SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
September 30, 1995
For Quarter Ended...............................................................
0-22058
Commission file number..........................................................
Merchants New York Bancorp, Inc.
................................................................................
(Exact name of registrant as specified in its charter)
Delaware 13-3650812
............................... ...................
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
434 Broadway, New York, NY 10013-2576
........................................ ..........
(Address of principal executive offices) (Zip Code)
(212) 973-6600
....................................................
(Registrant's telephone number, including area code)
N/A
...................................................
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports requi-
red to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 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
......... .........
As of September 30, 1995 there were 4,976,888 shares outstanding of common
stock, $.001 par value, the Registrant's only class of common shares
outstanding.
<PAGE> 2
PART I. FINANCIAL INFORMATION
- - -----------------------------
Item 1. Financial Statements
- - -----------------------------
<TABLE>
<CAPTION>
Merchants New York Bancorp
Consolidated Balance Sheets
September 30, December 31,
1995 1994
<C> <C>
<S>
ASSETS
Cash and due from banks $47,734,572 $50,721,430
Federal funds sold 0 47,000,000
Securities available for sale, at market value 529,370,260 521,204,126
Investment securities 80,562,107 85,259,019
Loans, net of unearned discounts 310,454,360 268,116,684
Less allowance for loan losses 6,627,602 6,187,574
_____________ _______________
Net loans 303,826,758 261,929,110
Bank premises and equipment, net 4,562,519 4,552,062
Customers' liability on acceptances 13,576,403 12,252,860
Intangible assets 825,000 900,000
Other assets 14,539,798 17,567,881
_____________ _______________
TOTAL ASSETS $994,997,417 $1,001,386,488
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand $188,490,915 228,156,645
NOW 36,345,166 42,935,370
Savings 27,736,373 30,035,806
Money market 115,607,503 116,501,213
Time 383,006,327 413,962,718
_____________ _______________
Total deposits 751,186,284 831,591,752
Federal funds purchased 26,000,000 0
Securities sold under agreements to repurchase 95,262,500 70,000,000
Acceptances outstanding 13,576,403 12,252,860
Other liabilities 13,701,673 9,807,542
_____________ _______________
Total Liabilities 899,726,860 923,652,154
<PAGE> 3
Stockholders' Equity
Capital stock -- $.001 par value per share;
Authorized 10,000,000 shares;
4,976,888 and 4,967,202 issued & outstanding 4,977 4,967
in 1995 and 1994, respectively
Surplus 23,538,248 23,341,961
Undivided profits 65,906,698 60,724,767
Net unrealized appreciation (depreciation) on
investments available for sale,
net of tax effect 5,820,634 (6,337,361)
_____________ _______________
Total Stockholders' Equity 95,270,557 77,734,334
_____________ _______________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $994,997,417 $1,001,386,488
_____________ _______________
</TABLE>
See accompanying notes to consolidated financial statements.
<TABLE>
<CAPTION>
Merchants New York Bancorp
Consolidated Statements of Income
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Interest Income
Interest on loans 6,907,013 5,924,346 19,226,112 15,585,522
Interest and dividends on
investment securities:
Taxable 9,394,260 8,622,200 28,438,065 25,320,605
Non-taxable 1,139,898 1,245,071 3,516,649 3,739,787
Interest on federal funds 474 2,320 56,628 112,452
Interest on securities
purchased under agreement
to resell 0 0 0 22,000
Miscellaneous interest 0 0 0 218
___________ ___________ ___________ ___________
Total interest income $17,441,645 $15,793,937 $51,237,454 $44,780,584
Interest Expense
Interest on deposits 6,756,127 5,695,693 20,276,004 16,492,024
Interest on
federal funds purchased 270,064 169,257 652,233 263,406
Interest on securities sold
under repurchase agreements 1,196,754 747,805 2,535,878 1,067,131
Other interest expense 0 697 0 2,198
___________ ___________ ___________ ___________
Total interest expense $8,222,945 $6,613,452 $23,464,115 $17,824,759
Net Interest Income $9,218,700 $9,180,485 $27,773,339 $26,955,825
<PAGE> 4
Provision for
possible loan losses 100,000 200,000 600,000 1,450,000
___________ ___________ ___________ ___________
Net interest income after
provision for loan losses $9,118,700 $8,980,485 $27,173,339 $25,505,825
Other Income
Service fee and other charges 322,010 355,153 1,001,252 1,059,286
International Dep't services 670,869 667,680 2,049,271 2,024,435
Fee Income 235,752 207,232 730,237 674,288
Other Income 20,229 36,350 53,397 36,350
Investment sales - net gains 72,036 0 78,497 0
___________ ___________ ___________ ___________
Total other income $1,320,896 $1,266,415 $3,912,654 $3,794,359
Other Expenses
Salaries and employee
benefits 2,826,688 2,793,362 8,848,720 8,609,473
Net occupancy 594,990 477,630 1,567,807 1,446,758
Equipment 115,005 98,472 345,482 318,900
Other expenses 1,667,560 1,924,833 5,215,858 5,472,982
___________ ___________ ___________ ___________
Total other expenses $5,204,243 $5,294,297 $15,977,867 $15,848,113
Income before income taxes $5,235,353 $4,952,603 $15,108,126 $13,452,071
Provision for income taxes 2,091,576 1,993,067 5,949,853 4,852,744
___________ ___________ ___________ ___________
Net Income $3,143,777 $2,959,536 $9,158,273 $8,599,327
Number of shares outstanding 4,976,888 4,966,952 4,976,888 4,966,952
___________ ___________ ___________ ___________
Net income per share $0.63 $0.60 $1.84 $1.73
___________ ___________ ___________ ___________
Dividends per common stock $0.30 $0.25 $0.80 $0.65
___________ ___________ ___________ ___________
</TABLE>
See accompanying notes to consolidated financial statements.
<TABLE>
<CAPTION>
Merchants New York Bancorp
Consolidated Statements of Cash Flows
Periods ended September 30, 1995 and 1994
1995 1994
____________ _____________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $9,158,273 $8,599,327
____________ _____________
<PAGE> 5
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 475,020 458,559
Amortization of premium, net of discounts 3,601,532 4,438,457
Provision for loan losses 600,000 1,450,000
Gains on sales & other investment transactions (78,497) 0
Increase (decrease) in unearned discounts 5,457 (171,516)
Increase in taxes payable 933,140 408,206
Increase in interest receivable (509,154) (880,262)
Increase in interest payable 79,106 824,353
(Decrease) increase in accrued expenses (490,999) 521,378
Increase in other assets (1,861,254) (2,346,971)
Decrease in other liabilities (1,585,433) (959,824)
Total adjustments 1,168,918 3,742,380
____________ _____________
Net cash provided by operating activities 10,327,191 12,341,707
____________ _____________
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in federal funds sold 47,000,000 23,000,000
Net decrease in securities under agreements
to resell 0 40,000,000
Proceeds from redemptions of securities
available for sale 56,865,532 88,800,919
Proceeds from sales of securities available
for sale 36,279,688 0
Purchase of securities available for sale (82,185,998) (112,535,518)
Proceeds from redemptions of investment securities 8,821,492 4,526,494
Purchase of investment securities (4,258,168) (5,277,037)
Net increase in customer loans (42,503,105) (15,422,935)
Net increase in bank premises and equipment (410,478) (603,882)
____________ _____________
Net cash provided by investing activities 19,608,963 22,488,041
____________ _____________
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in demand deposits, NOW, savings and
money market accounts (49,449,077) (36,495,815)
Net decrease in certificates of deposit (30,956,391) (7,704,060)
Net increase in federal funds purchased 26,000,000 6,000,000
Net increase in securities sold under
repurchase agreements 25,262,500 17,437,500
Proceeds from issuance of common stock 196,298 32,852
Dividends paid (3,976,342) (3,228,348)
____________ _____________
Net cash used in financing activities (32,923,012) (23,957,871)
____________ _____________
Net (decrease) increase in cash and
cash equivalents (2,986,858) 10,871,877
Cash and cash equivalents at the beginning of
the period 50,721,430 37,733,085
=========== =============
Cash and cash equivalents at the end of the period $47,734,572 $48,604,962
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 6
MERCHANTS NEW YORK BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The consolidated financial statements include the accounts of
Merchants New York Bancorp (Bancorp) and its wholly owned subsidiary,
The Merchants Bank of New York (the Bank). All material intercompany
accounts and transactions have been eliminated in consolidation. The
consolidated financial statements as of and for the interim periods of
September 30, 1995 and 1994 are unaudited. However, in management's
opinion, all adjustments (consisting of normal accruals) necessary for
the fair presentation of such periods have been made. Certain
reclassifications have been made to the 1994 financial statements to
conform to current presentation. The interim financial statements
should be read in conjunction with Bancorp's Annual Report on Form
10-K, for the year ended December 31, 1994.
2. For purposes of reporting cash flows, cash and cash equivalents will
include cash and due from banks.
3. Bancorp's Board of Directors declared a 2 for 1 stock split on
August 26, 1995, to shareholders of record as of September 12, 1995,
with an effective date of October 2, 1995. As a result, retroactive
adjustments have been made to the balance sheet for the change in
capital structure. 1994 shares and equity balances have been
reclassified to conform to the current presentation.
4. On February 28, 1995, the Bank received regulatory approval for a
new branch office at 275 Madison Avenue, which opened on June 19, 1995.
This branch replaces the 350 Park Avenue branch, which was closed. The
second floor of this location has also been leased, and will become the
Bank's new corporate headquarters.
5. In June, 1993, the FASB issued SFAS No. 114 "Accounting by Creditors
for the Impairment of a Loan". In October, 1994 the FASB issued
No. 118 "Accounting by Creditors for the Impairment of Loan-Income
Recognition and Disclosures" which amended SFAS No. 114. Both
Statements are effective as of January 1, 1995 for Bancorp's financial
statements and have been adopted as of that date. These Statements
address the accounting by creditors for impairment of certain loans
which, among other things, include all loans that are restructured in a
troubled debt restructuring, involving a modification of terms. They
require that impaired loans within the scope of these Statements be
measured based on the present value of expected future cash flows
discounted at the loan's effective interest rate or, at the loan's
observable market price or fair value of the collateral if the loan is
collateral dependent.
The Bank's impaired loans are only those identified as in a nonaccrual
status for 90 days or more. Impaired is defined as "when, based on
current information and events, it is probable that a creditor will be
unable to collect all amounts due according to the contractual terms of
the loan agreement." As of September 30, 1995, the Bank's nonaccrual
loans of 90 days or more past due (which includes impaired loans) were
$2.11 million, with no related impairment allowance. The average
recorded investment in impaired loans during the third quarter of 1995
is $1,832,000, with $1,641,000 for the nine month period ended
September 30, 1995. Upon adoption of SFAS No. 114, the Bank did not
change its method of recognizing interest on impaired loans. The
<PAGE> 7
amounts of interest income recognized on impaired loans during this
quarter and for the period ended September 30, 1995 is not considered
significant. The reserve for loan losses contains an additional amount
deemed necessary to maintain it at levels considered adequate by
management. It is the Bank's policy to keep loans on nonaccrual status
until the principal and interest is current or they are charged off.
- - ------------------------------------------------------
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
- - ------------------------------------------------------
Nine months ended September 30, 1995 compared with
nine months ended September 30, 1994
--------------------------------------------------
Interest on investments increased by $2.89 million, as the result of
increases in the yield. This is from reinvesting funds from paydowns on
mortgage backed securities, maturities and a repositioning of a portion
of the investments at the end of 1994. The average investment
portfolio decreased $7.3 million to $611.6 in 1995, from $618.9 in
1994.
Loan interest income increased by $3.6 million to $19.2 million, as
increased rates resulted in $4 million more in interest, which was
offset by a decrease of $400,000 from lower loan volume. The increase
of $4 million in interest is due to an overall rise in the interest
rate environment, as the prime rate rose from an average of 6.81% in
1994 to 8.87% in 1995. Average loan outstandings decreased $4.4
million to $262.7 million in 1995 from $267.1 million in 1994, as our
customers' needs were reduced.
Interest expense on interest bearing deposits increased $3.8 million,
to $20.3 million in 1995, from $16.5 million in 1994. $5.3 million is
attributable to higher interest rates, which stemmed from the overall
rise in the interest rate environment. This was offset by the decrease
of $1.5 million from lower volume due to a decrease in average interest
bearing deposits of $52.8 million to $575.6 million in 1995. The lower
average deposits are due in part to the cyclical nature of both the
loans and deposits, as well as disintermediation as customers sought
non-bank interest returns.
Noninterest income went up by $112,000 due principally to gains on
sales of securities in 1995 of $72,000 versus none in 1994.
Noninterest expense rose $130,000, due to normal increases in salaries
of $315,000 and a $300,000 adjustment to the carrying value of Other
Real Estate Owned. This was offset by a reduction of $520,000 in our
FDIC fees.
The provision for loan losses decreased by $850,000, as problem loans
have substantially lessened as a result of a stronger economy and our
loan loss reserve is strong.
<PAGE> 8
Three months ended September 30, 1995 compared with
three months ended September 30, 1994
---------------------------------------------------
The net increase in interest on investments was $667,000, as the result of
increases in the yield. This is from reinvesting funds from paydowns on
mortgage backed securities, maturities and a repositioning of a portion
of the investments at the end of 1994. The average investment portfolio
decreased $28 million to $597.5 in 1995, from $625.5 in 1994, as loans
grew slightly and we experienced lower deposits. The decrease in volume
reduced the increase in the yield.
Loan interest income increased by $983,000, as increased rates resulted
in $813,000 more in interest plus an increase of $170,000 from
additional loan volume. The increase in rates is due to an overall
rise in the interest rate environment as the prime rate rose from an
average of 7.49% in 1994 to 8.77% in 1995. Average loan outstandings
increased by $7.8 million to $287.2 million in 1995 from $279.4 million
in 1994, as our customers required additional funds.
Interest expense on interest bearing deposits increased $1.1 million,
to $6.8 million in 1995, from $5.7 million in 1994. $3.6 million is
attributable to higher interest rates, which stemmed from the overall
rise in the interest rate environment. This was offset by the decrease
of $2.5 million in lower volume due to a decrease in average interest
bearing deposits of $46.8 million to $557.8 million in 1995. The lower
average deposits are due primarily to disintermediation as customers
sought non-bank interest returns.
Noninterest income went up by $50,000 primarily due to gains on sales
of securities in 1995 of $72,000 versus none in 1994.
Noninterest expense decreased $95,000 in the third quarter of 1995 due
to a reduction of $503,000 from a refund of FDIC fees. This was offset
by increased occupancy costs of $117,000, reflecting the opening of our
new branch office and an adjustment of $300,000 to the carrying value
of Other Real Estate Owned.
The provision for loan losses decreased by $100,000, as problem loans
have substantially lessened as a result of a stronger economy and our
loan loss reserve is strong.
Loan Losses and Non-Performing Assets
-------------------------------------
Loans are generally placed on non-accrual status when principal or
interest becomes 90 days or more past due. Those loans past due 90
days or more and that are still accruing are either well secured or are
in the process of collection. Loans remain on non-accrual status until
principal and interest payments are current or are charged off.
The following table sets forth certain information with respect to the
loan loss experience for the quarters ended September 30, June 30 and
March 31, 1995 and the nine months ended September 30, 1995.
<PAGE> 9
<TABLE>
<CAPTION>
(In thousands)
-------Quarter ended------ 9 mos.
ended
9/30/95 6/30/95 3/31/95 9/30/95
<S> <C> <C> <C> <C>
Balance at beginning of period $6,714 $6,549 $6,188 $6,188
Provision for loan loss..... 100 250 250 600
Chargeoffs.................. 321 300 0 621
Recoveries
Commercial................ 135 215 111 461
Installment............... 0 0 0 0
Total....................... $6,628 $6,714 $6,549 $6,628
</TABLE>
At September 30, June 30 and March 31, 1995, the Bank's additions to
the allowance for loan losses mirrored the economic condition of the
time. Our level of reserves follows industry standards, as demonstrated
in other commercial banks, with the provision rising during the
recession and falling when the economy improved in 1994. Chargeoffs
have gone down subsequently. Levels of the provision in previous years
were conservative in nature and were considered adequate. Another
factor we consider in ascertaining the adequacy of the allowance, are
loans classified by management as having higher than normal credit risk
but where loss is not currently anticipated. Our loan loss provision
is based on maintaining a loan loss reserve to cover all non-accrual
and higher risk loans. During periods of economic growth, the Bank's
approach is to slowly reduce the allowance, to more accurately reflect
the regaining of strength.
The following table sets forth the aggregate amount of domestic non-
accrual and past due loans which are 90 days or more past due as to
principal or interest payments on the date indicated:
<TABLE>
<CAPTION>
(In thousands)
Quarter ending 9/30/95 6/30/95 3/31/95
<S> <C> <C> <C>
Non-accrual loans............. $2,110 $1,791 $1,275
Loans past due more than
90 days and still accruing... 298 590 710
Restructured loans............ 0 0 0
Total......................... $2,408 $2,381 $1,985
Non-accrual loans as a percen-
tage of reserve.............. 30.9% 26.7% 19.5%
Non-accrual loans as a percen-
tage of total loans.......... 0.8% 0.6% 0.5%
Interest income that would have
been earned on nonaccrual loans... $ 39 36 23
</TABLE>
Interest income that was earned on nonaccrual (impaired) loans is
considered insignificant.
<PAGE> 10
Liquidity
---------
Liquidity measures the Bank's ability to satisfy current and future
obligations and commitments as they become due. Maintaining an
adequate liquidity level through proper asset liability management
insures that these needs will be met at a reasonable cost. Funds to
meet liquidity needs are raised through the liquidation or maturity of
an asset or through increased deposits or borrowing. At December 31,
1994 average cash and short term investments totalled $54.1 million and
accounted for 5.6% of the Bank's total average assets, with $43.4
million or 4% as of September 30, 1995.
On the liability side, the primary source of funds available to meet
liquidity needs is the Bank's core deposit base. The average balance
of deposits was $821.6 million at December 31, 1994, with $766.3
million at September 30, 1995. The Bank continues to retain a
substantial proportion of its average deposits in the form of non-
interest bearing funds, with 24% in both 1994 and 1995. Additional
liquidity is derived from scheduled loan and investment payments of
principal and interest and principal prepayments received. Proceeds
from the sale of securities is $36.3 million as of September, 1995 with
$69.2 million received by that date from maturities, principal
paydowns and amortization, net of accretion. Purchases of investments
were $86.4 million for the period.
Bancorp's cash needs consist primarily of dividends, which flow up from
the Bank, and cash to cover its expenses, which are minimal. Dividends
paid were $1,491,866 in the third quarter of 1995, with $1,242,263 and
$1,242,213 for the second and first quarters, respectively.
Capital
-------
The capital base of a bank is a significant measure of the strength of
a financial institution. The Bank has seen a steady capital growth
over the past several years, with our risk based ratios, as shown
below, in excess of the required "Well Capitalized" level of 10%. The
Bank was also in excess of the required leverage ratio of 4%, with
9.81% for the third quarter of 1995.
The primary source of capital growth is through retention of earnings.
Undivided profits increased to $65.9 million at 9/30/95 as compared to
$60.7 million as of 12/31/94 resulting from the retention of $5.2
million of earnings after paying dividends of $3,976,342. The Bank's
Board of Directors declared a dividend of $.50 for the first and second
quarters of 1995, with an increase to $.60 for the third quarter. The
accompanying financial statements have been restated to fully reflect
the effect of the 2 for 1 stock split. We continue to believe that cash
dividends are an important component of shareholder value and that at
its current level of performance, this quarter's 249th consecutive
dividend payment will continue into the future. The overall increase of
$17.5 million in stockholders equity included the $5.2 million in
retained earnings and was further impacted by a change in the market
value of the Investment portfolio on September 30, 1995 versus
December 31, 1994 of $12.1 million, net of tax effect.
<PAGE> 11
<TABLE>
<CAPTION>
Required 9/30/95 12/31/94
<S> <C> <C> <C>
Tier I Capital Ratio.......... 4.00% 19.82% 19.81%
Tier II Capital Ratio......... 8.00 21.07 21.06
Leverage Ratio................ 4.00 9.81 8.75
</TABLE>
PART II. OTHER INFORMATION
- - ----------------------------------------
Item 6. Exhibits and Reports on Form 8-K
- - ----------------------------------------
(a) Exhibits: Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K: None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
MERCHANTS NEW YORK BANCORP, INC.
Registrant
Date: November 10, 1995 _/s/ James G. Lawrence__________
James G. Lawrence
President & Chief Executive Officer
Date: November 10, 1995 _/s/ Nancy J. Ostermann________
Nancy J. Ostermann
Vice President and Comptroller
<PAGE> 12
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This Schedule is a compilation of information appearing in the financial
statements that are included in the Quarterly Report on Form 10-Q of
Merchants New York Bancorp for the quarter ended September 30, 1995. It is
qualified in its entirety by reference to those financial statements.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994
<PERIOD-END> SEP-30-1995 DEC-31-1994
<CASH> 47,734,572 50,721,430
<INT-BEARING-DEPOSITS> 0 0
<FED-FUNDS-SOLD> 0 47,000,000
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 529,370,260 521,204,126
<INVESTMENTS-CARRYING> 80,562,107 85,259,019
<INVESTMENTS-MARKET> 83,633,000 85,378,000
<LOANS> 310,454,360 268,116,684
<ALLOWANCE> 6,627,602 6,187,574
<TOTAL-ASSETS> 994,997,417 1,001,386,488
<DEPOSITS> 751,186,284 831,591,752
<SHORT-TERM> 121,262,500 70,000,000
<LIABILITIES-OTHER> 27,278,076 22,060,402
<LONG-TERM> 0 0
<COMMON> 4,977 4,967
0 0
0 0
<OTHER-SE> 95,265,580 77,729,367
<TOTAL-LIABILITIES-AND-EQUITY> 994,997,417 1,001,386,488
<INTEREST-LOAN> 19,226,112 22,200,289
<INTEREST-INVEST> 31,954,714 38,823,737
<INTEREST-OTHER> 56,628 321,204
<INTEREST-TOTAL> 51,237,454 61,345,230
<INTEREST-DEPOSIT> 20,276,004 22,657,858
<INTEREST-EXPENSE> 23,464,115 25,107,286
<INTEREST-INCOME-NET> 27,773,339 36,237,944
<LOAN-LOSSES> 600,000 1,850,000
<SECURITIES-GAINS> 78,497 (1,847,334)
<EXPENSE-OTHER> 15,977,867 22,004,249
<INCOME-PRETAX> 15,108,126 15,700,064
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 9,158,273 10,709,341
<EPS-PRIMARY> 1.84 2.16
<EPS-DILUTED> 1.84 2.16
<YIELD-ACTUAL> 3.40 4.36
<LOANS-NON> 2,110,000 1,311,000
<LOANS-PAST> 298,000 308,000
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 6,187,574 6,959,595
<CHARGE-OFFS> 621,458 2,918,090
<RECOVERIES> 461,486 296,069
<ALLOWANCE-CLOSE> 6,627,602 6,187,574
<ALLOWANCE-DOMESTIC> 2,110,000 1,311,000
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 4,517,602 4,876,574
</TABLE>
