SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarterly period Ended March 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
Commission File No. 0-12896 (1934 Act)
OLD POINT FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia 54-1265373
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
1 West Mellen Street, Hampton, Va. 23663
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (804) 722-7451
Not Applicable
______________________________________________________
Former name, former address and former fiscal year,
if changed since last report.
Check whether the registrant (1) has filed all reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act 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
State the number of shares outstanding of each of the issuer's classes of
common stock as of April 30, 1995.
Class Outstanding at April 30, 1995
Common Stock, $5.00 par value 1,273,537 shares
<PAGE>
OLD POINT FINANCIAL CORPORATION
FORM 10-Q
INDEX
PART I - FINANCIAL INFORMATION Page
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . 1
Consolidated Balance Sheets
March 31, 1995 and December 31, 1994 . . . . . . . . . . . 1
Consolidated Statement of Earnings
Three months ended March 31, 1995 and 1994 . . . . . . . . 2
Consolidated Statement of Cash Flows
Three months ended March 31, 1995 and 1994 . . . . . . . . 3
Consolidated Statements of Changes
in Stockholders' Equity
Three months ended March 31, 1995 and 1994 . . . . . . . . 4
Notes to Consolidated Financial Statements . . . . . . . . . . . . 5
Parent Only Balance Sheets
March 31, 1995 and December 31, 1994 . . . . . . 6
Parent Only Statement of Earnings
Three months ended March 31, 1995 and 1994 . . . 6
Parent Only Statement of Cash Flows
Three months ended March 31, 1995 and 1994 . . . 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. . . . . . . . . . . . 8
Analysis of Changes in Net Interest Income . . . . . . . . 9
Interest Sensitivity Analysis. . . . . . . . . . . . . . .12
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . .14
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<PAGE>
<TABLE>
PART 1. - FINANCIAL INFORMATION
<CAPTION>
OLD POINT FINANCIAL CORPORATION
Consolidated Balance Sheets March 31, December 31,
(Unaudited) 1995 1994
Assets
<S> <C> <C>
Cash and due from banks........................ $ 8,431,442 $ 8,940,712
Interest bearing balances due from banks....... 18,064 --
Securities available for sale, at market....... 80,741,467 82,598,958
Securities to be held to maturity.............. 918,144 919,141
Trading account securities..................... -- --
Federal funds sold............................. 3,219,454 246,900
Loans, total................................... 176,912,840 173,740,982
Less reserve for loan losses............... 2,694,707 2,646,692
Net loans.............................. 174,218,133 171,094,290
Bank premises and equipment.................... 7,137,736 7,432,994
Other real estate owned........................ 538,864 213,700
Other assets................................... 5,724,697 6,232,817
Total assets.............................. $ 280,948,001 $ 277,679,512
Liabilities
Noninterest-bearing deposits................... $ 39,532,072 $ 37,086,440
Savings deposits............................... 93,816,860 96,985,612
Time deposits.................................. 105,890,023 101,527,085
Total deposits.............................. 239,238,955 235,599,137
Federal funds purchased and securities sold
under agreement to repurchase.............. 9,961,188 13,694,007
Interest-bearing demand notes issued
to the United States Treasury
and other liabilities for borrowed.......... 2,454,233 1,162,240
Other liabilities.............................. 1,403,098 1,002,989
Total liabilities........................... 253,057,474 251,458,373
Stockholders' Equity
Common stock, $5.00 par value.................. 6,367,685 6,319,515
1995 1994
Shares authorized....3,000,000 3,000,000
Shares outstanding.. 1,272,537 1,263,903
Surplus........................................ 9,344,798 9,031,923
Undivided profits.............................. 13,063,519 12,793,050
Unrealized gain/(loss) on securities .......... (885,475) (1,923,349)
Total stockholders' equity................. 27,890,527 26,221,139
Total liabilities and stockholders' equity. $ 280,948,002 $ 277,679,512
See accompanying notes
</TABLE>
- 1 -
<PAGE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended
Consolidated Statements of Earnings March 31,
(Unaudited) 1995 1994
Interest Income
<S> <C> <C>
Interest and fees on loans..................... $ 3,894,576 $ 3,124,125
Interest on federal funds sold................. 41,443 44,228
Interest on securities:
Taxable..................................... 1,098,817 1,288,814
Exempt from Federal income tax.............. 103,362 113,154
Total interest on securities............. 1,202,179 1,401,968
Interest on trading account.................... -- --
Total interest income...................... 5,138,198 4,570,321
Interest Expense
Interest on savings deposits................... 684,693 671,901
Interest on time deposits...................... 1,288,994 1,042,246
Interest on federal funds purchased and
securities sold under agreement
to repurchase................................ 132,083 102,610
Interest on demand notes (note balances)
issued to United States Treasury
and on other borrowed money.................. 27,348 1,642
2,133,118 1,818,399
Total interest expense.....................
Net interest income............................ 3,005,080 2,751,922
Provision for loan losses...................... 25,000 25,000
Net interest income after provision for
loan losses.................................... 2,980,080 2,726,922
Other Income
Income from fiduciary activities............... 340,421 306,715
Service charges on deposit accounts............ 465,492 418,535
Other service charges, commissions and fees.... 45,247 103,907
Other operating income......................... 104,716 114,579
Security gains (losses)........................ -- 409,003
Trading account income......................... -- --
Total other income......................... 955,876 1,352,739
Other Expenses
Salaries and employee benefits................. 1,769,691 1,783,134
Occupancy expense of Bank premises............. 170,701 181,159
Furniture and equipment expense................ 234,343 297,094
Other operating expenses....................... 766,872 823,767
Total other expenses....................... 2,941,607 3,085,154
Income before taxes............................ 994,349 994,507
Applicable income taxes ....................... 260,000 278,000
Net income..................................... $ 734,349 $ 716,507
Per Share
Based on weighted average number of
common shares outstanding.................... 1,268,307 1,257,134
Net income..................................... $ 0.58 $ 0.57
See accompanying notes
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended
Consolidated Statements of Cash Flows March 31,
(Unaudited) 1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income................................................ $ 734,349 $ 716,507
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization........................... 192,367 222,220
Provision for loan losses............................... 25,000 25,000
Gains on sale of investment securities, net............. 0 (409,003)
Net amortization & accretion of securities.............. 304,490 339,772
Net (increase) decrease in trading account.............. 0 0
Increase in other real estate owned..................... 0 0
(Increase) decrease in other assets
(net of tax effect of FASB 115 adjustment)............ (26,545) (41,372)
Increase (decrease) in other liabilities................ 400,109 389,184
Net cash provided by operating activities............. 1,629,770 1,242,308
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available for sale.............. (273,464) (5,054,688)
Proceeds from maturities & calls of securities ......... 3,400,000 4,100,000
Proceeds from sales of securities ...................... 0 4,979,132
Loans made to customers................................. (21,453,675) (29,770,345)
Principal payments received on loans.................... 18,304,832 24,725,722
Proceeds from sales of other real estate owned.......... 28,700 483,110
Purchases of premises and equipment..................... (250,973) (88,073)
(Increase) decrease in federal funds sold............... (2,972,554) (4,270,000)
Net cash provided by (used in) investing activities... (3,217,134) (4,895,142)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in non-interest bearing deposits.... 2,445,632 (55,686)
Increase (decrease) in savings deposits................. (3,168,752) 1,851,964
Proceeds from the sale of certificates of deposit....... 21,368,582 9,081,700
Payments for maturing certificates of deposit........... (17,005,644) (11,175,722)
Increase (decrease) in federal funds purchased &
repurchase agreements................................. (3,732,819) 5,753,442
Increase (decrease) in other borrowed money............. 1,291,993 (6,027)
Proceeds from issuance of common stock.................. 88,195 163,315
Dividends paid.......................................... (191,030) (157,427)
Net cash provided by financing activities............. 1,096,157 5,455,559
Net increase (decrease) in cash and due from banks.... (491,206) 1,802,725
Cash and due from banks at beginning of period........ 8,940,712 8,166,076
Cash and due from banks at end of period.............. $ 8,449,506 $ 9,968,801
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest.............................................. 2,016,236 1,819,451
Income taxes.......................................... 0 0
See accompanying notes
</TABLE>
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<PAGE>
<TABLE>
OLD POINT FINANCIAL CORPORATION
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<CAPTION>
Unrealized
Common Stock Undivided Gain/(Loss)
Shares Amount Surplus Profits On Securities Total
FOR THREE MONTHS ENDED MARCH 31, 1995
<S> <C> <C> <C> <C> <C> <C>
Balance at beginning of period....... 1,263,903 6,319,515 9,031,923 12,793,050 (1,923,349) 26,221,139
Net income........................... -- -- -- 734,349 -- 734,349
Sale of common stock................. 9,634 48,170 312,875 (272,850) -- 88,195
Cash dividends............. ......... -- -- -- (191,030) -- (191,030)
Increase in unrealized gain on
securities......................... -- -- -- -- 1,037,874 1,037,874
Balance at end of period............. 1,273,537 $6,367,685 $9,344,798 $13,063,519 ($885,475) $27,890,527
FOR THREE MONTHS ENDED MARCH 31, 1994
Balance at beginning of period........ 1,254,285 $6,271,425 $8,738,143 $10,856,057 ($29,565) $25,836,060
Net income............................ -- -- -- 716,507 -- 716,507
Sale of common stock.................. 5,799 28,995 173,970 (39,650) -- 163,315
Cash dividends............... ........ -- -- -- (157,427) -- (157,427)
Increase in unrealized gain on
securities.......................... -- -- -- -- 185,739 185,739
Balance at end of period.............. 1,260,084 $6,300,420 $8,912,113 $11,375,487 $156,174 $26,744,194
See accompanying notes
</TABLE>
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<PAGE>
OLD POINT FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The accounting and reporting policies of the Registrant conform to
generally accepted accounting principles and to the general
practices within the banking industry. The interim financial
statements have not been audited; however, in the opinion of
management, all adjustments necessary for a fair presentation of
the consolidated financial statements have been included. These
adjustments include estimated provisions for bonus, profit sharing
and pension plans that are settled at year-end. These financial
statements should be read in conjunction with the financial
statements included in the Registrant's 1994 Annual Report to
Shareholders and Form 10-K.
2. Earnings per common share outstanding are computed by dividing
income by the weighted average number of outstanding common shares
for each period presented.
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<PAGE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION
Parent only Balance Sheets March 31, December 31,
(Unaudited) 1995 1994
<S> <C> <C>
Assets
Cash in bank...................................... $ 85,469 $ 154,143
Investment Securities............................. 1,631,158 1,437,584
Total Loans....................................... 53,649 54,169
Investment in Subsidiary.......................... 26,044,124 24,507,062
Other assets...................................... 76,127 68,181
Total Assets...................................... $ 27,890,527 $ 26,221,139
Liabilities and Stockholders' Equity
Total Liabilities................................. $ 0 $ 0
Stockholders' Equity.............................. 27,890,527 26,221,139
Total Liabilities & Stockholders' Equity.......... $ 27,890,527 $ 26,221,139
</TABLE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended:
Parent only Income Statements March 31,
(Unaudited) 1995 1994
<S> <C> <C>
Income
Cash dividends from Subsidiary.................... $ 250,000 $ 225,000
Interest and fees on loans........................ 1,144 4,836
Interest income from investment securities........ 21,181 4,635
Gains (losses) from sale of investment securities. 0 0
Other income...................................... 0 0
Total Income...................................... 272,325 234,471
Expenses
Salaries and employee benefits.................... 56,028 52,180
Other expenses.................................... 10,134 22,858
Total Expenses.................................... 66,162 75,038
Income before taxes & undistributed
net income of subsidiary...................... 206,163 159,433
Income tax........................................ (15,000) (22,000)
Net income before undistributed
net income of subsidiary........................ 221,163 181,433
Undistributed net income of subisdiary............ 513,186 535,074
Net Income........................................ $ 734,349 $ 716,507
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended:
Parent only Statements of Cash Flows March 31,
(Unaudited) 1995 1994
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income........................................ $ 734,349 $ 716,507
Adjustments to reconcile net income to
net cash provided by operating activities:
Equity in undistributed income of subsidiary.. (513,186) (535,074)
Gains(losses) on sale of securities [net]..... 0 0
(Increase) Decrease in other assets........... (15,158) 60,420
Increase (decrease in other liabilities)...... 0 0
Net cash provided by operating activities......... 206,005 241,853
Cash flows from investing activities:
(Increase)decrease in investment securities....... (172,364) (750,000)
(Increase)decrease in other real estate owned..... 0 435,000
Repayment of loans by customers................... 520 478
Net cash provided by investing activities......... (171,844) (314,522)
Cash flows from financing activities:
Proceeds from issuance of common stock............ 88,195 163,315
Dividends paid.................................... (191,030) (157,427)
Net cash provided by financing activities......... (102,835) 5,888
Net increase (decrease) in cash & due from banks.. (68,674) (66,781)
Cash & due from banks at beginning of period...... 154,143 132,382
Cash & due from banks at end of period............ $ 85,469 $ 65,601
</TABLE>
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<PAGE>
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Summary
Net income for the first quarter of 1995 increased 2% to $734,349
from $716,507 for the comparable period in 1994. Earnings per
share were $0.58 in the first quarter of 1995 compared with $0.57
in 1994.
Return on average assets was 1.05% for the first quarter of 1995
and 0.99% for the comparable period in 1994. Return on average
equity was 10.79% for the first quarter of 1995 and 9.86% for the
first quarter of 1994.
Net Interest Income
Net interest income, on a fully tax equivalent basis, increased
$242,000, or 9%, for the first three months of 1995 over 1994.
Average earning assets increased 2% and the net interest yield,
defined as the ratio of net interest income on a fully tax
equivalent basis to total earning assets, increased from 4.47%
in 1994 to 4.75% in 1995.
The composition of earning assets continued to change during the
first quarter of 1995. While average loans increased 15%, average
Federal Funds Sold decreased 47% and average investment securities
decreased 16%. The Company has reduced its investments to fund the
strong loan demand. Certificates of deposit increased 13% while
interest checking and savings accounts declined 6%. As interest
rates rise, customers are shifting funds from interest checking and
savings accounts to certificates.
Net interest income continues to be negatively impacted by
nonperforming loans. The level of nonperforming loans is expected
to continue to depress the net interest yield through the remainder
of 1995. Page 9 shows an analysis of average earning assets,
interest bearing liabilities and rates and yields.
- 8 -
<PAGE>
<TABLE>
OLD POINT FINANCIAL CORPORATION
<CAPTION>
NET INTEREST INCOME ANALYSIS For the quarter ended March 31,
(Fully taxable equivalent basis)<F1>* 1995 1994
Average Average
Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Dollars in thousands Balance Expense Paid Balance Expense Paid
<S> <C> <C> <C> <C> <C> <C>
Loans (net of unearned income)<F2>** $175,434 $3,935 8.97% $152,040 $3,162 8.32%
Investment securities:
Taxable.......................... 75,119 1,099 5.85% 90,175 1,289 5.72%
Tax-exempt....................... 6,675 156 9.35% 6,706 170 10.14%
Total investment securities.... 81,794 1,255 6.14% 96,881 1,459 6.02%
Federal funds sold................. 2,942 41 5.57% 5,582 44 3.15%
Total earning assets............. $260,170 $5,231 8.04% $254,503 $4,665 7.33%
Time and savings deposits:
Interest-bearing transaction
accounts....................... $49,027 $319 2.60% $50,471 $323 2.56%
Money market deposit accounts.... 18,718 180 3.85% 19,690 136 2.76%
Savings accounts................. 27,324 185 2.71% 31,331 212 2.71%
Certificates of deposit,
$100,000 or more............... 12,350 156 5.05% 9,813 100 4.08%
Other certificates of deposit.... 91,333 1,143 5.01% 82,215 942 4.58%
Total time and savings
deposits..................... 198,752 1,983 3.99% 193,520 1,713 3.54%
Federal funds purchased and
securities sold under
agreement to repurchase.......... 11,166 132 4.73% 14,944 103 2.76%
Other short term borrowings........ 2,022 27 5.34% 88 2 9.09%
Total interest bearing
liabilities.................... $211,940 2,142 4.04% $208,552 1,818 3.49%
Net interest income/yield.......... $3,089 4.75% $2,847 4.47%
<F1>
* Tax equivalent yields based on 34% tax rate.
<F2>
** Nonaccrual loans are included in the average loan balances and income on such loans is recognized
on a cash basis
</TABLE>
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<PAGE>
Provision/Allowance for Loan Losses
The provision for loan losses remained constant for the first three
months of 1995 compared with the same period in 1994. Loans charged
off (net of recoveries) were $(23,015) in the first three months of
1995, compared to $1,656 for the same period in 1994. On an
annualized basis net loan charge-offs were (0.05%) of total loans
for the first quarter of 1995 compared with 0.004% for the same
period in 1994.
On March 31, 1995 nonperforming assets totalled $2.99 million
compared with $5.48 million on March 31, 1994. The March 1995 total
consisted of $185 thousand in foreclosed real estate, $357 thousand
in a former branch site now listed for sale, and $2.45 million in
nonaccrual loans. The March 1994 total consisted of $382 thousand
in foreclosed real estate and $5.10 million in nonaccrual loans.
Loans still accruing interest but past due 90 days or more decreased
to $71 thousand as of March 31, 1995 compared with $301 thousand on
March 31, 1994.
The allowance for loan losses on March 31, 1995 was $2.69 million.
It represented a multiple of 0.90 times nonperforming assets and
1.10 times nonperforming loans. The allowance for loan losses on
March 31, 1995 was 1.52% of loans (net of unearned income) compared
to 1.75% at March 31, 1994.
Other Income
Other income decreased $396,863, or 29%, for the first three months
of 1995 over the same period in 1994. Other income in 1994 was
greater primarily due to realized security gains in 1994 which
resulted from the sale of securities to reduce interest rate risk in
a rising rate environment.
Other Expenses
Other expenses decreased $143,547, or 5%, in the first three months
of 1995 over 1994. Furniture and equipment expense decreased 21% in
1995 over 1994 due to the cancellation of service contracts on
certain computer equipment. Other operating expense decreased 7%
due to the reduction in costs associated with loan administration
and foreclosed property.
The Company plans to open one new full service branch in the fourth
quarter of 1995.
<PAGE>
Financial Condition
At March 31, 1995 total assets were $280.9 million, up from $277.7
million at December 31, 1994. Total loans increased $3.2 million,
or 1.8%, and federal funds sold increased $3.0 million, or 1204.0%,
in 1995. Investment securities decreased $1.9 million, or 2.2%,
in 1995. Total deposits increased $3.6 million, or 1.5% in 1995;
and interest bearing demand notes increased $1.3 million, or 111.2%,
while repurchase agreements, used as a cash management vehicle by
commercial customers, decreased $3.7 million, or 27%.
Capital Resources
The Company's capital position remains strong as evidenced by the
regulatory capital measurements. At March 31, 1995 the Tier I
capital ratio was 16.28%, the total capital ratio was 17.54% and
the leverage ratio was 10.26%. These ratios were all well above
the regulatory minimum levels of 4.00%, 8.00%, and 3.00%, respectively.
Liquidity and Interest Sensitivity
Liquidity is the ability of the Company to meet present and future
obligations to depositors and borrowers. The liquidity position of
the Company is adequate in light of the decline in loan volume and
the increase in short term investment securities.
The Company was liability sensitive as of March 31, 1995. There
were $69.2 million more in liabilities than assets subject to
repricing within three months. This generally indicates that net
interest income should improve if interest rates fall since
liabilities will reprice faster than assets. Conversely, if
interest rates rise, net interest income should decline. It should
be noted, however, that the savings deposits; which consist of
interest checking, money market, and savings accounts; are less
interest sensitive than other market driven deposits. In a rising
rate environment these deposit rates have historically lagged behind
the changes in earning asset rates, thus mitigating somewhat the
impact from the liability sensitivity position. The table on page 12
reflects the earlier of the maturity or repricing data for various
assets and liabilities as of March 31, 1995.
- 11 -
<PAGE>
<TABLE>
<CAPTION>
INTEREST SENSITIVITY ANALYSIS
As of March 31, 1995 MATURITY
(in thousands) Within 4-12 1-5 Over 5
3 Months Months Years Years
Uses of funds
<S> <C> <C> <C> <C>
Federal funds sold...................... 8,449 -- -- --
Taxable investments..................... 9,166 14,452 49,425 1,941
Tax-exempt investments.................. 0 357 1,130 5,188
Total investments..................... 17,615 14,809 50,556 7,129
Loans:
Commercial............................ 26,142 1,635 16,513 1,512
Tax-exempt............................ 3,617 38 204 586
Installment........................... 211 1,216 42,335 146
Real estate........................... 11,800 4,788 53,958 9,379
Other................................. 377 -- -- --
Total loans............................. 42,148 7,677 113,010 11,623
Total earning assets.................... 59,763 22,486 163,565 18,752
Sources of funds
Interest checking deposits.............. 49,393 -- -- --
Money market deposit accounts........... 17,888 -- -- --
Regular savings accounts................ 26,536 -- -- --
Certificates of deposit.................
$100,000 or more...................... 3,206 5,722 3,262 --
Other time deposits..................... 19,898 39,213 34,590 --
Federal funds purchased and
securities sold under
agreements to repurchase.............. 9,611 -- 350 --
Other borrowed money.................... 2,390 -- 64 --
Total interest bearing liabilities...... 128,922 44,935 38,266 0
Rate sensitivity GAP.................... (69,159) (22,449) 125,300 18,752
Cumulative GAP.......................... (69,159) (91,608) 33,692 52,444
</TABLE>
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<PAGE>
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) none
(b) No Reports on Form 8-K were filed during the first
quarter of 1995.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD POINT FINANCIAL CORPORATION
May 3, 1995
By: /s/Robert F. Shuford
President and Director
Principal Executive Officer
By: /s/Louis G. Morris
Senior Vice President and Treasurer
Principal Financial and Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 8432
<INT-BEARING-DEPOSITS> 18
<FED-FUNDS-SOLD> 3219
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 80741
<INVESTMENTS-CARRYING> 918
<INVESTMENTS-MARKET> 953
<LOANS> 176913
<ALLOWANCE> 2695
<TOTAL-ASSETS> 280948
<DEPOSITS> 239239
<SHORT-TERM> 12351
<LIABILITIES-OTHER> 1403
<LONG-TERM> 64
<COMMON> 6368
0
0
<OTHER-SE> 21523
<TOTAL-LIABILITIES-AND-EQUITY> 280948
<INTEREST-LOAN> 3895
<INTEREST-INVEST> 1202
<INTEREST-OTHER> 41
<INTEREST-TOTAL> 5138
<INTEREST-DEPOSIT> 1974
<INTEREST-EXPENSE> 2133
<INTEREST-INCOME-NET> 3005
<LOAN-LOSSES> 25
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2942
<INCOME-PRETAX> 994
<INCOME-PRE-EXTRAORDINARY> 994
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 734
<EPS-PRIMARY> .58
<EPS-DILUTED> .58
<YIELD-ACTUAL> 8.04
<LOANS-NON> 2455
<LOANS-PAST> 77
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5991
<ALLOWANCE-OPEN> 2647
<CHARGE-OFFS> 85
<RECOVERIES> 108
<ALLOWANCE-CLOSE> 2695
<ALLOWANCE-DOMESTIC> 2695
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1082
</TABLE>
