U. S. 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, 1997
( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ____________ to ____________
Commission file Number 0-22062
UWHARRIE CAPITAL CORP
(Exact name of small business issuer as specified in its charter)
NORTH CAROLINA 56-1814206
(State of incorporation) (I.R.S Employer Identification No.)
167 North Second Street
Albemarle, North Carolina 28001
(Address of principal executive offices)
Issuer's telephone number, including area code: (704) 983-6181
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 of 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
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date:
Title of Each Class Outstanding at October 31, 1997
- ------------------- -------------------------------
Common stock, par value $1.25 per share 2,172,879 shares
Transitional Small Business Disclosure Format (check one):
Yes No X
<PAGE>
UWHARRIE CAPITAL CORP AND SUBSIDIARY
FORM 10-QSB
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C> <C>
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Consolidated Balance Sheets, September 30, 1997 and 1996 (Unaudited) 3
Consolidated Statements of Income for the Three Months and the Nine
Months Ended September 30, 1997 and 1996 (Unaudited) 4
Consolidated Statements of Changes in Shareholders' Equity for the
Nine Months Ended September 30, 1997 and 1996 (Unaudited) 5
Consolidated Statements of Cash Flows for the Nine Months
Ended September 30, 1997 and 1996 (Unaudited) 6
Notes to Consolidated Financial Statements (Unaudited) 7
Item 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations 8
PART II OTHER INFORMATION
Item 4 Submission of Matters to Vote of Security Holders 11
Item 6 Exhibits and Reports on Form 8-K 11
SIGNATURES 12
EXHIBIT 27 Financial Data Schedule for the Nine Months
Ended September 30, 1997 13
</TABLE>
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
UWHARRIE CAPITAL CORP AND SUBSIDIARY
Consolidated Balance Sheets (Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
September 30,
1997 1996
--------------- --------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 4,467 $ 4,968
Securities available for sale:
U.S. Treasury 5,008 4,974
U.S. Government agencies and corporations 12,638 9,934
State and political subdivisions 5,779 5,787
Other securities 1,587 1,338
--------------- --------------
Total securities 25,012 22,033
--------------- --------------
Loans 109,811 102,479
Less: Allowance for loan losses 1,116 1,074
--------------- --------------
Loans, net 108,695 101,405
--------------
---------------
Premises and equipment, net 2,376 2,073
Interest receivable 942 832
Other assets 1,149 1,136
--------------- --------------
Total assets $ 142,641 $ 132,447
=============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand deposits $ 13,915 $ 12,192
Money market and NOW accounts 27,293 22,171
Savings deposits 31,038 28,930
Time deposits $100,000 and over 8,203 6,650
Other time deposits 32,950 33,946
--------------- --------------
--------------- --------------
Total deposits 113,399 103,889
--------------- --------------
Federal funds purchased - 1,140
Securities sold under repurchase agreements 4,213 5,107
Other short-term borrowed funds 4,582 4,000
Long-term debt 7,593 6,298
Interest payable 179 166
Other liabilities 429 502
--------------- --------------
Total liabilities 130,395 121,102
--------------- --------------
Shareholders' equity:
Common stock, par value $1.25 per share;
authorized 6,000,000; issued and outstanding:
2,172,879 shares at September 30, 1997
2,115,137 shares at September 30, 1996 2,716 2,644
Surplus 4,574 4,301
Undivided profits 4,650 4,130
Unrealized gain (loss) on securities available for sale, net
of related tax effect 306 270
--------------- --------------
Total shareholders' equity 12,246 11,345
=============== ==============
Total liabilities and shareholders' equity $ 142,641 $ 132,447
=============== ==============
</TABLE>
See Notes to Consolidated Financial Statements.
3
<PAGE>
UWHARRIE CAPITAL CORP AND SUBSIDIARY
Consolidated Statements of Income (Unaudited)
- -------------------------------------------------------------------------------
(In Thousands)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
------------ ----------- ------------ -------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest on loans $ 2,384 $ 2,202 $ 6,921 $ 6,311
Interest on securities:
U.S. Treasury 74 71 213 271
U.S. Government agencies and corporations 225 168 703 518
State and political subdivisions 85 86 255 263
Other 18 15 55 38
Other interest income 8 6 22 38
------------ ----------- ------------ -------------
Total interest income 2,794 2,548 8,169 7,439
INTEREST EXPENSE:
Interest on deposits and borrowed funds 1,240 1,132 3,622 3,356
------------ ----------- ------------ -------------
NET INTEREST INCOME 1,554 1,416 4,547 4,083
Provision for loan losses 38 59 123 146
------------ ----------- ------------ -------------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,516 1,357 4,424 3,937
------------ ----------- ------------ -------------
NONINTEREST INCOME:
Service charges on deposit accounts 227 230 676 677
Other service fees and commissions 119 98 368 302
Gain (loss) on sale of securities - - - 18
Other income 22 10 51 31
------------ ----------- ------------ -------------
Total noninterest income 368 338 1,095 1,028
------------ ----------- ------------ -------------
NONINTEREST EXPENSE:
Salaries, wages and employee benefits 756 678 2,126 1,897
Occupancy expenses 74 56 191 163
Equipment expense 100 99 300 290
Data processing 128 114 371 365
Other expenses 403 399 1,199 1,136
------------ ----------- ------------ -------------
Total noninterest expense 1,461 1,346 4,187 3,851
------------ ----------- ------------ -------------
INCOME BEFORE INCOME TAXES 423 349 1,332 1,114
Provision for Income Taxes 137 109 420 352
------------ ----------- ------------ -------------
NET INCOME $ 286 $ 240 $ 912 $ 762
============ =========== ============ =============
Earnings Per Share $ .13 $ $ .42 $ .36
.11
Shares used in computing net income per share 2,172,879 2,115,137 2,172,879 2,115,137
</TABLE>
See Notes to Consolidated Financial Statements.
4
<PAGE>
UWHARRIE CAPITAL CORP AND SUBSIDIARY
Consolidated Statements of Changes in Shareholders' Equity
For The Nine Months Ended September 30, 1997 and 1996 (Unaudited)
<TABLE>
<CAPTION>
Net
Unrealized Gain
(In Thousands) Common Undivided (Loss) on Securities
Stock Surplus Profits Available for Sale
--------------- -------------- ------------- ---------------------
<S> <C> <C> <C> <C>
Balance, December 31, 1995 $ 2,654 $ 4,376 $ 3,368 $513
Repurchase of common stock (27) (106) - -
Stock options exercised 17 31 -
Net income - - 762 -
Net decrease in market value of
securities available for sale - - - (243)
--------------- -------------- -------------- -----------------
Balance, September 30, 1996 $ 2,644 $ 4,301 $ 4,130 $ 270
=============== ============== ============== =================
- ---------------------------------------------- --------------- ---- -------------- --- -------------- --- -----------------
Balance, December 31, 1996 $ 2,719 $ 4,594 $ 3,738 $ 253
Repurchase of common stock (6) (25) - -
Stock options exercised 3 5 - -
Net income - - 912 -
Net increase in market value of
securities available for sale - - - 53
=============== ============== ============== =================
Balance, September 30, 1997 $ 2,716 $ 4,574 $ 4,650 $ 306
=============== ============== ============== =================
</TABLE>
See Notes to Consolidated Financial Statements.
5
<PAGE>
UWHARRIE CAPITAL CORP AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 1997 and 1996
<TABLE>
<CAPTION>
(In Thousands)
1997 1996
-------------- --------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 912 $ 762
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 192 177
Amortization (accretion) of security premiums and discounts, net (15) (19)
Provision for loan losses 123 146
Deferred income taxes (7) -
Gain on sale of securities - (18)
Loss on disposal of fixed assets - 12
Gain on foreclosed properties - (6)
Changes in assets and liabilities:
Interest receivable (83) 34
Other assets (115) 23
Income taxes receivable 28 -
Interest payable 3 2
Other liabilities 38 180
-------------- --------------
Net cash provided by operating activities 1,076 1,293
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of securities available for sale 4,625 5,217
Purchase of securities available for sale (4,315) (4,499)
Additions to foreclosed properties (72) (22)
Net increase in loans (9,014) (11,578)
Capital expenditures (451) (165)
-------------- --------------
Net cash used in investing activities (9,227) (11,047)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in demand deposits, NOW and savings accounts 7,574 5,342
Net increase in time deposits 1,225 2,752
Net increase (decrease) in securities sold under repurchase agreements (3,943) 644
Net decrease in federal funds - (1,710)
Net increase in other borrowings/notes payable 2,902 4,325
Proceeds from issuance of common stock 8 48
Repurchases of common stock (31) (133)
-------------- --------------
Net cash provided by financing activities 7,735 11,268
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (416) 1,514
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,883 3,454
-------------- --------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,467 $ 4,968
============== ==============
Supplemental disclosures of cash flow information:
Interest paid $ 3,619 $ 3,355
Income taxes paid $ 445 $ 362
Transfers from loans to OREO $ 72 $ 124
</TABLE>
See Notes to Consolidated Financial Statements.
6
<PAGE>
UWHARRIE CAPITAL CORP AND SUBSIDIARY
Notes to Consolidated Financial Statements (Unaudited)
NOTE 1 - ACCOUNTING POLICIES
The financial statements and accompanying notes are presented on a consolidated
basis including Uwharrie Capital Corp (the "Company"), it's Subsidiary, Bank of
Stanly ("the Bank") and the Bank's subsidiaries. Bank of Stanly consolidates the
Strategic Alliance Corporation and BOS Agency, Inc. each of which are
wholly-owned by the Bank.
The information contained in the consolidated financial statements is unaudited.
In the opinion of management, the consolidated financial statements have been
prepared in conformity with generally accepted accounting principles and all
material adjustments necessary for a fair presentation of results of interim
periods have been made. The results of operations for the interim periods are
not necessarily indicative of the results which may be expected for an entire
year. Management is not aware of economic events, outside influences or changes
in concentrations of business that would require additional clarification or
disclosure in the consolidated financial statements. Certain prior period
amounts have been reclassified to conform to current period classifications.
NOTE 2 - LOANS
Loans outstanding at period end:
<TABLE>
<CAPTION>
September 30,
1997 1996
--------------- --------------
<S> <C> <C>
(In Thousands)
Real estate loans $ 84,120 $ 78,324
Commercial and industrial 14,712 12,668
Loans to individuals for household, family and other
consumer expenditures 10,904 11,451
All other loans 75 36
=============== ==============
Total $ 109,811 $ 102,479
=============== ==============
</TABLE>
Summary of transactions in the allowance for loan losses for the nine-month
periods ended:
<TABLE>
<CAPTION>
September 30,
1997 1996
-------------- ---------------
<S> <C> <C>
(In Thousands)
Beginning balance $ 1,050 $ 975
Charge-offs:
Commercial loans 21 -
Consumer loans 44 44
Real estate loans 5 13
-------------- ---------------
Gross charge-offs 70 57
-------------- ---------------
Recoveries:
Commercial loans - -
Consumer loans 13 10
Real estate loans - -
-------------- ---------------
Gross recoveries 13 10
-------------- ---------------
Net charge-offs 57 47
Provision for loan losses 123 146
-------------- ---------------
Ending balance $ 1,116 $ 1,074
============== ===============
Percentage of gross loans 1.02% 1.05%
Ratio of net charge-offs to average loans during
the period .05% .05%
</TABLE>
7
<PAGE>
NOTE 3 - STANDBY LETTERS OF CREDIT
At September 30, 1997 and 1996 the Company had outstanding letters of credit
totaling $763 thousand and $373 thousand, respectively.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
Uwharrie Capital Corp, (the Company) was incorporated as Stanly Capital Corp
under the laws of the State of North Carolina as a one bank holding company for
Bank of Stanly (the Bank) in July 1993. The Company changed its name to Uwharrie
Capital Corp in April 1997 to broaden its community perspective and expand its
vision beyond its current service area in Stanly County to the Uwharrie Lakes
region, consisting of a contiguous seven county area in our state.
The Bank was incorporated in 1983 and since commencement of its operations in
January 1984, has engaged in the retail and commercial banking business through
its five offices located in Stanly County, North Carolina. Bank of Stanly
competes with five other commercial banks, a savings bank and a credit union in
its service area, primarily for lending activities and deposit customers. The
Bank enjoys a good reputation as a community focused financial institution, and
has been successful in achieving substantial growth in a market that has not
displayed a significant amount of growth potential.
Results of operations and the Company's financial condition are presented in the
following narrative and incorporated tables. References to changes in assets and
liabilities represent end of period balances unless otherwise noted.
EARNINGS
The third quarter of 1997 reflected good operating results with net income of
$286 thousand or $.13 per share, an increase of 19.2% when compared to the third
quarter of 1996. This improvement can be primarily attributed to an increase in
net interest income due to growth in the loan portfolio and a relatively stable
net interest margin.
NET INTEREST INCOME
The largest contributor to earnings, net interest income, increased by $138
thousand or 9.7% for the three months ended September 30, 1997 compared to the
same period a year earlier. The major components of net interest income are
income earned on investments and loans less interest expense on deposits and
borrowings.
Income on loans of $2.4 million for the three month period, reflected an
improvement of 8.3% over the earnings of $2.2 million during the same period in
1996. Investment securities provided an additional $62 thousand in earnings in
1997 compared to 1996.
Interest expense on deposits, securities sold under repurchase agreements,
federal funds purchased and borrowed funds increased by $108 thousand or 9.5%
comparing these periods due to the higher levels of interest-bearing liabilities
needed to fund asset growth.
8
<PAGE>
The following chart reflects average interest-earning assets and
interest-bearing liabilities, associated income or expense, related rates and
the net interest spread for the nine month periods ended September 30, 1997 and
1996.
<TABLE>
<CAPTION>
Rate/Yield Spread Table on Tax Equivalent Basis *
Average Level Income/Expense Rate/Yield
($ in thousands) 1997 1996 1997 1996 1997 1996
------------ ----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Interest-earning assets:
Loans $ 106,349 $ 95,551 $ 6,921 $ 6,311 8.70% 8.82%
Securities * 25,858 23,628 1,363 1,242 7.05% 7.02%
Other 460 897 22 38 6.40% 5.66%
------------ ----------- ----------- ------------ ----------- -----------
Total interest-earning assets 132,667 120,076 8,306 7,591 8.37% 8.44%
------------ ----------- ----------- ------------ ----------- -----------
Interest-bearing liabilities:
Interest-bearing deposits 98,016 89,343 2,934 2,753 4.00% 4.12%
Short-term borrowings 9,026 7,596 333 272 4.93% 4.78%
Long-term borrowings 7,532 6,847 355 331 6.30% 6.46%
------------ ----------- ----------- ------------ ----------- -----------
Total interest-bearing
liabilities 114,574 103,786 3,622 3,356 4.23% 4.32%
------------ ----------- ----------- ------------ ----------- -----------
Net interest spread $ 18,093 $ 16,290 $ 4,684 $ 4,235 4.14% 4.12%
============ =========== =========== ============ =========== ===========
</TABLE>
* An effective tax rate of 35% for 1997 and 1996 was used to adjust to a fully
tax-equivalent basis.
NONPERFORMING ASSETS
Nonperforming assets were $572 thousand at September 30, 1997, reflecting an
increase of $377 thousand compared to 1996. The resulting ratios are mid-range
compared to our state peers. Detail of nonperforming assets is presented below:
<TABLE>
<CAPTION>
(In Thousands) September 30,
1997 1996
--------------- ---------------
<S> <C> <C>
Nonaccrual loans:
Commercial $ 210 $ -
Real estate 202 74
Consumer installment 3 8
--------------- ---------------
Total nonaccrual loans 415 82
Other real estate owned, net 157 113
--------------- ---------------
Total nonperforming assets $ 572 $ 195
=============== ===============
Nonperforming assets as a percentage
Total assets .40% .15%
Total loans .52% .19%
</TABLE>
9
<PAGE>
PROVISION AND ALLOWANCE FOR LOAN LOSSES
The Company uses a rating method to determine an adequate level of provision for
loan losses which additionally provides early detection of problem loans. This
identification process begins with management's assessment of credit reviews,
payment histories of borrowers, loan-to-value ratio, and identified weakness in
the credit. The loans are graded and management establishes a standard
percentage to reserve for each rating. Included in the calculation are loans
previously identified by examiners as loss, doubtful or substandard.
Charge-offs, net of recoveries, for the first nine months of 1997 totaled $57
thousand, reflecting a relatively low ratio to average loans of .05%.
During the nine month period ended September 30, 1997, a total of $123 thousand
in loan loss provision expense was recognized, compared to $146 thousand for
this period in 1996, attributable primarily to substantial loan growth in both
years. The transactions in the allowance for loan losses are summarized in Note
2 to the consolidated financial statements.
NONINTEREST INCOME AND EXPENSE
Total noninterest income from service charges and other fees produced earnings
of $368 thousand for this quarter compared to $338 thousand in the prior period,
an increase of 8.9%.
For this same period, noninterest expenses increased by $115 thousand or 8.5%.
Salaries and benefits, the largest component of noninterest expense, increased
by $78 thousand due to the addition of an executive officer, normal salary
adjustments and increase in associated benefit costs. All other expenses as a
group increased by $37 thousand when comparing results of the third quarter of
1997 to the same three month period of 1996.
INCOME TAX EXPENSE
Income taxes computed at the statutory rate are reduced primarily by the
eligible amount of interest earned on state and municipal securities. Income tax
expense calculated to date in 1997 totals $420 thousand, an effective tax rate
of 31.5% compared to $352 thousand in 1996, reflecting an effective rate of
31.6% of pretax income.
FINANCIAL CONDITION AND CAPITAL RATIOS
As of September 30, 1997 total assets were $142.6 million, an improvement of
7.7% over September 30, 1996. The Company has experienced outstanding growth of
7.2% in loans which increased from $109.8 million at September 30, 1996 to
$102.5 million on September 30, 1997. Asset quality remains good as evidenced by
past due loan percentages, loan loss experience and management's rating of the
loan portfolio.
The Company continues to maintain strong capital ratios that will support
additional asset growth. As of September 30, 1997, the leverage ratio calculated
with regulatory Tier I capital as a percentage of average for the quarter assets
was 8.44%, which compares favorably to the regulatory capital requirement. Total
capital to risk weighted assets was 13.98% at September 30, 1997.
10
<PAGE>
LIQUIDITY
Liquidity, the ability to raise cash when needed without adversely impacting
profits, is managed primarily by the selection of asset mix and the maturity mix
of liabilities. Maturities and the marketability of securities and other funding
sources provide a source of liquidity to meet deposit withdrawals.
Other funding sources currently include $8 million in federal funds lines of
credit from correspondent banks and a $30 million line of credit from the
Federal Home Loan Bank, less current advance levels of borrowing from these
sources of $10.6 million. Growth in deposits is typically the primary source of
funding for loans, supported by credit available from the Federal Home Loan Bank
for short-term and long-term borrowings.
INTEREST RATE SENSITIVITY
The major component of income for Uwharrie Capital Corp is net interest income,
the difference between yield earned on assets and interest paid on liabilities.
This differential (or margin) can vary over time as changes in interest rates
occur. The volatility of changes in this differential can be measured by the
timing (or repricing) difference between maturing assets and liabilities.
To identify interest rate sensitivity, a common measure is a gap analysis which
reflects the difference or gap between rate sensitive assets and liabilities
over various time periods. While Management reviews this information, it has
implemented the use of a simulation model which calculates expected net interest
income based on projected interest-earning assets, interest-bearing liabilities
and interest rates and provides a more relevant view of interest rate risk than
traditional gap tables. The simulation allows comparison of flat, rising and
falling rate scenarios to determine sensitivity of earnings to changes in
interest rates.
The Asset Liability Management Committee monitors market changes in interest
rates and assists with pricing loans and deposit products consistent with
funding source needs and asset growth projections.
PART II
OTHER INFORMATION
ITEM 4 SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits - Exhibit 27 - Financial Data Schedule
b. Reports on Form 8-K
There were no reports on Form 8-K filed with the Securities and
Exchange Commission during the third quarter of 1997.
11
<PAGE>
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 who is thereunto duly authorized.
UWHARRIE CAPITAL CORP
(Registrant)
Date October 31, 1997 By:
Roger L. Dick
President and Chief Executive Officer
/s/ Barbara S. Williams
Barbara S. Williams
Senior Vice President-Finance
12
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 4,467
<INT-BEARING-DEPOSITS> 99,484
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 25,012
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 109,811
<ALLOWANCE> 1,116
<TOTAL-ASSETS> 142,641
<DEPOSITS> 113,399
<SHORT-TERM> 8,795
<LIABILITIES-OTHER> 429
<LONG-TERM> 7,593
0
0
<COMMON> 2,716
<OTHER-SE> 9,530
<TOTAL-LIABILITIES-AND-EQUITY> 142,641
<INTEREST-LOAN> 6,921
<INTEREST-INVEST> 1,226
<INTEREST-OTHER> 22
<INTEREST-TOTAL> 8,169
<INTEREST-DEPOSIT> 2,934
<INTEREST-EXPENSE> 3,622
<INTEREST-INCOME-NET> 4,547
<LOAN-LOSSES> 123
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,187
<INCOME-PRETAX> 1,332
<INCOME-PRE-EXTRAORDINARY> 912
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 912
<EPS-PRIMARY> .42
<EPS-DILUTED> .42
<YIELD-ACTUAL> 4.72
<LOANS-NON> 415
<LOANS-PAST> 230
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,050
<CHARGE-OFFS> 70
<RECOVERIES> 13
<ALLOWANCE-CLOSE> 1,116
<ALLOWANCE-DOMESTIC> 1,116
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
