UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D. C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ______
Commission File No. 025088
PERRY COUNTY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Missouri 43-1694505
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14 North Jackson Street, Perryville, Missouri 63775-1334
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (573) 547-4581
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X . No .
Indicate the number of shares outstanding of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding July 31, 1998
Common Stock, par value
$.01 per share 827,897
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
FORM 10-QSB
FOR THE QUARTER ENDED JUNE 30, 1998
INDEX
<TABLE>
PAGE NO.
<S> <C>
PART I - Financial Information (Unaudited)
Consolidated Balance Sheets 1
Consolidated Statements of Earnings 2
Consolidated Statements of Cash Flows 3
Notes to Consolidated Financial Statements 4
Management's Discussion and Analysis of
Financial Condition and Results of Operations 5
PART II - Other Information 9
</TABLE>
<PAGE> 1
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
<TABLE>
June 30, September 30,
Assets 1998 1997
<S> <C> <C>
Cash and cash equivalents $ 6,301,795 2,552,167
Securities available for sale,
at market value (amortized cost
of $35,407,106 and $35,557,757,
respectively) 35,388,676 35,411,629
Federal Home Loan Bank Stock 425,000 601,500
Mortgage backed securities
available for sale, at market
value (amortized cost of
$30,507,026 and $30,499,492,
respectively) 30,770,643 30,631,091
Loans receivable, net 15,720,367 13,910,147
Premises and equipment, net 323,306 287,495
Accrued interest receivable:
Securities 540,182 474,971
Mortgage backed securities 172,837 173,771
Loans receivable 69,722 60,255
Other assets 48,147 32,178
Total assets $89,760,675 84,135,204
Liabilities and Stockholders' Equity
Deposits $64,108,823 61,071,074
Accrued interest on deposits 121,156 122,156
Advances from FHLB of Des Moines 8,500,000 6,500,000
Advances from borrowers for taxes
and insurance 150,413 158,236
Other liabilities 29,056 25,636
Income taxes payable 273,758 209,502
Total liabilities 73,183,206 68,086,604
Commitments and contingencies
Stockholders' equity:
Serial preferred stock, $.01 par
value; 1,000,000 shares authorized;
shares issued and outstanding: none
Common stock, $.01 par value;
5,000,000 shares authorized;
856,452 share issued
and outstanding 8,565 8,565
Additional paid in capital 8,156,391 8,110,852
Common stock acquired by ESOP (512,738) (547,216)
Common stock acquired by MRP (198,702) (257,269)
Unrealized gain (loss) on securities
and mortgage backed securities
available for sale, net 154,468 (9,153)
Treasury stock, at cost, 28,555 shares (499,815) (499,815)
Retained earnings _ substantially
restricted 9,469,300 9,242,636
Total stockholders' equity 16,577,469 16,048,600
Total liabilities and stockholders'
equity $89,760,675 84,135,204
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 2
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Earnings
(Unaudited)
<TABLE>
Three Months Ended
June 30,
1998 1997
<S> <C> <C>
Interest income:
Loans receivable $304,839 257,184
Mortgage-backed securities 497,467 511,707
Securities 592,079 599,231
Other interest-earning assets 91,719 19,934
Total interest income 1,486,104 1,388,056
Interest expense:
Deposits 824,511 747,850
Advances from FHLB 112,016 47,809
Total interest expense 936,527 795,659
Net interest income 549,577 592,397
Provision for loan losses 0 0
Net interest income after
provision for loan losses 549,577 592,397
Noninterest income:
Gain (loss) on sale of securities
available for sale (12,500)
Gain (loss) on sale of mortgage
backed securities available for
sale 3,760 8,415
Service charges on NOW accounts 7,188 6,815
Other (127) 964
Total noninterest income 10,821 3,694
Noninterest expense:
Compensation and benefits 144,941 137,218
Occupancy expense 8,204 6,920
Equipment and data processing expense 18,454 18,967
SAIF deposit insurance premium 9,565 10,098
Professional services 27,366 32,086
Other 11,715 12,854
Total noninterest expense 220,245 218,143
Earnings before income taxes 340,153 377,948
Income taxes 134,307 147,700
Net earnings $ 205,846 230,248
Basic earnings per common share $ .27 .30
Diluted earnings per common share $ .26 .30
Dividends per share $ .00 .00
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 2
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Earnings
(Unaudited)
<TABLE>
Nine Months Ended
June 30,
1998 1997
<S> <C> <C>
Interest income:
Loans receivable $ 902,837 740,722
Mortgage backed securities 1,493,154 1,514,837
Securities 1,796,665 1,706,143
Other interest earning asset 211,147 148,041
Total interest income 4,403,803 4,109,743
Interest expense:
Deposits 2,423,252 2,263,399
Advances from FHLB 307,554 122,625
Total interest expense 2,730,806 2,386,024
Net interest income 1,672,997 1,723,719
Provision for loan losses 0 0
Net interest income after
provision for loan losses 1,672,997 1,723,719
Noninterest income:
Gain (loss) on sale of securities
available for sale 0 (17,500)
Gain (loss) on sale of mortgage-backed
securities available for sale 3,760 148,070
Service charges on NOW accounts 22,371 20,237
Other 5,197 6,831
Total noninterest income 31,328 157,638
Noninterest expense:
Compensation and benefits 446,409 417,024
Occupancy expense 23,088 20,897
Equipment and data processing expense 61,508 59,165
SAIF deposit insurance premium 28,699 45,508
Professional services 78,793 72,160
Other 51,804 52,453
Total noninterest expense 690,301 667,207
Earnings before income taxes 1,014,024 1,214,150
Income taxes 400,772 458,859
Net earnings $613,252 755,291
Basic earnings per common share $.79 .99
Diluted earnings per common share $.78 .98
Dividends per share $.50 .40
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 3
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
Nine Months Ended
June 30,
1998 1997
<S> <C> <C>
Cash flows from operating activities:
Net earnings $613,252 755,291
Adjustments to reconcile net earnings
to net cash provided by (used for)
operating activities:
Depreciation expense 10,974 10,925
ESOP expense 80,017 62,645
MRP expense 58,567 58,567
Amortization of premiums
(discounts), net (233,527) (134,343)
Loss (gain) on sale of securities
available for sale 0 17,500
Loss (gain) on sale of mortgage
backed securities
available for sale (3,760) (148,070)
Decrease (increase) in:
Accrued interest receivable (73,744) (102,403)
Other assets (15,969) 145,860
Increase (decrease) in:
Accrued interest on deposits and
other liabilities 2,420 (421,115)
Income taxes payable (31,839) (86,463)
Net cash provided by (used for)
operating activities 406,391 158,394
Cash flows from investing activities:
Loans originated, net of principal
collections on loans (1,810,220) (1,587,538)
Mortgage backed securities available
for sale:
Purchased (4,995,682) (5,259,212)
Principal collections 4,092,172 2,961,817
Proceeds from sale 901,069 4,594,985
Securities available for sale:
Purchased (16,467,155) (8,500,000)
Proceeds from maturity or call 16,050,000 6,500,000
Proceeds from sale 800,000 1,982,500
Redemption of FHLB stock, net 176,500 0
Purchase of premises and equipment,
net (46,785) (543)
Net cash provided by (used for)
investing activities (1,300,101) 692,009
Cash flows from financing activities:
Net increase (decrease) in:
Deposits 3,037,749 (2,019,253)
Advances from borrowers for taxes
and insurance (7,823) (15,363)
Proceeds from advance from FHLB
of Des Moines 8,500,000 4,500,000
Payment of advance from FHLB
of Des Moines (6,500,000) (2,500,000)
Exercise of stock options 0 406,809
Purchase of treasury stock 0 (802,121)
Dividends paid to shareholders (386,588) (299,667)
Net cash provided by (used for)
financing activities 4,643,338 (729,595)
Net increase (decrease) in cash
and cash equivalents 3,749,628 120,808
Cash and cash equivalents at
beginning of period 2,552,167 3,236,497
Cash and cash equivalents at
end of period 6,301,795 3,357,305
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest on deposits $ 2,424,252 2,280,219
Interest on advances from FHLB
of Des Moines 307,554 122,625
Federal and state income taxes $ 432,611 403,740
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 4
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
(1) The information contained in the accompanying consolidated
financial statements is unaudited. In the opinion of management,
the consolidated financial statements contain all adjustments
(none of which were other than normal recurring entries)
necessary for a fair statement of the results of operations for
the interim periods. The results of operations for the interim
periods are not necessarily indicative of the results which may
be expected for the entire fiscal year. These consolidated
financial statements should be read in conjunction with the
consolidated financial statements of the Company for the year
ended September 30, 1997 contained in the 1997 Annual Report to
Stockholders which is filed as an exhibit to the Company's Annual
Report on Form 10 KSB.
(2) In February 1997, the FASB issued SFAS No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information about
Capital Structure." The Statements supersede APB Opinion No. 15,
amend certain other accounting pronouncements, and modify the
presentation of earnings per share. The Statements are effective
for financial statements for both interim periods and years
ending after December 15, 1997. Following is a summary of basic
and diluted earnings per common share for the three and nine
months ended June 30, 1998 and the three and nine months ended
June 30, 1997, as restated, under SFAS No. 128:
Three Months Ended
June 30,
1998 1997
<TABLE>
<S> <C> <C>
Net earnings $ 205,846 230,248
Weighted average shares Basic EPS 776,049 761,085
Stock options treasury stock method 9,668 956
Weighted average shares Diluted EPS 785,717 762,041
Basic earnings per common share $ .27 .30
Diluted earnings per common share $ .26 .30
</TABLE>
Nine Months Ended
June 30,
1998 1997
<TABLE>
<S> <C> <C>
Net earnings $ 613,252 755,291
Weighted average shares Basic EPS 774,899 766,377
Stock options treasury stock method 9,668 956
Weighted average shares Diluted EPS 784,567 767,333
Basic earnings per common share $ .79 .99
Diluted earnings per common share $ .78 .98
</TABLE>
<PAGE> 5
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Management's Discussion and Analysis of
Financial Condition and Results of Operations
General
Perry County Financial Corporation (Company) has no significant
assets other than common stock of Perry County Savings Bank, FSB
(Bank), the loan to the ESOP and net proceeds retained by the
Company following the conversion. The Company's principal
business is the business of the Bank. Therefore, the discussion
in the Management's Discussion and Analysis of Financial
Condition and Results of Operations relates to the Bank and its
operations.
Certain statements in this report which relate to the Company's
plans, objectives or future performance may be deemed to be
forward looking statements within the meaning of the Private
Securities Litigation Act of 1995. Such statements are based on
management's current expectations. Actual strategies and results
in future periods may differ materially from those currently
expected because of various risks and uncertainties. Additional
discussion of factors affecting the Company's business and
prospects is contained in periodic filings with the Securities
and Exchange Commission.
Asset and Liability Management and Market Risk
The Bank's net interest income is dependent primarily upon the
difference or spread between the average yield earned on loans,
securities and MBS and the average rate paid on deposits, as well
as the relative amounts of such assets and liabilities. The
Bank, as other thrift institutions, is subject to interest rate
risk to the degree that its interest bearing liabilities mature
or reprice at different times, or on a different basis, than its
interest earning assets. The Bank does not purchase derivative
financial instruments or other financial instruments for trading
purposes. Further, the Bank is not subject to any foreign
currency exchange rate risk, commodity price risk or equity price
risk.
The Bank's principal financial objective is to achieve long term
profitability while managing its exposure to fluctuating interest
rates. The Bank has an exposure to interest rate risk, including
short term U.S. prime interest rates. The Bank has employed
various strategies intended to minimize the adverse effect of
interest rate risk on future operations by providing a better
match between the interest rate sensitivity of its assets and
liabilities. In particular, the Bank's strategies are intended
to stabilize net interest income for the long term by protecting
its interest rate spread against increases in interest rates.
Such strategies include the purchase of short and intermediate
term securities and adjustable rate mortgage backed securities.
Although the Bank has originated adjustable rate mortgage loans
(AMLs) in the past, during the nine months ended June 30, 1998,
the Bank originated primarily 20 year, fixed rate loans.
Management does not anticipate that either financial objectives,
strategies or instruments used to manage its interest rate risk
exposure will change significantly in the near future.
The OTS provides a net market value methodology to measure the
interest rate risk exposure of thrift institutions. This
exposure is a measure of the potential decline in the net
portfolio value (NPV) of the institution based upon the effect of
an assumed 200 basis point increase or decrease in interest
rates. NPV is the present value of the expected net cash flows
from the institution's financial instruments (assets, liabilities
and off balance sheet contracts). Loans, deposits, and
investments are valued taking into consideration similar
maturities, related discount rates and applicable prepayment
assumptions. Under OTS regulations, an institution's normal
level of interest rate risk in the event of this assumed change
in interest rates is a decrease in the institution's NPV in an
amount not exceeding 2% of the present value of its assets. This
procedure for measuring interest rate risk was developed by the
OTS to replace the gap analysis (the difference between interest
earning assets and interest bearing liabilities that mature or
reprice within a specific time period).
<PAGE> 6
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Year 2000
The Bank is reviewing computer applications with its outside data
processing service bureau and other software vendors to ensure
operational and financial systems are not adversely affected by
"year 2000" software failures. All major customer applications
are processed through the outside service bureau. The service
bureau has indicated that it expects to modify existing programs
to make them year 2000 compliant. Management of the Bank is
unable to estimate any additional expense related to this issue.
Any year 2000 compliance failures could result in additional
expense to the Bank.
Liquidity and Capital Resources
The Bank's principal sources of funds are cash receipts from
deposits, security maturities, principal collections on mortgage
backed securities (MBSs), loan repayments by borrowers and net
earnings. The Bank has an agreement with the Federal Home Loan
Bank of Des Moines to provide cash advances, should the Bank need
additional funds.
During November, 1997, the Office of Thrift Supervision (OTS)
lowered the liquidity requirement for savings institutions from
5% to 4% of the liquidity base. The Bank's liquidity ratio
exceeded the regulatory requirement at June 30, 1998.
The Bank is required to maintain certain minimum capital
requirements under OTS regulations. Failure by a savings
institution to meet minimum capital requirements can result in
certain mandatory and possible discretionary actions by
regulators which, if undertaken, could have a direct material
effect on the Bank's financial statements. Under the capital
adequacy guidelines and regulatory framework for prompt
corrective action, the Bank must meet specific capital guidelines
that involve quantitative measures of the Bank's assets,
liabilities, and certain off-balance sheet items as calculated
under regulatory accounting practices. The capital amounts and
classifications are also subject to judgments by the regulators
about components, risk-weightings and other factors.
The Bank's regulatory capital and minimum capital requirements at
June 30, 1998 are summarized as follows:
Minimum Required
for Capital
Actual Adequacy
Amount Ratio Amount Ratio
(Dollars in Thousands)
<TABLE>
<S> <C> <C> <C> <C>
Consolidated stockholders' equity $16,577
Stockholders' equity of Company (3,207)
Unrealized gain on securities (154)
Tangible capital 13,216 5.2% $1,307 1.5%
General valuation allowance 25
Total capital to risk weighted
assets $13,241 65.5% $1,617 8.0%
Tier 1 capital to risk weighted
assets $13,216 65.4% $ 808 4.0%
Tier 1 capital to total assets $13,216 15.2% $2,613 3.0%
</TABLE>
Minimum Required
to be "Well
Capitalized"
Amount Ratio
(Dollars in Thousands)
<TABLE>
Amount Ratio
<S> <C> <C>
Total capital to risk weighted assets $ 2,021 10.0%
Tier 1 capital to risk weighted
assets $ 1,213 6.0%
Tier 1 capital to total assets $ 4,356 5.0%
</TABLE>
Commitments to originate mortgage loans and fund loans in process
at June 30, 1998 amounted to $739,000, expiring in 180 days or
less. Commitments to purchase securities amounted to $1,000,000
at June 30, 1998.
<PAGE> 7
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Financial Condition
Assets increased from $84.1 million at
September 30, 1997 to $89.8 million at June 30, 1998. Proceeds
from net savings deposits and advances from the Federal Home Loan
Bank (FHLB) were used to fund loans and increase cash and cash
equivalents. Loans increased from $13.9 million at September
30, 1997 to $15.7 million at June 30, 1998. The Bank is
originating primarily 20 year fixed rate loans at the present
time. Accrued interest on securities increased due to the timing
of interest payments dates.
Asset Quality
Loans are placed on a nonaccrual status when contractually
delinquent more than ninety days. There were no nonaccrual loans
at September 30, 1997 or June 30, 1998.
Following is a summary of the allowance for loan losses:
Balance, September 30, 1997 $ 25,000
Charge offs 0
Recoveries 0
Provision for loan losses 0
Balance, June 30, 1998 $25,000
Results of Operation
Net Earnings
Net earnings decreased from $230,000 for the three months ended
June 30, 1997 to $206,000 for the three months ended June 30,
1998. Net earnings decreased from $755,000 for the nine months
ended June 30, 1997 to $613,000 for the nine months ended June
30, 1998. Net earnings for the three months ended June 30, 1998
decreased from the comparable period in 1997 due to lower net
interest income. Net earnings for the nine months ended June 30,
1998 decreased from the comparable period in 1997 as a result of
net gain on sale of securities and MBSs of $131,000, which was
recognized in 1997, lower net interest income and higher
noninterest expense in 1998.
Net Interest Income
Net interest income decreased from $592,000 for the three months
ended June 30, 1997 to $550,000 for the three months ended June
30, 1998. Net interest income decreased from $1,724,000 for the
nine months ended June 30, 1997 to $1,673,000 for the nine months
ended June 30, 1998. Interest income increased as a result of a
higher level of loans and other interest-earning assets. Loans
receivable, net have increased substantially in recent years.
Components of interest income vary from time to time based on the
availability and interest rates of loans, securities, mortgage
backed securities (MBSs), and other interest bearing assets.
Interest expense increased as a result of a higher average
balance of FHLB advances outstanding and a higher weighted
average rate on deposits.
Provision for Loan Losses
Provision for loan losses is based upon management's
consideration of economic conditions which may affect the ability
of borrowers to repay loans. Management also reviews individual
loans for which full collectibility may not be reasonably assured
and considers, among other matters, the risks inherent in the
Bank's portfolio and the estimated fair value of the underlying
collateral. This evaluation is ongoing and results in variations
in the Bank's provision for loan losses. As a result of this
evaluation, the Bank
<PAGE> 8
made no provision for loan losses for the
three and nine months ended June 30, 1997 and 1998.
Noninterest Income
During the nine months ended June 30, 1997, securities available
for sale with a carrying value of $2.0 million were sold at a
loss of $17,500 and MBSs with a carrying value of $4.6 million
were sold at a gain of $148,000. The sales were primarily small
balance pools and one collateralized mortgage obligation of
$500,000. During the nine months ended June 30, 1998, securities
with a carrying value of $800,000 were sold at no gain nor loss
and MBSs with a carrying value of $897,000 were sold at a net
gain of $4,000.
Noninterest Expense
Noninterest expense increased from $218,000 for the three months
ended June 30, 1997 to $220,000 for the three months ended June
30, 1998. Noninterest expense increased from $667,000 for the
nine months ended June 30, 1997 to $690,000 for the nine months
ended June 30, 1998. The increase for the nine months was
primarily a result of higher compensation and benefits offset by
lower SAIF deposit insurance premium. Compensation and benefits
increased largely due to higher ESOP expense, which increased
from $64,000 for the nine months ended June 30, 1997 to $82,000
for the nine months ended June 30, 1998. Under generally
accepted accounting principles, expense of the ESOP is affected
by changes in the market price of the Bank's stock. SAIF deposit
insurance premium for the nine months ended June 30, 1998
decreased from the comparable period in 1997 as a result of a
lower assessment rate.
Income Taxes
Income taxes decreased due to lower earnings before income taxes.
<PAGE> 9
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
PART II - Other Information
Item 1 Legal Proceeding
There are no material legal proceedings to which the
Holding Company or the Bank is a party or of which any
of their property is subject. From time to time, the
Bank is a party to various legal proceedings incident to
its business.
Item 2 Changes in Securities
None.
Item 3 Defaults upon Senior Securities
Not applicable.
Item 4 Submission of Matters to a Vote of Security Holders
None
Item 5 Other Information
None.
Item 6 Exhibits and Reports on Form 8-K.
(a) Exhibits: none
(b) Reports on Form 8-K: None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
PERRY COUNTY FINANCIAL CORPORATION
(Registrant)
DATE: August 3, 1998 BY: Leo J. Rozier
Leo J. Rozier, President,
Chief Executive Officer and
Duly Authorized Officer
[ARTICLE] 9
<TABLE>
<S> <C>
[PERIOD-TYPE] 9-MOS
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] JUN-30-1998
[CASH] 6301597
[INT-BEARING-DEPOSITS] 0
[FED-FUNDS-SOLD] 0
[TRADING-ASSETS] 0
[INVESTMENTS-HELD-FOR-SALE] 66159319
[INVESTMENTS-CARRYING] 0
[INVESTMENTS-MARKET] 0
[LOANS] 15720367
[ALLOWANCE] 25000
[TOTAL-ASSETS] 89760675
[DEPOSITS] 64108823
[SHORT-TERM] 8500000
[LIABILITIES-OTHER] 574383
[LONG-TERM] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 8565
[OTHER-SE] 16568904
[TOTAL-LIABILITIES-AND-EQUITY] 89760675
[INTEREST-LOAN] 902837
[INTEREST-INVEST] 3296665
[INTEREST-OTHER] 211147
[INTEREST-TOTAL] 4403803
[INTEREST-DEPOSIT] 2423252
[INTEREST-EXPENSE] 2730806
[INTEREST-INCOME-NET] 1672997
[LOAN-LOSSES] 0
[SECURITIES-GAINS] 3760
[EXPENSE-OTHER] 690301
[INCOME-PRETAX] 1014024
[INCOME-PRE-EXTRAORDINARY] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 613252
[EPS-PRIMARY] .79
[EPS-DILUTED] .78
[YIELD-ACTUAL] 0
[LOANS-NON] 0
[LOANS-PAST] 0
[LOANS-TROUBLED] 0
[LOANS-PROBLEM] 0
[ALLOWANCE-OPEN] 25000
[CHARGE-OFFS] 0
[RECOVERIES] 0
[ALLOWANCE-CLOSE] 25000
[ALLOWANCE-DOMESTIC] 25000
[ALLOWANCE-FOREIGN] 0
[ALLOWANCE-UNALLOCATED] 25000
</TABLE>
