U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q-SB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997
_ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________
Commission File Number 000-21671
---------
THE NATIONAL BANK OF INDIANAPOLIS CORPORATION
(Name of Small Business Issuer in its charter)
INDIANA 35-1887991
- ------- ----------
(State of incorporation) I.R.S. Employer
Identification Number
107 N. PENNSYLVANIA STREET, SUITE 700, INDIANAPOLIS, INDIANA 46204
------------------------------------------------------------------
(Address of principal executive offices and zip code)
(317) 261-9000
--------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
--- ---
As of June 30, 1997, there were 1,901,433 Common Shares outstanding.
Transitional Small Business Disclosure Format (Check one):
Yes No X
--- ---
<PAGE>
TABLE OF CONTENTS
THE NATIONAL BANK OF INDIANAPOLIS CORPORATION
Report on Form 10Q-SB
for Quarter Ended
June 30, 1997
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets - June 30, 1997
and December 31, 1996 . . . . . . . . . . . . . . . . . . 1
Consolidated Statements of Operations - Three months
ended June 30, 1997 and 1996 . . . . . . . . . . . . . . . 2
Consolidated Statements of Operations - Six months
ended June 30, 1997 and 1996 . . . . . . . . . . . . . . . 3
Consolidated Statements of Cash Flows - Six months
ended June 30, 1997 and 1996 . . . . . . . . . . . . . . . 4
Notes to Consolidated Financial Statements . . . . . . . . . 5
Item 2. Management's Discussion and Analysis . . . . . . . . . . . . 6-9
PART II - OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . 10
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . 10
Item 3. Default Upon Senior Securities . . . . . . . . . . . . . . . 10
Item 4. Submission of Matters to a Vote of Security Holders . . . . 10
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . 10
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 11
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
<PAGE>
The National Bank of Indianapolis Corporation
Consolidated Balance Sheets
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
1997 1996
(UNAUDITED) (NOTE)
---------------------------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 6,903,688 $ 14,776,994
Federal funds sold 17,300,000 20,675,000
Investment securities:
Available-for-sale securities 37,988,816 28,981,801
Held-to-maturity securities 12,332,286 10,005,711
---------------------------------
Total investment securities 50,321,102 38,987,512
Loans 140,691,286 122,831,573
Less: Allowance for loan losses (1,667,800) (1,355,800)
---------------------------------
Net loans 139,023,486 121,475,773
Premises and equipment 3,411,291 3,576,117
Accrued interest 1,436,659 1,197,510
Other assets 678,199 429,473
---------------------------------
Total assets $ 219,074,425 $ 201,118,379
=================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand deposits $ 25,773,039 $ 30,401,651
Money market and saving deposits 79,720,190 71,989,482
Time deposits over $100,000 30,408,469 26,213,617
Other time deposits 52,842,642 41,543,312
---------------------------------
Total deposits 188,744,340 170,148,062
Security repurchase agreements 10,921,084 11,983,349
FHLB advances 2,000,000 2,000,000
Other liabilities 870,816 987,664
---------------------------------
Total liabilities 202,536,240 185,119,075
Shareholders equity:
Common stock, no par value:
Authorized shares - 3,000,000
Issued and outstanding shares; 1997 - 1,901,433;
1996 - 1,821,775 18,827,565 18,645,376
Retained earnings-deficit (2,329,098) (2,741,520)
Net unrealized gains on available-for-sale securities 39,718 95,448
---------------------------------
Total shareholders' equity 16,538,185 15,999,304
---------------------------------
Total liabilities and shareholders' equity $ 219,074,425 $ 201,118,379
=================================
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. See notes to condensed consolidated financial
statements.
1
<PAGE>
The National Bank of Indianapolis Corporation
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30
1997 1996
--------------------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 2,767,712 $ 1,713,340
Interest on investment securities 812,571 426,994
Interest on federal funds sold 214,234 371,335
--------------------------------
Total interest income 3,794,517 2,511,669
Interest expense:
Interest on deposits 2,021,745 1,324,450
Interest on repurchase agreements 142,333 87,322
Interest on FHLB advances 32,356 -
--------------------------------
Total interest expense 2,196,434 1,411,772
--------------------------------
Net interest income 1,598,083 1,099,897
Provision for loan losses 156,000 99,000
--------------------------------
Net interest income after provision for loan losses 1,442,083 1,000,897
Other operating income:
Trust fees and commissions 150,259 143,922
Service charges and fees on deposit accounts 54,295 41,055
Other 73,577 36,230
--------------------------------
Total other operating income 278,131 221,207
Other operating expenses:
Salaries, wages and employee benefits 837,189 638,452
Net occupancy expense 128,155 112,984
Furniture and equipment expense 107,161 125,326
Professional services 66,022 55,155
Data processing 89,433 70,767
Other expenses 262,060 259,605
--------------------------------
Total other operating expenses 1,490,020 1,262,289
--------------------------------
Net income (loss) $ 230,194 $ (40,185)
================================
Net income (loss) per common share (based on average number
of common shares outstanding) $ 0.12 $ (0.02)
================================
Average number of shares of common stock 1,892,878 1,820,368
================================
</TABLE>
2
<PAGE>
The National Bank of Indianapolis Corporation
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30
1997 1996
---------------------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 5,315,029 $ 3,209,257
Interest on investment securities 1,475,203 821,248
Interest on federal funds sold 419,791 663,077
---------------------------------
Total interest income 7,210,023 4,693,582
Interest expense:
Interest on deposits 3,806,598 2,436,801
Interest on repurchase agreements 259,390 168,095
Interest on FHLB advances 64,356 -
---------------------------------
Total interest expense 4,130,344 2,604,896
---------------------------------
Net interest income 3,079,679 2,088,686
Provision for loan losses 312,000 198,000
---------------------------------
Net interest income after provision for loan losses 2,767,679 1,890,686
Other operating income:
Trust fees and commissions 308,445 284,997
Service charges and fees on deposit accounts 110,158 76,542
Net securities gains - 22,180
Other 115,653 71,895
---------------------------------
Total other operating income 534,256 455,614
Other operating expenses:
Salaries, wages and employee benefits 1,598,108 1,326,242
Net occupancy expense 252,635 224,764
Furniture and equipment expense 212,108 232,205
Professional services 172,871 156,153
Data processing 172,676 133,251
Other expenses 481,115 481,806
---------------------------------
Total other operating expenses 2,889,513 2,554,421
---------------------------------
Net income (loss) $ 412,422 $ (208,121)
=================================
Net income (loss) per common share (based on average number
of common shares outstanding) $ 0.22 $ (0.11)
=================================
Average number of shares of common stock 1,889,397 1,818,289
=================================
</TABLE>
3
<PAGE>
The National Bank of Indianapolis Corporation
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30
1997 1996
--------------------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ 412,422 $ (208,121)
Adjustments to reconcile net income (loss) to net cash provided
(used) by operating activities:
Provision for loan losses 312,000 198,000
Depreciation and amortization 249,671 259,197
Net accretion of investments (257,349) (71,592)
Increase (decrease) in:
Interest receivable (239,149) (244,677)
Other assets (248,726) 147,261
Other liabilities (116,848) 21,744
--------------------------------
Net cash provided (used) by operating activities 112,021 101,812
INVESTING ACTIVITIES
Net change in federal funds sold 3,375,000 (22,100,000)
(Gain) on sale of investment securities available for sale - (22,180)
Proceeds from maturities of investment securities held to
maturity 3,105,840 1,266,041
Proceeds from maturities of investment securities
available for sale 29,872,104 2,166,773
Proceeds from sales of investment securities available for
sale - 2,003,438
Purchases of investment securities held to maturity (5,431,425) (7,196,211)
Purchases of investment securities available for sale 38,678,490) (1,898,063)
Net increase in loans 17,859,713) (19,373,262)
Purchases of premises and equipment (84,845) (544,194)
--------------------------------
Net cash used by investing activities 25,701,529) (45,697,658)
FINANCING ACTIVITIES
Net increase in deposits 18,596,278 44,631,272
Increase (decrease) in security repurchase agreements (1,062,265) 1,636,920
Proceeds from issuance of stock 182,189 320,705
--------------------------------
Net cash provided by financing activities 17,716,202 46,588,897
--------------------------------
Increase (decrease) in cash and cash equivalents (7,873,306) 933,051
Cash and cash equivalents at beginning of year 14,776,994 7,832,817
--------------------------------
Cash and cash equivalents at end of period $ 6,903,688 $ 8,825,868
================================
Interest paid $ 3,994,017 $ 2,582,734
================================
</TABLE>
4
<PAGE>
THE NATIONAL BANK OF INDIANAPOLIS
CORPORATION
Notes to Consolidated Financial Statements
June 30, 1997
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the six month
period ended June 30, 1997 is not necessarily indicative of the results that
may be expected for the year ended December 31, 1997. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Corporation's Form 10-KSB for the year ended December
31, 1996.
NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued Statement
128, "Earnings per Share," effective for periods ending after December 15,
1997. At that time, the Corporation will be required to change the method
currently used to compute earnings per share and to restate all prior periods.
Under the new requirements for calculating primary earnings per share, the
dilutive effect of stock options will be excluded. The impact of Statement
128 on the calculation of basic and fully diluted earnings per share is not
expected to be material.
In June 1997, the Financial Accounting Standards Board issued Statement 130,
"Reporting Comprehensive Income" and Statement 131, "Disclosures about
Segments of an Enterprise and Related Information". Statement 130 establishes
standards for reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements. This statement is
effective for fiscal years beginning after December 15, 1997. Statement 131
established standards for public business enterprises reporting on information
about operating segments in annual financial statements and requires that
those enterprises report selected information about operating segments in
interim financial reports. It also establishes standards for related
disclosures on products and services, geographical areas, and major customers.
This statement is effective for financial statements for periods beginning
after December 15, 1997. Adoption of these statements will result in
additional disclosures, but will not impact the Corporation's consolidated
results of operations and financial position.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION
RESULTS OF OPERATIONS
Six months Ended June 30, 1997 Compared to the Six months Ended June 30, 1996:
The Corporation's results of operations depends primarily on the level of its
net interest income, its non-interest income and its operating expenses. Net
interest income depends on the volume of and rates associated with interest
earning assets and interest bearing liabilities which results in the net
interest spread. The Corporation had net income of $412,422 for the six
months ended June 30, 1997, compared to a net loss of $208,121 for the six
months ended June 30, 1996. This change is primarily due to the growth of the
Bank allowing for more interest earning assets and net interest income
compared to the same period during 1996, thereby offsetting more of the
operating expenses.
Net Interest Income
- -------------------
Net interest income increased $990,993 or 47.4% to $3,079,679 for the six
months ended June 30, 1997, from $2,088,686 for the six months ended June 30,
1996. Total interest income increased $2,516,441 for the six months ended
June 30, 1997, to $7,210,023 from $4,693,582 for the six months ended June 30,
1996. This increase is primarily a result of average total loans for the six
months ended June 30, 1997, being approximately $131,000,000 compared to
average total loans of approximately $80,000,000 for the six months ended June
30, 1996. Of the total $51,000,000 increase, commercial loans increased
approximately $23,000,000 and residential mortgages increased approximately
$20,000,000. The loan portfolio produces the highest yield of all earning
assets.
Investment portfolio income increased $653,955 or 79.6% to $1,475,203 for the
six months ended June 30, 1997, as compared to $821,248 for the six months
ended June 30, 1996. This increase is primarily a result of the increase in
the average investment securities portfolio from approximately $28,000,000 for
the six months ended June 30, 1996, to approximately $48,000,000 for the six
months ended June 30, 1997. Interest on federal funds sold decreased due to a
decrease in average federal funds sold of approximately $8,000,000 for the six
months ended June 30, 1997, over the same period the previous year.
Total interest expense increased $1,525,448 or 58.6% to $4,130,344 for the six
months ended June 30, 1997, from $2,604,896 for the six months ended June 30,
1996. This increase is due to an increase in interest bearing deposits and an
advance from FHLB. Total interest bearing liabilities averaged approximately
$165,000,000 for the six months ended June 30, 1997, as compared to
approximately $106,000,000 for the six months ended June 30, 1996. The
weighted average cost of interest bearing liabilities for the six months ended
June 30, 1997, was approximately 5.0% as compared to the weighted average cost
of interest bearing liabilities of approximately 4.9% for the six months ended
June 30, 1996.
6
<PAGE>
Provision for Loan Losses
- -------------------------
The amount charged to the provision for loan losses by the Bank is based on
management's evaluation as to the amounts required to maintain an allowance
adequate to provide for potential losses inherent in the loan portfolio. The
level of this allowance is dependent upon the total amount of past due and
non-performing loans, general economic conditions and management's assessment
of potential losses based upon internal credit evaluations of loan portfolios
and particular loans. Loans are entirely to borrowers in central Indiana.
During the six months ended June 30, 1997, $312,000 was charged to the
provision for loan losses compared to $198,000 for the six months ended June
30, 1996. At June 30, 1997, the allowance was $1,667,800 or 1.19% of total
loans. This compares to an allowance of $1,183,000 or 1.32% as of June 30,
1996.
Other Operating Income
- ----------------------
Other operating income for the six months ended June 30, 1997, increased
$78,642 or 17.3% to $534,256 from $455,614 for the six months ended June 30,
1996. The increase is primarily due to an increase in service charges and
fees on deposit accounts of $33,616 or 43.9% from $76,542 for the six months
ended June 30, 1996, to $110,158 for the six months ended June 30, 1997. This
increase is attributable to the increase in average demand deposit accounts of
$9,000,000 from approximately $28,000,000 at June 30, 1996, to approximately
$37,000,000 at June 30, 1997. The increase in other operating income is also
attributable to an increase in trust fees and commissions of $23,448 or 8.2%
from $284,997 for the six months ended June 30, 1996, to $308,445 for the six
months ended June 30, 1997. The increase in trust income is attributable to
the increase in total assets under trust management of approximately
$50,000,000 from approximately $190,000,000 at June 30, 1996, to approximately
$240,000,000 at June 30, 1997.
Other Operating Expenses
- ------------------------
Other operating expenses for the six months ended June 30, 1997, increased
$335,092 or 13.1% to $2,889,513 from $2,554,421 for the six months ended June
30, 1996. Salaries, wages and employee benefits increased $271,866 or 20.5%
to $1,598,108 for the six months ended June 30, 1997, from $1,326,242 for the
six months ended June 30, 1996. This increase is primarily due to the
increase in the number of employees from 58 full time equivalents at June 30,
1996, to 65 full time equivalents at June 30, 1997. Net occupancy expense
increased $27,871 for the six months ended June 30, 1997, over the same period
the previous year primarily due to the additional expense related to the
remodeling of the trust department. Furniture and equipment expense decreased
$20,097 for the six months ended June 30, 1997, over the same period the
previous year primarily due to a reduction in depreciation expense resulting
from fully depreciated assets. Professional services expense increased
$16,718 or 10.7% from $156,153 for the six months ended June 30, 1996, to
$172,871 for the six months ended June 30, 1997, due to increased costs
associated with initial public reporting. Data processing expenses increased
$39,425 for the six months ended June 30, 1997, over the same period the
previous year primarily due to increased service bureau fees relating to
increased transaction activity by the Bank and trust department.
7
<PAGE>
LIQUIDITY AND INTEREST RATE SENSITIVITY
The Corporation must maintain an adequate liquidity position in order to
respond to the short-term demand for funds caused by withdrawals from deposit
accounts, extensions of credit and for the payment of operating expenses.
Maintaining this position of adequate liquidity is accomplished through the
management of a combination of liquid assets - those which can be converted
into cash - and access to additional sources of funds. Primary liquid assets
of the Corporation are cash and due from banks, federal funds sold,
investments held as "available for sale" and maturing loans. Federal funds
sold represent the Corporation's primary source of immediate liquidity and
were maintained at a level adequate to meet immediate needs. Federal funds
averaged approximately $15,000,000 and $23,000,000 for the six months ended
June 30, 1997 and 1996, respectively. Maturities in the Corporation's loan
and investment portfolios are monitored regularly to avoid matching short-term
deposits with long-term loans and investments. Other assets and liabilities
are also monitored to provide the proper balance between liquidity, safety,
and profitability. This monitoring process must be continuous due to the
constant flow of cash which is inherent in a financial institution.
The Corporation actively manages its interest rate sensitive assets and
liabilities to reduce the impact of interest rate fluctuations. At June 30,
1997, the Corporation's rate sensitive liabilities exceeded rate sensitive
assets due within one year by $11,700,000.
As part of managing liquidity, the Corporation monitors its loan to deposit
ratio (including repurchase agreements) on a daily basis. At June 30, 1997,
the ratio was 70.0 percent which is within the Corporation's acceptable range.
The Corporation experienced a decrease in cash and cash equivalents, its
primary source of liquidity, of $7,873,306 during the first six months of
1997. The primary financing activity of deposit growth provided net cash of
$18,596,278. Lending used $17,859,713, investments used $44,109,915, and
decreasing federal funds sold provided $3,375,000. The Corporation's
management believes its liquidity sources are adequate to meet its operating
needs and does not know of any trends, events or uncertainties that may result
in a significant adverse effect on the Corporation's liquidity position.
8
<PAGE>
CAPITAL RESOURCES
The Corporation's only source of capital since commencing operations has been
from issuance of common stock and results of operations. It has not issued
long term debt nor does it have any long term debt facility arrangements. The
Bank has incurred indebtedness pursuant to a FHLB advance at a rate of 6.40%
maturing August 1, 2001. The Bank may add indebtedness of this nature in the
future if determined to be in the best interest of the Bank. Capital for the
Corporation is above regulatory requirements at June 30, 1997. Pertinent
capital ratios for the Corporation as of June 30, 1997 are as follows:
Minimum
Actual Requirements
------ ------------
Tier 1 risk-based capital ratio 11.0% 4.0%
Total risk-based capital ratio 12.2% 8.0%
Leverage ratio 7.1% 4.0%
Dividends from the Bank to the Corporation may not exceed the undivided
profits of the Bank (included in consolidated retained earnings) without prior
approval of a federal regulatory agency. In addition, Federal banking laws
limit the amount of loans the Bank may make to the Corporation, subject to
certain collateral requirements. No dividends were declared, or loans made,
during 1997 or 1996 by the Bank to the Corporation.
9
<PAGE>
OTHER INFORMATION
Item 1. Legal Proceedings
Neither The National Bank of Indianapolis Corporation nor its
subsidiary is a party to any pending legal proceedings.
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
(a) The annual meeting of shareholders of the Corporation was
held on May 15, 1997. The only matter presented at the
meeting was the election of 3 directors for a term of 3
years.
(b) At the annual meeting of shareholders, Kathryn G. Betley,
David R. Frick, and Philip B. Roby were each re-elected
directors for a term of 3 years. The terms of the other
directors of the Corporation, namely Michael S. Maurer,
Morris L. Maurer, James M. Cornelius, Todd H. Stuart, G.
Benjamin Lantz, Jr., Andre B. Lacy, and William J.
Loveday, continued after the meeting.
(c) No other matter was presented for a vote at the meeting.
Present in person or by proxy at the annual meeting were
1,183,436 shares of common stock. Ms. Betley received
1,177,186 votes; Mr. Frick received 1,177,936 votes; and
Mr. Roby received 1,183,436 votes.
(d) Not applicable.
Item 5. Other Information
On June 19, 1997, the Corporation authorized an amendment to the
terms of the shares of restricted stock awarded in 1994 pursuant
to the Corporation's 1993 Restricted Stock Plan. Under the
current terms of the 1994 awards, the restricted shares will vest
when the Corporation achieves a pre-tax net income exceeding
$500,000 in a fiscal year. On December 31 of such year, 50% of
the shares will vest, with an additional 25% of the shares vesting
on each succeeding December 31. The Corporation has proposed
amending the terms of the restricted shares awarded in 1994 so
that 50% of the shares would vest on July 1, 1998 with 25% vesting
on July 1 of each of the next two succeeding years. These
amendments would require the approval of the individuals who were
awarded the shares of restricted stock in 9194. There are 47,000
restricted shares outstanding which were awarded pursuant to the
1994 grants. The Corporation anticipates that the terms of all of
the restricted shares awarded pursuant to the 1994 grants will be
amended, although there can be no assurance of this.
10
<PAGE>
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits - Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K - Not applicable
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.
Date:
THE NATIONAL BANK OF INDIANAPOLIS CORPORATION
/s/ Debra L. Ross
--------------------------------------
Debra L. Ross
Chief Financial Officer
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 6,903,688
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 17,300,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 37,988,816
<INVESTMENTS-CARRYING> 12,332,286
<INVESTMENTS-MARKET> 12,397,217
<LOANS> 140,691,286
<ALLOWANCE> (1,667,800)
<TOTAL-ASSETS> 219,074,425
<DEPOSITS> 188,744,340
<SHORT-TERM> 10,921,084
<LIABILITIES-OTHER> 870,816
<LONG-TERM> 2,000,000
0
0
<COMMON> 18,827,565
<OTHER-SE> (2,289,380)
<TOTAL-LIABILITIES-AND-EQUITY> 219,074,340
<INTEREST-LOAN> 5,315,029
<INTEREST-INVEST> 1,475,203
<INTEREST-OTHER> 419,791
<INTEREST-TOTAL> 7,210,023
<INTEREST-DEPOSIT> 3,806,598
<INTEREST-EXPENSE> 4,130,344
<INTEREST-INCOME-NET> 3,079,679
<LOAN-LOSSES> 312,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,889,513
<INCOME-PRETAX> 412,422
<INCOME-PRE-EXTRAORDINARY> 412,422
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 412,422
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.22
<YIELD-ACTUAL> 7.51
<LOANS-NON> 70,905
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,355,800
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 1,667,800
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,667,800
</TABLE>
