U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
X Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934 for
the Quarterly Period Ended June 30, 1995,
or
Transition Report Under Section 13 or
15(d) of the Exchange Act for the
Transition Period from _________________
to _________________.
Commission file number 0-14555
FIRST LEESPORT BANCORP, INC.
(Exact name of Small Business Issuer as specified in its charter)
PENNSYLVANIA
(State or other jurisdiction of
incorporation or organization)
23-2354007
(I.R.S. Employer
Identification No.)
133 North Centre Avenue,
Leesport, Pennsylvania 19533
(Address of principal executive offices) (Zip Code)
(610) 926-2161
(Registrant's telephone number, including area code)
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.
Class Outstanding at August 1, 1995
Common Stock ($5.00 par value) 1,191,171 Shares
<PAGE>
<TABLE>
Part I - FINANCIAL INFORMATION
FIRST LEESPORT BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands, except per share data)
<CAPTION>
June 30 Dec. 31
ASSETS 1995 1994
<S> <C> <C>
Cash and due from banks and interest-bearing deposits $ 4,704 $ 5,337
Federal Funds sold 5,423 0
Securities held to maturity 19,701 19,246
(Fair value - $19,746 and 1994 - $18,432)
Securities available for sale 15,600 14,998
Loans, net of unearned discount 101,381 98,187
Less allowance for loan losses (1,172) (1,124)
_______ ______
Net Loans 100,209 97,063
Bank premises and equipment 3,378 3,477
Other Real Estate Owned 182 182
Other assets 1,394 1,564
_______ _______
Total Assets 150,591 141,867
LIABILITIES
Demand deposits $ 14,726 $ 15,772
NOW+ and Money Market accounts 25,894 28,162
Savings deposits 24,540 26,425
Time deposits 64,524 47,054
_______ _______
Total deposits 129,684 117,413
Federal Funds purchased 0 5,493
Other borrowed funds 3,000 2,000
Long term debt 0 1,000
Accrued interest payable 731 581
Other liabilities 1,933 779
_______ _______
Total Liabilities 135,348 127,266
STOCKHOLDERS' EQUITY
Common stock, $5.00 par value per share; authorized 2,000,000
shares, issued 1,200,000 shares. $ 6,000 $ 6,000
Surplus 3,000 3,000
Retained Earnings 6,267 5,980
Unrealized Gain (Loss) on securities available for sale 97 (258)
______ ______
15,364 14,722
Cost of Treasury Stock, at cost - 8,829 shares (121) (121)
______ ______
Total Stockholders' Equity 15,243 14,601
_______ _______
Total Liabilities and Stockholders' Equity 150,591 141,867
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
</TABLE>
<PAGE>
<TABLE>
FIRST LEESPORT BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
<CAPTION>
(in thousands) (in thousands)
Three Months Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest & Fees on Loans $ 2,250 $ 1,967 $ 4,443 $ 3,917
Interest on Federal
Funds Sold 43 61 50 109
Interest on Investment Securities:
U.S. Treasury Notes 171 152 339 296
U.S. Government Agencies 108 104 227 193
State & Municipal Bonds 162 163 328 314
Other Bonds 59 18 89 30
_____ _____ _____ _____
Total Investment Interest 500 437 983 833
_____ _____ _____ _____
TOTAL INTEREST INCOME 2,793 2,465 5,476 4,859
INTEREST EXPENSE
Interest on deposits 1,236 939 2,268 1,865
Interest on borrowed funds 61 12 218 24
_____ ___ _____ _____
TOTAL INTEREST EXPENSE 1,297 951 2,486 1,889
_____ _____ _____ _____
NET INTEREST INCOME 1,496 1,514 2,990 2,970
Provision for loan losses 65 36 175 72
Net Interest Income after _____ _____ _____ _____
provision for loan losses 1,431 1,478 2,815 2,898
OTHER INCOME
Service charges on deposits 68 65 133 122
Gains (losses) on securities 1 0 1 0
Other operating income 63 36 111 85
___ ___ ___ ___
TOTAL OTHER INCOME 132 101 245 207
OTHER EXPENSES
Salaries, wages, and benefits 547 555 1,128 1,131
Net occupancy expense 101 63 192 140
Furniture and equipment expense 54 59 126 117
Computer processing expense 65 55 131 117
FDIC insurance expense 63 62 132 124
Other operating expenses 348 312 665 589
_____ _____ _____ _____
TOTAL OTHER EXPENSES 1,178 1,106 2,374 2,218
_____ _____ _____ _____
Income before income taxes 385 473 686 887
Federal income taxes 82 113 137 206
___ ___ ___ ___
NET INCOME 303 360 549 681
PER SHARE DATA
Based on average shares
outstanding 1,191,171 1,191,171 1,191,171 1,191,171
Net Income 0.25 0.30 0.46 0.57
Dividends 0.11 0.10 0.22 0.20
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
</TABLE>
<PAGE>
<TABLE>
FIRST LEESPORT BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Amounts in thousands, except per share data)
<CAPTION>
Six Months Ended
June 30
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 549 $ 681
Provision for loan losses 175 72
Provision for depreciation and amortization 121 112
Net amortization of investment security
premiums and discounts (38) (43)
Loans originated for sale (5,067) (1,473)
Proceeds from sales of loans 5,083 1,498
(Gain) Loss on sale of loans 16 25
(Increase) Decrease in accrued interest receivable
and other assets (170) (83)
Increase (Decrease) in accrued interest payable
and other liabilities 1,304 (97)
_____ _____
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 1,957 $ 667
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of securities $ 2,627 $ 5,282
Purchase of securities (3,142) (9,751)
Net (Increase) decrease in federal funds sold (5,423) 107
Loans made to customers, net of principal collected (3,146) (1,581)
Purchases of bank premises and equipment (22) (429)
_____ _____
NET CASH (USED IN) INVESTING ACTIVITIES $(9,106) $(6,372)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits $12,271 $ 5,559
Net increase (decrease) in federal funds purchased (5,493) 0
Net increase (decrease) in other borrowed funds 0 0
Proceeds from long-term debt 0 0
Dividends paid (262) (238)
_____ _____
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 6,516 $ 5,321
_____ _____
Increase (decrease) in cash and cash equivalents $ (633) $ (384)
_____ _____
Cash and cash equivalents: Beginning $ 5,337 $ 4,783
_____ _____
Ending $ 4,704 $ 4,399
_____ _____
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:
Interest paid $ 2,336 $ 1,911
Income taxes $ 190 $ 218
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
</TABLE>
<PAGE>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. The financial information included herein is unaudited, however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
statement of the results for the interim periods.
2. The results of operations for the six-month periods ended June 30, 1995
and 1994 are not necessarily indicative of the results to be expected for the
full year.
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Financial Condition
The Company's assets increased by $8,724,000, or 6.2% from December 31, 1994
to June 30, 1995, growing from $141,867,000 to $150,591,000. Both loans and
investments increased while non-earning assets decreased between the two
dates.
Federal funds sold increased by $5,423,000 from December 31, 1994 to June 30,
1995. At the end of December 1994 the Company was in a net Federal Funds
purchased position. Although the increase in liquidity provides ample funding
for pending loan demand and investment opportunities, the yield on Federal
Funds sold was only 5.69% on a year-to-date basis through June 30, 1995 and
represents an area for improvement.
Investments held to maturity and investments available for sale increased by a
combined $1,057,000 between December 31, 1994 and June 30, 1995. Investments
held to maturity totaled $19,701,000 at June 30, 1995 and investments
available for sale totaled $15,600,000 at June 30, 1995. As a percentage of
the total investments outstanding, investments held to maturity represented
55.8% at June 30, 1995.
Gross loans increased by $3,194,000 from December 31, 1994 to June 30, 1995,
an increase of 3.3% from $98,187,000 to $101,381,000. Within the loan
portfolio, growth was realized in both the commercial and mortgage portfolios
while installment and personal-loan types of products remained relatively
stable.
Deposits increased dramatically, $12,271,000 or 10.5% from December 31, 1994
to June 30, 1995. These increases can be attributed to a number of factors;
the opening of the Bank's new Rockland Plaza Office in December 1994, and two
promotions during the first half. The growth was in the Time Deposit portfolio
which saw an increase of $17,470,000 or 37.1%, growing from $47,054,000 at
December 31, 1994 to $64,524,000 at June 30, 1995.
Offsetting this growth in Time Deposits were decreases in each of the other
three major deposit categories. Demand deposits decreased by $1,046,000 or
6.6% from $15,772,000 at December 31, 1994 to $14,726,000 at June 30, 1995.
NOW+ and Money Market Accounts decreased by 8.1% or $2,268,000 from
$28,162,000 to $25,894,000 between the two dates. Savings deposits decreased
by $1,885,000 or 7.1% from December 31, 1994 to June 30, 1995 ending at
$24,540,000.
Federal funds purchased decreased by $5,493,000 as the Bank repaid all of its
short-term borrowings from its correspondent banks earlier in the year. The
Bank still has $3,000,000 in short-term borrowings from the Federal Home Loan
Bank of Pittsburgh. All mature within the next twelve months. Management feels
the current liquidity levels are sufficient to meet both short-term funding
needs and repayment requirements.
Stockholders Equity increased by $642,000 or 4.4% between December 31, 1994
and June 30, 1995, from $14,722,000 to $15,364,000. Included within this
figure is the adjustment for unrealized gains or losses on securities
available for sale. This adjustment improved from an unrealized loss of
$258,000 to an unrealized gain of $97,000 from December 31, 1994 to June 30,
1995. This improvement was due mainly to the downturn in interest rates.
<PAGE>
Results of Operations
Six Month Periods Ended June 30, 1995 and 1994
The Company's net interest margin for the six months ended June 30, 1995 was
$2,990,000. Compared with the same period in 1994 an increase of only $20,000
was realized. Included within this change were an increase in total interest
income and an increase in total interest expense.
Interest income increased by $617,000 or 12.7% between the six month periods
ended June 30, 1994 and 1995 growing from $4,859,000 to $5,476,000. Both
interest and fees on loans, and interest on investments increased. Interest
and fees on loans increased from $3,917,000 for the period in 1994 to
$4,443,000 for the same period in 1995, an increase of 13.4%. This increase is
attributed to the increase in the volume of loans. The overall yield on the
portfolio, however, decreased from 8.98% for the first six months of 1994 to
8.87% for the first six months of 1995. This decrease reflects the national
trend in lower interest rates created by Federal Reserve System economic
policy.
Interest on investments increased from $833,000 to $983,000, or $150,000
representing an increase of 18.0% between the two periods. The overall yield
on the investment portfolio increased from 5.33% for the first six months of
1994 compared to 5.75% for the same period in 1995.
The provision for loan losses for the first six months of 1995 amounted to
$175,000 compared with only $72,000 for the same period in 1994. The increase
in the loan portfolio in addition to the identification of a sizeable problem
loan created the need for the additional provision. Procedures exist within
the Bank to identify problem credits and potential losses in accordance with
both Generally Accepted Accounting Principles and Office of the Comptroller of
the Currency guidelines. With this in mind, management feels that the level of
the Allowance for Loan Losses, at 1.16% of the portfolio as of June 30, 1995,
is adequate to meet those potential losses already identified. The Allowance
as a percentage of total loans at June 30, 1994 was 1.14%.
Other income increased by 18.4% between the six month period ended June 30,
1994 and the same period in 1995 growing from $207,000 to $245,000. Service
charges on deposits income increased from $122,000 for the period in 1994
compared to $133,000 for the period in 1995.
Other operating income also increased within this general category growing
from $85,000 for the first six months of 1994 to $111,000 for the same period
in 1995, an increase of $26,000 or 30.6%. Included within this category are
one-time, non-recurring types of items including gains on sales of loans,
servicing fees on mortgages, and other miscellaneous income sources. With a
generally pessimistic outlook towards mortgage sales-type transactions
expected during the second half of 1995, management does not expect to repeat
this type of performance throughout the rest of the year.
Other expenses increased by a modest 7.0% from the six month period ended June
30, 1994 compared with the same six month period in 1995 growing from $589,000
to $665,000, respectively, an increase of $76,000. Included within this
general category, net occupancy expenses increased by $52,000 or 37.1% from
the first six months of 1994 to the same period in 1995. This is a direct
result of the opening of three new facilities throughout 1994, two of which
started operations in the second half of the year. Both the Bank's Loan Center
and its full-service office at Rockland Plaza contributed to this increase.
Furniture and equipment expenses also increased, but by a much smaller $9,000,
or 7.7% and totaled $126,000 through the first six months of 1995 compared
with $117,000 for the first six months of 1994.
<PAGE>
Computer processing expenses contributed an increase of $14,000, or 11.9% to
total other expenses in support of the additional facilities and expanding
customer base. Other operating expenses, including marketing and supplies
increased by $76,000, or 12.9% between the two periods, growing from $589,000
for the six month period ended June 30, 1994 to $665,000 for the six month
period ended June 30, 1995.
Income before taxes declined from $887,000 for the period in 1994 compared
with $686,000 for the period in 1995, a decrease of $201,000 or 22.7%.
Applicable federal income taxes decreased accordingly from $206,000 to
$137,000 for the same periods, respectively.
Net income for the first six months of 1995 amounted to $549,000, representing
$.46 per share income, down from $681,000, representing $.57 per share income
for the first six months of 1994, a decrease of $132,000 or 19.4%. Dividends
paid during the period amounted to $.22 per share in 1995 and $.20 per share
in 1994.
Three Month Periods Ended June 30, 1995 and 1994
The net interest margin for the quarter ended June 30, 1995 was $1,496,000,
down from $1,514,000 for the quarter ended June 30, 1994, a decrease of
$18,000 or 1.2%. Both interest income and interest expense increased within
this total. Interest and fees on loans for the quarter ended June 30, 1995
totaled $2,250,000 compared with $1,967,000 for the same period in 1994.
Interest on investment securities for the quarter ended June 30, 1995 was
$500,000 compared with $437,000 for the quarter ended June 30, 1994, an
increase in $63,000 or 14.4%. Within this portfolio, interest on U.S. Treasury
Notes increased by $19,000 or 12.5% between the two quarters ended June 30,
1994 and 1995. Interest on other bonds also increased dramatically, 227.8%,
but represents only $41,000 in increased income growing from $18,000 to
$59,000 between the two periods.
Interest on deposits increased by $297,000 or 31.6% between the two quarters
ended June 30, 1994 and 1995 growing from $939,000 to $1,236,000 respectively.
This increase is attributed to both the overall increase in interest rates and
the results of various deposit promotions late in 1994 and earlier in 1995 in
association with the grand opening celebrations of the new facilities and an
anniversary celebration at one of the Bank's other offices. Interest on
borrowed funds also increased dramatically, 408.3%, but represents only
$61,000 of the total.
The provision for loan losses taken from current earnings increased from
$36,000 for the quarter ended June 30, 1994 compared with $65,000 for the
quarter ended June 30, 1995, an increase of $29,000 or 80.6%. This increase
can generally be attributed to the increase in total loans outstanding
throughout the quarter.
Other income increased by 30.7% or $31,000 from $101,000 for the quarter ended
June 30, 1994 compared to $132,000 for the quarter ended June 30, 1995.
Included within this total is an increase of $27,000 or 75.0% in other
operating income from $36,000 to $63,000 between the two quarters,
respectively.
Other expenses increased by 6.5% between the quarter ended June 30, 1994 and
the quarter ended June 30, 1995, growing from $1,106,000 to $1,178,000
respectively, an increase of $72,000. Included within this total, net
occupancy expense increased by 60.3% or $38,000 from $63,000 for the quarter
ended June 30, 1994 to $101,000 for the quarter ended June 30, 1995.
<PAGE>
Income before income taxes decreased to $385,000 from $473,000 when comparing
the quarter ended June 30, 1994 to the quarter ended June 30, 1995, a decrease
of $88,000 or 18.6%. As a result, applicable federal income taxes decreased
accordingly from $113,000 to $82,000 between the two quarters, a decrease of
$31,000 or 27.4%.
Net income decreased by 15.8% or $57,000 from $360,000 for the quarter ended
June 30, 1994 to $303,000 for the quarter ended June 30, 1995. Based on the
average number of shares outstanding for the two periods, income per share for
the quarter ended June 30, 1995 was $0.25 compared with $0.30 for the same
period in 1994. A dividend of $0.11 per share was paid during the quarter
ended June 30, 1995 compared with a dividend of $0.10 per share during the
same period in 1994.
Liquidity and Interest Rate Sensitivity
The banking industry has been required to adapt to an environment in
which interest rates have been volatile and deposit deregulation has provided
customers with the opportunity to invest in liquid, interest rate-sensitive
deposits. The banking industry has adapted to this environment by utilizing a
process known as asset/liability management.
Adequate liquidity means the ability to obtain sufficient cash to meet
all current and projected needs promptly and at a reasonable cost. These needs
include deposit withdrawal, liability runoff and increased loan demand. The
principal sources of liquidity are cash and due from banks, money market
investments, and all unpledged investment securities maturing within one
year. Maturing loans and loan payments are another source of liquidity. The
Bank can also package and sell residential mortgage loans in the secondary
market. Other sources of liquidity are the federal funds market, term
borrowings from the Federal Home Loan Banking System, and the discount window
of the Federal Reserve Banking System. In view of all factors involved, the
Banks's management believes that liquidity is being maintained at an adequate
level.
Asset/liability management is intended to provide for adequate liquidity
and interest rate sensitivity by matching interest rate-sensitive assets and
liabilities and coordinating maturities on assets and liabilities.
Approximately 50% of the commercial loan portfolio is sensitive to interest
rate changes. Other loans are written for relatively short terms and, except
for the majority of residential mortgage loans, provide for a readjustment of
the interest rate at specified times during the term of the loan. In
addition, interest rates offered for all types of deposit instruments are
reviewed weekly and are established on a basis consistent with funding needs
and maintaining a desirable spread between cost and return. The Bank does not
utilize repurchase agreements, reverse repurchase agreements, interest rate
swaps, or other derivative products in its asset/liability management
practices at this time.
<PAGE>
<TABLE>
The following table shows the repricing periods of interest earning
assets and interest bearing liabilities as of June 30, 1995:
INTEREST RATE SENSITIVITY
(Amounts in thousands)
<CAPTION>
Repricing Period
Within One Year to Over
One Year Five Years Five Years Total
<S> <C> <C> <C> <C>
Assets
Securities $ 10,301 $ 17,831 $ 7,169 $ 35,301
Federal Funds Sold 5,423 0 0 5,423
Interest-bearing Balances 241 0 0 241
Net Loans 49,067 20,610 30,532 100,209
______ ______ ______ _______
Total $ 65,032 $ 38,441 $ 37,701 $141,174
Liabilities
Total Interest-Bearing
Deposits $ 88,155 $ 26,765 $ 0 $114,920
Other Borrowed Funds 3,000 0 0 3,000
______ ______ _____ _______
Total $ 91,155 $ 26,765 $ 0 $117,920
______ ______ ______ ______
Rate Sensitivity Gap $(26,123) $ 11,676 $37,701 $ 23,254
______ ______ ______ ______
<FN>
</TABLE>
Capital Adequacy
The following table provides information about the capital of the Bank as
it relates to regulatory minimums as of selected Balance Sheet dates:
<TABLE>
<CAPTION>
Regulatory June 30, Dec. 31,
Minimum 1995 1994
<S> <C> <C> <C>
Tier I Capital to Risk-Adjusted Assets 4.00% 16.06% 16.47%
Total Capital to Risk-Adjusted Assets 8.00% 17.31% 17.72%
Leverage Ratio 3.00% 10.34% 10.65%
</TABLE>
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of Security Holders
None
The following individuals continued as directors after the meeting:
John T. Connelly David L. Loose
Joseph M. Fabrizio Michael D. Mathias
Richard L. Henry Harry J. O'Neill
Paul E. Keim Karen A. Rightmire
William J. Keller Daniel W. Weist
A second item approved by the stockholders was the appointment of
Beard & Company, Inc. of Reading, Pennsylvania as the Company's
external auditors for the year ending 1995. This appointment is
for a one year term. 815,188 shares were voted for ratification
of the appointment of Beard & Company, Inc., 4,416 shares were
voted against, 19,921 shares abstained, and 351,646 shares were
not voted.
Item 5. Other Information
The Board of Directors accepted the resignation of R. William Eaken
who cited personal reasons for leaving the Board.
The Board of Directors accepted the resignation of Lawrence W.
Hendrickson who cited personal reasons for leaving the Board.
The Board of Directors of First Leesport Bancorp, Inc. at its
June 6, 1995 meeting, declared an $.11 per share cash dividend to
be paid July 15, 1995 to holders of record on July 1, 1995.
The Board of Directors appointed Alfred J. Weber to the Board at its
June 6, 1995 meeting. Mr. Weber is the president of the management
consulting firm Tweed-Weber.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
<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.
FIRST LEESPORT BANCORP, INC.
(Registrant)
Dated: August 9, 1995 By John T. Connelly
John T. Connelly
President and
Chief Executive Officer
Dated: August 9, 1995 By Frederick P. Henrich
Frederick P. Henrich
Treasurer and
Chief Accounting Officer
<PAGE>
<TABLE>
<S> <C>
[PERIOD-START] APR-01-1995
[PERIOD-END] JUN-30-1995
[CASH] 4,464,000
[INT-BEARING-DEPOSITS] 240,000
[FED-FUNDS-SOLD] 5,423,000
[TRADING-ASSETS] 0
[INVESTMENTS-HELD-FOR-SALE] 15,600,000
[INVESTMENTS-CARRYING] 19,701,000
[INVESTMENTS-MARKET] 19,746,000
[LOANS] 101,381,000
[ALLOWANCE] (1,172,000)
[TOTAL-ASSETS] 150,591,000
[DEPOSITS] 129,684,000
[SHORT-TERM] 2,000,000
[LIABILITIES-OTHER] 2,664,000
[LONG-TERM] 1,000,000
[COMMON] 6,000,000
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 9,243,000
[TOTAL-LIABILITIES-AND-EQUITY] 150,591,000
[INTEREST-LOAN] 4,443,000
[INTEREST-INVEST] 983,000
[INTEREST-OTHER] 50,000
[INTEREST-TOTAL] 5,476,000
[INTEREST-DEPOSIT] 2,268,000
[INTEREST-EXPENSE] 2,486,000
[INTEREST-INCOME-NET] 2,990,000
[LOAN-LOSSES] 218,000
[SECURITIES-GAINS] 1,000
[EXPENSE-OTHER] 2,374,000
[INCOME-PRETAX] 686,000
[INCOME-PRE-EXTRAORDINARY] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 549,000
[EPS-PRIMARY] 0.46
[EPS-DILUTED] 0.46
[YIELD-ACTUAL] 4.67
[LOANS-NON] 1,261,000
[LOANS-PAST] 271,000
[LOANS-TROUBLED] 1,500,000
[LOANS-PROBLEM] 0
[ALLOWANCE-OPEN] 1,124,000
[CHARGE-OFFS] 208,000
[RECOVERIES] 81,000
[ALLOWANCE-CLOSE] 1,172,000
[ALLOWANCE-DOMESTIC] 0
[ALLOWANCE-FOREIGN] 0
[ALLOWANCE-UNALLOCATED] 1,172,000
</TABLE>
