SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
----------------
(MARK ONE)
|X| QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: O-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)
(334) 875-1000
-----------------------------------------------------
(Registrant's telephone number, including area code)
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 May 5, 2000, 5,148,138 shares of the
registrant's Common Stock, par value $.10 per share, were outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED BALANCE SHEETS
In Thousands
March 31, 2000 December 31, 1999
-------------- -----------------
(Unaudited)
ASSETS:
Cash and due from banks $ 22,185 $ 39,809
Federal funds sold and securities
purchased under agreement to resell 3,959 4,663
--------- ---------
Total cash and cash equivalents 26,144 44,472
Securities available-for-sale 118,043 119,559
Loans, net of unearned discount 430,700 436,732
Allowance (5,281) (5,333)
--------- ---------
Net loans 425,419 431,399
Bank Premises and equipment, net 13,853 13,880
Intangible assets 8,805 8,997
Other real estate, net 959 876
Other assets 10,970 10,160
--------- ---------
Total assets $ 604,193 $ 629,343
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Noninterest-bearing deposits $ 67,153 $ 68,056
Interest-bearing deposits 423,754 421,285
--------- ---------
Total deposits 490,907 489,341
Federal funds purchased and securities sold
under agreements to repurchase 6,715 34,789
Other borrowed funds 41,474 42,104
Other liabilites 6,908 5,204
--------- ---------
Total liabilities 546,004 571,438
Common stock 515 515
Additional paid-in-capital 5,651 5,651
Accumulated other comprehensive income,
net of tax (2,307) (1,647)
Retained earnings 54,330 53,386
--------- ---------
Total stockholders' equity 58,189 57,905
--------- ---------
Total liabilities and stockholders' equity $ 604,193 $ 629,343
========= =========
See Notes to the Unaudited Condensed Consolidated Financial Statements
1
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
In Thousands, except share and per share data
(Unaudited)
Three Months Ended March 31
---------------------------------------------
Income Statement 2000 1999
---- ----
Interest and fees on loans $ 10,110 $ 8,184
Interest and dividends on investment
securities 1,816 2,004
Other interest income 115 199
----------- -----------
Total interest income 12,041 10,387
Interest on deposits 4,555 3,952
Interest on borrowed funds 729 421
----------- -----------
Total interest expense 5,284 4,373
----------- -----------
Net interest income 6,757 6,014
Provision for loans losses 716 732
----------- -----------
Net interest income after provision for
loan losses 6,041 5,282
Net securities (losses) gains (24) 40
Other income 1,812 1,557
Other expense 5,694 5,349
----------- -----------
Income before income taxes 2,135 1,530
Provision for income taxes 728 484
----------- -----------
Net income $ 1,407 $ 1,046
=========== ===========
Basic weighted average number of shares 5,148,138 5,148,138
Diluted weighted average number of shares 5,149,796 5,152,130
Basic net income per share $ 0.27 $ 0.20
Diluted net income per share $ 0.27 $ 0.20
Dividends per share $ 0.09 $ 0.085
See Notes to the Unaudited Condensed Consolidated Financial Statements.
2
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
In Thousands
(Unaudited)
Three Months Ended
March 31,
---------------------
2000 1999
---- ----
Net income $ 1,408 $ 1,046
Other comprehensive income:
Unrealized losses on available-for-sale
securities during the period (1,024) (1,104)
Less: reclassification adjustment for net
(losses) gains included in net income (24) 40
------- -------
Other comprehensive losses (1,000) (1,144)
Income tax benefit related to items of other
comprehensive losses (340) (389)
------- -------
Other comprehensive losses, net of tax (660) (755)
------- -------
Comprehensive income, net of tax $ 748 $ 291
======= =======
See Notes to the Unaudited Condensed Consolidated Financial Statements
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
In Thousands
(Unaudited)
Three Months Ended March 31,
----------------------------
2000 1999
---- ----
Net cash provided by operating activities $ 3,427 $ 3,877
Cash flows from investing activities
Proceeds from sales of securities available-for-sale 3,823 8,723
Proceeds from maturities and calls of securities
available for sale 1,804 12,450
Purchase of securities available for sale (5,308) (22,467)
Net decrease (increase) in loans 6,032 (6,917)
Purchases of bank premises and equipment (709) (1,608)
Proceeds from sale of bank premises and equipment 0 228
Investment in other real estate and equipment 0 (22)
Proceeds from sale of other real estate owned 204 0
Acquisition of bank, net of cash received 0 0
-------- --------
Net cash provided (used) by investing activities 5,846 (9,613)
Cash flows from financing activities
Net increase (decrease) in deposits 1,566 (69)
Net increase in borrowed funds (28,704) 3,963
Dividends paid (463) (439)
-------- --------
Net cash (used in) provided by financing activities (27,601) 3,455
Net decrease in cash and cash equivalents (18,328) (2,281)
Cash and cash equivalents at beginning of period 44,472 36,267
-------- --------
Cash and cash equivalents at end of period $ 26,144 $ 33,986
See Notes to the Unaudited Condensed Consolidated Financial Statements
3
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC. AND SUBSIDIARY
Notes to the Unaudited Condensed Consolidated Financial Statements (Unaudited)
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 ("Peoples Bank"), 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. The results of operations are not
necessarily indicative of the results of operations for the full year or any
other interim periods. 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, 1999.
Commitments and Contingencies:
The Company and its subsidiaries are from time to time defendants in legal
actions arising from normal business activities. Management does not anticipate
that the ultimate liability arising from litigation outstanding at March 31,
2000, will have a materially adverse effect on the Company's financial
statements.
Derivatives and Hedging Activities:
In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards No. 133, Accounting for Derivative Instruments
and Hedging Activities ("SFAS 133"). SFAS 133, effective for all fiscal quarters
of fiscal years beginning after June 15, 1999, establishes accounting and
reporting for derivative instruments, including certain derivative instruments
embedded in other contracts, by requiring that an entity recognize all
derivatives as either assets or liabilities in the statement of financial
position and measure those instruments at fair value. It also establishes the
condition under which a derivative should be designated as hedging a specific
type of exposure and requires the company to establish at the inception of the
hedge the method and measurement approach used to assess its effectiveness.
SFAS 133 as amended by SFAS 137, is effective for all fiscal quarters of fiscal
years beginning after June 15, 2000. The Company does not believe the adoption
of SFAS 133 will have a significant impact on its financial statements and
disclosures, as it does not currently possess any derivative instruments.
4
<PAGE>
Earnings Per Share:
The following table reflects the reconciliation of the numerator and
denominator of the basic EPS computation to the diluted EPS computation for the
three months ended March 31, 2000 and 1999:
2000
Qtr Qtr
--- ---
Basic Diluted
Net income $ 1,407 $ 1,407
Average shares outstanding 5,148 5,148
Effect of dilutive securities
Stock options 2
----------- --------------
Diluted average shares outstanding 5,148 5,150
Earnings per share:
Net income $ 0.27 $ 0.27
1999
Qtr Qtr
--- ---
Net income $ 1,046 $ 1,046
Average shares outstanding 5,148 5,148
Effect of dilutive securities
Stock options 4
----------- --------------
Diluted average shares outstanding 5,148 5,152
Earnings per share:
Net income $ 0.20 $ 0.20
5
<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.
Management's discussion and analysis includes certain forward-looking statements
addressing, among other things, the Company's prospects for earnings, asset
growth and net interest margin. Forward-looking statements are accompanied by,
and identified with, such terms as "anticipates," "believes," "expects,"
"intends," and similar phrases. Management's expectations for the Company's
future necessarily involve a number of assumptions and estimates. Factors that
could cause actual results to differ from the expectations expressed herein
include: substantial changes in interest rates and changes in the general
economy, as well as changes in the Company's strategies for credit-risk
management, interest-rate risk management and investment activities.
Accordingly, any forward-looking statements included herein do not purport to be
predictions of future events or circumstances and may not be realized.
FINANCIAL CONDITION
LOANS
Loans, net of unearned income, decreased $6,032,000 from year-end 1999 to
$430,700,000 at March 31, 2000. This decrease primarily resulted from the
repayment of several large, short-term loans during the quarter ended March 31,
2000.
INVESTMENTS
Total investment securities were $118,043,000 at March 31, 2000 as compared to
$119,559,000 on December 31, 1999. This represents a $1,516,000 decrease from
December 31, 1999 to March 31, 2000.
At year-end 1999 and March 31, 2000, the entire investment portfolio was
classified as "available-for-sale", resulting in the portfolio being
marked-to-market. At December 31, 1999, the portfolio had a net unrealized loss
of $1,647,000 as compared to a net unrealized loss of $2,307,000 at March 31,
2000. This increase was primarily the result of rising interest rates, which
caused reductions in the market value of fixed rate bonds between December 31,
1999 and March 31, 2000.
SHORT TERM INVESTMENTS
Federal funds sold and securities purchased under agreements to resell
constitute the majority of short-term investments. These investments are used
extensively in the Company's liquidity management. The utilization of short-term
investments also produces interest income on funds that might otherwise not
produce earnings. Management monitors short-term investments closely and is
always looking for alternatives for these funds.
Short-term investments totaled $3,959,000 at March 31, 2000 as compared to
$4,663,000 at December 31, 1999, a decrease of $704,000.
ALLOWANCE FOR LOAN LOSSES
Management's estimate of the uncollectable loans within the Company's loan
portfolio is represented by the allowance for loan losses. The allowance for
loan losses is established through charges to earnings in the form of a
provision for loan losses. A loan is charged against the allowance for loan
losses when management determines that it is probable that the repayment of the
principal amount of a loan will not be made in accordance with the loan's terms.
Should a loan that has been charged off be recovered, either partially or
entirely, it is credited back to the allowance. Periodic reviews of the loan
portfolio, that include analysis of such factors as current and expected
economic conditions, historical loss experience and levels of non-accruing loans
and delinquencies, determine the
6
<PAGE>
appropriate level at which to maintain the allowance for loan losses. Because
the allowance is based on assumptions and subjective judgements, it is not
necessarily reflective of the charge-offs that may ultimately occur.
At March 31, 2000, the Company's allowance for loan losses had a balance of
$5,281,000 as compared to $5,333,000 at December 31, 1999. As a result, the
ratio of the allowance to total loans net of unearned interest was 1.23% and
1.22% at March 31, 2000 and December 31, 1999, respectively. Loans requiring
special attention because of potential weaknesses fell from $8,180,000 at
December 31, 1999, to $7,322,000 at March 31, 2000. As a percentage of total
loans net of unearned interest, non-accruing loans decreased to 0.41% at March
31, 2000, as compared to 0.65% at December 31, 1999. The coverage of the
allowance to nonaccruing loans was 298% and 188% at March 31, 2000 and December
31, 1999, respectively. The current level of allowance for loan losses exceeds
the minimum requirements set forth by regulatory authorities. It is management's
belief that, at its current level, the allowance for loan losses is sufficient
to absorb any potential losses in the Company's loan portfolio. DEPOSITS
At March 31, 2000, total deposits had increased $1,566,000 to $490,907,000 from
a December 31, 1999 total of $489,341,000. Analysis of the decrease indicates
that between December 31, 1999 and March 31, 2000 non-interest bearing deposits
decreased $903,000, while interest-bearing deposits increased $2,469,000.
LIQUIDITY
Liquidity describes the Company's ability to meet its needs for cash. Those
needs primarily include lending, withdrawal demands of customers and the payment
of operating expenses. The liability base provides liquidity through deposit
growth, the rollover of maturing deposits and accessibility to external sources
of funds, ("Borrowed funds").
From time to time, the Company deploys short-term borrowed funds. At March 31,
2000, short-term borrowings in the form of federal funds purchased and
securities sold under agreement to repurchase totaled $6,715,000, as compared to
$34,789,000 at December 31, 1999. This rather significant reduction in the
amount of short-term borrowings is due to the Company having repaid monies
borrowed to fund several large, short-term loans issued to customers at
year-end, as well as the repayment of funds borrowed related to the Company's
year 2000 contingency plan guidelines.
Other borrowed funds decreased slightly to $41,474,000 at March 31, 2000 from
$42,104,000 at December 31, 2000. The balance of other borrowed funds is
comprised of borrowings from the Federal Home Loan Bank of Atlanta to fund
various large commercial loans.
STOCKHOLDERS' EQUITY; REGULATORY CAPITAL
Total stockholders' equity at March 31, 2000 was $58,189,000 compared to
$57,905,000 at year-end 1999. This increase in stockholders' equity is accounted
for as follows: $1,408,000 year-to-date earnings, $463,000 common stock
dividends and $660,000 additional net unrealized loss on available-for-sale
securities. 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, 2000 were 11.92% and 13.13%, respectively. The Company maintained, at March
31, 2000, a leverage ratio of Tier 1 capital to total assets of 8.67% compared
to the minimum regulatory standard of 4.00% 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.
7
<PAGE>
<TABLE>
<CAPTION>
Risk-Based Capital Ratios & Leverage Ratios
As of March 31, 2000
-----------------------------------------------------------
Dollars in Thousands
RISK-BASED CAPITAL RATIOS
- -------------------------
The Company Bank
---------------------------- --------------------------
<S> <C> <C> <C> <C> <C>
Tier 1 Capital $ 51,692 11.92% $ 51,814 12.00%
Tier 1 Capital - Minimum Required 17,351 4.00% 17,275 4.00%
----------- ---------- ----------- ----------
Excess $ 34,341 7.92% $ 34,539 8.00%
Total Capital $ 56,973 13.13% $ 57,095 13.22%
Total Capital - Minimum Required 34,702 8.00% 25,913 6.00%
----------- ---------- ----------- ----------
Excess $ 22,271 5.13% $ 31,182 7.22%
Net risk-weighted assets $ 433,772 $ 431,881
LEVERAGE RATIOS
- ---------------
Total Tier 1 Capital $ 51,692 8.67% $ 51,814 8.70%
Minimum Leverage Requirement 23,851 4.00% 23,827 4.00%
----------- ---------- ----------- ----------
Excess $ 27,841 4.67% $ 27,987 4.70%
Average Total Assets,
Net of all intangibles $ 596,274 $ 595,684
</TABLE>
8
<PAGE>
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000, COMPARED TO THREE MONTHS ENDED MARCH 31, 1999
The Company's profitability, like that of many financial institutions, is
dependent to a large extent upon its net interest income. Simply stated, net
interest income is the difference between interest income on interest-earning
assets, such as loans and investments, and interest expense on interest bearing
liabilities, such as deposits and borrowings.
Interest income for the first quarter of 2000 (the "2000 quarter") was
$12,041,000 compared to $10,387,000 for the same quarter of 1999 (the "1999
quarter"). This increase of $1,654,000 is mainly the result of a higher volume
of interest earning assets, but is also the result of higher yields being earned
on these assets.
The average volume of the Company's securities portfolio decreased to
$116,932,000 for the 2000 quarter from $137,757,000 for the 1999 quarter.
Interest income on investments totaled $1,816,000 for the 2000 quarter as
compared to $2,004,000 for the same period in 1999. The decrease in income from
investment securities is primarily due to the aforementioned volume reduction,
given that the average yield earned on these securities rose between the 1999
and 2000 quarters from 5.82% to 6.18%, respectively.
Interest income from business loans totaled $2,587,000 for the 2000 quarter,
compared to $2,049,000 for the 1999 quarter. This increase is the result of a
rise in both the average volume of, and yield earned on business loans between
the 1999 and 2000 quarters. The average volume of business loans for the 2000
and 1999 quarters was $117,874,000 and $96,945,000, respectively. The average
yield earned on business loans for the 2000 and 1999 quarters was 8.83% and
8.50%, respectively.
Personal loan interest income decreased to $2,765,000 for the 2000 quarter from
$2,948,000 for the same period in 1999. A lower average volume of personal loans
for the 2000 quarter when compared to the 1999 quarter is the primary reason for
this reduction, given that the average yield on these loans rose between the two
periods. The average volume of personal loans for the 2000 and 1999 quarters was
$96,982,000 and $106,515,000, respectively. The average yield earned on personal
loans for the 2000 and 1999 quarters was 11.47% and 11.13%, respectively.
Interest income earned on real estate loans totaled $4,506,000 for the 2000
quarter as compared to $2,954,000 for the 1999 quarter. This increase is
primarily the result of a significantly higher average volume of real estate
loans between the two quarters, given that the average yield earned on these
loans was slightly lower in the 2000 quarter than in the 1999 quarter. The
average volume of real estate loans for the 2000 and 1999 quarters was
$205,447,000 and $133,854,000, respectively. The average yield earned on real
estate loans for the 2000 and 1999 quarters was 8.82% and 8.88%, respectively.
Interest paid on deposits for the 2000 quarter totaled $4,555,000 compared to
$3,952,000 for the 1999 quarter. This increase is due to a rise in both the
average volume and average cost of interest-bearing deposits between the 1999
and 2000 quarters. The average volume of interest-bearing deposits for the 2000
and 1999 quarters was $431,513,000 and $393,883,000, respectively. The average
cost of interest-bearing deposits for the 2000 and 1999 quarters was 4.25% and
4.03%, respectively.
Other non-interest income for the 2000 quarter totaled $1,812,000 as compared to
$1,557,000 for the same period in 1999. This increase is mainly attributable to
higher fee and commission income generated in the 2000 quarter by the Company's
brokerage, accounts receivable management and real estate secondary mortgage
operations, than was generated in the 1999 quarter.
Non-interest expenses increased $345,000 to $5,694,000 for the 2000 quarter from
$5,349,000 for the 1999 quarter. This increase is mainly due to the operation of
two additional offices, and the personnel to staff them, in the 2000 quarter
versus the 1999 quarter.
Income before taxes for the 2000 quarter was $2,135,000, compared to $1,530,000
for the same period in 1999. Consequently, the income tax provision increased
between the two quarters by $244,000 to $728,000. The resulting
9
<PAGE>
2000 quarter net income was $1,407,000, compared to net income for the 1999
quarter of $1,046,000. Diluted earnings per share for the 2000 and 1999 quarters
was $.27 and $.20 respectively.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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. Management does not believe there to have been any material shift in the
relationship between the maturity characteristics of interest-earning assets,
and interest-bearing liabilities since December 31, 1999, and, consequently, no
material change in interest rate risk exposure.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule (SEC use only)
(b) Not applicable.
10
<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 14, 2000 /s/: Richard P. Morthland
-------------------------
Richard P. Morthland
Chairman and Chief Executive Officer
Date: May 14, 2000 /s/: Andrew C. Bearden, Jr.
----------------------------
Andrew C. Bearden, Jr
Executive Vice President and
Chief Financial Officer
Date: May 14, 2000 /s/: Thomas P. Wilbourne
----------------------------
Thomas P. Wilbourne
Assistant Treasurer
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 21,085
<INT-BEARING-DEPOSITS> 1,100
<FED-FUNDS-SOLD> 3,959
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 118,043
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 430,700
<ALLOWANCE> (5,281)
<TOTAL-ASSETS> 604,193
<DEPOSITS> 476,586
<SHORT-TERM> 6,715
<LIABILITIES-OTHER> 6,908
<LONG-TERM> 41,474
0
0
<COMMON> 515
<OTHER-SE> 57,674
<TOTAL-LIABILITIES-AND-EQUITY> 604,193
<INTEREST-LOAN> 10,110
<INTEREST-INVEST> 1,816
<INTEREST-OTHER> 115
<INTEREST-TOTAL> 12,041
<INTEREST-DEPOSIT> 4,555
<INTEREST-EXPENSE> 5,284
<INTEREST-INCOME-NET> 6,757
<LOAN-LOSSES> 716
<SECURITIES-GAINS> (24)
<EXPENSE-OTHER> 5,694
<INCOME-PRETAX> 2,135
<INCOME-PRE-EXTRAORDINARY> 2,135
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,407
<EPS-BASIC> .27
<EPS-DILUTED> .27
<YIELD-ACTUAL> 4.81
<LOANS-NON> 1,773
<LOANS-PAST> 0
<LOANS-TROUBLED> 65
<LOANS-PROBLEM> 7,322
<ALLOWANCE-OPEN> 5,333
<CHARGE-OFFS> 1,225
<RECOVERIES> 457
<ALLOWANCE-CLOSE> 5,281
<ALLOWANCE-DOMESTIC> 5,281
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
