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 June 30, 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 June
30, 1998 was 411,173 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 - June 30, 1998
(Unaudited) and December 31, 1997 .............................. 3
Consolidated Statements of Income (Unaudited) - Six
Month Periods Ended June 30, 1998 and 1997 ..................... 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Six Month Periods Ended June 30, 1998 and 1997 ................. 5
Consolidated Statements of Cash Flows (Unaudited) - Six
Month Periods Ended June 30, 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>
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks ................................................ $ 4,157,878 $ 4,924,600
Federal funds sold ..................................................... 2,965,000 34,000
Securities available-for-sale .......................................... 4,746,374 6,499,422
Loans .................................................................. 34,905,367 31,679,747
Less allowance for loan losses ......................................... 1,256,968 1,159,173
----------- -----------
Loans, net ............................................................. 33,648,399 30,520,574
Premises and equipment ................................................. 1,635,605 1,655,030
Other assets ........................................................... 967,572 1,169,108
----------- -----------
Total assets .................................................. $48,120,828 $44,802,734
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ........................................ $10,338,313 $ 7,708,349
Interest-bearing demand ........................................... 7,048,781 6,819,767
Savings ........................................................... 2,046,203 1,832,359
Time, $100,000 and over ........................................... 6,809,309 6,116,839
Other time ........................................................ 17,116,884 16,570,685
----------- -----------
Total deposits ................................................ 43,359,490 39,047,999
Notes payable to directors ............................................. 500,000 500,000
Federal funds purchased ................................................ 0 430,000
Advances from Federal Home Loan Bank ................................... 70,000 1,075,000
Other .................................................................. 570,052 466,537
----------- -----------
Total liabilities ............................................. 44,499,542 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, 411,173 shares issued and
Outstanding ................................................... 411,173 405,710
Capital surplus ................................................... 3,659,708 3,610,541
Retained deficit .................................................. (456,795) (743,019)
Unrealized gains on available-for-sale securities,
Net of applicable deferred income taxes ....................... 7,200 9,966
----------- -----------
Total stockholders' equity .................................... 3,621,286 3,283,198
----------- -----------
Total liabilities and stockholders equity ..................... $48,120,828 $44,802,734
=========== ===========
PAGE 3
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest income
Loans .......................... $ 869,774 $ 592,188 $1,702,350 $1,187,279
Taxable securities ............. 70,852 149,466 158,564 270,754
Federal funds sold ............. 44,419 56,895 66,255 114,781
---------- ---------- ---------- ----------
Total interest income ...... 985,045 798,549 1,927,169 1,572,814
Interest expense
Deposits ....................... 406,351 377,412 786,690 767,131
Federal funds purchased ........ 0 521 2,282 521
Advances from FHLB ............. 2,528 19,086 17,776 44,403
Stockholder loan ............... 9,375 9,416 18,750 18,791
--------- ---------- ---------- ----------
Total interest expense ..... 418,254 406,435 825,498 830,846
Net interest income ........ 566,791 392,114 1,101,671 741,968
Provision for loan losses ........... 0 0 0 30,450
--------- ---------- ---------- ----------
Net interest income after
provision for loan losses 566,791 392,114 1,101,671 711,518
Other income
Service charges on
deposit accounts ............ 108,468 77,774 199,796 159,532
Insurance commissions .......... 8,051 4,402 11,319 5,406
Mortgage origination income .... 13,973 1,858 26,980 6,092
Gain (loss) on sale of securities 0 0 0 128
Other operating income ......... 20,650 26,935 35,267 52,495
---------- ---------- ---------- ----------
Total other income ......... 151,142 110,969 273,362 223,653
Other expenses
Salaries and employee benefits . 254,047 190,231 491,644 386,482
Equipment expenses ............. 40,546 34,252 71,194 64,568
Occupancy expenses ............. 22,655 24,395 44,802 45,270
Advertising .................... 7,484 11,620 13,817 19,551
Data Processing ................ 21,946 14,783 45,440 30,318
Printing and office supplies ... 18,543 10,979 37,912 24,692
Audit and accounting ........... 27,012 22,629 51,012 41,717
Other operating income ......... 94,825 78,818 185,888 161,954
---------- ---------- --------- ----------
Total other expenses ....... 487,058 387,707 941,709 774,552
Income (loss) before income
taxes (benefits) ........... 230,875 115,376 433,324 160,619
Income tax expense (benefit) ........ 78,399 42,471 147,100 55,984
---------- ---------- --------- ----------
Net income (loss) .......... $ 152,476 $ 72,905 $ 286,224 $ 104,635
========== ========== ========= ==========
Earnings (loss) per common and common
equivalent share ........... .37 .18 .70 .26
=== === === ===
PAGE 4
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
SIX MONTHS ENDED JUNE 30, 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 0 104,635 0 104,635
Net change in unrealized
losses on securities
available-for-sale,
net of tax 0 0 0 0 5,041 5,041
--------- -------- ---------- ----------- ---------- ----------
Balance,
June 30, 1997
(unaudited) 405,710 $405,710 $3,610,541 $ (979,694) $ 6,691 $3,043,248
========= ======== ========== =========== ========== ==========
Balance,
December 31, 1997 405,710 $405,710 $3,610,541 $ (743,019) $ 9,966 $3,283,198
Net income (loss) 0 0 0 286,224 0 286,224
Stock options
exercised 5,463 5,463 49,167 0 0 54,630
Net change in unrealized
losses on securities
available-for-sale,
net of tax 0 0 0 0 (2,766) (2,766)
--------- --------- ---------- ---------- --------- ----------
Balance,
June 30, 1998
(unaudited) 411,173 $411,173 $3,659,708 $ (456,795) $ 7,200 $3,621,286
======== ======== ========== =========== ========= ==========
PAGE 5
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30,
1998 1997
---------- ----------
Operating Activities:
Net Income (Loss) ................................................ $ 286,224 $ 104,635
Adjustments to reconcile net income or loss to net cash
provided by operating activities:
Depreciation ................................................... 66,659 66,765
Provision for loan losses ...................................... 0 30,450
Provision for deferred income taxes ............................ 157,400 66,184
Securities (accretion) amortization ............................ (1,052) (8,881)
Change in assets and liabilities:
(Increase) Decrease in accrued interest receivable ............. 41,091 222,667
Increase (Decrease) in accrued interest payable ............... (12,871) (148,055)
(Increase) Decrease in other assets ............................ 3,045 (124,457)
Increase (Decrease) in other liabilities ....................... 116,386 (8,823)
(Increase) Decrease in income taxes receivable ................. 0 187,615
---------- ----------
Net cash provided (used) by operating activities ................. 656,882 388,100
---------- ----------
Investing Activities:
Proceeds from maturity of available-for-sale securities ........ 2,251,334 1,750,000
Purchase of available-for-sale securities ...................... (500,000) (4,542,848)
Payments received on mortgage-backed securities ................ 0 23,439
(Increase) decrease in Federal funds sold ...................... (2,931,000) 6,726,000
Increase (decrease) in Federal funds purchased ................. (430,000) 0
(Increase) decrease in loans, net ............................... (3,127,825) 560,523
Purchase of premises and equipment .............................. (47,234) (73,926)
---------- ----------
Net cash provided (used) by operating activities ................. (4,784,725) 4,443,188
---------- ----------
Financing Activities:
Increase (Decrease) in time deposits ........................... 1,238,669 (2,188,199)
Increase (Decrease) in other deposits .......................... 3,072,822 (3,543,158)
Repayment of advances from Federal Home Loan Bank .............. (1,005,000) (1,405,000)
Proceeds from issuance of common stock ......................... 54,630 0
---------- ----------
Net cash provided (used) by financing activities ................. 3,361,121 (7,136,357)
---------- ----------
Net increase (decrease) in cash and cash equivalents ................ (766,722) (2,305,069)
Cash and Cash Equivalents at Beginning of Year ...................... 4,924,600 4,917,622
---------- ----------
Cash and Cash Equivalents at End of Year ............................ $4,157,878 $2,612,553
========== ==========
Supplemental Disclosures of Cash Flow Information Cash paid (received)during the
year for:
Interest $838,369 $978,901
Income taxes 0 (187,615)
Schedule of Non-Cash Investing and Financing Activities
Total increase (decrease) in unrealized (losses) gains on
Securities available-for-sale (2,766) 7,638
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 six months ended June 30, 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 $286,224 for the six months ended June 30, 1998 compared to
$104,635 for the six months ended June 30, 1997. Net interest income after
provision for loan losses was $1,101,671 and $711,518 for the six months ended
June 30, 1998 and 1997, respectively. The provision for loan losses was $0 and
$30,450 for the six months ended June 30, 1998 and 1997, respectively.
Non-interest income totaled $273,362 and $223,653 for the six months ended June
30, 1998 and 1997, respectively. Non-interest expenses totaled $941,709 and
$774,552 for the six months ended June 30, 1998 and 1997, respectively.
The following table summarizes the results of operations of the Company for the
six month period ended June 30, 1998 and 1997.
SIX MONTHS ENDED
JUNE 30,
1998 1997
------ -----
(IN THOUSANDS)
<S> <C> <C>
Interest income ..................................................... $1,927 $1,572
Interest expense .................................................... (825) ( 830)
------ ------
Net interest income ................................................. 1,102 742
Provision for loan losses ........................................... (0) (30)
Noninterest income .................................................. 273 224
Noninterest expense ................................................. (942) (775)
------ ------
Income (loss) before taxes .......................................... 433 161
Income (taxes) benefit .............................................. (147) (56)
------ ------
Net income (loss) ................................................... $ 286 $ 105
====== ======
Interest Income
Total interest income increased approximately $360,000 for the six months ended
June 30, 1998 compared to the six months ended June 30, 1997.
This increase was from the effect of a increase in the average loan portfolio
balance from approximately $25.4 million for the six months ended June 30, 1997
to approximately $33.1 million for the six months ended June 30, 1998. The
effect of this change increased interest income earned on the loan portfolio
from approximately $1,187,000 for the six months ended June 30, 1997 to
approximately $1,702,000 for the three months ended June 30, 1998, an increase
of $515,000.
Interest earned on taxable investment securities decreased from approximately
$271,000 for the six months ended June 30, 1997 to approximately $159,000 for
the six months ended June 30, 1998, a decrease of $112,000. This decrease was
from the effect of a decrease in the average taxable investment portfolio
balance from approximately $8.4 million for the six months ended June 30, 1997
to approximately $4.8 million for the six months ended June 30, 1998.
PAGE 8
<PAGE>
Interest earned on federal funds sold decreased from approximately $115,000 for
the six months ended June 30, 1997 to approximately $66,000 for the six months
ended June 30, 1998, a decrease of $49,000. This decrease was from the effect of
a decrease in the average federal funds sold balance from approximately $4.2
million for the six months ended June 30, 1997 to approximately $2.5 million for
the six months ended June 30, 1998.
Interest Expense
Total interest expense decreased approximately $5,000 for the six months ended
June 30, 1998 compared to the six months ended June 30, 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 six months ended June 30, 1997 to
4.86% for the six months ended June 30, 1998. Interest expense on
interest-bearing deposits increased from approximately $768,000 for the six
months ended June 30, 1997 to approximately $789,000 for the six months ended
June 30, 1998, a increase of $21,000.
At June 30, 1998, the Bank had advances from the Federal Home Loan Bank of
$70,000 at an average rate of 6.99%. Interest expense incurred for the six
months ended June 30, 1998 totaled approximately $18,000 and approximately
$44,000 for the six months ended June 30, 1997.
The Company also had interest expense during the six months ended June 30, 1998
of approximately $19,000 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 six month periods ended June 30, 1998 and 1997.
SIX MONTHS ENDED
JUNE 30,
1998 1997
---- ----
<S> <C> <C>
Service charges on deposit accounts ....................... $200 $160
Insurance Commissions ..................................... 11 5
Mortgage origination income ............................... 27 6
Gain (loss) on sale of securities ......................... 0 0
Other operating income .................................... 35 53
---- ----
Total noninterest income ......................... $273 $224
==== ====
PAGE 9
<PAGE>
Service charges on deposit accounts for the six months ended June 30, 1998 as
compared to the six months ended June 30, 1997, increased approximately $40,000.
This increase was related primarily to a increase in NSF fees and transaction
deposit account activity. All other income totaled approximately $73,000 and
$64,000 for the six months ended June 30, 1998 and 1997, respectively.
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the six month periods ended June 30, 1998 and 1997.
SIX MONTHS ENDED
JUNE 30,
1998 1997
---- ----
<S> <C> <C>
Salaries and employee benefits .......................... $492 $386
Equipment expenses ...................................... 71 65
Occupancy expenses ...................................... 45 45
Advertising ............................................. 14 20
Data processing ......................................... 45 30
Printing and office supplies ............................ 38 25
Audit and accounting .................................... 51 42
Other operating expenses ................................ 186 162
---- ----
Total noninterest expense ...................... $942 $775
==== ====
Noninterest expenses for the six months ended June 30, 1998 as compared to the
six months ended June 30, 1997, increased approximately $167,000. Salaries and
employee benefits increased approximately $106,000 for the six months ended June
30, 1998 as compared to the six months ended June 30,1997. This increase
reflects increases in the number of employees, in wage levels, and in the cost
of employee benefits. All other expenses increased approximately $61,000 for the
six months ended June 30, 1998 compared to the six months ended June 30, 1997.
This increase is primarily attributable to an increase in data processing
expenses, printing and office supplies, and audit and accounting expense which
together accounted for over $37,000 of the increase.
Provision for Loan Losses
The provision for loan losses for the six months ended June 30, 1998 was $0
compared to approximately $30,000 for the six months ended June 30, 1997. The
balance of the allowance for loan losses was approximately $1,257,000
(approximately 3.60% of outstanding loans) at June 30, 1998 and approximately
$1,130,000 (approximately 4.3% of outstanding loans) at June 30, 1997. Actual
loan charge-offs net of recoveries were approximately ($98,000) for the six
months ended June 30, 1998 and approximately $421,000 for the six months ended
June 30, 1997. Non-accrual loans were approximately $578,000 at June 30, 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 six
months ended June 30, 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 $48 million at June 30, 1998 and approximately $44.8 million at
December 31, 1997. Representing an increase of approximately $3.5 million.
During the six months ended June 30, 1998, cash and due from banks decreased $.8
million, operations generated $.6 million, deposits increased by $4.3 million,
available-for-sale securities decreased $1.8 million, providing $7.5 million of
funds available which were used to increase Federal funds sold by $2.9 million,
reduce Federal funds sold $.4 million, reduce FHLB borrowings by $1 million and
increase loans by $3.2 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 June
30, 1998, a comparison of the minimum required, and actual capital ratios are as
follows:
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 June 30, 1998
Total Capital
(to Risk Weighted Assets) ... $4,461 13.42% $2,660 8% $3,325 10%
Tier 1 Capital
(to Risk Weighted Assets) ... $4,035 12.13% $1,330 4% $1,995 6%
Tier 1 Capital
(to Average Assets) ......... $4,035 8.39% $1,925 4% $2,406 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 June 30, 1998, the Company's cash
and due from banks were approximately $4.2 million and its federal funds sold
were approximately $3 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 June 30, 1998, can also be used to meet liquidity requirements,
to the extent the investments are not pledged. At June 30, 1998, the market
value of pledged securities was $3.6 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 $70,000 at June 30, 1998, at an average rate of
6.99%.
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
June 30, 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 August 12, 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> JUN-30-1998
<CASH> 4,157,878
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,965,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,746,374
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 34,905,367
<ALLOWANCE> 1,256,968
<TOTAL-ASSETS> 48,120,828
<DEPOSITS> 43,359,490
<SHORT-TERM> 70,000
<LIABILITIES-OTHER> 570,052
<LONG-TERM> 500,000
<COMMON> 411,173
0
0
<OTHER-SE> 3,210,113
<TOTAL-LIABILITIES-AND-EQUITY> 48,120,828
<INTEREST-LOAN> 1,702,350
<INTEREST-INVEST> 158,564
<INTEREST-OTHER> 66,255
<INTEREST-TOTAL> 1,927,169
<INTEREST-DEPOSIT> 786,690
<INTEREST-EXPENSE> 825,498
<INTEREST-INCOME-NET> 1,101,671
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 941,709
<INCOME-PRETAX> 433,324
<INCOME-PRE-EXTRAORDINARY> 286,224
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 286,224
<EPS-PRIMARY> .70
<EPS-DILUTED> .70
<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>
