FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
December 31, 1999 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 3,099,862 shares
- ------------------------------------ ----------------
(Title of class) (Outstanding at January 21, 2000)
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
Page
Number
Part I Financial Information:
Item 1. Consolidated Financial Statements
Consolidated Statement of Financial Condition
as of December 31, 1999 and September 30, 1999...................3
Consolidated Statement of Income for the three
months ended December 31, 1999 and 1998..........................4
Consolidated Statement of Changes in Stockholders'
Equity for the three months ended December 31, 1999..............5
Consolidated Statement of Cash Flows for the
three months ended December 31, 1999 and 1998....................6
Notes to Consolidated Financial Statements.....................7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.........................9-17
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K.................................18
Signatures....................................................................19
<PAGE>
PART I. FINANCIAL INFORMATION
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
ASSETS
December 31, September 30,
1999 1999
-------------- --------------
Cash $ 5,619,680 $ 4,838,115
Short-term interest-bearing deposits 3,322,712 834,134
-------------- --------------
Total cash and cash equivalents 8,942,392 5,672,249
Interest-bearing deposits - -
Securities available for sale 16,183,670 16,932,913
Securities held to maturity
(approximate market value $615,927 and $618,448 613,460 609,852
Mortgage-backed securities 234,466 257,707
Loans:
Loans 303,849,237 297,875,039
Less: Allowance for loan losses 1,024,626 1,005,119
-------------- --------------
Net loans 302,824,611 296,869,920
Premises and equipment 2,418,305 2,285,889
Federal Home Loan Bank of Indianapolis
stock, at cost 2,473,500 2,473,500
Other assets 2,274,960 2,460,521
-------------- --------------
Total assets $335,965,364 $327,562,551
============== ==============
LIABILITIES
NOW and savings deposits $ 97,838,304 $ 94,238,078
Certificates of deposit 178,239,265 176,756,016
Reverse Repurchase Agreements 3,567,447 5,239,739
Federal Home Loan Bank advances 10,450,000 5,000,000
Other liabilities 1,109,205 872,499
-------------- --------------
Total liabilities 291,204,221 282,106,332
-------------- --------------
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--3,105,962 and
3,183,717 shares 3,105,962 3,183,717
Additional paid-in capital 36,133 1,203,696
Retained earnings--substantially restricted 42,038,607 41,282,725
Accumulated other comprehensive income (419,559) (213,919)
-------------- --------------
Total stockholders' equity 44,761,143 45,456,219
-------------- --------------
Total liabilities and stockholders' equity $335,965,364 $327,562,551
============== ==============
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months ended
December 31,
--------------------------
1999 1998
------------ ------------
Interest Income:
Loans $5,814,674 $5,359,236
Securities 201,664 353,947
Other interest and dividend income 190,131 132,499
------------ ------------
6,206,469 5,845,682
------------ ------------
Interest Expense:
Now and savings deposits 704,049 552,657
Certificates of deposit 2,297,174 2,387,545
Short-term borrowings 41,952 40,892
Federal Home Loan Bank Advances 136,273 63,206
------------ ------------
3,179,448 3,044,300
------------ ------------
Net Interest Income 3,027,021 2,801,382
------------ ------------
Provision for losses on loans 28,789 30,942
------------ ------------
Net Interest Income After Provision
for Losses on Loans 2,998,232 2,770,440
------------ ------------
Other Income:
Trust income 49,256 8,138
Fees and service charges 140,240 142,381
Other income 16,828 39,093
------------ ------------
206,324 189,612
------------ ------------
Other Expense:
Salaries and employee benefits 706,512 595,402
Net occupancy expenses 85,973 78,925
Equipment expenses 87,789 105,345
Data processing expense 128,462 101,583
Deposit insurance expense 39,319 35,824
Other expenses 274,715 288,882
------------ ------------
1,322,770 1,205,961
------------ ------------
Income Before Income Tax 1,881,786 1,754,091
Income tax expense 722,100 669,800
------------ ------------
Net Income $1,159,686 $1,084,291
============ ============
Basic Income Per Common Share $0.37 $0.33
Diluted Income Per Common Share $0.37 $0.33
Average Common Shares Outstanding 3,141,106 3,270,559
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
<TABLE>
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Accumulated
Common Stock Retained Other
-------------------- Additional Earnings Comprehensive
Number Paid-in (Substantially Comprehensive Income
of Shares Amount Capital Restricted) Income Net of Tax Total
--------- ----------- ----------- -------------- ------------- ---------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balances, September 30,
1999 3,183,717 $3,183,717 $1,203,696 $41,282,725 $ - $(213,919) $45,456,219
Unrealized gains (losses) on
securities available for sale - - - - (205,640) (205,640) (205,640)
Cash dividends
($.13 per share) - - - (403,804) - (403,804)
Repurchase of stock (77,755) (77,755) (1,167,564) - - (1,245,319)
Net income for the
three months ended
December 31, 1999 - - - 1,159,686 1,159,686 - 1,159,686
--------- ----------- ----------- -------------- ------------- ---------------- -----------
Balances, December 31,
1999 3,105,962 $3,105,962 $ 36,133 $42,038,607 $ 954,046 $(419,559) $44,761,143
========= ========== =========== ============== ============= ================ ===========
</TABLE>
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
December 31,
----------------------------
1999 1998
------------- -------------
Operating Activities:
Net income $1,159,686 $1,084,291
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 28,789 30,942
Depreciation and amortization 90,408 105,322
Amortization of premiums and discounts on
investment securities (25,116) (17,686)
Amortization of deferred loan fees (101,919) (116,556)
Change in:
Deferred income tax 191,174 -
Interest receivable 194,494 183,136
Interest payable 15,382 49,775
Other adjustments: 488,359 (762,922)
------------- -------------
Net cash provided by operating activities 2,041,257 556,302
------------- -------------
Investing Activities:
Net change in interest-bearing deposits - (4,600,000)
Purchases of investment securities-avilable for sale (312,501) (187,322)
Proceeds from maturities of investment
securities-held to maturity - 4,027,498
Proceeds from maturities of securities-available for sale - 2,100,000
Proceeds from sale of securities available for sale 693,700 -
Net change in mutual funds (293,357) (96,785)
Net change in loans (5,881,561) (6,509,027)
Purchases of premises and equipment (222,824) (62,500)
Other investing activities 29,541 -
------------- -------------
Net cash used by investing activities (5,987,002) (5,328,136)
------------- -------------
Financing Activities:
Net change in:
NOW and savings accounts 3,583,285 7,612,784
Certificates of deposit 1,513,110 5,624,708
Short-term borrowings 527,708 (539,619)
FHLB advances 3,250,000 (1,000,000)
Net change in advances by borrowers for
taxes and insurance 987 1,007
Cash dividends (413,883) (393,509)
Repurchase of common stock (1,245,319) (384,441)
------------- -------------
Net cash provided by financing activities 7,215,888 10,920,930
------------- -------------
Net Change in Cash and Cash Equivalents 3,270,143 6,149,096
Cash and Cash Equivalents, Beginning of Perio 5,672,249 3,567,625
------------- -------------
Cash and Cash Equivalents, End of Period $8,942,392 $9,716,721
============= =============
Additional Cash Flows and Supplementary Information:
Interest paid $4,161,260 $2,994,525
Income tax paid 297,855 257,991
See notes to consolidated financial statements.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three months
ended December 31, 1999 and 1998, and at
December 31, 1999 and 1998, 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 months ended December 31,
1999, 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, 1999, has
been taken from the audited consolidated financial statements at that date.
3. CASH DIVIDEND
A cash dividend of $.13 per common share was declared on December 21, 1999,
payable on January 20, 2000, to stockholders of record as of January 4, 2000.
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 December
31, 1999 and 1998 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.
<PAGE>
PEOPLES BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the three months
ended December 31, 1999 and 1998, and at
December 31, 1999 and 1998, is unaudited.)
5. COMMITMENTS TO FUND LOANS
Commitments to fund mortgage loans are as follows:
December 31, 1999 September 30, 1999
----------------------- ----------------------------
Amount Rate Amount Rate
------------- -------- ------------- --------
Adjustable rate $2,793,000 $2,429,700
Fixed rate 1,454,275 7.61% 1,733,500 7.58%
------------- ======== ------------- ========
$4,247,275 $4,163,200
============= =============
6. STOCK REPURCHASE PLAN
On June 10, 1999, the Company's board of directors authorized the repurchase of
up to 300,000 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 December 31, 1999, the Company has
repurchased 78,655 shares of its outstanding stock under this plan.
7. RECLASSIFICATIONS
Certain amounts in the 1999 consolidated financial statements have been
reclassified to conform to the 2000 presentation.
8. AQUISITION
The agreement to merge between Peoples Bancorp and Three Rivers Financial
Corporation will be voted on by the shareholders of Three Rivers Financial
Corporation at a special meeting of shareholders on February 15, 2000, and by
the shareholders of Peoples Bancorp at their annual meeting on February 16,
2000.
<PAGE>
PEOPLES BANCORP
AND SUBSDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Total assets at December 31, 1999 were $335,965,364, an increase of $8,402,813
from September 30, 1999. The increase is attributable primarily to loans, which
increased $5,954,691 to $302,824,611, and cash and cash equivalents, which
increased $3,270,143 to $8,942,392. These increases were partially offset by
decreases in investment securities.
Total deposits were $276,077,569 at December 31, 1999, an increase of $5,083,475
since September 30, 1999.
LIQUIDITY
As calculated for regulatory purposes, liquidity was 4.52% at December 31, 1999
as compared to 6.03% at September 30, 1999. Liquidity and loan repayments may
need to be supplemented with borrowings from the Federal Home Loan Bank 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 December 31, 1999.
At Dec 31, 1999
-----------------------------------------------
Required for To Be Well
Actual Adequate Capital(1) Capitalized (1)
-------------- --------------- ----------------
Amount % Amount % Amount %
-------- ----- -------- ------ --------- ------
Total risk-based capital (1)
(to risk-weighted assets) $37,715 20.6% $14,646 8.0% $18,307 10.0%
Tier 1 Capital (1)
(to adjusted tangible assets) $36,711 11.1% $13,230 4.0% $19,845 6.0%
Tier 1 Capital (1)
(to adjusted total assets) $36,711 11.1% $13,230 4.0% $16,538 5.0%
(1) as defined by regulatory agencies
<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 $1,159,686 or $0.37 per share
for the three months ended December 31, 1999 as compared to $1,084,291 or $0.33
per share for the same period ended 1998. The increase was primarily due to
higher net interest income, partially offset by higher non-interest expense.
NET INTEREST INCOME
Net interest income was $3,027,021 for the three months ended December 31, 1999
as compared to $2,801,382 for the same period ended 1998. Interest income
increased $360,787 to $6,206,469 for the three months primarily due to higher
volumes of loans. Interest expense increased $135,148 to $3,179,448 due to a
combination of lower rates and higher volumes of deposit accounts, and higher
volumes of borrowings. Provision for loan loss decreased $2,153 to $28,789 for
the three months ended December 31, 1999, 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
three months ended December 31, 1999 and 1998. (dollars in thousands)
1999 1998
--------------------------- ----------------------------
Average Interest Effective Average Interest Effective
Balance Yield Rate Balance Yield Rate
-------- -------- --------- --------- -------- ---------
Loans $299,581 $5,815 7.76% $274,406 $5,359 7.81%
Securities 13,093 201 6.14% 19,738 354 7.17%
Other 12,896 190 5.89% 9,732 133 5.47%
-------- ------- --------- -------
Combined 325,570 6,206 7.62% 303,876 5,846 7.70%
-------- ------- --------- -------
NOW and savings
deposits 98,872 704 2.85% 78,543 553 2.82%
Certificates of deposit 176,113 2,297 5.22% 173,976 2,388 5.49%
Borrowings 11,523 178 6.18% 8,314 104 5.00%
-------- ------- --------- -------
Combined $286,508 3,179 4.44% $260,833 3,045 4.67%
-------- ------- --------- -------
Net interest income/
interest rate spread $3,027 3.18% $2,801 3.03%
======= ========= ======== ========
<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)
Three months ended December 31, 1999 vs. 1998
Rate Volume Total
--------- ---------- ----------
Loans $ (34) $ 490 $ 456
Securities (46) (107) (153)
Other 11 46 57
--------- ---------- ----------
Total (69) 429 360
--------- ---------- ----------
NOW and savings deposits 6 145 151
Certificates of deposit (120) 29 (91)
Borrowings 28 46 74
--------- ---------- ----------
Total (86) 220 # 134
--------- ---------- ----------
Net interest income $ 17 $ 209 # $ 226
========= ========== ==========
NON-PERFORMING ASSETS AND SUMMARY OF LOAN LOSS EXPERIENCE
Non-performing assets at December 31, 1999 and September 30, 1999 are as
follows: (dollars in thousands)
December 31, 1999 September 30, 1999
Non-accruing loans $576 $474
Loans contractually past due 90 days
or more other than nonaccruing 181 64
Real estate owned - -
--------- ----------
$757 $538
========= ==========
<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 three
months ended December 31, 1999 and 1998. (dollars in thousands)
Loans REO
--------------- -----------------
1999 1998 1999 1998
-------- ------ ------- -------
Balance at 9/30 $1,005 $947 $ - $ -
Provision adjustment charged
(credited) to expense 29 30 - -
Chargeoffs (14) (6) - -
Recoveries 5 3 - -
-------- ------ ------ -------
Balance at 12/31 $1,025 $974 $ - $ -
======== ====== ====== =======
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 December
31, 1999, asset balances and the corresponding allocations of the provision for
loan losses were as follows: (dollars in thousands)
Asset Allocation of
Balance Reserve
----------- -------------
Loss $ 21 $ 21
Doubtful - -
Substandard 722 144
Special mention 583 58
Unclassified 335,222 860
----------- ---------
$335,965 $1,025
=========== =========
<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 December 31,
-----------------------------------------
applicable to: 1999 1998
--------------------- ------------------
Residential Mortgage Loans $ 905 87.6% $790 92.1%
Commercial Real Estate Loans 32 4.6% 20 2.2%
Commercial and Other Loans 14 2.0% - -
Consumer Loans 53 5.8% 65 5.7%
Unallocated 35 99
--------- --------- ------- ---------
Total $1,025 100.0% $974 100.0%
========= ========= ======= =========
<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 to $206,324 as compared to $189,612
for the same period one year ago. The increase was attributable to higher trust
income partially offset by lower other income due to a loss on a security sale
this year.
NON-INTEREST EXPENSE
Total non-interest expense for the three months ended December 31, 1999 was
$1,322,770 as compared to $1,205,961 for 1998. Salaries and employee benefits
increased $111,110 to $706,512 due to the addition of an eighth branch office in
August 1998 and the addition of extra loan officers to deal with a very high
loan demand. Data processing expense increased $26,879 to $128,462 also due to
the addition of the new branch office.
INCOME TAXES
Income taxes for the three months ended December 31, 1999 increased to $722,100
from $669,800 for the same period last year due to higher pretax income.
YEAR 2000
The Bank began working on its Year 2000 conversion process in 1997 as part of a
project to update our information systems to a level that would allow us to
compete in the 21st century. As a result, the Bank began a comprehensive review
to identify all systems that would be affected, estimate cost projections, and
compile a schedule or plan of action. At the time of this report, all systems
seem to be working as usual, and no year 2000 problems have been encountered.
<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 December 31,
1999.
<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: January 21, 2000 Maurice F. Winkler III
President and Chief Operating Officer
Date: January 21, 2000 Deborah K. Stanger
Vice President and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 5619680
<INT-BEARING-DEPOSITS> 3322712
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 16183670
<INVESTMENTS-CARRYING> 613460
<INVESTMENTS-MARKET> 615927
<LOANS> 303849237
<ALLOWANCE> 1024626
<TOTAL-ASSETS> 335965364
<DEPOSITS> 276077569
<SHORT-TERM> 6817447
<LIABILITIES-OTHER> 1109205
<LONG-TERM> 7200000
0
0
<COMMON> 44761143
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 335965364
<INTEREST-LOAN> 5814674
<INTEREST-INVEST> 201664
<INTEREST-OTHER> 190131
<INTEREST-TOTAL> 6206469
<INTEREST-DEPOSIT> 3001223
<INTEREST-EXPENSE> 3179448
<INTEREST-INCOME-NET> 3027021
<LOAN-LOSSES> 28789
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1322770
<INCOME-PRETAX> 1881786
<INCOME-PRE-EXTRAORDINARY> 1159686
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1159686
<EPS-BASIC> .37
<EPS-DILUTED> .37
<YIELD-ACTUAL> 3.72
<LOANS-NON> 576000
<LOANS-PAST> 181000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1005000
<CHARGE-OFFS> 14000
<RECOVERIES> 5000
<ALLOWANCE-CLOSE> 1025000
<ALLOWANCE-DOMESTIC> 1025000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
