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Previous: TUDOR FUND FOR EMPLOYEES LP, 10-Q, 1998-08-12 |
Next: UNITED INVESTORS GROWTH PROPERTIES II, 10QSB, 1998-08-12 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
-------------------------
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 000-22747
-----------
Second National Financial Corporation
- -------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Virginia 54-1542438
- ------------------------------------ -------------------
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
102 South Main Street, Culpeper, Virginia 22701
- -------------------------------------------- ------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) 540-825-4800
--------------
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 report(s), 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 July 31, 1998:
Common Stock, $2.50 par value 1,502,749
- ----------------------------- ----------------
Class Number of Shares
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION
INDEX
PART I - FINANCIAL INFORMATION
Page No.
ITEM 1 Consolidated Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Income 4-5
Consolidated Statements of Changes in Stockholders' Equity 6
Consolidated Statements of Cash Flows 7
Notes to Financial Statements 8-9
ITEM 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations 10-12
PART II - OTHER INFORMATION
ITEM 1 Legal Proceedings 13
ITEM 2 Change in Securities 13
ITEM 3 Defaults Upon Senior Securities 13
ITEM 4 Submission of Matters to a Vote of Security Holders 13
ITEM 5 Other Information 13
ITEM 6 Exhibits and Reports on Form 8-K 13
SIGNATURES 14
-2-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(000 OMITTED)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1998 1997
---------- -------------
<S><C>
ASSETS (unaudited)
Cash and due from depository institutions (non-interest bearing deposits) $ 7,773 $ 6,546
Securities held to maturity (market value, 1998 - $17,415; 1997 - $14,765) 16,946 14,265
Securities held for sale (market value, 1998 - $67,018; 1997 - $63,790) 67,018 63,790
Federal funds sold 4,038 475
Loans receivable - net 131,871 129,352
Bank premises and equipment 5,398 4,988
Other real estate owned 52 -
Other assets 3,011 2,654
-------- --------
Total Assets $236,107 $222,070
======== ========
LIABILITIES
Deposits
Non-interest bearing $ 32,455 $ 24,499
Interest bearing 166,781 160,106
-------- --------
Total Deposits 199,236 184,605
Repurchase agreements 1,033 3,301
Short-term borrowings 4,331 3,838
Other liabilities 1,446 1,431
-------- --------
Total Liabilities 206,046 193,175
-------- --------
STOCKHOLDERS' EQUITY
Preferred stock, no par value; (Authorized 1,000,000 shares, no
shares outstanding) - -
Common stock par value $2.50 per share; (Authorized 3,000,000
shares; issued and outstanding 1,502,749 shares 1998;
1,500,529 shares 1997) 3,762 3,751
Capital surplus 1,459 1,309
Retained earnings 24,751 23,730
Accumulated other comprehensive income 89 105
-------- --------
Total Stockholders' Equity 30,061 28,895
-------- --------
Total Liabilities and Stockholders' Equity $236,107 $222,070
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
-3-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(000 OMITTED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30,
1998 1997
----------- -----------
(unaudited) (unaudited)
<S><C>
Interest Income
Interest and fees on loans $2,948 $2,601
Interest income on securities:
Taxable interest income 959 1,027
Interest income exempt from federal taxes 240 171
Dividends 7 8
Interest on federal funds sold 51 31
------ ------
Total Interest Income 4,205 3,838
------ ------
Interest Expense
Interest on deposits 1,773 1,642
Interest on short-term borrowings 55 56
------ ------
Total Interest Expense 1,828 1,698
------ ------
Net Interest Income 2,377 2,140
Less: Provision for loan losses 75 19
------ ------
Net Interest Income After Provision for Loan Losses 2,302 2,121
Noninterest Income
Commissions and fees from fiduciary activities 122 86
Service charges on deposit accounts 206 187
Mortgage banking and other loan fees 164 50
Other operating income 115 25
------ ------
Total Noninterest Income 607 348
------ ------
Noninterest Expense
Salaries and employee benefits 883 703
Net occupancy expense of premises 223 200
Computer services 57 53
Other operating expenses 460 332
------ ------
Total Noninterest Expense 1,623 1,288
------ ------
Income Before Income Tax Expense 1,286 1,181
Income tax expense 384 341
------ ------
Net Income $ 902 $ 840
====== ======
Earnings per Share, basic and
assuming dilution $ 0.60 $ 0.56
====== ======
Dividends per share $ 0.24 $ 0.22
====== ======
</TABLE>
See accompanying notes to consolidated financial statements.
-4-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(000 OMITTED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1998 1997
----------- -----------
(unaudited) (unaudited)
<S><C>
Interest Income
Interest and fees on loans $5,848 $5,033
Interest income from depository institutions - 13
Interest income on securities:
Taxable interest income 1,890 2,023
Interest income exempt from federal taxes 418 344
Dividends 9 13
Interest on federal funds sold 133 77
------ ------
Total Interest Income 8,298 7,503
------ ------
Interest Expense
Interest on deposits 3,511 3,243
Interest on short-term borrowings 112 104
------ ------
Total Interest Expense 3,623 3,347
------ ------
Net Interest Income 4,675 4,156
Less: Provision for loan losses 150 38
------ ------
Net Interest Income After Provision for Loan Losses 4,525 4,118
Noninterest Income
Commissions and fees from fiduciary activities 242 172
Service charges on deposit accounts 390 361
Mortgage banking and other loan fees 275 87
Other operating income 188 59
------ ------
Total Noninterest Income 1,095 679
------ ------
Noninterest Expense
Salaries and employee benefits 1,738 1,434
Net occupancy expense of premises 442 402
Computer services 138 106
Other operating expenses 845 643
------ ------
Total Noninterest Expense 3,163 2,585
------ ------
Income Before Income Tax Expense 2,457 2,212
Income tax expense 715 631
------ ------
Net Income $1,742 $1,581
====== ======
Earnings per Share, basic and
assuming dilution $ 1.16 $ 1.06
====== ======
Dividends per share $ 0.48 $ 0.44
====== ======
</TABLE>
See accompanying notes to consolidated financial statements.
-5-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(000 OMITTED)
<TABLE>
<CAPTION>
Accumulated
Other
Common Capital Comprehensive Retained Comprehensive
Stock Surplus Income Earnings Income Total
------ ------- ------------- -------- ------------- -----
<S><C>
Balances - January 1, 1997 $3,737 $1,171 $(162) $21,829 $ - $26,575
Comprehensive Income:
Net Income - - - 1,581 1,581 1,581
Other Comprehensive Income, net of
tax:
Unrealized gains on securities
available for sale:
Unrealized holding gains arising
during the period - - - - 21 21
Less: reclassification adjustment - - - - (3) (3)
------ -------
Other Comprehensive Income, net of tax - - 18 - 18 -
------
Total Comprehensive Income - - - - $1,599 -
======
Dividend Reinvestment 21 147 - - 168
Stock Repurchases (22) (156) - - (178)
Cash Dividends - - - (656) (656)
------ ------ ----- ------- -------
Balances - June 30, 1997 $3,736 $1,162 $(144) $22,754 $27,508
====== ====== ===== ======= =======
Balances - January 1, 1998 $3,751 $1,309 $ 105 $23,730 $ - $28,895
Comprehensive Income:
Net Income - - - 1,742 1,742 1,742
Other Comprehensive Income, net of
tax:
Unrealized losses on securities
available for sale:
Unrealized holding losses arising
during the period - - - - (16) (16)
Less: reclassification adjustment - - - - - -
------ -------
Other Comprehensive Income, net of tax - - (16) - (16) -
------
Total Comprehensive Income - - - - $1,726 -
======
Dividend Reinvestment 11 150 - - 161
Cash Dividends - - - (721) (721)
------ ------ ----- ------- -------
Balances - June 30, 1998 $3,762 $1,459 $ 89 $24,751 $30,061
====== ====== ===== ======= =======
</TABLE>
See accompanying notes to consolidated financial statements.
-6-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(000 OMITTED)
<TABLE>
<CAPTION>
SIX MONTHS ENDING
JUNE 30,
1998 1997
---------- -----------
(unaudited) (unaudited)
<S><C>
OPERATING ACTIVITIES
Net income $ 1,742 $ 1,581
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for loan losses 150 38
Deferred tax expense (benefit) 8 (9)
Depreciation and amortization 298 266
Pension 3 15
Amortization (accretion) of premiums and discounts on securities (22) (39)
(Gain) loss on sale of securities - 3
Undistributed loss of subsidiary 5 15
(Increase) decrease in other assets (357) 59
Increase (decrease) in other liabilities 15 (138)
-------- --------
Net cash provided by operating activities 1,842 1,791
-------- --------
INVESTING ACTIVITIES
Proceeds from maturity of investment securities 1,200 420
Proceeds from sales of securities available for sale - 5,506
Proceeds from maturity of securities available for sale 25,767 14,279
Purchase of securities available for sale (30,020) (13,960)
Purchase of investment securities (2,878) (1,595)
Purchase of premises and equipment (696) (94)
Proceeds from sale of other real estate 60 -
Purchase of other real estate (117) -
Net increase in loans (2,664) (9,945)
-------- --------
Net cash used in investing activities (9,348) (5,389)
-------- --------
FINANCING ACTIVITIES
Net increase (decrease) in demand and savings deposits 10,095 150
Net increase in time deposits 4,536 1,051
Net increase (decrease) in repurchase agreements (268) 149
Net increase (decrease) in short-term borrowings (1,904) 497
Net increase (decrease) in master notes 397 (155)
Common stock repurchases - (178)
Common stock issued 161 168
Cash dividends paid on common stock (721) (656)
-------- --------
Net cash provided by financing activities 12,296 1,026
-------- --------
Increase (decrease) in cash and cash equivalents 4,790 (2,572)
CASH AND CASH EQUIVALENTS
Beginning of the period 7,021 9,380
-------- --------
End of the period $ 11,811 $ 6,808
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
-7-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION & SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998 AND DECEMBER 31, 1997
1. In the opinion of management, the accompanying consolidated financial
statements contain all adjustments (consisting of only normal recurring
accruals) necessary to present fairly the financial position as of June 30,
1998 and December 31, 1997, and the results of operations and cash flows
for the six months ended June 30, 1998 and 1997. The statements should be
read in conjunction with the Notes to Financial Statements included in the
Company's Annual Report for the year ended December 31, 1997.
2. The results of operations for the six month period ended June 30, 1998 and
1997 are not necessarily indicative of the results to be expected for the
full year.
3. The Corporation's securities portfolio is composed of the following (000's
omitted):
<TABLE>
<CAPTION>
Amortized Fair
Cost Value
---------------- -----------
<S><C>
Securities being Held to Maturity:
- ----------------------------------
June 30, 1998
-----------------------------
Obligations of States and Political Subdivisions $16,946 $17,415
======= =======
December 31, 1997
-----------------------------
Obligations of States and Political Subdivisions $14,265 $14,765
======= =======
Securities Available For Sale:
- ------------------------------
June 30, 1998
-----------------------------
U.S. Treasury Securities $10,467 $10,539
U.S. Government Securities 46,480 46,538
Obligations of States and Political Subdivisions 2,779 2,790
Corporate Bonds 6,012 6,005
Other Equity Securities 1,146 1,146
------- -------
$66,884 $67,018
======= =======
December 31, 1997
-----------------------------
U.S. Treasury Securities $18,946 $19,025
U.S. Government Securities 39,704 39,775
Corporate Bonds 3,502 3,511
Obligations of States and Political Subdivisions 1,009 1,009
Other Equity Securities 470 470
------- -------
$63,631 $63,790
======= =======
</TABLE>
-8-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998 AND DECEMBER 31, 1997
(000 Omitted)
4. The Corporation's loan portfolio is composed of the following:
<TABLE>
<CAPTION>
June 30, Dec. 31,
1998 1997
----------- -----------
(unaudited)
<S><C>
Real estate loans:
Construction $ 11,887 $ 10,878
Secured by farmland 486 611
Secured by 1-4 family residential 54,028 53,953
Other real estate loans 38,570 37,513
Loans to farmers (except secured by
real estate) 328 455
Commercial and industrial loans (except
those secured by real estate) 8,028 9,660
Loans to individuals for personal
expenditures 16,604 14,528
All other loans 3,566 3,204
-------- --------
133,497 130,802
Less:
Deferred loan fees (120) (89)
Allowance for loan losses (1,506) (1,361)
-------- --------
$131,871 $129,352
======== ========
</TABLE>
5. Activity in the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
June 30, Dec. 31,
1998 1997
----------- -----------
(unaudited)
<S><C>
Balance at January 1 $ 1,361 $ 1,247
Recoveries added to the allowance 10 20
Loan losses charged to the allowance (15) (31)
Provision recorded to expense 150 125
-------- --------
Balance at end of period $ 1,506 $ 1,361
======== ========
</TABLE>
6. Earnings and Dividends Paid Per Share:
The weighted average number of shares outstanding for the six month periods
ended June 30, 1998 and 1997 were 1,502,410 and 1,497,281, and for the three
month periods ended June 30, 1998 and 1997, were 1,503,469 and 1,491,774,
respectively.
-9-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
Second National Financial Corporation=s consolidated net income for the
quarter ended June 30, 1998 amounted to $902 thousand or $.60 per share,
representing a 7.4% increase over $840 thousand or $.56 per share for
the quarter ended June 30, 1997. Net income for the six month period
ended June 30, 1998 was $1.742 million or $1.16 per share, representing
a 10.21% increase over $1.581 million or $1.06 per share for the six
month period ended June 30, 1997. Premerger earnings, adjusted for
expenses of $74 thousand incurred in connection with the Company=s
pending merger with Virginia Heartland Bank, would reflect earnings
increases of 16.19% for the quarter ended June 30, 1998, and 14.86% for
the six months ended June 30, 1998, respectively.
The Company's annualized return on average equity for the quarter and
six months ended June 30, 1998 was 12.21% and 11.88%, compared to 12.48%
and 11.82% for the comparative periods in 1997. On a premerger basis,
the return on equity was 13.21% for the quarter and 12.13% for the six
month period. The Company=s annualized return on average assets for the
quarter and six months ended June 30, 1998 was 1.57% and 1.54%, compared
to 1.62% and 1.53% for the comparative periods in 1997. On a premerger
basis, the return on assets was 1.70% for the quarter and 1.60% for the
six month period ended June 30, 1998.
Net interest income, the Company's primary source of earnings, increased
$519 thousand or 12.48% to $4.675 million. This improvement can be
attributed to an increase in the net interest margin to 4.60% for the
six months ended June 30, 1998, compared to 4.52% for the six months ended
June 30, 1997, coupled with an increase in average earning assets of
$21.187 million to $218,482,487 at June 30, 1998, an increase of 10.74%
over $197,295,415 at June 30, 1997.
Noninterest income increased $416 thousand to $1.095 million for the six
months ended June 30, 1998, an improvement of 61.27% over the
comparative period in 1997. Fees from trust services, brokerage services
and mortgage banking operations accounted for much of the increase. Loan
originations through the mortgage division increased to $11.179 million
during the quarter ended June 30, 1998, an increase of $6.821 million
from the $4.358 million originated in the quarter ended June 30, 1997.
Operating expenses increased $578 thousand or 22.36% to $3.163 million
for the six months ended June 30, 1998, with increases in compensation
expense and occupancy expense associated with the new Harrisonburg
branch and merger costs of $74 thousand accounting for much of this
increase.
Assets of the Company increased to $236,106,772 at June 30, 1998, an
increase of $26.1 million or 12.43% from June 30, 1997 assets of
$209,961,096, and an increase of $14.0 million or 6.30% from December
31, 1997. Deposits increased to $199,235,532, an increase of $14.6
million or 7.92% from $184,604,834 at December 31, 1997.
-10-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Company maintains a strong capital base which provides the resource
and ability to support the assets of the Company and provide capital for
future expansion. Stockholders' equity as of June 30, 1998 of $30.061
million increased $1.166 million or approximately 4.04% from $28.790
million at December 31, 1997. The Company's Tier I capital consists
primarily of common stockholder's equity. Risk weighted assets are
determined by assigning various risk levels to each asset type. The
Company's Tier 1 capital to risk weighted assets was 19.68% at June 30,
1998, compared to 21.57% at December 31, 1997, placing the Company's in
a well capitalized position as defined by regulators.
Liquidity is identified as the ability to generate or acquire sufficient
amounts of cash when needed and at reasonable cost to accommodate
withdrawals, payments of debt, and increased loan demand. These events
may occur daily or other short-term intervals in the normal operation of
the business. Experience helps management predict time cycles in the
amount of cash required. In assessing liquidity, management gives
consideration to relevant factors including stability of deposits,
quality of assets, economy of market served, concentrations of business
and industry, competition, and the Company's overall financial
condition. The Company's primary sources of liquidity are cash, due from
banks, fed funds sold and securities in our available for sale
portfolio. In addition, the Bank has substantial lines of credit from
its correspondent banks and access to the Federal Reserve discount
window and Federal Home Loan Bank to support liquidity.
The Company has no brokered deposits. Certificates of deposit in
denominations of $100 thousand or more represent 9.45% of total deposits
primarily from established core depositors.
In the judgment of management, the Company maintains the ability to
generate sufficient amounts of cash to cover normal requirements and any
additional needs which may arise.
Asset Quality
The adequacy of the allowance for loan losses is reviewed quarterly by
management based on an evaluation of the collectibility of the loan
portfolio, credit concentrations, trends in historical loss experience,
specific impaired loans, and economic conditions.
Nonperforming loans amounted to $544 thousand or .23% of assets at June
30, 1998, compared to $516 thousand or .23% of assets at December 31,
1997. The Company recorded a provision for loan losses of $150 thousand
for the six months ended June 30, 1998, compared to $38 thousand for the
six months ended June 30, 1997. The allowance for loan losses at June
30, 1998 amounted to $1.506 million compared to $1.361 million at
December 31, 1997. The allowance for loan losses represents 277% of
nonperforming assets and 1.13% of gross loans receivable at June 30,
1998.
-11-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
New Accounting Pronouncements
In June 1997, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards No. 131 (SFAS 131), "Disclosures about
Segments of an Enterprise and Related Information". SFAS 131 requires that a
public business enterprise report financial and descriptive information about
its reportable operating segments. SFAS 131 is effective for fiscal years
beginning after December 15, 1997. Adoption of this statement will not impact
the Company's consolidated financial position, results of operations or cash
flows, but will be limited to the form and content of disclosures.
Effects of Inflation
The effect of changing prices on financial institutions is typically
different from other industries as the Company's assets and liabilities
are monetary in nature. Interest rates and thus the Company=s asset
liability management is impacted by changes in inflation, but there is
not a direct correlation between the two measures. Management monitors
the impact of inflation on the financial markets.
Forward Looking Statements
The statements contained in this report that are not historical facts
may be forward looking statements. The forward-looking statements are
subject to certain risks and uncertainties which could cause actual
results to differ materially from historical results or those
anticipated. Readers are cautioned not to place undue reliance on these
forward-looking statements.
-12-
<PAGE>
SECOND NATIONAL FINANCIAL CORPORATION
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no material legal proceedings to which the Registrant or any
of its subsidiaries, directors, or officers is a party or by which
they, or any of them, are threatened. Any legal proceeding presently
pending or threatened against Second National Financial Corporation and
its subsidiary are either not material in respect to the amount in
controversy or fully covered by insurance.
ITEM 2. CHANGES IN SECURITIES.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits are not applicable
(b) No Form 8-K was filed during the three month period ended June 30,
1998.
-13-
<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.
SECOND NATIONAL FINANCIAL CORPORATION
/s/ O.R. Barham, Jr.
________________________________
O.R. Barham, Jr., President
Chief Executive Officer
August 12, 1998
/s/ Jeffrey W. Farrar
________________________________
Jeffrey W. Farrar, CPA
Senior Vice President - Chief Financial Officer
August 12, 1998
-14-
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Jun-30-1998
<CASH> 7,773
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 4,038
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 67,018
<INVESTMENTS-CARRYING> 16,946
<INVESTMENTS-MARKET> 17,415
<LOANS> 133,377
<ALLOWANCE> 1,506
<TOTAL-ASSETS> 236,107
<DEPOSITS> 199,236
<SHORT-TERM> 4,331
<LIABILITIES-OTHER> 1,446
<LONG-TERM> 0
0
0
<COMMON> 3,762
<OTHER-SE> 26,299
<TOTAL-LIABILITIES-AND-EQUITY> 236,107
<INTEREST-LOAN> 5,848
<INTEREST-INVEST> 2,450
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 8,298
<INTEREST-DEPOSIT> 3,511
<INTEREST-EXPENSE> 3,623
<INTEREST-INCOME-NET> 4,675
<LOAN-LOSSES> 150
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,163
<INCOME-PRETAX> 2,457
<INCOME-PRE-EXTRAORDINARY> 2,457
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,742
<EPS-PRIMARY> 1.16
<EPS-DILUTED> 1.16
<YIELD-ACTUAL> 221,499
<LOANS-NON> 544
<LOANS-PAST> 56
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 9,212
<ALLOWANCE-OPEN> 1,361
<CHARGE-OFFS> (15)
<RECOVERIES> 10
<ALLOWANCE-CLOSE> 1,506
<ALLOWANCE-DOMESTIC> 100
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,406
</TABLE>
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