====================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
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 of incorporation) (IRS Employer
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 October 31, 1997.
1,709,548 shares of Common Stock, $1.00 par value per share
=======================================================
<PAGE>
The Savannah Bancorp, Inc.
Form 10-QSB Index
September 30, 1997
<TABLE>
<CAPTION>
Page
<S> <C>
Part I - FINANCIAL INFORMATION
Item 1.
Financial Statements
Consolidated Balance Sheets-September 30, 1997 and December 31, 1996 2
Consolidated Statements of Income
For the Quarter Ended September 30, 1997 and 1996 3
For the Nine Months Ended September 30, 1997 and 1996 4
Consolidated Statements of Changes in Shareholders' Equity
For the Nine Months Ended September 30, 1997 and 1996 5
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 1997 and 1996 6
Condensed Notes to Consolidated Financial Statements 7-8
Item 2.
Management's Discussion and Analysis of Financial Condition
and Results of Operations 8-11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits or Reports on Form 8-K 12
Signatures 12
Financial Data Schedules 13-14
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
The Savannah Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets
(dollars in thousands, except per share data)
September 30, December 31,
1997 1996
------------ ------------
(Unaudited)
Assets
<S> <C> <C>
Cash and due from banks $ 5,944 $ 6,015
Federal funds sold 8,262 10,810
Investment securities available for sale:
U. S. Treasury Securities (amortized cost of
$13,164 and $16,235 in 1997 and 1996) 13,152 16,209
Other taxable investments (amortized cost of
$13,818 and $9,936 in 1997 and 1996) 13,842 9,896
State and municipal investments (amortized cost
of $3,377 and $3,125 in 1997 and 1996) 3,500 3,186
-------- --------
Total investment securities available for sale 30,494 29,291
Loans 97,699 88,649
Less allowance for loan losses (1,376) (1,240)
-------- --------
Net loans 96,323 87,409
Premises and equipment, net 2,735 2,368
Other assets 1,640 1,559
-------- --------
Total assets $145,398 $137,452
======== ========
Liabilities
Deposits:
Non-interest bearing demand $ 19,045 $ 21,812
Interest-bearing demand 21,287 22,611
Savings 4,299 3,232
Money market accounts 18,679 14,656
Time, $100,000 and over 23,809 23,106
Other time deposits 39,155 35,983
-------- --------
Total deposits 126,274 121,400
Federal funds purchased and securities sold under
agreements to repurchase 3,515 1,850
Other liabilities 1,056 916
-------- --------
Total liabilities 130,845 124,166
-------- --------
Shareholders' Equity
Common stock, par value $1 per share: authorized
20,000,000 shares; issued 1,782,598 and 1,188,408
shares in 1997 and 1996 1,783 1,188
Preferred stock, par value $1 per share:
authorized 10,000,000 shares, none issued - -
Capital surplus 8,924 9,519
Retained earnings 4,267 3,136
Treasury stock, at cost, 73,050 and 54,200 shares
in 1997 and 1996 (504) (554)
Net unrealized holding gains (losses) on
available for sale securities 83 (3)
-------- --------
Total shareholders' equity 14,553 13,286
-------- --------
Total liabilities and shareholders' equity $145,398 $137,452
======== ========
</TABLE>
See the condensed notes to the consolidated financial statements.
Page 2
<PAGE>
<TABLE>
<CAPTION>
The Savannah Bancorp, Inc. and Subsidiary
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
For the Quarter Ended
September 30,
------------------------
1997 1996
<S> <C> <C>
-------- --------
Interest Income:
Loans (includes loan fees) $ 2,272 $ 1,871
Investment securities 468 471
Federal funds sold 82 77
-------- --------
Total interest income 2,822 2,419
-------- --------
Interest Expense:
Deposits 1,227 1,105
Other short-term borrowings 45 16
-------- --------
Total interest expense 1,272 1,121
-------- --------
Net Interest Income 1,550 1,298
Provision for loan losses 55 30
-------- --------
Net interest income after
provision for loan losses 1,495 1,268
-------- --------
Other Income
Service charges on deposit accounts 95 98
Mortgage origination fees 113 39
Other income 51 22
-------- --------
Total other operating income 259 159
-------- --------
Other Expense
Salaries and employee benefits 553 417
Occupancy expense 82 78
Equipment expense 81 58
Other operating expenses 288 256
-------- --------
Total other expense 1,004 809
-------- --------
Income before provision for income taxes 750 618
Provision for income taxes 259 208
-------- --------
Net income $ 491 $ 410
======== ========
Net income per share: (a)
Primary $ .27 $ .23
======== ========
Fully diluted $ .27 $ .23
======== ========
</TABLE>
(a) - 1996 restated for a 3-for-2 stock split distributed on February 24,
1997.
See the condensed notes to the consolidated financial statements.
Page 3
<PAGE>
<TABLE>
<CAPTION>
The Savannah Bancorp, Inc. and Subsidiary
Consolidated Statements of Income
(dollars in thousands, except per share data)
(Unaudited)
For the Nine Months Ended
September 30,
------------------------
1997 1996
<S> <C> <C>
-------- --------
Interest Income
Loans (includes loan fees) $ 6,366 $ 5,420
Investment securities 1,386 1,346
Federal funds sold 357 285
-------- --------
Total interest income 8,109 7,051
-------- --------
Interest Expense
Deposits 3,585 3,258
Other short-term borrowings 112 45
-------- --------
Total interest expense 3,697 3,303
-------- --------
Net Interest Income 4,412 3,748
Provision for loan losses 170 150
-------- --------
Net interest income after
provision for loan losses 4,242 3,598
-------- --------
Other Income
Service charges on deposit accounts 299 284
Mortgage origination fees 246 145
Other income 132 55
-------- --------
Total other operating income 677 484
-------- --------
Other Expense
Salaries and employee benefits 1,591 1,247
Occupancy expense 240 227
Equipment expense 221 177
Other operating expenses 868 764
-------- --------
Total other expense 2,920 2,415
-------- --------
Income before provision for income taxes 1,999 1,667
Provision for income taxes 696 584
-------- --------
Net income $ 1,303 $ 1,083
======== ========
Net income per share: (a)
Primary $ .72 $ .61
======== ========
Fully diluted $ .72 $ .61
======== ========
</TABLE>
(a) - 1996 restated for a 3-for-2 stock split distributed on February 24,
1997.
See the condensed notes to the consolidated financial statements.
Page 4
<PAGE>
<TABLE>
<CAPTION>
The Savannah Bancorp, Inc. and Subsidiary
Consolidated Statements of Changes in Shareholders' Equity
(dollars in thousands, except per share data)
(Unaudited)
Net
Unrealized
Holding
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 Nine Months
Ended September 30, 1996
Balance, December 31, 1995 1,188,408 $ 1,188 $ 9,519 $ 1,759 ($ 554) $ 251 $ 12,163
Cash dividends - $.055 per share - - - (96) - - (96)
Change in unrealized gains
(losses)on securites available
for sale, net of tax - - - - - (389) (389)
Net income - - - 1,083 - - 1,083
---------- ---------- ---------- ---------- ---------- ----------- ----------
Balance at end of period 1,188,408 $ 1,188 $ 9,519 $ 2,746 ($ 554) ($ 138) $ 12,761
========== ========== ========== ========== ========== =========== ==========
For the Nine Months
Ended September 30, 1997
Balance, December 31, 1996 1,188,408 $ 1,188 $ 9,519 $ 3,136 ($ 554) ($ 3) $ 13,286
Three-for-two stock split 594,190 595 (595) - - - -
Cash dividends - $.10 per share - - - (172) - - (172)
Change in unrealized gains
(losses) on securities available
for sale, net of tax - - - - - 86 86
Reissuance of treasury stock - - - - 50 - 50
Net income - - - 1,303 - - 1,303
---------- ---------- ---------- ---------- ---------- ----------- ----------
Balance at end of period 1,782,598 $ 1,783 $ 8,924 $ 4,267 ($ 504) $ 83 $ 14,553
========== ========== ========== ========== ========== =========== ==========
</TABLE>
See the condensed notes to the consolidated financial statements.
Page 5
<PAGE>
<TABLE>
<CAPTION>
The Savannah Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited)
For the Nine Months Ended
September 30,
------------------------
Operating Activities 1997 1996
-------- --------
<S> <C> <C>
Net income $ 1,303 $ 1,083
Adjustments to reconcile net income to cash
Provided by operating activities:
Provision for loan losses 170 150
Depreciation of premises and equipment 190 182
Amortization of investment securities discount-net 257 95
Increase in accrued interest receivable (95) (225)
Increase in prepaid expenses and other assets (40) (94)
Increase (decrease) in accrued interest payable 43 (32)
Increase (decrease) in other liabilities 97 (226)
-------- ---------
Net cash provided by operating activities 1,925 933
-------- ---------
Investing Activities
Net increase in federal funds sold 2,548 4,586
Purchases of investment securities (4,320) (13,594)
Proceeds from maturities of investment securities 3,000 6,775
Proceeds from sale of investment securities 0 992
Net increase in loans made to customers (9,084) (8,804)
Capital expenditures (557) (561)
-------- --------
Net cash used in investing activities (8,413) (10,606)
-------- --------
Financing Activities
Net increase in demand, savings and
money market accounts 999 3,740
Net increase in certificates of deposit 3,875 8,149
Net increase (decrease) in securities
sold under agreements to repurchase 1,705 (1,180)
Net (decrease) increase in federal funds purchased (40) 810
Reissuance of treasury stock 50 0
Dividend payments (172) (96)
-------- --------
Net cash provided by financing activities 6,417 11,423
-------- --------
Increase in Cash and Cash Equivalents (71) 1,750
Cash and cash equivalents at beginning of year 6,015 4,459
-------- --------
Cash and cash equivalents at end of period $ 5,944 $ 6,209
======== ========
</TABLE>
See the condensed notes to the consolidated financial statements.
Page 6
<PAGE>
The Savannah Bancorp, Inc. and Subsidiary
Condensed Notes to Consolidated Financial Statements
(Unaudited)
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-QSB 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 nine month period ended September 30, 1997 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1997. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's annual report on Form
10-KSB for the year ended December 31, 1996.
Note 2 - Shareholders' Equity
On January 26, 1997, the Company's Board of Directors declared a three-for-two
stock split payable February 24, 1997 to shareholders of record on February 7,
1997. Per share amounts and weighted-average shares have been restated to
reflect the stock split.
Note 3 - Shares Used in Computing Net Income per Share
Net income per fully diluted income share is computed using the weighted-average
number of common and dilutive common equivalent shares outstanding during the
periods. The fully diluted weighted average shares outstanding for the third
quarters of 1997 and 1996 were 1,805,000 and 1,760,000, respectively. They
included 98,000 and 59,000 common share equivalent shares in 1997 and 1996. The
fully diluted weighted average shares outstanding were 1,802,000 and 1,761,000
for the first nine months of 1997 and 1996, respectively. They included 95,000
and 60,000 common equivalent shares in 1997 and 1996, respectively.
Note 4 - Change in Accounting Standard
In February, 1997, The Financial Accounting Standards Board issued Statement of
Financial Accounting Standard ("SFAS") No. 128, "Earnings Per Share" which, when
adopted, will replace the current methodology for calculating and presenting
earnings per share. Under SFAS No. 128, primary earnings per share will be
replaced with a presentation of basic earnings per share and fully diluted
earnings per share will be replaced with diluted earnings per share. Basic
earnings per share excludes dilution and is computed by dividing income
available to common shareholders by the weighted average number of common shares
outstanding for the period. Diluted earnings per share are computed similarly to
fully diluted earnings per share. The statement will be effective beginning in
the Company's financial statements for the year ended December 31, 1997,
including restatement of historical earnings per share presented in such
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financial statements. Management does not expect the impact of SFAS No. 128 to
materially differ from the current presentation of earnings per share.
Item 2. - Management's Discussion and Analysis of Financial Condition
And Results of Operations
For a comprehensive presentation of The Savannah Bancorp, Inc.'s financial
condition at September 30, 1997 and December 31, 1996, and results of operations
for the quarters ended September 30, 1997 and 1996, the following analysis
should be reviewed along with other information including the Company's December
31, 1996 Annual Report on Form 10-KSB.
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 $8.0 million of unused short-term federal
funds borrowing lines available from correspondent banks.
The relatively high volume of $23.8 million of certificates of deposit over
$100,000 includes $9-11 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.
The Bank opened its fourth office six miles east of downtown Savannah on October
1, 1997. This new office along with the offices opened in 1990, 1992 and 1995
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
Page 8
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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 that existed
at September 30, 1997 are presented in the following table:
<TABLE>
<CAPTION>
Cumulative
Interest sensitive within: Assets Liabilities Gap Gap
-------------------------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
3 months $ 62,739 $ 67,382 $ (4,643) $ (4,643)
3 - 6 months 8,156 12,622 (4,466) (9,109)
6 - 12 months 9,638 16,252 (6,614) (15,723)
Over 12 months 55,787 14,487 41,300 $25,577
---------- ----------- ----------- ===========
Total $136,320 $110,743 $ 25,577
========== =========== ===========
</TABLE>
At September 30, 1997, the balance sheet was liability-sensitive within one
year. However, because certain deposits such as NOW, savings and money market
accounts reprice with less volatility than prime, the Bank's net interest margin
is asset sensitive. Management has policies and procedures in place to measure
and report anticipated net interest income fluctuations based on rising and
falling rates. The Board has specified a maximum risk level of 5% of annualized
net interest income on an immediate decrease in the prime rate of 200 basis
points. The Bank is presently operating within the specified risk levels.
Financial Condition
For the first nine months of 1997, loans increased $9.1 million to $97.7
million, and deposits increased $4.9 million to $126.3 million. The loan to
deposit ratio was 77.4% at September 30, 1997 compared to 73.0% at December 31,
1996. Non-performing assets were $163,000 at September 30, 1997 compared to
$23,000 at December 31, 1996.
Management has continued to classify all investment securities as available for
sale. 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 and quality earnings and are best for the shareholders and
customers in the long-term.
At September 30, 1997, $2.7 million or approximately 18.8% of equity capital,
was invested in bank premises and equipment. Equity capital was $14.6 million,
or 10.0% of total assets, compared to the regulatory minimum of 4.0%. Total
capital is 16.0% of risk-based assets compared to the regulatory minimum of 8%.
The net unrealized holding
Page 9
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gains on the available for sale portfolio were
$83,000 at September 30, 1997 compared to losses of $3,000 at December 31, 1996.
Results of Operations - Third Quarter, 1997 vs. Third Quarter, 1996
The net income for the third quarter, 1997 was $491,000 or $.27 per fully
diluted share, compared to $410,000, or $.23 per fully diluted share in the same
period of 1996, an increase of 20% in net income and 17% in per share earnings.
Per share amounts for 1996 have been restated to reflect a three-for-two stock
split distributed on February 24, 1997.
Net interest income for the third quarter, 1997, was $1,550,000 compared to
$1,298,000 in 1996, an increase of 19.4%. Average interest-earning assets were
up 13.4% in 1997 over 1996. The third quarter net yield on interest-earning
assets increased to 4.65% from 4.43% in 1996. The higher net interest margin is
primarily attributable to a 25 basis point increase in the prime lending rate in
March, 1997 and the higher levels of loans as compared to the prior year.
The provision for loan losses was $55,000 in the third quarter of 1997, compared
to $30,000 for the same period in 1996. There were $22,000 charge-offs and $300
recoveries in the third quarter of 1997, and $6,000 recoveries during the same
period in 1996. There were no charge-offs during the third quarter of 1996.
Total other income in 1997 was $259,000 compared to $159,000 in 1996, an
increase of 62.9%. Large volume increases in mortgage origination fees and new
ATM transaction fees are the primary reasons for the increase.
Other expenses were $1,004,000 in the third quarter, 1997 compared to $809,000
in the third quarter, 1996, an increase of 24.1%. Salaries and employee benefits
increases include promotional and incentive increases, two positions in the
trust department and five full-time equivalent positions in the lending,
mortgage and branch offices. Increases in occupancy, equipment and other
expenses primarily reflect normal volume and inflation growth.
The provision for income taxes was $259,000 in the third quarter of 1997
compared to $208,000 in the second quarter of 1996. The effective combined
federal and state income tax provisions were 34.5% in 1997 and 33.7% in 1996.
Results of Operations - First Nine Months, 1997 vs. First Nine Months, 1996
The net income for the first nine months of 1997 was $1,303,000, or $.72 per
fully diluted share, compared to $1,083,000, or $.61 per fully diluted share in
the same period of 1996. Per share amounts for 1996 have been restated to
reflect a three-for-two stock split distributed on February 24, 1997.
Net interest income for the first nine months, 1997, was $4,412,000 compared to
$3,748,000 in 1996, an increase of 17.7%. Average interest-earning assets were
up 14.5% in 1997 over 1996. The net yield on interest-earning assets increased
to 4.55% from 4.39%. The increase in the net yield on interest-earning assets is
primarily
Page 10
<PAGE>
attributable to a 25 basis point increase in the prime rate in March
1997 and the 15% increase in loans over the prior year.
The provision for loan losses was $170,000 and $150,000 in the first nine months
of 1997 and 1996, respectively. Charge-offs were $40,000 and recoveries were
$6,000 in the first nine months of 1997 and charge-offs were $12,000 and
recoveries were $6,000 in the same period in 1996.
Other income was $677,000 in the first nine months, 1997 compared to $484,000
for the same period in 1996. Higher volumes of deposit accounts, non-sufficient
check fee volume, mortgage origination fees and new ATM transaction fees are the
primary reasons for the increases in other income.
Other expenses totaled $1,999,000 and $1,667,000 for first nine months of 1997
and 1996, respectively, an increase of 19.9%. Salaries and employee benefits
increases include promotional and incentive increases, two positions in the
trust department and additional positions in the lending, mortgage and branch
offices. Increases in occupancy, equipment and other expenses primarily reflect
normal volume and inflation growth.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 11
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal proceedings. None
Item 2. Changes in Securities.
As described in Note 2, a three-for-two stock split in the form of a 50 percent
stock dividend was declared on January 27, payable on February 24, 1997 to
shareholders of record on February 7, 1997. An additional 594,190 shares were
issued bringing the total issued shares to 1,782,598.
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. None.
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 11/12/97 /s/ Archie H. Davis
Archie H. Davis - President & CEO
Date 11/12/97 /s/ Robert B. Briscoe
Robert B. Briscoe - Chief Financial Officer
Page 12
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
September, 1997 Form 10-Q and is qualified in its entirety by reference to such
information.
</LEGEND>
<CIK> 0000860519
<NAME> THE SAVANNAH BANCORP, INC.
<MULTIPLIER> 1000
<CURRENCY> U. S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 5944
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 8262
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 30359
<INVESTMENTS-MARKET> 30494
<LOANS> 97699
<ALLOWANCE> (1376)
<TOTAL-ASSETS> 145398
<DEPOSITS> 126274
<SHORT-TERM> 3515
<LIABILITIES-OTHER> 1056
<LONG-TERM> 0
<COMMON> 1783
0
0
<OTHER-SE> 12770
<TOTAL-LIABILITIES-AND-EQUITY> 145398
<INTEREST-LOAN> 6366
<INTEREST-INVEST> 1386
<INTEREST-OTHER> 357
<INTEREST-TOTAL> 8109
<INTEREST-DEPOSIT> 3585
<INTEREST-EXPENSE> 3697
<INTEREST-INCOME-NET> 4412
<LOAN-LOSSES> 170
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2920
<INCOME-PRETAX> 1999
<INCOME-PRE-EXTRAORDINARY> 1999
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1303
<EPS-PRIMARY> .72
<EPS-DILUTED> .72
<YIELD-ACTUAL> 4.55
<LOANS-NON> 110
<LOANS-PAST> 53
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 53
<ALLOWANCE-OPEN> 1240
<CHARGE-OFFS> 40
<RECOVERIES> 6
<ALLOWANCE-CLOSE> 1376
<ALLOWANCE-DOMESTIC> 1376
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
