FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1996
Commission file number: 33-85626
FULTON BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Commonwealth of Pennsylvania 25-1598464
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Lincoln Way East
McConnellsburg, Pennsylvania 17233
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including
area code: (717) 485-3144
Indicate by check mark whether the registrant (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 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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at October 28, 1996
(Common stock, .625 par value) 495,000
Page 1 of 15 pages
FULTON BANCSHARES CORPORATION
INDEX
Page
PART I - FINANCIAL INFORMATION
Condensed consolidated balance sheets - September 30, 1996
and December 31, 1995 3
Condensed consolidated statements of income - three months
ended September 30, 1996 and 1995 4
Condensed consolidated statements of income - nine months
ended September 30, 1996 and 1995 5
Condensed consolidated statements of cash flows - nine
months ended September 30, 1996 and 1995 6
Notes to condensed consolidated financial statements 7
and 8
Management's discussion and analysis of financial
condition and results of operations 9 -
13
PART II - OTHER INFORMATION 14
Signatures 15
Page 2 of 15 pages
PART I - FINANCIAL INFORMATION
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
1996 1995 *
ASSETS (Unaudited)
(000 Omitted)
Cash and due from banks $ 3,568 $
2,856
Held-to-maturity debt securities 0 600
Available-for-sale debt securities 28,179
28,864
Federal Reserve, Atlantic Central Bankers Bank,
Federal Home Loan Bank and FNMA Preferred
Stocks, at cost which approximates market 722 501
Loans, net of allowance for loan losses 63,415
59,871
Bank building, equipment, furniture &
fixtures, net 2,097 2,059
Other real estate owned 408 424
Accrued interest receivable 386 606
Other assets 2,913
668
Total assets $ 101,688 $
96,449
LIABILITIES
Deposits:
Noninterest-bearing deposits $ 10,286 $
7,959
Interest-bearing deposits:
Savings deposits 30,723
29,285
Time deposits 48,635
49,115
Total deposits 89,644
86,359
Federal funds purchased 1,620 0
Accrued interest payable 445 369
Other liabilities 169
276
Total liabilities 91,878
87,004
STOCKHOLDERS' EQUITY
Capital stock, common, par value - $ 0.625;
4,000,000 shares authorized; 495,000
shares issued and outstanding 309 309
Surplus 2,051 2,051
Retained earnings 7,826 7,102
Net unrealized (losses) available-
for-sale securities ( 376) (
17)
Total stockholders' equity 9,810
9,445
Total liabilities and
stockholders' equity $ 101,688 $
96,449
* Condensed from audited financial statements
The accompanying notes are an integral part of these condensed
financial statements.
Page 3 of 15 pages
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
1996 1995
(000 Omitted)
Interest & Dividend Income
Interest & fees on loans $ 1,458 $
1,441
Interest & dividends on investment
securities:
U.S. Government securities 407 401
Obligations of state & political
subdivisions 47 20
Interest on federal funds sold 0 3
Other interest & dividend income 10
8
Total interest & dividend income 1,922
1,873
Interest Expense
Interest on deposits 888 959
Interest on federal funds purchased 24 11
Interest on other borrowed money 14
1
Total interest expense 926
971
Net interest income before
provision for loan losses 996 902
Provision for loan losses 50
8
Net interest income after provision
for loan losses 946
894
Other Income
Service charges on deposit accounts 36 24
Other fee income 26 22
Other noninterest income 29 8
Securities gains (losses) ( 2)
2
Total other income 89
56
Other Expense
Salaries and employee benefits 274 255
Net occupancy expenses (including
depreciation) 96 96
FDIC insurance premiums 1 (
5)
Other noninterest expenses 209
179
Total other expenses 580
525
Net income before income taxes 455 425
Applicable income taxes 104
126
Net income $ 351 $
299
Weighted average number of shares
outstanding 495,000
472,953
Net income per share $ .71 $
.61
Cash dividends declared per share .175 .15
The accompanying notes are an integral part of these condensed
financial statements.
Page 4 of 15 pages
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
1996 1995
(000 Omitted)
Interest & Dividend Income
Interest & fees on loans $ 4,253 $
4,261
Interest & dividends on investment
securities:
U.S. Government securities 1,225 1,093
Obligations of state & political
subdivisions 102 59
Interest on federal funds sold 21 10
Other interest & dividend income 30
22
Total interest & dividend income 5,631
5,445
Interest Expense
Interest on deposits 2,746 2,747
Interest on federal funds purchased 37 32
Interest on other borrowed money 15
12
Total interest expense 2,798
2,791
Net interest income before
provision for loan losses 2,833 2,654
Provision for loan losses 50
38
Net interest income after provision
for loan losses 2,783
2,616
Other Income
Service charges on deposit accounts 95 74
Other fee income 81 74
Other noninterest income 80 52
Securities gains (losses) ( 2)
3
Total other income 254
203
Other Expense
Salaries and employee benefits 834 788
Net occupancy expenses (including
depreciation) 298 294
FDIC insurance premiums 2 90
Other noninterest expenses 624
565
Total other expenses 1,758
1,737
Net income before income taxes 1,279 1,082
Applicable income taxes 321
312
Net income $ 958 $
770
Weighted average number of shares
outstanding 495,000
472,953
Net income per share $ 1.94 $
1.63
Cash dividends declared per share .475 .40
The accompanying notes are an integral part of these condensed
financial statements.
Page 5 of 15 pages
FULTON BANCSHARES, CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 1996 and 1995
(UNAUDITED)
1996 1995
(000 Omitted)
Cash flows from operating activities:
Net income $ 958 $
770
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 110 130
Provision for loan losses 50 38
Other - Net ( 225)
73
Net cash provided by operating activities 893
1,011
Cash flows from investing activities:
Officers salary continuation plan 0 (
545)
Sale of OREO property 17 220
Partial recovery - Security in default 0 2
Purchase of investment securities
- Available-for-sale ( 8,261) (
6,725)
- Held-to-maturity 0 (
1,365)
(Purchase) redemption of Federal Home
Loan Bank and FNMA Preferred Stock ( 222) (
103)
Sales of available-for-sale securities 5,909 3,601
Maturities of available-for-sale securities 2,490 1,791
Net (increase) decrease in loans ( 3,594)
107
Purchases of bank premises and equipment -
Net ( 148) (
71)
Purchases of officers/directors life
insurance policies ( 1,641) 0
Improvements of OREO property ( 2)
0
Net cash provided (used) by investing
activities ( 5,452) (
3,088)
Cash flows from financing activities:
Net increase in deposits 3,286
2,636
Cash dividends paid ( 235) (
198)
Net proceeds - Sale of common stock 0 1,310
Net increase (decrease) in federal funds
purchased
1,620 ( 220)
Net cash provided by financing activities 4,671
3,528
Net increase in cash and cash equivalents 112
1,451
Cash and cash equivalents, beginning balance 3,456
2,633
Cash and cash equivalents, ending balance $ 3,568 $
4,084
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest $ 2,723 $
2,587
Income taxes 475 301
Supplemental schedule of noncash investing
and financing activities:
Net unrealized (loss) on investments
available for sale (net of deferred taxes) ( 376) (
234)
The accompanying notes are an integral part of these condensed
financial statements.
Page 6 of 15 pages
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
Note 1. Basis of Presentation
The financial information presented at and for the nine
months ended September 30, 1996 and 1995 is unaudited.
Information presented at December 31, 1995 is condensed from
audited year-end financial statements. However, unaudited
information reflects all adjustments (consisting solely of
normal recurring adjustments) that are, in the opinion of
management, necessary for a fair presentation of the
financial position, results of operations and cash flows for
the interim period.
Note 2. Principles of Consolidation
The consolidated financial statements include the accounts of
the corporation and its wholly-owned subsidiaries, the Fulton
County National Bank & Trust Company and the Fulton County
Community Development Corporation. All significant
intercompany transactions and accounts have been eliminated.
Note 3. Cash Flows
For purposes of the statements of cash flows, the corporation
has defined cash and cash equivalents as those amounts
included in the balance sheet captions "cash and due from
banks" and "federal funds sold". As permitted by Statement
of Financial Accounting Standards No. 104, the corporation
has elected to present the net increase or decrease in
deposits in banks, loans and time deposits in the statement
of cash flows.
Note 4. Federal Income Taxes
For financial reporting purposes the provision for loan
losses charged to operating expense is based on management's
judgment, whereas for federal income tax purposes, the amount
allowable under present tax law is deducted. Additionally,
certain expenses are charged to operating expense in the
period the liability is incurred for financial reporting
purposes, whereas for federal income tax purposes, these
expenses are deducted when paid. As a result of these timing
differences, deferred income taxes are provided in the
financial statements. Federal income taxes were computed
after reducing pretax accounting income for nontaxable
municipal and loan income.
Page 7 of 15 pages
Note 5. Other Commitments
In the normal course of business, the bank makes various
commitments and incurs certain contingent liabilities which
are not reflected in the accompanying financial statements.
These commitments include various guarantees and commitments
to extend credit and the bank does not anticipate any losses
as a result of these transactions.
Note 6. Earnings Per Share of Common Stock
Earnings per share of common stock were computed based on an
average of 495,000 and 472,953 shares for the quarters ended
September 30, 1996 and 1995, respectively.
Note 7. Investment Securities
The carrying amounts of investment securities and their
approximate fair values at September 30, 1996 were as
follows:
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
Debt securities available for sale:
State & municipal
securities $ 3,827,175 $ 48,636 ($
14,767) $ 3,861,044
U.S. Government
agencies 7,506,466 1,376 ( 132,047)
7,375,795
Mortgage-backed
securities 17,415,972 6,887 (
480,483) 16,942,376
$ 28,749,613 $ 56,899 ($
627,297)$ 28,179,215
There were no securities categorized "Held-to-maturity" or
"Trading" at September 30, 1996.
Note 8. Formation of Fulton County Community Development Corporation
On March 13, 1996, Fulton Bancshares Corporation received
approval to engage de novo in community development
activities. The Fulton County Community Development
Corporation (the "CDC") was incorporated under the laws of
the Pennsylvania Business Corporation Law of 1988 on June 7,
1996. On June 10, 1996, the Fulton County National Bank &
Trust Company authorized, declared and upstreamed a $ 50,000
cash dividend to Fulton Bancshares Corporation, which used
the funding to invest in the CDC. The CDC's first project
will be to support efforts of the local downtown business
revitalization project to lend low interest funds to eligible
small businesses for the purpose of facade improvement.
Future projects will include small business marketing, new
business creation, and small business education. In
addition, the CDC will renovate existing buildings and/or
construct new buildings to house low-to-moderate income
individuals.
Page 8 of 15 pages
FULTON BANCSHARES CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
Net after tax income for the first nine months of 1996 was
$958,000 compared to $770,000 for the same period in 1995,
representing an increase of $ 188,000, or 24.4%. Net income on an
adjusted per share basis for the first nine months of 1996 was $ 1.94,
an increase of $ .31 from the $ 1.63 per share realized during the
nine months ended September 30, 1995.
RESULTS OF OPERATIONS
Third Quarter 1996 vs. Third Quarter 1995
Interest income for the third quarter of 1996 was $ 1,922,000
compared with $ 1,873,000 as of September 30, 1995, for an increase of
$ 49,000, or 2.6%. The increase was due primarily to higher interest
earned on debt securities.
Interest expense for the current quarter was $ 926,000, a
decrease of $ 45,000 over the $ 971,000 for the same period of the
prior year. Interest-bearing deposits, primarily higher rate time
deposits, decreased $ 263,000, or .3% from June 30, 1996 while
interest-bearing deposits increased by $ 617,000 in the quarter ended
September 30, 1995. Management expects average rates for the
remainder of 1996 to be lower than comparable periods of the previous
year.
Net interest income for the third quarter of 1996 totaled
$ 996,000, up $ 94,000 from the third quarter of 1995.
Nine Months 1996 vs. Nine Months 1995
Interest income for the first nine months of 1996 was
$ 5,631,000 compared to $ 5,445,000 as of September 30, 1995, for an
increase of $ 186,000, or 3.4%. This increase was primarily due to
the repricing of adjustable-rate debt securities at higher market
interest rates. Management expects average rates earned for the rest
of 1996 to be less than comparable periods of the previous year since
interest rates have declined.
Interest expense for the nine months ended September 30, 1996
was $ 2,798,000, an increase of $ 7,000, or .3% over the first nine
months of 1995. Although average interest-bearing deposits, primarily
savings deposits, increased 3.4% over the same period in 1995, the
average rates paid for those deposits decreased significantly.
Management expects average rates paid for the rest of 1996 to be less
than comparable periods of the previous year since interest rates have
declined.
Page 9 of 15 pages
Net interest income for the first nine months of 1996 was
$ 2,833,000 compared to $ 2,654,000 as of September 30, 1995, an
increase of 6.7%. Liquidity and interest rate risk are continuously
monitored through asset-liability committee reports. Management plans
to protect its net interest margin by competitively pricing loans and
deposits and by structuring interest-earning assets and liabilities so
they can be repriced in response to changes in market interest rates.
OTHER INCOME
Third Quarter 1996 vs. Third Quarter 1995
Noninterest income rose from $ 56,000 in 1995 to $ 89,000 in
1996. Service charges on deposit accounts increased $ 12,000 over the
prior period primarily due to increases in the Bank's fee schedule.
Earnings on cash surrender value of directors/officers life insurance
policies of $ 29,000 were reported during the third quarter of 1996,
while $ 7,000 gains on sales of other real estate owned were reported
in the same period of the prior year.
Nine Months 1996 vs. Nine Months 1995
Noninterest income for first nine months 1996 and the same
period in 1995 were $ 254,000 and $ 203,000, respectively. Service
charges on deposit accounts were up $ 21,000, primarily due to
increases in the Bank's fee schedule. Earnings on cash surrender
value of directors/officers life insurance policies of $ 78,000 were
reported for the first nine months of 1996 while a $ 49,000 gain on
sales of other real estate owned were reported for the first nine
months of 1995. Management anticipates further increases in
noninterest income because of increases in the Bank's fee schedule and
additional increases of cash surrender value of life insurance
policies.
OTHER EXPENSES
Third Quarter 1996 vs. Third Quarter 1995
Noninterest expenses totaled $ 580,000 as of September 30,
1996, an increase of $ 55,000 over the $ 525,000 recorded for
September 30, 1995. Employee related expenses were up $ 19,000, or
7.5%, over the third quarter of 1996 while net occupancy expenses
remained constant. Other noninterest expenses were up 21%, primarily
due to a $ 52,000 Bank Insurance Fund refund received in the third
quarter of 1995.
Nine Months 1996 vs. Nine Months 1995
Noninterest expenses for the first nine months of 1996 were
$ 1,758,000, an increase of $ 21,000, or 1.2%, from $ 1,737,000
reported for the same period in 1995. Salaries and related expenses
were up 5.8% over the first nine months of 1995 due to merit pay
increases and additions to staff. Net occupancy expenses increased
1.4% over the first nine months of 1995. Other noninterest expenses
decreased 4.4% compared to the first nine months of 1995 primarily due
to the $ 88,000 decrease in net FDIC insurance premiums.
Page 10 of 15 pages
INCOME TAXES
The income tax provision for the third quarter of 1996 was
$ 104,000 compared to $ 126,000 for the third quarter of 1995. The
effective income tax rate for the first nine months of 1996 was 25.1%
compared to 28.8% for the nine month period ended September 30, 1995.
The significant decrease in the effective income tax rate is the
result of a 73% increase in tax-exempt interest on obligations of
state and political subdivisions, and the nontaxable income related to
the increase in the cash surrender value of officers life insurance.
PROVISION FOR LOAN LOSSES
A $ 50,000 addition was made to the provision for loan losses
for the first nine months of 1996, compared to a $ 38,000 provision
for the same period of 1995. The provisions were based on
management's evaluation of the reserve for possible loan losses.
A summary of the allowance for loan losses is as follows:
ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In 000's)
September 30, 1996 September 30, 1995
Allowance for loan losses
Beginning of period $ 345 $ 358
Loans charged-off during the period:
Real estate loans 0 0
Installment loans 4 11
Commercial and all other loans 0 14
Total charge-offs 4 25
Recoveries of loans previously
charged-off:
Real estate loans 0 0
Installment loans 10 6
Commercial and all other
loans 31
1
Total recoveries 41 7
Net loans charged-off (recovered) ( 37) 18
Provision for loan losses charged to
operations 50 38
Allowance for loan losses - end of
period $ 432
$ 378
The loan loss reserve at September 30, 1996 was $ 432,000
compared to $ 345,000 at December 31, 1995 and is considered adequate,
in management's judgment, to absorb reasonably estimated loan losses
inherent in the Bank's loan portfolio.
Page 11 of 15 pages
Loans 90 days or more past due (still accruing interest) and
those on nonaccrual status were as follows at September 30:
NONPERFORMING LOANS
(In 000's)
90 Days or More
Past Due Nonaccrual Status
1996 1995 1996 1995
Real estate loans $ 572 $ 568 $ 317 $
310
Installment loans 11 48 0 0
Demand and time loans 27 133 0
19
Total loans $ 610 $ 749 $ 317 $
329
There were no restructured loans for any of the time periods
set forth above.
ASSETS
Total assets at September 30, 1996 were $ 101,688,000, a 5.4%
increase from $ 96,449,000 at December 31, 1995. Net loans at
September 30, 1996 totaled $ 63,415,000, an increase of $ 3,544,000
from $ 59,871,000 at December 31, 1995. Management intends to contain
growth and concentrate on maintaining adequate profit margins.
LIABILITIES
Total deposits increased 3.8% to $ 89,644,000 at September 30,
1996 compared to $ 86,359,000 at December 31, 1995. Noninterest-
bearing deposits increased 29.2% and interest-bearing deposits
increased 1.2%.
CAPITAL
Total equity at September 30, 1996 was $ 9,810,000 representing
9.6% of total assets. Accumulated earnings of $ 958,000 for the first
nine months of 1996 were offset by a $ 359,000 increase in net
unrealized holding losses (net of deferred taxes) on available for
sale securities.
REGULATORY CAPITAL
The company maintains ratios that are well above the minimum
total capital levels required by federal regulatory authorities,
including risk-based capital guidelines. A comparison of Fulton
Bancshares Corporation's capital ratios to regulatory minimum
requirements at September 30, 1996 is as follows:
Fulton Bancshares Regulatory Minimum
Corporation Requirements
Leverage ratio 10.0% 4%
Risk based capital ratios:
Tier I (core capital) 16.2% 4%
Combined tier I and tier
II (core capital plus
allowance for loan losses) 16.9% 8%
Page 12 of 15 pages
BALANCE SHEET ANALYSIS
The following table highlights the changes in the balance
sheet. Since quarter-end balances can be distorted by one-day
fluctuations, an analysis of changes in the quarterly averages is
provided to give a better indication of balance sheet trends.
AVERAGE BALANCE SHEETS
(In 000's)
Third Quarter
1996 1995
ASSETS
Federal funds sold $ 0 $
132
Securities available for sale 28,588
25,141
Securities held to maturity:
Taxable 0 1,246
Exempt from federal income taxes 0
1,592
Total securities held-to-maturity 0 2,838
Other investments 722 490
Loans 63,417
61,232
Total interest-earning assets 92,727
89,833
Cash and due from banks 2,786 2,389
Bank premises and equipment 2,068 2,019
All other assets 3,513 1,203
Allowance for loan losses ( 413) (
374)
Total assets $ 100,681 $
95,070
LIABILITIES
Interest-bearing deposits in domestic
offices $ 79,220 $
77,214
Federal funds purchased 1,745 560
Other short-term borrowings 613
648
Total interest-bearing liabilities 81,578
78,422
Noninterest-bearing deposits 9,606 7,444
All other liabilities 354
411
Total liabilities 91,538
86,277
STOCKHOLDERS' EQUITY
Common stockholders' equity 9,578 9,083
Net unrealized holding losses, net of tax ( 435) (
290)
Total stockholders' equity 9,143
8,793
Total liabilities and stockholders'
equity $ 100,681 $
95,070
Page 13 of 15 pages
PART II - OTHER INFORMATION
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults Upon Senior Securities
Not applicable
Item 4 - Submission of Matters to a Vote of Security Holders
None
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - None
Page 14 of 15 pages
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.
/s/
Clyde H. Bookheimer,
President and Chief Executive
Officer
Date /s/
Doriann Hoffman, Vice
President (Principal Financial
Officer)
Page 15 of 15 pages
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 3,568
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 28,179
<INVESTMENTS-MARKET> 28,179
<LOANS> 63,847
<ALLOWANCE> 432
<TOTAL-ASSETS> 101,688
<DEPOSITS> 89,644
<SHORT-TERM> 1,620
<LIABILITIES-OTHER> 614
<LONG-TERM> 0
<COMMON> 309
0
0
<OTHER-SE> 9,501
<TOTAL-LIABILITIES-AND-EQUITY> 101,688
<INTEREST-LOAN> 4,253
<INTEREST-INVEST> 1,327
<INTEREST-OTHER> 51
<INTEREST-TOTAL> 5,631
<INTEREST-DEPOSIT> 2,746
<INTEREST-EXPENSE> 2,798
<INTEREST-INCOME-NET> 2,833
<LOAN-LOSSES> 50
<SECURITIES-GAINS> (2)
<EXPENSE-OTHER> 1,758
<INCOME-PRETAX> 1,279
<INCOME-PRE-EXTRAORDINARY> 958
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 958
<EPS-PRIMARY> 1.94
<EPS-DILUTED> 1.94
<YIELD-ACTUAL> 4.23
<LOANS-NON> 317
<LOANS-PAST> 610
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 345
<CHARGE-OFFS> 4
<RECOVERIES> 41
<ALLOWANCE-CLOSE> 432
<ALLOWANCE-DOMESTIC> 432
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
