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, 1997
[ ] 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 (757) 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, 1997.
Class Outstanding at April 30, 1997
Common Stock, $5.00 par value 1,280,946 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, 1997 and December 31, 1996 . . . . . . . 1
Consolidated Statement of Earnings
Three months ended March 31, 1997 and 1996 . . . . 2
Consolidated Statement of Cash Flows
Three months ended March 31, 1997 and 1996 . . . . 3
Consolidated Statements of Changes
in Stockholders' Equity
Three months ended March 31, 1997 and 1996 . . . . 4
Notes to Consolidated Financial Statements . . . . . . 5
Parent Only Balance Sheets
March 31, 1997 and December 31, 1996. . . . . 6
Parent Only Statement of Earnings
Three months ended March 31, 1997 and 1996. . 6
Parent Only Statement of Cash Flows
Three months ended March 31, 1997 and 1996. . 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 . . . . . . . . . .13
(i)
<PAGE>
<TABLE>
<CAPTION>
PART 1. - FINANCIAL INFORMATION
OLD POINT FINANCIAL CORPORATION
Consolidated Balance Sheets March 31, December 31
(Unaudited) 1997 1996
Assets
<S> <C> <C>
Cash and due from banks........................ $ 9,241,050 $ 10,938,066
Interest bearing balances due from banks....... 31,536 50,429
Securities available for sale, at market....... 66,004,354 70,088,789
Securities to be held to maturity.............. 24,966,684 24,967,429
Trading account securities..................... -- --
Federal funds sold............................. 12,899,935 560,915
Loans, total................................... 202,834,762 198,584,252
Less reserve for loan losses............... 2,381,430 2,330,029
Net loans.............................. 200,453,332 196,254,223
Bank premises and equipment.................... 9,361,031 9,402,579
Other real estate owned........................ 568,864 353,864
Other assets................................... 4,017,283 3,728,410
Total assets.............................. $ 327,544,069 $ 316,344,704
Liabilities
Noninterest-bearing deposits................... $ 49,487,280 $ 47,533,417
Savings deposits............................... 98,906,850 96,196,174
Time deposits.................................. 124,264,963 119,789,184
Total deposits.............................. 272,659,093 263,518,775
Federal funds purchased and securities sold
under agreement to repurchase.............. 16,427,627 17,135,126
Interest-bearing demand notes issued to the
United States Treasury and other liabilities
for borrowed money.......................... 4,032,015 2,301,267
Other liabilities.............................. 1,480,176 989,636
Total liabilities........................... 294,598,911 283,944,804
Stockholders' Equity
Common stock, $5.00 par value.................. 6,404,730 6,367,730
1997 1996
Shares authorized...6,000,000 6,000,000
Shares outstanding..1,280,946 1,273,546
Surplus........................................ 9,615,191 9,345,091
Undivided profits.............................. 17,153,386 16,638,880
Unrealized gain/(loss) on securities .......... (228,149) 48,199
Total stockholders' equity................. 32,945,158 32,399,900
Total liabilities and stockholders' equity. $ 327,544,069 $ 316,344,704
</TABLE>
See accompanying notes
1
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended
Consolidated Statements of Earnings March 31,
(Unaudited) 1997 1996
Interest Income
<S> <C> <C>
Interest and fees on loans..................... $ 4,405,873 $ 4,199,063
Interest on federal funds sold................. 40,426 40,876
Interest on securities:
Taxable..................................... 1,110,912 1,183,523
Exempt from Federal income tax.............. 273,600 179,937
Total interest on securities............. 1,384,512 1,363,460
Total interest income...................... 5,830,811 5,603,399
Interest Expense
Interest on savings deposits................... 673,047 660,198
Interest on time deposits...................... 1,611,586 1,663,554
Interest on federal funds purchased and securit
sold under agreement to repurchase........... 185,349 182,070
Interest on demand notes (note balances) issued
United States Treasury and on other borrowed 22,167 21,624
Total interest expense..................... 2,492,151 2,527,446
Net interest income............................ 3,338,662 3,075,953
Provision for loan losses...................... 100,000 50,000
Net interest income after provision
for loan loss................................. 3,238,662 3,025,953
Other Income
Income from fiduciary activities............... 434,850 389,838
Service charges on deposit accounts............ 422,990 487,336
Other service charges, commissions and fees.... 121,930 77,664
Other operating income......................... 115,680 130,374
Security gains (losses)........................ (707) 0
Trading account income............................... 0 0
Total other income......................... 1,094,743 1,085,212
Other Expenses
Salaries and employee benefits................. 1,874,845 1,846,561
Occupancy expense of Bank premises............. 212,181 187,739
Furniture and equipment expense................ 273,604 247,316
Other operating expenses....................... 714,040 604,189
Total other expenses....................... 3,074,670 2,885,805
Income before taxes............................ 1,258,735 1,225,360
Applicable income taxes ....................... 324,176 347,600
Net income..................................... $ 934,559 $ 877,760
Per Share
Based on weighted average number of
common shares outstanding.................... 1,275,257 1,273,537
Net income..................................... $ 0.73 $ 0.69
</TABLE>
See accompanying notes
2
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended
Consolidated Statements of Cash Flows March 31,
(Unaudited) 1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income................................................ $ 934,559 $ 877,760
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization........................... 239,158 211,435
Provision for loan losses............................... 100,000 50,000
(Gains) loss on sale of investment securities, net...... 707 0
Net amortization & accretion of securities available for 131,311 215,927
Net (increase) decrease in trading account.............. 0 0
(Increase) in other real estate owned................... (215,000) 0
(Increase) decrease in other assets
(net of tax effect of FASB 115 adjustment)............ (146,512) (384,161)
Increase (decrease) in other liabilities................ 490,540 1,010,476
Net cash provided by operating activities............. 1,534,763 1,981,437
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities ................................ (1,059,860) (8,989,256)
Proceeds from maturities & calls of securities ......... 2,594,000 6,250,000
Proceeds from sales of securities....................... 2,000,312 0
Loans made to customers................................. (23,816,444) (17,694,398)
Principal payments received on loans.................... 19,517,336 14,762,377
Proceeds from sales of other real estate owned.......... 0 245,731
Purchases of premises and equipment..................... (197,610) (667,939)
(Increase) decrease in federal funds sold............... (12,339,020) (7,785,823)
Net cash provided by (used in) investing activities... (13,301,287) (13,879,307)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in non-interest bearing deposits.... 1,953,863 3,872,335
Increase (decrease) in savings deposits................. 2,710,676 801,312
Proceeds from the sale of certificates of deposit....... 11,065,275 8,710,326
Payments for maturing certificates of deposit........... (6,589,496) (5,424,524)
Increase (decrease) in federal funds purchased &
repurchase agreements.................................. (707,499) (896,776)
Increase (decrease) in other borrowed money............. 1,730,748 3,142,810
Proceeds from issuance of common stock.................. 142,100 0
Dividends paid.......................................... (255,052) (200,400)
Net cash provided by financing activities............. 10,050,615 10,005,083
Net increase (decrease) in cash and due from banks.... (1,715,909) (1,892,787)
Cash and due from banks at beginning of period........ 10,988,495 10,931,545
Cash and due from banks at end of period.............. $ 9,782,586 $ 9,038,758
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest.............................................. 2,479,767 2,477,201
Income taxes.......................................... 0 0
</TABLE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Unrealized
Common Stock Undivided Gain/(Loss)
Shares Amount Surplus Profits On Securities Total
FOR THREE MONTHS ENDED MARCH 31, 1997
<S> <C> <C> <C> <C> <C> <C>
Balance at beginning of period.......... 1,273,546 $6,367,730 $9,345,091 16,638,880 48,199 32,399,900
Net income.............................. -- -- -- 934,559 -- 934,559
Sale of common stock.................... 7,400 37,000 270,100 (165,000) -- 142,100
Cash dividends............... .......... -- -- -- (255,053) -- (255,053)
Increase in unrealized gain on securities -- -- -- -- (276,348) (276,348)
Balance at end of period................ 1,280,946 $6,404,730 $9,615,191 $17,153,386 ($228,149) $32,945,158
FOR THREE MONTHS ENDED MARCH 31, 1996
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
</TABLE>
See accompanying notes
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 1996 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.
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION
Parent only Balance Sheets March 31, December 31
(Unaudited) 1997 1996
<S> <C> <C>
Assets
Cash in bank................................ $ 217,116 $ 142,683
Investment Securities....................... 1,874,347 1,675,761
Total Loans................................. 0 49,884
Investment in Subsidiary.................... 30,851,874 30,456,307
Equipment................................... 0 14,411
Other assets................................ 8,721 60,854
Total Assets................................ $ 32,952,058 $ 32,399,900
Liabilities and Stockholders' Equity
Total Liabilities........................... $ 6,900 $ 0
Stockholders' Equity........................ 32,945,158 32,399,900
Total Liabilities & Stockholders' Equity.... $ 32,952,058 $ 32,399,900
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended:
Parent only Income Statements March 31,
(Unaudited) 1997 1996
<S> <C> <C>
Income
Cash dividends from Subsidiary.............. $ 250,000 $ 250,000
Interest and fees on loans.................. 579 1,097
Interest income from investment securities.. 24,471 20,589
Gains (losses) from sale of investment
securities................................. 0 0
Other income................................ 0 0
Total Income................................ 275,050 271,686
Expenses
Salaries and employee benefits.............. 0 50,209
Other expenses.............................. 4,573 11,198
Total Expenses.............................. 4,573 61,407
Income before taxes & undistributed
net income of subsidiary................ 270,477 210,279
Income tax.................................. 6,900 (12,400)
Net income before undistributed
net income of subsidiary.................. 263,577 222,679
Undistributed net income of subisdiary...... 670,982 655,081
Net Income.................................. $ 934,559 $ 877,670
- 6 -
</TABLE>
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION Three Months Ended:
Parent only Statements of Cash Flows March 31,
(Unaudited) 1997 1996
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income.................................. $ 934,559 $ 877,760
Adjustments to reconcile net income to
net cash provided by operating activities:
Equity in undistributed income of
subsidiary............................. (670,982) (655,081)
Depreciation.............................. 0 888
Gains(losses) on sale of securities [net] 0 0
(Increase) Decrease in other assets..... 52,614 47,404
Increase (decrease in other liabilities) 6,900 0
Net cash provided by operating activities... 323,091 270,971
Cash flows from investing activities:
(Increase)decrease in investment securities. (200,000) 0
Sale of Assets.............................. 14,411
Repayment of loans by customers............. 49,884 570
Net cash provided by investing activities... (135,705) 570
Cash flows from financing activities:
Proceeds from issuance of common stock...... 142,100 0
Dividends paid.............................. (255,053) (200,400)
Net cash provided by financing activities... (112,953) (200,400)
Net increase (decrease) in cash & due
from banks................................ 74,443 71,141
Cash & due from banks at beginning of period
of period................................. 142,683 122,263
Cash & due from banks at end of period...... $ 217,116 $ 193,404
</TABLE>
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Summary
Net income for the first quarter of 1997 increased 6% to
$934,559 from $877,760 for the comparable period in 1996. Earnings
per share were $0.73 in the first quarter of 1997 compared with
$0.69 in 1996.
Return on average assets was 1.18% for the first quarter of
1997 and 1.15% for the comparable period in 1996. Return on
average equity was 11.34% for the first quarter of 1997 and 11.44%
for the first quarter of 1996.
Net Interest Income
Net interest income, on a fully tax equivalent basis,
increased $307,000, or 10%, for the first three months of 1997 over
1996. Average earning assets increased 3% 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 4.43% in
1996 to 4.71% in 1997.
Comparing the first quarter 1997 to 1996, average loans
increased 4% while average federal funds sold decreased 10% and
average investment securities increased 1%. Certificates of
deposit increased 2% and interest checking and savings
accounts increased 2%.
Page 9 shows an analysis of average earning assets,
interest bearing liabilities and rates and yields.
<TABLE>
<CAPTION>
OLD POINT FINANCIAL CORPORATION
NET INTEREST INCOME ANALYSIS For the quarter ended March 31,
(Fully taxable equivalent basis)* 1997 1996
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 **........................... $200,584 $4,428 8.83% $192,291 $4,226 8.79%
Investment securities:
Taxable.......................... 73,362 1,111 6.06% 80,155 1,183 5.90%
Tax-exempt....................... 20,371 415 8.15% 12,596 273 8.66%
Total investment securities.... 93,733 1,526 6.51% 92,751 1,456 6.28%
Federal funds sold................. 3,123 40 5.12% 3,464 41 4.73%
Total earning assets............. $297,440 $5,994 8.06% $288,506 $5,723 7.93%
Time and savings deposits:
Interest-bearing transaction
accounts....................... $ 25,920 $ 142 2.19% $ 49,458 $ 298 2.41%
Money market deposit accounts.... 46,287 358 3.09% 19,529 179 3.67%
Savings accounts................. 25,632 173 2.70% 27,118 183 2.70%
Certificates of deposit, $100,000
or more........................ 16,923 230 5.44% 16,031 219 5.46%
Other certificates of deposit.... 104,282 1,382 5.30% 103,187 1,445 5.60%
Total time and savings deposits 219,044 2,285 4.17% 215,323 2,324 4.32%
Federal funds purchased and
securities sold under agreement
to repurchase.................... 16,121 185 4.59% 14,933 182 4.88%
Other short term borrowings........ 1,687 22 5.22% 1,419 22 6.20%
Total interest bearing liabilities $ 236,852 2,492 4.21% $231,675 $2,528 4.36%
Net interest income/yield.......... $3,502 4.71% $3,195 4.43%
* Tax equivalent yields based on 34% tax rate.
** Nonaccrual loans are included in the average loan balances and income on
such loans is recognized on a cash basis
</TABLE>
- 9 -
Provision/Allowance for Loan Losses
The provision for loan losses increased to $100,000 during the
first three months of 1997 compared with $50,000 for the same
period in 1996. Loans charged off (net of recoveries) were $48,598
in the first three months of 1997, compared to $14,432 for the same
period in 1996. On an annualized basis net loan charge-offs were
0.10% of total loans for the first quarter of 1997 compared with
0.03% for the same period in 1996.
On March 31, 1997 nonperforming assets totalled $1.86 million
compared with $3.15 million on March 31, 1996. The March 1997
total consisted of $215 thousand in foreclosed real estate, $354
thousand in a former branch site now listed for sale, and $1.29
million in nonaccrual loans. 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. Loans still accruing interest but past due 90 days or more
increased to $1.16 million as of March 31, 1997 compared with $652
thousand on March 31, 1996.
The allowance for loan losses on March 31, 1997 was $2.38 million.
It represented a multiple of 1.28 times nonperforming assets and
1.85 times nonperforming loans. The allowance for loan losses on
March 31, 1997 was 1.17% of loans compared to 1.20% at March 31,
1996.
Other Income
Other income increased $9,531 or 0.88%, for the first three
months of 1997 over the same period in 1996. Income from fiduciary
activities increased 12%.
Other Expenses
Other expenses increased $188,865 or 6.5%, in the first three
months of 1997 over 1996. Salaries and employees benefits increased
1.5% due to normal increases in pay. Furniture and equipment
expense increased $26,288, or 11%.
The Company has started construction of a 15,000 square-foot
building in Oyster Point of Newport News. This facility will house
the Old Point Commercial Lending Department as well as the
Real Estate Lending Department. The new building will also be
home to the Trust and Financial Services Departments.
The building will be ready for occupancy late in early 1998.
Financial Condition
At March 31, 1997 total assets were $327.5 million, up from
$316.3 million at December 31, 1996. Total loans increased $4.3
million, or 2.1% and investment securities decreased $4.1 million,
or 4.3%, in 1997. Total deposits increased $9.1 million, or 3.5%
in 1997; and interest bearing demand notes to the United States
Treasury increased $1.7 million, or 76.2%, while repurchase
agreements, used as a cash management vehicle by commercial customers,
decreased $707 thousand, or 4.1%.
Capital Resources
The Company's capital position remains strong as evidenced by
the regulatory capital measurements. At March 31, 1997 the Tier I
capital ratio was 15.48%, the total capital ratio was 16.59% and
the leverage ratio was 10.43%. 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 increase in
short term investment securities and federal funds sold.
The Company was liability sensitive as of March 31, 1997.
There were $73.1 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, 1997.
<TABLE>
<CAPTION>
INTEREST SENSITIVITY ANALYSIS
As of March 31, 1997 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................ 12,900 -- -- -- 12,900
Taxable investments............... 7,326 12,705 45,228 5,279 70,538
Tax-exempt investments............ -- 155 828 19,451 20,434
Total investments............... 20,226 12,860 46,056 24,730 103,872
Loans:
Commercial...................... 31,794 8,653 20,460 768 61,675
Tax-exempt...................... 2,017 45 174 129 2,365
Installment..................... 4,387 12,043 35,151 2,430 54,011
Real estate..................... 18,922 19,107 34,679 11,465 84,173
Other........................... 254 -- 352 4 610
Total loans....................... 57,374 39,848 90,816 14,796 202,834
Total earning assets.............. 77,600 52,708 136,872 39,526 306,706
Sources of funds
Interest checking deposits........ 26,267 -- -- -- 26,267
Money market deposit accounts..... 46,665 -- -- -- 46,665
Regular savings accounts.......... 25,974 -- -- -- 25,974
Certificates of deposit.........
$100,000 or more................ 3,813 7,450 6,124 -- 17,387
Other time deposits............... 27,069 46,552 33,258 -- 106,879
Federal funds purchased and
securities sold under
agreements to repurchase........ 16,928 -- -- -- 16,928
Other borrowed money.............. 4,000 -- 32 -- 4,032
Total interest bearing liabilities 150,716 54,002 39,414 0 244,132
Rate sensitivity GAP.............. (73,116) (1,294) 97,458 39,526 62,574
Cumulative GAP.................... (73,116) (74,410) 23,048 62,574
</TABLE>
- 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 1997.
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 13, 1997
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> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 9273
<INT-BEARING-DEPOSITS> 32
<FED-FUNDS-SOLD> 12900
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 66004
<INVESTMENTS-CARRYING> 24967
<INVESTMENTS-MARKET> 24551
<LOANS> 202835
<ALLOWANCE> 2381
<TOTAL-ASSETS> 327544
<DEPOSITS> 272659
<SHORT-TERM> 4000
<LIABILITIES-OTHER> 1480
<LONG-TERM> 32
0
0
<COMMON> 6405
<OTHER-SE> 26769
<TOTAL-LIABILITIES-AND-EQUITY> 327544
<INTEREST-LOAN> 4406
<INTEREST-INVEST> 1385
<INTEREST-OTHER> 40
<INTEREST-TOTAL> 5831
<INTEREST-DEPOSIT> 2285
<INTEREST-EXPENSE> 2492
<INTEREST-INCOME-NET> 3339
<LOAN-LOSSES> 100
<SECURITIES-GAINS> (1)
<EXPENSE-OTHER> 3075
<INCOME-PRETAX> 1259
<INCOME-PRE-EXTRAORDINARY> 1259
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 935
<EPS-PRIMARY> 0.73
<EPS-DILUTED> 0.73
<YIELD-ACTUAL> 4.71
<LOANS-NON> 1287
<LOANS-PAST> 1155
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 3991
<ALLOWANCE-OPEN> 2330
<CHARGE-OFFS> 173
<RECOVERIES> 124
<ALLOWANCE-CLOSE> 2381
<ALLOWANCE-DOMESTIC> 2381
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 958
</TABLE>
