FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
March 31, 1997 File Number 000-18991
- -------------- ---------------------
PEOPLES BANCORP
212 WEST SEVENTH STREET
AUBURN, IN 46706
Indiana 35-1811284
------- ----------
State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
Registrant's telephone number, including area code: (219)925-2500
-------------
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for 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 ______
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date:
Common stock, par value $1 per share 2,279,328
- ------------------------------------ ---------
(Title of class) (Outstanding at April 14, 1997)
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
Page
Number
Part I Financial Information:
Item 1. Consolidated Financial Statements
Consolidated Statement of Financial Condition
as of March 31, 1997 and September 30, 1996..................3
Consolidated Statement of Income for the three
and six months ended March 31, 1997 and 1996.................4
Consolidated Statement of Changes in Stockholders'
Equity for the six months ended March 31, 1997...............5
Consolidated Statement of Cash Flows for the
six months ended March 31, 1997 and 1996.....................6
Notes to Consolidated Financial Statements.................7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................9-14
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K.................................15
Signatures....................................................................16
<PAGE>
PART I. FINANCIAL INFORMATION
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
ASSETS
March 31, September 30,
1997 1996
------------- ------------
(Unaudited)
Cash $ 3,042,832 $ 3,207,845
Short-term interest-bearing deposits 20,640,040 7,823,900
------------- ----------
Total cash and cash equivalents 23,682,872 11,031,745
Securities available for sale 21,565,818 25,886,015
Securities held to maturity
(approximate market value $8,319,033 and $13,486,304)8,469,030 13,630,532
Mortgage-backed securities 558,943 630,503
Loans:
Loans 224,352,650 223,898,729
Less: Allowance for loan losses 872,922 887,478
------------- ------------
Net loans 223,479,728 223,011,251
Premises and equipment 1,636,948 1,467,764
Federal Home Loan Bank of Indianapolis stock, at cost 2,004,400 2,004,400
Other assets 1,844,660 2,349,640
------------- ------------
Total assets $283,242,399 $280,011,850
============= ============
LIABILITIES
NOW and savings deposits $ 70,090,589 $ 68,344,163
Certificates of deposit 166,540,857 166,737,277
Reverse Repurchase Agreements 2,319,471 -
Advances by borrowers for taxes and insurance 2,943 3,450
Other liabilities 1,289,309 2,250,195
------------- ------------
Total liabilities 240,243,169 237,335,085
------------- ------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $1;
Authorized and unissued -- 5,000,000 shares
common stock, par value $1;
Authorized--7,000,000 shares:
Issued and outstanding--2,279,328 and
2,325,494 shares 2,279,328 2,325,494
Additional paid-in capital 6,796,362 7,690,289
Retained earnings--substantially restricted 34,052,134 32,762,852
Net unrealized loss on securities available for sal (128,594) (101,870)
------------- ------------
Total stockholders' equity 42,999,230 42,676,765
------------- ------------
Total liabilities and stockholders' equity $283,242,399 $280,011,850
============= ============
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
<TABLE>
Three months ended Six months ended
March 31, March 31,
-------------------------------------------------
1997 1996 1997 1996
----------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Interest Income:
Loans $4,558,538 $4,770,134 $ 9,223,202 $ 9,463,236
Securities 465,339 424,061 964,455 884,632
Mortgage-backed securities 13,651 16,843 28,108 34,491
Other interest and dividend income 291,590 300,156 498,796 555,617
----------- ----------- ------------ ------------
5,329,118 5,511,194 10,714,561 10,937,976
----------- ----------- ------------ ------------
Interest Expense:
Now and savings deposits 474,120 458,153 927,229 929,476
Certificates of deposit 2,301,052 2,328,234 4,638,193 4,697,964
Short-term borrowings 27,962 - 49,206 -
Federal Home Loan Bank advances - 14,535 - 29,230
----------- ----------- ------------ ------------
2,803,134 2,800,922 5,614,628 5,656,670
----------- ----------- ------------ ------------
Net Interest Income 2,525,984 2,710,272 5,099,933 5,281,306
Provision for losses on loans (485) 34,739 10,830 (1,763)
----------- ----------- ------------ ------------
Net Interest Income After Provision
for Losses on Loans 2,526,469 2,675,533 5,089,103 5,283,069
----------- ----------- ------------ ------------
Other Income:
Trust income 13,840 21,391 27,564 36,230
Fees and service charges 102,411 109,242 213,282 223,480
Other income 41,216 35,941 74,391 67,568
----------- ----------- ------------ ------------
157,467 166,574 315,237 327,278
----------- ----------- ------------ ------------
Other Expense:
Salaries and employee benefits 552,049 524,243 1,185,735 1,141,322
Net occupancy expenses 77,693 82,168 150,781 131,368
Equipment expenses 57,590 42,837 101,907 77,191
Data processing expense 81,127 79,556 159,222 154,036
Deposit insurance expense 8,376 132,467 141,368 263,471
Other expenses 225,260 282,117 451,817 499,731
----------- ----------- ------------ ------------
1,002,095 1,143,388 2,190,830 2,267,119
----------- ----------- ------------ ------------
Income Before Income Tax 1,681,841 1,698,719 3,213,510 3,343,228
Income tax expense 647,080 626,900 1,235,020 1,240,200
----------- ----------- ------------ ------------
Net Income $1,034,761 $1,071,819 $ 1,978,490 $ 2,103,028
=========== =========== ============ ============
Net Income Per Common Share $0.45 $0.45 $0.86 $0.89
Average Common Shares Outstanding 2,296,275 2,365,398 2,304,348 2,364,136
See notes to consolidated financial statements.
</TABLE>
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
Common Stock Retained Net Unrealized
---------------------- Additional Earnings Gain (Loss) on
Number Paid-in (Substantially Securities
of Shares Amount Capital Restricted) Available for Sale Total
---------- ----------- ----------- --------------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Balances, September 30,
1996 2,325,494 $2,325,494 $7,690,289 $32,762,852 $(101,870) $42,676,765
Cash dividends
($.30 per share) - - - (689,208) - (689,208)
Net change in unrealized
gain (loss) on securities
available for sale - - - - (26,724) (26,724)
Repurchase of stock (46,166) (46,166) (893,927) - - (940,093)
Net income for the
six months ended
March 31, 1997 - - - 1,978,490 - 1,978,490
---------- ----------- ----------- --------------- ----------------- ------------
Balances, March 31,
1997 2,279,328 $2,279,328 $6,796,362 $34,052,134 $(128,594) $42,999,230
========== =========== =========== =============== ================= ============
See notes to consolidated financial statements.
</TABLE>
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six months ended
March 31,
---------------------------
1997 1996
------------ ------------
Operating Activities:
Net income $ 1,978,490 $ 2,103,028
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 10,830 (1,763)
Depreciation and amortization 121,445 99,098
Amortization of premiums and discounts on
investment securities (29,104) 7,837
Amortization of deferred loan fees (138,842) (189,982)
Change in:
Interest receivable 293,987 4,144
Interest payable (8,560) (845)
Other adjustments: (745,744) (106,014)
------------ ------------
Net cash provided by operating activities 1,482,502 1,915,503
------------ ------------
Investing Activities:
Purchases of investment securities (1,966,406) (6,012,861)
Proceeds from maturities of investment
securities 11,423,571 14,016,786
Payments on mortgage-backed securities 72,767 80,576
Net change in loans (340,465) 1,255,108
Purchases of premises and equipment (290,629) (28,987)
Proceeds from sales of real estate owned 28,500 20,000
------------ ------------
Net cash used by investing activities 8,927,338 9,330,622
------------ ------------
Financing Activities:
Net change in:
NOW and savings accounts 1,740,321 (889,136)
Certificates of deposit (179,852) 3,857,242
Short-term borrowings 2,310,626 -
Net change in advances by borrowers for
taxes and insurance (507) 54,171
Cash dividends (689,208) (615,001)
Excercise of stock options - 17,000
Repurchase of common stock (940,093) (198,774)
------------ ------------
Net cash provided by financing activities 2,241,287 2,225,502
------------ ------------
Net Change in Cash and Cash Equivalents 12,651,127 13,471,627
Cash and Cash Equivalents, Beginning of Period 11,031,745 11,961,442
------------ ------------
Cash and Cash Equivalents, End of Period $23,682,872 $25,433,069
============ ============
Additional Cash Flows and Supplementary Information:
Interest paid $ 5,614,714 $ 5,657,271
Income tax paid 306,300 1,251,900
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three and six months ended March 31, 1997
and 1996, and at March 31, 1997 and 1996, is unaudited.)
1. BASIS OF PRESENTATION
The significant accounting policies followed by Peoples Bancorp (the Company)
and its wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb County,
(the Bank), for interim financial reporting are consistent with the accounting
policies followed for annual financial reporting. All adjustments which are, in
the opinion of management, necessary for a fair presentation of the results for
the periods reported, consisting only of normal recurring adjustments, have been
included in the accompanying unaudited consolidated condensed financial
statements. The results of operations for the six months ended March 31, 1997,
are not necessarily indicative of those expected for the remainder of the year.
2. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
The Consolidated Statement of Financial Condition at September 30, 1996, has
been taken from the audited consolidated financial statements at that date.
3. CASH DIVIDEND
A cash dividend of $.15 per common share was declared on February 22, 1997,
payable on April 22, 1997, to stockholders of record as of April 1, 1997.
4. EARNINGS PER COMMON SHARE
Earnings per share have been computed based on the average common shares
outstanding during, and the earnings for, the periods presented. The dilutive
effect on earnings per share from unissued stock option shares is not material.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three and six months ended March 31, 1997
and 1996, and at March 31, 1997 and 1996, is unaudited.)
5. COMMITMENTS TO FUND LOANS
Commitments to fund mortgage loans are as follows:
March 31, 1997 September 30, 1996
-------------------- ---------------------
Amount Rate Amount Rate
------------ ------- ----------- ---------
Adjustable rate $ 63,500 $ 223,000
Fixed rate 7,234,750 7.65% 4,006,200 8.08%
------------ ======= ----------- =========
$7,298,250 $4,229,200
============ ===========
6. STOCK REPURCHASE PLAN
100,000 of the Company's outstanding shares of common stock ("1995 plan"). Such
purchases will be made subject to market conditions in the open market or block
transactions. At March 31, 1997, the Company has repurchased 91,104 shares of
its outstanding stock under the 1995 plan.
7. RECLASSIFICATIONS
Certain amounts in the 1996 consolidated financial statements have been
reclassified to conform to the 1997 presentation.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Total assets at March 31, 1997 were $283,242,399, an increase of $3,230,549 from
September 30, 1996. The increase is attributable primarily to short term
interest-bearing deposits which increased $12,816,140 to $20,640,040. This
increase was partially offset by decreases in investment securities.
Total deposits were $236,631,446 at March 31, 1997, an increase of $1,550,006
since September 30, 1996.
LIQUIDITY
As calculated for regulatory purposes, liquidity was 16.67% at March 31, 1997 as
compared to 15.70% at September 30, 1996. Liquidity and loan repayments should
be adequate to meet loan fundings and other obligations and expenditures.
CAPITAL RESOURCES
The following table presents Peoples Federal Savings Bank's current estimates of
its regulatory capital position as a dollar amount and as a percentage of assets
as of March 31, 1997.
At March 31, 1997
--------------------------------------------------------------
Tangible Capital Core Capital Risk-Based Capital
------------------ ------------------ ------------------------
Amount % Amount % Amount % (1)
--------- -------- --------- -------- --------- --------------
Capital Position $35,036 12.6% $35,036 12.6% $35,904 26.8%
Regulatory
Requirement 4,157 1.5% 8,314 3.0% 10,721 8.0%
Excess Capital
over Regulatory
Requirement $30,879 11.1% $26,722 9.6% $25,183 18.8%
(1) Risk-based capital as a percentage of risk-weighted assets.
<PAGE>
PEOPLES BANCORP AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
SUMMARY OF RESULTS OF OPERATIONS
Peoples Bancorp and subsidiary had net income of $1,978,490 or $.86 per share
for the six months ended March 31, 1997, and $1,034,761 or $.45 per share for
the three months ended March 31, 1997 as compared to $2,103,128 or $.89 per
share and $1,071,819 or $.45 per share for the same periods ended 1996. The
decrease was primarily due to lower net interest income.
NET INTEREST INCOME
Net interest income was $5,089,103 for the six months and $2,526,469 for the
three months ended March 31, 1997 as compared to $5,283,069 and $2,675,533 for
the same periods ended 1996. Interest income decreased $182,076 and $223,415 to
$5,329,118 and $10,714,561 for the three and six month periods primarily due to
lower interest rates on loans. The decrease in income was partially offset by a
decrease in interest expense of $42,042 to $5,614,628 for the six month period
due to a combination of lower prevailing interest rates on certificate of
deposit accounts and higher volumes of these accounts. Provision for loan loss
decreased $35,224 to a net recovery of $485 for the six months ended March 31,
1997, reflecting management's continued review of the loan portfolio.
The following table presents average balances and associated rates earned and
paid for all interest earning assets and interest bearing liabilities for the
six months ended March 31, 1997 and 1996. (dollars in thousands)
<TABLE>
1997 1996
------------------------------- -------------------------------
Average Interest Effective Average Interest Effective
Balance Yield Rate Balance Yield Rate
---------- ---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Loans $226,993 $ 9,223 8.13% $222,131 $ 9,463 8.52%
Securities 33,889 964 5.69% 34,535 885 5.13%
Mortgage-backed
securities 605 28 9.26% 759 34 8.96%
Other 17,347 499 5.75% 18,733 556 5.94%
---------- ---------- ---------- ---------
Combined 278,834 10,714 7.68% 276,158 10,938 7.92%
---------- ---------- ---------- ---------
NOW and savings
deposits 68,779 927 2.70% 70,522 930 2.64%
Certificates of deposit 165,445 4,638 5.61% 162,972 4,698 5.77%
Borrowings 2,044 49 4.79% - - -
Advances from FHLB - - - 1,000 29 5.80%
---------- ---------- ---------- ---------
Combined $236,268 5,614 4.75% $234,494 5,657 4.82%
---------- ---------- ---------- ---------
Net interest income/
interest rate spread $ 5,100 2.93% $ 5,281 3.10%
========== ========= ========= ==========
</TABLE>
<PAGE>
PEOPLES BANCORP AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The following table illustrates the change in net interest income due to changes
in rates and average volumes. (dollars in thousands)
Six months ended March 31, 1997 vs. 1996
Rate Volume Total
------------ ---------- ---------
Loans $(443) $203 $(240)
Securities 96 (17) 79
Mortgage-backed
securities 1 (7) (6)
Other (18) (39) (57)
------------ ---------- ---------
Total (364) 140 (224)
------------ ---------- ---------
NOW and savings deposits 21 (24) (3)
Certificates of deposit (131) 71 (60)
Short-term borrowings - 49 49
Advances from FHLB - (29) (29)
------------ ---------- ---------
Total (110) 67 (43)
------------ ---------- ---------
Net interest income $(254) $ 73 $(181)
============ ========== =========
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE
Non-performing assets at March 31, 1997 and September 30, 1996 are as follows:
(dollars in thousands)
March 31,1997 September 30, 1996
----------- ------------------
Non-accruing loans $809 $ 814
Loans contractually past due 90 days
or more other than nonaccruing 63 88
Real estate owned 74 110
----------- ----------
$946 $1,012
=========== ==========
<PAGE>
PEOPLES BANCORP AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE (CONT'D)
The following table analyzes the allowance for loan and REO losses for the six
months ended March 31, 1997 and 1996. (dollars in thousands)
Loans REO
--------------- ------------------
1997 1996 1997 1996
------ ------- ------- --------
Balance at 9/30 $887 $912 $ - $ -
Provision adjustment charged
(credited) to expense 11 (2) - -
Chargeoffs (36) (33) - -
Recoveries 11 13 - -
------ ------- ------- --------
Balance at 3/31 $873 $890 $ - $ -
====== ======= ======= ========
It is the Bank's policy to carry REO at net realizable value. After
repossession, appraised value is reduced for estimated repair and selling costs,
and the net amount is the carrying value of the property. Any changes in
estimated realizable value after the initial repossession, are charged to a
specific loss reserve account for REO. At present, all REO is carried at the
Bank's estimated realizable value.
Management continually reviews the mix and delinquency status of its loan
portfolio and classifies those loans which it deems appropriate. As of March 31,
1997, asset balances and the corresponding allocation of the provision for loan
losses were as follows: (dollars in thousands)
Asset Allocation of
Balance Reserve
------------ ------------
Loss $ 5 $ 5
Doubtful - -
Substandard 749 150
Unclassified 282,488 718
------------ ------------
$283,242 $873
============ ============
<PAGE>
PEOPLES BANCORP AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE (CONT'D)
The allowances for loan and real estate owned losses represent amounts available
to absorb future losses. Such allowances are based on management's continuing
review of the portfolios, historical charge-offs, current economic conditions,
and such other factors, which in management's judgment deserve recognition in
estimating possible losses. In addition, various regulatory agencies, as an
integral part of their examination process, periodically review the allowance
for loan losses. Such agencies may require additions to the allowances based on
their judgment about the information available to them at the time of their
examination. Provisions for losses are charged to earnings to bring the
allowances to levels considered necessary by management. Losses are charged to
the allowances when considered probable, or in the case of REO, at the time of
repossession. Management believes that the allowances are adequate to absorb
known and inherent losses in the portfolio. No assurance can be given, however,
that economic conditions which may adversely affect the Bank's markets or other
circumstances will not result in future losses in the portfolio.
The following table presents an allocation of the Bank's allowance for loan
losses at the dates indicated and the percentage of loans in each category to
total loans. (dollars in thousands)
Balance at end of period March 31, March 31,
----------------- ------------------
applicable to: 1997 1996
----------------- ------------------
Residential Mortgage Loans $ - 92.7% $ - 92.6%
Commercial Real Estate Loans - 2.1% - 2.2%
Commercial and Other Loans - - - -
Consumer Loans 5 5.2% 22 5.2%
Unallocated 868 868
------- --------- ------- ----------
Total $873 100.0% $890 100.0%
======= ========= ======= ==========
<PAGE>
PEOPLES BANCORP AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
NON-INTEREST INCOME
The Company's non-interest income declined slightly to $157,467 and $315,237 as
compared to $166,574 and $327,278 for the three and six months ended March 31,
1997 as compared to 1996. The decrease was caused by lower trust fees this year
versus last.
NON-INTEREST EXPENSE
Total non-interest expense for the three and six months ended March 31 , 1997
was $1,002,095 and $2,190,830 as compared to $1,143,388 and $2,267,119 for 1996.
The decrease was due to decreased deposit insurance expense due to the September
30, 1996 recapitalization of the SAIF insurance fund, partially offset by small
increases in salaries and employee benefits, net occupancy expenses, and
equipment expenses.
INCOME TAXES
Income taxes for the six months ended March 31, 1997 were $1,235,020, virtually
unchanged from the 1996 figure of $1,240,200.
<PAGE>
PART II. OTHER INFORMATION
PEOPLES BANCORP
AND SUBSIDIARY
Item 6. Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended March 31, 1997.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PEOPLES BANCORP
(REGISTRANT)
Date: April 14, 1997 Maurice F. Winkler III
President and Chief Operating Officer
Date: April 14, 1997 Deborah K. Stanger
Vice President and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 3042832
<INT-BEARING-DEPOSITS> 20640040
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 21565818
<INVESTMENTS-CARRYING> 8469030
<INVESTMENTS-MARKET> 8319033
<LOANS> 224352650
<ALLOWANCE> 872922
<TOTAL-ASSETS> 283242399
<DEPOSITS> 236631446
<SHORT-TERM> 2319471
<LIABILITIES-OTHER> 1292252
<LONG-TERM> 0
0
0
<COMMON> 42999230
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 283242399
<INTEREST-LOAN> 9223202
<INTEREST-INVEST> 964455
<INTEREST-OTHER> 526904
<INTEREST-TOTAL> 10714561
<INTEREST-DEPOSIT> 5565422
<INTEREST-EXPENSE> 5614628
<INTEREST-INCOME-NET> 5099933
<LOAN-LOSSES> 10830
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2190830
<INCOME-PRETAX> 3213510
<INCOME-PRE-EXTRAORDINARY> 1978490
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1978490
<EPS-PRIMARY> .86
<EPS-DILUTED> .86
<YIELD-ACTUAL> 3.66
<LOANS-NON> 809000
<LOANS-PAST> 63000
<LOANS-TROUBLED> 244000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 887000
<CHARGE-OFFS> 36000
<RECOVERIES> 11000
<ALLOWANCE-CLOSE> 873000
<ALLOWANCE-DOMESTIC> 873000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
