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 June 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:
432,674 Shares of Common stock ($5.00 Par Value) Outstanding as of June
30 , 1995.
<PAGE>
SMITHTOWN BANCORP
INDEX
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - June 30, 1995 and December 31, 1994
Consolidated Statements of Income - Three months ended June 30,
1995 and 1994, and six months ended June 30, 1995 and 1994
Consolidated Statements of Changes in Stockholders' Equity - Six
months ended June 30, 1995 and 1994
Consolidated Statements of Cash Flows - Three months ended June 30,
1995 and 1994, and six months ended June 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
JUNE 30,
1995 DECEMBER 31,
(UNADUITED) 1994
ASSETS
Cash and Due from Banks $6,905,510 $5,955,650
Securities:
Obligations of U.S. Government - HTM 2,016,340 3,019,956
Obligations of U.S. Government - AFS 5,035,500 10,055,624
Obligations of U.S.
Government Agencies - HTM 2,039,249 2,051,544
Obligations of U.S.
Government Agencies - AFS 975,500 897,812
Mortgage Backed Securities - HTM 32,912,510 34,761,443
Mortgage Backed Securities - AFS 657,597 2,045,795
Obligations of State &
Political Subdivisions - HTM 4,979,870 6,137,424
Other Investment Securities - AFS 245,200 127,200
---------- ----------
Total Investment Securities 48,861,766 59,096,798
(Market value $48,331,468 at 6/30/95 ---------- ----------
and $56,001,626 at 12/31/94)
Federal Funds Sold 8,450,000 200,000
---------- ----------
Loans:
Real Estate 50,098,360 48,948,212
Commercial and Industrial 18,216,061 14,155,310
Loans to Individuals for Household,
Family and Other Personal
Expenditures 17,779,310 17,307,349
All Other Loans 75,165 80,383
---------- ----------
Total Loans 86,168,896 80,491,254
Less: Unearned Discount 726,174 707,034
Reserve for Possible Loan Losses 1,410,347 1,362,404
---------- ----------
Loans - Net 84,032,375 78,421,816
---------- ----------
Bank Premises and Equipment 3,038,127 3,167,149
Other Assets ---------- ----------
Other Real Estate Owned 5,656,520 5,589,789
Other 3,166,342 4,520,485
------------ ------------
Total $160,110,640 $156,951,687
============ ============
LIABILITIES
Deposits:
Demand $36,980,173 $34,655,348
Money Market 22,801,500 22,654,018
Savings 60,088,621 63,068,912
Certificates of Deposit
$100,000 and Over 10,739,109 3,934,020
Other Time Deposits 16,132,505 10,918,279
------------ ------------
Total Deposits 146,741,908 135,230,577
Dividends Payable 121,149 106,917
Securities Sold Under
Agreement to Repurchase 0 9,003,500
Other Liabilities 955,754 1,004,975
------------ ------------
Total Liabilities 147,818,811 145,345,969
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 (19,696) (134,616)
Surplus 1,993,202 1,993,118
Retained Earnings 8,539,814 8,092,029
------------ ------------
12,753,095 12,190,306
Less: Treasury Stock at Cost 461,266 584,588
------------ ------------
Total Stockholders' Equity 12,291,829 11,605,718
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $160,110,640 $156,951,687
============ ============
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
For the 3 Months Ended
June 30, June 30,
1995 1994
INTEREST INCOME
Interest and Fees on Loans $2,005,789 $1,561,118
Interest and Dividends on:
Obligations of U.S. Government 109,248 328,276
Obligations of U.S. Government Agencies 44,711 45,037
Mortgage-Backed Securities 491,520 546,984
Obligations of State and
Political Subdivisions 83,105 91,265
Other Securities 1,908 1,908
Interest on Federal Funds Sold 68,997 27,835
Total Interest Income 2,805,278 2,602,423
INTEREST EXPENSE
Money Market Accounts 175,446 129,140
Savings 344,762 308,523
Certificates of Deposit $100,000 and Over 49,354 27,233
Other Time Deposits 250,700 96,208
Interest on Federal Funds Purchased
and Securities Sold Under
Agreement to Repurchase 20,003 32,551
---------- ----------
Total Interest Expense 840,265 593,655
Net Interest Income 1,965,013 2,008,768
Provision for Possible Loan Losses 30,000 90,000
Net Interest Income After Provision
for Possible Loan Losses 1,935,013 1,918,768
OTHER NON-INTEREST INCOME
Trust Department Income 100,460 63,052
Service Charges on Deposit Accounts 322,123 348,880
Miscellaneous Income 77,185 103,716
---------- ----------
Total Other Non-Interest Income 499,768 515,648
OTHER OPERATING EXPENSES
Salaries 868,248 896,391
Pension and Other Employee Benefits 197,043 197,203
Net Occupancy Expense of Bank Premises 207,380 214,847
Furniture and Equipment Expense 148,429 149,764
Miscellaneous Operating Expenses 450,916 496,988
---------- ----------
Total Other Operating Expenses 1,872,016 1,955,193
Income Before Income Taxes 562,765 479,223
Provision for Income Taxes 203,700 162,800
---------- ----------
Net Income $359,065 $316,423
========== ==========
Earnings Per Share
Net Income $0.83 $0.72
Cash Dividends Paid $0.28 $0.25
Weighted Average Shares Outstanding 432,641 439,765
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
For the 6 Months Ended
June 30, June 30,
1995 1994
INTEREST INCOME
Interest and Fees on Loans $3,948,325 $3,096,615
Interest and Dividends on:
Obligations of U.S. Government 262,015 727,480
Obligations of U.S. Government Agencies 89,504 87,503
Mortgage-Backed Securities 999,028 1,006,215
Obligations of State and
Political Subdivisions 170,314 189,118
Other Securities 3,816 3,816
Interest on Federal Funds Sold 96,477 54,187
Total Interest Income 5,569,479 5,164,934
INTEREST EXPENSE
Money Market Accounts 357,391 264,155
Savings 687,426 612,450
Certificates of Deposit $100,000 and Over 84,855 58,026
Other Time Deposits 402,021 174,140
Interest on Federal Funds Purchased
and Securities Sold Under
Agreement to Repurchase 106,510 33,069
---------- ----------
Total Interest Expense 1,638,203 1,141,840
Net Interest Income 3,931,276 4,023,094
Provision for Possible Loan Losses 60,000 90,000
Net Interest Income After Provision
for Possible Loan Losses 3,871,276 3,933,094
OTHER NON-INTEREST INCOME
Trust Department Income 172,478 130,362
Service Charges on Deposit Accounts 648,517 698,817
Miscellaneous Income 193,623 193,102
Net Security Transactions 1,826 22,695
---------- ----------
Total Other Non-Interest Income 1,016,444 1,044,976
OTHER OPERATING EXPENSES
Salaries 1,718,205 1,778,800
Pension and Other Employee Benefits 424,793 411,661
Net Occupancy Expense of Bank Premises 434,565 458,424
Furniture and Equipment Expense 300,441 296,793
Miscellaneous Operating Expenses 935,972 1,071,562
---------- ----------
Total Other Operating Expenses 3,813,976 4,017,240
Income Before Income Taxes 1,073,744 960,830
Provision for Income Taxes 383,700 323,000
---------- ----------
Net Income $690,044 $637,830
========== ==========
Earnings Per Share
Net Income $1.60 $1.45
Cash Dividends Paid $0.56 $0.25
Weighted Average Shares Outstanding 432,590 439,765
<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 $0 $7,297,259 ($286,650) $11,243,502
Net Income 637,830 637,830
Cash Dividend Declared (219,883) (219,883)
Allowance for Unrealized Loss (49,813) (49,813)
----------- ---------- ----------- ---------------- ---------- --------- -----------
Balance at 6/30/94 439,765 $2,239,775 $1,993,118 $(49,813) $7,715,206 ($286,650) $11,611,636
=========== ========== ========== ================ ========== ========== ===========
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 690,044 690,044
Cash Dividend Declared (242,259) (242,259)
Allowance for Unrealized Gain 114,920 114,920
Sale of Treasury Stock 5,008 84 123,322 123,406
----------- ---------- ----------- ---------------- ---------- --------- -----------
Balance at 6/30/95 432,674 $2,239,775 $1,993,202 ($19,696) $8,539,814 ($461,266) $12,291,829
=========== ========== ========== ================ =========== ========== ===========
</TABLE>
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the 3 Months Ended
June 30, 1995 June 30, 1994
Cash Flows from Operating Activities
Net Income $359,065 $316,423
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation on Premises and Equipment 109,625 103,653
Provision for Possible Loan Losses 30,000 90,000
Amortization of Transition Obligation 18,550 10,600
Increase in Interest Payable 60,234 16,001
(Decrease) Increase in Miscellaneous
Payables and Accrued Expenses (96,461) 28,618
(Increase) Decrease in Fees and
Commissions Receivable (21,800) 42,370
Increase in Interest Receivable (83,814) (53,502)
Decrease (Increase) in
Prepaid Expenses 101,892 (63,394)
Decrease (Increase) in Miscellaneous
Receivables 929,796 (500)
Increase in Income Taxes Receivable 0 (48,821)
Increase in Deferred Taxes (22,323) (25,377)
Decrease in Accumulated Postretirement
Benefit Obligations (11,500) (12,694)
Amortization of Investment Security
Premiums and Accretion of Discounts (2,959) 207,168
---------- ----------
Total Adjustments 1,011,240 294,122
Cash Flows from Investing Activities
Proceeds from Disposition of
Investment Securities
- Held to Maturity 605,206 3,391,284
- Available for Sale 1,975,374 1,550,946
Purchase of Investments Held
to Maturity 0 (4,713,956)
Federal Funds Sold, Net (7,850,000) (5,875,000)
Loans Made to Customers, Net (2,164,670) (14,254,464)
Purchase of Premises and Equipment (38,385) (147,753)
Proceeds from Sale of Other
Real Estate Owned 0 388,454
---------- ----------
Cash Used in Investing
Activities (7,472,475) (19,660,489)
Cash Flows from Financing Activities
Net Increase in Demand Deposits,
NOW Accounts and Savings Accounts 2,890,102 1,387,148
Net Increase in Time Deposits 4,460,362 16,823,394
Cash Dividends Paid (121,110) (109,941)
Proceeds from Sale of Treasury Stock 3,408 0
---------- ----------
Cash Provided by Financing Activities 7,232,762 18,100,601
Net Increase in Cash and
Due from Banks 1,130,592 (949,343)
Cash and Due from Banks, Beginning 5,774,918 7,410,244
---------- ----------
Cash and Due from Banks, Ending $6,905,510 $6,460,901
========== ==========
<PAGE>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the 6 Months Ended
June 30, 1995 June 30, 1994
Cash Flows from Operating Activities
Net Income $690,044 $637,830
Adjustments to reconcile net income to net
cash provided by operating activities:
Valuation Reserve for Other Real
Estate Owned 0 90,000
Depreciation on Premises and Equipment 217,153 201,417
Provision for Possible Loan Losses 60,000 90,000
Gain on sale of Investment Securities (1,826) (22,695)
Amortization of Transition Obligation 50,350 10,600
Increase in Interest Payable 78,624 4,570
Decrease in Miscellaneous
Payables and Accrued Expenses (133,346) (122,965)
Decrease in Fees and
Commissions Receivable 1,063 41,145
Decrease in Interest Receivable 94,052 23,190
Decrease (Increase) in
Prepaid Expenses 36,456 (176,045)
Decrease in Miscellaneous
Receivables 924,756 104,885
Decrease in Income Taxes Receivable 245,148 121,623
Increase in Deferred Taxes (57,498) (57.403)
Decrease in Accumulated Postretirement
Benefit Obligations (23,272) (29,793)
Amortization of Investment Security
Premiums and Accretion of Discounts (5,888) 441,917
---------- ----------
Total Adjustments 1,485,772 720,446
Cash Flows from Investing Activities
Proceeds from Disposition of
Investment Securities
- Held to Maturity 3,961,058 13,979,906
- Available for Sale 6,485,198 1,550,946
Purchase of Investments Held
to Maturity 0 (11,986,236)
Federal Funds Sold, Net (8,250,000) (6,450,000)
Loans Made to Customers, Net (5,737,291) (14,271,731)
Purchase of Premises and Equipment (88.131) (209,436)
Proceeds from Sale of Other
Real Estate Owned 0 498,104
---------- ----------
Cash Used in Investing
Activities (3,629,166) (16,888,447)
Cash Flows from Financing Activities
Net Decrease in Demand Deposits,
NOW Accounts and Savings Accounts (507,984) (54,361)
Net Increase in Time Deposits 12,019,315 16,454,636
Cash Dividends Paid (228,027) (109,941)
Securities Sold Under Agreements
to Repurchase (9,003,500) 0
Proceeds from Sale of Treasury Stock 123,406 0
---------- ----------
Cash Provided by Financing Activities 2,403,210 16,290,334
Net Increase (Decrease) in Cash and
Due from Banks 949,860 760,163
Cash and Due from Banks, Beginning 5,955,650 5,700,738
---------- ----------
Cash and Due from Banks, Ending $6,905,510 $6,460,901
========== ==========
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 period year ended December 31, 1994, and a quarterly report 10Q for the
period ending March 31, 1995.
Results of operations for the second quarter of 1995 continue to be
positive. Earnings for the first six months of 1995 were $690,044 as compared
to $637,830 for the same period in 1994, representing an 8.19% increase. This
is primarily the result of an increase of 27.50% in interest and fee income on
loans. Loan yield remains high at 9.53%. Income on investment securities
declined by 24.30% from $2,014,132 to $1,524,677 as funds from maturing
securities were reinvested in higher yielding new loans. Tax equivalent yield
on investment securities for the six months ending June 30, 1995, was 6.11%.
Other noninterest income declined slightly by 2.73% due to decreased service
charge income. Interest expense increased by 43.47% from the same period in
1994 due to a general rise in market rates and a higher volume of certificates
of deposit. Cost of funds for 1995 has been 3.12% to date as compared to
2.16% for 1994. The banks' margin remains very high compared to peers at
5.79%. This ratio has been maintained due to strong asset/liability
management, as evidenced by the bank's gap report. Cumulative gap to assets
over the one year period is well below 10% and therefore, volatility in a
changing rate environment presents minimal risk to the bank's earning
potential. Liquidity remains strong with various sources of funding available
to meet the bank's increased loan demand. Bank of Smithtown became a member
of the Federal Home Loan Bank during 1995, which has now become an additional
source of funding. Other operating expenses declined by 5.06% primarily due
to reduced salary and occupancy expenses. The Board of Directors declared a
quarterly dividend of $.28 per share payable to stockholders of record on July
3, 1995. This is an additional indicator of the Board and management's
continued optimism.
The Bank's balance sheet has undergone some material changes from
December 31, 1994. Investment securities declined in volume by 17.31% from
$59,096,798 to $48,864,766 as the funds from maturities and prepayments were
rolled into loan originations. The loan portfolio increased in size by 7.05%
since December 1994, with the largest increase in the commercial and
industrial portfolio. Other Real Estate Owned increased slightly due to the
addition of one residential property. Deposits increased from December 1994
to June 1995 by 8.51% with the greatest increase in certificates of deposit.
The bank has run two certificate of deposit programs this year, as this source
of funds remains the bank's least expensive alternative. Total stockholder's
equity increased by 5.91% primarily a result of earnings reinvested in the
company. Capital remains strong by all regulatory guidelines and is detailed
below:
June 30, 1995 Dec. 31, 1994 Required
Tier I 11.85 12.20 4.00
Tier II 1.25 1.25 *
Total Risk Based 13.10 13.45 8.00
Capital Ratio
Leverage Ratio 7.69 7.48 4.00
Continued improvements in asset quality and additional loan volume in the
commercial and real estate area are expected to continue to positively impact
earnings for the remainder of 1995. A new branch opening scheduled for
October will provide the deposits for funding some of this new loan growth.
The outlook for the next six months of 1995 remains positive.
<PAGE>
<TABLE>
SMITHTOWN BANCORP
INTEREST SENSITIVITY GAP TABLE
June 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 2,126,758 1,210,416 6,882,655 18,697,296 19,944,640 48,861,765
Federal Funds Sold 8,450,000 8,450,000
Loans:
Installment 806,957 832,961 2,087,878 16,572,590 1,444,729 21,745,115
Real Estate
and Commercial 16,972,925 5,279,260 1,615,501 4,942,658 20,856,054 11,903,675 61,570,073
Cash and Due from Banks 6,905,510 6,905,510
Fixed Assets 3,038,127 3,038,127
Other Assets 8,822,862 8,822,862
Allowance for
Loan Losses (1,410,347) (1,410,347)
Nonaccrual and
Unearned Discount 2,127,535 2,127,535
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total 25,422,925 8,212,975 3,658,878 13,913,191 56,125,940 52,776,731 160,110,640
===========
LIABILITIES:
Savings 2,351,099 2,351,099 4,702,198 37,617,586 47,021,982
Money Markets 2,850,188 2,850,187 5,700,375 11,400,750 22,801,500
NOW 653,332 653,332 1,306,664 10,453,310 13,066,638
CD's less
than 100,000 3,397,404 2,108,800 4,349,195 5,222,395 15,077,794
CD's greater
than 100,000 6,287,522 1,438,585 406,469 2,606,533 10,739,109
Holiday Clubs 1,054,712 1,054,712
Demand 36,980,173 36,980,173
Other Liabilities 1,076,903 1,076,903
Stockholders' Equity 12,291,829 12,291,829
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total 15,539,545 9,402,003 16,464,901 67,300,574 51,403,617 160,110,640
===========
INTEREST SENSITIVITY
GAP PER PERIOD 25,422,925 (7,326,570) (5,743,125) (2,551,710) (11,174,634) 1,373,114
GAP/TOTAL ASSETS 15.88% -4.58% -3.59% -1.59% -6.98% .86%
CUMULATIVE INTEREST
SENSITIVITY GAP 25,422,925 18,096,355 12,353,230 9,801,520 (1,373,114)
% OF CUMULATIVE GAP
TO TOTAL ASSETS 15.88% 11.30% 7.72% 6.12% -0.86% 7.98%
<FN>
ASSUMPTIONS
1) Balance Sheet figues as of June 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 delince over 2 year period
</TABLE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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
at June 30, 1995, and December 31, 1994,its results of operations for the
three months and six months ended June 30, 1995 and 1994, and its cash flows
for the three months and six months ended June 30, 1995 and 1994. For
further information, refer to the consolidated financial statements and notes
thereto included in the Company's annual report or Form 10-KSB for the year
ended December 31, 1994.
Earnings Per Common Share
Earnings per share are calculated by dividing Net Income by the weighted
average number of common shares outstanding.
Investment Securities
Market Value:
June 30, 1995 $48,331,468
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
August 9, 1995 by /s/ Bradley E. Rock, President
August 9, 1995 by /s/ Anita Florek, Treasurer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 2402469
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 8450000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6913797
<INVESTMENTS-CARRYING> 41947969
<INVESTMENTS-MARKET> 48331468
<LOANS> 85442722
<ALLOWANCE> 1410347
<TOTAL-ASSETS> 160110640
<DEPOSITS> 146741908
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1076903
<LONG-TERM> 0
<COMMON> 2239775
0
0
<OTHER-SE> 10052054
<TOTAL-LIABILITIES-AND-EQUITY> 160110640
<INTEREST-LOAN> 3948325
<INTEREST-INVEST> 1524677
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 5569479
<INTEREST-DEPOSIT> 1531693
<INTEREST-EXPENSE> 1638203
<INTEREST-INCOME-NET> 3931276
<LOAN-LOSSES> 60000
<SECURITIES-GAINS> 1826
<EXPENSE-OTHER> 3813976
<INCOME-PRETAX> 1073744
<INCOME-PRE-EXTRAORDINARY> 690044
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 690044
<EPS-PRIMARY> 1.60
<EPS-DILUTED> 1.60
<YIELD-ACTUAL> 8.16
<LOANS-NON> 2853708
<LOANS-PAST> 773778
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1362404
<CHARGE-OFFS> 22641
<RECOVERIES> 10585
<ALLOWANCE-CLOSE> 1410347
<ALLOWANCE-DOMESTIC> 1410347
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 411141
</TABLE>
