------ ---------------------------------
DATE Salvador L. Diesi
Chairman of the Board/President
August 4, 1997 /s/ Ronald J. Lashute
- ------------------ ---------------------------------
DATE Ronald J. Lashute
Secretary/Treasurer
of the Board
<PAGE> 14
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------ -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 4,656
<INT-BEARING-DEPOSITS> 694
<FED-FUNDS-SOLD> 2,600
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 11,639
<INVESTMENTS-CARRYING> 15,713
<INVESTMENTS-MARKET> 15,745
<LOANS> 26,565
<ALLOWANCE> 603
<TOTAL-ASSETS> 64,162
<DEPOSITS> 55,758
<SHORT-TERM> 0
<LIABILITIES-OTHER> 123
<LONG-TERM> 0
0
0
<COMMON> 600
<OTHER-SE> 7,483
<TOTAL-LIABILITIES-AND-EQUITY> 64,162
<INTEREST-LOAN> 1,273
<INTEREST-INVEST> 799
<INTEREST-OTHER> 140
<INTEREST-TOTAL> 2,212
<INTEREST-DEPOSIT> 698
<INTEREST-EXPENSE> 698
<INTEREST-INCOME-NET> 1,514
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 289
<INCOME-PRETAX> 691
<INCOME-PRE-EXTRAORDINARY> 691
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 484
<EPS-PRIMARY> 4.03
<EPS-DILUTED> 0
<YIELD-ACTUAL> 5.34
<LOANS-NON> 403
<LOANS-PAST> 4
<LOANS-TROUBLED> 14
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 614
<CHARGE-OFFS> 11
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 603
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 603
</TABLE>
