<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from ...........to...............
Commission file number 0-23090
Carrollton Bancorp
- - ------------------------------------------------------------------------------
(Exact name of small business issuer as
specified in its charter)
Maryland 52-1660951
- - ------------------------------------------------------------------------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
15 Charles Plaza, Suite 200, Baltimore, Maryland 21201-3936
- - ------------------------------------------------------------------------------
(Address of principal executive offices)
(410) 536-4600
- - ------------------------------------------------------------------------------
(Issuer's telephone number)
- - ------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes x No
----- -----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by court. Yes No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable
date: 1,394,747 common shares outstanding at November 7, 1997
-------------------------------------------------------------------------
Transitional Small Business Disclosure Format (check one):
Yes No x
----- -----
<PAGE>
PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Carrollton Bancorp
and Subsidiary
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1997 1996
-------------- --------------
(UNAUDITED)
<S> <C> <C>
Assets
Cash and due from banks.......................................................... $ 19,350,459 $ 20,391,197
Federal funds sold............................................................... 0 700,000
Investment securities:
Available for sale............................................................. 80,563,483 69,961,952
Held to maturity (approximate market value of $13,958,099 and $16,537,179)..... 13,706,287 16,315,816
Loans, less allowance for loan losses of $2,296,764 and $2,241,148............... 163,267,908 149,753,004
Bank premises and equipment...................................................... 5,541,049 4,868,469
Deferred income taxes............................................................ 229,151 524,439
Accrued interest receivable...................................................... 2,217,479 1,956,674
Other assets..................................................................... 1,966,052 2,685,609
-------------- --------------
$ 286,841,868 $ 267,157,160
-------------- --------------
-------------- --------------
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing............................................................ $ 30,579,629 $ 30,229,596
Interest-bearing............................................................... 195,417,561 195,555,484
-------------- --------------
Total deposits............................................................... 225,997,190 225,785,080
Federal funds purchased and securities sold under agreements to repurchase....... 9,856,712 5,296,743
Advances from the Federal Home Loan Bank......................................... 18,000,000 5,000,000
Notes payable--U. S. Treasury.................................................... 1,416,627 1,646,478
Accrued interest payable......................................................... 242,886 207,666
Other liabilities................................................................ 1,598,477 1,150,743
-------------- --------------
257,111,892 239,086,710
-------------- --------------
Shareholders' equity
Common stock, par value $10.00 per share; authorized 5,000,000 shares;
issued and outstanding 1,394,747 shares...................................... 13,947,470 13,947,470
Surplus........................................................................ 6,973,666 6,973,666
Net unrealized holding gains (losses) on available for sale securities......... 677,261 207,948
Retained earnings.............................................................. 8,131,579 6,941,366
-------------- --------------
29,729,976 28,070,450
-------------- --------------
$ 286,841,868 $ 267,157,160
-------------- --------------
-------------- --------------
</TABLE>
Note: Balances at December 31, 1996 are derived from audited financial
statements.
-1-
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Carrollton Bancorp
and Subsidiary
<TABLE>
<CAPTION>
QUARTER ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
--------------------------- -------------------------------
1997 1996 1997 1996
------------ ------------- --------------- --------------
<S> <C> <C> <C> <C>
Interest income
Interest and Fees on Loans.............................. $ 3,609,082 $ 3,287,949 $ 10,344,329 $ 9,510,713
Interest and Dividends on Securities:
Taxable interest income............................... 1,077,720 1,164,769 3,123,297 3,423,141
Nontaxable interest income............................ 271,979 229,323 768,237 613,702
Dividends............................................. 32,340 17,096 56,455 40,569
Interest on Federal funds sold and other interest
income................................................ 47,897 27,529 173,028 147,902
------------ ------------ ------------- ------------
Total interest income................................. 5,039,018 4,726,666 14,465,346 13,736,027
------------ ------------ ------------- ------------
Interest expense
Deposits................................................ 2,057,416 2,077,419 6,082,671 6,080,308
Other................................................... 246,125 157,616 511,178 274,626
------------ ------------ ------------- ------------
Total interest expense................................ 2,303,541 2,235,035 6,593,849 6,354,934
------------ ------------ ------------- ------------
Net interest income................................... 2,735,477 2,491,631 7,871,497 7,381,093
Provision for loan losses................................. 60,000 55,000 180,000 127,500
------------ ------------ ------------- ------------
Net interest income after provision for loan losses... 2,675,477 2,436,631 7,691,497 7,253,593
------------ ------------ ------------- ------------
Other operating income
Service charges on deposit accounts..................... 362,298 323,412 1,007,877 943,505
Brokerage commissions................................... 265,488 299,075 689,595 643,763
Other fees and commissions.............................. 851,136 542,775 2,280,783 1,029,603
Gains (losses) on security sales........................ 32,566 39,377 133,800 56,904
------------ ------------ ------------- ------------
Total other income.................................... 1,511,488 1,204,639 4,112,055 2,673,775
------------ ------------ ------------- ------------
Other expenses
Salaries................................................ 1,228,856 1,104,382 3,434,730 2,960,574
Employee benefits....................................... 252,835 246,518 781,557 725,017
Occupancy............................................... 381,315 336,061 1,070,785 963,244
Furniture and equipment................................. 263,411 209,702 676,288 568,592
Other operating expenses................................ 1,211,795 970,406 3,481,321 2,577,172
------------ ------------ ------------- ------------
Total other expenses.................................. 3,338,212 2,867,069 9,444,681 7,794,599
------------ ------------ ------------- ------------
Income before income taxes................................ 848,753 774,201 2,358,871 2,132,769
Income taxes.............................................. 221,163 210,161 613,573 593,796
------------ ------------ ------------- ------------
Net income................................................ $ 627,590 $ 564,040 $ 1,745,298 $ 1,538,973
------------ ------------ ------------- ------------
------------ ------------ ------------- ------------
Earnings per common share
Net income................................................ $ 0.45 $ 0.40 $ 1.25 $ 1.10
------------ ------------ ------------- ------------
------------ ------------ ------------- ------------
</TABLE>
-2-
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Carrollton Bancorp
and Subsidiary
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
Cash flows from operating activities
Interest received................................................................ $ 14,210,400 $ 13,646,797
Fees and commissions received.................................................... 4,071,940 2,586,388
Interest paid.................................................................... (6,558,629) (6,340,955)
Cash paid to suppliers and employees............................................. (8,168,974) (6,679,782)
Income taxes paid................................................................ (272,481) (610,910)
------------- -------------
3,282,256 2,601,538
------------- -------------
Cash Flows from investing activities
Proceeds from maturities of securities held to maturity.......................... 2,299,551 5,400,000
Purchases of securities held to maturity......................................... 0 (298,688)
Proceeds from sales of securities available for sale............................. 4,031,554 2,642,196
Proceeds from maturities of securities available for sale........................ 6,742,269 11,884,085
Purchases of securities available for sale....................................... (20,172,833) (25,712,812)
Loans made, net of principal collected........................................... (2,898,163) (9,040,071)
Purchase of loans................................................................ (10,796,741) (7,674,051)
Purchases of premises and equipment.............................................. (1,308,159) (994,688)
------------- -------------
(22,102,522) (23,794,029)
------------- -------------
Cash flows from financing activities
Net (decrease) increase in deposits.............................................. 212,110 10,067,743
Net increase (decrease) in other borrowed funds.................................. 17,422,503 9,066,367
Dividends paid................................................................... (555,085) (428,539)
------------- -------------
17,079,528 18,705,571
------------- -------------
Net increase (decrease) in cash and cash equivalents............................... (1,740,738) (2,486,920)
Cash and cash equivalents at beginning of year..................................... 21,091,197 19,903,646
------------- -------------
Cash and cash equivalents at September 30th........................................ $ 19,350,459 $ 17,416,726
------------- -------------
------------- -------------
Reconciliation of net income to net cash provided by operating activities
Net income....................................................................... $ 1,745,298 $ 1,538,973
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses........................................................ 180,000 127,500
Depreciation and amortization.................................................... 656,739 605,447
Amortization of premiums and discounts........................................... 5,859 2,320
Gain on disposal of securities................................................... (133,800) (56,904)
(Increase) decrease in Accrued interest receivable............................... (260,805) (91,550)
Other assets................................................................... 606,012 214,514
Increase (decrease) in Accrued interest payable.................................. 35,220 13,979
Income taxes payable........................................................... 341,092 (17,114)
Other liabilities.............................................................. 106,641 264,373
------------- -------------
$ 3,282,256 $ 2,601,538
------------- -------------
------------- -------------
</TABLE>
-3-
<PAGE>
NOTE TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
CARROLLTON BANCORP
Period ended September 30, 1997
The accompanying unaudited consolidated financial statements prepared as
of and for the quarter ended September 30, 1997 reflect all adjustments which
are, in the opinion of management, necessary to a fair statement of the
results for the interim period presented. All such adjustments are of a
normal recurring nature, but are necessary for a fair presentation. The
results reflected by these statements may not be indicative, however, of the
results for the year ending December 31, 1997.
4
<PAGE>
Item 2. Management's Discussion and Analysis
of Operating Results and Financial Condition
Earnings
Summary
Carrollton Bancorp had net income for the third quarter of 1997 of
$628,000, or $.45 a share, an 11% increase over the third quarter of 1996, in
which earnings amounted to $564,000, or $.40 a share. Year to date 1997 net
income was $1,745,000, or $1.25 per share, compared to $1,539,000, or $1.10
per share, in 1996, a 13% increase. Because of loan growth, the net interest
margin increased both in the third quarter and year to date over 1996.
Significant increases in ATM fee income and merchant deposit service fees
during the current quarter and year to date over 1996 helped to increase
non-interest income.
Net Interest Income
Net interest income increased 10% for the third quarter of 1997 and 7%
for the first nine months of 1997 compared to the same periods in 1996 due to
loan portfolio growth over the last twelve months. Average loans grew by 9%
for the first nine months of 1997 as compared to 1996. Average investment
securities decreased modestly to help fund loan growth. Average total assets
grew by 5% for the first nine months of 1997 as compared to 1996.
Total interest expense increased for the first nine months of 1997 as
compared to 1996 because of an increase in borrowed funds. Since deposit
growth has been slight, borrowed money was used to fund loan growth. In the
third quarter of 1997, the rate of interest expense to interest-bearing
liabilities decreased to 4.20% from 4.24% for the same period in 1996. The
rate of interest expense to interest-bearing liabilities was 4.14% for the
first nine months of 1997, down from 4.19% for the same period in 1996.
Net interest income on a taxable equivalent basis increased by 10% for
the third quarter and 8% for the first nine months of 1997 as compared to the
same periods of 1996, principally from the growth in earning assets. The net
yield on average earning assets increased to 4.58% in the third quarter of
1997 from 4.29% for the third quarter of 1996, and increased to 4.51% in the
first nine months of 1997 from 4.33% for the same period in 1996.
Provision for Loan Losses
The provision for loan losses for the first nine months of 1997 was
$180,000 versus $127,500 for 1996. The provision was assessed based on a
careful evaluation of the allowance for loan losses, and considers growth in
the loan portfolio over last year. Nonaccrual, restructured, and delinquent
loans over 90 days to total loans increased to 1.11% at September 30, 1997
from .88% a year earlier. An increase in non-accrual loans and delinquencies
explains this rise. Included in the delinquency amounts are two commercial
real estate loans on which management believes there is little risk of loss
based on collateral values.
5
<PAGE>
Non-Interest Income
Non-interest income for the first nine months of 1997, excluding
securities gains, increased 52% over the same period of 1996 due principally
to increases in ATM fee income, point of sale and point of purchase
transaction fees resulting from debit card use, and fees assessed merchants
for credit card transaction processing. A significant increase in ATM fee
income of $721,000 was generated by additional machines placed in service and
the implementation of surcharges in July 1996. Brokerage commissions and
service charges on deposit accounts increased modestly in the period.
In the first nine months of 1997, security gains totalled $133,800.
Approximately $100,000 of this total resulted from the sale of equity
securities by an independent equity portfolio management firm which
repositioned a portfolio that was primarily invested in bank stocks. Sales
of fixed income securities which gave rise to the remaining gain during the
year have been minimal.
Non-Interest Expenses
For the third quarter and first nine months of 1997, non-interest
expenses increased 16% and 21%, respectively, over 1996. The growth in
electronic banking operations, opening of additional branches during 1996,
and expansion of the ATM network caused increases in salaries and employee
benefits, furniture and equipment costs, occupancy, and other operating
expenses.
Income Tax Provision
The effective tax rate was 26.0% for the first nine months of 1997 as
compared to 27.8% for the first nine months of 1996. The effective tax rate
declined primarily as a result of a change in the state law in 1996, subject
to a three year phase in, which enables financial institutions to exclude
from taxable income interest earned on certain investment securities. In
addition, the ratio of federal tax free income to total income has increased
as the municipal bond portfolio has grown, thereby reducing the tax rate.
Financial Condition
Summary
At September 30, 1997, total assets for the company increased to $286.8
million from $267.2 at December 31, 1996. Loans increased 8.9% while
investment securities increased by 9.2%. Deposits were flat during the
period.
Short-Term Investments
Short-term investments decreased $0.7 million from December 31, 1996 to
September 30, 1997. These funds were redeployed primarily into loans and
investment securities for a better return.
6
<PAGE>
Investment Securities
At September 30, 1997, investment securities in total increased $8.0
million or 9.2% from December 31, 1996. The increase in securities came as
the Company took advantage of borrowing opportunities in this period to
leverage capital and to improve the return on equity by buying securities
with a locked in spread over the borrowing costs.
Loans
Total loans increased $13.6 million or 8.9% to $165.6 million at
September 30, 1997 from the end of 1996. The Company continues to grow the
commercial loan portfolio due to its emphasis on services to small and medium
sized businesses. In addition, retail loan demand in home equity loans,
residential mortgages, and personal credit lines helped to grow the consumer
loan portfolio.
In 1997 in the commercial loan portfolio, business loans and lines of
credit increased $2.8 million and were $29.9 million at September 30.
Commercial mortgages increased $3.0 million in 1997 and amounted to $36.3
million at September 30, 1997.
Meanwhile, home equity and residential real estate loans increased by
$9.9 million to $87.1 million at September 30, 1997, aided in part by the
purchase of a $3 million residential loan package in the third quarter.
Installment loans, on the other hand, decreased by $2.2 million to $12.2
million.
Allowance for Loan Losses
From December 31, 1996, the allowance for loan losses increased $56,000
and amounted to $2.3 million at September 30, 1997. The ratio of the
allowance to total loans was 1.47% at December 31, 1996 and 1.39% at
September 30, 1997. This ratio fell due to loan growth. The ratio of net
loan losses to average loans outstanding was .11% for the first nine months
of 1997. For 1996 this ratio was .13%. The ratio of nonaccrual,
restructured and delinquent loans more than 90 days to total loans increased
to 1.11% at September 30, 1997 from .63% at December 31, 1996. This increase
was caused by a rise in delinquencies and nonaccrual loans. Included in
delinquent loans were two commercial loans totalling $520,000 which
management believes are subject to little risk of loss based on collateral
values.
Funding Sources
At September 30, 1997, total deposits were basically unchanged from
December 31, 1996 and amounted to $226.0 million. Interest-bearing accounts
decreased by $138,000 while non-interest bearing accounts increased by
$350,000. This likely reflects the competitive pressures of other financial
institutions in the Company's market area, and the effects of a strong stock
market.
At the end of the third quarter of 1997, other borrowings increased
substantially to $29.3 million as compared to $11.9 million at December 31,
1996. Borrowings for federal funds purchased and securities sold under
agreements to repurchase increased to $9.9 million at September 30, 1997 from
$5.3 million at December 31, 1996. This was
7
<PAGE>
principally die to increases in customer sweep account. Borrowings from the
FHLB increased from $5.0 million at the end of 1996 to $18.0 million at
September 30, 1997. These borrowings funded loan growth.
Capital
For the first nine months of 1997, shareholders' equity increased by $1.7
million compared to December 31, 1996. Net income for the first nine months
of 1997 was $1,745,000. Shareholders' equity was also increased by a
$469,000 increase in unrealized gains since December 31, 1996, net of tax, on
securities classified as available for sale. In addition, the Company paid
dividends totalling $555,000 for the first nine months of 1997.
Shareholders' equity amounted to 10.36% of total assets as compared to 10.51%
at the end of 1996. Tier 1 (Core) and Tier 2 (Total) capital to risk-adjusted
assets ratios were 16.12% and 17.37%, respectively, at September 30, 1997.
The risked-based capital ratios were below December 31, 1996 levels because
of asset growth, but far exceed regulatory requirements. The Company's
leverage ratio at September 30, 1997 was 9.99% as compared to 10.05% at
December 31, 1996.
Liquidity
The Company's liquidity position remains strong at September 30, 1997.
Outstanding loan commitments and unused lines of credit for the Company
totalled $73.9 million as of September 30, 1997. Of this total, management
places a high probability of required funding within 1 year on approximately
$17.3 million. Management places a low probability on the remaining amount
which is mainly unused home equity lines and other consumer lines. At
September 30, 1997, the Company had additional borrowing capacity of
approximately $14 million, and had projected securities portfolio maturities
within one year of approximately $25 million.
Interest Rate Risk
Due to changes in interest rates, the level of income for a financial
institution can be affected by the repricing characteristics of its assets
and liabilities. At September 30, 1997, the Company's liability sensitive
position increased slightly from December 31, 1996. A liability sensitive
position, theoretically, is favorable in a falling rate environment since
more liabilities than assets will reprice in a given time frame as interest
rates fall. Management is diligent in its efforts to maintain a consistent
spread between yields on assets and costs of deposits and borrowings,
regardless of the direction of interest rates. In an attempt to better
manage its exposure to interest rate shifts, the Company continues to
investigate reasonable alternatives and adopt additional measures.
8
<PAGE>
PART II--OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There is no information to be reported under this item for the quarter
ended September 30, 1997.
ITEM 2. CHANGES IN SECURITIES
There is no information to be reported under this item for the quarter
ended September 30, 1997.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
There is no information to be reported under this item for the quarter
ended September 30, 1997.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There is no information to be reported under this item for the quarter
ended September 30, 1997.
ITEM 5. OTHER INFORMATION
There is no information to be reported under this item for the quarter
ended September 30, 1997.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 11- Statement re: Computation of per share earnings
Exhibit 27- Financial Data Schedule
(b) There have been no Reports on Form 8-K filed by the Company
during the quarter for which this report is filed.
9
<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.
Carrollton Bancorp
-------------------------
(Registrant)
Date November 7, 1997 /s/ Dallas R. Arthur
------------------- -------------------------
Dallas R. Arthur
President and Chief Executive
Officer
Date November 7, 1997 /s/ David L. Costello III
------------------- -------------------------
David L. Costello III
Treasurer and Chief Financial
Officer
10
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Number
Number Description Page
- - ------ ---------------------- ----
11 Statement Re: Computation of 12
Per Share Earnings
27 Financial Data Schedule 13
11
<PAGE>
EXHIBIT 11- Statement Re: Computation of Per Share Earnings
CARROLLTON BANCORP
<TABLE>
<CAPTION>
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
---------------------- --------------------------
1997 1996 1997 1996
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
Average Shares Outstanding (A)............... 1,394,747 1,394,747 1,394,747 1,394,747
---------- ---------- ------------ ------------
---------- ---------- ------------ ------------
Net income................................... $ 627,590 $ 564,040 $ 1,745,298 $ 1,538,973
Divide by average shares outstanding......... 1,394,747 1,394,747 1,394,747 1,394,747
---------- ---------- ------------ ------------
Earnings per share........................... $ 0.45 $ 0.40 $ 1.25 $ 1.10
---------- ---------- ------------ ------------
---------- ---------- ------------ ------------
</TABLE>
(A) Adjusted to reflect the effect of a 5% stock dividend declared
January 24, 1997.
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CARROLLTON
BANCORP'S FORM 10-QSB FOR THE NINE MONTHS ENDED SEPTEMBER 30,1997.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 19,350,459
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 80,563,483
<INVESTMENTS-CARRYING> 13,706,287
<INVESTMENTS-MARKET> 13,958,099
<LOANS> 165,564,672
<ALLOWANCE> 2,296,764
<TOTAL-ASSETS> 286,841,868
<DEPOSITS> 225,997,190
<SHORT-TERM> 24,273,339
<LIABILITIES-OTHER> 1,841,363
<LONG-TERM> 5,000,000
0
0
<COMMON> 13,947,470
<OTHER-SE> 15,782,506
<TOTAL-LIABILITIES-AND-EQUITY> 286,841,868
<INTEREST-LOAN> 10,344,329
<INTEREST-INVEST> 3,947,989
<INTEREST-OTHER> 173,028
<INTEREST-TOTAL> 14,465,346
<INTEREST-DEPOSIT> 6,082,671
<INTEREST-EXPENSE> 6,593,849
<INTEREST-INCOME-NET> 7,871,497
<LOAN-LOSSES> 180,000
<SECURITIES-GAINS> 133,800
<EXPENSE-OTHER> 9,444,681
<INCOME-PRETAX> 2,358,871
<INCOME-PRE-EXTRAORDINARY> 2,358,871
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,745,298
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 1.25
<YIELD-ACTUAL> 4.51
<LOANS-NON> 271,668
<LOANS-PAST> 778,007
<LOANS-TROUBLED> 795,696
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,241,148
<CHARGE-OFFS> 190,710
<RECOVERIES> 66,326
<ALLOWANCE-CLOSE> 2,296,764
<ALLOWANCE-DOMESTIC> 1,949,705
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 347,059
</TABLE>
