<PAGE> 1
This revision printed on November 10, 1999 (1:32PM)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended Commission File Number:
September 30, 1999 33-41045
SARASOTA BANCORPORATION, INC.
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Florida 65-0235255
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Two North Tamiami Trail, Suite 100, Sarasota, Florida 34236
---------------------------------------------------------------
(Address of principal executive offices)
(941) 955-2626
---------------------------------------------------------
(Issuer's telephone number)
Not applicable
---------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the last 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 [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
Common Stock, $.01 Par Value 559,140
--------------------------------- --------------------------------
Class Outstanding at November 10, 1999
Transitional Small Business Disclosure Format (Check One):
Yes [ ] No [X]
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
SARASOTA BANCORPORATION, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS SEPTEMBER 30, 1999 DECEMBER 31, 1998
- -------------------------------------------------------- ------------------ -----------------
<S> <C> <C>
Cash and Due From Banks $ 2,512,085 3,661,115
Federal Funds Sold 4,670,000 1,605,000
Securities held to maturity -- --
Securities available for sale 16,772,113 17,873,122
Loans (Net) 69,541,385 54,150,418
Accrued interest receivable 552,905 478,024
Accounts receivable-employee stock purchase 24,077 --
Foreclosed real estate 60,873 71,673
Furniture and equipment,net 378,874 387,602
Deferred income taxes 276,000 205,000
Other assets 44,958 33,521
------------ ------------
TOTAL ASSETS: $ 94,833,270 78,465,475
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- --------------------------------------------------------
LIABILITIES:
Demand deposits $ 8,672,550 9,139,666
NOW and money market deposits 29,233,295 12,729,289
Savings deposits 913,005 1,162,127
Other time deposits 43,885,508 43,462,020
------------ ------------
Total deposits 82,704,358 66,493,102
------------ ------------
Repurchase agreements 3,216,219 2,897,485
Borrowed funds-FHLB 2,000,000 2,000,000
Other deposits 21,874 33,650
Accrued interest payable 186,501 136,301
Other liabilities 320,352 654,087
------------ ------------
TOTAL LIABILITIES: 88,449,304 72,214,625
STOCKHOLDERS' EQUITY:
Preferred stock, $.10 Par Value. Authorized 1,000,000 shares;
None Issued or Outstanding -- --
Common Stock, $.01 Par Value. Authorized 10,000,000 shares;
Outstanding 536,861 shares 5,591 5,591
Additional Paid-In Capital 5,588,928 5,588,928
Treasury stock, at cost -- (27,848)
Retained earnings (deficit) 1,417,308 653,857
Net unrealized appreciation on available-for-sale securities (net) (627,861) 30,322
------------ ------------
TOTAL STOCKHOLDERS' EQUITY: 6,383,966 6,250,850
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY: $ 94,833,270 78,465,475
============ ============
</TABLE>
REFER TO NOTES TO THE FINANCIAL STATEMENTS
-1-
<PAGE> 3
SARASOTA BANCORPORATION, INC.
SARASOTA, FLORIDA
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS NINE MONTHS NINE MONTHS
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
----------- ------------ ---------- ---------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and Fees on Loans $ 1,718,951 1,249,264 4,686,602 3,482,073
Interest on Federal Funds Sold 50,489 57,988 177,249 172,638
Interest on Investment Securities 272,722 249,591 832,218 664,637
----------- --------- --------- ---------
TOTAL INTEREST INCOME: 2,042,162 1,556,843 5,696,069 4,319,348
INTEREST EXPENSE:
Interest on Deposits 878,974 719,244 2,441,834 2,012,448
Interest on Borrowings 16,809 -- 55,652 --
Interest on Repurchase agreements 39,078 32,425 120,730 65,128
----------- --------- --------- ---------
TOTAL INTEREST EXPENSE: 934,861 751,669 2,618,216 2,077,576
----------- --------- --------- ---------
NET INTEREST INCOME: 1,107,301 805,174 3,077,853 2,241,772
Provision For Possible Loan Losses 100,000 35,000 224,100 67,700
----------- --------- --------- ---------
NET INTEREST INCOME (LOSS) AFTER
PROVISION FOR POSSIBLE LOAN LOSSES: 1,007,301 770,174 2,853,753 2,174,072
OTHER OPERATING INCOME:
Service Charges on Deposit Accounts 67,235 41,609 164,195 94,419
Other Fees and Other Income 47,710 39,323 129,208 99,560
----------- --------- --------- ---------
NET OTHER OPERATING INCOME: 114,945 80,932 293,403 193,979
OPERATING EXPENSES:
Salaries and employee benefits 239,956 219,401 716,436 637,104
Occupancy 98,792 93,085 291,024 242,976
Data processing 43,955 34,473 113,361 105,362
Professional Fees 41,438 38,428 132,225 117,118
Other 261,088 132,321 682,542 389,255
----------- --------- --------- ---------
TOTAL OTHER OPERATING EXPENSES: 685,229 517,708 1,935,588 1,491,815
----------- --------- --------- ---------
INCOME BEFORE TAXES 437,017 333,398 1,211,568 876,236
PROVISION FOR TAXES 162,617 127,379 448,117 332,379
----------- --------- --------- ---------
NET INCOME (LOSS) $ 274,400 206,019 763,451 543,857
=========== ========= ========= =========
INCOME (LOSS) PER SHARE 0.51 0.38 1.42 1.01
=========== ========= ========= =========
</TABLE>
REFER TO NOTES TO THE FINANCIAL STATEMENTS
-2-
<PAGE> 4
SARASOTA BANCORPORATION, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED ENDED
9/30/99 9/30/98
------- -------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITY:
NET INCOME (LOSS) $ 763,451 543,857
ADJUSTMENTS TO RECONCILE NET LOSS TO NET
CASH FLOWS FROM OPERATIONS:
Depreciation 40,807 38,734
Provision for Loan Losses 224,100 67,700
(Increase) Decrease in Accrued Interest Receivable (74,881) (135,550)
(Increase) Decrease in A/R-employee stock purchase (24,077) --
(Increase) Decreased in Foreclosed real estate 10,800 (21,742)
(Increase) Decrease in Deferred income taxes (71,000) (35,296)
(Increase) Decrease in Other assets (11,437) 172,852
(Decrease) Increase in Repurchase agreements 318,734 2,494,964
(Decrease) Increase in Accrued Interest Payable 50,200 19,533
(Decrease) Increase in other liabilities (345,511) 380,734
------------ ------------
NET CASH USED IN OPERATING ACTIVITIES: 881,186 3,525,786
------------ ------------
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of investment securities, Net 442,826 (3,615,360)
Purchase of furniture & equipment (32,079) (9,030)
Increase in Loans, Net (15,615,067) (11,631,488)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES: (15,204,320) (15,255,878)
------------ ------------
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from directors stock warrants -- 879,518
(Purchase) Redemption of Treasury Stock 27,848 (6,750)
Net Increase in Deposits 16,211,256 8,552,128
------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES: 16,239,104 9,424,896
------------ ------------
NET INCREASE (DECREASE) IN CASH: 1,915,970 (2,305,196)
CASH AS BEGINNING OF PERIOD: 5,266,115 5,895,155
------------ ------------
CASH AT END OF PERIOD: 7,182,085 3,589,959
============ ============
Supplemental Disclosure of Cash Flow Information -
Cash Paid During The Period For Interest: $ 2,618,216 2,077,576
============ ============
</TABLE>
REFER TO NOTES TO THE FINANCIAL STATEMENTS
-3-
<PAGE> 5
SARASOTA BANCORPORATION, INC.
AND SUBSIDIARY
Notes to Financial Statements (Unaudited)
September 30, 1999
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for Interim Financial Statements
and with the instructions to form 10-Q-SB. Accordingly, they do not include all
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the nine month
period ended September 30, 1999 are not necessarily indicative of the results
that may be expected for the year ended December 31, 1999. For further
information, refer to the financial statements and footnotes thereto included
in Form 10-KSB for the year ended December 31, 1998.
NOTE 2 - SUMMARY OF ORGANIZATION
Sarasota BanCorporation, Inc. Sarasota, Florida (the "Company"), was
incorporated under the laws of the State of Florida on December 28, 1990, for
the purpose of becoming a bank holding company with respect to a proposed de
novo bank, Sarasota Bank (the "Bank") Sarasota, Florida. Prior to formation of
the Company, The Company's organizers formed a partnership to commence
organizing a Bank holding company. The partnership was subsequently merged into
the Company as of December 30, 1990. As a result, each organizers' capital
account in the partnership was exchanged for common stock of the Company and
all assets of the partnership were contributed as capital to the Company in
consideration of the issuance of its common stock to the organizers. On
September 15, 1992, the organizers received approval from the Office of the
Comptroller of the State of Florida for the organization of a new state banking
association; an approval was also received on May 29, 1992 from the Federal
Reserve Board to form a one-bank holding company. On September 15, 1992, the
company acquired 100% of the Bank's capital stock by injecting $4.25 million
into the Bank's capital accounts.
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the Company conform to
generally accepted accounting principles and to general practices in the
banking industry. The following summarizes the more significant of these
policies:
Investment Securities. As of September 30, 1999 no Investment
Securities are carried as "Held to Maturity".
Available for Sale Securities: As of September 30, 1999 the market
value of "Available for sale Securities" is $16,772,113.
Organizational Costs. In accordance with FASB Statement No. 7, the
Company and the
<PAGE> 6
subsidiary Bank capitalized all direct costs that were incurred in the
expectation that they would general future revenues and otherwise benefit
periods after the subsidiary Bank opened for business. These capitalized costs,
or organizational costs, are amortized over a sixty-month period using the
straight line method. As of September 30, 1999 there are no unamortized
organizational costs.
Income Per Share. Income per share of $.51 for the quarter ended
September 30, 1999 may not be indicative of projected earnings (losses) for the
year ending December 31, 1999.
Income Taxes. The Company will be subject to taxation whenever taxable
income is generated. As of September 30, 1999 the provision for taxes is
$448,117.
Statement of Cash Flows. The presentation of the statement of cash
flows in condensed as permitted by the Securities and Exchange Commission. The
classification of cash flows is consistent with the requirements of FASB
Statement No. 95.
NOTE 4 - RELATED PARTIES
One of the Company's directors serves as legal counsel for the
Company. Gross fees for these services during the nine months ended September
30, 1999 was $ 6,090. Another director provides advertising, printing and other
miscellaneous services to the Company. The gross billings, which includes costs
passed through to other companies providing services to the Company, was
$27,956 for the nine months ended September 30, 1999. Another director provides
accounting services for the Company. Fees for these services for the nine
months ended September 30, 1999 were $1,450.
<PAGE> 7
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion addresses the factors that have
affected Sarasota BanCorporation, Inc.'s (the "Company") financial condition
and results of operations reflected in the Company's unaudited financial
statements for the third quarter ended September 30, 1999.
RESULTS OF OPERATIONS
The Company's net income for the third quarter of 1999 was
$274,400, a 33.2% increase compared to $206,019 for the same period in 1998.
Earnings per share increased to .51 in the third quarter of 1999 compared to
.38 per share for the same period in 1998. Net income for the nine months ended
September 30, 1999 was $763,451 compared to $543,857 for the same period in
1998, an increase of 219,594 or 40.4%. The increase in net income for the third
quarter was attributable to an increase in the interest and fees on loans of
$469,700 compared to the same period in 1998. The increase in net income for
the nine month period ended September 30, 1999 was primarily attributable to a
$1,204,500 or a 34.6% increase in interest and fees on loans.
Net interest income after provision for loan losses for the
third quarter of 1999 increased $237,127 or 30.8% to $1,007,301 from a balance
of $770,174 for the third quarter of 1998. Net interest income after provision
for loan losses for the nine months ended September 30, 1999 increased $679,681
or 31.3% to $2,853,753 from a balance of $2,174,072 for the same period in
1998. The increase in net interest income resulted primarily from an increase
in loan volume and a corresponding increase in interest and fees on loans. The
cost of deposits averaged 4.23% for the third quarter of 1999 compared to 4.47%
for the third quarter of 1998. The net interest margin for the nine month
period ended September 30, 1999 was 4.65% on average earning assets of
$87,800,000. For the same period in 1998, the net interest margin was 4.38% on
average earning assets of $72,237,000. The increase in net interest margin is
reflective of growth in higher priced consumer loan accounts and an increase in
lower priced consumer deposit accounts.
Non-interest expense for the third quarter of 1999 increased
$167,500 or 32.4% as compared to the third quarter of 1998. Non-interest
expense increased $443,800 or 29.7% for the nine month period ended September
30, 1999 as compared to the same period of 1998. This increase is primarily the
result of increased employee salaries and benefits and loan servicing fees.
Non-interest income increased $34,000 or 42.0% during the
third quarter ended September 30, 1999 as compared to the same period in 1998.
Non-interest income also increased $99,400 or 51.3% for the nine month period
ended September 30, 1999 as compared to the same period in 1998. The increase
in non-interest income is attributable to a increased fee income on deposit
accounts.
<PAGE> 8
MANAGEMENT
PAGE 2
FINANCIAL CONDITION
For the nine month period ended September 30, 1999, the
company experienced continued asset, loan and deposit growth. Total assets
increased 20.9% to $94,833,300 for the nine month period ended September 30,
1999 from 78,465,500 at December 31, 1998. This increase is primarily
attributable to an increase in loans of approximately $15.4 million during the
period.
The allowance for loan loss provision for the third quarter
of 1999 was $100,000 compared to $35,000 in the third quarter of 1998. The
reserve balance for loan losses as of September 30, 1999 was $794,900 as
compared to $521,600 at December 31, 1998. At September 30, 1999, the allowance
for loan losses represented 1.09% of total loans outstanding. Management
considers the allowance to be adequate based upon evaluations of specific loans
and the weighting of various loan categories as suggested by the Bank's
internal loan rating system. The provision for loan losses is based upon
management's continuing analysis and evaluation of various factors, including
current economic conditions, the size of the loan portfolio, past loan loss
experience, underlying collateral value, the Bank's internal rating system and
other factors deemed relevant by management.
Through the third quarter of 1999, charged-off loans totaled
$24,000 with recoveries of $7,200 or a net of 0.02 percent of total loans
outstanding. The ratio of non-performing loans (including loans 90 days or more
past due) to total outstanding loans was $207,000 or 0.29% as of September 30,
1999 compared to 1.95% as of the same period in 1998. At year ended December
31, 1998, non-performing loans were $271,000 or .50% of loans outstanding. The
non-performing loans are primarily attributable to several consumer loans past
due from 30 to 90 days. There were no accruing loans past due in excess of 90
days as of September 30, 1999.
CAPITAL ADEQUACY
Federal banking regulators have established certain capital
adequacy standards required to be maintained by banks and bank holding
companies. These regulations establish minimums of risk-based capital of 4% for
core capital (tier 1), 8% for total risk-based capital, and at least 3% for the
leverage ratio. Three percent is the minimum leverage ratio for the most highly
rated banks. All other banks are required to meet a minimum of at least 100 or
200 basis points above the 3% level. The Company's tier 1 risk-based capital
ratio at September 30, 1999 was 9.23%, its total risk-based capital ratio was
10.25%, and its leverage ratio was 7.47%.
LIQUIDITY
The Company views liquidity as the ability to provide for the
credit needs of the market and to provide funds for deposit withdrawals. With a
loan to deposit ratio of 82.0% at September 30, 1999, cash and due from banks
of $2,512,100 and federal funds sold of $4,670,000, the Company does not
anticipate any events which would require liquidity beyond that which is
available through deposit growth or its investment portfolio. The Company
actively manages the levels, types, and maturities of earning assets in
relation to the sources available to fund current and future needs to ensure
adequate funding will be available at all times. There are no known trends or
any known commitments or uncertainties that will result in the Company's
liquidity increasing or decreasing in any material way.
<PAGE> 9
MANAGEMENT
PAGE 3
YEAR 2000
A critical issue affecting companies that rely extensively on
electronic data processing systems, such as the Company, is the Year 2000
issue. The Year 2000 issue has arisen due to the widespread use of computer
programs that rely on two-digit date codes to perform computations or
decision-making functions. Many of these programs may fail as a result of their
inability to properly interpret date codes beginning January 1, 2000. For
example, such programs may misinterpret "00" as the year 1900 rather than 2000.
In addition, some equipment, being controlled by microprocessor chips, may not
deal appropriately with the year "00." This could result in a system failure or
miscalculations causing disruptions of operations, including, among other
things, a temporary inability to process transactions or engage in similar
normal business activities.
During 1999, the Company developed a plan to address the Year 2000 issue, and
conducted a comprehensive review of the Bank's internal and external systems to
ensure that the Company and the Bank take any necessary measures to address the
Year 2000 problem, including detailed analysis and review of all of the
Company's and the Bank's computer operating systems. The plan incorporated
guidelines set forth by the OCC, FRB, and the FFIEC. The Company and the Bank
believe that their systems are currently Year 2000 compliant and do not believe
that material expenditures will be necessary to implement any further
modifications. As of September 30, 1999 the Bank had spent approximately
$14,000 to help ensure that its systems would be Year 2000 compliant.
The Bank uses a third-party vendor (the "Vendor) for processing its primary
banking applications. The Bank completed its "testing" phase with the Vendor
during the second quarter of 1999. As of September 30, 1999,all of the
necessary "coding changes" required to communicate properly with the Vendor
have been completed and are currently in use by the Bank. The Bank does not
believe that any further material expenditures will be necessary to implement
any further modifications required or requested by or for the Vendor. As of
September 30, 1999, the Vendor has assured the Company and the Bank that the
Vendor's computer operating systems will be Year 2000 compliant well in advance
of the Year 2000. However, there can be no assurance that unforeseen
difficulties or costs will not arise. In addition, there can be no assurance
that the systems of other companies on which the Bank's systems rely will not
encounter any difficulties beginning January, 2000. To help offset this
possibility, the Vendor has developed contingency plans that should allow the
Vendor to provide service to the Bank in the event of a year 2000-related
crisis. To supplement the Vendor's plan, the Company and the Bank have
developed a contingency plan with a focus on manual processing of accounts;
such a process will enable the Bank's customers to be served in the event of a
Year 2000-related crisis. The Bank and Company plan also provides for copies of
documents to be produced in case of equipment failure, utilization of security
personnel in case of security equipment failure, manual posting of
transactions, hiring of temporary additional personnel and telephone
verification of information normally received by electronic means.
The Bank also recognizes the importance of determining that
its borrowers are facing the Year 2000 problem in a timely manner to avoid
deterioration of its loan portfolio solely due to this issue. All material
relationships have been identified to assess the inherent risks. The Bank
continues to work on a one-for-one basis with any borrower who has been
identified as having high Year 2000-risk exposure.
<PAGE> 10
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Company may, from time to time, make written or oral
forward-looking statements, including statements contained in the Company's
filings with the Securities and Exchange Commission (the "Commission") and its
reports to stockholders. Such forward-looking statements are made based on
management's belief as well as assumptions made by, and information currently
available to, management pursuant to "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The Company's actual results may
differ materially from the results anticipated in these forward-looking
statements due to a variety of factors, including governmental monetary and
fiscal policies, deposit levels, loan demand, loan collateral values,
securities portfolio values and interest rate risk management; the effects of
competition in the banking business from other commercial banks, savings and
loan associations, mortgage banking firms, consumer finance companies, credit
unions, securities brokerage firms, insurance companies, money market mutual
funds and other financial institutions operating in the Company's market area
and elsewhere, including institutions operating through the Internet; changes
in acquisitions; failure of assumptions underlying the establishment of
reserves for loan losses, including the value of collateral underlying
delinquent loans and other factors. The Company cautions that such factors are
not exclusive. The Company does not undertake to update any forward-looking
statements that may be made form time to time by, or on behalf of, the Company.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
- ------ --------------------------------
(A) The following exhibit is filed with this report:
Exhibit No. Description
---------- -----------
27 Financial Data Schedule (for SEC use only)
<PAGE> 11
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.
SARASOTA BANCORPORATION, INC
Dated: November 10th, 1999 By: /s/ Christine L. Jennings
--------------------------------------
Christine L. Jennings
President (Principal Executive Officer)
By: /s/ Susan K. Flynn
---------------------------------------
Susan K. Flynn
Vice President and Chief Financial Officer
(Principal financial and Accounting Officer)
<PAGE> 12
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) Exhibits.
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K. No report on Form 8-K was filed during the
quarter ended September 30, 1999.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE SARASOTA
BANCORPORATION, INC. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD
ENDED SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 2,512,085
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 4,670,000
<TRADING-ASSETS> 1,337,687
<INVESTMENTS-HELD-FOR-SALE> 16,772,113
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 70,306,259
<ALLOWANCE> (764,874)
<TOTAL-ASSETS> 94,833,270
<DEPOSITS> 82,704,358
<SHORT-TERM> 0
<LIABILITIES-OTHER> 5,744,946
<LONG-TERM> 0
0
0
<COMMON> 5,591
<OTHER-SE> 6,378,375
<TOTAL-LIABILITIES-AND-EQUITY> 94,833,270
<INTEREST-LOAN> 4,686,602
<INTEREST-INVEST> 832,218
<INTEREST-OTHER> 177,249
<INTEREST-TOTAL> 5,696,069
<INTEREST-DEPOSIT> 2,441,834
<INTEREST-EXPENSE> 2,618,216
<INTEREST-INCOME-NET> 3,077,853
<LOAN-LOSSES> 224,100
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,935,588
<INCOME-PRETAX> 1,211,568
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 448,117
<CHANGES> 0
<NET-INCOME> 763,451
<EPS-BASIC> 1.42
<EPS-DILUTED> 0
<YIELD-ACTUAL> 8.88
<LOANS-NON> 0
<LOANS-PAST> 207,000
<LOANS-TROUBLED> 85,125
<LOANS-PROBLEM> 173,615
<ALLOWANCE-OPEN> 557,546
<CHARGE-OFFS> (24,005)
<RECOVERIES> 7,233
<ALLOWANCE-CLOSE> 764,874
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
