<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 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 018261
COMMUNITY FINANCIAL CORPORATION
(Exact name of small business issuer as specified in its charter)
VIRGINIA 54-1532044
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
38 North Central Ave., Staunton, Va. 24401
(Address of principal executive offices zip code)
(540) 886-0796
(Issuer's telephone number, including area code)
Check whether the issuer (1) 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 issuer 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, par value per share, $.01, outstanding at
the close of business on December 31, 1996: 1,272,348.
Transitional Small Business Disclosure Format (Check one)
Yes No X
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COMMUNITY FINANCIAL CORPORATION
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Consolidated Statements of Financial Condition
at December 31, 1996 (unaudited) and
March 31, 1996 ................................................1
Consolidated Statements of Income for the
Three Months Ended December 31, 1996 and 1995
and for the Nine Months Ended December 31, 1996
and 1995 (unaudited)...........................................2
Consolidated Statements of Cash Flows for the
Nine Months Ended December 31, 1996 and
1995 (unaudited)...............................................3
Notes to Unaudited Interim Consolidated
Financial Statements...........................................4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations............................6
PART II. OTHER INFORMATION - II-1
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COMMUNITY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
December 31, March 31,
1996 1996
------------ -------------
(Unaudited)
<S> <C> <C>
ASSETS
Cash (including interest bearing
deposits of approximately
$1,910,000 and $1,147,000) $ 4,598,586 $ 3,673,085
Securities
Held to maturity 5,072,255 6,067,778
Available for sale 2,271,518 1,754,445
Investment in Federal Home Loan
Bank stock, at cost 1,400,000 1,350,000
Loans receivable, net 148,374,998 141,738,895
Real estate owned 70,161 123,322
Property and equipment, net 3,554,057 3,692,043
Accrued interest receivable
Loans 852,726 853,275
Investments 113,208 167,142
Prepaid expenses and other assets 355,535 372,636
$166,663,044 $159,792,621
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $114,101,251 $109,501,461
Advances from Federal Home Loan
Bank 28,000,000 27,000,000
Advance payments by borrowers for
taxes and insurance 97,275 142,737
Other liabilities 1,508,339 1,248,443
Total Liabilities 143,706,865 137,892,641
Stockholders' Equity
Preferred stock $.01 par value,
authorized 3,000,000 shares,
none outstanding
Common stock, $.01 par value,
authorized 10,000,000 shares,
1,272,348 and 1,269,698 shares
outstanding 12,724 12,697
Additional paid in capital 4,662,207 4,651,634
Retained earnings 16,933,837 16,206,237
Net unrealized gain on securities
available for sale 1,347,411 1,029,412
Total Stockholders' Equity 22,956,179 21,899,980
$166,663,044 $159,792,621
</TABLE>
See accompanying notes to consolidated financial statements.
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COMMUNITY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
------------------ -----------------
1996 1995 1996 1995
-------- ------ ------ ------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans $3,091,911 $3,007,517 $9,082,320 $8,802,833
Investment securities 113,482 115,332 363,173 324,510
Other 27,087 35,930 81,605 99,723
Total interest income 3,232,480 3,158,779 9,527,098 9,227,066
INTEREST EXPENSE
Deposits 1,278,307 1,300,133 3,773,232 3,723,119
Borrowed money 375,014 378,274 1,113,329 1,144,476
Total interest expense 1,653,321 1,678,407 4,886,561 4,867,595
NET INTEREST INCOME 1,579,159 1,480,372 4,640,537 4,359,471
PROVISION FOR LOAN LOSSES 53,296 31,720 155,933 99,220
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,525,863 1,448,652 4,484,604 4,260,251
NONINTEREST INCOME
Service charges, fees
and commissions 131,351 109,155 370,462 320,038
Miscellaneous 4,835 5,108 18,752 18,127
Total noninterest
income 136,186 114,263 389,214 338,165
NONINTEREST EXPENSE
Compensation & benefits 311,808 295,456 896,424 860,376
Occupancy 89,787 96,191 288,030 280,778
Data processing 79,691 72,222 254,466 227,387
Federal insurance premium 48,161 60,608 842,261 180,401
Miscellaneous 204,145 180,237 636,412 538,125
Total noninterest
expense 733,592 704,714 2,917,593 2,087,067
INCOME BEFORE TAXES 928,457 858,201 1,956,225 2,511,349
INCOME TAXES 349,117 321,818 732,599 942,440
NET INCOME $ 579,340 $ 536,383 $1,223,626 $1,568,909
EARNINGS PER SHARE $ 0.46 $ 0.42 $ 0.96 $ 1.25
DIVIDENDS PER SHARE $ 0.13 $ 0.11 $ 0.39 $ 0.31
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
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COMMUNITY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended
December 31
------------------------
1996 1995
----------- -----------
(Unaudited)
<S> <C>> <C>
OPERATING ACTIVITIES
Net income $1,223,626 $1,568,909
Adjustments to reconcile net income to
net cash provided by operating activities
Provision for loan losses 155,933 99,220
Depreciation 163,725 159,047
Amortization of premium and accretion
of discount on securities, net (4,320) (7,210)
Decrease in net deferred loan fees (14,335) (77,517)
Increase (Decrease) in deferred income
taxes 47,434 98,480
Decrease (Increase) in other assets 124,745 (99,978)
(Decrease) in other liabilities (32,074) (58,098)
Gain on sale of loans (11,227) (818)
Proceeds from sale of loans 876,600 1,136,000
Loans originated for resale (1,048,350) (1,136,000)
Net cash provided by operating activities 1,481,757 1,682,035
INVESTING ACTIVITIES
Proceeds from maturities of
investment securities 2,000,000 2,500,000
Purchases of investment securities (1,000,234) (4,042,397)
Net increase in loans (6,645,492) (5,203,178)
Purchases of property and equipment (24,893) (47,720)
Net cash provided (absorbed) by
investing activities (5,670,619) (6,793,295)
FINANCING ACTIVITIES
Dividends paid (496,027) (389,433)
Net increase in deposits 4,599,790 4,808,519
Proceeds from advances and other
borrowed money 33,000,000 73,000,000
Repayments of advances and other
borrowed money (32,000,000) (73,000,000)
Proceeds from issuance of common stock 10,600 111,280
Net cash provided (absorbed) by
financing activities 5,114,363 4,530,366
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 925,501 (580,894)
CASH AND CASH EQUIVALENTS-beginning of period 3,673,085 4,582,983
CASH AND CASH EQUIVALENTS-end of period $4,598,586 $4,002,089
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
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COMMUNITY FINANCIAL CORPORATION
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
December 31, 1996
NOTE 1. - BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-QSB and
Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.
The accompanying consolidated financial statements include the accounts
of Community Financial Corporation and its wholly-owned subsidiary, Community
Federal Savings Bank. All significant intercompany balances and transactions
have been eliminated in consolidation.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for fair presentation have been
included. Operating results for the three and nine months ended December 31,
1996, are not necessarily indicative of the results that may be expected for
the year ending March 31, 1997.
NOTE 2. - EARNINGS PER SHARE
Earnings per share is computed based on the weighted average number of
shares of common stock outstanding during each period including the assumed
exercise of dilutive stock options, and is retroactively adjusted for stock
dividends and stock splits. Earnings per share for the three months ended
December 31, 1996 and 1995 have been determined by dividing net income by the
weighted number of shares of common stock outstanding during these periods
(1,272,348 and 1,269,698). Earnings per share for the nine months ended
December 31, 1996 and 1995 have been determined by dividing net income by the
weighted number of shares of common stock outstanding during these periods
(1,271,690 and 1,254,220).
NOTE 3. - STOCKHOLDERS' EQUITY
The following table presents the Savings Bank's capital levels at
December 31, 1996, relative to the federal regulatory requirements at that
date:
<TABLE>
<CAPTION>
Amount Percent Actual Actual Excess
Required Required Amount Percent Amount
-------- -------- --------- ------- ---------
<S> <C> <C> <C> <C> <C>
Tangible Capital $2,488,000 1.50% $19,266,000 11.62% $16,778,000
Core Capital 4,976,000 3.00 19,266,000 11.62 14,290,000
Risk-based Capital 9,020,000 8.00 20,110,000 17.84 11,090,000
</TABLE>
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NOTE 3. - STOCKHOLDERS' EQUITY (cont.)
Capital distributions by the Savings Bank are limited by federal
regulations ("Capital Distribution Regulation"). Capital distributions are
defined to include, in part, dividends, stock repurchases and cash-out
mergers. The Capital Distribution Regulation permits a "Tier 1" association
to make capital distributions during a calendar year up to 100% of its net
income to date plus the amount that would reduce by one-half its surplus
capital ratio at the beginning of the calendar year. Any distributions in
excess of that amount require prior notice to the Office of Thrift Supervision
("OTS") with the opportunity for the OTS to object to the distribution. A Tier
1 association is defined as an association that has, on a pro forma basis
after the proposed distribution, capital equal to or greater than the OTS
capital requirement and has not been deemed by the OTS to be "in need of more
than normal supervision". The Savings Bank is currently classified as a Tier
1 institution for these purposes. The Capital Distribution Regulation
requires that associations provide the applicable OTS District Director with a
30-day advance written notice of all proposed capital distributions whether or
not advance approval is required by the regulation.
NOTE 4. - SUPPLEMENTAL INFORMATION - STATEMENT OF CASH FLOWS
Total interest paid for the three months ended December 31, 1996 and
1995 was $1,630,547 and $1,667,381. Total interest paid for the nine months
ended December 31, 1996 and 1995 was $4,899,937 and $4,845,725. Total income
taxes paid for the three months ended December 31, 1996 and 1995 was $156,077
and $341,526. Total income taxes paid for the nine months ended December 31,
1996 and 1995 was $704,737 and $960,746.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
FINANCIAL CONDITION
The Company's total assets increased $6.9 million to $166.7 million at
December 31, 1996, due primarily to an increase in loans receivable of $6.6
million. The increase in loans receivable was due primarily to the
origination of variable rate mortgage loans. Deposits increased $4.6 million
to $114.1 million at December 31, 1996, from $109.5 million at March 31, l996.
The increase in deposits was used to fund the increase in loans. Stockholders'
equity increased to $23.0 million at December 31, 1996, from $21.9 million at
March 31, 1996, due primarily to earnings for the nine month period ended
December 31, 1996 and an adjustment in the market value of Federal Home Loan
Mortgage Corporation stock, which was partially offset by three payments of
$0.13 per share each in cash dividends.
At December 31, 1996, the Bank's non-performing assets totalled $508,000
or 0.31% of assets. This compares to non-performing assets of $824,000 or
0.54% of total assets as of March 31, 1996. The non-performing assets
consisted of one single family residential property, which was more than
ninety days past due. Also included in non-performing assets are two single
family residential properties acquired through foreclosure and various
consumer loans which includes one loan relationship of approximately $390,000
secured by classic automobiles and a second mortgage on real estate for which
there is an allowance of $145,000. Based on current market values of the
collateral securing these loans, management anticipates no significant losses
in excess of the reserves for losses previously recorded.
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<PAGE>
Historically, the Bank has maintained its liquid assets above the
minimum requirements imposed by federal regulations and at a level believed
adequate to meet requirements of normal daily activities, repayment of
maturing debt and potential deposit outflows. Cash flow projections are
regularly reviewed and updated to assure that adequate liquidity is provided.
As of December 31, 1996, the Bank's liquidity ratio (liquid assets as a
percentage of net withdrawable savings and current borrowings) was 6.93%,
which exceeds the regulatory requirement of 5%.
RESULTS OF OPERATIONS
Three Months Ended December 31, 1996 and 1995.
- ----------------------------------------------
General. Net income for the three months ended December 31, 1996 was
$579,340 compared to $536,383 for the three months ended December 31, 1995,
due primarily to an increase in net interest income which was offset in part
by increases in the provision for loan losses and noninterest expense. Income
before taxes increased to $928,457 for the three months ended December 31,
1996 from $858,201 for the three months ended December 31, 1995.
Interest Income. Total interest income increased to $3,232,480 for the
three months ended December 31, 1996, from $3,158,779 for the three months
ended December 31, 1995, due primarily to an increase in the balances of
loans.
Interest Expense. Total interest expense decreased to $1,653,321 for
the quarter ended December 31, 1996, from $1,678,407 for the quarter ended
December 31, 1995. Interest on deposits decreased to $1,278,307 for the
quarter ended December 31, 1996 from $1,300,133 for the quarter ended December
31, 1995 due primarily to a decrease in the average cost of deposits from
4.72% at December 31, 1995 compared to 4.56% at December 31, 1996. Interest
expense on borrowed money decreased to $375,014 for the quarter ended December
31, 1996, from $378,274 for the quarter ended December 31, 1995, due to a
decrease in the cost of borrowed money which was offset by an increase in
borrowings.
Provision for Loan Losses. The provision for loan losses increased to
$53,296 for the three months ended December 31, 1996 from $31,720 for the
three months ended December 31, 1995. The increase in the provision for loan
losses is attributable primarily to an increase in the number of delinquent
consumer loans. Due to the growth in the loan portfolio and the economic
uncertainty presently existing, management feels it is prudent to monitor the
unallocated reserves and make additions as appropriate to provide for possible
unforeseen losses.
Noninterest Income. Noninterest income increased to $136,186 for the
three months ended December 31, 1996, from $114,263 for the three months ended
December 31, 1995. NOW account charges increased as a result of increased
account volume.
Noninterest Expense. Noninterest expense increased to $733,592 for the
three months ended December 31, 1996, from $704,714 for the three months ended
December 31, 1995. Miscellaneous expenses increased primarily due to
advertising expenses related to a checking account promotion.
Taxes. Taxes increased to $349,117 for the three months ended December
31, l996, from $321,818 for the three months ended December 31, 1995, due to
the increase in income before taxes.
<PAGE>
<PAGE>
Nine Months Ended December 31, 1996 and 1995
- --------------------------------------------
General. Net income for the nine months ended December 31, 1996 was
$1,223,626 compared to $1,568,909 for the nine months ended December 31, 1995.
The decrease was primarily attributable to the one-time SAIF assessment of
$416,000 paid by the Bank during the nine months ended December 31, 1996.
Interest Income. Total interest income increased to $9,527,098 for the
nine months ended December 31, 1996, from $9,227,066 for the nine months ended
September 30, 1995, due primarily to an increase in the balance of loans.
Interest Expense. Total interest expense increased to $4,886,561 for
the nine months ended December 31, 1996, from $4,867,595 for the nine months
ended December 31, 1995. Interest on deposits increased to $3,773,232 for
the nine months ended December 31, 1996, from $3,723,119 for the same period
last year due primarily to an increase in deposit balances which was offset by
a decrease in the cost of deposits. Interest expense on borrowed money
decreased to $1,113,329 for the nine months ended December 31, 1996, from
$1,144,476 for the nine months ended December 31, 1995, due primarily to lower
rates on borrowings which was offset by increased borrowings from the Federal
Home Loan Bank of Atlanta.
Provision for Loan Losses. The provision for loan losses increased to
$155,933 for the nine months ended December 31, 1996, from $99,220 for the
same period last year due primarily to an increase in charge-offs on consumer
loans. Due to the growth in the loan portfolio and the economic uncertainty
presently existing, management feels it is prudent to monitor unallocated
reserves and make additions as appropriate to provide for possible unforeseen
losses.
Noninterest Income. Noninterest income increased to $389,214 for the
nine months ended December 31, 1996, from $338,165 for the nine months ended
December 31, 1995, due primarily to an increase in the fees and service
charges on checking accounts as the volume of accounts increased.
Noninterest Expense. Noninterest expense increased to $2,917,593 for
the nine months ended December 31, 1996, from $2,087,067 for the nine months
ended December 31, 1995. The deposits of savings associations, such as
Community Federal, are presently insured by the SAIF, which together with the
BIF, are the two insurance funds administered by the FDIC. Financial
institutions which are members of the BIF were experiencing substantially
lower deposit insurance premiums because the BIF had achieved its required
reserves. In order to help eliminate this disparity and any competitive
disadvantage due to disparate deposit insurance premium schedules, legislation
to recapitalize the SAIF was enacted in September 1996.
The legislation required a special one-time assessment of approximately
65.7 cents per $100 of SAIF insured deposits held by the Bank at March 31,
1995. The premium resulted in an increase to the federal insurance premium of
$670,765 and a tax affected charge to earnings of approximately $416,000
during the quarter ended September 30, 1996. The legislation is intended to
fully recapitalize the SAIF fund so that commercial bank and thrift deposits
will be charged the same FDIC premiums beginning October 1, 1996. As of such
date deposit insurance premiums for highly rated institutions, such as the
Bank, have been eliminated.
Taxes. Taxes decreased to $732,599 for the nine months ended December
31, 1996, from $942,440 for the nine months ended December 31, 1995,
due to a decrease in income before taxes for the nine months ended December
31, 1996.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable.
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
Not Applicable.
Item 6. Exhibits and Reports on Form 8-K
Exhibits:
Exhibit 27 - Financial Data Schedule
Exhibit 29 - Press release dated January 23, 1997
Form 8-K:
On January 23, 1997, the Company's subsidiary issued a press
release announcing plans to form a banking division in the Hampton
Roads region of Virginia. The press release is attached hereto as
Exhibit 99 and is incorporated by this reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMUNITY FINANCIAL CORPORATION
Date: January 29, 1997
By: (s)
-------------------------------
R. Jerry Giles
Chief Financial Officer
(Duly Authorized Officer)
<PAGE>
<PAGE>
NEWS RELEASE
CONTACT: Thomas W. Winfree, President
TELEPHONE: 540-886-0796
DATE: January 23, 1997
FOR IMMEDIATE RELEASE
Community Bank, Staunton, Virginia, Announces Plans to Form
Hampton Roads Division
Thomas W. Winfree, President and CEO of Community Bank, ("Community") a
wholly owned subsidiary of Community Financial Corporation headquartered in
Staunton, Virginia, (NASDAQ "CCFC") announced today that the Bank has begun
taking the steps necessary to form a banking division in the Hampton Roads
region of Virginia, by expanding its full service banking operations to the
region. Its first office in the region will be located at the Kemps River
Shopping Center in the Kempsville area of Virginia Beach. Community is a 69
year old financial institution with $166.7 million in assets. Community
Financial Corporation's capital is in excess of $22.9 million.
Winfree announced that P. Douglas Richard and Chris P. Kyriakides have
joined Community to lead the expansion in Hampton Roads and to form and
oversee the Hampton Roads Division; Richard as Regional President, and
Kyriakides as Vice President. Both individuals come to the Bank with
extensive experience in the financial institution business. Richard was
previously employed with Seaboard Savings Bank of Virginia Beach, Virginia, as
President and CEO, and Kyriakides was employed with Seaboard as Executive Vice
President and COO. The management, staff, and the entire Board of Directors
of Community are excited about this expansion move and are delighted to have
the opportunity to work with Mr. Richard and Mr. Kyriakides while becoming a
part of such a strong and growing market.
Dr. James R. Cooke, Jr., Chairman of the Board, indicated that this move
is part of the Bank's corporate plan and strategy to transition the Bank into
a full service community bank and distinguish itself from just being a
traditional thrift institution. Dr. Cooke further stated that "this move into
the Hampton Roads Market will enable the Bank to leverage its strong capital
position and enhance shareholder value." Our emphasis will remain on our
niche of providing the very best personal service to our old as well as new
customers. This is the definition of a true "Community Bank", Dr. Cooke said.
We are proud and fortunate to have always had the very best management and
employees available in the workforce today, and Mr. Richard and Mr. Kyriakides
will fit right in with our fine group. They will help ensure our success as
we move ahead with our plans to strengthen and enhance our operations."
This will be the fourth banking location of Community and is subject to
regulatory approval which should take approximately sixty days from the Office
of Thrift Supervision in Atlanta, Georgia. Community is currently operating
in three locations, offering a full line of deposit products and services as
well as a full line of loan products to include traditional home mortgage
loans, both construction and permanent, small business loans, commercial
loans, and consumer loans, in Staunton, Waynesboro, and Stuarts Draft,
Virginia.
<TABLE> <S> <C>
<PAGE>
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<ARTICLE> 9
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY REPORT ON FORM 10-QSB FOR THE QUARTER ENDED DECEMBER 31, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 4,598,586
<INT-BEARING-DEPOSITS> 1,910,000
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2,271,510
<INVESTMENTS-CARRYING> 5,072,255
<INVESTMENTS-MARKET> 0
<LOANS> 148,374,998
<ALLOWANCE> 0
<TOTAL-ASSETS> 166,663,044
<DEPOSITS> 114,101,251
<SHORT-TERM> 28,000,000
<LIABILITIES-OTHER> 1,605,614
<LONG-TERM> 0
0
0
<COMMON> 12,724
<OTHER-SE> 22,943,455
<TOTAL-LIABILITIES-AND-EQUITY> 166,663,044
<INTEREST-LOAN> 9,082,320
<INTEREST-INVEST> 363,173
<INTEREST-OTHER> 81,605
<INTEREST-TOTAL> 9,527,098
<INTEREST-DEPOSIT> 3,773,232
<INTEREST-EXPENSE> 4,886,561
<INTEREST-INCOME-NET> 4,640,537
<LOAN-LOSSES> 155,933
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,917,593
<INCOME-PRETAX> 1,956,225
<INCOME-PRE-EXTRAORDINARY> 1,956,225
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,223,626
<EPS-PRIMARY> .96
<EPS-DILUTED> .96
<YIELD-ACTUAL> 0
<LOANS-NON> 580,000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
