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, 1996
[ ] 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, 1996.
Class Outstanding at April 30, 1996
Common Stock, $5.00 par value 1,273,537 shares
OLD POINT FINANCIAL CORPORATION
FORM 10-Q
INDEX
PART I - FINANCIAL INFORMATION
Page
Item 1. Financial Statements . . . . . . . . . . . . . . . . 1
Consolidated Balance Sheets
March 31, 1996 and December 31, 1995 . . . . . . . 1
Consolidated Statement of Earnings
Three months ended March 31, 1996 and 1995 . . . . 2
Consolidated Statement of Cash Flows
Three months ended March 31, 1996 and 1995 . . . . 3
Consolidated Statements of Changes
in Stockholders' Equity
Three months ended March 31, 1996 and 1995 . . . . 4
Notes to Consolidated Financial Statements . . . . . . 5
Parent Only Balance Sheets
March 31, 1996 and December 31, 1995. . . . . 6
Parent Only Statement of Earnings
Three months ended March 31, 1996 and 1995. . 6
Parent Only Statement of Cash Flows
Three months ended March 31, 1996 and 1995. . 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
(i)
PART 1. - FINANCIAL INFORMATION
<TABLE>
OLD POINT FINANCIAL CORPORATION
<CAPTION>
Consolidated Balance Sheets March 31, December 31,
(Unaudited) 1996 1995
Assets
<S> <C> <C>
Cash and due from banks........................ $ 9,037,802 $ 10,866,517
Interest bearing balances due from banks....... 956 65,028
Securities available for sale, at market....... 77,068,099 77,603,883
Securities to be held to maturity.............. 17,325,959 15,019,712
Trading account securities..................... -- --
Federal funds sold............................. 8,298,620 512,797
Loans, total................................... 190,973,370 188,055,509
Less reserve for loan losses............... 2,286,870 2,251,030
Net loans.............................. 188,686,500 185,804,479
Bank premises and equipment.................... 8,759,061 8,302,558
Other real estate owned........................ 707,916 953,647
Other assets................................... 5,777,535 5,137,401
Total assets.............................. $ 315,662,448 $ 304,266,022
Liabilities
Noninterest-bearing deposits................... $ 46,774,308 $ 42,901,973
Savings deposits............................... 96,605,916 95,804,604
Time deposits.................................. 121,114,203 117,828,401
Total deposits.............................. 264,494,427 256,534,978
Federal funds purchased and securities sold und
agreement to repurchase.................... 14,839,698 15,736,474
Interest-bearing demand notes issued to the Uni
Treasury and other liabilities for borrowed 3,702,623 559,813
Other liabilities.............................. 2,117,316 1,106,840
Total liabilities........................... 285,154,064 273,938,105
Stockholders' Equity
Common stock, $5.00 par value.................. 6,367,685 6,367,685
Shares authorized.................6,000,000
Shares outstanding...............1,272,537
Surplus........................................ 9,344,798 9,344,798
Undivided profits.............................. 14,763,010 14,085,650
Unrealized gain/(loss) on securities .......... 32,891 529,784
Total stockholders' equity................. 30,508,384 30,327,917
Total liabilities and stockholders' equity. $ 315,662,448 $ 304,266,022
See accompanying notes
</TABLE>
- 1 -
<TABLE>
OLD POINT FINANCIAL CORPORATION
<CAPTION>
Three Months Ended
Consolidated Statements of Earnings March 31,
(Unaudited) 1996 1995
Interest Income
<S> <C> <C>
Interest and fees on loans..................... $ 4,199,063 $ 3,894,576
Interest on federal funds sold................. 40,876 41,443
Interest on securities:
Taxable..................................... 1,183,523 1,098,817
Exempt from Federal income tax.............. 179,937 103,362
Total interest on securities............. 1,363,460 1,202,179
Interest on trading account.................... -- --
Total interest income...................... 5,603,399 5,138,198
Interest Expense
Interest on savings deposits................... 660,198 684,693
Interest on time deposits...................... 1,663,554 1,288,994
Interest on federal funds purchased and securit
sold under agreement to repurchase........... 182,070 132,083
Interest on demand notes (note balances) issued
United States Treasury and on other borrowed 21,624 27,348
2,527,446 2,133,118
Total interest expense.....................
Net interest income............................ 3,075,953 3,005,080
Provision for loan losses...................... 50,000 25,000
Net interest income after provision for loan lo 3,025,953 2,980,080
Other Income
Income from fiduciary activities............... 389,838 340,421
Service charges on deposit accounts............ 487,336 465,492
Other service charges, commissions and fees.... 77,664 45,247
Other operating income......................... 130,374 104,716
Security gains (losses)........................ -- --
Trading account income......................... -- --
Total other income......................... 1,085,212 955,876
Other Expenses
Salaries and employee benefits................. 1,846,561 1,769,691
Occupancy expense of Bank premises............. 187,739 170,701
Furniture and equipment expense................ 247,316 234,343
Other operating expenses....................... 604,189 766,872
Total other expenses....................... 2,885,805 2,941,607
Income before taxes............................ 1,225,360 994,349
Applicable income taxes ....................... 347,600 260,000
Net income..................................... $ 877,760 $ 734,349
Per Share
Based on weighted average number of
common shares outstanding.................... 1,273,537 1,268,307
Net income..................................... $ 0.69 $ 0.58
See accompanying notes
</TABLE>
- 2 -
<TABLE>
OLD POINT FINANCIAL CORPORATION
<CAPTION>
Three Months Ended
Consolidated Statements of Cash Flows March 31,
(Unaudited) 1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income................................................ $ 877,760 $ 734,349
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization........................... 211,435 192,367
Provision for loan losses............................... 50,000 25,000
Gains on sale of investment securities, net............. 0 0
Net amortization & accretion of securities available for 215,927 304,490
Net (increase) decrease in trading account.............. 0 0
Increase in other real estate owned..................... 0 (353,864)
(Increase) decrease in other assets
(net of tax effect of FASB 115 adjustment)............ (384,161) (26,545)
Increase (decrease) in other liabilities................ 1,010,476 400,109
Net cash provided by operating activities............. 1,981,437 1,275,906
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities ................................ (8,989,256) (273,464)
Proceeds from maturities & calls of securities ......... 6,250,000 3,400,000
Proceeds from sales of securities....................... 0 0
Loans made to customers................................. (17,694,398) (21,453,675)
Principal payments received on loans.................... 14,762,377 18,304,832
Proceeds from sales of other real estate owned.......... 245,731 28,700
Purchases of premises and equipment..................... (667,938) 102,891
(Increase) decrease in federal funds sold............... (7,785,823) (2,972,554)
Net cash provided by (used in) investing activities... (13,879,306) (2,863,270)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in non-interest bearing deposits.... 3,872,335 2,445,632
Increase (decrease) in savings deposits................. 801,312 (3,168,752)
Proceeds from the sale of certificates of deposit....... 8,710,326 21,368,582
Payments for maturing certificates of deposit........... (5,424,524) (17,005,644)
Increase (decrease) in federal funds purchased &
repurchase agreements.................................. (896,776) (3,732,819)
Increase (decrease) in other borrowed money............. 3,142,810 1,291,993
Proceeds from issuance of common stock.................. 0 88,195
Dividends paid.......................................... (200,400) (191,030)
Net cash provided by financing activities............. 10,005,083 1,096,157
Net increase (decrease) in cash and due from banks.... (1,892,787) (491,206)
Cash and due from banks at beginning of period........ 10,931,545 8,940,712
Cash and due from banks at end of period.............. $ 9,038,758 $ 8,449,506
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest.............................................. 2,477,201 1,819,451
Income taxes.......................................... 0 0
See accompanying notes
</TABLE>
- 3 -
OLD POINT FINANCIAL CORPORATION
<TABLE>
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<CATPION>
Unrealized
Common Stock Undivided Gain/(Loss)
Shares Amount Surplus Profits On Securities Total
FOR THREE MONTHS ENDED MARCH 31, 1996
<S> <C> <C> <C> <C> <C> <C>
Balance at beginning of period..... 1,273,537 $6,367,685 $9,344,798 $14,085,650 $529,784 $30,327,917
Net income......................... -- -- -- 877,760 -- 877,760
Sale of common stock............... -- -- -- -- -- --
Cash dividends..................... -- -- -- (200,400) -- (200,400)
Increase in unrealized gain
on securities.................... -- -- -- -- (496,893) (496,893)
Balance at end of period........... 1,273,537 $6,367,685 $9,344,798 $14,763,010 $32,891 $30,508,384
FOR THREE MONTHS ENDED MARCH 31, 1995
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
See accompanying notes
</TABLE>
- 4 -
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 1995 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.
OLD POINT FINANCIAL CORPORATION
<TABLE>
Parent only Balance Sheets
<CAPTION>
March 31, December 31,
(Unaudited) 1996 1995
Assets
<S> <C> <C>
Cash in bank................................ $ 193,404 $ 122,263
Investment Securities....................... 1,665,863 1,670,105
Total Loans................................. 51,262 51,832
Investment in Subsidiary.................... 28,556,772 28,395,784
Equipment................................... 17,075 17,963
Other assets................................ 24,008 69,970
Total Assets................................ $ 30,508,384 $ 30,327,917
Liabilities and Stockholders' Equity
Total Liabilities........................... $ 0 $ 0
Stockholders' Equity........................ 30,508,384 30,327,917
Total Liabilities & Stockholders' Equity.... $ 30,508,384 $ 30,327,917
</TABLE>
OLD POINT FINANCIAL CORPORATION
<TABLE>
Parent only Income Statements
(Unaudited)
<CAPTION>
Three Months Ended:
March 31,
1996 1995
Income
<S> <C> <C>
Cash dividends from Subsidiary.............. $ 250,000 $ 250,000
Interest and fees on loans.................. 1,097 1,144
Interest income from investment securities.. 20,589 21,181
Gains (losses) from sale of investment secur 0 0
Other income................................ 0 0
Total Income................................ 271,686 272,325
Expenses
Salaries and employee benefits.............. 50,209 56,028
Other expenses.............................. 11,198 10,134
Total Expenses.............................. 61,407 66,162
Income before taxes & undistributed
net income of subsidiary................ 210,279 206,163
Income tax.................................. (12,400) (15,000)
Net income before undistributed
net income of subsidiary.................. 222,679 221,163
Undistributed net income of subisdiary...... 655,081 513,186
Net Income.................................. $ 877,760 $ 734,349
</TABLE?
- 6 -
OLD POINT FINANCIAL CORPORATION
</TABLE>
<TABLE>
Parent only Statements of Cash Flows
(Unaudited)
<CAPTION>
Three Months Ended:
March 31,
1996 1995
Cash Flows from Operating Activities:
<S> <C> <C>
Net Income.................................. $ 877,760 $ 734,349
Adjustments to reconcile net income to
net cash provided by operating activities:
Equity in undistributed income of subsid (655,081) (513,186)
Depreciation.............................. 888 0
Gains(losses) on sale of securities [net 0 0
(Increase) Decrease in other assets..... 47,404 (15,158)
Increase (decrease in other liabilities) 0 0
Net cash provided by operating activities... 270,971 206,005
Cash flows from investing activities:
(Increase)decrease in investment securities. 0 (172,364)
Repayment of loans by customers............. 570 520
Net cash provided by investing activities... 570 (171,844)
Cash flows from financing activities:
Proceeds from issuance of common stock...... 0 88,195
Dividends paid.............................. (200,400) (191,030)
Net cash provided by financing activities... (200,400) (102,835)
Net increase (decrease) in cash & due from b 71,141 (68,674)
Cash & due from banks at beginning of period 122,263 154,143
Cash & due from banks at end of period...... $ 193,404 $ 85,469
</TABLE>
- 7 -
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Summary
Net income for the first quarter of 1996 increased 20% to
$877,760 from $734,349 for the comparable period in 1995. Earnings
per share were $0.69 in the first quarter of 1996 compared with
$0.58 in 1995.
Return on average assets was 1.15% for the first quarter of
1996 and 1.05% for the comparable period in 1995. Return on
average equity was 11.44% for the first quarter of 1996 and 10.79%
for the first quarter of 1995.
Net Interest Income
Net interest income, on a fully tax equivalent basis,
increased $106,000, or 3%, for the first three months of 1996 over
1995. Average earning assets increased 11% and the net interest
yield, defined as the ratio of net interest income on a fully tax
equivalent basis to total earning assets, decreased from 4.75% in
1995 to 4.43% in 1996. The decline in the net interest yield was
due to growth in higher yielding certificates of deposit.
Comparing the first quarter 1996 to 1995, average loans
increased 10% while average federal funds sold increased 18% and
average investment securities increased 13%. Deposit growth has
provided funding for strong loan demand and increased investment in
securities. Certificates of deposit increased 15% and interest
checking and savings accounts increased 1%.
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 1996. Page 9 shows an analysis of average earning assets,
interest bearing liabilities and rates and yields.
OLD POINT FINANCIAL CORPORATION
<TABLE>
NET INTEREST INCOME ANALYSIS
(Fully taxable equivalent basis)<F1>
<CAPTION>
For the quarter ended March 31,
1996 1995
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 <F2>......................... $192,291 $4,226 8.79% $175,434 $3,935 8.97%
Investment securities:
Taxable.......................... 80,155 1,183 5.90% 75,119 1,099 5.85%
Tax-exempt....................... 12,596 273 8.66% 6,675 156 9.35%
Total investment securities.... 92,751 1,456 6.28% 81,794 1,255 6.14%
Federal funds sold................. 3,464 41 4.73% 2,942 41 5.57%
Total earning assets............. $288,506 $5,723 7.93% $260,170 $5,231 8.04%
Time and savings deposits:
Interest-bearing transaction acco $49,458 $298 2.41% $49,027 $319 2.60%
Money market deposit accounts.... 19,529 179 3.67% 18,718 180 3.85%
Savings accounts................. 27,118 183 2.70% 27,324 185 2.71%
Certificates of deposit, $100,000 16,031 219 5.46% 12,350 156 5.05%
Other certificates of deposit.... 103,187 1,445 5.60% 91,333 1,143 5.01%
Total time and savings deposits 215,323 2,324 4.32% 198,752 1,983 3.99%
Federal funds purchased and securit
under agreement to repurchase.... 14,933 182 4.88% 11,166 132 4.73%
Other short term borrowings........ 1,419 22 6.20% 2,022 27 5.34%
Total interest bearing liabilitie $231,675 2,528 4.36% $211,940 2,142 4.04%
Net interest income/yield.......... $3,195 4.43% $3,089 4.75%
<FN>
<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
</FN>
</TABLE>
- 9 -
Provision/Allowance for Loan Losses
The provision for loan losses increased to $50,000 during the
first three months of 1996 compared with $25,000 for the same
period in 1995. Loans charged off (net of recoveries) were $14,432
in the first three months of 1996, compared to $(23,015) for the
same period in 1995. On an annualized basis net loan charge-offs
were 0.03% of total loans for the first quarter of 1996 compared
with (0.05%) for the same period in 1995.
On March 31, 1996 nonperforming assets totalled $3.15 million
compared with $2.99 million on March 31, 1995. The March 1996
total consisted of $354 thousand in foreclosed real estate, $354
thousand in a former branch site now listed for sale, and $2.44
million in nonaccrual loans. The March 1995 total consisted of
$185 thousand in foreclosed real estate, $354 thousand in a former
branch site now listed for sale, and $2.45 million in nonaccrual
loans. Loans still accruing interest but past due 90 days or more
increased to $652 thousand as of March 31, 1996 compared with $77
thousand on March 31, 1995.
The allowance for loan losses on March 31, 1996 was $2.29 million.
It represented a multiple of 0.73 times nonperforming assets and
0.94 times nonperforming loans. The allowance for loan losses on
March 31, 1996 was 1.20% of loans compared to 1.52% at March 31,
1995.
Other Income
Other income increased $130,348, or 14%, for the first three
months of 1996 over the same period in 1995. Income from fiduciary
activities increased 15%. Other service charges, commissions and
fees grew due to higher mortgage brokerage income and charge card
merchant processing fees.
Other Expenses
Other expenses decreased $54,790, or 2%, in the first three
months of 1996 over 1995. Salaries and employees benefits increased
5% due to normal increases in pay. Furniture and equipment expense
increased $12,973, or 6%, due to depreciation on new equipment.
These increases were offset by a decrease of $162,683, or 21%, in
other operating expenses, primarily due to the reduction in FDIC
insurance.
The Company plans to open one new full service branch in the third
quarter of 1996.
Financial Condition
At March 31, 1996 total assets were $315.7 million, up from
$304.3 million at December 31, 1995. Total loans increased $2.9
million, or 1.6%, federal funds sold increased $7.8 million, or
1517.5%, and investment securities increased $1.8 million, or 1.9%,
in 1996. Total deposits increased $8.0 million, or 3.1% in 1996;
and interest bearing demand notes increased $791 thousand, or 0.8%,
while repurchase agreements, used as a cash management vehicle by
commercial customers, decreased $896 thousand, or 5.7%.
Capital Resources
The Company's capital position remains strong as evidenced by
the regulatory capital measurements. At March 31, 1996 the Tier I
capital ratio was 15.30%, the total capital ratio was 16.46% and
the leverage ratio was 9.90%. 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 the increase in
short term investment securities and federal funds sold.
The Company was liability sensitive as of March 31, 1996.
There were $91.2 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, 1996.
<TABLE>
INTEREST SENSITIVITY ANALYSIS
<CAPTION>
As of March 31, 1996 MATURITY
(in thousands) Within 4-12 1-5 Over 5
3 Months Months Years Years Total
Uses of funds
<S> <C> <C> <C> <C> <C>
Federal funds sold.............. 8,299 -- -- -- 8,299
Taxable investments............. 11,272 13,452 48,172 8,287 81,183
Tax-exempt investments.......... 0 0 1,947 11,264 13,211
Total investments............. 19,571 13,452 50,119 19,551 102,693
Loans:
Commercial.................... 11,980 1,178 7,461 433 21,052
Tax-exempt.................... 2,129 0 242 376 2,747
Installment................... 2,472 1,418 45,097 3,061 52,048
Real estate................... 27,375 7,936 68,359 10,758 114,428
Other......................... 661 37 -- -- 698
Total loans..................... 44,617 10,569 121,159 14,628 190,973
Total earning assets............ 64,188 24,021 171,278 34,179 293,666
Sources of funds
Interest checking deposits...... 49,324 -- -- -- 49,324
Money market deposit accounts... 20,431 -- -- -- 20,431
Regular savings accounts........ 26,850 -- -- -- 26,850
Certificates of deposit.........
$100,000 or more.............. 5,351 7,198 4,669 -- 17,218
Other time deposits............. 34,629 37,221 32,048 -- 103,898
Federal funds purchased and
securities sold under
agreements to repurchase...... 15,140 -- -- -- 15,140
Other borrowed money............ 3,654 -- 49 -- 3,703
Total interest bearing liabiliti 155,379 44,419 36,766 0 236,564
Rate sensitivity GAP............ (91,191) (20,398) 134,512 34,179 57,102
Cumulative GAP.................. (91,191) (111,589) 22,923 57,102
- 12 -
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 1996.
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 10, 1996
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>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 9,039
<INT-BEARING-DEPOSITS> 1
<FED-FUNDS-SOLD> 8299
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 77,068
<INVESTMENTS-CARRYING> 76,900
<INVESTMENTS-MARKET> 17,184
<LOANS> 190,973
<ALLOWANCE> 2,287
<TOTAL-ASSETS> 316,662
<DEPOSITS> 264,494
<SHORT-TERM> 3,703
<LIABILITIES-OTHER> 2,117
<LONG-TERM> 0
0
0
<COMMON> 6,368
<OTHER-SE> 24,140
<TOTAL-LIABILITIES-AND-EQUITY> 316,662
<INTEREST-LOAN> 4,199
<INTEREST-INVEST> 1,364
<INTEREST-OTHER> 41
<INTEREST-TOTAL> 5,604
<INTEREST-DEPOSIT> 2,324
<INTEREST-EXPENSE> 2,528
<INTEREST-INCOME-NET> 3,076
<LOAN-LOSSES> 50
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,886
<INCOME-PRETAX> 1,226
<INCOME-PRE-EXTRAORDINARY> 1,226
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 878
<EPS-PRIMARY> .69
<EPS-DILUTED> .69
<YIELD-ACTUAL> 7.93
<LOANS-NON> 2,442
<LOANS-PAST> 652
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 2,927
<ALLOWANCE-OPEN> 2,251
<CHARGE-OFFS> 132
<RECOVERIES> 118
<ALLOWANCE-CLOSE> 2,287
<ALLOWANCE-DOMESTIC> 2,287
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
