FORM 10-QSB
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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
-------------
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 May 10, 1997: $0.10 par value - 520,434 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 March 31, 1997 and June 30, 1996 (unaudited) 1
Consolidated Statements of Income for the
Three and Nine Months Ended March 31, 1997 and
March 31, 1996 (unaudited) 2
Consolidated Statements of Cash Flows for the
Nine Months Ended March 31, 1997 and
March 31, 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 Mar 31 June 30
1997 1996
--------------------
(Unaudited)
<S> <C> <C>
Cash and cash equivalents $ 3,126 $ 5,262
Interest-bearing deposits 5,221 3,841
Investment & Mortgage Backed Securities:
Held to Maturity, at amortized cost 402 443
Available for Sale, at fair value 6,166 7,496
Loans held for sale 793 985
Loans receivable, net 50,946 46,757
Property and equipment, net 1,641 1,662
Accrued interest receivable 371 343
Prepaid expenses and other assets 207 198
-------- -------
Total assets $68,873 $66,987
======== =======
Liabilities and Stockholders' Equity
Deposits $58,512 $57,643
Advances Federal Home Loan Bank 1,000 0
Accounts payable 25 42
Accrued interest payable 30 43
Advances from borrowers
for taxes and insurance 386 146
Income taxes payable 0 28
Other accrued expenses 195 133
Other payables and deferred income 297 277
-------- -------
Total liabilities 60,445 58,312
-------- -------
Stockholders' Equity
Preferred Stock, 275,000 shares
authorized, no shares issued or
outstanding
Common stock, $.10 par value, 2,225,000 shares authorized,
520,434 outstanding as of March 31, 1997 and 543,190
outstanding as of June 30, 1996 52 54
Additional paid-in capital 4,429 4,750
Dividends declared and paid (143) (154)
Less unearned ESOP shares (36,517 shares) (365) (365)
Less unearned MSBP shares (20,177 shares) (349) (388)
Retained earnings
(substantially restricted) 4,807 4,790
Valuation allowance
marketable equity securities (3) (12)
-------- --------
Total Stockholders' Equity 8,428 8,675
-------- -------
Total Liabilities
and Stockholders' Equity $68,873 $66,987
======== =======
</TABLE>
1
<PAGE>
SWVA BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended
March 31
---------------------------------
1997 1996 1997 1996
---- ---- ---- ----
(Unaudited)
Interest income
<S> <C> <C> <C> <C>
Loans $1,101 $1,020 $3,210 $3,085
Mortgage-backed and related securities 89 88 332 275
U. S. Government obligations
including agencies 18 18 54 53
Other investments, including
overnight deposits 133 100 346 275
------ ------ ------ ------
Total interest income 1,341 1,226 3,942 3,688
------ ------ ------ ------
Interest expense
Deposits 622 649 1,891 1,935
Borrowed funds 42 6 101 52
------ ------ ------ ------
Total interest expense 664 655 1,992 1,987
------ ------ ------ ------
Net interest income 677 571 1,950 1,701
Provision for credit losses 0 0 0 0
------ ------ ------ ------
Net interest income after
provision for credit losses 677 571 1,950 1,701
------ ------ ------ ------
Noninterest income
Loan and other customer service fees 35 42 108 117
Gain on sale of mortgage loans 16 67 73 165
Gross rental income 25 23 73 69
Net gain on sale of investments,
available for sale 0 0 39 0
------ ------ ------ ------
Total noninterest income 76 132 293 351
------ ------ ------ ------
Noninterest expenses
Personnel 319 316 932 940
Office occupancy and equipment 74 80 214 238
Data processing 37 32 103 97
Federal insurance of accounts 9 32 421 94
Other 90 83 289 313
------ ------ ------ ------
Total noninterest expenses 529 543 1,959 1,682
------ ------ ------ ------
Income before income taxes 224 160 284 370
Provision for income taxes 82 62 112 144
------ ------ ------ ------
Net income $ 142 $ 98 $ 172 $ 226
===== ===== ===== =====
Per common share:
Primary and fully diluted earnings .30 .19 .35 .52
</TABLE>
2
<PAGE>
SWVA BANCSHARES, INC. & SUBSIDIARIES
Consolidated Statements of Cash Flow
(In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
March 31
----------------
1997 1996
Operating Activities (Unaudited)
<S> <C> <C>
Net Income $ 172 $ 226
Adjustments to Reconcile Net Income to Net Cash
Provided by (used in) operating activities
Provision for credit losses 0 0
Provision for depreciation and amortization 65 77
Provision for Deferred Income Tax (27) 0
Loans Originated for Sale (6,007) (12,710)
Proceeds from sales of loans originated for sale 6,273 12,401
Gain on Sale of Loans, from fees (74) (165)
Gain on Sale of Real Estate 0 0
Gain on Disposal of Property and Equipment 0 0
Net gain on sale of investments, available for sale 39 0
Net (increase) decrease in Other Assets (15) 101
Net increase (decrease) in Other Liabilities 278 244
------- -------
Net cash provided by (used in) operating activities 704 174
Investing activities
Proceeds from sale of property and equipment 0 0
Proceeds from maturity of investments
and interest-bearing deposits 2,458 2,273
Proceeds from sale of available for sale investments 3,300 0
Purchase of investments and interest-bearing deposits (3,838) (3,060)
Purchase of available for sale investments (1,992) 0
Proceeds from sale of foreclosed real estate 0 0
Purchase of foreclosed real estate 0 0
Purchase of property and equipment (44) (37)
Net (increase) decrease in loans (4,167) 2,519
Purchase of loans (22) 0
Principal repayments on Mortgage Backed Securities 81 124
------- -------
Net cash provided by (used in) investing activities (4,224) 1,819
------- -------
Financing activities
Curtailment of advances and other borrowings (2,500) (2,000)
Proceeds from advances and other borrowings 3,500 200
Net increase (decrease) in savings deposits 868 2,806
Proceeds from sale of stock 0 0
Purchase of stock for MSOP 0 (388)
Purchase of stock by ESOP 0 0
Repurchase of stock (341) (466)
Dividends paid (143) (154)
------- -------
Net cash used in financing activities 1,384 ( 2)
------- -------
Increase (decrease) in cash and cash equivalents (2,136) 1,991
Cash and cash equivalents at beginning of period 5,262 830
------- -------
Cash and cash equivalents at end of period $ 3,126 $ 2,821
======= =======
</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 and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
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 and nine months ended March 31, 1997, are not
necessarily indicative of the results that may be expected for the year ending
June 30, 1997.
NOTE 2 - STOCK REPURCHASE
On July 26, 1996, the Company received the necessary approval from the Office of
Thrift Supervision ("OTS") to repurchase up to 5% (or 27,160 shares) of the
Company's Common Stock prior to October 5, 1996.
The company repurchased 22,756 shares of its Common Stock in the open market, at
an aggregate purchase price of approximately $341,000. The amount repurchased
represented approximately 4.2% of the Company's total shares outstanding prior
to the repurchase.
On March 19, 1997, the Company received the necessary approval from the Office
of Thrift Supervision ("OTS") to repurchase up to 5% (or 26,021 shares) of the
Company's Common Stock prior to October 7, 1997.
NOTE 3 -- 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 March 31, 1997 and June 30, 1996
- ---------------------------------------------------------------------
Total assets increased $1.9 million or 2.81% from $67.0 million at June 30, 1996
to $68.9 million at March 31, 1997. Net loans receivable increased $4.2 million
or 8.95% to $51.0 million at March 31, 1997 from $46.8 million at June 30, 1996
due primarily to an increase in mortgage loans added to the Bank's portfolio.
Interest-bearing deposits increased $1.4 million or 35.92% to $5.2 million at
March 31, 1997 from $3.8 million at June 30, 1996 due mainly to an increase in
cash available to invest in interest-bearing deposits. Cash and cash equivalents
decreased $2.1 million or 40.59% from $5.3 million at June 30, 1996 to $3.1
million at March 31, 1997 due mainly to increased cash required to fund mortgage
loans. Loans held for sale decreased $192,000 or 19.49% due to a decrease in
loans originated to be sold.
There were no non-performing assets at March 31, 1997 and June 30, 1996.
Classified assets totaled $860,000. All were classified as substandard. $314,000
were in Construction and Development loans and the remaining were on single
family loans.
Deposits increased $869,000, or 1.51% from $57.6 million at June 30, 1996 to
$58.5 million at March 31, 1997 due mainly to a increase in funds in
certificates of deposits. Core deposits were $16.7 million or 28.43% of total
savings.
At March 31, 1997, there were $1.0 million outstanding in advances from the
Federal home Loan Bank of Atlanta. There were no advances outstanding on June
30, 1996. The advances were used to fund mortgage loan originations during the
period.
Advances from borrowers for taxes and insurance increased $240,000 or 164.38%
due to the accumulation of escrow for real estate taxes to be paid during the
quarter ending June 30, 1997. Other accrued expenses increased $62,000 or 46.62%
due to the accumulation of accruals for annual expenses due to be paid at the
end of the fiscal year ending June 30, 1997.
5
<PAGE>
Results of Operations for the three months ended March 31, 1997 and March 31,
- --------------------------------------------------------------------------------
1996
- ----
Net Income Net income increased $44,000 or 44.89%, from $98,000 for the
three months ended March 31, 1996 to $142,000 for the three months ended March
31, 1997. The increase in net income was due to increased net interest income
offset by a decrease in noninterest income.
Interest Income Interest income increased $115,000, or 9.38%, from $1.2
million for the three months ended March 31, 1996 to $1.3 million for the three
months ended March 31, 1997. The increase was mainly a result of additional
mortgage loans put in the Bank's portfolio and an increase in funds invested.
Interest Expense Interest expense increased $9,000 or 1.37% from $655,000
for the three months ended March 31, 1996 to $664,000 for the three months ended
March 31, 1997. The increase was due mainly to an increase in interest paid on
borrowed funds offset by a decrease in interest paid on deposits.
Net Interest Income Net interest income increased by $106,000 or 18.56%
from $571,000 for the three months ended March 31, 1996 to $677,000 for the
three months ended March 31, 1997 due mainly to additional interest earned on
mortgage loans and investments.
Provision for Credit Losses The Bank made no provision for credit losses
for the three months ended March 31, 1997 and there was no provision for credit
losses for the three months ended March 31, 1996. The allowance for credit
losses is $194,000. Management reviews the Bank's loan portfolio and future
additions may become necessary based upon changing economic conditions,
increased loan portfolio or changes in the underlying collateral of the loan
portfolio.
Non-interest Income Non-interest income decreased by $56,000, or 42.42%
from $132,000 for the three months ended March 31, 1996 to $76,000 for the three
months ended March 31, 1997. This was mainly the result of a $51,000 reduction
in income on loans sold in the secondary market for the three months ended March
31, 1997.
Non-interest Expense Non-interest expense decreased by $14,000, or 2.57%
from $543,000 for the three months ended March 31, 1996 to $529,000 for the
three months ended March 31, 1997, mainly due to a reduction in Federal Deposit
Insurance Premiums, decreased office occupancy and equipment expense offset by
an increase in data processing expenses and other noninterest expenses.
Provision for income taxes The provision for income taxes for the three
months ended March 31, 1997 was $82,000 as compared to $62,000 for the three
months ended March 31, 1996. The increase was due to increased pre-tax income.
6
<PAGE>
Results of Operations for the nine months ended March 31, 1997 and March 31,
- --------------------------------------------------------------------------------
1996
- ----
Net Income Net income decreased $54,000 or 23.89%, from $226,000 for the
nine months ended March 31, 1996 to $172,000 for the nine months ended March 31,
1997. The decrease was mainly due to the one time SAIF Special Assessment offset
partially by increased interest earned on mortgage loans and investments.
Interest Income Interest income increased $254,000, or 6.89%, from $3.7
million for the nine months ended March 31, 1996 to $3.9 million for the nine
months ended March 31, 1997. The increase was mainly a result of additional
mortgage loans put in the Bank's portfolio during the period and an increase in
funds invested in mortgage-backed and related securities and other investments.
Interest Expense Interest expense increased $5,000 or .25% for the nine
months ended March 31, 1997. The increase was mainly the result of a decrease in
the cost of deposits offset by an increase in funds borrowed.
Net Interest Income Net interest income increased by $249,000 or 14.64%,
from $1.7 million for the nine months ended March 31, 1996 to $2.0 million for
the nine months ended March 31, 1997. This resulted mainly from an increase in
the interest earned on mortgage loans, Mortgage Backed and related securities
and other investments offset by a reduction in the cost of deposits.
Provision for Credit Losses The Bank made no provision for credit losses
for the nine months ended March 31, 1997 and there was no provision for credit
losses for the nine months ended March 31, 1996. Management reviews the Bank's
loan portfolio and future additions may become necessary based upon changing
economic conditions, increased loan portfolio or changes in the underlying
collateral of the loan portfolio.
Non-interest Income Non-interest income decreased by $58,000 or 16.52%
from $351,000 for the nine months ended March 31, 1996 to $293,000 for the nine
months ended March 31, 1997. This resulted from a net gain of $39,000 on the
sale of investments and a decrease of $92,000 in the gains on loans sold in the
secondary market.
Non-interest Expense Non-interest expense increased by $277,000, or 16.47%
from $1.7 million for the nine months ended March 31, 1996 to $2.0 million for
the nine months ended March 31, 1997, due mainly to the one time SAIF Special
Assessment offset by a reduction in accounting treatment of personnel expenses
and loan origination income pursuant to SFAS 91.
Provision for income taxes The provision for income taxes for the nine
months ended March 31, 1997 was $112,000 as compared to $144,000 for the nine
months ended March 31, 1996. The decrease was due to decreased pre-tax income.
7
<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 March 31,
1997:
Percent of
----------
Amount Assets
------ ------
GAAP Capital.................... $7,672 11.05%
===== ======
Tangible Capital................ $7,672 11.05%
Tangible Capital Requirement.... 1,042 1.50%
----- -----
Excess.......................... $6,630 9.55%
===== =====
Core Capital.................... $7,672 11.05%
Core Capital Requirement........ 2,083 3.00%
----- -----
Excess.......................... $5,589 8.05%
===== =====
Total Risk-Based Capital........ $7,866 20.91%
Risk-Based Capital Requirement.. 3,010 8.00%
----- -----
Excess.......................... $4,856 12.91%
===== =====
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.
8
<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 9.24% at March 31, 1997 and 12.29% as of June 30, 1996.
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.
SAIF Special Assessment
Deposits of the Savings Bank are insured by the SAIF as administered by the
FDIC. As a member of the SAIF, the Savings Bank paid an insurance premium to the
FDIC equal to a minimum of 0.23% of its total deposits. The FDIC also maintains
another insurance fund, The Bank Insurance Fund ("BIF"), which primarily insures
commercial bank deposits. Effective September 30, 1995, the FDIC lowered the
insurance premium on BIF insured deposits to a range of between 0.04% and 0.31%
of deposits with the result that most commercial banks would pay the lowest rate
of 0.04%. Effective January 1, 1996, the annual insurance premium for most BIF
members was lowered to $2,000. These reductions in insurance premiums for BIF
members placed SAIF members at a competitive disadvantage to BIF members.
Effective September 30, 1996, federal law was revised to mandate a one-time
special assessment on SAIF members such as the Savings Bank of approximately
.657% of deposits held on March 31, 1995. The Savings Bank recorded a $355,000
pre-tax expense for this assessment at September 30, 1996. Beginning January 1,
1997, deposit insurance assessments for SAIF members was reduced to
approximately .065% of deposits on an annual basis through the end of 1999.
During this same period, BIF members were assessed approximately .013% of
deposits. Thereafter, assessments for BIF and SAIF members should be the same.
It is expected that these continuing assessments for both SAIF and BIF members
will be used to repay outstanding Financing Corporation bond obligations. As a
result of these changes, beginning January 1, 1997, the rate of deposit
insurance assessed the Savings Bank declined by approximately 70%.
9
<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.
(b) After the end of the quarter under report, a Form 8-K (Item
7), dated April 18, 1997, was filed. The Form 8-K was filed to
report third quarter earnings and the stock repurchase
program.
10
<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: May 14, 1997 By:/s/ B.L. Rakes
----------------------------------------
B. L. Rakes
President, Chief Executive Officer,
Chief Financial Officer, and Director
Date: May 14, 1997 By:/s/ Mary G. Staples
----------------------------------------
Mary G. Staples
Vice President/Treasurer
Principal Accounting Officer
11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,126
<INT-BEARING-DEPOSITS> 5,221
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,166
<INVESTMENTS-CARRYING> 402
<INVESTMENTS-MARKET> 402
<LOANS> 50,946
<ALLOWANCE> 194
<TOTAL-ASSETS> 68,873
<DEPOSITS> 58,512
<SHORT-TERM> 1,000
<LIABILITIES-OTHER> 933
<LONG-TERM> 0
0
0
<COMMON> 52
<OTHER-SE> 8,376
<TOTAL-LIABILITIES-AND-EQUITY> 68,873
<INTEREST-LOAN> 3,210
<INTEREST-INVEST> 732
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3,942
<INTEREST-DEPOSIT> 1,891
<INTEREST-EXPENSE> 101
<INTEREST-INCOME-NET> 1,950
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 39
<EXPENSE-OTHER> 1,959
<INCOME-PRETAX> 284
<INCOME-PRE-EXTRAORDINARY> 284
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 172
<EPS-PRIMARY> .35
<EPS-DILUTED> .35
<YIELD-ACTUAL> 8.07
<LOANS-NON> 0
<LOANS-PAST> 6
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 194
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 194
<ALLOWANCE-DOMESTIC> 194
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
