Page 1 of 17
Form 10-QSB
U. S. Securities and Exchange Commission
Washington, DC 20549
[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the 9-month period ended September 30, 1997.
[ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the transition period from ______________ to ______________
Commission File No. 000-18445
Benchmark Bankshares, Inc.
(Name of Small Business Issuer in its Charter)
Virginia 54-1460991
(State or Other Jurisdiction of (I.R.S. Employer ID No.)
Incorporation or Organization)
100 South Broad Street
Kenbridge, Virginia 23944
(Address of Principal Executive Offices)
Issuer's Telephone Number: (804)676-8444
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.
(1) Yes [X] No [ ] (2) Yes [X] No [ ]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest applicable date:
1,469,413.860
<PAGE>
Page 2 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Index
September 30, 1997
Part I Financial Information
Item 1 Consolidated Balance Sheet
Consolidated Statement of Income
Condensed Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
Part II Other Information
Item 1 Legal Proceedings
Item 2 Changes in Securities
Item 3 Defaults Upon Senior Securities
Item 4 Submission of Matters to a Vote of Security Holders
Item 5 Other Information
Item 6 Report on Form 8K
<PAGE>
Page 3 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Consolidated Balance Sheet
(Unaudited) (Audited)
September 30, December 31,
1997 1996
---- ----
Assets
Cash and due from banks $4,845,018 $4,624,901
Securities
Federal Agency obligations 7,753,602 7,639,371
State and municipal obligations 8,834,870 10,676,977
Other securities 137,000 137,000
Federal funds sold 7,343,000 3,858,000
Loans 126,926,846 120,356,859
Less
Unearned interest and fees (298,681) (288,678)
Loan loss reserve (1,349,480) (1,203,866)
------------- -------------
Net Loans 125,278,685 118,864,315
Premises and equipment - net 3,046,936 3,121,734
Accrued interest receivable 1,614,112 1,254,441
Deferred income taxes 245,449 267,642
Refundable income taxes - 33,681
Other assets 421,347 429,760
------------- -------------
Total Assets $159,520,019 $150,907,822
============= ============
<PAGE>
Page 4 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Consolidated Balance Sheet
(Unaudited) (Audited)
September 30, December 31,
1997 1996
---- ----
Liabilities and Shareholders' Equity
Deposits
Demand (non-interest bearing) $15,231,248 $12,215,657
NOW accounts 14,601,216 14,724,556
Money market accounts 6,549,821 6,776,695
Savings 8,935,454 8,107,214
Time, $100,000 and over 13,277,452 14,293,648
Other time 83,503,878 79,242,048
------------ ------------
Total Deposits 142,099,069 135,359,818
Accrued interest payable 715,713 691,945
Accrued income tax payable 4,347 -
Dividends payable - 391,510
Other liabilities 331,025 102,876
------------ ------------
Total Liabilities 143,150,154 136,546,149
Shareholders' Equity
Common stock, par value $.21 per share,
authorized 4,000,000 shares; issued
and outstanding 1,468,913.860 shares
as of 9-30-97; and authorized
4,000,000 shares, issued and
outstanding 1,449,895.852 shares as
of 12-31-96 308,471 304,478
Capital surplus 3,627,461 3,262,299
Retained earnings 12,284,829 10,753,919
Unrealized security gains net of tax
effect 149,104 40,977
------------ ------------
Total Shareholders' Equity 16,369,865 14,361,673
------------ ------------
Total Liabilities and
Shareholders' Equity $159,520,019 $150,907,822
============= =============
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date.
See notes to consolidated financial statements.
<PAGE>
Page 5 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Consolidated Statement of Income
(Unaudited)
Nine Months Ended September 30,
1997 1996
---- ----
Interest Income
Interest and fees on loans $9,133,353 $8,404,562
Interest on U. S. Government obligations 394,087 406,524
Interest on State and municipal obligations 374,676 425,039
Interest on Federal funds sold 275,663 172,258
Interest on other securities 2,610 2,610
----------- -----------
Total Interest Income 10,180,389 9,410,993
Interest Expense
Interest on deposits 4,853,985 4,564,718
----------- -----------
Net Interest Income 5,326,404 4,846,275
Provision for Loan Losses 293,979 220,628
----------- -----------
Net Interest Income after
Provision 5,032,425 4,625,647
Non-Interest Income
Service charges, commissions, and fees on
deposits 300,107 258,419
Other operating income 143,495 168,983
(Losses) on sale of securities (1,468) (8,725)
Rental income - 5,400
----------- -----------
Total Non-Interest Income 442,134 424,077
Non-Interest Expense
Salaries and wages 1,436,714 1,322,776
Employee benefits 291,060 285,402
Occupancy expense 157,965 119,232
Furniture and equipment expense 108,712 97,472
Other operating expense 695,916 602,160
----------- -----------
Total Non-Interest Expense 2,690,367 2,427,042
----------- -----------
Net Income before Taxes 2,784,192 2,622,682
Income Taxes 859,059 789,640
----------- -----------
Net Income $1,925,133 $1,833,042
=========== ===========
Net Income per Share $1.32 $1.27
====== ======
See notes to consolidated financial statements.
<PAGE>
Page 6 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended September 30,
1997 1996
---- ----
Interest Income
Interest and fees on loans $3,123,813 $2,907,501
Interest on U. S. Government obligations 131,812 133,612
Interest on State and municipal obligations 116,635 135,440
Interest on Federal funds sold 106,642 47,397
----------- -----------
Total Interest Income 3,478,902 3,223,950
Interest Expense
Interest on deposits 1,646,941 1,563,822
----------- -----------
Net Interest Income 1,831,961 1,660,128
Provision for Loan Losses 147,784 63,898
----------- -----------
Net Interest Income after
Provision 1,684,177 1,596,230
Non-Interest Income
Service charges, commissions, and fees on
deposits 107,213 89,961
Other operating income 57,592 59,105
Rental income - 1,800
(Losses) on sale of securities (234) (624)
----------- -----------
Total Non-Interest Income 164,571 150,242
Non-Interest Expense
Salaries and wages 488,486 450,620
Employee benefits 112,634 100,032
Occupancy expense 54,359 45,321
Furniture and equipment expense 36,079 34,840
Other operating expense 254,777 200,640
----------- -----------
Total Non-Interest Expense 946,335 831,453
----------- -----------
Net Income before Taxes 902,413 915,019
Income Taxes 279,223 278,930
----------- -----------
Net Income $ 623,190 $ 636,089
=========== ===========
Net Income per Share $ 0.43 $ 0.44
=========== ===========
See notes to consolidated financial statements.
<PAGE>
Page 7 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended September 30,
1997 1996
---- ----
Cash Provided by Operations $1,789,246 $ 778,829
Cash Provided by Financing Activities
Net increase in demand deposits and interest
bearing transaction accounts 2,892,251 2,653,132
Net increase in savings and money market
deposits 601,366 1,455,121
Net increase in certificates of deposit 3,245,634 8,076,323
Net sale of stock 369,155 257,746
Dividends paid (394,226) (286,709)
------------ -----------
Total Cash Provided by Financing
Activities 6,714,180 12,155,613
Cash Used in Investing Activities
Purchase of securities (661,787) (1,640,000)
Sale of securities 823,870 509,747
Maturity of securities 1,669,779 2,426,862
Net increase in loans (6,559,840) (12,892,521)
Purchases of premises and equipment (70,331) (1,105,561)
------------ ------------
Total Cash Used by Investing
Activities (4,798,309) (12,701,473)
------------ ------------
Increase in Cash and Cash Equivalents 3,705,117 232,969
Beginning Cash and Cash Equivalents 8,482,901 10,259,058
------------ ------------
Ending Cash and Cash Equivalents $12,188,018 $10,492,027
============ ============
Supplemental Data
Interest paid $ 4,830,217 $ 4,534,961
Capitalized interest - 3,269
Taxes paid 821,031 886,942
See notes to consolidated financial statements.
<PAGE>
Page 8 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended September 30,
1997 1996
---- ----
Cash Provided by Operations $ 744,851 $ 441,670
Cash Provided by Financing Activities
Net increase in demand deposits
and interest bearing transaction accounts 851,471 2,210,921
Net increase (decrease) in savings and money
market deposits (248,993) 384,541
Net increase in certificates of deposit 938,246 2,979,252
Sale of stock 369,155 130,456
Dividends paid (394,226) (286,709)
------------ ------------
Total Cash Provided by Financing
Activities 1,515,653 5,418,461
Cash Used in Investing Activities
Purchase of securities (499,927) -
Maturity of securities 253,876 316,092
Net increase in loans (2,268,272) (2,423,064)
Purchases of premises and equipment (16,003) (256,270)
------------ ------------
Total Cash Used by Investing
Activities (2,530,326) (2,363,242)
------------ ------------
Increase (Decrease) in Cash and Cash Equivalents (269,822) 3,496,889
Beginning Cash and Cash Equivalents 12,457,840 6,998,590
------------ ------------
Ending Cash and Cash Equivalents $12,188,018 $10,495,479
============ ============
Supplemental Data
Interest paid $ 1,626,017 $ 1,538,051
Taxes paid 237,011 278,930
See notes to consolidated financial statements.
<PAGE>
Page 9 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
Notes to Consolidated Financial Statements
September 30, 1997
1. Basis of Presentation
The accompanying consolidated financial statements and related
notes of Benchmark Bankshares, Inc. and its subsidiary, Benchmark
Community Bank, were prepared by management, which has the primary
responsibility for the integrity of the financial information. The
statements have been prepared in conformity with generally accepted
accounting principles appropriate in the circumstances and include
amounts that are based on management's best estimates and judgments.
In meeting its responsibilities for the accuracy of its
financial statements, management relies on the Company's internal
accounting controls. The system provides reasonable assurances that
assets are safeguarded and transactions are recorded to permit the
preparation of appropriate financial information.
The interim period 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 to a fair presentation of financial
position, results of operation, and changes in financial position for
the interim periods herein reported.
2. Significant Accounting Policies and Practices
The accounting policies and practices of Benchmark Bankshares,
Inc. conform to generally accepted accounting principles and general
practice within the banking industry. Certain of the more significant
policies and practices follow:
(a) The consolidated financial statements of Benchmark Bankshares,
Inc. and its wholly owned subsidiary, Benchmark Community
Bank, include the accounts of both companies. All material
inter-company balances and transactions have been eliminated
in consolidation.
(b) Investment Securities. Pursuant to guidelines established in
FAS 115, the Company has elected to classify a portion of its
current portfolio as securities available-for-sale. This
category refers to investments that are not actively traded,
but are not anticipated by management to be held to maturity.
Typically, these types of investments will be utilized by
management to meet short-term asset/liability management
needs. The remainder of the portfolio is classified as held to
maturity. This category refers to investments that are
anticipated by management to be held until they mature.
For purposes of financial statement reporting, securities
classified as available-for-sale are to be reported at fair
market value (net of any tax effect) as of the date of the
statements; however, unrealized holding gains or losses are to
be excluded from earnings and reported as a net amount in a
separate component of shareholders' equity until realized.
Securities classified as held to maturity are recorded at
cost. The resulting book value ignores the impact of current
market trends.
<PAGE>
Page 10 of 17
(c) Loans. Interest on loans is computed by methods which
generally result in level rates of return on principal amounts
outstanding (simple interest). Unearned interest on certain
installment loans is recognized as income using the rule of
78's method, which materially approximates the effective
interest method. Loan fees and related costs are recognized as
income and expense in the year the fees are charged and costs
incurred.
(d) Allowance for Loan Losses. The allowance for loan losses is
increased by provisions charged to expense and decreased by
loan losses net of recoveries. The provision for loan losses
is based on the Bank's loan loss experience and management's
detailed review of the loan portfolio which considers economic
conditions, prior loan loss experience, and other factors
affecting the collectivity of loans. Accrual of interest is
discontinued on loans past due 90 days or more when collateral
is inadequate to cover principal and interest or immediately
if management believes, after considering economic and
business conditions and collection efforts, that the
borrower's financial condition is such that collection is
doubtful.
(e) Premises and Equipment. Premises and equipment are stated at
cost less accumulated depreciation. Depreciation is computed
generally by the straight line basis over the estimated useful
lives of the assets. Additions to premises and equipment and
major betterments and replacements are added to the accounts
at cost. Maintenance and repairs and minor replacements are
expensed as incurred. Gains and losses on dispositions are
reflected in current earnings.
(f) Depreciation. For financial reporting, property and equipment
are depreciated using the straight line method; for income tax
reporting, depreciation is computed using statutory
accelerated methods. Leasehold improvements are amortized on
the straight line method over the estimated useful lives of
the improvements. Income taxes in the accompanying financial
statements reflect the depreciation method used for financial
reporting and, accordingly, include a provision for the
deferred income tax effect of depreciation which will be
recognized in different periods for income tax reporting.
(g) Earnings Per Share
Earnings per share were computed by using the average
shares outstanding for each period presented. The 1997 average
shares have been adjusted to reflect the sale of 17,818.008
shares of the Company's common stock through the dividend
reinvestment plan and 1,700 shares exercised from the employee
stock option plan during the first nine months of 1997. The
1996 average shares have been adjusted to reflect the sale of
8,631 shares through the dividend reinvestment program on
January 25, 1996 and 7,673.88 shares on July 25, 1996. The
average shares of outstanding stock for the first nine months
of 1997 and 1996 were 1,461,088.885 shares and 1,447,854
shares, respectively.
As of September 30, 1997, the Company had outstanding
granted options to purchase 73,750 shares of Benchmark
Bankshares, Inc. stock to employees and directors under two
separate incentive stock plans. Based on current trading
values of the stock, the stock options are not considered
materially dilutive; therefore, the Company's earnings per
share are reported as a simple capital structure.
<PAGE>
Page 11 of 17
(h) Cash and Cash Equivalents
The term cash as used in the Condensed Consolidated Statement
of Cash Flows refers to all cash and cash equivalent
investments. For purposes of the statement, Federal Funds
sold, which have a one day maturity, are classified as cash
equivalents.
(i) The table below reflects the components of the Net
Deferred Tax Asset account as of September 30, 1997:
Deferred tax assets resulting from loan
loss reserves $406,255
Deferred tax liabilities resulting from
depreciation (83,995)
Unrealized securities losses (76,811)
Net Deferred Tax Asset $245,449
<PAGE>
Page 12 of 17
Item 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following is management's discussion and analysis
of certain significant factors which have affected the
Company's financial position and operating results during the
periods included in the accompanying condensed financial
statements.
Nine Months Ending September 30: 1997 Versus 1996
Earnings Summary
Net income of $1,925,133 for the first nine months of
1997 increased $92,091 or 5.02% as compared to net income of
$1,833,042 earned during the first nine months of 1996.
Earnings per share of $1.32 as of September 30, 1997 increased
$.05 over the September 30, 1996 level of $1.27. The
annualized return on average assets of 1.65% decreased 3.5%
while the annualized return on average equity of 16.70%
decreased 9.23% when comparing first nine months 1997 results
with those of first nine months 1996.
The increase in earnings reflects a continued growth
in loans and deposits with a favorable interest rate spread.
Interest Income and Interest Expense
Total interest income of $10,180,389 for the first
nine months of 1997 increased $769,396 or 8.17% over interest
income of $9,410,993 recorded during the first nine months of
1996. The major area of increase was in interest and fees on
loans, which was a direct result from the growth of the loan
portfolio. Since loan growth exceeded deposit growth for the
period, management had reduced the amount of funds invested in
both short and long-term investments. This strategy led to
higher yields on assets.
Total interest expense in the first nine months of
1997 increased to a level of $4,853,985. This amounted to an
increase of $289,267 or 6.33% over the level reached during
the first nine months of 1996. This increase in interest
expense resulted from deposit growth.
Provision for Loan Losses
While the Company's loan loss experience ratio
remains low, management continues to set aside increasing
provisions to the loan loss reserve. During the first nine
months of 1997, the Bank increased the loan loss reserve by
$145,614 to a level of $1,349,480 or 1.06% of the outstanding
loan balance.
At year end 1996, the reserve level amounted to
$1,170,984 or 1.00% of the outstanding loan balance net of
unearned interest.
Non-Accrual Loans
Non-accrual loans consist of loans accounted for on a
non-accrual basis. These loans are maintained on a non-accrual
status because of deterioration in the financial condition of
the borrower or payment in full of principal or interest is
not expected or principal or interest has been in default for
a period of 90 days or more unless the asset is both well
secured and in the process of collection.
As of September 30, 1997, the Bank had 2,452,841 or 1.93%
of the loan portfolio classified as non-accrual loans.
<PAGE>
Page 13 of 17
Non-Interest Income and Non-Interest Expense
Non-interest income of $442,134 increased $18,057 or
4.25% for the first nine months of 1997 as compared to the
level of $424,077 reached during the first nine months of
1996. The increase primarily resulted from an increase in fees
collected on deposit accounts.
Non-interest expense of $2,690,367 increased $263,325
or 10.84% for the first nine months of 1997 as compared to the
level of $2,427,042 reached during the first nine months of
1996 as increases in salaries due to staffing the new office
were offset by a decrease in other operating expenses.
Off Balance Sheet Instruments/Credit Concentrations
The Company is a party to financial instruments with
off balance sheet risk in the normal course of business to
meet the financing needs of its customers. Unless noted
otherwise, the Company does not require collateral or other
security to support these financial instruments. Standby
letters of credit are conditional commitments issued by the
Company to guarantee the performance of a customer to a third
party. Those guarantees are primarily issued to facilitate the
transaction of business between these parties where the exact
financial amount of the transaction is unknown, but a limit
can be projected. The credit risk involved in issuing letters
of credit is essentially the same as that involved in
extending loan facilities to customers. There is a fee charged
for this service.
As of September 30, 1997, the Bank had $1,250,478
outstanding letters of credit. These instruments are based on
the financial strength of the customer and the existing
relationship between the Company and the customer.
The maturities of these instruments are as follows:
1998 $658,978
1999 26,000
2000 -
2001 565,500
Liquidity
As of the end of the first nine months of 1997,
$49,997,185 or 39.39% of gross loans will mature or are
subject to repricing within one year. These loans are funded
in part by $13,277,452 in certificates of deposit of $100,000
or more of which $6,854,679 mature in one year or less.
Currently, the Bank has a maturity average ratio for
the next twelve months of 65.70% when comparing assets and
deposits.
At year end 1996, $51,388,029 or 47.24% of gross
loans were scheduled to mature or were subject to repricing
within one year and $13,829,055 in certificates of deposit
were scheduled to mature during 1997.
Capital Adequacy
Total shareholder equity was $16,369,865 or 10.26% of
total assets as of September 30, 1997. This compared to
$14,361,673 or 9.52% of total assets as of December 31, 1996.
<PAGE>
Page 14 of 17
Primary capital (shareholders' equity plus loan loss
reserves) of $17,719,345 represents 11.10% of total assets as
of September 30, 1997 as compared to $15,565,539 or 10.31% of
total assets as of December 31, 1996.
The increase in the equity position resulted from the
sale of additional stock through the Dividend Reinvestment
Program as well as a significant increase in earnings in the
first nine months of 1997 versus the first nine months of
1996.
<PAGE>
Page 15 of 17
Three Months Ending September 30: 1997 Versus 1996
The same operating policies and philosophies discussed in the
nine month discussion were prevalent throughout the third quarter and
the operating results were predictably similar.
Earnings Summary
Net income of $623,190 for the third quarter of 1997 decreased
$12,899 or 2.02% as compared to the $636,089 earned during the third
quarter of 1996. Earnings per share of $.43 for the third quarter of
1997 decreased $.01 or 2.27% when compared to the corresponding period
in 1996. The annualized return on average assets was 1.57% and the
return on average equity was 15.83% for the third quarter of 1997. This
compares to a return on average assets of 1.7% and a return on average
equity of 18.6% for the same period in 1996.
The decreased earnings reflect an increase in the loan loss
provision and an increase in operating cost during the third quarter.
Interest Income and Interest Expense
Total interest income of $3,478,902 for the third quarter of
1997 increased $254,952 or 7.90% from the total interest income of
$3,223,950 for the corresponding quarter in 1996. The increase resulted
from growth in the loan portfolio. Interest and fees on loans amounted
to $3,123,813. This represented an increase of $216,312 or 7.43% over
the corresponding period in 1996.
Interest expense for the third quarter of 1997 increased
$171,833 or 10.98% over the same period in 1996. The increase in
interest expense reflected the deposit growth within the Bank's trade
area.
Provisions for Loan Losses
During the third quarter, the demand for loans was strong and
the level of quality loans continued to increase. During the period,
the Bank provided an additional $147,784 to the reserve through its
provision for loan loss.
Loans and Deposits
During the third quarter of 1997, net loans grew $4,254,264 or
3.51%. This growth resulted from the continued strong loan demand
experienced throughout the Company's trade area.
Deposits increased by $2,314,256 or 1.65% for the three month
period ending September 30, 1997. Management feels that the growth in
deposits has resulted from an increase in the size of the trade area as
well as further penetration into existing market areas.
<PAGE>
Page 16 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
September 30, 1997
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 a Vote of Security Holders
None
Item 5 Other Information
None
Item 6 Report on Form 8-K
No reports on Form 8-K have been filed
during the quarter ended September 30, 1997.
<PAGE>
Page 17 of 17
Form 10-QSB
Benchmark Bankshares, Inc.
September 30, 1997
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Benchmark Bankshares, Inc.
(Registrant)
Date: October 20, 1997 Ben L. Watson, III
------------------
President & CEO
Date: October 20, 1997 Janice C. Whitlow
-----------------
Cashier and Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<CURRENCY> $
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 4,845,018
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 7,343,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 13,621,022
<INVESTMENTS-CARRYING> 3,104,450
<INVESTMENTS-MARKET> 16,580,275
<LOANS> 126,628,165
<ALLOWANCE> 1,349,480
<TOTAL-ASSETS> 159,520,019
<DEPOSITS> 142,099,069
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
0
0
<COMMON> 308,471
<OTHER-SE> 16,061,394
<TOTAL-LIABILITIES-AND-EQUITY> 159,520,019
<INTEREST-LOAN> 9,133,353
<INTEREST-INVEST> 1,047,036
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 10,180,389
<INTEREST-DEPOSIT> 4,853,985
<INTEREST-EXPENSE> 4,853,985
<INTEREST-INCOME-NET> 5,326,404
<LOAN-LOSSES> 293,979
<SECURITIES-GAINS> (1,468)
<EXPENSE-OTHER> 2,690,367
<INCOME-PRETAX> 2,784,192
<INCOME-PRE-EXTRAORDINARY> 2,784,192
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,925,133
<EPS-PRIMARY> 1.32
<EPS-DILUTED> 1.32
<YIELD-ACTUAL> 5.61
<LOANS-NON> 2,452,841
<LOANS-PAST> 470,501
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 9,322,660
<ALLOWANCE-OPEN> 1,203,866
<CHARGE-OFFS> 248,254
<RECOVERIES> 199,890
<ALLOWANCE-CLOSE> 1,349,480
<ALLOWANCE-DOMESTIC> 1,349,480
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,349,480
</TABLE>
