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Previous: WESTWOOD MANAGEMENT CORP /IL/, 13F-HR, 1999-05-10 |
Next: OFFITBANK INVESTMENT FUND INC, 497, 1999-05-10 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 20, 1999
WESTERFED FINANCIAL CORPORATION
--------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-22772 81-0487794
- --------------------------------------------------------------------------------
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
110 East Broadway, Missoula, Montana 59802
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (406) 721-5254
- --------------------------------------------------------------------------------
N/A
--------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On April 20, 1999 the Registrant issued the press
releases attached as Exhibit 99.6.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.6 Press releases, dated April 20, 1999
<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.
WesterFed Financial Corporation
Date: May 5, 1999 By: /s/ Lyle R. Grimes
-------------------- ------------------------------
Lyle R. Grimes
President/CEO/Chairman
<PAGE>
Index to Exhibits
Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are located
- ------ -----------
99.6 Press Releases dated April 20, 1999 5
<PAGE>
/C O R R E C T I O N - WesterFed Financial Corporation/
In SFTU006, WesterFed Financial Corporation Announces Third Quarter
Earnings, moved earlier today, we are advised by the company that the second
paragraph, second line should read "for the quarter ended March 31, 1999" rather
than "December 31, 1998" as originally issued.
WESTERFED FINANCIAL CORPORATION ANNOUNCES
THIRD QUARTER EARNINGS
INCREASED QUARTERLY DIVIDEND
Missoula, Montana - April 20, 1999 - WesterFed Financial Corporation
(the "Company") (NASDAQ WSTR), the holding company for Western Security Bank
(the "Bank"), announced earnings for the third quarter ended March 31, 1999 of
$1.6 million, or $0.35 per share, as compared to $1.4 million, or $0.24 per
share for the same period last year. Earnings for the nine month period ended
March 31, 1999 were $5.2 million, or $0.98 per share, as compared to $5.3
million, or $0.94 per share, for the same nine month period last year. All per
share amounts are diluted earnings per share.
The Company also announced it will pay a regular cash dividend of
$0.145 per share for the quarter ended December 31, 1998 payable on May 21, 1999
to stockholders of record on May 7, 1999. The regular quarterly cash dividend of
$0.145 represents an increase of 3.6% over the prior quarter's regular cash
dividend of $0.140 per share. The Company has increased normal cash dividends
every quarter since becoming a public company.
On April 1, 1999 the Banks' Board of Directors announced that Ralph
Holliday had been selected to succeed Lyle Grimes as President/Chief Executive
Officer of the Bank upon Grimes' retirement from the Bank on June 30, 1999. Mr.
Holliday has left his position as Regional Vice Chairman of KeyBank in Tacoma,
Washington and joined the Bank on April 19, 1999. Mr. Holliday will also serve
on the Bank's Board of Directors. Grimes stated "Western Security Bank is very
pleased to have a leader for our bank with Ralph Holliday's experience and
stature in the banking industry." Mr. Grimes will continue serving as the Bank's
and Company's chairman.
President/Chief Executive Officer Lyle R. Grimes stated, "The $0.35 per
share earnings for the quarter represents the strongest earnings per share this
fiscal year." This was accomplished in spite of the slowing of mortgage loan
refinance activity due primarily to seasonal fluctuations. This resulted in a
decrease in loan origination fees and gains on sale of loans available-for-sale
to $745,000 during the quarter ended March 31, 1999 from $1.1 million during the
prior quarter and from $944,000 during the quarter ended September 30, 1998. In
<PAGE>
addition, this quarter included increased loan loss provisions of $75,000 from
the prior quarter to maintain loan loss reserves at adequate levels. Increasing
earning assets during the quarter has been the focus of management and this has
resulted in an increase in investments and mortgage-backed securities of $45.4
million from December 31, 1998 to March 31, 1999. Because of the interest rate
risk incurred with long term lending in the current low interest rate
environment, $89.6 million of long-term residential loan production (usually
thirty year) has been sold to the secondary market resulting in decrease in
residential loans of $37.0 million during the fiscal year. Commercial real
estate loans have increased $9.5 million, agricultural and other commercial
loans increased $600,000, while consumer and other loans decreased $3.4 million
during the current fiscal year.
The Bank increased its interest rate spread to 3.14% at March 31,1999
from 2.99% at June 30, 1998 as the lower interest rate environment has allowed
the Bank to reduce its cost of funds to 4.39% at March 31, 1999 from 4.79% at
June 30, 1998. In addition the Bank will soon begin construction of it's
thirty-fifth branch office on the busy North Reserve Street in Missoula. Grimes
further stated, "this facility, scheduled to open during the spring of 2000,
will give the Bank access to one of the fastest growing commercial and
residential portions of Missoula. This is in keeping with the business plan
goals of the Bank to continue it's expansion into commercial banking as
evidenced by our growth in commercial real estate and other commercial and
agricultural loans. In an ongoing effort to reduce operating expenses the Bank
anticipates the sale during the next quarter of a branch office building in
Bozeman that was closed last year as part of a consolidation of facilities in
that market area. The Bank has also reached an agreement with a third party
vendor to purchase the Bank's credit card program during the next quarter
allowing the Bank to allocate the resources used in maintaining the credit card
program to more profitable products."
Total assets decreased $25.0 million to $997.0 million at March 31,
1999 as compared to $1.022 billion at June 30, 1998. Total loans receivable
decreased $30.3 million to $627.0 million at March 31, 1999 as compared to
$657.3 million at June 30, 1998. Mortgage-backed securities increased $17.1
million to $143.5 million at March 31, 1999 from $126.4 million at June 30, 1998
and investment securities, Federal Home Loan Bank stock and all other interest
earning investments decreased $7.4 million to $148.0 million at March 31, 1999
from $155.4 million at June 30, 1998. The decrease in assets was partially
offset by a decrease in borrowed funds of $18.1 million to $237.1 million at
March 31, 1999 from $255.2 million at June 30, 1998 and a decrease in
stockholders' equity of $18.2 million to $91.5 million at March 31, 1999 from
$109.7 million at June 30, 1998. The decrease in stockholders' equity was the
result of the repurchase of $21.8 million of common stock during the quarter
ending December 31, 1998. Total
<PAGE>
deposits increased $9.4 million to $645.8 million at March 31, 1999 as compared
to $636.4 million at June 30, 1998.
Net income increased to $1.6 million for the quarter ended March 31,
1999 from $1.4 million for the same period last year due primarily to a decrease
in non-interest expense. Net interest income before provision for loan losses
for the quarter ended March 31, 1999 decreased $312,000 to $7.7 million as
compared to $8.0 million over the same period last year. This decrease was
primarily the result of a $15.8 million decrease in net interest earning assets
to $34.8 million during the quarter ended March 31, 1999 from $50.6 million
during the same quarter last year. The Company used $21.8 million to repurchase
common stock at the end of the prior quarter which contributed to the reduction
in earning assets. The provision for loan losses was increased $135,000 to
$345,000 during the quarter ended March 31, 1999 from $210,000 during the same
period last year. The $345,000 provision for the quarter is an increase of
$75,000 from the prior quarter and reflects management's desire to maintain the
allowance for loan losses at a level which is considered adequate to absorb
losses inherent in the loan portfolio, especially with dealer finance loans
where charge-offs have recently exceeded loan loss provisions. Total
non-interest income decreased $71,000 to $2.0 million during the quarter ended
March 31, 1999 from $2.1 million during the same period last year. Non-interest
expenses decreased $625,000 to $7.0 million for the quarter ended March 31, 1999
from $7.6 million for the same period last year. During the quarter ended March
31, 1998 the Bank incurred significant one-time charges and expenses as the Bank
completed it's conversion to a new data processing system and related
advertising costs associated with the change in the Bank's name.
Net income decreased $100,000 to $5.2 million for the nine month period
ended March 31, 1999 from $5.3 million for the same period last year. Net
interest income before provision for loan losses for the nine month period ended
March 31, 1999 decreased $604,000 to $23.5 million, from $24.1 million for the
same period last year. The provision for loan losses increased $225,000 to
$855,000 during the nine month period ended March 31, 1999 from $630,000 during
the same period last year. Total non-interest income increased $675,000 to $6.8
million during the nine month period ended March 31, 1999 from $6.1 million
during the same period last year. Non-interest expenses were unchanged at $20.9
million for the comparative nine month periods.
Non-performing assets decreased $1.1 million to $3.9 million at March
31, 1999, from $5.0 million at June 30, 1998, due primarily to a $1.2 million
decrease in one-to-four family non-performing loan balances. Non-performing
agriculture loans increased $731,000 while all
<PAGE>
other non-performing assets decreased $606,000. Non-performing assets as a
percentage of total assets decreased to 0.39% at March 31, 1999 from 0.49% at
June 30, 1998. The 0.39% is substantially less than the national composite for
thrifts of 0.77% at December 31, 1998, which is the latest available information
as reported by the Office of Thrift Supervision. The ratio of allowance for loan
losses to non-performing assets increased to 150.15% at March 31, 1999 from
119.01% at December 31, 1998 and 106.33% at June 30, 1998.
WesterFed Financial Corporation's only subsidiary, Western Security
Bank, which is Montana's largest savings bank, operates thirty four offices in
twenty Montana communities.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Executive Vice President/Treasurer
/Chief Financial Officer
(406) 721-5254
<PAGE>
CONSOLIDATED BALANCE SHEETS
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
(Unaudited)
March 31, June 30,
1999 1998
----------- -----------
ASSETS
<S> <C> <C>
Cash and due from banks $ 18,349 $ 19,440
Interest-bearing due from banks 1,661 9,628
----------- -----------
Cash and cash equivalents 20,010 29,068
Interest-bearing deposits 1,885 100
Investment securities available-for-sale 110,922 108,511
Investment securities, at amortized cost (estimated market value
of $12,290 at March 31, 1999 and $16,974 at June 30, 1998) 12,230 16,847
Stock in Federal Home Loan Bank of Seattle, at cost 14,355 13,560
Mortgage-backed securities available-for-sale 56,189 24,135
Mortgage-backed securities, at amortized cost (estimated market value
of $90,025 at March 31, 1999 and $104,962 at June 30, 1998) 87,358 102,298
Loans available-for-sale 2,111 6,922
Loans receivable, net 624,894 650,371
Accrued interest receivable 7,073 7,778
Premises and equipment, net 29,125 30,089
Core deposit intangible 3,911 4,518
Goodwill 15,263 15,762
Cash surrender value of life insurance policies 6,928 6,705
Other assets 4,714 5,472
----------- -----------
Total assets $ 996,968 $ 1,022,136
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 645,848 $ 636,441
Repurchase agreements 6,236 6,233
Borrowed funds 230,873 248,953
Advances from borrowers for taxes and insurance 6,660 4,052
Income taxes - current and deferred 2,471 2,289
Accrued interest payable 5,786 4,480
Accrued expenses and other liabilities 7,643 9,988
----------- -----------
Total liabilities 905,517 912,436
----------- -----------
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized;
none outstanding -- --
Common stock, $.01 par value, 10,000,000 shares authorized;
4,525,209 shares outstanding at March 31, 1999, and
5,585,303 outstanding at June 30, 1998 56 56
Paid-in capital 69,377 68,923
Common stock acquired by ESOP/RRP (2,282) (2,520)
Treasury stock, at cost (25,319) (3,461)
Net unrealized gain on securities available-for-sale (270) 23
Retained earnings 49,889 46,679
----------- -----------
Total stockholders' equity 91,451 109,700
----------- -----------
Total liabilities and stockholders' equity $ 996,968 $ 1,022,136
=========== ===========
Book value per share $ 20.21 $ 19.64
=========== ===========
Tangible book value per share $ 15.97 $ 16.01
=========== ===========
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
1999 1998 1999 1998
---------- ---------- ---------- ----------
Interest income:
<S> <C> <C> <C> <C>
Loans receivable $ 12,988 $ 14,171 $ 40,658 $ 42,189
Mortgage-backed securities available-for-sale 383 476 1,010 1,595
Mortgage-backed securities 1,481 1,891 4,774 5,831
Investment securities available-for-sale 1,781 1,699 5,446 4,120
Investment securities 214 325 685 1,452
Interest-bearing deposits 145 210 506 520
Other 90 94 251 252
---------- ---------- ---------- ----------
Total interest income 17,082 18,866 53,330 55,959
---------- ---------- ---------- ----------
Interest expense:
NOW and money market demand 837 817 2,510 2,481
Savings 518 651 1,742 2,012
Certificates of deposit 4,985 5,489 15,676 16,348
Advances from FHLB - Seattle and other borrowed funds 3,031 3,886 9,873 10,985
---------- ---------- ---------- ----------
Total interest expense 9,371 10,843 29,801 31,826
---------- ---------- ---------- ----------
Net interest income 7,711 8,023 23,529 24,133
Provision for loan losses 345 210 855 630
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 7,366 7,813 22,674 23,503
---------- ---------- ---------- ----------
Non-interest income:
Loan origination fees on loans sold 560 598 1,988 1,602
Service fees 1,090 1,096 3,482 3,382
Net gain on sale of loans available-for-sale 185 210 767 695
Net gain on sale of securities available-for-sale 25 2 25 6
Other 192 217 494 396
---------- ---------- ---------- ----------
Total non-interest income 2,052 2,123 6,756 6,081
---------- ---------- ---------- ----------
Non-interest expenses:
Compensation and employee benefits 3,253 3,538 9,845 9,985
Net occupancy expense of premises 507 541 1,542 1,605
Equipment and furnishings expense 593 478 1,687 1,248
Data processing expense 409 441 1,224 1,218
Federal insurance premium 87 88 258 268
Intangibles amortization 361 356 1,107 1,018
Marketing and advertising 119 264 491 626
Other 1,627 1,875 4,756 4,881
---------- ---------- ---------- ----------
Total non-interest expense 6,956 7,581 20,910 20,849
---------- ---------- ---------- ----------
Income before income taxes 2,462 2,355 8,520 8,735
Income taxes 878 995 3,353 3,468
---------- ---------- ---------- ----------
Net income $ 1,584 $ 1,360 $ 5,167 $ 5,267
========== ========== ========== ==========
Net income per share:
Basic $ 0.37 $ 0.26 $ 1.03 $ 0.99
========== ========== ========== ==========
Diluted $ 0.35 $ 0.24 $ 0.98 $ 0.94
========== ========== ========== ==========
Dividends per share $ 0.145 $ 0.125 $ 0.420 $ 0.360
========== ========== ========== ==========
Dividend payout ratio - basic 39.19% 48.08% 40.78% 36.36%
========== ========== ========== ==========
Average common and common equivalent shares outstanding:
Basic 4,308,744 5,323,395 4,998,622 5,302,875
========== ========== ========== ==========
Diluted 4,568,287 5,627,401 5,277,183 5,617,315
========== ========== ========== ==========
</TABLE>
<PAGE>
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Ratios and Other Data:
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
-------------------- --------------------
1999 1998 1999 1998
------ ------ ------ ------
Performance Ratios:
<S> <C> <C> <C> <C>
Return on assets (ratio of net income to average total assets) (1) 0.65% 0.53% 0.69% 0.69%
Return on equity (ratio of net income to average equity) (1) 6.94 5.01 6.72 6.55
Interest rate spread information:
Average during period 3.26 3.13 3.22 3.18
End of period 3.14 3.04 3.14 3.04
Net interest margin (1) (2) 3.43 3.38 3.45 3.45
Ratio of non-interest expense to average total assets (1) 2.84 2.94 2.81 2.74
Asset Quality Ratios:
Non-performing assets to total assets, at end of period 0.39 0.64 0.39 0.64
Total allowance for loan losses to total non-performing
assets (3) 127.39 76.94 127.39 76.94
Capital Ratios:
Stockholders' equity to total assets, at end of period 9.17 10.62 9.17 10.62
Tangible stockholders' equity to tangible assets, at end of period 7.39 8.70 7.39 8.70
Ratio of average interest-earning assets to average
interest-bearing liabilities 104.02 105.63 105.07 105.77
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized
(2) Net interest income divided by average interest-earning assets
(3) Includes non-performing and foreclosed assets
<PAGE>
<TABLE>
<CAPTION>
WESTERFED FINANCIAL CORP
(Unaudited)
----------------------------------------- ---------------------------------------
MARCH 31, 1999 - QTD MARCH 31, 1998 - QTD
----------------------------------------- ---------------------------------------
Average Interest Average Interest
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance (5) Paid Rate Balance (5) Paid Rate
----------------------------------------- ---------------------------------------
INTEREST EARNING ASSETS: (Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C>
Loans receivable (1) (2) $628,784 $12,988 8.26% $674,817 $14,171 8.40%
Mortgage-backed securities (2) 125,787 1,864 5.93% 138,388 2,367 6.84%
Investments (2) 133,149 1,995 5.99% 115,674 2,024 7.00%
Other interest-earning assets (3) 5,159 145 11.24% 14,305 210 5.87%
Cash surrender value of life insurance 6,902 90 5.22% 6,599 94 5.70%
----------------------------------------- ---------------------------------------
Total Interest-Earning Assets 899,781 17,082 7.59% 949,783 18,866 7.95%
========================================= =======================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 373,402 4,985 5.34% 386,531 5,489 5.68%
Savings accounts 90,543 518 2.29% 95,469 651 2.73%
Demand and now accounts 110,970 190 0.68% 108,329 285 1.05%
Money market accounts 68,449 647 3.78% 53,513 531 3.97%
----------------------------------------- ---------------------------------------
Total deposits 643,364 6,340 3.94% 643,842 6,956 4.32%
FHLB advances and other borrowed money 221,663 3,031 5.47% 255,347 3,887 6.09%
----------------------------------------- ---------------------------------------
Total Interest-Bearing Liabilities 865,027 9,371 4.33% 899,189 10,843 4.82%
========================================= =======================================
Net interest income $7,711 $8,023
============== ============
Net interest rate spread 3.26% 3.13%
=========== ===========
Net interest earning assets $34,754 $50,594
================ ================
Net interest margin (4) 3.43% 3.38%
=========== ===========
Average interest-earning assets
to average interest-bearing liabilities 104.02% 105.63%
============== ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(Unaudited)
----------------------------------------- -----------------------------------------
MARCH 31, 1999 - YTD MARCH 31, 1998 - YTD
----------------------------------------- -----------------------------------------
Average Interest Average Interest
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance (5) Paid Rate Balance (5) Paid Rate
--------------------------------------- -----------------------------------------
INTEREST EARNING ASSETS: (Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C>
Loans receivable (1) (2) $643,084 $40,658 8.43% $663,273 $42,188 8.48%
Mortgage-backed securities (2) 119,914 5,784 6.43% 144,836 7,426 6.84%
Investments (2) 130,047 6,131 6.29% 107,733 5,573 6.90%
Other interest-earning assets (3) 10,495 506 6.43% 9,771 520 7.10%
Cash surrender value of life insurance 6,826 251 4.90% 6,492 252 5.18%
--------------------------------------- -----------------------------------------
Total Interest-Earning Assets $910,366 $53,330 7.81% 932,104 55,959 8.00%
======================================= =========================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits $375,970 $15,676 5.56% 380,354 16,348 5.73%
Savings accounts 90,967 1,742 2.55% 97,770 2,012 2.74%
Demand and now accounts 112,241 681 0.81% 106,741 925 1.16%
Money market accounts 62,291 1,829 3.91% 51,884 1,555 4.00%
--------------------------------------- -----------------------------------------
Total deposits 641,467 19,928 4.14% 636,748 20,840 4.36%
FHLB advances and other borrowed money 224,969 9,873 5.85% 244,474 10,986 5.99%
--------------------------------------- -----------------------------------------
Total Interest-Bearing Liabilities $866,436 $29,801 4.59% 881,222 31,826 4.82%
======================================= =========================================
Net interest income $23,529 $24,133
============== ==============
Net interest rate spread 3.22% 3.18%
=========== ===========
Net interest earning assets $43,930 $50,882
============== ================
Net interest margin (4) 3.45% 3.45%
=========== ===========
Average interest-earning assets
to average interest-bearing liabilities 105.07% 105.77%
============== ==============
</TABLE>
- ------------
(1) Calculated net of deferred loan fees, loan discounts, loans in process and
loss reserves
(2) Includes held and available for sale categories
(3) Includes primarily short term liquid assets
(4) Net interest income divided by average interest earning assets
(5) Based on average monthly balances
<PAGE>
WESTERFED FINANCIAL CORPORATION
Non-Performing Assets
(Unaudited)
March 31, June 30,
1999 1998
- -------------------------------------------------------------------------------
(In Thousands)
Non-accruing loans:
Real Estate:
One-to-four family $886 $1,967
Multi-family - 89
Nonresidential property (except land) - 35
Land - -
Construction 262 362
Agriculture 689 -
Commercial - non real estate 44 32
Consumer 1,005 1,504
- -------------------------------------------------------------------------------
Total 2,886 3,989
- -------------------------------------------------------------------------------
Accruing loans delinquent
90 days or more:
Real Estate:
One-to-four family 294 442
Multi-family - -
Nonresidential property (except land) - -
Construction - -
Agriculture 42 -
Commercial - non real estate - 10
Consumer 114 174
- -------------------------------------------------------------------------------
Total 450 626
- -------------------------------------------------------------------------------
Foreclosed assets:
Real Estate:
One-to-four family 401 279
Multi-family - -
Commercial - -
Land 26 28
Construction - -
Consumer 169 114
- -------------------------------------------------------------------------------
Total 596 421
- -------------------------------------------------------------------------------
Total non-performing assets $3,932 $5,036
===============================================================================
<PAGE>
WESTERFED FINANCIAL CORPORATION
Allowance for Loan Losses
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
For the Three Month For the Nine Month
Period Ended Period Ended
March 31, March 31,
------------------------------- -------------------------------
1999 1998 1999 1998
-------------- -------------- --------------- --------------
(In Thousands) (In Thousands)
------------------------------- -------------------------------
<S> <C> <C> <C> <C>
Balance at beginning of period ............................ $ 4,846 $ 4,942 $ 4,907 $ 4,651
------- ------- ------- -------
Charge-Offs:
Real Estate:
One- to four-family ................................ -- -- (130) --
Commerical ......................................... -- -- -- --
Other:
Commerical ......................................... (1) -- (49) --
Consumer ........................................... (199) (110) (637) (264)
------- ------- ------- -------
Total charge-offs ......................................... (200) (110) (816) (264)
------- ------- ------- -------
Recoveries:
Other:
Commerical ......................................... 4 -- 4 3
Consumer ........................................... 14 2 59 24
------- ------- ------- -------
Total recoveries .......................................... 18 2 63 27
------- ------- ------- -------
Net charge-offs ........................................... (182) (108) (753) (237)
------- ------- ------- -------
Provisions charged to operations .......................... 345 210 855 630
Reserves acquired ......................................... -- -- -- --
------- ------- ------- -------
Balance at end of period .................................. $ 5,009 $ 5,044 $ 5,009 $ 5,044
======= ======= ======= =======
Ratio of net charge-offs during the period to average loans
outstanding during the period ...................... 0.03% 0.02% 0.12% 0.04%
======= ======= ======= =======
Ratio of net charge-offs during the period to average non-
performing assets during the period ................ 4.28% 2.06% 16.50% 4.88%
======= ======= ======= =======
Ratio of allowance for loan losses to net loans before
allowance .......................................... 0.79% 0.75% 0.79% 0.75%
======= ======= ======= =======
</TABLE>
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