SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------------------------------
FORM 10-QSB
(Mark One)
[X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
[ ] TRANSITION report pursuant to section 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
-------------------- ----------------------
SEC File Number 0-23194
First Savings Bancorp of Little Falls, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 22-3360945
- ---------------------------------------------------------------------
(State or other jurisdiction) (I.R.S. Employer Identification No.)
Registrant's telephone number, including area code (973) 256-2100
---------------
- ---------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check (X) whether the registrant (1) has filed all reports
required 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
------- -------
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date: 440,100.
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
-------------------------------------------
INDEX
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Page Number
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PART I - CONSOLIDATED FINANCIAL INFORMATION
Consolidated Statements of Financial
Condition at September 30, 1997
and December 31, 1996 (unaudited) 1
Consolidated Statements of Operations
for the Three and Nine Months Ended
September 30, 1997 and 1996 (unaudited) 2
Consolidated Statements of Cash Flows
of the Nine Months Ended
September 30, 1997 and 1996 (unaudited) 3-4
Notes to Consolidated Financial Statements 5
Management's Discussion and Analysis of
Financial Condition and Results of Operations 6-9
PART II - OTHER INFORMATION 10
SIGNATURES 11
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC
------------------------------------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
Assets September 30 1997 December 31, 1996
- ------ ----------------- -----------------
<S> <C> <C>
Cash and amounts due from
depository institutions $ 2,492,303 $ 1,319,813
Interest-bearing demand
deposits in other banks 4,897,679 9,353,526
------------ ------------
Total cash and cash equivalents 7,389,982 10,673,339
Securities available for sale, net 33,802,248 37,506,700
Investment securities held to maturity, net:
estimated fair value of $8,619,000(1997) and $2,000,000(1996) 8,613,010 2,000,000
Mortgage-backed securities held to maturity, net:
estimated fair value of $10,233,000(1997) and $12,813,000(1996) 10,234,616 12,805,191
Loans receivable, net of allowance for loan
losses of $567,109(1997) $523,715 (1996) 108,360,288 94,732,642
Premises and equipment, net 2,828,057 2,956,315
Real estate owned, net 1,918,000 2,906,034
Federal Home Loan Bank of New York stock, at cost 1,106,600 925,600
Interest and dividends receivable, net 1,230,309 1,110,765
Other assets 1,296,894 1,117,511
------------ ------------
Total assets $176,780,004 $166,734,097
============ ============
Liabilities and stockholder's equity
- ------------------------------------
Liabilities
- -----------
Deposits $165,278,667 $156,596,114
Advances from Federal Home Loan Bank of NY $ 557,936 --
Advance payments by borrowers for
taxes and insurance 823,450 633,815
Other liabilities 266,159 171,920
------------ ------------
Total liabilities 166,926,212 157,401,849
------------ ------------
Stockholders' Equity
- --------------------
Common Stock (par value $1.00 per share)
authorized 5,000,000 shares: issued and
outstanding 440,100 shares 440,100 440,100
Additional paid-in capital 3,670,377 3,670,377
Retained earnings-substantially restricted 5,484,891 5,062,392
Unrealized gain on securities available for sale 258,424 159,379
------------ ------------
Total stockholders' equity 9,853,792 9,332,248
------------ ------------
Total liabilities and stockholders' equity $176,780,004 $166,734,097
============ ============
</TABLE>
SEE NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
PAGE 1
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
-------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
------------------------- ------------------------
SEPTEMBER 30 SEPTEMBER 30
1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6
------- ------- ------- -------
<S> <C> <C> <C> <C>
Interest income
Loans $ 2,322,787 $ 1,916,580 $ 6,407,461 $ 5,646,612
Mortgage-backed securities 708,525 859,822 2,244,161 2,405,087
Investments and other 239,523 72,888 759,455 438,514
----------- ----------- ----------- -----------
Total interest income 3,270,835 2,849,290 9,411,077 8,490,213
----------- ----------- ----------- -----------
Interest expense
Deposits 2,052,902 1,632,289 6,015,987 4,815,377
Borrowed Money 9,458 178,551 11,044 528,654
----------- ----------- ----------- -----------
Total Interest expense 2,062,360 1,810,840 6,027,031 5,344,031
----------- ----------- ----------- -----------
Net interest income 1,208,475 1,038,450 3,384,046 3,146,182
Provision for loan losses 25,000 25,000 75,000 75,000
----------- ----------- ----------- -----------
Net interest income after
provision of loan losses 1,183,475 1,013,450 3,309,046 3,071,182
----------- ----------- ----------- -----------
Non-interest income
Service charges 20,137 23,368 66,726 69,704
Miscellaneous 20,723 19,887 49,230 54,533
Gain on sale of securities available for sale -- -- 7,836 --
----------- ----------- ----------- -----------
Total non-interest income
40,860 43,255 123,792 124,237
----------- ----------- ----------- -----------
Non-interest expense
Salaries and employee benefits 366,059 335,301 1,092,206 1,036,742
Net occupancy expense 58,746 60,843 183,738 194,673
Equipment 93,438 86,967 274,631 259,722
Loss on foreclosed real estate 86,941 32,230 159,928 90,338
Federal insurance premium 24,975 924,460 72,678 1,074,198
Advertising and promotion 17,938 15,491 70,116 53,593
Legal fees 32,440 23,409 127,620 112,954
Miscellaneous 169,090 179,218 518,209 510,402
----------- ----------- ----------- -----------
Total non-interest expenses 849,627 1,657,919 2,499,126 3,332,622
----------- ----------- ----------- -----------
Income(loss) before income taxes(benefit) 374,708 (601,214) 933,712 (137,203)
Income taxes(benefit) 134,178 (209,770) 333,663 (49,000)
----------- ----------- ----------- -----------
Net income(loss) 240,530 (391,444) 600,049 (88,203)
Preferred stock dividends -- 42,500 -- 127,500
----------- ----------- ----------- -----------
Net income(loss) applicable to common shares $ 240,530 ($ 433,944) $ 600,049 ($ 215,703)
=========== =========== =========== ===========
Net income(loss) per common share and common
stock equivalents $ 0.55 ($ 0.89) $ 1.36 ($ 0.20)
Weighted average number of common
shares and common stock
equivalents outstanding 440,100 440,100 440,100 440,100
</TABLE>
See notes to unaudited consolidated financial statements
Page 2
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1997 1996
---- ----
<S> <C> <C>
Cash flows from operating activities:
- -------------------------------------
Net income $ 600,049 ($ 88,203)
Adjustments to reconcile net income to
--------------------------------------
net cash provided by operating activities:
-------------------------------------------
Depreciation 211,844 212,918
Amortization of premiums, discounts and fees, net 178,753 221,170
Provision for loan losses 75,000 75,000
Provision for Real Estate Owned losses 38,511 45,500
Net loss(gains) on sales of real estate owned 8,806 (37,287)
Net gain on sales of securities available for sale (7,836) --
(Increase) decrease in interest and dividends receivable, net (119,544) 240,677
(Increase)decrease in other assets (257,715) 64,864
Increase (decrease) in accrued interest payable 37,959 (90,795)
Increase in other liabilities 136,739 790,210
Amortization of branch premium 24,999 27,777
- -------------------------------------------------------------------------- ------------ ------------
Net cash provided by operating activities 927,565 1,461,831
- -------------------------------------------------------------------------- ------------ ------------
Cash flows from investing activities:
- -------------------------------------
Purchase of securities available for sale (3,177,687) (7,128,915)
Purchase of mortgage-backed securities held to maturity -- (16,640,944)
Proceeds from Investment securities held to maturity matured or called 8,000,000 16,000,000
Proceeds from sale of securities available for sale 3,340,763 --
Purchase of investment securities held to maturity (14,607,815) --
Securities available for sale repayments 3,493,462 4,444,566
Mortgage-backed securities held to maturity repayments 2,567,325 1,520,071
Net increase in loans receivable (13,012,217) (3,594,973)
Additions to premises and equipment (83,586) (220,306)
Additions to real estate owned (51,355) (145,822)
Payments received on real estate owned 6,000 10,400
Proceeds from sales of real estate owned 323,073 835,780
Purchase of Federal Home Loan Bank of NY stock (181,000) (102,300)
- -------------------------------------------------------------------------- ------------ ------------
Net cash used in investment activities (13,383,037) (5,022,443)
- -------------------------------------------------------------------------- ------------ ------------
Cash flows from financing activities:
- -------------------------------------
Net increase in deposits 8,644,594 7,459,610
Increase(decrease) in Federal Home Loan Bank Advances 568,000 (3,400,000)
Payment of Federal Home Loan Bank Advances (10,064) --
Increase in advance payments by
borrowers for taxes and insurance 189,635 97,306
Preferred stock dividends paid (42,500) (170,000)
Common stock dividends paid (177,550) (50,050)
- -------------------------------------------------------------------------- ------------ ------------
Net cash provided by financing activities 9,172,115 3,936,866
- -------------------------------------------------------------------------- ------------ ------------
Net (decrease) increase in cash and cash equivalents (3,283,357) 376,254
Cash and cash equivalents -- beginning 10,673,339 1,127,575
============ ============
Cash and cash equivalents -- end $ 7,389,982 $ 1,503,829
============ ============
</TABLE>
See notes to unaudited consolidated financial statements
Page 3
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1997 1996
---- ----
<S> <C> <C>
Supplemental disclosures of cash flows information:
- ---------------------------------------------------
Cash paid during the period for:
---------------------------------
Interest $5,989,072 $5,177,310
========== ==========
Income taxes $ 231,669 $ 0
========== ==========
Supplemental disclosure of noncash activities:
- ----------------------------------------------
Increase(decrease) in unrealized gain on securities,
net of deferred income taxes $ 99,045 $ 42,790
========== ==========
Loans transferred to real estate owned -- $ 449,865
========== ==========
Loans originated to facilitate the sale of
real estate owned $ 663,000 $ 0
========== ==========
Preferred stock dividend declared but not yet paid $ -- $ 92,500
========== ==========
</TABLE>
See notes to unaudited consolidated financial statements
Page 4
<PAGE>
First Savings Bancorp of Little Falls, Inc.
-------------------------------------------
Notes To Consolidated Financial Statements
------------------------------------------
The consolidated financial statements include the accounts of First
Savings Bancorp of Little Falls, Inc. (the "Company") and its wholly owned
subsidiary, First Savings Bank of Little Falls, FSB (the "Savings Bank") and the
Savings Bank's wholly owned subsidiaries, The First Service Corporation of
Little Falls and Redeem, Inc. All significant intercompany balances and
transactions have been eliminated in consolidation.
These consolidated financial statements were prepared in accordance
with instructions for Form 10-QSB and therefore, do not include all disclosures
necessary for a complete presentation of the statements of financial condition,
statements of operations, and statements of cash flows in conformity with
generally accepted accounting principles. However, all adjustments which are, in
the opinion of management, necessary for the fair presentation of the interim
financial statements have been included and all such adjustments are of a normal
recurring nature. The results of operations for the three and nine months ended
September 30, 1997 are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1997.
These statements should be read in conjunction with the consolidated
statements and related notes which are incorporated by reference in the
Company's Annual Report on Form 10-K for the year ended December 31, 1996.
Page 5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
FINANCIAL CONDITION AT SEPTEMBER 30, 1997
Total assets of the Company increased $10.1 million or 6.1% from $166.7
million at December 31, 1996 to $176.8 million as September 30, 1997 primarily
due to a $13.6 million increase in loans receivable, and a $6.6 million increase
in net investment securities held to maturity, offset by a $4.5 million decrease
in interest bearing demand deposits in other banks, a $2.6 million decrease in
net mortgage-backed securities held to maturity, and a $3.7 million net decrease
in securities available for sale. Funding for the increase in asset growth was
mainly provided by FHLB borrowings of $558,000 and an increase in deposits of
$8.7 million..
At September 30, 1997, non-performing assets were $3.6 million, or 2.01% of
total assets, compared to $3.8 million, or 2.18% of total assets at June 30,
1997. At September 30, 1997, non-performing assets were comprised of $1.5
million in residential mortgage loans, a $91,000 non-residential mortgage loan,
$4,000 in consumer loans, and $1.9 million of other real estate owned. These
credits are well collateralized and therefore, the Bank does not anticipate any
material losses from their disposition. The decrease was mostly due to the
disposition of two real estate owned properties totaling $387,000 which was
partially offset by the increase of smaller residential loans during the three
month period ended September 30, 1997.
Deposits, after interest credited increased $8.7 million or 5.6% from $156.6
million at December 31, 1996 to $165.3 million at September 30, 1997. The
increase resulted primarily from the growth of certificates of deposit, Now
accounts and the Company's response to the general increase in rates offered by
other bank's in the market area. The Company did not offer promotional rates on
deposits during this quarter. The Bank increased its FHLB borrowings by $568,000
during the three month period ended June 30, 1997 and paid down this borrowings
by $10,000 during the current quarter. The new borrowing is an amortizing
advance over a ten year period that was used to fund a loan for a community
reinvestment project located in our local community.
Page 6
<PAGE>
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
------------------------------------------------
SEPTEMBER 30, 1997
------------------
Net income for the three month period ended September 30, 1997 was $241,000
compared to a net loss of $391,000 for the three month period ended September
30, 1996. The increase in earnings was primarily due to a $170,000 increase in
net interest income and a $808,000 decrease in non-interest expense, offset by a
$134,000 income tax expense during the three month period ended September 30,
1997 compared to a $210,000 benefit during the same period last year.
For the three months ended September 30, 1997, net interest income increased
$170,000 from $1.0 million for the same period in 1996 to $1.2 million in 1997.
The primary reason for the increase was that the average balances of the
securities and loan portfolios increased $15.3 million due to asset growth from
the origination of whole loans and the purchase of investment securities held to
maturity during the three month period ended September 30, 1997 compared to the
same period last year. Declining interest rates partially offset the increase in
net interest income. The interest rate spread and net interest margin declined
to 2.82% and 2.81% respectively during the three months ended September 30, 1997
compared to 2.92% and 2.90%, respectively, for the same period of 1996. The
lower spread and margin are primarily due to a lower yield on earning assets and
higher cost of funds in the third quarter of 1997.
Non-interest expense decreased $808,000 or 48.8% from $1.7 million for the
three month period ended September 30, 1996 to $850,000 for the three month
period ended September 30, 1997. This decrease was primarily due to a $899,000
decrease in federal deposit insurance premiums which was offset by an increase
of $55,000 in loss on foreclosed real estate. Federal deposit insurance
decreased due to the recapitalization of the Savings Association Insurance Fund
of the FDIC during the 1996 period. The Company's insurance premium rate was
lowered to 6.7 cents per $100 of deposits from 23 cents per $100 of deposits.
During the three month period ended September 30, 1996 the Bank was also
required to be charged a one time assessment to recapitalized the fund. The Bank
recorded a one time expense of $845,000 which was calculated at 65.7 basis
points of the total savings deposit base as of March 31, 1995. The increase in
loss on foreclosed real estate expense was due to a $39,000 loss provision
during the three month period ended September 30, 1997 compared to no loss
provisions during the same period last year and higher holding costs on
properties during the three month period ended September 30, 1997 compared to
the same period last year.
Page 7
<PAGE>
Non-interest expenses other than federal deposit insurance and loss on
foreclosed real estate in the aggregate, increased $36,000 or 5.2%. Income tax
expense was $134,000 for the three month period September 30, 1997 compared to a
income tax benefit of $210,000 for the three month period ended September 30,
1996. The change was the result of the change in pre-tax earnings.
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED
-----------------------------------------------
SEPTEMBER 30, 1997
------------------
Net income for the nine month period ended September 30, 1997 was $600,000
compared to a net loss of $88,000 for the nine month period ended September 30,
1996. The increase in earnings was primarily due to a $238,000 increase in net
interest income and a $833,000 decrease in non-interest expense, offset by a
$334,000 income tax expense during the nine month period ended September 30,
1997 compared to a $49,000 benefit during the same period last year.
For the nine months ended September 30, 1997, net interest income increased
$238,000 from $3.1 million for the same period in 1996 to $3.4 million in 1997.
The primary reason for the increase was that the average balances of the
securities and loan portfolio increased $15.0 million due to asset growth from
the origination of whole loans and the purchase of investment securities held to
maturity during the nine month period ended September 30, 1997 compared to the
same period last year. Declining interest rates partially offset the increase in
net interest income. The interest rate spread and net interest margin declined
to 2.74% and 2.73%, respectively, during the nine months ended September 30,
1997 compared to 2.94% and 2.92%, respectively, for the same period in 1996. The
lower spread and margin are primarily due to a lower yield on earning assets and
higher cost of funds in the first nine months of 1997.
Non-interest expense decreased $833,000 or 25.0% from $3.3 million for the
nine month period ended September 30, 1996 to $2.5 million for the nine month
period ended September 30, 1997. This decrease was primarily due to a $1.0
million reduction in federal deposit insurance premiums which was partially
offset by an increase of $70,000 in loss on foreclosed real estate. Federal
deposit insurance decreased due to the recapitalization of the Savings
Association Insurance Fund of the FDIC during the 1996 period.
Page 8
<PAGE>
The Company's insurance premium rate was lowered to 6.7 cents per $100 of
deposits from 23 cents per $100 of deposits. During the nine month period ended
September 30, 1996 the Bank was also required to be charged a one time
assessment to recapitalized the fund. The Bank recorded a one time expense of
$845,000 which was calculated at 65.7 basis points of the total savings deposit
base as of March 31, 1995. The increase in loss on foreclosed real estate
expense was due to a $8,000 loss on sale of REO properties during the nine month
period ended September 30, 1997 compared to a $37,000 gain on sale of REO
properties during the same period last year, a $7,000 increase in loss
provision, and higher holding costs on properties during the nine month period
ended September 30, 1997 compared to the same period last year. Non-interest
expenses other than federal deposit insurance, and loss on foreclosed real
estate increased in the aggregate, $99,000 or 4.6%.
Income tax expense was $334,000 for the nine month period ended September 30,
1997 compared to a income tax benefit of $49,000 for the nine month period ended
September 30, 1996 which was the result of pre-tax earnings and pre-tax losses
respectively.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Bank is required to maintain minimum levels of liquid assets, as defined
by the Office of Thrift Supervision regulations. This requirement, which may be
varied by from time to time depending upon economic conditions and deposit
flows, is based upon a percentage of deposits and short-term borrowings. The
required minimum ratio is 5%. The Bank's liquidity ratio averaged 13.82% during
the nine month period ending September 1997.
The Bank anticipates that it will have sufficient funds available to meet its
current loan commitments, investment purchases, and normal savings withdrawals.
At September 30, 1997, the Savings Bank had outstanding loan commitments of
$60,000 and commitments to purchase investment securities of $2.0 million. In
addition, it had $99.2 million in certificates of deposit scheduled to mature
within one year of September 30, 1997. Based upon historical experience,
management believes that a substantial portion of such deposits will remain with
the Bank.
As of September 30, 1997, the Bank had regulatory capital that was in excess
of applicable limits. The Bank is required under certain federal regulations to
maintain tangible capital equal to at least 1.5% of its tangible assets, core
capital equal to at least 3.00% of adjusted tangible assets and risk-based
capital equal to at least 8.00% of risk-weighted assets. At September 30, 1997,
the Bank had tangible capital equal to 5.23% of adjusted total assets, core
capital equal to 5.23% of adjusted total assets and total risk-based capital
equal to 12.58% of risk-weighted assets.
Page 9
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
-------------------------------------------
PART II
-------
Item 1. Legal Proceedings
The Company and the Bank are not engaged in any legal proceedings
of a material nature at the present time. From time to time, the
Savings Bank is a party to legal proceedings wherein it enforces
its security interest in loans.
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
Not applicable
Item 5. Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a)Exhibits
Exhibit 27 Financial Data Schedule(electronic filing only)
b)Reports on Form 8-K
Not Applicable
Page 10
<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.
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
------------------------------------------
Date: November 10, 1997 /s/Haralambos S. Kostakopoulos
----------------------------------------
Haralambos S. Kostakopoulos
President
Chief Executive Officer
Date: November 10, 1997 /s/Brian McCourt
----------------------------------------
Brian McCourt
Vice President
Treasurer
- --------------------------------------------------------------------------------
Page 11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 2,492
<INT-BEARING-DEPOSITS> 4,898
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 33,802
<INVESTMENTS-CARRYING> 18,848
<INVESTMENTS-MARKET> 18,852
<LOANS> 108,360
<ALLOWANCE> 567
<TOTAL-ASSETS> 176,780
<DEPOSITS> 165,279
<SHORT-TERM> 558
<LIABILITIES-OTHER> 1,089
<LONG-TERM> 0
0
0
<COMMON> 440
<OTHER-SE> 3,670
<TOTAL-LIABILITIES-AND-EQUITY> 176,780
<INTEREST-LOAN> 6,407
<INTEREST-INVEST> 2,244
<INTEREST-OTHER> 759
<INTEREST-TOTAL> 9,411
<INTEREST-DEPOSIT> 6,016
<INTEREST-EXPENSE> 11
<INTEREST-INCOME-NET> 3,384
<LOAN-LOSSES> 75
<SECURITIES-GAINS> 8
<EXPENSE-OTHER> 2,499
<INCOME-PRETAX> 934
<INCOME-PRE-EXTRAORDINARY> 934
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 600
<EPS-PRIMARY> 1.36
<EPS-DILUTED> 1.36
<YIELD-ACTUAL> 2.74
<LOANS-NON> 1,636
<LOANS-PAST> 129
<LOANS-TROUBLED> 1,313
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 524
<CHARGE-OFFS> 36
<RECOVERIES> 4
<ALLOWANCE-CLOSE> 567
<ALLOWANCE-DOMESTIC> 567
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 567
</TABLE>
