<PAGE> 1
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
------------------------------
Quarter ended September 30, 1999 Commission file number 0-14403
BRUNSWICK BANCORP
-----------------
(Exact Name of Registrant as Specified in its Charter)
------------------------------
<TABLE>
<S> <C>
NEW JERSEY 22-2610694
- ---------- ------------
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification Number)
NEW BRUNSWICK, NEW JERSEY 08901
- -------------------------- ----------
(Address of Principal Executive Office) (Zip Code)
</TABLE>
732-247-5800
------------
(Registrant's Telephone Number Including Area Code)
NOT APPLICABLE
--------------
(Former Name, Former Address and Former Fiscal Year
if Changed Since Last Report)
<TABLE>
<S> <C>
COMMON STOCK, PAR VALUE $ 2.00 902,266 SHARES
- ------------------------------ --------------
(Class of Stock) Outstanding at September 30,1999
</TABLE>
---------------------------------
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter periods that the
registrant was required to file such report), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
------------- -------------
<PAGE> 2
BRUNSWICK BANCORP AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
PART I- FINANCIAL INFORMATION
- --------------------------------
Item 1. Financial Statements (Unaudited):
Consolidated Balance Sheets
September 30, 1999 and December 31, 1998 1
Consolidated Statements of Income
Nine Months Ended September 30, 1999, 1998 and 1997 2
Consolidated Statements of Income
Quarters Ended September 30, 1999, 1998 and 1997 3
Consolidate Statements of Stockholders' Equity
Nine Months Ended September 30, 1999, 1998 and 1997 4
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1999, 1998 and 1997 5
Notes to Consolidated Financial Statements 6-7
Item 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations 8-9
Year 2000 Disclosure 10-11
PART II- OTHER INFORMATION
- --------------------------
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
</TABLE>
<PAGE> 3
BRUNSWICK BANCORP AND SUBSIDIARIES
COSNOLIDATED BALANCE SHEET
UNAUDITED
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1998
------------- -------------
<S> <C> <C>
ASSETS
Cash and due from banks 6,409,319 6,448,304
Federal funds sold 35,500,000 34,000,000
Securities held to maturity 22,563,681 23,065,507
Loans receivable, net 40,344,631 43,166,736
Premises and equipment 1,625,395 1,503,332
Foreclosed real estate - 132,615
Other assets 1,089,799 824,794
------------- -------------
TOTAL ASSETS $ 107,532,825 $ 109,141,288
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand deposits 25,871,061 24,587,736
NOW accounts 29,096,084 30,604,280
Savings deposits 12,663,370 15,216,904
Time deposits 16,395,549 16,545,989
------------- -------------
Total deposits 84,026,064 86,954,909
Borrowed funds 647,754 511,512
Accrued expenses and other liabilities 726,733 333,317
------------- -------------
Total liabilities 85,400,551 87,799,738
------------- -------------
Stockholders' equity:
Common stock, par value $2.00
Authorized 3,000,000 shares issued 902,266 shares
September 30, 1999 and 721,920 shares December 31, 1998 1,804,532 1,443,840
Additional paid-in capital 3,924,112 4,284,804
Retained earnings 16,495,404 15,704,680
Treasury stock at cost (91,774) (91,774)
------------- -------------
Total stockholders' equity 22,132,274 21,341,550
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 107,532,825 $ 109,141,288
============= =============
</TABLE>
1
<PAGE> 4
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1999, 1998 AND 1997
UNAUDITED
<TABLE>
<CAPTION>
INTEREST INCOME: 1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
Interest and fees on loans $3,159,541 $4,085,065 $4,207,030
Interest on investment securities:
Taxable 1,067,689 534,190 790,771
Exempt from Federal income tax - 2,475 5,560
Interest on Federal funds sold 1,280,281 1,358,738 779,785
---------- ---------- ----------
Total interest income 5,507,511 5,980,468 5,783,146
---------- ---------- ----------
INTEREST EXPENSE:
Interest on deposits 1,388,890 1,489,110 1,472,021
Interest on borrowed funds 6,995 9,593 10,462
---------- ---------- ----------
Total interest expense 1,395,885 1,498,703 1,482,483
---------- ---------- ----------
Net interest income 4,111,626 4,481,765 4,300,663
Provision for credit losses 150,000 225,000 435,000
---------- ---------- ----------
Net interest income after provision
for credit losses 3,961,626 4,256,765 3,865,663
---------- ---------- ----------
NON-INTEREST INCOME:
Service fees 717,337 611,140 652,540
Other non-interest income 17,735 15,474 -
---------- ---------- ----------
Total non-interest income 735,072 626,614 652,540
---------- ---------- ----------
NON-INTEREST EXPENSES:
Salaries and wages 1,365,289 1,272,494 1,228,921
Employee benefits 363,171 359,011 331,894
Occupancy 461,494 433,336 545,551
Furniture and equipment 162,039 169,086 145,026
Loss on foreclosed real estate - - 398,681
Other non-interest expenses 944,521 886,023 987,319
---------- ---------- ----------
Total non-interest expenses 3,296,514 3,119,950 3,637,392
---------- ---------- ----------
Income before income taxes 1,400,184 1,763,429 880,811
Income tax expense 604,904 746,084 409,359
---------- ---------- ----------
NET INCOME $ 795,280 $1,017,345 $ 471,452
========== ========== ==========
NET INCOME PER SHARE $ 0.88 $ 1.13 $ 0.52
========== ========== ==========
</TABLE>
2
<PAGE> 5
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
QUARTERS ENDED SEPTEMBER 30, 1999, 1998 AND 1997
UNAUDITED
<TABLE>
<CAPTION>
INTEREST INCOME: 1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
Interest and fees on loans $1,039,760 $1,362,553 $1,379,179
Interest on investment securities:
Taxable 340,612 163,674 271,373
Exempt from Federal income tax - 557 1,605
Interest on Federal funds sold 460,087 531,499 328,432
---------- ---------- ----------
Total interest income 1,840,459 2,058,283 1,980,589
---------- ---------- ----------
INTEREST EXPENSE:
Interest on deposits 456,741 509,310 504,093
Interest on borrowed funds 2,891 3,059 3,444
---------- ---------- ----------
Total interest expense 459,632 512,369 507,537
---------- ---------- ----------
Net interest income 1,380,827 1,545,914 1,473,052
Provision for credit losses 75,000 75,000 75,000
---------- ---------- ----------
Net interest income after provision
for credit losses 1,305,827 1,470,914 1,398,052
---------- ---------- ----------
NON-INTEREST INCOME:
Service fees 227,136 196,318 226,979
Other non-interest income 4,080 4,080 -
---------- ---------- ----------
Total non-interst income 231,216 200,398 226,979
---------- ---------- ----------
NON-INTEREST EXPENSES:
Salaries and wages 476,744 441,146 405,280
Employee benefits 121,445 109,667 104,487
Occupancy 146,859 145,323 222,770
Furniture and equipment 55,098 58,699 50,720
Loss on foreclosed reasl estate - - 398,681
Other non-interest expenses 295,596 280,394 377,574
---------- ---------- ----------
Total non-interest expenses 1,095,742 1,035,229 1,559,512
Income before income taxes 441,301 636,083 65,519
Income tax expense 214,569 288,500 51,940
---------- ---------- ----------
NET INCOME $ 226,732 $ 347,583 $ 13,579
========== ========== ==========
NET INCOME PER SHARE $ 0.25 $ 0.39 $ 0.02
========== ========== ==========
</TABLE>
3
<PAGE> 6
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
NINE MONTHS ENDED SEPTEMBER 30 , 1999, 1998 AND 1997
UNAUDITED
<TABLE>
<CAPTION>
COMMON RETAINED TREASURY
STOCK SURPLUS EARNINGS STOCK TOTAL
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Balance, December 31,1996 $ 1,443,840 $ 4,284,804 $ 12,924,286 $ - $ 18,652,930
Net income - - 471,452 - 471,452
Purchase of treasury stock - - - (7,521) -
------------ ------------ ------------ ------------ ------------
Balance, September 30, 1997 $ 1,443,840 $ 4,284,804 $ 13,395,738 $ (7,521) $ 19,116,861
============ ============ ============ ============ ============
Balance, December 31, 1997 $ 1,443,840 $ 4,284,804 $ 14,168,828 $ (71,897) $ 19,825,575
Net income - - 1,017,345 - 1,017,345
Purchase of treasury stock - - - (21,257) (21,257)
------------ ------------ ------------ ------------ ------------
Balance, September 30, 1998 $ 1,443,840 $ 4,284,804 $ 15,186,173 $ (93,154) $ 20,821,663
============ ============ ============ ============ ============
Balance, December 31, 1998 $ 1,443,840 $ 4,284,804 $ 15,704,680 $ (91,774) $ 21,341,550
Net income - - 795,280 - 795,280
Stock split 360,692 (360,692) (4,556) - (4,556)
------------ ------------ ------------ ------------ ------------
Balance, September 30, 1999 $ 1,804,532 $ 3,924,112 $ 16,495,404 $ (91,774) $ 22,132,274
============ ============ ============ ============ ============
</TABLE>
4
<PAGE> 7
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1999, 1998 AND 1997
UNAUDITED
<TABLE>
<CAPTION>
1999 1998 1997
------------ ------------ ------------
OPERATING ACTIVITIES:
<S> <C> <C> <C>
Net income $ 795,280 $ 1,017,345 $ 471,452
Adjustments to reconcile net income to
cash provided by operating activities:
Provision for credit losses 150,000 225,000 435,000
Depreciation and amortization 107,762 102,278 104,437
Net accretion of securities discounts (137,154) (195,090) (34,642)
Loss on sale of foreclosed real estate - - (398,681)
(Increase) decrease in interest receivable
and other assets (265,005) (91,214) (200,366)
Increase (decrease) in interest payable
and other liabilities 393,416 173,386 96,723
------------ ------------ ------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 1,044,299 1,231,705 473,923
------------ ------------ ------------
INVESTING ACTIVITIES:
Net (Increase) decrease in Federal funds sold (1,500,000) (11,900,000) (4,700,000)
Proceeds from maturities of investment securities 500,000 13,009,840 12,000,000
Return of capital on investment securities 138,980 252,153 4,140,724
Purchases of investment securities - (7,079,870) (14,512,300)
Net (increase) decrease in loans receivable 2,672,105 2,867,735 2,132,983
Proceeds from sale of foreclosed real estate 132,615 - 3,903,818
Capital acquisitions (229,825) (343,984) (171,707)
Purchase of treasury stock - (21,257) (7,521)
------------ ------------ ------------
NET CASH PROVIDED BY
INVESTING ACTIVITIES 1,713,875 (3,215,383) 2,785,997
------------ ------------ ------------
FINANCING ACTIVITIES:
Dividends paid (4,556) - -
Net increase (decrease) in demand deposits 1,283,325 (356,946) (199,595)
Net increase (decrease) in NOW accounts (1,508,196) 13,280,279 (732,969)
Net increase ( decrease) in savings deposits (2,553,534) (513,804) (1,467,173)
Net increase ( decrease) in time deposits (150,440) (8,966,471) (2,138,010)
Net increase (decrease) in borrowed funds 136,242 (88,522) 198,059
------------ ------------ ------------
NET CASH USED BY
FINANCING ACTIVITIES (2,797,159) 3,354,536 (4,339,688)
------------ ------------ ------------
Increase (decrease) in cash and cash equivalents (38,985) 1,370,858 (1,079,768)
Cash and cash equivalents at January 1 6,448,304 4,933,343 9,190,838
------------ ------------ ------------
Cash and cash equivalents at September 30 $ 6,409,319 $ 6,304,201 $ 8,111,070
============ ============ ============
</TABLE>
5
<PAGE> 8
BRUNSWICK BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
UNAUDITED
NOTE 1
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information, and with the instructions to Form 10-Q and Rule 10-01 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, the information presented
includes all normal and recurring adjustments considered necessary for a fair
presentation of the interim period results.
NOTE 2
INVESTMENT SECURITIES
The following is a comparative summary of the book values and estimated market
values of investment securities:
<TABLE>
<CAPTION>
SEPTEMBER 30,1999
BOOK MARKET
VALUE VALUE
------------ ------------
<S> <C> <C>
U.S. Government and agencies $ 21,013,681 $ 21,097,048
Other securities 1,550,000 1,550,000
------------ ------------
$ 22,563,681 $ 22,647,048
============ ============
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1998
BOOK MARKET
VALUE VALUE
----------- -----------
<S> <C> <C>
U.S. Government and agencies $21,015,507 $21,468,949
Other securities 2,050,000 2,062,735
----------- -----------
$23,065,507 $23,531,684
=========== ===========
</TABLE>
6
<PAGE> 9
BRUNSWICK BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
UNAUDITED
NOTE 3
NET LOANS
The composition of net loans is as follows:
<TABLE>
<CAPTION>
SEPTEMBER 30 DECEMBER 31
1999 1998
----------- -----------
<S> <C> <C>
Commercial loans $14,410,747 $16,306,888
Real estate loans 25,592,135 26,439,746
Consumer Loans 1,268,091 1,328,750
----------- -----------
41,270,973 44,075,384
Less:
Allowance for credit losses 868,850 801,059
Unearned income 57,492 107,589
----------- -----------
$40,344,631 $43,166,736
=========== ===========
</TABLE>
NOTE 4
PREMISES AND EQUIPMENT
The major components of premises and equipment are as follows:
<TABLE>
<CAPTION>
SEPTEMBER 30 DECEMBER 31
1999 1998
---------- ----------
<S> <C> <C>
Land $ 833,372 $ 850,372
Buildings 711,241 562,049
Leasehold improvements 70,137 70,137
Equipment 1,186,754 1,089,121
---------- ----------
2,801,504 2,571,679
Less accumulated depreciation and
amortization 1,176,109 1,068,347
---------- ----------
$1,625,395 $1,503,332
========== ==========
</TABLE>
7
<PAGE> 10
BRUNSWICK BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
SEPTEMBER 30, 1999
The only noticeable change on the asset side of the Corporation's Balance Sheet
since December 31, 1998 is a $2,800,000 decrease in loans receivable.
On the liability side of the balance sheet, demand deposits accounts increased
by $1,300,000 while interest bearing deposits decreased by $4,200,000 which
resulted in a decrease in total deposits of approximately $2,900,000.
There was a $68,000 increase in the allowance for credit losses which resulted
from $150,000 in credit loss provisions offset by net charge offs totaling
$82,000. At September 30, 1999 the allowance for credit losses totaled $868,850
which represented 2.1% of total loans and 27% of loans past due 90 days or more
and nonaccrual loans.
The results of operations for the first quarter of 1999, compared to the same
period of 1998, show a decrease in income before taxes of approximately
$363,000. Two components of this decrease are a $370,000 decrease in net
interest income and a decrease in the provision for credit losses of $75,000.
The decrease in net interest income is analyzed in detail on page 9.
The $177,000 increase in non-interest expenses was partially offset by a
$108,000 increase in non-interest income. The components of these changes were
numerous with nothing of an extraordinary nature to comment on.
The Corporation continues to be "Well Capitalized" which is the highest
classification a bank can receive. At September 30, 1999 our total risk-based
capital ration was 34% which is over four times the regulatory requirement.
In Management's opinion, the Corporation's liquidity position is strong. based
on its high level of core deposits, the stability of its other funding sources
and the support provided by its capital base.
8
<PAGE> 11
BRUNSWICK BANCORP AND SUBSIDIARIES
ANALYSIS OF CHANGES IN NET INTEREST INCOME
(IN THOUSANDS)
<TABLE>
<CAPTION>
Increase (Decrease) Due to Changes in
-------------------------------------
Volume Rates Total
------ ----- -----
<S> <C> <C> <C>
Nine Months ended September 30, 1999
Versus
Nine Months ended September 30, 1998
- ------------------------------------
Interest Income on:
Loans $(730) $(195) $(925)
Investment securities 505 26 531
Federal funds sold 48 (127) (79)
----- ----- -----
Total interest income (177) (296) (473)
----- ----- -----
Interest expense on:
Deposits 59 (159) (100)
Borrowed funds - (3) (3)
----- ----- -----
Total interest expense 59 (162) (103)
----- ----- -----
Net interest income $(236) $(134) $(370)
===== ===== =====
Quarter ended September 30, 1999
Versus
Quarter ended September 30, 1998
- --------------------------------
Interest income on:
Loans $(244) $ (79) $(323)
Investment Securities 199 (22) 177
Federal funds sold (30) (41) (71)
----- ----- -----
Total interest income (75) (142) (217)
----- ----- -----
Interest expense on:
Deposits (1) (51) (52)
Borrowed funds 1 (1) -
----- ----- -----
Total interst expense 0 (52) (52)
----- ----- -----
Net interest income (75) (90) (165)
===== ===== =====
</TABLE>
9
<PAGE> 12
BRUNSWICK BANCORP AND SUBSIDIARIES
YEAR 2000 DISCLOSURE
SEPTEMBER 30, 1999
Year 2000 issues involve potential problems to financial institutions and other
businesses that rely on computers to assist in normal daily operations of their
business. Many computer programs and applications, which use date fields, may
cease to function normally as a result of the way these fields have been
programmed. Date sensitive software may recognize a date using 00 as the Year
1900 rather than Year 2000. This could cause a system failure, loss of files,
miscalculations or hardware failure. In turn, these problems could cause
disruptions of operations and could result in a temporary inability to process
transactions or conduct business activity.
The Corporation has implemented a Year 2000 compliance plan. The objective of
this plan is to ensure the Corporation will be Year 2000 ready prior to December
31, 1999. Management has formed a Year 2000 committee with members from all
significant areas of operations to review its systems, vendors and customers
that could be affected by the Year 2000 issue. The committee has developed an
implementation plan to rectify any issues related to processing of transactions
in the Year 2000 and beyond. As recommended by the Federal Financial
Institutions Examination Council (FFIEC) guide, the Year 2000 compliance plan
includes the following phases: Awareness, Assessment, Renovation, Validation,
and Implementation. The plan is designed to identify risks, develop an action
plan and perform adequate testing and complete certification so that the
Corporation's computer systems will be Year 2000 ready.
As of September 30, 1999, the Corporation has completed all phases of its Year
2000 compliance plan in connection with the Corporation's primary operating
system and software (the "primary system"). An external third party supplier
provides the primary system, and this vendor has represented to the Corporation
that its hardware and software are Year 2000 compliant. This hardware and
software have been installed. The Corporation has completed its own Validation
and Implementation phase on the primary system. In the course of the testing,
the Corporation did not become aware of any Year 2000 problems in the primary
system. The Corporation has also completed Validation and Implementation on its
other computer operations and has received Year 2000 compliance assurance from
all non-governmental outside vendors.
The Corporation recognizes that significant Year 2000 problems affecting third
parties could adversely affect the Corporation. The Corporation has communicated
with its significant borrowers and depositors, and with others whose core
business could be materially affected by Year 2000 failures and who have
substantial dealings with the Corporation. The Corporation has sought and
continues to seek assurances that those businesses are taking appropriate steps
to become Year 2000 compliant. In addition, the Corporation has sought
information from its non-information suppliers (i.e., utility systems and
security systems) regarding their Year 2000 readiness.
10
<PAGE> 13
Currently, management believes that its cost to make internal data processing
operations Year 2000 compliant will not be material. The costs identified
directly with the Year 2000 compliance plan are not expected to exceed $50,000.
These costs will be funded through operating cash flows and expensed when
incurred. Costs will also be incurred for replacement of various personal
computers, software upgrades and upgraded server software. The Corporation had
planned to upgrade and replace these items, and accordingly did not accelerate
replacement due to Year 2000 compliance. These estimated costs are management's
best estimates based upon currently known information. There can be no guarantee
that actual costs incurred to become Year 2000 ready will not increase due to
additional issues which may arise internally in the future, and by failure of
third parties to become Year 2000 compliant.
The Corporation has completed a remediation contingency plan for Year 2000
compliance for its mission critical applications. The remediation contingency
plan outlines the actions to be taken if the current approach to remediating
mission critical applications does not appear to be able to deliver a Year 2000
compliant system when required. Predetermined target dates have been established
for all mission critical applications. All testing has been completed and no
problems pertaining to the Y2K have been encountered.
In addition, the Corporation has developed a business resumption contingency
plan to facilitate timely restoration of services in the event of business
disruption. This plan has been approved by the Board of Directors and validated
by an external auditing firm. The Corporation plans to review and update its
remediation contingency plan and business resumption plan as needed throughout
1999.
11
<PAGE> 14
BRUNSWICK BANCORP AND SUBSIDIARIES
PART II- OTHER INFORMATION
Item 6- Exhibits and Reports on Form 8-K
The Corporation filed no Form 8-K during the nine-month period ended September
30, 1999.
12
<PAGE> 15
BRUNSWICK BANCORP AND SUBSIDIARIES 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 duly authorized.
BRUNSWICK BANCORP AND SUBSIDIARIES
10/18/99 /s/ Roman T. Gumina
-------- -------------------------
Date Roman T. Gumina
President
10/18/99 /s/ Thomas Fornale
-------- -------------------------
Date Thomas Fornale
Treasurer
13
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 6,409,319
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 35,500,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 22,563,681
<INVESTMENTS-MARKET> 22,647,048
<LOANS> 41,213,481
<ALLOWANCE> 868,850
<TOTAL-ASSETS> 107,532,825
<DEPOSITS> 84,026,064
<SHORT-TERM> 647,754
<LIABILITIES-OTHER> 726,733
<LONG-TERM> 0
0
0
<COMMON> 1,804,532
<OTHER-SE> 20,327,742
<TOTAL-LIABILITIES-AND-EQUITY> 107,532,825
<INTEREST-LOAN> 3,159,541
<INTEREST-INVEST> 1,067,689
<INTEREST-OTHER> 1,280,281
<INTEREST-TOTAL> 5,507,511
<INTEREST-DEPOSIT> 1,388,890
<INTEREST-EXPENSE> 1,395,885
<INTEREST-INCOME-NET> 4,111,626
<LOAN-LOSSES> 150,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,296,514
<INCOME-PRETAX> 1,400,184
<INCOME-PRE-EXTRAORDINARY> 795,280
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 795,280
<EPS-BASIC> .88
<EPS-DILUTED> .88
<YIELD-ACTUAL> 0
<LOANS-NON> 232,068
<LOANS-PAST> 762,095
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 801,059
<CHARGE-OFFS> 92,066
<RECOVERIES> 9,857
<ALLOWANCE-CLOSE> 868,850
<ALLOWANCE-DOMESTIC> 868,850
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
