<PAGE> 1
United States
Securities and Exchange Commission
Washington, D.C. 20549
-------------
Form 10-Q/A
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 1997
Commission File No.: 0-17703
-------------
First American Bancorp
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Alabama 63-0879472
------------------ ------------------------------------
(State of Alabama) (I.R.S. Employer Identification No.)
251 Johnston Street, S.E.
Decatur, Alabama 35601
----------------------------------------
(Address of principal executive offices)
(205) 340-7000
-------------------------------
(Registrant's telephone number)
-------------
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 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
--- ---
Indicate the number of shares outstanding of the registrant's class of
common stock, as of the last practicable date.
Class Outstanding at June 30, 1997
----- ----------------------------
Common Stock, $.01 Par Value 2,878,334
<PAGE> 2
First American Bancorp and Subsidiary
Form 10-Q/A
Index
<TABLE>
<CAPTION>
Part I Financial Information Page No.
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Item 1 Consolidated Statements of Condition as of
June 30, 1997, June 30, 1996, and
December 31, 1996 3
Consolidated Statements of Income for the
Three Month and Six Month Periods Ended
June 30, 1997 and June 30, 1996 5
Consolidated Statements of Cash Flows for
the Six Month Periods Ended June 30, 1997
and June 30, 1996 6
Notes to Consolidated Financial Statements 7
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
Part II Other Information
Item 1 Legal Proceedings 10
Item 2 Changes in Securities 10
Item 3 Defaults upon Senior Securities 10
Item 4 Submission of Matters to a Vote of Security Holders 10
Item 5 Other Information 10
Item 6 Exhibits and Reports on Form 8-K 11
Signatures 11
</TABLE>
<PAGE> 3
First American Bancorp and Subsidiary
Consolidated Statements of Condition
As of June 30, 1997, and 1996 and December 31, 1996
<TABLE>
<CAPTION>
Unaudited
-------------------------------
June 30, June 30, December 31,
1997 1996 1996
-----------------------------------------------
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 10,342,421 $ 9,066,717 $ 8,270,560
Earning assets:
Interest bearing deposits in
other banks 6,765 109,641 49,270
Federal funds sold 775,000
U.S. Treasury securities and
obligations of other
U.S. Government agencies
and corporations 6,626,047 9,970,725 6,845,355
Obligations of states and
political subdivisions 11,561,756 11,064,715 10,536,228
Mortgage backed securities 10,097,075 12,573,193 10,241,965
Other securities 1,624,576 1,613,975 1,624,512
-----------------------------------------------
Total securities
available for sale 29,909,454 35,222,608 29,248,060
Mortgage loans held for
sale, net of discount 1,402,050 946,330 866,700
Loans, net of unearned
income 178,673,691 156,990,715 172,973,942
Less: Allowance for loan
losses (2,651,068) (1,504,005) (1,688,940)
-----------------------------------------------
Net loans 176,022,623 155,486,710 171,285,002
Premises and equipment, net 7,784,223 8,037,976 7,832,296
Other real estate 289,630 80,199
Accrued interest receivable 1,492,300 1,349,495 1,383,178
Deferred Tax Benefit 921,877 1,043,419 759,300
Other assets 3,156,422 957,139 3,243,142
-----------------------------------------------
TOTAL ASSETS $ 232,102,765 $ 212,220,035 $ 223,017,707
===============================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 25,779,511 $ 19,956,731 $ 22,043,303
Interest-bearing demand 61,596,972 64,680,299 66,050,592
Certificates of Deposit
$100,000 and over 30,080,997 22,247,014 25,525,456
Other time and savings 73,148,417 64,612,501 69,803,186
-----------------------------------------------
Total deposits 190,605,897 171,496,545 183,422,537
Federal funds purchased 2,775,000 6,000,000 1,325,000
Current portion long term
debt 13,500,000 51,133 1,105,000
Long term debt 12,605,000 12,500,000
Capital lease obligation 126,094 151,205 138,900
Accrued expenses and other
liabilities 1,574,139 968,022 1,843,908
-----------------------------------------------
Total Liabilities 208,581,130 191,271,905 200,335,345
Shareholders' equity:
Preferred stock, par value
$.01 per share Authorized -
400,000 shares; none
issued
Common stock, par value $.01
per share Authorized - 10,000,000
shares at June 30, 1997 and
June 30, 1996 and December
31, 1996; issued and
outstanding 2,878,334
shares, 2,253,396 shares and
2,263,884 shares, respectively 28,780 20,488 22,639
Additional paid in capital 15,326,049 10,758,431 15,166,195
Retained earnings 8,447,790 10,792,898 7,836,899
Unrealized loss on
securities, available for
sale, net of tax (280,984) (623,687) (343,371)
-----------------------------------------------
Total Shareholders' Equity 23,521,635 20,948,130 22,682,362
-----------------------------------------------
Total Liabilities and
Shareholders' Equity $ 232,102,765 $ 212,220,035 $ 223,017,707
===============================================
</TABLE>
See notes to consolidated financial statements.
<PAGE> 4
First American Bancorp and Subsidiary
Unaudited Consolidated Statements of Income
For the three month periods and the six month periods ended June 30, 1997, and
June 30, 1996
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenue from earning assets:
Interest and fees on
loans $ 4,589,322 $ 3,872,441 $ 9,002,683 $ 7,158,825
Interest on investment securities:
Taxable 278,146 413,971 569,722 858,025
Exempt from Federal income tax 137,381 148,424 271,258 288,697
Interest on Federal funds sold and
interest-bearing deposits in other
banks 17,128 12,655 21,124 37,888
------------------------------------------------------
Total interest income 5,021,977 4,447,491 9,864,787 8,343,435
Interest expense:
Interest on deposits 1,906,766 1,822,441 3,760,029 3,663,911
Interest on long term debt and
Federal funds purchased 210,022 65,216 421,510 74,819
Interest on obligations under
Capitalized leases 2,609 3,104 5,345 6,326
------------------------------------------------------
Total interest expense 2,119,397 1,890,761 4,186,884 3,745,056
Provision for loan losses 1,191,418 181,285 1,652,057 226,213
------------------------------------------------------
Net interest income 1,711,162 2,375,445 4,025,846 4,372,166
------------------------------------------------------
Noninterest revenues:
Service charges on deposits 298,889 264,506 575,199 529,751
Other operating revenues 164,766 157,110 318,824 292,706
Net securities gains (losses) 1,362 (13,752) 7,894 (13,752)
------------------------------------------------------
Total noninterest revenues 465,017 407,864 901,917 808,705
Noninterest expenses:
Salaries and employee benefits 1,134,555 1,025,260 2,230,364 1,966,772
Occupancy, furniture and equipment 300,685 346,727 552,704 700,807
Other operating expenses 756,133 472,058 1,396,304 900,826
------------------------------------------------------
Total noninterest expenses 2,191,373 1,844,045 4,179,372 3,568,405
Income (loss) before income taxes (15,194) 939,264 748,391 1,612,466
Provision (credit) for income taxes (118,950) 327,638 134,980 497,839
------------------------------------------------------
Net income $ 103,756 $ 611,626 $ 613,411 $ 1,114,627
======================================================
Earnings per Common Share $ 0.03 $ 0.22 $ 0.21 $ 0.40
Earnings per Common Share assuming dilution $ 0.03 $ 0.21 $ 0.21 $ 0.39
</TABLE>
See notes to consolidated financial statements.
<PAGE> 5
First American Bancorp and Subsidiary
Unaudited Consolidated Statements of Cash Flows
For the six month periods ended June 30, 1997 and June 30, 1996
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Net cash provided by operating
activities $ 1,659,431 $ 775,965
Cash flows from investing activities:
Proceeds from sale of securities
available for sale 2,250,116 9,126,083
Proceeds from the maturity of
securities available for sale 642,977 3,182,001
Purchase of securities available for
sale (3,484,206) (5,836,213)
Net loans made to customers (6,803,245) (30,455,613)
Capital expenditures (230,111) (1,073,132)
Proceeds from sale of bank premises
and equipment 932
Proceeds from sale of other real
estate 46,240 33,767
----------------------------
Cash flows used by investing activities (7,577,297) (25,023,107)
Cash flows from financing activities:
Net (decrease) in demand deposit accounts (717,412) (3,007,066)
Net increase in certificates of deposit
and other time and savings deposits 7,900,772 9,140,893
Net increase in Federal funds purchased 1,450,000 5,175,000
Payment of capital lease obligation (12,806) (11,825)
Proceeds from issuance of debt 12,551,133
Proceeds from issuance of common
stock 105,000 20,850
Distribution for fractional shares (3,332) (3,326)
----------------------------
Cash flows provided by financing
activities 8,722,222 23,865,659
Net increase (decrease) in cash and
cash equivalents 2,804,356 (381,483)
Cash and cash equivalents at beginning
of period 8,319,830 9,557,841
----------------------------
Cash and cash equivalents at end of
period $ 11,124,186 $ 9,176,358
============================
</TABLE>
See notes to consolidated financial statements.
<PAGE> 6
First American Bancorp and Subsidiary
Notes to Consolidated Financial Statements
June 30, 1997 and 1996
Note 1 - Basis of Presentation
The results of operations for the six months ended June 30, 1997 and
1996 are not necessarily indicative of the results to be expected for the full
year.
In the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring accruals) necessary for a fair presentation.
The condensed consolidated financial statements and notes are presented
as permitted by Form 10-Q, and do not contain certain information included in
the Company's audited financial statements and notes for the year ended December
31, 1996.
The accounting policies followed by the Company are set forth in Note 1
of the Company's financial statements contained in the Annual Report to
Shareholders for the year ended December 31, 1996.
Note 2 - Stock Split
Earnings per weighted average number of shares outstanding in 1997
reflect a 5 for 4 stock split effected in the form of a stock dividend paid to
shareholders of record on April 11, 1997. Earnings per weighted average number
of shares outstanding in 1996 reflect an 11 for 10 stock split effected in the
form of a stock dividend paid to shareholders on April 2, 1996 and a 5 for 4
stock split effected in the form of a stock dividend to shareholders on April
11, 1997.
Note 3 - Adoption of Statement of Financial Accounting Standards
The Company will adopt Statement of Financial Accounting Standards
(SFAS) Number 128, Earnings Per Share, which establishes standards of computing
and presenting earnings per share (EPS) and applies to entities with publicly
held common stock or potential common stock. This statement replaces the
presentation of primary EPS with a presentation of basic EPS and requires dual
presentation of basic and diluted EPS on the face of the income statement for
all entities with complex capital structures and requires a reconciliation of
the numerator and denominator of the basic EPS computation to the numerator and
denominator of the diluted EPS computation.
This statement is effective for financial statements issued for periods
ending after December 31, 1997, including interim periods; earlier application
is not permitted.
<PAGE> 7
Note 4 - Reconciliation of Earnings per common share and Earnings per common
share assuming dilution
For the six months ended June 30, 1997
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Income available to common
shareholders $ 613,411
Basic EPS 613,411 2,866,125 $0.21
=====
Effects of Dilutive
Securities Options 98,541
---------
Dilutive EPS $ 613,411 2,964,666 $0.21
=================================================
</TABLE>
For the quarter ended June 30, 1997
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Income available to common
shareholders $ 103 756
Basic EPS 103,756 2,877,966 $0.04
=====
Effects of Dilutive
Securities Options 101,234
---------
Dilutive EPS $ 103,756 2,979,200 $0.03
=================================================
</TABLE>
For the six months ended June 30, 1996
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Income available to common
shareholders $1,114,627
Basic EPS 1,114,627 2,815,608 $0.40
=====
Effects of Dilutive
Securities Options 79,068
---------
Dilutive EPS $1,114,627 2,894,676 $0.39
=================================================
</TABLE>
For the quarter ended June 30, 1996
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
<S> <C> <C> <C>
Income available to common
shareholders $ 611,626
Basic EPS 611,626 2,816,114 $0.22
=====
Effects of Dilutive
Securities Options 79,068
---------
Dilutive EPS $ 611,626 2,895,182 $0.21
=================================================
</TABLE>
Note 5 - Subsequent Event
On July 24, 1997, the Company entered into a definitive agreement to
merge with Alabama National BanCorporation. The merger is subject to the
completion of due diligence and the receipt of the necessary regulatory
approvals.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is presented to aid in an understanding of the
Company's financial condition and results of operations for the second quarter
of 1997.
The Company reported earnings of $104,000 during the second quarter of
1997 compared with $612,000 during the second quarter of 1996 which is a 83.0%
decrease from 1996 to 1997. Net income per share during the second quarter
of 1997 was $0.04 and 1996 was $0.22, a decrease of 81.8%. The earnings per
share in 1996 have been restated to reflect a 5 for 4 stock split effected in
the form of a stock dividend paid in 1997.
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDER'S EQUITY
Total assets increased 9.4% to $232.1 million at June 30, 1997 from
$212.2 million at June 30, 1996, and 4.1% from $223.0 million at December 31,
1996. This increase was a result of the 3.4% increase in earning assets which
included increases in federal funds sold, loans, net of unearned income, and
mortgage loans held for sale.
Securities available for sale decreased to $29.9 million at
June 30, 1997 from $35.2 million at June 30, 1996, a 15.1% decrease. The
decrease in the portfolio was primarily to fund the Company's loan growth and
the departure of higher cost public deposits as discussed below.
At June 30, 1997, the Bank held the following types of structured notes
and derivatives in its investment portfolio: Step-up bonds, dual index notes,
and collateralized mortgage obligations. Liquidity, interest rate risk, yield,
and extension risk are all considerations in holding these types of securities.
The Bank periodically evaluates these securities to determine the effect that
various interest rate changes have on the market value of these securities. The
Bank understands that changing interest rates impact the market value of the
security and its average life. The duration of these securities are monitored in
relation to the overall portfolio. This evaluation also addresses the possible
impact on the Bank's earnings and capital resulting from rate changes. The
potential carrying amount recoverability is also reviewed on a regular basis.
The Bank holds no securities whose ultimate principal redemption would be less
than par.
Loans, net of unearned income, grew to $178.7 million at June 30, 1997
from $157.0 million at June 30, 1996, or 13.8%, as a result of strong loan
demand in 1996. During the second quarter of 1997, loans, net of unearned
income, increased to $178.7 million from $173.0 million at December 31, 1996, a
3.3% increase.
Reserve for loan losses increased 76.3% to $2.7 million at June 30,
1997 from $1.5 million at June 30, 1996. Loan loss reserve as a percent of
loans, net of unearned income was 1.48% at June 30, 1997, compared to 0.96% at
June 30, 1996 and 0.98% at December 31, 1996. Management believes the loan
loss reserve is adequate given the risk in the loan portfolio. See additional
discussion under "Results of Operations".
Bank premises and equipment decreased to $7.8 million at June 30, 1997
from $8.0 million at June 30, 1996, primarily as a result of depreciation
expense during 1996. Bank premises and equipment decreased 0.6% from December
31, 1996.
Total deposits at June 30, 1997 were $190.6 million compared with
$171.5 million a year earlier, reflecting a 11.1% increase. Total deposits
increased 3.9% from $183.4 million at December 31, 1996. Interest bearing
demand deposits decreased $3.1 million from June 30, 1996 due to the planned
departure of competitively bid public funds bearing a high interest rate. The
departure of these higher cost public funds has contributed to the improvement
in the banks net interest margin. The decrease in interest bearing demand
deposits from June 30, 1996 to June 30, 1997 was offset by increases of $5.8
million in noninterest bearing demand deposits, $7.8 million in certificates of
deposits greater than $100,000 and $8.5 million in other time deposits during
the same period due to increased efforts to raise deposits. Noninterest bearing
demand deposits increased 17.3% to $25.8 million at June 30, 1997 compared to
$22.0 million at December 31, 1996, while certificates of deposit greater than
$100,000 increased 18.0% to $30.1 million from $25.5 million over the same
period. At June 30, 1997, the Company had $12.5 million in borrowings from the
Federal Home Loan Bank (FHLB). The $12.5 million FHLB debt has an interest rate
of one month LIBOR (London interbank offered rate) minus three basis points,
equating to 5.419% at June 30, 1997, and matures June 5, 1998.
Shareholders' equity increased to $23.5 million at June 30, 1997, an
12.2% increase from $20.9 million at June 30, 1996. Shareholders' equity
increased 3.7% from $22.7 million at December 31, 1996. The increase from
December 31, 1996 was due to the Company's net income of $0.6 million in the
six months ended June 30, 1997. Also contributing to the increase in
shareholders' equity was the mark-to-market adjustment for specific securities
designated as available for sale of $281,000 at June 30, 1997, a decrease of
$62,000 from $343,000 at December 31, 1996. The mark-to-market adjustment
decreased $343,000 from June 30, 1996.
<PAGE> 8
At June 30, 1997, the equity capital to asset ratio was 10.3%. At June
30, 1996, this ratio was 9.9%; and at December 31, 1996, it was 10.2%. The
current risk based capital ratios well exceed the risk based capital guidelines
established by banking regulators as illustrated below:
<TABLE>
<CAPTION>
Minimum Regulatory
At June 30, 1997 Requirements
---------------- ------------------
<S> <C> <C>
Risk-based capital:
Tier I capital ratio 12.62% 4.00%
Total capital ratio 13.87% 8.00%
Leverage Ratio 9.36% 3.00 to 5.00%
</TABLE>
ASSET AND LIABILITY MANAGEMENT, LIQUIDITY AND CAPITAL RESOURCES
Through its asset liability management plan, management maintains
adequate liquidity to satisfy the Company's day to day cash flow requirements
and has available adequate liquidity sources to satisfy seasonal fluctuations.
RESULTS OF OPERATIONS
During the second quarter of 1997, earnings were $104,000, compared
with second quarter earnings during 1996 of $612,000, a decrease of 83.0%,
which resulted primarily from the increased provision for loan losses offset by
decreased tax expense.
For the three month period ending June 30, 1997 gross interest margin
improved $346,000, or 13.5%, to $2,903,000, compared to $2,557,000 at June 30,
1996. When compared with the three month period ended June 30, 1996, the
changes in the volume and mix of earning assets and interest-bearing
liabilities as well as the current rate environment helped improve the gross
interest margin during the second quarter of 1997.
Interest and fees on loans increased $717,000, or 18.5%, due to growth
in loan volume during the second quarter. Interest on investment securities
decreased 26.1%, or $147,000, due to the decrease in the investment portfolio
to fund the Company's loan growth and to fund the planned departure of higher
cost public funds.
Interest expense on deposits increased only $84,000, or 4.6%, at
June 30, 1997, compared to June 30, 1996, although interest bearing deposits
(interest bearing demand deposits, certificates of deposit, etc.) increased
$13.3 million during the same period. The small increase in deposit interest
expense was due to $12.5 million in borrowing from the Federal Home Loan Bank
(FHLB) during 1996. The slight increase in deposit interest expense was offset
by an increase of interest expense on other borrowed money of $145,000 when
comparing June 30, 1997 to June 30, 1996. This increase was a result of the
$12.5 million borrowed from the FHLB.
During 1997, the Company's loan loss experience has been greater than
the Company's historical loss experience. For the six months ended June 30,
1997, the Company had gross loan charge-offs of $765,000 compared with $265,000
for the six months ended June 30, 1996, an increase of $500,000 or 188.7%.
Management has aggressively charged-off potential problem loans during 1997. Due
to the increased loss experience, management has re-evaluated the loan portfolio
utilizing measurement criteria reflecting the increased 1997 charge-offs in an
attempt to identify any future potential losses. As a result of management's
evaluation, the Company has increased its allowance for loan losses to
$2,651,000 at June 30, 1997, an increase of $860,000 from the previously
reported June 30, 1997 balance. The allowance for loan losses of $2,651,000 is
an increase of 76.3% from $1,504,000 at June 30, 1996 and an increase of 57.0%
from $1,689,000 at December 31, 1996. With the ratio of the allowance for loan
losses to loans, net of unearned income, at June 30, 1997 at 1.48%, management
believes this allocation to loan loss reserve provides an adequate reserve for
the risk in the current portfolio.
<PAGE> 9
Total noninterest revenues during the second quarter of 1997 increased
$57,000, or 14.0%, primarily as a result of increased service charges on deposit
accounts.
Total noninterest expenses during the second quarter of 1997 increased
$347,000, or 18.8%, due to increases in salaries and employee benefits, other
operating expenses, and occupancy, furniture and equipment expenses.
Income before income taxes decreased $954,000, primarily due to
increased noninterest expenses and provision for loan losses offset by a
increased net interest margin. Income tax expense for the second quarter of
1997 compared to 1996 decreased $447,000, or 136.3%, as a result of the
increased provision for loan losses, decreased before tax income and increased
tax-planning investments by the company.
PART II
ITEM 1 - LEGAL PROCEEDINGS
None.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
<PAGE> 10
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
<PAGE> 11
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
27 Financial Data Schedule (for SEC use only)
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 thereto duly authorized.
First American Bancorp
Date: September 10, 1997 by /s/ Dan M. David
------------------------------------
Dan M. David
Chairman and Chief Executive Officer
Date: September 10, 1997 by /s/ Alfred E. Cheatham, Jr.
------------------------------------
Alfred E. Cheatham, Jr.
Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST AMERICAN BANK FOR THE SIX MONTHS, ENDED JUNE 30,
1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000854631
<NAME> FIRST AMERICAN BANCORP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 10,342,421
<INT-BEARING-DEPOSITS> 6,765
<FED-FUNDS-SOLD> 775,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 29,909,454
<LOANS> 178,673,691
<ALLOWANCE> 2,651,068
<TOTAL-ASSETS> 232,102,765
<DEPOSITS> 190,605,897
<SHORT-TERM> 13,500,000
<LIABILITIES-OTHER> 1,700,233
<LONG-TERM> 0
0
0
<COMMON> 28,780
<OTHER-SE> 23,521,635
<TOTAL-LIABILITIES-AND-EQUITY> 232,102,765
<INTEREST-LOAN> 9,002,683
<INTEREST-INVEST> 840,980
<INTEREST-OTHER> 21,124
<INTEREST-TOTAL> 9,864,767
<INTEREST-DEPOSIT> 3,760,029
<INTEREST-EXPENSE> 4,186,884
<INTEREST-INCOME-NET> 5,677,903
<LOAN-LOSSES> 1,652,057
<SECURITIES-GAINS> 7,894
<EXPENSE-OTHER> 4,179,372
<INCOME-PRETAX> 748,391
<INCOME-PRE-EXTRAORDINARY> 748,391
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 613,411
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.21
<YIELD-ACTUAL> 9.50
<LOANS-NON> 1,352,000
<LOANS-PAST> 76,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 76,000
<ALLOWANCE-OPEN> 1,689,000
<CHARGE-OFFS> 765,000
<RECOVERIES> 75,000
<ALLOWANCE-CLOSE> 2,651,000
<ALLOWANCE-DOMESTIC> 2,651,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
