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 quarterly period ended September 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: 0-18782
ES&L BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 16-1387158
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 W. Water St., Elmira, New York 14901
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code: (607) 733-5533
Former name, former address and former fiscal year, if
changed since last report.
Indicate by check X 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 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 CORPORATE ISSUERS: Indicate the number
of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date. 846,146
<PAGE>
ES&L BANCORP, INC. AND SUBSIDIARIES
September 30, 1996
Index Page
Part I - Financial Information
Item 1 - Financial Statements:
Consolidated Statements of Financial 1
Condition as of September 30, 1996
(Unaudited) and June 30, 1996
Consolidated Statements of Income 2
(Unaudited) for the three months ended
September 30, 1996 and 1995
Consolidated Statements of Cash Flows 3
(Unaudited) for the three months ended
September 30, 1996 and 1995
Notes to Consolidated Financial Statements 4
Item 2 - Management's Discussion and Analysis of 5
Financial Condition and Results of Operations
Non-Performing Loans at Sept. 30, 1996 and
June 30, 1996
Risk-Based Capital Information at Sept. 30,
1996 and June 30, 1996
Part II - Other Information
Signatures
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
9/30/1996 6/30/1996
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
Cash and Cash Equivalent $170,617 $1,373,763
Investment Securities Held for Sale $ 49,121 $ 48,508
Investment Securities,
Approximate market value of $4,352,752
and $2,993,573 at 09/30/96
and 6/30/96, respectively 4,353,504 $3,030,521
Mortgage-Backed Securities Held for Sal 1,724,398 $1,874,951
Mortgage-Backed Securities,
Approximate market value of $194,628 $194,628 194,628
at 09/30/96 and 6/30/96, respectively
Mortgage Loans Held For Sale $4,689,708 $5,457,831
Loans Receivable, Net $125,098,974 $121,636,011
Federal Home Loan Bank Stock, at cost $1,103,800 $1,103,800
Foreclosed Real Estate-Real Estate Ownd $ 72,968 $ 90,815
Investment In Joint Venture:
Acquisition, Development
& Construction Project $511,045 $497,165
Mortgage Banking Partnership $171,699 $170,065
Property and Equipment, Net $3,087,819 $3,121,713
Accrued Interest Receivable $850,461 $793,940
Other Receivables $22,648 $28,217
Other Assets $675,566 $716,590
----------------------------
Total Assets $142,776,956 $140,138,518
LIABILITIES & STOCKHOLDERS' EQUITY
- ----------------------------------
Liabilities:
Deposits $106,879,976 $106,652,829
Advances -Federal Home Loan Bank
of N.Y. $19,463,376 $17,615,560
Other Borrowings $0 $0
Accrued Interest Payable:
Deposits $44,398 $ 29,125
Borrowings $70,255 $73,029
Advances From Borrowers For
Taxes and Insurance $2,275,154 $2,286,398
Other Liabilities $843,347 $569,432
------------ -----------
Total Liabilities $129,576,506 $127,226,373
Stockholders' Equity:
Serial Preferred Stock, 500,000
Shares Authorized; None Issued -0- -0-
Common Stock, $.01 Par Value;
3,000,000 Shares Authorized,
851,904 and 850,404 Shares Issued $8,519 $8,504
Additional Paid-In-Capital $2,585,238 $2,577,253
Retained Earnings - Substantially
Restricted $10,614,132 $10,334,941
Net Unrealized Gain/(Loss) on
Investments Held for Sale $39,002 $37,888
Treasury Stock (5,016 shares), at cost ($46,441) ($46,441)
-------------- -----------
Total Stockholders' Equity $13,200,450 $12,912,145
--------------- -------------
Total Liabilities
& Stockholders' Equity $142,776,956 $140,138,518
============================
Shares Outstanding 846,888 845,388
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
THREE MONTHS ENDED
SEPT. 30,
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
Interest Income:
Loans 2,800,742 2,662,574
Investment Securities 85,021 90,565
Mortgage-Backed
Securities 39,115 53,119
Interest-Earning Deposits
& Other 2,080 3,851
------------ ---------
Total Interest 2,926,958 2,810,109
Interest Expense:
Deposits 1,282,370 1,283,684
Borrowings 264,053 282,669
--------------------------
Total Interest 1,546,423 1,566,353
--------------------------
Net Interest Income 1,380,535 1,243,756
Provision For Loan Losses 0 0
-------------------------
Net Interest Income
After Provision 1,380,535 1,243,756
Other Income:
Service Fees &
Other Charges 31,464 29,023
Gain on the Sale
of Mortgages 95,398 40,391
Income From Loan Servicing 85,370 74,155
Other Operating Income 96,516 31,277
Income from Joint Venture 12,000 889
Profit on Sale-Investments 0 0
---------------------
Total Other 320,748 174,846
Other Expenses:
Employee Compensation
& Benefits 480,754 427,892
Office Occupancy/Equipment 116,082 132,406
FDIC Premium 729,211 67,702
Other 157,188 96,049
----------------------------
Total Other 1,483,235 724,049
----------------------------
Income Before Taxes 218,048 694,553
Income Taxes (206,518) 273,390
----------------------------
Income before
Cumulative Effect 424,566 421,163
Cumulative Effect
on prior years of change
in accounting principle 0 0
-------------------------
NET INCOME $ 424,566 421,163
========================
Earnings Per Share:
Income before
Cumulative Effect $ 0.50 0.50
Cumulative Effect 0.00 0.00
----------------------------------
Total $ 0.50 0.50
===================================
Dividend Per Common Share 0.17 0.11
===================================
Average Common
Shares Outstanding 846,154 834,214
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED SEPTEMBER 30,
<CAPTION>
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 424,566 $ 421,163
Adjustments To
Reconcile Net Income To Net
Cash Provided From
Operating Activities:
Depreciation 44,703 46,409
Net Amortization Of
Premiums & Discounts (880) 7,341
Deferred Loan Origination Fees (13,255) (15,475)
(Income)/Loss From Joint Ventures (12,000) 0
Changes in Certain Assets
and Liabilities:
Mortgage Loans Held For Sale (3,462,963) 38,933
Accrued Interest Receivable (56,251) (136,736)
Other Receivables 5,569 28,775
Other Assets 41,024 140,368
Accrued Interest Payable 12,499 17,627
Advances From Borrowers For
Taxes and Insurance (11,244) (80,361)
Other Liabilities 273,915 362,385
-------------- --------------
Net Cash (Used For) Provided
From Operating Activities $ (2,754,317) $ 830,429
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Net Other Increase In
Loans Receivable 794,223 1,644,998
Investment In Joint Ventures (15,514) (222,243)
Proceeds From Sale of
Foreclosed Real Estat 17,847 162,500
Purchase of FHLB Stock 0 0
Proceeds From Maturities
of Investments 2,897 6,187
Purchase of Investment Securities(1,325,000) 0
Proceeds From Sale of
Securities Available For Sale 0 0
Change in Mark to
Market Adjustment Items (1,856) 0
Principal Repayments On
Mortgage-Backed Securities 151,796 146,110
Purchases Of Property &
Equipment, Net (10,809) (89,172)
-------------- --------------
Net Cash Provided From
(Used For) Investing Activities $ (386,416) $ 1,648,380
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest Credited To
Dep. Accts., Excl. Escrow Accts. 1,281,621 1,268,046
Net Other (Decrease)
Increase in Deposits (1,054,474) 54,267
Payments On Advances
From Federal Home Loan Bank (20,152,184) (28,952,052)
Proceeds From Advances
From Federal Home Loan Bank 22,000,000 24,600,000
Proceeds From Exercise
of Stock Options 8,000 48,352
Dividends Paid on Common Stock (145,376) (94,155)
-------------- --------------
Net Cash (Used For)
Provided From Financing $ 1,937,587 (3,075,542)
Net Increase (Decrease)
In Cash Equivalents (1,203,146) (596,733)
Cash and Cash Equivalents
At Beginning Of Period 1,373,763 1,289,525
-------------- --------------
Cash and Cash Equivalents
At End of Period $ 170,617 $ 692,792
============== ==============
</TABLE>
<PAGE>
<PAGE>
ES&L BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation:
The consolidated financial statements include the accounts
of the Corporation and its wholly-owned subsidiary, Elmira
Savings and Loan, F.A. (the Bank), as well as the Bank's wholly
owned subsidiaries, Brilie Corporation (d/b/a ES&L Financial
Services and ES&L Appraisal Services) and ES&L Mortgage
Corporation (d/b/a Cayuga Mortgage Company). All significant
inter-company accounts have been eliminated.
The consolidated financial statements for the three months
ending September 30, 1996 and 1995 are unaudited and do not
include information or footnotes necessary for a complete
presentation of financial condition and results of operations and
changes in cash flows in conformity with generally accepted
accounting principles, but reflect, in the opinion of management,
all adjustments, consisting of normal recurring accruals,
necessary to present fairly these consolidated financial
statements. The results for the three months ending September
30, 1996 are not necessarily indicative of the results to be
expected for the entire fiscal year ending June 30, 1997.
2. Net Income Per Common Share:
Net income per common share is based on the weighted average
total shares outstanding during the respective periods. Weighted
average total shares outstanding for the periods included herein
are as follows:
Sept. 30, 1996 Sept. 30, 1995
Three Months Ended 846,888 845,388
The average total shares outstanding for the three months
ending September 30, 1995 have been adjusted to reflect the
Corporation's 3 for 2 stock split, effective August 23, 1996.
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL:
ES&L Bancorp, Inc., (the "Corporation") is a Delaware
Corporation whose primary asset is the stock of Elmira Savings &
Loan, F.A.(the "Bank"). The Bank, a federally chartered savings
association,founded in 1888, operates through one office located
in Elmira, New York.
The Corporation, through the Bank, is primarily engaged in the
business of accepting deposits from the general public and
originating loans secured by residential real estate. The Bank
also engages in commercial real estate lending in its primary
market area and, to a lesser extent, consumer lending and invests
in government, federal agency obligations, and high grade
corporate debt securities.
The Bank's operations include two wholly-owned subsidiaries,
Brilie Corporation (d/b/a ES&L Financial Services and ES&L
Appraisal Services) and ES&L Mortgage Corporation (d/b/a Cayuga
Mortgage Company). Brilie Corporation is a provider of appraisal
services and nontraditional investment and insurance products to
the Bank's customers and the general public. The investment
products, which include life insurance and annuity contracts,
health insurance and mutual funds, are offered under an agency
relationship with major insurance companies and third party
mutual funds providers. ES&L Mortgage Corporation is engaged in
mortgage banking activities through the origination of mortgage
loans for sale to investors, one of whom is the Bank.
FINANCIAL CONDITION:
The Corporation's total assets were $142,776,956 at
September 30, 1996, an increase of $2,638,438, or 1.88% since the
July 1, 1996 beginning of the 1997 fiscal year. The increase is
mostly reflected by a $3,462,963, or 2.85%, increase in net loans
receivable. Net loans receivable were $121,636,011 and
$125,098,974 at July 1, 1996 and September 30, 1996,
respectively. This increase was substantially funded by a
$1,203,146 decrease in cash and cash equivalents and a $1,847,816
increase in advances from the Federal Home Loan Bank. Total
shareholders' equity increased from $12,912,145 at July 1, 1996
to $13,200,450 at September 30, 1996.
RESULTS OF OPERATIONS: QUARTER ENDING SEPTEMBER 30, 1996
AND SEPTEMBER 30, 1995.
Net interest income for the quarter ending September 30,
1996 was $1,380,535, an increase of $136,779, or 11.00%, compared
to $1,243,756 recorded during the quarter ending September 30,
1995.
<PAGE>
The Corporation earned interest income totalling $2,926,958
during the September 1996 quarter. This represents an increase
of $116,849, or 4.16%, over the $2,810,109 earned in the
comparative quarter. The majority of the Corporation's interest
income is earned on its loan portfolio. The average balance of
this portfolio was $130.2 million during the September 1996
quarter, compared to $123.7 million during the September 1995
quarter. This volume increase was largely responsible for an
overall increase in interest income earned on the portfolio
during the current quarter. For the three months ending
September 30, 1996 interest earned from the loan portfolio
totalled $2,800,742, an increase of $138,168, or 5.19%, compared
to $2,662,574 earned during the same quarter a year ago. The
average balance of the Corporation's mortgage backed securities
portfolio decreased to $2.2 million during the September 1996
quarter compared to $2.7 million a year ago, while the yield has
decreased from 7.89% to 7.08%. This decrease in both the average
balance and average yield prompted a $14,004 reduction in
interest income earned from the portfolio to $39,115 for the
quarter ending September 30, 1996.
Interest paid by the Corporation for deposits and borrowings
decreased by $19,930, or 1.27%, to $1,546,423 for the quarter
ending September 30, 1996, compared to $1,566,353 for the quarter
ending September 30, 1995. Despite an increase in the average
balance of deposits outstanding, from $105.5 million for the
quarter ending September 30, 1995 to $109.5 million for the
quarter ending September 30, 1996, interest expense paid to
depositors decreased slightly to $1,282,370 for the current
quarter, compared to $1,283,684 for the same quarter a year ago.
The small decrease, despite the increase in deposit balances,
results from an 18 basis point decline in the average cost of
deposits, from 4.87% to 4.69% for the quarters ending September
30, 1995 and 1996, respectively. A 35 basis point reduction in
the average cost of the Corporation's Federal Home Loan Bank
advances also prompted a reduction in interest expense. For the
quarter ending September 30, 1996, interest paid on the
borrowings totalled $264,053, a decrease of $18,616, or 6.59%,
compared $282,669 the year earlier. During the two comparative
quarters, the average balance of advances outstanding were nearly
equal, with $18.8 million (costing 5.62%) outstanding at
September 30, 1996 and 19.0 million (costing 5.97%) outstanding
for the quarter ending September 30, 1995.
Other income earned by the Corporation increased by
$145,902, or 83.45%, to $320,748 for the quarter ending September
30, 1996, compared to $174,846 during the comparable period.
Gains on the sale of mortgages increased by $55,007 to $95,398
for the current quarter, compared to $40,391 for the same quarter
a year ago. The current period income includes $68,300 which was
generated as a result of an accounting change mandated by the
Financial Accounting Standards Board in recognition of mortgage
servicing rights of loans sold by the Corporation. The
<PAGE>
accounting change (FASB 122) became effective for the Corporation
at the beginning of its 1997 fiscal year, and therefore no
comparable income is included during the September 1995 quarter.
Income from loan servicing was $85,370 for the quarter ending
September 30, 1996, an increase of $11,215, or 15.12%, over the
$74,155 recorded during the comparable quarter. The average
balance of mortgages serviced by the Corporation, for which it
was paid a servicing fee, was higher during the September 1996
quarter than during the comparable quarter. Income from the
Corporation's unconsolidated land development joint venture
totalled $12,000 during the three months ended September 30,
1996. No income was earned from the operation during the
comparable 1995 period. Income from this joint venture is earned
as lot sales occur from real property owned by the partnership.
No lot sales occurred during the September 1995 quarter. The
Corporation's other operating income increased by $66,128 to
$96,516 during the September 1996 quarter, compared to $30,388
during the same quarter a year ago. The increase results
primarily from two items: $27,842 earned by the Corporation's
mortgage banking subsidiary, ES&L Mortgage Corporation, and a
$35,000 settlement of a deficiency judgment the Corporation had
obtained in a foreclosure action dating back to 1989.
Total other expenses of the Corporation incurred during the
September 1996 quarter were $1,483,235, more than double the
$724,049 incurred during the comparable September 1995 quarter.
The majority of the overall increase results from a one time
federal deposit insurance special assessment, as part of the
enactment of federal legislation to recapitalize the Savings
Association Insurance Fund. The assessment was charged to all
those institutions, including Elmira Savings & Loan, F.A., whose
deposits are insured by this Fund. During the September 1996
quarter the Bank recorded expenses totalling $729,211 related to
federal deposit insurance expense. This expense exceeded the
comparable September 1995 quarter by $661,509, of which $657,000
was directly related to the special assessment. As part of the
legislation, the Bank's future insurance premiums will be reduced
from $0.230 per hundred of deposits to $0.064 per hundred.
Management expects the reduction in future premiums to allow it
to recapture the one time assessment over the next several years,
but more importantly, to reduce its deposit insurance costs to a
level more in line with its competitors, the majority of whose
deposits are insured by the Bank Insurance Fund (BIF). Presently
BIF charges it members virtually no premium. Employee
compensation and benefit expense was $480,754, for the quarter
ending September 30, 1996, an increase of $52,862, or 12.35%,
over the $427,892 recorded during the comparable quarter. The
majority of the increase results from normal salary adjustments,
in addition to increased benefit expenses, some of which are
directly related to salary levels. The Corporation's office
occupancy and equipment expense decreased by $16,324 to $116,082
for the quarter ending September 30, 1996, compared to $132,406
for the comparable 1995 period. The decrease is a result of a
<PAGE>
$15,800 reduction in service fees incurred by the Corporation.
Other expenses incurred by the Corporation during the September
1996 quarter totalled $157,188, an increase of $61,139, or
63.65%, compared to $96,049 during the comparable 1995 quarter.
The majority of the increase, approximately $41,000, is directly
related to increased expenses related to mortgage banking
operations, including approximately $16,500 related to the
purchase of loans originated by PACE Funding, ES&L Mortgage
Corporation's unconsolidated mortgage banking partnership.
The Corporation's income tax benefit for the quarter ending
September 30, 1996 was $206,518 compared to an income tax
provision of $273,390 for the quarter ending September 30, 1995.
The Corporation's income tax provision for the quarter ending
September 30, 1996 differs from the anticipated tax calculated at
the statutory rate due to an adjustment which resulted from
management's performance of an extensive study of all income tax
liabilities. This analysis resulted in a change in the
Corporation's estimated income tax liability. Accordingly, the
liability was reduced by approximately $270,000, resulting in an
income tax benefit of a similar amount. This change in estimate
explains $270,000 of the difference between the income tax
benefit of $206,518 for the quarter ending September 30, 1996 and
the income tax provision for the quarter ending September 30,
1995. Additionally, certain tax credits for the quarter ending
September 30, 1996 exceeded tax credits for the quarter ending
September 30, 1995 by approximately $15,000, thereby reducing the
1996 provision by a similar amount. The remaining difference of
approximately $195,000 is essentially the result of a decrease in
income before taxes of $476,505 for the quarter ending September
30, 1996.
<PAGE>
ELMIRA SAVINGS & LOAN, F.A.
NON-PERFORMING LOANS
Loans are reviewed on a monthly basis and are placed on
non-accrual status when the opinion of management, the collection
of additional interest is doubtful. Residential and commercial
mortgage loans are generally placed on non-accrual when either
principal or interest is more than 90 days past due. Interest
accrued and unpaid at the time a loan is placed on non-accrual
status is charged again interest income. Subsequent payments are
either applied to the outstanding principal balance or recorded
as interest income, depending on the assessment ultimate
collectibility of the loan. Consumer loans are generally charged
off or before the loan becomes 120 days delinquent, although
collection efforts continue.
The following table sets forth information with respect to
the Association's non-performing assets at June 30, 1996 and
September 30, 1996, respectively:
<TABLE>
<CAPTION>
09-30-96 06-30-96
<S> <C> <C>
Loans accounted for on a
non-accrual basis:
Real Estate:
Residential 170,066.95 176,550.48
Commercial 0.00 0.00
Consumer/Home Equity 47,008.16 46,103.24
Commercial(Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 0.00 0.00
Other 0.00 0.00
Total 217,075.11 222,653.72
Accuring loans which are
contractually past due
90 days or more:
Real Estate:
Residential 115,407.24 70,368.27
Commercial 0.00 0.00
Consumer/Home Equity 0.00 0.00
Commercial (Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 9,961.83 9,862.24
Other 0.00 0.00
Total 125,369.17 80,230.51
Total of non-accrual &
90 days past due loans 342,444.28 302,884.23
Percentage of total loans 0.26% .24%
Other non-performing
assets 72,967.95 90,815.36
</TABLE>
<PAGE>
ELMIRA SAVINGS & LOAN, F.A.
RISK BASED CAPITAL CALCULATION
<TABLE>
The table below presents the Association's capital position
relative to its various minimum statutory and regulatory
requirements at September 30, 1996 and June 30, 1996 respectively:
<CAPTION>
09-30-96 06-30-96
PERCENT PERCENT
OF OF
AMOUNT ASSETS (1) AMOUNT ASSETS (1)
<S> <C> <C> <C> <C>
Tangible Capital 11,854,060.92 8.33% 12,228,068.56 8.75%
Tangible Capital
Requirement 2,135,095.12 1.50% 2,095,553.39 1.50%
Excess 9,718,965,80 6.91% 10,132,515.17 7.25%
Core Capital 11,854,060.92 8.33% 12,228,068.56 8.75%
Core Capital
Requirement 4,270,190.24 3.00% 4,191,106.79 3.00%
Excess 7,583,870.68 5.33% 8,036,961.17 5.75%
Core and
Supplementary
Capital 13,029,481.61 13.88% 13,380,818.51 14.55%
Current
Risk-Based Capital
Requirement. 7,509,984.68 8.00% 7,355,357.17 8.00%
Excess 5,519,496.93 5.88% 6,025,461.34 6.55%
<FN>
(1) Based upon tangible assets for purposes of the tangible
capital and core capital requirements and risk-weighted assets
for purpose of the risk-based capital requirement.
</TABLE>
<TABLE>
<CAPTION>
09-30-96 06-30-96
<S> <C> <C>
Tangible Assets - 143,339,674.80 139,703,559.53
Risk Weighted Assets - 93,874,808.45 91,941,964.70
</TABLE>
<PAGE>
ES&L BANCORP, INC.
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings
Not Applicable
Item 2 - Changes in Securities
Not Applicable
Item 3 - Defaults Upon Senior Securities
Not Applicable
Item 4 - Submission of Matters to a Vote of Security-Holders.
Not Applicable
Item 5 - Other Information
On October 15, 1996, the Board of Directors of ES&L Bancorp,
Inc. declared a cash dividend of $0.17 per share. The total of
dividends to be paid will be $143,845. The dividend will be paid
on November 29, 1996 to stockholders of record on November 15,
1996.
Item 6 - Exhibits and Reports on Form 8-K
Not Applicable
<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.
ES&L BANCORP, INC.
s/William A. McKenzie
WILLIAM A. McKENZIE
President and Chief Executive Officer
(Duly Authorized Officer)
s/J. Michael Ervin
J. MICHAEL ERVIN
Sr. Vice President and Chief
Financial Officer
(Principal Financial Officer)
Date: November 14, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-30-1996
<CASH> 170617
<SECURITIES> 6321651
<RECEIVABLES> 129788682
<ALLOWANCES> (1431582)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3087819
<DEPRECIATION> 0
<TOTAL-ASSETS> 142776956
<CURRENT-LIABILITIES> 129576506
<BONDS> 0
0
0
<COMMON> 8519
<OTHER-SE> 13191931
<TOTAL-LIABILITY-AND-EQUITY> 142776956
<SALES> 0
<TOTAL-REVENUES> 3247706
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1483235
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1546423
<INCOME-PRETAX> 218048
<INCOME-TAX> (206518)
<INCOME-CONTINUING> 424566
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 424566
<EPS-PRIMARY> .5
<EPS-DILUTED> .5
</TABLE>
