FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Amendment No. 1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1994
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from____________to_____________
Commission file number 0-16272
------------
Hometown Bancorporation, Inc.
-----------------------------
(Exact name of Registrant as specified its charter)
Delaware 06-1199559
-------- ------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
20 West Avenue, P.O. Box 1265, Darien, CT 06820
------------------------------------------------
(Address of principal executive offices)
(203) 656-2265
--------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 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
--- ---
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date:
Class Outstanding at July 31, 1994
----- ----------------------------
Common Stock (Voting), $1 par
Value 1,678,196
---------
<PAGE>
HOMETOWN BANCORPORATION, INC.
-----------------------------
INDEX
-----
Page
----
Part I - Financial Information
------------------------------
Item 1. - Financial Statements
-------
Consolidated Balance Sheet -
June 30, 1994 and December 31, 1993 3
Consolidated Statement of Income -
Three Months Ended June 30, 1994 and 1993 4-5
Consolidated Statement of Income -
Six Months Ended June 30, 1994 and 1993 6-7
Consolidated Statement of Cash Flows -
Six Months Ended June 30, 1994 and 1993 8
Item 2. - Management's Discussion and Analysis
------- of Financial Condition and Results of Operations 9-13
Part II - Other Information
- ---------------------------
Item 6. - Exhibits and Reports on Form 8-K 14
-------
Signatures 15
2
<PAGE>
Part I
Item 1. - Financial Statements
------------------------------
Hometown Bancorporation, Inc.
Consolidated Balance Sheet
(000's of dollars except par value and share amounts)
Restated
June 30, December 31,
1994 1993
---- ----
ASSETS (unaudited)
Cash and due from banks $6,607 $7,124
Federal funds sold -- 6,370
Investments available for sale, at fair value 64,498 54,016
Investments held to maturity (fair value:
$49,105 in 1994 and $40,558 in 1993) 49,328 40,060
Loans, less allowance for loan losses of
$3,003 in 1994 and $3,640 in 1993 84,793 85,461
Equipment and leasehold improvements, net of
accumulated depreciation of $1,404 in 1994
and $1,578 in 1993 1,727 1,781
Other real estate owned 1,245 1,271
Other assets 4,643 5,269
------- -------
Total Assets $212,841 $201,352
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand $20,574 $22,995
NOW and money market accounts 76,852 78,806
Savings deposits 16,717 15,275
Certificates of deposit of $100 and over 7,976 6,426
Other time deposits 48,819 36,139
------- -------
170,938 159,641
FHLBB advances 27,555 25,000
Accrued interest and other liabilities 681 2,257
------- -------
Total Liabilities 199,174 186,898
------- -------
STOCKHOLDERS' EQUITY
Preferred Stock, par value $1; 2,000,000 shares
authorized, none issued and outstanding
Common Stock, par value $1; 10,000,000 shares
authorized, 1,678,171 and 1,659,141 issued
and outstanding in 1994 and 1993, respectively 1,833 1,833
Surplus 13,960 13,960
Retained earnings (accumulated deficit) 163 (494)
Treasury stock - 153,155 and 174,155 shares in 1994
and 1993, respectively, at cost (898) (1,008)
Unrealized (loss) gain on investments available
for sale (1,391) 163
------- -------
Total Stockholders' Equity 13,667 14,454
------- -------
Total Liabilities and Stockholders' Equity $212,841 $201,352
======= =======
3
<PAGE>
Hometown Bancorporation, Inc.
Consolidated Statement of Income
(000's of dollars except par value and share amounts)
Restated
For the three months ended
June 30,
1994 1993
---- ----
Interest and dividend income: (unaudited) (unaudited)
Interest and fees on loans $1,657 $1,667
Interest on investment securities:
Taxable:
Obligations of U.S. Agencies 721 763
Other 631 324
Interest on federal funds sold 17 31
Dividends 22 20
------- -------
Total interest and dividend income 3,048 2,805
Interest expense:
Deposits 1,069 1,010
Other 275 247
------- -------
1,344 1,257
Net interest income 1,704 1,548
Provision for loan losses -- 125
Provision for OREO losses 25 60
------- -------
Net interest income after provision for
loan and OREO losses 1,679 1,363
Other operating revenue:
Deposit and other service charges 159 171
Mortgage origination fees 169 264
Other 30 21
------- -------
Net interest income and operating revenue 2,037 1,819
Other operating expenses:
Salaries and benefits 740 638
Occupancy expense 142 139
FDIC insurance premiums 100 96
Depreciation 99 82
Advertising and marketing 63 50
Foreclosure expense and cost of other
real estate owned 30 46
Other operating expenses 410 368
------- -------
Total other operating expenses 1,584 1,419
Income before taxes 453 400
Provision for federal and state income taxes 163 153
------- -------
Net income $290 $247
==== =====
4
<PAGE>
Restated
For the three months ended
June 30,
1994 1993
---- ----
(unaudited) (unaudited)
Earnings per share
Primary:
Earnings per share -- primary $.17 $.14
==== ====
Average number of shares outstanding 1,755,347 1,709,045
========= =========
Fully diluted:
Earnings per share -- fully diluted $.17 $.14
==== ====
Total common stock equivalents 1,756,415 1,716,084
========= =========
5
<PAGE>
Hometown Bancorporation, Inc.
Consolidated Statement of Income
(000's of dollars except par value and share amounts)
Restated
For the six months ended
June 30,
1994 1993
---- ----
Interest and dividend income: (unaudited) (unaudited)
Interest and fees on loans $3,278 $3,307
Interest on investment securities:
Taxable:
Obligations of U.S. Agencies 1,499 1,190
Other 1,015 1,001
Interest on federal funds sold 46 40
Dividends 52 45
------- -------
Total interest and dividend income 5,890 5,583
Interest expense:
Deposits 1,978 1,970
Other 538 557
------- -------
2,516 2,527
Net interest income 3,374 3,056
Provision for loan losses 25 310
Provision for OREO losses 34 60
------- -------
Net interest income after provision for
loan and OREO losses 3,315 2,686
Other operating revenue:
Deposit and other service charges 327 332
Mortgage origination fees 335 357
Securities gains 45 27
Other 96 99
------- -------
Net interest income and operating revenue 4,118 3,501
Other operating expenses:
Salaries and benefits 1,445 1,280
Occupancy expense 285 279
FDIC insurance premiums 199 193
Depreciation 198 165
Advertising and marketing 125 100
Foreclosure expense and cost of other
real estate owned 60 92
Other operating expenses 747 698
------- -------
Total other operating expenses 3,059 2,807
Income before taxes and cumulative effect
of an accounting change 1,059 694
Provision for federal and state income taxes 382 253
Net income before cumulative effect of an ----- ------
accounting change 677 441
Cumulative effect of an accounting change
FAS 109 -- 1,125
------- -------
Net income $677 $1,566
==== =====
6
<PAGE>
Restated
For the six months ended
June 30,
1994 1993
---- ----
(unaudited) (unaudited)
Earnings per share
Primary:
Earnings per share before taxes and
cumulative effect of an accounting change $.39 $.26
Cumulative effect of an accounting change - FAS 109 -- .67
---- ----
Earnings per share -- primary $.39 $.93
==== ====
Average number of shares outstanding 1,747,437 1,691,288
========= =========
Fully diluted:
Earnings per share before taxes and
cumulative effect of an accounting change $.39 $.26
Cumulative effect of an accounting change - FAS 109 -- .66
---- ----
Earnings per share -- fully diluted $.39 $.92
==== ====
Average number of shares outstanding 1,748,996 1,699,719
========= =========
7
<PAGE>
Hometown Bancorporation, Inc.
Consolidated Statement of Cash Flows
(thousands of dollars)
Restated
For the Six Months ended
June 30,
1994 1993
---- ----
Cash Flows from Operating Activities: (unaudited) (unaudited)
Net income $677 $1,566
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization, net 198 165
Provision for loan losses and OREO losses 59 370
Securities gains (45) (27)
Decrease (increase) in other assets 626 (5,469)
(Decrease) in other liabilities (1,576) 919
------ ------
Net cash provided (used) by operating activities (61) (2,476)
------ ------
Cash Flows from Investing Activities:
Proceeds from the maturity of investments held
to maturity 10,868 4,508
Purchase of investments held to maturity (21,513) (4,166)
Proceeds from the sale of investments held to
maturity -- 7,800
Proceeds from the maturity of investments
available for sale 12,302 --
Purchase of investment securities available
for sale (33,249) (9,072)
Proceeds from the sale of investments available
for sale 9,645 --
Net decrease (increase) in loans 1,305 (2,668)
Decrease in foreclosed assets (8) 69
(Purchase) of capital assets (119) (412)
------ ------
Net cash (used) by investing activities (20,769) (3,941)
------ ------
Cash Flows from Financing Activities:
Net (decrease) in demand deposits, NOW
accounts, money market accounts and
savings accounts (2,933) (1,481)
Net increase (decrease) in certificates of deposit
and other time deposits 14,230 (2,570)
Increase in FHLBB advances 2,555 5,000
Exercise of stock options 91 376
------ ------
Net cash provided by financing activities 13,943 1,325
------ ------
Net decrease in cash and cash equivalents (6,887) (5,092)
Cash and cash equivalents at the beginning of
the period 13,494 14,857
------ ------
Cash and cash equivalents at the end of the period $6,607 $9,765
====== ======
8
<PAGE>
Item 2. - Management's Discussion and Analysis of Financial
-------------------------------------------------
Condition and Results of Operations
-----------------------------------
Introduction
------------
Hometown Bancorporation, Inc. (the "Company") was formed to become
a holding company for The Bank of Darien (the "Bank"), to raise
additional capital and to provide a vehicle for other permitted holding
company activities. On July 21, 1987, each share of the Bank's
outstanding common stock was exchanged for one share of Common Stock,
par value $1.00, of the Company. This transaction was recorded in a
manner analogous to a pooling of interests.
The Bank is the sole subsidiary of the Company. The business of the
Company consists of ownership of the capital stock of the Bank.
The Bank, which currently has offices in Darien and Westport,
Connecticut, is a full service commercial institution with a market area
within Southern Fairfield County. Its commitment to service excellence
is supported by a flexible approach to banking, immediate problem
resolution and local decision making with fast turnaround. The staff's
commitment to excellence is evidenced by low turnover of personnel and
courteous and efficient service.
The Bank, a member of the FDIC, offers a complete line of financial
services to the retail and commercial market segments. Deposit products
range from checking, NOW and money market accounts, savings accounts,
certificates of deposit, individual retirement accounts and Keoghs.
Loan products include personal and commercial loans, mortgages, home
equity lines of credit, secured and unsecured loans, MasterCard, VISA
and Gold MasterCard credit cards.
Results of Operations
---------------------
The Company earned consolidated net income of $290,000 or $.17 per
share and $247,000 or $.14 per share for the three months ended June 30,
1994 and 1993, respectively. The Company earned consolidated net income
of $677,000 or $.39 per share and $1,566,000 or $.93 per share ($.92
fully diluted) for the six months ended June 30, 1994 and 1993,
respectively. Net income for the six months ended June 30, 1993
includes a one-time benefit of $1,125,000 or $.66 per share as a result
of the Company's adoption of Financial Accounting Standard No. 109,
"Accounting for Income Taxes" ("FAS 109"), as of January 1, 1993. Net
operating income increased $236,000 or 54% from $441,000 (net income
before the cumulative effect of FAS 109 in 1993) or $.26 per share
during the first six months of 1993 to $677,000 or $.39 per share during
the first six months of 1994.
Net Interest Income
-------------------
Net interest income increased $156,000 or 10% and $318,000 or 10%
for the three and six months ended June 30, 1994, as compared to the
three and six months ended June 30, 1993, respectively. The increases
in net interest income were due primarily to an increase in average
interest earning assets for the three and six month periods as compared
9
<PAGE>
to the prior year. Below is the yield analysis for the six months ended
June 30, 1994 and for the year ended December 31, 1993.
HOMETOWN BANCORPORATION, INC.
YIELD ANALYSIS
(000's of dollars)
For the Six Months Ended For the Year Ended
June 30, 1994 December 31, 1993
Average Average
Balance Interest Yield Balance Interest Yield
------- -------- ----- -------- -------- -----
ASSETS
- ------
Interest earning assets:
Loans (1) $ 87,782 $3,278 7.47% $ 91,043 $ 6,596 7.24%
Investment securities 103,219 2,566 4.97% 80,875 4,598 5.69%
Federal funds sold 2,834 46 3.27% 3,839 110 2.87%
-------------------------------------------------------
Total interest earning
assets 193,835 5,890 6.08% 175,757 11,304 6.43%
-------------------------------------------------------
Non interest earning assets:
Cash and due from banks 6,370 6,665
Allowance for loan
losses (3,512) (3,353)
Other assets 9,156 12,048
------- -------
Total assets $205,849 $191,117
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Interest bearing liabilities:
Savings deposits $ 16,005 162 2.04% $ 14,535 343 2.36%
NOW accounts 28,188 189 1.35% 24,635 488 1.98%
Money market deposits 51,468 680 2.66% 50,228 1,381 2.75%
Time deposits 46,605 947 4.06% 43,033 1,610 3.74%
Other interest bearing
liabilities 25,384 538 4.24% 24,170 1,173 4.85%
------------------------------------------------------
Total interest bearing
liabilities 167,650 2,516 3.00% 156,601 4,995 3.19%
------------------------------------------------------
Non interest bearing
liabilities:
Demand deposits 18,922 17,701
Other liabilities 4,231 3,163
Stockholders' equity 15,046 13,652
Total liabilities and -------- --------
stockholders' equity $205,849 $191,117
======== ========
------ -------
Net interest income $3,374 $ 6,309
====== =======
Net yield on interest
earning assets 3.48% 3.59%
===== =====
(1) Includes nonaccruing loans.
Provision and Allowance for Loan Losses
---------------------------------------
The Company maintains an allowance for loan losses which is recorded
through a provision for loan losses. The provision for loan losses is
charged to operations based on management's assessment of such loan
related factors as loan risk, including collateral and liquidation value
of that collateral, loan type, current economic conditions and other
pertinent factors.
10
<PAGE>
The Company, in its assessment of the allowance for loan losses,
utilizes a risk rating system. This system involves an ongoing review
of the loan portfolio that culminates in loans being assigned a risk
factor based upon various credit criteria. If the review indicates a
possibility that some portion of the loan may result in a loss, a
specific allowance is established for the amount of the estimated loss.
If the review indicates that it is probable that some portion of the
loan will result in a loss, that portion of the loan is charged-off as a
reduction of the loan and allowance for loan losses balance. In
determining the allowance for loan losses for the balance of the
portfolio, loans are classified as to industry and collateral type with
risk assessments made for each category of loans. Reserve requirements
are then established for each category and provided for in the allowance
for loan losses.
For the three months ended June 30, 1994 and 1993 the Company
recorded a provision to the allowance for loan losses of $0 and
$125,000, respectively. For the six months ended June 30, 1994 and
1993, the Company recorded a provision to the allowance for loan losses
of $25,000 and $310,000, respectively. The reduction in the provision
for loan losses is due to an overall improvement in the performance of
the loan portfolio as reflected in the decline in nonperforming assets.
The following table illustrates nonperforming assets and allowance for
possible loan loss coverage ratios for the Company at June 30, 1994 and
December 31, 1993.
June 30, December 31,
1994 1993
---- ----
(thousands of dollars)
Nonaccruing loans $978 $1,583
Other real estate owned, net 1,245 1,271
----- -----
Total nonperforming assets $2,223 $2,854
===== =====
Restructured and performing loans $610 $1,348
===== =====
Nonaccruing loans to gross loans 1.11% 1.77%
Nonperforming assets to total assets 1.04% 1.41%
Allowance for loan losses $3,003 $3,640
Coverage Ratios:
Allowance for loan losses to gross loans 3.41% 4.07%
Allowance for loan losses to nonperforming assets 135.09% 127.54%
Had the nonaccruing loans in the table above been current, gross
interest income on these loans for the six months ended June 30, 1994
would have been approximately $43,000. There was no interest income actually
recorded on these loans during 1994.
11
<PAGE>
Other Operating Revenue
-----------------------
For the three and six months ended June 30, 1994, total other operating
revenue decreased $98,000 or 21% and $2,000 or .2%, as compared to the
three and six months ended June 30, 1993. The decrease in the second
quarter is due to a $95,000 or 36% decline in mortgage origination fees
from $264,000 for the quarter ended June 30, 1993 to $169,000 for the
quarter ended June 30, 1994. The decline for the six months ended June
30, 1994 as compared to the six months ended June 30, 1993 reflects
lower mortgage origination fees as compared to 1993 offset by increases
in security gains realized in 1994. The decline in mortgage origination
fees during 1994 is the result of the rise in interest rates which
curbed mortgage loan demand.
Other Operating Expenses
------------------------
For the three and six months ended June 30, 1994 total other
operating expenses increased $165,000 or 12% and $252,000 or 9%,
respectively, as compared to the three and six months ended June 30,
1993. The increase in total other operating expenses during the three
and six months ended June 30, 1994 is primarily due to increases in
salaries and benefits, occupancy expense, FDIC insurance premiums,
depreciation, and advertising and marketing.
Total other operating expenses as a percentage of average total
assets declined to an annual rate of 2.97% for the six months ended June
30, 1994 from 3.01% for the six months ended June 30, 1993.
For the three and six months ended June 30, 1994 salaries and
benefits expense increased $102,000 or 16% and $165,000 or 13%,
respectively, versus the three and six months ended June 30, 1993. This
increase reflects increases in the cost of comprehensive benefits,
primarily medical and dental insurance, offered to employees combined
with unemployment and FICA taxes, and an increase in full-time
equivalent employees to support the Company's growth in assets.
Occupancy expense increased $3,000 or 2% and $6,000 or 2% for the
three and six months ended June 30, 1994 as compared to the three and
six months ended June 30, 1993. This increase is due to scheduled rent
increases.
For the three and six months ended June 30, 1994, FDIC insurance
premiums increased $4,000 or 4% and $6,000 or 3% as compared to the
three and six months ended June 30, 1993. The increase is due to the
growth in deposits during the three and six months ended June 30, 1994
versus the three and six months ended June 30, 1993.
For the three and six months ended June 30, 1994, depreciation
increased $17,000 or 21% and $33,000 or 20% as compared to the three and
six months ended June 30, 1993. This increase is due to the Bank's
upgrade of its computer system during the fourth quarter of 1993.
Advertising and marketing increased $13,000 or 26% and $25,000 or
25% for the three and six months ended June 30, 1994 compared to the
corresponding periods in 1993. This increase reflects the Bank's
continuing effort to market the Bank's products effectively.
Foreclosure expense and cost of Other Real Estate Owned is down
$16,000 or 35% and $32,000 or 35% for the three and six months ended
June 30, 1994 versus the three and six months ended June 30, 1993. This
decrease is due to an overall improvement in the loan portfolio during
1994.
12
<PAGE>
Liquidity and Capital Resources
-------------------------------
Total deposits of the Company increased $11,297,000 or 7% to
$170,938,000 at June 30, 1994 from December 31, 1993 when total deposits
were $159,641,000. Deposit balances increased due primarily to higher
CD and other time deposit balances at June 30, 1994.
In addition to deposits (the Bank's primary funding and liquidity
source) liquidity is managed through continuous maturity of earning
assets, federal funds lines of credit and Federal Home Loan Bank
Advances.
The Company's total capital decreased $787,000 from December 31,
1993 to June 30, 1994, due to unrealized loss on investments available-
for-sale of $1,391,000 offset by net income of $677,000 for the six
months ended June 30, 1994. Illustrated below are the Company's capital
to asset ratios and the corresponding regulatory minimums.
Hometown Bancorporation, Inc.
Capital Ratios
June 30, Regulatory
1994 Minimum
-------- ----------
Tier one leverage capital ratio 6.61% 4.00%
Risk-based capital ratio 14.61% 8.00%
The following summarizes the Company's investment portfolio by type of
security at June 30, 1994:
Carrying Approximate
Amount Fair Value
----- ----------
(thousands of dollars)
Investments held to maturity:
Obligations of U. S. Government Agencies $ 8,397 $ 8,431
U. S. Agency Mortgage-backed Securities 29,394 29,124
Other mortgage-backed securities 10,519 10,526
U. S. Treasury Securities 1,018 1,024
------ ------
$49,328 $49,105
====== ======
Investments available for sale:
Obligations of U. S. Government Agencies $ 495 $ 480
U. S. Agency Mortgage-backed Securities 38,979 37,664
Other mortgage-backed securities 21,823 21,798
U. S. Treasury Securities 3,134 3,098
Federal Home Loan Bank Stock 1,458 1,458
------ ------
$65,889 $64,498
====== ======
13
<PAGE>
Part II
Item 6. Exhibits and Reports on form 8-K
- -----------------------------------------
(a) Exhibits
No. Description
--- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K
During the quarter ended June 30, 1994, the Company filed no
Current Reports on Form 8-K.
14
<PAGE>
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Hometown Bancorporation, Inc.
Date: November 28, 1995 By:/s/KEVIN E. GAGE
Kevin E. Gage
President and
Chief Executive Officer
Date: November 28, 1995 By:/s/ALBERT T. JARONCZYK
Albert T. Jaronczyk
Senior Vice President and
Chief Financial Officer
15
<PAGE>
EXHIBIT INDEX
No. Description
- --- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF THE COMPANY AS OF JUNE 30, 1994 AND FOR THE SIX MONTHS
THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1994
<CASH> 6,607
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 64,498
<INVESTMENTS-CARRYING> 49,328
<INVESTMENTS-MARKET> 49,105
<LOANS> 87,796
<ALLOWANCE> 3,003
<TOTAL-ASSETS> 212,841
<DEPOSITS> 170,938
<SHORT-TERM> 27,555
<LIABILITIES-OTHER> 681
<LONG-TERM> 0
<COMMON> 1,833
0
0
<OTHER-SE> 11,834
<TOTAL-LIABILITIES-AND-EQUITY> 212,841
<INTEREST-LOAN> 3,278
<INTEREST-INVEST> 2,566
<INTEREST-OTHER> 46
<INTEREST-TOTAL> 5,890
<INTEREST-DEPOSIT> 1,978
<INTEREST-EXPENSE> 2,516
<INTEREST-INCOME-NET> 3,374
<LOAN-LOSSES> 25
<SECURITIES-GAINS> 45
<EXPENSE-OTHER> 3,059
<INCOME-PRETAX> 1,059
<INCOME-PRE-EXTRAORDINARY> 677
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 677
<EPS-PRIMARY> 0.39
<EPS-DILUTED> 0.39
<YIELD-ACTUAL> 6.08
<LOANS-NON> 978
<LOANS-PAST> 474
<LOANS-TROUBLED> 610
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,640
<CHARGE-OFFS> 687
<RECOVERIES> 25
<ALLOWANCE-CLOSE> 3,003
<ALLOWANCE-DOMESTIC> 3,003
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
