<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 September 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. 716991
------------
<PAGE>
LOGAN COUNTY BANCSHARES, INC.
PART I - FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS:
Consolidated Statement of Condition As of September 30, 1999
and 1998 and December 31, 1998.
Consolidated Statement of Income for the Three Month Period
Ended September 30, 1999 and 1998.
Consolidated Statement of Income for the Six Month Period Ended
September 30, 1999 and 1998.
Consolidated Statement of Changes in Stockholders'
Equity for the Nine Month Period Ended September
30, 1999 and 1998.
Consolidated Statement of Cash Flows for the Nine Month Period
Ended September 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
September 30, 1999 and 1998 and December 31, 1998
(In Thousands)
<TABLE>
<CAPTION>
ASSETS
------
September 30, December 31,
1999 1998 1998
--------- --------- ---------
<S> <C> <C> <C>
CASH AND DUE FROM BANKS $ 4,861 $ 5,354 $ 5,727
INVESTMENT SECURITIES:
AVAILABLE FOR SALE 31,537 22,462 25,299
HELD TO MATURITY 0 2,496 2,496
FEDERAL FUNDS SOLD 0 9,360 7,520
LOANS:
TOTAL LOANS 108,810 92,800 95,103
RESERVE FOR LOAN LOSSES 718 732 701
--------- --------- ---------
NET LOANS 108,092 92,068 94,402
BANK PREMISES AND EQUIPMENT 3,025 2,091 2,085
ACCRUED INTEREST AND OTHER ASSETS 2,356 1,878 1,749
--------- --------- ---------
$ 149,871 $ 135,709 $ 139,278
========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
DEPOSITS:
DEMAND DEPOSITS:
NON-INTEREST $ 18,692 $ 14,304 $ 18,292
INTEREST BEARING 22,297 22,410 20,644
SAVINGS DEPOSITS 32,439 29,538 29,817
TIME DEPOSITS 59,717 54,554 55,667
--------- --------- ---------
TOTAL DEPOSITS 133,145 120,806 124,420
FEDERAL FUNDS PURCHASED 1,590 0 0
ACCRUED AND OTHER LIABILITIES 611 723 680
INCOME TAXES PAYABLE:
CURRENT 91 62 28
DEFERRED (207) 121 91
--------- --------- ---------
TOTAL LIABILITIES 135,230 121,712 125,219
STOCKHOLDERS' EQUITY:
COMMON STOCK - $ 1.67 PAR VALUE;
AUTHORIZED & ISSUED 780,000 SHARES
IN 1999 and1998; OUTSTANDING
716,991 IN 1999 AND 1998 1,300 1,300 1,300
SURPLUS 2,408 2,408 2,408
RETAINED EARNINGS 11,793 11,149 11,211
TREASURY STOCK (860) (860) (860)
--------- --------- ---------
TOTAL STOCKHOLDERS' EQUITY 14,641 13,997 14,059
--------- --------- ---------
$ 149,871 $ 135,709 $ 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 September 30, 1999 and 1998
(IN THOUSANDS)
<TABLE>
<CAPTION>
1999 1998
------ ------
<S> <C> <C>
INTEREST INCOME:
INTEREST ON LOANS $2,205 $1,997
INTEREST ON INVESTMENTS 503 373
INTEREST ON FEDERAL FUNDS SOLD 38 182
------ ------
2,746 2,552
INTEREST EXPENSE:
INTEREST ON DEPOSITS 1,093 1,097
------ ------
NET INTEREST INCOME 1,653 1,455
PROVISION FOR LOAN LOSSES 0 23
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,653 1,432
OTHER INCOME:
SERVICE FEES 167 239
OTHER OPERATING INCOME 13 6
------ ------
TOTAL OTHER INCOME 180 245
OTHER EXPENSES:
SALARIES AND BENEFITS 487 458
EXPENSE OF BANK PREMISES AND
EQUIPMENT 109 109
OTHER OPERATING EXPENSES 349 335
------ ------
TOTAL OTHER EXPENSES 945 902
INCOME BEFORE INCOME TAXES 888 775
INCOME TAXES 319 286
------ ------
NET INCOME $ 569 $ 489
====== ======
PER SHARE OF COMMON STOCK NET INCOME $ 0.80 $ 1.03
====== ======
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement of Income
For the Nine Month Periods Ended September 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
------ ------
<S> <C> <C>
INTEREST INCOME:
INTEREST ON LOANS $6,336 $5,791
INTEREST ON INVESTMENTS 1415 982
INTEREST ON FEDERAL FUNDS SOLD 229 567
------ ------
7,980 7,340
INTEREST EXPENSE:
INTEREST ON DEPOSITS 3,228 3,142
------ ------
NET INTEREST INCOME 4,752 4,198
PROVISION FOR LOAN LOSSES 23 68
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 4,729 4,130
OTHER INCOME:
SERVICE FEES 464 766
OTHER OPERATING INCOME 59 59
------ ------
TOTAL OTHER INCOME 523 825
OTHER EXPENSES:
SALARIES AND BENEFITS 1,466 1,345
EXPENSE OF BANK PREMISES AND
EQUIPMENT 312 304
OTHER OPERATING EXPENSES 973 932
------ ------
TOTAL OTHER EXPENSES 2,751 2,581
INCOME BEFORE INCOME TAXES 2,501 2,374
INCOME TAXES 896 873
------ ------
NET INCOME $1,605 $1,501
====== ======
PER SHARE OF COMMON STOCK NET INCOME $ 2.24 $ 2.09
====== ======
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statement in Changes in Stockholders' Equity
For the Nine Month Periods Ended September 30, 1998 and 1997
(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 (629) (629)
CHANGE IN NET UNREALIZED
HOLDING GAINS (LOSSES)
ON AVAILABLE FOR-SALE
SECURITIES (394) (394)
NET INCOME FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1999 0 0 1,605 0 0 1,605
------ ------ ------- ----- ----- -------
$1,300 $2,408 $12,147 ($354) ($860) $14,641
====== ====== ======= ===== ===== =======
BALANCE - DECEMBER 31
1997 $1,300 $2,408 $10,126 $9 ($860) $12,983
DIVIDENDS ON 467,612 SHARES
COMMON STOCK @ $0.97 (574) (574)
CHANGE IN NET UNREALIZED
HOLDING GAINS (LOSSES)
ON AVAILABLE FOR-SALE
SECURITIES 87 87
NET INCOME FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1997 1,501 1,501
------ ------ ------- ----- ----- -------
$1,300 $2,408 $11,053 $96 ($860) $13,997
====== ====== ======= ===== ===== =======
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
<TABLE>
<CAPTION>
1998 1998
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 1,605 $ 1,501
ADJUSTMENT TO RECONCILE NET
INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES:
DEPRECIATION 120 117
SECURITY AMORTIZATION AND
ACCREATION 0 (5)
MARKET VALUE AMORTIZATION (3) (3)
PROVISION FOR LOAN LOSSES 23 68
(GAIN) LOSS ON SALE OF INVESTMENT
SECURITIES 0 0
(INCREASE) DECREASE IN OTHER ASSETS (608) (508)
INCREASE (DECREASE) IN OTHER
LIABILITIES (79) 66
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,058 1,236
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALE OF SECURITIES
AVAILABLE FOR SALE 9,700 8,200
PROCEEDS FROM MATURITIES
OF SECURITIES 5,000 3,000
PURCHASE OF SECURITIES AVAILABLE
FOR SALE (19,074) (16,048)
PURCHASE OF SECURITIES HELD TO MATURITY 0 0
NET (INCREASE) DECREASE IN
FEDERAL FUNDS SOLD 7,520 (450)
NET (INCREASE) DECREASE IN LOANS (13,696) (7,893)
PROCEEDS FROM SALE OF ASSETS 0 0
PURCHASE OF BANK PREMISES AND EQUIPMENT (1,060) (83)
-------- --------
NET CASH PROVIDED BY INVESTING ACTIVITIES (11,610) (13,274)
CASH FLOWS FROM FINANCING ACTIVITIES:
NET INCREASE (DECREASE) IN
DEMAND DEPOSITS 2,053 5,505
NET INCREASE (DECREASE) IN
SAVINGS DEPOSITS 2,622 251
NET INCREASE (DECREASE) IN
TIME DEPOSITS 4,050 6,943
NET INCREASE (DECREASE) IN
FEDERAL FUNDS PURCHASED 1,590
DIVIDENDS PAID (629) (574)
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,686 12,125
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (866) 87
CASH AND CASH EQUIVALENT AT
BEGINNING OF PERIOD 5,727 5,267
-------- --------
CASH AND CASH EQUIVALENT AT
END OF PERIOD $ 4,861 $ 5,354
======== ========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
September 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 Consolated 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
<PAGE>
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 $1,605,000. for the nine months ended
September 30, 1999 compared to $1,501,000. for the nine months ended September
30, 1998, representing a 6.29% increase. This increase was primarily the result
of the increase in net interest income of $554,000., decrease in other income of
$303,000. and increase in all operating expenses of $170,000.
Earnings per common share were $2.24 for the nine months ended September
30, 1999 compared with $2.09 for the same period of 1998.
Logan County Bancshares' annualized return on assets (ROA) for the nine
month period ended September 30, 1999 was 1.42% compared to 1.47% nine month
period ended September 30, 1998. Annualized return on shareholders' equity (ROE)
was 14.62% and 14.30% at September 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 $7,980,000. at September 30, 1999, an increase
of $640,000. from September 30, 1998. Interest expense also increased $86,000.,
resulting in an overall increase of $554,000. or 13.20% in net interest income
between September 30, 1999 and September 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
<PAGE>
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 nine month period ended September 30, 1999 and 1998, the provision
for loan losses was $23,000., and $68,000. respectively.
The reserve for loan losses was $718,000. at September 30, 1999 compared
to $732,000. at June 30, 1998. Expressed as a percentage of loans (net of
unearned income), the reserve for loan losses was .66% at September 30, 1999 and
.79% at September 30, 1998.
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>
September 30,
-----------------------
1999 1998
------ ------
<S> <C> <C>
Loans past due 90 or more days
still accruing interest $4,077 $3,465
------ ------
Nonperforming assets:
Nonaccruing loans 474 489
Other real estate owned 315 244
------ ------
$ 789 $ 733
====== ======
</TABLE>
NONINTEREST INCOME
Noninterest income includes revenues from all sources other than interest
income. For the nine month period ended September 30, 1999, noninterest income
totaled $523,000., representing a decrease of $302,000. from the $825,000.
recorded during the same period of 1998. This decrease was primarily due to
decreases in service fees income of $302,000.
NONINTEREST EXPENSE
Noninterest expense comprises overhead costs which are not related to
interest expense or to losses from loans or securities. As of September 30,
1999, the Company's noninterest expense totaled $2,751,000., increasing
$170,000. over the $2,581,000. of noninterest expense for the nine months ended
September 30, 1998. Expressed as a percentage of assets, annualized
<PAGE>
noninterest expense was 2.45% at September 30, 1999, compared to 2.54% at
September 30, 1998.
Salaries and employee benefits are Logan County Bancshares' largest
noninterest cost, representing approximately 54% of total noninterest expense at
September 30, 1999 and 1998. Salaries and employee benefits increased $121,000.,
or 8.99% at September 30, 1999 compared to September 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 September 30, 1999, reflected a $23,000. increase when compared to
the same period of 1998. Income tax expense equalled 35.82% and 36.77% of income
before taxes at September 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.
Balance Sheet Data:
Total assets grew by $10,593,000. between year end and September 30, to a
balance of $149,871,000. The major component of this growth was an increase in
Investment Securities of $3,742,000., and loan increases of 13,707,000. The
primary source of funds for this growth was an increase in deposits of
$8,725,000., a decrease in Federal Funds Sold of $7,520,000., and net income of
$1,605,000.
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.
<PAGE>
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 $11,793,000. and has a total
Stockholders' Equity of $14,641,000. as of September 30, 1999; as compared to
$11,149,000. of Retained Earnings and total Stockholders' equity of $13,997,000.
at September 30, 1998.
The equity capital was 9.77% and 10.31% 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.
- -------------------
PART II. - OTHER INFORMATION
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.
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> 9-MOS 9-MOS YEAR
<FISCAL-YEAR-END> SEP-30-1999 SEP-30-1998 DEC-31-1998
<PERIOD-START> JAN-01-1999 JAN-01-1998 JAN-01-1998
<PERIOD-END> SEP-30-1999 SEP-30-1998 DEC-31-1998
<CASH> 4,861 5,354 5,727
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 0 9,360 7,520
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 31,537 22,462 25,299
<INVESTMENTS-CARRYING> 0 2,496 2,496
<INVESTMENTS-MARKET> 0 2,525 2,525
<LOANS> 108,810 92,800 95,103
<ALLOWANCE> 718 732 701
<TOTAL-ASSETS> 149,871 135,709 139,278
<DEPOSITS> 133,145 120,806 124,420
<SHORT-TERM> 1,590 0 0
<LIABILITIES-OTHER> 495 906 799
<LONG-TERM> 0 0 0
0 0 0
0 0 0
<COMMON> 1,300 1,300 1,300
<OTHER-SE> 14,641 13,997 14,059
<TOTAL-LIABILITIES-AND-EQUITY> 149,871 135,709 139,278
<INTEREST-LOAN> 6,336 5,791 0
<INTEREST-INVEST> 1,415 982 0
<INTEREST-OTHER> 229 567 0
<INTEREST-TOTAL> 7,980 7,340 0
<INTEREST-DEPOSIT> 3,228 3,142 0
<INTEREST-EXPENSE> 3,228 3,142 0
<INTEREST-INCOME-NET> 4,752 4,198 0
<LOAN-LOSSES> 23 68 0
<SECURITIES-GAINS> 0 0 0
<EXPENSE-OTHER> 2,751 2,581 0
<INCOME-PRETAX> 2,501 2,374 0
<INCOME-PRE-EXTRAORDINARY> 1,605 1,501 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,605 1,501 0
<EPS-BASIC> 2.24 2.09 0
<EPS-DILUTED> 2.24 2.09 0
<YIELD-ACTUAL> 4.705 4.644 0
<LOANS-NON> 474 568 0
<LOANS-PAST> 4,077 3,125 0
<LOANS-TROUBLED> 354 327 0
<LOANS-PROBLEM> 913 843 0
<ALLOWANCE-OPEN> 701 673 0
<CHARGE-OFFS> 11 6 0
<RECOVERIES> 5 2 0
<ALLOWANCE-CLOSE> 718 732 0
<ALLOWANCE-DOMESTIC> 718 732 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
