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, 1998
[ ] 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 (IRS Employer Identification No.)
jurisdiction or incorporation or
organization)
1703 Gloucester Street
Brunswick, Georgia 31520
(Issuer's Address)
(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, 1998.
4,798,972
1
<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, 1998 and September 30, 1997 3
Consolidated Income Statements for the
Three Months Ended June 30, 1998 & 1997 ........ 4
Consolidated Cash Flow Statements for
the Three Months ended June 30, 1998 & 1997 and
the Six Months ended June 30, 1998 & 1997 ...... 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
Item 6 ..........Exhibits and Reports on Form 8-K 14
2
<PAGE>
FIRST GEORGIA HOLDING, INC.
CONSOLIDATED BALANCE SHEETS
Assets: 06/30/98 09/30/97
---------------------------------
Cash and cash equivalents $ 4,636,361 2,985,350
Interest bearing deposits in other banks 2,616,600 1,523,777
Investment securities to be held to maturity,
fair value approximately $9,923,000 at
June 30, 1998 and $9,692,000 at
September 30, 1997 9,760,688 9,634,453
Loans receivable, net 155,013,333 137,864,633
Real Estate Owned 343,633 423,000
Federal Home Loan Bank stock, at cost 1,160,300 1,160,300
Premises and equipment, net 4,033,656 3,181,618
Accrued interest receivable 1,049,637 960,160
Intangible assets, net 945,925 1,029,715
Other assets 1,246,045 938,491
--------------------------
$ 180,806,178 159,701,497
==========================
Liabilities and Stockholders' Equity
Liabilities:
Deposits $ 152,001,932 129,889,936
Federal Home Loan Bank advances 11,100,000 14,350,000
Other borrowed money - -
Accrued interest payable 564,811 496,305
Accrued expenses and other liabilities 2,401,203 1,617,986
--------------------------
166,067,946 146,354,227
--------------------------
Stockholders' Equity
Common stock, $1.00 par value. 4,798,972 3,052,319
Additional paid-in capital 2,715,259 4,223,197
Retained earnings 7,224,001 6,071,754
--------------------------
14,738,232 13,347,270
--------------------------
$ 180,806,178 159,701,497
==========================
See accompanying notes to consolidated financial statements.
3
<PAGE>
FIRST GEORGIA HOLDING, INC.
CONSOLIDATED INCOME STATEMENTS
Three Months Ended Nine Months Ended
-------------------------------------------------
06/30/98 06/30/97 06/30/98 06/30/97
-------------------------------------------------
Interest Income:
Loans $3,691,462 3,021,028 10,523,168 8,794,825
Investment securities 172,340 142,776 529,443 446,830
Other 22,538 19,816 42,892 158,113
---------- ---------- ---------- ----------
Total interest income 3,886,340 3,183,620 11,095,503 9,399,768
---------- ---------- ---------- ----------
Interest Expense:
Deposits 1,810,798 1,483,996 5,136,605 4,553,123
Advances and other
borrowings 210,195 209,975 661,889 563,550
---------- ---------- ---------- ----------
Total interest expense 2,020,993 1,693,971 5,798,494 5,116,673
---------- ---------- ---------- ----------
Net interest income 1,865,347 1,489,649 5,297,009 4,283,095
Provision for Loan Losses 1,680 1,614 4,987 307,546
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 1,863,667 1,488,035 5,292,022 3,975,549
---------- ---------- ---------- ----------
Other Income:
Loan servicing fees 251,610 113,884 647,337 340,148
Deposit service charges 246,961 176,472 693,172 482,062
Gain on sale of foreclosed
property 23,586 (24,218) 29,125 (12,624)
Gain on sale of branch - - - 433,946
Other operating income 15,944 12,365 32,218 23,731
---------- ---------- ---------- ----------
Total other income 538,101 278,503 1,401,852 1,267,263
---------- ---------- ---------- ----------
Other Expenses:
Salaries and employee benefits 754,081 576,998 2,155,869 1,724,697
Premises and occupancy cost 310,148 274,652 885,572 794,547
Amortization of intangibles 27,930 27,930 83,790 91,695
Federal insurance premiums 20,612 20,300 60,790 92,487
Other operating expenses 447,833 260,100 1,162,176 798,447
---------- ---------- ---------- ----------
Total other expenses 1,560,604 1,159,980 4,348,197 3,501,873
---------- ---------- ---------- ----------
Income before income taxes 841,164 606,558 2,345,677 1,740,939
Income taxes 311,228 225,368 873,493 645,714
---------- ---------- ---------- ----------
Net Income $ 529,936 381,190 1,472,184 1,095,225
========== ========== ========== ==========
Income per share of common stock $ 0.10 0.08 0.29 0.24
========== ========== ========== ==========
Weighted average number of
shares outstanding 4,798,972 4,578,479 4,764,693 4,578,479
See accompanying notes to consolidated financial statements
4
<PAGE>
FIRST GEORGIA HOLDING, INC
CONSOLIDATED CASH FLOW STATEMENTS
NINE MONTHS ENDED JUNE 30,
1998 1997
------------ -----------
OPERATING ACTIVITIES:
Net income $ 1,472,184 714,035
Adjustments to reconcile net income
to net cash provided by operations:
Provision for loan losses 4,987 305,932
Depreciation and amortization 261,580 182,763
Amortization of intangibles 83,790 190,957
Amortization of deferred loan fees 81,320 (58,912)
FHLB Stock Redemption - 415,400
(Gain)/Loss on sale of REO (30,311) (11,594)
(Increase) Decrease in accrued interest
receivable (89,477) 499
Increase (decrease) in other assets (307,554) 207,340
Increase (decrease) in accrued expenses and
liabilities 851,723 (487,005)
------------ -----------
Net Cash Provided By Operating Activities 2,328,242 1,459,415
------------ -----------
INVESTING ACTIVITIES:
Principal payments received on
mortgage-backed securities 1,106,757 527,091
Maturities of investment securities 1,100,000 2,589,063
Purchase of investment securities (2,328,671) -
Loan originations, net of principal
repayments (17,648,274) (4,185,215)
Purchase of Premesis and equipment (1,117,939) (154,406)
Proceeds from the sale of premesis and
equipment 522,945 235,283
Proceeds from the sale of real estate - 148,254
------------ -----------
Net Cash Used By Investing Activities (18,365,182) (839,930)
------------ -----------
FINANCING ACTIVITIES:
Net increase (decrease) in deposits 22,111,996 (1,136,400)
(Repayments of) Proceeds from other
borrowings - -
Proceeds from FHLB Advances 18,350,000 1,750,000
Repayments of FHLB Advances (21,600,000) (500,000)
Net Proceeds from stock options 239,663 -
Cash Dividends paid (320,885) (162,793)
------------ -----------
Net Cash Provided by Financing Activities 18,780,774 (49,193)
------------ -----------
Increase In Cash And Cash Equivalents 2,743,834 570,292
Cash and Cash equivalents at beginning of year 4,509,127 5,910,678
------------ -----------
Cash and cash equivalents at end of quarter $ 7,252,961 6,480,970
============ ===========
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, 1998 and
September 30, 1997. Also included are the results of its operations and changes
in financial position for the three months ended June 30, 1998 and 1997, and
also the nine months ended June 30, 1998 and 1997. 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, 1997.
(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
4% of withdrawable savings and short-term borrowings. The Bank's liquidity level
was 7.14% and 4.38% at June 30, 1998 and September 30, 1998, 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 1998.
CAPITAL RESOURCES
- -----------------
The following is a reconciliation at June 30, 1998 of the Bank's equity
capital to regulatory capital, under generally accepted accounting principles:
First Georgia Bank
Stockholders' Equity 14,634,000
Less:
Intangible Assets 946,000
----------
Tangible Capital 13,688,000
Plus:
Qualifying intangible assets 946,000
----------
Core Capital 14,634,000
Plus:
Supplemental Capital 1,071,000
----------
Risk-based Capital 15,705,000
==========
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 June 30, 1998, the Bank met all three capital
requirements.
The Bank's regulatory capital and the required minimum amounts at June
30, 1998 are summarized as follows:
7
<PAGE>
- --------------------------------------------------------------------------------
Bank Capital Required Minimum Amount Excess (Deficiency)
- --------------------------------------------------------------------------------
% $ % $ % $
- --------------------------------------------------------------------------------
Tangible
Capital: ... 7.61% 13,688,000 1.50% 2,699,000 6.11% 10,989,000
- --------------------------------------------------------------------------------
Core Capital: 8.09% 14,634,000 4.00% 7,235,000 4.09% 7,399,000
- --------------------------------------------------------------------------------
Risk-based
Capital: ...10.03% 15,705,000 8.00% 12,525,000 2.03% 3,180,000
- --------------------------------------------------------------------------------
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, 1998, the Bank's Tier 1 risk-based capital ratio was 9.35%.
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,
1998. 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 on loans increased $670,434, or 22.19%, for the three
month period ended June 30, 1998 and $1,728,343, or 19.65% for the six month
period ended June 30, 1998 as compared to the same period in 1997. 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. Interest on investments increased $29,564, or 20.71% for the
quarter and $82,613, or 18.49% for the six month period ended June 30, 1998
compared to June 30, 1997. In the last nine months, the Bank had some low
interest investments mature and used the proceeds to purchase some investments
which would generate more income. Other interest income for the quarter ended
June 30, 1998 increased $2,722, or 13.74% as compared to the same quarter ended
June 30, 1997. For the nine month period ended June 30, 1998, other income
decreased $115,221, or 72.87% as compared to the same period ended June 30,
1997. In the last quarter, the Bank has seen tremendous growth in its deposit
balances. The Bank is offering new deposit products, such as free checking,
which has been accepted favorably in the marketplace. Consequently, the bank has
been able to put money into short-term earning vehicles, such as overnight Fed
Funds.
INTEREST EXPENSE
- ----------------
Interest Expense increased $328,022 (19.31%) for the quarter ended June
30, 1998 and $681,821 (13.33%) for the nine month period ended June 30, 1998 as
compared to the same period in 1997. Interest on deposits increased $326,802
(22.02%) for the three month period ended June 30, 1998 and $583,482 (12.81) for
the nine month period ended June 30, 1998 compared to the same periods ended
June 30, 1997. Average deposit balances increased approximately $21,763,000 in
the nine month period from September 30, 1998 to June 30, 1998. The market place
in which the Bank operates is extremely conducive to deposit growth, and the
Bank has positioned its deposit products to take full advantage of the area's
deposit demand. Interest on borrowings increased $220, or 0.10% for the quarter
and $98,339, or 17.45% for the nine month period ending June 30, 1998. The
increased flow of money into the Bank from deposits has made it possible to pay
off several Federal Home Loan Bank advances and other borrowings the Bank had.
9
<PAGE>
NET INTEREST INCOME
- -------------------
Net Interest Income increased $375,698, or 25.22% for the quarter and
$1,013,914, or 23.67% for the nine month period ended June 30, 1998 as compared
to the same periods last year. While increases in loan balances and interest
earning deposits have contributed to the increase, the substantial increase in
non-interest bearing deposits held by the Bank has been the deciding factor in
the quick increase. Management believes this growth will continue throughout
fiscal 1998.
PROVISION FOR LOAN LOSSES
The provision for loan losses expense increased $66 for the quarter
and decreased $302,559 for the six months ended June 30, 1998 as compared to the
same periods ended June 30, 1997. Following the sale of the Hinesville office,
Management decided to allocate over $285,000 of the gain to the loan loss
provision. This charge was not present in the current reporting periods. The
loan loss provision at June 30, 1998 was over $1,000,000, which is well over the
necessary regulatory requirements. Management feels the reserve is at adequate
levels and does not warrant any transfers from earnings at this time. Net
Interest Income after Provision for Loan Losses for the quarter ended June 30,
1998 increased $375632, or 25.24% from the same period last year and $1,316,473,
or 33.11% for the nine month period ended June 30, 1998 over June 30, 1997.
OTHER INCOME
Other Income for the quarter increased $259,598, or 93.21% from the
same quarter the previous year and $134,589, or 10.62%, for the nine month
period ended June 30, 1998 as compared to March 31, 1997. The Bank realized a
gain on the sale of the Hinesville office of $433,946 in March of 1997. Even
though the 1997 numbers were inflated by this gain, the current year still
outperformed the previous year. Loan servicing fees increased $137,726 (120.94%)
for the quarter and $307,189 (90.30) for the nine month period ended June 30,
1998. Deposit service charges increased $70,489 (39.94%) for the quarter and
$211,110 (43.79%) for the nine month period ended June 30, 1998. As the Bank's
loan and deposit balances increase steadily, these particular areas increase
also.
OTHER EXPENSES
Other expenses for the quarter ended June 30, 1998 increased $400,624,
or 34.54%, over the quarter ended June 30, 1997. Other expenses for the nine
month period ended June 30, 1998 increased $846,324, or 24.17%, over the nine
month period ended March 31, 1997. Personnel expense increased $177,083, or
30.69% in the three month period ending June 30, 1998 over June 30, 1997, and
$431,172, or 25.00% for the nine month period ended June 30, 1998 over the same
period last year. The Bank has added several new employees to help with the
growth the Bank is experiencing. Management does not forsee any extraordinary
hiring concerns for the remainder of the year. Other expenses increased
$187,733, or 72.18%, for the quarter and $363,729, or 45.55% for the nine month
period ended June 30, 1998 as compared to last year. In preparing to offer more
services for our customers and to comply with Year 2000 guidelines, the Bank is
installing a new computer network and mainframe system. These installations has
generated several data processing costs to bring them online. Also, advertising
expense has increased somewhat as Management has stepped up efforts to make our
presence known throughout the marketplace.
10
<PAGE>
The Bank increased its accrual for income taxes by $148,746 (39.02%)
for the quarter and $376,959 (34.42%) for the nine month period ended June 30,
1998 as compared to the same period in 1997.
FINANCIAL CONDITION
ASSETS
- ------
Cash increased $1,651,011, or 55.30%, over the nine month period ended
June 30, 1998. With the increase in transaction deposit accounts, the Bank has
kept higher cash balances. Interest bearing deposits in other banks increased
$1,092,823, or 71.72%, over the same period due to the higher deposit balances.
The Bank is quickly turning over new deposit balances into new loan
disbursements. Premises and equipment increased $852,038, or 26.78%. The Bank
built and opened its permanent facility at the North Brunswick location this
quarter, which accounts for the increase.
Loans receivable increased $17,148,700, or 12.44% as of ended June 30,
1998 over September 30, 1997. 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
6/30/98 9/30/97
----------------------------------
Real estate mortgage loans $ 103,475,288 102,419,019
Real estate construction loans 28,061,726 16,996,563
Consumer loans 11,793,058 10,383,515
Commercial and other loans 12,910,758 9,137,932
----------------------------------
156,240,830 138,937,029
Less:
Deferred loan fees 94,241 (12,921)
Unearned interest income 62,795 72,995
Allowance for loan losses 1,070,464 1,012,322
----------------------------------
$ 155,013,330 137,864,633
==================================
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, 1998,
Management allocated $4,987 of earnings to the provision for loan losses. June
30, 1998, the Bank believes its allowance for loan losses is adequate to provide
for future losses.
The following tables illustrate the Bank's allowance for loan losses
and its problem loans. 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 ALLOWANCE FOR LOAN LOSSES
06/30/98 09/30/97
-----------------------------------------
Beginning balance $ 1,012,322 955,288
Loans charged-off:
Real estate construction - -
Real estate mortgage 8,664 185,696
Consumer and other 28,482 162,520
-----------------------------------------
Total charge offs 37,146 348,216
-----------------------------------------
Recoveries:
Real estate construction - -
Real estate mortgage 51,340 32,939
Consumer and other 81,758 62,632
-----------------------------------------
Total recoveries 133,098 95,571
-----------------------------------------
Net charge-offs (95,952) 252,645
Provision charged to operations 4,987 309,679
-----------------------------------------
Balance at end of period $ 1,113,261 1,012,322
=========================================
Ratio of net charge-offs to
average loans outstanding -0.06% 20.00%
=========================================
12
<PAGE>
ANALYSIS OF NON-ACCRUING AND PAST DUE LOANS
06/30/98 09/30/97
------------------------------------------
Non-accruing Loans
Real estate
Construction $ 203,187 -
Mortgage 2,370,660 1,914,640
Consumer 64,193 44,781
------------------------------------------
Total non-accruing loans 2,638,040 1,959,421
------------------------------------------
Past Due Loans
Real estate
Construction - -
Mortgage - -
Consumer - -
------------------------------------------
Total past due loans - -
------------------------------------------
Total non-accruing
and past due loans $ 2,638,040 1,959,421
==========================================
Percentage of total loans 1.70% 1.41%
==========================================
Real estate acquired
through foreclosure $ 343,633 423,000
==========================================
Total non-accruing,past due
loans, and nonperforming assets. $ 2,981,673 2,382,421
==========================================
LIABILITIES
- -----------
Deposits have increased $22,111,996, or 17.02%, for the nine month
period ended June 30, 1998. 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. With
the increase of deposit balances, the Bank has paid off several of its Federal
Home Loan Bank advances, as evidenced by the decrease of $3,250,000, or 22.65%.
Much of this money was replaced with the inflow of non-interest bearing
deposits.
13
<PAGE>
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 80K
The Bank filed no reports on Form 8-K for the quarter ended
June 30, 1998.
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: 07/29/98 BY:/s/ G. FRED COOLIDGE III
- --------------------------- ---------------------------
G. Fred Coolidge III
Executive Vice President
Chief Financial Officer
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> SEP-30-1998 SEP-30-1998
<PERIOD-END> JUN-30-1998 JUN-30-1998
<CASH> 4,636,361 4,636,361
<INT-BEARING-DEPOSITS> 2,616,600 2,616,600
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 0 0
<INVESTMENTS-CARRYING> 9,760,688 9,760,688
<INVESTMENTS-MARKET> 9,923,000 9,923,000
<LOANS> 155,013,333 155,013,333
<ALLOWANCE> 1,070,465 1,070,465
<TOTAL-ASSETS> 180,806,178 180,806,178
<DEPOSITS> 152,001,932 152,001,932
<SHORT-TERM> 4,600,000 4,600,000
<LIABILITIES-OTHER> 2,966,014 2,966,014
<LONG-TERM> 6,500,000 6,500,000
0 0
0 0
<COMMON> 4,798,972 4,798,972
<OTHER-SE> 9,939,260 9,939,260
<TOTAL-LIABILITIES-AND-EQUITY> 180,806,178 180,806,178
<INTEREST-LOAN> 3,691,462 10,523,168
<INTEREST-INVEST> 172,340 529,443
<INTEREST-OTHER> 22,538 42,892
<INTEREST-TOTAL> 3,886,340 11,095,503
<INTEREST-DEPOSIT> 1,810,798 5,136,605
<INTEREST-EXPENSE> 2,020,993 5,798,494
<INTEREST-INCOME-NET> 1,865,347 5,297,009
<LOAN-LOSSES> 1,680 4,987
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 1,560,604 4,348,197
<INCOME-PRETAX> 311,228 873,493
<INCOME-PRE-EXTRAORDINARY> 529,936 1,472,184
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 37,095,520 102,110,632
<EPS-PRIMARY> 0.11 0.31
<EPS-DILUTED> 0.10 0.29
<YIELD-ACTUAL> 4.43 4.19
<LOANS-NON> 2,638,040 2,638,040
<LOANS-PAST> 0 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 1,012,322 1,012,322
<CHARGE-OFFS> 97,923 97,923
<RECOVERIES> 151,079 151,079
<ALLOWANCE-CLOSE> 1,070,465 1,070,465
<ALLOWANCE-DOMESTIC> 1,070,465 1,070,465
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 1,070,465 1,070,465
</TABLE>
