<PAGE> 1
======================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________
Commission file number 0-18560
The Savannah Bancorp, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1861820
------------------------------- -----------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
25 Bull Street, Savannah, GA 31401
-----------------------------------------------------
(Address of principal executive offices) (Zip Code)
912-651-8200
---------------------------------------------------
(Registrant's telephone number, including area code)
N/A
-------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
------ ------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
1,134,208 shares of Common Stock, $1.00 par value per share
======================================================
<PAGE> 2
THE SAVANNAH BANCORP, INC.
FORM 10-Q INDEX
JUNE 30, 1996
Page
PART I - FINANCIAL INFORMATION ----
<TABLE>
<S> <C>
Item 1. Financial Statements
Consolidated Balance Sheets - June 30, 1996 and December 31, 1995 2
Consolidated Statements of Income
For the Six Months Ended June 30, 1996 and 1995 3
Consolidated Statements of Changes in Shareholders' Equity 4
For the Six Months Ended June 30, 1996 and 1995
Consolidated Statements of Cash Flows 5
For the Six Months Ended June 30, 1996 and 1995
Condensed Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7-10
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits or Reports on Form 8-K 11
Signatures 11
</TABLE>
1
<PAGE> 3
THE SAVANNAH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
---------- ------------
ASSETS
<S> <C> <C>
Cash and due from banks $ 5,610 $ 4,459
Federal funds sold 7,835 6,779
Investment securities- available for sale:
U. S. Treasury Securities (amortized cost of
$17,261 in 1996 and $13,036 in 1995) 17,130 13,279
Other taxable investments (amortized cost of
$9,957 in 1996 and $10,337 in 1995) 9,781 10,418
State and municipal investments (amortized cost of
$2,445 in 1996 and $2,025 in 1995) 2,464 2,106
-------- --------
Total investment securities-available for sale 29,375 25,803
Loans 80,763 75,827
Less allowance for loan losses (1,170) (1,061)
-------- --------
Net loans 79,593 74,766
Premises and equipment, net 2,427 2,007
Other assets 1,659 1,274
-------- --------
TOTAL ASSETS $126,499 $115,088
======== ========
LIABILITIES
Deposits:
Non-interest bearing demand $ 18,102 $ 15,674
Interest-bearing demand 21,994 17,302
Savings 3,097 3,039
Money market accounts 15,383 13,651
Time, $100,000 and over 20,684 19,267
Other time deposits 33,568 30,614
-------- --------
Total deposits 112,828 99,547
Federal funds purchased and securities sold under
agreements to repurchase 440 1,993
Other liabilities 887 1,385
-------- --------
TOTAL LIABILITIES 114,155 102,925
-------- --------
SHAREHOLDERS' EQUITY
Common stock, par value $1 per share: authorized
20,000,000 shares; issued 1,188,408 in 1996 and 1995 1,188 1,188
Preferred stock, par value $1 per share: authorized
10,000,000 shares, none issued 0 0
Capital surplus 9,519 9,519
Retained earnings 2,370 1,759
Treasury stock, at cost, 54,200 shares
in 1996 and 1995 (554) (554)
Net unrealized gains (losses) on
available for sale securities (179) 251
-------- --------
TOTAL SHAREHOLDERS' EQUITY 12,344 12,163
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $126,499 $115,088
======== ========
</TABLE>
See the condensed notes to the consolidated financial statements.
2
<PAGE> 4
THE SAVANNAH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
For the Quarter Ended For the Six Months Ended
June 30, June 30,
--------------------- ---------------------
1996 1995 1996 1995
-------- --------- -------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans (includes loan fees) $1,801 $1,641 $3,549 $3,120
Investment securities 459 298 876 597
Federal funds sold 124 123 207 202
------ ------ ------ ------
Total interest income 2,384 2,062 4,632 3,919
------ ------ ------ ------
INTEREST EXPENSE
Deposits 1,102 932 2,153 1,720
Other short-term borrowings 8 7 29 11
------ ------ ------ ------
Total interest expense 1,110 939 2,182 1,731
------ ------ ------ ------
NET INTEREST INCOME 1,274 1,123 2,450 2,188
Provision for loan losses 60 40 120 100
------ ------ ------ ------
Net interest income after
provision for loan losses 1,214 1,083 2,330 2,088
------ ------ ------ ------
OTHER INCOME
Service charges on deposit accounts 100 86 185 169
Mortgage origination fees 54 45 107 69
Other income 21 18 33 26
------ ------ ------ ------
Total other operating revenues 175 149 325 264
Losses on sale of securities 0 0 0 (80)
------ ------ ------ ------
Total other income 175 149 325 184
------ ------ ------ ------
OTHER EXPENSE
Salaries and employee benefits 418 363 829 710
Occupancy expense 76 58 150 114
Equipment expense 58 50 119 98
Other operating expenses 265 259 508 496
------ ------ ------ ------
Total other expense 817 730 1,606 1,418
------ ------ ------ ------
Income before provision for income taxes 572 502 1,049 854
Provision for income taxes 205 183 376 312
------ ------ ------ ------
NET INCOME $ 367 $ 319 $ 673 $ 542
====== ====== ====== ======
NET INCOME PER SHARE $ 0.31 $ 0.28 $ 0.57 $ 0.47
====== ====== ====== ======
</TABLE>
See the condensed notes to the consolidated financial statements.
3
<PAGE> 5
THE SAVANNAH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
NET
UNREALIZED
SECURITIES
COMMON CAPITAL RETAINED TREASURY GAINS (LOSSES),
SHARES STOCK SURPLUS EARNINGS STOCK NET OF TAX TOTAL
------ ------- --------- -------- -------- -------------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
FOR THE SIX MONTHS
ENDED JUNE 30, 1995
Balance, December 31, 1994 594,204 $594 $10,113 $669 ($206) ($312) $10,858
Cash dividends - $.05 per share - - - (57) - - (57)
Change in unrealized gains
(losses) on securities
available for sale, net of tax - - - - - 452 452
Treasury stock purchases - - - - (348) - (348)
Two-for-one stock split 594,204 594 (594)
Net income - - - 542 - - 542
---------- ------ ------ ------ ----- ---- -------
Balance at end of period 1,188,408 $1,188 $9,519 $1,154 ($554) $140 $11,447
========== ====== ====== ====== ===== ==== =======
FOR THE SIX MONTHS
ENDED JUNE 30, 1996
Balance, December 31, 1995 1,188,408 $1,188 $9,519 $1,759 ($554) $251 $12,163
Cash dividends - $.055 per share - - - (62) - - (62)
Change in unrealized gains
(losses) on securities
available for sale, net of tax - - - - - (430) (430)
Net income - - - 673 - - 673
---------- ------ ------ ------ ----- ---- -------
Balance at end of period 1,188,408 $1,188 $9,519 $2,370 ($554) ($179) $12,344
========== ====== ====== ====== ===== ===== =======
</TABLE>
See the condensed notes to the consolidated financial statements.
4
<PAGE> 6
THE SAVANNAH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
------------------------
1996 1995
--------- ----------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 673 $ 542
Adjustments to reconcile net income to cash
provided by operating activities:
Provision for loan losses 120 100
Depreciation of premises and equipment 123 106
Amortization of investment securities discount-net 56 20
Increase in accrued interest receivable (172) (86)
Increase in prepaid expenses and other assets (101) (194)
(Decrease) Increase in accrued interest payable (42) 120
Deferred income tax benefits (10) 0
(Decrease) Increase in other liabilities (295) 88
------- ------
Net cash provided by operating activities 352 696
------- ------
INVESTING ACTIVITIES
Net increase in federal funds sold (1,056) (2,184)
Purchases of investment securities (10,111) (3,015)
Proceeds from maturities of investment securities 5,791 3,367
Proceeds from sale of investment securities 0 1,211
Net increase in loans made to customers (4,947) (8,125)
Capital expenditures (544) (98)
------- ------
Net cash used in investing activities (10,867) (8,844)
------- ------
FINANCING ACTIVITIES
Net increase in demand, savings and money market accounts 8,910 2,710
Net increase in certificates of deposit 4,371 7,118
(Decrease) Increase in federal funds purchased and securities
sold under agreements to repurchase (1,553) 92
Purchase of treasury stock 0 (348)
Dividend payments (62) (58)
------- ------
Net cash provided by financing activities 11,666 9,514
------- ------
INCREASE IN CASH AND CASH EQUIVALENTS 1,151 1,366
Cash and cash equivalents at beginning of year 4,459 3,952
------- ------
Cash and cash equivalents at end of period $ 5,610 $5,318
======= ======
</TABLE>
See the condensed notes to the consolidated financial statements.
5
<PAGE> 7
THE SAVANNAH BANCORP, INC. AND SUBSIDIARY
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article S-X. Accordingly, they do not include all of 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, 1996 are not necessarily indicative of the results that may be
expected for the year ended December 31, 1996. For further information, refer
to the consolidated financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended December 31, 1995.
NOTE 2 - SHAREHOLDERS' EQUITY
On June 19, 1995, the Company's Board of Directors declared a two-for-one stock
split payable July 25, 1995 to shareholders of record on June 30, 1995.
Page 6
<PAGE> 8
ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
For a comprehensive presentation of The Savannah Bancorp's financial condition
at June 30, 1996, and results of operations for the quarters ended June 30,
1996 and 1995, the following analysis should be reviewed along with other
information including the Company's December 31, 1995 Form 10-K Annual Report.
LIQUIDITY AND INTEREST RATE SENSITIVITY MANAGEMENT
The objectives of funds management include maintaining adequate liquidity and
reasonable harmony between the repricing of sources and uses of funds on
interest sensitive assets and liabilities. The goal of liquidity management is
to insure the availability of adequate funds to meet the loan demand and the
deposit withdrawal needs of the bank's customers. This is achieved through
maintaining a combination of sufficient liquid assets, core deposit growth, and
unused capacity to purchase funds in the money markets.
The Company will fund anticipated loan growth primarily through normal deposit
growth. However, the Bank is a member of the Federal Home Loan Bank of Atlanta
(FHLB) and has access to borrowings in excess of $10.0 million by pledging
qualifying residential real estate loans under a blanket float lien agreement.
The FHLB will also lend against unpledged investment securities of
approximately $15 million. In addition, the Bank has $6.5 million of unused
short-term federal funds borrowing lines available from correspondent banks.
The relatively high volume of $20.7 million of certificates of deposit over
$100,000, includes $6-7 million of negotiated rate deposits. The remaining
large certificates are considered to be core deposit funds. Most are on an
automatically renewing basis for 6 - 12 months and have proven to be no more
rate sensitive than the smaller time deposits. These deposits have been
acquired and retained primarily through relationships and service. The Bank
has done no advertising of higher rates to attract deposits and has
consistently set its deposit rates with very little premium above the regional
bank competition in our market area.
During the fourth quarter, 1995, the bank opened its third office, our West
Chatham office. This office is located in west Chatham County, approximately
six miles west of downtown Savannah. The new office along with the existing
two offices are expected to provide continued core deposit growth as well as
commercial and consumer loan growth.
A continuing objective of asset liability management is to maintain a high
level of variable rate assets, including variable rate loans and
shorter-maturity investments, to balance increases in market sensitive
liabilities. Interest sensitivity management and its effects on the net
interest margin require analyses and actions which take into consideration
volumes repriced and the timing and magnitude of their change. The interest
sensitivity gaps which existed at June 30, 1996 are presented in the following
table:
Page 7
<PAGE> 9
<TABLE>
<CAPTION>
(dollars in thousands)
---------------------------------
Interest sensitive within: Assets Liabilities Gap
- - -------------------------- ------- ----------- ----
<S> <C> <C> <C>
0 - 3 months $ 57,532 $56,515 $ 1,017
3 - 6 months 6,188 11,909 (5,721)
6 - 12 months 10,361 13,353 (2,992)
Over 12 months 44,179 13,389 30,790
-------- ------- -------
Total $118,260 $95,166 $23,094
======== ======= =======
</TABLE>
At June 30, 1996, the Company was liability-sensitive within one year. The
change from the historical asset-sensitive position occurred primarily due to
the lower volume of fixed rate loans maturing within three months and the
higher volume of maturing time deposits within three months as compared to
December 31, 1995. These fluctuations in maturity volumes are normal.
Asset-sensitivity also declined due to extending maturities of investments
which matured during the first quarter. At June 30, 1996, the Company had some
moderate interest rate risk in the 3-6 month maturities should rates rise.
However, the fact that the deposits rates generally decline less than the loans
will offset some of the liability-sensitive volume. The Company is
well-positioned for increasing or decreasing interest rates, which is
appropriate in the present uncertain environment.
FINANCIAL CONDITION
For the first six months of 1996, loans increased $4.9 million to $80.8
million, and deposits increased $13.3 million to $112.8 million. The loan to
deposit ratio was 71.6% at June 30, 1996 compared to 76.2% at December 31,
1995. Non-performing assets were $15,000 at June 30, 1996 compared to $7,000
at December 31, 1995.
Management has continued to classify all investment securities as available for
sale since January 1, 1995. Fluctuations in the U. S. Treasury market rates
have caused both decreases and increases in the market value of the available
for sale investment portfolio and the related equity valuation account.
Capital ratios for regulatory purposes are not impacted by the net unrealized
holding gains (losses) on available for sale securities. Management has chosen
the flexibility to restructure the investment portfolio and to recognize gains
or losses on securities when appropriate.
The Company's lending and investment policies emphasize quality and
well-managed growth. These policies may translate into slower growth in net
interest income and earnings in the short-term; however, management believes
these policies result in lower costs, quality earnings and are best for the
shareholders and customers in the long-term.
At June 30, 1996, $2,427,000, or approximately 19.7% of equity capital, was
invested in bank premises and equipment. Equity capital was $12.3 million, or
9.7% of total assets, compared to the regulatory minimum of 4.0%. Total
capital is 17.8% of risk-based assets compared to the regulatory minimum of
8.0%. The net unrealized holding gains and losses on the available for sale
portfolio was a $179,000 net loss at June 30, 1996 compared to a net gain of
$251,000 at December 31, 1995.
Page 8
<PAGE> 10
RESULTS OF OPERATIONS - SECOND QUARTER, 1996 VS. SECOND QUARTER, 1995
The net income for the second quarter, 1996 was $367,000 or $.31 per share,
compared to $319,000, or $.28 per share in the same period of 1995.
Net interest income for the second quarter, 1996, was $1,274,000 compared to
$1,123,000 in 1995, an increase of 13.4%. Average interest-earning assets
were up 25.8% in 1996 over 1995. The net yield on interest-earning assets (net
interest margin) decreased to 4.29% from 4.76%. The decline in the net
interest margin results from assets repricing more quickly than deposits in a
declining rate environment. Adding new investments and loans at spreads lower
than the net interest margin also contributed to the decline in the margin.
Approximately 50% of the loan portfolio reprices immediately with the prime
rate. Time deposits reprice much slower than the variable rate loans due to
their maturities.
The provision for loan losses was $60,000 and $40,000 in the second quarter of
1996 and 1995, respectively. There were no loan charge-offs or recoveries in
the second quarter of 1996 or 1995.
Other income was $175,000 in the second quarter, 1996, compared to $149,000
for the same period in 1995. Higher volumes of deposit accounts and the related
service charges contributed to the increase in other income. Other expenses
totaled $817,000 and $730,000 for second quarters of 1996 and 1995,
respectively. Other operating expense increases included expenses related to
the new full service office opened in November, 1995 and four new ATMs
installed between November, 1995 and April, 1996. Other increases included
higher data processing fees, supplies costs and postage expense, which are
directly related to the rapidly growing loan portfolio and deposit base of the
Bank. FDIC insurance annual assessments decreased from 23 cents per $100 of
deposits in 1995 to an annual minimum fee of $1,000 in 1996. This expense
decrease offset some of the other expense decreases.
RESULTS OF OPERATIONS - FIRST SIX MONTHS, 1996 VS. FIRST SIX MONTHS, 1995
The net income for the first six months of 1996 was $673,000, or $.57 per
share, compared to $542,000, or $.47 per share in the same period of 1995. Per
share amounts have been restated to reflect a two for one stock split declared
on June 19, 1995.
Net interest income for the first six months, 1996, was $2,450,000 compared to
$2,188,000 in 1995, an increase of 12.0%. Average interest-earning assets were
up 25.8% in 1996 over 1995. The net yield on interest-earning assets decreased
to 4.37% from 4.84%. The decrease in the net yield on interest-earning assets
is primarily attributable to the decrease in the prime rate from 9.00% to 8.25%
between June 30, 1995 and February 1, 1996. Adding new investments and loans at
spreads lower than the net interest margin also contributed to the decline in
the margin.
Page 9
<PAGE> 11
The provision for loan losses was $120,000 and $100,000 in the first six months
of 1996 and 1995, respectively. Charge-offs were $11,000 in 1996 and $1,000 in
1995. There were no recoveries in either year.
Other income was $325,000 in the first six months, 1996 compared to $184,000
for the same period in 1995. The substantial difference includes mortgage
origination of $107,000 in 1996 compared to $69,000 in 1995. There were also
losses on the sale of investment securities of $80,000 in 1995. Higher volumes
of deposit accounts, non-sufficient check fee volume and some service fee
increases are the primary reasons for the increases in other income. Other
expenses totaled $1,606,000 and $1,418,000 for first six months of 1996 and
1995, respectively, an increase of 13.3%. Other operating expense increases
included expenses related to the new full service office opened in November,
1995 and four new ATMs installed between November, 1995 and April, 1996.
Other increases included higher, data processing fees, supplies costs and
postage expense, which are directly related to the rapidly growing loan
portfolio and deposit base of the Bank. FDIC insurance annual assessments
decreased from 23 cents per $100 of deposits in 1995 to an annual minimum fee
of $1,000 in 1996. This expense decrease offset some of the other expense
decreases.
Page 10
<PAGE> 12
PART II - OTHER INFORMATION
Item 1. Legal proceedings. None
Item 2. Changes in Securities. None
Item 3. Defaults upon Senior Securities. None
Item 4. Submission of Matters to a Vote of Security Holders. None
Item 5. Other Information. None.
Item 6. Exhibits or Reports on Form 8-K.
Exhibit 27 - Financial Data Schedule 6-months - (for SEC use only)
Exhibit 27.1 - Financial Data Schedule 1-year - (for SEC use only)
Exhibit 27.2 - Financial Data Schedule 3-months - (for SEC use only)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The Savannah Bancorp, Inc.
------------------------------------
(Registrant)
Date 8/1/96 /s/ Archie H. Davis
------------------------------------
Archie H. Davis - President & CEO
Date 8/1/96 /s/ Robert B. Briscoe
-------------------------------------------
Robert B. Briscoe - Chief Financial Officer
Page 11
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF SAVANNAH BANCORP, INC. FOR THE SIX MONTHS ENDED JUNE 30,
1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 5,610
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 7,835
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2,950
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 80,763
<ALLOWANCE> 1,170
<TOTAL-ASSETS> 126,499
<DEPOSITS> 112,828
<SHORT-TERM> 440
<LIABILITIES-OTHER> 887
<LONG-TERM> 0
0
0
<COMMON> 1,188
<OTHER-SE> 11,156
<TOTAL-LIABILITIES-AND-EQUITY> 126,499
<INTEREST-LOAN> 3,549
<INTEREST-INVEST> 876
<INTEREST-OTHER> 207
<INTEREST-TOTAL> 4,632
<INTEREST-DEPOSIT> 2,153
<INTEREST-EXPENSE> 2,182
<INTEREST-INCOME-NET> 2,450
<LOAN-LOSSES> 120
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,606
<INCOME-PRETAX> 1,049
<INCOME-PRE-EXTRAORDINARY> 1,049
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 673
<EPS-PRIMARY> .57
<EPS-DILUTED> .57
<YIELD-ACTUAL> 4.37
<LOANS-NON> 0
<LOANS-PAST> 15
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,061
<CHARGE-OFFS> 11
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 1,170
<ALLOWANCE-DOMESTIC> 1,170
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1995 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 4,459
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 6,779
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 25,803
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 75,827
<ALLOWANCE> 1,061
<TOTAL-ASSETS> 115,088
<DEPOSITS> 99,547
<SHORT-TERM> 1,993
<LIABILITIES-OTHER> 1,385
<LONG-TERM> 0
0
0
<COMMON> 1,188
<OTHER-SE> 10,975
<TOTAL-LIABILITIES-AND-EQUITY> 115,088
<INTEREST-LOAN> 6,549
<INTEREST-INVEST> 1,317
<INTEREST-OTHER> 431
<INTEREST-TOTAL> 8,297
<INTEREST-DEPOSIT> 3,737
<INTEREST-EXPENSE> 3,778
<INTEREST-INCOME-NET> 4,519
<LOAN-LOSSES> 172
<SECURITIES-GAINS> (90)
<EXPENSE-OTHER> 2,914
<INCOME-PRETAX> 1,903
<INCOME-PRE-EXTRAORDINARY> 1,204
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,204
<EPS-PRIMARY> 1.03
<EPS-DILUTED> 1.03
<YIELD-ACTUAL> 4.75
<LOANS-NON> 0
<LOANS-PAST> 7
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 899
<CHARGE-OFFS> 10
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 172
<ALLOWANCE-DOMESTIC> 1,061
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTEED FROM THE MARCH
31, 1996, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 6,099
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,885
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 30,012
<INVESTMENTS-CARRYING> 0
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0
0
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</TABLE>
