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, 2000
----------------------------
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 (978) 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, 2000. 1,628,774 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, 2000 and December 31, 1999 . . . . . . . . . . . . 3-4
Consolidated Statements of Income for the Three Months
Ended March 31, 2000 and 1999 . . . . . . . . . . . . . . . 5-6
Consolidated Statements of Cash Flow for the
Three Months Ended March 31, 2000 and 1999 . . . . . . . . . 7-9
Notes to Consolidated Financial Statements . . . . . . . . . 10
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations. . . . . . . . 11
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . 18
Item 2.
Changes in Securities and Use of Proceeds . . . . . . . . . 18
Item 3.
Defaults Upon Senior Securities . . . . . . . . . . . . . . 18
Item 4.
Submission of Matters to a Vote of Security Holders . . . . 18
Item 5.
Other Information. . . . . . . . . . . . . . . . . . . . . 18
Item 6.
Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 18
Signatures. . . . . . . . . . . . . . . . . . . . . . . . . 17
<PAGE>
BEVERLY NATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2000 1999
------------ ------------
ASSETS
Cash and due from banks $ 11,924,759 $ 11,978,530
Federal funds sold 8,100,000 4,400,000
Investments in available-for-sale
securities (at fair value) 31,888,862 30,017,299
Investments in held-to-maturity
securities 17,077,993 17,078,037
Federal Reserve Bank stock, at cost 97,500 97,500
Federal Home Loan Bank stock, at cost 636,200 636,200
Loans:
Commercial 26,808,703 25,018,277
Real estate-construction and land
development 7,980,630 6,278,275
Real estate-residential 57,882,420 56,478,166
Real estate-commercial 49,574,088 48,546,154
Consumer 6,793,074 8,238,379
Municpal 3,460,135 3,476,578
Other 279,672 741,139
Allowence for loan losses (2,115,813) (2,132,386)
Deferred loan costs, net 221,390 208,996
Unearned income 0 0
------------ ------------
Net loans 150,884,299 146,853,578
Mortgages held for sale 251,699 1,349,314
Premises and equipment,net 5,240,807 5,135,817
Accrued interest receivable 1,623,139 1,268,741
Other assets 2,552,549 2,622,638
------------ ------------
$230,277,807 $221,437,654
============ ============
<PAGE>
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing $ 44,090,717 $ 44,806,770
Interest bearing
Regular savings 49,455,017 48,681,293
NOW accounts 38,348,545 36,109,984
Money market accounts 19,711,702 19,833,062
Time deposits 56,322,773 49,797,604
------------ ------------
207,928,754 199,228,713
Other liabilities 1,895,056 1,990,662
------------ ------------
Total liabilities 209,823,810 201,219,375
------------ ------------
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
1,627,718 as of March 31, 2000 and
1,622,018 as of December 31, 1999;
outstanding 1,581,594 shares as of
March 31, 2000 and 1,575,894 shares
as of December 31, 1999. 4,069,295 4,055,045
Paid-in capital 2,594,850 2,572,740
Retained earnings 14,606,164 14,349,652
Treasury stock, at cost (46,124 shares
as of March 31, 2000 and December 31,
1999) (427,467) (427,467)
Accumulated other comprehensive loss (388,845) (331,691)
------------ ------------
Total stockholders' equity 20,453,997 20,218,279
------------ ------------
$230,277,807 $221,437,654
============ ============
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,
2000 1999
------------ ------------
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans $ 3,215,009 $ 2,908,702
Interest and dividends on Investment
Securities:
Taxable 721,778 675,905
Tax-exempt 7,477 8,717
Dividends on marketable equity
securities 0 0
Other interest 65,889 126,015
------------ ------------
Total interest and dividend income 4,010,153 3,719,339
------------ ------------
INTEREST EXPENSE:
Interest on deposits 1,305,008 1,317,222
Interest on borrowings 2,699 12,604
------------ ------------
Total interest expense 1,307,707 1,329,826
------------ ------------
Net interest and dividend income 2,702,446 2,389,513
Provision for loan losses 0 0
------------ ------------
Net interest and dividend income after
provision for loan losses 2,702,446 2,389,513
------------ ------------
NONINTEREST INCOME:
Income from fiduciary activities 374,640 322,347
Service charges on deposit accounts 88,688 91,137
Other deposit fees 56,110 47,847
Other income 122,755 105,983
------------ ------------
Total noninterest income 642,193 567,314
------------ ------------
<PAGE>
NONINTEREST EXPENSE:
Salaries and employee benefits 1,413,048 1,332,180
Occupancy expense 255,766 218,137
Equipment expense 153,576 108,494
Data processing fees 101,226 93,339
Professional fees 76,864 109,482
Stationery and supplies 62,748 57,164
Other expense 475,109 445,960
------------ ------------
Total noninterest expense 2,538,337 2,364,756
------------ ------------
Income before income taxes 806,302 592,071
Income taxes 313,000 230,500
------------ ------------
Net income $ 493,302 $ 361,571
============ ============
Earnings per share;
Primary shares outstanding 1,579,751 1,555,400
============ ============
Diluted shares outstanding 1,722,842 1,742,771
============ ============
Net income per share-Primary $ .31 $ .23
Net income per share-Diluted $ .29 $ .21
Dividends per share $ .15 $ .14
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, 2000 and 1999
(Unaudited)
2000 1999
----------- -----------
Cash flows from operating activities:
Interest received $ 4,032,247 $ 3,440,770
Service charges and other income 642,193 558,594
Interest Paid (1,607,143) (1,331,638)
Cash paid to suppliers and employees (2,382,770) (2,524,484)
Income taxes paid (337,955) (111,351)
----------- -----------
Net cash provided by operating activities 346,572 31,891
----------- -----------
Cash flows from investing activities:
Proceeds from maturities of investment
securities held-to-maturity 2,753 3,042,000
Proceeds from maturities of investment
securities available-for-sale 1,030,683 6,387,721
Purchases of investment securities
held-to-maturity 0 0
Puschases of investment securities
available-for-sale (2,953,601) (7,953,993)
Net (increase) decrease in loans (2,576,968) 516,862
Net (increase) decrease in mortgages
held-for-sale (374,800) (1,582,210)
Capital expenditures (284,387) (313,016)
Recoveries of previously charged off loans 18,662 21,902
(Increase) decrease in other assets (90,744) (283,268)
Increase (decrease) in other liabilities 28,448 (406,734)
----------- -----------
Net cash provided by (used in) investing
activities (5,199,954) (570,736)
----------- -----------
<PAGE>
Cash flows from financing activities:
Net increase (decrease) in demand
deposits, NOW, Money market &
savings accounts 2,174,872 (1,797,434)
Net increase (decrease) in time deposits 6,525,169 361,999
Issued common stock 36,360 11,684
Dividends paid (236,790) (218,914)
----------- -----------
Net cash provided by (used in) financing
activities 8,499,611 (1,642,665)
----------- -----------
Net increase (decrease) in cash and
cash equivalents 3,646,229 (2,181,510)
Cash & cash equivalents beginning of year 16,378,530 25,471,822
----------- -----------
Cash & cash equivalents at March 31: $20,024,759 $23,290,312
=========== ===========
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, 2000 and 1999
(Unaudited)
(Continued)
Reconciliation of net income to net cash provided by operating activities:
2000 1999
----------- ------------
Net income $ 493,302 $ 361,571
----------- ------------
Depreciation expense 179,397 116,750
Amortization expense of investment
securities 366 6,276
Accretion income of investment securities (8,874) (5,013)
Change in prepaid interest 0 5,572
Provision for loan losses 0 0
Increase (decrease) in taxes payable (24,955) 119,149
(Increase) decrease in interest receivable (354,398) (295,255)
Increase (decrease) in interest payable 54,963 (7,384)
Increase (decrease) in accrued expenses (154,062) (231,893)
Net (gain) loss on sale of mortgages 0 (8,720)
Change in deferred loan fees 30,601 15,423
Change in prepaid expenses 130,232 (44,585)
----------- ------------
Total adjustments (146,730) (329,680)
----------- ------------
Net cash provided by operating activities $ 346,572 $ 31,891
=========== ============
Non-cash investing activities:
Mortgages held-for-sale transferred
to loans $ 1,472,415 $ 0
<PAGE>
BEVERLY NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(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, 2000.
2. EARNINGS PER SHARE
Earnings per share calculations are based on the weighted average
number of common shares outstanding during the period.
3. RECLASSIFICATION
Certain amounts in the prior year have been reclassified to be
consistent with the current year's statement presentation.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Introduction
- ------------
The following discussion includes 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, 2000, was
$493,302 as compared to $361,571 for the three month period ended March 31,
1999. This represents an increase of $131,731 or 36.4%. Primary earnings
per share totaled $.31 for the three months ended March 31, 2000, as compared
to earnings per share of $.23 for the three months ended March 31, 1999.
On a fully diluted basis, earnings per share for the first quarter of 2000
amounted to $.29 as compared with $.21 for the same period in 1999. As a
result of the increase in earnings during first quarter of 2000, the
Corporation declared and paid a quarterly dividend of $.15 per share as
compared with $.14 per share during the first quarter of 1999.
During the first calendar quarter of 2000, the Bank's total assets grew by
$8,840,153 or nearly 4.0% and amounted to $230,277,807 at March 31, 2000.
Most of the growth was in the loan portfolio and in federal funds sold. Net
loans grew $4,030,721 or 2.7% and federal funds sold grew $3,700,000 or 84.1%
during the first quarter of 2000. Deposits also grew by $8,700,041 or 4.4%
during the first calendar quarter of 2000. As a result, total deposits
increased from $199,228,713 at December 31,1999 to $207,928,754 at March 31,
2000. While interest bearing deposits grew, non-interest bearing deposits
contracted slightly from $44,806,770 at December 31, 1999 to $44,090,717 at
March 31, 2000.
<PAGE>
THREE MONTHS ENDED MARCH 31, 2000
AS COMPARED TO THREE MONTHS ENDED MARCH 31, 1999
Net Interest Income
- -------------------
Net interest and dividend income for the three months ended March 31, 2000,
totaled $2,702,446 as compared to $2,389,513 for the time period in 1999.
This increase was $312,933 or 13.1%. Total interest and dividend income
equaled $4,010,153 for the three months ended March 31, 2000 as compared to
$3,719,339 for the same time period in 1999, an increase of $290,814 or 7.8%.
Loan income for the three months ended March 31, 2000, totaled $3,215,009 as
compared to $2,908,702 for the same time period in 1999. This increase of
$306,307 or 10.5% represents the increased level of loan production. Interest
and Dividends on Taxable Securities for the three months ended March 31, 2000
totaled $721,778 as compared to $675,905 for the same period in 1999. This
increase of $45,873 or 6.8% is attributable to a higher volume of investments.
The taxable securities portfolio increased $3,126,936 during the past twelve
months. The interest and dividends on tax exempt securities decreased
slightly for the first quarter of 2000 as compared with the same quarter of
1999. The interest earned from Federal funds sold decreased $60,126 or 47.7%
for the three months ended March 31, 2000 when compared to the same time
period in 1999, primarily as a result of a 35.2% decrease in the volume of
Federal funds sold as of March 31, 2000 as compared to March 31, 1999 decreased
volume created this situation.
Deposit interest expense equaled $1,305,008 for the three months ended March
31, 2000, as compared to $1,317,222 for the same period in 1999. This decrease
of $12,214 or .9% 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. A premium rate certificate of deposit program matured and
rolled off during the fourth quarter 1999.
Short-term borrowings interest expense equaled $2,699 for the three months
ended March 31, 2000 as compared to none for the same period in 1999. This
expense reflects the cost of short-term borrowings at the Federal Home Loan
Bank of Boston. Notes payable interest expense for the three months ended
March 31, 2000 totaled -0- in comparison $12,604 for the corresponding time
period in 1999. This reflects the acceleration of loan fees relating to the
pay-down of the CSRT bond in March 1999.
<PAGE>
Non-interest Income
- -------------------
Non-interest income totaled $642,193 for the three months ended March 31, 2000
as compared to $567,314 for three months ended March 31, 1999. This is an
increase of $74,869 or 13.2%. Income from fiduciary activities totaled
$374,640 for the three months ended March 31, 2000 as compared to $322,347 for
the three months ended March 31, 1999. This $52,293 or 16.2% increase can be
primarily attributed to increased trust business. Service charges on deposit
accounts totaled $88,688 for the three months ended March 31, 2000, as
compared to $91,137 for the same time period in 1999. This decrease is due to
the promotion of deposit products that do not have a service charge.
Other deposit fees increased $8,263 or 17.3% for the three months ended March
31, 2000 as compared to the same time period in 1999. Other income for the
three month period ended March 31, 2000 totaled $122,755 as compared to
$105,983 for the three month period ended March 31, 1999, an increase of
$16,772 or 15.8%. This increase of income is the result of higher rents
collected.
Non-interest Expense
- --------------------
Non-interest expense totaled $2,538,337 for the three months ended March 31,
2000, as compared to $2,364,756 for the same time period in 1999. This
increase totaled $173,581 or 7.3%. This increase is primarily attributed to
additional personnel, the establishment of the Manchester Branch and new
delivery systems. Salaries and benefits totaled $1,413,048 for the three
months ended March 31, 2000 and $1,332,180 for the same time period in 1999.
This $80,868 or 6.1% increase is primarily due to increased staffing in
lending and retail. Occupancy expense totaled $255,766 for the three months
ended March 31, 2000 as compared to $218,137 for the same period in 1999
which is an increase of $37,629 or 17.3%. This increase is due to the
establishment of Manchester along with higher expenses of repairs and
maintenance of facilities. The costs of equipment totaled $153,576 for the
three months ended March 31, 2000 as compared to $108,494 for the same period
in 1999. The Manchester Branch and new data processing equipment created this
increase. Data processing fees totaled $101,226 for the three months ended
March 31, 2000 as compared to $93,339 for the corresponding time in 1999. This
is an increase of $7,887 or 8.5%. The increase is attributed to additional
products and delivery systems. Professional fees decreased $32,618 or 29.8%
due to lower legal and benefit consulting expenses. Other expenses totaled
$475,109 for the three months ended March 31, 2000 as compared to $445,960 for
the same period in 1999. This reflects an increase of $29,149 or 6.5% which
can be attributed to an expense increase in advertising, public relations,
communications and courier services.
<PAGE>
Income Taxes
- ------------
The income tax provision for the three months ended March 31, 2000 totaled
$313,000 in comparison to an income tax provision of $230,500 for the same
time period in 1999. This increase reflects an increase of taxable income.
Net Income
- ----------
Net income amounted to $493,302 for the three months ended March 31, 2000 as
compared to net income of $361,571 for the same period in 1999, which is an
increase of $131,731 or 36.4%. The earnings increase is due to a stronger net
interest margin and higher income from fiduciary activities in 2000 as
compared to 1999.
Allowance for Loan Loss
- -----------------------
At March 31, 2000, the Corporation's allowance for loan losses was $2,115,813
representing 1.4% of gross loans as compared to $2,132,386 and a ratio of 1.4%
of gross loans at December 31, 1999. No provisions to the allowance for loan
losses were made during the first calendar quarters of 2000 or 1999,
respectively.
The Corporation's non-accrual loans were $264,334 at March 31, 2000 as
compared to $362,870 at December 31, 1999.
The ratio of non-performing assets to total loans and mortgages held for sale
was 0.18% for March 31, 2000 as compared to 0.38% as of December 31, 1999.
This decrease can be attributed to fewer loans that were temporarily overdue
90 days or more and a lower non-accrual balance. The ratio of non-performing
assets to allowance for loan losses equaled 13.1% at March 31, 2000 as
compared to 26.4% at December 31, 1999.
A total of $18,662 loans were charged off by the Corporation during the quarter
ended March 31, 2000 as compared to $386 charged off during the corresponding
period in 1999. These charged off loans consisted primarily of loans to small
businesses and individuals. A total of $2,088 was recovered of previously
charged off notes by the Corporation during the quarter ended March 31, 2000,
as compared to $21,902 recovered during the corresponding period in 1999. In
the opinion of Management, the increased level of charge offs and decreased
level of recoveries experienced by the Corporation during the first calendar
quarter of 2000 reflects the specific circumstances of isolated loans and are
not considered to be indicative of any trends.
<PAGE>
Capital Resources
- -----------------
As of March 31, 2000, the Corporation had total capital in the amount of
$20,453,997 as compared with $20,218,279 at December 31, 1999, which
represents an increase of $235,718 or 1.2%.
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, 2000,
the Bank's Tier 1 capital amounted to 8.21% 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, 1999, the Bank's ratio
of risk-based capital to risk weighted assets amounted to 13.57%, which
satisfies the applicable risk based capital requirements. As of December 31,
1999, the Bank's Tier 1 capital amounted to 8.21% of total assets and risk
based capital amounted to 13.81% 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, 2000, the
Corporation's Tier 1 capital amounted to 9.21% 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, 2000, the Corporation's
ratio of risk-based capital to risk weighted assets amounted to 14.61%, which
satisfies the applicable risk based capital requirements. As of December 31,
1999, the Corporation's Tier 1 capital amounted to 9.44% of total assets and
risk based capital amounted to 15.43% of total risk based assets.
The capital ratios of the Corporation and the Bank exceed all regulatory
requirements and both institutions are considered to be "well capitalized" by
their respective federal bank supervisory agencies.
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. The
Corporation's interest rate sensitivity management practices seek to provide
consistency in the maintanence of net interest margins and to foster the
sustainable growth of net interest income despite changing interest rates.
<PAGE>
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
$4,638,879 or 9.3% at March 31, 2000 of the investment securities portfolio,
and $3,203,783 at December 31, 1999, representing 6.9% 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. The Corporation's current practices are consistent with these
objectives.
Forward Looking Statements
- --------------------------
Certain statements contained in this report, including those contained in
Management's Discussion and Analysis of Financial Condition and Results of
Operations and elsewhere, may be forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and are thus
prospective. Such forward looking statements are subject to risks,
uncertainties and other factors which could cause actual results to differ
materially from future results expressed or implied by such statements. Such
factors include, but are not limited to changes in interest rates, regulation,
competition and the local and regional economy.
<PAGE>
SIGNATURES
In accordance with 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 11, 2000 By: /s/ Lawrence M. Smith
------------- -----------------------
Lawrence M. Smith
President, Chief Executive Officer
Date: May 11, 2000 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 and Use of Proceeds None
Item 3. Defaults Upon Senior Securities None
Item 4. Submission of Matters to a Vote of Security Holders
(a) On March 28, 2000 the Corporation had its Annual Meeting.
(b) The following Directors were elected to serve a three year
term until their successors are elected and qualified, and who,
along with the existing directors whose terms did not expire at
this Annual Meeting, comprise the full Board of Directors of the
Corporation.
Term
Expires For Withheld
---------------------------------
John N. Fisher 2003 1,284,968 25,984
Alice B. Griffin 2003 1,284,968 25,984
Robert W. Luscinski 2003 1,284,968 25,984
James D. Wiltshire 2003 1,284,968 25,984
The following other Directors' terms continued after the meeting:
Richard H. Booth
Neiland J. Douglas, Jr.
Mark B Glovsky, Esq.
John L. Good III
Clark R. Smith
Lawrence M. Smith
Item 5. Other Information None
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
27. Financial Data Schedule
b. Reports on Form 8-K
The Corporation did not file a Form 8-K during the
quarter ended March 31, 2000.
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 11,924,759
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 8,100,000
<TRADING-ASSETS> 251,699
<INVESTMENTS-HELD-FOR-SALE> 31,888,862
<INVESTMENTS-CARRYING> 17,077,993
<INVESTMENTS-MARKET> 15,546,239
<LOANS> 150,884,299
<ALLOWANCE> 2,115,813
<TOTAL-ASSETS> 230,277,807
<DEPOSITS> 207,928,754
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,895,056
<LONG-TERM> 0
0
0
<COMMON> 4,069,295
<OTHER-SE> 16,384,702
<TOTAL-LIABILITIES-AND-EQUITY> 230,277,807
<INTEREST-LOAN> 3,215,009
<INTEREST-INVEST> 729,255
<INTEREST-OTHER> 65,889
<INTEREST-TOTAL> 4,010,153
<INTEREST-DEPOSIT> 1,305,008
<INTEREST-EXPENSE> 2,699
<INTEREST-INCOME-NET> 2,702,446
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,538,337
<INCOME-PRETAX> 806,302
<INCOME-PRE-EXTRAORDINARY> 806,302
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 493,302
<EPS-BASIC> .31
<EPS-DILUTED> .29
<YIELD-ACTUAL> 7.83
<LOANS-NON> 264,334
<LOANS-PAST> 12,184
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