THIS DOCUMENT IS A COPY OF THE QUARTERLY REPORT ON FORM 10-QSB
FILED ON AUGUST 15, 1996 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP
EXEMPTION.
U.S. Securities and Exchange Commission
Washington D. C. 20549
Form 10-QSB
X QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE
SECURITES EXCHANGE ACT OF 1934 FOR THE QUARTERLY
PERIOD ENDED JUNE 30, 1996.
Commission file number: 0-23790
MetroBanCorp
(Exact name of small business issuer as specified in its charter)
Indiana
(State or other jurisdiction of incorporation or organization)
35-1712167
(I.R.S. Employer ID No.)
10333 N. Meridian Street, Suite 111, Indianapolis, Indiana
(Address of principal executive offices)
46290
(zip code)
(317) 573-2400
(Issuer's telephone number)
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
Transitional Small Business Disclosure Format:
Yes No X
<PAGE>
METROBANCORP
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Condition
June 30, 1996 and December 31, 1995. . . . . .... .3
Consolidated Statement of Operations
Three Months Ended June 30, 1996 and 1995. . . . . 4
Consolidated Statement of Operations
Six Months Ended June 30, 1996 and 1995. . . . . . .5
Consolidated Statement of Cash Flows
Six Months Ended June 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. . . . . . . . . . . . . . .13
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . .15
<PAGE>
<TABLE>
MetroBanCorp
Part I - Financial Information
Item 1. Financial
Statements Consolidated
Statement of Condition
(unaudited)
(dollars in thousands)
<CAPTION>
June 30, Dec. 31,
1996 1995
<S> <C> <C>
Assets
Cash and Due from Banks 4,000 11,432
Federal Funds Sold 1,500 6,650
Total Cash and Cash Equivalents 5,500 18,082
Investment Securities Held to
Maturity - at Amortized Cost 9,573 10,266
Investment Securities Available
for Sale - at Market Value 21,095 18,809
Total Investment Securities 30,668 29,075
Loans:
Gross Loans 65,981 60,452
Less: Allowance for Loan Losses (892) (910)
Loans, Net 65,089 59,542
Premises and Equipment, Net 1,872 1,910
Accrued Interest Receivable 918 953
Core Deposit Intangible, Net 392 463
Deferred Tax Asset 335 365
Other Assets 366 489
Total Assets 105,140 110,879
Liabilities
Deposits
Non- Interest Bearing Demand 16,869 17,983
Interest Bearing:
Savings and Now Accounts 36,083 41,199
Certificates of Deposit of
$100,000 and over 11,849 8,697
Other Time Deposits 26,842 26,985
Total Deposits 91,643 94,864
Securities Sold under
Agreements to Repurchase 1,300 3,900
Accrued Interest Payable 440 466
Other Liabilities 526 504
Total Liabilities 93,909 99,734
Commitments and Contingencies
Shareholders' Equity
Preferred Stock: 1,000,000 shares
authorized: none outstanding 0 0
Common Stock: Authorized
Shares - 3,000,000 Issued and
Outstanding Shares - 1,681,291 11,210 11,210
Accumulated Earnings 224 119
Net Unrealized Loss on Investment
Securities Available for Sale (203) (184)
Total Shareholders' Equity 11,231 11,145
Total Liabilities and
Shareholders' Equity 105,140 110,879
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 Three
Months Months
ended ended
06/30/96 06/30/95
<S> <C> <C>
Interest and Fees on Loans 1,509 1,436
Interest on Invest Securities 407 385
Interest on Federal Funds Sold 30 73
Total Interest Income 1946 1894
Interest Expense
Interest on Deposits 860 844
Other Interest Expense 5 10
Total Interest Expense 865 854
Net Interest Income 1081 1040
Provision for Loan Losses 17 73
Net Interest Income after
Provision for Loan Losses 1064 967
Other Income
Service Charges on Deposit Accounts 76 77
Other Service Charges 118 122
Total Other Income 194 199
Non-Interest Income
Salaries and Employee Benefits 413 379
Occupancy Expense 55 46
Equipment Expense 87 47
Advertising and Pubic Relations 40 57
Legal and Professional 26 17
Data Processing 60 43
Student Loan Servicing 28 39
FDIC Insurance Assessment 45 42
Amortization - Core Deposit Intangible 35 35
Other Expenses 207 134
Total Non-Interest Expense 996 839
Income Before Income Taxes 262 327
Income Tax Provision 118 116
Net Income 144 211
Net Income per Weighted Average Share .09 .13
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>
Six Six
Months Months
ended ended
06/30/96 06/30/95
<S> <C> <C>
Interest Income
Interest and Fees on Loans 2,952 2,723
Interest on Investment Securities 781 773
Interest on Federal Funds Sold 98 74
Total Interest Income 3,831 3,570
Interest Expense
Interest on Deposits 1,720 1,520
Other Interest Expense 9 25
Total Interest Expense 1,729 1,545
Net Interest Income 2,102 2,025
Provision for Loan Losses 33 151
Net Interest Income after
Provision for Loan Losses 2,069 1,874
Other Income
Service Charges on Deposit Accounts 149 152
Other Service Charges 193 204
Total Other Income 342 356
Non-Interest Income
Salaries and Employee Benefits 815 742
Occupancy Expense 109 92
Equipment Expense 160 97
Advertising and Pubic Relations 81 108
Legal and Professional 45 24
Data Processing 120 88
Student Loan Servicing 58 81
FDIC Insurance Assessment 82 85
Amortization - Core Deposit Intangible 70 70
Other Expenses 378 332
Total Non-Interest Expense 1918 1719
Income Before Income Taxes 493 511
Income Tax Provision 220 209
Net Income 273 302
Net Income per Weighted Average Share .16 .18
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>
Six Months Six Months
ended ended
June 30, 1996 June 30, 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income 273 302
Adjustments to Reconcile Net Income to
Cash Provided by Operating Activities:
Provision for Loan Losses 33 151
Deferred Income Tax Provision/(Benefit) 17 (144)
Depreciation and Amortization 194 153
Gain on Sale of Real Estate (35) 0
Net (Gain)/Loss on Sale of Securities 12 (2)
(Increase)/Decrease in Accrued Interest Rec. 35 (64)
Decrease in Other Assets 123 262
Decrease in Accrued Interest Payable (26) (13)
Increase in Other Liabilities 20 160
Total Adjustments 373 503
Net Cash flows Provided by Operating Act. 646 805
Cash flows from Investing Activities
Proceeds from maturities of Investment
Securities Held to maturity 1,184 8
Purchases of Invest Sec Held to Maturity 0 0
Proceeds from sales of Invest Sec
Available for Sale 2,365 489
Purchases of Invest Securities
Available for Sale (5,123) 831
Proceeds from the Repayment of
Student Loans 1,280 0
Net Loans made to Customers (6,860) (3,064)
Purchases of Premises and Equipment (494) (366)
Proceeds from the Sale of Real Estate 409 0
Net cash flows used in Investing Act. (7,239) (2,102)
Cash flows from Financing Activities:
Net Increase/(Decrease) in Demand Deposits
NOW and Savings Accounts (6,230) 513
Net Increase in Certificates of Deposit 3,009 3,063
Net Securities sold under an
Agreement to Repurchase (2,600) 4,100
Payment of Dividends (168) 0
Net Cash flows provided by /(Used in )
Financing Activities (5,989) 7,676
Net Decrease in Cash and Cash
Equivalents (12,582) 6,379
Cash and Cash Equivalents at
Beg of Period 18,082 4,296
Cash and Cash Equivalents at
end of Period 5,500 10,675
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 position of Metro as of June
30, 1996 and December 31, 1995, and the results of its
operations for the three months and six months ended June
30, 1996 and 1995, and its statement of cash flows for the
six months ended June 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 as of June 30, 1996 are set forth below:
<TABLE>
<CAPTION>
Market Value Amortized Cost
<S> <C> <C>
Held to Maturity, at amortized cost $ 8,804,000 $ 9,573,000
Available for Sale, at market value 21,095,000 21,439,000
Total Investments $29,899,000 $31,012,000
</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 June 30, 1996, Metro had investments in
loans which are impaired in accordance with SFAS
No. 114 and 118 of $216,000. Of this amount, $192,000
had no related specific allowance. The remaining impaired
loans had a specific allowance of $24,000. 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 for a loan which is classified as non-accrual
are utilized to reduce the principal outstanding.
For the six months ended June 30, 1996, the average
balance of impaired loans was $111,799. Additionally,
there was no interest income earned on these loans
during 1996.
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.
The provisions of this statement were adopted effective
January 1, 1996, and did not have a material effect
on Metro's consolidated financial condition or results of
operations.
<PAGE>
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 June 30, 1996 as
compared to December 31, 1995, and the results of operations
for the three and six month periods ending June 30, 1996 and
1995.
FINANCIAL CONDITION
At June 30, 1996, Metro had total assets of $105.1 million, a
decrease of $5.7 million or 5.2 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 $98.1 million or 93.3
percent of total assets at June 30, 1996. The principal
components of earning assets were loans in the amount of $66.0
million or 67.3 percent of total earning assets, and investment
securities of $30.7 million or 31.3 percent of total earning
assets. Federal funds sold amounted to $1.5 million or 1.4
percent of total earning assets at June 30, 1996. Earning
assets at December 31, 1995 were $96.2 million. Earning
assets as a percentage of total assets amounted to 86.7
percent at December 31, 1995. This increase in earning assets
in 1996 is due principally to increases in both the loan and
investment portfolios during the first two quarters of 1996,
combined with a decrease in non-earning assets.
LOANS
Total loans outstanding increased $5.5 million or 9.1
percent since December 31, 1995 due to an increase in
short and intermediate term commercial and installment
loans. This increase is a result of growth in the Bank's
indirect lending portfolio as well as growth in the commercial
portfolio. New business has been generated by the hiring of an
experienced lender, as well as seasonal agricultural lending
in the first two quarters of 1996. The overall loan demand
has been relatively strong in the Bank's local marketplace.
At June 30, 1996, net loans amounted to 61.9 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 72.0 percent at June 30,
1996, as compared to 63.7 percent at year end 1995.
(This space intentionally left blank)
<PAGE>
<TABLE>
Loan Portfolio at Period-End
(dollars in thousands)
<CAPTION>
June 30, 1996 Dec. 31, 1995 %change
<S> <C> <C> <C>
Commercial and Financial 35,770 31,122 14.9%
Real Estate - Construction 3,745 2,251 66.4%
Mortgage Loans 735 838 (12.3%)
Installment Loans 14,012 13,242 5.8%
Student Loans 11,719 12,999 (9.8%)
Total Loans 65,981 60,452 9.1%
Less: Allow for Loan Losses 892 910
Net Loans 65,089 59,542
</TABLE>
Delinquent loans at June 30, 1996 were $1.5 million,
representing 2.3 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 June 30, 1996 amounted
to $216,000, as compared to $37,000 at December 31, 1995. Net
charged-off loans amounted to $51,000, for the six months
ending June 30, 1996.
At June 30, 1996 and December 31, 1995, the Bank had an
allowance for loan losses of $892,000 and $910,000,
respectively. The percentage of provision for loan losses to
ending loans amounted to 1.35 percent and 1.51 percent, for
June 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.
(This space intentionally left blank)
<PAGE>
<TABLE>
Allowance for Loan Losses
Six Months ended June 30, 1996
(dollars in thousands)
<CAPTION>
1996 1995
<S> <C> <C>
Allowance for Loan Losses, Jan 1 $910 $586
Loans Charged Off:
Commercial and Financial (46) (5)
Real Estate 0 0
Installment (8) (2)
Total Charged-Off Loans (54) (7)
Recoveries on Charged-Off Loans:
Commercial and Financial 1 2
Real Estate 0 0
Installment 2 5
Total Recoveries on Charged-off Loans 3 7
Net Charged off Loans (51) 0
Provision for Loan Losses 33 151
Allowance for Loan Losses, June 30 $892 $737
Average Loans Outstanding $62,275 $58,212
Net Charged-Off Loans to Ave Loans 0.08% 0.00%
</TABLE>
<PAGE>
INVESTMENT SECURITIES
Total investments at June 30, 1996 were $30.7 million
compared to $29.1 million at December 31, 1995. The
increase in this category amounts to $1.6 million or 5.5
percent since December 31, 1995. In 1996 management has
gradually converted lower yielding federal fund sold to
higher yielding investment securities.
DEPOSITS
Total deposits at June 30, 1996 amounted to $91.6 million in
comparison to $94.9 million at December 31, 1995, representing
a decrease of $3.2 million or 3.4 percent. Since December
31, 1995, non-interest bearing demand deposits decreased by
$1.1 million or 6.2 percent, due principally to the run off
of deposits that build up at the end of the calendar year. In
1996 interest bearing deposits decreased by $2.1 million or 2.7
percent.
(This space intentionally left blank)
<PAGE>
OTHER LIABILITIES
Liabilities at June 30, 1996 included $1.3 million of
securities sold under an agreement to repurchase, a decrease
of $2.6 million since December 31, 1996. This decrease is
due principally to the overall reduction in deposits since
1995 year end, including balances held by certain large
customers of the Bank. At June 30, 1996, other liabilities
also include accrued interest payable of $440,000 and accrued
expense of $526,000.
CAPITAL
Metro's total capital increased by a net amount of $86,000 or
.8 percent during the first six months of 1996. Metro's
earnings in the first six months of 1996 amounted to
$273,000. The net unrealized loss on investment securities
available for sale amounted to $203,000 at June 30, 1996,
increasing by $19,000 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 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.
<TABLE>
(dollars in thousands)
<CAPTION>
(Consolidated)
MetroBanCorp MetroBank
<S> <C> <C>
Tier 1 Capital
Shareholders' Equity 11,231 7,452
Less:Intangible asset, Net (392) (392)
Non-qualifying deferred tax assets (152) 0
Add:
Net Unrealized loss on Invest
Securities Available for sale 203 189
Total Tier 1 Capital 10,890 7,249
Tier 2 Capital
Add:
Allowance for loan losses (limited
to the lesser of 1.25% of adjusted
total assets or the balance in the
loan loss reserve account) 807 804
Total Capital 11,697 8,053
Risk-adjusted assets 64,479 64,199
Total capital to risk-adjusted assets 18.14% 12.54%
Tier 1 capital to risk-adj assets 16.89% 11.29%
Tier 1 capital to total
assets (leverage ratio) 10.36% 7.14%
</TABLE>
<PAGE>
RESULTS OF OPERATIONS
NET INCOME
Metro recognized net income in the amount of $273,000 for the
six month period ending June 30,
1996 compared to $302,000 for the same period one year earlier.
Following an announcement made earlier in the second quarter of
1996, Metro paid a cash dividend of ten cents ($.10) per share
of common stock to shareholders of record at May 14, 1996.
The dividend was paid on June 14, 1996 and amounted to a
total of $168,129. The dividend represents the second cash
dividend paid in the history of the Corporation.
NET INTEREST INCOME
Net interest income, after provision for loan losses of $33,000,
was $2.1 million for six months ending June 30, 1996, compared
to $1.9 million for the comparable period of 1995, or an
increase of 10.4 percent compared to the same period one
year earlier. 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 two
quarters of 1996. The Bank's provision for loan loss expense
was $33,000 at June 30, 1996, compared to $151,000 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 $1.9 million for six months
ending June 30, 1996 compared to $1.7 million for the same
period in 1995, with a $199,000 or 11.6 percent increase.
The increase in 1996 is primarily attributable to the
overhead expense incurred in the strategic deployment of the
Bank's automated teller and loan machines in 1996.
(This space intentionally left blank)
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) Metro held its annual meeting of shareholders on April 25,
1996.
(b) At the annual meeting, Metro's shareholders elected ten
directors to serve until the next annual meeting of the
shareholders and until their successors are duly elected,
qualified and serving. The votes cast for the directors, at
the annual meeting were as follows:
<TABLE>
<CAPTION>
Number of votes
Director's Name for withheld abstaining
<S> <C> <C> <C>
Chris G. Batalis 1,520,555 152,736 8,000
Ike G. Batalis 1,520,555 152,736 8,000
Terry L. Eaton 1,520,855 152,436 8,000
Evans M. Harrell 1,520,855 152,436 8,000
Robert L. Lauth, Jr. 1,520,855 152,436 8,000
Edward G. McMahon 1,520,555 152,736 8,000
Larry E. Reed 1,520,855 152,436 8,000
Russell D. Richardson 1,519,855 153,436 8,000
Edward R Schmidt 1,520,855 152,436 8,000
Donald F. Walter 1,520,855 152,436 8,000
</TABLE>
(c) At the annual meeting, Metro's Shareholders ratified the
appointment of Arthur Andersen, LLP, Indianapolis, Indiana
as independent public accountants for MetroBanCorp and
its subsidiaries for the fiscal year ending December 31,
1996.
for: 1,522,835 withheld: 155,856 abstaining: 2,600
(d) At the annual meeting, Metro's shareholders ratified a
proposal to increase the number of shares subject to
issuance pursuant to the 1994 Stock Option and Stock
Appreciation Rights Plan from 24,000 shares of common stock
to 74,000 shares of common stock.
for: 1,473,988 withheld: 195,986 abstaining: 11,317
Item 6. Exhibits and Reports on Form 8-K.
(b) No reports on Form 8-K were filed during the second
quarter of 1996.
<PAGE>
SIGNATURES
In accordance with 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.
METROBANCORP
(Registrant)
August 14, 1996 By: /S/ Ike G.Batalis
Ike G. Batalis
Chairman and
President (Principal
Executive Officer)
August 14, 1996 By: /S/Charles V. Turean
Charles V.Turean
Executive Vice
President
(Principal Financial
and Accounting Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 4,000
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,500
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 21,095
<INVESTMENTS-CARRYING> 9,573
<INVESTMENTS-MARKET> 0
<LOANS> 65,981
<ALLOWANCE> 892
<TOTAL-ASSETS> 105,140
<DEPOSITS> 91,643
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,266
<LONG-TERM> 0
0
0
<COMMON> 11,210
<OTHER-SE> 21
<TOTAL-LIABILITIES-AND-EQUITY) 105,140
<INTEREST-LOAN> 2,952
<INTEREST-INVEST> 781
<INTEREST-OTHER> 98
<INTEREST-TOTAL> 3,831
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 1,729
<INTEREST-INCOME-NET> 2,102
<LOAN-LOSSES> 33
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,918
<INCOME-PRETAX> 493
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 273
<EPS-PRIMARY> 0.16
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
