<PAGE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D.C. 20549
--------------------------------
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
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 No. 0-23468
FIRST MISSOURI BANCSHARES, INC.
(Exact name if registrant as specified in its charter)
Delaware 43-1665766
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 West Lockling, Brookfield, Missouri 64628
- --------------------------------------- -----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (816) 258-3311
--------------
Not applicable
- ---------------------------------------------------------------
(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 Sections 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ___X___ . No ______.
Indicate the number of shares outstanding of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding July 31, 1996
- ------------------------------------------------------------------
Common Stock, par value $.01 per share 285,912 Shares<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
FORM 10-QSB
FOR THE QUARTER ENDED JUNE 30, 1996
INDEX
PAGE NO.
PART I - Financial Information
Consolidated Balance Sheets 1
Consolidated Statements of Earnings 2
Consolidated Statements of Cash Flows 3
Notes to Consolidated Financial Statements 5
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
PART II - Other Information 11
<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
---------- ------------
ASSETS (Unaudited)
<S> <C> <C>
Cash and cash equivalents $ 579 $ 1,037
Certificates of deposit 194 170
Securities available-for-sale at market value
(amortized cost of $4,079 and $2,929, respectively) 4,000 2,931
Securities held-to-maturity, at amortized cost
(market value of $174 and $200, respectively) 176 201
Mortgage-backed and related securities:
Available-for-sale, at market value (amortized cost
of $3,562 and $4,215, respectively) 3,516 4,178
Held-to-maturity, at amortized cost (market
value of $94 and $118, respectively) 92 116
Restricted equity securities 318 313
Loans receivable, net 35,389 32,659
Premises and equipment, net 637 635
Other real estate owned, net 98 18
Accrued interest receivable 712 749
Other assets 139 112
------- -------
Total Assets $45,850 $43,119
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $38,275 $36,025
Advances from FHLB of Des Moines 1,750 1,000
Accrued interest on deposits 104 137
Advances from borrowers for taxes and insurance 24 49
Other liabilities 105 73
Accrued income taxes 20 26
Deferred income tax liability 256 311
------- -------
Total Liabilities 40,534 37,621
------- -------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 200,000 shares
authorized; shares issued and outstanding - none - -
Common stock, $.01 par value; 800,000 shares
authorized; 313,040 shares issued 3 3
Additional paid-in capital 2,736 2,729
Common stock acquired by ESOP (165) (190)
Common stock acquired by MRPs (69) (88)
Unrealized loss on securities available-for-sale, net (85) (21)
Treasury stock, at cost, 27,128 shares and
10,374 shares, respectively (356) (119)
Retained earnings - substantially restricted 3,252 3,184
------- -------
Total stockholders' equity 5,316 5,498
------- -------
Total liabilities and stockholders' equity $45,850 $43,119
======= =======
</TABLE>
See accompanying notes to consolidated financial statements.
1<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATMENT OF EARNINGS
(Dollars in Thousands - except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
----------------- --------------------
1996 1995 1996 1995
------- ------- ------ --------
(unaudited)
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $ 818 $ 725 $2,404 $2,047
Mortgage-backed and related
securities 64 78 213 226
Securities 68 52 174 158
Other interest-earning assets 11 5 27 21
----- ----- ------ ------
Total interest income 961 860 2,818 2,452
----- ----- ------ ------
Interest expense:
Deposits 488 447 1,463 1,237
Advances from FHLB 17 18 47 53
----- ----- ------ ------
Total interest expense 505 465 1,510 1,290
----- ----- ------ ------
Net interest income 456 395 1,308 1,162
Provision for loan losses 60 6 105 9
----- ----- ------ ------
Net interest income after
provision for loan losses 396 389 1,203 1,153
----- ----- ------ ------
Noninterest income:
Service charges on deposit accounts 24 22 69 71
Loan service charges 5 5 17 17
Gain (loss) on sale of securities
available-for-sale 2 4 3 (4)
Other 10 12 24 39
----- ----- ------ ------
Total noninterest income 41 43 113 123
Noninterest expense:
Compensation and benefits 115 105 337 317
Occupancy expense 11 9 32 28
Equipment and data processing
expense 30 21 80 70
Deposit insurance premium 21 21 61 62
Professional services 47 21 111 84
Advertising 8 7 23 21
Supplies expense 5 10 26 24
Other 40 38 125 125
----- ----- ------ ------
Total noninterest expense 277 232 795 731
----- ----- ------ ------
Earnings before income taxes 160 200 521 545
Income taxes 66 70 201 202
----- ----- ------ ------
Net earnings $ 94 $ 130 $ 320 $ 343
===== ===== ====== ======
Net earnings per share $ .35 $ .48 $ 1.16 $ 1.24
===== ===== ====== ======
Weighted-average shares outstanding
(in thousands) 270 270 275 277
===== ===== ====== ======
Dividends per share $ .45 $ .45 $ .91 $ .90
===== ===== ====== ======
</TABLE>
See accompanying notes to consolidated financial statements.
2<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
June 30,
---------------------
1996 1995
---------- --------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 320 $ 343
Adjustments to reconcile net earnings to net
cash provided by (used for) operating activities
Depreciation expense 39 39
Provision for loan losses 105 9
(Gain) loss on sale of securities available-for-sale (3) 4
ESOP expense 33 19
MRP expense 19 19
Amortization of premiums (discounts), net on
securities (2) 2
Gain on sale of equipment - (14)
Provision for OREO losses 2 -
Changes in:
Accrued interest receivable 37 65
Other assets (27) 77
Accrued interest on deposits and other liabilities (1) 16
Accrued income taxes (6) (49)
Deferred tax liability (29) -
------- -------
Net cash provided by operating activities 487 530
------- -------
Cash flows from investing activities:
Loans originated, net of principal collections
on loans (2,917) (1,568)
Mortgage-backed and related securities:
Held-to-maturity:
Purchased - -
Principal collections 24 9
Available-for-sale:
Principal collections 108 76
Proceeds from sale 548 -
Securities and certificates of deposit:
Held-to-maturity:
Purchased certificate (25) -
Proceeds from maturity 26 496
Available-for-sale
Purchased (2,048) (1,183)
Proceeds from maturity 900 253
Proceeds from sale - 1,462
Purchase of restricted equity securities (5)
Purchase of premises and equipment, net (41) (29)
------- -------
Net cash provided by (used for) investing
activities (3,430) (484)
------- -------
Net cash provided by (used for) operating and
investing activities, carried forward $(2,943) $ 46
------- -------
</TABLE>
3<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
June 30,
---------------------
1996 1995
---------- --------
(Unaudited)
<S> <C> <C>
Net cash provided by (used for) operating and
investing activities, brought forward $(2,943) $ 46
Cash flows from financing activities:
Changes in:
Deposits 2,250 1,545
Advances from borrowers for taxes and insurance (25) (24)
Proceeds from advance from FHLB 750 300
Repayment of advance from FHLB - (800)
Purchase of treasury stock (237) (160)
Dividends paid to stockholders (253) (260)
------- ------
Net cash provided by financing activities 2,485 601
------- ------
Net increase (decrease) in cash and cash
equivalents (458) 647
Cash and cash equivalents at beginning of period 1,037 514
------- ------
Cash and cash equivalents at end of period $ 579 $1,161
======= ======
Supplemental disclosures of cash flow information:
Cash paid for interest on deposits $ 1,496 $1,202
Cash paid for interest on advances from FHLB 47 53
Cash paid for income taxes 204 149
Noncash investing activity:
Transfer of securities and mortgage-backed and
related securities from held for investment to
available-for-sale $ - $7,467
Real estate received in settlement of loans, net 82 -
</TABLE>
See accompanying notes to consolidated financial statements.
4<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) The information contained in the accompanying consolidated
financial statements is unaudited. In the opinion of
management, the financial statements contain all adjustments
(none of which were other than normal recurring entries)
necessary for a fair statement of the results of operations
for the interim periods.
(2) SECURITIES
Securities are summarized as follows:
<TABLE>
<CAPTION>
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
--------- ---------- ---------- ------
JUNE 30, 1996
- -------------
<S> <C> <C> <C> <C>
AVAILABLE-FOR-SALE
Debt securities - U.S. Treasury and
Federal Agency obligations $3,984 $ 8 $ (88) $3,904
Debt securities - state and
municipal obligations 55 - (1) 54
Equity securities - corporate
preferred stock 40 2 - 42
------ ----- ----- ------
$4,079 $ 10 $ (89) $4,000
====== ===== ===== ======
Weighted-average rate 6.27%
======
HELD-TO-MATURITY
Debt securities - state and
municipal obligations $ 176 $ - $ (2) $ 174
====== ===== ===== ======
Weighted-average rate 4.66%
======
SEPTEMBER 30, 1995
- ------------------
Available-for-Sale
Debt securities - U.S. Treasury
and Federal Agency
Obligations $ 2,891 $ 17 $ (17) $2,891
Equity securities - corporate
preferred stock 38 2 - 40
------ ----- ----- ------
$2,929 $ 19 $ (17) $2,931
====== ===== ===== ======
Weighted-average rate 5.74%
======
HELD-TO-MATURITY
Debt securities - state and
municipal obligations $ 201 $ - $ (1) $ 200
====== ===== ===== ======
Weighted average rate 3.88%
======
</TABLE>
5<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(2) SECURITIES (CONTINUED)
Maturities of debt securities at June 30, 1996 are
summarized as follows:
<TABLE>
<CAPTION>
Available-for-Sale Held-to-Maturity
------------------- ------------------
Amortized Market Amortized Market
Cost Value Cost Value
--------- ------- -------- ------
<S> <C> <C> <C> <C>
Due within one year $1,149 $1,149 $ 126 $ 125
Due after one year through five years 1,005 984 50 49
Due after five years through ten years 1,885 1,825 - -
------ ------ ----- -----
$4,039 $3,958 $ 176 $ 174
====== ====== ===== =====
</TABLE>
Maturities of debt securities at September 30, 1995 are summarized
as follows:
<TABLE>
<CAPTION>
Available-for-Sale Held-to-Maturity
------------------- ------------------
Amortized Market Amortized Market
Cost Value Cost Value
--------- ------- -------- ------
<S> <C> <C> <C> <C>
Due within one year $ 350 $ 349 $ 25 $ 25
Due after one year through five years 2,147 2,140 176 175
Due after five years through ten years 394 402 - -
------ ------ ----- -----
$2,891 $2,891 $ 201 $ 200
====== ====== ===== =====
</TABLE>
(3) MORTGAGE-BACKED AND RELATED SECURITIES
Mortgage-backed and related securities are summarized at
June 30, 1996 as follows:
<TABLE>
<CAPTION>
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
--------- ---------- ---------- ------
<S> <C> <C> <C> <C>
AVAILABLE-FOR-SALE
GNMA $ 465 $ 25 $ - $ 490
Collateralized mortgage obligations:
FHLMC 1,339 - (33) 1,306
FNMA 1,758 1 (39) 1,720
------ ---- ---- ------
$3,562 $ 26 $(72) $3,516
====== ==== ==== ======
Weighted-average rate 6.70%
======
HELD-TO-MATURITY
FHLMC $ 92 $ 2 $ - $ 94
====== ==== ==== ======
Weighted-average rate 8.62%
======
</TABLE>
6<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(3) MORTGAGE-BACKED AND RELATED SECURITIES (CONTINUED)
Mortgage-backed and related securities are summarized at
September 30, 1995 as follows:
<TABLE>
<CAPTION>
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
--------- ---------- ---------- ------
<S> <C> <C> <C> <C>
AVAILABLE-FOR-SALE
GNMA $ 507 $ 29 $ - $ 536
Collateralized mortgage obligations:
FHLMC 1,707 - (33) 1,674
FNMA 2,001 7 (40) 1,968
------ ---- ---- ------
$4,215 $ 36 $(73) $4,178
====== ==== ==== ======
Weighted-average rate 7.22%
======
HELD-TO-MATURITY
FHLMC $ 116 $ 2 $ - $ 118
====== ==== ==== ======
Weighted-average rate 8.62%
======
</TABLE>
7<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
First Missouri Bancshares, Inc. (Company) has no significant assets
other than common stock of First Missouri National Bank (Bank),
cash and cash equivalents, securities and the loan to the ESOP.
The Company's principal business is the business of the Bank.
Therefore, the discussion in the Management's Discussion and
Analysis of Financial Condition and Results of Operations relates
to the Bank and its operations.
LIQUIDITY AND CAPITAL RESOURCES
The Bank's principal sources of funds are cash receipts from
deposits, principal collections on loans and mortgage-backed
securities, proceeds from maturities of securities, and net
earnings. The Bank has an agreement with the Federal Home Loan
Bank of Des Moines (FHLB) for the FHLB to provide cash advances to
the Bank. Long-term, fixed-rate loans were funded with deposits
which adjust to market interest rates more frequently. In recent
years, the Bank has originated primarily mortgage loans which
permit adjustment of the interest rate after an initial term of one
year in order to reduce inherent interest rate risk.
The Bank is required to maintain minimum amounts of capital to
total "risk-weighted" assets, as defined by the banking regulators.
At June 30, 1996, the Bank is required to maintain a minimum tier
1 risk-based capital ratio and total risk-based capital ratio of
4.00% and 8.00%, respectively. The Bank's actual ratios at that
date were 13.93% and 14.91%, respectively. The Bank's leverage
ratio at June 30, 1996, was 11.04% compared to a requirement of
4.00%.
Commitments to originate adjustable-rate mortgage loans at June 30,
1996 were approximately $304,000. Management believes the Bank can
fund these commitments from cash on hand and other available
sources of liquidity.
FINANCIAL CONDITION
Assets increased to $45.9 million at June 30, 1996 from $43.1
million at September 30, 1995 primarily due to a $2.7 million
increase in loans receivable. At June 30, 1996, $7.5 million of
securities and mortgage-backed and related securities were
classified as available-for-sale under Statement of Financial
Accounting Standards (SFAS) No. 115. An unrealized loss on
securities available-for-sale, net of tax effect, of $85,000 has
been recognized as a component of stockholders' equity. Securities
available-for-sale at June 30, 1996 include one floating rate
Federal agency obligation which yielded 3.80% at June 30, 1996 and
matures in February 1997. Such floating rate Federal agency
obligations are subject to significant price volatility in certain
circumstances, such as a decrease in the difference between short
term and long term interest rates. Accrued interest receivable
changed due to the timing of interest receipts. Other real estate
owned increased by $80,000 primarily due to the repossession of a
commercial restaurant property. Prior to such transfer, the
property was treated as a nonaccrual loan and considered by
management in its assessment of the allowance for loan losses.
Accrued interest on deposits decreased due to the timing of
interest paid on certain certificate accounts. Advances from
borrowers for taxes and insurance decreased as a result of real
estate taxes paid on behalf of customers in December of each year.
Other liabilities increased due to the timing of payment of certain
accrual items. The Company repurchased 6,000 shares of its common
stock during the quarter ended June 30, 1996 at a per share price
of $13.50. There were no options to purchase shares of common
stock exercised during the quarter ended June 30, 1996 at the per
share price of $10.
8<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
---------------------
NET EARNINGS
Net earnings decreased from $130,000 or $.48 per share for the
three months ended June 30, 1995 to $94,000 or $.35 per share for
the three months ended June 30, 1996. Net earnings decreased from
$343,000 or $1.24 per share for the nine months ended June 30, 1995
to $320,000 or $1.16 per share for the nine months ended June 30,
1996. Higher net interest income was offset by a higher provision
for loan losses, lower noninterest income and higher noninterest
expense.
NET INTEREST INCOME
Net interest income increased from $395,000 for the three months
ended June 30, 1995 to $456,000 for the three months ended June 30,
1996. Net interest income increased from $1,162,000 for the nine
months ended June 30, 1995 to $1,308,000 for the nine months ended
June 30, 1996. The increase was due to an increase in interest
income which exceeded the increase in interest expense. Interest
income on loans increased as a result of a higher effective yield
and a higher average balance. The effective yield on the loan
portfolio increased from 9.30% for the period ended June 30, 1995
to 9.58% for the period ended June 30, 1996 as a result of loan
originations at higher interest rates in 1996. Interest expense
increased as a result of a higher average deposit balance. The
effective rate on deposits decreased from 5.37% for the period
ended June 30, 1995 to 5.16% for the period ended June 30, 1996.
PROVISION FOR LOAN LOSSES
Provision for loan losses is based upon management's consideration
of economic conditions which may affect the ability of borrowers to
repay the loans. Management also reviews individual loans for
which full collectibility may not be reasonably assured and
considers, among other matters, the risks inherent in the Bank's
portfolio and the estimated fair value of the underlying
collateral. This evaluation is ongoing and results in variations
in the Bank's provision for loan losses. As a result of this
evaluation, the Bank's provision for loan losses amounted to
$60,000 and $105,000 for the three and nine months ended June 30,
1996, respectively. A provision of $6,000 and $9,000 was recorded
for the three and nine months ended June 30, 1995. The provision
for loan losses was higher primarily due to the recognition of
losses through the write down to fair value, prior to foreclosure,
on recently acquired other real estate owned and recognition of
increased credit risk for certain identified loans.
Following is a summary of certain loan and other asset quality
ratios:
<TABLE>
<CAPTION>
June 30, September 30, June 30, September 30,
1996 1995 1995 1995
-------- ------------ -------- ------------
<S> <C> <C> <C> <C>
Allowance for loan losses to
nonperforming loans 82.30% 112.31% 278.35% 136.60%
Non performing assets to total assets 1.13% .66% .23% .47%
Allowance for loan losses to total
gross loans .96% .91% .84% .87%
</TABLE>
As illustrated above, nonperforming assets have increased
approximately $230,000 as a result of a single borrower filing for
reorganization under Federal Bankruptcy Code. Management has
responded by increasing the provision for loan losses and believes
that the allowance for loan losses is adequate.
9<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
---------------------
NONINTEREST INCOME
Noninterest income decreased from $43,000 for the three months
ended June 30, 1995 to $41,000 for the three months ended June 30,
1996. Noninterest income decreased from $123,000 for the nine
months ended June 30, 1995 to $113,000 for the nine months ended
June 30, 1996. This decrease in noninterest income during the nine
months ended June 30, 1996 was primarily due to a non-recurring
gain on sale of equipment during 1995.
NONINTEREST EXPENSE
Noninterest expense increased from $232,000 for the three months
ended June 30, 1995 to $277,000 for the three months ended June 30,
1996. Noninterest expense increased from $731,000 for the nine
months ended June 30, 1995 to $795,000 for the nine months ended
June 30, 1996. These increases were primarily a result of
increases in compensation and benefit expense and professional
services expense.
Compensation and benefits increased as a result of higher expenses
related to the employee stock ownership plan established in
connection with the stock conversion. Professional services
increased primarily due to certain additional non-recurring fees
related to the change in the accountants of record. Other expenses
remained stable or increased due largely to the timing of purchases
of various other items.
INCOME TAXES
Income taxes decreased for the three months and nine months ended
June 30, 1996 due to lower levels of pretax earnings.
10<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
There are no material legal proceedings to which the Holding
Company or the Bank is a party or of which any of their property is
subject. From time to time, the Bank is a party to various legal
proceedings incidental to its business.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits: Exhibit 27 - Financial Data Schedule
(EDGAR ONLY)
(b) Reports on Form 8-K: none
11<PAGE>
<PAGE>
FIRST MISSOURI BANCSHARES, INC. AND SUBSIDIARY
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
FIRST MISSOURI BANCSHARES, INC.
-------------------------------
(Registrant)
DATE: 8/13/96 BY: /s/ Mark L. Smith
----------- ----------------------------
Mark L. Smith, President, Chief
Operating Officer, Principal
Financial Officer and Duly
Authorized Officer
12
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from
consolidated financial statements and notes thereto of First
Missouri Bancshares, Inc. at and for the nine months ended June 30,
1996 and is qualified in its entirety by reference to such
financial statements. Dollar amounts (other than per share data)
is in thousands.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> JUN-30-1996
<CASH> 579
<INT-BEARING-DEPOSITS> 194
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,516
<INVESTMENTS-CARRYING> 268
<INVESTMENTS-MARKET> 268
<LOANS> 35,733
<ALLOWANCE> (344)
<TOTAL-ASSETS> 45,850
<DEPOSITS> 38,275
<SHORT-TERM> 950
<LIABILITIES-OTHER> 509
<LONG-TERM> 800
0
0
<COMMON> 3
<OTHER-SE> 5,313
<TOTAL-LIABILITIES-AND-EQUITY> 45,850
<INTEREST-LOAN> 2,404
<INTEREST-INVEST> 387
<INTEREST-OTHER> 27
<INTEREST-TOTAL> 2,818
<INTEREST-DEPOSIT> 1,463
<INTEREST-EXPENSE> 1,510
<INTEREST-INCOME-NET> 1,308
<LOAN-LOSSES> 105
<SECURITIES-GAINS> 3
<EXPENSE-OTHER> 795
<INCOME-PRETAX> 521
<INCOME-PRE-EXTRAORDINARY> 521
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 320
<EPS-PRIMARY> 1.16
<EPS-DILUTED> 1.16
<YIELD-ACTUAL> 4.14
<LOANS-NON> 418
<LOANS-PAST> 439
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 308
<ALLOWANCE-OPEN> (301)
<CHARGE-OFFS> 63
<RECOVERIES> (1)
<ALLOWANCE-CLOSE> (344)
<ALLOWANCE-DOMESTIC> 37
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 307
</TABLE>
