<PAGE>
U. S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
Commission file number 0-19030
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
(Exact name of small business issuer 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
(Issuer's telephone number including area code)
------------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such 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
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court. Yes No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: There were 839,264 shares of Common
Stock outstanding as of May 9, 1997.
Transitional Small Business Disclosure Format (check one): Yes ; No X
--- ---
<PAGE>
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Quarterly Report on Form 10-QSB
For the Quarter Ended March 31, 1997
Table of Contents
-----------------
<TABLE>
<CAPTION>
Item Page
Number Number
- ------ ------
Part I - Financial Information
<S> <C>
Item 1. Financial Statements
1. Consolidated Balance Sheets at March 31, 1997 (unaudited)
and December 31, 1996 (audited).................................................... 1
2. Consolidated Statements of Earnings for the three months
ended March 31, 1997 and March 31, 1996 (unaudited)................................ 2
3. Consolidated Statements of Cash Flows for the three months
ended March 31, 1997 and March 31, 1996 (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
</TABLE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
Consolidated Balance Sheets
March 31, 1997 and December 31, 1996
Assets
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------------- --------------
(Unaudited) (Audited)
<S> <C> <C>
Cash and due from banks 3,751,132 3,011,164
Federal funds sold 3,830,000 7,020,000
--------------- --------------
Cash and cash equivalents 7,581,132 10,031,164
Securities available for sale 23,428,174 22,418,690
Other investments 301,100 255,000
Loans 51,016,219 49,425,713
Less: Allowance for loan losses (749,450) (713,518)
--------------- --------------
Loans, net 50,266,769 48,712,195
Premises and equipment 2,314,918 2,296,111
Accrued interest receivable 755,629 757,276
Other real estate and repossessions 4,200 3,000
Other assets 850,200 730,182
--------------- --------------
85,502,122 85,203,618
=============== ==============
Liabilities and Stockholders' Equity
Deposits:
Demand 12,212,009 9,648,648
Interest-bearing demand 16,432,626 17,211,638
Savings 13,662,884 15,546,932
Time 21,929,502 21,280,978
Time, in excess of $100,000 13,166,261 13,209,565
--------------- --------------
Total deposits 77,403,282 76,897,761
Accrued interest payable 737,436 805,693
Accrued expenses and other liabilities 564,539 614,540
--------------- --------------
Total liabilities 78,705,257 78,317,994
Minority interest 6,614 7,748
Stockholders' equity:
Common stock, $2.50 par value; 5,000,000 shares 2,098,160 2,097,910
authorized; 839,264 and 839,164 issued and outstanding
Additional paid-in capital 2,101,939 2,101,401
Retained earnings 2,687,084 2,682,999
Net unrealized holding loss on
securities available for sale (96,932) (4,434)
--------------- --------------
Total stockholders' equity 6,790,251 6,877,876
--------------- --------------
85,502,122 85,203,618
=============== ==============
</TABLE>
The consolidated balance sheet at December 31, 1996 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,
1997 1996
------------ ------------
<S> <C> <C>
Interest income:
Interest and fees on loans $1,405,814 $1,192,355
Interest on federal funds sold 56,761 34,130
Interest on investment securities:
U.S. Treasury and U.S. Government agencies 281,173 274,941
Other 51,847 24,278
------------ ------------
Total interest income 1,795,595 1,525,704
Interest expense:
Interest on deposits
Demand 94,629 92,282
Savings 104,557 89,259
Time 312,187 276,356
Time, in excess of $100,000 194,953 134,332
Interest on federal funds purchased 0 33
Interest expense - other 6,626 0
------------ ------------
Total interest expense 712,952 592,262
------------ ------------
Net interest income 1,082,643 933,442
Provision for loan losses 62,480 42,987
------------ ------------
Net interest income after
provision for loan losses $1,020,163 $890,455
------------ ------------
Other income:
Service charges and fees $228,481 $197,373
Insurance commissions 50,518 19,762
Loss on sales of investment securities 0 1,204
Appraisal fees 20,600 23,855
Miscellaneous 8,832 16,650
------------ ------------
Total other income 308,431 258,844
Other expenses:
Salaries and employee benefits $528,307 $410,101
Occupancy 168,183 127,526
Other operating 311,622 257,015
------------ ------------
Total other expenses 1,008,112 794,642
------------ ------------
Earnings before income taxes $320,482 $354,657
Income taxes 107,714 130,493
Minority interest in earnings of subsidiary (1,134) (1,904)
------------ ------------
Net earnings $213,902 $226,068
============ ============
Net earnings per common share $0.25 $0.27
============ ============
Weighted average common shares outstanding 839,223 836,470
============ ============
</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,
1997 1996
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $213,902 $226,068
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation, amortization, and accretion 75,411 56,750
Provision for loan losses 62,480 42,987
Net gain on sale of investment securities 0 (1,204)
Net gain on sale of other real estate 0 (11,274)
Net gain on sale of fixed asset (1,000) 0
Net change in:
Interest receivable 1,647 10,312
Interest payable (68,257) 84,386
Other assets (92,863) (69,452)
Accrued expenses and other liabilities (51,135) (38,634)
------------ ------------
Net cash provided by operating activities $140,185 $299,939
------------ ------------
Cash flows from investing activities:
Purchase of investment securities (1,845,765) (3,762,809)
Proceeds from maturities of investment securities 545,000 1,000,000
Proceeds from sales, calls, and paydowns
of investment securities 159,431 1,583,786
Purchase of equity securities (46,100) (205,000)
Net increase in loans (1,617,054) (3,442,962)
Purchase of bank premises and equipment (83,222) (67,327)
Proceeds from sale of other real estate 0 63,886
Improvements to other real estate 0 (3,053)
Proceeds from sale of fixed asset 1,000 0
------------ ------------
Net cash used in investing activities ($2,886,710) ($4,833,479)
------------ ------------
Cash flows from financing activities:
Net change in demand and savings deposits (99,699) 1,852,236
Net change in time deposits 605,220 1,083,934
Dividends paid (209,816) (209,125)
Retirement of stock 0 (7,000)
Exercise of stock options 788 552
------------ ------------
Net cash provided (used) by financing activities $296,493 $2,720,597
------------ ------------
Net increase (decrease) in cash and cash equivalents (2,450,032) (1,812,943)
Cash and cash equivalents at beginning of period 10,031,164 5,907,523
------------ ------------
Cash and cash equivalents at end of period $7,581,132 $4,094,580
============ ============
</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,
1997 1996
-------------- --------------
<S> <C> <C>
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest 781,209 507,876
Noncash investing activities:
Change in unrealized loss on securities available
for sale, net of tax of $59,359 and $33,346 (92,498) (67,622)
</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. Effective September 1, 1995, the Company established CLC as a
non-bank subsidiary engaged in the consumer finance business in Woodstock,
Georgia. Effective April 1, 1996, CLC acquired two additional consumer finance
offices located in Rockmart, Georgia, and Rossville, 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 which, at March 31, 1997, had a maximum availability of $1,900,000.
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, 1997 and the
results of its operations and cash flows for the periods covered herein.
All such adjustments are of a normal recurring nature.
2. Recent Accounting Pronouncements
--------------------------------
During February 1997, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards 128 ("SFAS 128"). SFAS 128
simplifies current standards by eliminating the presentation of primary earnings
per share ("EPS") and requiring the presentation of basic earnings per share,
which includes no potential common shares and thus no dilution. The Statement
also requires entities with complex capital structures to present basic and
diluted EPS on the face of the income statement and also eliminates the modified
treasury stock method of computing potential common shares. The Statement is
effective for financial statements issued for periods ending after December 15,
1997. Early application is not permitted. Upon adoption, restatement of all
prior- period EPS data presented is required. As of March 31, 1997, the effect
of adopting SFAS 128 has not been determined by the Company.
3. 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, 1997
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 Dallas,
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 with offices in Woodstock,
Georgia, Rockmart, Georgia, and Rossville, Georgia. The financial data analyzed
herein is not significantly affected by the operations of Metroplex or CLC.
Management anticipates that Metroplex will have only a minimal impact on the
Company's earnings and performance during 1997.
Financial Condition
- -------------------
Gross loans during the first three months of 1997 increased
approximately $1,590,506 or 3.22% over the total gross loans at December 31,
1996, as compared to an increase of $3,434,728, or 8.83%, for the same three
month period ended March 31, 1996. Management believes that the decrease in loan
growth was due primarily to an increase in competition from other financial
institutions which have moved into the Bank's market area. Management believes
that the relative increase in loan growth during the first three months of 1996
was due primarily to an increase in lending personnel. Additionally, automobile
loans were promoted in the first quarter of 1996 with a competitive rate. Since
CLC operates from three relatively small offices, its gross loans, totaling
approximately $1,098,314, or 2.15% of the Company's gross loans, do not
significantly affect the financial data analyzed. Although Management
anticipates growth in CLC's total loans, management believes that in 1997 the
subsidiary will have only a minimal impact on the Company's balance sheet.
Management anticipates an increase in the Bank's loan growth for 1997 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 criteria set by its loan policy.
The Bank's increase in gross loans for the first three months of 1996
was funded primarily through a decrease in federal funds sold. Federal funds
sold decreased by $3,190,000, or 45.44%, from $7,020,000 at December 31, 1996,
to $3,830,000 at March 31, 1997. Total deposits during the first three months of
1997 increased approximately $505,521 or .66%, from $76,897,761 at December 31,
1996 to $77,403,282 at March 31, 1997. This relatively slow growth in total
deposits was due primarily to significant changes in deposit balances maintained
by some of the Bank's large depositors. Another factor which has also
contributed to the slow growth is the increased competition from other financial
institutions which have moved into Paulding County. 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 1997 was $1,795,595,
representing an increase of $269,891, or 17.69% over the same period in 1996.
This increase was primarily attributable to the increase in the Company's total
interest earning assets to $74,745,493 for the period ended March 31, 1997 as
compared to $64,256,536 for the same period in 1996. The yield on
interest-earning assets was 8.92% for the period ended March 31, 1997, as
compared to 9.34% for the same period in 1996. Investment securities during the
first three months of 1997 increased by approximately $1,009,484, or 4.50%
compared to total investment securities held at December 31, 1996.
Page 6 of 10
<PAGE>
Additionally, the Company holds approximately $2,309,135 or 9.86% 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. 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 or have a final
maturity of less than five years. 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 Bank 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 Bank's level of non-performing assets to be at an acceptable
level. Non-performing assets totaled approximately $80,196, or 0.09% of total
assets as of March 31, 1997, as compared to $33,237, or 0.04% of total assets as
of December 31, 1996.
Interest Expense
- ----------------
Interest expense for the first three months of 1997 increased $120,690,
or 20.38% as compared to the same period in 1996. This increase is attributable
primarily to the $10,751,285, or 19.75% increase in interest-bearing deposits
for that same time period. The Company continues to seek 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, 1997
was 5.20%, as compared to 5.68% as of March 31, 1996, primarily due to the
Company's decreased yield on earning assets this year. As market rates have
become more competitive on loans due to increased competition, the Company has
been forced to reduce its net interest margin to some extent in order to
maintain quality asset growth.
Other Income
- ------------
Other income increased approximately $49,587, or 19.16%, during the
first three months of 1997 as compared to the same period in 1996 primarily due
to increased insurance commissions and service charges and fees. Service charges
and fee income increased approximately $31,108, or 15.76%, during the first
three months of 1997 as compared to the same period in 1996, primarily due to an
increase in the number of deposit accounts. Insurance commissions increased
approximately $30,756, or 155.63%, during the first three months of 1997 as
compared to the same period in 1996 primarily due to income derived from the
subsidiary CLC. Consumer finance companies typically sell credit life and
automobile liability insurance to many of their customers. Since CLC acquired
two additional loan offices after the first quarter of 1996, insurance
commissions for the first three months of 1997 contain the income generated by
CLC's larger loan portfolio relative to its size as of March 31, 1996.
Other Expenses
- --------------
Other expenses for the first three months of 1997 increased $213,470,
or 26.86%, as compared to the first three months of 1996. 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 $40,657,
or 31.88% for the first three months of 1997 as compared to the same period for
1996, primarily due to increased furniture and equipment expenses at the Bank.
Other operating expenses for the first three months of 1997 increased $54,607,
or 21.25% as compared to the first three months of 1996, primarily due to
payment of directors' fees being initiated at the Company and CLC levels,
whereas those directors did not received any fees prior to September 1996.
Additionally, the purchase of two CLC offices in April 1996 generated additional
expense in the form of amortization of goodwill and a non-compete agreement.
Page 7 of 10
<PAGE>
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,
1997, the Company's ratio of capital to total average assets was 8.95%, using
the Department's guidelines. Under federal law, the Company and the Bank are
required to maintain a ratio of total capital to risk weighted 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 weighted assets at March 31, 1997 was 10.65%, and its
ratio of Tier One capital to risk weighted assets was 9.40%. Under applicable
federal regulations and interpretations thereof, the Company's ratio of total
capital to risk weighted assets at March 31, 1997 was 12.61%, and its ratio of
Tier One capital to risk weighted assets was 11.36%. Additionally, under federal
law, all but the most highly rated banks and bank holding companies 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 and
bank holding companies that are anticipating or experiencing significant growth.
Three percent is the minimum Tier One leverage ratio required for the most
highly- rated banks and bank holding companies with no plans to expand. The Bank
substantially exceeds its Tier One leverage ratio requirement with a Tier One
leverage ratio of 6.56% as of March 31, 1997. The Company also substantially
exceeds its Tier One leverage ratio requirement with a Tier One leverage ratio
of 7.70% as of March 31, 1997. 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. As of March 31, 1997, the Bank's liquidity
ratio (defined as net cash, short term assets, and marketable assets divided by
net deposits and short term liabilities) was 32.10%, as compared to 31.34% at
March 31, 1996. The Bank maintains two lines of credit to borrow fed funds that
total $3,000,000 in order to enhance liquidity. The Bank is a member of the
Federal Home Loan Bank of Atlanta and borrowings are also available through that
relationship. The amount of that credit opportunity fluctuates based on criteria
set by the Federal Home Loan Bank. Additionally, in order to enhance liquidity
at the holding company level, the Company has obtained a $2,500,000 revolving
credit facility.
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
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 was filed with the SEC on February 24, 1997. The
Form 8-K reported information under Item 5 concerning a letter
which was mailed to all stockholders of CTFS from the
President of the Company which explained procedures
implemented by the Company in an effort to facilitate
transactions between interested buyers and interested sellers
of Company stock. The Form 8-K also reported information under
Item 5 concerning a declaration of dividend by the Company's
Board of Directors on February 19, 1997.
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 9, 1997 /s/Ronnie L. Austin
-------------------
Ronnie L. Austin, President
and Chief Executive Officer
(Duly Authorized Officer)
DATE: May 9, 1997 /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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,751,132
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,830,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 23,428,174
<INVESTMENTS-CARRYING> 23,428,174
<INVESTMENTS-MARKET> 23,428,174
<LOANS> 51,016,219
<ALLOWANCE> 749,450
<TOTAL-ASSETS> 85,502,122
<DEPOSITS> 77,403,282
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,301,975
<LONG-TERM> 0
2,098,160
0
<COMMON> 0
<OTHER-SE> 4,692,091
<TOTAL-LIABILITIES-AND-EQUITY> 85,502,122
<INTEREST-LOAN> 1,405,814
<INTEREST-INVEST> 333,020
<INTEREST-OTHER> 56,761
<INTEREST-TOTAL> 1,795,595
<INTEREST-DEPOSIT> 706,326
<INTEREST-EXPENSE> 712,952
<INTEREST-INCOME-NET> 1,082,643
<LOAN-LOSSES> 62,480
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,008,112
<INCOME-PRETAX> 320,482
<INCOME-PRE-EXTRAORDINARY> 213,902
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 213,902
<EPS-PRIMARY> .245
<EPS-DILUTED> .245
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
