<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
FORM 10-Q
Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period ended .
------------------
Commission File No.: 0-13653
-------------------
THE PEOPLES BANCTRUST COMPANY, INC.
------------------------------------------------------
(Exact name of registrant as specified on its charter)
Alabama 63-0896239
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
310 Broad Street, Selma, Alabama 36701
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (334) 875-1000
------------------
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter time 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
--- ---
As of the close of business on March 31, 1997, 1,693,694 shares of
registrant's Common Stock, par value $.10 per share, were outstanding.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
The unaudited condensed consolidated financial statements of the Registrant are
as follows:
Condensed Consolidated Balance Sheets -- March 31, 1997 and December
31, 1996.
Condensed Consolidated Statements of Earnings -- For the three
months ended March 31, 1997 and 1996.
Condensed Consolidated Statement of Cash Flows -- For the three
months ended March 31, 1997 and 1996.
Notes to Consolidated Financial Statements.
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
In thousands
ASSETS March 31, 1997 December 31, 1996
------ ------------------ ---------------------
(Unaudited)
<S> <C> <C>
Cash and due from banks........................................................ $ 14,185 $ 18,103
Federal funds sold and securities purchased under agreements to
resell...................................................................... 3,527 3,912
------------ ------------
Total cash and cash equivalents............................................. 17,712 22,015
Securities available-for-sale.................................................. 75,862 82,693
Loans, net of unearned income.................................................. 220,836 228,370
Allowance for loan losses...................................................... (2,615) (2,484)
------------ ------------
Net loans................................................................... 218,221 225,886
Premises and equipment......................................................... 6,040 5,962
Other assets................................................................... 9,260 6,745
------------ ------------
Total assets.......................................................... $ 327,095 $ 343,301
============ ============
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
<S> <C> <C>
Noninterest-bearing deposits................................................... $ 44,500 $ 47,125
Interest-bearing deposits...................................................... 234,904 241,260
------------ ------------
Total deposits........................................................ 279,404 288,385
Liabilities
Federal funds purchased and securities sold under agreement to
repurchase............................................................ 2,636 11,925
Other borrowed funds........................................................ 6,239 6,413
Other liabilities........................................................... 4,389 2,393
------------ ------------
Total liabilities..................................................... 292,668 309,116
Stockholders' equity
Common stock................................................................ 178 178
Additional paid-in capital.................................................. 7,059 7,059
Treasury stock.............................................................. (1,287) (1,287)
Retained earnings........................................................... 29,104 28,454
Net unrealized loss on securities available-for-sale........................ (627) (219)
------------ ------------
Total stockholders' equity............................................ 34,427 34,185
------------ ------------
Total liabilities and stockholders' equity...................... $ 327,095 $ 343,301
============ ============
</TABLE>
See Notes to the Unaudited Consolidated Financial Statements.
2
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
In thousands except share
and per share data
(Unaudited)
Three Months Ended
March 31
------------------------------------
1997 1996
---- ----
<S> <C> <C>
Interest and fees on loans.............................................. $ 5,212 $ 4,761
Interest and dividends on investment securities......................... 1,181 1,394
Other interest income................................................... 72 98
----------- ------------
Total interest income................................................ 6,465 6,253
----------- ------------
Interest on deposits.................................................... 2,662 2,669
Interest on borrowed funds.............................................. 188 148
----------- ------------
Total interest expense............................................... 2,850 2,817
----------- ------------
Net interest income..................................................... 3,615 3,436
Provision for loan losses............................................... 360 326
----------- ------------
Net interest income after provision for loan losses..................... 3,255 3,110
Net securities gains.................................................... 12 15
Other income............................................................ 947 1,103
Other expense........................................................... 2,874 2,815
----------- ------------
Income before income taxes.............................................. 1,340 1,413
Provision for income taxes.............................................. 437 506
----------- ------------
Net income........................................................... $ 903 $ 907
=========== ============
Weighted average number of shares outstanding........................... 1,709,207 1,693,694
=========== ============
Net income per share.................................................... $ 0.53 $ 0.54
=========== ============
Dividends per share..................................................... $ 0.15 $ 0.13
=========== ============
</TABLE>
See Notes to the Unaudited Condensed Consolidated Financial Statements.
3
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
In thousands
Three Months Ended March 31,
-----------------------------------
1997 1996
---- ----
(Unaudited)
<S> <C> <C>
Net cash provided by operating activities............................................ $ 1,165 $ 77
------------ -----------
Cash flows from investing activities:
Proceeds from sales of securities available for sale.............................. 6,071 2,341
Proceeds from maturities and calls of securities available for sale............... 7,657 13,333
Purchases of securities available for sale........................................ (7,512) (9,275)
Net decrease in loans............................................................. 7,723 1,153
Purchases of bank premises and equipment.......................................... (371) (182)
Investment in low income housing project.......................................... (338) 0
------------ -----------
Net cash provided by investing activities................................... 13,230 7,370
Cash flows from financing activities:
Net increase (decrease) in deposits............................................... (8,981) 1,502
Net decrease in borrowed funds.................................................... (9,463) (21)
Dividends paid.................................................................... (254) (220)
------------ -----------
Net cash provided (used) by financing activities (18,698) 1,261
Net increase (decrease) in cash and cash equivalents................................. (4,303) 8,708
Cash and cash equivalents at beginning of period..................................... 22,015 18,601
------------ -----------
Cash and cash equivalents at March 31............................................. $ 17,712 $ 27,309
============ ===========
Supplemental disclosure of clash flow information:
Cash paid during the period for:
Interest.................................................................... $ 2,673 $ 2,817
Taxes....................................................................... $ 370 $ 0
</TABLE>
See Notes to the Unaudited Consolidated Financial Statements.
4
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting Policies
-------------------
The accompanying unaudited consolidated financial statements of The Peoples
BancTrust Company, Inc., (the "Company") and its subsidiary, The Peoples Bank
and Trust Company, have been prepared in accordance with generally accepted
accounting principles for interim information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. All interim amounts are subject to
year-end audit, and the results of operations for the interim periods herein are
not necessarily indicative of the results that may be expected for the year
ending December 31, 1997. For further information refer to the consolidated
financial statements and footnotes thereto included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1996.
2. Accounting for Transfers and Servicing of Financial Assets and
--------------------------------------------------------------
Extinguishments of Liabilities
------------------------------
In June of 1996, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 125, "Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities" ("SFAS 125"). SFAS 125
requires that liabilities and derivatives incurred or obtained by transferors as
part of a transfer of financial assets be initially measured at fair value, if
practicable. This statement also requires that servicing assets and other
retained interests in the transferred assets be measured by allocating the
previous carrying amount between the assets sold, if any, and retained
interests, if any, based on their relative fair values at the date of transfer.
SFAS 125 is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after December 31, 1996 and is to be
applied prospectively. However, in December 1996, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No. 127,
"Deferral of the Effective Date of Certain Provisions of FASB Statement No.
125". This statement defers for one year the effective date of certain
provisions of SFAS 125 relating to repurchase agreements, dollar-roll
transactions, deferred securities lending and similar transactions. The
effective date for all other transactions addressed by SFAS 125 is unchanged.
The Company adopted SFAS 125 as of January 1, 1997. The adoption of SFAS 125 did
not have a material impact on the Company's financial statements.
3. Accounting for Earnings Per Share
---------------------------------
In February 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 128, "Earnings per Share" ("FAS 128"), which
specifies the computation, presentation and disclosure requirements for earnings
per share ("EPS"). FAS 128 simplifies the existing computational guidelines of
APB Opinion No. 15, "Earnings per Share" ("Opinion 15"), and is substantially
similar to the standard recently issued by the International Accounting
Standards Committee. FAS 128 replaces the presentation of primary EPS with a
presentation of basic EPS which is computed by dividing income available to
common stockholders by the weighted-average number of common shares outstanding
for the period, without consideration of common stock equivalents. FAS 128
requires dual presentation of basic and diluted EPS on the face of the income
statement for all entities with complex capital structures. Diluted EPS is
computed similarly to basic EPS but considers the effect on the numerator and
denominator of all dilutive potential common shares that were outstanding during
the year. FAS 128 also requires a reconciliation of the numerator and
denominator of the basic EPS computation to the numerator and denominator of the
diluted EPS computation.
5
<PAGE>
FAS 128 is effective for financial statements issued for periods ending after
December 15, 1997, including interim periods; earlier application is not
permitted. FAS 128 requires restatement of all prior-period EPS data presented.
The following pro forma amounts reflect EPS as if such amounts had been
calculated in accordance with FAS 128:
<TABLE>
<CAPTION>
Three Months ended March 31
---------------------------
1997 1996
---- ----
<S> <C> <C>
Basic earnings per share............ $ 0.53 $ 0.54
Diluted earnings per share.......... $ 0.53 $ 0.54
</TABLE>
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
General
The following analysis focuses on the financial condition of The
Peoples BancTrust Company, Inc. (the "Company"), and should be read in
conjunction with the consolidated financial statements included in this report.
Financial Condition
Total consolidated assets of the Company and its subsidiary, The
Peoples Bank and Trust Company (the "Bank"), totaled $327,095,000 at March 31,
1997, a decrease of $16,206,000 from the December 31, 1996 total of
$343,301,000. Earning assets also decreased $14,881,000 during the first quarter
of 1997 from $312,491,000 to $297,610,000.
Investments
The Company's total securities portfolio decreased during the first
quarter of 1997 from $82,693,000 at December 31, 1996 to $75,862,000 at March
31, 1997.
At year end 1996, and March 31, 1997, the entire investment
portfolio was classified as "available for sale", resulting in the portfolio
being marked-to-market. At December 31, 1996, the portfolio had a net unrealized
loss of $219,000 as compared to a net unrealized loss of $627,000 at March 31,
1997.
Short-Term Investments
Short term investments (primarily federal funds and securities
purchased under agreements to resell) decreased $385,000 between December 31,
1996 and March 31, 1997. Management constantly monitors these seeking
alternative uses to enhance interest income.
Loans
Loans, net of unearned income, decreased $7,534,000 from year-end to
the first quarter end. Less demand in business loans is reflected by a decrease
of $9,545,000, while real estate loans have increased by $1,786,000. The
business loan decrease resulted from the January 1997 repayment of a $10,000,000
borrowing made just prior to year end.
The consumer loan comparisons reflect only a slight increase of
$218,000 over year end 1996, as compared to quarter end March 31, 1997.
Allowance for Loan Losses
In making loans, the Company recognizes the fact that credit losses
will occur, and that the risk of loss will vary with, among other things, the
type of loan being made and the credit-worthiness of the borrower and the
collateral of the security for the loan. The allowance for loan losses is
maintained at a level believed to be adequate by management to absorb potential
losses in the Company's portfolio.
Management's determination of the adequacy of the allowance is
based, among other things, on estimates of the historical loan loss experience,
evaluations of economic conditions in general and in various sectors of the
Company's customer base, and periodic reviews of loan portfolio quality by the
Company's personnel, and other relevant factors. Generally reserves will be
provided for loans where the ultimate collection is considered questionable by
management after reviewing the current status of loans which are contractually
past due, structurally deficient or economically depreciating, and considering
the net realizable value of the security of the loan or guarantees, if
applicable. Management will continue to monitor the Company's asset quality and
will charge off loans against the allowance for loan losses when appropriate or
provide specific loss reserves when
7
<PAGE>
necessary. Because the allowance is based on assumptions and subjective
judgment, it is not necessarily indicative of the actual charge-offs which may
ultimately occur.
The Company's allowance for loan losses totaled $2,615,000 at March
31, 1997 as compared to $2,484,000 at December 31, 1996. The resulting ratios of
allowance to total loans net of unearned interest were 1.18% and 1.09% as of
March 31, 1997 and December 31, 1996, respectively. The amount of loans
determined by management that require special attention due to potential
weaknesses as of March 31, 1997 was $9,945,000, a decrease from $10,851,000 at
year end 1996. A total of $2,800,000 in agricultural loans were classified at
March 31, 1997. These loans were a carry over from a marginal production year in
1995 in the cotton and cattle industries. Management monitors fluctuations of
the loan portfolio in light of charge offs and recoveries, as well as
anticipated economic conditions.
Deposits
At March 31, 1997, total deposits have decreased by $8,911,000 from
December 31, 1996 total. Analysis of the decrease indicates that non-interest
bearing demand deposits have decreased by $2,625,000, caused by seasonal
fluctuations. Interest bearing demand deposits have decreased $6,356,000 from
the December 31, 1996 total, as certain temporary money market accounts at
December 31, 1996 were liquidated in January 1997. This decrease of
approximately $10,911,000 was partially offset by increases to savings accounts
and time deposits of $820,000 and $3,949,000, respectively.
Liquidity
The Company has periodic needs for short-term borrowings. At
December 31, 1996, the Company purchased federal funds in order to fund the
large commercial borrowing noted above. The repayment of this borrowing in 1997,
along with sales of investment securities, allowed the Company to reduce
short-term borrowings and meet the funding needs of the decreased deposits.
Stockholders' Equity
Total stockholders' equity at March 31, 1997 was $34,427,000
compared to $34,185,000 at year end. Earnings through the first quarter of
$903,000 less the change in the unrealized loss on available for sale securities
of $408,000 and $254,000 in common stock dividend payments accounts for the
increase at the end of the first quarter.
Risk-based capital regulations require all bank holding companies
and banks to achieve and maintain a minimum total capital to risk-weighted
assets ratio of 8.00%, at least half of which must be in the form of Tier 1
capital (consisting of stockholders' equity less goodwill). The following table
indicates the Company's Tier 1 capital ratio and total capital ratio at March
31, 1997 were 14.38% and 15.50%, respectively. The Company maintained, at March
31, 1997 , a leverage ratio of Tier 1 capital to total assets of 10.29% compared
to the minimum regulatory requirement of 3.00% required of the strongest
companies and banks. In addition, the table indicates that the ratios of the
Company's subsidiary bank also well exceed the minimum requirements of the
regulation.
8
<PAGE>
Risk-Based Capital Ratios and Leverage Ratios as of March 31, 1997
(Dollars in thousands)
<TABLE>
<CAPTION>
Risk-Based Capital Ratios
The Company The Bank
<S> <C> <C> <C> <C>
Tier 1 Capital................................... $ 33,725 14.38% $ 34,290 14.70%
Tier 1 Capital - Minimum Required................ 9,379 4.00% 9,332 4.00%
--------------- ------------ -------------- ------------
Excess........................................ $ 24,346 10.38% $ 24,958 10.70%
=============== ============ ============== ============
Total Capital.................................... $ 36,340 15.50% $ 36,905 15.82%
Total Capital - Minimum Required................. 18,758 8.00% 18,663 8.00%
--------------- ------------ -------------- ------------
Excess........................................ $ 17,582 7.50% $ 18,242 7.82%
=============== ============ ============== ============
Net risk-weighted assets................ $ 234,470 $ 233,292
=============== ==============
<CAPTION>
Leverage Ratios
The Company The Bank
<S> <C> <C> <C> <C>
Total Tier 1 Capital........................... $ 33,725 10.29% $ 34,290 10.43%
Minimum Leverage Requirement................... 9,835 3.00% 9,862 3.00%
--------------- ----------- --------------- -----------
Excess...................................... $ 23,890 7.29% $ 24,428 7.43%
=============== =========== =============== ===========
Average Total Assets, net of all goodwill...... $ 327,843 $ 328,735
=============== ===============
</TABLE>
Comparison of Results of Operations for the Three Months Ended March
31, 1997 and 1996
The Company's profitability, like that of many financial
institutions, is dependent to a large extent upon its net interest income which
is the difference between its interest income on interest-earning assets, such
as loans and investments, and its interest expense on interest bearing
liabilities, such as deposits and borrowings. Interest sensitivity is one
measure of the vulnerability of earnings to changes in the general level of
interest rates. Whenever interest-earning assets reprice to market interest
rates at a different pace than interest-bearing liabilities, interest income
performance will be affected favorably or unfavorably during periods of changes
in general interest rates. Management is unable to predict future changes in
market rates and their impact on the Company's profitability. Management
believes, however, that the Company's current rate sensitivity position is well
matched, indicating the assumption of minimal interest rate risk.
Interest income for the first quarter of 1997 was $6,465,000
compared to $6,253,000 for the same quarter of 1996. Average earning assets grew
to $299,804,000 for the first quarter of 1997 from $293,253,000 for the first
quarter of 1996.
The average volume of the Company's securities portfolio decreased
to $77,193,000 at March 31, 1997 from $97,902,000 at March 31, 1996, resulting
in a decline of investment income of approximately $213,000. Funds from maturing
investments were reinvested primarily in higher yielding loans.
Interest income from business loans totaled $1,669,000 at March 31,
1997 compared to $1,407,000 at March 31, 1996. This increase is attributable to
the growth in volume from $59,000,000 to $74,000,000 for the twelve months ended
March 31, 1997. Personal loan interest income decreased to $1,757,000 at March
31, 1997 from $1,799,000 at March 31, 1996, due to a declining yield on the
personal loan portfolio.
An increase in the average volume of real estate loans to
$73,124,000 at March 31, 1997 from $59,264,000 at March 31, 1996, resulted in
increased income despite a reduction in yields.
9
<PAGE>
The average volume of interest-bearing deposits increased from
$229,372,000 at March 31, 1996 to $234,053,000 at March 31, 1997. However, due
to rate reductions in cost of funds, the total expense incurred on the deposits
fell by $7,000.
Non-interest income for the first quarter of 1997 totaled $947,000
as compared to $1,103,000 for the same period in 1996.
Non-interest expenses increased $83,000 to $2,874,000 for the first
quarter of 1997 from $2,791,000 for the first quarter of 1996. This is primarily
due to increased automation expenses. Income before taxes for the quarter ended
March 31, 1997 was $1,340,000, compared to $1,413,000 for the same period in
1996. The income tax provision decreased between the quarters by $69,000 to
$437,000. The resulting first quarter net income for 1997 was $903,000, versus
net income for the first quarter 1996 of $907,000. Earnings per share for the
first quarter 1997 was $.53, compared to $.54 for the same quarter of 1996.
10
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Management currently is not aware of any material legal proceedings to which
the Company or the Bank is a party, or to which any of their property is
subject, except as follows:
1. Monica Hasley vs. The Peoples Bank and Trust Company, et al, Circuit Court
-----------------------------------------------------------
of Macon County, Alabama, Civil Action No. CV-95-252. This case was filed
November 13, 1996. This action involves two collateral protection insurance
certificates issued in connection with a loan by the Bank to the plaintiff. The
plaintiff alleges that the Bank improperly forced-placed insurance coverage on
the plaintiff's vehicle and seeks compensatory and punitive damages in
unspecified amounts based on several alleged theories of recovery, including
fraud and deceit. The Bank denies the allegations of the complaint. A motion to
move the case from Macon County to Dallas County, Alabama, has been granted.
Discovery is proceeding. The case is being defended by the Bank's insurer.
2. William L. Ammons, d/b/a Ammons Construction Company v. Peoples Bank and
------------------------------------------------------------------------
Trust Co., Circuit Court of Dallas County, Alabama, Case No. CV-95-295. This
- ---------
case was filed on October 18, 1995. The Plaintiff, a contractor, was
constructing a house for a customer of the Bank who had borrowed construction
monies for that purpose. The Bank customer sued the contractor, alleging that he
failed to complete the construction. The contractor now brings this action
contending that the Bank owes funds for the construction to him as a third party
beneficiary. He further alleges misrepresentation by the Bank and seeks
unspecified compensatory and punitive damages. A jury trial is demanded. The
Bank denies the allegations of the complaint. The owner and contractor are in
separate litigation over the same issues, and this case has been put on
administrative hold pending the outcome of that case.
3. Ralph Jones vs. The Peoples Bank and Trust Company, et al, Circuit Court of
---------------------------------------------------------
Montgomery County, Alabama, Civil Action No. CV-97-529-GR. This case was filed
March 14,1997. This action involves two collateral protection insurance
certificates issued in connection with a loan by the Bank to the plaintiff. The
plaintiff alleges that the Bank improperly forced-placed insurance coverage on
the plaintiff's vehicle and seeks compensatory and punitive damages in
unspecified amounts based on several alleged theories of recovery, including
fraud and deceit. The Bank denies the allegations of the complaint. Discovery is
proceeding. The case is being defended by the Bank's insurer.
This report is not intended to include all pending or threatened
litigation, but only such filed cases as claim damages which may exceed 10% of
the current assets of The Peoples BancTrust Company, Inc., and its subsidiaries
on a consolidated basis, or otherwise are deemed reportable under Regulation
S-K. Certain of the above cases are included in this report only because the
damages are unspecified, and such inclusion does not indicate any opinion as to
the materiality of the suits. In cases which are being defended by an insurer,
no opinion is expressed as to the validity or extent of any coverage.
11
<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.
The Peoples BancTrust Company, Inc.
Date: May 15, 1997 /s/ Richard P. Morthland
-------------------------------
Richard P. Morthland
Chairman and Chief Executive Officer
Date: May 15, 1997 /s/ Andrew C. Bearden
----------------------------
Andrew C. Bearden
Executive Vice President and
Chief Financial Officer
Date: May 15, 1997 /s/ Virginia L. Sellers
------------------------------
Virginia L. Sellers
Vice President and Treasurer
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> MAR-31-1997
<CASH> 14,185
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,527
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 75,862
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 220,836
<ALLOWANCE> 2,615
<TOTAL-ASSETS> 327,095
<DEPOSITS> 279,404
<SHORT-TERM> 8,894
<LIABILITIES-OTHER> 4,390
<LONG-TERM> 0
0
0
<COMMON> 198
<OTHER-SE> 34,427
<TOTAL-LIABILITIES-AND-EQUITY> 327,095
<INTEREST-LOAN> 5,212
<INTEREST-INVEST> 1,181
<INTEREST-OTHER> 72
<INTEREST-TOTAL> 6,465
<INTEREST-DEPOSIT> 2,662
<INTEREST-EXPENSE> 2,850
<INTEREST-INCOME-NET> 3,615
<LOAN-LOSSES> 360
<SECURITIES-GAINS> 12
<EXPENSE-OTHER> 1,927
<INCOME-PRETAX> 1,340
<INCOME-PRE-EXTRAORDINARY> 903
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 903
<EPS-PRIMARY> .53
<EPS-DILUTED> .53
<YIELD-ACTUAL> 1.21
<LOANS-NON> 1,606
<LOANS-PAST> 0
<LOANS-TROUBLED> 84
<LOANS-PROBLEM> 9,945
<ALLOWANCE-OPEN> 2,484
<CHARGE-OFFS> 340
<RECOVERIES> 111
<ALLOWANCE-CLOSE> 2,615
<ALLOWANCE-DOMESTIC> 2,615
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
