FORM 10-QSB
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the transition period from to
-------------- -----------------
Commission File Number 0-24674
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SWVA BANCSHARES, INC
--------------------
VIRGINIA 54-1721629
- -------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
302 Second Street, SW, Roanoke Virginia 24011-1597
- --------------------------------------- --------------
(Address of Principal executive offices) (Zip Code )
Registrant's telephone number, including area code (540) 343-0135
---------------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 and 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
---- -------
The number of shares outstanding of each of the issuer's classes of common
stock, as of November 12, 1997: $0.10 par value - 510,984 common shares.
Transitional Small Business Disclosure Format (check one):
Yes No X
------- -------
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
INDEX
================================================================================
PART I. FINANCIAL INFORMATION PAGE
===================== ====
Item 1. Financial Statements
Consolidated Statements of Financial Condition
at September 30, 1997 and June 30, 1997
(unaudited) 1
Consolidated Statements of Income for the
Three Months Ended September 30, 1997 and
September 30, 1996 (unaudited) 2
Consolidated Statements of Cash Flows for the
Three Months Ended September 30, 1997 and
September 30, 1996 (unaudited) 3
Notes to Unaudited Interim Consolidated
Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION 10
=================
<PAGE>
SWVA BANCSHARES, INC & SUBSIDIARY
Consolidated Statements of Financial Condition
(In thousands)
<TABLE>
<CAPTION>
Assets Sept 30 June 30
--------------------
1997 1997
--------------------
(Unaudited)
<S> <C> <C>
Cash and cash equivalents $ 4,550 $ 1,276
Interest-bearing deposits 6,176 5,304
Investment & Mortgage Backed Securities:
Held to Maturity, at amortized cost 358 365
Available for Sale, at fair value 8,229 8,748
Restricted at cost 961 961
Loans held for sale 533 727
Loans receivable, net 48,990 50,982
Property and equipment, net 1,644 1,666
Accrued interest receivable 487 437
Prepaid expenses and other assets 259 287
-------- --------
Total assets $ 72,187 $ 70,753
======== ========
Liabilities and Stockholders' Equity
Deposits $ 58,650 $ 57,933
Advances Federal Home Loan Bank 4,500 3,500
Advances from borrowers
for taxes and insurance 436 205
Other liabilities and deferred income 418 513
-------- --------
Total liabilities 64,004 62,151
-------- --------
Stockholders' Equity
Preferred Stock, 275,000 shares
authorized, no shares issued or
outstanding
Common stock, $.10 par value, 2,225,000 shares authorized,
510,984 outstanding as of September 30, 1997 and 510,984
outstanding as of June 30, 1997 51 51
Additional paid-in capital 4,298 4,286
Dividends declared and paid (588) (143)
Less unearned ESOP shares (31,951 shares) (319) (319)
Less unearned MSBP shares (20,145 shares) (349) (349)
Retained earnings
(substantially restricted) 5,020 5,047
Valuation allowance
marketable equity securities 70 29
-------- --------
Total Stockholders' Equity 8,183 8,602
-------- --------
Total Liabilities
and Stockholders' Equity $ 72,187 $ 70,753
======== ========
</TABLE>
1
<PAGE>
SWVA BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands)
<TABLE>
<CAPTION>
Three Months
Ended
Sept 30
--------------------
1997 1996
--------------------
(Unaudited)
<S> <C> <C>
Interest income
Loans $1,095 $1,008
Mortgage-backed and related securities 46 120
U. S. Government obligations
including agencies 107 18
Other investments, including
overnight deposits 145 109
------ ------
Total interest income 1,393 1,255
------ ------
Interest expense
Deposits 671 635
Borrowed funds 47 9
------ ------
Total interest expense 718 644
------ ------
Net interest income 675 611
Provision for credit losses 24 0
------ ------
Net interest income after
provision for credit losses 651 611
------ ------
Noninterest income
Loan and other customer service fees 32 37
Gain on sale of mortgage loans 46 26
Gross rental income 25 24
Other (17) 0
------ ------
Total noninterest income 86 87
------ ------
Noninterest expenses
Personnel 318 305
Office occupancy and equipment 74 68
Data processing 31 32
Federal insurance of accounts 5 389
Other 122 98
------ ------
Total noninterest expenses 550 892
------ ------
Income before income taxes 187 (194)
Provision for income taxes 71 0
------ ------
Net income $ 116 $(194)
====== =====
Per common share:
Primary and fully diluted earnings .24 (0.39)
</TABLE>
2
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
Consolidated Statements of Cash Flow
(In Thousands)
<TABLE>
<CAPTION>
Three Months Ended
Sept 30
-----------------------
1997 1996
-----------------------
Operating Activities (Unaudited)
<S> <C> <C>
Net Income $ 116 $ (194)
Adjustments to Reconcile Net Income to Net Cash
Provided by (used in) operating activities
Provision for credit losses 24 0
Provision for depreciation and amortization 22 21
Provision for Deferred Income Tax 0 (24)
Loans Originated for Sale (3,695) (1,266)
Proceeds from sales of loans originated for sale 3,935 1,833
Gain on Sale of Loans, from fees (46) (26)
Gain on Sale of Real Estate 0 0
Gain on Disposal of Property and Equipment 1 0
Net gain on sale of investments, available for sale (17) 0
Net (increase) decrease in Other Assets (12) (28)
Net increase (decrease) in Other Liabilities 135 522
-------- --------
Net cash provided by (used in) operating activities 463 838
-------- --------
Investing activities
Proceeds from sale of property and equipment 0 0
Proceeds from maturity of investments
and interest-bearing deposits 1,089 887
Proceeds from sale of available for sale investments 2,757 0
Purchase of investments and interest-bearing deposits (2,250) (1,993)
Purchase of available for sale investments (1,961) (1,184)
Proceeds from sale of foreclosed real estate 0 0
Purchase of foreclosed real estate 0 0
Purchase of property and equipment (1) (3)
Net (increase) decrease in loans 1,967 (3,015)
Purchase of loans 0 (11)
Principal repayments on Mortgage Backed Securities 80 19
-------- --------
Net cash provided by (used in) investing activities 1,681 (5,300)
-------- --------
Financing activities
Curtailment of advances and other borrowings (1,500) 0
Proceeds from advances and other borrowings 2,500 3,500
Net increase (decrease) in savings deposits 718 (1,167)
Repurchase of stock 0 (341)
Dividends paid (588) (70)
-------- --------
Net cash used in financing activities 1,130 1,922
-------- --------
Increase (decrease) in cash and cash equivalents 3,274 (2,540)
Cash and cash equivalents at beginning of period 1,276 5,262
-------- --------
Cash and cash equivalents at end of period $ 4,550 $ 2,722
======== ========
</TABLE>
3
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB. Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.
The accompanying consolidated financial statements include the accounts of SWVA
Bancshares, Inc. ("Company") and its wholly-owned subsidiary, Southwest Virginia
Savings Bank, FSB ("Bank") and its wholly-owned subsidiary, Southwest Virginia
Service Corporation. All significant intercompany balances and transactions have
been eliminated in consolidation.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for fair presentation have been included.
Operating results for the three months ended September 30, 1997, are not
necessarily indicative of the results that may be expected for the year ending
June 30, 1998.
NOTE 2 -- EARNINGS PER SHARE
Earnings per share have been determined by dividing net income by the weighted
number of shares of common stock and common stock equivalents outstanding during
the period net of unallocated ESOP shares.
4
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Comparison of Financial Condition at September 30, 1997 and June 30, 1997
- -------------------------------------------------------------------------
Total assets increased $1.4 million or 2.03% from $70.8 million at June 30, 1997
to $72.2 million at September 30, 1997. Net loans receivable decreased $2.0
million or 3.91% to $49.0 million at September 30, 1997 from $51.0 million at
June 30, 1997 due primarily to an decrease in Adjustable Rate Mortgage (ARM)
loans.
Interest-bearing deposits increased $872,000 or 16.44% to $6.2 million at
September 30, 1997 from $5.3 million at June 30, 1997 due mainly to an increase
in cash available to invest in interest-bearing deposits. Cash and cash
equivalents increased $3.3 million or 256.58% from $1.3 million at June 30, 1997
to $4.6 million at September 30, 1997 due mainly to increased cash from loan
payoffs and funds received on savings deposits. Available for Sale Investments
decreased $500,000 from $8.7 million at June 30, 1997 to $8.2 million at
September 30, 1997 due to a decrease in funds invested and $73,000 in principal
payments on FNMA Mortgage Backed Securities. Loans held for sale decreased
$194,000 or 26.69% due to a decrease in loans pending sale on September 30,
1997.
Non-performing assets at September 30, 1997 were $112,000 as compared to $60,000
non-performing assets at June 30, 1997. The non-performing assets consisted of 2
single family mortgage loans. Classified assets totaled $441,000. All were
classified as substandard. $6,000 was on a letter of credit and the remaining
were on single family mortgage loans.
Deposits increased $717,000, or 1.24% from $57.9 million at June 30, 1997 to
$58.7 million at September 30, 1997 due mainly to an increase in funds in
certificates of deposits. Core deposits were $16.3 million or 27.86% of total
savings.
At September 30, 1997, there were $4.5 million outstanding in advances from the
Federal home Loan Bank of Atlanta as compared to $3.5 million outstanding at the
end of June 30, 1997, an increase of $1.0 million or 28.57%. The advances were
used to leverage investment purchases.
Advances from borrowers for taxes and insurance increased $231,000 or 112.68%
due to the accumulation of escrow for real estate taxes to be paid during the
quarter ending December 31, 1997. Other liabilities and deferred income
decreased $95,000 or 18.52%.
5
<PAGE>
Results of Operations for the three months ended September 30, 1997 and
- --------------------------------------------------------------------------------
September 30, 1996
- ------------------
Net Income Net income increased $310,000 or 159.79%, from ($194,000)
for the three months ended September 30, 1996 to $116,000 for the three months
ended September 30, 1997. The increase in net income was primarily due to a
one-time federal deposit insurance assessment during only the 1996 period and
increased net interest income.
Interest Income Interest income increased $138,000, or 11.00%, from
$1.3million for the three months ended September 30, 1996 to $1.4 million for
the three months ended September 30, 1997. The increase was mainly due to
increased interest earned on fixed rate mortgage loans and investments.
Interest Expense Interest expense increased $74,000 or 11.49% from
$644,000 for the three months ended September 30, 1996 to $718,000 for the three
months ended September 30, 1997. The increase was due mainly to an increase in
interest paid on borrowed funds and interest paid on deposits.
Net Interest Income Net interest income increased by $64,000 or 10.47%
from $611,000 for the three months ended September 30, 1996 to $675,000 for the
three months ended September 30, 1997 due mainly to additional interest earned
on fixed rate mortgage loans and investments.
Provision for Credit Losses The Bank made an addition of $24,000 to the
provision for credit losses for the quarter ended September 30,1997. The
addition was made due to a loss of $44,000 on a delinquent real estate loan.
After the deduction of the loss, the allowance for credit losses was $197,000.
No provision for credit losses were made during the quarter ending September 30,
1996.
Non-interest Income Non-interest income decreased by $1,000, or 1.15%
from $87,000 for the three months ended September 30, 1996 to $86,000 for the
three months ended September 30, 1997. The decrease was mainly due to a loss on
the sale of investment securities, offset by an increase in the fees on loans
sold in the secondary market.
Non-interest Expense Non-interest expense decreased by $342,000, or
38.34% from $892,000 for the three months ended September 30, 1996 to $550,000
for the three months ended September 30, 1997, mainly due to a $355,000 special
federal deposit insurance assessment during the three months ended September 30,
1996 that was not repeated during the three months ended September 30, 1997.
This was partially offset by a $24,000 or 24.49% increase in other expenses.
Provision for income taxes The provision for income taxes for the three
months ended September 30, 1997 was $71,000. There was no provision for income
taxes during the three months ended September 30, 1997 due to the loss for the
quarter.
6
<PAGE>
Regulatory Capital Requirements
OTS capital regulations require savings institutions to meet three capital
standards: (1) tangible capital equal to 1.5% of total adjusted assets, (2) a
leverage ratio (core capital) equal to at least 3.0% of total adjusted assets
and (3) a risk-based capital requirement equal to 8.0% of total risk- weighted
assets.
As shown below, the Bank's tangible, core and risk-based capital significantly
exceed all applicable regulatory capital requirements of the OTS at September
30, 1997:
<TABLE>
<CAPTION>
Percent of
----------
Amount Assets
------ -------
<S> <C> <C>
GAAP Capital.................... $8,043 11.06%
====== =====
Tangible Capital................ $8,043 11.06%
Tangible Capital Requirement.... 1,091 1.50%
------ ----
Excess.......................... $6,952 9.56%
====== ====
Core Capital.................... $8,043 11.06%
Core Capital Requirement........ 2,182 3.00%
------ ----
Excess.......................... $5,861 8.06%
====== ====
Total Risk-Based Capital........ $8,240 22.31%
Risk-Based Capital Requirement.. 2,955 8.00%
------ ----
Excess.......................... $5,285 13.31%
====== =====
</TABLE>
Management believes that under current regulations, the Bank will continue to
meet its minimum capital requirements in the foreseeable future. Events beyond
the control of the Bank, such as increased interest rates or downturn in the
economy in areas in which the Bank operates could adversely affect future
earnings and as a result, the ability of the Bank to meet its future minimum
capital requirements.
Liquidity
The Bank's liquidity is a measure of its ability to fund loans, withdrawals of
deposits and other cash outflows in a cost effective manner. The Bank's primary
sources of funds are deposits and proceeds from principal and interest payments
on loan and mortgage backed securities. The Bank also obtains funds from sales
and maturities of investment securities, short-term investments and borrowings,
namely advances from the FHLB of Atlanta. The Bank uses such funds primarily to
meet commitments on existing and continuing loan commitments, to fund maturing
time deposits and savings withdrawals and to maintain liquidity. While loan
payments, maturing investments and mortgage-backed securities are a relatively
predictable source of funds, deposit flows and loan prepayments are greatly
influenced by general interest rates, economic conditions and competition. The
Bank's liquidity is also influenced by the level of demand for funding loan
originations.
7
<PAGE>
Liquidity, cont.
The Bank is required under federal regulations to maintain certain specified
levels of "liquid investments," which include certain United States government
obligations and other approved investments. Current regulations required the
Bank to maintain liquid assets of not less than 5% of its net withdrawable
accounts plus short term borrowings. Short term liquid assets must consist of
not less than 1% of such accounts and borrowings, which amount is also included
within the 5% requirements. Those levels may be changed from time to time by the
regulators to reflect current economic conditions. The Bank's regulatory
liquidity was 11.67% at September 30, 1997 and 6.74% as of June 30, 1997.
Impact of Inflation and Changing Prices
The consolidated financial statements of the Company and notes thereto,
presented elsewhere herein, have been prepared in accordance with GAAP, which
require the measurement of financial position and operating results in terms of
historical dollars without considering the change in the relative purchasing
power of money over time due to inflation. The impact of inflation is reflected
in the increased cost of the Company's operations. Unlike most industrial
companies, nearly all the assets and liabilities of the Company are financial.
As a result, interest rates have a greater impact on the Company's performance
than do the effects of general levels of inflation. Interest rates do not
necessarily move in the same direction or to the same extent as the prices of
goods and services.
8
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
PART II
Item 1. Legal Proceedings
Not applicable.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Not applicable.
9
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.
SWVA Bancshares, Inc.
Date: November 12, 1997 By: /s/ B. L. Rakes
-----------------------------------
B. L. Rakes
President, Chief Executive Officer,
Chief Financial Officer, and Director
Date: November 12, 1997 By: /s/ Mary G. Staples
-----------------------------------
Mary G. Staples
Vice President/Treasurer
Principal Financial Officer
11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1997
<CASH> 4,550
<INT-BEARING-DEPOSITS> 6,176
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,229
<INVESTMENTS-CARRYING> 358
<INVESTMENTS-MARKET> 358
<LOANS> 48,990
<ALLOWANCE> 197
<TOTAL-ASSETS> 72,187
<DEPOSITS> 58,650
<SHORT-TERM> 4,500
<LIABILITIES-OTHER> 854
<LONG-TERM> 0
0
0
<COMMON> 51
<OTHER-SE> 8,132
<TOTAL-LIABILITIES-AND-EQUITY> 72,187
<INTEREST-LOAN> 1,095
<INTEREST-INVEST> 298
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 1,393
<INTEREST-DEPOSIT> 671
<INTEREST-EXPENSE> 47
<INTEREST-INCOME-NET> 675
<LOAN-LOSSES> 24
<SECURITIES-GAINS> (17)
<EXPENSE-OTHER> 550
<INCOME-PRETAX> 187
<INCOME-PRE-EXTRAORDINARY> 187
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 116
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
<YIELD-ACTUAL> 8.31
<LOANS-NON> 0
<LOANS-PAST> 112
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 217
<CHARGE-OFFS> 44
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 197
<ALLOWANCE-DOMESTIC> 197
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
NEWS RELEASE
Contact: B. L. Rakes, President & CEO
Mary G. Staples, PFO
(540) 343-0135
Date: November 7. 1997
FOR IMMEDIATE RELEASE
---------------------
SWVA BANCSHARES, INC. ANNOUNCES FIRST QUARTER EARNINGS
Roanoke, Virginia, November 7, 1997: SWVA Bancshares, Inc., the holding
company of Southwest Virginia Savings Bank, FSB, Roanoke, Virginia, announced
earnings for the first quarter of fiscal year 1998.
Net income for the quarter ended September 30, 1997 was $116,000 or
$0.24 per share with return on average assets of .66% and return on average
equity of 5.44%.
Net income increased $310,000 or 159.79%, from a loss of $194,000 for
the three months ended September 30, 1996 to income of $116,000 for the three
months ended September 30, 1997. The increase in net income was primarily due to
a one-time federal deposit insurance assessment during the 1996 period and
increased net interest income.
Interest income increased $138,000, or 11.00% from $1.3 million for the
three months ended September 30, 1996 to $l.4 million for the three months ended
September 30, 1997. The increase was mainly due to increased interest earned on
fixed rate mortgage loans and investments.
Interest expense increased $74,000 or 11.49% from $644,000 for the
three months ended September 30, 1996 to $718,000 for the three months ended
September 30, 1997. The increase was due mainly to an increase in interest paid
on borrowed funds and interest paid on deposits.
Net interest income increased by $64,000 or 10.47% from $611,000 for
the three months ended September 30, 1996 to $675,000 for the three months ended
September 30, 1997 due mainly to additional interest earned on fixed rate
mortgage loans and investments.
The Bank made an addition of $24,000 to the provision for
<PAGE>
credit losses for the three months ended September 30, 1997. The addition was
made due to a loss of $44,000 on a delinquent real estate loan. After the
deduction for the loss, the allowance for credit losses was $197,000.
Non-performing loans on September 30, 1997 totaled $112,000, which consisted of
two real estate mortgage loans.
Non-interest income decreased slightly by $1,000, or 1.15% from $87,000
for the three months ended September 30, 1996 to $86,000 for the three months
ended September 30, 1997.
Non-interest expense decreased by $342,000, or 38.34% from $892,000 for
the three months ended September 30, 1996 to $550,000 for the three months ended
September 30, 1997, mainly due to a $355,000 special federal deposit insurance
assessment during the three months ended September 30, 1996. This was partially
offset by a $24,000 increase in other expenses.
The Company's assets and stockholders' equity amounted to $72.2 million
and $8.2 million, respectively, at September 30, 1997.
Southwest Virginia Savings Bank, FSB is a federally chartered savings
bank, the deposits of which are insured by the FDIC to the fullest extent
provided by law. The Bank is headquartered in Roanoke, Virginia and operates 5
full-service banking facilities and a mortgage origination office serving
Roanoke City, Roanoke County, Salem City and adjacent counties. The Bank has
served the community since 1927.
The Bank exceeds all current regulatory capital ratio requirements and
continues to meet the "well capitalized" regulatory definition, the highest such
rating.
SWVA Bancshares, Inc's common stock shares are listed over-the-counter
through the National Daily Quotation System "Pink Sheets" under the symbol
"SWVB".
<PAGE>
SWVA BANCSHARES, INC.
(Dollars in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
Sept 30
-------
1997 1996
---- ----
(unaudited)
<S> <C> <C>
Interest income 1,393 1,255
Interest expense 718 644
----- -----
Net interest income 675 611
Provision for credit losses 24 0
----- -----
Net interest income after
provision for credit losses 651 611
Noninterest income 86 87
Noninterest expense 550 892
----- -----
Income before income taxes 187 (194)
Provision for income taxes 71 0
----- -----
Net Income $ 116 $ (194)
====== ======
Earnings per common share $ 0.24 (0.38)
Return on average assets .66% (1.11)%
Return on average equity 5.44% (8.60)%
Interest rate spread 3.59% 3.57%
Net interest margin 4.03% 3.92%
Noninterest expense to average assets 3.25% 5.28%
</TABLE>
CONDENSED CONSOLIDATED BLAANCE SHEETS
<TABLE>
<CAPTION>
Sept 30 June 30
--------------------------
1997 1997
-------- --------
(unaudited)
<S> <C> <C>
Cash and investments $ 10,726 $ 6,580
Mortgage-backed and related securities 9,548 10,074
Loans held for sale 533 727
Loans receivable, net 48,990 50,982
Property and equipment, net 1,644 1,666
Other assets 746 724
------- -------
Total assets $72,187 $70,753
======= =======
Deposits $58,650 $57,933
Advances FHLB 4,500 3,500
Accrued expenses and other liabilities 854 718
Stockholders' Equity 8,183 8,602
------- -------
Total liabilities and stockholders' equity $72,187 $70,753
======= =======
Nonaccrual and 90 days past due loans $ 112 $ 60
Total nonperforming assets $ 112 $ 60
======= =======
Allowance for credit losses
to nonperforming assets 176.23% 416.99%
Nonperforming loans to total loans .23% .10%
Nonperforming assets to total assets .16% .08%
Book value per share $16.01 (1) 16.83 (1)
</TABLE>
(1) Book value per share has been calculated by taking Stockholders' Equity
and dividing by the number of shares outstanding. Shares outstanding on
September 30, 1997 and June 30, 1997 were 510,984.
