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, 1998 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 3,375,165 shares
- ------------------------------------ ----------------
(Title of class) (Outstanding at July 21, 1998)
<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, 1998 and September 30, 1997.........................3
Consolidated Statement of Income for the three
and nine months ended June 30, 1998 and 1997.......................4
Consolidated Statement of Changes in Stockholders' Equity for
the nine months ended June 30, 1998................................5
Consolidated Statement of Cash Flows for the
nine months ended June 30, 1998 and 1997...........................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>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
ASSETS
June 30, September 30,
1998 1997
---------------- --------------
(Unaudited)
Cash $ 5,157,102 $ 2,993,154
Short-term interest-bearing deposits - 7,738,990
---------------- --------------
Total cash and cash equivalents 5,157,102 10,732,144
Interest-bearing deposits 2,475,041 976,000
Securities available for sale 27,550,480 28,467,800
Securities held to maturity
(approximate market value $7,150,847 and
$8,740,052 7,142,613 8,757,855
Mortgage-backed securities 402,687 498,823
Loans:
Loans 255,831,382 236,142,236
Less: Allowance for loan losses 922,023 886,567
---------------- --------------
Net loans 254,909,359 235,255,669
Premises and equipment 2,442,723 1,712,774
Federal Home Loan Bank of Indianapolis stock, at cost 2,217,700 2,062,200
Other assets 2,021,813 2,138,330
---------------- --------------
Total assets $304,319,518 $290,601,595
================ ==============
LIABILITIES
NOW and savings deposits $ 76,904,517 $ 70,539,511
Certificates of deposit 172,149,749 171,250,628
Reverse Repurchase Agreements 4,315,007 3,162,400
Federal Home Loan Bank advances 4,000,000 -
Advances by borrowers for taxes and insurance 1,777 1,591
Other liabilities 1,403,297 1,349,295
---------------- --------------
Total liabilities 258,774,347 246,303,425
---------------- --------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $1;
Authorized and unissued -- 5,000,000 shars - -
Common stock, par value $1;
Authorized--7,000,000 shares:
Issued and outstanding--3,356,699 and
3,391,986 shares 3,356,699 3,391,986
Additional paid-in capital 4,515,984 5,263,589
Retained earnings--substantially restricted 37,610,644 35,573,293
Net unrealized loss on securities available for sale 61,844 69,302
---------------- --------------
Total stockholders' equity 45,545,171 44,298,170
---------------- --------------
Total liabilities and stockholders' equit $304,319,518 $290,601,595
================ ==============
See notes to consolidated financial statement.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months ended Nine months ended
June 30, June 30,
----------------------------------------------
1998 1997 1998 1997
---------- ----------- ------------ ----------
Interest Income:
Loans $5,076,684 $4,740,015 $15,019,915 $13,963,217
Securities 588,997 511,219 1,544,826 1,475,674
Mortgage-backed securities 10,387 13,038 33,154 41,146
Other interest and dividend income 102,596 297,832 549,867 796,628
----------- ---------- ------------ ----------
5,778,664 5,562,104 17,147,762 16,276,665
----------- ---------- ------------ ----------
Interest Expense:
Now and savings deposits 541,666 501,397 1,568,533 1,428,626
Certificates of deposit 2,409,587 2,342,740 7,261,826 6,980,933
Short-term borrowings 54,910 30,015 147,583 79,221
Federal Home Loan Bank Advances 28,886 - 28,886 -
----------- ---------- ------------ ----------
3,035,049 2,874,152 9,006,828 8,488,780
----------- ---------- ------------ ----------
Net Interest Income 2,743,615 2,687,952 8,140,934 7,787,885
Provision for losses on loans 34,253 22,700 41,916 33,530
----------- ---------- ------------ ----------
Net Interest Income After Provision
for Losses on Loans 2,709,362 2,665,252 8,099,018 7,754,355
----------- ---------- ------------ ----------
Other Income:
Trust income 20,044 12,726 65,799 40,290
Fees and service charges 121,532 111,051 339,628 324,333
Other income 25,899 26,823 97,811 101,214
----------- ---------- ------------ ----------
167,475 150,600 503,238 465,837
----------- ---------- ------------ ----------
Other Expense:
Salaries and employee benefits 650,514 602,862 1,844,225 1,788,597
Net occupancy expenses 80,927 69,837 232,167 220,618
Equipment expenses 103,733 29,443 252,048 131,350
Data processing expense 131,946 48,732 292,922 207,954
Deposit insurance expense 37,463 37,703 112,658 179,071
Other expenses 248,490 256,692 769,474 708,509
----------- ---------- ------------ ----------
1,253,073 1,045,269 3,503,494 3,236,099
----------- ---------- ------------ ----------
Income Before Income Tax 1,623,764 1,770,583 5,098,762 4,984,093
Income tax expense 618,080 677,480 1,947,625 1,912,500
----------- ---------- ------------ ----------
Net Income $1,005,684 $1,093,103 $3,151,137 $3,071,593
=========== ========== ============ ==========
Basic Income Per Common Share $0.30 $0.32 $0.92 $0.89
Diluted Income Per Common Share $0.30 $0.32 $0.92 $0.89
Average Common Shares Outstanding 3,368,281 3,444,413 3,424,951 3,456,522
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
Retained Net Unrealized
Common Stock 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,
1997 3,391,986 $3,391,986 $5,263,589 $35,573,293 $69,302 $44,298,170
Cash dividends
($.33 per share) - - - (1,113,786) - (1,113,786)
Net change in unrealized
gain (loss) on securities
available for sale - - - - (7,458) (7,458)
Repurchase of stock (35,287) (35,287) (747,605) - - (782,892)
Net income for the
nine months ended
June 30, 1998 - - - 3,151,137 - 3,151,137
----------- ------------ ------------ ------------- ----------------- -------------
Balances, June 30,
1998 3,356,699 $3,356,699 $4,515,984 $37,610,644 $61,844 $45,545,171
=========== ============ ============ ============= ================= =============
</TABLE>
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine months ended
June 30,
--------------------------
1998 1997
------------- ------------
Operating Activities:
Net income $3,151,137 $3,071,593
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 41,916 33,530
Depreciation and amortization 311,359 151,646
Amortization of premiums and discounts on
investment securities (104,055) (46,633)
Amortization of deferred loan fees (283,496) (211,556)
Change in:
Interest receivable 31,891 145,886
Interest payable 57,736 (28,304)
Other adjustments: 38,726 (857,596)
------------- -------------
Net cash provided by operating activities 3,245,214 2,258,566
------------- -------------
Investing Activities:
Purchases of interest-bearing deposits (5,425,041) (975,000)
Proceeds from maturities of interest-bearing deposits 3,926,000 -
Purchases of investment securities (7,007,549) (10,021,120)
Proceeds from maturities of investment
securities 9,685,000 13,423,571
Payments on mortgage-backed securities 97,945 104,301
Net change in loans (19,497,275) (5,933,520)
Purchases of premises and equipment (1,041,308) (348,235)
Proceeds from sales of real estate owned 115,026 28,500
Purchase of Federal Home Loan Bank stock (155,500) (57,800)
------------- -------------
Net cash used by investing activities (19,302,702) (3,779,303)
------------- -------------
Financing Activities:
Net change in:
NOW and savings accounts 6,363,806 2,909,177
Certificates of deposit 855,238 1,804,046
Short-term borrowings 1,152,607 2,836,200
FHLB advances 4,000,000 -
Net change in advances by borrowers for
taxes and insurance 186 (932)
Cash dividends (1,106,469) (1,031,107)
Repurchase of common stock (782,922) (1,056,258)
------------- ------------
Net cash provided by financing activities 10,482,446 5,461,126
------------- -------------
Net Change in Cash and Cash Equivalents (5,575,042) 3,940,389
Cash and Cash Equivalents, Beginning of Period 10,732,144 11,031,745
------------- -------------
Cash and Cash Equivalents, End of Period $ 5,157,102 $14,972,134
============= =============
Additional Cash Flows and Supplementary Information:
Interest paid $ 8,949,092 $ 8,508,610
Income tax paid 1,930,382 1,156,300
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, 1998
and 1997, and at June 30, 1998 and 1997, 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 three and nine months ended June
30, 1998, 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, 1997, has
been taken from the audited consolidated financial statements at that date.
3. CASH DIVIDEND
A cash dividend of $.11 per common share was declared on June 9, 1998, payable
on July 23, 1998, to stockholders of record as of July 1, 1998.
4. EARNINGS PER COMMON SHARE
Basic earnings per share have been computed based on the average common shares
outstanding during, and the earnings for, the periods presented. Diluted
earnings per share were calculated as if outstanding stock options at June 30,
1997 had been exercised, and the exercise price used to repurchase stock at the
then current market price. The resulting number of shares was used to calculate
the diluted earnings per share, which did not differ from the basic earnings per
share number. There are no outstanding potentially dilutive stock equivalents at
June 30, 1998.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three and nine months ended June 30, 1998
and 1997, and at June 30, 1998 and 1997, is unaudited.)
5. COMMITMENTS TO FUND LOANS
Commitments to fund mortgage loans are as follows:
June 30, 1998 September 30, 1997
-------------------- -----------------------
Amount Rate Amount Rate
------------ ------- ------------- ---------
Adjustable rate $3,994,500 $ 114,000
Fixed rate 5,900,000 7.32% 5,364,570 7.66%
------------ ======= ------------ ========
$9,894,500 $5,478,570
============ ============
6. STOCK REPURCHASE PLAN
On May 17, 1997, the Company's board of directors authorized the repurchase of
up to 240,000 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, 1998, the Company has repurchased
60,910 shares of its outstanding stock under this plan.
7. RECLASSIFICATIONS
Certain amounts in the 1997 consolidated financial statements have been
reclassified to conform to the 1998 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, 1998 were $304,319,518, an increase of $13,717,923 from
September 30, 1997. The increase is attributable primarily to loans which
increased $19,653,690 to $254,909,359, and interest-bearing time deposits which
increased $1,499,041 to $2,475,041. These increases were partially offset by
decreases in investment securities and short-term interest-bearing deposits.
Total deposits were $249,054,266 at June 30, 1998, an increase of $7,264,127
since September 30, 1997.
LIQUIDITY
As calculated for regulatory purposes, liquidity was 11.03% at June 30, 1998 as
compared to 13.00% at September 30, 1997. 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, 1998.
At June 30, 1998
---------------------------------------------
Core Capital Risk-Based Capital
------------------- ------------------------
Amount % Amount % (1)
--------- --------- ---------- -------------
Capital Position $37,049 12.5% $37,944 24.7%
Regulatory
Requirement 11,897 4.0% 12,288 8.0%
Excess Capital
over Regulatory
Requirement $25,152 8.5% $25,656 16.7%
(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 $1,005,684 and $3,151,137 or
$0.30 and $0.92 per share for the three and nine months ended June 30, 1998 as
compared to $1,093,103 and $3,071,593 or $0.32 and $0.89 per share for the same
period ended 1997. The increase was primarily due to higher net interest income
partially offset by higher operating expenses.
NET INTEREST INCOME
Net interest income was $2,709,362 for the three months and $8,099,018 for the
nine months ended June 30, 1998 as compared to $2,665,252 and $7,754,355 for the
same period ended 1997. Interest income increased $216,560 and $871,097 to
$5,778,664 and $17,147,762 for the three and nine months primarily due to higher
volumes of loans. Interest expense increased $160,897 and $518,048 to $3,035,049
and $9,006,828 for the three and nine months primarily due to higher deposit and
borrowing volumes. Provision for loan loss increased $8,386 to $41,916 for the
nine months ended June 30, 1998, 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, 1998 and 1997. (dollars in thousands)
1998 1997
---------------------------- ---------------------------
Average Interest Effective Average Interest Effective
Balance Yield Rate Balance Yield Rate
-------- -------- ---------- --------- ------- ------
Loans $242,627 $15,020 8.25% $228,416 $13,963 8.15%
Securities 35,312 1,545 5.83% 33,727 1,476 5.84%
Mortgage-backed
securities 456 33 9.65% 586 41 9.33%
Other 10,895 550 6.73% 17,613 797 6.03%
-------- -------- --------- --------
Combined 289,290 17,148 7.90% 280,342 16,277 7.74%
-------- -------- --------- --------
NOW and savings
deposits 73,540 1,569 2.84% 69,494 1,429 2.74%
Certificates of deposit 172,031 7,262 5.63% 165,830 6,981 5.61%
Borrowings 4,671 176 5.02% 3,570 79 2.95%
-------- -------- --------- --------
Combined 250,242 9,007 4.80% 238,894 8,489 4.74%
-------- -------- --------- --------
Net interest income/
interest rate spread $ 8,141 3.10% $ 7,788 3.00%
======== ====== ========= ======
<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, 1998 vs. 1997
Rate Volume Total
------ -------- --------
Loans $174 $883 $1,057
Securities (2) 71 69
Mortgage-backed
securities - (8) (8)
Other 108 (355) (247)
------ -------- --------
Total 280 591 871
------ -------- --------
NOW and savings deposits 54 86 140
Certificates of deposit 24 257 281
Short-term borrowings 60 8 68
FHLB advances - 29 29
------ -------- --------
Total 138 380 518
------ -------- --------
Net interest income $142 $211 $353
====== ======= ========
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE
Non-performing assets at June 30, 1998 and September 30, 1997 are as follows:
(dollars in thousands)
June 30, 1998 September 30, 1997
Non-accruing loans $482 $658
Loans contractually past due 90 days
or more other than nonaccruing 51 64
Real estate owned - -
------- -------
$533 $722
======= ========
<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, 1998 and 1997. (dollars in thousands)
Loans REO
-------------- -------------
1998 1997 1998 1997
------ ------- ------ ------
Balance at 9/30 $887 $887 $ - $ -
Provision adjustment charged
(credited) to expense 42 34 6 -
Chargeoffs (32) (61) (6) -
Recoveries 25 19 - -
------ ------ ------ ------
Balance at 6/30 $922 $879 $ - $ -
====== ====== ====== ======
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,
1998, asset balances and the corresponding allocation of the provision for loan
losses were as follows: (dollars in thousands)
Asset Allocation of
Balance Reserve
---------- ------------
Loss $ 27 $ 27
Doubtful - -
Substandard 650 130
Unclassified 303,643 765
---------- --------
$304,320 $922
========== ========
<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 June 30, June 30,
--------------- ---------------
applicable to: 1998 1997
--------------- --------------
Residential Mortgage Loans $ 15 92.1% $ - 92.8%
Commercial Real Estate Loans - 2.2% - 2.1%
Commercial and Other Loans - - - -
Consumer Loans 12 5.7% 26 5.1%
Unallocated 895 868
------ ------ ------ -------
Total $922 100.0% $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 increased slightly to $167,475 and $503,238 as
compared to $150,600 and $465,837 for the same periods one year ago. The
increase was attributable to higher trust and fee income.
NON-INTEREST EXPENSE
Total non-interest expense for the nine months ended June 30, 1998 was
$3,503,494 as compared to $3,236,099 for 1997. The increase was due to increased
equipment expenses due to the addition of new mortgage loan processing software,
ATM machines and other computer upgrades being undertaken in anticipation of the
year 2000, and increases in trust expense and NOW department expense due to
software upgrades which necessitate higher support fees. These increases were
partially offset by lower deposit insurance premiums due to the September 30,
1996 recapitalization of the SAIF insurance fund, and the resulting lower
premiums on insured deposits.
INCOME TAXES
Income taxes for the nine months ended June 30, 1998 were $1,947,625, as
compared to $1,912,500 for a year ago. The higher tax figure this year is a
result of higher pretax income.
<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 June 30, 1998.
<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 21, 1998 Maurice F. Winkler III
President and Chief Operating Officer
Date: July 21,1998 Deborah K. Stanger
Vice President and Chief Financial Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 5157102
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 27550480
<INVESTMENTS-CARRYING> 7142613
<INVESTMENTS-MARKET> 7150847
<LOANS> 255831382
<ALLOWANCE> 922023
<TOTAL-ASSETS> 304319518
<DEPOSITS> 249054266
<SHORT-TERM> 4315007
<LIABILITIES-OTHER> 1405074
<LONG-TERM> 4000000
0
0
<COMMON> 45545171
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 304319518
<INTEREST-LOAN> 15019915
<INTEREST-INVEST> 1544826
<INTEREST-OTHER> 583021
<INTEREST-TOTAL> 17147762
<INTEREST-DEPOSIT> 8830359
<INTEREST-EXPENSE> 9006828
<INTEREST-INCOME-NET> 8140934
<LOAN-LOSSES> 41916
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3503494
<INCOME-PRETAX> 5098762
<INCOME-PRE-EXTRAORDINARY> 3151137
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3151137
<EPS-PRIMARY> .92
<EPS-DILUTED> .92
<YIELD-ACTUAL> 3.75
<LOANS-NON> 482000
<LOANS-PAST> 51000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 887000
<CHARGE-OFFS> 32000
<RECOVERIES> 25000
<ALLOWANCE-CLOSE> 922000
<ALLOWANCE-DOMESTIC> 922000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
