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Previous: SIGMA CIRCUITS INC, 10-Q, 1997-05-13 |
Next: ACTION PRODUCTS INTERNATIONAL INC, 10QSB, 1997-05-13 |
<PAGE> 1
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 March 31, 1997
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
March 31, 1997.
SMITHTOWN BANCORP
<PAGE> 2
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1997 and December 31, 1996
Consolidated Statements of Income - Three months ended March 31, 1997
and 1996
Consolidated Statements of Changes in Stockholders' Equity - Three
months ended March 31, 1997 and 1996
Consolidated Statements of Cash Flows - Three months ended March 31,
1997 and 1996
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 under 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> 3
SMITHTOWN BANCORP
CONSOLIDATED BALANCE SHEETS
(unaudited)
<TABLE>
<CAPTION>
AS OF
MARCH DECEMBER
31, 1997 31, 1996
------------------------- ------------------------
<S> <C> <C>
ASSETS
Cash and Due from Banks $ 8,544,955 $ 7,689,964
Investment Securities:
Investment Securities Held to Maturity
Obligations of U.S. Government 2,006,999 2,008,366
Mortgage - Backed Securities 8,675,345 9,003,335
Obligations of State and Political Subdivisions 4,832,598 4,996,750
------------------------- ------------------------
Total 15,514,942 16,008,451
------------------------- ------------------------
Investment Securities Available for Sale
Obligations of U.S. Government Agencies 13,438,105 13,563,700
Mortgage - Backed Securities 39,185,180 34,218,784
Other Securities 826,800 599,800
Total 53,450,085 48,382,284
------------------------- ------------------------
Total Investment Securities 68,965,027 64,390,735
------------------------- ------------------------
(Fair value $68,776,513 at March 31, 1997
and $63,685,617 at December 31, 1996)
Federal Funds Sold 7,200,000 0
Loans
Real Estate 66,847,323 65,326,210
Mortgage Loans Held for Sale 0 495,000
Commercial and Industrial 22,083,390 23,458,052
Loans to Individuals for Household, Family and
Other Personal Expenditures 10,327,261 11,543,331
Other 398,815 328,078
------------------------- ------------------------
Total 99,656,789 101,150,671
Less: Unearned Discount (548,315) (572,731)
Reserve for Possible Loan Losses (1,300,239) (1,622,572)
------------------------- ------------------------
Loans, Net 97,808,235 98,955,368
------------------------- ------------------------
Bank Premises and Equipment 2,541,803 2,618,863
Other Assets
Other Real Estate Owned 3,874,269 5,087,707
Other 2,980,399 2,886,412
------------------------- ------------------------
TOTAL ASSETS $ 191,914,688 $ 181,629,049
========================= ========================
LIABILITIES
Deposits:
Demand $ 45,337,981 $ 42,562,809
Money Market 31,130,284 27,412,325
NOW 14,876,325 14,466,688
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C> <C>
Savings 45,651,365 45,729,259
Certificates of Deposit $100,000 and Over 5,995,555 6,392,848
Other Time Deposits 22,750,717 22,364,526
------------------------- ------------------------
Total 165,742,227 158,928,455
Dividend Payable 151,644 138,646
Sec Sold Under Agreements to Repurchase 2,800,000 2,800,000
Demand Notes Issued to the U.S. Treasury 4,300,000 1,485,724
Other Borrowed Funds 3,000,000 3,000,000
Other Liabilities 1,298,084 1,178,985
------------------------- ------------------------
Total 177,291,955 167,531,810
------------------------- ------------------------
STOCKHOLDERS' EQUITY
Common Stock - $5.00 Par Value, 1,500,000 Shares 2,239,775 2,239,775
Authorized; 447,955 Shares Issued
Unrealized Gain/(Loss) on Investment Securities
Available for Sale (40,048) 81,093
Surplus 1,993,574 1,993,574
Retained Earnings 10,876,071 10,229,436
------------------------- ------------------------
Total 15,069,372 14,543,878
Less: Treasury Stock (446,639) (446,639)
------------------------- ------------------------
Total 14,622,733 14,097,239
------------------------- ------------------------
TOTAL LIABILITIES AND CAPITAL $ 191,914,688 $ 181,629,049
========================= ========================
</TABLE>
<PAGE> 5
SMITHTOWN BANCORP
CONSOLIDATED INCOME STATEMENTS
(unaudited)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED
MARCH MARCH
31, 1997 31, 1996
---------------------- ----------------------
<S> <C> <C>
INTEREST INCOME
Interest and Fees on Loans $ 2,379,477 $ 2,314,017
Interest and Dividends on:
Obligations of U.S. Government 24,877 46,658
Obligations of U.S. Government Agencies 222,412 45,453
Mortgage - Backed Securities 685,754 325,189
Obligations of State & Political Subdivisions 74,548 70,846
Other Securities 2,260 9,063
Interest on Federal Funds Sold 54,304 151,867
Interest on Balances Due From Depository
Institutions 908 125
---------------------- ----------------------
Total Interest Income 3,444,540 2,963,218
---------------------- ----------------------
INTEREST EXPENSE
Money Market Accounts 232,263 215,571
Savings 276,540 335,178
Certificates of Deposit $100,000 and Over 56,782 49,747
Other Time Deposits 295,470 282,074
Interest on Federal Funds Purchased and Securities
Sold Under Agreements to Repurchase 43,919 0
Interest on Demand Notes Issued by U. S. Treasury 15,606 0
Interest on Other Borrowed Money 46,424 0
---------------------- ----------------------
Total Interest Expense 967,004 882,570
---------------------- ----------------------
Net Interest Income 2,477,536 2,080,648
Provision for Possible Loan Losses 0 90,000
---------------------- ----------------------
Net Interest Income After Provision for Possible
Loan Losses 2,477,536 1,990,648
---------------------- ----------------------
OTHER NON - INTEREST INCOME
Trust Department Income 101,759 102,935
Service Charges on Deposit Accounts 372,673 320,659
Other Income 154,493 151,536
---------------------- ----------------------
Total Other Non - Interest Income 628,925 575,130
---------------------- ----------------------
OTHER OPERATING EXPENSES
Salaries 723,175 919,920
Pension and Other Employee Benefits 177,311 230,823
Net Occupancy Expense of Bank Premises 237,529 331,057
Furniture and Equipment Expense 156,177 168,648
Miscellaneous Operating Expense 502,320 618,983
---------------------- ----------------------
Total Other Operating Expense 1,796,512 2,269,431
---------------------- ----------------------
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
<S> <C> <C>
Income Before Income Taxes 1,309,949 296,347
Provision for Income Taxes 511,670 97,550
---------------------- ----------------------
NET INCOME $ 798,279 $ 198,797
====================== ======================
Earnings Per Share
Net Income $ $ 0.46
1.84
Cash Dividends Paid $ $ 0.28
0.32
Weighted Average Shares Outstanding 433,268 433,268
</TABLE>
<PAGE> 7
SMITHTOWN BANCORP
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(unaudited)
<TABLE>
<CAPTION>
UNREALIZED
COMMON STOCK GAIN(LOSS)
SHARES CAPITAL ON SECURITIES
OUTSTANDING AMOUNT SURPLUS AVAILABLE FOR SALE
----------- ------ ------- ------------------
<S> <C> <C> <C> <C>
Balance at 1/1/96 433,268 $ 2,239,775 $ 1,993,574 $ (28,157)
Net Income
Cash Dividend Declared
Allowance for Unrealized
Gain(Loss) (59,027)
--------------------------------------------------------------------
BALANCE AT 3/31/96 433,268 $ 2,239,775 $ 1,993,574 $ (87,184)
====================================================================
Balance at 1/1/97 433,268 $ 2,239,775 $ 1,993,574 $
81,093
Net Income
Cash Dividend Declared
Allowance for Unrealized
Gain(Loss) (121,141)
--------------------------------------------------------------------
BALANCE AT 3/31/97 433,268 $ 2,239,775 $ 1,993,574 $ (40,048)
====================================================================
</TABLE>
<TABLE>
<CAPTION>
COST OF
COMMON TOTAL
RETAINED STOCK IN STOCKHOLDERS'
EARNINGS TREASURY EQUITY
-------- -------- ------
<S> <C> <C> <C>
Balance at 1/1/96 $ 9,078,520 $(446,639) $ 12,837,073
Net Income 198,797 198,797
Cash Dividend Declared (138,645) (138,645)
Allowance for Unrealized
Gain(Loss) (59,027)
-------------------------------------------------------
BALANCE AT 3/31/96 $ 9,138,672 $(446,639) $ 12,838,198
=======================================================
Balance at 1/1/97 $10,229,436 $(446,639) $ 14,097,239
Net Income 798,279 798,279
Cash Dividend Declared (151,644) (151,644)
Allowance for Unrealized
Gain(Loss) (121,141)
-------------------------------------------------------
BALANCE AT 3/31/97 $10,876,071 $(446,639) $ 14,622,733
=======================================================
</TABLE>
<PAGE> 8
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED
MARCH MARCH
31, 1997 31, 1996
-------------------- --------------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income $ 798,279 $ 198,797
Adjustments to reconcile net income to net cash
provided by operating activities:
Valuation Reserve for Other Real Estate Owned 90,000 60,000
Depreciation on Premises and Equipment 105,158 119,278
Provision for Possible Loan Losses 0 90,000
Amortization of Transition Obligation 26,027 11,925
Loss on Sale of Bank Property 0 57,568
Increase in Interest Payable 37,403 12,778
Increase(Decrease)in Miscellaneous Payables and
Accrued Expenses (107,595) 38,108
Increase in Fees and Commissions
Receivable (15,000) (22,800)
(Increase)Decrease in Interest Receivable (212,704) 47,655
Decrease in Prepaid Expenses 101,982 54,836
Increase in Miscellaneous Receivables (8,768) (5,164)
Decrease in Income Taxes Receivable 189,978 40,587
Increase in Deferred Taxes 117,265 0
Decrease in Accumulated Post Retirement Benefit
Obligation (15,754) (10,575)
Amortization of Investment Security Premiums and
Accretion of Discounts (34,842) (118,893)
-------------------- --------------------
CASH PROVIDED BY OPERATING ACTIVITIES 1,071,429 574,100
-------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Maturities of Investment Securities
Held to Maturity 481,475 453,232
Proceeds from Maturities of Investment Securities
Available for Sale 3,306,768 2,783,613
Purchases of Investment Securities Available for
Sale (8,536,557) (4,172,986)
Net Increase in Federal Funds Sold (7,200,000) (4,850,000)
Net (Increase)Decrease in Loans 967,763 (1,532,284)
Purchases of Premises and Equipment (28,098) (19,578)
Proceeds from Sale of Bank Property 0 205,239
Proceeds from Sale of Other Real Estate Owned 1,302,808 420,000
-------------------- --------------------
CASH USED BY INVESTING ACTIVITIES (9,705,841) (6,712,764)
-------------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Demand Deposits, NOW
Accounts and Savings Accounts 6,824,874 1,316,224
Net Increase(Decrease) in Time Accounts (11,102) 4,072,447
Cash Dividends Paid (138,646) (121,315)
Net Increase in Borrowed Funds 2,814,277 0
-------------------- --------------------
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
<S> <C> <C>
CASH PROVIDED BY FINANCING ACTIVITIES 9,489,403 5,267,356
-------------------- --------------------
Net Increase(Decrease)in Cash and Due from Banks 854,991 (871,308)
Cash and Due from Banks, Beginning of Period 7,689,964 7,003,234
-------------------- --------------------
Cash and Due from Banks, End of Period $ 8,544,955 $ 6,131,926
==================== ====================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Period for:
Interest $ 105,949 $
0
Income Taxes $ 204,427 $ 56,963
NON-CASH INVESTING ACTIVITIES
Loans Transferred to Other Real Estate Owned $ 179,370 $0
</TABLE>
<PAGE> 10
SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT
MARCH 31, 1997
<TABLE>
<CAPTION>
3 MONTHS 3 -6 6 - 12
REVOLVING OR LESS MONTHS MONTHS
------------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS $ 2,503,492 $ 4,271,717 $ 3,694,005 $ 18,107,616
FED FUNDS SOLD 7,200,000 0 0 0
LOANS:
INSTALLMENT 825,017 2,148,541 1,120,087 4,060,707
REAL ESTATE AND COMMERCIAL 24,677,271 3,629,930 898,846 7,528,753
CASH AND DUE FROM BANKS 239,257 0 0 0
FIXED ASSETS 0 0 0 0
OTHER ASSETS 0 0 0 0
RESERVE FOR POSSIBLE LOAN LOSSES 0 0 0 0
NON-ACCRUALS & UNEARNED DISCOUNT 0 0 0 0
------------------- ------------------ ------------- -------------
TOTAL 35,445,037 10,050,188 5,712,938 29,697,076
------------------- ------------------ ------------- -------------
LIABILITIES:
SAVINGS 0 2,282,568 2,282,568 4,565,137
MONEY MARKETS 0 3,891,285 3,891,285 7,782,571
NOW 0 743,816 743,816 1,487,633
TIME LESS THAN 100 18,879 6,703,240 3,860,697 5,901,258
TIME MORE THAN 100 0 2,271,750 1,105,985 694,127
DEMAND 0 1,133,450 1,133,450 2,266,899
REPURCHASE AGREEMENTS 0 0 0 0
OTHER BORROWED MONEY 0 4,300,000 0 0
OTHER LIABILITIES 0 0 0 0
STOCKHOLDERS' EQUITY 0 0 0 0
------------------- ------------------ ------------- -------------
TOTAL 18,879 21,326,109 13,017,801 22,697,625
- -
------------------- ------------------ ------------- -------------
INTEREST SENSITIVITY GAP
PER PERIOD 35,426,158 (11,275,921) (7,304,863) 6,999,451
GAP/TOTAL ASSETS 18.46% -5.88% -3.81% 3.65%
CUMULATIVE INTEREST
SENSITIVITY GAP 35,426,158 24,150,237 16,845,374 23,844,825
% OF CUMULATIVE GAP
TO TOTAL ASSETS 18.46% 12.58% 8.78% 12.42%
ASSUMPTIONS:
1) BALANCE SHEET FIGURES AS OF MARCH 31, 1997
2) SAVINGS AND NOW ACCOUNTS ASSUMED TO DECLINE OVER 5 YEAR PERIOD
3) MONEY MARKET ACCOUNTS ASSUMED TO DECLINE OVER 2 YEAR PERIOD
</TABLE>
<TABLE>
<CAPTION>
1-5 5+
YEARS YEARS OTHER TOTAL
-------------- --------------- ---------------- -------------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS $ 22,685,972 $ 16,875,425 $ 826,800 $ 68,965,027
FED FUNDS SOLD 0 0 0 7,200,000
LOANS:
INSTALLMENT 9,870,876 960,768 0 18,985,996
REAL ESTATE AND COMMERCIAL 32,824,186 8,928,186 398,815 78,885,987
CASH AND DUE FROM BANKS 0 0 8,305,698 8,544,955
FIXED ASSETS 0 0 2,541,803 2,541,803
OTHER ASSETS 0 0 6,854,668 6,854,668
RESERVE FOR POSSIBLE LOAN LOSSES 0 0 (1,300,239) (1,300,239)
NON-ACCRUALS & UNEARNED DISCOUNT 0 0 1,236,491 1,236,491
-------------- --------------- ---------------- -------------------
TOTAL 65,381,034 26,764,379 18,864,036 191,914,688
-------------- --------------- ---------------- -------------------
LIABILITIES:
SAVINGS 36,521,092 0 0 45,651,365
MONEY MARKETS 15,565,142 0 0 31,130,283
NOW 11,901,060 0 0 14,876,325
TIME LESS THAN 100 6,266,644 0 0 22,750,718
TIME MORE THAN 100 1,923,693 0 0 5,995,555
DEMAND 18,135,192 0 22,668,990 45,337,981
REPURCHASE AGREEMENTS 2,800,000 0 0 2,800,000
OTHER BORROWED MONEY 3,000,000 0 0 7,300,000
OTHER LIABILITIES 0 0 1,449,728 1,449,728
STOCKHOLDERS' EQUITY 0 0 14,622,733 14,622,733
-------------- --------------- ---------------- -------------------
TOTAL 96,112,823 0 38,741,451 191,914,688
-------------- --------------- ---------------- -------------------
INTEREST SENSITIVITY GAP
PER PERIOD (30,731,789) 26,764,379 (19,877,415)
GAP/TOTAL ASSETS -16.01% 13.95%
CUMULATIVE INTEREST
SENSITIVITY GAP (6,886,964) 19,877,415
% OF CUMULATIVE GAP
TO TOTAL ASSETS -3.59% 10.36%
ASSUMPTIONS:
1) BALANCE SHEET FIGURES AS OF MARCH 31, 1997
2) SAVINGS AND NOW ACCOUNTS ASSUMED TO DECLINE OVER 5 YEAR PERIOD
3) MONEY MARKET ACCOUNTS ASSUMED TO DECLINE OVER 2 YEAR PERIOD
</TABLE>
<PAGE> 11
Management's Discussion and Analysis of Financial Condition and Results of
Operation
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 10KSB for
the period ended December 31, 1996.
The Bank's Balance Sheet remained stable throughout the first quarter
of 1997, with a slight shift in segregation as the assets grew by 5.66%, from
$181,629,049 on December 31, 1996, to $191,914,688 on March 31, 1997. A
significant increase to earning assets was realized in the Investment Portfolio,
which rose 7.10% from year end. The majority of investments purchased consisted
of Available for Sale, GNMA II adjustable rate mortgage-backed securities,
yielding high rates while providing liquidity comfort and risk based capital
advantages. Total investments represent 35.94% of assets, yielding 6.35%.
Federal Funds Sold comprise 3.75% of assets and yield approximately 5.36%. The
loan portfolio remains strong with only a slight decrease from December 31,
1996, of 1.48%. Loans represent 51.93% of assets, currently yielding 9.52%.
Other Real Estate Owned was reduced dramatically in the first quarter by 23.85%,
due to the sale of one property; resulting in a $1,213,438 reduction in
non-performing assets. On the Liability side of the Balance Sheet, total
deposits increased by $6,813,772 or 4.29% from December 31, 1996. The largest
increases were sighted in Money Market and Demand Deposit Accounts. These
deposits were used primarily to fund the new purchases in the investment
portfolio. Borrowings also rose by 38.63%, due to increased deposits in the
Demand Notes Issued to the U.S. Treasury Account. These monies were invested in
Federal Funds Sold due to the nature of repayment. Total capital at December 31,
1996 was $14,097,239 as compared to $14,622,733 at March 31, 1997. This 3.73%
first quarter increase was attributed to retained earnings, offset slightly by
an increase in Unrealized Losses on Securities Available for Sale and the
payment of the quarterly dividend. All capital ratios remained consistently
strong by all guidelines and are outlined below.
March 31, 1997 December 31, 1996 Required
Tier I 12.81 12.30 4.00
Tier II 1.14 1.25 **
Total Risk Based
Capital Ratio 13.95 13.58 8.00
Leverage Ratio 7.98 7.82 4.00
As expected, the results of first quarter 1997, are historically high and
impressive due to our successful reengineering efforts, sharpened sales skills,
competitive products and rates, as well as major reductions in non-interest
expenses. Interest income increased by
<PAGE> 12
16.24% over the 1996 first quarter, due largely to the increased volume in the
investment portfolio. Loan income remained stable due to increased balances in
the portfolio.
Interest Expense was $967,004 at March 31, 1997 as compared to $882,570
at March 31, 1996, an increase of 9.57%. This increase was attributed to a
higher deposit base and increased interest rates coupled with the Bank's
decision to use borrowings such as Repos, Advances and Demand Notes Issued to
the U.S. Treasury to fund higher yielding assets. Non-interest income rose by
9.35% over last year's first quarter, due to an increase in service charges on
deposit accounts. Non-interest expense significantly decreased by 20.84%, with
reductions in the following major categories: salary and benefits, occupancy,
furniture. & fixture expense and miscellaneous operating expenses. Net income
reached $798,279 at March 31, 1997 as compared to $198,797 reported at March 31,
1996. Earnings have quadrupled that of last year's first quarter. With this
extremely prosperous beginning, management looks forward to the remainder of
1997 with continued confidence in our ability to increase profitability and
shareholder value while sustaining our consistently strong financial capital
ratios.
<PAGE> 13
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 as of
March 31, 1997, and its results of operations for the three months ended March
31, 1997 and 1996 and its cash flows for the three months ended March 31, 1997
and 1996. For further information, refer to the consolidated financial
statements and notes thereto included in the Company's annual report on Form
10KSB for the year ended December 31, 1996.
EARNINGS PER COMMON SHARES
Earnings per share are calculated by dividing Net Income by the
weighted average number of common shares outstanding.
INVESTMENT SECURITIES
Fair Value:
March 31, 1997 $68,776,513
December 31, 1996 $63,685,617
<PAGE> 14
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
May 9, 1997 By: /s/ Bradley E. Rock
--------------------------
Bradley E. Rock, President
May 9, 1997 By: /s/ Anita Florek
-----------------------
Anita Florek, Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 2,922,611
<INT-BEARING-DEPOSITS> 239,257
<FED-FUNDS-SOLD> 7,200,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 53,450,085
<INVESTMENTS-CARRYING> 15,514,942
<INVESTMENTS-MARKET> 68,776,513
<LOANS> 97,808,235
<ALLOWANCE> 1,300,239
<TOTAL-ASSETS> 191,914,688
<DEPOSITS> 165,742,227
<SHORT-TERM> 0
<LIABILITIES-OTHER> 11,549,728
<LONG-TERM> 0
0
0
<COMMON> 2,239,775
<OTHER-SE> 12,382,958
<TOTAL-LIABILITIES-AND-EQUITY> 191,914,688
<INTEREST-LOAN> 2,379,477
<INTEREST-INVEST> 1,064,155
<INTEREST-OTHER> 908
<INTEREST-TOTAL> 3,444,540
<INTEREST-DEPOSIT> 861,056
<INTEREST-EXPENSE> 967,004
<INTEREST-INCOME-NET> 2,477,536
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,796,512
<INCOME-PRETAX> 1,309,949
<INCOME-PRE-EXTRAORDINARY> 798,279
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 798,279
<EPS-PRIMARY> 1.84
<EPS-DILUTED> 1.84
<YIELD-ACTUAL> 8.27
<LOANS-NON> 1,713,952
<LOANS-PAST> 1,274
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,097,206
<CHARGE-OFFS> 334,645
<RECOVERIES> 12,312
<ALLOWANCE-CLOSE> 1,300,239
<ALLOWANCE-DOMESTIC> 1,300,239
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 203,033
</TABLE>
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