<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 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 _________
WEST TOWN BANCORP, INC.
-----------------------
(Exact name of small business issuer as specified in its charter)
United States 36-3785272
------------- ---------------
(State or other jurisdiction I.R.S. Employer
of incorporation or Identification
organization) Number
4852 WEST 30TH STREET, CICERO, ILLINOIS 60804
- --------------------------------------- ----------
(Address of Principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (708) 652-2000
--------------
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such
shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No_________
---------
Transitional Small Business Disclosure Format
Yes_________ No X
---------
As of February 6, 1998, the issuer had 224,303 shares of Common stock
issued and outstanding; see accompanying notes.
<PAGE>
WEST TOWN BANCORP, INC.
Part I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Consolidated Statements of Financial Condition
December 31, 1997 (unaudited) and
March 31, 1997 4
Consolidated Statements of Income, Three
and Nine Months Ended December 31, 1997 and 1996
(unaudited) 5
Consolidated Statements of Stockholders' Equity
Nine Months Ended December 31, 1997 (unaudited) 6
Consolidated Statements of Cash Flows, Nine
Months Ended December 31, 1997 and 1996
(unaudited) 7
Notes to Financial Statements 8-9
Item 2. Management's Discussion and Analysis or Plan of
Operation 10-12
Part II. OTHER INFORMATION 13
Signatures 14
Index to Exhibits 15
Earnings Per Share Analysis(Exhibit 11) 16
<PAGE>
PART I - FINANCIAL INFORMATION
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
December 31, March 31,
------------ ----------
1997 1997
------------ ----------
Assets (unaudited)
- ------
<S> <C> <C>
Cash and amounts due from
depository institutions $ 602,582 718,157
Interest-bearing deposits 6,012,092 6,525,626
----------- ----------
Total cash and cash equivalents 6,614,674 7,243,783
U.S. Government and agency obligations
(fair value: December 31, 1997 - $495,000;
March 31, 1997 - $1,082,000) 500,000 1,100,315
Mortgage-backed securities
(fair value: December 31, 1997 - $1,717,000;
March 31, 1997 - $2,465,000) 1,703,156 2,494,292
Other investment securities, available for sale,
at fair value 100,000 -
Loans receivable (net of allowance for
loan losses: December 31, 1997 - $44,671;
March 31, 1997 - $40,171) 19,741,116 15,552,545
Stock in Federal Home Loan Bank of Chicago 177,400 121,000
Accrued interest receivable 187,547 110,380
Office properties and equipment - net 207,066 199,529
Prepaid expenses and other assets 251,481 176,939
----------- ----------
Total assets 29,482,440 26,998,783
=========== ==========
</TABLE>
Liabilities and Stockholders' Equity
- ------------------------------------
<TABLE>
<CAPTION>
Liabilities
- -----------
<S> <C> <C>
Deposits 25,189,938 22,816,474
Advance payments by borrowers for taxes
and insurance 87,144 41,914
Other liabilities 199,438 176,834
---------- ----------
Total liabilities 25,476,520 23,035,222
---------- ----------
Stockholders' Equity
- --------------------------------------------------------
Preferred stock, $.01 par value; authorized
100,000 shares; none outstanding - -
Common stock, $.01 par value; authorized
400,000 shares; 231,928 shares issued
and 224,303 shares outstanding at
December 31, 1997; and 231,928 shares outstanding
at March 31, 1997 2,319 2,319
Additional paid-in capital 1,986,077 1,986,077
Retained earnings, substantially restricted 2,242,340 2,137,485
Treasury stock, at cost (7,625 shares
at December 31, 1997) (81,906) -
Common stock acquired by Employee Stock Ownership Plan (142,910) (153,001)
Common stock acquired by Management Recognition Plan - (9,319)
---------- ----------
Total stockholders' equity 4,005,920 3,963,561
---------- ----------
Total liabilities and stockholders' equity $29,482,440 26,998,783
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
-4-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------------- -------------------------
1997 1996 1997 1996
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Interest income:
Loans $ 368,492 277,908 1,017,164 788,882
Mortgage-backed securities 30,161 40,060 99,580 129,694
Investment securities 9,073 14,672 30,245 44,223
Interest-bearing deposits 89,563 93,459 260,430 283,758
Dividends on FHLB stock 3,130 2,010 9,040 6,105
-------- ------- --------- ---------
Total interest income 500,419 428,109 1,416,459 1,252,662
-------- ------- --------- ---------
Interest expense:
Deposits 310,248 238,581 859,259 688,714
-------- ------- --------- ---------
Net interest income before
provision for loan losses 190,171 189,528 557,200 563,948
Provision for loan losses 1,500 1,500 4,500 8,802
-------- ------- --------- ---------
Net interest income after
provision for loan losses 188,671 188,028 552,700 555,146
-------- ------- --------- ---------
Non-interest income:
Loan fees and service charges 3,861 3,578 7,289 5,322
Loss on sale of real estate owned - - - (5,282)
Rental income 2,230 3,150 5,970 7,770
Deposit related fees and other income 3,394 2,761 10,992 9,585
-------- ------- --------- ---------
Total non-interest income 9,485 9,489 24,251 17,395
-------- ------- --------- ---------
Non-interest expense:
Staffing costs 72,335 72,991 226,802 215,802
Advertising 5,746 3,627 11,181 9,773
Occupancy and equipment expense 18,708 21,979 54,382 66,698
Data processing 9,865 8,053 28,287 24,658
Federal deposit insurance premiums 3,685 - 10,910 150,622
Legal, audit and examination fees 15,643 11,244 44,411 29,697
Other 11,987 9,313 37,869 34,213
-------- ------- --------- ---------
Total non-interest expense 137,969 127,207 413,842 531,463
-------- ------- --------- ---------
Income before income taxes 60,187 70,310 163,109 41,078
Provision for income taxes 22,872 21,420 58,254 8,675
-------- ------- --------- ---------
Net income $ 37,315 48,890 104,855 32,403
======== ======= ========= =========
Earnings per share - basic $ .18 .23 .49 .15
---- ---- ---- ---
Earnings per share - diluted $ .18 .23 .49 .15
---- ---- ---- ---
Dividends declared per common share $ - - - -
---- ---- ---- ---
</TABLE>
See accompanying notes to consolidated financial statements.
-5-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
<TABLE>
<CAPTION>
Common Common
Additional Stock Stock
Common Paid-In Retained Treasury Acquired Awarded
Stock Capital Earnings Stock by ESOP by MRP Total
------ ---------- --------- -------- -------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at March 31, 1997 $2,319 1,986,077 2,137,485 - (153,001) (9,319) 3,063,561
Additions (deductions) for the
period ended December 31, 1997:
Net income 104,855 104,855
Purchase of treasury
stock (7,625 shares) (81,906) (81,906)
Amortization of award of MRP 9,319 9,319
Contribution to fund ESOP loan 10,091 10,091
------ --------- --------- ------ ------- ------ ---------
Balance at December 31, 1997 $2,319 1,986,077 2,242,340 (81,906) (142,910) - 4,005,920
====== ========= ========= ====== ======= ====== =========
</TABLE>
See accompanying notes to consolidated financial statements.
-6-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statement of Cash Flows
<TABLE>
<CAPTION>
Nine Months Ended
December 31,
----------------------------
1997 1996
---- ----
(unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net income $ 104,855 32,403
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation 17,943 18,164
Amortization of cost of stock benefit plans 19,410 27,270
Loss on sale real estate owned - 5,282
Amortization of investment premiums and discounts 315 1,069
Provision for loan losses 4,500 8,802
Increase in deferred income 20,153 27,510
Decrease in current and deferred income tax (2,813) (42,344)
(Increase) decrease in accrued interest receivable (77,167) 22,671
Increase in accrued interest payable 30,533 75,536
Change in prepaid and accrued items, net (79,658) (144,191)
------------ ------------
Net cash provided by operating activities 38,071 32,172
------------ ------------
Cash flows from investing activities:
Proceeds from maturities of investment securities 600,000 -
Proceeds from repayments of mortgage-backed
securities 791,136 447,541
Purchase of investment securities,
available for sale (100,000) -
Purchase of Federal Home Loan Bank stock (56,400) -
Disbursements for loans originated or purchased (9,977,004) (3,822,823)
Loan repayments 5,763,780 1,391,750
Proceeds from sale of real estate owned - 207,504
Property and equipment expenditures (25,480) (5,837)
Real estate owned expenditures - (910)
------------ ------------
Net cash provided for investing activities (3,003,968) (1,782,775)
Cash flows from financing activities:
Deposit account receipts 9,738,443 7,143,597
Deposit account withdrawals (7,893,397) (6,334,344)
Interest credited to deposit accounts 528,418 415,603
Increase in advance payments by borrowers
for taxes and insurance 45,230 37,118
Purchase of treasury stock (81,906) -
Proceeds from exercise of stock options - 11,100
------------ ------------
Net cash provided by financing activities 2,336,788 1,273,074
------------ ------------
Decrease in cash and cash equivalents (629,109) (477,529)
Cash and cash equivalents at beginning of period 7,243,783 7,313,893
------------ ------------
Cash and cash equivalents at end of period $ 6,614,674 6,836,364
============ ============
Cash paid during the period for:
Interest $ 828,726 613,178
Income taxes 61,045 51,019
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
-7-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
Notes to Financial Statements
Note A - Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements have been
prepared in accordance with instructions to Form 10-QSB and,
therefore, do not include information or footnotes necessary for fair
presentation of financial condition, results of operations and changes
in financial position in conformity with generally accepted accounting
principles. However, in the opinion of management, all adjustments
(which are normal and recurring in nature) necessary for a fair
presentation have been included. The preparation of financial
statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those
estimates. The results of operations for the three and nine month
periods ended December 31, 1997, are not necessarily indicative of the
results which may be expected for the entire year.
Note B - Principles of Consolidation
---------------------------
The accompanying unaudited consolidated financial statements include
the accounts of West Town Bancorp, Inc. (the "Company") and its wholly
owned subsidiary West Town Savings Bank (the "Bank") and the Bank's
wholly owned subsidiary West Town Insurance Agency, Inc. All
significant intercompany accounts and transactions have been
eliminated in consolidation.
Note C - Plan of Conversion
------------------
In April 1995, the Bank's Board of Directors approved a Plan of
Conversion, providing for the Bank's conversion from a state chartered
mutual savings bank to a state chartered stock savings bank with the
concurrent formation of a holding company. The Company issued 221,940
shares of $.01 par value common stock at $10.00 per share, for an
aggregate purchase price of $2,219,400. The Conversion and sale of
221,940 shares of common stock of the Company was completed on March
1, 1995. Net proceeds to the Company, after conversion expenses,
totaled approximately $1,889,000.
Note D - Earnings Per Share
------------------
Earnings per share for the three and nine month periods ended December
31, 1997 and 1996 was determined by dividing net income for the period
by the weighted average number of both basic and diluted shares of
common stock and common stock equivalents outstanding. Stock options
are regarded as common stock equivalents and are considered in diluted
earnings per share calculations. Common stock equivalents are computed
using the treasury stock method. ESOP shares not committed to be
released to participants are not considered outstanding for purposes
of computing earnings per share amounts. Earnings per share data for
the three and nine month periods ended December 31, 1996 have been
restated for comparative purposes to reflect the implementation of
Statement of Financial Accounting Standard No. 128.
-8-
<PAGE>
Notes to Financial Statements (continued)
- -----------------------------------------
Note E - Effect of New Accounting Standards
----------------------------------
Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities. In December 1996, the FASB issued
Statement of Financial Accounting Standards No. 127 ("SFAS No. 127"),
"Deferral of the Effective Date of Certain Provisions of FASB
Statement No. 125". The statement delays for one year the
implementation of SFAS No. 125, as it relates to (1) secured
borrowings and collateral, and (2) for the transfers of financial
assets that are part of repurchase agreements, dollar-rolls,
securities lending and similar transactions. The Company has adopted
portions of SFAS No. 125 (those not deferred by SFAS No. 127)
effective January 1, 1997. Adoption of these portions did not have a
significant effect on the Company's consolidated financial condition
or results of operations. Based on its review of SFAS No. 125,
management does not believe that adoption of the portions of SFAS No.
125 which have been deferred by SFAS No. 127 will have a material
effect on the Company.
Reporting Comprehensive Income. In June 1997, the FASB issued
Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income" ("SFAS No. 130"). This statement establishes
standards for reporting and display of comprehensive income and its
components (revenues, expenses, gains, losses) in a full set of
general-purpose financial statements. SFAS No. 130 is effective for
fiscal years beginning after December 15, 1997. The Company has not
yet determined the impact of adopting this statement.
Disclosures About Segments of an Enterprise and Related Information.
In June 1997, the FASB issued Statement of Financial Accounting
Standards No. 131, "Disclosures about Segments of an Enterprise and
Related Information" ("SFAS No. 131") which becomes effective for
fiscal years beginning after December 15, 1997. SFAS No. 131
establishes standards for the way that public business enterprises
report information about operating segments and requires enterprises
to report selected information about operating segments in interim
financial reports. The Company has not yet determined the impact of
adopting this statement.
The foregoing does not constitute a comprehensive summary of all
material changes or developments affecting the manner in which the
Company keeps its books and records and performs its financial
accounting responsibilities. It is intended only as a summary of some
of the recent pronouncements made by the FASB which are of particular
interest to financial institutions.
-9-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
Management's Discussions and Analysis
of Financial Condition and Results of Operations
Financial Condition
- -------------------
The assets of West Town Bancorp, Inc. (the "Company") increased
approximately $2.5 million, or 9.20%, for the nine month period ended December
31, 1997. This increase was primarily the result of an increase in mortgage
loans receivable held by West Town Savings Bank (the "Bank"), which was
primarily funded by excess cash liquidity resulting from maturities of
investment securities and mortgage-backed securities and increased deposits
during the nine month period ended December 31, 1997.
Net loans receivable increased $4.2 million, or 26.93%, for the nine months
ended December 31, 1997. During that period, the Bank originated or purchased
approximately $10.0 million in loans which exceeded repayments of $5.8 million
during the same period.
The Bank experienced an increase in savings deposits for the nine month
period of approximately $2.4 million, or 10.40%. It is management's belief that
part of the deposit activity for the nine months ended December 31, 1997 can be
attributed to new deposit products.
Stockholders' equity increased approximately $42,000, or 1.07%, for the
nine month period ended December 31, 1997. This increase was primarily the
result of the amortization of the cost of the Company's stock benefit plans of
$19,000, and net income for the nine months of $105,000, partially offset by the
purchase of treasury stock at a cost of $82,000. As of December 31, 1997, the
book value per common share outstanding was $17.86.
Analysis of Operations
- ----------------------
A net profit of $37,000 was recognized for the three months ended December
31, 1997 as compared to a net profit of $49,000 for the same period in 1996.
This $12,000 decrease in net income was due primarily to an increase in non-
interest expense of $11,000. The Company's net income for the nine months ended
December 31, 1997 was $105,000 as compared to net income of $32,000 for the nine
months ended December 31, 1996. This $73,000 increase in net income was due
primarily to a $7,000 increase in non-interest income, and a $118,000 decrease
in non-interest expense, partially offset by a $50,000 increase in income taxes.
Interest income increased by $72,000 and $164,000 for the three and nine
month periods ended December 31, 1997, respectively, as compared to the three
and nine month periods ended December 31, 1996. This was primarily a result of
an increase in the average balances of interest-earnings assets, as well as an
increase in the average yield on those assets. The average balances of those
assets increased from approximately $25.1 million to $27.8 million for the three
months ended December 31, 1996 and 1997, respectively, and from $24.6 million to
$26.7 million for the nine months ended December 31, 1996 and 1997,
respectively. These increases were accompanied by an increase in the average
yield on average interest-earning assets from 6.82% and 6.80% for the three and
nine months ended December 31, 1996 to 7.21% and 7.08% for the three and nine
months ended December 31, 1997.
-10-
<PAGE>
Analysis of Operations (continued)
- ----------------------------------
Interest expense increased from $239,000 to $310,000 from the three months
ended December 31, 1996 compared to the same period in 1997. For the nine months
ended December 31, 1996 interest expense was $689,000 as compared to $859,000
for the same nine months in 1997. These increases were attributable to increases
in the average balances of interest-bearing liabilities and increases in the
yield on those liabilities. The average balances increased approximately $3.1
million and $2.3 million for the three and nine months ended December 31, 1997
as compared to the average balances at December 31, 1996, respectively. The
yield on average interest-bearing liabilities increased from 4.38% and 4.27% for
the three and nine months ended December 31, 1996 to 4.99% and 4.81% for the
three and nine months ended December 31, 1997.
The Bank calculates any allowance for loan losses based upon its ongoing
evaluation of pertinent factors underlying the types and quality of its loans,
including the risk inherent in its loan portfolio, and other factors such as the
current regulatory and economic environment. Based upon this evaluation, loan
loss provisions are recorded. Provisions of $1,500 and $1,500 were made for the
three month periods ended December 31, 1997 and 1996 respectively, and
provisions of $4,500 and $8,802 were made for the nine month periods ended
December 31, 1997 and 1996 respectively. Management believes that additions to
its provision for loan losses have been appropriate, given the risks inherent in
its loan portfolio, and the current regulatory and economic environment.
Although the Bank believes its allowance for loan losses is at a level which it
considers to be adequate to provide for potential losses, there can be no
assurance that such losses will not exceed the estimated amounts.
Non-interest income remained constant for the three months ended December
31, 1997 as compared to the same period in 1996. Non-interest income increased
by $7,000 for the nine months ended December 31, 1997 as compared to the same
period in 1996. This increase was primarily attributable to an increase in loan
related fee income and a $5,000 loss recognized on the sale of foreclosed real
estate in 1996.
Non-interest expense increased from $127,000 to $138,000 from the three
months ended December 31, 1996 to the three months ended December 31, 1997. This
increase was primarily attributable to an increase in federal deposit insurance
premiums and professional fees. Non-interest expense decreased from $531,000 to
$414,000 from the nine months ended December 31, 1996 to the nine months ended
December 31, 1997. This decrease was primarily the result of a $128,000 charge,
reflected in the 1996 periods, for the amount of the special insurance
assessment adopted by the FDIC to recapitalize the Savings Association Insurance
Fund. Occupancy expenses also decreased in the 1997 period as compared to the
same period in 1996. These decreases were partially offset by increases in
staffing costs and professional fees.
The provision for income taxes increased $2,000 and $50,000 for the three
and nine months ended December 31, 1997, respectively, as compared to the same
periods in 1996. These increases were attributable to changes in pre-tax income
between the comparable periods.
-11-
<PAGE>
Liquidity and Capital Resources
- -------------------------------
At December 31, 1997, the Bank continued to comply with its liquidity
requirements, with an overall liquid asset ratio of 23.10% and a short-term
liquid asset ratio of 19.14%. Management's objectives and strategies for the
Bank have consistently maintained liquidity levels in excess of regulatory
requirements. It is management's intent to continue its efforts to deploy excess
liquidity into mortgage loans and mortgage-backed securities; however, the
success of lending efforts is dependent upon the availability of favorable loan
opportunities and the competition therefor. At December 31, 1997, the Bank had
no outstanding commitments to fund loans, and no commitments to purchase
mortgage-backed securities or other investment securities.
The Bank was in compliance with regulatory capital requirements at December
31, 1997. Capital requirements, ratios, and balances are as follows:
<TABLE>
<CAPTION>
Percent of
Amount Assets (2) Requirement Excess
------ ---------- ----------- ------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Regulatory Capital
Ratios at
December 31, 1997: (1)
Core...................... $3,033 10.57% $861 $2,172
Risk-based................ 3,078 24.65 999 2,079
- -----------------
</TABLE>
(1) Current capital requirements as of December 31, 1997 consist of a core
capital ratio of 3.00% and a risk-based capital ratio of 8.00%.
(2) Core capital levels are shown as a percentage of total adjusted
assets; risk-based capital levels are shown as a percentage of risk-
weighted assets.
-12-
<PAGE>
PART II - OTHER INFORMATION
WEST TOWN BANCORP INC.
AND SUBSIDIARIES
Item 1. LEGAL PROCEEDINGS
-----------------
From time to time, the Company and Bank are parties to legal
proceedings in the ordinary course of business, wherein they enforce
their security interest. The Company and Bank are not engaged in any
legal proceedings of a material nature at the present time.
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) Computation of earnings per share (Exhibit 11 filed herewith)
(b) No reports on Form 8-K were filed during the quarter ended
December 31, 1997.
-13-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
WEST TOWN BANCORP, INC.
-----------------------
Registrant
DATE: February 6, 1998
BY: /s/ Dennis B. Kosobucki
----------------------------------
Dennis B. Kosobucki
Chairman of the Board,
President and Chief Executive Officer
(Duly Authorized Representative and
Principal Executive Officer)
BY: /s/ Jeffrey P. Kosobucki
----------------------------------
Jeffrey P. Kosobucki
Vice President and Chief Financial Officer
(Principal Financial Officer)
-14-
<PAGE>
INDEX TO EXHIBITS
Exhibit No. PAGE
- ----------- ----
11 Statement regarding Computation of Earnings Per Share 16
-15-
<PAGE>
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Nine Months
Ended Ended
December 31, 1997 December 31, 1997
----------------- -----------------
<S> <C> <C>
Net Income $ 37,315 104,855
======== =======
Weighted average shares outstanding 224,303 228,207
Reduction for common shares not yet released by
Employee Stock Ownership Plan (14,463) (14,801)
-------- -------
Total weighted average common shares
outstanding for basic computation 209,840 213,406
======== =======
Primary earnings per share $ 0.18 0.49
======== =======
Total weighted average common shares
outstanding for basic computation 209,840 213,406
Common stock equivalents due to dilutive effect
of stock options 1,411 470
-------- -------
Total weighted average common shares and
equivalents outstanding for diluted
computation 211,251 213,876
======== =======
Diluted earnings per share $ 0.18 0.49
======== =======
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 602,582
<INT-BEARING-DEPOSITS> 6,012,092
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 100,000
<INVESTMENTS-CARRYING> 2,203,156
<INVESTMENTS-MARKET> 2,212,000
<LOANS> 19,741,116
<ALLOWANCE> (44,671)
<TOTAL-ASSETS> 29,482,440
<DEPOSITS> 25,189,938
<SHORT-TERM> 0
<LIABILITIES-OTHER> 199,438
<LONG-TERM> 0
<COMMON> 2,319
0
0
<OTHER-SE> 4,003,601
<TOTAL-LIABILITIES-AND-EQUITY> 29,482,440
<INTEREST-LOAN> 1,017,164
<INTEREST-INVEST> 138,865
<INTEREST-OTHER> 260,430
<INTEREST-TOTAL> 1,416,459
<INTEREST-DEPOSIT> 859,259
<INTEREST-EXPENSE> 859,259
<INTEREST-INCOME-NET> 557,200
<LOAN-LOSSES> 4,500
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 413,842
<INCOME-PRETAX> 163,109
<INCOME-PRE-EXTRAORDINARY> 104,855
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 104,855
<EPS-PRIMARY> .49
<EPS-DILUTED> .49
<YIELD-ACTUAL> 2.78
<LOANS-NON> 94,145
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 40,171
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 44,671
<ALLOWANCE-DOMESTIC> 44,671
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
