SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarterly period ended March 31, 1998
Commission File Number 33-37078
FNC BANCORP, INC.
(Exact name of Small Business Issuer
as specified in its charter)
Georgia 58-1910615
(State or other jurisdiction of (I.R.S. Employer
incorporation or Organization) Identification No.)
420 South Madison Avenue
Douglas, Georgia
(Address of principal executive offices)
(912) 384-1100
(Issuer's telephone number)
Check whether the Issuer (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
The number of shares outstanding of the Issuer's class of common stock at March
31, 1998 was 405,710 shares of common stock.
Transitional Small Business Disclosure Format (Check one): Yes No X
PAGE 1
<PAGE>
FNC BANCORP, INC.
FOR 10-QSB
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
Part I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1998
(Unaudited) and December 31, 1997 .............................. 3
Consolidated Statements of Income (Unaudited) - Three
Month Periods Ended March 31, 1998 and 1997 .................... 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Three Month Periods Ended March 31, 1998 and 1997 .............. 5
Consolidated Statements of Cash Flows (Unaudited) - Three
Month Periods Ended March 31, 1998 and 1997 .................... 6
Notes to Consolidated Financial Statements ........................ 7
Item 2. Management's Discussion and Analysis or Plan of Operation ...... 8
Part II - Other Information
Item 1. Legal Proceedings .............................................. 13
Item 2. Changes 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 ................................................................. 13
PAGE 2
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
MARCH 31, DECEMBER 31,
1998 1997
------------ ------------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks .............................................. $ 3,959,610 $ 4,924,600
Federal funds sold ................................................... 3,075,000 34,000
Securities available-for-sale ........................................ 4,750,921 6,499,422
Loans ................................................................ 32,923,563 31,679,747
Less allowance for loan losses ....................................... 1,185,621 1,159,173
------------ ------------
Loans, net ........................................................... 31,737,942 30,520,574
Premises and equipment ............................................... 1,654,862 1,655,030
Other assets ......................................................... 999,799 1,169,108
------------ ------------
Total assets ................................................ $ 46,178,134 $ 44,802,734
============ ============
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ...................................... $ 7,984,759 $ 7,708,349
Interest-bearing demand ......................................... 7,028,037 6,819,767
Savings ......................................................... 1,948,035 1,832,359
Time, $100,000 and over ......................................... 7,089,396 6,116,839
Other time ...................................................... 16,662,958 16,570,685
------------ ------------
Total deposits .............................................. 40,713,185 39,047,999
Notes payable to directors ........................................... 500,000 500,000
Federal funds purchased .............................................. 0 430,000
Advances from Federal Home Loan Bank ................................. 1,075,000 1,075,000
Other ................................................................ 472,969 466,537
------------ ------------
Total liabilities ........................................... 42,761,154 41,519,536
------------ ------------
Commitments and contingent liabilities
Stockholders' equity
Preferred stock, 10,000,000 shares authorized,
no shares issued
Common stock, par value $1; 10,000,000 shares
Authorized, 405,710 shares issued and
Outstanding ................................................. 405,710 405,710
Capital surplus ................................................. 3,610,541 3,610,541
Retained deficit ................................................ (609,271) (743,019)
Unrealized gains on available-for-sale securities,
Net of applicable deferred income taxes ..................... 10,000 9,966
------------ ------------
Total stockholders' equity .................................. 3,416,980 3,283,198
------------ ------------
Total liabilities and stockholders equity ................... $ 46,178,134 $ 44,802,734
============ ============
PAGE 3
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1998 1997
---------- ----------
<S> <C> <C>
Interest income
Loans ............................................................... $ 832,576 $ 596,095
Taxable securities .................................................. 87,712 121,288
Federal funds sold .................................................. 21,836 57,886
---------- ----------
Total interest income ........................................... 942,124 775,269
Interest expense
Deposits ............................................................ 380,339 389,719
Federal funds purchased ............................................. 2,282 0
Advances from FHLB .................................................. 15,248 25,317
Stockholder loan .................................................... 9,375 9,375
---------- ----------
Total interest expense .......................................... 407,244 424,411
Net interest income ............................................. 534,880 350,858
Provision for loan losses ................................................ 0 30,450
---------- ----------
Net interest income after
provision for loan losses .................................... 534,880 320,408
Other income
Service charges on
deposit accounts ................................................. 91,328 81,758
Insurance commissions ............................................... 3,268 1,165
Mortgage origination income ......................................... 13,007 4,234
Gain (loss) on sale of securities ................................... 0 128
Other operating income .............................................. 14,617 24,395
----------- ----------
Total other income .............................................. 122,220 111,680
Other expenses
Salaries and employee benefits ...................................... 237,597 196,251
Equipment expenses .................................................. 30,648 30,316
Occupancy expenses .................................................. 22,147 20,875
Advertising ......................................................... 6,333 7,931
Data Processing ..................................................... 23,494 15,535
Printing and office supplies ........................................ 19,369 13,713
Other operating income .............................................. 115,063 102,224
----------- ----------
Total other expenses ............................................ 454,651 386,845
Income (loss) before income
taxes (benefits) ................................................ 202,449 45,243
Income tax expense (benefit) ............................................. 68,701 13,513
----------- ----------
Net income (loss) ...............................................$ 133,748 $ 31,730
=========== ==========
Earnings (loss) per common and common
equivalent share ................................................$ 0.33 $ .08
=========== ==========
PAGE 4
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
<CAPTION>
UNREALIZED
GAINS ON
SECURITIES
COMMON STOCK ADDITIONAL RETAINED AVAILABLE-
NUMBER OF PAR PAID IN EARNINGS FOR-SALE
SHARES VALUE CAPITAL (DEFICIT) NET OF TAX TOTAL
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Balance,
December 31, 1996 . 405,710 $ 405,710 $ 3,610,541 $(1,084,329) $ 1,650 $ 2,933,572
Net income (loss) . 0 0 0 31,730 0 31,730
Net change in unrealized
losses on securities
available-for-sale,
net of tax ..... 0 0 0 0 (27,337) (27,337)
----------- ----------- ----------- ----------- ----------- ------------
Balance,
March 31, 1997
(unaudited) ....... 405,710 $ 405,710 $ 3,610,541 $(1,052,599) $ (25,687) $ 2,937,965
=========== =========== =========== =========== =========== ============
Balance,
December 31, 1997 . 405,710 $ 405,710 $ 3,610,541 $ (743,019) $ 9,966 $ 3,283,198
Net income (loss) . 0 0 0 133,748 0 133,748
Net change in unrealized
losses on securities
available-for-sale,
net of tax ..... 0 0 0 0 34 34
----------- ----------- ----------- ----------- ----------- ------------
Balance,
March 31, 1998
(unaudited) ....... 405,710 $ 405,710 $ 3,610,541 $ (609,271) $ 10,000 $ 3,416,980
=========== =========== =========== =========== =========== ============
PAGE 5
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1998 1997
----------- ----------- ----
<S> <C> <C>
Operating Activities:
Net Income (Loss) ...................................................... $ 133,748 $ 31,730
Adjustments to reconcile net income or loss to net cash
provided by operating activities:
Depreciation ......................................................... 32,503 32,349
Deferred income taxes (benefit) ...................................... 72,400 13,513
(Gain) Loss on sale of securities .................................... 0 (128)
Provision for loan losses ............................................ 0 30,450
Securities (accretion) amortization .................................. (1,499) (4,215)
Change in assets and liabilities:
(Increase) Decrease in accrued interest receivable ................... 86,287 249,059
Increase (Decrease) in accrued interest payable ..................... (40,763) (109,088)
(Increase) Decrease in other assets .................................. 10,656 (83,802)
Increase (Decrease) in other liabilities ............................. 47,195 (52,266)
----------- -----------
Net cash provided (used) by operating activities ....................... 340,527 107,602
----------- -----------
Investing Activities:
Capital expenditures ................................................. (32,335) (59,528)
Net (increase) decrease in loans ..................................... (1,217,368) 2,468,465
Proceeds from maturity of available-for-sale securities .............. 1,750,000 1,500,000
Purchase of available-for-sale securities ............................ 0 (1,522,113)
(Increase) decrease in Federal funds sold ............................ (3,041,000) 2,156,000
Increase (decrease) in Federal funds purchased ....................... (430,000) 0
Net cash provided (used) by operating activities ....................... (2,970,703) 4,542,824
------------ -----------
Financing Activities:
Increase (Decrease) in time deposits ................................. 1,064,830 (1,283,620)
Increase (Decrease) in other deposits ................................ 600,356 (2,822,770)
Repayment of advances from Federal Home Loan Bank .................... 0 (1,000,000)
------------ -----------
Net cash provided (used) by financing activities ....................... 1,665,186 (5,106,390)
------------ -----------
Net increase (decrease) in cash and cash equivalents ...................... (964,990) (455,964)
Cash and Cash Equivalents at Beginning of Year ............................ 4,924,600 4,917,622
------------ -----------
Cash and Cash Equivalents at End of Year ..................................$ 3,959,610 $ 4,461,658
============ ===========
Supplemental Disclosures of Cash Flow Information Cash paid (received)during the
year for:
Interest ............................................................... 448,007 533,499
Income taxes ........................................................... 0 0
Schedule of Non-Cash Investing and Financing Activities
Total increase (decrease) in unrealized (losses) gains on
Securities available-for-sale .......................................... 34 41,419
</TABLE>
PAGE 6
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation
The accompanying unaudited 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. 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 three months ended March 31, 1998 are not necessarily indicative
of the results that may be expected for the year ending December 31, 1998. For
further information, refer to the consolidated financial statements and
footnotes there to included in the Company's annual report to stockholders for
the year ended December 31, 1997.
PAGE 7
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation
Results of Operations
The Company, including the operations of its subsidiary, reported a consolidated
net income of $133,748 for the three months ended March 31, 1998 compared to
$31,730 for the three months ended March 31, 1997. Net interest income after
provision for loan losses was $534,880 and $320,408 for the three months ended
March 31, 1998 and 1997, respectively. The provision for loan losses was $0 and
$30,450 for the three months ended March 31, 1998 and 1997, respectively.
Non-interest income totaled $122,220 and $111,680 for the three months ended
March 31, 1998 and 1997, respectively. Non-interest expenses totaled $454,651
and $386,845 for the three months ended March 31, 1998 and 1997, respectively.
The following table summarizes the results of operations of the Company for the
three month period ended March 31, 1998 and 1997.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1998 1997
-------- --------
(IN THOUSANDS)
<S> <C> <C>
Interest income ..................................................... $ 942 $ 775
Interest expense .................................................... (407) (424)
-------- --------
Net interest income ................................................. 535 351
Provision for loan losses ........................................... (0) (30)
Noninterest income .................................................. 122 112
Noninterest expense ................................................. (455) (387)
-------- --------
Income (loss) before taxes .......................................... 202 45
Income (taxes) benefit .............................................. (69) (13)
-------- --------
Net income (loss) ................................................... $ 134 $ 32
======== ========
Interest Income
Total interest income increased approximately $167,000 for the three months
ended March 31, 1998 compared to the three months ended March 31, 1997.
This increase was from the effect of a increase in the average loan portfolio
balance from approximately $25.2 million for the three months ended March 31,
1997 to approximately $33.4 million for the three months ended March 31, 1998.
The effect of this change increased interest income earned on the loan portfolio
from approximately $596,000 for the three months ended March 31, 1997 to
approximately $833,000 for the three months ended March 31, 1998, an increase of
$237,000.
Interest earned on taxable investment securities decreased from approximately
$179,000 for the three months ended March 31, 1997 to approximately $109,000 for
the three months ended March 31, 1998, a decrease of $70,000. This decrease was
from the effect of a decrease in the average taxable investment portfolio
balance from approximately $12.5 million for the three months ended March 31,
1997 to approximately $8.6 million for the three months ended March 31, 1998.
PAGE 8
<PAGE>
Interest earned on federal funds sold decreased from approximately $58,000 for
the three months ended March 31, 1997 to approximately $22,000 for the three
months ended March 31, 1998, a decrease of $36,000. This decrease was from the
effect of a decrease in the average federal funds sold balance from
approximately $4.3 million for the three months ended March 31, 1997 to
approximately $1.7 million for the three months ended March 31, 1998.
Interest Expense
Total interest expense decreased approximately $17,000 for the three months
ended March 31, 1998 compared to the three months ended March 31, 1997. This
decrease is attributed to the factors explained in the following information.
This decrease was the effect of a decrease in the average rate paid on
interest-bearing deposits from 4.99% for the three months ended March 31, 1997
to 4.82% for the three months ended March 31, 1998. Interest expense on
interest-bearing deposits decreased from approximately $390,000 for the quarter
ended March 31, 1997 to approximately $383,000 for the quarter ended March 31,
1998, a decrease of $17,000.
At March 31, 1998, the Bank had advances from the Federal Home Loan Bank of
$1,075,000 at an average rate of 5.96%. Interest expense incurred for the three
months ended March 31, 1998 totaled approximately $15,000 and approximately
$25,000 for the three months ended March 31, 1997.
The Company also had interest expense during the nine months ended March 31,
1998 of approximately $9,000 on notes payable to directors in the amount of
$500,000. The rate of interest is prime less 1% which resulted in a rate during
the period of 7.5%. During 1996, the Company made a capital contribution to the
Bank in the amount of $1 million and the loans from directors were to partially
fund this additional capital contribution.
Noninterest Income
The following table presents the principal components of noninterest income for
the three month periods ended March 31, 1998 and 1997.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1998 1997
------ ------
<S> <C> <C>
Service charges on deposit accounts ............................................. $ 91 $ 82
Insurance Commissions ........................................................... 3 1
Mortgage origination income ..................................................... 13 4
Gain (loss) on sale of securities ............................................... 0 0
Other operating income .......................................................... 15 24
------ ------
Total noninterest income .................................................. $ 122 $ 112
====== ======
PAGE 9
<PAGE>
Service charges on deposit accounts for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997, increased approximately
$9,000. This increase was related primarily to a increase in NSF fees and
transaction deposit account activity. All other income totaled approximately
$31,000 and $29,000 for the three months ended March 31, 1998 and 1997,
respectively.
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the three month periods ended March 31, 1998 and 1997.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1998 1997
------ ------
<S> <C> <C>
Salaries and employee benefits .................................................. $ 238 $ 196
Equipment expenses .............................................................. 31 30
Occupancy expenses .............................................................. 22 21
Advertising ..................................................................... 6 8
Data processing ................................................................. 24 16
Printing and office supplies .................................................... 19 14
Other operating expenses ........................................................ 115 102
------ ------
Total noninterest expense .............................................. $ 455 $ 387
====== ======
Noninterest expenses for the three months ended March 31, 1998 as compared to
the three months ended March 31, 1997, increased approximately $68,000. Salaries
and employee benefits increased approximately $42,000 for the three months ended
March 31, 1998 as compared to the three months ended March 31,1997. This
increase reflects increases in the number of employees, in wage levels, and in
the cost of employee benefits. All other expenses increased approximately
$26,000 for the three months ended March 31, 1998 compared to the three months
ended March 31, 1997. This increase is primarily attributable to an increase in
data processing expenses, which accounted for $8,000 of the increase.
Provision for Loan Losses
The provision for loan losses for the three months ended March 31, 1998 was $0
compared to approximately $30,000 for the three months ended March 31, 1997. The
balance of the allowance for loan losses was approximately $1,186,000
(approximately 3.60% of outstanding loans) at March 31, 1998 and approximately
$1,089,000 (approximately 4.5% of outstanding loans) at March 31, 1997. Actual
loan charge-offs net of recoveries were approximately ($26,000) for the three
months ended March 31, 1998 and approximately $461,000 for the three months
ended March 31, 1997. Non-accrual loans were approximately $786,000 at March 31,
1998. In determining an adequate level of loan loss reserve, such loans were
included in such consideration.
The amount of the provision for loan losses is a result of the amount of loans
charged off, the amount of loans recovered and management's conclusion
concerning the level of the allowance for loan losses. The level of the
allowance for loan losses is based upon a number of factors including the Bank's
past loan loss experience, management's evaluation of the collectibility of
loans, the general state of the economy and other relevant factors.
For a further discussion concerning loans and the allowance for loan losses,
refer to "financial condition".
PAGE 10
<PAGE>
Income Taxes
The provision for income taxes reflected an effective rate of 34% for the three
months ended March 31, 1998. A tax credit was accrued for the year ending
December 31, 1996 based upon the loss incurred of approximately $1,737,000
before taxes.
Financial Condition
The company including its subsidiary bank, reported consolidated total assets of
approximately $46 million at March 31, 1998 and approximately $44.8 million at
December 31, 1997. Representing an increase of approximately $1.2 million.
During the three months ended March 31, 1998, cash and due from banks decreased
$1 million, operations generated $.3 million, deposits increased by $1.6
million, available-for-sale securities decreased $1.7 million, providing $4.6
million of funds available which were used to increase Federal funds sold by $3
million, reduce Federal funds sold $.4 million, and increase loans by $1.2
million.
Approximately mid-year 1996, an internal loan review was performed by the new
senior lending officer which concluded that the underwriting procedures were
inadequate. For the year ended December 31, 1996, the Bank had loan charge-off's
of approximately $1.4 million, many due to bankruptcies. The Bank had a
reduction in assets partly for the purpose of managing the capital requirements
of the Bank for which the Company increased the capital by $1 million during the
year ended December 31, 1996. The Company continues its on-going loan review
procedures, continues to operate under more stringent underwriting standards and
has a bank president who has been at the bank for more than a year now.
The Company's subsidiary Bank is required to maintain minimum amounts of capital
to total "risk-weighted" assets, as defined by the banking regulators. At March
31, 1998, a comparison of the minimum required, and actual capital ratios are as
follows:
<CAPTION>
To Be Well
For Capital Capitalized Under
Adequacy Prompt Corrective
Actual Purposes Action Provisions
------------------------ ------------------------ ------------------------
Amount Ratio Amount Ratio Amount Ratio
-------- -------- -------- ------- -------- -------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
As of March 31, 1998
Total Capital
(to Risk Weighted Assets) . $4,306 12.35% $2,790 8% $3,487 10%
Tier 1 Capital
(to Risk Weighted Assets) . $3,870 11.10% $1,395 4% $2,092 6%
Tier 1 Capital
(to Average Assets) ....... $3,870 8.39% $1,846 4% $2,307 5%
</TABLE>
Liquidity and Capital Resources
Liquidity management involves the matching of the cash flow requirements of
customers, either depositors withdrawing funds or funding additional loans, and
the ability of the Bank to meet those requirements. Management monitors and
maintains appropriate levels of assets and liabilities so that maturities of
assets are such that adequate funds are provided to meet estimated customer
withdrawals and loan requests.
PAGE 11
<PAGE>
The Bank's liquidity position depends primarily upon the liquidity of its assets
relative to its need to respond to short-term demand for funds caused by
withdrawals from deposit accounts and loan funding commitments. Primary sources
of liquidity are scheduled payments on its loans and interest on the Bank's
investments. The Bank may also utilize its cash and due from banks, short-term
deposits with financial institutions, federal funds sold and investment
securities to meet liquidity requirements. At March 31, 1998, the Company's cash
and due from banks were approximately $4 million and its federal funds sold were
approximately $3.1 million. All of the above can be converted to cash on short
notice. The sale of investments, which had a market value of approximately $4.8
million at March 31, 1998, can also be used to meet liquidity requirements, to
the extent the investments are not pledged. At March 31, 1998, the market value
of pledged securities was $3.8 million.
The Bank also has the ability, on a short-term basis, to borrow and purchase
federal funds from other financial institutions.
The Bank is a member of the Federal Home Loan Bank of Atlanta and as such has
the ability to secure advances therefrom, although the cost of such advances
exceed lower cost alternatives such as deposits from the local community. The
Bank had advances outstanding of $1,075,000 at March 31, 1998, at an average
rate of 5.85%.
PAGE 12
<PAGE>
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 and Reports on Form 8-K
(A) Exhibits:
Exhibit No.
27.1 Financial Data Schedule
(B) Reports on Form 8-K:
The Company did not file any reports on Form 8-K during the quarter ended
March 31, 1998.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FNC BANCORP, INC.
(Registrant)
Date May 14, 1998 By/s/ Bob Cation
------------------------------- --------------
Bob Cation
Chairman
PAGE 13
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 3,959,610
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,075,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,750,921
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 32,923,563
<ALLOWANCE> 1,185,621
<TOTAL-ASSETS> 46,178,134
<DEPOSITS> 40,713,185
<SHORT-TERM> 1,075,000
<LIABILITIES-OTHER> 472,969
<LONG-TERM> 500,000
<COMMON> 405,710
0
0
<OTHER-SE> 3,011,270
<TOTAL-LIABILITIES-AND-EQUITY> 46,178,134
<INTEREST-LOAN> 832,576
<INTEREST-INVEST> 87,712
<INTEREST-OTHER> 21,836
<INTEREST-TOTAL> 942,124
<INTEREST-DEPOSIT> 380,339
<INTEREST-EXPENSE> 407,244
<INTEREST-INCOME-NET> 534,880
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 454,651
<INCOME-PRETAX> 202,449
<INCOME-PRE-EXTRAORDINARY> 133,748
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 133,748
<EPS-PRIMARY> .33
<EPS-DILUTED> .33
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
