FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended Sept 30, 1995
Commission file number 2-91511
SMITHTOWN BANCORP
(Exact name of registrant as specified in its charter)
NEW YORK 11-2695037
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
One East Main Street, Smithtown, New York 11787-2801
(Address of principal executive offices)
(516) 360-9300
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last
report)
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 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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:
433,268 Shares of Common stock ($5.00 Par Value) Outstanding as of Sept
30 , 1995.
<PAGE>
SMITHTOWN BANCORP
INDEX
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - Sept 30, 1995 and December 31, 1994
Consolidated Statements of Income - Three months ended Sept 30,
1995 and 1994, and nine months ended Sept 30, 1995 and 1994
Consolidated Statements of Changes in Stockholders' Equity - Nine
months ended Sept 30, 1995 and 1994
Consolidated Statements of Cash Flows - Three months ended Sept 30,
1995 and 1994, and nine months ended Sept 30, 1995 and 1994
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Item 3. Notes to Consolidated Financial Statements
Part II - OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Change in Securities - None
Item 3. Defaults upon Senior Securities - None
Item 4. Submission of Matters to Vote of Security Holders - None
Item 5. Other Information - None
Item 6. (a) Exhibits - None
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED BALANCE SHEETS
Sept 30,
1995 DECEMBER 31,
(UNAUDITED) 1994
ASSETS
Cash and Due from Banks $6,663,037 $5,955,650
Securities:
Obligations of U.S. Government - HTM 2,015,046 3,019,956
Obligations of U.S. Government - AFS 4,018,700 10,055,624
Obligations of U.S.
Government Agencies - HTM 2,032,981 2,051,544
Obligations of U.S.
Government Agencies - AFS 974,900 897,812
Mortgage Backed Securities - HTM 31,641,374 34,761,443
Mortgage Backed Securities - AFS 647,438 2,045,795
Obligations of State &
Political Subdivisions - HTM 4,851,381 6,137,424
Other Securities - AFS 599,000 127,200
---------- ----------
Total Investment Securities 46,780,820 59,096,798
(Market value $46,316,525 at 9/30/95 ---------- ----------
and $56,001,626 at 12/31/94)
Federal Funds Sold 2,000,000 200,000
---------- ----------
Loans:
Real Estate 55,758,936 48,948,212
Commercial and Industrial 18,401,892 14,155,310
Loans to Individuals for Household,
Family and Other Personal
Expenditures 17,210,834 17,307,349
All Other Loans 105,102 80,383
---------- ----------
Total Loans 91,476,764 80,491,254
Less: Unearned Discount 689,245 707,034
Reserve for Possible Loan Losses 1,444,867 1,362,404
---------- ----------
Loans - Net 89,342,652 78,421,816
---------- ----------
Bank Premises and Equipment 3,177,141 3,167,149
Other Assets ---------- ----------
Other Real Estate Owned 5,304,951 5,589,789
Other 2,974,432 4,520,485
------------ ------------
TOTAL ASSETS $156,243,033 $156,951,687
============ ============
LIABILITIES
Deposits:
Demand $33,991,207 $34,655,348
Money Market 21,048,228 22,654,018
Savings 59,506,215 63,068,912
Certificates of Deposit
$100,000 and Over 6,523,562 3,934,020
Other Time Deposits 18,228,561 10,918,279
------------ ------------
Total Deposits 139,297,773 135,230,577
Dividends Payable 121,315 106,917
Securities Sold Under
Agreement to Repurchase 0 9,003,500
Other Borrowed Money 3,000,000 0
Other Liabilities 1,174,203 1,004,975
------------ ------------
Total Liabilities 143,593,291 145,345,969
------------ ------------
STOCKHOLDERS' EQUITY
Common Stock - $5.00 Par Value 2,239,775 2,239,775
500,000 shares authorized;
447,955 issued
Unrealized Loss on Securities
Available for Sale (20,001) (134,616)
Surplus 1,993,574 1,993,118
Retained Earnings 8,883,033 8,092,029
------------ ------------
13,096,381 12,190,306
Less: Treasury Stock at Cost 446,639 584,588
------------ ------------
Total Stockholders' Equity 12,649,742 11,605,718
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $156,243,033 $156,951,687
============ ============
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
For the 3 Months Ended
Sept 30, Sept 30,
1995 1994
INTEREST INCOME
Interest and Fees on Loans $2,112,334 $1,691,372
Interest and Dividends on:
Obligations of U.S. Government 98,510 272,219
Obligations of U.S. Government Agencies 44,631 44,955
Mortgage-Backed Securities 471,969 543,895
Obligations of State and
Political Subdivisions 75,905 88,993
Other Securities 2,341 1,908
Interest on Federal Funds Sold 51,923 39,863
---------- ----------
Total Interest Income 2,857,613 2,683,205
INTEREST EXPENSE
Money Market Accounts 175,357 155,428
Savings 346,305 317,088
Certificates of Deposit $100,000 and Over 48,443 19,931
Other Time Deposits 266,112 164,603
Interest on Federal Funds Purchased
and Securities Sold Under
Agreement to Repurchase 0 9,131
Interest on Other Borrowed Funds 1,993 0
---------- ----------
Total Interest Expense 838,210 666,181
Net Interest Income 2,019,403 2,017,024
Provision for Possible Loan Losses 20,000 30,000
Net Interest Income After Provision
for Possible Loan Losses 1,999,403 1,987,024
OTHER NON-INTEREST INCOME
Trust Department Income 106,012 75,378
Service Charges on Deposit Accounts 313,466 319,126
Other Income 161,654 132,966
---------- ----------
Total Other Non-Interest Income 581,132 527,470
OTHER OPERATING EXPENSES
Salaries 871,219 894,677
Pension and Other Employee Benefits 148,456 205,956
Net Occupancy Expense of Bank Premises 245,593 230,596
Furniture and Equipment Expense 155,688 146,335
Miscellaneous Operating Expenses 409,299 557,524
---------- ----------
Total Other Operating Expenses 1,830,255 2,035,088
Income Before Income Taxes 750,280 479,406
Provision for Income Taxes 285,745 169,750
---------- ----------
Net Income $464,535 $309,656
========== ==========
Earnings Per Share
Net Income $1.07 $0.70
Cash Dividends Paid $0.28 $0.25
Weighted Average Shares Outstanding 433,268 439,765
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
For the 9 Months Ended
Sept 30, Sept 30,
1995 1994
INTEREST INCOME
Interest and Fees on Loans $6,060,659 $4,787,987
Interest and Dividends on:
Obligations of U.S. Government 360,525 999,699
Obligations of U.S. Government Agencies 134,135 132,458
Mortgage-Backed Securities 1,470,997 1,550,110
Obligations of State and
Political Subdivisions 246,219 278,111
Other Securities 6,157 5,724
Interest on Federal Funds Sold 148,400 94,050
---------- ----------
Total Interest Income 8,427,092 7,848,139
INTEREST EXPENSE
Money Market Accounts 532,748 419,583
Savings 1,033,731 929,538
Certificates of Deposit $100,000 and Over 133,298 77,957
Other Time Deposits 668,133 338,743
Interest on Federal Funds Purchased
and Securities Sold Under
Agreement to Repurchase 106,510 42,200
Interest on Other Borrowed Funds 1,993 0
---------- ----------
Total Interest Expense 2,476,413 1,808,021
Net Interest Income 5,950,679 6,040,118
Provision for Possible Loan Losses 80,000 120,000
Net Interest Income After Provision
for Possible Loan Losses 5,870,679 5,920,118
OTHER NON-INTEREST INCOME
Trust Department Income 278,490 205,740
Service Charges on Deposit Accounts 961,983 1,017,943
Other Income 355,277 326,068
Net Securities Transactions 1,826 22,695
---------- ----------
Total Other Non-Interest Income 1,597,576 1,572,446
OTHER OPERATING EXPENSES
Salaries 2,589,424 2,673,477
Pension and Other Employee Benefits 573,249 617,617
Net Occupancy Expense of Bank Premises 680,158 689,020
Furniture and Equipment Expense 456,129 443,128
Miscellaneous Operating Expenses 1,345,271 1,629,086
---------- ----------
Total Other Operating Expenses 5,644,231 6,052,328
Income Before Income Taxes 1,824,024 1,440,236
Provision for Income Taxes 669,445 492,750
---------- ----------
Net Income $1,154,579 $947,486
========== ==========
Earnings Per Share
Net Income $2.67 $2.15
Cash Dividends Paid $0.84 $0.50
Weighted Average Shares Outstanding 432,816 439,765
<PAGE>
<TABLE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY
(unaudited)
<CAPTION>
Unrealized Cost of
Common Stock Gain/(Loss) Common Total
Shares On Securities Retained Stock in Stockholders'
Outstanding Amount Surplus Available for Sale Earnings Treasury Equity
----------- ------- -------- ------------------ --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at 1/1/94 439,765 $2,239,775 $1,993,118 $7,297,259 ($286,650) $11,243,502
Net Income 947,486 947,486
Cash Dividend Declared (329,823) (329,823)
Allowance for Unrealized Loss $(19,550) (19,550)
----------- ---------- ----------- ---------------- ---------- --------- -----------
Balance at 9/30/94 439,765 $2,239,775 $1,993,118 $(19,550) $7,914,922 ($286,650) $11,841,615
=========== ========== ========== ================ ========== ========== ===========
Balance at 1/1/95 427,666 $2,239,775 $1,993,118 ($134,616) $8,092,029 ($584,588) $11,605,718
Net Income 1,154,579 1,154,579
Cash Dividend Declared (363,575) (363,575)
Allowance for Unrealized Gain 114,615 114,615
Sale of Treasury Stock 5,602 456 137,949 138,405
----------- ---------- ----------- ---------------- ---------- --------- -----------
Balance at 9/30/95 433,268 $2,239,775 $1,993,574 ($20,001) $8,883,033 ($446,639) $12,649,742
=========== ========== ========== ================ ========== ========== ===========
</TABLE>
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the 3 Months Ended
Sept 30, 1995 Sept 30, 1994
Cash Flows from Operating Activities
Net Income $464,535 $309,656
Adjustments to reconcile net income to net
cash provided by operating activities:
Valuation Reserve for Other Real Estate
Owned 40,000 60,000
Depreciation on Premises and Equipment 113,706 102,630
Provision for Possible Loan Losses 20,000 30,000
Amortization of Transition Obligation 11,925 31,800
Increase (Decrease) in Interest Payable 10,701 (1,387)
Increase in Miscellaneous
Payables and Accrued Expenses 211,313 2,399
Increase in Fees and
Commissions Receivable (400) (7,525)
Decrease in Interest Receivable 58,496 130,602
Decrease (Increase) in
Prepaid Expenses 45,324 (161,366)
Decrease (Increase) in Miscellaneous
Receivables 8,722 (1,062,187)
Increase in Income Taxes Receivable 0 (73,967)
Decrease in Deferred Taxes 86,434 24,967
Increase in Accumulated Postretirement
Benefit Obligations (10,380) (15,079)
Amortization of Investment Security
Premiums and Accretion of Discounts (1,732) (45,142)
---------- ----------
Total Adjustments 594,109 (984,255)
Cash Flows from Investing Activities
Proceeds from Disposition of
Investment Securities
- Held to Maturity 1,438,585 4,157,216
- Available for Sale 1,990,966 490,458
Purchase of Investment Securities
-Available for sale (1,358,956) 0
Federal Funds Sold, Net 6,450,000 6,650,000
Loans Made to Customers, Net (5,326,176) 1,915,533
Purchase of Premises and Equipment (252,720) (54,608)
Proceeds from Sale of Other
Real Estate Owned 307,469 0
---------- ----------
Cash Provided by Investing
Activities 3,249,168 13,158,599
Cash Flows from Financing Activities
Net Decrease in Demand Deposits,
NOW Accounts and Savings Accounts (5,324,644) (3,022,413)
Net Decrease in Time Deposits (2,119,491) (14,813,237)
Cash Dividends Paid (121,149) (109,942)
Increase in Borrowed Funds 3,000,000 5,070,550
Proceeds from Sale of Treasury Stock 14,999 0
---------- ----------
Cash Used in Financing Activities (4,550,285) (12,875,042)
Net Decrease in Cash and
Due from Banks (242,473) (391,042)
Cash and Due from Banks, Beginning 6,905,510 6,460,901
---------- ----------
Cash and Due from Banks, Ending $6,663,037 $6,069,859
========== ==========
Supplemental Disclosures of Cash Flows Information
Cash paid during the period for:
Interest $1,994 $9,130
Income Taxes 135,000 210,000
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the 9 Months Ended
Sept 30, 1995 Sept 30, 1994
Cash Flows from Operating Activities
Net Income $1,154,579 $947,486
Adjustments to reconcile net income to net
cash provided by operating activities:
Valuation Reserve for Other Real Estate
Owned 40,000 150,000
Depreciation on Premises and Equipment 330,859 304,047
Provision for Possible Loan Losses 80,000 120,000
Gain on sale of Investment Securities (1,826) (22,695)
Amortization of Transition Obligation 62,275 42,400
Increase in Interest Payable 89,325 3,183
Increase (Decrease) in Miscellaneous
Payables and Accrued Expenses 77,967 (120,566)
Decrease in Fees and
Commissions Receivable 663 33,620
Decrease in Interest Receivable 152,548 153,792
Decrease (Increase) in
Prepaid Expenses 81,780 (337,411)
Decrease (Increase) in Miscellaneous
Receivables 933,478 (957,302)
Decrease in Income Taxes Receivable 245,148 47,656
Decrease (Increase) in Deferred Taxes 28,936 (32,436)
Decrease in Accumulated Postretirement
Benefit Obligations (33,652) (44,872)
Amortization of Investment Security
Premiums and Accretion of Discounts 4,156 396,775
---------- ----------
Total Adjustments 2,091,657 (263,809)
Cash Flows from Investing Activities
Proceeds from Disposition of
Investment Securities
- Held to Maturity 5,401,741 20,178,526
- Available for Sale 8,580,290 0
Purchase of Investment Securities
Held to Maturity 0 (11,986,236)
Purchase of Investment Securities
-Available for sale (1,476,956) 0
Federal Funds Sold, Net (1,800,000) 200,000
Loans Made to Customers, Net (11,063,467) (12,356,198)
Purchase of Premises and Equipment (340,851) (264,044)
Proceeds from Sale of Other
Real Estate Owned 307,469 498,104
---------- ----------
Cash Used in Investing
Activities (391,774) (3,729,848)
Cash Flows from Financing Activities
Net Decrease in Demand Deposits,
NOW Accounts and Savings Accounts (5,832,628) (3,076,774)
Net Increase in Time Deposits 9,899,824 1,641,399
Cash Dividends Paid (349,176) (219,883)
(Decrease) Increase in Borrowed Funds (6,003,500) 5,070,550
Proceeds from Sale of Treasury Stock 138,405 0
---------- ----------
Cash (Used in) Provided by
Financing Activities (2,147,075) 3,415,292
Net Increase in Cash and
Due from Banks 707,387 369,121
Cash and Due from Banks, Beginning 5,955,650 5,700,738
---------- ----------
Cash and Due from Banks, Ending $6,663,037 $6,069,859
========== ==========
Supplemental Disclosures of Cash Flows Information
Cash paid during the period for:
Interest $106,511 $33,068
Income Taxes 362,949 468,781
Schedule of Noncash Investing Activities
Loans Transferred to Other
Real Estate Owned $87,099 $0
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Smithtown Bancorp, a one-bank holding company, acquired 100% of the
outstanding common stock of Bank of Smithtown on November 1, 1984. Smithtown
Bancorp and its subsidiary, Bank of Smithtown, filed an Annual Report 10-KSB
for the year ended December 31, 1994, and quarterly report 10-Q for
the periods ending March 31, and June 30, 1995.
Results of operations for the nine month period ending September 30, 1995,
continued to be very positive with earnings of $1,154,579 compared to $947,486
for the same period in 1994, representing a 21.86% increase. This is primarily
due to the 26.58% increase in interest and fee income on loans, and the 6.74%
reduced operating expenses, such as salary and benefit expense and the
reduction and rebate of FDIC premiums. Interest expense climbed by 36.97% as
the bank paid higher rates on its deposits, and promoted CD programs to raise
additional deposits. Funding the new loan growth through sources other than
Federal Home Loan Bank advances and repurchase agreements has been a focus for
the Bank this year and hence the increased interest expense. In spite of
increased interest expense, the Bank's cost of funds remains very low by
industry standards at 3.08%. Net interest margin remains high at 5.71%. This
margin is the result of strong asset/liability management as evidenced by the
bank's gap report. Non-interest income remained stable with a slight increase
in trust department income. Net income for the three month period ending
September 30, 1995, was $464,535. The contributions to income are virtually
the same as for the nine month period, with increased interest and fee income
on loans and decreased operating costs being the driving forces. Return on
assets and Return on equity show significant increases from year end and
currently are .99% and 12.70% respectively.
The Bank's balance sheet underwent significant changes during 1995.
Investment securities now represent 29.94% of total assets as compared to
37.65% at December 31, 1994. Loans have increased from $80,491,254, or
51.28% of total assets to $91,476,764 or 58.55% of total assets. Other
Real Estate Owned declined slightly from $5,589,789 to $5,304,951 as one
commercial property was sold. Deposits rose from year end 1994 by
$4,067,196 or 3.00%. This increase was in the volume of certificates of
deposit, as they still remain the Bank's least expensive source of funding.
The use of borrowed funds also declined from year end by $6,003,500 or 66.68%.
The Bank's capital account increased by $1,044,024 primarily a result of net
income of $1,154,579, dividends of $349,176 and Treasury Stock sales of
$138,405. Capital remains strong according to regulatory guidelines as
detailed below.
September 30, 1995 December 31, 1994 Required
Tier I 12.17 12.20 4.00
Tier II 1.25 1.25 *
Total Risk Based 13.42 13.45 8.00
Capital Ratio
Leverage Ratio 8.12 7.48 4.00
* Tier II capital is limited to 100% of Tier I Capital.
Continued loan growth and improved operational efficiencies are expected
to continue to positively impact earnings for the remainder of the year. The
October 1995 opening of a new branch location in Northport has already begun
to provide additional deposits. The outlook for the next three months of 1995
remains positive.
<TABLE>
SMITHTOWN BANCORP
INTEREST SENSITIVITY GAP TABLE
September 30, 1995
<CAPTION>
3 Months 3 - 6 6 - 12 1 - 5
Revolving or less Months Months Years Other Total
---------- --------- --------- --------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments $1,203,500 $2,110,994 $5,868,357 $20,447,812 $17,150,157 $46,780,820
Federal Funds Sold $2,000,000 2,000,000
Loans:
Installment 847,239 952,970 2,148,496 16,070,011 2,282,075 22,300,791
Real Estate
and Commercial 20,414,678 3,962,573 3,794,209 2,072,412 24,616,478 11,596,434 66,456,784
Cash and Due from Banks 419 6,662,618 6,663,037
Fixed Assets 3,177,141 3,177,141
Other Assets 8,279,383 8,279,383
Allowance for
Loan Losses (1,444,867) (1,444,867)
Nonaccrual and
Unearned Discount 2,029,944 2,029,944
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total $22,414,678 $6,013,731 $6,858,173 $10,089,265 $61,134,301 $49,732,885 $156,243,033
---------- ---------- ---------- ---------- ---------- ---------- ===========
LIABILITIES:
Savings $2,308,027 $2,308,028 $4,616,055 $36,928,439 $46,160,549
Money Markets 2,631,029 2,631,029 5,262,057 10,524,113 21,048,228
NOW 667,283 667,283 1,334,567 10,676,533 13,345,666
CD's less
than 100,000 3,235,411 4,156,770 5,279,205 4,221,994 16,893,380
CD's greater
than 100,000 3,276,616 311,143 655,725 2,280,078 6,523,562
Holiday Clubs 1,335,181 1,335,181
Demand 33,991,207 33,991,207
Other Borrowed Money 3,000,000 3,000,000
Other Liabilities 1,295,518 1,295,518
Stockholders' Equity 12,649,742 12,649,742
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total $15,118,366 $10,074,253 $17,147,609 $64,631,157 $49,271,648 $156,243,033
---------- ---------- ---------- ---------- ---------- ---------- ===========
INTEREST SENSITIVITY
GAP PER PERIOD 22,414,678 (9,104,635) (3,216,080) (7,058,344) (3,496,856) 461,237
GAP/TOTAL ASSETS 14.35% (5.83%) (2.06%) (4.52%) (2.24%) 0.30%
CUMULATIVE INTEREST
SENSITIVITY GAP 22,414,678 13,310,043 10,093,963 3,035,619 (461,237)
% OF CUMULATIVE GAP
TO TOTAL ASSETS 14.35% 8.52% 6.46% 1.94% (0.30%)
<FN>
ASSUMPTIONS
1) Balance Sheet figures as of September 30, 1995
2) Final maturities used for mortgage backed securities
3) Savings and NOW accounts assumed to decline over 5 year period
4) Money Market accounts assumed to decline over 2 year period
</TABLE>
<PAGE>
Financial Statement Presentation
In the opinion of management, the accompanying unaudited interim
consolidated financial statements contain all adjustments (consisting of normal
recurring accruals) necessary to present fairly its financial position as of
September 30, 1995, and its results of operations for the three months and
nine months ended September 30, 1995 and 1994 and its cash flows for the three
months and nine months ended September 30, 1995 and 1994. For further
information, refer to the consolidated financial statements and notes thereto
included in the Company's annual report on Form 10-KSB for the year ended
December 31, 1994.
Earnings Per Common Shares
Earnings per share are calculated by dividing Net Income by the weighted
average number of common shares outstanding.
Investment Securities
Market Value:
September 30, 1995 $46,316,525
December 31, 1994 $56,001,626
<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.
SMITHTOWN BANCORP
November 10, 1995 by /s/ Bradley E. Rock, President
November 10, 1995 by /s/ Anita Florek, Treasurer
<PAGE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2764086
<INT-BEARING-DEPOSITS> 4845
<FED-FUNDS-SOLD> 2000000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6240038
<INVESTMENTS-CARRYING> 46780820
<INVESTMENTS-MARKET> 46316525
<LOANS> 90787518
<ALLOWANCE> 1444867
<TOTAL-ASSETS> 156243033
<DEPOSITS> 139297773
<SHORT-TERM> 3000000
<LIABILITIES-OTHER> 1174203
<LONG-TERM> 0
<COMMON> 2239775
0
0
<OTHER-SE> 10409967
<TOTAL-LIABILITIES-AND-EQUITY> 156243033
<INTEREST-LOAN> 6060659
<INTEREST-INVEST> 2366431
<INTEREST-OTHER> 2
<INTEREST-TOTAL> 8427092
<INTEREST-DEPOSIT> 2367909
<INTEREST-EXPENSE> 2476413
<INTEREST-INCOME-NET> 5950679
<LOAN-LOSSES> 80000
<SECURITIES-GAINS> 1826
<EXPENSE-OTHER> 5644231
<INCOME-PRETAX> 1824024
<INCOME-PRE-EXTRAORDINARY> 1824024
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1154579
<EPS-PRIMARY> 2.67
<EPS-DILUTED> 2.67
<YIELD-ACTUAL> 8.09
<LOANS-NON> 2434297
<LOANS-PAST> 133941
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1362404
<CHARGE-OFFS> 26741
<RECOVERIES> 29204
<ALLOWANCE-CLOSE> 1444867
<ALLOWANCE-DOMESTIC> 1444867
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 316398
</TABLE>
