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, 1999
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, 1999 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 - March 31, 1999
(Unaudited) and December 31, 1998 ........................................... 3
Consolidated Statements of Income (Unaudited) - Three
Month Periods Ended March 31, 1999 and 1998 ................................. 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Three Month Periods Ended March 31, 1999 and 1998 ........................... 5
Consolidated Statements of Cash Flows (Unaudited) - Three
Month Periods Ended March 31, 1999 and 1998 ................................. 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,
1999 1998
------------- ------------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks .............................................. $ 2,536,424 $ 5,617,359
Federal funds sold ................................................... 7,437,000 5,966,000
Securities available-for-sale ........................................ 4,707,539 4,753,962
Securities held-to-maturity .......................................... 49,811 0
Loans ................................................................ 44,208,153 41,989,950
Less allowance for loan losses ....................................... 1,348,219 1,274,285
------------- ------------
Loans, net ........................................................... 42,859,934 40,715,665
Premises and equipment ............................................... 1,626,445 1,613,025
Other assets ......................................................... 944,672 914,391
------------- ------------
Total assets ................................................ $ 60,161,825 $ 59,580,402
============= ============
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ...................................... $ 11,313,744 $ 12,695,085
Interest-bearing demand ......................................... 9,649,018 11,707,125
Savings ......................................................... 2,670,514 1,973,434
Time, $100,000 and over ......................................... 10,580,218 9,252,893
Other time ...................................................... 20,345,620 18,671,816
------------- ------------
Total deposits .............................................. 54,559,114 54,300,353
Notes payable to directors ........................................... 500,000 500,000
Advances from Federal Home Loan Bank ................................. 65,000 65,000
Other ................................................................ 900,343 771,509
------------- ------------
Total liabilities ........................................... 56,024,457 55,636,862
------------- ------------
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 ................................................. 411,173 411,173
Capital surplus ................................................. 3,659,708 3,659,708
Retained earnings (deficit) ..................................... 71,487 (141,341)
Unrealized gains on available-for-sale securities,
Net of applicable deferred income taxes ..................... (5,000) 14,000
------------- -----------
Total stockholders' equity .................................. 4,137,368 3,943,540
------------- -----------
Total liabilities and stockholders equity ................... $ 60,161,825 $ 59,580,402
============= =============
PAGE 3
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1999 1998
----------- -----------
<S> <C> <C>
Interest income
Interest and fees on loans ........................................ $ 1,084,429 $ 832,576
Interest on taxable securities .................................... 68,173 87,712
Interest on Federal funds sold .................................... 51,236 21,836
----------- -----------
1,203,838 942,124
Interest expense
Interest on deposits .............................................. 484,236 380,339
Interest on Federal funds purchased ............................... 0 2,282
Interest on advances from FHLB .................................... 1,120 15,248
Interest on stockholder loan ...................................... 9,375 9,375
----------- -----------
494,731 407,244
Net interest income ........................................... 709,107 534,880
Provision for loan losses .............................................. 0 0
----------- -----------
Net interest income after
provision for loan losses .................................. 709,107 534,880
Other income
Service charges on deposit accounts ............................... 122,592 91,328
Insurance commissions ............................................. 11,162 3,268
Origination fees on mortgage loans ................................ 19,494 13,007
Other ............................................................. 25,233 14,617
----------- -----------
178,481 122,220
Other expenses
Salaries and employee benefits .................................... 322,962 237,597
Equipment expense ................................................. 41,014 30,648
Occupancy expense ................................................. 28,106 22,147
Advertising expense ............................................... 8,183 6,333
Data Processing expenses .......................................... 21,740 23,494
Printing and office supplies ...................................... 15,981 19,369
Other operating expenses .......................................... 104,424 115,063
----------- -----------
542,410 454,651
Income before income taxes ..................................... 345,178 202,449
Applicable income taxes ................................................ 132,350 68,701
----------- -----------
Net income .................................................... $ 212,828 $ 133,748
=========== ===========
Income per common share - basic and diluted ............................ $ 0.52 $ 0.33
=========== ===========
PAGE 4
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
<CAPTION>
UNREALIZED
GAINS (LOSSES)
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, 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
======= ========== ========== =========== ========= ==========
Balance,
December 31, 1998 ............. 411,173 $ 411,173 $3,659,708 $ (141,341) $ 14,000 $3,943,540
Net income .................... 0 0 0 212,828 0 212,828
Net change in unrealized
losses on securities
available-for-sale,
net of tax ................. 0 0 0 0 (19,000) (19,000)
-------- ---------- ---------- ----------- --------- ----------
Balance,
March 31, 1999
(unaudited) ................... 411,173 $ 411,173 $3,659,708 $ 71,487 $ (5,000) $4,137,368
======== ========== ========== =========== ========= ==========
PAGE 5
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1999 1998
-------------- --------------
<S> <C> <C>
Operating Activities:
Net Income ........................................................ $ 212,828 $ 133,748
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation .................................................... 34,268 32,503
Provision for deferred income taxes ............................. 0 72,400
Provision for loan losses ....................................... 0 0
(Increase) decrease in interest receivable ...................... 106,025 86,287
Increase (decrease) in interest payable ......................... (1,205) (40,763)
Increase (decrease) in income taxes payable ..................... 132,350 0
Other prepaids, deferrals and accruals, net ..................... (130,323) 56,352
-------------- --------------
Total adjustments ........................................... 141,115 206,779
-------------- --------------
Net cash provided by operating activities ............................ 353,943 340,527
Investing Activities:
Capital expenditures ............................................ (47,688) (32,335)
Net (increase) decrease in loans ................................ (2,144,269) (1,217,368)
Proceeds from maturity of available-for-sale securities ......... 1,500,000 1,750,000
Purchase of available-for-sale securities ....................... (1,480,875) 0
Purchase of held-to-maturity securities ......................... (49,807) 0
(Increase) decrease in Federal funds sold ....................... (1,471,000) (3,041,000)
Increase (decrease) in Federal funds purchased .................. 0 (430,000)
-------------- --------------
Net cash used by investing activities ............................. (3,693,639) (2,970,703)
Financing Activities:
Increase (decrease) in time deposits ............................ 3,001,129 1,064,830
Increase (decrease) in other deposits ........................... (2,742,368) 600,356
-------------- --------------
Net cash provided by financing activities ......................... 258,761 1,665,186
-------------- --------------
Net decrease in cash and cash equivalents ............................ (3,080,935) (964,990)
Cash and Cash Equivalents at Beginning of Year ....................... 5,617,359 4,924,600
-------------- --------------
Cash and Cash Equivalents at End of Year ............................. $ 2,536,424 $ 3,959,610
============== ==============
Supplemental Disclosures of Cash Flow Information Cash paid (received)during the
year for:
Interest $ 495,936 $ 448,007
Income taxes 4,890 0
Schedule of Non-Cash Investing and Financing Activities
Total increase (decrease) in unrealized (losses) gains on
Securities available-for-sale (19,000) 34
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, 1999 are not necessarily indicative
of the results that may be expected for the year ending December 31, 1999. 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, 1998.
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 $212,828 for the three months ended March 31, 1999 compared to
$133,748 for the three months ended March 31, 1998. Net interest income after
provision for loan losses was $709,107 and $534,880 for the three months ended
March 31, 1999 and 1998, respectively. There was no provision for loan losses
for the three months ended March 31, 1999 and 1998, respectively. Non-interest
income totaled $178,481 and $122,220 for the three months ended March 31, 1999
and 1998, respectively. Non-interest expenses totaled $542,410 and $454,651 for
the three months ended March 31, 1999 and 1998, respectively.
The following table summarizes the results of operations of the Company for the
three month period ended March 31, 1999 and 1998.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1999 1998
-------- --------
(IN THOUSANDS)
<S> <C> <C>
Interest income ............................................... $ 1,204 $ 942
Interest expense .............................................. (495) (407)
-------- --------
Net interest income ........................................... 709 535
Provision for loan losses ..................................... (0) (0)
Noninterest income ............................................ 178 122
Noninterest expense ........................................... (542) (455)
-------- --------
Income (loss) before taxes .................................... 345 202
Income (taxes) benefit ........................................ (132) (69)
-------- --------
Net income (loss) ............................................. $ 213 $ 134
======== ========
Interest Income
Total interest income increased approximately $174,000 for the three months
ended March 31, 1999 compared to the three months ended March 31, 1998.
This increase was from the effect of a increase in the average loan portfolio
balance from approximately $33.4 million for the three months ended March 31,
1998 to approximately $43.1 million for the three months ended March 31, 1999.
The effect of this change increased interest income earned on the loan portfolio
from approximately $833,000 for the three months ended March 31, 1998 to
approximately $1,084,000 for the three months ended March 31, 1999, an increase
of $251,000.
Interest earned on taxable investment securities increased from approximately
$109,000 for the three months ended March 31, 1998 to approximately $119,000 for
the three months ended March 31, 1999, an increase of $10,000. This increase was
from the effect of an increase in the average taxable investment portfolio
balance from approximately $8.6 million for the three months ended March 31,
1998 to approximately $9 million for the three months ended March 31, 1999.
PAGE 8
<PAGE>
Interest earned on federal funds sold increased from approximately $22,000 for
the three months ended March 31, 1998 to approximately $51,000 for the three
months ended March 31, 1999, an increase of $29,000. This increase was from the
effect of an increase in the average federal funds sold balance from
approximately $1.7 million for the three months ended March 31, 1998 to
approximately $4.3 million for the three months ended March 31, 1999.
Interest Expense
Total interest expense increased approximately $88,000 for the three months
ended March 31, 1999 compared to the three months ended March 31, 1998. This
increase is attributed to the factors explained in the following information.
This increase was the effect of an increase in the average amount of deposits.
Deposits increased from $39.3 million for the three months ended March 31, 1998
to $49.7 million for the three months ended March 31, 1999. Interest expense on
interest-bearing deposits increased from approximately $383,000 for the quarter
ended March 31, 1998 to approximately $484,000 for the quarter ended March 31,
1999, an increase of $101,000.
At March 31, 1999, the Bank had advances from the Federal Home Loan Bank of
$65,000 at an average rate of 6.99%. Interest expense incurred for the three
months ended March 31, 1999 totaled approximately $1,100 and approximately
$15,000 for the three months ended March 31, 1998.
The Company also had interest expense during the three 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 6.75%. 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, 1999 and 1998.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1999 1998
------ ------
<S> <C> <C>
Service charges on deposit accounts ................................. $ 123 $ 91
Insurance Commissions ............................................... 11 3
Mortgage origination income ......................................... 19 13
Other operating income .............................................. 25 15
------ ------
Total noninterest income ................................... $ 178 $ 122
====== ======
PAGE 9
<PAGE>
Service charges on deposit accounts for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998, increased approximately
$32,000. This increase was related primarily to an increase in NSF fees and
transaction deposit account activity. All other income totaled approximately
$56,000 and $31,000 for the three months ended March 31, 1999 and 1998,
respectively.
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the three month periods ended March 31, 1999 and 1998.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1999 1998
------ ------
<S> <C> <C>
Salaries and employee benefits ................................ $ 323 $ 238
Equipment expenses ............................................ 41 31
Occupancy expenses ............................................ 28 22
Advertising ................................................... 8 6
Data processing ............................................... 22 24
Printing and office supplies .................................. 16 19
Other operating expenses ...................................... 104 115
------ ------
Total noninterest expense ............................ $ 542 $ 455
====== ======
Noninterest expenses for the three months ended March 31, 1999 as compared to
the three months ended March 31, 1998, increased approximately $87,000. Salaries
and employee benefits increased approximately $85,000 for the three months ended
March 31, 1999 as compared to the three months ended March 31,1998. This
increase reflects increases in the number of employees, in wage levels, and in
the cost of employee benefits. All other expenses increased approximately $2,000
for the three months ended March 31, 1999 compared to the three months ended
March 31, 1998.
Provision for Loan Losses
The provision for loan losses for the three months ended March 31, 1998 and
March 31, 1999 was $0. The balance of the allowance for loan losses was
approximately $1,348,000 (approximately 3.05% of outstanding loans) at March 31,
1999 and approximately $1,186,000 (approximately 3.60% of outstanding loans) at
March 31, 1998. Actual loan recoveries net of charge-offs were approximately
$74,000 for the three months ended March 31, 1999 and approximately $26,000 for
the three months ended March 31, 1998. Non-accrual loans were approximately
$390,000 at March 31, 1999 compared to $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 reflects an effective rate of 34% for the three
months ended March 31, 1998 and March 31, 1999.
Financial Condition
The company including its subsidiary bank, reported consolidated total assets of
approximately $60.2 million at March 31, 1999 and approximately $59.6 million at
December 31, 1998. Representing an increase of approximately $.6 million. During
the three months ended March 31, 1999, cash and due from banks decreased $3
million, operations generated $.4 million, deposits increased by $.3 million,
providing $3.7 million of funds available which were used to increase Federal
funds sold by $1.5 million and increase loans by $2.2 million.
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, 1999, 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, 1999
Total Capital
(to Risk Weighted Assets) ... $5,126 12.22% $3,356 8% $4,195 10%
Tier 1 Capital
(to Risk Weighted Assets) ... $4,591 10.94% $1,679 4% $2,518 6%
Tier 1 Capital
(to Average Assets) ......... $4,591 7.46% $2,462 4% $3,077 5%
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.
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, 1999, the Company's cash
and due from banks were approximately $2.5 million and its federal funds sold
were approximately $7.4 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, 1999, can also be used to meet liquidity requirements,
to the extent the investments are not pledged. At March 31, 1999, the market
value of pledged securities was $3.3 million.
PAGE 11
<PAGE>
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 $65,000 at March 31, 1999, at an average rate
of 6.99%.
Impact of the Year 2000
Based on recently completed assessments, the Bank has determined that it will be
required to modify, upgrade, and or replace some portions of its internal
software and hardware, so that its computer systems will properly utilize dates
beyond December 31, 1999. The Bank's main core software is a Kirchman Dimension
3000 product and has been externally tested and certified to be year 2000
compliant. As of March 31, 1999, the Bank has substantially completed its year
2000 remediation program, has secured substantially all required resources and
expects to substantially complete its internal year 2000 efforts by June 30,
1999.
In addition, the Bank has contacted its critical suppliers and other entities to
determine the extent to which the Bank's interface systems are vulnerable to
those third parties' failure to remediate their own year 2000 issues. While the
Bank has not been informed of any material risks associated with these entities,
there is no guarantee that the systems of these critical suppliers or other
entities, including The Federal Reserve Bank, on which the Bank relies, will be
timely converted and will not have an adverse effect on the Bank's systems or
operations.
The Bank has expensed $28,000 of costs incurred to date related to the year 2000
issue. The total remaining cost of the year 2000 project is presently estimated
at $5,000, which will be expensed as incurred. The costs of the project and the
date on which the Bank believes it will complete the year 2000 modification are
based on management's best estimates, which were derived utilizing numerous
assumptions of future events. However, there can be no guarantee that these
estimates will be achieved and actual results could differ materially from those
anticipated.
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, 1999.
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, 1999 By/s/ Jeffrey W. Johnson
------------------ -----------------------------------
Jeffrey W. Johnson
President & CEO
PAGE 13
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 2,536,424
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 7,437,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,757,350
<INVESTMENTS-CARRYING> 49,811
<INVESTMENTS-MARKET> 0
<LOANS> 44,208,153
<ALLOWANCE> 1,348,219
<TOTAL-ASSETS> 60,161,825
<DEPOSITS> 54,559,114
<SHORT-TERM> 65,000
<LIABILITIES-OTHER> 900,343
<LONG-TERM> 500,000
<COMMON> 411,173
0
0
<OTHER-SE> 3,726,195
<TOTAL-LIABILITIES-AND-EQUITY> 60,161,825
<INTEREST-LOAN> 1,084,429
<INTEREST-INVEST> 68,173
<INTEREST-OTHER> 51,236
<INTEREST-TOTAL> 1,203,838
<INTEREST-DEPOSIT> 484,236
<INTEREST-EXPENSE> 494,731
<INTEREST-INCOME-NET> 709,107
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 542,410
<INCOME-PRETAX> 345,178
<INCOME-PRE-EXTRAORDINARY> 212,828
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 212,828
<EPS-PRIMARY> .52
<EPS-DILUTED> .52
<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>
