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 September 30, 1996,
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 November 1, 1996
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)
<CAPTION>
Sep.30 Dec. 31
ASSETS 1996 1995
<S> <C> <C>
Cash and Due from Banks $ 5,632 $ 4,828
Interest-bearing Balances 368 215
Total Cash and Balances Due from Banks 6,000 5,043
Federal Funds Sold 1,652 601
Securities Available for Sale 39,159 37,849
Loans, Net of Unearned Income 111,026 105,271
Less: Allowance for Loan Losses (1,258) (1,179)
Net Loans 109,768 104,092
Bank Premises and Equipment 3,295 3,314
Other Real Estate Owned 171 69
Other Assets 3,402 1,434
Total Assets 163,447 152,402
LIABILITIES
Demand Deposits, Non-interest Bearing $ 18,212 $ 15,791
Demand Deposits, Interest Bearing 28,419 27,140
NOW, Money Market, and Savings Deposits 25,579 23,263
Time Deposits, $100,000 and over 2,477 4,607
Time Deposits 65,138 62,637
Total Deposits 139,825 133,438
Federal Funds Purchased 0 0
Other Borrowed Funds 5,000 0
Long-term Debt 0 1,000
Accrued Interest Payable 693 762
Other Liabilities 1,362 925
Total Liabilities 146,880 136,125
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 7,657 6,896
Net Unrealized Appreciation on Securities
Available for Sale, Net of Taxes 31 502
Treasury Stock, 8,829 Shares at Cost (121) (121)
Total Stockholders' Equity 16,567 16,277
Total Liabilities and Stockholders' Equity 163,447 152,402
<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 Nine Months
Ended Sep.30 Ended Sep.30
1996 1995 1996 1995
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest & Fees on Loans $ 2,422 $ 2,356 $ 7,315 $ 6,799
Interest on Federal Funds Sold 27 74 39 124
Interest on Securities:
Taxable Securities 443 353 1,255 1,008
State and Municipal Bonds 152 165 477 493
_____ _____ _____ _____
TOTAL INTEREST INCOME 3,044 2,948 9,086 8,424
INTEREST EXPENSE
Interest on Deposits 1,305 1,359 3,902 3,627
Interest on Borrowed Funds 74 40 150 258
_____ _____ _____ _____
TOTAL INTEREST EXPENSE 1,379 1,399 4,052 3,885
_____ _____ _____ _____
NET INTEREST INCOME 1,665 1,549 5,034 4,539
Provision for Loan Losses 20 35 160 210
Net Interest Income after _____ _____ _____ _____
Provision for Loan Losses 1,645 1,514 4,874 4,329
OTHER INCOME
Customer Service Fees 74 75 218 208
Other Income 55 68 202 180
___ ___ ___ ___
TOTAL OTHER INCOME 129 143 420 388
OTHER EXPENSES
Salaries and Benefits 598 485 1,763 1,613
Occupancy Expense 110 108 310 300
Furniture and Equipment Expense 70 73 218 199
Computer Services 71 66 218 197
Federal Deposit Insurance Premiums 1 (8) 2 124
Other Operating Expenses 388 332 1,198 997
_____ _____ _____ _____
TOTAL OTHER EXPENSES 1,238 1,056 3,709 3,430
_____ _____ _____ _____
Income Before Income Taxes 536 601 1,585 1,287
Federal Income Taxes 136 161 395 298
_____ _____ _____ _____
NET INCOME 400 440 1,190 989
PER SHARE DATA
Based on Average Shares Outstanding 1,191,171 1,191,171 1,191,171 1,191,171
Net Income 0.34 0.37 1.00 .83
Dividends 0.12 0.11 .36 .33
<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>
Nine Months Ended
Sept. 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 1,190 $ 989
Provision for loan losses 160 210
Provision for depreciation and amortization 221 191
Net amortization of security premiums and discounts (3) (49)
Loans originated for sale (4,719) (9,075)
Proceeds from sales of loans 4,717 9,053
(Gain) Loss on sales of loans (2) (22)
(Increase) Decrease in accrued interest receivable
and other assets (2,070) 20
Increase (Decrease) in accrued interest payable
and other liabilities 368 140
_______ _____
NET CASH PROVIDED BY OPERATING ACTIVITIES (136) 1,479
CASH FLOWS FROM INVESTING ACTIVITIES
Held-to-maturity securities:
Proceeds from maturities of securities 0 2,590
Purchase of securities 0 (4,873)
Available-for-sale securities:
Proceeds from maturities of securities 6,095 611
Proceeds from sales of securities 0 1,175
Purchase of securities (7,952) (2,050)
Net (Increase) decrease in federal funds sold (1,051) 0
Loans made to customers, net of principal collected (5,755) (8,083)
Purchases of bank premises and equipment (202) (41)
_______ _____
NET CASH (USED IN) INVESTING ACTIVITIES (8,865) (10,671)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits 6,387 15,046
Net increase (decrease) in federal funds purchased 0 (4,198)
Net increase (decrease) in other borrowed funds 5,000 (2,000)
Repayment of long-term debt (1,000) 0
Dividends paid (429) (393)
_______ _____
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 9,958 8,455
_____ _____
Increase (decrease) in cash and cash equivalents 957 (737)
_____ _____
Cash and cash equivalents: Beginning 5,043 5,337
_____ _____
Ending 6,000 4,600
_____ _____
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:
Interest paid $ 4,121 $ 3,544
Income taxes paid 390 280
<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 nine-month period ended September 30,
1996 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 total assets increased by 7.2% between December 31, 1995 and
September 30, 1996, growing from $152,402,000 to $163,447,000. Over 50% of
that increase resulted from an increase in net loans.
Net loans increased by $5,676,000 or 5.5% between the two dates, growing from
$104,092,000 at December 31, 1995 to $109,768,000 at September 30, 1996.
Residential mortgage loans increased by $6,667,000 or 11.6% between the two
dates and now amount to $63,974,000, just over 58% of the entire loan
portfolio. Commercial loans decreased by $1,161,000 or 3.6% over the same
period.
Total cash and balances due from banks increased by 19.0% or $957,000. This
total increased from $5,043,000 at December 31, 1995 to $6,000,000 at
September 30, 1996. Within this total, interest bearing balances increased by
$153,000 or 71.2% from $215,000 to $368,000 between the two dates.
Federal funds sold increased from $601,000 at December 31, 1995 to $1,652,000
at September 30, 1996, an increase of $1,051,000 or 174.9%. Although yields on
funds sold were lower than securities or loans, short-term investments were
used to hold certain deposit balances accumulated as part of the tax
collection process during the third quarter. These deposits left the Bank
early in the fourth quarter.
Investment securities increased by $1,310,000 or 3.5% from $37,849,000 at
December 31, 1995 to $39,159,000 at September 30, 1996. Agency securities
increased by $4,432,000 or 74.4% from $5,957,000 at December 31, 1995 to
$10,389,000 at September 30, 1996. All other security types decreased through
maturities and calls.
Bank premises and equipment, including other real estate, increased by
$152,000 or 4.6% from $3,314,000 at December 31, 1995 to $3,466,000 at
September 30, 1996. Within this amount, other real estate owned increased by
$103,000 or 150.0%.
Other assets increased to $3,402,000 from $1,503,000 between the two dates, an
increase of $1,899,000. During the second quarter of 1996, $1,785,000 of this
increase was attributed to the purchase of life insurance policies by the
Bank. These policies were used to fund a deferred compensation program for
selected board members and a supplemental retirement program for selected
members of senior management.
Total deposits increased by $6,387,000 between December 31, 1995 and September
30, 1996, growing from $133,438,000 to $139,825,000 respectively. Non-interest
bearing demand deposits increased by $2,421,000 or 15.3% while interest
bearing demand deposits increased by $1,279,000 or 4.7%.
Savings deposits increased by $2,316,000 or 10.0% growing from $23,263,000 at
December 31, 1995 to $25,579,000 at September 30, 1996. Total certificates of
deposit increased by only $371,000, with growth in consumer certificates of
$2,501,000 exceeding a decrease in jumbo certificates of $2,130,000.
Long-term debt of $1,000,000 outstanding at December 31, 1995 was repaid
during the period while an additional $5,000,000 was borrowed for less than
one year. The Bank borrowed these additional funds to fund the growth in
residential mortgage loans made by the Bank. Both of these borrowings were
from the Federal Home Loan Bank of Pittsburgh.
Stockholders' Equity increased by $290,000 or 1.8% between December 31, 1995
and September 30, 1996 as a decrease in the market value of the Bank's
investment securities of $471,000 after deferred taxes minimized the increase
of $761,000 in retained earnings due to net income.
Results of Operations
Nine Month Periods Ended September 30, 1996 and 1995
Total interest income increased by $662,000 or 7.8% between the nine month
periods ended September 30, 1995 and 1996 growing from $8,424,000 to
$9,086,000. Within this increase interest and fees on loans and taxable
interest on investment securities increased by $763,000 while tax-exempt
interest on investment securities and other interest income decreased by
$101,000.
Interest and fees on loans increased by $516,000 or 7.6% between the two
periods due to an average loan balance that was approximately $8,000,000
higher during the first nine months of 1996 compared to the same period in
1995. The average yield on the portfolio during the periods remained
relatively stable, falling slightly from 8.95% for the nine months ended
September 30, 1995 to 8.91% for the nine months ended September 30, 1996.
Total interest on investment securities and federal funds sold increased by a
total of $146,000 primarily due to increased balances of government agency
securities and an improvement in the overall yield on the portfolio of 30
basis points from 5.75% for the period in 1995 to 6.05% for the period in
1996.
Interest expense for the nine month period ended September 30, 1996 was
$167,000 or 4.3% higher than that for the nine month period ended September
30, 1995. Although the Bank's cost of funds decreased from 4.47% for the
period in 1995 to 4.40% for the period in 1996, the increase in the average
deposit balances resulted in the slight increase in interest expense.
Net interest income for the nine months ended September 30 increased to
$5,034,000 for 1996 compared with $4,539,000 for 1995, an increase of $495,000
or 10.9%. This, combined with a decrease of $50,000 in the provision for loan
losses between the two periods, resulted in an increase in net interest income
after the provision of $545,000 or 12.6%. This total amounted to $4,874,000
for the nine month period in 1996 compared with $4,329,000 for the nine month
period in 1995.
Total other income increased by $32,000 or 8.3% between the two periods
growing from $388,000 in 1995 to $420,000 in 1996. Within this total, customer
service fees increased by 4.8% or $10,000. In addition, mortgage banking
revenues increased by $7,000 or 11.7% and other income increased by $16,000 or
13.5%.
Total other expenses increased by 8.1% or $279,000 between the two nine-month
periods ended September 30, 1996 and 1995. They totalled $3,709,000 and
$3,430,000 respectively. Within this total, all categories except insurance on
deposits increased.
Occupancy and equipment expenses, together, amounted to $528,000 for the nine
months ended September 30, 1996 compared with $499,000 for the period in 1995,
an increase of $29,000 or 5.8%.
Insurance on deposits decreased between the two periods by $122,000 or 98.4%
as the FDIC premium paid by the Bank was set at the $500 minimum per quarter
for 1996 compared with the $124,000 premium in 1995. Current legislation
indicates that the cost for deposit insurance moving forward will be
approximately 20% of the cost paid when premiums reached their peak during
1995. The Bank estimates that the total premium for next year will be about
$50,000.
Computer processing expenses for the nine months ended September 30, 1996
amounted to $218,000, an increase of $21,000 or 10.7% over the $197,000
expense for the same period in 1995. Between these two periods, the Bank began
offering two additional computer related products, telephone banking and debit
card processing.
Other operating expenses increased by $201,000 or 20.2% between the two
periods. Included within this total are increases in the expenses associated
with other real estate owned which amounted to $131,000 in 1996 compared with
$44,000 in 1995, an increase of $87,000 or 197.7%. Absent this increase, other
operating expenses increased by $114,000 or 12.5%. Increases in advertising
and marketing costs between the two periods accounted for an additional
$30,000 of this total.
Income before taxes increased by $298,000 or 23.2% from $1,287,000 for the
nine months ended September 30, 1995 to $1,585,000 for the nine months ended
September 30, 1996. Applicable income taxes increased by $97,000 between the
two periods with the effective tax rate increasing from 23.2% to 24.9% between
the two periods. The effective tax rate takes into consideration the level of
tax-exempt interest earned during the periods, and, as a percentage of total
income, this amount decreased between the two dates. These factors resulted in
an increase in net income of $201,000 or 20.3% between the two periods. Net
income grew from $989,000 for the first nine months of 1995 to $1,190,000 for
the same period in 1996.
Net income, expressed on a per share basis increased from $.83 per share for
the nine months ended September 30, 1995 to $1.00 per share for the nine
months ended September 30, 1996. During these time frames, dividends increased
from $.33 per share to $.36 per share.
Three Month Periods Ended September 30, 1996 and 1995
Total interest income increased by $96,000 or 3.3% between the quarters ended
September 30, 1995 and 1996, growing from $2,948,000 to $3,044,000
respectively. Interest and fees on loans increased by $66,000 or 2.8% between
the two periods.
Interest on investment securities and other interest income increased by a
total of $30,000.
Interest on deposits decreased by $54,000 or 4.0% between the two three-month
periods ended September 30, 1995 and 1996. This decrease reflected consumers
desires to remain fairly liquid regarding reinvestment terms. A shift toward
lower yielding deposits, for example statement savings, from certificates of
deposit contributed toward this decrease.
To fund growth, the Bank borrowed from the Federal Home Loan Bank of
Pittsburgh, and this borrowing added to the interest paid on borrowed funds.
Interest on borrowed funds increased by 85.0% or $34,000 between the two
quarters ended September 30, 1995 and 1996, growing from $40,000 to $74,000
respectively.
Total interest expense decreased by $20,000 or 1.4% between the two periods.
Net interest income increased by $116,000 or 7.5% from $1,549,000 for the
quarter ended September 30, 1995 to $1,665,000 for the quarter ended September
30, 1996. The provision for loan losses also decreased between the two
quarters, declining from $35,000 in 1995 to $20,000 in 1996. Net interest
income after the provision for loan losses increased by $131,000 or 8.7% and
amounted to $1,645,000 at September 30, 1996 compared with $1,514,000 at
September 30, 1995.
Total other income decreased between the two periods by $14,000 or 9.8%. Other
income including income from mortgage banking activities decreased by $13,000,
due to a decrease in the number of mortgage loans sold into the secondary
market compared with the same period in 1995.
Total other expenses increased by $182,000 or 17.2% between the two quarters
ended September 30, 1995 and 1996, growing from $1,056,000 to $1,238,000
respectively. Salaries and wages increased by $113,000 or 23.3%.
Occupancy and equipment expenses, insurance on deposits, and computer
processing expenses increased by a total of only $13,000 between the two
periods, from $239,000 in 1995 to $252,000 in 1996, an increase of 5.4%. Other
operating expenses increased by $56,000 or 16.8% growing from $332,000 to
$388,000 between the two periods.
Income before taxes decreased from $601,000 for the third quarter of 1995 to
$536,000 for the third quarter of 1996, a decrease of $65,000 or 10.8%.
Applicable income taxes also decreased, falling from $161,000 in 1995 to
$136,000 in 1996.
Net income for the third quarter of 1996 was $400,000 compared with $440,000
in 1995, a decline of $40,000 or 9.1% between the two periods. Net income per
share for the quarter was $.34 for 1996 compared with $.37 for 1995. Dividends
paid per share for the quarter were $.12 in 1996 compared with $.11 in 1995.
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 24% of the commercial loan portfolio is sensitive to interest
rate changes while 19% of the mortgage portfolio is adjustable. 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 September 30, 1996:
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
Interest-bearing Balances $ 368 $ 0 $ 0 $ 368
Federal Funds Sold 1,652 0 0 1,652
Securities 12,475 22,417 4,267 39,159
Net Loans 36,192 21,106 52,470 109,768
______ ______ ______ _______
Total $ 50,687 $ 43,523 $ 56,737 $150,947
Liabilities
Total Interest-Bearing
Deposits $ 95,139 $ 26,474 $ 0 $121,613
Other Borrowed Funds 5,000 0 0 5,000
______ ______ ______ _______
Total $100,139 $ 26,474 $ 0 $126,613
______ ______ ______ ______
Rate Sensitivity Gap $(49,452) $ 17,049 $ 56,737 $ 24,334
______ ______ ______ ______
<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>
Actual
Regulatory Sept.30, Dec. 31,
Minimum 1996 1995
<S> <C> <C> <C>
Tier I Capital to Risk-Adjusted Assets 4.00% 16.21% 16.26%
Total Capital to Risk-Adjusted Assets 8.00% 17.45% 17.48%
Leverage Ratio 3.00% 10.20% 10.34%
</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
Item 5. Other Information
The Board of Directors of First Leesport Bancorp, Inc. at its
September 10, 1996 meeting, declared a $.12 per share cash dividend
to be paid October 15, 1996 to holders of record on October 1, 1996.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(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: November 15, 1996 By John T. Connelly
John T. Connelly
President and
Chief Executive Officer
Dated: November 15, 1996 By Frederick P. Henrich
Frederick P. Henrich
Treasurer and
Chief Accounting Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 5,632
<INT-BEARING-DEPOSITS> 368
<FED-FUNDS-SOLD> 1,652
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 39,195
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 111,026
<ALLOWANCE> 1,258
<TOTAL-ASSETS> 163,447
<DEPOSITS> 139,825
<SHORT-TERM> 5,000
<LIABILITIES-OTHER> 2,055
<LONG-TERM> 0
<COMMON> 6,000
0
0
<OTHER-SE> 10,567
<TOTAL-LIABILITIES-AND-EQUITY> 163,447
<INTEREST-LOAN> 7,325
<INTEREST-INVEST> 1,732
<INTEREST-OTHER> 39
<INTEREST-TOTAL> 9,086
<INTEREST-DEPOSIT> 3,902
<INTEREST-EXPENSE> 4,052
<INTEREST-INCOME-NET> 5,034
<LOAN-LOSSES> 160
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,709
<INCOME-PRETAX> 1,585
<INCOME-PRE-EXTRAORDINARY> 1,190
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,190
<EPS-PRIMARY> 1.00
<EPS-DILUTED> 1.00
<YIELD-ACTUAL> 4.57
<LOANS-NON> 1,072
<LOANS-PAST> 206
<LOANS-TROUBLED> 1,083
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,179
<CHARGE-OFFS> 122
<RECOVERIES> 41
<ALLOWANCE-CLOSE> 1,258
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,258
</TABLE>
