U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended March 31, 1997
--------------
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 33-22224-B
--------------
Beverly National Corporation
----------------------------------------------------------
(Name of small business issuer as specified in its charter)
Massachusetts 04-2832201
------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
240 Cabot Street Beverly, Massachusetts 01915
- ---------------------------------------- -------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (508) 922-2100
--------------
Check whether the issuer (l) filed all reports required to be filed by
Section l3 or l5 (d) of the Securities Exchange Act during the past l2 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 equity, as of May 1, 1997. 754,482 shares
--------------
Transitional small business disclosure format Yes No X
----- -----
<PAGE>
BEVERLY NATIONAL CORPORATION
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets at
March 31, 1997 and December 31, 1996 3
Consolidated Statements of Income for the Three Months
Ended March 31, 1997 and 1996 4
Consolidated Statements of Cash Flow for the
Three Months Ended March 31, 1997 and 1996 5
Notes to Consolidated Financial Statements 7
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings 12
Item 2.
Changes in Securities 12
Item 3.
Defaults Upon Senior Securities 12
Item 4.
Submission of Matters to a Vote of Security Holders 12
Item 5.
Other Information 12
Item 6.
Exhibits and Reports on Form 8-K 12
Signatures 13
<PAGE>
BEVERLY NATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
March 31, December 31,
1997 1996
------------- -------------
ASSETS
Cash and due from banks $ 9,644,678 $ 11,263,278
Federal funds sold 7,900,000 14,100,000
Investments in available-for-sale
securities (at fair value) 18,537,380 17,608,128
Investments in held-to-maturity securities 21,388,485 22,934,468
Federal Reserve Bank stock, at cost 97,500 97,500
Loans:
Commercial 20,368,908 16,946,508
Real estate - construction and land development 5,542,110 5,847,491
Real estate - residential 39,918,974 40,019,022
Real estate - commercial 47,223,669 46,150,365
Consumer 6,492,419 6,538,122
Municipal 452,000 452,000
Other 723,843 583,066
Allowance for possible loan losses (2,164,008) (2,197,694)
Deferred loan fees, net (61,531) (85,990)
Unearned income 0 0
------------ ------------
Net loans 118,496,384 114,252,890
Mortgages held for sale 966,833 964,377
Premises and equipment, net 4,882,574 4,433,529
Other Real Estate Owned 82,933 0
Accrued interest receivable 1,325,252 1,081,467
Other assets 1,476,060 1,281,374
------------ ------------
$184,798,079 $188,017,011
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing $ 36,063,900 $ 34,897,850
Interest bearing
Regular savings 36,618,090 35,647,330
NOW accounts 28,281,379 34,015,128
Money market accounts 18,640,134 18,748,989
Time deposits 47,764,675 47,428,931
------------ ------------
Total deposits 167,368,178 170,738,228
Notes payable 385,627 385,627
Employee Stock Ownership Plan loan 300,000 360,000
Other liabilities 1,296,423 1,390,595
------------ ------------
Total liabilities 169,350,228 172,874,450
------------ ------------
<PAGE>
Stockholders' equity:
Preferred stock, $2.50 par value per share; 300,000 shares
authorized; issued and outstanding none
Common stock, $2.50 par value per share; 2,500,000
shares authorized; issued 791,349; outstanding,
751,172 shares 1,978,373 1,978,373
Paid-in Capital 4,358,926 4,358,926
Retained earnings 10,195,385 9,886,901
Treasury stock, at cost (36,967 shares) (685,127) (685,127)
Net unrealized holding loss on available-for-
sale securities (99,706) (36,512)
Unearned compensation - Employee Stock Ownership Plan (300,000) (360,000)
------------ ------------
Total stockholders' equity 15,447,851 15,142,561
------------ ------------
$184,798,079 $188,017,011
============ ============
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
BEVERLY NATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended March 31
1997 1996
--------------------------
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans $2,709,612 $2,340,098
Interest and dividends on investment securities:
Taxable 611,030 583,770
Tax-exempt 3,199 6,875
Other interest 90,244 65,574
---------- ----------
Total interest and dividend income 3,414,085 2,996,317
---------- ----------
INTEREST EXPENSE:
Interest on deposits 1,188,123 1,054,143
Interest on short -term borrowings 0 0
Interest on notes payable 8,484 14,886
---------- ----------
Total interest expense 1,196,607 1,069,029
---------- ----------
Net interest and dividend income 2,217,478 1,927,288
Provision for loan losses 0 0
---------- ----------
Net interest and dividend income after
provision for loan losses 2,217,478 1,927,288
---------- ----------
NONINTEREST INCOME:
Income from fiduciary activities 263,947 199,064
Service charges on deposit accounts 107,456 106,082
Other deposit fees 50,346 57,547
Other income 66,794 91,370
---------- ----------
Total noninterest income 488,543 454,063
---------- ----------
<PAGE>
NONINTEREST EXPENSE:
Salaries and employee benefits 1,148,672 939,056
Occupancy expense 180,323 163,598
Equipment expense 101,129 104,027
Investment security loss, net 0 0
Data processing fees 61,055 52,825
F.D.I.C. insurance premium 4,603 500
Stationery and supplies 47,175 35,761
Other expense 421,979 264,291
---------- ----------
Total noninterest expense 1,964,936 1,560,058
---------- ----------
Income before income taxes 741,085 821,293
Income taxes 311,900 345,500
---------- ----------
Net Income $ 429,185 $ 475,793
========== ==========
Earnings per share:
Primary shares outstanding 753,641 753,641
========== ==========
Net income per share $ 0.57 $ 0.63
Dividends per share $ 0.16 $ 0.12
Special dividend per share $ 0.06 $ 0.12
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
BEVERLY NATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
1997 1996
---------- ----------
Increase (decrease) in cash and cash equivalents
Cash flows from operating activities:
Interest received $3,139,861 $3,081,309
Service charges and other income 488,543 454,063
Interest paid (1,189,849) (1,070,739)
Cash paid to suppliers and employees (2,183,948) (1,111,433)
Income taxes paid (169,160) (131,665)
----------- ----------
Net cash provided by operating activities 85,447 1,221,535
----------- ----------
Cash flows from investing activities:
Proceeds from maturities of investment securities
held-to-maturity 2,535,208 4,034,888
Proceeds from maturities of investment securities
available for sale 1,121,630 2,098,613
Purchases of investment securities held-to-maturity (987,188) 0
Purchases of investment securities available-for-
sale (2,113,781) (2,098,750)
Net increase in loans (4,251,028) (4,018,126)
Proceeds from sale of mortgages 0 0
Capital expenditures (540,971) (31,676)
Recoveries of previously charged off loans 5,592 255,305
Increase (decrease) in other assets (351,460) 5,124
Increase (decrease) in other liabilities 168,702 (596,521)
----------- ----------
Net cash provided by (used in) investing activities (4,413,296) (351,143)
----------- ----------
Cash flows from financing activities:
Net decrease in demand deposits, NOW,
money market & savings accounts (3,034,305) (4,057,296)
Net increase (decrease) in time deposits (335,745) 1,333,809
Issued treasury stock 0 38,199
Dividends paid (120,701) (90,526)
----------- ----------
Net cash used in financing activities (3,490,751) (2,775,814)
----------- ----------
Net decrease in cash and cash equivalents (7,818,600) (1,905,422)
Cash & cash equivalents beginning of year 25,363,278 15,094,959
----------- ----------
Cash & cash equivalents at March 31: $17,544,678 $13,189,537
=========== ===========
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
BEVERLY NATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
(Continued)
Reconciliation of net income to net cash provided by
operating activities:
1997 1996
---------- ----------
Net income $429,185 $475,793
---------- ----------
Depreciation expense 91,926 101,425
Amortization expense of investment securities 8,146 9,638
Accretion income of investment securities (10,479) (17,156)
Change in prepaid interest 983 983
Provision for loan losses 0 0
Increase (decrease) in taxes payable 142,740 213,835
Decrease in interest receivable (243,785) 93,763
Increase (decrease) in interest payable 5,775 (2,693)
Increase (decrease) in accrued expenses (268,648) 298,095
Net (gain) loss on sale of mortgages (514) 0
Change in deferred loan fees (28,106) (1,249)
Change in prepaid expenses (41,776) 49,105
Change in unearned income 0 (4)
---------- ----------
Total adjustments (343,738) 745,742
---------- ----------
Net cash provided by operating activities $ 85,447 $1,221,535
========== ==========
Non-cash investing activities:
Loans transferred to other real estate owned $ 82,933 $ 0
<PAGE>
BEVERLY NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
(Unaudited)
1. BASIS OF PRESENTATION
The interim consolidated financial statements contained herein are
unaudited but, in the opinion of management, include all adjustments which
are necessary, to make the financial statements not misleading. All such
adjustments are of a normal recurring nature. The results of operations
for any interim period are not necessarily indicative of results that may
be expected for the year ended December 31, 1997.
2. EARNINGS PER SHARE
Earnings per share calculations are based on the weighted average number
of common shares outstanding during the period.
3. LEVERAGED E.S.O.P.
The prepared financial statements include adjusting entries to properly
reflect the leveraged portion of the Employee Stock Ownership Plan.
4. RECLASSIFICATION
Certain amounts in the prior year have been reclassified to be consistent
with the current year's statement presentation.
PART I - FINANCIAL INFORMATION
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Introduction
- ------------
The following discussion and related consolidated financial statements include
Beverly National Corporation (the "Corporation") and its subsidiaries, Beverly
National Bank (the "Bank"), and Cabot Street Realty Trust (the "Realty Trust").
Summary
- -------
The Corporation's net income for the three months ended March 31, 1997, was
$429,185 as compared to $475,793 for the time period ended March 31, 1996.
This represents a decrease of $46,608 or 9.8%. Earnings per share totaled $.57
for the three months ended March 31, 1997, as compared to earnings per share
of $.63 for the three months ended March 31, 1996. The earnings decrease is
due to the establishment of one branch, two high school branches and a free
standing ATM kiosk that were established during the first quarter of 1997, as
well as increased personnel costs. In addition, the Corporation recorded
nonrecurring recoveries of expenses that totaled approximately $74,500, during
quarter ended March 31, 1996.
<PAGE>
THREE MONTHS ENDED MARCH 31, 1997
AS COMPARED TO THREE MONTHS ENDED MARCH 31, 1996
Net Interest Income
- -------------------
Net interest and dividend income for the three months ended March 31, 1997,
totaled $2,217,478 as compared to $1,927,288 for the same time period in
1996. This increase was $290,190 or 15.1%. Total interest and dividend
income equaled $3,414,085 for the three months ended March 31, 1997 as
compared to $2,996,317 for the same time period in 1996, an increase of
$417,768 or 13.9%. Loan income for the three months ended March 31, 1997,
totaled $2,709,612 as compared to $2,340,098 for the same time period in 1996.
This increase of $369,514 or 15.8% represents increased loan production and
the reduction of non-performing assets. Interest and Dividends on Taxable
Investment Securities for the three months ended March 31, 1997 totaled
$611,030 as compared to $583,770 for the same period in 1996. This increase
of $27,260 or 4.7% is attributable to securities purchased at higher rates.
The taxable investment portfolio decreased $616,731 during the quarter. The
interest earned from federal funds sold increased $24,670 or 37.6% for the
three months ended March 30, 1997 when compared to the same time period in
1996, due to increased volume. This reflects increased liquidity due to a
stable deposit base and higher short-term rates.
Deposit interest expense equaled $1,188,123 for the three months ended March
31, 1997, as compared to $1,054,143 for the same period in 1996. This increase
of $133,980 or 12.7% reflects the current strategy of managing the cost of
funds of the Bank. The Bank generally pays competitive rates for its deposit
base in the local market.
Notes payable interest expense for the three months ended March 31, 1997
decreased $6,402 in comparison to the corresponding time period in 1996 due to
the reduced level of corporate borrowings.
Loan Loss Provision
- -------------------
No provisions to the allowance for possible loan losses were made during the
first calendar quarters of 1997 or 1996, respectively. At March 31, 1997, the
Corporation's allowance for possible loan losses was $2,164,008 representing
1.8% of gross loans as compared to $2,197,694 and a ratio of 1.9% of gross
loans at December 31, 1996.
The Corporation's non-accrual loans were $231,286 at March 31, 1997 as compared
to $345,755 at December 31, 1996. The decrease in non-accrual loans can be
attributed primarily to the additional resources devoted to collecting the
loans that are in non-accrual status.
The ratio of non-performing assets to total loans and mortgages held for sale
was 36% for March 31, 1997 as compared to 29% as of December 31, 1996. This
increase can be attributed to a higher volume of loans that were temporarily
overdue 90 days or more. The ratio of non-performing assets to allowance for
loan losses equaled 20.0% at March 31, 1997 as compared to 15.7% at December
31, 1996.
<PAGE>
A total of $39,277 loans were charged off by the Corporation during the quarter
ended March 31, 1997 as compared to $34,219 charged off during the
corresponding period in 1996. These charge-offs consisted primarily of loans
to small businesses and individuals. A total of $5,591 was recovered of
previously charged off notes by the Corporation during the quarter ended March
31, 1997, as compared to $255,305 recovered during the corresponding period in
1996.
Noninterest Income
- ------------------
Noninterest income totaled $488,543 for the three months ended March 31, 1997
as compared to $454,063 for three months ended March 31, 1996. This is an
increase of $34,480 or 7.6%. Income from fiduciary activities totaled $263,947
for the three months ended March 31, 1997 as compared to $199,064 for the
three months ended March 31, 1996. This $64,883 or 32.6% increase can be
primarily attributed to increased re-occuring trust business. Service charges
on deposit accounts totaled $107,456 for the three months ended March 31, 1997,
as compared to $106,082 for the same time period in 1996. Other deposit fees
decreased $7,201 or 12.5% for the three months ended March 31, 1997 as compared
to the same time period in 1996. Other income for the three month period ended
March 31, 1997 totaled $66,794 as compared to $91,370 for the three month
period ended March 31, 1996, a decrease of $24,576 or 26.9%. This decrease of
income is the result of approximately $12,000 of non-recurring income booked
in 1996 and none in 1997, along with a higher write-down relating to the
mortgage valuation in 1997.
Noninterest Expense
- -------------------
Noninterest expense totaled $1,964,936 for the three months ended March 31,
1997, as compared to $1,560,058 for the same time period in 1996. This
increase totaled $404,878 or 26.0%. This increase is attributed to increased
advertising, marketing, additional personnel, and promotion of the new
branches. Salaries and benefits totaled $1,148,672 for the three months ended
March 31, 1997 and $939,056 for the same time period in 1996. This $209,616
or 22.3% increase is due to increased staffing in Commercial loans and the
branches. Occupancy expense totaled $180,323 for the three months ended March
31, 1997 as compared to $163,598 for the same period in 1996 which is an
increase of $16,725 or 10.2%. The costs of equipment totaled $101,129 for the
three months ended March 31, 1997 as compared to $104,027 for the same period
in 1996. The decreased equipment expense in 1997 can be attributed to the
Bank's reader sorter being fully depreciated in 1996. Data processing fees
totaled $61,055 for the three months ended March 31, 1997 as compared to
$52,825 for the corresponding time in 1996. This increase of $8,230 or 15.6%
relates to the costs of new products offered and increased volume of accounts.
The FDIC Insurance Premium was $4,603 for the three months ended March 31,
1997 as compared to $500 for the corresponding period in 1996. The $4,103 or
820.6% increase was due to an increase in assessment rates. Other expenses
totaled $421,979 for the three months ended March 31, 1997 as compared to
$264,291 for the same period in 1996. This reflects the $157,688 or 59.7%
increase in marketing costs, ATM costs, supplies, postage, seminars, repo &
collection, publications and recoveries of trust department legal and
professional services booked in 1996 and not in 1997.
<PAGE>
Income Taxes
- ------------
The income tax provision for the three months ended March 31, 1997 totaled
$311,900 in comparison to an income tax provision of $345,500 for the same
time period in 1996. This decrease reflects a decrease of taxable income.
Net Income
- ----------
Net income amounted to $429,185 for the three months ended March 31, 1997 as
compared to net income of $475,793 for the same period in 1996, which is a
decrease of $46,608 or 9.8%. The earnings decrease is due to the
establishment of one branch, two high school branches and a fee standing ATM
kiosk that were established during the first quarter of 1997, as well as
increased personnel costs. In addition, the Corporation recorded nonrecurring
recoveries of expenses that totaled approximately $74,500, during the quarter
ended March 31, 1996.
Capital Resources
- -----------------
As of March 31, 1997, the Corporation had total capital in the amount of
$15,447,850, as compared with $15,142,561 at December 31, 1996, which
represents an increase of $305,289 or 2.0%.
The Bank is required to maintain a Tier 1 capital at a level equal to or
greater than 4.0% of the Bank's adjusted total assets. As of March 31, 1997,
the Bank's Tier 1 capital amounted to 7.63% of total assets. In addition,
banks and holding companies must maintain minimum levels of risk-based capital
equal to risk weighted assets of 8.00%. At March 31, 1997, the Bank's ratio
of risk-based capital to risk weighted assets amounted to 12.68%, which
satisfies the applicable risk based capital requirements. As of December 31,
1996, the Bank's Tier 1 capital amounted to 7.34% of total assets and risk
based capital amounted to 11.38% of total risk based assets.
The Corporation is required to maintain a Tier 1 capital at a level equal to
or greater than 4.0% of the Bank's adjusted total assets. As of March 31,
1997, the Corporation's Tier 1 capital amounted to 8.57% of total assets.
In addition, banks and holding companies must maintain minimum levels of
risk-based capital equal to risk weighted assets of 8.00%. At March 31, 1997,
the Corporation's ratio of risk-based capital to risk weighted assets amounted
to 12.78%, which satisfies the applicable risk based capital requirements. As
of December 31,1996, the Corporation's Tier 1 capital amounted to 8.26% of
total assets and risk based capital amounted to 12.58% of total risk based
assets.
The capital ratios of the Corporation and the Bank exceed regulatory
requirements.
<PAGE>
Liquidity
- ---------
The primary function of asset/liability management is to assure adequate
liquidity and maintain an appropriate balance between interest-sensitive
earning assets and interest-bearing liabilities. Liquidity management
involves the ability to meet the cash flow requirements of customers who may
be either depositors wanting to withdraw funds or borrowers needing assurance
that sufficient funds will be available to meet their credit needs. Interest
rate sensitivity management seeks to avoid fluctuating net interest margins
and to enhance consistent growth of net interest income through periods of
changing interest rates.
Certain marketable investment securities, particularly those of shorter
maturities, are the principal source of asset liquidity. The Corporation
maintains such securities in an available for sale account as a liquidity
resource. Securities maturing in one year or less amounted to approximately
$7,127,022 or 17.8% at March 31, 1997 of the investment securities portfolio,
and $7,534,983 at December 31, 1996, representing 18.6% of the investment
securities portfolio. Assets such as federal funds sold, mortgages held for
sale, as well as maturing loans are also sources of liquidity. The
Corporation's goal and general practice is to be interest rate sensitive
neutral, and maintain a net cumulative gap at one year or less than 10% of
Total Earning Assets, so that changes in interest rates should not dramatically
impact income as assets and liabilities mature and reprice concurrently.
<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.
BEVERLY NATIONAL CORPORATION
(Registrant)
Date: May 12, 1997 By: /s/ Lawrence M. Smith
--------------------------
Lawrence M. Smith
President, Chief Executive Officer
Date: May 12, 1997 By: /s/ Peter E. Simonsen
--------------------------
Peter E.Simonsen
Treasurer, Principal Financial
Officer
<PAGE>
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
(a) On March 25, 1997 the Corporation had its Annual Meeting.
(b) The following Directors were elected to serve until the year
2000:
For Withheld
------- --------
John N. Fisher 635,336 119,046
Alice B. Griffin 635,336 119,046
Barry A. Sullivan 635,336 119,046
The following other Directors' terms continued after the meeting:
Richard H. Booth
Neiland J. Douglas Jr.
Mark B. Glovsky
John L. Good, III
Clark R. Smith
Lawrence M. Smith
James D. Wiltshire
Item 5. Other Information None
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
27. Financial Data Schedule
b. The Corporation did not file any reports on Form 8-K during
the quarter ended March 31, 1997.
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 9,644,678
<INT-BEARING-DEPOSITS> 131,304,278
<FED-FUNDS-SOLD> 7,900,000
<TRADING-ASSETS> 966,833
<INVESTMENTS-HELD-FOR-SALE> 17,608,128
<INVESTMENTS-CARRYING> 21,388,485
<INVESTMENTS-MARKET> 21,368,284
<LOANS> 120,660,392
<ALLOWANCE> 2,164,008
<TOTAL-ASSETS> 184,798,079
<DEPOSITS> 167,368,178
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,296,423
<LONG-TERM> 385,627
0
0
<COMMON> 1,978,373
<OTHER-SE> 13,469,478
<TOTAL-LIABILITIES-AND-EQUITY> 184,798,079
<INTEREST-LOAN> 2,709,612
<INTEREST-INVEST> 614,229
<INTEREST-OTHER> 90,244
<INTEREST-TOTAL> 3,414,085
<INTEREST-DEPOSIT> 1,188,123
<INTEREST-EXPENSE> 8,484
<INTEREST-INCOME-NET> 2,217,478
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,964,936
<INCOME-PRETAX> 741,085
<INCOME-PRE-EXTRAORDINARY> 741,085
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 429,185
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.56
<YIELD-ACTUAL> 7.96
<LOANS-NON> 231,286
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,197,694
<CHARGE-OFFS> 39,277
<RECOVERIES> 5,592
<ALLOWANCE-CLOSE> 2,164,009
<ALLOWANCE-DOMESTIC> 1,521,007
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 643,002
</TABLE>
