SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of
1934.
For the Quarter ended September 30, 1996 Commission File No. 0-14277
FIRST COMMERCE BANCSHARES, INC.
- -----------------------------------------------------------------------
NEBRASKA 47-0683029
- -----------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1248 O STREET, LINCOLN, NEBRASKA 68508-1424
- -----------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (402) 434-4110
---------------------
NONE
- ------------------------------------------------------------------------
Former name, former address, and former fiscal year, if changes since last
report.
"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 and Exchange Act
of 1934 during the preceding twelve 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
---- ---
Common stock, $.20 par value; outstanding at September 30, 1996
Class A Common 2,606,336 shares.
Class B Common 10,962,334 shares.
<PAGE>
FIRST COMMERCE BANCSHARES, INC. & SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands)
[CAPTION]
(UNAUDITED)
SEPTEMBER 30, 1996 DECEMBER 31, 1995
-----------------------------------
[S] [C] [C]
Cash and due from banks $ 93,112 $ 102,451
Federal funds sold 35,595 32,738
----------- -----------
Cash and cash equivalents 128,707 135,189
Loans held for sale 17,165 25,574
Securities available for sale (cost of
$368,171,000 and $351,076,000) 377,213 365,494
Securities held to maturity (fair value of
$206,947,000 and $200,739,000) 207,568 200,682
Loans 1,097,694 1,017,367
Less allowance for loan losses 20,217 19,017
----------- -----------
Net loans 1,077,477 998,350
Premises and equipment 47,372 48,036
Other assets 51,816 42,250
----------- -----------
$ 1,907,318 $ 1,815,575
=========== ===========
Deposits:
Non-interest bearing $ 253,220 $ 277,679
Interest bearing 1,209,603 1,185,526
----------- -----------
1,462,823 1,463,205
Securities sold under agreement to
repurchase 115,934 92,726
Fed funds purchased and other short-term
borrowings 65,973 5,214
Accrued expenses and other liabilities 18,742 18,890
Long-term debt 52,973 55,519
----------- -----------
Total liabilities 1,716,445 1,635,554
Stockholders' equity:
Common stock:
Class A voting, $.20 par value;
authorized 10,000,000 shares;
issued 2,606,336 shares 521 521
Class B non-voting, $.20 par value;
authorized 40,000,000 shares;
issued 10,962,334 shares 2,193 2,193
Paid in capital 21,649 21,665
Retained earnings 160,633 146,269
Net unrealized gains/(losses) on secur-
ities available for sale 5,877 9,373
----------- -----------
Total stockholders' equity 190,873 180,021
----------- -----------
$ 1,907,318 $ 1,815,575
=========== ===========
See notes to consolidated condensed financial statements.
<PAGE>
FIRST COMMERCE BANCSHARES, INC. & SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except Per Share Data)
[CAPTION]
<TABLE>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------- -------------
1996 1995 1996 1995
------- ------- -------- -----
<S> <C> <C> <C> <C>
Interest income:
Loans, including fees $24,558 $22,145 $ 72,242 $ 62,817
Investment securities:
Taxable 8,290 8,258 23,984 24,011
Non-taxable 329 443 1,148 1,164
Dividends 232 215 615 519
Loans held for sale 437 458 1,607 777
Short-term investments 668 765 1,670 2,413
------- ------- -------- --------
Total interest income 34,514 32,284 101,266 91,701
Interest expense:
Deposits 13,645 14,709 41,135 40,864
Short-term borrowings 2,104 1,368 5,350 3,548
Long-term debt 920 777 2,793 2,129
------- ------- -------- --------
Total interest expense 16,669 16,854 49,278 46,541
------- ------- -------- --------
Net interest income 17,845 15,430 51,988 45,160
Provision for loan losses 1,502 700 4,678 2,082
------- ------- -------- --------
Net interest income after provision
for loan losses 16,343 14,730 47,310 43,078
Noninterest income:
Service charges and fees to
customers 8,828 6,629 25,524 19,327
Trust services 1,289 1,166 4,629 4,136
Gains/(losses) on securities sales 189 (30) 1,730 307
Other income 305 342 717 584
------- ------- -------- --------
Total noninterest income 10,611 8,107 32,600 24,354
------- ------- -------- --------
Noninterest expense:
Salaries and employee benefits 8,830 8,300 26,518 24,488
Fees and insurance 2,967 1,728 7,105 6,464
Other expenses 7,017 5,502 20,230 16,022
------- ------- -------- --------
Total noninterest expense 18,814 15,530 53,853 46,974
------- ------- -------- --------
Income before income taxes 8,140 7,307 26,057 20,458
Income tax provision 2,915 2,568 9,046 7,154
------- ------- -------- --------
Net income $ 5,225 $ 4,739 $ 17,011 $ 13,304
====== ====== ======= =======
Weighted average shares outstanding 13,569 13,572 13,570 13,473
======= ======= ======== ========
Net income per share $ .39 $ .35 $ 1.25 $ .99
====== ====== ======= =======
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
FIRST COMMERCE BANCSHARES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED) (IN THOUSANDS)
[CAPTION]
NINE MONTHS
ENDED SEPTEMBER 30,
-------------------
1996 1995
----- ----
[S] [C] [C]
Net cash from operating activities $ 23,714 $(5,937)
Cash flows from investing activities:
Proceeds from maturities of held to maturity
securities 90,901 65,894
Proceeds from sales of held to maturity
securities 500 1,502
Purchase of held to maturity securities (98,287) (25,671)
Proceeds from maturities of available for sale
securities 59,787 68,975
Proceeds from sales of available for sale
securities 7,380 14,981
Purchase of available for sale securities (82,357) (157,693)
Net increase in loans (83,805) (62,749)
Capital expenditures (3,116) (5,548)
Cash and cash equivalents from bank acquisition
net of cash expenses and cash paid - 1,775
Other (69) (168)
--------- -------
Net cash from investing activities (109,066) (98,702)
Cash flows from financing activities:
(Decrease)/increase in deposits (382) 18,477
Increase in other short term borrowings 23,208 5,579
Net increase in federal funds purchased 60,759 21,380
Cash dividends paid (2,647) (2,181)
Proceeds from long term debt - 10,500
Repayment of long term debt (2,546) (2,000)
Purchase of common stock (16) (82)
Other 494 (54)
--------- ---------
Net cash from financing activities 78,870 51,619
--------- ---------
Net decrease in cash and cash equivalents (6,482) (53,020)
Cash and cash equivalents at January 1 135,189 168,305
--------- ---------
Cash and cash equivalents at September 30 $ 128,707 $ 115,285
======= =======
See notes to consolidated condensed financial statements.
<PAGE>
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
[CAPTION]
1996 1995
----- -----
(Amounts in Thousands)
[S] [C] [C]
Balance, January 1 $ 180,021 $ 149,354
Issue Class B Common Stock in bank
acquisition, net of cost of $35,000 - 3,869
(Decrease)/increase in net unrealized
gains on securities available for sale (3,496) 9,500
Purchase 1,014 and 7,140 shares of
common stock (16) (82)
Cash dividends declared ($.195 and $.162
per share) (2,647) (2,181)
Net income 17,011 13,304
--------- ---------
Balance, September 30 $ 190,873 $ 173,764
========= =========
<PAGE>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
A. GENERAL
The accompanying unaudited consolidated condensed financial statements and notes
thereto contain all adjustments, consisting only of normal recurring adjustments
necessary to present fairly the financial position of the Company and its
subsidiaries as of September 30, 1996, and the results of their operations. The
consolidated condensed financial statements should be read in conjunction with
the annual consolidated financial statements and the notes thereto included in
the Company's 1995 annual report and Form 10-K. The results of operations for
the unaudited nine-month period ended September 30, 1996, are not necessarily
indicative of the results which may be expected for the entire calendar year
1996.
B: ALLOWANCE FOR LOAN LOSSES
Transactions in the allowance for loan losses are summarized as follows:
[CAPTION]
1996 1995
----- -----
(Amounts in Thousands)
[S] [C] [C]
Balance, January 1 $ 19,017 $ 17,190
Provision for loan losses 4,678 2,082
Increase from acquisition - 843
Charge-offs (5,119) (3,294)
Recoveries 1,641 1,723
------ ------
Balance, September 30 $ 20,217 $ 18,544
====== ======
C. INVESTMENT SECURITIES
During the first nine months of 1996 and 1995, the Company realized $1,728,000
and $305,000, respectively, in profits on the sale of securities available for
sale. During the first nine months of both 1996 and 1995, the Company realized
$2,000 in profits on the sale or early call of securities held to maturity. Any
held to maturity securities sold were within 90 days of the maturity date on
those securities.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
----------------------------------------
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
---------------------------------------------
RESULTS OF OPERATIONS
- ---------------------
For the first nine months of 1996, First Commerce Bancshares, Inc. and
subsidiaries (the "Company") recorded net income of $17,011,000 or $1.25 per
share compared to $13,304,000 or $.99 per share for the same period one year
ago. Net income for the three months ended September 30, 1996, was $5,225,000
or $.39 per share as compared to $4,739,000 or $.35 per share for the same
period one year ago, $5,727,000 or $.42 per share for the first quarter of 1996,
and $6,059,000 or $.45 per share for the second quarter of 1996.
NET INTEREST INCOME
Net interest income (interest income less interest expense) was $17,845,000 for
the third quarter of 1996 compared to $15,430,000 for the third quarter of 1995,
$16,686,000 for the first quarter of 1996, and $17,457,000 for the second
quarter of 1996. On a year-to-date basis, net interest income was $51,988,000
versus $45,160,000 one year ago, a 15.1% increase. The increase in net interest
income can be primarily attributed to an increase in earning assets. Earning
assets at September 30, 1996, September 30, 1995, and December 31, 1995, were
$1,735 million, $1,588 million, and $1,642 million, respectively. Included in
interest income is $327,000 of interest on a loan previously charged off. The
net yield on earning assets (net interest income divided by earning assets) was
approximately 4.3% and 4.0% as of September 30, 1996 and 1995, respectively.
Portfolio loans were $1,098 million at September 30, 1996, compared to $941
million at the same time one year ago, a 16.7% increase.
PROVISION FOR LOAN LOSSES
The provision for loan losses was $4,678,000 for the first nine months of 1996,
as compared to $2,082,000 for the first nine months of 1995, a 125% increase.
The increase was necessary to keep pace with the increased loan growth and
management's desire to maintain the reserve at adequate levels. As a percentage
of loans outstanding, the loan loss reserve was 1.8% and 2.0% as of September
30, 1996 and 1995, respectively. For the first nine months of 1996 net charge-
offs were $3,478,000 compared to $1,571,000 for the same period a year ago. Net
credit card charge offs totaled $3,137,000 or 3.8% of average outstanding credit
card balances. Net YTD credit card charges as of September 30, 1995, were
$1,831,000. There has been no major change in the overall quality of the loan
portfolio since December 31, 1995.
The following table presents the amount of non performing loans:
[CAPTION]
September 30, 1996 December 31, 1995
------------------ -----------------
[S] [C] [C]
Loans accounted for on a non
accrual basis $3,591,000 $1,700,000
Accruing loans which are contractually
past due 90 days or more as to
principal or interest payment $1,290,000 $1,099,000
Loans not included above which
are "troubled debt restructurings" $1,696,000 $1,256,000
<PAGE>
There has been overall improvement in all three categories of non performing
loans since June 30, 1996. Non accrual loans increased since December 31, 1995,
but decreased since June 30, 1996. No further deterioration is expected in any
of the non accrual loans. One large loan will be resolved in the near future
with no losses expected. The remaining loans are moving forward with some
improvement. Total loans past due 90 days or more have decreased since June 30,
1996, and are primarily consumer and bank card related. Troubled debt
restructurings have decreased since last quarter due to scheduled repayment
amortization.
NONINTEREST INCOME
Noninterest income for the first nine months was $32,600,000 as compared to
$24,354,000 for the first nine months of 1995, a 34% increase. Credit card fees
increased $3,926,000 primarily due to an increase in merchant discount income.
This is primarily the result of adding one major new merchant customer.
Mortgage banking revenues increased $1,078,000 because of additional
underwriting and servicing income and because of a change in an accounting
principle which capitalizes mortgage servicing rights that previously were not
recognized, resulting in greater revenue. The Company's mortgage banking
subsidiary now has more than $1 billion in assets being serviced. Other service
charges and fees increased $722,000 compared to the same period one year ago due
primarily to a general increase in customer activity throughout the Company. A
substantial number of new transaction accounts have been opened this year. In
addition, discount brokerage income increased $300,000 over a year ago, due to
additional production, and letters of credit income increased $117,000 due to
additional volume plus increased pricing on certain larger, non-recurring deals.
Trust service fees for the first nine months of 1996, increased over $490,000
compared to the same period a year ago due primarily to new business and an
increase in the value of assets being managed. Gains on the sale of securities
were $1,730,000 in the first nine months of 1996 as compared to $307,000 in the
first nine months of 1995, a $1,423,000 increase. The 1996 gains were the
result of selling certain positions held in the Company's Global Fund when the
Company believed the stock prices for those positions sold had reached peak
levels not likely to continue. Losses on the sale of mortgages were $119,000
for the first nine months of 1996 compared to gains of $50,000 for the first
nine months of 1995. For the first nine months of 1996 other noninterest income
of $717,000, a 22.8% increase over the same period one year ago, includes
$257,000 interest received on a federal income tax refund.
<PAGE>
The following table shows the breakdown of noninterest income and the percentage
change:
[CAPTION]
Nine Months Ended Percent
September 30, Increase/
------------
1996 1995 (Decrease)
---- ---- ----------
(In Thousands)
[S] [C] [C] [C]
Computer services $ 6,467 $ 6,206 4.2%
Credit card 6,998 3,072 127.8
Mortgage banking 3,594 2,516 42.8
Service charges on deposits 3,868 3,658 5.7
Other service charges and fees 4,597 3,875 18.6
Trust services 4,629 4,136 11.9
Gains on securities sales 1,730 307 463.5
Other income 717 584 22.8
-------- ------
Total noninterest income $ 32,600 $ 24,354 33.9
======= =======
NONINTEREST EXPENSE
Noninterest expenses increased $6,879,000 or 14.6% from a year ago. Salaries
and employee benefits increased $2,030,000 or 8.3% due to increases in the
levels of pay, combined with an increase in the number of employees --
especially bank card employees, employees related to the April 1, 1995 bank
acquisition, First Commerce Technologies Lincoln image operations and Denver
backroom operations -- and increased accruals for the Company's profit sharing
plan. Net occupancy expenses were 7.4% greater than a year ago primarily due to
a writedown of an aged building in the first quarter of 1996. Equipment expense
increased 20.4% from a year ago due to an overall increase in equipment and an
additional writedown of obsolete computer equipment at the National Bank of
Commerce. Fees and insurance expenses decreased 33% because of a $1,414,000
decrease in FDIC fees. Bank card processing fees increased $1,970,000 due to
increased activity. Communications expenses increased 15.7% due to postage and
telephone expenses related to the increased activity in the bank card area, as
well as computer on-line service in the computer services area. Supplies
expense increased $184,000 due primarily to increased paper costs. Business
development expenses increased $630,000 mainly due to increased bank card
marketing.
Other expenses increased 61.7% from a year ago. Due to a change in an
accounting principle in 1995, and subsequent increase in capitalized mortgage
servicing rights, amortization increased $650,000 over the same period one year
ago.
<PAGE>
The following table shows the breakdown of noninterest expense and the
percentage change:
[CAPTION]
Nine Months Ended Percent
September 30, Increase/
------------
1996 1995 (Decrease)
---- ---- ----------
(In Thousands)
[S] [C] [C] [C]
Salaries and employee benefits $26,518 $24,488 8.3%
Net occupancy expense 3,040 2,830 7.4
Equipment expense 4,259 3,535 20.4
Fees and insurance 2,670 3,998 (33.2)
Bank card fees 4,435 2,466 79.8
Communications 3,045 2,631 15.7
Supplies 1,820 1,636 11.2
Business development 2,385 1,755 35.9
Other expenses 5,298 3,276 61.7
Goodwill amortization 383 336 14.0
Net cost of other real
estate owned - 23 -
-------- -------
Total noninterest expense $ 53,853 $46,974 14.6
======= ======
The Company's efficiency ratio -- noninterest expense (excluding net cost of
other real estate and goodwill amortization) divided by the sum of net interest
income and noninterest income -- was 63.2% and 67.1% at September 30, 1996 and
1995, respectively.
An unexpected and unaccrued for $238,000 federal income tax refund was received
by the Company, which decreased the first nine months' income tax provision.
FINANCIAL CONDITION AT SEPTEMBER 30, 1996
- -----------------------------------------
Total assets at September 30, 1996, were $1,907 million, compared to $1,816
million at December 31, 1995, a 5% increase. Cash and cash equivalents
decreased $6 million to $129 million, investments increased $19 million to $585
million, loans held for resale decreased $8 million, and loans increased $80
million. Total assets at September 30, 1995, were $1,744 million.
Since June 30, 1996, investments increased $16,000,000. In the third quarter,
the Company continued to purchase additional bonds, increasing the bonds
portfolio approximately $22,000,000. The bond purchases consisted primarily of
collateralized mortgage obligations.
Since September 30, 1995, loans have increased from $941 million to $1,098
million, a 16.7% increase. In the 1996 third quarter alone, loans increased
$54,000,000 or 5%.
<PAGE>
Loans are summarized as follows:
[CAPTION]
September 30, 1996 December 31, 1995
------------------ -----------------
(In thousands)
[S] [C] [C]
Real estate mortgage $326,364 $295,268
Consumer 274,983 263,320
Commercial and financial 243,852 201,910
Agricultural 120,246 126,414
Credit card 86,751 108,641
Real estate construction 45,498 21,814
------- -------
$1,097,694 $1,017,367
======== ========
The decrease in credit card loans is due to the securitization of the Cabela's
co-branded credit card loans as of July 18, 1996. Increases in other loan
categories are due to a general increase in business throughout the Company.
The loan to deposit ratio was 75.0% at September 30, 1996, compared to 69.5% at
December 31, 1995, 70% at March 31, 1996, and 71.7% at June 30, 1996. Deposits
at December 31, 1995, March 31, 1996, June 30, 1996, and September 30, 1996,
were $1,463 million, $1,471 million, $1,455 million, and $1,463 million,
respectively. Because of the fairly flat increase in deposits, increased short
term borrowings were necessary. Repurchase agreements totaled $116 million at
September 30, 1996, compared to $93 million at December 31, 1995, and fed funds
purchased and other short term borrowings totaled $66 million at September 30,
1996, compared to $5 million at December 31, 1995.
Additionally, in order to fund the increase in loan activity and investment
portfolio growth which is unmatched by similar deposit growth, as well as
address interest rate risk inherent in the Company's core banking activities
(lending and deposit products), off-balance sheet strategies include the use of
a credit card securitization program. On July 18, 1996, the Company closed on
an agreement to sell a portion of the Company's credit card receivables to
investors through the use of a credit card master trust and sale of
collateralized certificates of ownership in the trust. Approximately $53
million of credit card receivables have been sold to date since the closing.
The agreement allows the Company to increase this to a total of $100 million.
The Company has received a D2 (strong degree of safety) Duff & Phelps credit
rating which allows the Company to issue commercial paper. This issuance of
commercial paper is expected to provide $10 million of short term borrowings to
meet operational needs in the next year. The Company issued approximately $3
million of commercial paper during the second and third quarters of 1996.
Long-term debt has decreased since December 31, 1995, due to the annual
principal payment on the Company's capital notes.
<PAGE>
Stockholders' equity to assets was 9.7% as of September 30, 1996 and 9.4% as of
December 31, 1995. The net unrealized gains on available for sale securities
decreased $3,496,000 since December 31, 1995, due to an increase in interest
rates and the resultant decline in the value of the investment portfolio
combined with the sale of certain positions in the Company's Global Fund and the
realization of the gains in those positions.
Quantitative measures established by regulation to ensure capital adequacy
require the Company to maintain minimum amounts and ratios (set forth in the
table below) of Tier I capital (as defined in the regulations) to total average
assets (as defined), and minimum ratios of Tier I and total capital (as defined)
to risk-weighted assets (as defined).
[CAPTION]
Capital Adequacy
---------------------------------
Required Actual
Amount (Ratio) Amount (Ratio)
------------------------------------
(In Thousands)
[S] [C] [C] [C] [C]
As of September 30, 1996:
Tier I Capital (to Quarterly
Average Assets) $ 74,913 (4.0%) $ 177,161 (9.46%)
Tier I Capital (to Risk Weighted Assets) 51,626 (4.0%) 177,161 (13.73%)
Total Capital (to Risk Weighted Assets) 103,251 (8.0%) 195,434 (15.14%)
As of December 31, 1995:
Tier I Capital (to Quarterly
Average Assets) $ 70,379 (4.0%) $ 161,128 (9.16%)
Tier I Capital (to Risk Weighted Assets) 48,118 (4.0%) 161,128 (13.39%)
Total Capital (to Risk Weighted Assets) 96,236 (8.0%) 178,307 (14.82%)
The Company is undertaking a new building project at Western Nebraska National
Bank. Construction has started on a new North Platte building with an estimated
total cost of $4,000,000 and an estimated completion date in second quarter of
1997. Funds for the capital expenditures are expected to come from operations.
NEBRASKA ECONOMY
The outlook for the Nebraska economy is for moderate growth in employment (low
unemployment), personal income, and retail sales. Construction activity is
strong. The manufacturing base in the state continues to operate at higher
capacities. Motor vehicle and farm equipment sales are solid. The state's
fiscal position appears to be sound.
The outlook of the 1996 Nebraska farm sector is improved. Although crop prices
have declined from historical highs, prices remain excellent and crop yields
will be favorable. Livestock operations will benefit from lower corn prices.
Agricultural real estate values are higher, but ranch land values have come
under some pressure. Personal bankruptcy filings have materially increased
during 1996 (overextended credit).
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a)Exhibits - none
(b)None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST COMMERCE BANCSHARES, INC.
Date: November 13, 1996 By: James Stuart, Jr.
--------------------- -----------------------------------
James Stuart, Jr., Chairman and CEO
Date: November 13, 1996 By: Donald Kinley
-------------------- -----------------------------------
Donald Kinley, Vice President and
Treasurer (Chief Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000768532
<NAME> FIRST COMMERCE BANCSHARES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 93,112
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 35,595
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 377,213
<INVESTMENTS-CARRYING> 207,568
<INVESTMENTS-MARKET> 206,947
<LOANS> 1,114,859
<ALLOWANCE> 20,217
<TOTAL-ASSETS> 1,907,318
<DEPOSITS> 1,462,823
<SHORT-TERM> 181,907
<LIABILITIES-OTHER> 18,742
<LONG-TERM> 52,973
0
0
<COMMON> 2,714
<OTHER-SE> 188,159
<TOTAL-LIABILITIES-AND-EQUITY> 1,907,318
<INTEREST-LOAN> 73,849
<INTEREST-INVEST> 25,747
<INTEREST-OTHER> 1,670
<INTEREST-TOTAL> 101,266
<INTEREST-DEPOSIT> 41,135
<INTEREST-EXPENSE> 49,278
<INTEREST-INCOME-NET> 51,988
<LOAN-LOSSES> 4,678
<SECURITIES-GAINS> 1,730
<EXPENSE-OTHER> 53,853
<INCOME-PRETAX> 26,057
<INCOME-PRE-EXTRAORDINARY> 17,011
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,011
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 1.25
<YIELD-ACTUAL> 0
<LOANS-NON> 3,591
<LOANS-PAST> 1,290
<LOANS-TROUBLED> 1,696
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 19,017
<CHARGE-OFFS> 5,119
<RECOVERIES> 1,641
<ALLOWANCE-CLOSE> 20,217
<ALLOWANCE-DOMESTIC> 20,217
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
