<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended June 30, 1999
.......................................................
Commission File Number 2-95114
.................................................
LOGAN COUNTY BANCSHARES, INC.
...............................................................................
(Exact Name of Registrant as Specified in Its Charter)
WEST VIRGINIA
...............................................................................
(State or other jurisdiction of incorporation or organization)
55-0660015
...............................................................................
(IRS Employer Identification Number)
P. O. BOX 597, LOGAN, WEST VIRGINIA 25601
...............................................................................
(Address of Principal Executive Offices) (Zip Code)
(304) 752-1166
...............................................................................
(Registrant's telephone number including area code)
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
---- -----
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding, of each of the issuer's
classes of common stock, as of the latest practicable date. 716,991
<PAGE>
LOGAN COUNTY BANCSHARES, INC.
PART I - FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS:
Consolidated Statement of Condition As of June 30, 1999 and
1998 and December 31, 1998.
Consolidated Statement of Income For the Three Month Period
Ended June 30, 1999 and 1998.
Consolidated Statement of Income For the Six Month Period Ended
June 30, 1999 and 1998.
Consolidated Statement of Changes in Stockholders'
Equity for the Six Month Period Ended June
30, 1999 and 1998.
Consolidated Statement of Cash Flows for the Six Month Period
Ended June 30, 1999 and 1998.
Notes to Consolidated Financial Statements
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
PART II - OTHER INFORMATION
SIGNATURES
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement of Condition
June 30, 1999 and 1998 and December 31, 1998
(In Thousands)
<TABLE>
<CAPTION>
ASSETS
------
June 30, December 31,
1999 1998 1998
---- ---- ----
<S> <C> <C> <C>
CASH AND DUE FROM BANKS $ 5,183 $ 5,090 $ 5,727
INVESTMENT SECURITIES:
AVAILABLE FOR SALE 31,080 18,342 25,299
HELD TO MATURITY 497 2,495 2,496
FEDERAL FUNDS SOLD 810 12,280 7,520
LOANS:
TOTAL LOANS 104,050 89,318 95,103
RESERVE FOR LOAN LOSSES 720 716 701
-------- -------- --------
NET LOANS 103,330 88,602 94,402
BANK PREMISES AND EQUIPMENT 2,687 2,115 2,085
ACCRUED INTEREST AND OTHER ASSETS 2,054 1,441 1,749
-------- -------- --------
$145,641 $130,365 $139,278
-------- -------- --------
-------- -------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
DEPOSITS:
DEMAND DEPOSITS:
NON-INTEREST $ 20,146 $ 14,085 $ 18,292
INTEREST BEARING 20,889 19,345 20,644
SAVINGS DEPOSITS 31,851 30,806 29,817
TIME DEPOSITS 57,968 51,710 55,667
-------- -------- --------
TOTAL DEPOSITS 130,854 115,946 124,420
ACCRUED AND OTHER LIABILITIES 651 656 680
INCOME TAXES PAYABLE:
CURRENT 84 61 28
DEFERRED (219) 68 91
-------- -------- --------
TOTAL LIABILITIES 131,370 116,731 125,219
STOCKHOLDERS' EQUITY:
COMMON STOCK - $ 1.67 PAR VALUE;
AUTHORIZED & ISSUED, 780,000 SHARES,
IN 1999 AND 1998; OUTSTANDING 716,991
IN 1999 AND 1998 1,300 1,300 1,300
SURPLUS 2,408 2,408 2,408
RETAINED EARNINGS 11,423 10,786 11,211
TREASURY STOCK (860) (860) (860)
-------- -------- --------
TOTAL STOCKHOLDERS' EQUITY 14,271 13,634 14,059
-------- -------- --------
$145,641 $130,365 $139,278
-------- -------- --------
-------- -------- --------
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement of Income
For the Three Month Periods Ended June 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
INTEREST INCOME:
INTEREST ON LOANS $2,105 $1,933
INTEREST ON INVESTMENTS 475 309
INTEREST ON FEDERAL FUNDS SOLD 86 220
------ ------
2,666 2,462
INTEREST EXPENSE:
INTEREST ON DEPOSITS 1,072 1,049
------ ------
NET INTEREST INCOME 1,594 1,413
PROVISION FOR LOAN LOSSES 0 22
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,594 1,391
OTHER INCOME:
SERVICE FEES 161 229
OTHER OPERATING INCOME 7 31
------ ------
TOTAL OTHER INCOME 168 260
OTHER EXPENSES:
SALARIES AND BENEFITS 493 445
EXPENSE OF BANK PREMISES AND
EQUIPMENT 80 98
OTHER OPERATING EXPENSES 339 317
------ ------
TOTAL OTHER EXPENSES 912 860
INCOME BEFORE INCOME TAXES 850 791
INCOME TAXES 305 290
------ ------
NET INCOME $ 545 $ 501
------ ------
------ ------
PER SHARE OF COMMON STOCK NET INCOME $ 0.76 $ 0.70
------ ------
------ ------
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement of Income
For the Six Month Periods Ended June 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
INTEREST INCOME:
INTEREST ON LOANS $4,131 $3,794
INTEREST ON INVESTMENTS 912 609
INTEREST ON FEDERAL FUNDS SOLD 191 385
------ ------
5,234 4,788
INTEREST EXPENSE:
INTEREST ON DEPOSITS 2,135 2,045
------ ------
NET INTEREST INCOME 3,099 2,743
PROVISION FOR LOAN LOSSES 23 45
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,076 2,698
OTHER INCOME:
SERVICE FEES 297 527
OTHER OPERATING INCOME 46 53
------ ------
TOTAL OTHER INCOME 343 580
OTHER EXPENSES:
SALARIES AND BENEFITS 979 887
EXPENSE OF BANK PREMISES AND
EQUIPMENT 203 195
OTHER OPERATING EXPENSES 624 597
------ ------
TOTAL OTHER EXPENSES 1,806 1,679
INCOME BEFORE INCOME TAXES 1,613 1,599
INCOME TAXES 577 587
------ ------
NET INCOME $1,036 $1,012
------ ------
------ ------
PER SHARE OF COMMON STOCK NET INCOME $ 1.44 $ 1.41
------ ------
------ ------
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement in Changes in Stockholders' Equity
For the Six Month Periods Ended June 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
Net Unrealized
(losses) on
Common Retained Available-for- Treasury
Stock Surplus Earnings Sale Securities Stock Total
-------- ------- -------- ------------- -------- -----
<S> <C> <C> <C> <C> <C> <C>
BALANCE - DECEMBER 31
1998 $1,300 $2,408 $11,171 $40 ($860) $14,059
DIVIDENDS DECLARED ON
COMMON STOCK (414) (414)
CHANGE IN NET UNREALIZED
HOLDING GAINS (LOSSES)
ON AVAILABLE FOR-SALE
SECURITIES (410) (410)
NET INCOME FOR THE SIX MONTHS
ENDED JUNE 30, 1999 1,036 1,036
------ ------ ------- --- ----- -------
$1,300 $2,408 $11,793 ($370) ($860) $14,271
------ ------ ------- --- ----- -------
------ ------ ------- --- ----- -------
BALANCE - DECEMBER 31
1997 $1,300 $2,408 $10,126 $9 ($860) $12,983
DIVIDENDS DECLARED ON
COMMON STOCK @ $0.79 (378) (378)
CHANGE IN NET UNREALIZED
HOLDING GAINS (LOSSES)
ON AVAILABLE FOR-SALE
SECURITIES 17 17
NET INCOME FOR THE SIX MONTHS
ENDED JUNE 30, 1998 0 0 1,012 0 0 1,012
------ ------ ------- --- ----- -------
$1,300 $2,408 $10,760 $26 ($860) $13,634
------ ------ ------- --- ----- -------
------ ------ ------- --- ----- -------
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 1,036 $ 1,012
ADJUSTMENT TO RECONCILE NET
INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES:
DEPRECIATION 82 78
SECURITY AMORTIZATION AND
ACCREATION (2) 5
MARKET VALUE AMORTIZATION (2) (2)
PROVISION FOR LOAN LOSSES 23 45
(GAIN) LOSS ON SALE OF INVESTMENT
SECURITIES 0 0
(INCREASE) DECREASE IN OTHER ASSETS (305) (71)
INCREASE (DECREASE) IN OTHER
LIABILITIES (4) 4
-------- -------
NET CASH PROVIDED BY OPERATING ACTIVITIES 828 1,071
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALE OF SECURITIES
AVAILABLE FOR SALE 6,500 5,700
PROCEEDS FROM MATURITIES OF SECURITIES AVAILABLE FOR SALE 2,000 0
PROCEEDS FROM MATURITIES OF SECURITIES HELD TO MATURITY 2,000 1,500
PURCHASE OF SECURITIES AVAILABLE
FOR SALE (14,956) (8,049)
PURCHASE OF SECURITIES HELD TO MATURITY 0 0
NET (INCREASE) DECREASE IN
FEDERAL FUNDS SOLD 6,710 (3,370)
NET (INCREASE) DECREASE IN LOANS (8,951) (4,422)
PROCEEDS FROM SALE OF ASSETS 0 0
PURCHASE OF BANK PREMISES AND EQUIPMENT (682) (68)
-------- -------
NET CASH PROVIDED BY INVESTING ACTIVITIES (7,379) (8,709)
CASH FLOWS FROM FINANCING ACTIVITIES:
NET INCREASE (DECREASE) IN
DEMAND DEPOSITS 2,099 2,221
NET INCREASE (DECREASE) IN
SAVINGS DEPOSITS 2,034 1,519
NET INCREASE (DECREASE) IN
TIME DEPOSITS 2,301 4,099
DIVIDENDS PAID (414) (378)
-------- -------
NET CASH PROVIDED BY FINANCING ACTIVITIES 6,020 7,461
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (544) (177)
CASH AND CASH EQUIVALENT AT
BEGINNING OF PERIOD 5,727 5,267
CASH AND CASH EQUIVALENT AT
END OF PERIOD $ 5,183 $ 5,090
-------- -------
-------- -------
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
June 30, 1999
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
1. Financial Statements:
The foregoing statements are unaudited; however, in the opinion of the
Management, all adjustments (comprising of only normal recurring accruals)
necessary for a fair presentation of the financial statements have been
included.
2. Basis of Consolidation:
The Consolidated Statement of Condition and Consolidated Statement of
Income of Logan County Bancshares, Inc. include the activity of Logan Bank
and Trust Company, a wholly owned subsidiary.
3. All financial information presented gives retroactive effect to the
issuance on June 16, 1999, of a three-for-two stock split in the form of a
stock dividend of three shares of common stock for each two shares of
common stock outstanding.
4. Year 2000 Assessment
Management has initiated a Company-wide program to assess its data
processing, information systems and customer service programs to ensure
the Company's operating capabilities in the year 2000. Currently, the
Company's subsidiary Bank, L B & T, uses EDS, a regional provider of
financial institution data processing, as it's primary provider of
computer services and data processing. EDS has certified it's hardware and
software are Year 2000, and beyond, compliant.
As required by Regulatory guidelines, the company has contracted with
EDS to perform Y2K testing. This testing will include Data Processing,
ATM's, Debit Cards, Financial and Communications Systems. The estimated
cost for this testing is approximately $55,000. The Company has also
contracted to have their computer hardware evaluated for Year 2000
compliance and estimates additional computer hardware and software costs
to be approximately $105,000. These cost will be capitalized and amortized
over five years. It is the opinion of management that the cost of
converting these systems and the annual amortization, thereof, will not
materially impact the results of operation or its financial position.
We anticipate having all testing completed by June, 1999 and upgrading
completed by August, 1999. There are many factors involved in upgrading
these systems, such as: conversion of data, employee training and
implementation. There can be no assurances this process will not have a
material effect on the company's operations.
While management believes its planning efforts are adequate to address
its Year 2000 concerns, there is no guarantee the systems of other
companies on which the Company's systems and operations rely will function
properly and not have an adverse effect on the Company's operations or
financial position.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion and analysis focused on significant changes
in the financial condition and results of operations of Logan County Bancshares,
Inc.
EARNINGS SUMMARY
The Company reported net income of $1,036,000. for the six months
ended June 30, 1999 compared to $1,012,000. for the six months ended June
30, 1998, representing a 2.37% increase. This increase was primarily the
result of the increase in net interest income of $378,000., decrease in
other income of $163,000. and increase in all operating expenses of
$127,000.
Earnings per common share were $1.44 for the six months ended June 30, 1999
compared with $1.41 for the same period of 1998.
Logan County Bancshares' annualized return on assets (ROA) for the six
month period ended June 30, 1999 was 1.42% compared to 1.55% for the six month
period ended June 30, 1998. Annualized return on shareholders' equity (ROE) was
14.52% and 14.84% at June 30, 1999 and 1998, respectively.
NET INTEREST INCOME
The most significant component of Logan County Bancshares' net earnings is
net interest income, which represents the excess of interest income earned on
earning assets over the interest expense paid for sources of funds. Net interest
income is affected by changes in volume resulting from growth and alteration of
the balance sheet composition, as well as by fluctuations in market interest
rates and maturities of sources and uses of funds.
Interest income amounted to $5,234,000. at June 30, 1999, an increase
of $446,000. from June 30, 1998. Interest expense also increased
$90,000., resulting in an overall increase of $356,000. or 12.98% in net
interest income between June 30, 1999 and June 30, 1998.
PROVISION FOR LOAN LOSSES AND ASSET QUALITY
The provision for loan losses represents charges to earnings necessary to
maintain an adequate allowance for potential future loan losses. Management's
determination of the appropriate level of the allowance is based on an ongoing
analysis of credit quality and loss potential in the loan portfolio, actual loan
loss experience relative to the size and characteristics of the loan portfolio,
change in the composition and risk characteristics of the loan portfolio and the
anticipated influence of national and local economic conditions. The adequacy of
the allowance for loan losses is reviewed quarterly and adjustments are made as
considered necessary.
For the six month period ended June 30, 1999 and 1998, the provision for
loan losses was $23,000., and $45,000. respectively.
The reserve for loan losses was $720,000. at June 30, 1999 compared to
$716,000. at June 30, 1998. Expressed as a percentage of loans (net of unearned
income), the reserve for loan losses was .69% at June 30, 1999 and .81% at June
30, 1998.
<PAGE>
A summary of the Company's past due loans and nonperforming assets is provided
in the following table.
SUMMARY OF PAST DUE LOANS AND NONPERFORMING ASSETS
(in thousands of dollars)
<TABLE>
<CAPTION>
June 30,
------------------------
1999 1998
------ ------
<S> <C> <C>
Loans past due 90 or more days
still accruing interest $3,465 $2,200
------ ------
Nonperforming assets:
Nonaccruing loans 489 578
Other real estate owned 244 170
------ ------
$733 $748
------ ------
------ ------
</TABLE>
NONINTEREST INCOME
Noninterest income includes revenues from all sources other than interest
income. For the six month period ended June 30, 1999, noninterest income
totalled $343,000., representing a decrease of $237,000. from the $580,000.
recorded during the same period of 1998. This decrease was primarily due to
decreases in service fees income of $230,000.
NONINTEREST EXPENSE
Noninterest expense comprises overhead costs which are not related to
interest expense or to losses from loans or securities. As of June 30, 1999, the
Company's noninterest expense totalled $1,806,000., increasing $127,000. over
the $1,679,000. of noninterest expense for the six months ended June 30, 1998.
Expressed as a percentage of assets, annualized noninterest expense was 2.48% at
June 30, 1999, compared to 2.57% at June 30, 1998.
Salaries and employee benefits are Logan County Bancshares' largest
noninterest cost, representing approximately 54% of total noninterest expense at
June 30, 1999 and 1998. Salaries and employee benefits increased $92,000., or
10.37% at June 30, 1999 compared to June 30, 1998. This increase is primarily
due to increased personnel.
INCOME TAXES
Logan County Bancshares' federal income tax expense, for the six month
period ended June 30, 1999, reflected a $10,000. decrease when compared to the
same period of 1998. Income tax expense equalled 35.78% and 36.71% of income
before taxes at June 30, 1999 and 1998, respectively. For financial reporting
purposes, income tax expense does not equal the statutory income tax rate of 43%
when applied to pretax income, primarily because of tax-exempt interest income
included in income before income taxes.
<PAGE>
Balance Sheet Data:
Total assets grew by $6,363,000. between year end and June 30, 1999 to a
balance of $145,641,000. The major component of this growth was an increase in
Investment Securities of $3,782,000., and loan increases of 8,928,000. The
primary source of funds for this growth was an increase in deposits of
$6,434,000., a decrease in Federal Funds Sold of $6,710,000., and net income of
$1,036,000.
Liquidity:
Managing Logan's liquidity requirements primarily involves meeting the loan
demand, deposit withdrawal and the cash flow requirements. Logan's primary
sources of liquid assets are federal funds sold and investment securities
maturing in less than one year. These items can be converted into funds in a
short period of time. At June 30, 1999, Federal Funds Sold amounted to $810,000.
and securities maturing within one year amounted to $1,982,000. These are
compared to the balances at June 30, 1998 of $12,280,000. in Federal Funds Sold
and maturing Investment Securities of $3,046,000. due within one year.
Traditionally, banks have been able to manage liquidity based on a
relatively stable group of core deposits. The deposits, demand and consumer
deposits under $l00,000. are considered the most stable and least expensive
source of funds. During 1999 and 1998, banks continue to be faced with more
volatile, interest sensitive funds and have had to match their funding
requirements by using assets and liability management techniques.
Capital Resources:
Logan's capital position is based on its stockholders' equity and the
primary source of such equity has been retained earnings. Since Logan's
formation, it has accumulated Retained Earnings of $11,423,000. and has a
total Stockholders' Equity of $14,271,000. as of June 30, 1999; as
compared to $10,786,000. of Retained Earnings and total Stockholders'
equity of $13,634,000. at June 30, 1998.
The equity capital was 9.80% and 10.45% of total assets at June 30, 1999
and 1998 respectively. Logan County Bancshares exceeds all regulatory capital
guide lines and has not been advised by any regulatory agency of any minimum
capital requirement.
Effects of Inflation:
The impact of inflation on a financial institution differs significantly
from that exerted on an industrial concern, primarily because a financial
institution's assets and liabilities consist almost entirely of monetary items.
The low proportion of the Bank's net fixed assets to total assets reduces both
the potential of inflated earnings resulting from understated depreciation
charges and the potential significant understatement of asset values. However,
inflation does have a considerable indirect impact on banks, including increased
loan demand, as it becomes necessary for producers and consumers to acquire
additional funds to maintain the same levels of consumption, inventories, and
new investments. Inflation also frequently results in higher interest rates
which can affect both yields on earning assets and rates paid on deposits and
other interest-bearing liabilities.
<PAGE>
PART II. - OTHER INFORMATION
NONE.
----
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.
LOGAN COUNTY BANCSHARES, INC.
---------------------------------------------
(Registrant)
Date ____________________________ _____________________________________________
Harvey Oakley, President
(Signature)
Date ____________________________ _____________________________________
Eddie D. Canterbury, Exec. Vice Pres.
(Signature)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS YEAR
<FISCAL-YEAR-END> JUN-30-1999 JUN-30-1998 DEC-31-1998
<PERIOD-START> JAN-01-1999 JAN-01-1998 JAN-01-1998
<PERIOD-END> JUN-30-1999 JUN-30-1998 DEC-31-1998
<CASH> 5,183 5,090 5,727
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 810 12,280 7,520
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 31,080 18,342 25,299
<INVESTMENTS-CARRYING> 497 2,495 2,496
<INVESTMENTS-MARKET> 502 2,525 2,525
<LOANS> 104,050 89,318 95,103
<ALLOWANCE> 720 716 701
<TOTAL-ASSETS> 145,641 130,365 139,278
<DEPOSITS> 130,854 115,946 124,420
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 516 785 799
<LONG-TERM> 0 0 0
0 0 0
0 0 0
<COMMON> 1,300 1,300 1,300
<OTHER-SE> 14,271 13,634 14,059
<TOTAL-LIABILITIES-AND-EQUITY> 145,641 130,365 139,278
<INTEREST-LOAN> 4,131 3,794 0
<INTEREST-INVEST> 912 609 0
<INTEREST-OTHER> 191 385 0
<INTEREST-TOTAL> 5,234 4,788 0
<INTEREST-DEPOSIT> 2,135 2,045 0
<INTEREST-EXPENSE> 2,135 2,045 0
<INTEREST-INCOME-NET> 3,099 2,743 0
<LOAN-LOSSES> 23 45 0
<SECURITIES-GAINS> 0 0 0
<EXPENSE-OTHER> 1,806 1,679 0
<INCOME-PRETAX> 1,613 1,599 0
<INCOME-PRE-EXTRAORDINARY> 1,036 1,012 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,036 1,012 0
<EPS-BASIC> 1.44 1.41 0
<EPS-DILUTED> 1.44 1.41 0
<YIELD-ACTUAL> 4.543 4.481 0
<LOANS-NON> 489 578 0
<LOANS-PAST> 3,465 2,200 0
<LOANS-TROUBLED> 354 327 0
<LOANS-PROBLEM> 913 843 0
<ALLOWANCE-OPEN> 701 673 0
<CHARGE-OFFS> 6 4 0
<RECOVERIES> 2 2 0
<ALLOWANCE-CLOSE> 720 716 0
<ALLOWANCE-DOMESTIC> 720 716 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
