FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended March 31, 1996
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 0-13423
FNB Rochester Corp.
(Exact name of registrant as specified in its charter)
New York 16-1231984
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
35 State St., Rochester, New York 14614
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (716) 546-3300
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for 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 ______.
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Class Outstanding at April 30, 1996
Common stock, $1.00 par value 3,570,563
<PAGE>
INDEX
Page No.
Part I Financial Information
Condensed consolidated statements of financial
condition - March 31, 1996 and December
31, 1995 3-4
Condensed consolidated statements of
operations for the three months ended
March 31, 1996 and 1995 5
Condensed consolidated statements of cash
flows for the three months ended March
31, 1996 and 1995 6-7
Notes to condensed consolidated financial
statements 8-10
Management's discussion and analysis of
financial condition and results of operations 11-14
Part II Other information 15-16
Index of Exhibits 18
<PAGE>
PART I - FINANCIAL INFORMATION
FNB ROCHESTER CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(unaudited)
(In thousands, except per share data)
March December
31, 31,
1996 1995
Assets
Cash and due from banks $15,918 $18,662
Interest-bearing deposits with other banks 1,037 1,061
Federal funds sold - 5,200
Securities available-for-sale, at fair
value 70,578 73,527
Securities held-to-maturity (fair value of
$29,590 in 1996 and $31,952 in 1995) 29,886 31,780
Loans:
Commercial 174,403 165,645
Mortgage 54,153 49,889
Home Equity 19,589 18,773
Consumer 20,448 19,711
______ ______
Total loans 268,593 254,018
Net deferred loan fees 62 (15)
Allowance for loan losses (5,803) (5,776)
_______ _______
Net loans 262,852 248,227
Premises and equipment, net 8,279 7,255
Accrued interest receivable 3,368 3,579
FHLB and FRB stock 1,516 1,299
Other assets 573 730
___ ___
Total assets $394,007 $391,320
======= =======
Liabilities and shareholders' equity
Deposits:
Demand:
Non-interest bearing $42,346 $46,061
Interest bearing - NOW 61,879 67,639
Savings and money market 81,434 76,687
Certificates of deposit:
Under $100,000 109,721 105,929
$100,000 and over 69,046 61,559
______ ______
Total deposits 364,426 357,875
Securities sold under agreement to
repurchase and short-term borrowing 800 4,986
Accrued interest payable and other
liabilities 2,390 2,613
Long-term debt 210 -
___ _
Total liabilities 367,826 365,474
_______ _______
Shareholders' equity:
Common stock, $1 par value; authorized
5,000,000 shares; issued and outstanding 3,569 3,569
3,568,963 in 1996 and 1995
Additional paid in capital 13,024 13,024
Undivided profits 9,172 8,403
Unrealized net holding gain on securities
available-for-sale 416 850
___ ___
Total shareholders' equity 26,181 25,846
______ ______
Total liabilities and $394,007 $391,320
shareholders' equity ======= =======
See accompanying notes to condensed consolidated financial
statements
<PAGE>
FNB ROCHESTER CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (unaudited)
(In thousands, except for share data)
Three months ended
March 31,
Interest income: 1996 1995
Interest and fees on
loans:
Commercial $ 4,014 $ 3,414
Mortgage 946 613
Home equity 457 504
Consumer 424 343
___ ___
Total interest and 5,841 4,874
fees on loans
Federal funds sold and 64 172
time deposits
Securities 1,682 1,638
_____ _____
Total interest income 7,587 6,684
_____ _____
Interest expense:
Savings, NOW and money
market accounts 740 835
Certificates of deposit 2,343 1,745
Short-term borrowing and
other 53 90
__ __
Total interest expense 3,136 2,670
_____ _____
Net interest income 4,451 4,014
Provision for loan losses - -
_ _
Net interest income
after provision for
loan losses 4,451 4,014
_____ _____
Non-interest income:
Service charges on
deposit accounts 344 287
Credit card fees 152 146
Loan servicing fees 70 76
Other operating income 158 98
___ __
Total non-interest
income 724 607
___ ___
Non-interest expense:
Salaries and employee
benefits 2,279 2,010
Occupancy 822 664
Marketing and public
relations 150 154
Office supplies,
printing and postage 150 129
Processing fees 264 227
F.D.I.C. assessments 1 165
Legal 63 81
Other 379 391
___ ___
Total non-interest
expenses 4,108 3,821
_____ _____
Income before income
taxes 1,067 800
Income tax expense 299 299
___ ___
Net income $768 $501
=== ===
Weighted average
shares outstanding
-primary 3,639,803 3,568,713
========= =========
Net income per
common share -
primary $ .21 $ .14
=== ===
See accompanying notes to condensed consolidated financial
statements.
<PAGE>
FNB ROCHESTER CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)
Three months ended
March 31,
1996 1995
Cash flows from operating activities:
Net income $ 768 $ 501
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 321 290
Amortization of goodwill 79 59
Increase in mortgage loans
held-for-sale (587) (154)
(Increase) decrease in accrued interest
receivable 211 (91)
Decrease in other assets 78 132
Increase in accrued interest payable
and other liabilities 76 513
__ ___
Net cash provided by operating
activities 946 1,250
___ _____
Cash flows from investing activities:
Decrease in interest bearing deposits - 77
Securities available-for-sale:
Purchase of securities (4,662) (5,797)
Proceeds from maturities 6,879 474
Securities held-to-maturity:
Purchase of securities (157) (3,228)
Proceeds from maturities 2,051 718
Loan origination and principal
collection, net (14,038) (10,513)
Capital expenditures, net (1,345) (351)
Increase in other assets - investing (217) (957)
___ ___
Net cash used by investing
activities (11,489) (19,577)
______ ______
Cash flows from financing activities:
Net decrease in demand, savings, NOW
and money market accounts (4,728) (6,559)
Certificates of deposit accepted and
repaid, net 11,279 37,533
Increase (decrease) in short-term
borrowings and securities
sold under agreement to repurchase (4,186) (9,426)
Increase in long-term debt 210 -
___ _
Net cash provided by financing
activities 2,575 21,548
_____ ______
Increase (decrease) in cash and cash
equivalents (7,968) 3,221
Cash and cash equivalents at
beginning of year 23,923 19,281
______ ______
Cash and cash equivalents at
end of period $15,955 $22,502
====== ======
Supplemental disclosure of non-cash
investing and financing activities
Transfer of loan from in-substance
foreclosure to commercial loans - 1,160
The Company paid cash during the three months ended March 31,
1996 and 1995 as follows:
Cash paid for interest $ 3,025 $ 2,732
Cash paid for taxes - -
See accompanying notes to condensed consolidated financial
statements.
<PAGE>
FNB ROCHESTER CORP. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (unaudited)
(1) Summary of Significant Accounting Policies
Basis of Presentation
FNB Rochester Corp. (the Company) operates as a bank holding
company. Its only subsidiary is First National Bank of
Rochester (the Bank). The consolidated financial statements
include the accounts of the Company and its wholly owned
subsidiary, the Bank. All material intercompany accounts
and transactions have been eliminated in the consolidation.
The financial information is prepared in conformity with
generally accepted accounting principles and such principles
are applied on a basis consistent with those reflected in
the December 31, 1995 Form 10-K Report of the Company filed
with the Securities and Exchange Commission. The financial
information included herein has been prepared by management
without audit by independent certified public accountants.
The information furnished includes all adjustments and
accruals, solely of a normal recurring nature, that are in
the opinion of management necessary for a fair presentation
of results for the interim period ended March 31, 1996.
Amounts in prior periods' financial statements are
reclassified whenever necessary to conform with current
presentation.
(2) Allowance for Loan Losses
The Financial Accounting Standards Board issued Statement
114 Accounting by Creditors for Impairment of a Loan as
amended by Statement 118, Accounting by Creditors for
Impairment of a Loan - Income and Disclosure. These
statements prescribe recognition criteria for loan
impairment, generally related to commercial type loans, and
measurement methods for certain impaired loans and all loans
whose terms are modified in troubled debt restructuring
subsequent to the adoption of these statements. A loan is
considered impaired when it is probable that the borrower
will be unable to repay the loan according to the original
contractual terms of the loan agreement.
As of January 1, 1995, the Company has adopted the
provisions of SFAS No. 114 and SFAS 118 and has provided the
required disclosures. The effect of adoption was not
material to the consolidated financial statements. As of
January 1, 1995, all of the Company's in substance
foreclosed assets were reclassified into impaired loan
status as required by SFAS No. 114. For all prior periods
presented, all amounts related to in substance foreclosures
have also been reclassified. These reclassifications did
not impact the Company's consolidated financial condition or
results of operations.
As a result of the adoption of SFAS No. 114, the allowance
for possible loan losses related to impaired loans that are
identified for evaluation in accordance with SFAS No. 114 is
based on the present value of expected cash flows discounted
at the loan's initial effective interest rate, except that
as a practical expedient, impairment may be measured at the
loan's observable market price, or the fair value of the
collateral for certain loans where repayment of the loan is
expected to be provided solely by the underlying collateral
(collateral dependent loans). The Company's impaired loans
are generally collateral dependent.
The Company considers estimated costs to sell, on a
discounted basis, when determining the fair value of
collateral in the measurement of impairment if those costs
are expected to reduce the cash flows available to repay or
otherwise satisfy the loans. Prior to the adoption of SFAS
No. 114 and 118, the allowance for possible loan losses
related to these loans was based on estimated undiscounted
cash flows or the fair value of the collateral, less
estimated costs to sell for collateral dependent loans.
Other real estate owned included both formally foreclosed
and in-substance foreclosed real properties. In accordance
with SFAS No. 114, a loan is classified as an in-substance
foreclosure when the Company has taken possession of the
collateral regardless of whether formal foreclosure
proceedings have taken place. Prior to the adoption of SFAS
No. 114 and SFAS No. 118, in-substance foreclosed properties
included those properties where the borrower has little or
no remaining equity in the property considering its fair
value, where repayment was only expected to come from the
operation or sale of the property; and where the borrower
had effectively abandoned control of the property or it was
doubtful that the borrower would be able to rebuild equity
in the property.
Changes in the allowance for possible loan losses for the
three months ended March 31, 1996 and 1995 are as follows:
1996 1995
Balance at beginning of
period $5,776 $6,452
Provisions (recovery) for
possible loan losses - -
Loans charged off (44) (46)
Recoveries on loans
previously charged-off 71 68
__ __
Balance at end of period $5,803 $6,474
===== =====
At March 31, 1996, the recorded investment in loans that are
considered to be impaired under SFAS No. 114 totaled
$243,000. The average recorded investments in impaired loans
during the three months ended March 31, 1996 was
approximately $243,000.
Impaired loans are included in non-performing loans,
generally as non-accrual loans. Commercial type loans past
due greater than 90 days and still accruing are generally
not considered to be impaired as the Company expects to
collect all amounts due, including interest accrued at the
contractual interest rate for the delinquent period.
When a loan is impaired and the future repayment of the
recorded balance is doubtful, interest payments received are
applied to principal and no interest income is recognized.
If the recorded loan balance is expected to be paid,
interest income is recognized on a cash basis.
For the three months ended March 31, 1996, the Company
recognized no interest income on the impaired loans.
(3) Income per Common Share
Per share data is based upon the weighted average number of
common shares outstanding during the year. Common share
equivalents (stock options) were used in the income per
share calculation for 1996 as they dilute earnings per share
by more than 3 percent. Common share equivalents were not
used in the 1995 calculation as the dilution was less than 3
percent. Fully diluted per share data is not applicable.
(4) Stock Option Plan
The Company has an incentive stock option plan under which
options to acquire 225,000 shares of its common stock were
available to grant to key employees. At March 31, 1996,
options to purchase 223,100 shares were held by grantees
under the plan. The range of exercise prices of the options
is $5.63 to $7.75 per share with an average exercise price
of $6.59 per share. At March 31, 1996, options to acquire
167,150 shares were exercisable. The remaining options
become exercisable at various times through June 1997. As
of March 31, 1996 options to acquire 250 shares have been
exercised.
(5) Dividends
At the March 1992 Board of Director's meeting, the Board
approved the suspension of the dividend on common stock as
part of its plan to preserve capital. No dividends have
been paid since 1991.
<PAGE>
FNB ROCHESTER CORP. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors which have affected the Company's financial
position and operating results during the periods included in the
accompanying condensed consolidated financial statements.
Management's discussion and analysis supplements management's
discussion and analysis for the year ended December 31, 1995
contained in Company's Form 10-K for the period then ended and
includes certain known trends, events and uncertainties that are
reasonably expected to have a material effect on the Company's
Financial position or operating results.
Overview
Both loans and deposits have continued to grow in the first
quarter of 1996. Average loan balances have increased $7.4
million from the three-month period ended December 31, 1995 and
average deposits have increased $8 million. The deposit increase
has primarily been in certificates of deposit with most of the
increase in certificates of $100,000 or more. Increases in the
number of public fund banking relationships in the Company's
banking offices continues to contribute to this increase.
Management has made the decision, on a temporary basis, to fund a
portion of its loan originations with public fund certificates of
deposit as a lower interest cost alternative to securities sold
under agreement to repurchase or other long or short term
borrowing. After several years of declines, non-performing assets
increased modestly in the first quarter by $331,000 to a level
of $2 million and increased as a percent of total loans and real
estate acquired by foreclosure to .76% from .67% at year end
1995.
Net income for the three months ended March 31, 1996 increased
$267,000, or 53.3%, to $768,000 from $501,000 for the same period
in 1995. Income per share increased to $.21, up $.07 in
comparison to $.14 for the three months ended March 31, 1995.
The increase in income was primarily due to an increase in net
interest income of $437,000. Non-interest income increased
$117,000, or 19.3%, and non-interest expense increased $287,000,
or 7.5%. 1996 non-interest expense showed increases in salaries
and employee benefits and occupancy and was partially offset by a
decrease in Federal Deposit Insurance assessment.
Net Interest Income
Net interest income for the three-month period increased
$437,000, or 10.9%, as compared to the period ended March 31,
1995. As in 1995 the focus in 1996 continues to be increased
lending activity funded primarily with deposit growth. The
increase in net interest income is primarily the result of
increased commercial loan and residential mortgage loan volumes
with offsetting interest expense from increased certificate of
deposit volumes. Net interest margin, which was 5.02% for the
three-month period ended March 31, 1995, has remained relatively
stable at 4.83%, 4.90%, 4.97% and 4.86% for the quarters ended
June, September, and December 1995 and March 1996 respectively.
Interest margins may decline in the future months as much of the
deposit growth is expected to be in higher-yielding certificates
of deposit.
Increased loan volume continues to have a positive effect on
interest income. Interest and fees on loans increased $967,000,
or 19.8% for the three-month period ended March 31, 1996 as
compared to the same period in 1995. The increases were caused
by higher loan volumes.
Average commercial loans increased $34 million, or 25.2%, from
the period ended March 31, 1995 to the period ended March 31,
1996. The increased volume contributed $809,000 to income, which
was partially offset by rate declines that reduced income by
$209,000. Average mortgage loans increased $18.3 million, or
57.4%. The increase in the mortgage portfolio was primarily made
up of 15 year fixed rate mortgages. If mortgage rates continue at
current levels, or decline, more of the new mortgages originated
for portfolio are likely to be fixed than variable. The rates
for mortgages being placed in the portfolio in 1996 show little
change from 1995 and the $333,000 increase in interest income was
primarily caused by the increase in volume. Average home equity
loans declined $1.3 million and reduced income $47,000. Average
consumer loans increased $2.5 million, or 14.5%, and the result
for the period was an increase in interest income of $54,000 from
volume and $27,000 from higher rates.
Interest expense increased $466,000, or 17.5%, for the three-
month period ended March 31, 1996 as compared to the period ended
March 31, 1995. The savings, NOW, and money market categories of
deposits have shown a decrease in interest expense of $13,000
from declining deposit volumes and a decrease of $82,000 from
decreased rates. Together, average savings, NOW and money market
accounts declined $2.5 million, or 1.8% from the March 1995
quarter. The Bank's deposit growth in certificates of deposit
resulted in $565,000 additional interest expense due to increased
balances and $33,000 because of increased rates. Average total
certificates of deposit have increased $41.7 million from March
31, 1995 to March 31, 1996. During the remainder of the year,
much of the Bank's deposit growth is expected to be in
certificates of deposit.
Provision for Loan Losses
The Bank provides for loan losses by a charge to current
operations. The provision is based upon discretionary
adjustments which, in the opinion of management, are necessary to
bring the allowance to an appropriate level considering the
character of the loan portfolio, current economic conditions,
analyses of specific loans, and historical loss experience.
The Bank had net recoveries of $27,000 for the three-month period
ended March 31, 1996 as compared to net recoveries of $22,000 for
the same period in 1995. Net recoveries (annualized) as a
percent of average loans were .04% for both the three months
ended March 31, 1996 and 1995. The ratios of the allowance for
possible loan losses as a percent of period end loans for the
comparable period were 2.16% and 3.04% respectively. Non
performing assets declined in the three months ended March 31,
1996 to $2 million from $3.4 million at March 31, 1995.
Management undertakes a quarterly analysis to assess the adequacy
of the allowance taking into account non-performing and
delinquent loans, internally criticized loans, historical trends,
economic factors, and overall credit administration. Based on
this analysis, the allowance is considered adequate at March 31,
1996 to absorb anticipated losses. It is anticipated that
further additions to the allowance will not be necessary in 1996
unless there are significant changes in the local economy or
higher than anticipated loan growth.
Non-Interest Income and Non-Interest Expense
Non-interest income of $724,000 for the first three months of
1996 represents an increase of $117,000, or 19.3%, from $607,000
for the comparable period in 1995. The increase was primarily
caused by increases in service charges on deposit accounts and
gains on the sale of residential mortgages.
Non-interest expense was $4,108,000 for the first three months of
1996 as compared to $3,821,000 for the comparable period in 1995,
an increase of $287,000, or 7.5%. The largest components of non-
interest expense for the three-month period ended March 31, 1996
were salaries and employee benefits of $2,279,000 which increased
$269,000, or 13.4%, from $2,010,000 for the same period in 1995
and occupancy which increased $158,000, or 23.8%. Both increases
were caused primarily by expenses associated with new banking
offices. The Bank opened three new banking offices in 1995 and a
fourth in 1996 as well as moving an existing office to a new
facility in January of 1996. Occupancy also increased because of
technological improvements. Offsetting the increases was a
reduction in Federal Deposit Insurance assessment of $164,000.
With continued growth and technological improvements, the Bank's
operating expenses are expected to continue to increase.
Provision for Income Taxes
The provision for income tax remained constant at $299,000 for
the periods ended March 31, 1996 and 1995. The Company's
effective tax rates for the periods were 28% and 37.4% for 1996
and 1995 respectively. The decreased effective rate for 1996 was
caused by the Company's ability to recognize deductible temporary
differences for which a valuation allowance had previously been
established.
Income taxes are accounted for under the asset and liability
method. Deferred tax assets and liabilities are recognized for
the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and
liabilities and their respective tax basis and operating loss and
tax credit carry forwards. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are
expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.
The realization of deductible temporary differences depends on
the Company having sufficient taxable income within the carry
back period permitted by the tax law to allow for utilization of
deductible amounts. A valuation allowance has been established
for the portion of the Company's net deductible temporary
differences which are not expected to be realized.
Capital Adequacy
Total shareholders' equity was $26,181,000 at March 31, 1996,
which represents an increase of $335,000, or 1.3% from
$25,846,000 at December 31, 1995. Capital increased by $768,000
from earnings and declined $433,000 from a decrease in the market
value of the available-for-sale securities portfolio.
At March 31, 1996, the Company and its banking subsidiary
exceeded the minimum guidelines for Tier 1 and Total Risk-Based
Capital of 4% and 8%, respectively. The Company's ratios were
9.86% and 11.12% respectively, at March 31, 1996. Banking
organizations must also maintain a minimum Tier 1 Leverage Ratio
of 3% of assets. Banking organizations that are not top-rated
according to regulators' "Camel" ratings, however must meet
leverage ratios of at least 100 basis points above the 3%
standard. The Company's Tier 1 Leverage Ratio at March 31, 1996
was 6.55%.
Liquidity
Liquidity measures the ability to meet maturing obligations and
existing commitments, to withstand fluctuations in deposit
levels, to fund operations, and to provide for customers' credit
needs. Management carefully monitors its liquidity position and
seeks to maintain adequate liquidity to meet its needs. All
internal liquidity measures are over minimum levels established
by the Bank. The fundamental source of liquidity will continue
to be deposits. Available sources of asset liquidity include
short-term investments, loan repayments, and securities held in
the available-for-sale portfolio. Additionally, the Bank has the
ability to pledge securities to secure short-term borrowing. The
Bank is a member of the Federal Home Loan Bank which provides an
additional source of funding.
The vast majority of the assets of the Company are held by the
Bank. Dividends and cash advances to the Company from the Bank
are subject to standard bank regulatory constraints. An analysis
of projected expenses and cash flows indicates that the Company
has sufficient cash to meet its anticipated cash obligations
through 1996.
<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
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
Exhibit Incorporation by
Reference or page in
sequential numbering
where exhibit may be
found:
(3.1) Certificate of Exhibits 4.2-4.5 to
Incorporation as Registration Statement
amended, of the No. 33-7244, filed July
Registrant 22, 1986
(3.2) Amendment to Exhibit 3 to Form 10-Q
Certificate of for period ended
Incorporation of June 30, 1992
Registrant dated August
6, 1992
(3.3) By-laws of the Exhibit 3.3 to Annual
Registrant, as Report on Form 10-K
amended. for the year ended
December 31, 1992
(27) Financial Data Page 19
Schedule
(b) Reports on Form 8-K:
None
<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.
FNB ROCHESTER CORP.
Date May 10, 1996 s\s Stacy C. Campbell
Stacy C. Campbell
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer
and Duly Authorized Officer)
<PAGE>
INDEX OF EXHIBITS
Exhibit Incorporation by
Reference or page in
sequential numbering
where exhibit may be
found:
(3.1) Certificate of Exhibits 4.2-4.5 to
Incorporation as amended, Registration Statement
of the Registrant. No. 33-7244, filed July
22, 1986
(3.2) Amendment to Exhibit 3 to Form 10-Q
Certificate of Incorporation for period ended June 30,
of Registrant dated 1992
August 6, 1992
(3.3) By-laws of the Exhibit 3.3 to Annual
Registrant, as amended. Report on Form 10-K for
the year ended December
31, 1992
(27) Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 15,918
<INT-BEARING-DEPOSITS> 1,037
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 70,578
<INVESTMENTS-CARRYING> 29,886
<INVESTMENTS-MARKET> 29,590
<LOANS> 268,655
<ALLOWANCE> 5,803
<TOTAL-ASSETS> 394,007
<DEPOSITS> 364,426
<SHORT-TERM> 800
<LIABILITIES-OTHER> 2,390
<LONG-TERM> 210
0
0
<COMMON> 3,569
<OTHER-SE> 22,612
<TOTAL-LIABILITIES-AND-EQUITY> 394,007
<INTEREST-LOAN> 5,841
<INTEREST-INVEST> 1,682
<INTEREST-OTHER> 64
<INTEREST-TOTAL> 7,587
<INTEREST-DEPOSIT> 3,083
<INTEREST-EXPENSE> 3,136
<INTEREST-INCOME-NET> 4,451
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,108
<INCOME-PRETAX> 1,067
<INCOME-PRE-EXTRAORDINARY> 768
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 768
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.21
<YIELD-ACTUAL> 4.86
<LOANS-NON> 1,896
<LOANS-PAST> 145
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 5,776
<CHARGE-OFFS> 44
<RECOVERIES> 71
<ALLOWANCE-CLOSE> 5,803
<ALLOWANCE-DOMESTIC> 5,803
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
