<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act
- ---
of 1934 For the quarterly period ended September 30, 1996.
------------------
or
___ Transition Report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 For the transition period from _______________ to ________________.
Commission File No. 0-23980
-------
Georgia Bank Financial Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-2005097
------- ----------
(State of Incorporation) (I.R.S. Employer Identification No.)
3530 Wheeler Road, Augusta, Georgia 30909
-----------------------------------------
(Address of principal executive offices)
(706) 738-6990
------------------------------------------------
(Issuer's telephone number, including area code)
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 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 CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
1,542368 shares of common stock, $3.00 par value per share, issued and
outstanding as of September 30, 1996.
Transitional Small Business Disclosure Format (check one): Yes No X
--- ---
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION
FORM 10-QSB
INDEX
PAGE
PART I
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of
September 30, 1996 and December 31, 1995 3
Condensed Consolidated Statements of Income for the
quarter ended September 30, 1996 and
September 30, 1995 and the nine months ended
September 30, 1996 and September 30, 1995 4
Condensed Consolidated Statement of Cash Flows
for the nine months ended September 30, 1996
and September 30, 1995 5
Notes to Consolidated Financial Statements 6
Item 2. Management Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II Other Information 12
Item 1. Legal Proceedings *
Item 2. Changes in Securities *
Item 3. Defaults Upon Senior Securities *
Item 4. Submission of Matters to a Vote of Security-Holders *
Item 5. Other Information *
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURE 14
* No information submitted under this caption
1
<PAGE>
PART I
FINANCIAL INFORMATION
2
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Balance Sheet
ASSETS
<TABLE>
<CAPTION>
September 30,
1996 December 31,
(Unaudited) 1995
------------- ------------
<S> <C> <C>
Cash and due from banks $ 12,344,548 $ 12,725,123
Federal funds sold 2,140,000 -
------------ ------------
Cash and cash equivalents 14,484,548 12,725,123
Investment Securities
Available-for-sale 49,861,285 33,434,524
Held-to-maturity (market values of
$4,408,716 and $2,024,126,
respectively) 4,392,891 2,014,654
Loans 130,917,317 120,427,011
Allowance for loan losses (1,446,016) (1,335,275)
------------ ------------
129,471,301 119,091,736
Premises and equipment, net 9,010,456 8,539,172
Accrued interest receivable 1,396,838 1,354,174
Prepaid expenses 361,552 311,026
Intangible assets 947,538 1,158,106
Deferred tax asset, net 308,250 76,140
Other assets 747,494 643,013
------------ ------------
$210,982,153 $179,347,668
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 38,605,578 $ 26,900,509
Interest bearing
NOW accounts 20,630,803 18,959,510
Savings 42,578,539 20,045,474
Money management accounts 18,440,485 16,071,501
Time deposits over $100,000 30,493,304 32,515,699
Other time 42,080,589 42,657,047
------------ ------------
192,829,298 157,149,740
Federal funds purchased and securities
sold under repurchase agreements 1,163,074 1,761,527
Accrued interest and other liabilities 1,432,728 1,357,720
Advances from Federal Home Loan Bank - 4,000,000
Notes and bonds payable 200,000 640,000
------------ ------------
Total liabilities 195,625,100 164,908,987
------------ ------------
Stockholders' equity
Common Stock, par value $3.00;
10,000,000 shares authorized; shares
issued and outstanding of 1,542,368
in 1996 and 1,341,479 in 1995 4,024,437 4,024,437
Additional paid in capital 7,116,700 7,122,998
Retained Earnings 4,734,397 3,435,381
Unrealized loss on securities
available-for-sale net of deferred
income taxes of $270,563 in 1996
and $75,222 in 1995 (518,481) (144,135)
------------ ------------
Total stockholders' equity 15,357,053 14,438,681
------------ ------------
$210,982,153 $179,347,668
============ ============
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
1996 1995 1996 1995
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Interest Income
Loans $3,194,978 $2,976,918 $ 9,382,997 $ 8,532,848
Investment securities 797,644 590,031 1,993,323 1,564,628
Federal funds sold 75,446 66,173 286,883 326,994
---------- ---------- ----------- -----------
4,068,068 3,633,122 11,663,203 10,424,470
---------- ---------- ----------- -----------
Interest Expense
Deposits 1,833,005 1,701,573 5,231,523 4,815,166
Federal funds purchased and
securities sold under
repurchase agreements 8,083 7,596 28,756 18,094
Loans and borrowings 46,005 45,335 174,205 163,311
---------- ---------- ----------- -----------
1,887,093 1,754,504 5,434,484 4,996,571
---------- ---------- ----------- -----------
Net Interest Income 2,180,975 1,878,618 6,228,719 5,427,899
Provision for loan losses 60,000 60,000 280,000 200,000
---------- ---------- ----------- -----------
Net interest income after
provision for loan losses 2,120,975 1,818,618 5,948,719 5,227,899
---------- ---------- ----------- -----------
Non-interest Income
Service charges and fees 536,081 366,595 1,439,500 1,042,583
Miscellaneous income 125 7,493 600 21,340
Investment securities
gains (losses) (1,696) 717 27,962 (20,600)
---------- ---------- ----------- -----------
534,510 374,805 1,468,062 1,043,323
---------- ---------- ----------- -----------
Non-interest expense
Salaries 802,424 654,950 2,224,965 1,891,958
Employee benefits 146,947 150,236 475,211 439,834
Occupancy 383,086 311,932 1,082,529 923,406
Other operating expenses 541,171 489,396 1,556,491 1,455,836
1,873,628 1,606,514 5,339,196 4,711,034
---------- ---------- ----------- -----------
Income before taxes 781,857 586,909 2,077,585 1,560,188
Provision for income taxes 294,875 212,225 778,569 571,343
---------- ---------- ----------- -----------
Net Income $ 486,982 $ 374,684 $ 1,299,016 $ 988,845
========== ========== =========== ===========
Earnings per common share:
Weighted average number
of common shares
outstanding 1,542,368 1,542,368 1,542,368 1,536,467
Net income per share $ 0.32 $ 0.24 $ 0.84 $ 0.64
========== ========== =========== ===========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1996
1996 1995
----------- -----------
<S> <C> <C>
Cash flows from operating activities
Net Income 1,299,016 988,845
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation and amortization 745,332 569,266
Provision for loan losses 280,000 200,000
(Gain) loss on sale of investment securities (27,962) 20,600
Amortization (accretion) of premium/discount
on investment securities (22,606) (60,674)
Deferred tax expense (36,769) 120,279
Real estate loans originated for sale (18,342,645) (10,858,808)
Proceeds from sale of real estate loans 18,639,539 10,689,050
Net increase in accrued interest receivable (42,664) (161,732)
Net (increase) decrease in prepaid expense (50,526) 20,022
Net (increase) decrease in other assets (98,558) 294,709
Net increase in accrued interest and
other liabilities 102,767 485,885
----------- -----------
Net cash provided by operating
activities 2,444,924 2,307,442
----------- -----------
Cash flows from investing activities
Proceeds from sales and maturities of
available-for-sale securities 12,485,913 10,428,551
Proceeds from maturities of
held-to-maturity securities - -
Purchase of available-for-sale securities (29,427,023) (20,895,993)
Purchase of held-to-maturity securities (2,383,007) -
Net increase in loans (10,956,459) (7,740,745)
Net purchase of premises and equipment (843,138) (254,423)
----------- -----------
Net cash used in investing activities (31,123,714) (18,462,610)
----------- -----------
Cash flows from financing activities
Net increase in deposits 35,482,966 11,617,907
Net (decrease) increase in federal funds
purchased and securities sold under
repurchase agreements (598,453) 437,488
Proceeds from issuance of common stock - 236,235
Payments to Federal Home Loan Bank (4,000,000) 0
Payments on notes and bonds payable (440,000) (665,000)
Cash paid for fractional shares (6,298) -
Reverse stock split - (705)
----------- -----------
Net cash provided by financing activities 30,438,215 11,625,925
----------- -----------
Net increase (decrease) in cash and
cash equivalents 1,759,425 (4,529,243)
Cash and cash equivalents at beginning of period 12,725,123 15,688,610
----------- -----------
Cash and cash equivalents at end of period 14,484,548 11,159,367
=========== ===========
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Condensed Consolidated Financial Statements
September 30, 1996 and December 31, 1995
Note 1 - Basis of presentation
The accompanying financial statements include the accounts of Georgia Bank
Financial Corporation and its wholly-owned subsidiary, Georgia Bank & Trust
Company. Significant intercompany transactions and accounts are eliminated in
consolidation.
The financial statements for the nine months ended September 30, 1996 and 1995
are unaudited and have been prepared pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. These consolidated financial statements
should be read in conjunction with the audited consolidated financial statements
and notes thereto included in the Company's annual report for the year ended
December 31, 1995.
The financial information included herein reflects all adjustments (consisting
of normal recurring adjustments) which are, in the opinion of management,
necessary to a fair presentation of the financial position and results for
interim periods.
Note 2 - Stockholders' equity
The Company effected a 1 for 3 reverse stock split on April 21, 1995 that
increased the par value of the common stock to $3.00 per share and reduced the
number of outstanding shares. On August 21, 1996, the Company's Board of
Directors approved a 15% stock dividend payable on September 25, 1996 to
shareholders of record on September 4, 1996. All weighted average share and per
share information in the accompanying financial statements has been restated to
reflect the effect of the additional shares outstanding resulting from the stock
dividend and the reduced numbers of shares outstanding resulting from the
reverse stock split.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Net Income
- ----------
The Company's net income was $487,000 for the third quarter of 1996, which was
an increase of $112,000 (30.0%) compared to the net income of $375,000 for the
third quarter of 1995. Earnings per share for the quarter were $0.32 in 1996
compared to $0.24 in 1995. Net income for the nine month period ended September
30, 1996 was $1,299,016, an increase of $310,000 (31.4%) above net income for
the comparable nine month period in 1995. Total assets increased $9.9 million
(4.9%) for the quarter to $211 million and reflect an increase of $31.6 million
(17.6%) from year end 1995 and $37.2 million (21.4%) from September 30, 1995.
The increase in net income for the third quarter of 1996, as compared to the
third quarter of 1995, resulted from an increase in net interest income of
$302,000 and an increase in non-interest income of $160,000. These increases
were reduced by increased non-interest expense of $267,000. Income before taxes
increased $195,000 and was partially offset by an increase in income taxes of
$83,000.
The return on average assets for the Company was 0.95% for the quarter ended
September 30, 1996, compared to 0.78% for the same period last year. The return
on average stockholders' equity increased to 13.0%, compared to 9.96% for the
comparable quarter in 1995.
Net Interest Income
- -------------------
Net interest income increased $ 302,000 during the third quarter of 1996, over
the third quarter of 1995 and $801,000 during the nine months ended September
30, 1996 when compared to the same period in 1995, as a result of increases in
interest earning asset balances. Interest earning assets at September 30, 1996
increased $31.4 (20.1%) million over September 30, 1995 and $25.4 million
(17.6%) over December 31, 1995. Loans, the highest yielding component of
interest earning assets increased $14.8 million (12.8%) over September 30, 1995
and $10.5 million (8.7%) over December 31, 1995. Investment securities
increased $18.0 million (50.1%) over September 30, 1995 and $18.8 million
(53.0%) over December 31, 1995. Federal funds sold decreased $1.5 million from
September 30, 1995 and increased $2.1 million over December 31, 1995.
Interest Income
- ---------------
Interest income increased $435,000 during the third quarter of 1996, over the
third quarter of 1995 and $1.2 million in the nine months ended September 30,
1996 over the comparable nine month period ended September 30, 1995. Interest
income on loans increased by $218,000 and $850,000 from the comparable quarterly
and nine month periods in 1995. These increases are the result of the
significantly higher loan volumes mentioned previously that have more than
offset the downward trend in rates from the two prior comparable periods.
Interest income earned on investment securities increased $208,000 over the
7
<PAGE>
third quarter of 1995 and $429,000 above the comparable nine month period in
1995. Again, this is the result of significantly higher volumes. Interest
income from Federal funds sold increased $9,000 for the comparable quarters but
decreased $40,000 when comparing the respective nine month periods. This
decrease is attributable to utilization of excess funds to fund loan growth and
purchases of investment securities.
Interest Expense
- ----------------
Interest expense increased $133,000 in the third quarter of 1996 over the
comparable quarter in 1995. For the comparable nine month periods, interest
expense increased $438,000 from the prior year. The increases were the result
of an increase in the volume of interest bearing deposits, even while interest
rates trended downward during the comparable periods. Interest bearing deposit
balances at September 30, 1996 increased $26.2 million over September 30, 1995
and $24.0 million since December 31, 1995.
Non-interest Income
- -------------------
Non-interest income (excluding investment securities gains and losses) for the
third quarter of 1996 increased $162,000 over the third quarter in 1995 and non-
interest income (excluding investment securities gains and losses) for the nine
months ended September 30, 1996 increased $376,000 over the period ended
September 30, 1995. The increases in both periods reflect the increases in the
volumes of deposit accounts. Total deposits at September 30, 1996 increased
$39.8 million over September 30, 1995 and $35.7 million over December 31, 1995.
Non-interest Expense
- --------------------
Non-interest expense increased $267,000 over the third quarter in 1995 and
$628,000 over the comparable nine month period in 1995. Increases for the
respective periods are attributable to increases in salary and benefits expense
of $144,000 and $368,000, increases in occupancy expense of $71,000 and
$159,000, and increases in other operating expenses of $52,000 and $101,000,
respectively.
These increases are the result of the continued expansion in the Company's local
market that is reflected in additions to staff and the higher occupancy and
operating expense associated with the operation of seven full service offices,
an increase of two over the prior year period. Management continues to maintain
efforts to improve expense control and improve operating efficiencies as the
Company increases the volumes of loans and deposits.
Income Taxes
- ------------
Income taxes for the third quarter of 1996 totaled $294,875, an increase of
$83,000 over the comparable period. Effective tax rates remained comparable for
the periods.
8
<PAGE>
Asset Quality
- -------------
The table on page 10 shows the current and prior period amounts of non-
performing assets. Non-performing assets were $1.8 million at September 30,
1996, compared to $861,000 at December 31, 1995 and $552,000 at September 30,
1995. The ratio of non-performing loans to total loans and other real estate
was 1.40% at September 30, 1995, compared to 0.71% at December 31, 1995 and
0.48% at September 30, 1995. The increase reflected over the prior periods is
the result of the inclusion in the non-performing category of one additional
loan relationship that, based upon the information available to management, is
believed to be adequately secured by collateral and as to which no material loss
is anticipated but cannot be assured. The control and monitoring of non-
performing assets continues to be a management priority.
Loans past due 90 days or more and still accruing interest increased to $416,000
at September 30, 1996, an increase from $279,000 at December 31, 1995 and
$184,000 at September 30, 1995. Based upon the information available,
management continues to believe that the value of collateral securing each loan
is sufficient to cover principal and interest.
Additions to the allowance for loan losses are made periodically to maintain the
allowance at an appropriate level based upon management's analysis of potential
risk in the loan portfolio. The amount of the loan loss provision is determined
by an evaluation of the level of loans outstanding, the level of non-performing
loans, historical loan loss experience, delinquency trends, the amount of losses
charged to the reserve in a given period, and an assessment of present and
anticipated economic conditions. A provision for losses in the amount of
$60,000 was charged to expense for the quarter ended September 30, 1996. At
September 30, 1996, the ratio of allowance for loan losses to total loans was
1.10%, compared to 1.11% at December 31, 1995 and 1.18% at September 30, 1995.
Management considers the current allowance for loan losses appropriate based
upon its analysis of the potential risk in the portfolio, although there can be
no assurance that the assumptions underlying such analysis will continue to be
correct.
Liquidity and Capital Resources
- -------------------------------
The Company's liquidity remains adequate to meet operating and loan funding
requirements. The loan to deposit ratio at September 30, 1996 was 67.89%
compared to 76.63% at December 31, 1995 and 75.8% at September 30, 1995. This
reduction in the loan to deposit ratio and resulting increase in liquidity is
due to the increase in total deposit balances for the nine month period of $35.7
million while loans increased $10.5 million.
Shareholders equity to total assets was 7.28% at September 30, 1996 compared to
8.05% at December 31, 1995 which is reflective of the growth experienced during
the first nine months of the year. The capital of the Company and the Bank
exceeded all required regulatory guidelines at September 30, 1996. The
Company's Tier 1 risk-based, total risk-based and the leverage capital ratios
were 10.14%, 11.12% and 7.25% respectively at September 30, 1996. The
schedule on page 11 reflects the current regulatory capital levels in more
detail, including comparisons to the regulatory minimums.
9
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
-----------------------------
September 30,
-----------------------------
1996 1995
--------- ---------
<S> <C> <C>
PROFITABILITY
- -------------
Return on average assets * 0.95% 0.78%
Return on average equity * 13.00% 9.96%
ALLOWANCE FOR LOAN LOSSES
- -------------------------
Beginning balance, January 1 $1,335 $1,275
Provision charged to expense 280 200
Recoveries 26 31
Loans charged off 195 132
Ending balance, June 30 $1,446 $1,374
</TABLE>
<TABLE>
<CAPTION>
September 30, December 31, September 30,
1996 1995 1995
------------- ------------ -------------
<S> <C> <C> <C>
NON-PERFORMING ASSETS
- ---------------------
Non-accrual loans $ 597 $786 $552
Other real estate owned -- 75 --
Restructured loans 1,156 -- --
------ ---- ----
Total non-performing assets $1,828 $861 $552
====== ==== ====
LOANS PAST DUE 90 DAYS OR
MORE AND STILL ACCRUING $ 416 $279 $184
====== ==== ====
</TABLE>
* Annualized
10
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION
AND
GEORGIA BANK & TRUST COMPANY
REGULATORY CAPITAL REQUIREMENTS
SEPTEMBER 30, 1996
(Dollars in Thousands)
<TABLE>
<CAPTION>
Actual Required Excess
Amount Percent Amount Percent Amount Percent
----- ------- ------ ------- ----- -------
<S> <C> <C> <C> <C> <C> <C>
GEORGIA BANK FINANCIAL CORPORATION
Risk-based capital:
Tier 1 capital 14,928 10.14% 5,890 4.00% 9,038 6.14%
Total capital 16,374 11.12% 11,780 8.00% 4,594 3.12%
Tier 1 leverage ratio 14,928 7.25% 10,300 5.00% 4,628 2.25%
GEORGIA BANK & TRUST COMPANY
Risk-based capital:
Tier 1 capital 13,634 9.35% 5,832 4.00% 7,801 5.35%
Total capital 15,080 10.34% 11,665 8.00% 3,415 2.34%
Tier 1 leverage ratio 13,634 6.66% 10,242 5.00% 3,392 1.66%
</TABLE>
11
<PAGE>
PART II
-------
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no material pending legal proceedings to which the Company or any
of its subsidiaries is a party or of which any of their property is the subject.
ITEM 2. CHANGE IN SECURITIES.
(a) Not applicable.
(b) Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
27 Financial Data Schedule.
(b) Reports on Form 8-K
Form 8-K dated August 21, 1996 reported the Company's 15% stock
dividend payable on September 25, 1996 to Shareholders of Record on
September 4, 1996, filed August 28, 1996 pursuant to Item 5 of
Form 8-K.
12
<PAGE>
GEORGIA BANK FINANCIAL CORPORATION
----------------------------------
Form 10-QSB Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
GEORGIA BANK FINANCIAL CORPORATION
Date: November 8, 1996 By: /s/ Ronald L. Thigpen
---------------- ------------------------------------
Ronald L. Thigpen
Senior Vice President, Chief
Financial Officer (Duly
Authorized Officer of Registrant
and Principal Financial Officer)
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
September 30, 1996 10-QSB financial statements and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 12,344,548
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,140,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 49,861,285
<INVESTMENTS-CARRYING> 4,392,891
<INVESTMENTS-MARKET> 4,408,716
<LOANS> 130,917,317
<ALLOWANCE> 1,446,016
<TOTAL-ASSETS> 210,982,153
<DEPOSITS> 192,829,298
<SHORT-TERM> 1,163,074
<LIABILITIES-OTHER> 1,432,728
<LONG-TERM> 200,000
0
0
<COMMON> 4,024,437
<OTHER-SE> 11,332,616
<TOTAL-LIABILITIES-AND-EQUITY> 15,357,053
<INTEREST-LOAN> 9,382,997
<INTEREST-INVEST> 1,993,323
<INTEREST-OTHER> 286,883
<INTEREST-TOTAL> 11,663,203
<INTEREST-DEPOSIT> 5,231,523
<INTEREST-EXPENSE> 5,434,484
<INTEREST-INCOME-NET> 6,228,719
<LOAN-LOSSES> 280,000
<SECURITIES-GAINS> 27,962
<EXPENSE-OTHER> 5,339,196
<INCOME-PRETAX> 2,077,585
<INCOME-PRE-EXTRAORDINARY> 2,077,585
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,299,016
<EPS-PRIMARY> 0.84
<EPS-DILUTED> 0.84
<YIELD-ACTUAL> 8.87
<LOANS-NON> 597,182
<LOANS-PAST> 415,257
<LOANS-TROUBLED> 1,156,030
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,335,275
<CHARGE-OFFS> 195,468
<RECOVERIES> 26,209
<ALLOWANCE-CLOSE> 1,446,016
<ALLOWANCE-DOMESTIC> 1,446,016
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
