<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
[ ] 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 0-14294
Great Falls Bancorp
(Exact name of small business issuer as specified in its charter)
NEW JERSEY 22-2545165
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
55 Union Boulevard, Totowa, New Jersey 07512
(Address of principal executive offices)
(201) 942-1111
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 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
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: Common stock $1.00
par value - 1,069,750 shares at August 10, 1995.
Transition Small Business Disclosure Format (check one);
Yes No X
<PAGE>
GREAT FALLS BANCORP AND SUBSIDIARIES
INDEX
PAGE
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Condensed Consolidated Statements of Condition
June 30, 1995 and December 31, 1994 . . . . . . . . . . . . 3
Condensed Consolidated Statements of Income
Three and Six months ended June 30, 1995 and 1994 . . . . . .4
Condensed Consolidated Statements of Cash Flows
Six months ended June 30, 1995 and 1994 . . . . . . . . . . .5
Notes to Consolidated Financial Statements . . . . . . . . . . .6
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . .8
PART II - OTHER INFORMATION
Items 1 through 6 . . . . . . . . . . . . . . . . . . . . . . . 13
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1- Financial Statements
GREAT FALLS BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
<TABLE>
June 30,
1995December 31,
Unaudited 1994
ASSETS <C> <C>
CASH AND DUE FROM BANKS- Non-interest bearing $ 5,901 $ 4,289
FEDERAL FUNDS SOLD 1,400 -
Total cash and cash equivalents 7,301 4,289
DUE FROM BANKS - Interest bearing 1,038 42
SECURITIES:
Available-for-sale, at fair value 38,770 25,403
Held-to-maturity, at amortized cost 27,737 20,297
66,507 45,700
LOANS HELD FOR SALE 270 -
LOANS 84,045 54,009
Less - Allowance for possible loan losses 2,056 1,233
Net loans 81,989 52,776
PREMISES AND EQUIPMENT, net 1,234 664
OTHER REAL ESTATE 1,576 561
ACCRUED INTEREST RECEIVABLE 1,430 1,031
INTANGIBLE AND OTHER ASSETS 2,905 1,237
Total assets $164,250 $106,682
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
Demand
Non-interest-bearing $29,309 $21,082
Interest-bearing 28,084 19,407
Savings 23,681 18,649
Time 62,193 30,481
Total deposits 143,267 89,619
ACCRUED INTEREST AND OTHER LIABILITIES 1,569 957
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 3,313 2,700
REDEEMABLE SUBORDINATED DEBENTURES 4,970 4,963
Total Liabilities 153,119 98,239
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, without par value:
1,000,000 shares authorized, none outstanding - -
Common Stock, par value $1 per share:
4,000,000 shares authorized, 1,069,750
and 816,190 shares outstanding 1,070 816
Additional paid-in capital 10,255 7,314
Retained earnings 114 847
Unrealized holding loss on
securities available-for-sale (308) (534)
Total shareholders' equity 11,131 8,443
Total liabilities and
shareholders' equity $164,250 $106,682
</TABLE>
(See notes to Condensed Consolidated Financial Statements)
3
<PAGE>
GREAT FALLS BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)
<TABLE>
Three Months Ended Six Month Ended
June 30, June 30,
1995 1994 1995 1994
INTEREST INCOME <C> <C> <C> <C>
Interest on loans, including fees $1,996 $1,155 $3,345 $2,276
Interest on securities 1,043 443 1,711 838
Interest on Federal Funds
sold and deposits with banks 93 49 111 97
Total interest income 3,132 1,647 5,167 3,211
INTEREST EXPENSE
Interest on deposits 1,090 467 1,688 892
Interest on borrowings 159 121 315 236
Total interest expense 1,249 588 2,003 1,128
Net interest income 1,884 1,059 3,164 2,083
PROVISION FOR POSSIBLE LOAN LOSSES 90 30 150 60
Net interest income after
provision for possible loan losses 1,794 1,029 3,014 2,023
OTHER INCOME 374 119 492 255
2,168 1,148 3,506 2,278
OTHER EXPENSES
Salaries and employee benefits 561 368 959 722
Occupancy and equipment 207 135 337 264
Amortization of intangible
assets and organizational costs 54 27 82 55
Other operating expenses 616 291 991 590
Total other expenses 1,438 821 2,369 1,631
Income before income taxes 730 327 1,137 647
PROVISION FOR INCOME TAXES 230 93 380 219
Net Income $500 $234 $757 $428
WEIGHTED AVERAGE SHARES OUTSTANDING 1,056 886 978 886
NET INCOME PER SHARE $0.47 $0.26 $0.77 $0.48
</TABLE>
(See notes to Condensed Consolidated Financial Statements)
4
<PAGE>
GREAT FALLS BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
<TABLE>
Six Months Ended
June 30
1995 1994
<C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 757 $ 428
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 185 170
Accretion of discount on securities, net (85) (4)
Gain on sale of securities, net 141 -
Provision for possible loan losses 150 60
Increase (decrease) in accrued interest receivable 111 (151)
Decrease in other assets (12) (286)
Increase in accrued interest and other liabilities 348 115
Net cash provided by operating activities 1,595 332
CASH FLOWS FROM INVESTING ACTIVITIES
Available-for-sale securities -
Purchases (6,963) (10,099)
Sales 4,844 3,358
Held-to-maturity securities -
Purchases (6,934) (2,650)
Maturities 5,276 2,250
Net decrease in interest-bearing
deposits with banks 735 1,252
Net decrease in loans (3,329) (2,963)
Purchase of premises and equipment (580) (143)
Proceeds of sale of other real estate - 275
Net cash used in investing activities (6,951) (8,720)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts 3,839 10,650
Increase in securities sold under
the agreement to repurchase 613 814
Dividends paid (129) (61)
Cash acquired through purchase transaction, net
of cash paid 4,045 -
Net cash provided by financing activities 8,368 11,403
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,012 3,015
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,289 5,790
CASH AND CASH EQUIVALENTS, END OF PERIOD $7,301 $8,805
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during period for:
Interest $1,717 $1,001
Income taxes 543 360
Loans reclassified from other
real estate back to loans - 485
Common stock issued in purchase transaction 1,802 -
</TABLE>
(See notes to Condensed Consolidated Financial Statements)
5
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In the opinion of management, these unaudited financial
statements contain all disclosures which are necessary to
present fairly the Corporation's consolidated financial
position at June 30, 1995 and December 31, 1994 and the
consolidated results of operations and cash flows for three and
six months ended June 30, 1995 and 1994. The financial
statements include all adjustments which in the opinion of
management are necessary in order to make a fair presentation
of the financial statements. Certain information and footnote
disclosures required under generally accepted accounting
principles have been condensed or omitted pursuant to the
Securities and Exchange Commission rules and regulations.
These financial statements should be read in conjunction with
the annual financial statements and notes thereto included in
Form 10-KSB for the fiscal year ended December 31, 1994. All
financial information in this report is in thousands except per
share data.
ACQUISITION
Great Falls Bancorp (the "Corporation") is continually seeking
growth opportunities with minimal dilutions to the earnings.
In evaluating acquisitions, the Corporation conducts reviews
that are necessary to identify risks as well as income
potential and structure a transaction which allows it to manage
the risks while earning a fair return on the investment.
As of close of business April 7, 1995, the Corporation
consummated an acquisition. The Corporation, through its
subsidiary Great Falls Bank ("Bank"), acquired the banking
offices of Family First Federal Savings Bank ("Family First")
located in Clifton, New Jersey in connection with the
acquisition of the assets and liabilities of Family First by
means of a merger of Family First with and into the Bank.
Effective that date, the Bank opened for business banking
offices formerly housing Family First branches under its name.
The acquisition was accounted for as a purchase transaction and
accordingly the Bank recorded all assets and liabilities of
Family First on to its books.
The purchase price exceeded the fair market value of net assets
acquired by approximately $734. The value assigned to assets
acquired (primarily cash, securities and loans) was $51,912
and to liabilities assumed (primarily deposits) was $50,080
6
<PAGE>
Dividend.
During June 1995, the Corporation's Board of Directors declared
a 10% stock dividend followed by a cash dividend of 5 cents
($.05) per share, both of which are payable on July 31, 1995 to
shareholders of record July 1, 1995. As a result of the declaration of the
stock dividend, the number of the Corporations's outstanding shares as
of June 30, 1995 increased to 1,069,750.
The financial information in this report have been adjusted to
reflect the dividends as of June 30, 1995.
7
<PAGE>
GREAT FALLS BANCORP AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations
This section presents a review of the Corporations's
consolidated financial condition at June 30, 1995 and the
results of operations for the three and six-month periods ended
June 30, 1995 and 1994. Data is presented for both the
Corporation and subsidiaries unless otherwise noted. The review
should be read in conjunction with the audited annual financial
statements, including notes thereto, included in the Form 10-
KSB for the Corporation's most recently ended fiscal year ended
December 31, 1994. The consolidated statement of condition as
of June 30, 1995 and the statements of operations and cash
flows for the three and six months ended June 30, 1995 and 1994
are unaudited but include, in the opinion of the management,
all adjustments considered necessary for a fair presentation of
such data. The term "Corporation" as used herein refers to
Great Falls Bancorp and subsidiaries and the "Bank" as used
herein refers to Great Falls Bank and subsidiaries. All dollar
figures, except for per share data, are set forth in thousands.
A. Financial Condition: June 30, 1995 and December 31, 1994
As of June 30, 1995, the Corporation's total assets were
$164,250 an increase of $57,568 or 54.0% compared to the amount
reported at December 31, 1994. Of the total increase, $51,912
or 90.2%, is a direct result of the Family First acquisition.
Cash and due from banks increased by $2,226 or 47.2% due to the
acquired correspondent bank accounts. Federal funds sold
increased from $0 to $1,400 as a result of Family First
acquisition.
Investment Securities
Investment Securities totalled $66,507 at June 30, 1995, an
increase of $20,807 or 45.5% compared to the amount reported at
December 31, 1994, as a direct result of the acquisition.
Management reviews the investment portfolio continually to
achieve maximum yields without having to sacrifice the high
quality of the investments. Of the total, 70.5% of the
investments are in U.S. Government obligations, 23.0% in U.S.
Government agency obligations and the balance in municipal and
other securities.
In 1994, the Corporation adopted the Statement of Accounting
Standard No. 115, "Accounting for Certain Investments in Debt
and Equity Securities" (SFAS No. 115). Under the requirements
of SFAS No. 115, the Corporation segregated its investment
portfolio into held to maturity and available for sale. At June
30, 1995, based on the fair market value of its available for
sale portfolio, the Corporation recorded the difference between
the unamortized cost and the fair market value as an unrealized
7
<PAGE>
loss in the amount of $308, net of taxes, as a component of
shareholders' equity.
Loan Portfolio
The Corporation's loan portfolio net of allowance for possible
loan losses at June 30, 1995 totalled $81,989, an increase of
$29,213 or 55.4%, compared to the amount reported at December
31, 1994. Of the total increase, $26,304 or 90.0%, is related
to the acquisition of Family First and the remaining due
primarily to increased lending activity. Loans held for sale
totalled $270, compared to $0 at December 31, 1994.
Other Real Estate
As of June 30, 1995, other real estate totalled $1,576, an
increase of $1,015 or 180.9% when compared to the amount
reported at December 31, 1994. Excluding the effect of the
Family First acquisition, other real estate decreased by $151
or 24.9%
Deposits
Total deposits at June 30, 1995 were $143,267, an increase of
$53,648 or 59.9% relative to the amount reported at December
31, 1994. Acquisition of Family First is the key factor in the
posted deposit growth compared to the amount reported at
December 31, 1994. Deposits acquired in the Family First
acquisition totalled $49,809; excluding these deposits, total
deposits increased by $3,959 or 4.4% over the amount reported
at December 31, 1994.
Of the total increase, time deposits increased by $31,712 or
104.0%. Of that amount, $25,998 or 82.0% represented time
deposits acquired from Family First and the remaining $5,714 or
18.0% was due to the growth in deposits. Savings deposits
increased by $5,032 or 27.0% due to the $8,269 acquired from
Family First coupled with a decrease of $3,237 compared to the
amount reported at December 31, 1994. Demand deposits increased
by $16,904 or 41.8%, of which $15,542 is attributable to the
acquisition of Family First and the remaining $1,579 is due to
the internal growth.
Liquidity
The Corporation maintains a liquidity position which it
considers adequate to provide funds to meet loan demand or the
possible outflow of deposits. It actively manages its liquidity
position under the direction of the Bank's Asset and Liability
Management Committee. At June 30, 1995, sources of liquidity
include $6,939 in cash and due from banks, $1,400 in federal
funds sold and investment securities available for sale of
$34,021.
9
<PAGE>
Capital
The following table summarizes the capital ratios at June 30,
1995:
<TABLE>
Great Falls Great Falls
Bancorp Bank Required
<C> <C> <C>
Tier I leverage ratio 7.97% 6.41% 3%
Tier I risk based capital ratio 11.24% 11.26% 4%
Tier I and Tier II risk based
capital ratio 17.34% 12.77% 8%
</TABLE>
10
<PAGE>
B. Results of Operations: Three and Six months ended June 30, 1995
and 1994
The Corporation earned net income of $500 or $0.47 per share and $757
or $0.77 per share, for the three- and six-month periods ended June
30, 1995, compared to $234 or $0.26 per share and $428 or $0.48 per
share, for the same period in 1994.
Interest income increased by $1,486 and $1,956 for the three- and
six-month periods ended June 30, 1995 over the correspondent period
in 1994. This record increase is primarily due to an increase in
average earning assets related to the acquisition of Family First.
Interest income on loans increased by $841 and $1,069 for the three-
and six-month periods ended June 30, 1995. Interest income on
investments increased by $644 and $887 for the three- and six-month
periods ended June 30, 1995 over the corresponding period in 1994.
The increase in interest income for both loans and investments to a
greater extent is related to the acquisition.
Total interest expense increased by $661 and $875 for the three- and
six-month periods ended June 30, 1995 over the corresponding period
in the prior year. Interest expense on savings increased by $101 or
48.6% and $129 or 32.1% and interest on time deposits increased by
$522 or 201.5% and $667 or 136.1% for the comparable periods. These
increases are attributable to the increase in volume of rate related
liabilities relative to the acquisition of Family First.
Provision for Possible Loan Loss
The provision for possible loan losses was $90 and $150 for the
three- and six-month periods ended June 30, 1995 compared to $30 and
$60 for the same period in the prior year. Since the acquisition of
Family First in April 1995, management decided to increase the
provision for possible loan losses in order to maintain adequate
reserves in light of the added loan portfolio.
Management reviews the adequacy of the allowance for possible loan
losses based on the results of its internal loan review, the Bank's
loan loss experience, management's estimate of the potential loan
loss exposure on each significant credit considering the underlying
collateral and the borrower's ability to pay, and present and
prospective economic conditions within the market area. Based on this
evaluation and on the trends in internally classified loans, non-
performing loans and charge-offs, management believes that the
allowance for possible loan losses is adequate at this time.
11
<PAGE>
The following table summarizes the composition of the Corporation's
non-performing assets as of the dates indicated:
<TABLE>
June 30, December 31,
1995 1994
<C> <C>
Loans past due 90 days and accruing $ 256 $ -
Non-accruing loans 2,976 1,499
Renegotiated loans 240 241
Total non-performing loans $3,472 $1,740
Other real estate 1,576 561
Total non-performing assets $5,048 $2,301
Non-performing loans to total gross loans 4.13% 3.21%
Non-performing assets to total gross loans 6.15% 4.24%
Non-performing assets to total assets 3.07% 2.16%
Allowance for possible loan losses to
non-performing loans 59.22% 70.86%
Allowance for possible loan
losses to gross loans 2.45% 2.28%
</TABLE>
Other Income
Other income increased by $255 or 214.2% and $237 or 92.9% for
the three- and six-month periods ended June 30, 1995 compared
to the same period in the prior year. Of the total increase,
$141 is from the gain on sale of equity securities and the
remainder is related to the acquisition of Family First.
Other Expenses
Total other expenses increased by $617 or 75.2% and $738 or
45.2% for the three- and six-month periods ended June 30, 1995
compared to the same period in the prior year. Of the total
increase, $193 or 52.4% and $237 or 32.8% are attributable to
increases in salaries and employee benefits for the comparable
periods in the prior year. Occupancy and equipment expense
increased by $72 or 53.3% and $73 or 27.7% for the comparable
periods. Amortization of intangible assets increased by $27 or
100.0% and $27 or 49.1% for the comparable periods. Other
operating expenses increased by $292 or 89.8% and $401 or 67.9%
for the three- and six-month periods ended June 30, 1995
compared to the same period in prior year. The majority of
these increases is directly related to the acquisition of
Family First and in part to the general growth of the bank.
12
<PAGE>
GREAT FALLS BANCORP AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
The Corporation is party in the ordinary course of business,
to litigations involving collection matters, contract claims
and other miscellaneous causes of action arising from its
business. Management does not consider that any such
proceedings depart from usual routine litigation and in its
judgement, neither the Corporation's consolidated financial
position nor its results of operations will be affected
materially by any present proceedings.
Item 2 - Changes in Securities
During June 1995, the Corporation's Board of Directors
declared a 10% stock dividend followed by a cash dividend of
5 cents ($.05) per share, both of which are payable on July
31, 1995 to shareholders of record July 1, 1995.
As a result of the declaration of the stock dividend, the
number of the Corporation's outstanding shares as of June
30, 1995 increased to 1,069,750.
The financial information in this report for the second
calendar quarter of 1995 has been adjusted to reflect the
declaration of both the stock dividend and the cash dividend
as of June 30, 1995.
Item 3 - Default Upon Senior Securities
None.
Item 4 - Submission of Matters to a Vote of Security Holders
None.
Item 5 - Other information
In May 1995, Mr. Richard Steuerwald was named a director
of the Corporation's bank subsidiary, Great Falls Bank. Mr.
Steuerwald previously served as a director of Family First
Federal Savings Bank, which merged into Great Falls Bank in
April, 1995.
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits. None.
(b) Reports on Form 8-K. Two reports on Form 8-K were
filed during the quarter ended June 30, 1995, as
follows:
1. On April 21, 1995, the Corporation filed Form 8-K
13
<PAGE>
reporting on "Item 2, Acquisition or Disposition of
Assets," the consummation of the merger of Family First
Federal Savings Bank ("Family First") with and into the
Corporation's bank subsidiary, Great Falls Bank, on
April 7, 1995 and the issuance of stock of the
Corporation and/or payment of cash to Family First's
former shareholders. No financial statements were
filed.
2. On June 20, 1995 (the same Form 8-K was re-filed on
July 13, 1995 upon SEC's request), the Corporation
filed an amended Form 8-K relating to "Item 2,
Acquisition or Disposition of Assets." This report
provided that information contained in the original
Form 8-K, described above, plus additional financial
information concerning the financial statements effects
of the merger of Family First into Great Falls Bank.
The amended From 8-K included the following auditor's
report, financial statements and notes thereto, and pro
forma financial information and notes thereto:
(a) Financial Statements of Business Acquired. The
following financial statements of Family First Federal
Savings Bank were filed as a part of this report:
Independent Auditor's Report
Statement of Financial Condition at June 30, 1994
and 1993
Statements of Operations for Each of the Years in
the Two-Year Period Ended June 30, 1994
Statement of Changes in Shareholders' Equity for
Each of the Years in the Two-Year Period Ended June
30, 1994
Statements of Cash Flows for Each of the Years in
the Two-Year Period Ended June 30, 1994.
Notes to Financial Statements
Statement of Condition at March 31, 1995 and
December 31, 1994 (unaudited)
Statements of Operations for the Nine-Month Periods
Ended March 31, 1995 and 1994 (unaudited)
Statement of Cash Flows for the Nine-Month Periods
Ended March 31, 1995 and 1994 (unaudited)
(b) Pro Forma Financial Information. The following
pro forma financial information was filed as a part of
this report:
Pro Forma Combined Condensed Statements of
Condition (unaudited) as of March 1, 1995
Pro Forma Combined Condensed Statements of
Operations (unaudited) for the Three Months Ended
March 31, 1995
Pro Forma Combined Condensed Statements of
Operations (unaudited) for the Year Ended December
31, 1994
Notes to Pro Forma Combined Condensed Financial
Statements
14
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GREAT FALLS BANCORP
(Registrant)
Date: August 10, 1995 By: /s/ Naqi A. Naqvi
Naqi A. Naqvi, Treasurer
(Duly Authorized Officer and
Principal Financial Officer)
15
<PAGE>
[ARTICLE] 9
[MULTIPLIER] 1,000
<TABLE>
<S> <C>
<PERIOD TYPE> 3-MOS
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-START] JAN-01-1995
[PERIOD-END] JUN-30-1995
[CASH] 5901
[INT-BEARING-DEPOSITS] 1038
[FED-FUNDS-SOLD] 1400
[TRADING-ASSETS] 0
[INVESTMENTS-HELD-FOR-SALE] 34021
[INVESTMENTS-CARRYING] 27737
[INVESTMENTS-MARKET] 27895
[LOANS] 84045
[ALLOWANCE] (2056)
[TOTAL-ASSETS] 164250
[DEPOSITS] 143267
[SHORT-TERM] 0
[LIABILITIES-OTHER] 4882
[LONG-TERM] 4970
[COMMON] 1070
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 10061
[TOTAL-LIABILITIES-AND-EQUITY] 164250
[INTEREST-LOAN] 3345
[INTEREST-INVEST] 1711
[INTEREST-OTHER] 111
[INTEREST-TOTAL] 5167
[INTEREST-DEPOSIT] 1688
[INTEREST-EXPENSE] 2003
[INTEREST-INCOME-NET] 3164
[LOAN-LOSSES] 150
[SECURITIES-GAINS] 0
[EXPENSE-OTHER] 2369
[INCOME-PRETAX] 1137
[INCOME-PRE-EXTRAORDINARY] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 757
[EPS-PRIMARY] 0.77
[EPS-DILUTED] 0
[YIELD-ACTUAL] 0
[LOANS-NON] 3472
[LOANS-PAST] 256
[LOANS-TROUBLED] 0
[LOANS-PROBLEM] 0
[ALLOWANCE-OPEN] 1233
[CHARGE-OFFS] 417
[RECOVERIES] 51
[ALLOWANCE-CLOSE] 2056
[ALLOWANCE-DOMESTIC] 0
[ALLOWANCE-FOREIGN] 0
[ALLOWANCE-UNALLOCATED] 0
</TABLE>
<PAGE>
August 11, 1995
Securities and Exchange Commission
450 5th Street, North West
Washington, DC 20549
Re: Great Falls Bancorp
Form 10-QSB, 2nd Quarter 1995
Gentlemen:
Enclosed herewith for filing purposes to the Securities
and Exchange Act of 1934, is the Form 10-QSB for the quarter
ended June 30, 1995.
Very truly yowrs,
Naqi A. Naqvi
Treasurer
