<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
For the Quarter Ended:
June 30, 1996 Commission File Number 0-18392
Ameriana Bancorp
------------------------
Indiana 35-1782688
------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. employer identification
incorporation or organization) number)
2118 Bundy Avenue, New Castle, Indiana 47362-1048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (317) 529-2230
Securities registered pursuant to Section 12(g) of Act:
Common Stock, par value $1.00 per share
(Title of Class)
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 _XX_ NO ___
As of June 30, 1996, there were issued and outstanding 3,303,130
shares of the registrant's common stock.
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
CONTENTS
PART I - FINANCIAL INFORMATION Page No.
ITEM 1 - Financial Statements
Consolidated Statements of Condition
as of June 30, 1996 and December 31,
1995. . . . . . . . . . . . . . . . . . . . . . 2
Consolidated Statements of Income for
the Three Months Ended June 30, 1996
and 1995 and the Six Months Ended June 30,
1996 and 1995 . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Cash Flows
for the Six Months Ended June 30,
1996 and 1995 . . . . . . . . . . . . . . . . . 4
Notes to Consolidated Financial Statements. . . 5
ITEM 2 - Management's Discussion and Analysis of
Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . . 6
PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . 10
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . 11
<PAGE>
<PAGE>
PART I - ITEM I
AMERIANA BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CONDITION
(Unaudited)
June 30 December 31
1996 1995
-------- -----------
<S> <C> <C>
ASSETS
Cash on hand and in other institutions $ 4,203,911 $ 4,474,687
Interest-bearing deposits 12,408,821 5,068,636
Investment securities held to maturity (market
value: 1996--$48,581,000; 1995--$22,792,000) 49,994,815 22,599,948
Stock in Federal Home Loan Bank (at cost, which
approximates market value) 3,280,500 2,984,500
Mortgage-backed securities held to maturity (market
value: 1996--$41,875,000; 1995--$45,412,000) 42,227,526 45,014,264
Loans receivable 279,065,383 267,068,683
Allowance for loan losses (1,109,862) (1,076,038)
----------- ------------
Net loans receivable 277,955,521 265,992,645
Real estate owned -- 145,298
Premises and equipment 4,666,795 4,519,277
Mortgage servicing rights 757,813 577,068
Investments in unconsolidated affiliates 1,831,306 1,898,832
Other assets 4,723,940 3,538,176
------------ ------------
$402,050,948 $356,813,331
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits $318,328,009 $290,785,360
Advances from Federal Home Loan Bank 27,125,674 13,003,669
Drafts payable 8,819,602 2,521,932
Advances by borrowers for taxes and insurance 721,015 1,024,070
Other liabilities 2,447,815 2,363,611
Total liabilities 357,442,115 309,698,642
Shareholders' Equity:
Preferred stock (5,000,000 shares authorized--
none issued) -- --
Common stock ($1.00 par value; authorized
15,000,000 shares; issued shares:
1996 - 3,303,130; 1995 - 2,648,403) 3,303,130 2,648,403
Additional paid-in capital 9,006,526 12,981,032
Retained earnings 32,299,177 31,485,254
Total shareholders' equity 44,608,833 47,114,689
------------ ------------
$402,050,948 $356,813,331
============ ============
</TABLE>
See accompanying notes.
2
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30 Six Months Ended June 30
1996 1995 1996 1995
----------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Interest Income:
Interest on loans $5,422,623 $5,330,719 $10,785,149 $10,368,094
Interest on mortgage-backed
securities 737,005 805,041 1,505,302 1,568,571
Interest on investment securities 714,976 111,047 1,297,620 222,325
Other interest and dividend income 154,279 172,479 336,351 302,290
---------- ---------- ----------- -----------
Total interest income 7,028,883 6,419,286 13,924,422 12,461,280
---------- ----------- ----------- -----------
Interest Expense:
Interest on deposits 3,721,970 3,511,644 7,420,427 6,634,933
Interest on Federal Home Loan
Bank advances 391,251 53,462 682,135 109,836
---------- ---------- ----------- ----------
Total interest expense 4,113,221 3,565,106 8,102,562 6,744,769
---------- ---------- ------------ ----------
Net Interest Income 2,915,662 2,854,180 5,821,860 5,716,511
Provision For Loan Losses 21,000 31,079 39,000 108,716
---------- ---------- ---------- ----------
Net Interest Income After Provision
For Loan Losses 2,894,662 2,823,101 5,782,860 5,607,795
Other Income:
Net loan servicing fees 88,385 78,638 165,358 156,436
Other fees and service charges 160,060 160,556 308,673 293,455
Brokerage and insurance commissions 299,433 245,771 589,646 484,519
Loss on investments in unconsolidated
affiliates (58,065) -- (67,526) --
Gains on sales of loans 22,201 27,743 66,107 46,330
Other 10,483 25,893 17,555 145,822
--------- -------- ---------- ----------
Total other income 522,497 538,601 1,079,813 1,126,562
Other Expense:
Salaries and employee benefits 1,125,823 1,193,439 2,203,684 2,400,715
Net occupancy expense 272,834 250,660 527,303 509,364
Federal insurance premium 167,326 158,987 338,969 317,974
Other 546,304 496,277 1,033,748 967,910
---------- ---------- ---------- ----------
Total other expense 2,112,287 2,099,363 4,103,704 4,195,963
---------- ---------- ----------
Income Before Income Taxes 1,304,872 1,262,339 2,758,969 2,538,394
Income Taxes 463,301 481,607 1,017,083 951,247
---------- ---------- ----------- -----------
Net Income $ 841,571 $ 780,732 $ 1,741,886 $ 1,587,147
========== =========== =========== ===========
Earnings Per Share $ .25 $ .22 .51 $ .45
========== =========== =========== ===========
Dividends Declared Per Share $ .14 $ .11 $ .28 $ .22
========== =========== =========== ===========
Average Number of Shares Outstanding 3,315,925 3,501,240 3,392,437 3,503,779
========== =========== ============ ===========
</TABLE>
See accompanying notes.
3<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30
1996 1995
----------------------------
<S> <C> <C>
Operating Activities
Net income $ 1,741,886 $ 1,587,147
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for losses on loans and real estate owned 39,000 108,716
Depreciation and amortization 311,114 227,182
Goodwill amortization 14,160 14,160
Equity in loss of limited partnership 67,526 --
Mortgage servicing rights amortization 64,521 25,167
Purchase and origination of mortgage servicing rights (245,266) --
Losses (gains) on sales of real estate owned 2,562 (27,747)
Increase in other assets (1,200,872) (456,311)
Increase in drafts payable 6,297,670 227,584
Decrease in other liabilities (231,061) (57,734)
---------- ---------
Net cash provided by operating activities 6,861,240 1,648,164
Investing Activities
Purchase of investment securities held to maturity (29,394,706) (600,000)
Redemption of investment securities held to maturity 2,000,000 --
Purchase of mortgage-backed securities held to maturity (4,963,547) --
Principal collected on mortgage-backed securities
held to maturity 7,654,638 3,217,802
Net change in loans (12,045,669) (12,299,465)
Proceeds from sales of real estate owned 159,685 65,810
Net purchases of premises and equipment (350,893) (242,551)
Investment in unconsolidated affiliate -- (1,458,849)
Other investing activities (297,949) (4,967)
----------- -----------
Net cash used by investing activities (37,238,441) (11,322,220)
Financing Activities
Increase (decrease) in NOW, MMDA and passbook deposits 1,046,041 (3,847,769)
Increase in certificates of deposit 26,514,096 21,662,831
Advances from Federal Home Loan Bank 33,900,000 14,500,000
Repayment of Federal Home Loan Bank advances (19,777,995) (18,510,988)
Proceeds from exercise of stock options 83,416 118,200
Purchase of common stock (3,403,195) (297,587)
Cash dividends paid (915,753) (1,447,670)
----------- -----------
Net cash provided by financing activities 37,446,610 12,177,017
----------- -----------
Increase In Cash And Cash Equivalents 7,069,409 2,502,961
Cash And Cash Equivalents At Beginning Of Period 9,543,323 9,816,276
----------- -----------
Cash And Cash Equivalents At End Of Period $16,612,732 $12,319,237
=========== ===========
Supplemental information:
Interest paid $ 7,800,270 $ 6,591,643
Income taxes paid 1,075,000 775,000
</TABLE>
See accompanying notes.
4
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A -- BASIS OF PRESENTATION
The unaudited interim consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and,
therefore, do not include all information and disclosures required
by generally accepted accounting principles for complete financial
statements. In the opinion of management, the financial statements
reflect all adjustments (comprising only normal recurring accruals)
necessary to present fairly the Company's financial position as of
June 30, 1996, results of operations for the three- and six-month
periods ending June 30, 1996 and 1995, and cash flows for the six-
month periods ended June 30, 1996 and 1995. A summary of the
Company's significant accounting policies is set forth in Note 1
of Notes to Consolidated Financial Statements in the Company's annual
report on Form 10-K for the year ended December 31, 1995.
NOTE B -- SHAREHOLDERS' EQUITY
On May 16, 1996, the Board of Directors declared a quarterly cash
dividend of $.14 per share. This dividend was paid on July 5, 1996,
to shareholders of record as of June 14, 1996.
During the quarter ended June 30, 1996, the Company acquired 29,449
shares of the Company's outstanding common stock, under its current
stock repurchase program, at an aggregate cost of $390,187. In
addition, 98 1/3 shares of common stock were repurchased on April 5,
1996, in lieu of issuing partial shares under the Company's recent
stock split.
On June 19, 1996, the Company's Board of Directors approved a one-
year stock repurchase program to acquire up to 10% of the Company's
outstanding common stock, or approximately 330,000 shares, at a
cumulative cost not to exceed $4,500,000. Through June 30, 1996, the
Company had not acquired any shares under this program.
Statement of Financial Accounting Standards No. 123, Stock-Based
Compensation, is effective for the Company for 1996. This statement
establishes a fair value based method of accounting for stock-based
compensation plans. The Company has elected to account for stock-
based compensation as prescribed in Accounting Principles Board
Opinion No. 25, Accounting for Stock Issued to Employees, with
appropriate proforma disclosures made in the notes to the audited
financial statements.
NOTE C -- RECLASSIFICATIONS
Certain reclassifications of 1995 statements of condition, income
and cash flows amounts have been made to conform with the 1996
presentation.
5
<PAGE>
<PAGE>
PART I - ITEM II
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
The largest components of the Company's total revenue and total
expense are interest income and interest expense, respectively.
Consequently, the Company's earnings are primarily dependent on its
net interest income, which is determined by (i) the difference
between rates of interest earned on interest-earning assets and
rates paid on interest-bearing liabilities ("interest rate spread"),
and (ii) the relative amounts of interest-earning assets and
interest-bearing liabilities. Net income also is significantly
affected by levels of other income and operating expenses.
Management believes that interest rate risk, i.e., the sensitivity
of income and net asset values to changes in interest rates, is one
of the most significant determinants of the Company's ability to
generate future earnings. Accordingly, Ameriana operates under a
long-range plan intended to minimize the effect of changes in
interest rates on operations. The asset and liability management
policies of the Company are designed to stabilize long-term net
interest income by managing the repricing terms, rates and relative
amounts of interest-earning assets and interest-bearing liabilities.
RESULTS OF OPERATIONS
In the second quarter and first six months of 1996, the Company's
lending activities increased substantially in comparison with those
of the prior year.
This reflected lower levels of interest rates. Loan originations
during the quarter totaled $33,374,965, representing an increase of
84.8% from originations of $18,063,073 in the same period of 1995.
Loan originations during the first six months totaled $61,094,351,
representing an increase of 52.8% from originations of $39,982,686
in the same period of 1995. The increase in volume was primarily
attributable to increased mortgage loan activity which was partially
offset by decreased consumer lending, primarily for automobile loans.
Principal repayments on loans and mortgage-backed securities
increased substantially during 1996 to $23,753,591 and $45,234,651 for
the second quarter and year-to-date, respectively, compared with
$$9,191,284 and $15,776,484 in the 1995 periods. The increases
reflected the effect of lower interest rates and increased repayments
associated with larger balances of short-term consumer loans in 1996.
The Company sold fixed-rate mortgage loans into the secondary
market totaling $1,447,109 and $3,814,031 during the quarter and six
months ended June 30, 1996, respectively, compared with sales of
$2,120,175 and $2,715,453 during the comparable periods of 1995.
Throughout the first half of 1996, the Company has continued to
acquire investment securities with the proceeds generated from
deposits and borrowed funds. This strategy, together with the
repricing of adjustable-rate loans to lower market rates, has
resulted in a lower net yield on interest-earning assets for the
current quarter, which declined to 7.47% from 7.72% in 1995.
For the six months, the net yield increased slightly to 7.62%
from 7.55%. This strategy has enabled the Company to increase
its overall level of interest-earning assets and its net interest
income, more than offsetting the effect of lower yields.
6
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The higher level of interest rates associated with borrowed funds was
also reflected in the cost of interest-bearing liabilities as these
rates increased to 4.88% in the second quarter of 1996 from 4.84%
in the same period of 1995. As a result, the Company's net interest
spread decreased to 2.59% and 2.66% for the quarter and six months
ended June 30, 1996, compared with 2.88% and 2.92% in the comparable
periods of 1995, respectively. Ameriana continues to emphasize
variable-rate mortgage loan products, short-term consumer lending
and the sale of long-term fixed-rate mortgage loans, while
supplementing its net interest income through leveraging with
borrowed funds.
Interest income increased 9.5% and 11.7%, respectively, for the
three- and six-month periods ended June 30, 1996, compared with the
same periods in 1995, reflecting the increased amount of interest-
earning assets acquired during 1996. Similarly, interest expense
increased 15.4% and 20.1%, respectively, in the second quarter and
year-to-date period ended June 30, 1996, compared with the preceding
year.
As a result, net interest income increased 2.2% in the second quarter
of 1996 to $2,915,662 compared with $2,854,180 in the same period
last year. For the six-month period in 1996, net interest income
increased by 1.8% to $5,821,860 compared with $5,716,511 in 1995.
The increase in net interest income reflected the reduced spread on
net interest-earning assets which was offset by a greater amount of
net interest-earning assets compared with the previous year. The
following table summarizes the Company's average net interest-
earning assets and interest rate spreads during the three- and six-
month periods ended June 30, 1996 and 1995.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
6/30/96 6/30/95 6/30/96 6/30/95
------- -------- -------- -------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Interest-earning assets $376,530 $332,768 $365,478 $329,863
Interest-bearing liabilities 337,008 294,653 326,592 291,208
-------- -------- -------- --------
Net interest-earning assets $ 39,522 $ 38,115 $ 38,886 $ 38,655
======== ======== ======== ========
Average yield on:
Interest-earning assets 7.47% 7.72% 7.62% 7.55%
Interest-bearing liabilities 4.88 4.84 4.96 4.63
---- ---- ---- ----
Net interest spread 2.59% 2.88% 2.66% 2.92%
==== ==== ==== ====
</TABLE>
7
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The provision for loan losses decreased to $21,000 and $39,000 for
the three- and six-month periods ended June 30, 1996, compared with
$31,079 and $108,716 in the same periods of 1995. Net charge-offs
were $5,176 and $16,174 for the first six months of 1996 and 1995,
respectively. Total non-performing assets decreased to $910,000 at
June 30, 1996, from $1,067,000 at June 30, 1995. The following
table summarizes the Company's non-performing assets:
<TABLE>
<CAPTION>
June 30 December 31 June 30
1996 1995 1995
------- ----------- -------
(Dollars in Thousands)
<S> <C> <C> <C>
Loans:
Non-accrual $ 433 $ 789 $ 416
Over 90 days delinquent 477 540 426
Real estate owned -- 145 225
------- ------ ------
Total $ 910 $1,474 $1,067
======= ====== ======
</TABLE>
Management believes the Company has provided sufficient loan loss
reserves, amounting to $1,109,862, $1,076,038 and $1,115,956 at
June 30, 1996, December 31, 1995, and June 30, 1995, respectively,
to absorb any losses which may ultimately be incurred on non-
performing assets and the remaining loan portfolio.
Other income for the quarter decreased 3.0% to $522,497 from
$538,601 in the same period last year. The decrease for the six
months ended June 30, 1996, was 4.2% with other income totaling
$1,079,813 compared with $1,126,562 in 1995. These changes from
1995 reflected increases in loan servicing fees, other fees and
service charges, commissions and gains on sale of loans. Losses
from unconsolidated affiliates reduced other income by $67,526 in
1996, but was offset by federal tax credits for low-income housing
amounting to $49,851. Other income in 1995 included a gain of
$107,480 on the sale of the Greenfield branch office building
vacated upon the Company's relocation of that branch in January
1995.
Other expense for the second quarter of 1996 totaled $2,112,287,
up 0.6% from other expense of $2,099,363 last year. Other expense
totaled $4,103,704 during the first six months of 1996 compared with
$4,195,963 in 1995, a decrease of 2.2% from the comparable period
last year. The net decrease in compensation expense reflected
increased loan volume in 1996 which required the Company to defer
a greater portion of its origination costs. Occupancy and other
expenses reflected not only the normal effects of inflation on
expense but also the addition of an additional loan production
office opened in April 1996. Federal insurance premiums were paid
on deposits at a rate of .23% in 1996 and 1995, the lowest rate
assessed for SAIF (Savings Association Insurance Fund)-insured
institutions.
8
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Company's principal sources of funds are cash generated from
operations, savings deposits and loan principal repayments. In
addition the Company, through its subsidiary institutions, has the
ability to borrow funds from the Federal Home Loan Bank system. As
of June 30, 1996, the Company's cash and interest-bearing deposits
totaled $16,612,732 or 4.1% of total assets. This compared with
$9,543,323 or 2.7% of total assets at December 31, 1995, and
$12,319,237 or 3.5% at June 30, 1995.
The Company's banking subsidiaries, Ameriana Bank and Deer Park
Federal, typically maintain short-term liquidity as part of their
strategy to limit their negative gap position between interest-
sensitive assets and liabilities, and to meet regulatory require-
ments. Their combined regulatory liquidity at June 30, 1996, was
13.7%, which exceeded the 5.0% liquidity base set by the Office of
Thrift Supervision, and was invested in overnight deposits and
U.S. government agency and mortgage-backed securities with
maturities of five years or less.
The minimum regulatory requirements for the Company's banking
subsidiaries, under the most stringent of the capital regulations
at June 30, 1996, were approximately $13,831,000 and $3,113,000,
respectively. At that date, the institutions had regulatory capital
in excess of the minimum requirement by approximately $21,657,000
and $2,571,000, respectively.
At June 30, 1996, the Company's commitments for loans in process
totaled $5,604,000, primarily for single-family residential
variable-rate mortgage loans or short-term fixed-rate construction
loans. Management believes that it has ample resources to fund its
commitments through its normal sources of funds and augmented by its
ability to borrow through the Federal Home Loan Bank system.
9
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
AMERIANA BANCORP AND SUBSIDIARIES
ITEM 1 - Legal Proceedings
-----------------
No changes have taken place in regard to the legal
proceedings disclosed in the registrant's report on Form 10-K for
the year ended December 31, 1995.
ITEM 2 - Changes in Securities
---------------------
Not Applicable
ITEM 3 - Defaults in Senior Securities
-----------------------------
Not Applicable
ITEM 4 - Submission of Matters to a Vote of Security Holders
---------------------------------------------------
On May 16, 1996, the Company held its 1996 annual meeting
of shareholders. A total of 2,400,120 shares, or 72.2% of the
Company's shares outstanding, were represented at the meeting
either in person or by proxy.
Three directors were nominated by the Company's Board of
Directors to serve new three-year terms expiring in 1999. These
nominees, and the voting results for each, are listed below:
For Withheld
--------- --------
Harry J. Bailey 2,267,188 132,932
Charles M. Drackett, Jr. 2,373,038 27,082
Ronald R. Pritzke 2,374,788 25,332
Also at the meeting, shareholders ratified the appointment of
Geo. S. Olive & Co. as auditors for the Company for the fiscal
year ending December 31, 1996. A total of 2,375,039 shares were
voted in favor of this proposal, 10,374 shares were voted
against, and 14,707 shares abstained.
The shareholders also approved the Ameriana Bancorp 1996 Stock
Option and Incentive Plan. A total of 1,983,959 shares were
voted in favor of this proposal, 384,443 shares were voted
against and 31,718 shares abstained.
ITEM 5 - Other Information
-----------------
Not Applicable
ITEM 6 - Exhibits and Reports on Form 8-K
--------------------------------
Exhibits:
Exhibit 27 Financial Data Schedule
Reports on Form 8-K:
The registrant filed Form 8-K as of June 24, 1996, disclosing
the Company's stock repurchase program approved by its Board
of Directors on June 19, 1996.
10
<PAGE>
SIGNATURES
AMERIANA BANCORP AND SUBSIDIARIES
Pursuant to the requirements of Section 13 or 15 (d) 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.
AMERIANA BANCORP
DATE: August 5, 1996 by /s/ Harry J. Bailey
Harry J. Bailey
President and
Chief Executive Officer
(Duly Authorized
Representative)
DATE: August 5, 1996 by /s/ Howard J. Pruim
Howard J. Pruim
Senior Vice President-
Secretary/Treasurer
(Principal Financial
Officer and Accounting
Officer)
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 4,203,911
<INT-BEARING-DEPOSITS> 12,408,821
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 95,502,841
<INVESTMENTS-MARKET> 93,736,500
<LOANS> 279,065,383
<ALLOWANCE> 1,109,862
<TOTAL-ASSETS> 402,050,948
<DEPOSITS> 318,328,009
<SHORT-TERM> 19,929,295
<LIABILITIES-OTHER> 11,988,432
<LONG-TERM> 7,196,379
<COMMON> 12,309,656
0
0
<OTHER-SE> 32,299,177
<TOTAL-LIABILITIES-AND-EQUITY> 402,050,948
<INTEREST-LOAN> 10,785,149
<INTEREST-INVEST> 2,802,922
<INTEREST-OTHER> 336,351
<INTEREST-TOTAL> 13,924,422
<INTEREST-DEPOSIT> 7,420,427
<INTEREST-EXPENSE> 8,102,562
<INTEREST-INCOME-NET> 5,821,860
<LOAN-LOSSES> 39,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,103,704
<INCOME-PRETAX> 2,958,969
<INCOME-PRE-EXTRAORDINARY> 1,741,886
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,741,886
<EPS-PRIMARY> .51
<EPS-DILUTED> .51
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
