<PAGE>
UNITED STATES
SECURITY 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 June 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: 0-24896
Home Building Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Indiana
(State or other jurisdiction of incorporation or organization)
35-1935840
(I.R.S. Employer identification No.)
200 East VanTrees Street, Washington, Indiana 47501
(Address of principal executive offices) (Zip Code)
(812) 254-2641
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing for
the past 90 days. {X}Yes { } No
As of August 11, 1997 there were 331,660 shares of the Registrant's common
stock issued and outstanding.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
Transitional Small Business Disclosure Format:
{ } Yes {X} No
<PAGE>
HOME BUILDING BANCORP, INC.
INDEX
Part I. Financial Information Page
Item 1. Financial Statements (Unaudited)
Consolidated Statements of Financial Condition at June 30, 1997 1
and September 30, 1996
Consolidated Statements of Income for the Three and Nine Months
Ended June 30, 1997 and 1996 2
Consolidated Statements of Shareholders' Equity for the
Nine Months Ended June 30, 1997 and 1996 3
Consolidated Statements of Cash Flows for the Nine Months Ended
June 30, 1997 and 1996 4
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition 8
and Results of Operations
Part II. Other Information 12
Signatures 13
Index of Exhibits 14
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Financial Condition
<CAPTION>
(Unaudited)
June 30, Sept. 30,
1997 1996
ASSETS
<S> <C> <C>
Cash and due from banks $1,420,470 $ 1,428,754
Interest-bearing deposits with banks 6,706,113 3,793,704
Securities available for sale, amortized cost of
$7,178,966 and $7,577,212 7,167,794 7,532,540
Securities held to maturity, fair market value of
$381,000 and $473,000 377,824 473,104
Loans receivable, net of allowance for loan losses of
$82,668 and $77,000 28,228,835 28,108,279
Accrued interest receivable 185,211 174,519
Premises and equipment 783,257 787,008
Other assets 194,350 262,792
Total assets $45,063,854 $42,560,700
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
<S> <C> <C>
Savings and NOW deposits $14,127,836 $11,571,843
Other time deposits 21,084,050 21,055,789
Total deposits 35,211,886 32,627,632
Advances from Federal Home Loan Bank 3,699,985 3,699,985
Securities sold under agreements to repurchase - 273,951
Accrued expenses and other liabilities 378,486 460,613
Total liabilities 39,290,357 37,062,181
Shareholders' equity
Common stock, $.01 par value, 1 million shares
authorized, 331,660 issued and outstanding 3,317 3,317
Additional paid in capital 3,037,240 3,014,935
Treasury stock, at cost (345,000) (345,000)
Retained earnings 3,395,735 3,217,134
Unrealized loss on available for sale securities,
net of deferred tax (6,703) (26,397)
Unearned ESOP & recognition and retention shares (311,092) (365,470)
Total shareholders' equity 5,773,497 5,498,519
Total liabilities and shareholders' equity $45,063,854 $42,560,700
<FN>
See notes to consolidated financial statements.
</TABLE>
- -1-
<PAGE>
<TABLE>
Home Building Bancorp., Inc.
Washington, Indiana
Consolidated Statements of Income
<CAPTION>
Three months ended Nine months ended
June 30, June 30,
1997 1996 1997 1996
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest income:
<S> <C> <C> <C> <C>
Loans receivable $ 599,583 $ 588,824 $ 1,795,274 $1,818,722
Investments 44,751 39,695 119,176 117,191
Mortgage-backed securities 98,776 94,468 307,637 252,745
Deposits with other banks 103,092 72,227 274,071 206,992
Total interest income 846,202 795,214 2,496,158 2,395,650
Interest expense:
Deposits 412,239 387,285 1,225,601 1,126,142
Repurchase agreements - 6,112 - 20,755
Other borrowed funds 52,727 57,411 161,366 162,743
Total interest expense 464,966 450,808 1,386,967 1,309,640
Net interest income 381,236 344,406 1,109,191 1,086,010
Provision for loan losses 5,000 - 5,000 356,500
Net interest income after
provision for loan losses 376,236 344,406 1,104,191 729,510
Noninterest income:
Gain (loss) on sale of assets 9,231 1,106 12,684 5,931
Customer service fees 26,508 54,284 85,423 119,183
Total other income 35,739 55,390 98,107 125,114
Noninterest expenses:
Salaries and employee benefits 125,455 105,057 386,778 393,107
Occupancy and equipment 37,807 36,647 111,952 107,372
Deposit insurance premium 4,997 19,006 26,389 56,744
Computer expense 12,352 14,281 41,529 42,077
Service fees 12,617 9,508 37,154 33,055
Advertising expense 14,206 11,191 40,321 35,226
Professional fees 10,844 19,622 36,882 46,664
Other expense 50,697 54,821 117,620 112,636
Total other expenses 268,975 270,133 798,625 826,881
Income before income taxes 143,000 129,663 403,673 27,743
Income tax expense 55,963 47,712 153,446 4,912
Net income $ 87,037 $ 81,951 $ 250,227 $ 22,831
Net income per share of common stock $ 0.30 $ 0.27 $ 0.88 $ 0.08
Weighted average shares outstanding 285,973 299,007 284,406 299,007
<FN>
See notes to consolidated financial statements.
</TABLE>
- -2-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Shareholders' Equity
<CAPTION>
Nine months ended June 30,
1997 1996
(Unaudited)
<S> <C> <C>
Common stock, $.01 par value, 1 million shares
authorized, 331,660 issued and outstanding
Beginning of period $ 3,317 $ 3,220
Issuance of 9,660 shares under Recognition
and Retention Plan (RRP) - 97
End of Period 3,317 3,317
Additional paid in capital
Beginning of period 3,014,935 2,855,642
Allocation of 2,250 ESOP shares 22,305 -
Issuance of 9,660 shares under Recognition
and Retention Plan (RRP) - 159,293
End of Period 3,037,240 3,014,935
Treasury stock, at cost (345,000) -
Retained earnings:
Beginning of the period 3,217,134 3,451,949
Net income 250,227 22,831
Dividends declared (71,626) (72,450)
End of the period 3,395,735 3,402,330
Unrealized gain (loss) on securities available
for sale, net of deferred tax:
Beginning of the period (26,397) (3,259)
Change in unrealized gain or loss 19,694 (11,301)
End of the period (6,703) (14,560)
Unearned ESOP & recognition and retention shares (311,092) (391,230)
Total equity $ 5,773,497 $ 6,014,792
<FN>
See notes to consolidated financial statements.
</TABLE>
- -3-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<CAPTION>
Nine months ended June 30,
1997 1996
(Unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net income $ 250,227 $ 22,831
Adjustments to reconcile net income to net cash
provided by (used by) operating activities:
Depreciation and amortization 30,474 28,773
Other gains and losses, net - (5,931)
Net realized gains on available-for-sale
securities (10,989) -
(Increase) decrease in accrued interest
receivable (10,692) (1,986)
Increase (decrease) in accrued expenses
and other liabilities (5,444) (148,404)
(Increase) decrease in other assets 54,636 (94,648)
Provision for loan loss 5,000 356,500
Total adjustments 62,985 134,304
Net cash provided by operating activities 313,212 157,135
Cash flows from investing activities:
Net (increase) decrease in interest-bearing
deposits with banks (2,912,409) 397,129
Purchases of available-for-sale securities (2,283,616) (2,076,253)
Proceeds from maturities of available-for-sale
securities 907,933 1,132,101
Proceeds from sales of available-for-sale securities 1,784,918 -
Proceed from maturities of held-to-maturity securities 95,280 144,573
Net (increase) decrease in loans (125,556) 810,974
Net purchases of premises and equipment (26,723) -
Proceeds from sale of foreclosed collateral - 38,477
Net cash used in investing activities (2,560,173) 447,001
Cash flows from financing activities:
Net increase (decrease) in savings and NOW
deposit accounts 2,555,993 376,311
Net increase (decrease) in time deposits 28,261 1,069,593
Net decrease in securities sold under
agreements to repurchase (273,951) (777,424)
Proceeds from Federal Home Loan Bank advances - 1,000,000
Dividends paid (71,626) (72,450)
Net cash provided by financing activities 2,238,677 1,596,030
Net increase (decrease) in cash and due from banks (8,284) 2,200,166
Cash and due from banks at beginning of period 1,428,754 3,338,677
Cash and due from banks at end of period $ 1,420,470 $ 5,538,843
<FN>
See notes to consolidated financial statements.
</TABLE>
- -4-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<CAPTION>
Nine months ended June 30,
1997 1996
(Unaudited)
Cash paid for:
<S> <C> <C>
Interest $ 1,387,411 $ 1,307,339
Income taxes $ - $ 66,614
Noncash Investing and Financing Activities:
Aggregate investments at market transferred
from held-to-maturity and reclassified as
available-for-sale $ - $ 2,645,719
<FN>
See notes to consolidated financial statements.
</TABLE>
- -5-
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
June 30, 1997 and 1996
Note 1: Basis of Presentation
The unaudited information for the three and nine months ended June 30, 1997
and June 30, 1996, includes the results of operations of Home Building
Bancorp, Inc. (the "Company") and its wholly owned subsidiary Home Building
Savings Bank, FSB (the "Bank"). In the opinion of management of the Company,
the financial statements reflect all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the consolidated financial
statements. These interim financial statements should be read in conjunction
with the Company's most recent annual financial statements and footnotes
included in the annual report of Home Building Bancorp, Inc. dated September
30, 1996. The results of the period presented are not necessarily
representative of the results of operations and cash flows which may be
expected for the entire year.
Note 2: Principles of Consolidation
The consolidated financial statements include the accounts of Home Building
Bancorp, Inc., Home Building Savings Bank, FSB, and the Bank's subsidiary.
All significant inter-company balances and transactions have been eliminated
in consolidation.
Note 3: Stock Conversion
On February 7, 1995, Home Building Bancorp, Inc. began trading as a public
company on the Nasdaq SmallCap Market. The Company issued 322,000 shares,
$.01 par value common stock, for proceeds of $2,858,862 net expenses of
approximately $361,000. The Bank converted to a federal stock savings bank
following the formation of the holding company and received proceeds of
$1,432,853 in exchange for all its common stock. This transaction was
accounted for using historical cost in a manner similar to that in a pooling
of interests.
Note 4: Earnings Per Common Share
Net income of $0.30 per common share for the three month period and $0.88 for
the nine month period ended June 30, 1997, was computed by dividing net
income for the periods by the weighted average number of shares outstanding,
less Employee Stock Ownership Plan (ESOP) shares and Recognition and Retention
Plan (RRP) shares not committed to be released. The weighted average number of
shares outstanding for the periods was 285,973 and 284,406, respectively.
- -6-
<PAGE>
Home Building Savings Bank, FSB
Notes to Consolidated Financial Statements
June 30, 1997 and 1996
(Concluded)
Note 5: Allowance for Loan Losses and Loan Loss Provision
Activity in the allowance for loan losses was as follows:
For the nine months ended June 30,
1997 1996
Beginning $ 77,000 $ 77,039
Provision 5,000 -
Charge-offs (1,108) -
Recoveries 1,776 -
Ending $ 82,668 $ 77,039
- -7-
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
General
Home Building Bancorp, Inc. (the Company) was formed at the direction of Home
Building Savings Bank, FSB (the Bank), for the purpose of owning all the stock
outstanding in the Bank. The Company incorporated under the laws of the State
of Indiana and is generally authorized to engage in any activity that is
permitted under Indiana law. On February 7, 1995, the Company acquired all
the stock of the Bank in accordance with the approved plan of conversion.
The Company had not engaged in any material operations at June 30, 1997, and
had no significant assets other than its equity investment in the Bank's
stock, cash, investments, and a loan to the Bank's Employee Stock Ownership
Plan (ESOP.)
Established in 1908, the Home Building Savings Bank, FSB is a community oriented
financial institution offering a variety of financial services to meet the needs
of the communities it serves. The Bank's primary market area covers Daviess and
Pike counties in southwestern Indiana. The Bank attracts deposits from the
general public and uses such deposits, together with borrowings and other
funds, to originate one- to four-family residential mortgages, automobile and
consumer loans, and to a lesser extent commercial, multifamily and
construction real estate loans. The Bank also invests in U.S. government and
agency obligations and may invest in other permissible investments.
The Bank's results of operations are primarily dependent upon its net
interest income, which is the difference between interest earned on loans and
investments and interest paid on deposits and other borrowed funds. Net
interest income is directly affected by the relative amounts of interest-
earning assets and interest-bearing liabilities and the interest rates earned
or paid on such amounts. The Bank's results of operations are also affected
by the provision for loan losses and the level of noninterest income and
expenses. The operating results of the Bank are also affected by general
economic conditions, the monetary and fiscal policies of federal agencies,
and the policies of agencies that regulate financial institutions. The
Bank's cost of funds is influenced by interest rates on competing investments
and general market rates of interest. Lending activities are influenced
by the demand for real estate loans and other types of loans, which in turn
is affected by the rates of interest at which loans are offered, general
economic conditions affecting loan demand, and the availability of funds for
lending activities.
Financial Condition
For the nine months ended June 30, 1997, total assets increased approximately
$2.5 million to $45.1 million from $42.6 million at September 30, 1996. Cash
and due from banks decreased $9,000, while interest bearing deposits
increased $2.9 million, as public funds and escrow accounts were invested. The
Company bids periodically on funds from local units of government, usually
for terms under six months in length. These deposits are invested in FHLB time
deposits, certificates of deposit at other depository institutions, and other
short-term investments, providing the Company with additional interest income.
The Company has also been escrow agent for several local real estate
transactions which have also been a source of short-term deposits. The
Company had $7.2 million of its investment portfolio classified as available
for sale as of June 30, 1997.
- - 8 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Financial Condition, continued
Liabilities increased by approximately $2.2 million as deposits increased by
$2.6 compared to September 30, 1996. The Bank's advances from the FHLB
remained unchanged. The Bank has maintained deposit interest rates which are
competitive for its marketplace and was successful during the period at
retaining and increasing deposits. The large increase in deposits was due to
short-term public funds and escrow accounts.
The Company recognizes the temporary nature of public-funds and escrow deposits,
and does not rely on them for liquidity or funding lending operations. The
Company's liabilities are generally shorter in term and subject to repricing
more frequently than assets. The Company continues to stress consumer and
installment lending, shorter-term (15 years and under) fixed rate mortgage
loans, and adjustable rate mortgages. Investments involve shorter-term and
adjustable rate securities to respond to changing rates. The Company, as a
thrift institution, continues to have a below average exposure to interest rate
risk compared to its peers.
Results of Operations:
Comparison of the three and nine months ended June 30, 1997 and 1996.
General. The Company experienced a net profit of $87,000 for the three months
and a net profit of $250,000 for the nine months ended June 30, 1997,
respectively, compared to net profit of $82,000 and $23,000 for the same
periods in 1996. The net profit for the same nine month period a year ago was
affected by the increased loan loss provision during the second quarter of
fiscal year 1996.
Interest Income. Total interest income increased by $51,000, or 6.4%, to
$846,000 for the three months ended June 30, 1997, compared to the same
period last year. Interest income earned by the Company's loan portfolio
increased $11,000 for the three months ended June 30, 1997, compared to a
year ago. This increase results from a growth in the loan portfolio compared
to a year ago. Interest income from mortgage-backed securities increased
$5,000 for the most recent quarter, to $99,000, compared to $94,000 the same
period a year ago. For the nine month period, mortgage-backed securities
interest income increased $55,000, to $308,000, from $253,000 during the same
period in 1996. Interest income also increased as a result of interest earned
on the large deposits of public fund and escrow accounts as discussed above.
Interest Expense. Total interest expense increased $14,000, or 3.1%, to
$465,000 for the three months ended June 30, 1997, compared to $451,000 for
the same period last year. The increase was due to interest paid on a much
larger base of deposits. The weighted average cost of savings remained basically
unchanged at 4.53% at June 30, 1997 compared to 4.55% at March 31, 1997. The
overall cost of funds, including FHLB advances remains at 4.64% on June 30,
1997, the same as March 31, 1997. The Company is able to compete aggressively
for savings funds when adequate spreads on loans or investments become
available. FHLB advances also remain an efficient, available liability
management tool.
Short-term interest rates, from which the Company determines the rates it offers
deposit customers, had been expected to increase during the most recent quarter.
Instead, interest rates have remained steady. Consequently, the Company
benefited throughout the quarter from stable rates and high levels of short-
term deposits on which it paid rates below the Company's overall average cost
of funds.
- - 9 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Net Interest Income. Net interest income before provision for loan losses
increased $37,000, or 10.7%, to $381,000 for the quarter ended June 30, 1997,
compared to the same quarter a year ago. As of June 30, 1997, interest-
earning assets were 112.8% of interest bearing liabilities.
Nonperforming Assets and Provision for Loan Losses. The provision for loan
losses is a result of management's periodic analysis of the adequacy of the
Company's allowance for loan losses. During the three month period ended
June 30, 1997, $5,000 in additional provision was taken against earnings. The
Company adjusts its allowance in accordance with its Classified Assets Policy.
The Company believes it has taken an appropriate approach toward reserve
levels, consistent with the Company's loan portfolio, its current level of
reserves, the economy, real estate values and interest rates. The Company has
had an extremely low level of loan losses during its history and therefore also
considers the loss experience of similar portfolios in comparable lending
markets. Federal regulators may require additional reserves as a result of
their examinations of the Company, but have not done so. Accordingly, the
calculation of the adequacy of the allowance is not solely based directly on
the level of nonperforming assets at any one time. No assurance can be made
that future losses will not exceed the estimated amounts, thereby adversely
affecting future results of operations. As of June 30, 1997, the Company's
allowance for loan losses was $82,700 compared to $77,000 on September 30,
1996. Over the nine month period the reserve has increased $5,700 net from the
addition made for this quarter, a small loan write-off and miscellaneous small
recoveries of loans previously written off.
As of June 30, 1997, the Company's nonperforming assets totaled $173,000 or
0.38% of total assets. At the same date, the Company's ratio of allowance
for loan losses to nonperforming assets was 47.8%.
Noninterest Income. Noninterest income was $36,000 for the most recent quarter
compared to $55,000 for the same quarter a year ago. For the nine month period
Noninterest income decreased $27,000 from $125,000 a year ago to $98,000 for
the period ended June 30, 1997. The period a year ago had included significant
amounts from the sale of the Company's data center, which is now complete.
Noninterest Expense. Total noninterest expense decreased $1,000, or .4%, to
$269,000 for the latest quarter compared to $270,000 the same quarter a year
ago. For the nine months, noninterest expenses fell $28,000 from $827,000
last year to $799,000 for the nine months ended June 30, 1997. The change for
the nine month period results from lower FDIC assessments and professional fees.
Income Tax Expense. The change in income tax expense was related directly to
the change in net income before income tax provision for the periods reported.
- - 10 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Liquidity and Capital Requirements. Home Building's main sources of funds are
deposits, loan and investment repayments, fees and service charges and
Federal Home Loan Bank (FHLB) advances. Federal regulations require the Bank
to maintain cash and eligible investments in an amount equal to at least 5% of
customer accounts and short-term borrowings to assure its ability to meet
demands for withdrawals and repayments of short-term borrowings. As of June
30, 1997, the Bank's liquidity ratio was 17.23% which is well above the
regulatory requirements. This high ratio was due to the large amount of public
funds on short-term deposit, which were invested in assets qualifying as
liquidity.
The Bank uses its capital resources to meet ongoing commitments, to fund
maturing certificates of deposit and deposit withdrawals, to invest, to fund
existing and future loan commitments, to maintain liquidity, and to meet
operating expenses. The Bank anticipates it will have sufficient funds to
meet current loan commitments. At June 30, 1997, the Bank had outstanding
commitments to extend credit totaling $555,000. Management believes loan
repayments, deposits and other sources of funds will be adequate to meet the
Bank's foreseeable liquidity needs. FHLB advances may be used to take
advantage of investment opportunities, but are not relied upon in the
regular course of business.
Home Building Savings Bank is required to maintain specific amounts of
regulatory capital pursuant to federal regulations. The table below
presents the capital position at June 30, 1997, relative to the regulatory
capital requirements.
Amount
(in thousands) Percent of Assets
Tangible Capital $ 4,458 9.89%
Tangible Capital Requirement 671 1.50
Excess $ 3,787 8.39%
Core Capital $ 4,458 9.89%
Core Capital Requirement 1,341 3.00
Excess $ 3,117 6.89%
Total Capital (Core & Supple.) $ 4,541 20.97%
Risk-Based Capital Requirement 1,733 8.00
Excess $ 2,808 12.97%
- -11-
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27: Financial Data Schedule (electronic filing only)
(b) There were no reports on Form 8-K filed during the quarter.
- -12-
<PAGE>
SIGNATURES
Pursuant to the requirement 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.
HOME BUILDING BANCORP, INC.
Registrant
Date: 8/11/97 /s/ Bruce A. Beesley
Bruce A. Beesley, President and Chief
Executive Officer (Duly Authorized Officer)
Date: 8/11/97 /s/ Debra K. Shields
Debra K. Shields, Vice President and
Chief Financial Officer (Principal Financial
and Accounting Officer)
- -13-
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
27 Financial Data Schedule (electronic filing only)
- -14-
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNAUDITED
FINANCIAL STATEMENTS DATED JUNE 30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> JUN-30-1997
<CASH> 1420470
<INT-BEARING-DEPOSITS> 6706113
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7167794
<INVESTMENTS-CARRYING> 377824
<INVESTMENTS-MARKET> 381000
<LOANS> 28228835
<ALLOWANCE> 82668
<TOTAL-ASSETS> 45063854
<DEPOSITS> 35211886
<SHORT-TERM> 0
<LIABILITIES-OTHER> 378486
<LONG-TERM> 3699985
0
0
<COMMON> 3317
<OTHER-SE> 5770180
<TOTAL-LIABILITIES-AND-EQUITY> 45063854
<INTEREST-LOAN> 1795274
<INTEREST-INVEST> 119176
<INTEREST-OTHER> 581708
<INTEREST-TOTAL> 2496158
<INTEREST-DEPOSIT> 1225601
<INTEREST-EXPENSE> 1386967
<INTEREST-INCOME-NET> 1109191
<LOAN-LOSSES> 5000
<SECURITIES-GAINS> 10989
<EXPENSE-OTHER> 798625
<INCOME-PRETAX> 403673
<INCOME-PRE-EXTRAORDINARY> 403673
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 250227
<EPS-PRIMARY> .88
<EPS-DILUTED> .88
<YIELD-ACTUAL> .06
<LOANS-NON> 173000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 77000
<CHARGE-OFFS> 1108
<RECOVERIES> 1776
<ALLOWANCE-CLOSE> 82668
<ALLOWANCE-DOMESTIC> 82668
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 33084
</TABLE>
