<PAGE>
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 June 30, 1995.
OR
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 33-31013-A
COMMUNITY NATIONAL BANCORPORATION
(Exact name of small business issuer as specified in its charter)
Georgia 58-1856963
(State of Incorporation) (I.R.S. Employer Identification No.)
561 E. Washington Avenue, P.O. Box 2619, Ashburn, Georgia 31714
(Address of Principal Executive Offices)
(912) 567-9686
(Issuer's Telephone Number, Including Area Code)
Not Applicable
(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 Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.
Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common equity as of the latest
practicable date.
Common stock, $5.00 par value per share, 353,417 shares issued and
outstanding as of August 1, 1995.
(Page 1 of 16)<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Consolidated Balance Sheets
ASSETS
June 30, December 31,
1995 1994
(Unaudited) (Unaudited)
Cash and due from banks $ 2,544,861 $ 1,883,503
Federal funds sold - - 3,500,000
Total cash and cash equivalents $ 2,544,861 $ 5,383,503
Securities:
Available for sale, at fair values 7,495,343 9,822,680
Held to maturity (Fair value of
$1,575,292 (6-30-95) and
$1,629,938 (12-31-94) $ 1,567,050 $ 1,674,191
Loans, net 50,966,708 41,566,324
Property and equipment, net 1,118,982 1,166,912
Other assets 1,926,180 1,587,807
Total Assets $65,619,124 $61,201,417
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Non-interest bearing deposits $ 3,222,864 $ 4,956,350
Interest bearing deposits 56,377,389 50,992,030
Total deposits $59,600,253 $55,948,380
Obligation under capital lease 102,486 145,588
Other liabilities 862,803 617,602
Total liabilities $60,565,542 $56,711,570
Commitments and contingencies
Shareholders' Equity:
Common stock, $5.00 par value,
10,000,000 shares authorized,
353,417 issued and outstanding $ 1,767,085 $ 1,767,085
Paid-in-capital 1,712,903 1,712,903
Retained earnings 1,552,656 1,182,091
Unrealized gain on securities, net 20,938 (172,232)
Total Shareholders' Equity $ 5,053,582 $ 4,489,847
Total liabilities and shareholders' equity $65,619,124 $61,201,417
Refer to notes to the consolidated financial statements.<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Income
for the quarter ended
June 30,
1995 1994
Interest income $1,583,489 $1,125,772
Interest expense 732,430 512,905
Net interest margin 851,059 612,867
Provisions for possible loan losses 103,120 75,000
Net interest income after provisions
for possible loan losses 747,939 537,867
(Loss) on sale of securities (2,792) - -
Other income 102,381 81,586
Total other income 99,589 81,586
Salaries and benefits 215,445 187,581
Other operating expenses 289,472 230,046
Total other expenses 504,917 417,627
Net income before income taxes 342,611 201,826
Provision for income taxes 127,125 46,850
Net income $ 215,486 $ 154,976
Net income per share $ .51 $ .39
Weighted average number of shares outstanding 424,100 398,367
Refer to notes to the consolidated financial statements<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Income
for the two quarters ended
June 30,
1995 1994
Interest income $2,935,708 $2,323,832
Interest expense 1,356,209 1,010,709
Net interest margin 1,579,499 1,313,123
Provisions for possible loan losses 158,120 219,000
Net interest income after provisions
for possible loan losses 1,421,379 1,094,123
(Loss) on sale of securities (2,103) 106,608
Other income 196,544 179,215
Total other income 194,441 285,823
Salaries and benefits 435,386 377,999
Other operating expenses 478,754 503,246
Total other expenses 914,140 881,245
Net income before taxes 701,680 498,701
Provision for income taxes 267,500 171,222
Net income $ 434,180 $ 327,479
Net income per share $ 1.02 $ .82
Weighted average number
of shares outstanding 424,100 397,541
Refer to notes to the consolidated financial statements.<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Cash Flows
for the two quarters ended
June 30,
1995 1994
Cash flows from operating activities $ 670,623 $ 120,543
Cash flows from investing activities:
Funds from maturing or
amortising securities $ 145,520 $ 1,964,942
Funds from sale of securities 3,895,500 3,204,687
Purchase of securities (1,501,953) (5,426,125)
(Increase) in loans, net (9,558,504) (1,310,435)
Purchase of property and equipment (34,984) (29,271)
Net cash used in investing activities $(7,054,421) $ (1,596,202)
Cash flows from financing activities:
Sale of common stock $ - - $ 14,160
Increase in customer deposits 3,651,873 498,554
Payment of cash dividends (63,615) (63,360)
Decrease in lease obligations (43,102) (40,531)
Net cash provided
from financing activities $ 3,545,156 $ 408,823
Net increase (decrease) in
cash and cash equivalents $(2,838,642) $ (1,066,836)
Cash and cash equivalents,
beginning of period 5,383,503 6,627,123
Cash and cash equivalents, end of period $ 2,544,861 $ 5,560,287
Refer to notes to the consolidated financial statements.<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Notes to consolidated financial statements (Unaudited)
June 30, 1995
Note 1 - Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions for Form 10-QSB. Accordingly, they do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
six-month period ended June 30, 1995 are not necessarily indicative of the
results that may be expected for the year ending December 31, 1995. For further
information, refer to the financial statements and footnotes included in the
Company's annual report on Form 10-KSB for the year ended December 31, 1994.
Note 2 - Organization of the Business
Community National Bancorporation, Ashburn, Georgia (the "Company") was
organized in August, 1989 to serve as a holding company for a proposed de novo
bank, Community National Bank, Ashburn, Georgia (the "Bank"). The Bank was
chartered and is currently regulated by the Office of the Comptroller of the
Currency. Its deposits are each insured up to $100,000, subject to aggregation
rules, by the Federal Deposit Insurance Corporation. The Company purchased 100
percent of the Bank's shares by injecting $3.3 million into the Bank's capital
accounts immediately prior to commencement of banking operations (August, 1990).
Note 3 - Summary of Significant Accounting Policies
Basis of Presentation and Reclassification. The consolidated financial
statements include the accounts of both the Company and the Bank. All
intercompany accounts and transactions have been eliminated in consolidation.
Certain prior year amounts have been reclassified to conform to the current year
presentation.
Basis of Accounting. The accounting and reporting policies of the Company
conform to generally accepted accounting principles and to general practices in
the banking industry. The Company uses<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Notes to consolidated financial statements (Unaudited)
June 30, 1995
the accrual basis of accounting by recognizing revenues when earned and expenses
in the period incurred, without regard to the time of receipt or payment of
cash.
Organizational Costs. In accordance with the Financial Accounting
Standards Board ("FASB") Statement No. 7, the Company and the Bank capitalized
all direct organizational costs that were incurred in the expectation that they
would generate future revenues or otherwise be of benefit after the Bank opened
for business. These capitalized costs are amortized over a sixty-month period
using the straight line method.
Investment Securities. In May, 1993, FASB issued Statement of Accounting
Standards No. 115, "Accounting for Certain Investments in Debt and Equity
Securities" ("SFAS No. 115"), which the Company adopted as of
December 31, 1993.
SFAS No. 115 requires the reporting of certain securities at fair value except
those securities which the Company has the positive intent and ability to hold
to maturity. (Prior to the adoption of SFAS No. 115, all investment securities
were carried at amortized cost). Management determines the appropriate
classification of its investment securities at the time of purchase and accounts
for them as follows:
(i) Held to maturity - The category of securities "held to
maturity" are those investment securities that management has the
intent to and the Company has the ability at the time of purchase to
hold until maturity. Securities in this category are carried at
amortized cost, adjusted for accretion of discounts and amortization
of premiums using the straight line method over the estimated life
of each security. If a security has a decline in fair value below
its amortized cost that is other than temporary, that security will
be written down to its new cost basis by recording a loss in the
consolidated statement of income.
(ii) Available for sale - Investment securities to be held for
indefinite periods of time and not intended to be held to maturity
are classified as "available for sale". Assets included in this
category are those assets that management intends to use as part of
its asset/liability management strategy and that may be sold<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Notes to consolidated financial statements (Unaudited)
June 30, 1995
in response to changes in interest rates. Securities available for
sale are recorded at fair value. Both unrealized holding gains and
losses on securities available for sale, net of taxes, are included
as a separate component of shareholders' equity in the consolidated
balance sheet until these gains or losses are realized. The cost of
investment securities sold is determined by the specific
identification method. If a security has a decline in fair value
that is other than temporary, that security will be written down to
its fair value by recording a loss in the consolidated statement of
income.
(iii) Trading securities - Securities that are held principally for
the purpose of selling in the near future are classified as trading
securities. These securities are recorded at fair value. Both
unrealized gains and losses are included in the consolidated
statement of income. The Company currently has no securities
classified as trading securities.
Loans, Interest and Fee Income on Loans. Loans are stated at the principal
balance outstanding. Unearned discount, unamortized loan fees, if any, and the
allowance for possible loan losses are deducted from total loans in the
consolidated balance sheet. Interest income is recognized over the term of the
loan based on the principal amount outstanding.
Loans are generally placed on non-accrual status when principal or interest
becomes ninety days past due, or when payment in full is not anticipated. When
a loan is placed on non-accrual status, interest accrued but not received is
generally reversed against interest income. If collectibility is in doubt, cash
receipts on non-accrual loans are first applied to reduce principal rather than
to principal and interest, as in accrual loans. Classification of a loan as
non-accrual is not necessarily indicative of a potential loss of principal.
Points on real estate loans are taken into income to the extent they
represent the direct cost of initiating a loan. The amount in excess
of direct costs is deferred and amortized over the expected life of the loan.
Allowance for Possible Loan Losses. The provisions for loan losses charged
to operating expenses reflect the amount deemed appropriate by management to
establish an adequate reserve to meet the present and foreseeable risk
characteristics of the current loan portfolio. Management's judgement is based
on periodic evaluation of individual loans, the overall risk characteristics
<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Notes to consolidated financial statements (Unaudited)
June 30, 1995
of the various portfolio segments, past experience with losses and prevailing
and anticipated economic conditions. Note, however, that ultimate losses may
vary from the current estimates and any adjustments are charged against
earnings in the periods in which they become known. Loans which are
determined to be uncollectible are charged against the allowance.
Provisions for loan losses and recoveries on loans previously charged-off are
added to the allowance.
Property and Equipment. Furniture, equipment and leasehold improvements
are stated at cost, net of accumulated depreciation. Depreciation is computed
using the straight line method over the estimated useful lives of the related
assets. Maintenance and repairs are charged to operations, while major
improvements are capitalized. Upon retirement, sale or other disposition of
property and equipment, the cost and accumulated depreciation are eliminated
from the accounts, and gains or losses are included in income from operations.
Income Taxes. The Company and the Bank file consolidated income tax
returns. The Company and the Bank adopted Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" ("SFAS No. 109") to be
effective for the calendar year ended December 31, 1993. SFAS No. 109
utilizes the asset and liability method of accounting for income taxes rather
than the deferred method which was previously utilized under Accounting
Principles Board Opinion 11. Under SFAS No. 109, deferred income taxes
are recognized for the tax consequences of "temporary differences" by
applying enacted statutory tax rates applicable to future years to
differences between financial statement carrying amounts and the tax
basis of existing assets and liabilities. The effect on
deferred income taxes of a change in tax rates is recognized in income in the
period including the enactment date.
For years prior to 1993, the Bank and the Company used the deferred method
of accounting for income taxes. Deferred federal and state income taxes were
based on income and expenses reported in different periods for financial
statement and income tax purposes at the then current statutory rate.
Statement of Cash Flows. For purposes of reporting cash flows, cash and
cash equivalents include cash on hand, amounts due from banks and federal funds
sold. Generally, federal funds are purchased or sold for one-day periods.<PAGE>
COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Notes to consolidated financial statements (Unaudited)
June 30, 1995
Profit Sharing Plan. During 1992, the Company instituted a Profit Sharing
Plan (the "Plan") which covers substantially all of its full time employees upon
their completion of one year of service, provided they are at least twenty-one
years old. The Board of Directors determines the amounts to be contributed to
the Plan on an annual basis.
Earnings Per Share. Primary earnings per share are computed by dividing
net earnings by the weighted average number of common stock and common stock
equivalents outstanding during the year. The outstanding options and warrants
are considered common stock equivalents. In the computation of primary earnings
per share, however, a common stock equivalent is only used if its effect is
dilutive.
Dividends. The Company paid $.18 in dividends for each share of common
stock during each of the six-month periods ended June 30, 1995 and 1994. No
other dividends have been declared. The declaration of future dividends is
within the discretion of the Board of Directors and will depend, among other
things, upon business conditions, earnings, the financial condition of the Bank
and the Company and regulatory requirements.<PAGE>
Item 2 - Management Discussion and Analysis of Financial Condition and Results
of Operation.
Liquidity and Sources of Capital
Community National Bancorporation (the "Company") was organized in August,
1989 and began banking operations through its wholly owned subsidiary, Community
National Bank (the "Bank"), on August 6, 1990. During the period from April,
1989 (inception) to August 6, 1990, the Company was in the development stage and
devoted most of its efforts to organizing, incorporating, planning, raising
capital and recruiting personnel for the Bank.
On August 6, 1990 the Bank was capitalized with a $3.3 million injection
from the Company. By June 30, 1995, the Bank's capital had increased to $4.9
million through retained earnings. This level of capitalization, as measured by
the Bank's primary regulator, the OCC, is adequate based on the following
capital ratios and guidelines.
Bank's Minimum required
June 30, 1995 by regulator
Leverage ratio 7.2% 4.0%
Risk weighted ratio 10.3% 8.0%
Total assets increased by $4.4 million to $65.6 million during the six-
month period ended June 30, 1995. The increase was generated from higher
deposits and profits. The additional funds that were generated through growth
were utilized primarily to expand the loan portfolio.
Liquidity is the Company's ability to meet all deposit withdrawals
immediately, while also providing for the credit needs of customers. The June
30, 1995 financial statements evidence a satisfactory liquidity position as
total cash and cash equivalents amounted to $2.5 million, representing 3.9%
of total assets. Investment securities amounted to $9.1 million,
representing 13.8% of total assets. These securities provide a secondary
source of liquidity since they can be converted into cash in a timely manner.
Since the Bank is a member of the Federal Reserve System and maintains
relationships with several correspondent banks, it could obtain funds on
short notice. The Company's management closely monitors and maintains
appropriate levels of interest earning assets and interest bearing
liabilities, so that maturities of assets are such that adequate funds are
provided to meet customer withdrawals and loan demand.
There are no trends, demands, commitments, events or uncertainties that will
result in or are reasonably likely to result in the Company's liquidity
increasing or decreasing in any material way.<PAGE>
Results of Operations
Net income for the six months ended June 30, 1995 amounted to $434,180 or
$1.02 per share. This compares with net income of $327,479 or $.82 per share
attained during the same six-month period one year earlier. The primary reasons
for the increase in net income from 1994 to 1995 are as follows:
a. Net interest income, which represents the difference between interest
received on interest earning assets and interest paid on interest bearing
liabilities, has increased from $1,313,123 for the six months ended June
30, 1994 to $1,579,499 for the same period one year later, representing an
increase of $266,376, or 20.3%.
b. Provisions for loan losses were reduced from $219,000 for the six-month
period ended June 30, 1994 to $158,120 for the same six-month period one
year later. As discussed below, the allowance for loan losses appears
adequate.
c. Note that other income was reduced from $285,823 for the six-month period
ended June 30, 1994 to $194,441 for the same period one year later. The
significant reduction in other income is due to the sale of government
guaranteed loans for a profit of approximately $105,000 during the six-
month period ended June 30, 1994. There were no such sales during the
six-month period ended June 30, 1995.
At June 30, 1995 the allowance for loan losses amounted to $777,127, or
1.50 percent of gross loans. Management considers the allowance for loan losses
to be adequate and sufficient to absorb possible future losses. However, there
can be no assurance that charge-offs in future periods will not exceed the
allowance for loan losses or that additional provisions to the allowance
will not be required.
The Company is not aware of any current recommendation by the regulatory
authorities which, if implemented, would have a material effect on the Company's
liquidity, capital resources or results of operations.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. There are no material pending legal
proceedings to which the Company or the Bank is a party or of which any of
their property is the subject.
Item 2. Changes in Securities.
(a) None.
(b) None.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. An annual
meeting of the security holders of the Company was held on May 10, 1995
(the "Annual Meeting"). The following individuals were elected directors
of the Company at the Annual Meeting.
T. Brinson Brock, Sr.
Willis R. Collins
Gene Stallings Crawford
Benny Warren Denham
Lloyd Greer Ewing
Ronald Craig Huckaby
Grady Elmer Moore
Sara Ruth Raines
Theron G. Reed
Benjamin E. Walker
Jimmie Ann Ward
Freddie J. Weston, Jr.
All of the currently serving directors of the Company were elected at the
Annual Meeting. Other than the directors identified above, the Company does not
have any directors whose term of office continued after the Annual Meeting.
The election of directors was the only matter voted upon at the Annual
meeting. Of the 353,417 shares of common stock of the Company issued and
outstanding, 200,109 were represented, either in person or by proxy, at the
Annual Meeting. All 200,109 shares represented at the Annual Meeting were voted
for the election of each director whose name is set forth above.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
3(a) Articles of Incorporation of Registrant (incorporated by reference
to Exhibit 3(a) of Registration Statement on Form S-18, File No. 33-31013-
A).
3(b) By-laws of Registrant (incorporated by reference to Exhibit 3(b) of
Registration Statement on Form S-18, File No. 33-31013-A).
27. Financial Data Schedule.
(b) Reports on Form 8-K - There were no reports on Form 8-K filed during
the quarter ended June 30, 1995.<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.
COMMUNITY NATIONAL BANCORPORATION
(Registrant)
Date: August 11, 1995 BY: /s/ Theron G. Reed
Theron G. Reed
President,
Principal Executive Officer and
Principal Financial Officer
Financial Data Schedule Submitted Under Item 601(a)(27) of Regulation S-B
This schedule contains summary financial information extracted from Community
National Bancorporation's unaudited consolidated financial statements for the
period ended June 30, 1995 and is qualified in its entirety by reference to such
financial statements.
Item Number Item Description Amount
9-03(1) Cash and due from banks $ 2,544,861
9-03(2) Interest bearing deposits 100,000
9-03(3) Federal funds sold - purchased
securities for sale 0
9-03(4) Trading account assets 0
9-03(6) Investment and mortgage backed
securities held for sale 7,495,343
9-03(6) Investment and mortgage backed
securities held to maturity -
carrying value 1,567,050
9-03(6) Investment and mortgage backed
securities held to maturity -
market value 1,575,292
9-03(7) Loans 51,743,835
9-03(7)(2) Allowance for losses 777,127
9-03(11) Total assets 65,619,124
9-03(12) Deposits 59,600,253
9-03(13) Short-term borrowings 0
9-03(15) Other liabilities 965,289
9-03(16) Long-term debt 0
9-03(19) Preferred stock -
mandatory redemption 0
9-03(20) Preferred stock -
no mandatory redemption 0
9-03(21) Common stocks 1,767,085
9-03(22) Other stockholders' equity 3,286,497
9-03(23) Total liabilities and
stockholders' equity 65,619,124
9-04(1) Interest and fees on loans 2,579,076
9-04(2) Interest and dividends
on investments 356,632
9-04(4) Other interest income 0
9-04(5) Total interest income 2,935,708
9-04(6) Interest on deposits 1,350,958
9-04(9) Total interest expense 1,356,209
9-04(10) Net interest income 1,579,499
9-04(11) Provision for loan losses 158,120
9-04(13)(h) Investment securities gains/losses (2,103)
9-04(14) Other expenses 914,140
9-04(15) Income/loss before income tax 701,680<PAGE>
Item Number Item Description Amount
9-04(17) Income/loss before
extraordinary items 701,680
9-04(18) Extraordinary items, less tax 0
9-04(19) Cumulative change in
accounting principles 0
9-04(20) Net income or loss 434,180
9-04(21) Earnings per share - primary 1.02
9-04(21) Earnings per share - fully diluted 1.02
I.B.5. Net yield - interest earning
assets - actual 5.20%
III.C.1(a) Loans on non-accrual 26,014
III.C.1(b) Accruing loans past due
90 days or more 0
III.C.1(c) Troubled debt restructuring 0
III.C.2. Potential problem loans 0
IV.A.1 Allowance for loan losses -
beginning of period 709,721
IV.A.2 Total chargeoffs 100,108
IV.A.3 Total recoveries 9,514
IV.A.4 Allowance for loan losses -
end of period 777,127
IV.B.1 Loan loss allowance allocated to
domestic loans 756,000
IV.B.2 Loan loss allowance allocated to
foreign loans 0
IV.B.3 Loan loss allowance - unallocated 21,127
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 2,544,861
<INT-BEARING-DEPOSITS> 100,000
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,495,343
<INVESTMENTS-CARRYING> 1,567,050
<INVESTMENTS-MARKET> 1,575,292
<LOANS> 51,743,835
<ALLOWANCE> 777,127
<TOTAL-ASSETS> 65,619,124
<DEPOSITS> 59,600,253
<SHORT-TERM> 0
<LIABILITIES-OTHER> 965,289
<LONG-TERM> 0
<COMMON> 1,767,085
0
0
<OTHER-SE> 3,286,497
<TOTAL-LIABILITIES-AND-EQUITY> 65,619,124
<INTEREST-LOAN> 2,579,076
<INTEREST-INVEST> 356,632
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 2,935,708
<INTEREST-DEPOSIT> 1,350,958
<INTEREST-EXPENSE> 1,356,209
<INTEREST-INCOME-NET> 1,579,499
<LOAN-LOSSES> 158,120
<SECURITIES-GAINS> (2,103)
<EXPENSE-OTHER> 914,140
<INCOME-PRETAX> 0
<INCOME-PRE-EXTRAORDINARY> 701,680
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 434,180
<EPS-PRIMARY> 1.02
<EPS-DILUTED> 1.02
<YIELD-ACTUAL> 5.20
<LOANS-NON> 26,014
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 100,108
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 777,127
<ALLOWANCE-DOMESTIC> 756,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 21,127
</TABLE>
