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
COMMISSION FILE NUMBER: 0-23790
MetroBanCorp
An Indiana Corporation - I.R.S. No. 35-1712167
10333 N. Meridian Street, Suite 111
Indianapolis, Indiana 46290
Telephone (317) 573-2400
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: 1,681,291 Shares
Transitional Small Business Disclosure Format:
Yes___ No X
<PAGE>
MetroBanCorp
Index
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Condition
September 30, 1996 and December 31, 1995................3
Consolidated Statement of Operations
Three Months Ended September 30, 1996 and 1995..........4
Consolidated Statement of Operations
Nine Months Ended September 30, 1996 and 1995...........5
Consolidated Statement of Cash Flows
Nine Months Ended September 30, 1996 and 1995...........6
Notes to Consolidated Financial Statements..............7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...........8
PART II. OTHER INFORMATION
Item 6. Exhibits.........................................13
Signatures...............................................14
<PAGE>
<TABLE>
MetroBanCorp
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of Condition
(unaudited)
(dollars in thousands)
<CAPTION>
09/30/96 12/31/95
-------- --------
<S> <C> <C>
Assets
Cash and Due from Banks............. $ 5,415 $ 11,432
Federal Funds Sold.................. 0 6,650
-------- --------
Total Cash and Cash Equivalents..... 5,415 18,082
Investment Securities HTM -at Cost.. 10,055 10,266
Investment Securities AFS -at Market 20,068 18,809
-------- --------
Total Investment Securities......... 30,123 29,075
Loans:
Gross Loans........................ 67,295 60,452
Less: Allowance for Loan Losses.... (910) (910)
-------- --------
Loans, Net.......................... 66,385 59,542
Premises and Equipment, Net......... 1,831 1,910
Accrued Interest Receivable......... 939 953
Core Deposit Intangible, Net........ 357 463
Deferred Tax Asset.................. 348 365
Other Assets........................ 369 489
-------- --------
Total Assets......................... $105,767 $110,879
======== ========
Liabilities
Deposits:
Non-Interest Bearing Demand.... $ 13,920 $ 17,983
Interest Bearing:
Savings and NOW Accounts.... 38,197 41,199
CD's of $100,000 and over... 11,128 8,697
Other Time Deposits......... 26,943 26,985
-------- --------
Total Deposits...................... 90,188 94,864
Federal Funds Purchased............. 1,600 0
Securities Sold Under Agreements
To Repurchase.................. 1,500 3,900
Accrued Interest Payable............ 457 466
Other Liabilities................... 619 504
-------- --------
Total Liabilities.................... $ 94,364 $ 99,734
======== ========
Commitments and Contingencies 0 0
Shareholders' Equity
Preferred Stock:
1,000,000 Shares Authorized:
None Outstanding............... 0 0
Common Stock:
Authorized Shares - 3,000,000
Issued & Outstanding
Shares 1,681,291.............. 11,210 11,210
Accumulated Earnings................ 355 119
Net Unrealized Loss on Investment
Securities AFS................. (162) (184)
-------- --------
Total Shareholders' Equity........... 11,403 11,145
-------- --------
Total Liabilities & Shareholders' Equity $105,767 $110,879
======== ========
See "Notes to Consolidated Financial Statements"
</TABLE>
<PAGE>
<TABLE>
MetroBanCorp
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of Operations
(unaudited)
(dollars in thousands, except share data)
<CAPTION>
Three Months Three Months
ended ended
09/30/96 09/30/95
----------- ------------
<S> <C> <C>
Interest Income
Interest and Fees on Loans............ $1,600 $1,504
Interest on Investment Securities..... 413 355
Interest on Federal Funds Sold........ 4 53
------ ------
Total Interest Income.................. 2,017 1,912
Interest Expense
Interest on Deposits.................. 882 843
Other Interest........................ 8 1
------ ------
Total Interest Expense................. 890 844
------ ------
Net Interest Income.................... 1,127 1,068
------ ------
Provision for Loan Losses.............. 16 45
------ ------
Net Interest Income after
Provision for Loan Losses............ 1,111 1,023
------ ------
Non-Interest Income
Service Charges on Deposit Accounts... 77 81
Other Service Charges,
Commissions and Fees................ 84 137
------ ------
Total Non-Interest Income.............. 161 218
Non-Interest Expense
Salaries and Employee Benefits......... 403 385
Occupancy Expense...................... 63 48
Equipment Expense...................... 80 42
Advertising & Public Relations......... 46 53
Legal & Professional Services.......... 36 1
Data Processing........................ 49 45
Student Loan Servicing Fees............ 28 33
FDIC Insurance Assessment.............. 105 44
Amortization of Core Deposit Intangible 35 35
Other.................................. 190 203
------ ------
Total Non-Interest Expense.............. 1,035 889
Income before Income Taxes.............. 237 352
Applicable Income Taxes................. 106 142
------ ------
Net Income.............................. $ 131 $ 210
====== ======
Net Income per Weighted Average Share... $ .08 $ .12
Weighted Average Shares Outstanding..... 1,681,291 1,681,291
See "Notes to Consolidated Financial Statements"
</TABLE>
<PAGE>
<TABLE>
MetroBanCorp
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of Operations
(unaudited)
(dollars in thousands, except share data)
<CAPTION>
Nine Months Nine Months
ended ended
09/30/96 09/30/95
----------- -----------
<S> <C> <C>
Interest Income
Interest and Fees on Loans............. $4,553 $4,226
Interest on Investment Securities...... 1,193 1,128
Interest on Federal Funds Sold......... 102 127
------ ------
Total Interest Income................... 5,848 5,481
Interest Expense
Interest on Deposits................... 2,601 2,362
Other Interest......................... 18 26
------ ------
Total Interest Expense.................. 2,619 2,388
------ ------
Net Interest Income..................... 3,229 3,093
------ ------
Provision for Loan Losses.............. 49 196
------ ------
Net Interest Income after
Provision for Loan Losses............. 3,180 2,897
------ ------
Non-Interest Income
Service Charges on Deposit Accounts.... 225 233
Other Service Charges,
Commissions and Fees............ 277 341
------ ------
Total Non-Interest Income............... 502 574
Non-Interest Expense
Salaries and Employee Benefits......... 1,218 1,127
Occupancy Expense...................... 173 140
Equipment Expense...................... 239 139
Advertising & Public Relations......... 139 161
Legal & Professional Services.......... 103 25
Data Processing........................ 169 133
Student Loan Servicing Fees............ 85 114
FDIC Insuranance Assessment............ 188 129
Amortization of Core Deposit Intangible 105 105
Other.................................. 533 535
------ ------
Total Non-Interest Expense.............. 2,952 2,608
Income before Income Taxes.............. 730 863
Applicable Income Taxes................. 326 351
------ ------
Net Income.............................. $ 404 $ 512
====== ======
Net Income per Weighted Average Share... $ .24 $ .30
Weighted Average Shares Outstanding..... 1,681,291 1,681,291
See "Notes to Consolidated Financial Statements"
</TABLE>
<PAGE>
<TABLE>
MetroBanCorp
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of Cash Flows
(unaudited)
(dollars in thousands)
<CAPTION>
Nine Months Nine Months
ended ended
09/30/96 09/30/95
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 404 $ 512
Adjustments to Reconcile Net Income to
Cash Provided by Operating Activities:
Provision for Loan Losses................. 49 196
Deferred Income Tax Provision............. 2 246
Depreciation and Amortization............. 292 227
Gain on Sale of Real Estate............... (35) 0
Net Loss on Sale of Securities............ 12 0
(Increase)/Decrease in Accrued
Interest Receivable..................... 14 (33)
Decrease in Other Assets.................. 120 (114)
(Increase)/Decrease in Accrued
Interest Payable........................ (9) 54
Increase in Other Liabilities............. 115 269
------- -------
Total Adjustments............................ 560 845
------- -------
Net Cash Flows Provided by Operating Activities 964 1,357
------- -------
Cash Flows from Investing Activities:
Proceeds from Maturities of Investment
Securities HTM............................. 211 1,016
Purchases of Investment Securities HTM....... 0 (2,082)
Proceeds from Sales of Investment
Securities AFS............................. 3,526 0
Purchases of Investment Securities AFS....... (4,767) 0
Proceeds from the Repayment of Student Loans. 1,664 46,622
Proceeds from the Sale of Student Loans...... 829 0
Net Loans made to Customers.................. (9,385) (49,587)
Purchases of Premises and Equipment.......... (473) (73)
Proceeds from the Sale of Real Estate........ 409 0
------- -------
Net Cash Flows Used in Investing Activities.... (7,986) (4,104)
------- -------
Cash Flows from Financing Activities:
Net Increase/(Decrease) in DDA,
NOW and Savings Accounts................... (7,065) 4,738
Net Increase in Certificates of Deposit...... 2,388 3,201
Net Increase in Federal Funds Purchased...... 1,600 0
Net Securities Sold Under an
Agreement to Repurchase.................... (2,400) (1,200)
Payment of Dividends......................... (168) 0
------- -------
Net Cash Flows Provided by/(Used In)
Financing Activities........................ (5,645) 6,739
------- -------
Net Increase/(Decrease) in Cash and
Cash Equivalents............................ (12,667) 3,992
Cash and Cash Equivalents at
Beginning of Period......................... 18,082 4,296
------- --------
Cash and Cash Equivalents at End of Period..... $ 5,415 $ 8,288
======= ========
See "Notes to Consolidated Financial Statements"
</TABLE>
<PAGE>
MetroBanCorp
Notes to Consolidated Financial Statements
1. Basis of Presentation
---------------------
The consolidated financial statements include the accounts of MetroBanCorp and
its wholly-owned affiliate, MetroBank (together, "Metro"). All significant
intercompany transactions and balances have been eliminated.
In the opinion of management of Metro, the consolidated financial statements
contain all the normal and recurring adjustments necessary to present fairly
the consolidated financial condition of Metro as of September 30, 1996 and
December 31, 1995, and the results of its operations for the three months
and nine months ended September 30, 1996 and 1995, and its statement of cash
flows for the nine months ended September 30, 1996 and 1995.
These statements should be read in conjunction with Metro's latest Annual
Report on Form 10-KSB for the year ending December 31, 1995.
2. Investments
-----------
The market value and amortized cost of investment securities of Metro as of
September 30, 1996 are set forth below:
<TABLE>
<CAPTION>
Market Value Amortized Cost
------------ --------------
<S> <C> <C>
Held to Maturity..... $ 9,429,000 $10,055,000
Available for Sale... 20,068,000 20,344,000
------------ --------------
Total Investments.... $29,497,000 $30,399,000
============ ==============
</TABLE>
3. Allowance for Loan and Lease Losses
-----------------------------------
Metro adopted the provisions of Statement of Financial Accounting Standard
No. 114, "Accounting by Creditors for Impairment of a Loan," as amended by
Statement of Financial Accounting Standard No. 118, on January 1, 1995. As
of September 30, 1996, Metro had investments in loans which are impaired
in accordance with SFAS Nos. 114 and 118 of $230,000. Of this amount,
$197,000 had no related specific allowance. The remaining impaired loans
had a specific allowance of $33,000.
Metro's policy for recognizing income on impaired loans is to accrue earnings
until a loan is classified non-accrual. For loans which receive the
classification of non-accrual during the current period, interest accrued to
date is charged against current earnings. All payments received on a loan
which is classified as non-accrual are utilized to reduce the principal
outstanding.
For the nine months ended September 30, 1996, the average balance of impaired
loans was $146,993. Additionally, there was no interest income earned on
these loans during the first nine months of 1996.
<PAGE>
4. The Financial Accounting Standards Board has issued SFAS No. 122,
"Accounting for Mortgage Servicing Rights," which modifies the accounting for
mortgage servicing rights to allow the recognition of servicing assets whether
they are purchased or originated. Metro adopted the provisions of this
statement effective January 1, 1996, but it did not have a material effect on
Metro's consolidated financial condition or results of operations.
ITEM 2., MANAGEMENT'S DISCUSSION AND ANALYSIS OF
- ------------------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ---------------------------------------------
The following management discussion is presented to provide information
concerning the consolidated financial condition of Metro and MetroBank
( "Bank" ) as of September 30, 1996 as compared to December 31, 1995, and the
results of operations for the three and nine month periods ending September
30, 1996 and 1995.
FINANCIAL CONDITION
- -------------------
At September 30, 1996, Metro had total assets of $105.8 million, a decrease of
$5.1 million or 4.6 percent from December 31, 1995. This decrease resulted
principally from a decrease in the Bank's interest bearing deposits and
securities sold under agreements to repurchase.
Consolidated earning assets amounted to $97.4 million or 92.1 percent of total
assets at September 30, 1996. The principal components of earning assets were
loans in the amount of $67.3 million or 69.1 percent of total earning assets,
and investment securities of $30.1 million or 30.9 percent of total earning
assets. Earning assets at December 31, 1995 were $96.2 million, and as a
percentage of total assets amounted to 86.7 percent. This $1.2 million
increase in earning assets in 1996 is due principally to increases in both
the loan and investment portfolios during the first three quarters of 1996,
combined with a decrease in non-earning assets.
LOANS
- -----
Total loans outstanding increased $6.8 million or 11.3 percent since December
31, 1995 due to an increase in short-term and intermediate-term commercial and
installment loans. This growth is a result of increased indirect lending in
home equity loans and new growth in the commercial loan portfolio. New
business has also been generated by the hiring of an experienced lender. The
overall loan demand has been relatively strong in the local economy.
At September 30, 1996, net loans amounted to 62.8 percent of total assets as
compared to 53.7 percent at year end 1995. The Bank's loan to deposit ratio,
which is one measure of liquidity, was 73.6 percent at September 30, 1996,
as compared to 63.7 percent at year end 1995.
<PAGE>
<TABLE>
Loan Portfolio at Period-End
(dollars in thousands)
<CAPTION>
September 30, December 31, %
1996 1995 Change
------------ ----------- ------
<S> <C> <C> <C>
Commercial and Financial....... $36,482 $31,122 17.2
Real Estate - Construction..... 4,586 2,251 103.7
Mortgage....................... 729 838 -13.0
Installment.................... 14,992 13,242 13.2
Student Loans.................. 10,506 12,999 -19.2
-------- -------- ------
Total Loans............... $67,295 $60,452 11.3%
Less:
Allowance for Loan Losses...... 910 910
-------- --------
Net Loans................. $66,385 $59,542
======== ========
</TABLE>
Delinquent loans at September 30, 1996 were $1.5 million, representing 2.2
percent of total loans. At December 31, 1995, delinquent loans amounted to
$1.7 million or 2.8 percent of total loans outstanding. Delinquent loans in
both periods shown above consisted primarily of student loans guaranteed by
USA Group, Inc. Non-accruing loans at September 30, 1996 amounted to
$230,000, as compared to $37,000 at December 31, 1995. Net charged-off loans
amounted to $49,309 for the nine months ending September 30, 1996.
At September 30, 1996 and December 31, 1995, the Bank had an allowance for
loan losses of $910,000. The percentage of provision for loan losses to
ending loans amounted to 1.35 percent and 1.51 percent for September 30, 1996
and December 31, 1995, respectively. The Bank provides for possible loan
losses through regular provisions to the allowance for loan losses. The
provisions are made at a level which is considered necessary by management
to absorb estimated losses in the loan portfolio and is based upon an
assessment of adequacy of the Bank's loan loss reserve account.
<PAGE>
<TABLE>
Allowance for Loan Losses
Nine Months ended September 30, 1996 and 1995
(dollars in thousands)
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Allowance for Loan Losses, January 1...... $ 910 $ 586
Loans Charged-Off:
Commercial and Financial.......... (46) (14)
Real Estate....................... 0 0
Mortgage.......................... 0 0
Installment....................... (10) (10)
Student Loans..................... 0 0
-------- --------
Total Charged-Off Loans................ (56) (24)
-------- --------
Recoveries on Charged-Off Loans:
Commercial and Financial.......... 5 3
Real Estate....................... 0 0
Mortgage.......................... 0 0
Installment....................... 2 5
Student Loans..................... 0 0
-------- --------
Total Recoveries....................... 7 8
-------- --------
Net Charged-Off Loans.................. (49) (16)
-------- --------
Provision for Loan Losses.............. 49 196
-------- --------
Allowance for Loan Losses, September 30... $ 910 $ 766
======== ========
Average Loans Outstanding.............. $63,629 $58,294
======== ========
Net Charged-Off loans to Average Loans.... 0.08% 0.03%
======== ========
</TABLE>
INVESTMENT SECURITIES
- ---------------------
Total investments at September 30, 1996 were $30.1 million, increasing by
$1 million or 3.6 percent from the amount at December 31, 1995.
<PAGE>
DEPOSITS
- --------
Total deposits at September 30, 1996 amounted to $90.2 million in comparison
to $94.9 million at December 31, 1995, representing a decrease of $4.7 million
or 4.9 percent. Since December 31, 1995, non-interest bearing demand deposits
decreased by $4.1 million or 22.6 percent. This change in demand deposits
relates to timing differences of deposits and withdrawals. The Bank typically
has a build up of deposits in the fourth quarter, followed by a decline during
the next three quarters. In the first nine months of 1996, interest bearing
deposits decreased by $614,000 or .8 percent.
OTHER LIABILITIES
- -----------------
Liabilities included federal funds purchased and securities sold under an
agreement to repurchase, which decreased a net of $800,000 since December 31,
1995. Other liabilities increased to $619,000 from $504,000 from December 31,
1995. Total liabilities decreased by $5.4 million or 5.4 percent to $94.4
million since December 31, 1995.
CAPITAL
- -------
Metro's total capital increased by a net amount of $258,000 or 2.3 percent
during the first nine months of 1996. Metro's earnings in the first nine
months of 1996 amounted to $404,000. The net unrealized loss on investment
securities available for sale amounted to $162,000 at September 30, 1996,
decreasing by $22,000 or 12 percent in 1996. Capital decreased by
approximately $168,000 in 1996 following the payment of a cash dividend in
June, 1996.
Tier 1, or core capital, for Metro and the Bank consists of shareholders'
equity less the net core deposit intangible and the non-qualifying portion of
the deferred tax asset plus the net unrealized loss on investment securities
available for sale. Total capital includes Tier 1 capital and the qualifying
portion of the allowance for loan losses. The minimum requirements for a
"well capitalized" classification are a Leverage Ratio of 5 percent, which is
Tier 1 capital divided by average total assets; a Tier 1 Risk-Based Capital
Ratio of 6 percent, which is Tier 1 capital divided by total risk-adjusted
assets; and a Total Risk-Based Capital Ratio of 10 percent, which is total
capital divided by total risk-adjusted assets. Under these guidelines, both
Metro and the Bank exceeded the regulatory minimum ratios.
<PAGE>
<TABLE>
<CAPTION>
MetroBanCorp
(dollars in thousands) (Consolidated) MetroBank
------------ -----------
<S> <C> <C>
Tier 1 capital:
Shareholders' Equity................ $11,403 $ 7,619
Less:
Intangible assets, net.............. (357) (357)
Non-qualifying deferred tax assets.. (158) 0
Add:
Net Unrealized loss on Investment
Securities available for sale.... 162 152
---------- ----------
Total Tier 1 capital................... $11,050 $ 7,414
Tier 2 capital:
Add:
Allowance for loan losses (limited
to the lesser of 1.25% of
risk-adjusted total assets or the
balance in the loan loss reserve
account)............................ 836 825
---------- ----------
Total capital.......................... $11,886 $ 8,239
Risk-adjusted assets................... $ 66,913 $ 66,014
========== ==========
Total capital to risk-adjusted assets 17.76% 12.48%
Tier 1 capital to risk-adjusted assets 16.51% 11.23%
Tier 1 capital to average total assets
(leverage ratio) 10.60% 7.38%
</TABLE>
<PAGE>
RESULTS OF OPERATIONS
- ---------------------
NET INTEREST INCOME
- -------------------
Net interest income after provision for loan losses was $3.2 million for the
nine months ending September 30, 1996, compared to $3.1 million for the
comparable period of 1995, for an increase of 4.2 percent. Net Interest
income increased principally due to growth in loans and investments, combined
with a reduction in the provision for loan losses for the first three quarters
of 1996. The Bank's provision for loan loss expense was $49,000 at
September 30, 1996, compared to $196,000 for the same period in 1995. The
provisions made in 1996 were at a level considered necessary by management to
absorb estimated losses in the loan portfolio and is based upon an assessment
of the adequacy of the Bank's loan loss reserve account.
NON-INTEREST EXPENSE
- --------------------
Non-interest expense amounted to $3.0 million for nine months ending
September 30, 1996 compared to $2.6 million for the same period in 1995, for
a $344,000 or 13.2 percent increase. The increase in Metro's non-interest
expense is due principally to the recognition of increased deposit insurance
fees resulting from a one-time assessment by the FDIC on the Bank to replenish
the Savings Association Insurance Fund and the overhead expense incurred with
the Bank's automated teller and loan machines deployed in 1996.
NET INCOME
- ----------
Metro recognized net income in the amount of $404,000 for the nine month
period ending September 30, 1996 compared to $512,000 for the same period one
year earlier.
PART II-OTHER INFORMATION
- -------------------------
Item 5. Other Information
- ------- -----------------
During the third quarter of 1996, the Bank filed an application to establish
a new branch office in Noblesville, Indiana. The Bank has received approval
for a new branch office from the proper regulatory agencies and anticipates a
first quarter, 1997 commencement of operations at such new branch. Presently,
certain contractual conditions relating to the new branch remain to be
finalized, including execution of a lease agreement, purchasing of equipment,
and hiring of personnel. The new branch will occupy approximately 1,200
square feet in a new multi-tenant commercial building currently under
construction. The building will be owned by an unaffiliated third party.
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) Exhibit 27 Financial Data Schedule
<PAGE>
SIGNATURES
- ----------
In accordance with the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
METROBANCORP
(Registrant)
November 7, 1996 By: /S/ Ike G. Batalis
-------------------
Ike G. Batalis
Chairman and President
(Principal Executive
Officer)
November 7, 1996 By: /S/ Charles V. Turean
----------------------
Charles V. Turean
Executive Vice President
(Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THE FOLLOWING SCHEDULE CONTAINS SUMMARIZED FINANCIAL INFORMATION
EXTRACTED FROM THE REGISTRANTS FORM 10-QSB FOR THE QUARTER ENDED
SEPTEMBER 30, 1996.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 5,415
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 20,068
<INVESTMENTS-CARRYING> 10,055
<INVESTMENTS-MARKET> 0
<LOANS> 67,295
<ALLOWANCE> 910
<TOTAL-ASSETS> 105,767
<DEPOSITS> 90,188
<SHORT-TERM> 3,100
<LIABILITIES-OTHER> 1,076
<LONG-TERM> 0
0
0
<COMMON> 11,210
<OTHER-SE> 193
<TOTAL-LIABILITIES-AND-EQUITY> 105,767
<INTEREST-LOAN> 4,553
<INTEREST-INVEST> 1,193
<INTEREST-OTHER> 102
<INTEREST-TOTAL> 5,848
<INTEREST-DEPOSIT> 2,601
<INTEREST-EXPENSE> 2,619
<INTEREST-INCOME-NET> 3,229
<LOAN-LOSSES> 49
<SECURITIES-GAINS> (12)
<EXPENSE-OTHER> 2,952
<INCOME-PRETAX> 730
<INCOME-PRE-EXTRAORDINARY> 404
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 404
<EPS-PRIMARY> 0.24
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 230
<LOANS-PAST> 474
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 1075
<ALLOWANCE-OPEN> 910
<CHARGE-OFFS> 56
<RECOVERIES> 7
<ALLOWANCE-CLOSE> 910
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
