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
June 30, 1997 Commission
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 2,273,748 shares
(Title of class) (Outstanding at July 15, 1997)
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
Page
Number
Part I Financial Information:
Item 1. Consolidated Financial Statements
Consolidated Statement of Financial Condition
as of June 30, 1997 and September 30,1996.........................3
Consolidated Statement of Income for the three
and nine months ended June 30, 1997 and 1996......................4
Consolidated Statement of Changes in Stockholders'
Equity for the nine months ended June 30, 1997....................5
Consolidated Statement of Cash Flows for the
nine months ended June 30, 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
June 30, September 30,
1997 1996
------------- -------------
(Unaudited)
Cash $ 3,613,079 $ 3,207,845
Short-term interest-bearing deposits 11,359,055 7,823,900
------------- -------------
Total cash and cash equivalents 14,972,134 11,031,745
Interest-bearing deposits 975,000 -
Securities available for sale 27,786,138 25,886,015
Securities held to maturity
(approximate market value $8,385,504
and $13,486,304) 8,472,153 13,630,532
Mortgage-backed securities 528,012 630,503
Loans:
Loans 229,818,837 223,898,729
Less: Allowance for loan losses 878,794 887,478
------------- -------------
Net loans 228,940,043 223,011,251
Premises and equipment 1,657,853 1,467,764
Federal Home Loan Bank of Indianapolis stock,
at cost 2,062,200 2,004,400
Other assets 2,170,567 2,349,640
------------- -------------
Total assets $287,564,100 $280,011,850
============= =============
LIABILITIES
NOW and savings deposits $ 71,258,712 $ 68,344,163
Certificates of deposit 168,506,518 166,737,277
Reverse Repurchase Agreements 2,845,045 -
Advances by borrowers for taxes and insurance 2,518 3,450
Other liabilities 1,228,584 2,250,195
------------- -------------
Total liabilities 243,841,377 237,335,085
------------- -------------
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--2,274,028 and
2,325,494 shares 2,274,028 2,325,494
Additional paid-in capital 6,685,497 7,690,289
Retained earnings--substantially restricted 34,804,505 32,762,852
Net unrealized loss on securities available for sale (41,307) (101,870)
------------- -------------
Total stockholders' equity 43,722,723 42,676,765
------------- -------------
Total liabilities and stockholders' equity $287,564,100 $280,011,850
============= =============
See notes to consolidated financial statements.
<PAGE>
<TABLE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months ended Nine months ended
June 30, June 30,
----------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Interest Income:
Loans $4,740,015 $4,587,754 $13,963,217 $14,050,990
Securities 511,219 526,617 1,475,674 1,411,249
Mortgage-backed securities 13,038 15,890 41,146 50,381
Other interest and dividend income 297,832 298,367 796,628 853,984
----------- ----------- ------------ ------------
5,562,104 5,428,628 16,276,665 16,366,604
----------- ----------- ------------ ------------
Interest Expense:
Now and savings deposits 501,397 458,265 1,428,626 1,387,741
Certificates of deposit 2,342,740 2,296,285 6,980,933 6,994,249
Short-term borrowings 30,015 539 79,221 539
Federal Home Loan Bank advances - 13,681 - 42,911
----------- ----------- ------------ ------------
2,874,152 2,768,770 8,488,780 8,425,440
----------- ----------- ------------ ------------
Net Interest Income 2,687,952 2,659,858 7,787,885 7,941,164
Provision for losses on loans 22,700 17,925 33,530 16,162
----------- ----------- ------------ ------------
Net Interest Income After Provision
for Losses on Loans 2,665,252 2,641,933 7,754,355 7,925,002
----------- ----------- ------------ ------------
Other Income:
Trust income 12,726 13,860 40,290 50,090
Fees and service charges 111,051 107,874 324,333 331,354
Other income 26,823 30,921 101,214 98,489
----------- ----------- ------------ ------------
150,600 152,655 465,837 479,933
----------- ----------- ------------ ------------
Other Expense:
Salaries and employee benefits 602,862 593,971 1,788,597 1,735,293
Net occupancy expenses 69,837 53,639 220,618 185,007
Equipment expenses 29,443 33,928 131,350 111,119
Data processing expense 48,732 74,951 207,954 228,987
Deposit insurance expense 37,703 133,545 179,071 397,016
Other expenses 256,692 194,246 708,509 693,978
----------- ----------- ------------ ------------
1,045,269 1,084,280 3,236,099 3,351,400
----------- ----------- ------------ ------------
Income Before Income Tax 1,770,583 1,710,308 4,984,093 5,053,535
Income tax expense 677,480 683,150 1,912,500 1,923,350
----------- ----------- ------------ ------------
Net Income $1,093,103 $1,027,158 $ 3,071,593 $ 3,130,185
=========== =========== ============ ============
Net Income Per Common Share $0.48 $0.44 $1.33 $1.33
Average Common Shares Outstanding 2,296,275 2,348,071 2,304,348 2,358,792
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
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) $42,676,765
Cash dividends
($.45 per share) - - - (1,029,940) - (1,029,940)
Net change in unrealized
gain (loss) on securities
available for sale - - - - 60,563 60,563
Repurchase of stock (51,466) (51,466) (1,004,792) - - (1,056,258)
Net income for the
nine months ended
June 30, 1997 - - - 3,071,593 - 3,071,593
---------- ----------- ------------ -------------- ------------------ ---------------
Balances, June 30,
1997 2,274,028 $2,274,028 $6,685,497 $34,804,505 $(41,307) $43,722,723
========== =========== ============ ============== ================== ===============
See notes to consolidated financial statements.
</TABLE>
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine months ended
June 30,
------------------------------
1997 1996
-------------- --------------
Operating Activities:
Net income $ 3,071,593 $ 3,130,185
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 33,530 16,162
Depreciation and amortization 151,646 147,024
Amortization of premiums and discounts on
investment securities (46,633) 5,336
Amortization of deferred loan fees (211,556) (301,020)
Change in:
Interest receivable 145,886 (213,549)
Interest payable (28,304) (6,416)
Other adjustments: (857,596) 97,327
-------------- -------------
Net cash provided by operating activities 2,258,566 2,875,049
-------------- -------------
Investing Activities:
Purchases of interest-bearing deposits (975,000) -
Purchases of investment securities (10,021,120) (18,205,537)
Proceeds from maturities of investment
securities 13,423,571 17,436,429
Payments on mortgage-backed securities 104,301 129,316
Net change in loans (5,933,520) (2,262,050)
Purchases of premises and equipment (348,235) (29,583)
Proceeds from sales of real estate owned 28,500 42,499
Purchase of Federal Home Loan Bank stock (57,800) (63,300)
-------------- -------------
Net cash used by investing activities (3,779,303) (2,952,226)
-------------- -------------
Financing Activities:
Net change in:
NOW and savings accounts 2,909,177 (2,247,994)
Certificates of deposit 1,804,046 2,903,695
Short-term borrowings 2,836,200 8,289
Payments on advances from Federal Home Loan Bank - (1,000,000)
Net change in advances by borrowers for
taxes and insurance (932) (77,054)
Cash dividends (1,031,107) (946,046)
Exercise of stock options - 17,000
Repurchase of common stock (1,056,258) (396,066)
-------------- -------------
Net cash provided by financing activities 5,461,126 (1,738,176)
-------------- -------------
Net Change in Cash and Cash Equivalents 3,940,389 (1,815,353)
Cash and Cash Equivalents, Beginning of Period 11,031,745 11,961,442
-------------- -------------
Cash and Cash Equivalents, End of Period $14,972,134 $10,146,089
============== =============
Additional Cash Flows and Supplementary Information:
Interest paid $ 8,508,610 $ 8,429,585
Income tax paid 853,063 1,508,800
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three and nine months ended June 30, 1997
and 1996, and at June 30, 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 nine months ended June 30, 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 June 18, 1997, payable
on July 23, 1997, to stockholders of record as of July 3, 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 nine months ended June 30, 1997
and 1996, and at June 30, 1997 and 1996, is unaudited.)
5. COMMITMENTS TO FUND LOANS
Commitments to fund mortgage loans are as follows:
June 30, 1997 September 30, 1996
---------------------- ------------------------
Amount Rate Amount Rate
----------- ---------- ------------ ----------
Adjustable rate $ 201,675 $ 223,000
Fixed rate 5,055,100 7.74% 4,006,200 8.08%
----------- ========== ------------ ==========
$5,256,775 $4,229,200
=========== =============
6. STOCK REPURCHASE PLAN
On May 17, 1997, the Company's board of directors authorized the repurchase of
up to 160,000 of the Company's outstanding shares of common stock . Such
purchases will be made subject to market conditions in the open market or
privately negotiated transactions. At June 30, 1997, the Company has repurchased
4,400 shares of its outstanding stock under this 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 June 30, 1997 were $287,564,100, an increase of $7,552,250 from
September 30, 1996. The increase is attributable primarily to loans which
increased $5,928,792 to $228,940,043. Short-term interest-bearing deposits also
increased $3,535,155 to $11,359,055. These increases were partially offset by a
slight decrease in investment securities.
Total deposits were $239,765,230 at June 30, 1997, an increase of $4,683,790
since September 30, 1996.
LIQUIDITY
As calculated for regulatory purposes, liquidity was 15.50% at June 30, 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 June 30, 1997.
At June 30, 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 $3,071,593 or $1.33 per share
for the nine months ended June 30, 1997, and $1,093,103 or $.48 per share for
the three months ended June 30, 1997 as compared to $3,130,185 or $1.33 per
share and $1,027,158 or $.44 per share for the same periods ended 1996. The
decrease for the nine month period was primarily due to lower net interest
income, partially offset by lower expenses. The increase for the three month
period was due to higher net interest income combined with lower expenses.
NET INTEREST INCOME
Net interest income was $7,754,355 for the nine months and $2,665,252 for the
three months ended June 30, 1997 as compared to $7,925,002 and $2,641,933 for
the same periods ended 1996. Interest income decreased $89,939 to $16,276,665
for the nine month period primarily due to lower interest rates on loans.
Interest income increased $133,476 to $5,562,104 for the three month period due
to higher loan volumes. Interest expense increased $105,382 and $63,340 to
$2,874,152 and $8,488,780 for the three and nine month periods primarily due to
higher deposit volumes. Provision for loan loss increased $17,368 to $33,530 for
the nine months ended June 30, 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
nine months ended June 30, 1997 and 1996. (dollars in thousands)
1997 1996
------------------------------- ----------------------------
Average Interest Effective Average Interest Effective
Balance Yield Rate Balance Yield Rate
---------- --------- ---------- --------- -------- ---------
Loans $228,416 $13,963 8.15% $224,370 $14,051 8.35%
Securities 33,727 1,476 5.84% 35,103 1,411 5.36%
Mortgage-backed
securities 587 41 9.31% 740 50 9.01%
Other 17,613 797 6.03% 18,396 854 6.19%
---------- --------- --------- --------
Combined 280,343 16,277 7.74% 278,609 16,366 7.83%
---------- --------- --------- --------
NOW and savings
deposits 69,514 1,429 2.74% 70,275 1,388 2.63%
Certificates of
deposit 165,830 6,981 5.61% 163,423 6,994 5.71%
Borrowings 3,570 79 2.95% - - -
Advances from FHLB - - - 1,000 43 5.73%
---------- --------- --------- --------
Combined 238,914 8,489 4.74% 234,698 8,425 4.79%
---------- --------- --------- --------
Net interest income/
interest rate spread $ 7,788 3.00% $ 7,941 3.04%
========= ========== ======== =========
<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)
Nine months ended June 30, 1997 vs. 1996
Rate Volume Total
------------ ------------ ----------
Loans $(434) $346 $ (88)
Securities 151 (86) 65
Mortgage-backed
securities - (9) (9)
Other (16) (42) (58)
------------ ------------ ----------
Total (299) 209 (90)
------------ ------------ ----------
NOW and savings deposits 65 (24) 41
Certificates of deposit (156) 143 (13)
Short-term borrowings - 79 79
Advances from FHLB - (43) (43)
------------ ------------ ----------
Total (91) 155 64
------------ ------------ ----------
Net interest income $(208) $ 54 $(154)
============ ============ ==========
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE
Non-performing assets at June 30, 1997 and September 30, 1996 are as follows:
(dollars in thousands)
June 30,1997 September 30, 1996
Non-accruing loans $614 $814
Loans contractually past due 90 days
or more other than nonaccruing 68 88
Real estate owned 257 110
------------- ------------
$939 $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 nine
months ended June 30, 1997 and 1996. (dollars in thousands)
Loans REO
---------------------- -------------------
1997 1996 1997 1996
--------- ---------- ------- ---------
Balance at 9/30 $887 $912 $- $ -
Provision adjustment charged
(credited) to expense 34 16 - 11
Chargeoffs (61) (50) - (11)
Recoveries 19 16 - -
--------- ---------- ------- ---------
Balance at 3/31 $879 $894 $- $ -
========= ========== ======= =========
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 June 30,
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 4 $ 4
Doubtful - -
Substandard 843 169
Unclassified 286,717 706
------------ --------------
$287,564 $879
============ ==============
<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)
June 30, June 30,
Balance at end of period ------------------- ------------------
applicable to: 1997 1996
------------------- ------------------
Residential Mortgage Loans $ - 92.5% $ - 92.8%
Commercial Real Estate Loans - 2.1% - 2.1%
Commercial and Other Loans - - - -
Consumer Loans 4 5.4% 26 5.1%
Unallocated 875 868
------- ---------- --------- ---------
Total $879 100.0% $894 100.0%
======= ========== ========= =========
<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 $150,600 and $465,837 as
compared to $152,655 and $479,933 for the three and nine months ended June 30,
1997 as compared to 1996. The decrease was primarily caused by lower trust fees
this year versus last.
NON-INTEREST EXPENSE
Total non-interest expense for the three and nine months ended June 30 , 1997
was $1,045,269 and $3,236,099 as compared to $1,084,280 and $3,351,400 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 nine months ended June 30, 1997 were $1,912,500, virtually
unchanged from the 1996 figure of $1,923,350.
<PAGE>
PART II. OTHER INFORMATION
PEOPLES BANCORP
AND SUBSIDIARY
Item 6. Reports on Form 8-K
One report on Form 8-K was filed during the three months ended June 30, 1997.
This 8-K reported the adoption of a stock repurchase plan and was filed on June
3, 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: July 15, 1997 Maurice F. Winkler III
President and Chief Operating Officer
Date: July 15, 1997 Deborah K. Stanger
Vice President and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 3613079
<INT-BEARING-DEPOSITS> 12334055
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 27786138
<INVESTMENTS-CARRYING> 8472153
<INVESTMENTS-MARKET> 8385504
<LOANS> 229818837
<ALLOWANCE> 878794
<TOTAL-ASSETS> 287564100
<DEPOSITS> 239765230
<SHORT-TERM> 2845045
<LIABILITIES-OTHER> 1231102
<LONG-TERM> 0
0
0
<COMMON> 43722723
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 287564100
<INTEREST-LOAN> 13963217
<INTEREST-INVEST> 1475674
<INTEREST-OTHER> 837774
<INTEREST-TOTAL> 16276665
<INTEREST-DEPOSIT> 8409559
<INTEREST-EXPENSE> 8488780
<INTEREST-INCOME-NET> 7787885
<LOAN-LOSSES> 33530
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3236099
<INCOME-PRETAX> 4984093
<INCOME-PRE-EXTRAORDINARY> 4984093
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3071593
<EPS-PRIMARY> 1.33
<EPS-DILUTED> 1.33
<YIELD-ACTUAL> 3.70
<LOANS-NON> 614000
<LOANS-PAST> 68000
<LOANS-TROUBLED> 109000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 887000
<CHARGE-OFFS> 61000
<RECOVERIES> 19000
<ALLOWANCE-CLOSE> 879000
<ALLOWANCE-DOMESTIC> 879000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
