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, 2000.
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, 2000 was 416,636 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, 2000
(Unaudited) and December 31, 1999 ......................................... 3
Consolidated Statements of Income (Unaudited) - Three
Month Periods Ended March 31, 2000 and 1999 ............................... 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Three Month Periods Ended March 31, 2000 and 1999 ......................... 6
Consolidated Statements of Cash Flows (Unaudited) - Three
Month Periods Ended March 31, 2000 and 1999 ............................... 7
Notes to Consolidated Financial Statements ................................... 8
Item 2. Management's Discussion and Analysis or Plan of Operation ................. 9
Part II - Other Information
Item 1. Legal Proceedings ......................................................... 14
Item 2. Changes in Securities ..................................................... 14
Item 3. Defaults Upon Senior Securities ........................................... 14
Item 4. Submission of Matters to a Vote
of Security Holders ..................................................... 14
Item 5. Other Information ......................................................... 14
Item 6. Exhibits and Reports on Form 8-K .......................................... 14
Signatures ............................................................................ 14
PAGE 2
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
------------ ----------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks .............................................. $ 3,904,065 $ 3,394,212
Federal funds sold ................................................... 2,138,000 1,528,000
Securities available-for-sale, at fair value ......................... 3,420,213 3,479,190
Securities held-to-maturity, at cost ................................. 4,778,888 4,777,413
Loans ................................................................ 57,018,296 54,168,453
Less allowance for loan losses ....................................... 1,511,163 1,422,689
----------- -----------
Loans, net ..................................................... 55,507,133 52,745,764
Premises and equipment, net .......................................... 2,170,197 1,849,122
Other assets ......................................................... 1,263,868 1,079,603
----------- -----------
Total assets ................................................... $73,182,364 $68,853,304
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ...................................... $12,185,599 $11,090,409
Interest-bearing demand ......................................... 12,922,886 13,136,785
Savings ......................................................... 2,284,107 1,999,607
Time, $100,000 and over ......................................... 13,222,032 10,724,505
Other time ...................................................... 25,446,287 23,923,115
----------- -----------
Total deposits .............................................. 66,060,911 60,874,421
Federal funds purchased .............................................. - 1,250,000
Notes payable to directors ........................................... 500,000 500,000
Advances from Federal Home Loan Bank ................................. 55,000 55,000
Other ................................................................ 1,441,788 1,322,291
----------- -----------
Total liabilities ........................................... 68,057,699 64,001,712
Stockholders' equity
Preferred stock, 10,000,000 shares authorized,
no shares issued
Common stock, par value $1; 10,000,000 shares
Authorized, 416,636 shares issued and
Outstanding ................................................. 416,636 416,636
Capital surplus ................................................. 3,708,875 3,708,875
Retained earnings ............................................... 1,071,154 784,081
Accumulated other comprehensive income (loss) ................... (63,000) (49,000)
----------- -----------
5,133,665 4,860,592
Less cost of treasury stock, 500 shares ......................... 9,000 9,000
----------- -----------
Total stockholders' equity .................................. 5,124,665 4,851,592
----------- -----------
Total liabilities and stockholders' equity .................. $73,182,364 $68,853,304
=========== ===========
PAGE 3
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
----------- -----------
<S> <C> <C>
Interest income
Interest and fees on loans ...................................... $ 1,370,688 $ 1,084,429
Interest on taxable securities .................................. 120,433 68,173
Tax-exempt securities ........................................... 3,203 -
Interest on Federal funds sold .................................. 30,491 51,236
----------- -----------
1,524,815 1,203,838
Interest expense
Interest on deposits ............................................ 626,673 484,236
Interest on Federal funds purchased ............................. 1,859 -
Interest on advances from FHLB .................................. 966 1,120
Interest on stockholder loan .................................... 9,708 9,375
----------- -----------
639,206 494,731
----------- -----------
Net interest income ......................................... 885,609 709,107
Provision for loan losses ............................................ 0 0
----------- -----------
Net interest income after provision for loan losses ......... 885,609 709,107
Other income
Service charges on deposit accounts ............................. 119,740 122,592
Insurance commissions ........................................... 18,127 11,162
Origination fees on mortgage loans .............................. 776 19,494
Other ........................................................... 25,074 25,233
----------- -----------
163,717 178,481
----------- -----------
Other expenses
Salaries and employee benefits .................................. 360,656 322,962
Equipment expense ............................................... 48,098 41,014
Occupancy expense ............................................... 27,980 28,106
Advertising expense ............................................. 12,341 8,183
Audit and accounting ............................................ 16,000 15,000
Consulting fees ................................................. 7,000 -
Data Processing expenses ........................................ 27,562 21,740
Printing and office supplies .................................... 14,536 15,981
Other operating expenses ........................................ 104,580 89,424
----------- -----------
618,753 542,410
----------- -----------
Income before income taxes ................................... 430,573 345,178
Applicable income taxes .............................................. 143,500 132,350
----------- -----------
Net income .................................................. $ 287,073 $ 212,828
=========== ===========
Basic earnings per common share ...................................... $ 0.69 $ 0.52
=========== ===========
Diluted earnings per common share .................................... $ 0.62 $ 0.52
=========== ===========
PAGE 4
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
------------ -----------
<S> <C> <C>
Net income ........................................................... $ 287,073 $ 212,828
Other comprehensive income (loss):
Net unrealized holding gains (losses) arising during
Period, net of tax (benefit) of ($7,000) and ($10,000) ...... (14,000) (19,000)
------------ -----------
Comprehensive income ................................................. $ 273,073 $ 193,828
============ ===========
PAGE 5
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
<CAPTION>
Accumulated
Common stock Additional Retained Other
Number of Par Paid-in Earnings Comprehensive Treasury
Shares Value Capital (Deficit) Income (loss) Stock Total
------- --------- ----------- ---------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance,
December 31, 1998 ... 411,173 $ 411,173 $ 3,659,708 $ (141,341) $ 14,000 $ - $ 3,943,540
Net income (loss) ... - - - 212,828 - - 212,828
Other comprehensive
income (loss) .... - - - - (19,000) - (19,000)
------- --------- ----------- ---------- -------- -------- -----------
Balance,
March 31, 1999
(unaudited) ......... 411,173 $ 411,173 $ 3,659,708 $ 71,487 $ (5,000) $ - $ 4,137,368
======= ========= =========== ========== ======== ======== ===========
Balance,
December 31, 1999 ... 416,636 $ 416,636 $ 3,708,875 $ 784,081 $(49,000) $ (9,000) $ 4,851,592
Net income .......... - - - 287,073 - - 287,073
Other comprehensive
income (loss) .... - - - - (14,000) - (14,000)
------- --------- ----------- ---------- -------- --------- -----------
Balance,
March 31, 2000
(unaudited) ......... 416,636 $ 416,636 $ 3,708,875 $1,071,154 $(63,000) $ (9,000) $ 5,124,665
======= ========= =========== ========== ======== ========= ===========
PAGE 6
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
-------------- -------------
<S> <C> <C>
Operating Activities:
Net Income ........................................................ $ 287,073 $ 212,828
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation .................................................... 37,900 34,268
Provision for loan losses ....................................... - -
(Increase) decrease in interest receivable ...................... (47,925) 106,025
Increase (decrease) in interest payable ......................... (25,864) (1,205)
Increase (decrease) in income taxes payable ..................... (181,409) 132,350
Other prepaids, deferrals and accruals, net ..................... 233,932 (130,323)
-------------- ------------
Total adjustments ........................................... 16,634 141,115
-------------- ------------
Net cash provided by operating activities ............................ 303,707 353,943
-------------- ------------
Investing Activities:
(Increase) decrease in Federal funds sold ....................... (610,000) (1,471,000)
Increase (decrease) in Federal funds purchased .................. (1,250,000) -
Proceeds from maturities of securities available for sale ....... - 1,500,000
Purchases of securities available for sale ...................... - (1,480,875)
Purchase of securities held to maturity ......................... - (49,807)
Net (increase) decrease in loans ................................ (2,761,369) (2,144,269)
Purchase of premises and equipment .............................. (358,975) (47,688)
------------- ------------
Net cash used in investing activities ............................. (4,980,344) (3,693,639)
------------- ------------
Financing Activities:
Increase in time deposits ....................................... 4,020,699 3,001,129
Increase (decrease) in other deposits ........................... 1,165,791 (2,742,368)
------------- ------------
Net cash provided by financing activities ......................... 5,186,490 258,761
------------- ------------
Net increase (decrease) in cash and due from bands ................... $ 509,853 $ (3,080,935)
Cash and due from banks at beginning of quarter ...................... 3,394,212 5,617,359
------------- -------------
Cash and due from banks at end of quarter ............................ $ 3,904,065 $ 2,536,424
============= =============
Supplemental Disclosures Cash paid during the year for:
Interest .......................................................... $ 665,070 $ 495,936
Income taxes ...................................................... $ 314,532 $ 4,890
Non-Cash Transaction
Net change in unrealized gains (losses) on securities
available for sale ................................................ $ (14,000) $ (19,000)
PAGE 7
<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 and recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three months ended March 31, 2000 are not necessarily indicative
of the results that may be expected for the year ending December 31, 2000. For
further information, refer to the consolidated financial statements and
footnotes included in the Company's annual report to stockholders for the year
ended December 31, 1999, and in the Company's annual 10-KSB.
PAGE 8
<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 $287,073 for the three months ended March 31, 2000 compared to
$212,828 for the three months ended March 31, 1999. Net interest income after
provision for loan losses was $885,609 and $709,107 for the three months ended
March 31, 2000 and 1999, respectively. There was no provision for loan losses
for the three months ended March 31, 2000 and 1999, respectively. Non-interest
income totaled $163,717 and $178,481 for the three months ended March 31, 2000
and 1999, respectively. Non-interest expenses totaled $618,753 and $542,410 for
the three months ended March 31, 2000 and 1999, respectively.
The following table summarizes the results of operations of the Company for the
three month period ended March 31, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
-------- --------
(IN THOUSANDS)
<S> <C> <C>
Interest income ...................................................... $ 1,525 $ 1,204
Interest expense ..................................................... (639) ( 495)
-------- --------
Net interest income .................................................. 886 709
Provision for loan losses ............................................ (0) (0)
Noninterest income ................................................... 164 178
Noninterest expense .................................................. (619) (542)
-------- --------
Income (loss) before taxes ........................................... 431 345
Income (taxes) benefit ............................................... (144) (132)
-------- --------
Net income (loss) .................................................... $ 287 $ 213
======== ========
Interest Income
Total interest income increased approximately $321,000 for the three months
ended March 31, 2000 compared to the three months ended March 31, 1999.
This increase was from the effect of a increase in the average loan portfolio
balance from approximately $43.1 million for the three months ended March 31,
1999 to approximately $54.1 million for the three months ended March 31, 2000.
The effect of this change increased interest income earned on the loan portfolio
from approximately $1,084,000 for the three months ended March 31, 1999 to
approximately $1,371,000 for the three months ended March 31, 2000, an increase
of $287,000.
Interest earned on investment securities increased from approximately $68,000
for the three months ended March 31, 1999 to approximately $124,000 for the
three months ended March 31, 2000, an increase of $56,000. This increase was
from the effect of an increase in the average taxable investment portfolio
balance from approximately $4.8 million for the three months ended March 31,
1999 to approximately $8.2 million for the three months ended March 31, 2000.
PAGE 9
<PAGE>
Interest earned on federal funds sold decreased from approximately $51,000 for
the three months ended March 31, 1999 to approximately $30,000 for the three
months ended March 31, 2000, a decrease of $21,000. 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, 1999 to
approximately $2.1 million for the three months ended March 31, 2000.
Interest Expense
Total interest expense increased approximately $144,000 for the three months
ended March 31, 2000 compared to the three months ended March 31, 1999. 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 $51.4 million for the three months ended March 31, 1999
to $63.9 million for the three months ended March 31, 2000. Interest expense on
interest-bearing deposits increased from approximately $484,000 for the quarter
ended March 31, 1999 to approximately $627,000 for the quarter ended March 31,
2000, an increase of $143,000. These increased deposits were generated primarily
in interest-bearing deposits, thus increasing the average costs of funds from
3.76% at March 31, 1999, to 3.92% at March 31, 2000.
At March 31, 2000, the Bank had advances from the Federal Home Loan Bank of
$55,000 at an average rate of 6.99%. Interest expense incurred for the three
months ended March 31, 2000 totaled approximately $1,000 and approximately
$1,100 for the three months ended March 31, 1999.
The Company also had interest expense during the three months ended March 31,
2000 of approximately $10,000 and approximately $9,000 for the three months
ended March 31, 1999, on notes payable to directors in the amount of $500,000.
The rate of interest is prime less 1% which resulted in an average rate during
the period of 7.68%. 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, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
------ ------
<S> <C> <C>
Service charges on deposit accounts ......................................... $ 120 $ 123
Insurance Commissions ....................................................... 18 11
Mortgage origination income ................................................. 1 19
Other operating income ...................................................... 25 25
------ ------
Total noninterest income ........................................... $ 164 $ 178
====== ======
PAGE 10
<PAGE>
Service charges on deposit accounts for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999, decreased approximately
$3,000. This decrease was related primarily to a decrease in NSF fees of
approximately $8,000, other service charges actually increased approximately
$5,000. All other income totaled approximately $44,000 and $56,000 for the three
months ended March 31, 2000 and 1999, respectively. The decrease of $12,000 is
primarily attributable to a decrease in Mortgage origination income.
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the three month periods ended March 31, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
2000 1999
------ ------
<S> <C> <C>
Salaries and employee benefits ............................................... $ 361 $ 323
Equipment expenses ........................................................... 48 41
Occupancy expenses ........................................................... 28 28
Advertising .................................................................. 12 8
Audit and accounting ......................................................... 16 15
Consulting fees .............................................................. 7 -
Data processing .............................................................. 28 22
Printing and office supplies ................................................. 15 16
Other operating expenses ..................................................... 104 89
------ ------
Total noninterest expense ........................................... $ 619 $ 542
====== ======
Noninterest expenses for the three months ended March 31, 2000 as compared to
the three months ended March 31, 1999, increased approximately $77,000. Salaries
and employee benefits increased approximately $38,000 for the three months ended
March 31, 2000 as compared to the three months ended March 31,1999. This
increase reflects increases in the number of employees, in wage levels, and in
the cost of employee benefits. All other expenses increased approximately
$39,000 for the three months ended March 31, 2000 compared to the three months
ended March 31, 1999. This increase was due to several factors, including a new
building annex that was completed this quarter, costing a total in capitalized
costs of approximately $498,000 for the building and $95,000, for the new
equipment. Data processing costs increased approximately $6,000 and Consulting
fees also increased approximately $7,000.
Provision for Loan Losses
The provision for loan losses for the three months ended March 31, 2000 and
March 31, 1999 was $0. The balance of the allowance for loan losses was
approximately $1,511,000 (approximately 2.65% of outstanding loans) at March 31,
2000 and approximately $1,348,000 (approximately 3.05% of outstanding loans) at
March 31, 1999. Actual loan recoveries net of charge-offs were approximately
$88,000 for the three months ended March 31, 2000 and approximately $74,000 for
the three months ended March 31, 1999. Non-accrual loans were approximately
$548,000 at March 31, 2000 compared to $390,000 at March 31, 1999. In
determining an adequate level of loan loss reserve, such loans were included in
such consideration.
PAGE 11
<PAGE>
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".
Income Taxes
The provision for income taxes reflects an effective rate of 34% for the three
months ended March 31, 1999 and March 31, 2000.
Financial Condition
The company including its subsidiary bank, reported consolidated total assets of
approximately $73.2 million at March 31, 2000 and approximately $68.9 million at
December 31, 1999. Representing an increase of approximately $4.3 million.
During the three months ended March 31, 2000, operations generated $.3 million,
deposits increased by $5.1 million, providing $5.4 million of funds available
which were used to increase cash and due from banks by $.5 million, increase
Federal funds sold by $.6 million, decrease Federal funds purchased by $1.2
million, increase the banks' investment in fixed assets by $.3 million and
increase loans by $2.8 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, 2000, 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, 2000
Total Capital
(to Risk Weighted Assets) $6,269 12.10% $4,144 8% $5,180 10%
Tier 1 Capital
(to Risk Weighted Assets) $5,611 10.83% $2,072 4% $3,108 6%
Tier 1 Capital
(to Average Assets) $5,611 7.67% $2,925 4% $3,656 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.
PAGE 12
<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, 2000, the Company's cash
and due from banks were approximately $3.9 million and its federal funds sold
were approximately $2.1 million. All of the above can be converted to cash on
short notice. The sale of investments, which had a market value of approximately
$7.9 million at March 31, 1999, can also be used to meet liquidity requirements,
to the extent the investments are not pledged. At March 31, 2000, the market
value of pledged securities was $5.1 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 $55,000 at March 31, 2000, at an average rate
of 6.99%.
PAGE 13
<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, 2000.
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 9, 2000 By/s/ Jeffrey W. Johnson
------------------------------- ----------------------
Jeffrey W. Johnson
President & CEO
PAGE 14
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 3,904,065
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,138,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,420,213
<INVESTMENTS-CARRYING> 4,778,888
<INVESTMENTS-MARKET> 0
<LOANS> 57,018,296
<ALLOWANCE> 1,511,163
<TOTAL-ASSETS> 73,182,364
<DEPOSITS> 66,060,911
<SHORT-TERM> 55,000
<LIABILITIES-OTHER> 1,441,788
<LONG-TERM> 500,000
<COMMON> 416,636
0
0
<OTHER-SE> 4,708,029
<TOTAL-LIABILITIES-AND-EQUITY> 73,182,364
<INTEREST-LOAN> 1,370,688
<INTEREST-INVEST> 123,636
<INTEREST-OTHER> 30,491
<INTEREST-TOTAL> 1,524,815
<INTEREST-DEPOSIT> 626,673
<INTEREST-EXPENSE> 639,206
<INTEREST-INCOME-NET> 885,609
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 618,753
<INCOME-PRETAX> 430,573
<INCOME-PRE-EXTRAORDINARY> 287,073
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 287,073
<EPS-BASIC> .69
<EPS-DILUTED> .62
<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>
