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 June 30, 1998 Commission file number: 33-850626
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 July 24, 1998
(Common stock, .625 par value) 495,000
Page 1 of 19 pages
FULTON BANCSHARES CORPORATION
INDEX
Page
PART I - FINANCIAL INFORMATION
Condensed consolidated balance sheets - June 30, 1998
and December 31, 1997 3
Condensed consolidated statements of income - three months
ended June 30, 1998 and 1997 4
Condensed consolidated statements of comprehensive income -
three months ended June 30, 1998 and 1997 5
Condensed consolidated statements of income - six months
ended June 30, 1998 and 1997 6
Condensed consolidated statements of comprehensive income -
six months ended June 30, 1998 and 1997 7
Condensed consolidated statements of cash flows - six
months ended June 30, 1998 and 1997 8
Notes to condensed consolidated financial statements 9 - 11
Management's discussion and analysis of financial
condition and results of operations 12 - 17
PART II - OTHER INFORMATION 18
Signatures 19
Page 2 of 19 page
PART I - FINANCIAL INFORMATION
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
1998 1997 *
ASSETS (Unaudited)
(000 Omitted)
Cash and due from banks $ 2,613 $ 2,744
Federal funds sold 805 0
Available-for-sale securities 24,865 25,345
Federal Reserve, Federal Home Loan Bank &
other bank stocks, at cost which
approximates market 634 577
Loans, net of allowance for loan losses 74,175 70,416
Bank building, equipment, furniture &
fixtures, net 2,647 2,407
Other real estate owned 140 269
Accrued interest/dividends receivable 709 670
Cash surrender value of life insurance 3,091 3,020
Other assets 301 322
Total assets $ 109,980 $ 105,770
LIABILITIES
Deposits:
Noninterest-bearing deposits $ 9,573 $ 8,159
Interest-bearing deposits:
Savings deposits 29,965 27,766
Time deposits 53,888 54,296
Total deposits 93,426 90,221
Accrued interest payable 359 380
Other borrowed money 4,000 3,470
Other liabilities 330 293
Total liabilities 98,115 94,364
STOCKHOLDERS' EQUITY
Capital stock, common, par value - $ 0.625;
4,000,000 shares authorized; 495,000
shares issued and outstanding, at June 30
1998 and December 31, 1997 309 309
Surplus 2,051 2,051
Retained earnings 9,466 8,964
Net unrealized gains/(losses) available-
for-sale securities 39 82
Total stockholders' equity 11,865 11,406
Total liabilities and
stockholders' equity $ 109,980 $ 105,770
* Condensed from audited financial statements
The accompanying notes are an integral part of these condensed
financial statements.
Page 3 of 19 pages
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
1998 1997
(000 Omitted)
Interest & Dividend Income
Interest & fees on loans $ 1,662 $ 1,514
Interest & dividends on investment
securities:
U.S. Government securities 192 358
Obligations of state & political
subdivisions 73 65
Interest on federal funds sold 3 3
Other interest & dividend income 86 40
Total interest & dividend income 2,016 1,980
Interest Expense
Interest on deposits 965 982
Interest on federal funds purchased 4 2
Interest on other borrowed money 51 45
Total interest expense 1,020 1,029
Net interest income before
provision for loan losses 996 951
Provision for loan losses 150 5
Net interest income after provision
for loan losses 846 946
Other Income
Service charges on deposit accounts 31 36
Other fee income 36 42
Other noninterest income 230 47
Total other income 297 125
Other Expense
Salaries and employee benefits 336 316
Fixed asset expenses (including
depreciation) 145 111
FDIC insurance premiums 3 3
Other noninterest expenses 247 240
Total other expenses 731 670
Net income before income taxes 412 401
Applicable income taxes 96 85
Net income $ 316 $ 316
Weighted average number of shares
outstanding 495,000 495,000
Net income per share $ .64 $ .64
Cash dividends declared per share $ .165 .16
The accompanying notes are an integral part of these condensed
financial statements.
Page 4 of 19 pages
FULTON BANCSHARES, CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended JUNE 30, 1998 and 1997
(UNAUDITED)
1998 1997
(000 Omitted)
Net income $ 316 $ 316
Other comprehensive income, net of tax
Unrealized gain (loss) on investments
available for sale 4 207
Reclassification adjustment for gains
(losses) included in net income 0 0
Comprehensive income $ 320 $ 523
The accompanying notes are an integral part of these condensed
financial statements.
Page 5 of 19 pages
FULTON BANCSHARES CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
1998 1997
(000 Omitted)
Interest & Dividend Income
Interest & fees on loans $ 3,328 $ 2,986
Interest & dividends on investment
securities:
U.S. Government securities 402 721
Obligations of state & political
subdivisions 141 125
Interest on federal funds sold 5 9
Other interest & dividend income 157 78
Total interest & dividend income 4,033 3,919
Interest Expense
Interest on deposits 1,922 1,942
Interest on federal funds purchased 18 3
Interest on other borrowed money 102 53
Total interest expense 2,042 1,998
Net interest income before
provision for loan losses 1,991 1,921
Provision for loan losses 185 20
Net interest income after provision
for loan losses 1,806 1,901
Other Income
Service charges on deposit accounts 70 72
Other fee income 88 61
Other noninterest income 284 98
Securities gains (losses) 4 0
Total other income 446 231
Other Expense
Salaries and employee benefits 634 588
Fixed asset expenses (including
depreciation) 278 222
FDIC insurance premiums 6 6
Other noninterest expenses 489 467
Total other expenses 1,407 1,283
Net income before income taxes 845 849
Applicable income taxes 180 201
Net income $ 665 $ 648
Weighted average number of shares
outstanding 495,000 495,000
Net income per share $ 1.34 $ 1.31
Cash dividends declared per share $ .33 .32
The accompanying notes are an integral part of these condensed
financial statements.
Page 6 of 19 pages
FULTON BANCSHARES, CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Six Months Ended June 30, 1998 and 1997
(UNAUDITED)
1998 1997
(000 Omitted)
Net income $ 665 $ 648
Other comprehensive income, net of tax
Unrealized gain (loss) on investments
available for sale ( 46) 88
Reclassification adjustment for gains
(losses) included in net income 3 0
Comprehensive income $ 622 $ 736
The accompanying notes are an integral part of these condensed
financial statements.
Page 7 of 19 pages
FULTON BANCSHARES, CORPORATION AND ITS WHOLLY-OWNED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1998 and 1997
(UNAUDITED)
1998 1997
(000 Omitted)
Cash flows from operating activities:
Net income $ 665 $ 648
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 128 91
Provision for loan losses 185 20
Gain on sale - OREO ( 178) 0
Other - Net ( 162) ( 183)
Net cash provided by operating activities 638 576
Cash flows from investing activities:
Sale of OREO 309 47
Improvements to OREO ( 2) ( 8)
Purchase of investment securities -
Available-for-sale ( 7,908) ( 3,539)
Purchase of Federal Home Loan Bank Stock 0 ( 4)
Sales of available-for-sale securities 5,176 869
Maturities of available-for-sale securities 3,094 1,539
Net (increase) in loans ( 3,944) ( 4,935)
Purchase of officers/directors life
insurance policies 0 ( 270)
Purchases of & deposits on bank premises
and equipment - net ( 261) ( 145)
Net cash (used) by investing activities ( 3,536) ( 6,446)
Cash flows from financing activities:
Net increase in deposits 3,205 1,558
Dividends paid ( 163) ( 158)
Net increase in other borrowed money 530 4,225
Net cash provided by financing activities 3,572 5,625
Net increase (decrease) in cash and
cash equivalents 674 ( 245)
Cash and cash equivalents, beginning balance 2,744 4,226
Cash and cash equivalents, ending balance $ 3,418 $ 3,981
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest $ 2,063 $ 1,992
Income taxes 172 241
The accompanying notes are an integral part of these condensed
financial statements.
Page 8 of 19 pages
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(UNAUDITED)
Note 1. Basis of Presentation
The financial information presented at and for the six
months ended June 30, 1998 and 1997 is unaudited.
Information presented at December 31, 1997 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, 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 statements 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 9 of 19 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 shares for the quarters ended June 30,
1998 and 1997.
Note 7. Investment Securities
The amortized cost amounts of investment securities and
their approximate fair values at June 30, 1998 were as
follows:
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
Debt securities available for sale:
FNMA/FHLMC
noncumulative
preferred
stocks $ 4,984,344 $ 16,275 ($ 18,606) $ 4,982,013
State & municipal
securities 5,951,504 127,168 ( 25,724) 6,052,948
U.S. Government
agencies 4,753,186 235 ( 17,091) 4,736,330
Mortgage-backed
securities 9,116,364 18,882 ( 41,904) 9,093,342
$ 24,805,398 $ 162,560 ($ 103,325) $ 24,864,633
There were no securities categorized "Held-to-maturity" or
"Trading" at June 30, 1998.
Note 8. Comprehensive Income
Statement of Financial Accounting Standards (SFAS) No. 130,
"Reporting of Comprehensive Income", became effective for
fiscal years and interim reporting periods beginning after
December 15, 1997.
Page 10 of 19 pages
Note 8. Comprehensive Income (Continued)
Comprehensive income is defined as the change in equity from
transactions and other events from nonowner sources. It
includes all changes in equity except those resulting from
investments by owners and distributions to owners.
Consequently, a "Statement of Comprehensive Income" has been
included in this filing.
Page 11 of 19 pages
FULTON BANCSHARES CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
Net after tax income for the first six months of 1998 was
$ 665,000 compared to $ 648,000 for the same period in 1997,
representing an increase of $ 17,000, or 2.6%. Net income on an
adjusted per share basis for the first six months of 1998 was $ 1.34,
an increase of $ .03 from the $ 1.31 per share realized during the six
months ended June 30, 1997.
RESULTS OF OPERATIONS
Second Quarter 1998 vs. Second Quarter 1997
Interest income for the second quarter of 1998 was $ 2,016,000
compared to $ 1,980,000 as of June 30, 1997, for an increase of
$ 36,000, or 1.8%. The increase was due primarily to a higher average
balance of loans in 1998 compared with the same period in 1997, which
typically produce higher yields than investments.
Interest expense for the current quarter was $ 1,020,000, a
decrease of $ 9,000, over the $ 1,029,000 for the same period of the
prior year. The decrease was due to lower rates of interest paid on
deposits.
Net interest income for the second quarter of 1998 totaled
$ 996,000, up $ 45,000 from the second quarter of 1997.
Six Months 1998 vs. Six Months 1997
Interest income for the first six months of 1998 was
$ 4,033,000 compared to $ 3,919,000 as of June 30, 1997, for an
increase of $ 114,000, or 2.9%. This increase was primarily due to a
higher average balance of loans in 1998 compared with the same period
in 1997, which typically produce higher yields than investments.
Management expects average rates earned for the rest of 1998 to be
comparable to the periods of the previous year since interest rates
have remained relatively stable and inflation appears to be under
control.
Page 12 of 19 pages
Interest expense for the six months ended June 30, 1998 was
$ 2,042,000, an increase of $ 44,000, or 2.2% over the first six
months of 1997. The increase was due primarily to higher average
balances of borrowed monies which were used to fund loan growth in
1998 compared with the same period in 1997. Management expects
interest expense to be comparable to 1997 for the rest of 1998 since
lower rates paid on deposits will largely offset the additional
expense of borrowed monies and more costly time deposits used to fund
loan growth.
Net interest income for the first six months of 1998 was
$ 1,991,000 compared to $ 1,921,000 as of June 30, 1997, an increase
of 3.6%. 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 in
such a way that they can be repriced in response to changes in market
interest rates.
OTHER INCOME
Second Quarter 1998 vs. Second Quarter 1997
Noninterest income rose from $ 125,000 in 1997 to $ 297,000 in
1998. Service charges on deposit accounts decreased $ 2,000 and other
fee income decreased $ 6,000 from the same period in 1997. Other
noninterest income increased $ 183,000, primarily due to a $ 178,000
gain on sale of OREO and $ 4,000 increase in earnings on cash
surrender value of directors and officers' life insurance policies.
Six Months 1998 vs. Six Months 1997
Noninterest income for the first six months of 1998 and the
same period in 1997 were $ 446,000 and $ 231,000, respectively.
Service charges on deposit accounts decreased $ 2,000. Other fee
income increased $ 27,000 primarily because of an $ 11,000 timing
difference in the recognition of safe deposit box rental income in
1998 and $ 12,000 in commissions earned on investment sales. Other
noninterest income increased $ 186,000 primarily due to a $ 178,000
gain on sale of OREO and $ 11,000 increase in earnings on cash
surrender value of directors and officers' life insurance policies.
Management anticipates further increases in noninterest expense
because of additional earnings on cash surrender value of life
insurance policies.
Page 13 of 19 pages
OTHER EXPENSES
Second Quarter 1998 vs. Second Quarter 1997
Noninterest expenses totaled $ 731,000 for the quarter ended
June 30, 1998, an increase of $ 61,000 over the $ 670,000 for the
quarter ended June 30, 1997. Employee related expenses were up
$ 20,000, or 6.3%, over the second quarter of 1997 due to merit pay
increases and additional employment. Net occupancy expenses increased
$ 34,000 primarily due to an increase in depreciation on personal
property and equipment maintenance costs. Other noninterest expenses
were up $ 7,000, or 2.9%.
Six Months 1998 vs. Six Months 1997
Noninterest expenses for the first six months of 1998 were
$ 1,407,000, an increase of $ 124,000, or 9.7%, from $ 1,283,000
reported for the same period in 1997. Salaries and related expenses
were up 7.8% over the first six months of 1997 due to merit pay
increases and additions to the staff. Net occupancy expenses
increased 25.2% due to increased equipment maintenance costs and
depreciation on property and equipment. Other noninterest expenses
increased 4.7% primarily due to increases in advertising and promotion
expenses, bank shares tax and other overhead expenses.
INCOME TAXES
The income tax provision for the second quarter of 1998 was
$ 96,000 compared to $ 85,000 for the second quarter of 1997. The
effective income tax rate for the first six months of 1998 was 21.3%
compared to 23.7% for the six month period ended June 30, 1997. The
decrease in the effective tax rate is due primarily to increases in
tax-exempt interest on obligations of state and municipal
subdivisions, the tax-exempt dividends on FNMA and FHLMC noncumulative
preferred stock, and the nontaxable income related to the increase in
the cash surrender value of directors and officers' life insurance.
PROVISION FOR LOAN LOSSES
A $ 185,000 provision for loan losses was made for the first
six months of 1998 compared with $ 20,000 for the first six months of
1997. The provisions were based on management's evaluation of the
reserve for possible loan losses at June 30, 1998 and 1997.
Page 14 of 19 pages
A summary of the allowance for loan losses is as follows:
ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In 000's)
June 30, 1998 June 30, 1997
Allowance for loan losses
Beginning of period $ 487 $ 444
Loans charged-off during the period:
Real estate loans 0 0
Installment loans 8 17
Commercial and all other loans 53 0
Total charge-offs 61 17
Recoveries of loans previously
charged-off:
Real estate loans 0 0
Installment loans 5 4
Commercial and all other
loans 8 33
Total recoveries 13 37
Net loans (charged-off) received ( 48) 20
Provision for loan losses charged to
operations 185 20
Allowance for loan losses - end of
period $ 624 $ 484
The loan loss reserve at June 30, 1998 was $ 624,000 compared
to $ 487,000 at December 31, 1997 and is considered adequate, in
management's judgment, to absorb reasonably estimated loan losses
inherent in the Bank's loan portfolio.
Loans 90 days or more past due (still accruing interest) and
those on nonaccrual status were as follows at June 30:
NONPERFORMING LOANS
(In 000's)
90 Days or More
Past Due Nonaccrual Status
1998 1997 1998 1997
Real estate loans $ 382 $ 181 $ 0 $ 310
Installment loans 36 16 0 0
Demand and time loans 0 0 13 0
Total loans $ 418 $ 197 $ 13 $ 310
There were no restructured loans for any of the time periods
set forth above.
Page 15 of 19 pages
ASSETS
Total assets at June 30, 1998 were $ 109,980,000, a 4.0%
increase from $ 105,770,000 at December 31, 1997. Net loans at
June 30, 1998 totaled $ 74,175,000, an increase of $ 3,759,000 from
$ 70,416,000 at December 31, 1997. Management intends to contain
growth and concentrate on maintaining adequate profit margins.
LIABILITIES
Total deposits increased 3.6% to $ 93,426,000 at June 30, 1998
compared to $ 90,221,000 at December 31, 1997. Noninterest-bearing
deposits increased 17.3% and savings deposits increased 7.9%, while
time deposits decreased 0.8%.
CAPITAL
Total equity as of June 30, 1998 was $ 11,865,000 representing
10.8% of total assets, an increase of $ 459,000 from the $ 11,406,000
reported on December 31, 1997. Accumulated earnings for the first six
months of 1998 were partially offset by dividends declared and paid of
$ 163,000 while net unrealized holding gains (net of deferred tax)
decreased by $ 43,000.
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 June 30, 1998 is as follows:
Fulton Bancshares Regulatory Minimum
Corporation Requirements
Leverage ratio 10.8% 4%
Risk based capital ratios:
Tier I (core capital) 15.9% 4%
Combined tier I and tier
II (core capital plus
allowance for loan losses) 16.8% 8%
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.
Page 16 of 19 pages
AVERAGE BALANCE SHEETS
(In 000's)
Second Quarter
1998 1997
ASSETS
Federal funds sold $ 248 $ 0
Securities available for sale 24,582 27,521
Other investments 577 2,547
Loans 74,595 67,951
Total interest-earning assets 100,002 98,019
Cash and due from banks 2,560 3,065
Bank premises and equipment 2,501 2,198
All other assets 4,269 4,060
Allowance for loan losses ( 562) ( 474)
Total assets $ 108,770 $ 106,868
LIABILITIES
Interest-bearing deposits in domestic
offices $ 83,440 $ 82,759
Federal funds purchased 317 10
Other short-term borrowings 3,531 3,474
Total interest-bearing liabilities 87,288 86,243
Noninterest-bearing deposits 9,136 9,605
All other liabilities 736 571
Total liabilities 97,160 96,419
STOCKHOLDERS' EQUITY
Common stockholders' equity 11,572 10,685
Net unrealized holding gains (losses),
net of tax 38 ( 236)
Total stockholders' equity 11,610 10,449
Total liabilities and stockholders'
equity $ 108,770 $ 106,868
Page 17 of 19 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 18 of 19 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 19 of 19 pages
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<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 2,613
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 805
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 24,865
<INVESTMENTS-MARKET> 24,865
<LOANS> 74,799
<ALLOWANCE> 624
<TOTAL-ASSETS> 109,980
<DEPOSITS> 93,426
<SHORT-TERM> 4,000
<LIABILITIES-OTHER> 689
<LONG-TERM> 0
0
0
<COMMON> 309
<OTHER-SE> 11,556
<TOTAL-LIABILITIES-AND-EQUITY> 109,980
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