<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended March 31, 1996
[_] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number 0-19030
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
(Exact name of Registrant as specified in its charter)
------------------------------------------------------
Georgia 58-1856582
(State of incorporation) (I.R.S. Employer Identification No.)
1784 Atlanta Highway, Hiram, Georgia 30141
------------------------------------------
(Address of principal executive offices)
(770) 445-1014
(Registrant's telephone number including area code)
--------------------------
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $2.50 par value
(Title of Class)
---------------------------
Indicate by 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 and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
--- ---
Outstanding at March 31, 1996
------------------------------
835,569 shares
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Quarterly Report on Form 10-QSB
For the Quarter Ended March 31, 1996
Table of Contents
-----------------
Item Page
Number Number
- - ------ ------
Part I - Financial Information
Item 1. Financial Statements
1. Consolidated Balance Sheets at March 31, 1996 (unaudited)
and December 31, 1995 (audited)................................ 1
2. Consolidated Statements of Earnings for the three months
ended March 31, 1996 and March 31, 1995 (unaudited)............ 2
3. Consolidated Statements of Cash Flows for the three months
ended March 31, 1996 and March 31, 1995 (unaudited)............ 3
4. Notes to Consolidated Financial Statements..................... 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...................... 6
Part II - Other Information........................................... 9
Item 1. Legal Proceedings............................................. 9
Item 2. Changes in Securities......................................... 9
Item 3. Defaults upon Senior Securities............................... 9
Item 4. Submission of Matters to a Vote of Security Holders........... 9
Item 5. Other Information............................................. 9
Item 6. Exhibits and Reports on Form 8-K.............................. 9
Signatures.................................................... 10
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Consolidated Balance Sheets
March 31, 1996 and December 31, 1995
<TABLE>
<CAPTION>
Assets
March 31, December 31,
1996 1995
--------------- --------------
(Unaudited) (Audited)
<S> <C> <C>
Cash and due from banks 2,944,580 4,227,523
Federal funds sold 1,150,000 1,680,000
----------------- -----------------
Cash and cash equivalents 4,094,580 5,907,523
Securities available for sale 21,668,645 20,591,060
Other Investments 255,000 50,000
Loans 42,332,891 38,898,163
Less: Allowance for loan losses (618,059) (583,306)
----------------- -----------------
Loans, net 41,714,832 38,314,857
Premises and equipment 2,242,229 2,225,916
Accrued interest receivable 707,410 717,722
Other real estate and repossessions 49,299 98,182
Other assets 423,419 325,360
----------------- -----------------
71,155,414 68,230,620
================= =================
Liabilities and Stockholders' Equity
Deposits:
Demand 9,731,471 9,139,735
Interest-bearing demand 15,027,228 14,073,537
Savings 11,221,988 10,915,179
Time 18,819,644 18,317,443
Time, in excess of $100,000 9,371,128 8,789,395
----------------- -----------------
Total deposits 64,171,459 61,235,289
Accrued interest payable 673,475 589,089
Accrued expenses and other liabilities 335,702 374,336
----------------- -----------------
Total liabilities 65,180,636 62,198,714
Stockholders' equity:
Common stock, $2.50 par value; 5,000,000 shares 2,088,922 2,091,247
authorized; 835,569 and 836,499 issued and outstanding
Additional paid-in capital 2,089,169 2,091,293
Retained earnings 1,851,183 1,836,240
Net unrealized holding (loss) gain on
securities available for sale (54,496) 13,126
----------------- -----------------
Total stockholders' equity 5,974,778 6,031,906
----------------- -----------------
71,155,414 68,230,620
================= =================
</TABLE>
The consolidated balance sheet at December 31, 1995 has been taken from the
audited financial statements.
See accompanying notes to consolidated financial statements.
Page 1 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Consolidated Statements of Earnings
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
1996 1995
----------------- -----------------
<S> <C> <C>
Interest income:
Interest and fees on loans 1,192,355 979,950
Interest on federal funds sold 34,130 49,731
Interest on investment securities:
U.S. Treasury and U.S. Government agencies 274,941 226,397
Other 24,278 24,478
----------------- -----------------
Total interest income 1,525,704 1,280,556
Interest expense:
Interest on deposits
Demand 92,282 95,279
Savings 89,259 115,633
Time 276,356 164,516
Time, in excess of $100,000 134,332 89,464
Interest on federal funds purchased 33 0
----------------- -----------------
Total interest expense 592,262 464,892
----------------- -----------------
Net interest income 933,442 815,664
Provision for loan losses 42,987 83,300
----------------- -----------------
Net interest income after
provision for loan losses 890,455 732,364
----------------- -----------------
Other income:
Service charges and fees 197,373 180,155
Insurance commissions 19,762 7,350
Gain on sales of investment securities 1,204 0
Appraisal fees 23,855 13,445
Miscellaneous 16,650 3,600
----------------- -----------------
Total other income 258,844 204,550
Other expenses:
Salaries and employee benefits 410,101 334,548
Occupancy 127,526 104,653
Other operating 255,111 241,301
----------------- -----------------
Total other expenses 792,738 680,502
----------------- -----------------
Earnings before income taxes 356,561 256,412
Income taxes 130,493 79,100
----------------- -----------------
Net earnings 226,068 177,312
================= =================
Net earnings per common share $0.27 $0.21
================= =================
Weighted average common shares outstanding 836,470 834,999
================= =================
</TABLE>
See accompanying notes to consolidated financial statements.
Page 2 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
1996 1995
----------------- -----------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $226,068 $177,312
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation, amortization, and accretion 56,750 38,171
Provision for loan losses 42,987 83,300
Net gain on sale of investment securities (1,204) 0
Net gain on sale of other real estate (11,274) 0
Net change in:
Interest receivable 10,312 (74,403)
Interest payable 84,386 92,235
Other assets (69,452) (41,086)
Accrued expenses and other liabilities (38,634) (17,792)
----------------- -----------------
Net cash provided by operating activities $299,939 $257,737
----------------- -----------------
Cash flows from investing activities:
Purchase of investment securities (3,762,809) (3,406,404)
Proceeds from maturities of investment securities 1,000,000 1,000,000
Proceeds from sales, calls, and paydowns
of investment securities 1,583,786 75,428
Purchase of equity securities (205,000) 0
Net increase in loans (3,442,962) (532,023)
Purchase of bank premises and equipment (67,327) (53,584)
Purchase of real estate 0 (43,500)
Proceeds from sale of other real estate 63,886 26,898
Improvements to other real estate (3,053) 0
----------------- -----------------
Net cash used in investing activities ($4,833,479) ($2,933,185)
----------------- -----------------
Cash flows from financing activities:
Net change in demand and savings deposits 1,852,236 (2,874,563)
Net change in time deposits 1,083,934 797,566
Dividends paid (209,125) (208,750)
Retirement of stock (7,000) 0
Exercise of stock options 552 0
----------------- -----------------
Net cash provided (used) by financing activities $2,720,597 ($2,285,747)
----------------- -----------------
Net increase (decrease) in cash and cash equivalents (1,812,943) (4,961,195)
Cash and cash equivalents at beginning of period 5,907,523 7,859,152
----------------- -----------------
Cash and cash equivalents at end of period $4,094,580 $2,897,957
================= =================
</TABLE>
See accompanying notes to consolidated financial statements.
Page 3 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Consolidated Statement of Cash Flows, continued
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
1996 1995
----------------- -----------------
<S> <C> <C>
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest 507,876 372,657
Noncash investing activities:
Transfers of loans to other real estate 0 20,000
Change in unrealized gain/(loss) on securities available
for sale, net of tax of $33,346 and $151,623 (67,622) 142,959
</TABLE>
See accompanying notes to consolidated financial statements.
Page 4 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
----------------------------------------------
Notes to Consolidated Financial Statements
1. Basis of Presentation
---------------------
The consolidated financial statements include the accounts of Community
Trust Financial Services Corporation (the Company), its wholly-owned
subsidiaries, Community Trust Bank (the Bank) and Metroplex Appraisals, Inc.
(Metroplex), and its majority-owned subsidiary Community Loan Company (CLC).
All significant intercompany accounts and transactions have been eliminated in
consolidation. Minority interest in the consolidated subsidiary is not
material.
Effective September 1, 1995, the Company established CLC as a non-bank
subsidiary engaged in the consumer finance business in Woodstock, Georgia. The
Company owns 75% of CLC's outstanding capital stock. The remaining 25% of CLC's
outstanding capital stock is owned by an individual who is employed as President
of CLC. The Company has helped finance the operations of CLC through a
revolving line of credit with a maximum availability of $1,000,000.
The consolidated financial information furnished herein reflects all
adjustments which are, in the opinion of management, necessary to present a fair
statement of the Company's financial position as of March 31, 1996 and the
results of its operations and cash flows for the periods covered herein. All
such adjustments are of a normal recurring nature.
2. Classification of Securities
----------------------------
As of January 1, 1994, the Company changed its method of accounting for
certain investments in debt and equity securities in accordance with Statement
of Financial Accounting Standard (SFAS) 115. SFAS 115 requires the
classification of debt and equity securities into one of three categories:
available for sale, held to maturity, or trading. Securities that will be held
for indefinite periods of time, including securities that will be used as part
of the Company's asset/liability management strategy or that may be sold in
response to changes in interest rates, prepayment risks, poor real estate
environment, acquisitions, or similar factors, are classified as available for
sale and accounted for at market value. Those securities for which management
determines the positive intent and ability to hold until maturity are classified
as such and accounted for at cost. Securities that are frequently bought and
sold with the objective of generating profits on short-term price differences
are considered trading securities. The Company does not hold securities for
trading purposes.
3. Accounting for Impairment of a Loan
-----------------------------------
As of January 1, 1995, the Company adopted SFAS 114, "Accounting by
Creditors for Impairment of a Loan." SFAS 114 requires that impaired loans be
measured based on the present value of expected future cash flows discounted at
the loan's effective interest rate, which is the contractual interest rate
adjusted for any deferred loan fees or cost, premium or discount existing at the
inception or acquisition of the loan, or at the loan's observable market price,
or at the fair value of the collateral of the loan if the loan is collateral
dependent. As of January 1, 1995, the Company adopted SFAS No. 118, "Accounting
by Creditors for Impairment of a Loan-Income Recognition and Disclosures" which
amends SFAS 114 to require information about the recorded investment in certain
impaired loans and eliminates its provisions regarding how a creditor should
report income on an impaired loan. SFAS 118 allows creditors to use existing
methods for recognizing income on impaired loans, including methods used by
certain industry regulators. As of the date of adoption, and as of March 31,
1996, the impact of SFAS 114 and SFAS 118 is not material to the Company's
consolidated financial statements.
4. Earnings Per Share
------------------
Earnings per share amounts are based on the weighted average number of
shares outstanding during the period.
Page 5 of 10
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
For the Three Month Period Ended March 31, 1996
Management's discussion and analysis of financial condition and results of
operations analyzes the material changes in the consolidated balance sheets and
statements of earnings presented herein for Community Trust Financial Services
Corporation (the Company). Unless otherwise indicated, the term Company
includes Community Trust Bank (the Bank), Metroplex Appraisals, Inc.
(Metroplex), and Community Loan Company (CLC). Metroplex, located in Hiram,
Georgia, is a wholly-owned non-bank subsidiary of the Company which performs
appraisals of real and personal property. CLC is a majority-owned subsidiary
which is engaged in the consumer finance business in Woodstock, Georgia. The
financial data analyzed herein is not significantly affected by the operations
of Metroplex or CLC. Management anticipates that neither Metroplex nor CLC will
have a significant impact on the Company's earnings and performance during 1996.
Financial Condition
- - -------------------
Gross loans during the first three months of 1996 increased approximately
$3,434,728 or 8.83% over the total gross loans at December 31, 1995, as compared
to an increase of $511,509, or 1.46%, for the same three month period ended
March 31, 1995. Management believes that the increase in loan growth was due
primarily to an increase in lending personnel, thereby allowing the Bank to
better serve the growing Paulding County market. The Bank opened a third branch
in January 1996 that is located in a segment of Paulding County which is
experiencing rapid growth in residential population. Additionally, the Bank has
a new loan product which was introduced in the third quarter of 1995, targeting
consumer customers by offering credit card services with no annual fee at
reasonable rates, and automobile loans were promoted in the first quarter of
1996 with a competitive rate. Since CLC only began operation on September 1,
1995, its gross loans, totaling approximately $199,829, or 0.005% of the
Company's gross loans, do not significantly affect the financial data analyzed.
Although Management anticipates growth in CLC's total loans, the subsidiary
will have only a minimal impact on the Company's balance sheet. Management
anticipates a continued increase in loan growth for 1996 primarily due to its
increased marketing efforts which are designed to attract new borrowers in its
primary lending area and to provide additional loan products to its existing
borrowers. Management continues to strive for consistent loan volume while
meeting the conservative criteria set by its loan policy.
The increase in gross loans for the first three months of 1996 was funded
primarily through an increase in deposits. Total deposits during the first
three months of 1996 increased approximately $2,936,170, or 4.79%, from
$61,235,289 at December 31, 1995 to $64,171,459 at March 31, 1996. This
relatively swift growth in total deposits was due primarily to significant
changes in deposit balances maintained by some of the Bank's large depositors.
Management is monitoring core deposits and customer relationships in an effort
to maintain overall deposit growth.
Results of Operations
- - ---------------------
Interest Income
- - ---------------
Interest income for the first three months of 1996 was $1,525,704,
representing an increase of $245,148, or 19.14% over the same period in 1995.
This increase was primarily attributable to the increase in the Company's total
interest earning assets to $65,406,536 for the period ended March 31, 1996 as
compared to $56,140,657 for the same period in 1995. The yield on interest-
earning assets was 9.34% for the period ended March 31, 1996, as compared to
9.03% for the same period in 1995. Investment securities during the first three
months of 1996 increased by approximately $1,282,585, or 6.21% compared to total
investment securities held at December 31, 1995, due primarily to the increase
in total deposits.
Additionally, the Company holds approximately $4,387,222 or 20.00% of its
investment portfolio in mortgage-backed securities. These mortgage-backed
securities are subject to being prepaid in part or in whole. Because a premium
was paid for the purchase of some of these mortgage-backed securities, an
accelerated payback can decrease earnings through faster amortization of the
premium.
Page 6 of 10
<PAGE>
Mortgage-backed securities also may be subject to a slowdown in repayments,
especially in a rising rate environment. This type of risk, called extension
risk, is not significant since the majority of the mortgage-backed securities
owned by the Company are variable rate securities. Management monitors the pre-
payment risk and extension risk associated with the Company's investments in
mortgage-backed securities in an effort to maintain an overall acceptable level
of risk.
Although the Company loses some interest income due to non-performing
assets, defined as loans placed on non-accrual status, real estate acquired
through foreclosure, and property acquired through repossession, management
considers the Company's level of non-performing assets to be at an acceptable
level. Non-performing assets totaled approximately $104,276, or 0.15% of total
assets as of March 31, 1996, as compared to $273,696, or 0.41% of total assets
as of December 31, 1995.
Interest Expense
- - ----------------
Interest expense for the first three months of 1996 increased $127,370, or
27.40% as compared to the same period in 1995. This increase, as compared to
the $2,344,434, or 4.50% increase in interest-bearing deposits for that same
time period, is primarily attributable to the Company's higher cost of funds
during the first three months of 1996 as compared to the same period in 1995,
resulting from higher market interest rates. The Company has responded to these
increases in market rates while seeking opportunities to maintain its net
interest margin (net interest income divided by average interest-earning
assets). The Company's net interest margin as of March 31, 1996 was 5.68%, as
compared to 5.75% as of March 31, 1995, primarily as a result of the Company's
efforts to maintain its lower cost of funds. However, as market rates on
interest-bearing deposits have risen during the first three months of 1996, the
Company has continued to raise certain deposit rates to stay competitive with
its peers.
Other Income
- - ------------
Other income increased approximately $54,294, or 26.54%, during the first
three months of 1996 as compared to the same period in 1995 primarily due to
increased service charges and fees. Service charges and fee income increased
approximately $17,218, or 9.56%, during the first three months of 1996 as
compared to the same period in 1995, primarily due to an increase in the number
of deposit accounts. Insurance commissions increased approximately $12,412, or
168.87%, during the first three months of 1996 as compared to the same period in
1995 primarily due to income derived from the subsidiary CLC. Consumer finance
companies typically sell credit life and auto insurance to many of their
customers. Additionally, miscellaneous income includes a gain on the sale of
other real estate of $11,274 for the period ended March 31, 1996.
Other Expenses
- - --------------
Other expenses for the first three months of 1996 increased $112,236, or
16.49%, as compared to the first three months of 1995. This increase is
attributable primarily to an increase in salaries and employee benefits caused
by the (i) Bank's need for additional human resources due to the growing
customer base of the Bank, (ii) salary and benefit costs of CLC, and (iii)
routine salary increases. Occupancy expense increased by approximately $22,873,
or 21.86% for the first three months of 1996 as compared to the same period for
1995, primarily due to the addition of the Bank's Brownsville branch and CLC's
Woodstock office.
Capital
- - -------
The Company is subject to regulatory capital requirements imposed by the
Georgia Department of Banking and Finance (the "Department"). The Department
has established a minimum level of capital to total assets of 5%, with certain
adjustments, on a consolidated basis for bank holding companies. At March 31,
1996, the Company's ratio of capital to total average assets was 9.50%, using
the Department's guidelines. Under federal law, the Bank is required to
maintain a ratio of total capital to risk-based assets of at least 8.0%, of
which at least one-half must be so-called Tier One capital. Under applicable
federal regulations and interpretations thereof, the Bank's ratio of total
capital to risk based assets at March 31, 1996 was 10.68%, and its ratio of Tier
One capital to risk based assets was 9.43%. Additionally, under federal law,
all but the most highly rated banks are required to maintain a minimum ratio of
Tier One capital to total average assets (Tier One leverage ratio) of 4.0% to
5.0%, including the most highly-rated banks that are anticipating or
Page 7 of 10
<PAGE>
experiencing significant growth. Three percent is the minimum Tier One leverage
ratio required for the most highly-rated banks with no plans to expand. The Bank
substantially exceeds its Tier One leverage ratio requirement with a Tier One
leverage ratio of 6.50% as of March 31, 1996. Through its policy of controlled
growth, the Company intends to maintain capital in excess of the required
minimum in order to support future growth.
Liquidity
- - ---------
Liquidity represents the Company's ability to meet both loan commitments
and deposit withdrawals. The Department requires the Bank to maintain a minimum
liquidity ratio (defined as net cash, short term assets, and marketable assets
divided by net deposits and short term liabilities) of 30%. As of March 31,
1996, the Bank's liquidity ratio was 31.34%, as compared to 33.69% at March 31,
1995.
Page 8 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable
Item 2. Changes in Securities
Not applicable
Item 3. Defaults upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
In February 1996, the Company filed a notice with both the Federal
Reserve Bank of Atlanta and the Georgia Department of Banking and
Finance (the "Department") of CLC's intention to purchase the
assets of two existing consumer finance companies located in
Rossville, Georgia, and Rockmart, Georgia. The non-bank subsidiary,
CLC, has been engaged in the consumer finance business in
Woodstock, Georgia, an activity which is permissable for a bank
holding company under applicable Federal Reserve regulations, since
September 1995. The Department and the Federal Reserve approved the
acquisitions in March 1996, and said purchases were consumated in
April 1996.
In addition, Community Trust Bank applied and received approval
from both the Georgia Department of Banking and Finance and the
Federal Deposit Insurance Corporation to open a full service branch
at 5860 Brownsville Road in Paulding County. The branch opened
January 4, 1996.
Item 6.a Exhibits
Exhibit
Number Description
------ -----------
27 Financial Data Schedule, which is submitted
electronically to the Securities and Exchange Commission
for information only and not filed.
Item 6.b Reports on Form 8-K
A Form 8-K, dated March 14, 1996, was filed with the SEC. The Form
8-K reported information under Item 5 concerning a declaration of
dividend by the Company's Board of Directors.
Page 9 of 10
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
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.
Community Trust Financial Services Corporation
----------------------------------------------
(Registrant)
DATE: May 2, 1996 /s/ Ronnie L. Austin
--------------------
Ronnie L. Austin, President
and Chief Executive Officer
(Duly Authorized Officer)
DATE: May 2, 1996 /s/ Angel J. Byrd
-----------------
Angel J. Byrd
(Principal Accounting Officer)
Page 10 of 10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,944,580
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,150,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 21,668,645
<INVESTMENTS-CARRYING> 21,668,645
<INVESTMENTS-MARKET> 21,668,645
<LOANS> 42,332,891
<ALLOWANCE> 618,059
<TOTAL-ASSETS> 71,155,414
<DEPOSITS> 64,171,459
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,009,177
<LONG-TERM> 0
0
0
<COMMON> 2,088,922
<OTHER-SE> 3,885,856
<TOTAL-LIABILITIES-AND-EQUITY> 71,155,414
<INTEREST-LOAN> 1,192,355
<INTEREST-INVEST> 299,219
<INTEREST-OTHER> 34,130
<INTEREST-TOTAL> 1,525,704
<INTEREST-DEPOSIT> 592,229
<INTEREST-EXPENSE> 592,262
<INTEREST-INCOME-NET> 933,442
<LOAN-LOSSES> 42,987
<SECURITIES-GAINS> 1,204
<EXPENSE-OTHER> 787,738
<INCOME-PRETAX> 356,561
<INCOME-PRE-EXTRAORDINARY> 356,561
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 226,068
<EPS-PRIMARY> .26
<EPS-DILUTED> .26
<YIELD-ACTUAL> 5.68
<LOANS-NON> 54,977
<LOANS-PAST> 77,001
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 583,306
<CHARGE-OFFS> 14,540
<RECOVERIES> 6,306
<ALLOWANCE-CLOSE> 618,059
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 618,059
</TABLE>
