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Previous: FIRST TRUST COMBINED SERIES 50, 24F-2NT, 1996-05-17 |
Next: FIRST TRUST COMBINED SERIES 51, 24F-2NT, 1996-05-17 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
......................................
FORM 10-QSB/A
(Mark one)
X Quarterly report pursuant to Section 13 or 15 (d) of the Securities
---------
Exchange Act of 1934 for the quarterly period ended March 31, 1996 or
_________ Transition report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934 for the transition period from__________
to_________.
Commission file number 0-17099
------------------------------
HOME PORT BANCORP, INC.
--------------------------------------------------
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
Delaware 04-3016821
- ------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
104 Pleasant Street
Nantucket, Massachusetts 02554
- --------------------------------------- -----------
(Address of principal executive office) (Zip Code)
(508) 228-0580
----------------------------------------------
(Issuer's telephone number, including area code)
Not applicable
------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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
----------- ----------.
The number of shares outstanding of each of the registrant's classes of common
stock as of March 31, 1996:
Common Stock $.01 par value 1,841,890
--------------------------- -----------------------
(Title of Class) (Shares Outstanding)
Transitional Small Business Disclosure Format (check one)
Yes No X
----------- -----------.
1
<PAGE>
Home Port Bancorp, Inc.
INDEX
PART I - FINANCIAL INFORMATION Page No.
-----------
Consolidated Balance Sheet at March 31, 1996 and December 3
31, 1995
Consolidated Statement of Earnings for the three months
ended March 31, 1996 and 1995. 4
Consolidated Statement of Changes in Stockholders' Equity
at March 31, 1996 5
Consolidated Statements of Cash Flows for the three months 6
ended March 31, 1996 and 1995
Notes to Consolidated Financial Statements 7-10
Management's Discussion and Analysis of Financial Condition 11-12
and Results of Operation
PART II - OTHER INFORMATION 13
Signatures 14
2
<PAGE>
Home Port Bancorp, Inc.
Consolidated Balance Sheet (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except Per Share Data) March 31, December 31,
1996 1995
----------------------------
<S> <C> <C>
Assets
Cash and due from banks $ 4,896 $ 4,886
Interest bearing deposits in banks 501 1,750
----------------------------
Total cash and cash equivalents 5,397 6,636
Securities held to maturity (market value $17,033 and $18,089) (note 2) 17,311 18,330
Securities available for sale (amortized cost of $6,804 and $7,681) (note 2) 6,794 7,695
Loans, net of allowance for possible loan losses of $2,345 and $2,249 (note 3) 128,543 120,540
Loans held for sale 3,308 8,607
Land, buildings and equipment, net 1,285 1,244
Accrued income receivable 1,083 1,104
Net deferred tax asset 99 85
Stock in FHLB-Boston, at cost 2,321 2,321
Prepaid expenses and other assets 725 710
----------------------------
Total assets $166,866 $167,272
============================
Liabilities and Stockholders' Equity
Liabilities:
Deposits (Note 4) $113,639 $114,357
Borrowed funds 32,663 32,837
Accrued expenses 1,160 1,106
Other liabilities 610 593
----------------------------
Total liabilities 148,072 148,893
----------------------------
Commitments and contingencies (notes 3 and 5)
Stockholders' equity
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued -- --
Common stock, $.01 par value, 10,000,000 shares authorized, 2,325,494
shares issued 23 23
Additional paid-in capital 17,473 17,473
Retained earnings 5,701 5,271
Unrealized gain (loss) on securities available for sale, net of taxes (note 2) (6) 9
Less: Treasury stock, at cost (483,604 shares) (4,397) (4,397)
----------------------------
Total stockholders' equity 18,794 18,379
----------------------------
Total liabilities and stockholders' equity $166,866 $167,272
============================
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE>
Home Port Bancorp, Inc.
Consolidated Statements of Earnings (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except Share and Per Share Data) Three Month Ended
March 31,
-------------------------
1996 1995
-------------------------
<S> <C> <C>
Interest and dividend income:
Interest on loans $2,977 $2,590
Interest on securities 352 398
Dividends 38 38
Federal funds sold and interest bearing deposits 12 29
-------------------------
Total interest and dividend income 3,379 3,055
-------------------------
Interest expense:
Interest on depositors' accounts 984 857
Interest on borrowed funds 517 577
-------------------------
Total interest expense 1,501 1,434
-------------------------
Net interest and dividend income 1,878 1,621
Provision for loan losses -- --
-------------------------
Net interest and dividend income after provision for loan losses 1,878 1,621
-------------------------
Non-interest income:
Deposit servicing fees 77 73
Loan servicing fees 82 48
Other fees and income 62 99
Net gain (loss) from sale of mortgage loans (5) --
Net gain (loss) from securities -- (3)
-------------------------
Total non-interest income 216 217
-------------------------
Non-interest expense:
Salaries and employee benefits 533 475
Building and equipment expenses 105 93
Loss (gain) on other real estate owned -- (4)
Deposit insurance fees 3 72
Professional fees 77 48
Other 222 199
-------------------------
Total non-interest expense 940 883
-------------------------
Income before income taxes 1,154 955
Provision for income taxes (Note 5) 448 392
-------------------------
Net income $706 $563
-------------------------
Earnings per common share $0.38 $0.31
-------------------------
Weighted number of common shares outstanding 1,842 1,842
-------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements
4
<PAGE>
Home Port Bancorp, Inc.
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
<TABLE>
<CAPTION>
(In Thousands) Net
Unrealized
Gain (loss)
on
Additional Securities Total
Common Paid-in Retained Treasury Available Stockholders'
Stock Capital Earnings Stock For Sale Equity
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1994 $23 $17,473 $5,462 $(4,397) $(37) $18,524
Change in unrealized loss on securities
available for sale -- -- -- -- 46 46
Cash dividends paid at $.60 per share -- -- (1,105) -- -- (1,105)
Special dividend paid at $1.00 per share -- -- (1,842) -- -- (1,842)
Net income -- -- 2,756 -- -- 2,756
-----------------------------------------------------------------------------
Balance at December 31, 1995 23 17,473 5,271 (4,397) 9 18,379
Change in unrealized loss on securities
available for sale -- -- -- -- (15) (15)
Cash dividends paid at $.15 per share -- -- (276) -- -- (276)
Net income -- -- 706 -- -- 706
-----------------------------------------------------------------------------
Balance at March 31, 1996 $23 $17,473 $5,701 $(4,397) $(6) $18,794
=============================================================================
</TABLE>
See accompanying notes to unaudited consolidated financial statements
5
<PAGE>
Home Port Bancorp, Inc.
Consolidated Statements of Cash Flows (Unaudited)
<TABLE>
<CAPTION>
(In Thousands) Three Months Ended
March 31,
-----------------------------
1996 1995
-----------------------------
<S> <C> <C>
Net cash flows from operating activities:
Net income 706 $ 563
Adjustments to reconcile net income to net cash provided by operating activities:
Net (increase) decrease in accrued income receivable 21 (132)
Net increase (decrease) in accrued expenses 54 (8)
Net amortization of securities premiums (accretion of discounts) 29 (144)
(Gain) Loss from other real estate owned -- (4)
Net (increase) decrease in loans held for sale 5,294 1,472
Amortization of deferred loan origination fees (64) (82)
Depreciation of building and equipment 48 42
Net (increase) decrease in prepaid expenses and other assets (15) (98)
Net increase (decrease) in other liabilities 17 120
Deferred income taxes (5) 7
Net loss (gain) on securities and other assets -- (3)
Net (gain) on sale of mortgage loans 5 --
-----------------------------
Net cash provided by (used for) operating activities 6,090 1,733
-----------------------------
Cash flows from investing activities
Purchases of securities held to maturity -- --
Purchases of securities available for sale (996) (1,017)
Proceeds from sales of securities available for sale -- 573
Proceeds from maturities of securities 2,625 965
Principal payments on mortgage-backed securities 238 228
Net (increase) decrease in loans (7,939) (1,876)
Purchases of land, buildings and equipment (89) (64)
Proceeds from the sales of other real estate owned -- 49
Purchase of Federal Home Loan Bank stock -- (383)
-----------------------------
Net cash provided by (used for) investing activities (6,161) (1,525)
-----------------------------
Cash flows from financing activities:
Net increase (decrease) in deposits (718) (3,245)
Federal Home Bank advances 7,500 7,000
Federal Home Loan Bank repayments (4,674) (2,165)
Net (decrease) increase in short term borrowings (3,000) (2,000)
Cash dividends paid (276) (4,881)
-----------------------------
Net cash provided by (used for) financing activities (1,168) (5,291)
-----------------------------
Net (decrease) increase in cash and cash equivalents (1,239) (5,083)
Cash and cash equivalents at beginning of period 6,636 9,513
-----------------------------
Cash and cash equivalents at end of period $ 5,397 $ 4,430
=============================
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest 1,493 1,434
Income taxes 303 120
Loans foreclosed and in-substance foreclosures
transferred to other real estate owned -- 372
Dividends declared 276 276
Non-cash gains on sales of loans -- --
</TABLE>
See accompanying notes to unaudited consolidated financial statements
6
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
1. Consolidated Financial Statements
The unaudited consolidated financial statements of Home Port Bancorp, Inc. ("The
Company") and its wholly owned subsidiaries, Nantucket Bank ("the Bank") and
N.B. Securities, Inc. ("a Massachusetts Securities Corporation") have been
prepared in accordance with regulations of the Securities and Exchange
Commission. Certain information, required by generally accepted accounting
principles, has been condensed or omitted pursuant to such rules and
regulations. Inter-company accounts and transactions have been eliminated.
The financial statements for the periods ended March 31, 1996 and 1995 are
unaudited, but include normal recurring adjustments which management considers
necessary for a fair presentation of results. Interim results are not
necessarily indicative of the results to be expected for the entire year. It is
recommended that these statements be read in conjunction with the audited
financial statements for the year end December 31, 1995.
2. Securities (in thousands)
Securities held to maturity consist of the following:
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
----------------------- -----------------------
Book Market Book Market
Value Value Value Value
----------------------- -----------------------
<S> <C> <C> <C> <C>
United States Government and agency obligations $3,284 3,264 $3,528 $3,521
Mortgage-backed securities 8,441 8,208 8,699 8,480
State and municipal obligations 704 701 707 702
Other bonds and notes 4,882 4,860 5,396 5,386
----------------------- -----------------------
Total securities held to maturity $17,311 $17,033 $18,330 $18,089
======================= =======================
</TABLE>
Securities available for sale consist of the following:
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
----------------------- -----------------------
Book Market Book Market
Value Value Value Value
----------------------- -----------------------
<S> <C> <C> <C> <C>
United States Government and agency obligations $ 4,400 $ 4,378 $ 4,901 $ 4,895
State and municipal obligations 806 806 807 807
Other bonds and notes 1,497 1,508 1,861 1,880
Marketable equity securities 101 102 112 113
----------------------- -----------------------
Total securities available for sale $ 6,804 $ 6,794 $ 7,681 $ 7,695
======================= =======================
</TABLE>
7
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
3. Loans, Net (in thousands)
The composition of the balances of loans is as follows:
<TABLE>
<CAPTION>
March 31, December31,
1996 1995
------------------------------
<S> <C> <C>
Mortgage loans:
Residential
Fixed $ 14,761 $ 15,888
Adjustable 56,039 51,632
Residential construction 35,476 34,021
Commercial 28,521 28,660
Commercial construction 8,093 5,547
----------- --------------
Total principal balances 142,890 135,748
Less:
Due borrowers on uncompleted loans
Residential (21,507) (21,948)
Commercial (5,837) (4,304)
Deferred loan origination fees (448) (427)
----------- --------------
Total mortgage loans 115,098 109,069
Other loans:
Commercial business 9,533 7,195
Second mortgage 2,303 2,145
Home equity 1,569 1,834
Passbook and stock secured 1,129 1,342
Consumer 1,256 1,204
----------- --------------
Total other loans 15,790 13,720
Less: Allowance for possible loan losses (2,345) (2,249)
----------- --------------
Loans, net $128,543 $120,540
=========== ==============
</TABLE>
The Federal Home Loan Bank has a blanket lien covering residential and
commercial mortgage loans as collateral for the Bank's borrowing from the FHLB.
Effective January 1, 1996 the Bank adopted Statement of Financial Accounting
Standards ("SFAS") No. 122 "Accounting for Mortgage Servicing Rights." The
Statement requires that a mortgage banking enterprise recognize as separate
assets rights to service mortgage loans for others, regardless of how those
servicing rights are acquired. Additionally, the Statement requires that the
capitalized mortgage servicing rights be assessed for impairment based on the
fair value of those rights, and that impairment be recognized through a
valuation allowance. The adoption of this statement did not have a material
effect on the Bank's financial condition or results or operations.
8
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
A summary of the transactions in the allowance for possible loan losses is as
follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1996 1995
----------------------------
<S> <C> <C>
Balance at beginning of period $2,249 $2,154
Provisions -- --
Recoveries 96 11
Realized losses charged to allowance -- 7
----------------------------
Balance at end of period $2,345 $2,158
============================
</TABLE>
The allowance for possible loan losses is allocated as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1996 1995
----------------------------
<S> <C> <C>
Residential mortgage loans $ 532 $ 457
Commercial real estate loans 1,207 1,112
Commercial loans 165 257
All other loans 306 197
Unallocated 135 135
----------------------------
Total $2,345 $2,158
============================
</TABLE>
Non-performing loans are summarized as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
-------------------------------
<S> <C> <C>
Loans accounted for on a non-accrual basis $ -- $ --
Accruing loans 90 days past due 1,085 --
Restructured loans -- --
</TABLE>
4. Deposits (in thousands)
A summary of deposit balances, by type, is as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
-------------------------------
<S> <C> <C>
Demand (non-interest bearing) $ 6,929 $ 7,352
Savings:
NOW 23,959 25,212
Regular and 90-day notice accounts 12,947 13,098
Money market deposit accounts 18,342 17,985
Advance payments from mortgagors 188 207
-------------------------------
Total savings 55,436 56,502
-------------------------------
Time certificates of deposit 51,274 50,503
-------------------------------
Total deposits $113,639 $114,357
===============================
</TABLE>
9
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
5. Commitments (in thousands)
In the normal course of business, there are outstanding commitments that are not
reflected in the balance sheet. Firm commitments to originate mortgage and
commercial loans were $12,437 at March 31, 1996.
6. Income Taxes
The effective rate for the quarter ended March 31, 1996 is 39%, which is less
than the statutory rate of 43% primarily due to a change in the valuation
allowance.
10
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Unaudited Interim Information for March 31, 1996
Consolidated Balance Sheet
--------------------------
Total assets of Home Port Bancorp, Inc. (the "Company") decreased $.4 million to
$166.9 million at March 31, 1996 from $167.3 million at December 31, 1995. Major
balance sheet categories are discussed below.
Net loans outstanding (including loans held for sale) were $131.9 million at
March 31, 1996, an increase of $2.8 million, or 2.1%, from the $129.1 million at
December 31, 1995. Loan sales totaled $10.0 million during the first quarter of
1996 as compared to $9.4 million for the corresponding 1995 quarter.
Total deposits decreased by $.7 million, or .6%, to $113.6 million at March 31,
1996 from $114.4 million at December 31, 1995. This was substantially less than
the 9.7% decrease during the first quarter of 1995. The Bank usually experiences
a seasonal decrease in deposits during the winter months.
Borrowed funds, consisting of Federal Home Loan Bank advances, totaled $32.7
million at March 31, 1996, slightly under the December 31, 1995 total of $32.8
million. At March 31, 1996 borrowed funds were $3.2 million, or 9.1%, under
their levels at March 31, 1995.
Total stockholders' equity increased by $415 thousand to $18.8 million at March
31, 1996 from $18.4 million at December 31, 1995. This increase reflects net
income of $706 less cash dividends declared of $276 thousand and a $15 thousand
unrealized loss on securities available for sale.
Results of Operations
---------------------
General
For the quarter ended March 31, 1996, the Company reported net income of $706
thousand or $0.38 per share compared to net income of $563 thousand or $0.31 per
share for the quarter ended March 31, 1995. This increase is primarily
attributable to an increase in net interest and dividend income of $257 thousand
and a reduction of $68 thousand in deposit insurance expense offset by increases
of $122 thousand in the other non-interest expense categories. These expense
increases were due to increases in employee training and personnel
administration costs, promotions and public relations and computer hardware and
software costs.
Net Interest Income
Net interest and dividend income increased by $257 thousand or 15.9% to $1.9
million for the quarter ended March 31, 1996 as compared to the same period in
1995. The net interest margin and net interest spread were 4.66% and 4.04%,
respectively, for the first quarter of 1996 compared to 3.63% and 4.19% for the
same period in 1995. The increase in the net interest margin and spread was due
primarily to repricing of adjustable rate assets.
Return on Equity
Return on equity has increased to an annualized rate of 15.24% for the first
quarter of 1996 from 12.05% for the same period in 1995. This improvement is due
to higher earnings combined with a lower equity base resulting from the payment
in 1995 of two special dividends totaling $6.4 million ($3.50 per share).
11
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Unaudited Interim Information for March 31, 1996
Provision for Loan Losses
The allowance for loan losses at March 31, 1996 was $2.3 million or 1.75% of
total loans compared to $2.2 million, or 1.71% of total loans, at December 31,
1995. During the quarter ending March 31, 1996 the Bank had recoveries of $96
thousand and no charge-offs. The Bank believes that the current level of the
allowance for loan losses is adequate and, hence, made no provision for possible
loan losses during the quarter ended March 31, 1996 or the year ended December
31, 1995. However, any unforeseen future economic problems could lead to the
Bank experiencing additional delinquencies requiring additional provisions for
possible loan losses.
Non-performing Loans and Other Real Estate Owned
The Bank's non-performing loans, consisting of accruing loans 90 days past due,
totaled $1.1 million at March 31, 1996. There were no non-performing loans at
December 31,1995. None of these loans were to affiliated persons. The largest
non-performing loan, totaling $650 thousand, is a first mortgage loan on a
residential property. The Bank expects to incur no loss on this loan based on
the estimated value of the property. The Bank had no other real estate owned at
either March 31, 1996 or December 31, 1995.
At March 31, 1996 management has identified $700 thousand of loans that, while
currently performing, may pose potential problems due to some doubts about the
ability of the borrowers to comply with all of their present loan repayment
terms. The resolution of these loans is not yet known. The Bank believes that
its allowance for loan losses is adequate to absorb any losses that may result
from these loans.
Income Taxes
The Company and its subsidiaries, on a consolidated basis are subject to Federal
income tax. The Company is also subject to a Delaware franchise tax and a
Massachusetts tax as a security corporation. The Bank and it's subsidiary are
subject to a Massachusetts income tax. For interim unaudited financial
statements, management calculated the provision for taxes using an estimated
combined Federal and state tax rate of 40% and made an adjustment decreasing the
deferred tax valuation reserve. The expected tax rate is reviewed and adjusted
as necessary on a quarterly basis.
Liquidity and Capital Resources
Substantially all of the Company's funds are generated through its banking
subsidiary, Nantucket Bank. The Bank's sources are customer deposits,
amortization and payoffs of loans, advances from the Federal Home Loan Bank of
Boston, sale of loans in the secondary market, maturities and sales of
securities and positive cash flows generated from operations. As a member of the
Depositors' Insurance Fund, the Bank also has a right to borrow from the
Depositors Insurance Fund for short-term cash needs by pledging certain assets,
although it has never exercised this right. The Bank's liquidity management
program is designed to assure that sufficient funds are available to meet it's
daily needs.
The Bank believes its capital resources, including deposits, scheduled loan
repayments, revenue generated from the sales of loans and securities, unused
borrowing capacity at the Federal Home Loan Bank of Boston, and revenue from
other sources will be adequate to meet its funding commitments.
At March 31, 1996 and December 31, 1995 the Company's and the Bank's capital
ratios were in excess of regulatory the requirements of the Federal Deposit
Insurance Corp.
12
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
The Company and its subsidiaries are not involved in any pending
legal proceedings other than those involved in the ordinary course of
their businesses. Management believes that the resolution of these
matters will not materially affect their businesses or the
consolidated financial condition of the Company and its subsidiary.
Item 2. Changes in Securities.
----------------------
Not applicable.
Item 3. Defaults Upon Senior Securities.
--------------------------------
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable.
Item 5. Other Information.
------------------
A dividend of $.15 per common share was declared on February 1, 1996.
The cash dividend was paid on February 29, 1996 to shareholders of
record as of February 15, 1996.
Declaration of dividends by the Board of Directors depends on a number
of factors, including capital requirements, regulatory limitations,
the Company's operating results and financial condition and general
economic conditions.
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
a. Exhibits -- None
--------
b. Reports on Form 8-K - No reports on Form 8-K were filed during
-------------------
the quarter ended March 31, 1996.
13
<PAGE>
Home Port Bancorp, Inc. and Subsidiaries
Signatures
- ----------
In accordance with the requirements of the Securities Exchange Act, the
Registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Home Port Bancorp, Inc.
----------------------------------------
(Registrant)
Date: May 17, 1996 By: /s/ William P. Hourihan
----------------------------------------
William P. Hourihan, Vice President
Date: May 17, 1996 By: /s/ John M. Sweeney
----------------------------------------
John M. Sweeney, Treasurer
(chief financial & accounting officer)
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> MAR-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1996 JAN-01-1995
<PERIOD-END> MAR-01-1996 MAR-01-1995
<CASH> 4,896 4,886
<INT-BEARING-DEPOSITS> 501 1,750
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 6,794 7,695
<INVESTMENTS-CARRYING> 17,311 18,330
<INVESTMENTS-MARKET> 17,033 18,089
<LOANS> 131,851 129,147
<ALLOWANCE> 2,345 2,249
<TOTAL-ASSETS> 166,866 167,272
<DEPOSITS> 113,639 114,357
<SHORT-TERM> 32,663 32,837
<LIABILITIES-OTHER> 1,770 1,699
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 23 23
<OTHER-SE> 18,771 18,356
<TOTAL-LIABILITIES-AND-EQUITY> 166,866 167,272
<INTEREST-LOAN> 2,977 2,590
<INTEREST-INVEST> 390 436
<INTEREST-OTHER> 12 29
<INTEREST-TOTAL> 3,379 3,055
<INTEREST-DEPOSIT> 984 857
<INTEREST-EXPENSE> 1,501 1,434
<INTEREST-INCOME-NET> 1,878 1,621
<LOAN-LOSSES> 5 0
<SECURITIES-GAINS> 0 (3)
<EXPENSE-OTHER> 940 883
<INCOME-PRETAX> 1,154 955
<INCOME-PRE-EXTRAORDINARY> 1,154 955
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 706 563
<EPS-PRIMARY> 0.38 0.31
<EPS-DILUTED> 0.38 0.31
<YIELD-ACTUAL> 4.66 4.19
<LOANS-NON> 0 0
<LOANS-PAST> 1,085 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 700 0
<ALLOWANCE-OPEN> 2,249 2,154
<CHARGE-OFFS> 0 7
<RECOVERIES> 96 11
<ALLOWANCE-CLOSE> 2,345 2,158
<ALLOWANCE-DOMESTIC> 2,345 2,158
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
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