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,
1997, 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, 1997
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 1997 1996
<S> <C> <C>
Cash and Due from Banks $ 4,152 $ 5,087
Interest-bearing Balances 76 112
Total Cash and Balances Due from Banks 4,228 5,199
Federal Funds Sold 0 448
Securities Available for Sale 39,569 39,690
Loans, Net of Unearned Income 126,769 110,878
Less: Allowance for Loan Losses (1,412) (1,105)
Net Loans 125,357 109,773
Bank Premises and Equipment 3,322 3,328
Other Real Estate Owned 183 162
Accrued Interest Receivable and Other Assets 3,640 3,423
Total Assets 176,299 162,023
LIABILITIES
Demand Deposits, Non-interest Bearing $ 18,856 $ 16,937
Demand Deposits, Interest Bearing 26,611 28,003
NOW, Money Market, and Savings Deposits 23,894 24,051
Time Deposits, $100,000 and over 3,951 2,789
Time Deposits 70,240 65,757
Total Deposits 143,552 137,537
Federal Funds Purchased 5,867 700
Other Borrowed Funds 8,000 5,000
Accrued Interest Payable 762 803
Other Liabilities 337 862
Total Liabilities 158,518 144,902
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 8,542 8,021
Net Unrealized Appreciation on Securities
Available for Sale, Net of Taxes 360 221
Treasury Stock, 8,829 Shares at Cost (121) (121)
Total Stockholders' Equity 17,781 17,121
Total Liabilities and Stockholders' Equity 176,299 162,023
<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>
Three Months Nine Months
Ended Sep. 30 Ended Sep. 30
1997 1996 1997 1996
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest & Fees on Loans $ 2,641 $ 2,422 $ 7,564 $ 7,315
Interest on Federal Funds Sold 0 27 14 39
Interest on Securities:
Taxable Securities 500 443 1,499 1,255
State and Municipal Bonds 142 152 437 477
_____ _____ _____ _____
TOTAL INTEREST INCOME 3,283 3,044 9,514 9,086
INTEREST EXPENSE
Interest on Deposits 1,430 1,305 4,146 3,902
Interest on Borrowed Funds 165 74 345 150
_____ _____ _____ _____
TOTAL INTEREST EXPENSE 1,595 1,379 4,491 4,052
_____ _____ _____ _____
NET INTEREST INCOME 1,688 1,665 5,023 5,034
Provision for Loan Losses 130 20 390 160
Net Interest Income after _____ _____ _____ _____
Provision for Loan Losses 1,558 1,645 4,633 4,874
OTHER INCOME
Customer Service Fees 74 74 218 218
Other Income 134 55 424 202
___ ___ ___ ___
TOTAL OTHER INCOME 208 129 642 420
OTHER EXPENSES
Salaries and Benefits 682 598 1,980 1,763
Occupancy Expense 105 110 319 310
Furniture and Equipment Expense 74 70 213 218
Computer Services 74 72 218 218
Other Operating Expenses 435 388 1,258 1,200
_____ _____ _____ _____
TOTAL OTHER EXPENSES 1,370 1,238 3,988 3,709
_____ _____ _____ _____
Income Before Income Taxes 396 536 1,287 1,585
Federal Income Taxes 91 136 302 395
_____ _____ _____ _____
NET INCOME 305 400 985 1,190
PER SHARE DATA
Based on Average Shares Outstanding 1,191,171 1,191,171 1,191,171 1,191,171
Net Income 0.26 0.34 .82 1.00
Dividends 0.13 0.12 .39 .36
<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
September 30,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 985 $ 1,190
Provision for loan losses 390 160
Provision for depreciation and amortization 203 221
Net amortization of security premiums and discounts 6 (3)
Loans originated for sale (2,857) (4,719)
Proceeds from sales of loans 2,717 4,717
(Gain) Loss on sales of loans (140) (2)
(Increase) Decrease in accrued interest receivable
and other assets (55) (2,070)
Increase (Decrease) in accrued interest payable
and other liabilities (566) 368
_______ _____
NET CASH PROVIDED BY OPERATING ACTIVITIES 823 (136)
CASH FLOWS FROM INVESTING ACTIVITIES
Available-for-sale securities:
Proceeds from maturities of securities 8,011 6,095
Proceeds from sales of securities 0 0
Purchase of securities (7,890) (7,952)
Net (Increase) decrease in federal funds sold 448 (1,051)
Loans made to customers, net of principal collected (15,584) (5,755)
Purchases of bank premises and equipment (497) (202)
_______ _____
NET CASH (USED IN) INVESTING ACTIVITIES (15,512) (8,865)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits 6,015 6,387
Net increase (decrease) in federal funds purchased 5,167 0
Net increase (decrease) in other borrowed funds 3,000 5,000
Repayment of long-term debt 0 (1,000)
Dividends paid (464) (429)
_______ _____
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,718 9,958
_____ _____
Increase (decrease) in cash and cash equivalents (971) 957
_____ _____
Cash and cash equivalents: Beginning 5,199 5,043
_____ _____
Ending 4,228 6,000
_____ _____
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:
Interest paid $ 4,532 $ 4,121
Income taxes paid 450 390
<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,
1997 are not necessarily indicative of the results to be expected for the
full year.
3. Recently Issued FASB Statements:
In 1997, the FASB issued Statement No. 128, "Earnings Per Share" and Statement
No. 129, "Disclosure of Information about Capital Structure." Both Statements
are effective for periods ending after December 15, 1997. Statement No. 128 is
designed to simplify the computation of earnings per share and will require
disclosure of "basic earnings per share" and, if applicable, "diluted earnings
per share." Earlier application is not permitted for Statement No. 128 and it
will require restatement of all prior period earnings per share data when
adopted. The Statement is not expected to materially impact the reported
earnings per share of the Company.
The adoption of Statement No. 129 will have no impact on the Company.
<PAGE> MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Financial Condition
The Company's total assets increased to $176,299,000 at September 30, 1997, an
increase of $14,276,000 or 8.8% from $162,023,000 at December 31, 1996. Growth
in resources came from increases in net loans, while federal funds sold and
cash and cash equivalents both decreased. The Company's subsidiary, The First
National Bank of Leesport has committed to a strategic direction of wise,
accelerated growth, and is accomplishing this objective through the growth in
loans.
Total loans, prior to any sales into the secondary market, increased to
$126,769,000 at September 30, 1997 from $110,878,000 at December 31, 1996, an
increase of $15,891,000 or 14.3%. Much of this growth, $9,681,000 came from
increases in commercial loans as the Bank continues to focus on its
relationships with small to medium-sized businesses.
Net loans, which have been adjusted by the amount of the Allowance for Loan
Losses, now include $42,596,000 in commercial loans, $64,830,000 in mortgage
loans, and $19,343,000 in installment of loans. These amounts compare to
$32,915,000, $62,207,000,and $15,756,000, respectively, for these types of
loans at December 31, 1997.
Investment securities have remained relatively constant between December 31,
1996 and September 30, 1997. The Bank took no action to sell any of its
securities during the period, even though the entire portfolio has been
designated as available for sale.
The Bank's success at growing the loan portfolio, however, came at the expense
of sacrificing some of its net interest margin. By funding a great percentage
of its loan growth with borrowings, primarily from the Federal Home Loan Bank
of Pittsburgh, interest expense increased. Borrowed funds and federal funds
purchased increased from $5,700,000 at December 31, 1996 to $13,867,000 at
September 30, 1997, an increase of $8,167,000 or 143.3%. Management
anticipated this need to borrow when it set its loan growth goals early in
1997.
Management expects to fund the Bank's future growth with increased deposits.
On October 30, 1997, the Bank settled on property in the Borough of Hamburg,
Berks County, Pennsylvania, and expects to open its fifth full-service office
early in the second quarter of 1998. The Office of the Comptroller of the
Currency has already approved the Bank's application for this branch. In
addition, the Bank intends to aggressively market additional deposit products
and promotions during the coming year.
Stockholders' Equity, without net unrealized appreciation on securities
available for sale, increased to $17,421,000 at September 30, 1997 from
$16,900,000 at December 31, 1996, an increase of $521,000 or 3.1%. Net
unrealized appreciation on securities available for sale contributed an
additional $360,000 to Total Equity at September 30, 1997 compared with only
$221,000 at December 31, 1996.
Retained earnings accounts for the increases in Stockholders' Equity, and net
income generates all of the increases in retained earnings. Net income for the
first nine months of 1997 contributed $985,000 to retained earnings through
September 30, 1997.
The Company's total capital to assets ratio at September 30, 1997 amounted to
10.1% which is well in excess of any regulatory capital minimums. In fact, the
Bank's risk-based capital ratio of 16.1% is more than double the regulatory
minimum of 8.0%.
Results of Operations
Nine Month Periods Ended September 30, 1997 and 1996
Income for the first nine months of 1997 amounted to $985,000, down $205,000
or 17.2% from $1,190,000 earned during the first nine months of 1996.
Total interest income increased to $9,514,000 from $9,086,000 during the nine
months ended September 30, 1997 from the same period in 1996, an increase of $
428,000 or 4.7%. Within this total, interest on loans increased to $7,564,000
from $7,315,000 between the two periods. This increase of $249,000 or 3.4% is
attributable to the increased loan volume already discussed.
Interest expense also increased, however, and the net interest margin actually
decreased between the nine month periods ended September 30, 1996 and 1997.
Interest on deposits totaled $4,146,000 through the end of September in 1997
compared with $3,902,000 through the same period in 1996, an increase of
$244,000 or 6.3%.
The actual cost of the Bank's growth, however, was realized in the interest on
borrowed funds, which grew by almost $195,00 between the two periods. Interest
on borrowed funds increased to $345,000 through September 30, 1997 compared
with $150,000 for the same period in 1996.
With the increase in loans, an increase in the amount set aside for loan
losses was anticipated, and, in conjunction with regular reviews of the credit
quality of the loan portfolio, resulted in an increase of $230,000 between the
two periods. Management's reviews of the allowance for loan losses include
specific allocations, when necessary, for loans deemed to be sub-standard or
doubtful. Through the first nine months of 1997, the provision for loan losses
amounted to $390,000 compared with $160,000 for the same period in 1996.
The Bank charged-off loans totalling $115,000 while recovering $31,000 on
previously charged-off loans. Net charge-offs during that period amounted to
$84,000 during the first nine months of 1997.
The Bank recognized significant improvement in other operating income during
the first nine months of 1997 compared with the same period in 1996,
increasing by $222,000, or 52.9% from $420,000 to $642,000. Mortgage banking
activities accounted for $148,000 or 66.7% of this growth while 31.1% came
from other income. Mortgage banking activities includes fees earned on sales
of loans and the recognition of mortgage servicing rights into income pursuant
to FASB 122. Customer service fees remained stable at $218,000.
During August, 1997 the Bank began "surcharging" non-customers for the use of
the Bank's automated teller machines. This practice has been receiving a great
deal of attention through the state and national legislatures, and the Bank
will continue to monitor the status of any actions taken by governing agencies
relative to this practice. Preliminary indications are that these fees will
generate approximately $22,000 per machine per year. The Bank continues to
look for additional methods to improve its other non-interest income-
generating products and services.
One of the other significant impacts that the Bank's strategic plan has had on
the Bank's performance in 1997 has been the increase to the Bank's employee
base and its immediate impact on salaries and benefits. The Bank's full-time
equivalent employee number at September 30, 1996 was 77 and it has increased
to 86 at September 30, 1997. This increase resulted in increased salaries and
benefits expenses of $217,000 or 12.3% between the two periods. Through
September 30, 1997, salaries and benefits totaled $ 1,980,000 which compares
to $1,763,000 at the end of September, 1996. The majority of these additions
to staff came in the lending and support areas as the Bank's growth in 1997
has been driven by loan growth.
Occupancy expenses, furniture and fixture expenses, and computer processing
expenses all remained stable between the two nine-month periods, increasing by
a combined $4,000. Advertising and marketing costs increased from $162,000 for
the nine months ended September 30, 1996 to $254,000 for the nine months ended
September 30, 1997, an increase of $92,000 or 56.8%. Much of these expenses
involved promoting the Bank's image throughout its market area in addition to
campaigns specifically targeted at product promotions.
Other operating expenses actually decreased by $34,000 or 3.3% between the two
periods.
Income before taxes fell to $1,287,000 from $1,585,000 between the two periods
and resulted in a decrease in income tax expenses from $395,000 to $302,000
from the nine months ended September 30, 1996 to September 30, 1997. Net
income decreased by 17.2% to $985,000 through September 30, 1997 from
$1,190,000 through September 30, 1996.
Earnings per share decreased as well, from $1.00 to $0.82 per share
respectively. Dividends paid during the period were $0.39 per share for the
first nine months of 1997 compared with $0.36 per share for the same period in
1996.
Results of Operations
Three Month Periods Ended September 30, 1997 and 1996
Net income for the quarter ended September 30, 1997 amounted to $305,000
compared with $400,000 for the same quarter in 1996, a decrease of $95,000 or
23.8%. The decrease in net interest after the provision for loan losses
accounted for 91.6% of this total.
Net interest after the provision for loan losses decreased to $1,558,000 for
the quarter ended September 30, 1997 from $1,645,000 for the same period in
1996. This decrease, $87,000 or 5.3%, came as a direct result of an increased
provision for loan losses as net interest income before the provision for loan
losses actually increased by $23,000 between the two periods.
Interest income increased by $239,000 or 7.9% from $3,044,000 to $3,283,000
between the third quarter of 1996 and the third quarter of 1997. Contributing
$219,000 towards this increase was increased interest and fees on loans which
grew to $2,641,000 from $2,422,000 for the respective quarters. The increased
volume of loans generated this increase.
Interest on investment securities increased by $20,000 between the two
quarters, reflecting the relatively stable balances and interest rates within
that segment of the balance sheet.
Interest expense on deposits increased by $125,000 or 9.6% from $1,305,000 for
the quarter ended September 30, 1996 to $1,430,000 for the quarter ended
September 30, 1997.
The costs incurred with borrowing additional funds from the Federal Home Loan
Bank resulted in an increase in interest on borrowed funds of $91,000 or
123.0% between the two quarters. Interest on borrowed funds increased from
$74,000 for the quarter ended September 30, 1996 to $165,000 for the quarter
ended September 30, 1997.
Total other income increased by $79,000 or $61.2% from $129,000 for the third
quarter of 1996 to $208,000 for the third quarter of 1997. Within this total,
customer service fees remained stable while income generated by mortgage
banking activities increased by $87,000 or 870.0%.
Total other expenses increased by 10.7% or $132,000 between the third quarter
of 1996 and the third quarter of 1997, growing from $1,238,000 to $1,370,000,
respectively. Almost 64% of this increase came from increased salaries and
benefits expenses between the two periods which increased to $682,000 from
$598,000. The costs associated with growing the Bank and increases in the
Bank's lending staff contributed to this change.
Occupancy expenses, furniture and fixtures expenses, and computer processing
expenses remained stable. Advertising and marketing expenses increased by
$25,000 or 34.3% between the third quarter of 1996 and the third quarter of
1997, growing to $98,000 from $73,000. Other operating expenses increased by
$22,000 representing a 7.0% increase between the two periods.
Income before taxes decreased to $396,000 for the quarter in 1997 from
$536,000 for the quarter in 1996, a decrease of $140,000 or 26.1%. With a
decrease in applicable income taxes of $45,000 between the two periods, net
income decreased by $95,000 between the two periods.
Stockholders received dividends of $0.13 per share during the third quarter in
1997 compared with $0.12 per share during the third quarter in 1996.
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 22% 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.
The Bank's one-year interest sensitivity gap is negative $ 67,523,000
representing a larger pool of repricing deposits than earning assets. In a
rising rate environment, the cost to maintain this pool of funds will rise
resulting in a smaller net interest margin.
<PAGE>
<TABLE>
The following table shows the repricing periods of interest earning assets and
interest bearing liabilities as of September 30, 1997:
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 $ 76 $ 0 $ 0 $ 76
Federal Funds Sold 0 0 0 0
Securities 6,300 12,508 20,761 39,569
Net Loans 33,633 36,786 54,938 125,357
______ ______ ______ _______
Total $ 40,009 $ 49,294 $ 75,699 $165,002
Liabilities
Total Interest-Bearing
Deposits $ 95,540 $ 29,156 $ 0 $124,696
Other Borrowed Funds 13,867 0 0 13,867
______ ______ ______ _______
Total $109,407 $ 29,156 $ 0 $138,563
______ ______ ______ ______
Rate Sensitivity Gap $(69,398) $ 20,138 $ 75,699 $ 26,439
______ ______ ______ ______
<FN>
</TABLE>
Capital Adequacy
The following table provides information about the capital of the Company as
it relates to regulatory minimums as of selected Balance Sheet dates:
<TABLE>
<CAPTION>
Actual
Regulatory Sep. 30, Dec. 31,
Minimum 1997 1996
<S> <C> <C> <C>
Tier I Capital to Risk-Adjusted Assets 4.00% 14.89% 16.50%
Total Capital to Risk-Adjusted Assets 8.00% 16.12% 17.59%
Leverage Ratio 3.00% 9.90% 10.35%
</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
None
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: November 7, 1997 By John T. Connelly
John T. Connelly
President and
Chief Executive Officer
Dated: November 7, 1997 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-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 4152
<INT-BEARING-DEPOSITS> 76
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 39569
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 126769
<ALLOWANCE> 1412
<TOTAL-ASSETS> 176299
<DEPOSITS> 143552
<SHORT-TERM> 13867
<LIABILITIES-OTHER> 1099
<LONG-TERM> 0
<COMMON> 6000
0
0
<OTHER-SE> 11781
<TOTAL-LIABILITIES-AND-EQUITY> 176299
<INTEREST-LOAN> 7564
<INTEREST-INVEST> 1936
<INTEREST-OTHER> 14
<INTEREST-TOTAL> 9514
<INTEREST-DEPOSIT> 4146
<INTEREST-EXPENSE> 345
<INTEREST-INCOME-NET> 5023
<LOAN-LOSSES> 390
<SECURITIES-GAINS> 5
<EXPENSE-OTHER> 3988
<INCOME-PRETAX> 1287
<INCOME-PRE-EXTRAORDINARY> 985
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 985
<EPS-PRIMARY> .82
<EPS-DILUTED> .82
<YIELD-ACTUAL> 4.28
<LOANS-NON> 1078
<LOANS-PAST> 330
<LOANS-TROUBLED> 1631
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1106
<CHARGE-OFFS> 115
<RECOVERIES> 31
<ALLOWANCE-CLOSE> 1412
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1412
</TABLE>
