<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, 1997 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 (765) 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 August 8, 1997, there were issued and outstanding
3,230,246 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, 1997 and December 31,
1996. . . . . . . . . . . . . . . . . . . . . . 2
Consolidated Statements of Income for
the Three Months Ended June 30, 1997
and 1996 and the Six Months Ended
June 30, 1997 and 1996. . . . . . . . . . . . . 3
Consolidated Statements of Cash Flows
for the Six Months Ended June 30,
1997 and 1996 . . . . . . . . . . . . . . . . . 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
June 30 December 31
1997 1996
------------- -----------
<S> <C> <C>
ASSETS
Cash on hand and in other institutions $ 4,550,606 $ 4,939,489
Interest-bearing deposits 5,094,658 4,004,551
Investment securities held to maturity (market
value: 1997--$45,129,000; 1996--$49,794,000) 46,144,519 50,744,304
Stock in Federal Home Loan Bank (at cost, which
approximates market value) 3,376,400 3,311,500
Mortgage-backed securities held to maturity (market
value: 1997--$33,462,000; 1996--$38,710,000) 33,521,929 38,541,544
Loans receivable 292,983,398 283,704,065
Allowance for loan losses (1,122,320) (1,103,513)
------------ ------------
Net loans receivable 291,861,078 282,600,552
Real estate owned 174,368 101,401
Premises and equipment 5,922,184 5,621,332
Mortgage servicing rights 767,981 780,770
Investments in unconsolidated affiliates 1,646,695 1,746,695
Other assets 4,669,852 4,362,968
------------ ------------
$397,730,270 $396,755,106
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits $326,768,250 $318,705,367
Advances from Federal Home Loan Bank 21,735,362 26,548,603
Drafts payable 2,402,137 4,557,678
Advances by borrowers for taxes and insurance 601,435 951,902
Other liabilities 2,651,378 2,046,765
------------ ------------
Total liabilities 354,158,562 352,810,315
Shareholders' Equity:
Preferred stock (5,000,000 shares authorized--
none issued) -- --
Common stock ($1.00 par value; authorized
15,000,000 shares; issued shares:
1997 - 3,230,246; 1996 - 3,291,319) 3,230,246 3,291,319
Additional paid-in capital 7,543,574 8,645,273
Retained earnings 32,797,888 32,008,199
------------ ------------
Total shareholders' equity 43,571,708 43,944,791
------------ ------------
$397,730,270 $396,755,106
============ ============
</TABLE>
See accompanying notes.
2<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30 Six Months Ended June 30
1997 1996 1997 1996
-------------------------- -------------------------
<S> <C> <C> <C> <C>
Interest Income:
Interest on loans $5,747,119 $ 5,422,623 $11,347,514 $10,785,149
Interest on mortgage-backed securities 592,191 737,005 1,229,965 1,505,302
Interest on investment securities 963,332 714,976 1,911,677 1,297,620
Other interest and dividend income 109,966 154,279 220,546 336,351
---------- ----------- ----------- -----------
Total interest income 7,412,608 7,028,883 14,709,702 13,924,422
Interest Expense:
Interest on deposits 4,015,377 3,721,970 7,925,476 7,420,427
Interest on Federal Home Loan Bank advances 369,039 391,251 749,785 682,135
---------- ----------- ----------- -----------
Total interest expense 4,384,416 4,113,221 8,675,261 8,102,562
---------- ----------- ----------- -----------
Net Interest Income 3,028,192 2,915,662 6,034,441 5,821,860
Provision For Loan Losses 51,000 21,000 87,000 39,000
---------- ----------- ----------- -----------
Net Interest Income After Provision For
Loan Losses 2,977,192 2,894,662 5,947,441 5,782,860
Other Income:
Net loan servicing fees 81,850 88,385 169,262 165,358
Other fees and service charges 179,927 160,060 349,010 308,673
Brokerage and insurance commissions 307,097 299,433 571,104 589,646
Loss on investments in unconsolidated
affiliates (50,000) (58,065) (100,000) (67,526)
Gains on sales of loans 94,003 22,201 211,424 66,107
Other 30,595 10,483 46,898 17,555
---------- ----------- ----------- -----------
Total other income 643,472 522,497 1,247,698 1,079,813
Other Expense:
Salaries and employee benefits 1,200,480 1,125,823 2,494,535 2,203,684
Net occupancy expense 326,062 272,834 628,393 527,303
Federal insurance premium 52,159 167,326 101,906 338,969
Data processing expense 87,804 78,165 163,623 160,828
Other 556,379 468,139 1,032,786 872,920
---------- ----------- ----------- -----------
Total other expense 2,222,884 2,112,287 4,421,243 4,103,704
---------- ----------- ----------- -----------
Income Before Income Taxes 1,397,780 1,304,872 2,773,896 2,758,969
Income Taxes 508,664 463,301 1,008,089 1,017,083
---------- ----------- ----------- -----------
Net Income $ 889,116 $ 841,571 $ 1,765,807 $ 1,741,886
========== =========== =========== ===========
Earnings Per Share $ .27 $ .25 $ .54 $ .51
========== =========== =========== ===========
Dividends Declared Per Share $ .15 $ .14 $ .30 $ .28
========== =========== =========== ===========
Average Number of Shares Outstanding 3,234,362 3,315,925 3,262,303 3,392,437
========== =========== =========== ===========
</TABLE>
See accompanying notes.
3
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30
1997 1996
--------------------------
<S> <C> <C>
Operating Activities
Net income $ 1,765,807 $ 1,741,886
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for losses on loans and real estate owned 87,000 39,000
Depreciation and amortization 316,009 311,114
Goodwill amortization 14,160 14,160
Equity in loss of limited partnership 100,000 67,526
Mortgage servicing rights amortization 56,364 64,521
Losses (gains) on sales of real estate owned (50) 2,562
Increase in other assets (321,995) (1,200,872)
Increase (decrease) in drafts payable (2,155,541) 6,297,670
Increase (decrease) in other liabilities 263,307 (231,061)
----------- -----------
Net cash provided by operating activities 125,061 7,106,506
Investing Activities
Purchase of investment securities held to maturity (5,600,000) (29,394,706)
Redemption of investment securities held to maturity 10,200,000 2,000,000
Purchase of mortgage-backed securities held to maturity -- (4,963,547)
Principal collected on mortgage-backed securities
held to maturity 4,952,643 7,654,638
Net change in loans (9,567,870) (12,045,669)
Capitalization of mortgage servicing rights (43,575) (245,266)
Proceeds from sales of real estate owned 137,300 159,685
Net purchases of premises and equipment (546,971) (350,893)
Other investing activities (84,201) (297,949)
----------- ------------
Net cash used by investing activities (552,674) (37,483,707)
Financing Activities
Increase (decrease) in NOW, MMDA and passbook deposits (1,949,569) 1,046,041
Increase in certificates of deposit 10,039,698 26,514,096
Advances from Federal Home Loan Bank 43,400,000 33,900,000
Repayment of Federal Home Loan Bank advances (48,213,241) (19,777,995)
Proceeds from exercise of stock options 148,442 83,416
Purchase of common stock (1,311,214) (3,403,195)
Cash dividends paid (985,279) (915,753)
----------- ------------
Net cash provided by financing activities 1,128,837 37,446,610
----------- ------------
Increase In Cash And Cash Equivalents 701,224 7,069,409
Cash And Cash Equivalents At Beginning Of Period 8,944,040 9,543,323
----------- ------------
Cash And Cash Equivalents At End Of Period $ 9,645,264 $ 16,612,732
=========== ============
Supplemental information:
Interest paid $ 8,752,958 $ 7,800,270
Income taxes paid 550,000 1,075,000
</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 inancial
statements reflect all adjustments (comprising only normal
recurring accruals) necessary to present fairly the Company's
financial position as of June 30, 1997, results of operations for
the three- and six-month periods ending June 30, 1997 and 1996,
and cash flows for the six-month periods ended June 30, 1997 and
1996. 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, 1996.
NOTE B -- SHAREHOLDERS' EQUITY
On May 15, 1997 the Board of Directors declared a quarterly cash
dividend of $.15 per share. This dividend was paid on July 3,
1997, to shareholders of record as of June 13, 1997.
During the quarter ended June 30, 1997, the Company acquired
30,393 shares of the Company's outstanding common stock under its
current stock repurchase program which expired on June 19, 1997,
at an aggregate cost of $476,200. On June 26, 1997, the
Company's Board of Directors approved a new one-year stock
repurchase program to acquire up to 10% of the Company's
outstanding common stock, or approximately 300,000 shares, at a
cumulative cost not to exceed $5,000,000. Through June 30, 1997,
the Company did not acquire any shares under this program.
Statement of Financial Accounting Standards No. 128, Earnings Per
Share, is effective for the Company's 1997 annual financial
statements. This statement simplifies the calculations of
earnings per share. The Company does not expect that the new
disclosure from basis earnings per share will be substantially
different from the primary earnings per share as currently
calculated and disclosed. Additional disclosures include diluted
earnings per share, which will reflect the potential dilution
that could occur from unexercised stock options under the
Company's stock option plans.
NOTE C -- RECLASSIFICATIONS
Certain reclassifications of 1996 statements of income amounts
have been made to conform with the 1997 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 1997, the Company's
lending activities were approximately equal to those of the prior
year. While the general level of interest rates increased
temporarily late in the first quarter, rates eased in the second
quarter which renewed customer demands for fixed rate loans.
Loan originations during the second quarter totaled $34,106,471,
representing an increase of 2.2% from originations of $33,374,965
in the same period of 1996. Loan originations during the first
six months totaled $59,604,249, representing a decrease of 2.5%
from originations of $61,094,351 in the same period of 1996.
Principal repayments on loans and mortgage-backed securities
remained stable during 1997 at $26,373,357 and $44,919,399 for
the second quarter and year-to-date, respectively, compared with
$26,281,776 and $52,889,289 in the 1996 periods. The Company
sold fixed-rate mortgage loans into the secondary market totaling
$5,200,153 and $10,281,047 during the quarter and six months
ended June 30, 1997, respectively, compared with sales of
$1,513,216 and $3,880,138 during the comparable periods of 1996.
The increased sales activity resulted from the establishment of a
loan production office by Deer Park Federal in late 1996.
The Company's net interest spread increased to 2.71% and 2.69%
for the quarter and six months ended June 30, 1997, compared with
2.59% and 2.66% in the comparable periods of 1996, 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 by leveraging borrowed funds.
6
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Interest income increased 5.5% and 5.6%, respectively, for the
three- and six-month periods ended June 30, 1997, compared with
the same periods in 1996, reflecting the increased amount of
interest-earning assets acquired during 1997. Similarly,
interest expense increased 6.6% and 7.1%, respectively, in the
second quarter and year-to-date period ended June 30, 1997,
compared with the preceding year.
As a result, net interest income increased 3.9% in the second
quarter of 1997 to $3,028,192 compared with $2,915,662 in the
same period last year. For the six-month period in 1997, net
interest income increased by 3.7% to $6,034,441 compared with
$5,821,860 in 1996. The increase in net interest income reflected
the increased spread on net interest-earning assets which was
partially offset by a reduced 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, 1997 and 1996.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
------------------- -------------------
1997 1996 1997 1996
-------- -------- ------- --------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Interest-earning assets $383,802 $376,530 $383,602 $365,478
Interest-bearing liabilities 349,387 337,008 348,574 326,592
-------- -------- -------- --------
Net interest-earning assets $ 34,415 $ 39,522 $ 35,028 $ 38,886
======== ======== ======== ========
Average yield on:
Interest-earning assets 7.73% 7.47% 7.67% 7.62%
Interest-bearing liabilities 5.02 4.88 4.98 4.96
---- ---- ---- ----
Net interest spread 2.71% 2.59% 2.69% 2.66%
==== ==== ==== ====
</TABLE>
The provision for loan losses increased to $51,000 and $87,000
for the three- and six-month periods ended June 30, 1997,
compared with $21,000 and $39,000 in the same periods of 1996.
Net charge-offs were $68,193 and $5,176 for the first
six months of 1997 and 1996, respectively. Total non-performing
assets decreased to $891,000 at June 30, 1997, from $910,000 at
June 30, 1996.
7
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following table summarizes the Company's non-performing
assets:
<TABLE>
<CAPTION>
June 30 December 31 June 30
1997 1996 1996
------- ----------- -------
(Dollars in Thousands)
<S> <C> <C> <C>
Loans:
Non-accrual $ 716 $ 721 $ 433
Over 90 days delinquent 1 315 477
Real estate owned 174 101 --
------- ------ ------
Total $ 891 $1,137 $ 910
======= ====== ======
</TABLE>
Management believes the Company has provided sufficient loan loss
reserves, amounting to $1,122,320, $1,103,513 and $1,109,862 at
June 30, 1997, December 31, 1996, and June 30, 1996,
respectively, to absorb any losses which may be incurred on
non-performing loans and the remaining loan portfolio.
Other income for the quarter increased 23.2% to $643,472 from
$522,497 in the same period last year. The increase for the six
months ended June 30, 1997, was 15.5% with other income totaling
$1,247,698 compared with $1,079,813 in 1996. These changes from
1996 reflected increases in other fees and service charges,
commissions and gains on sale of loans. Losses from
unconsolidated affiliates during the six-month periods reduced
other income by $100,000 and $67,526 in 1997 and 1996,
respectively, but was offset by federal tax credits for
low-income housing amounting to $70,000 and $49,851 in each year.
Other expense for the second quarter of 1997 totaled $2,222,884,
up 5.2% from other expense of $2,112,287 last year. Other
expense totaled $4,421,243 during the first six months of 1997
compared with $4,103,704 in 1996, an increase of 7.7% from the
comparable period last year. The net increase in compensation,
occupancy and other expenses reflected the costs associated with
both the new branch office of Ameriana Bank opened in the first
quarter of 1997 and the increased lending volume of the loan
production office of Deer Park Federal. Federal deposit
insurance premiums decreased as a result of the recapitalization
of the Savings Association Insurance Fund in the fourth quarter
of 1996.
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, 1997, the Company's cash and
interest-bearing deposits totaled $9,645,264 or 2.4% of total
assets. This compared with $8,944,040 or 2.3% of total assets at
December 31, 1996, and $16,612,732 or 4.1% at June 30, 1996.
8
<PAGE>
<PAGE>
AMERIANA BANCORP AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
During the quarter ended June 30, 1997, securities in the amount
of $10,200,000 were redeemed in accordance with their call
provisions, and the proceeds were used to repay Federal Home Loan
Bank advances and other interest-bearing liabilities.
The combined regulatory liquidity of the Company's banking
subsidiaries, Ameriana Savings Bank and Deer Park Federal Savings
and Loan Association, at June 30, 1997, was 10.2%, 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, 1997, were approximately $14,127,000 and $2,931,000,
respectively. At that date, the institutions had regulatory
capital in excess of the minimum requirement by approximately
$20,695,000 and $2,853,000, respectively.
At June 30, 1997, the Company's commitments for loans in process
totaled $10,909,000, primarily for single-family residential
mortgage 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, 1996.
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 15, 1997, the Registrant held its 1997
annual meeting of shareholders. A total of
2,632,271 shares, or 80.7% of the Registrant's
shares outstanding, were represented at the
meeting either in person or by proxy.
Two directors were nominated by the Registrant's
Board of Directors to serve new three-year terms
expiring in 2000. These nominees, and the voting
results for each, are listed below:
<TABLE>
<CAPTION>
For Withheld
------- --------
<S> <C> <C>
R. Scott Hayes 2,560,061 72,210
Michael E. Kent 2,579,275 52,996
</TABLE>
Also at the meeting, shareholders ratified the
appointment of Geo. S. Olive & Co. as auditors for
the Registrant for the fiscal year ending December
31, 1997. A total of 2,584,618 shares were
voted in favor of this proposal, 42,470 shares
were voted against, and 5,183 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 July 2, 1997,
disclosing the Registrant's stock repurchase
program approved by its Board of Directors on June
26, 1997.
10
<PAGE>
<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 8, 1997 by /s/ Harry J. Bailey
---------------------------------
Harry J. Bailey
President and
Chief Executive Officer
(Duly Authorized Representative)
DATE: August 8, 1997 by /s/ Howard J. Pruim
--------------------------------
Howard J. Pruim
Senior Vice President-Treasurer
(Principal Financial Officer
and Accounting Officer)
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 4,550,606
<INT-BEARING-DEPOSITS> 5,094,658
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 83,042,848
<INVESTMENTS-MARKET> 81,967,400
<LOANS> 292,983,398
<ALLOWANCE> 1,122,320
<TOTAL-ASSETS> 397,730,270
<DEPOSITS> 326,768,250
<SHORT-TERM> 13,700,000
<LIABILITIES-OTHER> 5,654,950
<LONG-TERM> 8,035,362
<COMMON> 10,773,820
0
0
<OTHER-SE> 32,797,888
<TOTAL-LIABILITIES-AND-EQUITY> 397,730,270
<INTEREST-LOAN> 11,347,514
<INTEREST-INVEST> 3,141,642
<INTEREST-OTHER> 220,546
<INTEREST-TOTAL> 14,709,702
<INTEREST-DEPOSIT> 7,925,476
<INTEREST-EXPENSE> 8,675,261
<INTEREST-INCOME-NET> 6,034,441
<LOAN-LOSSES> 87,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,421,243
<INCOME-PRETAX> 2,773,896
<INCOME-PRE-EXTRAORDINARY> 1,765,807
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,765,807
<EPS-PRIMARY> .27
<EPS-DILUTED> .27
<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>
