<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Mark One
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 1998
--------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _____________to____________
COMMISSION FILE NUMBER: 0-18527
FIRST COMMUNITY BANCORP, INC.
---------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
GEORGIA 58-1869700
- ------------------------------- --------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
827 Joe Frank Harris Parkway, S.E. Cartersville, Ga 30120
---------------------------------------------- ----------------------------
(Address of principal executive offices)
(770) 382-1495
------------------------------------
(Issuer's telephone number)
N/A
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
------ ______
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes No
------ -------
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 12, 1998: 428,105
--------
Transitional Small Business Disclosure Format (Check One) Yes No X
_____ _____
<PAGE>
FIRST COMMUNITY BANCORP, INC
AND SUBSIDIARY
- --------------------------------------------------------------------------------
INDEX
-----
PAGE
----
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Balance Sheet -
March 31, 1998............................3
Consolidated Statements of Income and
Comprehensive Income-Three Months Ended
March 31, 1998 and 1997...................4
Consolidated Statements of Cash Flows -
Three Months Ended March 31, 1998
and 1997................................5-6
Note to Consolidated Financial
Statements..............................7-8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations..........................9-13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...........14
Signatures
2
<PAGE>
ITEM 1. FINANCIAL STATEMENTS
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
- ------
<S> <C>
Cash and due from banks $ 3,142,900
Interest-bearing deposits in banks 6,499,577
Securities available for sale, at fair value 13,894,707
Securities held to maturity, at cost (fair value of $4,255,145) 4,259,244
Loans 66,399,534
Less allowance for loan losses (1,209,893)
------------------
Loans, net 65,189,641
Premises and equipment, net 1,913,392
Other assets 2,824,684
------------------
Total Assets $ 97,724,145
==================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Deposits
Noninterest-bearing demand $ 12,322,038
Interest-bearing demand 18,803,922
Savings 5,011,993
Time 47,948,681
------------------
Total deposits 84,086,634
Other liabilities 1,924,198
Other borrowings 3,267,500
------------------
Total liabilities 89,278,332
------------------
COMMITMENTS AND CONTINGENT LIABILITIES
Redeemable common stock held by KSOP, 12,341 shares 104,282
STOCKHOLDERS' EQUITY
Common stock, par value $1; 10,000,000 shares authorized;
428,105 issued and outstanding 428,105
Capital surplus 3,865,925
Treasury Stock (2,138 shares) (53,909)
Retained earnings 4,030,604
Accumulated other comprehensive income 70,806
------------------
Total stockholders' equity 8,341,531
------------------
Total Liabilities and Stockholders' Equity $ 97,724,145
==================
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
3
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1998 1997
------------ ------------
INTEREST INCOME
<S> <C> <C>
Interest and fees on loans $1,861,721 $1,584,020
Interest on taxable securities 199,926 178,018
Interest on nontaxable securities 54,497 24,999
Interest on deposits in banks 35,914 41,471
Interest on Federal funds sold
------------ ------------
2,152,058 1,828,508
------------ ------------
INTEREST EXPENSE
Interest on deposits 844,181 649,956
Interest on other borrowings 74,897 75,645
------------ ------------
919,078 725,601
------------ ------------
Net interest income 1,232,980 1,102,907
PROVISION FOR LOAN LOSSES 75,000 75,000
------------ ------------
Net interest income after provision for loan losses 1,157,980 1,027,907
------------ ------------
OTHER INCOME
Service charges on deposit accounts 117,271 118,334
Gain on sale of loans 0 38,822
Other 93,746 67,710
------------ ------------
211,017 224,866
------------ ------------
OTHER EXPENSE
Salaries and employee benefits 438,478 443,620
Equipment and occupancy expense 129,350 101,764
Other operating expenses 263,873 220,558
------------ ------------
831,701 765,942
------------ ------------
Income before income taxes 537,296 486,831
APPLICABLE INCOME TAXES 179,766 177,289
------------ ------------
Net income 357,530 309,542
------------ ------------
Other comprehensive income, net of tax
Unrealized (losses) on securities available-for-sale arising
during period (6,217) (21,221)
------------ ------------
Comprehensive Income $ 351,313 $ 288,321
============ ============
PER SHARE OF COMMON STOCK
Basic Earnings per common share $0.83 $0.72
============ ============
Diluted earnings per common share $0.70 $0.71
============ ============
Dividends --- ---
============ ============
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
4
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 357,530 $ 309,542
-------------- --------------
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 75,000 75,000
Depreciation 62,100 56,222
Gain on sale of loans --- (38,822)
Amortization and accretion, net 5,195 6,516
Decrease (Increase) in other assets 39,326 (387,304)
Increase (Decrease) in other liabilities (29,678) 335,276
-------------- -------------
Total adjustments 151,943 46,888
-------------- -------------
Net cash provided by operating activities 509,473 356,430
-------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
(Increase) in interest-bearing deposits in bank, net (5,787,579) (865,796)
Proceeds from maturities of securities available for sale 1,925,000 632,437
Purchases of securities available for sale (3,285,210) (2,028,609)
Proceeds from maturities of securities held to maturity 1,000,000 ---
Purchase of securities held to maturity (300,531) ---
Proceeds from sale of securities available for sale --- 471,400
Proceeds from sale of loans --- 509,642
Loans originated or acquired, net of collections 1,181,739 (4,251,408)
Purchase of premises and equipment (85,220) (179,583)
--------------- --------------
Net cash used in investing activities (5,351,801) (5,711,917)
--------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in deposits, net 1,712,746 836,556
Increase in certificates of deposit, net of maturities 4,697,847 2,096,898
Increase from other borrowings, net 5,850 1,975,850
-------------- -------------
Net cash provided by financing activities 6,416,443 4,909,304
-------------- -------------
</TABLE>
5
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
<TABLE>
<CAPTION>
1998 1997
------------------- -------------------
<S> <C> <C>
Net increase (decrease) in cash and due from banks $1,574,115 ($446,183)
Cash and due from banks at beginning of period 1,568,785 3,685,230
------------------- -------------------
Cash and due from banks at end of period $3,142,900 $3,239,047
=================== ==================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid during the period for:
Interest $ 552,329 $ 629,220
=================== ==================
Income taxes $ 17,727 $ 43,677
=================== ==================
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
Unrealized losses on securities available for sale $ 9,714 $ 33,502
=================== ==================
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
6
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The consolidated financial information included herein is unaudited;
however, such information reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for interim
periods.
The results of operations for the three month period ended March 31,
1998 are not necessarily indicative of the results to be expected for
the full year.
NOTE 2. EARNINGS PER COMMON SHARE
The following is a reconciliation of net income (the numerator) and
weighted average shares outstanding (the denominator) used in
determining basic and diluted earnings per common share (EPS):
<TABLE>
<CAPTION>
Three Months Ended March 31, 1998
---------------------------------------------------------
Net Weighted
Income Average Shares Per Share
(Numerator) (Denominator) Amount
--------------- ----------------- ---------------
<S> <C> <C> <C>
Basic EPS $357,530 426,074 $0.83
===============
Effect of Dilutive Securities
Stock Options --- 83,497
--------------- -----------------
$357,530 509,571 $0.70
=============== ================= ===============
Three Months Ended March 31, 1997
---------------------------------------------------------
Net Weighted
Income Average Shares Per Share
(Numerator) (Denominator) Amount
--------------- ----------------- ---------------
Basic EPS $309,542 423,364 $0.73
===============
Effect of Dilutive Securities
Stock Options --- 12,552
--------------- -----------------
$309,542 435,916 $0.71
=============== ================= ===============
</TABLE>
7
<PAGE>
NOTE 3. CURRENT ACCOUNTING DEVELOPMENTS
The adoption of the provisions of SFAS No. 125, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities" that became effective on January 1, 1998 did not have a
material effect on the Company's financial statements.
The adoption of SFAS No. 130, "Reporting Comprehensive Income", that
became effective on January 1, 1998 required the Company to report
comprehensive income in the Company's Statements of Income and
Comprehensive Income.
There are no other recent accounting pronouncements that have had, or
are expected to have, a material effect on the Company's financial
statements.
8
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Introduction
- ------------
The following is a discussion of the Company's financial condition at March 31,
1998 compared to December 31, 1997 and the results of its operations for the
three months ended March 31, 1998 compared to the three month period ended March
31, 1997. These comments should be read in conjunction with the financial
statements and related notes appearing elsewhere in this report.
FINANCIAL CONDITION
- -------------------
<TABLE>
<CAPTION>
INCREASE (DECREASE)
MARCH 31, DECEMBER 31, -----------------------------------------
1998 1997 AMOUNT PERCENT
----------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Total Assets $97,724,145 $90,951,775 $ 6,772,370 7.45%
Loans $65,189,640 $66,371,380 ($1,181,740) -1.78%
Securities $18,153,951 $17,545,330 $ 608,621 3.47%
Interest-bearing bank balances $ 6,499,577 $ 711,998 $ 5,787,579 812.86%
</TABLE>
Changes in total assets and the major categories of assets are shown in the
table above. The decrease in loans is due to unexpected payoff of large
commercial loans. The increase in the securities portfolio is due to the
purchase of U. S. Government Agency and School County and Municipal Securities.
The increase in interest-bearing bank balances is also directly related to the
decrease in Loans and increase in Deposits. These balances will be reinvested
into higher yielding Securities or Loans during the second quarter.
The majority of the loans originated in the three month period ending March 31,
1998 are primarily short-term maturities of six months to one year or contain
variable interest rates with terms from 1 to 3 years or less. The following
table presents scheduled repricing of the Company's loans at March 31, 1998.
<TABLE>
<CAPTION>
WITHIN 1 TO 5 AFTER
1 YEAR YEARS 5 YEARS TOTAL
--------------- --------------- ---------------
(DOLLARS IN THOUSANDS)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Variable interest rates $ 27,491 $ 4,192 $ --- $ 31,683
Fixed interest rates 10,981 22,748 988 34,717
--------------- --------------- --------------- ---------------
Total $ 38,472 $ 26,940 $ 988 $ 66,400
=============== =============== =============== ===============
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
MARCH 31, DECEMBER 31, INCREASE (DECREASE)
-----------------------------------
1998 1997 AMOUNT PERCENT
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Total deposits $84,086,634 $77,676,041 $6,410,593 8.25%
Other borrowings $ 3,267,500 $ 3,291,650 ($24,150) -0.73%
Certificates of deposit over $12,663,356 $10,932,354 1,731,002 13.67%
$100,000 (included in total
deposits above)
</TABLE>
The $6,410,593 increase in deposits included a $1,731,002 increase in
certificates of deposit over $100,000. The deposit growth has resulted from
continuing growth in the Bartow County and Cartersville areas accompanied by the
location of new retail and other businesses to the area. Competitive rates are
paid on deposits but not above the local market.
The decrease in other borrowings was due entirely to normal repayment of
advances from The Federal Home Loan Bank of Atlanta.
The Company's ratio of loans to deposits at March 31, 1998 was 78.97% as
compared to 86.91% at December 31, 1997 and the decrease is primarily due to
strong deposit growth coupled with unanticipated loan payoffs.
LIQUIDITY AND INTEREST RATE SENSITIVITY
- ---------------------------------------
Liquidity, as defined by net cash, short-term investments and other marketable
investments as a percent of deposits, was 31.37% at March 31, 1998, and is
considered adequate. The Company has an $10,000,000 line of credit with the
Federal Home Loan Bank of which $3,267,500 has been advanced, a $2,500,000
unsecured line of credit with correspondent banks and a $10,642,858 security
repurchase agreement with correspondent banks. These lines are available should
liquidity needs increase.
10
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
The following summarizes the cumulative interest sensitivity position of the
Company at March 31, 1998.
<TABLE>
<CAPTION>
TIME HORIZON
-------------------------------------------------------
MONTHS
-------------------------------------------------------
0 TO 3 0 TO 12 0 TO 60 TOTAL
------------------ -------------- -------------- --------------
(DOLLARS IN THOUSANDS)
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest sensitive assets $ 38,907 $ 52,304 $ 85,467 $ 90,646
Interest sensitive liabilities 31,437 53,511 75,032 75,032
-------------- -------------- -------------- --------------
Assets less liabilities $ 7,470 $ -1,207 $ 10,435 $ 15,614
============== ============== ============== ==============
Ratio:
Interest sensitive assets to
interest sensitive
liabilities 1.24 0.98 1.14 1.21
============== ============== ============== ==============
</TABLE>
The current interest sensitivity position indicates a close match of interest-
sensitive assets and interest-sensitive liabilities, particularly in the one
year time horizon. Increases or decreases in interest rates should have little
effect on the Company's net interest margin.
CAPITAL RESOURCES
- -----------------
The minimum capital requirements for banks and bank holding companies require a
leverage capital to total assets ratio of at least 3%, core capital to total
assets ratio of at least 4% and total risk-based capital to total adjusted
assets ratio of 8%.
Selected financial information relating to the Company's minimum capital
requirements at March 31, 1998 is as follows:
<TABLE>
<CAPTION>
PERCENT
----------------
<S> <C>
Leverage capital ratio 8.54%
Core capital ratio 11.93%
Risk-based capital ratio 13.17%
</TABLE>
11
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Results of Operations For The Three Months Ended March 31,1998 and 1997
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31 INCREASE (DECREASE)
--------------------------------------
1998 1997 AMOUNT PERCENT
------------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Total interest income $ 2,152,058 $ 1,828,508 $ 323,550 44.59%
Total interest expense 919,078 725,644 193,434 26.66%
Net interest expense 1,232,980 1,102,907 130,073 11.79%
Provision for loan losses 75,000 75,000 0 0.00%
Other operating income 211,016 224,865 (13,849) -6.16%
Other operating expenses 831,700 765,942 65,758 8.59%
Provision for income taxes 179,766 177,289 2,477 1.40%
Net income 357,530 309,542 47,988 15.50%
</TABLE>
The increase in total interest income was due to the increased volume of
interest-earning assets, principally loans. Total interest expense for the same
period increased as indicated in the above table primarily due to the increase
in deposits. The resulting increase in net interest margin is due primarily to
the stated growth in loan portfolio rather than an increase in the spread
between yields on earning assets and the cost of interest-bearing liabilities.
The provision for loan losses is the charge to operating earnings that
management believes is necessary to maintain an adequate allowance for loan
losses. It is based on the growth of the loan portfolio, the amount of net loan
losses incurred and management's estimate of potential future loan losses based
on an evaluation of loan portfolio risks and certain economic factors. The
provision for loan losses was unchanged for the three month period ended March
31, 1998 as compared to the same period in 1997. The loan loss reserve as a
percentage of total loans was 1.82% and 1.66% at March 31, 1998 and March 31,
1997, respectively. There were no non performing loans as March 31, 1998 and
management believes that the allowance for loan losses is adequate to absorb
anticipated loan losses.
The 6.16% decrease in other operating income is the net result of increased
mortgage loan origination fees and decreased gains on the sale of SBA loans.
The increase of other operating expenses for the three month period ending March
31, 1998 as compared to the comparable period in 1997 as shown in the preceding
table resulted primarily from the increase in personnel and other expenses
necessary to service an increasing deposit and loan customer base including
additional staffing in the mortgage origination and accounts receivable
factoring and servicing areas.
12
<PAGE>
The increase in income taxes shown in the preceding table resulted primarily
from increased net income before taxes for the three month period ended March
31, 1998 as compared to the similar period in 1997. Interest income from
nontaxable securities increased from $24,999 for this three month period in 1997
to $35,914 for the same period in 1998, an increase of 43.66%. Therefore, the
effective tax rate decreased from 36.41 in 1997 to 33.46 for the same three
month period in 1998.
Net income for the three month period ended March 31, 1998 as compared to the
same period in 1997 increased $47,988 or 15.50%.
13
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
PART II. OTHER INFORMATION
ITEM 5.
On April 17, 1998, the Company announced that it had entered into a Letter
of Intent regarding the proposed merger with National Commerce Bancorporation
("NCBC"). The Letter of Intent provides for the Company to exchange all of its
outstanding stock on a fully diluted basis in a tax-free exchange for shares of
NCBC common stock having a market value of $33,000,000 based on an average
closing price for the five day period from April 3, 1998 to April 9, 1998. The
consummation of the proposed merger is subject to certain conditions which must
be satisfied prior to closing, including the execution of a definitive agreement
and shareholder and regulatory approval.
ITEM 6.
(a) Exhibits filed in accordance with Item 601 of Regulation S-K.
27. Financial Data Schedule.
(b) The Company has not filed any reports on Form 8-K with the
Securities and Exchange Commission during the three months ended
March 31,1998.
14
<PAGE>
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.
FIRST COMMUNITY BANCORP, INC.
BY: /s/ J. Steven Walraven
_______________________________
J. Steven Walraven
President and Chief Executive Officer
(Principal Executive Officer)
DATE: May 12, 1998
_____________________________
BY: /s/ Danny F. Dukes
_______________________________
Danny F. Dukes
Vice President, Chief Financial and
Operations Officer
DATE:/s/ May 12, 1998
_____________________________
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997
<PERIOD-START> JAN-01-1998 JAN-01-1997
<PERIOD-END> MAR-31-1998 MAR-31-1997
<CASH> 3,142,900 0
<INT-BEARING-DEPOSITS> 6,499,577 0
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 13,894,707 0
<INVESTMENTS-CARRYING> 4,259,244 0
<INVESTMENTS-MARKET> 4,255,145 0
<LOANS> 66,399,534 0
<ALLOWANCE> 1,209,893 0
<TOTAL-ASSETS> 97,724,145 0
<DEPOSITS> 84,086,634 0
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 1,924,198 0
<LONG-TERM> 3,267,500 0
0 0
0 0
<COMMON> 428,105 0
<OTHER-SE> 7,913,426 0
<TOTAL-LIABILITIES-AND-EQUITY> 97,724,145 0
<INTEREST-LOAN> 1,861,721 1,584,020
<INTEREST-INVEST> 254,423 203,017
<INTEREST-OTHER> 35,914 41,471
<INTEREST-TOTAL> 2,152,058 1,828,508
<INTEREST-DEPOSIT> 844,181 649,956
<INTEREST-EXPENSE> 919,078 725,601
<INTEREST-INCOME-NET> 1,232,980 1,102,907
<LOAN-LOSSES> 75,000 75,000
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 831,701 765,942
<INCOME-PRETAX> 537,296 486,831
<INCOME-PRE-EXTRAORDINARY> 357,530 309,542
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 357,530 309,542
<EPS-PRIMARY> $.83 $.72
<EPS-DILUTED> $.70 $.71
<YIELD-ACTUAL> 5.79 6.31
<LOANS-NON> 0 0
<LOANS-PAST> 31,000 234,000
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 1,135,477 914,525
<CHARGE-OFFS> 55,000 29,000
<RECOVERIES> 52,000 8,000
<ALLOWANCE-CLOSE> 1,209,893 968,525
<ALLOWANCE-DOMESTIC> 1,209,893 968,525
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
