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 March 31, 1996
-------------------------------
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 0-12220
-------
THE FIRST OF LONG ISLAND CORPORATION
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
NEW YORK 11-2672906
---------------------------------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
10 Glen Head Road, Glen Head, New York 11545
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(Address of Principal Executive Offices) (Zip Code)
(516) 671-4900
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(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 .
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 2,097,200 Shares of Common
Stock, par value $.10 per share, outstanding as of April 23, 1996.
<PAGE>
2
THE FIRST OF LONG ISLAND CORPORATION
INDEX
PART I. FINANCIAL INFORMATION .........................................Page No.
Item 1. Financial Statements
Consolidated Balance Sheets ......................................... 3
Consolidated Statements of Income ............................... 4
Consolidated Statements of Cash Flows ........................... 5
Consolidated Statements of Changes in Stockholders' Equity ...... 6
Notes to Consolidated Financial Statements ...................... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations ....................... 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K - None
SIGNATURES ............................................................. 13
EXHIBITS - None
<PAGE>
PART I. FINANCIAL INFORMATION
THE FIRST OF LONG ISLAND CORPORATION
Item 1 Financial Statements
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, 1996 December 31, 1995
(Unaudited) (Note)
---------------- -------------
ASSETS
Cash and Due From Banks ............................. $ 21,114,233 $ 22,884,445
Federal Funds Sold .................................. 31,500,000 31,400,000
Investment Securities:
Available for sale, at market value ................ 65,960,242 57,556,137
Held to maturity (Market Value $161,693,000 in 1996
and $161,355,000 in 1995) .................... 161,575,244 159,677,530
------------- -------------
Total Investment Securities (Market Value
$227,653,000 in 1996 and $218,911,000 in 1995) 227,535,486 217,233,667
Loans:
Commercial ........................................ 23,065,663 21,900,667
Real Estate ....................................... 115,995,612 115,098,688
Installment ....................................... 9,694,388 9,670,686
------------- -------------
Total Loans ................................. 148,755,663 146,670,041
Less: Unearned Income ............................. (822,481) (795,925)
Allowance for Loan Losses ................... (3,607,261) (3,600,030)
------------- -------------
Net Loans ................................... 144,325,921 142,274,086
Premises and Equipment .............................. 5,100,933 5,092,380
Other Assets ........................................ 7,536,355 6,769,970
------------- -------------
Total Assets ................................ $ 437,112,928 $ 425,654,548
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand ............................................. $ 120,878,003 $ 123,640,360
Savings, NOW, and Money Market ..................... 227,266,246 215,536,599
Time ............................................... 36,649,507 34,777,748
------------- -------------
Total Deposits .............................. 384,793,756 373,954,707
Accrued Taxes, Expenses and Other Liabilities ........ 1,913,447 2,359,177
------------- -------------
Total Liabilities ........................... 386,707,203 376,313,884
STOCKHOLDERS' EQUITY
Common Stock, $.10 Par Value; 5,000,000 Shares
Authorized; Shares Issued and Outstanding:
1996-2,097,200, 1995-2,096,467 ..................... 209,720 209,647
Surplus ............................................. 7,360,100 7,366,485
Retained Earnings ................................... 42,837,999 41,179,300
Unrealized Appreciation (Depreciation)
on Securities Available for Sale, Net ............ (2,094) 585,232
------------- -------------
Total Stockholders' Equity .................. 50,405,725 49,340,664
Total Liabilities and Stockholders' Equity .. $ 437,112,928 $ 425,654,548
============= =============
</TABLE>
Note: The balance sheet at December 31, 1995 has been derived from the
audited financial statements at that date.
See notes to consolidated financial statements.
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
<S> <C> <C>
1996 1995
---------- ----------
(Unaudited) (Unaudited)
INTEREST INCOME
Loans, Including Fees on Loans .......................... $3,311,561 $3,228,059
Federal Funds Sold ...................................... 382,675 293,959
Investment Securities:
Available for sale ...................................... 942,094 711,760
Held to maturity ........................................ 2,386,486 2,569,636
---------- ----------
Total Interest Income ............................. 7,022,816 6,803,414
INTEREST EXPENSE
Savings, NOW, and Money Market Deposits ................. 1,667,803 1,720,190
Time Deposits ........................................... 428,163 380,137
---------- ----------
Total Interest Expense ............................ 2,095,966 2,100,327
---------- ----------
NET INTEREST INCOME ............................... 4,926,850 4,703,087
Provision for Loan Losses
---------- ----------
Net Interest Income After Provision for Loan Losses 4,926,850 4,703,087
NONINTEREST INCOME
Trust Department Income ................................. 268,629 262,033
Service Charges on Deposit Accounts ..................... 589,517 481,045
Net Securities Gains .................................... 3,765
Other Income ............................................ 103,619 80,231
---------- ----------
Total Other Income ................................ 961,765 827,074
OTHER OPERATING EXPENSES
Salaries ................................................ 1,547,308 1,482,260
Employee Benefits ....................................... 577,421 613,776
Net Occupancy Expense ................................... 314,547 277,420
Equipment Expense ....................................... 186,171 186,745
Other Expense ........................................... 773,769 958,064
---------- ----------
Total Other Expense ............................... 3,399,216 3,518,265
Income Before Income Taxes ........................ 2,489,399 2,011,896
Provision for Income Taxes ................................ 830,700 652,200
---------- ----------
Net Income ........................................ $1,658,699 $1,359,696
========== ==========
Net Income Per Share .............................. $ 0.78 $ 0.64
========== ==========
</TABLE>
See notes to consolidated financial statements.
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
MARCH 31,
1996 1995
------------ ------------
(Unaudited) (Unaudited)
OPERATING ACTIVITIES
<S> <C> <C>
Net Income ......................................................... $ 1,658,699 $ 1,359,696
Adjustments to reconcile net income to net cash provided by operating
activities:
Provision for depreciation and amortization ............... 157,497 160,002
Accretion of investment securities
premiums, net ........................................... (310,099) (449,118)
Realized gain on investment securities .................... (265)
(Increase) decrease in other assets ....................... (1,356,170) 1,751,117
Increase in accrued taxes, expenses
and other liabilities ................................... 169,234 64,925
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES ....................... 319,161 2,886,357
INVESTING ACTIVITIES
Proceeds from sales of investment securities Available for Sale .... 265,265
Proceeds from maturities of investment securities Held to Maturity . 11,265,741 27,914,448
Proceeds from maturities of investment securities Available for Sale 1,200,000 2,000,000
Purchase of investment securities Held to Maturity ................. (11,772,447) (23,640,919)
Purchase of investment securities Available for Sale ............... (10,682,555) (164,855)
Net (increase) decrease in loans ................................... (2,051,835) 2,179,881
Purchases of premises and equipment ................................ (166,050) (262,428)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES ........................... (12,207,146) 8,291,392
FINANCING ACTIVITIES
Net increase in total deposits ..................................... 10,839,049 23,632,694
Cash dividends paid ................................................ (614,964) (560,153)
Repurchase of Common Stock ......................................... (51,306) (76,500)
Proceeds from exercise of stock options ............................ 44,994 12,525
------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES ....................... 10,217,773 23,008,566
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ................ (1,670,212) 34,186,315
Cash and cash equivalents at beginning of period ..................... 54,284,445 32,012,716
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ...................... $ 52,614,233 $ 66,199,031
============ ============
</TABLE>
The Corporation made interest payments of $2,089,025 and $2,051,664 and tax
payments of $305,912 and $192,300 for the three months ended March 31, 1996 and
1995, respectively.
See notes to consolidated financial statements.
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Depreciation
Common Stock Retained on Securities
Shares Amount Surplus Earnings Available for
Sale Total
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Balance January 1, 1995 ............ 1,400,384 $ 140,038 $ 7,619,723 $ 36,214,413 ($ 1,366,569) $ 42,607,605
Net Income ....................... 1,359,696 1,359,696
Exercise of Incentive
Stock Options .................... 650 65 12,460 12,525
Repurchase and Retirement of
Common Stock ..................... (2,000) (200) (76,300) (76,500)
Unrealized appreciation on
Securities Available for Sale, Net 782,745 782,745
------------ ------------ ------------ ------------ ------------ ------------
Balance March 31, 1995 ............. 1,399,034 $ 139,903 $ 7,555,883 $ 37,574,109 ($ 583,824) $ 44,686,071
============ ============ ============ ============ ============ ============
Balance January 1, 1996 ............ 2,096,467 $ 209,647 $ 7,366,485 $ 41,179,300 $ 585,232 $ 49,340,664
Net Income ....................... 1,658,699 1,658,699
Exercise of Incentive
Stock Options .................... 2,343 234 44,760 44,994
Repurchase and Retirement of
Common Stock ..................... (1,610) (161) (51,145) (51,306)
Unrealized depreciation on
Securities Available for Sale, Net (587,326) (587,326)
------------ ------------ ------------ ------------ ------------ ------------
Balance March 31, 1996 ............. 2,097,200 $ 209,720 $ 7,360,100 $ 42,837,999 ($ 2,094) $ 50,405,725
============ ============ ============ ============ ============ ============
</TABLE>
See notes to consolidated financial statements.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
THE FIRST OF LONG ISLAND CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 1996
Financial Statement Presentation
In the opinion of The First of Long Island Corporation, the accompanying
unaudited interim consolidated financial statements contain all adjustments
(consisting of normal recurring adjustments) necessary to present fairly its
financial position and results of its operations and cash flows for the periods
presented. For further information refer to the consolidated financial
statements and notes thereto included in the Corporation's annual report on Form
10-K for the year ended December 31, 1995.
Earnings Per Share
Earnings per share are calculated by dividing Net Income by the weighted
average number of shares outstanding including common stock equivalents. The
weighted average shares outstanding for the three month periods ended March 31,
1996 and 1995 are 2,133,603 and 2,135,286, respectively.
Investment Securities
The following table sets forth the Investment Securities for the three
months ended March 31, 1996:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
----------------------------------------------------
( In Thousands)
Securities Held to Maturity:
<S> <C> <C> <C> <C>
U.S. Treasuries $ 82,465 $611 $276 $82,800
U.S. Government Agencies 34,649 343 795 34,197
State and Municipals 34,963 409 169 35,203
Collateralized Mortgage Obligations 8,001 70 74 7,997
Other 1,497 - 1 1,496
----------------------------------------------------
Total $161,575 $1,433 $1,315 $161,693
Securities Available for Sale:
U.S. Treasuries $47,741 $442 $318 $47,865
State and Municipals 6,935 57 36 6,956
Collateralized Mortgage Obligations 11,160 8 156 11,012
Other 127 127
----------------------------------------------------
Total $65,963 $507 $510 $65,960
</TABLE>
<PAGE>
The following table sets forth the Investment Securities for the twelve months
ended December 31, 1995:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
----------------------------------------------------
( In Thousands)
Securities Held to Maturity:
<S> <C> <C> <C> <C>
U.S. Treasuries $ 80,861 $ 1,201 $ 49 $82,013
U.S. Government Agencies 36,238 405 396 36,247
State and Municipals 33,975 564 91 34,448
Collateralized Mortgage Obligations 8,604 78 35 8,647
----------------------------------------------------
Total $159,678 $2,248 $571 $161,355
Securities Available for Sale:
U.S. Treasuries $38,495 $ 821 $ 23 $39,293
State and Municipals 6,779 92 7 6,864
Collateralized Mortgage Obligations 11,281 33 42 11,272
Other 127 127
----------------------------------------------------
Total $56,682 $ 946 $ 72 $57,556
</TABLE>
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Financial Condition
Total assets of The First of Long Island Corporation at March 31, 1996
were $437.1 million, reflecting an increase of $11.5 million or 2.7% from the
previous year end. The increased footings were largely the result of an influx
of new money in money market savings accounts.
Reflective of a seasonal trend, demand deposits totaling $120.9 million
showed a decline of $2.8 million from the previous year end. The largest segment
of demand deposits is made up of checking accounts. On an average balance basis,
these deposits rose by $7.4 million or 6.8% during the first quarter of 1996
over the like period of 1995. Much of management's marketing strategy is
centered on the solicitation and maintenance of such accounts. Savings, NOW,
money market and other time deposits grew in total by $13.6 million or 5.4% from
the previous year end. Overall total deposits, on both an actual and average
basis, represent 88% of total assets. The Corporation's strong core deposit base
remains as its primary funding source. Historically, the Corporation has had no
need for borrowings or purchased funds.
Earning assets, which is comprised of federal funds sold, investment
securities, and net loans amounted to $403.4 million at quarter end March 31,
1996, showing an increase of $12.5 million or 3.2% from the previous year end.
Investment securities increased $10.3 million or 4.7% from the previous
year end, offsetting much of the growth in deposits. Total invested securities,
which includes federal funds sold, represents the Corporation's largest
component of earning assets and constitutes approximately 59% of total assets.
Of the total invested securities, $56.6 million are short term, that is, with
maturities of less than one year. These investments, which are 13% of total
assets, contribute to the Corporation's liquidity. No investment trading account
is maintained. Also, other than for an occasional purchase from local issuers,
the Corporation does not purchase any noninvestment grade securities.
Total loans were $148.8 million at March 31, 1996 compared with $146.7
million at the previous year end, reflecting an increase of $2.1 million or
1.42%. While overall loans outstanding show an increase over last year in both
period end and average balances, commercial mortgage outstandings have declined
somewhat. Real estate mortgage loans still account for the major portion of the
loan portfolio. Commercial loans and installment loans show increases over the
same period of last year. Total loan outstandings run approximately 34% of total
assets. The loan portfolio is comprised of domestic loans only and does not
include participation in transactions commonly known as leveraged buy-outs of
publicly held companies.
The allowance for loan losses at March 31, 1996 was $3.6 million or
2.4% of total loans, remaining level with the previous year end. No provision
for loan losses was considered necessary for the current period as was the case
for 1995 as a whole. For the current three months of 1996, recoveries exceeded
charge-offs by $7 thousand. Accruing loans which were past due ninety days or
more amounted to $135 thousand compared with $251 thousand at the previous year
end. Nonaccrual loans were $589 thousand compared to $843 thousand at the
previous year end. The current allowance as a percent of past due and nonaccrual
loans was 174%. Although the present reserve for loan losses is considered
appropriate, management maintains some concern over the local economy which
seems to be lagging the national economy.
Total stockholders' equity of $50.4 million showed an increase of $1.1
million or 2.2% from the previous year end. Investment securities determined
available for sale under Financial Accounting Standards Board Release No. 115
(FASB 115), reflected in both the previous year end and in the current three
month period, are carried at market rather than amortized value. As a result,
under stockholders' equity, unrealized depreciation net of taxes at quarter end
was recorded at $2.1 thousand versus unrealized appreciation of $585 thousand at
the previous year end.
<PAGE>
The three for two stock split to be paid by means of a 50% stock
dividend to shareholders of record on January 8, 1996 (declared at the December
1995 Board Meeting) was paid on February 2, 1996. All applicable shares and per
share amounts have been retroactively adjusted to reflect the effects of such
dividend.
Liquidity and capital resources continue to exceed substantially the
regulatory requirements. The comparison of risk-based capital ratios maintained
at period end to regulatory minimum requirements were as follows:
Minimum
Required March 31 Dec.31 Sept 30 June 30
Rate 1996 1995 1995 1995
---------------------------------------------------
Total Capital Ratio 8.00% 31.78% 31.50% 31.12% 30.02%
Tier I Capital Ratio 4.00% 30.52% 30.24% 29.86% 28.76%
Leverage Ratio 4.00% 11.53% 11.59% 11.43% 11.19%
The asset/liability sensitivity position is regularly monitored by
management to assure maintenance of adequate liquidity and proper balance
between interest sensitive assets and interest sensitive liabilities. The
current position is considered to be satisfactory.
Results of Operations
Net income for the first quarter of 1996 was $1,659 thousand or $.78
per share compared with $1,360 thousand or $.64 per share for the first quarter
of 1995, showing an increase of $299 thousand or 22%.
The most important factor favorably influencing earnings was a decline
in non-interest operating expenses as virtually no FDIC insurance expense was
incurred in this first quarter of 1996. This is to be compared with $192
thousand that was recorded in each of the first two quarters of 1995. During the
third quarter of 1995, the Bank Insurance Fund was determined to have reached
its legal requirement such that a refund was actually paid to the Corporation in
September. Little net FDIC premium expense was incurred in the last six months
of 1995: a net credit of $17 thousand for the third quarter and a modest expense
of $34 thousand in the last quarter of 1995.
Other significant factors positively influencing earnings in this
year's period were the increases in average checking balances and service charge
income. Adjustments were made to the Corporation's service charges that
essentially became effective for the fourth quarter of 1995 and are the
principal reasons for the increase of $108 thousand in service charge income in
the first quarter of 1996 over the similar 1995 quarter.
Net interest income, the Corporation's primary source of income, was up
$224 thousand or 4.8% over the same previous period. The related net interest
margin of 5.16%, however, was below the same period of last year by ten basis
points. This decline resulted from generally lower interest rates on securities
and loans maturing or repricing beyond one year.
Noninterest income net of securities transactions, (of which service
charges on deposit accounts is the largest part) showed an increase of $138
thousand or 17% versus the same period last year.
<PAGE>
There were no gains or losses on the sale of securities during the
current quarter in comparison to a slight gain reported in the compared period.
Operating expenses decreased in total by $119 thousand or 3.4% for the
first quarter of 1996 compared with the first quarter of 1995. The decrease in
FDIC Insurance expense of nearly $200 thousand accounted for most of the
positive variance between the compared periods.
No provisions for loan losses were considered necessary.
Return on average assets (ROA) of 1.55% for the current period exceeded
the 1.36% of March 1995 by 19 basis points. The current return on average
stockholders' equity (ROE) also reflected an increase: the current ratio of
13.29% exceeded the previous ratio of 12.55% by 74 basis points.
Other Information
Capital expenditures for the year are presently estimated at approximately
$1,026 thousand. These expenditures are intended to cover costs of furniture and
equipment, facility improvements, and branch office expansion. Expenditures for
the three months ended March 31, 1996 amounted to $166 thousand and are expected
to remain within budgeted amounts.
The Corporation recently opened its fifteenth office, a commercial
banking facility in Great Neck. In conformity with its plans of expansion, the
Corporation will continue its search for advantageous new sites, presumably of
the commercial banking unit configuration.
Stock repurchase plans have been approved by the Board of Directors since
1988, authorizing the Corporation to repurchase shares of its own common stock
in market or private transactions. Ten such plans have been initiated since that
date involving the repurchase of 20,000 to 25,000 shares per plan. The tenth
plan, which is also the most current one, was approved in November 1995 for
25,000 shares (adjusted to 37,500 shares). Under this plan, the authorization
approximates one and three quarters percent of the Corporation's then
outstanding shares of 1,397,495 (adjusted to 2,096,242 shares). At quarter end,
in addition to the most recent plan, 14,709 shares remain to be repurchased
under the immediately preceding plan. It is the Corporation's belief that these
repurchases of shares will help maximize shareholder value. The stock purchases
are financed through available Corporate cash.
The most recent routine safety and soundness and Bank Information
Systems (BIS) examination was conducted by the Office of the Comptroller of the
Currency on the subsidiary Bank during the third quarter of 1995. The same
regulatory agency recently conducted its separately scheduled examination of the
subsidiary Bank's Trust and Investment Services Department. The Corporation was
examined by Federal Reserve Bank of New York Examiners during the first quarter
of 1993. Management is not aware, nor has it been apprised by any regulatory
authority, of any current recommendations that would have a material effect on
the Corporation's liquidity, capital resources and operations.
The First of Long Island Corporation was organized as a New York
corporation on February 7, 1984 for the purpose of becoming a one bank holding
company. On April 30, 1984 the Corporation commenced operations as a bank
holding company when it acquired all the outstanding stock of The First National
Bank of Long Island. The Bank, which was chartered under national banking laws
in 1927, currently maintains fifteen offices in Nassau and Suffolk Counties. The
Corporation is not, nor has it been, involved in any acquisitions or mergers.
<PAGE>
Part II. Other Information
Item 1. Legal Proceedings. - None
Item 6. Exhibits and 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.
THE FIRST OF LONG ISLAND CORPORATION
4/24/96 /s/ J. WILLIAM JOHNSON
___________________ By:______________________________________________
Date J. William Johnson, President, Chairman of the Board
and Chief Executive Officer
4/24/96 /s/ WILLIAM J. WHITE
___________________ By:______________________________________________
Date William J. White, Vice President and Treasurer
(Chief Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated financial statements and management's discussion and analysis of
financial condition and results of operations contained in the FORM 10-Q and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000740663
<NAME> THE FIRST OF LONG ISLAND CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 21,114,233
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 31,500,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 65,960,242
<INVESTMENTS-CARRYING> 161,575,244
<INVESTMENTS-MARKET> 161,693,000
<LOANS> 148,755,663
<ALLOWANCE> (3,607,261)
<TOTAL-ASSETS> 437,112,928
<DEPOSITS> 384,793,756
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,913,447
<LONG-TERM> 0
0
0
<COMMON> 209,720
<OTHER-SE> 50,196,005
<TOTAL-LIABILITIES-AND-EQUITY> 437,112,928
<INTEREST-LOAN> 3,311,561
<INTEREST-INVEST> 3,711,255
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 7,022,816
<INTEREST-DEPOSIT> 2,095,966
<INTEREST-EXPENSE> 2,095,966
<INTEREST-INCOME-NET> 4,926,850
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,399,216
<INCOME-PRETAX> 2,489,399
<INCOME-PRE-EXTRAORDINARY> 2,489,399
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,658,699
<EPS-PRIMARY> .78
<EPS-DILUTED> .78
<YIELD-ACTUAL> 0
<LOANS-NON> 589,098
<LOANS-PAST> 134,682
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,600,030
<CHARGE-OFFS> 927
<RECOVERIES> 8,158
<ALLOWANCE-CLOSE> 3,607,261
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
