<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996.
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission file number: 0-13585
NATIONAL CITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-1632155
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. BOX 868, EVANSVILLE, INDIANA 47705-0868
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 464-9800
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 shorter
period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90
days.
Yes (X) No ( )
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
CLASS OUTSTANDING AT MAY 10, 1996
(Common stock,
$1.00 Stated Value) 9,086,074
<PAGE>
NATIONAL CITY BANCSHARES, INC.
INDEX
PAGE
NO.
PART I - FINANCIAL INFORMATION
Condensed consolidated statements of
financial position-
March 31, 1996, December 31, 1995,
and March 31, 1995 1
Condensed consolidated statements of income-
three months ended March 31, 1996 and 1995 2
Condensed consolidated statements of cash flows-
three months ended March 31, 1996 and 1995 3
Notes to condensed consolidated financial statements 5
Management's discussion and analysis of financial
condition and results of operations 6
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 11
SIGNATURES 11
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Financial Position
(Dollar Amounts Other Than Share Data in Thousands)
<TABLE>
<CAPTION>
March December March
31 31 31
1996 1995 1995
-------- -------- --------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 33,025 $ 38,228 $ 30,788
Interest-bearing deposits in banks 3,446 5,739 9,697
Securities held to maturity 98,504 89,918 118,307
Securities available for sale 144,805 147,414 122,517
Nonmarketable equity securities 4,632 3,955 2,394
Federal funds sold 3,065 1,420 2,300
Loans 672,499 664,285 587,758
Less: Allowance for loan losses 5,479 5,323 4,882
-------- -------- --------
Loans-net 667,020 658,962 582,876
Premises and equipment 15,510 14,739 13,024
Other real estate owned 296 383 417
Other assets 18,585 18,682 15,390
-------- -------- --------
Total Assets $988,888 $979,440 $897,710
======== ======== ========
LIABILITIES
Deposits:
Noninterest-bearing demand $ 96,441 $101,409 $ 87,771
Interest-bearing savings and time 684,878 673,311 666,548
-------- -------- --------
Total deposits 781,319 774,720 754,319
Federal funds purchased and securities
sold under agreements to repurchase 48,737 52,829 22,478
Notes issued to the U.S. Treasury 2,094 2,769 2,103
Other borrowings 31,960 20,409 3,028
Dividend payable 1,143 1,175 805
Other liabilities 8,551 8,227 6,807
-------- -------- --------
Total liabilities 873,804 860,129 789,540
-------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
SHAREHOLDERS' EQUITY
<S> <C> <C> <C> <C> <C> <C>
Common stock:
9,141 4,697 14,701
$1.00 $3.33 1/3
Stated Value Par Value
--------------------- ---------
3/31/96 12/31/95 3/31/95
---------- --------- ---------
Authorized 20,000,000 10,000,000 5,000,000
Outstanding 9,140,652 4,697,198 4,410,284
Capital surplus 48,594 59,491 37,074
Retained earnings 57,445 54,818 57,663
Unrealized gain(loss) on securities
available for sale (96) 305 (1,268)
-------- -------- --------
Total shareholders' equity 115,084 119,311 108,170
-------- -------- --------
Total Liabilities and
Shareholders' Equity $988,888 $979,440 $897,710
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
1
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Income
(Dollar Amounts Other Than Share Data in Thousands)
<TABLE>
<CAPTION>
Three Months
Ended
March 31
--------------------
1996 1995
------- -------
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $15,339 $12,665
Interest and dividends on securities 3,618 3,618
Interest on federal funds sold 109 197
Interest on deposits in banks 61 136
Interest on short-term money market investments - 18
------- -------
Total interest income 19,127 16,634
------- -------
INTEREST EXPENSE
Interest on deposits 7,458 6,689
Interest on funds borrowed 933 311
------- -------
Total interest expense 8,391 7,000
------- -------
NET INTEREST INCOME 10,736 9,634
Provision for loan losses 316 24
------- -------
Net interest income after
provision for loan losses 10,420 9,610
------- -------
NONINTEREST INCOME
Trust income 373 302
Service charges on deposit accounts 763 597
Securities gains (losses) 14 6
Other 601 574
------- -------
Total noninterest income 1,751 1,479
------- -------
NONINTEREST EXPENSE
Salaries and employee benefits 3,741 3,570
Premises and equipment 971 931
Assessments of the FDIC 54 431
Other 1,620 1,722
------- -------
Total noninterest expense 6,386 6,654
------- -------
Income before income taxes 5,785 4,435
Income taxes 2,015 1,519
------- -------
NET INCOME $ 3,770 $ 2,916
======= =======
Earnings per share $0.41 $0.31
Weighted average shares outstanding 9,270,598 9,281,696
</TABLE>
The accompanying notes are an integral part of these statements.
2
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
<TABLE>
<CAPTION>
Three Months
Ended
March 31
-------------------
1996 1995
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income $ 3,770 $ 2,916
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization 188 412
Depreciation 421 564
Provision for loan losses 316 24
Writedown of other real estate owned 19 -
Securities (gains) losses (14) (6)
(Gain) loss on sale of other real estate (9) 42
Increase (decrease) in deferred taxes 96 45
Changes in assets and liabilities:
(Increase) decrease in income earned
but not collected 590 1,496
(Increase) decrease in other assets (556) (337)
Increase (decrease) in accrued interest payable 293 443
Increase (decrease) in other liabilities 196 483
-------- --------
Net cash flows provided by operating activities 5,310 6,082
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest-bearing
deposits in banks 2,293 3,311
Proceeds from matured securities held to maturity 2,530 4,473
Proceeds from matured securities available for sale 13,784 14,935
Purchases of securities held to maturity (11,154) (10,686)
Purchases of securities available for sale (11,903) (1,476)
Purchases of nonmarketable equity securities (677) -
(Increase) decrease in federal funds sold (1,645) 750
(Increase) decrease in loans made to customers (8,374) (12,810)
Capital expenditures (1,199) (1,147)
Proceeds from sale of other real estate owned 77 240
-------- --------
Net cash flows provided by (used in)
investing activities (16,268) (2,410)
-------- --------
</TABLE>
(Continued on next page)
The accompanying notes are an integral part of these statements.
3
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(Dollar Amounts in Thousands)
<TABLE>
<CAPTION>
Three Months
Ended
March 31
-------------------
1996 1995
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
<S> <C> <C>
Net increase (decrease) in deposits $ 6,599 $(10,132)
Net increase (decrease) in federal funds
purchased and securities sold under
agreements to repurchase (4,092) (2,650)
Net proceeds (payments) on notes issued to
the U.S. Treasury (675) (572)
Proceeds from other borrowings 11,994 28
Payments on other borrowings (443) -
Dividends paid (1,175) (886)
Repurchase of common stock (6,796) (172)
Sale of common stock 343 348
-------- --------
Net cash flows provided by (used in)
financing activities 5,755 (14,036)
-------- --------
Net increase (decrease) in cash and cash equivalents (5,203) (10,364)
Cash and cash equivalents at beginning of period 38,228 41,152
-------- --------
Cash and cash equivalents at end of period $ 33,025 $ 30,788
======== ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest $8,098 $6,558
Income taxes 840 138
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Change in allowance for unrealized gain (loss)
on securities available for sale $ 662 $(2,147)
Change in deferred taxes attributable to securities
available for sale (261) 820
Other real estate acquired in settlement of loans - 29
Transfer from premises and equipment to other
real estate owned - 41
Transfer from other real estate owned to other assets - 7
</TABLE>
The accompanying notes are an integral part of these statements.
4
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
While the interim amounts are unaudited, they do reflect all
adjustments which, in the opinion of management, are necessary for a
fair statement of the results of operations for the interim periods.
All such adjustments are of a normal recurring nature. Year-end
balance sheet amounts are condensed from audited financial statements.
Because the results from commercial banking operations are so closely
related and responsive to changes in economic conditions, the results
for any interim period are not necessarily indicative of the results
that can be expected for the entire year.
NOTE 2
In the normal course of business, there are outstanding various other
commitments and contingent liabilities which are not reflected in the
accompanying financial statements. The Corporation uses the same
credit policies in making commitments and conditional obligations as
it does for other instruments.
<TABLE>
<CAPTION>
3/31/96 12/31/95
----------- -----------
<S> <C> <C>
Standby letters of credit $14,086,000 $17,825,000
Commitments to extend credit $92,871,000 $77,663,000
</TABLE>
NOTE 3
A five percent stock dividend was paid December 15, 1995, to
stockholders of record December 1, 1995. A two-for-one stock split
was issued April 19, 1996, to shareholders of record April 8, 1996.
All weighted average shares and per share data presented herein have
been restated for the effects of this stock dividend and stock split.
NOTE 4
During 1995, the Corporation issued common stock in exchange for all
of the outstanding common stock of White County Bank and United
Financial Bancorp, Inc. Both acquisitions were accounted for using
the pooling-of-interests method. Accordingly, the Corporation's
financial statements and financial data have been retroactively
restated to include the accounts and operations of White County Bank
and United Financial Bancorp, Inc. for all periods presented. Certain
reclassifications have been made to White County Bank and United
Financial Bancorp, Inc.'s historical financial statements to conform
to the Corporation's presentation.
5
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
NET INCOME
Net income for the quarter ended March 31, 1996, was $3,770,000, or
$0.41 per share, compared to $2,916,000, or $0.31 per share, for the
first quarter of 1995. This is an increase of $854,000, or 29.3
percent, in net income. The weighted average number of shares
outstanding was 9,270,598 and 9,281,696 for the three months ended
March 31, 1996 and 1995, respectively. Stock has been repurchased by
the Corporation for the dividend reinvestment program and during 1996
for the stock repurchase program announced January 3, 1996.
NET INTEREST INCOME
Net interest income in the first quarter of 1996 increased $1,219,000,
or 12.2 percent, on a tax equivalent basis, from the year-ago quarter.
Average earning assets were $921 million and $847 million, an increase
of $74 million, or 8.7 percent, during the first quarters of 1996 and
1995, respectively. Loans increased an average of $87 million, or
15.0 percent, for the quarter. All other types of earning assets
decreased, with the largest decrease being in interest-bearing
deposits in banks which decreased $7 million, or 61.1 percent, for the
quarter. Other decreases were in average federal funds sold which
decreased $5 million, or 37.9 percent, and average securities which
decreased $1 million, or 0.3 percent.
The increased net interest income was due to a change in the mix of
average earning assets. Total interest income increased $2,610,000,
or 15.3 percent, on a tax equivalent basis, during the first three
months of 1996 from the same period of 1995, compared to a $1,391,000,
or 19.9 percent increase in total interest expense. The increase in
interest income resulted from increased loan demand, higher rates of
interest earned, and a change in the mix of average earning assets.
The net interest margin increased to 4.90 percent for the first
quarter of 1996, compared to 4.79 percent during the year-ago quarter.
6
<PAGE>
UNDERPERFORMING ASSETS
Listed below is a two-year comparison of the underperforming assets.
<TABLE>
<CAPTION>
3/31/96 3/31/95
---------- ----------
<S> <C> <C>
Nonaccrual loans $2,244,000 $ 918,000
Restructured loans 141,000 155,000
90 days past due loans 851,000 412,000
---------- ----------
Total underperforming loans 3,236,000 1,485,000
Other real estate held 296,000 417,000
---------- ----------
Total underperforming assets $3,532,000 $1,902,000
========== ==========
</TABLE>
Past due 90 days or more, nonaccrual, and renegotiated loans have
increased from 0.3 percent of total loans at March 31, 1995, to 0.5
percent as of March 31, 1996. Of the loans in this category, 54.5 and
54.1 percent were secured by real estate at March 31, 1996 and 1995,
respectively. Potential problem loans, other than underperforming
loans, amounted to $28,598,000 at March 31, 1996, and $17,895,000 at
March 31, 1995.
PROVISION FOR LOAN LOSSES
Net charge-offs amounted to $160,000 during the first quarter of 1996,
compared to $44,000 in the year-earlier period.
The provision for loan losses during the first three months of 1996
was $316,000 compared to $24,000 for the first three months of 1995.
The provision is based on the quarterly review of the allowance for
possible loan losses. Some of the factors used in this review include
current economic conditions and forecasts, risk by type of loan,
previous loan loss experience, and evaluation of specific borrowers
and collateral. As of March 31, 1996, management considered the
reserve for loan losses adequate to provide for potential losses.
NONINTEREST INCOME
Noninterest income for the first quarter of 1996 increased $272,000,
or 18.4 percent, from the year-ago period. Trust income increased
$71,000, or 23.5 percent, and service charges on deposit accounts
increased $166,000, or 27.8 percent, over the first three months of
1995 due to changes in fee schedules. Net securities gains were
$14,000 for the first quarter of 1996 compared to $6,000 for the same
period in 1995. Other noninterest income increased $27,000, or 4.7
percent, during 1996.
7
<PAGE>
NONINTEREST EXPENSE
Noninterest expense decreased $268,000, or 4.0 percent, in the first
quarter of 1996. Salaries and employee benefits increased $171,000,
or 4.8 percent, over the year-ago period. Expenses of premises and
equipment increased $40,000, or 4.3 percent, during 1996. The cost of
Federal Deposit Insurance decreased $377,000, or 87.5 percent due to a
lower premium rate. Other items in this category decreased $102,000,
or 5.9 percent. This decrease was partially due to a $129,000 one-
time contract settlement paid in 1995.
FINANCIAL POSITION ANALYSIS
Cash and cash equivalents increased $2,237,000, or 7.3 percent, and
interest-bearing deposits in banks decreased $6,251,000, or 64.5
percent, during the past year. Federal funds sold increased $765,000,
or 33.3 percent.
Securities increased $4,723,000, or 1.9 percent, during the past year,
with the largest increase of $26,102,000, or 63.2 percent in
nontaxable municipals. Nonmarketable equity securities increased
$2,238,000, or 93.5 percent, due to the purchase of additional stock
in the Federal Home Loan Bank. Taxable municipals increased $741,000,
or 32.5 percent; and marketable equity securities increased $340,000,
or 26.5 percent. Decreases were noted in U.S. Treasury securities
which decreased $16,364,000, or 37.0 percent; other debt securities
which decreased $7,205,000, or 25.9 percent; and in U.S. Government
agencies which decreased $3,023,000, or 2.4 percent. The market value
adjustment on securities available for sale increased $1,895,000, or
91.9 percent. Amortized cost and fair values of securities with
dollar amounts in thousands are as follows:
Securities held to maturity:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
--------- ---------- ---------- -------
<S> <C> <C> <C> <C>
U.S. Government and
agency securities $ 5,926 $ 104 $ 13 $ 6,017
State and municipals
securities:
Taxable 3,021 70 16 3,075
Nontaxable 67,374 1,527 798 68,103
Corporates 16,402 139 68 16,473
Mortgage-backed
securities 5,781 148 - 5,929
------- ------ ---- -------
$98,504 $1,988 $895 $99,597
======= ====== ==== =======
</TABLE>
8
<PAGE>
Securities available for sale:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
--------- ---------- ---------- -------
<S> <C> <C> <C> <C>
U.S. Government and
agency securities $ 74,083 $ 585 $212 $74,456
Corporate securities 4,054 4 - 4,058
Mortgage-backed 65,209 222 585 64,846
Marketable equity
securities 1,625 - 180 1,445
-------- ------ ---- --------
$144,971 $ 811 $977 $144,805
======== ====== ==== ========
</TABLE>
The security portfolio at March 31, 1996, included $4,211,000 in
structured notes, which were comprised of $610,000 in multi-coupon
step-up notes, that have a price volatility comparable to a callable
U.S. Government agency of like maturity; $2,701,000 in capped floating
rate notes; $300,000 in a ratchet capped floating rate note; and
$600,000 in delevered floating notes. These securities have risk
characteristics which are well within the constraints of the non-
structured securities held in the security portfolio.
As part of its strategic plan, the Corporation successfully increased
total loans while maintaining high credit standards and competitive
rates. Loans increased $84,741,000, or 14.4 percent, during the past
year. The largest increases were in commercial loans which increased
$36,176,000, or 29.2 percent, and in consumer loans which increased
$23,058,000, or 21.8 percent. Loans secured by real estate increased
$16,287,000, or 5.1 percent. Direct lease financing increased
$7,264,000, or 394.8 percent. All other types of loans, including
agricultural loans increased $1,956,000, or 5.7 percent.
Other real estate owned decreased $121,000, or 29.0 percent, from
March 31, 1995.
Total deposits have increased $27,000,000, or 3.6 percent, since March
31, 1995. Noninterest-bearing deposits increased $8,670,000, or 9.9
percent, and interest-bearing deposits increased $18,330,000, or 2.8
percent, during this period.
9
<PAGE>
SHAREHOLDERS' EQUITY
The Corporation and each subsidiary have capital ratios which
substantially exceed all regulatory requirements. The Corporation's
capital ratios are shown below.
<TABLE>
<CAPTION>
Minimum
Requirements 3/31/96 3/31/95
------------ ------- -------
<S> <C> <C> <C>
Tier I capital to
risk-based assets 4.00% 16.55% 18.00%
Total capital to
risk-based assets 8.00% 17.36% 18.81%
Tangible equity to
tangible assets 3.00% 11.40% 11.93%
</TABLE>
10
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits -
NONE
(b) Reports on Form 8-K -
CURRENT REPORT dated March 26, 1996, for event of
March 20, 1996, regarding the declaration of a
two-for-one stock split of Registrant's common stock.
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.
NATIONAL CITY BANCSHARES, INC
(Registrant)
By /S/ HAROLD A. MANN
Harold A. Mann
Secretary and Treasurer
(On behalf of the registrant
and in his capacity as Chief
Accounting Officer.)
May 14, 1996
11
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 33025
<INT-BEARING-DEPOSITS> 3446
<FED-FUNDS-SOLD> 3065
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 149437
<INVESTMENTS-CARRYING> 98504
<INVESTMENTS-MARKET> 99597
<LOANS> 672499
<ALLOWANCE> 5479
<TOTAL-ASSETS> 988888
<DEPOSITS> 781319
<SHORT-TERM> 50831
<LIABILITIES-OTHER> 9694
<LONG-TERM> 31960
0
0
<COMMON> 9141
<OTHER-SE> 105943
<TOTAL-LIABILITIES-AND-EQUITY> 115084
<INTEREST-LOAN> 15339
<INTEREST-INVEST> 3618
<INTEREST-OTHER> 170
<INTEREST-TOTAL> 19127
<INTEREST-DEPOSIT> 7458
<INTEREST-EXPENSE> 933
<INTEREST-INCOME-NET> 10736
<LOAN-LOSSES> 316
<SECURITIES-GAINS> 14
<EXPENSE-OTHER> 6386
<INCOME-PRETAX> 5785
<INCOME-PRE-EXTRAORDINARY> 5785
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3770
<EPS-PRIMARY> .41
<EPS-DILUTED> .41
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 30788
<INT-BEARING-DEPOSITS> 9697
<FED-FUNDS-SOLD> 2300
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 124911
<INVESTMENTS-CARRYING> 118307
<INVESTMENTS-MARKET> 118305
<LOANS> 587758
<ALLOWANCE> 4882
<TOTAL-ASSETS> 897710
<DEPOSITS> 754319
<SHORT-TERM> 24581
<LIABILITIES-OTHER> 7612
<LONG-TERM> 3028
0
0
<COMMON> 14701
<OTHER-SE> 93469
<TOTAL-LIABILITIES-AND-EQUITY> 108170
<INTEREST-LOAN> 12665
<INTEREST-INVEST> 3618
<INTEREST-OTHER> 351
<INTEREST-TOTAL> 16634
<INTEREST-DEPOSIT> 6689
<INTEREST-EXPENSE> 311
<INTEREST-INCOME-NET> 9634
<LOAN-LOSSES> 24
<SECURITIES-GAINS> 6
<EXPENSE-OTHER> 6654
<INCOME-PRETAX> 4435
<INCOME-PRE-EXTRAORDINARY> 4435
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2916
<EPS-PRIMARY> .31
<EPS-DILUTED> .31
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
