MFB CORP
10-Q, 1999-02-09
SAVINGS INSTITUTION, FEDERALLY CHARTERED
Previous: IGEN INTERNATIONAL INC /DE, SC 13G/A, 1999-02-09
Next: PRIMUS CAPITAL FUND III L P, SC 13G, 1999-02-09





                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 10-Q

             [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

               FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1998


                                      OR

   [  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
              FROM ____________________ TO  ____________________

                       COMMISSION FILE NUMBER:  0-23374

                                   MFB CORP.
            (Exact name of registrant as specified in its charter)

                INDIANA                             35-1907258
    State or other jurisdiction of               (I.R.S. Employer
     incorporation or organization            Identification Number)

                            121 SOUTH CHURCH STREET
                                 P.O. BOX 528
                           MISHAWAKA, INDIANA 46546
                   (Address of principal executive offices,
                              including Zip Code)

                                (219) 255-3146
             (Registrant's telephone number, including area code)

                                     NONE

  (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate  by  check  mark  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.

            (1)   Yes   X                            No
            (2)   Yes   X                            No

The  number  of shares of the registrant's common  stock,  without  par  value,
outstanding as of December 31, 1998 was 1,463,917.
<PAGE>
                           MFB CORP. AND SUBSIDIARY
                                   FORM 10-Q

                                     INDEX


                                                                   PAGE NO.

PART I.  FINANCIAL INFORMATION                                        3

 Item 1.  Financial Statements	                                        3

    Consolidated Balance Sheets, (Unaudited)
    December 31, 1998 and September 30, 1998		                      		 3

    Consolidated Statements of Income, (Unaudited)
    Three months ended December 31, 1998 and 1997		                  	 4

    Consolidated Statements of Changes in Shareholders' Equity,
    (Unaudited) Three months ended December 31, 1998 and 1997		        5

    Consolidated Statements of Cash Flows, (Unaudited)
    Three months ended December 31, 1998 and 1997	                  		 6

    Notes to Unaudited Consolidated Financial Statements December 31, 1998 8

 Item 2.  Management's Discussion and Analysis
            of Financial Condition and Results of Operations	          10

 Item 3. Quantitative and Qualitative Disclosures 
		About Market Risk			 	                                              	14	
									

 Item 4. Year 2000 Readiness	                                      				16

PART II.  OTHER INFORMATION                                            18

 Items 1-6.                                                            18

 Signatures                                                            19















                                    2
<PAGE>
                           MFB CORP. AND SUBSIDIARY
                    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                   December 31, 1998 and September 30, 1998
                                        (In thousands)

<TABLE>
<CAPTION>
                                                    December 31,    September 30,
                                                        1998          1998

ASSETS
<S>                                                  <C>           <C>

Cash and due from financial institutions             $  3,398      $  3,019
Interest-bearing deposits in other financial
  institutions - short-term                            15,860        14,885
   Total cash and cash equivalents                   $ 19,258     $  17,904
Securities available for sale                          50,159        41,820
Federal Home Loan Bank (FHLB) stock, at cost            5,511         4,636
Loans held for sale,  net of unrealized losses of$-0-  21,660        13,516
Loans receivable, net of allowance for loan losses    232,209       231,610
Accrued interest receivable                             1,061           968
Premises and equipment, net                             3,115         2,795
Mortgage Servicing Rights                                 230           192
Investment in limited partnership                       1,214         1,222
Other Assets                                              251           298
   Total assets                             				    $ 334,668     $ 314,961


LIABIILITIES AND SHAREHOLDERS' EQUITY
Liabilities
   Noninterest-bearing demand deposits               $  5,970      $  4,299
   Savings, NOW and MMDA deposits                      45,214        40,835
   Other time deposits                                137,686       135,532
      Total deposits                                  188,870       180,666
   Securities sold under agreements to repurchase       1,679         2,366
   FHLB advances                                      110,226        97,657
   Advances from borrowers for taxes and insurance      1,244         2,316
   Accrued expenses and other liabilities               1,371         1,070
      Total liabilities                               303,390       284,075

Shareholders' equity
   Common stock, 5,000,000 shares authorized;
    shares issued:1,689,417-12/31/98,1689,417-9/30/98
    shares outstanding:1,463,917-12/31/98,
     	1,474,217-9/30/98                             $  12,894     $  12,847
   Retained earnings - substantially restricted        24,268        23,730
   Accumulated other comprehensive income                ( 92)          (45)
   Unearned Employee Stock Ownership Plan (ESOP) Shares  (395)         (445)
   Unearned Recognition and Retention Plan (RRP) Shares   (19)          (38)
   Treasury Stock, 225,500 common shares - 12/31/98
                   215,200 common shares - 9/30/98     (5,378)       (5,163)
      Total shareholders' equity                       31,278        30,886

       Total liabilities and shareholders' equity   $  334,668   $  314,961

</TABLE>

  The accompanying notes are an integral part of these unaudited consolidated
                             financial statements.
                                    3


                           MFB CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                 Three months ended December 31, 1998 and 1997
                                (In thousands)

<TABLE>
<CAPTION>
   
                                                      Three Months Ended                                                           
                                                         December 31,
                                                        1998       1997
     INTEREST INCOME
<S)                                                    <C>         <C>             
	Loans receivable, including fees
           Mortgage loans                            $  3,886   $ 3,581
           Consumer and other loans 274 192
           Financing leases and commercial loans          818       269
        Securities  - taxable                             835       651
        Other interest-earning assets                     147       126
                                                        5,960     4,819
     INTEREST EXPENSE
        Deposits                                        2,162     2,124
        Securities sold under agreements to repurchase     21         6
        FHLB advances                                   1,443       689
                                                        3,626     2,819
     NET INTEREST INCOME                                2,334     2,000

     PROVISION FOR LOAN LOSSES                             45        15

     NET INTEREST INCOME AFTER PROVISION FOR 
         LOAN LOSSES                                    2,289     1,985

     Noninterest income
          Insurance commissions                            36        39
          Brokerage commissions                             8         5
          Net realized gains from sales of securities 
            available for sale                              -         8
          Net realized gains from sales of loans          120        17
          Loan servicing fees, net of amortization	         7	        3
          Other                                           133        93
                Total noninterest income                  304       165

     Noninterest expense
          Salaries and employee benefits                  838       770
          Occupancy and equipment expense                 185       161
          SAIF deposit insurance premium                   26        26
          Other  expense                                 418        321
             Total noninterest expense                 1,467      1,278

     INCOME BEFORE INCOME TAXES                        1,126        872

     Income tax expense                                  463        370

     NET INCOME                                 $        663  $     502

     Basic Earnings per common share            $        .46 $       .32

     Diluted Earnings per common share          $        .45 $       .30


The accompanying notes are an integral part of these  (unaudited) consolidated
                             financial statements.
                                    4
<PAGE>
                           MFB CORP. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
                 Three months ended December 31, 1998 and 1997
                                                (In thousands)
                                                                                                                                   


</TABLE>
<TABLE>
<CAPTION>                                                                            ACCUMULATED    
                                                                Unearned   Unearned    Other               Total
                                             Common  Retained     ESOP        RRP   Comprehensive Treasury Shareholders'
                                              STOCK  EARNINGS    SHARES     SHARES     INCOME    STOCK     EQUITY>
THREE MONTHS ENDED DECEMBER 31, 1997
<S>                                          <C>       <C>      <C>       <C>        <C>         <C>       <C>   

Balance-October 1, 1997                      $ 13,108 $ 22,038   $( 665)  $( 115)      $ 73      $  (889) $ 33,550
Effect of contribution to fund ESOP                -         -        50      -           -           -         50
Market adjustment of 19,513 ESOP shares committed
  to be released                                   66        -         -        -           -                    66
Amortization of RRP contribution                    -        -         -       19           -       -            19
Purchase of 23,800 shares of treasury stock                  -         -        -           -        (544)     (544)
Cash dividends declared -$.08/share                 -    (130)         5        -           -         -        (125)
Net income for the three months ended December 31, 1997   502          -        -           -          -        502
Other comprehensive income net of TAX
 Unrealized gains/losses on securities arising during the period   -   -        -          25          -         25
   Less reclassification adjustment for accumulated gains/losses
     included in net income                           -   -            -                   (8)        -          (8)
      Other comprehensive income                           -                    - - -      17         -          17
Comprehensive income                                   --                          -                   -        519



Balance at December 31, 1997                 $ 13,174 $ 22,410   $ (610)  $  (96)    $     90      $  (1,433) $ 33,535

THREE MONTHS ENDED DECEMBER 31, 1998
Balance-October 1, 1998                      $ 12,847 $ 23,730   $( 445)   $( 38)      $  (45) $       (5,163) $ 30,886
Effect of contribution to fund ESOP                -         -        46      -                -              -          46
Market adjustment of 18,513 ESOP shares
 committed to be released                          47        -         -        -           -                            47
Amortization of RRP contribution                    -        -         -       19           -                     -      19
Purchase  of  10,300  shares of  treasury stock              -         -        -           -       -    (215)         (215
Cash dividends declared -$.085/share                -    (125)         4        -           -                          (121)
Net income for the three months ended December 31, 1998   663          -        -           -         -                 663
Other comprehensive income, net of tax:
 Unrealized gains/losses on securities arising during the period-                          (47)            -            (47)
  Other comprehensive income                           -                    - -            (47)              -          (47)
Comprehensive income                                  -      -         -       -             -              -           616

Balance at December 31, 1998                 $ 12,894 $ 24,268    $ (395) $  (19)      $   (92)        $ (5,378)    $ 31,278

</TABLE>
                                    5
<PAGE>
                           MFB CORP. AND SUBSIDIARY
               CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 Three months ended December 31, 1998 and 1997
                                (In thousands)
<TABLE>

                                                                Three Month Ended
                                                                    December 31,
<S>                                                               1998              1997
   CASH FLOWS FROM OPERATING ACTIVITIES                         <C>         <C>
   Net income                                                 $    663 $    502
   Adjustments to reconcile net income to net
   cash provided by operating activities
     Depreciation and amortization, net of accretion               (69)     60
     Amortization of  RRP contribution                              19      19
     Provision  for loan losses                                     45      15
      Market adjustment of ESOP shares committed to be released     47      65
      ESOP  expense                                                 50      55
      Net realized gains from sales of securities available for sale -      (8)
          Net realized gains from sales of loans                  (120)    (17)
          Loss on investment in limited partnership                  7       -
      Amortization of mortgage servicing rights                     11       -
      Origination of loans held for sale                       (14,751)      -
      Proceeds from sales of loans held for sale                 6,678   6,426
      Net change in:
           Accrued interest receivable                             (93)    118
           Other assets                                             47      29
           Accrued expenses and other liabilities                  352     279
               Net cash  from operating activities              (7,114)  7,543



   CASH FLOWS FROM INVESTING ACTIVITIES
      Net change in loans receivable                              (644) (13,690)
      Purchase of:
           Securities available-for-sale                       (29,819) (9,410)
           FHLB stock                                             (875)   (275)
           Premises and equipment, net                            (402)   (225)
      Proceeds from:
           Maturities of securities available for sale           15,617  9,912
           Principal payments of mortgage-backed and related
                    securities                                    5,916  1,777
           Sales of securities available for sale                     -  2,926
                    Net cash from investing activities          (10,207) (8,985)
















                                   (CONTINUED)
                                     6

                           MFB CORP.  AND SUBSIDIARY
               CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 Three months ended December 31, 1998 and 1997
                                (In thousands)


                                                           Three  Months Ended
                                                               December 31,
                                                            1998         1997
   CASH  FLOWS FROM FINANCING ACTIVITIES
    Net change in deposits                                 8,204        1,544
           Net change in securities sold under
            agreements to repurchase                        (687)       1,306
      Net change in advances from borrowers for taxes
            and insurance                                 (1,072)        (949)
     Purchase of MFB Corp. common stock                     (215)        (544)
     Proceeds from other borrowings                       20,000        8,000
     Repayment of other borrowings                        (7,431)      (2,000)
     Cash dividends paid                                    (124)        (130)
         Net cash from  financing activities              18,675        7,227



      Net change in cash and cash equivalents              1,354        5,785

      Cash and cash equivalents at beginning of period    17,904        9,483

      Cash and cash equivalents at end of period        $ 19,258      $15,268



   SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
    Cash paid during the period for
           Interest on deposits                 $         3,687     $   2,781
           Income taxes                                      90            57

</TABLE>


















 The accompanying notes are an integral part of these (unaudited) consolidated
                             financial statements
                                    7
<PAGE>

                           MFB CORP. AND SUBSIDIARY
            NOTES TO (UNAUDITED) CONSOLIDATED FINANCIAL STATEMENTS
                               December 31, 1998

NOTE 1 - BASIS OF PRESENTATION  AND ACCOUNTING POLICIES

NATURE OF OPERATIONS:   MFB  Corp.  is  an  Indiana  corporation  organized  in
December,  1993,  to  become  a unitary savings and loan holding company.   MFB
Corp. became a unitary savings  and loan holding company upon the conversion of
Mishawaka Federal Savings  (the "Bank") from a federal mutual savings and  loan
association to a federal stock savings  bank  in  March,  1994.  On November 1,
1996, the Bank officially changed its name to MFB Financial.  MFB  Corp. is the
sole  shareholder of the Bank.  MFB Corp. and the Bank  (collectively  referred
to as the  "Company")  conduct  business  from  their main office in Mishawaka,
Indiana,  and  five  branch locations in St. Joseph  and  Elkhart  Counties  of
Indiana. The Bank offers  a  variety  of  lending,  deposit and other financial
services  to  its  retail  and  commercial customers. The  Bank's  wholly-owned
subsidiary, Mishawaka Financial Services,  Inc.,  is  engaged  in  the sales of
credit life, general fire and accident, car, home, and life insurance  as agent
for the Bank's customers and the general public.

BASIS  OF  PRESENTATION:  The  accompanying  unaudited  consolidated  financial
statements  were  prepared in accordance  with instructions for Form 10-Q  and,
therefore,  do not include  all  disclosures  required  by  generally  accepted
accounting principles  for  complete presentation of financial  statements.  In
the opinion of management, the  consolidated  financial statements contain  all
adjustments necessary to present fairly the consolidated  balance sheets of MFB
Corp.  and its subsidiary MFB Financial as of December 31,  1998  and September
30, 1998, and the consolidated statements of income for  the three months ended
December  31,  1998  and  1997, and the consolidated statements of  changes  in
shareholders' equity and the  consolidated  statements  of  cash  flows for the
three  months  ended  December 31, 1998 and 1997.  All significant intercompany
transactions   and  balances  are  eliminated  in  consolidation.   The  income
reported for the three  months  ended  December  31,  1998  is  not necessarily
indicative of the results that may be expected for the full year.



NOTE 2 - EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share are computed under a new accounting
standard  effective  beginning  with the quarter ended December 31,  1997.  All
prior earnings per common share amounts  have  been  restated to be comparable.
Basic  earnings  per  common share is based on the net income  divided  by  the
weighted average number  of  common  shares outstanding during the period. ESOP
shares are considered outstanding for earnings per common share calculations as
they  are  committed  to  be  released;  unearned  shares  are  not  considered
outstanding.  Recognition  and retention plan  ("RRP")  shares  are  considered
outstanding for earnings per  common  share calculations as they become vested.
Diluted  earnings per common share shows  the  dilutive  effect  of  additional
potential  common  shares  issuable  under  stock  options and nonvested shares
issued under the RRP.  At December 31, 1998 and 1997,  the  Company  had 41,338
and 55,785 unallocated ESOP shares, and 15,400 and 7,700 nonvested RRP  shares,
respectively,   which  are  excluded from the weighted average number of shares
outstanding.






                                    8
<PAGE>
The computations for Basic Earnings per common share and Diluted Earnings per
common share for the periods ended December 31, 1998 and 1997 are presented
below.

                                                         PERIOD ENDED
                                                         DECEMBER 31,
                                                         1998   1997

     EARNINGS PER COMMON SHARE

<TABLE>
<CAPTION>
<S>                                                     <C>              <C> 
         
 Net income available to common shareholders       $   662,703     $   502,420


 Weighted average common shares outstanding          1,425,248       1,558,520

         Basic Earnings Per Common Share             $     .46       $     .32



     Earnings Per Common Share Assuming Dilution

        Net income available to common shareholders    $662,703       $502,420



       Weighted average common shares outstanding      1,425,248     1,558,520


           Add: dilutive effects of assumed exercises:

                Incentive stock options                   25,578        69,521
                Non-qualified stock options               18,589        20,589
                Recognition and Retention  plan shares     1,027         9.154


           Weighted average common and dilutive
           potential common shares outstanding           1,470,442     1,657,784

           EARNINGS PER COMMON SHARE
           ASSUMING DILUTION                             $     .45   $     .30

</TABLE>

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

COMPREHENSIVE INCOME

Under a new accounting standard,  comprehensive  income is now reported for all
periods. Comprehensive income includes both net income  and other comprehensive
income. Other comprehensive income includes the change in  unrealized gains and
losses   on   securities  available  for  sale,  foreign  currency  transaction
adjustments, and additional minimum pension liability adjustments.








                                       9


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

GENERAL

The principal business of MFB Financial (the "Bank") has historically consisted
of attracting deposits from the general public and the small business community
and making loans  secured by various types of collateral, including real estate
and general business  assets.  The Bank is significantly affected by prevailing
economic  conditions,  as  well  as   government   policies    and  regulations
concerning,  among  other  things,  monetary  and  fiscal affairs, housing  and
financial institutions.  Deposit flows are influenced  by  a number of factors,
including   interest  rates paid on competing investments, account  maturities,
fee structures, and level  of  personal  income and savings. Lending activities
are  influenced  by  the  demand  for  and  supply  of  housing   lenders,  the
availability and cost of funds and  various  other items.  Sources of funds for
lending activities of the Bank include deposits,  borrowings, payments on loans
and  income  provided from operations.  The Company's  earnings  are  primarily
dependent upon  the Bank's net interest income, the difference between interest
income and interest expense.

Interest income is  a  function  of  the  balances  of  loans  and  investments
outstanding  during   a  given  period  and the yield earned on such loans  and
investments. Interest expense is a  function  of  the  amount  of  deposits and
borrowings outstanding during the same period and  interest rates paid  on such
deposits  and  borrowings.   The  Company's  earnings are also affected by  the
Bank's   provisions for loan and real estate losses,  service  charges,  income
from subsidiary activities, operating expenses and income taxes.


LIQUIDITY

Liquidity  relates primarily to the Company's ability to fund loan demand, meet
deposit customers'  withdrawal requirements and provide for operating expenses.
Assets used to satisfy  these  needs  consist  of  cash,  deposits  with  other
financial  institutions, overnight interest-bearing deposits in other financial
institutions  and  securities,  excluding FHLB stock. These assets are commonly
referred to as liquid assets. Liquid  assets  were $69.4 million as of December
31, 1998 compared to $59.7 million as of September  30, 1998. This $9.7 million
increase was primarily due to a $8.3 million increase  in securities and a $1.4
million  increase  in  cash  and interest-bearing deposits in  other  financial
institutions.  Management believes  the liquidity level of  $69.4 million as of
December 31, 1998 is sufficient to meet anticipated liquidity needs.

A standard measure of liquidity for savings  associations  is the ratio of cash
and  eligible  investments to a certain percentage of net withdrawable  savings
and borrowings due within one year. The minimum required ratio is currently set
by  Office of Thrift  Supervision  regulation at 4%.  At December 31, 1998, the
Bank's liquidity ratio was 20.23%. and  the  short-term  liquidity  was 13.34%.
Therefore,   the   Bank's  liquidity  is  well  above  the  minimum  regulatory
requirements.

Short-term borrowings or long-term debt may be used to compensate for reduction
in other sources of  funds  such  as  deposits and to assist in asset/liability
management. During the year ended September  30,  1996  the  Bank  instituted a
capital leveraging strategy that involved the purchase of earning assets funded
primarily  with  FHLB  advances. As of December 31, 1998, total FHLB borrowings
amounted to $110.2 million  ,  $28.7 million of which were used as part of this
strategy. The remaining $81.5 million was used primarily to fund loan portfolio
growth. The Bank had commitments  to  fund  loan  originations  with  borrowers
totaling  $45.5  million  at  December  31,  1998,  including  $24.4 million in
available  consumer  and  commercial  lines  of  credit.  In  the  opinion   of
management,  the  Company  has sufficient cash flow and other cash resources to
meet  current  and  anticipated  loan  funding  commitments,  deposit  customer
withdrawal requirements  and  operating  expenses. At September 30, 1998, total
FHLB borrowings totaled $92.7 million, $24.5 million of which were used as part
of the capital leveraging strategy, with the  remaining  $68.2  million used to
fund loan growth.

                                      10
The  cash  flow  statements provide an indication of the Company's sources  and
uses of cash as well as an indication of the ability of the Company to maintain
an adequate level  of  liquidity.  A discussion of the changes in the cash flow
statements for the three months ended December 31, 1998  and 1997  follows.

During the three months  ended December 31, 1998, net cash and cash equivalents
increased $1.4 million from  $17.9  million  at  September  30,  1998  to $19.3
million at December 31, 1998.

The  Company  experienced  a  $7.4  million net decrease in cash from operating
activities for the period ended December  31,  1998, compared to a $7.5 million
net increase for the period ended December 31, 1997.  The  decrease in the most
recent period was primarily attributable to the origination of $14.8 million of
loans held for sale offset by $6.7 million in proceeds realized  from  the sale
of mortgage loans and net income of $663,000. The increase of $7.5 million  for
the  period  ended December 31, 1997 was primarily attributable to $6.4 million
in proceeds from the sale of mortgage loans , $502,000 in net income during the
period and a $279,000 increase in accrued expenses and other liabilities due to
adjusting the  federal and Indiana current and deferred tax payable accounts to
the actual tax accruals.

The $10.2  million   net  decrease in cash from investing activities during the
three months ended December  31,  1998  is  primarily  related  to purchases of
securities  and  FHLB stock totaling $30.7 million exceeding $15.6  million  of
security maturities  and  $5.9 million of principal payments of mortgage-backed
and related securities.  For  the  three  months ended December 31, 1997, there
was  a  $9.0  million  net  decrease in cash from  investing  activities.  This
decrease  was  primarily  related   to  the  $13.7  million  increase  in  loan
originations exceeding principal payments  and  the  $9.7  million  purchase of
securities  and  FHLB  stock,  offset  by  sales  and  maturities of securities
totaling $12.9 million and $1.8 million of mortgage-backed securities principal
payments.

Financing activities generated net cash of $18.7 million  for the period ending
December 31, 1998. The net cash was provided primarily from   $12.6  million in
net  new  FHLB advances and  net deposit increases of $8.2 million,  offset  by
net changes  of  $1.1 million in funds held for borrower's due to tax payments,
$215,000 to repurchase  the  Company's  stock  and   cash  dividend payments of
$124,000 during the quarter. Net cash generated from financing  activities  was
$7.2  million  for  the  three months ended December 31, 1997. The net cash was
provided primarily from $6.0  million  in  net  new  FHLB advances, net deposit
increases  of  $1.5  million,  and  net  increases  of  securities  sold  under
agreements to repurchase of $1.3 million, offset by net changes  of $949,000 in
funds held for borrower's due to payments of taxes, $544,000 to repurchase  the
Company's stock and cash dividend payments of $130,000 during the quarter.


CAPITAL RESOURCES

Total  shareholders'  equity  increased  from $30.9 million as of September 30,
1998  to  $31.3  million as of December 31, 1998  mainly  from  net  income  of
$663,000 offset by  the repurchase of 10,300 shares of outstanding common stock
during this period at  a  cost  of  $215,000,  along  with  the payment of cash
dividends of $124,000.

The Bank is subject to various regulatory capital requirements. Failure to meet
minimum  capital  requirements can initiate certain mandatory or  discretionary
actions by regulators  that  could  have a direct material effect on the Bank's
financial  statements. Under capital adequacy  guidelines  and  the  regulatory
framework  for   prompt   corrective   action,  the  Bank  must  meet  specific
quantitative  capital  guidelines using the  Bank's  assets,  liabilities,  and
certain off-balance sheet  items  as  calculated  under  regulatory  accounting
practices. The Bank's requirements are also subject to qualitative judgments by
the regulators about components, risk weightings and other factors.

Quantitative  measures  established  by  regulation  to ensure capital adequacy
require the Bank to maintain minimum amounts and ratios  (set  forth  below) of
Tier I Capital, Tier I Risk-Based Capital, and Total Risk-Based Capital.


                                      11
The  Bank's  actual capital and required capital amounts and ratios at December
31, 1998 and 1997 are presented  below:
                                                       Requirement to be
                                                    Well Capitalized Under
                                  Requirement for Capital Prompt Corrective
                        ACTUAL       ADEQUACY PURPOSES ACTION PROVISIONS
                    AMOUNT   RATIO    AMOUNT    RATIO   AMOUNT    RATIO
                                  (Dollars in thousands)
As of December 31, 1998
 Tier I Capital    $  28,839 8.62%   $  13,376      4.00%  $16,720 5.00%
 Tier I Risk-Based
  Capital             29,330 14.41% $    8,008      4.00    12,012 6.00
 Total Risk-Based
  Capital             29,330 14.65%  $  16,016      8.00    20,020 10.00

As of December 31, 1997
   Tier I Capital    $ 32,492 12.32%  $ 10,553      4.00%   $ 13,191  5.00%
   Tier I Risk-Based
    Capital            32,877 24.68%     5,328       4.00      7,992    6.00
    Total Risk-Based
      Capital          32,877 24.39%    10,656       8.00     13,319   10.00

AS OF DECEMBER 31, 1998, MANAGEMENT IS NOT AWARE OF ANY CURRENT RECOMMENDATIONS
BY REGULATORY AUTHORITIES WHICH, IF THEY WERE TO BE IMPLEMENTED, WOULD HAVE, OR
ARE REASONABLY  LIKELY  TO  HAVE,  A  MATERIAL  ADVERSE EFFECT ON THE COMPANY'S
LIQUIDITY, CAPITAL RESOURCES OR OPERATIONS.


MATERIAL CHANGES IN FINANCIAL CONDITION

DECEMBER 31, 1998 COMPARED TO SEPTEMBER 30, 1998

Total assets increased $19.7 million from $315.0  million  as  of September 30,
1998 to $334.7 million as of December 31, 1998.

Loans held for sale increased by $8.1 million from $13.5 million  at  September
30, 1998 to $21.6 million  at December 31, 1998 due to the origination of loans
held for sale exceeding the proceeds generated from the sale of mortgage  loans
during  the  quarter.   The  $6.6  million  of fifteen year mortgage loans sold
during  the  period had a weighted average rate  of  6.92%  .  Loan  sales  are
conducted from  time  to  time in an effort to manage interest rate risk and to
generate servicing fee income.  Securities  available  for  sale increased from
$41.8 million at September 30, 1998 to $50.2 million at December  31,  1998, an
increase of $8.3 million.  The growth in net loans held for sale and securities
has been funded in part by the increase in deposits obtained during the  period
along with additional borrowings through the Federal Home Bank advances.

Total  liabilities   increased   from  $284.1 million at September 30 , 1998 to
$303.4 million at December 31, 1998. Significant liability changes included the
addition  of $4.4 million in savings , NOW  and  MMDA  deposits,  $2.1  million
additional  time  deposits,  and  $1.7  million  additional noninterest bearing
demand  deposits.  Enhancement  of  our  deposit based  product  offerings  and
emphasis  on core relationships and quality  service  has  contributed  to  the
deposit increases.  As  mentioned  above,  net FHLB advances increased by $12.6
million during the period to facilitate the loan and securities growth.

The  $110.2  million of Federal Home Loan Bank advances have a weighted average
interest rate of 5.37%  and mature in eleven  years or less. The one-day retail
repurchase agreements totaled $1.7 million at December  31,  1998  and   had  a
weighted average interest rate of 4.02%.




                                      12
MATERIAL CHANGES IN RESULTS OF OPERATIONS

THREE  MONTHS  ENDED  DECEMBER  31,  1998  COMPARED  TO  THE THREE MONTHS ENDED
DECEMBER 31, 1997

The Company's consolidated net income for the three months  ended  December 31,
1998  was  $663,000  or  $.45 per share compared with $502,000 or $.30 for  the
three months ended December  31,  1997.  This  represents  a  50%  increase  in
earnings per share for the Corporation.

Net  interest  income after provision for loan losses for the most recent three
month period totaled  $2.3 million compared to $2.0 million for the same period
one year ago. During the  three  months  ended December 31, 1998 total interest
income increased by $1.1 million compared  to  the  same  period  one year ago,
primarily  as  a  result  of  a  $7.5  million increase in first mortgage  loan
receivables  and  a $31.4 million increase  in  commercial  and  consumer  loan
receivables. Total interest expense increased $807,000 reflecting the growth in
both savings account deposits and borrowed funds.

Noninterest income  increased from $165,000 for the three months ended December
31, 1997 to $304,000  for the most recent three month period, while noninterest
expense increased from $1.3 million to $1.5 million for the comparable periods.
The $139,000 noninterest income increase is primarily related to gains realized
on the sale of mortgage  loans  during the period, servicing income retained on
those sold loans, and fees generated  from  the  growing number of core deposit
account  relationships.  The  noninterest  expense  increases   are   primarily
attributable to staffing increases, facility upgrades, and expenses incurred in
the offering of additional services to the Bank's customers.


SUPPLEMENTAL INFORMATION

The Company continues to maintain asset quality that compares favorably  to its
industry  peer  group. The ratio of nonperforming assets to total assets as  of
December 31, 1998 was .04% compared to .09% as of December 31, 1997.























                                      13

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is subject  to  interest rate risk to the degree that its interest-
bearing liabilities, primarily  deposits with short and medium-term maturities,
mature  or  reprice  at  different  rates  than  its  interest-earning  assets.
Although having liabilities that mature  or  reprice less frequently on average
than  assets  will be beneficial in times of rising  interest  rates,  such  an
asset/liability  structure  will  result  in lower net income during periods of
declining interest rates, unless offset by  other  factors  such as noninterest
income.

A key element of the Company's asset/liability plan is to protect  net earnings
from  changes in interest rates by managing the maturity or repricing  mismatch
between  its  interest-earning  assets  and  rate-sensitive  liabilities.   The
Company  has  sought  to  reduce  exposure  to  its earnings through the use of
adjustable rate loans and through the sale of fixed rate loans in the secondary
market, and by extending funding maturities through the use of FHLB advances.

AS PART OF ITS EFFORTS TO MONITOR AND MANAGE INTEREST  RATE  RISK,  THE COMPANY
USES THE
NET  PORTFOLIO  VALUE  ("NPV")  METHODOLOGY  ADOPTED  BY  THE  OFFICE OF THRIFT
SUPERVISION  AS  PART  OF  ITS CAPITAL REGULATIONS.  IN ESSENCE, THIS  APPROACH
CALCULATES THE DIFFERENCE BETWEEN THE PRESENT VALUE OF EXPECTED CASH FLOWS FROM
ASSETS AND THE PRESENT VALUE  OF  EXPECTED CASH FLOWS FROM LIABILITIES, AS WELL
AS CASH FLOWS FROM OFF-BALANCE-SHEET CONTRACTS.  THE DIFFERENCE IS THE NPV.  AS
OF SEPTEMBER 30, 1998, (THE MOST RECENTLY  AVAILABLE  DATA),  AFTER A 200 BASIS
POINT RATE DECREASE, THE COMPANY'S NPV RATIO WAS 10.24%.  IN THE EVENT OF A 200
BASIS POINT INCREASE IN RATES, THE COMPANY'S NPV RATIO WAS 10.34%.   MANAGEMENT
AND THE BOARD OF DIRECTORS REVIEW THE OTS MEASUREMENTS ON A QUARTERLY  BASIS TO
DETERMINE  WHETHER  THE  COMPANY'S  INTEREST RATE EXPOSURE IS WITHIN THE LIMITS
ESTABLISHED BY THE BOARD OF DIRECTORS  IN  THE  COMPANY'S  INTEREST  RATE  RISK
POLICY.

THE COMPANY'S ASSET/LIABILITY MANAGEMENT STRATEGY DICTATES ACCEPTABLE LIMITS ON
THE  AMOUNTS  OF  CHANGE  IN  NPV GIVEN CERTAIN CHANGES IN INTEREST RATES.  THE
TABLE PRESENTED HERE, AS OF SEPTEMBER 30, 1998, IS AN ANALYSIS OF THE COMPANY'S
INTEREST  RATE  RISK AS MEASURED  BY  CHANGES  IN  NPV  FOR  INSTANTANEOUS  AND
SUSTAINED PARALLEL SHIFTS IN THE YIELD CURVE, IN 100 BASIS POINT INCREMENTS, UP
AND DOWN 400 BASIS POINTS.

INTEREST RATES                                         NPV AS % OF PORTFOLIO
<TABLE>
<CAPTION>
CHANGE IN BASIS                        NET PORTFOLIO VALUE                                 VALUE OF ASSETS              Points
                                     NPV
(RATE SHOCK) (1) $ AMOUNT  $ CHANGE   % CHANGE   RATIO      CHANGE (1)
<S>                               (Dollars in Thousands)
                    <C>      <C>       <C>        <C>         <C>
   +400         $ 25,407   $ ( 8,932)  (26)%      8.61%       (225)

   +300           28,868   ( 5,471)    (16)        9.57       (128)

   +200           31,789    (2,551)    ( 7)       10.34        (51)

   +100           33,823     ( 516)     (2)       10.82         (3)

      0           34,339       -         -        10.86          -

   - 100          33,602      (738)      (2)      10.53         (33)

   - 200          32,990    (1,349)      (4)      10.24        ( 62)

   - 300          32,824    (1,516)      (4)      10.07         (78)

   - 400          32,919    (1,420)      (4)       9.98         (88)

</TABLE>
(1)  EXPRESSED IN BASIS POINTS
                                      14

   AS ILLUSTRATED IN THE TABLE, THE COMPANY'S NPV DECLINES BOTH IN RISING AND
   FALLING INTEREST RATE ENVIRONMENTS.  THIS PHENOMENON OCCURS PRIMARILY AS A
   RESULT  OF  THE HISTORICALLY LOW INTEREST RATE ENVIRONMENT THAT EXISTED AT
   SEPTEMBER 30,  1998,  THE  HEAVY CONCENTRATION OF ADJUSTABLE RATE LOANS IN
   THE LOAN PORTFOLIO AND THE RELATED  PREPAYMENT  ASSUMPTION USED IN THE OTS
   MODEL.  SPECIFICALLY, THE TABLE INDICATES THAT, AT SEPTEMBER 30, 1998, THE
   COMPANY'S NPV WAS $34.3 MILLION OR 10.86% OF THE MARKET VALUE OF PORTFOLIO
   ASSETS.  BASED UPON THE ASSUMPTIONS UTILIZED, AN IMMEDIATE 200 BASIS POINT
   INCREASE IN MARKET INTEREST RATES WOULD RESULT IN  A  $2.6 MILLION OR 7.4%
   DECLINE IN THE COMPANY'S NPV AND WOULD RESULT IN A 52 BASIS  POINT OR 4.8%
   DECLINE IN THE COMPANY'S NPV RATIO TO 10.34%.  SIMILARLY, AN IMMEDIATE 200
   BASIS  POINT  DECREASE  IN  MARKET INTEREST RATES WOULD RESULT IN  A  $1.3
   MILLION OR 3.9%% DECLINE IN THE  COMPANY'S  NPV,  AND  A 62 BASIS POINT OR
   5.7%  DECLINE  IN  THE  COMPANY'S  NPV  RATIO TO 10.24%.  BOTH  PERCENTAGE
   DECLINES IN THE COMPANY'S NPV AT SEPTEMBER  30, 1998 WERE WITHIN THE LIMIT
   IN THE COMPANY'S BOARD-APPROVED GUIDELINES.

IN ADDITION TO MONITORING SELECTED MEASURES ON NPV,  MANAGEMENT  ALSO  MONITORS
EFFECTS ON NET INTEREST INCOME RESULTING FROM INCREASES OR DECREASES IN  RATES.
THIS  MEASURE  IS  USED  IN CONJUNCTION WITH NPV MEASURES TO IDENTIFY EXCESSIVE
INTEREST  RATE  RISK.   IN  MANAGING  ITS  ASSET/LIABILITY  MIX,  THE  COMPANY,
DEPENDING ON THE RELATIONSHIP  BETWEEN  LONG  AND  SHORT  TERM  INTEREST RATES,
MARKET CONDITIONS AND CONSUMER PREFERENCE, MAY PLACE SOMEWHAT GREATER  EMPHASIS
ON  MAXIMIZING  ITS  NET INTEREST MARGIN THAN ON STRICTLY MATCHING THE INTEREST
RATE SENSITIVITY OF ITS  ASSETS  AND LIABILITIES.  MANAGEMENT BELIEVES THAT THE
INCREASED NET INCOME WHICH MAY RESULT FROM AN ACCEPTABLE MISMATCH IN THE ACTUAL
MATURITY OR REPRICING OF ITS ASSET AND LIABILITY PORTFOLIOS CAN, DURING PERIODS
OF DECLINING OR STABLE INTEREST RATES,  PROVIDE  SUFFICIENT  RETURNS TO JUSTIFY
THE  INCREASED  EXPOSURE  TO SUDDEN AND UNEXPECTED INCREASES IN INTEREST  RATES
WHICH MAY RESULT FROM SUCH  A MISMATCH.  MANAGEMENT BELIEVES THAT THE COMPANY'S
LEVEL OF INTEREST RATE RISK IS ACCEPTABLE UNDER THIS APPROACH AS WELL.

In  evaluating  the Company's exposure  to  interest  rate  movements,  certain
shortcomings inherent  in  the  method  of  analysis presented in the foregoing
table must be considered.  For example, although certain assets and liabilities
may  have  similar  maturities  or  periods to repricing,  they  may  react  in
different degrees to changes in market  interest  rates.   Also,  the  interest
rates  on  certain types of assets and liabilities may fluctuate in advance  of
changes in market  interest  rates, while interest rates on other types may lag
behind changes in interest rates.  Additionally, certain assets, such as ARM's,
have features which restrict changes  in  interest  rates on a short-term basis
and over the life of the asset.  Further, in the event  of a significant change
in interest rates, prepayment and early withdrawal levels  would likely deviate
significantly from those assumed above.  Finally, the ability of many borrowers
to service their debt may decrease in the event of an interest  rate  increase.
The  Company  considers  all  of  these  factors  in monitoring its exposure to
interest rate risk.

The  Board  of  Directors and management of the Company  believe  that  certain
factors afford the  Company  the  ability  to  operate successfully despite its
exposure to interest rate risk.  The Company manages  its interest rate risk by
originating adjustable rate loans and by selling a portion  of  its  fixed rate
one-to-four  family  real estate loans.  While the Company generally originates
mortgage loans for its  own portfolio, sales of fixed rate first mortgage loans
with maturities of 15 years  or  greater  are  currently  undertaken  to manage
interest rate risk.  Loans classified as held for sale as of December 31,  1998
are  $21.7  million.   The  Company  retains the servicing on loans sold in the
secondary market and, at December 31,  1998,  $30.7  million in such loans were
being serviced for others.  The Company also maintains  capital  well in excess
of regulatory requirements.




                                      15


The  Company's  investment  strategy is to maintain a diversified portfolio  of
high quality investments that  minimize  interest  rate  and credit risks while
maximizing investment return and to provide liquidity necessary to meet funding
needs.  Wholesale banking activities are conducted as a means to supplement net
income  and  to  achieve  desired growth targets.  This strategy  involves  the
acquisition of assets funded  through  sources other than retail deposits, such
as FHLB advances.  The goal is to create  interest  rate  spreads between asset
yields  and  funding  costs within acceptable risk parameters  while  improving
return on equity.

The Company's cost of funds  responds  to  changes in interest rates due to the
relatively short-term nature of its deposit  portfolio.   The  Company offers a
range of maturities on its deposit products at competitive rates  and  monitors
the maturities on an ongoing basis



ITEM 4. YEAR 2000 READINESS


The Company is aware of the issues associated with programming code in existing
computer  systems  as  the year 2000 approaches.  The issue is whether computer
systems  will properly recognize  date  sensitive  information  when  the  year
changes to 2000.  Systems that do not properly recognize such information could
generate erroneous  data  or  cause  a  system  to fail. The Company is heavily
dependent on computer processing in its business  activities  and the year 2000
issue  creates  risk  for the Company from unforseen problems in the  Company's
computer system and from  third  parties  whom  the  Company  uses  to  process
information.   Such  failure  of  the  Company's  computer  system and/or third
parties computer systems could have a material impact on the  Company's ability
to conduct its business.

A  major  third  party  vendor provides the Company's primary data  processing.
This provider has advised  the  Company that is has completed the renovation of
its system to be year 2000 ready,  and is currently in the process of providing
users of the system the opportunity  to  test  the  system  for readiness.  The
Company is currently performing tests of the data processing  provider's system
for year 2000 readiness and anticipates completion of the testing  by  February
20, 1999.

The  Company's  ten  year  contract  with  its current data processing provider
expires during 1999. The Company hired a consultant  to  assist with the search
for  its  future  data processing provider. The Company has received  responses
from  select  vendors,   called   client   references,   and   viewed   on-site
demonstrations  of the vendor's products.  The Company anticipates selecting  a
final vendor and executing a contract with that vendor prior to March 31, 1999.

The Company has performed  an assessment of its computer hardware and software,
and has determined those systems  that  require  upgrade to be year 2000 ready.
Such upgrades have either been completed or will be  completed  concurrent with
the conversion to the Company's new data processing provider, which is expected
to be completed by June 30, 1999.  In addition, the Company has reviewed  other
external  third  party  vendors  that  provide  services  to the Company (i.e.,
utility companies, electronic funds transfer providers, and software companies)
and has requested or already received certification letters  from these vendors
that their systems will be year 2000 ready on a timely basis.   Testing will be
performed with the service providers, if possible, to determine their year 2000
readiness.


                                      16

The  Company could incur losses if loan payments are delayed due to  year  2000
problems  affecting  significant  borrowers.  The Company is communicating with
such  parties  to assess their progress  in  evaluating  and  implementing  any
corrective measures  required  by  them  to  be  year 2000 ready.  To date, the
Company has not been advised by such parties that  they  do  not  have plans in
place to address and correct the issues associated with the year 2000  problem;
however,  no assurance can be given as to the adequacy of such plans or to  the
timeliness  of  their  implementation.   As part of the current credit approval
process, new and renewed loans are evaluated  as  to  the  borrower's year 2000
readiness.

Based on the Company's review of its computer systems, management  believes the
cost  of  the  remediation effort to make its systems year 2000 ready will  not
have an adverse  impact  on  the  Company's  financial  condition,  results  of
operations  or  liquidity.   The Company had already planned to replace many of
its computers and associated equipment  as  a result of the conversion to a new
data  services  provider.   These  cost  and  time   estimates   are  based  on
management's best estimates and could differ from those actually incurred.

The  Company  has developed a year 2000 contingency plan that addresses,  among
other  issues,  critical   operations   and  potential  failures  thereof,  and
strategies for business continuation.

Although  management  believes  the  Company's  computer  systems  and  service
providers  will  be year 2000 ready, there  can  be  no  assurance  that  these
systems, or those  systems  of  other  companies on which the Company's systems
rely, will be fully functional in the year  2000.   Such  failure  could have a
significant adverse impact on the financial condition and results of operations
of the Company.




























                                      17



                           MFB CORP. AND SUBSIDIARY
                                   FORM 10-Q

                          PART II - OTHER INFORMATION
Item 1. Legal Proceedings.

      None

Item 2. Changes in Securities.

      None

Item 3. Defaults Upon Senior Securities.

      None

Item 4. Submission of Matters to a Vote of Security Holders.

      (a) The Annual Meeting of Shareholders was held on January 19, 1999.

          (b) Each of the persons named in the proxy statement as a
       nominee for director was elected.

      (c) The following are the voting results on each of the matters which
   were submitted to the
          shareholders:


                                     FOR      AGAINST       ABSTAIN   NON-VOTE

Election of Directors:
 Michael J. Marien               1,284,207      8,557
 Charles J. Viater               1,284,352      8,412
   Thomas F. Hums                1,282,656     10,108
   Christine A. Lauber           1,283,757      9,007

Appointment of Crowe Chizek &
Co. as auditors for 1999.        1,289,814      1,750         1,200


The text of the matters referred to under this Item 4 is set forth in the proxy
statement  dated  December  14,  1998 previously filed with the Securities  and
Exchange Commission, and is incorporated herein by reference.

Item 5. Other Information.

      None

Item 6. Exhibits and Reports on Form 8-K

      (a) MFB Corp. filed one Form 8-K reports during the quarter ended
December 31, 1998.
                Date of report:      December  21, 1998
                Items reported: News release dated October 21, 1998 regarding
the announcement of  fourth quarter earnings and the declaration of a $.085
 per share cash dividend payable on November 17, 1998 to holders of record
 on November 3, 1998.


                                         18


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.



MFB CORP.




Date                          By
                                   Charles J. Viater
                                   President





Date                          By                                                
 
                                  Timothy C. Boenne
                                   Vice President



























                                   19



<TABLE> <S> <C>

<ARTICLE> 9
<CIK> 0000916396
<NAME> MFB CORP. 
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               DEC-31-1998
<EXCHANGE-RATE>                                  1.000
<CASH>                                           3,398
<INT-BEARING-DEPOSITS>                          15,860
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                     50,159
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        232,209
<ALLOWANCE>                                        499
<TOTAL-ASSETS>                                 334,668
<DEPOSITS>                                     188,870
<SHORT-TERM>                                     9,679
<LIABILITIES-OTHER>                              2,615
<LONG-TERM>                                    102,226
                                0
                                          0
<COMMON>                                        12,894
<OTHER-SE>                                      18,431
<TOTAL-LIABILITIES-AND-EQUITY>                 334,668
<INTEREST-LOAN>                                  4,978
<INTEREST-INVEST>                                  835
<INTEREST-OTHER>                                   147
<INTEREST-TOTAL>                                 5,960
<INTEREST-DEPOSIT>                               2,162
<INTEREST-EXPENSE>                               3,626
<INTEREST-INCOME-NET>                            2,334
<LOAN-LOSSES>                                       45
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                  1,467
<INCOME-PRETAX>                                  1,126
<INCOME-PRE-EXTRAORDINARY>                         663
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       663
<EPS-PRIMARY>                                      .46
<EPS-DILUTED>                                      .45
<YIELD-ACTUAL>                                    3.00
<LOANS-NON>                                          0
<LOANS-PAST>                                       132
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                   454
<CHARGE-OFFS>                                        0
<RECOVERIES>                                         0
<ALLOWANCE-CLOSE>                                  499
<ALLOWANCE-DOMESTIC>                               474
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                             25
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission