SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT T0 SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
or the quarterly period ended September 30, 1997
------------------
Commission File Number - 33-60742
GUARANTY STATE BANCORP
----------------------
(Exact name of small business issuer as specified in its charter)
North Carolina 56-1816641
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
302 West Main Street
Durham, North Carolina 27701
----------------------------------------
(Address of principal executive offices)
Telephone: (919) 688-9361
---------------------------
(Issuer's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 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 [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock 892,153
------------ ---------------------------------
Class Outstanding at September 30, 1997
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
The Statements of Financial Condition, Results of Operations
and Cash Flows have been included as Attachments to this
report.
(1) Balance Sheets page 3
(2) Statements of Income page 4
(3) Consolidated Statement of Cash Flow page 5
(4) Statement of Changes in
Capital Accounts page 6
(5) Loan Loss Reserve Analysis page 7
(6) Nonperforming Assets page 7
(7) Financial Ratios page 7
(8) Net Yield and Rate/Volume Analysis page 8 - 9
(9) Notes to Consolidated
Financial Statements page 10 - 11
Item 2. Management Discussion and Analysis page 12
and Results of Operations
PART II - OTHER INFORMATION
Item 1. Legal Proceedings page 13
Item 2. Changes in Securities page 13
Item 3. Defaults Upon Senior Securities page 13
Item 4. Submission of Matters to a Vote
of Security Holders page 13
Item 5. Other Information page 13
Item 6. Exhibits and Reports on Form 8-K page 13
Signatures page 14
2
<PAGE>
GUARANTY STATE BANCORP
CONSOLIDATED BALANCE SHEETS*
Guaranty State Bancorp and Subsidiary
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
9-30 9-30 12-31
1997 1996 1996
Unaudited Unaudited Audited
------------ ----------- -----------
ASSETS
<S> <C> <C> <C>
Cash and due from banks $ 2,952,366 $ 2,787,963 $ 2,445,899
Federal funds sold 819,000 3,647,000 3,744,000
Investment securities available for sale 20,975,931 21,923,407 22,404,514
Loans held for sale 640,000 333,681 354,600
Loans: 75,760,477 65,758,542 65,151,672
Less allowance for possible loan losses 1,168,002 1,082,887 1,073,274
------------ ----------- -----------
Net loans 75,232,475 65,009,336 64,432,998
Federal Home Loan Bank of Atlanta stock 309,200 305,500 270,600
Premises and equipment 2,514,160 1,865,216 2,155,017
Interest receivable 713,080 689,871 700,199
Other assets 313,643 683,969 406,769
------------ ----------- -----------
Total assets $103,829,855 $96,912,262 $96,559,996
============ =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 11,653,148 $10,110,229 $10,232,604
Interest-bearing demand 4,598,710 4,113,400 5,221,254
Savings 27,375,095 25,239,965 25,662,273
Large denomination certificates of deposit 14,517,082 13,296,472 12,523,084
Other time 31,859,369 29,442,686 29,954,367
------------ ----------- -----------
Total deposits 90,003,404 82,202,752 83,593,582
Federal Home Loan Bank of Atlanta short-term borrowings 1,800,000 3,800,000 1,800,000
Interest payable 528,281 529,972 542,766
Other liabilities 333,336 197,816 174,092
------------ ----------- -----------
Total liabilities 92,665,021 86,730,540 86,110,440
Shareholders' Equity:
Common stock: $1.00 par value, 4,000,000 shares authorized;
892,153 and 878,770 shares issued and
outstanding on 9/30/97 and 9/30/96, respectively 892,153 878,770 880,053
Surplus 4,800,169 4,711,394 4,722,289
Undivided profits 5,387,223 4,577,876 4,772,831
Net unrealized gain (loss) investment securities 85,289 13,682 74,383
------------ ----------- -----------
Total shareholders' equity 11,164,834 10,181,722 10,449,556
------------ ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $103,829,855 $96,912,262 $96,559,996
============ =========== ===========
</TABLE>
* See Notes to Consolidated Financial Statements.
3
<PAGE>
GUARANTY STATE BANCORP
CONSOLIDATED STATEMENTS OF INCOME (unaudited)*
Guaranty State Bancorp and Subsidiary
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS ENDED
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
1997 1996 1997 1996
---------- ---------- ---------- ----------
Interest income:
<S> <C> <C> <C> <C>
Loans and fees on loans $1,748,667 $1,546,699 $4,943,493 $4,527,966
Federal funds sold 37,030 54,736 99,306 99,602
Investment securities, taxable 251,039 274,300 773,334 766,373
Investment securities, non-taxable 45,834 42,082 139,007 133,708
---------- ---------- ---------- ----------
Total interest income 2,082,570 1,917,817 5,955,140 5,527,649
---------- ---------- ---------- ----------
Interest Expense:
Large denomination certificates of deposit 224,765 187,641 597,811 553,602
Other deposits 735,901 705,244 2,153,602 1,937,835
Other interest expense 31,918 66,256 100,456 161,552
---------- ---------- ---------- ----------
Total interest expense 992,584 959,141 2,851,869 2,652,989
---------- ---------- ---------- ----------
Net interest income 1,089,986 958,676 3,103,271 2,874,660
Provision for loan losses 45,000 41,228 135,000 111,608
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 1,044,986 917,448 2,968,271 2,763,052
Other income:
Service charges on deposit accounts 65,378 55,574 193,104 167,261
Other service charges, commissions and fees 61,915 43,770 141,342 130,368
Profit (loss) from sale of securities - (3,390) 14,709 (3,390)
Other operating income 16,254 12,698 50,752 34,406
---------- ---------- ---------- ----------
Total other income 143,547 108,652 399,907 328,645
Other expense:
Salaries 345,427 315,442 1,011,097 932,331
Employee benefits 72,873 57,120 205,043 173,166
Occupancy expense 80,628 67,003 240,541 205,238
Equipment and fixture expense 22,504 25,195 85,540 76,069
Other operating expense 180,385 178,141 541,389 511,771
---------- ---------- ---------- ----------
Total other expense 701,817 642,901 2,083,610 1,898,575
---------- ---------- ---------- ----------
Income before income taxes 486,716 383,199 1,284,568 1,193,122
Income taxes 166,431 123,158 421,823 386,840
---------- ---------- ---------- ----------
Net income $ 320,285 $ 260,041 $ 862,745 $ 806,282
========== ========== ========== ==========
**Net income per share primary and fully diluted $ 0.34 $ 0.28 $ 0.93 $ 0.88
---------- ---------- ---------- ----------
Cash dividends per share $ 0.10 $ 0.09 $ 0.28 $ 0.25
========== ========== ========== ==========
Book value per share $ 12.51 $ 11.59 $ 12.51 $ 11.59
========== ========== ========== ==========
</TABLE>
* See Notes to Consolidated Financial Statements.
** Earnings per share are based on weighted average number of shares
outstanding for the applicable period.
4
<PAGE>
GUARANTY STATE BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS*
Guaranty State Bancorp and Subsidiary
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1997 1996
------------ ------------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 862,745 $ 806,282
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation and amortization 126,985 97,110
Amortization of premiums on investment
securities net of accretion discount 5,295 20,652
Provision for deferred taxes (21,634) (5,531)
Realized loss (gain) on sale of securities and assets (14,709) -
Provision for loan losses 135,000 111,608
Gain on sale of premises and equipment (7,000) -
Changes in assets and liabilities:
Interest receivable (12,881) (45,814)
Other assets 93,126 (356,638)
Interest payable (14,485) (73,584)
Other liabilities 112,553 41,520
------------ ------------
Net cash (used in) provided by operating
activities 1,264,995 595,605
------------ ------------
Cash flows from investing activities:
Proceeds from maturity of investment
securities 4,549,040 6,858,637
Purchase of investment securities (3,136,103) (10,464,949)
Net decrease (increase) in loans (10,799,477) (6,722,129)
Capital expenditures (548,436) (280,146)
------------ ------------
Net cash (used)/provided by investing
activities (9,934,976) (10,608,587)
------------ ------------
Cash flows from financing activities:
Net increase (decrease) in deposits 6,409,822 9,579,369
Proceeds from exercise of stock options 89,980 56,938
Dividends paid (248,354) (219,178)
Proceeds from borrowed funds 2,800,000 3,800,000
Repayment of borrowed funds (2,800,000) -
------------ ------------
Net cash (used)/provided by financing
activities 6,251,448 13,217,129
------------ ------------
Net increase (decrease) in cash and
and cash equivalents (2,418,533) 3,204,147
Cash and cash equivalents at beginning
of period 6,189,899 3,230,816
------------ ------------
Cash and cash equivalents at end of period $ 3,771,366 $ 6,434,963
============ ============
</TABLE>
* See Notes to Consolidated Financial Statements.
5
<PAGE>
GUARANTY STATE BANCORP
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY CAPITAL*
Guaranty State Bancorp and Subsidiary
- --------------------------------------------------------------------------------
For the nine months ended September 30, 1997
<TABLE>
<CAPTION>
Unrealized
Gain/(losses) Total
Common Stock Undivided Securities Stockholders'
Shares Amount Surplus Profits Available for Sale Equity
------ ------ ------- ------- ------------------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1997 880,053 $880,053 $4,722,289 $4,772,831 $74,384 $10,449,557
Exercise of stock options 12,100 12,100 77,880 - - 89,980
Net income - - 862,745 - 862,745
Cash dividends - - (248,354) - (248,354)
Change in unrealized gain (loss) on
investment securities held for sale
net of income taxes - - - 10,906 10,906
------- -------- ---------- ---------- ------- -----------
BALANCE SEPTEMBER 30, 1997 892,153 $892,153 $4,800,169 $5,387,222 $85,290 $11,164,834
======= ======== ========== ========== ======= ===========
</TABLE>
* See Notes to Consolidated Financial Statements.
6
<PAGE>
Guaranty State Bancorp
RESERVE FOR LOAN LOSSES
The following is an analysis of the reserve for loan losses as of the periods
indicated:
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Balance, beginning $1,120,275 $1,195,472 $1,073,274 $1,102,709
Provision charged against income 45,000 41,228 135,000 111,608
Recoveries 10,656 3,682 19,627 36,676
Losses charged off (7,929) (157,495) (59,899) (168,106)
---------- ---------- ---------- ----------
Balance, ending $1,168,002 $1,082,887 $1,168,002 $1,082,887
========== ========== ========== ==========
</TABLE>
Analysis of Nonperforming Assets
Nonperforming assets consist of nonaccruing loans, foreclosed assets and loans
which are 90 days or more past due but are still accruing interest. The table
below provides a summary of nonperforming assets and contractually past due
loans at the end of September 1997:
At September 30, 1997
Accruing loans past due 90 days or more $ 203,099
Nonaccrual loans 106,520
Total $ 309,619
- --------------------------------------------------------------------------------
Key Financial Ratios Annualized as of September 30, 1997:
(computed on average balances)
Return on equity 10.67%
Return on assets 1.16%
Equity to assets 10.83%
7
<PAGE>
Net Interest Income And Average Balances (Annualized)
As of September 30 Annualized
<TABLE>
<CAPTION>
1997 1996
--------------------------------------- --------------------------------------
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
Balance (Expense) (Cost) Balance (Expense) (Cost)
----------- ---------- ------ ----------- ---------- ------
Interest earning assets:
<S> <C> <C> <C> <C> <C> <C>
Taxable investment securities (1) $17,222,547 $1,081,057 6.28% $16,487,632 $1,050,597 6.37%
Nontaxable investment securities (1) 3,402,612 301,959 8.87% 3,290,727 290,448 8.83%
Federal Home Loan Bank Stock 297,994 21,440 7.19% 299,569 20,729 6.92%
Federal Funds sold and securities
purchased with agreements to resell 2,378,546 132,772 5.58% 2,499,504 133,045 5.32%
Loans and fees on loans (2) 71,001,471 6,608,752 9.31% 64,856,645 6,047,564 9.32%
----------- ---------- ----------- ----------
Total interest earning assets 94,303,170 8,145,980 87,434,077 7,542,383
----------- ---------- ----------- ----------
Average yield on interest earning assets 8.64% 8.63%
Noninterest earning assets:
Cash and due from banks 2,555,900 2,281,215
Premises and equipment 2,347,993 1,740,386
Allowance for loan losses (1,111,587) (1,159,334)
Interest receivable and other 1,451,298 1,398,433
----------- -----------
Total noninterest earning assets 5,243,604 4,260,700
----------- -----------
Total assets $99,546,774 $91,694,777
=========== ===========
Interest bearing liabilities:
Demand deposits 4,079,713 $ 62,914 1.54% $ 3,992,781 $ 82,456 2.07%
Savings deposits 26,190,680 1,050,584 4.01% 22,769,894 900,516 3.95%
Time deposits 44,330,394 2,565,129 5.79% 40,539,917 2,345,005 5.78%
FHLB Borrowings 2,263,530 133,941 5.92% 3,518,799 212,258 6.03%
----------- ---------- ----------- ----------
Total interest bearing liabilities 76,864,317 3,812,568 70,821,391 3,540,235
----------- ---------- ----------- ----------
Average cost on interest bearing liabilities 4.96% 5.00%
Noninterest bearing liabilities:
Demand deposits 11,093,311 10,121,917
Interest payable and other 808,033 748,642
----------- -----------
Total noninterest bearing liabilities 11,901,344 10,870,559
----------- -----------
Total liabilities 88,765,661 81,691,950
----------- -----------
Stockholders' equity 10,781,113 10,002,830
----------- -----------
Total liabilities and stockholders'
equity $99,546,774 $91,694,780
=========== ===========
Net interest income $4,333,412 $4,002,148
========== ==========
Net yield on interest earning assets (margin) 4.60% 4.58%
Interest rate spread (earning asset yield minus
interest-bearing liability rate) 3.68% 3.63%
</TABLE>
(1) Tax exempt income on investments and the related yield are shown on a fully
taxable equivalent basis computed using the Federal statutory tax rate of
34% and the state tax rate of 7%.
(2) For purposes of calculating loan yield, average loan balances include
nonaccrual loans.
8
<PAGE>
Rate Volume
<TABLE>
<CAPTION>
Rate/Volume Variance Analysis
As of September 30, annualized 1997 Compared to 1996
----------------------------------------
Interest Variance Attributable To
Income/Expense ------------------------
Variance Rate Volume
---------- ---------- ---------
Interest earning assets:
<S> <C> <C> <C>
Taxable investment securities $ 30,460 $ (15,671) $ 46,130
Nontaxable investment securities 11,511 1,582 9,929
Federal Home Loan Bank stock 711 824 (113)
Federal Funds sold and securities
purchased with agreements to resell (273) 6,479 (6,752)
Loans 561,188 (10,767) 571,955
---------- ---------- ----------
Total 603,597 (17,552) 621,149
---------- ---------- ----------
Interest bearing liabilities:
Demand deposits (19,542) (20,883) 1,341
Savings deposits 150,068 12,850 137,218
Time deposits 220,124 792 219,332
Federal Home Loan Bank borrowings (78,317) (4,038) (74,279)
---------- ---------- ----------
Total 272,333 (11,278) 283,611
---------- ---------- ----------
Net interest income $ 331,264 ($6,274) $ 337,538
========== ========== ==========
</TABLE>
9
<PAGE>
GUARANTY STATE BANCORP AND SUBSIDIARY
Notes to Consolidated Financial Statement
1. These financial statements have been prepared in accordance with
instructions to Form 10-QSB and therefore, do not include information of
footnotes necessary for a fair presentation of financial position, results
of operations and statement of cash flows in conformity with generally
accepted accounting principles. However, all adjustments which are in the
opinion of management necessary for a fair presentation have been included.
All adjustments are of a normal recurring nature.
The accounting and reporting policies of Guaranty State Bancorp ("GSB" or
the "Corporation") follow generally accepted accounting principles and
general practices within the financial services industry. The consolidated
financial statements of GSB, a bank holding company incorporated under the
laws of the State of North Carolina, include the accounts of Guaranty State
Bank ("the Bank"), its wholly owned subsidiary. No significant intercompany
transactions occurred in this reporting period.
10
<PAGE>
Earnings Per Share
GUARANTY STATE BANCORP AND SUBSIDIARY
Notes to Consolidated Financial Statements (Continued)
Note 2: Earnings Per Share
Guaranty State Bancorp will adopt Statement of Financial Accounting Standards
(SFAS) No. 128, Earnings Per Share on December 31, 1997. SFAS No. 128 requires
the Corporation to change its method of computing, presenting and disclosing
earnings per share information. Upon adoption, all prior period data presented
will be restated to conform to the provisions of SFAS No.128.
If the Corporation adopted SFAS No. 128 for the period ended September 30, 1997,
the following computation would have been used to arrive at basic income per
common share and diluted income per common share that would have been presented
on the consolidated statements of income:
Nine Months
Ended September 30
------------------
1997 1996
-------- --------
Basic income per common share:
- ------------------------------
Net income $862,745 $806,282
Weighted average common shares
outstanding: 884,607 875,016
Basic income per common share $ 0.98 $ 0.92
==================
Diluted income per common share:
- --------------------------------
Net income $862,745 $806,282
Weighted average shares:
------------------------
Common shares outstanding 884,607 875,016
Dilutive effect of stock options 48,408 41,214
------------------
Total shares 933,015 916,230
Diluted income per common share $ 0.93 $ 0.88
==================
Note 3: Other Matters
The Corporation has reviewed FASB 130 "Reporting Comprehensive Income" and FASB
131 "Disclosures about Segments of and Enterprise Related Information" which are
effective for years beginning after December 15, 1997, and will adopt them at
that time. There will be no material effect on operations or balance sheet
resulting from the adoption of these additional statements.
11
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS
Guaranty State Bank had record earnings for the third quarter and the first nine
months of 1997. The Bank also surpassed previous highs in total assets, loans
and deposits.
On October 16, 1997, Guaranty State Bancorp entered into a definitive agreement
to merge Guaranty State Bancorp with Triangle Bancorp of Raleigh. The Board took
this action because the directors and management team believe the substantial
increase of the stock value and the improved liquidity that will be realized
with this merger are in the best interest of Guaranty shareholders. The proposed
merger with Triangle Bancorp will add service delivery capabilities beyond what
Guaranty now offers to customers, while Guaranty employees will continue to
deliver big city banking with the hometown touch that has made Guaranty State so
strong in Durham. Guaranty's Chairman of the Board, B. W. Harris, III, said "We
have achieved a position of financial strength in our marketplace that made us
an attractive acquisition for a strong regional bank. The opportunity to merge
with Triangle Bancorp presents our shareholders with an excellent return on
their investment in Guaranty."
The merger is scheduled to close by the second quarter of 1998 and is subject to
approval by Guaranty's shareholders, regulatory authorities and Triangle
Bancorp.
For the third quarter ended September 30, Guaranty's net earnings were $320,285,
compared with 1996 third quarter earnings of $260,041, an increase of 23.2%. For
the quarter, fully diluted earnings per share were $.34, compared with $.28 in
last year's third quarter, an increase of 21.4%. Net income for the nine months
totaled $862,745, an increase of 7.0% over $806,282 recorded for the nine months
in 1996. Fully diluted net income per share was $.93 for nine months in 1997,
compared with $.88 for the same period last year, a 5.7% increase.
Through September 30, annualized return on average equity and assets was 10.67%
and 1.l6%, respectively. This compares to a ROE of 10.74% and ROA of 1.l7%
annualized for nine months in 1996. The growth in earnings continues from strong
loan growth and excellent credit quality. Net loans grew by 15.7% to total $75.2
million at September 30, 1997. Deposits totaled $90.0 million, a 9.5% increase
from last year. The annualized net interest margin improved to 4.60% at
September 30, 1997, compared to 4.58% through the third quarter of 1996.
On October 1, 1997, Guaranty paid shareholders of record as of September 12,
1997, a quarterly dividend of $.10 per share. Dividends declared in 1997 have
increased 12.0% over 1996.
Charles J. Stewart, Guaranty's President and Chief Executive Officer, noted,
"For 80 years Guaranty has served Durham County. We look forward now to a strong
regional presence with the same philosophy Guaranty had for 80 years -building
shareholder value by providing quality service to our business and individual
customers."
12
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no material pending legal proceedings involving the
Corporation.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
None since last filing
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
Not Applicable
13
<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 thereunto duly authorized.
Guaranty State Bancorp
Date: November 5, 1997 By:
---------------- ------------------------------
Charles J. Stewart
President and CEO
Date: November 5, 1997 By:
---------------- ------------------------------
Jean R. Turner
Senior Vice President
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of Guaranty State Bancorp for the nine months ended
September 30, 1997, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 3,771
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 819
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 20,976
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 76,400
<ALLOWANCE> (1,168)
<TOTAL-ASSETS> 103,830
<DEPOSITS> 90,003
<SHORT-TERM> 0
<LIABILITIES-OTHER> 333
<LONG-TERM> 1,800
0
0
<COMMON> 892,153
<OTHER-SE> 10,273
<TOTAL-LIABILITIES-AND-EQUITY> 103,830
<INTEREST-LOAN> 4,943
<INTEREST-INVEST> 912
<INTEREST-OTHER> 99
<INTEREST-TOTAL> 5,955
<INTEREST-DEPOSIT> 2,751
<INTEREST-EXPENSE> 2,852
<INTEREST-INCOME-NET> 3,103
<LOAN-LOSSES> 135
<SECURITIES-GAINS> 15
<EXPENSE-OTHER> 2,084
<INCOME-PRETAX> 1,285
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 863
<EPS-PRIMARY> 0.93
<EPS-DILUTED> 0.93
<YIELD-ACTUAL> 4.60
<LOANS-NON> 107
<LOANS-PAST> 203
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,073
<CHARGE-OFFS> (60)
<RECOVERIES> 20
<ALLOWANCE-CLOSE> 1,168
<ALLOWANCE-DOMESTIC> 1,168
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
