NOTES TO FINANCIAL STATEMENTS DATED MARCH 31, 1995
1)Summary of interim financial statement adjustments.
The accompanying statements reflect all adjustments
(all of which are normal and recurring in nature) which are, in
the opinion of management, necessary to present a fair statement
of the results for the interim periods presented. The financial
statements should be read in conjunction with the Consolidated
Financial Statements and related Notes included in the Bank's
1994 Annual Report.
<TABLE>
<C> <C> <C>
MARCH 31, 1995
CARRYING MARKET
<CAPTION>
2)INVESTMENT SECURITIES: VALUE VALUE
<S> <C> <S>
a: U.S. Treasury and other
<S> <C> <C>
government agencies $64,274,708 $62,820,680
b: States of the U.S. and other
political subdivisions 14,390,108 14,760,746
c: Other securities 13,942,069 13,724,342
Total Securities $92,606,885 $91,305,768
March 31, December 31,
<CAPTION>
<C> <C> <C>
3)LOANS: 1995 1994
a: Commercial, agricultural
<S> <C> <C>
and other loans $41,216,434 $41,221,396
b: Real Estate - Construction 5,561,341 7,980,026
c: Real Estate - Mortgage 128,056,793 121,491,0
d: Installment loans 15,624,845 15,301,322
Total Loans $190,459,413 $185,993,806
<CAPTION>
4)CHANGES IN ALLOWANCE FOR POSSIBLE LOAN LOSSES:
<C> <C> <C> <C>
March 31, March 31,
1995 1994
<S> <C> <C> <C> <C> <C>
Balance, beginning January 1: $3,891,835 $3,369,387
Provision charged to income 240,000 240,000
Recoveries of amounts charged 31,964 22,508
Losses charged to provision 103,501 47,691
Balance, ending March 31 $4,060,298 $3,584,204
5)The aggregate dollar amount of loans made to directors,
executive officers or principal holders of equity securities
as of March 31, 1995 and December 31, 1994 respectively were:
<S> <C> <C> <C> <C>
Aggregate amount, beginning 1-1 $3,409,868 $3,482,587
New loans 190,296 862,194
Repayments 302,375 934,913
Aggregate amount, ending 3-31-95 $3,297,789
Aggregate amount, ending 12-31-94 $3,409,868
<C> <C> <C> <C>
March 31, December 31,
<C> <S> <C> <C> <C>
6)OTHER ASSETS: 1995 1994
<PAGE>
a: Interest earned but not paid on:
<S> <C> <C>
Loans $1,617,074 $1,286,864
Investments 1,083,082 907,931
b: Other Real Estate Owned 422,807 611,054
7)INCOME TAXES:
The company adopted Financial Accounting Standards No.
109 "Accounting for Income Taxes" effective January 1, 1993.
The standard requires adoption of a liability method of
accounting for income taxes. The accounting change had no
effect on the company's net income or retained earnings.
Components of income tax expense for the period ended March 31,
1995 are as follows:
Current
<S> <C>
Federal $651,499
State 26,184
$677,683
Deferred (101,813)
$575,870
Actual tax expense differs from the expected tax
expense computed by applying the applicable federal corporate
income tax rate of 34% is as follows for the three months ended
March 31, 1995:
<S> <C>
Computed tax expense $508,429
Tax exempt interest (81,443)
Other 148,884
$575,870
At March 31, 1995, items giving rise to the deferred
income tax assets and liabilities, using a tax rate of 34%, are
as follows:
<CAPTION>
<S>
ASSET LIABILITY
Allowance for possible losses
<S> <C>
on loans and real estate owned $1,232,180
Deferred and accrued employee
benefits 884,785
Deferred loan origination fees 143,373
Securities losses not currently
deductible 19,595
Core deposit intangibles 121,447
<S> <C>
Depreciation 161
Other 8,595
$2,409,975 $161
No valuation allowance is deemed necessary for the deferred tax
asset.
<PAGE>
<CAPTION>
<C> <S> <C> <C> <C>
8)INCOME TAX EXPENSE: 1995 1994
<S> <C> <C>
Federal Income Tax $549,686 $491,473
State Income Tax 26,184 23,341
</TABLE>
<PAGE>
BAR HARBOR BANKSHARES AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOW
(UNAUDITED)
<TABLE>
<CAPTION>
MARCH 31 MARCH 31
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
NET INCOME $1,308,309 $1,191,776
ADJUSTMENTS TO RECONCILE NET EARNINGS
TO NET CASH PROVIDED BY OPERATING
ACTIVITIES:
<S> <C> <C>
DEPRECIATION 138,008 134,126
PROVISION FOR LOAN LOSSES 240,000 240,000
NET SECURITIES (GAINS) LOSSES 0 0
NET AMORTIZATION OF BOND PREMIUM 50,191 168,318
NET CHANGE IN OTHER ASSETS (663,800) (1,505,852)
NET CHANGE IN OTHER LIABILITIES 295,982 682,492
NET CASH PROVIDED BY OPERATING
ACTIVITIES 1,368,690 910,860
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM MATURITIES AND PRINCIPAL
PAYMENTS ON INVESTMENTS INCLUDING
MORTGAGE BACKED SECURITIES 3,397,489 5,702,793
PROCEEDS FROM THE SALE OF INTEREST
BEARING INVESTMENTS 0 3,813,099
PROCEEDS FROM THE SALE OF EQUITY
SECURITIES 0 0
1,069,043, 1,059,743,7
PURCHASE OF INVESTMENT SECURITIES 413 66
1,069,204, 1,071,592,5
NET LOANS MADE TO CUSTOMERS 680 01
CAPITAL EXPENDITURES (227,169) 9,581,659
<S> <C> <C>
NET CASH USED IN INVESTING ACTIVITIES (6,065,235) (7,787,248)
CASH FLOWS FROM FINANCING ACTIVITIES:
<S> <C> <C>
NET CHANGE IN DEPOSITS 1,070,731,843 1,066,130,786
INCREASE IN REPURCHASE AGREEMENTS 9,830,919 3,726,553
NET CHANGE IN OTHER BORROWINGS (3,000,000) 12,000,000
PROCEEDS FROM SALE OF CAPITAL STOCK 61,828 38,988
PAYMENTS OF DIVIDENDS 0 0
<S> <C> <C>
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,882,766 8,154,503
<S> <C> <C>
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,072,928,045 1,278,115
CASH AND CASH EQUIVALENTS AT BEGINNING
<S> <C> <C>
OF YEAR 9,714,713 6,134,371
CASH AND CASH EQUIVALENTS AT END<PAGE>
<S> <C> <C>
OF QUARTER $8,900,934 $7,412,486
CASH AND CASH EQUIVALENTS AT END
OF YEAR
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
CASH PAID DURING THE YEAR FOR:
<S> <C> <C>
INTEREST $2,342,962 $1,679,733
INCOME TAXES $115,681 $115,681
The accompanying notes are an integral part of these consolidated
financial statements.<PAGE>
</TABLE>
BAR HARBOR BANKSHARES AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
MARCH 31, 1995 AND DECEMBER 31, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
<C> <C> <C> <C>
MARCH 31 DECEMBER 31
1995 1995
ASSETS
<S> <C> <C>
CASH AND DUE FROM BANKS $6,300,934 $9,714,713
FEDERAL FUNDS SOLD 2,600,000 0
INVESTMENT SECURITIES
<S> <C> <C>
SECURITIES HELD TO MATURITY 86,335,351 85,080,071
SECURITIES AVAILABLE FOR SALE 6,271,534 6,238,887
<S> <C> <C>
GROSS LOANS 190,459,413 185,993,806
ALLOWANCE FOR POSSIBLE
<S> <C> <C>
LOAN LOSSES 1,069,681,526 1,069,849,989
<S> <C> <C>
NET LOANS 186,399,115 182,101,971
PREMISES AND EQUIPMENT 5,655,385 5,566,224
OTHER ASSETS 8,636,737 7,985,584
TOTAL ASSETS $302,199,056 $296,687,450
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
DEPOSITS
<S> <C> <C>
DEMAND DEPOSITS $26,663,491 $30,124,536
NOW ACCOUNTS 35,798,156 37,951,497
SAVINGS DEPOSITS 54,770,137 61,981,439
TIME, $100,000 AND OVER 8,136,758 7,977,495
OTHER TIME 97,166,037 87,509,593
<S> <C> <C>
TOTAL DEPOSITS 222,534,579 225,544,560
SECURITIES SOLD UNDER
<S> <C> <C>
REPURCHASE AGREEMENTS 23,778,822 13,947,903
ADVANCES FROM FEDERAL
HOME LOAN BANK 22,000,000 25,000,000
<S> <C> <C>
OTHER LIABILITIES 3,730,185 3,434,203
TOTAL LIABILITIES 272,043,586 267,926,666
COMMITMENTS AND CONTINGENT LIABILITIES
CAPITAL STOCK, PAR VALUE $10
AUTHORIZED 600,000 SHARES
ISSUED 361,967 IN 1994
<S> <C> <S><C> <C> <C>
AND 362,721 IN 1995 3,627,210 3,619,670
<S> <C> <C>
SURPLUS 7,368,696 7,314,408
RETAINED EARNINGS 20,426,987 19,118,679
NET UNREALIZED APPRECIATION ON
SECURITIES AVAILABLE FOR SALE,
<S> <C> <C> <C>
NET OF TAX OF $37,388 72,577 48,027
LESS: COST OF 20,000 SHARES
<S> <C> <C>
OF TREASURY STOCK (1,340,000) (1,340,000)
<S> <C> <C> <C>
TOTAL STOCKHOLDERS' EQUITY 30,155,470 28,760,784 <PAGE>
TOTAL LIABILITIES AND
<S> <C> <C> <C>
STOCKHOLDERS' EQUITY $302,199,056 $296,687,450
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.<PAGE>
BAR HARBOR BANKSHARES AND SUBSIDIARY
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
<S>
THREE MONTHS THREE MONTHS THREE MONTHS
ENDING ENDING ENDING
03-31-95 03-31-94 03-31-93
<S> <C> <S> <C> <C> <C>
INTEREST & FEES ON LOANS $4,413,005 $3,689,232 $3,516,102
INTEREST & DIVIDENDS ON
INVESTMENT SECURITIES:
<S> <C> <C> <C>
TAXABLE INTEREST INCOME 1,243,323 1,003,761 1,215,311
NON-TAXABLE INTEREST
INCOME 215,370 204,651 217,720
DIVIDENDS 104,376 54,163 51,147
<S> <C> <C> <C>
FEDERAL FUNDS SOLD 16,074 15,821 3,838
TOTAL INTEREST INCOME 5,992,148 4,967,628 5,004,118
INTEREST ON DEPOSITS 1,794,598 1,335,806 1,449,029
INTEREST ON BORROWINGS 575,408 343,915 318,045
TOTAL INTEREST EXPENSE 2,370,006 1,679,721 1,767,074
NET INTEREST INCOME 3,622,142 3,287,907 3,237,044
PROVISION FOR LOAN LOSSES 240,000 240,000 270,000
NET INTEREST INCOME AFTER
<S> <C> <C> <C>
PROVISION FOR LOAN LOSSES 3,382,142 3,047,907 2,967,044
<S> <C> <C> <C>
OTHER INCOME 883,606 893,893 820,121
INVESTMENT SECURITIES GAINS 0 18,462 0
OTHER EXPENSES:
SALARIES & EMPLOYEE
<S> <C> <C> <C> <C>
BENEFITS 1,208,523 1,194,640 1,132,090
OTHER 1,173,046 1,059,032 957,821
INVESTMENT SECURITIES
<S> <C> <C> <C>
LOSSES 0 0 0
INCOME BEFORE INCOME TAXES 1,884,179 1,706,590 1,697,254
INCOME TAX EXPENSE 575,870 514,814 562,427
NET INCOME $1,308,309 $1,191,776 $1,134,827
EARNINGS PER SHARE:
BASED ON 341,454 SHARES
FOR 1993, 341,967 FOR 1994
AND $3.82 $3.49 $3.32
342,721 SHARES FOR 1995<PAGE>
DIVIDENDS PER SHARE $0.00 $0.00 $0.00
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.<PAGE>
RATE VOLUME ANALYSIS
The following table represents a summary of the
changes in interest earned and interest paid as a result of changes in rates
and changes in volumes.
For each category of earning assets and
interest-bearing liabilities, information is provided with respect to changes
attributable to change in rate (change in rate multiplied by old volume) and
change in volume (change in volume multiplied by old rate). The change in
interest due to both volume and rate has been allocated to volume and rate
changes in proportion to the relationship of the absolute dollar amounts of
the change in each.
<TABLE>
<CAPTION>
YEAR-TO-DATE FIGURES AS OF MARCH 31, 1995
COMPARED TO MARCH 31, 1994
INCREASES
(DECREASES)
DUE TO:
VOLUME RATE NET
<S> <C> <C> <C>
LOANS $531,976 $191,797 $723,773
TAXABLE SECURITIES $144,754 $145,021 289,775
TAX EXEMPT SECURITIES $793 $9,926 10,719
FEDERAL FUNDS SOLD AND
<S> <C> <S> <C> <C> <C>
MONEY MARKET FUNDS ($6,792) $7,045 253
TOTAL EARNING ASSETS 670,731 $353,789 1,024,520
<S> <C> <C> <C>
DEPOSITS $179,251 $279,541 458,792
BORROWINGS $29,614 $201,879 231,493
TOTAL INTEREST
<S> <C> <C> <C>
BEARING LIABILITIES $208,865 $481,420 $690,285
<S> <C> <C> <C>
NET CHANGE IN INTEREST $461,866 ($127,631) $334,235
<CAPTION>
YEAR-TO-DATE FIGURES AS OF MARCH 31, 1994
COMPARED TO MARCH 31, 1993
INCREASES
(DECREASES)
DUE TO:
<S>
VOLUME RATE NET
<S> <C> <C> <C>
LOANS $417,759 ($244,629) $173,130
TAXABLE SECURITIES $33,272 ($241,806) 10,528,884
TAX EXEMPT SECURITIES ($10,083) ($2,986) (13,069)
FEDERAL FUNDS SOLD AND
MONEY MARKET FUNDS $11,142 $841 11,983<PAGE>
<S> <C> <C> <C>
TOTAL EARNING ASSETS $452,090 ($488,580 ($36,490)
<S> <C> <C> <C>
DEPOSITS $85,356 ($198,579) 10,624,195
BORROWINGS $53,058 ($27,188) 25,870
TOTAL INTEREST
<S> <C> <C> <C>
BEARING LIABILITIES $138,414 ($225,767) $87,353)
<S> <C> <C> <C>
NET CHANGE IN INTEREST $313,676 ($262,813) $50,863
</TABLE>
<PAGE>
INTEREST RATE SENSITIVITY ANALYSIS
AS OF MARCH 31, 1995
(UNAUDITED)
AMOUNTS IN THOUSANDS
The following table sets forth the amounts of
interest-earning assets and interest-bearing outstanding at March 31, 1995
which are anticipated by the Bank, based upon certain assumptions, to price
or mature in each of the future time periods shown.
<TABLE>
<CAPTION>
ONE TO GREATER
DAILY TOTAL TO TOTAL TO FIVE THAN FIVE
FLOATING 90 DAYS ONE YEAR YEARS YEARS TOTAL
<S> <C> <C> <C> <C> <C>
LOANS - FIXED RATE 3,298 $9,207 $21,722 $16,531 $47,460
- VARIABLE RAT 65,899 125,863 7,975 0 133,838
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS 2,600 12,212 32,981 42,614 19,500 95,095
FEDERAL FUNDS SOLD 0 0 0 0
INTEREST RATE SWAP 0 0 10,000 10,000
TOTAL EARNING ASSETS 2,600 81,409 168,051 82,311 36,031 286,393
<S> <C> <C> <C> <C> <C>
DEPOSITS 72,540 104,917 26,214 91,313 222,444
REPURCHASE AGREEMENTS 25,044 25,044 25,044
BORROWINGS 18,000 22,000 22,000
INTEREST RATE SWAP 10,000 10,000 10,000
<S> <C> <C> <C> <C> <C> <C>
TOTAL SOURCES 0 125,584 161,961 26,214 91,313 279,488
NET GAP POSITION 2,600 (44,175) 6,090 56,097 (55,282) 6,905
CUMULATIVE GAP $2,600 ($44,175) $6,090 $62,187 $6,905 $6,905
RATE SENSITIVE ASSETS /
RATE SENSITIVE
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES 0.00% 64.82% 103.76% 314.00% 39.46% 102.47%
</TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
In reviewing the results of operations for
March 31, 1995 as compared to March 31, 1994, changes are
visible through the balance sheet. Total assets have grown
over 13.0% over he past twelve months with the major changes
visible in the investment and loan portfolios. The Bank's
investment portfolio grew by approximately $9,700,000 for
the twelve month period with growth predominantly in U.S.
Government agency securities. The Bank extended loans
secured by real estate to its customers totaling over
$18,000,000 more than one year ago with consumer mortgages
being the major category. The Bank's loan portfolio has
shown consistent growth during the past three years.
Funding for the asset growth has come from
increases in deposits totaling $26,600,000 and predominantly
from interest bearing liabilities, which increased 14%. The
Bank reduced its advances from the Federal Home Loan Bank by
$12,000,000 as deposits and opportunities for repurchase
agreements became less costly than advances. Short term
borrowings are expected to continue dropping for the next
six months through seasonal deposit growth, investment
maturities and principal pay downs from the Bank's mortgage
backed securities portfolio. During this period of rising
rates, the Bank has not extended its long erm borrowings
through the Federal Home Loan Bank.
Liquidity is measured by the Bank's ability
to meet cash needs at a reasonable cost or minimum loss to
the Bank. Liquidity management involves the ability to meet
cash flow requirements of its customers, which may come from
depositors withdrawing funds or borrowers requiring funds to
meet credit needs. Without adequate liquidity management,
the Bank would not be able to meet the needs of the
individuals and communities it serves. The Bank's policy is
to maintain its liquidity position at a minimum of 5% of
total assets. The Bank has maintained liquidity in its
balance sheet in excess of its 5% minimum for the past
twelve months.
How changes in the balance sheet have
affected the Bank may be viewed through the earnings
statement for the periods ending March 31, 1993, 1994, and
1995. The Bank has experienced a very strong first quarter
which compares favorably to the first quarter of 1994 and
which has produced a 9.8% increase over 1994 in net earnings
for the Bank. Interest income is affected by rates, volumes
and the mix of earning assets and interest bearing
liabilities. For the first three months of 1995, increases
in the loan portfolio have afforded the Bank additional
interest income of $724,000 due to increases in both volumes
($532,000) and $192,000 due to changes in rates. Loan
yields have increased (69 basis points) over the past twelve
months. This represents the first increase in loan yields
for the past several years with decreases of 64 and 103
basis points experienced in 1994 and 1993 respectively.
Additionally, interest on investments has increased by more
than $300,000 with increases both from volumes and yields.
This too is a change from the past two years, when in 1994
earnings from the Bank's investment portfolio decreased
by $244,000 due to decreases in yields. Yields on
investments have increased by 61 basis points during the
past year and represent a positive trend when compared to
the 72 basis points drop experienced in 1994.
Increased rates on the liability side were
contained with the Bank not increasing its rates on savings,
NOW and money market funds. Instead the Bank chose to offer
CDS at current market rates, thereby increasing its cost of
funds on those accounts only. The Bank's cost of funds rose
by $690,000 which is both from increased volumes ($209,000)
as well as higher CD rates. The cost of purchased funds
has increased by 92 basis points in the past year.
Comparing this to 1994 and 1993, both years showed
reductions in funding costs (23 basis points in 1994 and 106
basis points in 1993). In 1993, liability costs were
decreasing at a more rapid pace than asset yields, which
impacted the Bank in a very positive manner. 1994 began
with a downward trend for interest rates, but the Bank like
other financial institutions was impacted by each of the
federal funds increases instituted by the Federal Reserve.
It has been the Bank's approach to lag increases on both
sides of the balance sheet throughout the year.
The Bank is well-positioned with regard to
interest rate sensitivity with assets and liabilities
matched for repricing within a year. The Bank has maintained
its reserve for possible loan losses over the past several
years, reflecting the recessionary nature of the economy in
the early 1990's. The ratio for the reserve for possible
loan losses has been over 2% for the past three years, with
a ratio of 2.13% as of March 31, 1995. The Bank reviews
its allocation to the reserve on a monthly basis and funds
the reserve as deemed necessary. Losses for 1995 are
estimated at $1,000,000. Included in loans on a non-accrual
basis as of March 31, 1995 were several large credits
relating to the fishing industry. After quarter end, loans
totaling $1,350,000 were resolved and have been taken off
non-accrual status. The amounts represented below are the
total dollars outstanding for the first three months of each
year listed.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CATEGORY 1995 1994 1993
90-Day past
due and
still
<S> <C> <C> <C>
accruing $189,904 $486,959 $1,070,264
Non-accruing $4,184,679 $2,596,655 $3,036,538
$4,374,583 $3,083,614 $4,106,802
Gross loans $190,459,413 $165,649,797 $144,701,914
Percentage
of gross
<S> <C> <C> <C>
loans 2.30% 1.86% 2.84%
In reviewing non-interest income, 1995 showed a
decline of $29,000 when compared to 1994. The decline has
come from two specific areas, one being securities gains
taken in the first quarter of 1994 of $18,500 for which
there were no comparable gains taken in 1995. Additionally,
the secondary market for residential mortgages, which has
generated substantial income for the Bank in the past
several years, dropped to $11,000 in the first quarter of
1995. In comparison, both 1994 and 1993 showed increases
as compared to their respective previous years.
Non-interest income for 1994 increased by $92,000
whereas 1993 experienced a $96,000 increase over 1992.
During the first three months of 1993 the Bank earned almost
$63,000 from fees generated by the secondary mortgage
program. Although this trend was not expected to continue
into 1994 as rates began to rise, these fees totaled $75,000
for the first three quarters of 1994. Following the first
quarter of 1995, interest rates, specifically in the
secondary market for residential mortgages, have dropped and
the Bank has once again begun to experience additional loan
demand in this area.
In 1994 salary and employee benefit s were
$63,000 (or 5.5%) over 1993 which is comparable to the
increase experienced in 1993 as compared to 1992. Salary
and benefits remained stable for the first quarter of 1995,
increasing by $14,000 over 1994.
Other expense for the first quarter of 1995
is greater than 1994 and includes increases in postage costs
due to the increase by the US Postal Service; increases in
media coverage for Bank promotions offered during the first
quarter; increased legal expense incurred with loan
resolutions; and increased FDIC insurance based on increased
deposits. Likewise, other expense was greater in 1994 when
compared to 1993's expense with no single account showing a
large increase over last year. This category encompasses
the majority of accounts that are not interest or human
resource related.
The Bank's capital to asset ratio is 9.98%
and the Bank far exceeds the required risk based capital
ratio of 8% with its Tier I ratio of 14.9% and total capital
ratio of 16.1% or additional capital of $16,000,000.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
Consolidated Statement of Financial Condition
Consolidated Statement of Earnings
</LEGEND>
<RESTATED>
<CIK> 0000743367
<NAME> BAR HARBOR BANKSHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 6,301
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,600
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,272
<INVESTMENTS-CARRYING> 86,335
<INVESTMENTS-MARKET> 85,034
<LOANS> 190,459
<ALLOWANCE> (4,060)
<TOTAL-ASSETS> 302,199
<DEPOSITS> 222,535
<SHORT-TERM> 45,779
<LIABILITIES-OTHER> 3,730
<LONG-TERM> 0
<COMMON> 3,627
0
0
<OTHER-SE> 26,528
<TOTAL-LIABILITIES-AND-EQUITY> 302,199
<INTEREST-LOAN> 4,413
<INTEREST-INVEST> 1,563
<INTEREST-OTHER> 16
<INTEREST-TOTAL> 5,992
<INTEREST-DEPOSIT> 1,795
<INTEREST-EXPENSE> 2,370
<INTEREST-INCOME-NET> 3,622
<LOAN-LOSSES> 240
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,382
<INCOME-PRETAX> 1,884
<INCOME-PRE-EXTRAORDINARY> 1,884
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,308
<EPS-PRIMARY> 3.82
<EPS-DILUTED> 3.82
<YIELD-ACTUAL> 8.84
<LOANS-NON> 4,185
<LOANS-PAST> 190
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 13,392
<ALLOWANCE-OPEN> 3,892
<CHARGE-OFFS> 104
<RECOVERIES> 32
<ALLOWANCE-CLOSE> 4,060
<ALLOWANCE-DOMESTIC> 4,060
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,483
</TABLE>
