FORM 10-QSB
U. S. Securities and Exchange Commission
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended June 30, 1997
[ ] TRANSITIONS REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
ACT OF 1943.
For the transition period from ___________ to _________
Commission file number 0-16657
FIRST GEORGIA HOLDING, INC.
Georgia 58-1781773
- -----------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
or incorporation or organization) Identification
Number)
1703 Gloucester Street
Brunswick, Georgia 31520
(912) 267-7283
(Issuer's telephone number)
Check whether the issuer (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
--- ---
Number of shares of Common Stock outstanding as of June 30, 1997.
3,052,319
<PAGE>
PART I
FINANCIAL INFORMATION
The consolidated financial statements of First Georgia Holding, Inc.
filed as a part of this report are as follows:
Page
Consolidated Balance Sheets as of
June 30, 1997 and September 30, 1996 3
Consolidated Income Statements for the
Three Months Ended June 30, 1997 & 1996 and
Nine Months ended June 30, 1997 & 1996. 4
Consolidated Cash Flow Statements for
the Nine Months ended June 30, 1997 & 1996. 5
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of
Consolidated Statements of Financial
Condition and Results of Operations 7
PART II
OTHER INFORMATION
Item 6: Exhibits and Reports on Form 8-K 14
2
<PAGE>
FIRST GEORGIA HOLDING, INC.
CONSOLIDATED BALANCE SHEETS
Assets: 06/30/97 9/30/96
----------------------------------
Cash $ 4,174,911 2,956,328
Interest bearing deposits in other banks 3,575,882 2,954,350
Investment securities to be held to maturity 9,141,999 10,325,537
Loans receivable, net 131,969,694 122,431,469
Real estate acquired in settlement of loans 240,000 94,200
Federal Home Loan Bank stock, at cost 1,160,300 1,575,700
Premises and equipment, net 3,185,021 3,334,879
Accrued interest receivable 950,464 852,632
Intangible assets, net 1,057,645 1,276,532
Other assets 927,111 1,113,646
----------------------------------
$ 156,383,027 146,915,273
==================================
Liabilities and Stockholders' Equity
Liabilities:
Deposits $ 126,214,130 121,554,457
Federal Home Loan Bank advances 13,750,000 11,100,000
Advance payments by borrowers for property
taxes and insurance 42,284 60,619
Other borrowed money 92,000 92,000
Accrued expenses and other liabilities 3,435,778 2,192,501
---------------------------------
143,534,192 134,999,577
Stockholders' Equity ---------------------------------
Common stock, $1.00 par value.
Authorized 10,000,000 shares; issued
and outstanding 3,052,319 shares 3,052,319 2,034,962
Additional paid-in capital 4,223,197 5,239,851
Retained earnings 5,573,319 4,640,883
---------------------------------
12,848,835 11,915,696
---------------------------------
$ 156,383,027 146,915,273
=================================
See accompanying notes to consolidated financial statements.
3
<PAGE>
FIRST GEORGIA HOLDING, INC.
CONSOLIDATED INCOME STATEMENTS
Three Months Ended Nine Months Ended
----------------------------------------------
06/30/97 06/30/96 06/30/97 06/30/96
----------------------------------------------
Interest Income:
Loans $ 3,021 2,754 8,795 8,170
Investment securities 143 179 447 510
Other 20 28 158 72
------------------------ --------------------
Total interest income 3,184 2,961 9,400 8,753
------------------------ --------------------
Interest Expense:
Deposits 1,484 1,389 4,553 4,220
Advances and other borrowings 210 217 564 678
------------------------ --------------------
Total interest expense 1,694 1,605 5,117 4,897
------------------------ ---------------------
Net interest income 1,490 1,355 4,283 3,856
Provision for Loan Losses 2 12 308 42
------------------------ --------------------
Net interest income after
provision for loan losses 1,488 1,344 3,976 3,814
------------------------ ---------------------
Other Income:
Loan fees 114 107 340 270
Deposit service charges 176 131 482 401
Gain on sale of foreclosed property - - 12 1
Gain on sale of branch - - 434 -
Other operating income 12 20 24 48
----------------------- ---------------------
Total other income 303 257 1,291 721
----------------------- ---------------------
Other Expenses:
Salaries and employee benefits 577 524 1,725 1,480
Net occupancy expense 275 245 795 728
Data processing 2 1 6 7
Amortization of intangibles 28 33 92 99
Loss on sale of assets 24 - 24 -
Federal insurance premiums 20 62 92 190
Other operating expenses 258 241 792 688
----------------------- ----------------------
Total other expenses 1,184 1,106 3,526 3,192
----------------------- ----------------------
Income before income taxes 607 495 1,741 1,343
Income taxes 225 169 646 465
----------------------- ----------------------
Net Income $ 381 325 1,095 878
======================= ======================
Income per share of common
stock $ 0.12 0.11 0.41 0.36
======================= ======================
Weighted average number of
shares outstanding 3,052,319 3,038,719 2,489,605 2,455,051
See accompanying notes to consolidated financial statements
4
<PAGE>
FIRST GEORGIA HOLDING, INC.
CONSOLIDATED CASH FLOW STATEMENTS
NINE MONTHS ENDED JUNE 30,
1997 1996
OPERATING ACTIVITIES: -----------------------------------
Net income $ 1,095,225 877,826
Adjustments to reconcile net income
to net cash provided by operations:
Provision for loan losses 307,546 41,730
Depreciation and amortization 302,434 287,933
Amortization of intangibles 218,887 98,802
Amortization of deferred loan fees (94,790) (34,100)
FHLB Stock Redemption 415,400 -
(Gain)/Loss on sale of REO (11,594) (1,005)
(Increase) Decrease in accrued
interest receivable (89,558) (95,787)
Increase (decrease) in other assets 186,535 200,929
Increase (decrease) in advance
payments by borrowers for property
taxes and insurance (18,335) (22,008)
Increase (decrease) in
accrued expenses and liabilities
1,243,277 (1,429,958)
---------------------------------------
Net Cash Provided By Operating
Activities 3,555,027 (75,638)
---------------------------------------
INVESTING ACTIVITIES:
Principal payments received on
mortgage-backed securities 597,871 349,300
Maturities of investment securities 2,589,063 100,000
Purchase of investment securities (2,010,544) (670,000)
Loan originations, net of principal
repayments (10,062,734) (10,315,727)
Purchase of Premesis and equipment (388,985) (116,619)
Proceeds from the sale of premesis
and equipment 235,283 -
Proceeds from the sale of real estate 178,254 584,359
---------------------------------------
Net Cash Used By Investing
Activities (8,861,792) (10,068,687)
---------------------------------------
FINANCING ACTIVITIES:
Net increase (decrease) in deposits 4,659,673 12,348,908
(Repayments of) Proceeds from other
borrowings 0 (100,000)
Proceeds from FHLB Advances 9,750,000 7,350,000
Repayments of FHLB Advances (7,100,000) (7,698,000)
Net Proceeds from stock options - 85,125
Cash Dividends paid (162,793) (132,663)
---------------------------------------
Net Cash Provided by Financing
Activities 7,146,880 11,853,370
---------------------------------------
Increase In Cash And Cash Equivalents 1,840,115 1,709,045
Cash and Cash equivalents at beginning
of year 5,910,678 4,895,678
---------------------------------------
Cash and cash equivalents at end
of quarter $ 7,750,793 6,604,723
=======================================
See accompanying notes to consolidated financial statements
5
<PAGE>
FIRST GEORGIA HOLDING, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION
In the opinion of Management, the accompanying unaudited consolidated
financial statements contain all adjustments necessary to present fairly the
financial position of First Georgia Holding, Inc. as of June 30, 1997 and
September 30, 1996. Also included are the results of its operations and
changes in financial position for the three months ended June 30, 1997 &
1996, and for the nine months ended June 30, 1997 & 1996 . The results
of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the full year.
For further information, refer to the consolidated financial statements and
footnotes thereto included in the Bank's Annual Report to Shareholders,
incorporated by reference into the Company's Form 10-KSB for the year ended
September 30, 1996.
(2) EARNINGS PER SHARE
Earnings per common share were computed using the weighted average
number of shares outstanding during the period as shown on the face of the
Consolidated Income Statements.
6
<PAGE>
FIRST GEORGIA HOLDING, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY
First Georgia Bank (the Bank) has traditionally maintained levels
of liquidity above levels required by regulatory authorities. As a member
of the Federal Home Loan Bank System, the Bank is required to maintain a
daily average balance of cash and eligible liquidity investments equal to
a monthly average of 5% of withdrawable savings and short-term borrowings.
The Bank's liquidity level was 5.38% and 3.94% at June 30, 1997 and
September 30, 1996, respectively.
The Bank's operational needs, demand for loan disbursements, and savings
withdrawals can be met by loan principal, interest payments received, new
deposits, and excess liquid assets. Significant loan demand, deposit
withdrawal, increased delinquencies, and increased real estate acquired in
settlement of loans (REO) could alter this condition. Management does not
foresee any liquidity problems for 1997.
CAPITAL RESOURCES
The following is a reconciliation at June 30, 1997 of the Bank's
equity capital to regulatory capital, under generally accepted accounting
principles:
First Georgia Bank
Stockholders' Equity 12,836,000
Less:
Intangible Assets 1,058,000
--------------
11,778,000
Plus:
Qualifying intangible assets 1,058,000
--------------
Core Capital 12,836,000
Plus:
Supplemental Capital 996,000
--------------
Risk-based Capital 13,832,000
==============
Current regulations require institutions to keep minimum regulatory
tangible capital equal to 1.5% of adjusted assets, minimum core capital
to adjusted assets of 3% (the leverage ratio), and risk-based capital to
risk-adjusted assets of 8%. The Office of Thrift Supervision (the OTS)
may increase the minimum core capital, or leverage ratio, based on its
assessment of the institution's risk management systems and the level
of total risk in the individual institution. At March 31, 1997,
the Bank met all three capital requirements.
7
<PAGE>
The Bank's regulatory capital and the required minimum amounts at June 30,
1997 are summarized as follows:
(Dollar Amounts in Thousands)
Required Excess
Bank Capital Minimum Amount (Deficiency)
----------------- ---------------- ------------
% $ % $ % $
----------------- ---------------- ------------
Tangible Capital: 7.59 11,778 1.50 2,329 6.09 9,449
Core Capital: 8.21 12,836 4.00 6,252 4.21 6,584
Risk-based Capital: 10.29 13,832 8.00 10,758 2.29 3,074
The Federal Deposit Insurance Corporation Improvement Act (FDICIA)
required the Federal banking agencies to take "prompt corrective action" in
respect to institutions that do not meet minimum capital requirements. Along
with the ratios described above, FDICIA also introduced an additional capital
measurement, the Tier 1 risk-based capital ratio. The Tier 1 ratio is the
ratio of Tier 1 or core capital to total risk-adjusted assets. FDICIA
establishes five capital tiers: "well capitalized," "adequately capitalized,
"undercapitalized," "significantly undercapitalized," and "critically
undercapitalized." The regulators summarize their minimum requirements
for the five capital tiers established by the FDICIA as follows:
Tier 1 Risk-Based Risk-based Leverage
Capital Ratio Capital Ratio Ratio
------------------ -------------- -----------
Well Capitalized 10% or above 6% or above 5% or above
Adequately Capitalized 8% or above 4% or above 4% or above
Undercapitalized Less than 8% Less than 4% Less than 3%
Significantly
Undercapitalized Less than 8% Less than 4% Less than 3%
Critically
Undercapitalized ------------- -------------- 2% or less
An unsatisfactory examination rating may cause an institution's
capitalization category to be lower than suggested by its actual capital
position.
At June 30, 1997, the Bank's Tier 1 risk-based capital ratio was 9.55%. If a
depository institution should fail to meet its regulatory capital requirements,
regulatory agencies can require submission and funding of a capital restoration
plan by the institution, place limits on its activities, require the raising of
additional capital and, ultimately, require the appointments of a
conservator or receiver for the institution.
The Bank's capital position changed during the quarter ended June 30, 1997.
Total capital as well as tangible capital, core capital, and risk-based capital
continued to increase during the quarter. The mix of risk-based assets and
additional earnings are the primary factors for this increase.
8
<PAGE>
RESULTS OF OPERATIONS
INTEREST INCOME
Interest Income increased $222,776, or 7.52%, for the three month period
ended June 30, 1997 as compared to the same period in 1996. For the nine
month period ending June 30, 1997, interest income increased $646,697, or
7.39% over the same period last year. Interest income on loans increased
$267,199 or 9.70%, for the quarter ended June 30, 1997, compared to the same
quarter ended June 30, 1996 and $624,520 or 7.64% for the nine month period
ended June 30, 1997 over June 30, 1996. Average loan balances were up
approximately $8,900,000 at June 30, 1997 as compared to June 30, 1996. The
Company has been aggressive in attracting new loan business while competition
for loans remains strong and loan demand is still steady in the marketplace.
However, the Bank continues to be selective in the loans that it makes, as
evident by its low real estate foreclosed balances. Management expects loan
demand to maintain healthy levels. Other interest income for the quarter
ended June 30, 1997 decreased $8,200, or 29.27% over the same quarter
ended June 30, 1996, but the nine month period shows an increase of $85,819,
or 118.71%. While much of the Bank's excess cash was used to fund the increased
loan volume, average deposit balances were up $4,800,000 from June 30, 1996 to
June 30, 1997.
INTEREST EXPENSE
Interest Expense increased $88,576 (5.52%) for the quarter ended June 30,
1997 compared to June 30, 1996. For the nine month period ending June 30,
1997, Interest expense increased $219,183 (4.48%) for the nine month period
ending June 30, 1997. Interest on deposits increased $95,381 (6.87%) for the
three month period ended June 30, 1997 over June 30, 1996 and $333,175
(7.90%) for the nine month period ended June 30, 1997 over June 30, 1996.
Average deposits increased approximately $4,800,000 from June 30, 1996 to
June 30, 1997, despite selling over $6,000,000 of deposits with the Hinesville
branch. This increase in funds enabled the Bank to lower its borrowings at the
Federal Home Loan Bank. High deposit balances have eliminated the need for
any additional borrowings. Consequently, interest on advances and other
borrowings decreased $6,805 (3.14%) over the comparable three month periods
and $113,992 (16.82%) over the comparable nine month periods ending June
30, 1997.
NET INTEREST INCOME
Net Interest Income increased $134,200, or 9.90% for the quarter and
$427,514, or 11.09% for the nine month period ended June 30, 1997 over June
30, 1996. Increases in loan balances and interest earning deposits offset the
increases in deposit balances enough to produce a favorable net interest
margin. Management believes this growth will continue throughout fiscal 1997.
9
<PAGE>
PROVISION FOR LOAN LOSSES
The provision for loan losses expense decreased $10,266 (86.41%) for the
quarter ended June 30, 1997 over the quarter ended June 30, 1996. For the nine
month period ending June 30, 1997, the provision was up $265,816, or
636.99%, because $298,000 of the proceeds from the Hinesville sale was
allocated to the provision. Net Interest Income after Provision for Loan
Losses for the quarter ended June 30, 1997 increased $144,466, or 10.75% from
the same period last year, and for the nine month period ended June 30, 1997,
Net Interest Income after Provision for Loan Losses increased $161,698, or
4.24% over the same period last year.
OTHER INCOME
Other Income for the quarter increased $45,453, a 17.67% difference from the
same quarter the previous year. The greater portion of this increase was in
service charges on deposits. Deposit service charges increased $45,768 or
35.02% for the quarter ended June 30, 1997 over the quarter ended June 30,
1996. The increase in deposit balances has given the Bank an opportunity to
generate more fee income, an area Management feels is essential to
profitability. The Bank incurred a loss of $24,218 on the sale of assets for
the quarter ended June 30, 1997. This loss is due to the sale of non-real
estate repossessed assets.
For the nine month period ended June 30, 1997, Other Income increased
$570,682, or 79.17%, over the nine month period ended June 30, 1996. The
primary area of increase was the gain on the sale of the Hinesville Branch,
which was $433,945. Fees collected on deposits also increased $80,751, or
20.12%, for the nine months ended June 30, 1997 over the same period in
1996. Loan fees also increased by $69,825, or 25.83%, for the nine month
period ended June 30, 1997 over the same period in 1996. With the increase in
loans and deposits, these areas have shown a steady increase year to date.
OTHER EXPENSES
Other expenses for the quarter ended June 30, 1997 increased $78,215, or
7.07%, over the quarter ended June 30, 1996. The increase was mostly in
personnel expense which increased $53,404, or 10.20% for the quarter ended
June 30, 1997 over the same period last year. The Bank has added several new
employees to help with the growth the Bank is experiencing. Net occupancy
expense also increased $29,224, or 11.91% for the three month period ended
June 30, 1997 over the three month period ended June 30, 1996. The expenses
no longer incurred with the Hinesville Office do not offset the new expenses
associated with the Wal-Mart Office. New equipment costs associated with the
new employees also contribute to this increase.
Other expenses for the nine months ended June 30, 1997 increased $334,062,
or 10.47%, over the nine months ended June 30, 1996. Over the year the Bank
has added several key personnel, such as loan officers and branch managers, to
get more exposure in the marketplace. Also, employee benefit expenses have
increased substantially over last year. The result is an increase in personnel
expense, which was $244,893, or 16.55% over the nine month period ending
June 30, 1996. Net occupancy expense also increased $66,327, or 9.11% for the
nine month period ended June 30, 1997 over the same period in 1996. The
expense of the Wal-Mart Office was not present in 1996, and this office
requires greater technology expense than the Hinesville office required.
10
<PAGE>
The Bank absorbed the special SAIF Insurance adjustment at the end of 1996,
and the new insurance premium which is substantially lower continues to make
a difference. Federal Insurance Premiums decreased $41,550, or 67.18%, for
the quarter and $103,505, or 15.03% for the nine month period ended June 30,
1997 as compared to the same periods in 1996. Management does not foresee
another special assessment; therefore this smaller premium should stay in
effect.
The Bank accrued $225,368 in income taxes for the quarter ended June 30,
1997, an increase of $55,966 (33.04%) over the same quarter in 1996. For the
nine month period, the Bank accrued $645,714 in income taxes as of June 30,
1997, an increase of $180,919 (42.30%) over the same period in 1996.
FINANCIAL CONDITION
ASSETS
Cash increased $1,218,583, or 41.22%, over the nine month period ended
June 30, 1997; interest bearing deposits in other banks increased $621,532, or
21.04%, over the same period due to growth in the Bank's customer deposit
balances. Federal Home Loan Bank stock decreased $415,400 (26.36%) because
of a stock redemption by the Federal Home Loan Bank..
Loans receivable increased $9,538,225, or 7.79%, as of June 30, 1997 over
September 30, 1996. The Bank has been aggressive, yet selective, in attracting
new loan business. Loan demand is steady, and the bank has been successful in
drawing strong, safe loans to the bank. The Bank's Loan portfolio is as
follows:
LOANS RECEIVABLE
06/30/97 09/30/96
--------------- -------------
Real estate mortgage loans $ 98,823,695 94,679,525
Real estate construction loans 14,311,370 11,417,553
Consumer loans 10,321,415 9,447,481
Commercial and other loans 9,534,602 7,891,541
--------------- -------------
132,991,082 123,436,100
Less:
Deferred loan fees (35,878) 17,264
Unearned interest income 61,373 32,079
Allowance for loan losses 995,893 955,288
-------------- -------------
$ 131,969,694 122,431,469
11
<PAGE>
Management's evaluation of the risk elements in the loan portfolio is the basis
for the allowance for loan losses. The elements include possible declines in
the value of collateral due to changing economic conditions and depreciation
over time, size and composition of the loan portfolio, and current economic
conditions that might affect a borrower's ability to pay. Review of specific
problem loans, regulatory examinations, historical charge-off experience, and
levels of nonperforming and past due loans are other elements considered.
Management reviews these factors frequently and determines if the level of loan
loss allowances is adequate. For the nine month period ending June 30, 1997,
Management allocated $307,546 of earnings to the provision for loan losses. At
June 30, 1997, the Bank believes its allowance for loan losses is adequate to
provide for future losses.
The following tables illustrate the Bank's problem loans and its allowance
for loan losses. When a loan has been past due ninety days or more, Management
reevaluates the loan and its underlying risk elements to determine if it
should be placed on nonaccrual status. These loans are loans for which unpaid
interest is not recognized in income. Past due loans are loans which are
ninety days or more delinquent and still accruing interest.
ANALYSIS OF NON-ACCRUING AND PAST DUE LOANS
06/30/97 09/30/96
----------------------------------
Non-accruing Loans
Real estate
Construction $ - -
Mortgage 1,956,144 1,786,693
Consumer 14,514 164,118
----------------------------------
Total non-accruing loans 1,970,658 1,950,811
Past Due Loans
Real estate
Construction 582,748 -
Mortgage 1,706,803 -
Consumer 352,534 -
----------------------------------
Total past due loans 2,642,085 0
----------------------------------
Total non-accruing
and past due loans $ 4,612,743 1,950,811
==================================
Percentage of total loans 3.50% 1.59%
==================================
Real estate acquired
through foreclosure $ 240,000 94,200
==================================
Total non-accruing,past due
loans, and nonperforming assets. $ 4,852,743 2,045,011
==================================
12
<PAGE>
ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
06/30/97 09/30/96
------------------------------------
Beginning balance $ 955,288 1,003,569
Loans charged-off:
Real estate construction - -
Real estate mortgage 152,114 152,684
Consumer and other 180,320 56,602
------------------------------------
Total charge offs 332,434 209,286
------------------------------------
Recoveries:
Real estate construction - -
Real estate mortgage 29,250 46,547
Consumer and other 36,243 66,354
------------------------------------
Total recoveries 65,493 112,901
------------------------------------
Net charge-offs 266,941 96,385
Provision charged to operations 307,546 48,104
------------------------------------
Balance at end of period $ 995,893 955,288
====================================
Ratio of net charge-offs to
average loans outstanding 0.22% 0.08%
====================================
13
<PAGE>
LIABILITIES
Deposits have increased $4,659,673, or 3.83%, for the nine month period
ended June 30, 1997. Along with loans, the Bank has been working hard to
increase its market share in Glynn County's deposit business. As the numbers
dictate, First Georgia has been somewhat successful in soliciting new deposit
business. The bank also increased its borrowing position with the Federal Home
Loan Bank to help fund the increased loan demand. Federal Home Loan Bank
advances have increased $2,650,000 (23.87%) over the nine month period ended
June 30, 1997.
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The Bank filed a report on Form 8-K on May 21, 1997 regarding the
change in our independent auditors form KPMG Peat Marwick LLP to Deloitte
& Touche LLP. No financial statements were filed on this report.
14
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DATE:______________________ BY: G. FRED COOLIDGE III
G. Fred Coolidge III
Executive Vice President
Chief Financial Officer
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> SEP-30-1997 SEP-30-1997
<PERIOD-END> JUN-30-1997 JUN-30-1997
<CASH> 4,175 4,175
<INT-BEARING-DEPOSITS> 3,576 3,576
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 0 0
<INVESTMENTS-CARRYING> 9,142 9,142
<INVESTMENTS-MARKET> 9,146 9,146
<LOANS> 131,970 131,970
<ALLOWANCE> 996 996
<TOTAL-ASSETS> 156,383 156,383
<DEPOSITS> 126,214 126,214
<SHORT-TERM> 1,150 1,150
<LIABILITIES-OTHER> 3,436 3,436
<LONG-TERM> 13,600 12,600
0 0
0 0
<COMMON> 3,052 3,052
<OTHER-SE> 9,796 9,796
<TOTAL-LIABILITIES-AND-EQUITY> 156,383 156,383
<INTEREST-LOAN> 3,135 9,135
<INTEREST-INVEST> 143 447
<INTEREST-OTHER> 20 158
<INTEREST-TOTAL> 3,298 9,740
<INTEREST-DEPOSIT> 1,484 4,553
<INTEREST-EXPENSE> 210 564
<INTEREST-INCOME-NET> 1,490 4,283
<LOAN-LOSSES> 2 308
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 1,184 3,526
<INCOME-PRETAX> 607 1741
<INCOME-PRE-EXTRAORDINARY> 381 1095
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 381 1095
<EPS-PRIMARY> 0.13 0.41
<EPS-DILUTED> 0.12 0.41
<YIELD-ACTUAL> 8.80 8.66
<LOANS-NON> 1971 1971
<LOANS-PAST> 2642 2642
<LOANS-TROUBLED> 240 240
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 955 955
<CHARGE-OFFS> 332 332
<RECOVERIES> 65 65
<ALLOWANCE-CLOSE> 996 996
<ALLOWANCE-DOMESTIC> 0 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 996 996
</TABLE>
