<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For quarterly period ended March 31, 1997
--------------
[ ] 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 0-18539
-------
EVANS BANCORP, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 16-1332767
- ----------------------------------- ----------------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14-16 North Main Street, Angola, New York 14006
-----------------------------------------------
(Address of principal executive offices)
(Zip Code)
(716) 549-1000
------------------------------------------------
(Issuer's telephone number)
Not applicable
------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report.)
Indicate by check mark whether the registrant (1) has 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 [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
Common Stock, $2.50 Par Value--339,790 shares as of March 31, 1997
<PAGE> 2
INDEX
EVANS BANCORP, INC. AND SUBSIDIARY
<TABLE>
<CAPTION>
PAGE
PART 1. FINANCIAL INFORMATION
- -------------------------------
<S> <C> <C>
Item 1. Financial Statements (Unaudited)
Consolidated balance sheets--March 31, 1997 and
December 31, 1996 1
Consolidated statements of income--Three months
ended March 31, 1997 and 1996 2
Consolidated statements of cash flows--Three months
ended March 31, 1997 and 1996 3
Notes to consolidated financial statements--
March 31, 1997 and 1996 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II. OTHER INFORMATION 7
- ---------------------------
Item 1. Legal Proceedings
Item 2. Changes In Securities
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES 8
</TABLE>
<PAGE> 3
PART I - FINANCIAL INFORMATION PAGE 1
ITEM I - FINANCIAL STATEMENTS
<TABLE>
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
March 31, 1997 and December 31, 1996
(Unaudited)
<CAPTION>
March 31, December 31,
ASSETS 1997 1996
-------------- -------------
<S> <C> <C>
Cash and due from banks $ 5,353,187 $ 5,662,231
Interest bearing deposits in other banks 0 0
Federal Funds sold 3,410,000 1,450,000
Securities:
Classified as available-for-sale, at fair value 35,982,861 30,201,120
Classified as held-to-maturity, at amortized cost 5,860,542 5,853,204
Loans, net 94,212,725 92,087,902
Premises and equipment, net 3,833,263 3,748,663
Other assets 2,308,325 1,894,937
------------- -------------
$ 150,960,903 $ 140,898,057
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Demand $ 20,716,750 $ 20,149,152
NOW and money market accounts 6,928,037 6,437,613
Regular savings 45,662,334 42,136,290
Time Deposits, $100,000 and over 19,613,481 14,096,821
Other time accounts 40,656,532 40,641,503
------------- -------------
133,577,134 123,461,379
Dividend Payable 0 169,895
Other liabilities 1,787,259 1,756,700
------------- -------------
135,364,393 125,387,974
------------- -------------
STOCKHOLDERS' EQUITY
Common Stock, $2.50 par value; 1,000,000
shares authorized; 339,790 and 339,790
shares issued and outstanding 849,475 849,475
Surplus 10,990,720 10,990,720
Retained earnings 4,130,204 3,692,659
Unrealized losses on available for sale securities (373,889) (22,771)
------------- -------------
15,596,510 15,510,083
------------- -------------
$ 150,960,903 $ 140,898,057
============= =============
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 4
PART I - FINANCIAL INFORMATION PAGE 2
ITEM I - FINANCIAL STATEMENTS
<TABLE>
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months ended March 31, 1997 and 1996
(Unaudited)
<CAPTION>
Three Months Ended
March 31,
1997 1996
---------- -----------
<S> <C> <C>
INTEREST INCOME
Loans $2,098,404 $1,761,111
Federal funds sold 41,564 68,528
Securities:
Taxable 362,045 348,948
Non-taxable 199,148 195,624
Deposits in other banks 0 7,828
---------- ----------
2,701,161 2,382,039
INTEREST EXPENSE
Interest on Deposits 1,107,429 943,981
Short Term Borrowing 199 0
---------- ----------
NET INTEREST INCOME 1,593,533 1,438,058
PROVISION FOR CREDIT LOSSES 15,000 15,000
---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 1,578,533 1,423,058
---------- ----------
NON-INTEREST INCOME:
Service charges 162,619 162,185
Other 70,681 69,457
Securities Gains and Losses 374 2,695
---------- ----------
233,674 234,337
---------- ----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 629,061 632,101
Occupancy 186,180 135,518
Supplies 21,378 25,846
Repairs and maintenance 37,530 38,065
Advertising and public relations 28,129 38,466
Professional services 54,819 54,393
FDIC assessments 2,592 500
Other 214,157 214,574
---------- ----------
1,173,846 1,139,463
---------- ----------
Income before income taxes 638,361 517,932
---------- ----------
PROVISION FOR INCOME TAXES 200,816 151,185
---------- ----------
NET INCOME $ 437,545 $ 366,747
========== ==========
NET INCOME PER COMMON SHARE $ 1.29 $ 1.08
========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 339,790 339,790
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 5
PART I - FINANCIAL INFORMATION PAGE 3
ITEM I - FINANCIAL STATEMENTS
<TABLE>
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 1997 and 1996
(Unaudited)
<CAPTION>
Three Months Ended
March 31,
1997 1996
------------ ------------
<S> <C> <C>
OPERATING ACTIVITIES
Interest received $2,402,873 $2,239,982
Fees and commissions received 243,468 258,413
Interest paid (1,090,095) (926,410)
Cash paid to suppliers and employees (1,148,463) (1,092,103)
Income taxes paid (53,250) (77,615)
------------ ------------
Net cash provided by operating
activities 354,533 402,267
------------ ------------
INVESTING ACTIVITIES
Available for sale securities
Purchases (13,498,292) (3,601,011)
Proceeds from sales 6,961,774 1,976,041
Proceeds from maturities 208,332 2,031,789
Held to maturity securities
Purchases (280,754) (111,104)
Proceeds from sales 0 0
Proceeds from maturities 283,463 173,674
Additions to bank premises and equipment (183,922) (473,961)
Increase in loans, net of repayments (2,411,135) (2,744,819)
Proceeds from sales of loans 271,098 896,343
------------ ------------
Net cash used in investing activities (8,649,436) (1,853,048)
------------ ------------
FINANCING ACTIVITIES
Increase in deposits 10,115,754 10,264,569
Cash Dividends Paid (169,895) 0
------------ ------------
Net cash provided by financing
activities 9,945,859 10,264,569
------------ ------------
Net increase in cash and cash
equivalents 1,650,956 8,813,788
Cash and cash equivalents, January 1 7,112,231 6,443,256
------------ ------------
Cash and cash equivalents, March 31 $8,763,187 $15,257,044
============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 6
PART I - FINANCIAL INFORMATION PAGE 4
ITEM I - FINANCIAL STATEMENTS
<TABLE>
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 1997 and 1996
(Unaudited)
Three Months Ended
March 31,
1997 1996
--------- ---------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Net income $437,545 $366,747
--------- ---------
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 59,577 62,714
Provision for credit losses 15,000 15,000
Gain on sale of assets (2,410) (11,690)
Increase in accrued interest payable 17,533 17,571
Increase in accrued interest receivable (252,357) (129,431)
Increase in other liabilities 153,776 89,120
Increase in other assets (74,131) (7,764)
--------- ---------
Total adjustments (83,012) 35,520
--------- ---------
NET CASH PROVIDED BY
OPERATING ACTIVITIES $354,533 $402,267
========= =========
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION:
Transfers of available for sale securities to held
to maturity securities $0 $0
--------- ---------
Net unrealized gain/(loss) on available for sale securities ($549,839) ($139,917)
========= =========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 7
PART I - FINANCIAL INFORMATION PAGE 5
ITEM 1 - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1997 AND 1996
(UNAUDITED)
1. GENERAL
-------
The accounting and reporting policies followed by Evans Bancorp, Inc., a
bank holding company, and its subsidiary, Evans National Bank, in the
preparation of the accompanying interim financial statements conform
with generally accepted accounting principles and with general practice
within the banking industry.
The accompanying financial statements are unaudited. In the opinion of
management, all adjustments necessary for a fair presentation of
financial position and results of operations for the interim periods
have been made. Such adjustments are of a normal recurring nature.
The results of operations for the three month period ending March 31,
1997 are not necessarily indicative of the results to be expected for
the full year.
2. SECURITIES
----------
In 1994 the Bank implemented accounting procedures for securities as
outlined in Statement of Financial Accounting Standard No. 115.
Securities which the Bank has the ability and intent to hold to maturity
are stated at cost, plus discounts accrued and less premiums amortized.
Securities which the Bank has identified as available for sale are
stated at fair value.
3. ALLOWANCE FOR CREDIT LOSSES
---------------------------
The provision for credit losses is based on management's evaluation of
the relative risks inherent in the loan portfolio and, on an annual
basis, generally exceeds the amount of net loan losses charged against
the allowance.
4. INCOME TAXES
------------
Provision for deferred income taxes are made as a result of timing
differences between financial and taxable income. These differences
relate principally to directors deferred compensation, pension premiums
payable and deferred loan origination expenses.
5. PER SHARE DATA
--------------
The per share of common stock information is based upon the weighted
average number of shares outstanding during each period, retroactively
adjusted for stock dividends.
<PAGE> 8
PART I - FINANCIAL INFORMATION PAGE 6
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
MATERIAL CHANGES IN FINANCIAL CONDITION
- ---------------------------------------
Total deposits increased 8.2% during the first three months of 1997.
This compares to an increase of 9.4% during the first three months of 1996. Tax
collections in local municipalities traditionally contribute to significant
increases in total deposits in the first quarter. Time deposits over $100,000
have increased 39.1% since December 31, 1996, as municipalities have placed
funds in short-term time deposits. Deposit increases also reflect the expansion
of the Bank's trade area to include the Hamburg, NY market and increased
activity at the Evans, NY facility since its May, 1996 opening.
Total net loans outstanding increased 2.3% during the first three months
of 1997, compared to an increase of 2.4% over the same period in 1996. Loan
demand has been strong since late 1995 and the commercial mortgage portfolio has
continued to grow significantly. During the first quarter of 1996, consumer
loans totalling $269 thousand were sold to the Student Loan Marketing
Association ("SLMA") and the Federal National Mortgage Association ("FNMA"). A
total of $887 thousand in loans were sold in the first quarter of 1996.
The securities portfolio increased $5.8 million or 16.1% during the
first quarter of 1997. During the first quarter of 1996, the portfolio declined
$884 thousand or 2.3%. Since deposit growth outpaced loan growth in the first
quarter of 1997, excess funds were invested in US government and agency
securities and New York State municipal bonds. These bonds provide liquidity and
cash flow, and contribute to improved tax status. The Bank also purchased
additional stock in the Federal Home Loan Bank as part of its membership
requirement. The fair value of the available for sale portfolio declined at
March 31, 1997 as the market reacted to the 25 basis point increase in the Fed
funds rate on March 26.
The annualized return on average assets at March 31, 1997 was 1.21%. The
return on average assets at December 31, 1996 was 1.20%. The Bank's annualized
return on average equity at March 31, 1997 was 11.22% compared to 10.72% at
December 31, 1996. The capital to assets ratio at March 31, 1997 of 10.89%
compares to 11.37% at December 31, 1996. Total assets have increased $10.1
million or 7.1% since December 31, 1996.
MATERIAL CHANGES IN THE RESULTS OF OPERATIONS
- ---------------------------------------------
Net interest income for the quarter ending March 31, 1997 increased
10.8% over the same three month period in 1996. Interest income on loans and
securities increased 13.4%. Interest expense on deposits increased 17.3%. The
Bank's year-to-date net interest margin was 4.67%, declining slightly from 4.71%
as of March 1996. The year-to-date yield on total earning assets was 8.29% as of
March 31, 1997, increasing from 8.21% as of March 31, 1996. Yields on US
treasury securities and municipal bonds have been computed on a tax-equivalent
basis. Comparatively, the year-to-date cost of funds on interest-bearing deposit
balances at March 31, 1997 was 4.11% increasing from 3.97% in March 1996. This
is largely due to the change in the deposit mix as customers migrated out of
regular savings products into higher yielding certificates.
The year-to-date provision for credit losses was $15,000 through March
31, 1997. The provision was also $15,000 for the same period last year.
Management remains confident in the loan portfolio and in the overall adequacy
of the reserve for credit losses in relation to the quality and size of the loan
portfolio.
Net operating expenses increased 3.0% for the quarter compared to the
first quarter of 1996. This compares with a 10% increase in the first quarter of
1996 over the first quarter of 1995. The increase in 1996 over 1995 was the
result of the initial phase of the $2.5 million expansion plan. In 1996,
occupancy expense increased 37.4% over the first quarter of 1996 due to the
second phase of that plan, which included the opening of a newly-constructed
facility in Evans, NY in May of 1996 and the renovation of the Main Street,
Angola building. These costs have also increased due to the Bank's investment in
technologically up-to-date check processing equipment and a new mainframe
computer system. Salaries and benefits, supplies, repairs and maintenance and
advertising decreased from levels recorded at March 31, 1996 and other
categories such as professional services and FDIC insurance assessments showed
only minimal increases.
Net income for the first quarter of $438 thousand reflects an increase
of 19.3% over the first quarter of 1996. The effective combined income tax rate
for the first three months of 1996 was 31.5% compared to 29.2% for the same
period in 1996.
<PAGE> 9
PART II - OTHER INFORMATION PAGE 7
- ---------------------------
ITEM 1. Legal Proceedings - None to report
ITEM 2. Changes in Securities
On May 1, 1997, the Registrant filed an amendment to its
Certificate of Incorporation which effected a 5-for-1 stock
split pursuant to which each share of outstanding common stock
(par value $2.50 per share) was split into five shares of common
stock (par value $.50 per share). The Amendment also increased
the authorized number of shares of common stock to 10,000,000,
par value $.50 per share.
ITEM 3. Defaults upon Senior Securities - None to report
ITEM 4. Submission of Matters To a Vote of Security Holders
The annual shareholders meeting for the Registrant was held on
April 29, 1997. At the meeting, Richard M. Craig, LaVerne G.
Hall and Richard C. Stevenson were re-elected as directors for a
term of three (3) years. The following votes were cast for the
nominees:
FOR AGAINST
Richard M. Craig 266,638 1,479
LaVerne G. Hall 267,400 717
Richard C. Stevenson 254,597 13,125
Edward R. Gerecke, Jr. 930
The following directors continue their terms of office:
Robert W. Allen
William F. Barrett
Phillip Brothman
David C. Koch
David M. Taylor
Carl F. Ulmer
At the same meeting, the shareholders also approved an amendment
to the Registrant's Certificate of Incorporation to effect a
5-for-1 stock split of the Registrant's common stock shares and
to increase the authorized number of common stock shares to
10,000,000, par value $.50 per share. The results of the voting
were 267,155 in favor and 839 against this proposal, with 123
abstaining.
ITEM 5. Other Information:
A cash dividend of $.50 per share was paid on February 1, 1997
to holders of record on November 26, 1996. A total of $169,895
was paid on 339,790 shares.
ITEM 6. Exhibits and Reports on form 8-K - None to report
The following Exhibits are filed as part of this Report:
Exhibit No. Description Page
----------- ----------- ----
3.3 Amendment to 9
Certificate of Incorporation
4.1 Specimen Stock Certificate 12
Common Shares, par value
$.50 per share
27 Financial Data Schedule 15
<PAGE> 10
PAGE 8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.
Evans Bancorp, Inc.
DATE
May 13, 1997 /Richard M. Craig
------------------------------------
Richard M. Craig
President and Chief Executive Officer
DATE
May 13, 1997 /James Tilley
------------------------------------
James Tilley
Senior Vice President
<PAGE> 1
Page 9
EXHIBIT 3.3
<PAGE> 2
CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
EVANS BANCORP, INC
UNDER SECTION 805 OF THE BUSINESS CORPORATION LAW
We, the undersigned, the President and Secretary of
Evans Bancorp, Inc. (hereinafter called the "Corporation") hereby
certify:
FIRST: The name of the Corporation is Evans Bancorp,
Inc,
SECOND: The original Certificate of Incorporation was
filed with the Department of State on October 28, 1988,
THIRD: The Certificate of Incorporation is amended as
authorized by Section 801 of the Business Corporation Law to
effectuate a 5-for-1 stock split and to increase the number of
authorized shares of common stock.
FOURTH: Article 4 of the Certificate of Incorporation
is amended to read as follows:
"4, Number of Shares, The aggregate number
of shares which the Corporation shall have
authority to issue is: Ten Million
(10,000,000) shares, all of which shall be
common shares of the par value of 50 cents
($.50) each."
FIFTH: The Corporation presently has 1,000,000 common
shares, par value $2.50 each, authorized, of which 339,790
shares, par value $2.50, are issued and outstanding. The 339,790
shares, par value $2.50, which are presently issued and
outstanding shall be converted into 1,698,950 shares, par value
$.50 each, at the rate of five shares, par value $.50, for each
one share, par value $2.50, presently issued and outstanding.
The 660,210 authorized but unissued shares, par value $2.50 per
share, shall also be converted into 3,301,050 shares, par value
$.50 per share, at the rate of five shares, par value $.50 each,
for each one share, par value $2.50, and the total number of
authorized, but unissued shares shall be increased to 8,301,050,
par value $.50 each.
<PAGE> 3
-2-
SIXTH: The foregoing Amendment of the Certificate of
Incorporation was first authorized by a majority of the Directors
of the Corporation at a meeting duly called and then followed
by the vote of the holders of more than a majority of the shares
entitled to vote at a meeting of shareholders.
IN WITNESS WHEREOF, the undersigned have subscribed this
Certificate and affirmed that the statements contained herein are true
under the penalties of perjury on this 29th day of April, 1997.
/S/ Richard M. Craig
--------------------------------
Richard M. Craig, President
/S/ Robert W. Allen
--------------------------------
Robert W. Allen, Secretary
<PAGE> 1
Page 12
EXHIBIT 4.1
<PAGE> 2
EVANS BANCORP, INC.
INCORPORATED UNDER THE LAWS OF THE STATE OF NEW YORK
NUMBER SHARES
CA
COMMON CAPITAL STOCK CUSIP 29911Q 20 8
SEE REVERSE FOR CERTAIN DEFINITIONS
THIS IS TO CERTIFY that
is the owner of
FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON CAPITAL STOCK
(PAR VALUE $.50) OF
EVANS BANCORP, INC., hereinafter called the "corporation", transferable on the
books of the corporation by the holder hereof in person or by duly authorized
attorney upon surrender of this certificate properly endorsed. This certificate
is not valid unless countersigned and registered by the Transfer Agent and
Registrar.
WITNESS the facsimile seal of the corporation and the facsimile signatures of
its authorized officers.
EVANS BANCORP INC. SEAL
Dated: /s/ Robert W. Allen /s/ Richard M. Craig
Secretary President
SPECIMEN ONLY
COUNTERSIGNED AND REGISTERED:
AMERICAN STOCK TRANSFER & TRUST COMPANY
Transfer Agent
and Registrar
BY
Authorized Signature
<PAGE> 3
The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:
<TABLE>
<S> <C>
TEN COM - as tenants in common UNIF GIFT MIN ACT - Custodian
-----------------------------
(Cust) (Minor)
TEN ENT - as tenants by the entireties under Uniform gifts to Minors
JT TEN - as joint tenants with right Act
of survivorship and not as --------------------------
tenants in common (State)
Additional abbreviations may also be used though not in the above list.
</TABLE>
For Value Received, __________________ hereby sell, assign and
transfer unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
____________________________________
| |
|____________________________________|
_______________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
_______________________________________________________________________________
_______________________________________________________________________________
________________________________________________________________________ Shares
of the Common Capital Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.
Dated ________________
________________________________________________________
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM EVANS BANCORP BALANCE SHEET AND INCOME
STATEMENT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000842518
<NAME> EVANS BANCORP INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 5,353,187
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,410,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 35,982,861
<INVESTMENTS-CARRYING> 5,860,542
<INVESTMENTS-MARKET> 0
<LOANS> 94,212,725
<ALLOWANCE> (559,686)
<TOTAL-ASSETS> 150,960,903
<DEPOSITS> 133,577,134
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,787,259
<LONG-TERM> 0
<COMMON> 849,475
0
0
<OTHER-SE> 14,747,035
<TOTAL-LIABILITIES-AND-EQUITY> 150,960,903
<INTEREST-LOAN> 2,098,404
<INTEREST-INVEST> 561,193
<INTEREST-OTHER> 41,564
<INTEREST-TOTAL> 2,701,161
<INTEREST-DEPOSIT> 1,107,429
<INTEREST-EXPENSE> 1,107,628
<INTEREST-INCOME-NET> 1,593,533
<LOAN-LOSSES> 15,000
<SECURITIES-GAINS> 374
<EXPENSE-OTHER> 1,173,846
<INCOME-PRETAX> 638,361
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 437,545
<EPS-PRIMARY> 1.29
<EPS-DILUTED> 0
<YIELD-ACTUAL> 8.29
<LOANS-NON> 209,432
<LOANS-PAST> 54,996
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 546,954
<CHARGE-OFFS> 6,007
<RECOVERIES> 3,739
<ALLOWANCE-CLOSE> 559,686
<ALLOWANCE-DOMESTIC> 15,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
