<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange
- ----- Act of 1934 for the quarterly period ended March 31, 1998
Transition report under Section 13 or 15(d) of the Exchange Act for the
- ----- transition period from to
------------ ------------
Commission File No. 33-86258
FIRST COMMUNITY CORPORATION
---------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
South Carolina 57-1010751
-------------- ----------
(State of Incorporation) (I.R.S. Employer Identification)
5455 Sunset Boulevard, Lexington, South Carolina 29072
------------------------------------------------------
(Address of Principal Executive Offices)
(803) 951-2265
--------------
(Issuer's Telephone Number, Including Area Code)
----------------------------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
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 registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No
----- -----
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
689,677 shares of common stock, par value $1.00 per share, were issued
and outstanding as of April 30, 1998
Transitional Small Business Disclosure Format (check one):
Yes No X
----- -----
<PAGE> 2
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The financial statements of First Community Corporation (the "Company")
are set forth in the following pages.
<PAGE> 3
FIRST COMMUNITY CORPORATION
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
1998 December 31,
(Unaudited) 1997
------------ ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,939,287 $ 2,869,066
Federal funds sold and securities purchased under
agreements to resell 6,464,779 2,620,000
Investment securities - available for sale 12,485,831 11,606,899
Investment securities - held to maturity (market value of $2,891,186 and
$1,894,940 at March 31, 1998 and
December 31, 1997, respectively) 2,898,129 1,900,000
Loans 31,624,759 28,999,906
Less, allowance for loan losses 421,408 380,120
---------- ----------
Net loans 31,203,351 28,619,786
Property, furniture and equipment - net 2,954,365 2,983,224
Other assets 381,904 413,456
------------ ------------
Total assets $ 58,327,646 $ 51,012,431
============ ============
LIABILITIES
Deposits:
Non-interest bearing demand $ 8,033,556 $ 7,553,754
NOW and money market accounts 12,448,861 12,020,414
Savings 6,481,700 6,052,584
Time deposits less than $100,000 11,046,296 10,247,650
Time deposits $100,000 and over 8,689,205 6,372,330
------------ ------------
Total deposits 46,699,618 42,246,732
Securities sold under agreements to repurchase 4,973,500 2,143,400
Other borrowed money - demand note to US Treasury 75,210 111,383
Other liabilities 343,233 396,063
------------ ------------
Total liabilities 52,091,561 44,897,578
------------ ------------
SHAREHOLDERS' EQUITY
Common stock, par value $1.00 per share; 10,000,000 shares authorized; issued
and outstanding 689,677 and 688,077 at March 31, 1998 and December
31, 1997, respectively 689,677 689,677
Additional paid in capital 6,155,237 6,155,237
Accumulated deficit (616,585) (732,904)
Accumulated other comprehensive income 7,756 2,843
------------ ------------
Total shareholders' equity 6,236,085 6,114,853
------------ ------------
Total liabilities and shareholders' equity $ 58,327,646 $ 51,012,431
============ ============
</TABLE>
<PAGE> 4
FIRST COMMUNITY CORPORATION
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Three
Months Ended Months Ended
March 31, March 31,
1998 1997
(Unaudited) (Unaudited)
------------ ------------
<S> <C> <C>
Interest income:
Loans, including fees $ 698,834 $ 411,224
Investment securities - taxable 214,528 193,794
Federal funds sold and securities purchased
under resale agreements 69,111 48,239
------------ ------------
Total interest income 982,473 653,257
------------ ------------
Interest expense:
Deposits 399,513 266,873
Federal funds sold and securities sold under agreement
to repurchase 37,731 11,407
Other borrowed money 1,064 1,090
------------ ------------
Total interest expense 438,308 279,370
------------ ------------
Net interest income 544,165 373,887
Provision for loan losses 43,000 37,000
------------ ------------
Net interest income after provision for loan losses 501,165 336,887
------------ ------------
Non-interest income:
Deposit service charges 45,871 33,923
Mortgage origination fees 7,280 2,696
Other 29,723 9,153
------------ ------------
Total non-interest income 82,874 45,772
------------ ------------
Non-interest expense:
Salaries and employee benefits 247,311 199,851
Occupancy 27,587 28,889
Equipment 40,445 31,957
Marketing and public relations 35,311 16,470
Other 117,066 89,833
------------ ------------
Total non-interest expense 467,720 367,000
------------ ------------
Net income $ 116,319 $ 15,659
============ ============
Basic earnings per common share $ 0.17 $ 0.02
============ ============
Diluted earnings per share $ 0.16 $ 0.02
============ ============
</TABLE>
<PAGE> 5
FIRST COMMUNITY CORPORATION
STATEMENTS OF COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
Three months ended March 31,
-----------------------------
1998 1997
-------- --------
<S> <C> <C>
Net income $116,319 $ 15,659
Other comprehensive income, net of tax:
Unrealized gains (losses) arising
during the period, net of tax
effect of $2,645, $0.00 for the
three months ended March
31, 1998 and 1997 4,913 (43,214)
======== ========
Comprehensive income (loss) $121,232 $(27,555)
======== ========
</TABLE>
<PAGE> 6
FIRST COMMUNITY CORPORATION
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
THREE MONTHS ENDED MARCH 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
Accumulated
Additional Other
Common Paid-in Accumulated Comprehensive
Stock Capital Deficit Income Total
-------- ---------- ----------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Balance December 31, 1997 $689,677 $6,155,237 $(732,904) $2,843 $6,114,853
Net income 116,319 116,319
--
Other comprehensive
income, net of tax 4,913 4,913
-------- ---------- --------- ------ ----------
Balance March 31, 1998 $689,677 $6,155,237 $(616,585) $7,756 $6,236,085
======== ========== ========= ====== ==========
</TABLE>
<PAGE> 7
FIRST COMMUNITY CORPORATION
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three months ended March 31,
-----------------------------
1998 1997
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 116,319 $ 15,659
Adjustments to reconcile net income to
net cash provided (used) in operating activities:
Depreciation 32,630 35,314
Premium amortization (discount accretion) (26,087) (2,365)
Provision for loan losses 43,000 37,000
(Increase) decrease in other assets 31,552 15,536
Increase in accounts payable (55,408) (14,952)
----------- -----------
Net cash provided in operating activities 142,006 86,192
----------- -----------
Cash flows form investing activities:
Purchase of investment securities available-for-sale (4,682,794) (3,080,302)
Maturity of investment securities available-for-sale 3,837,436 2,497,801
Purchase of investment securities held-to-maturity (1,498,125) -
Maturity of investment securities held-to-maturity 500,000 -
Increase in loans (2,626,565) (3,854,584)
Purchase of property and equipment (3,771) (181,885)
----------- -----------
Net cash used in investing activities (4,473,819) (4,618,970)
----------- -----------
Cash flows from financing activities:
Increase in deposit accounts 4,452,886 1,560,692
Increase (decrease) in securities sold under agreements to repurchase 2,830,100 250,300
Decrease in other borrowings (36,173) (176,508)
----------- -----------
Net cash provided from financing activities 7,246,813 1,634,484
----------- -----------
Net increase in cash and cash equivalents 2,915,000 (2,898,294)
Cash and cash equivalents at beginning
of period 5,489,065 7,727,799
----------- -----------
Cash and cash equivalents at end of period $ 8,404,065 $ 4,829,505
=========== ===========
Supplemental disclosure:
Cash paid during the period for:
Interest $ 460,406 $ 278,017
Non-cash investing and financing activities:
Unrealized gain (loss) on securities available-for-sale $ 7,492 $ (43,214)
</TABLE>
<PAGE> 8
FIRST COMMUNITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
Note 1 - Basis of Presentation
The consolidated financial statements include the accounts of First
Community Corporation and its wholly owned subsidiary First
Community Bank, N.A. All material inter-company transactions are
eliminated in consolidation. In the opinion of management,
the unaudited financial statements reflect all adjustments
necessary for a fair presentation of the balance sheet and results
of operations for the periods presented.
Note 2 - Adoption of Recent Accounting Pronouncement
In June 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standard No. 130 ('SFAS 130"),
"Reporting Comprehensive Income." SFAS 130 established standards
for reporting and display of comprehensive income and its
components (revenues, expenses, gains, and losses) in a full set of
general purpose financial statements. SFAS 130 requires that items
that are required to be recognized under accounting standards as
components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other
financial statements. SFAS 130 requires that companies (i) classify
items of other comprehensive income by their nature in a financial
statement and (ii) display the accumulated balance of other
comprehensive income separately from retained earnings and
additional paid-in-capital in the equity section of the statement
of financial position at the end of an accounting period. SFAS 130
is effective for fiscal years beginning after December 31, 1997,
and the Company began following the statement in the first quarter
of 1998. As required by the statement, reclassification of earlier
periods has been reflected in the financial statements.
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
First Community Corporation (the Company) is a one bank holding company
which was incorporated in South Carolina on November 2, 1994 and from that date
through August 16, 1995, the Company was a Development Stage Company. First
Community Bank N.A. (the Bank), the Company's only subsidiary, began operations
on August 17, 1995. The Company expected to experience losses until the Bank
grew its assets to a point where the assets generated revenue from operations
which exceeded the Bank's fixed cost. The Company experienced its first
quarterly profit in the fourth quarter of 1996 and has been profitable each
subsequent quarter through the three months ended March 31, 1998.
Comparison of Results of Operations for Three Months Ended March 31, 1998 to the
Three Months Ended March 31, 1997:
Net Income
The Company's net income for the three months ended March 31, 1998 was
$116,000 or $.17 per share as compared to $16,000 or $.02 the three months ended
March 31, 1997. This improvement is primarily due to an increase in average
earning assets of $14.8 million during the comparable periods. Average earning
assets were $49.6 million during the first quarter of 1998 as compared to $34.8
million during the first quarter of 1997. The increase in average earning assets
resulted in an increase in net interest income of $170,000 in the first quarter
of 1998 as compared to the first quarter of 1997. In addition, non-interest
income increased from $46,000 in first quarter of 1997 to $83,000 in the first
quarter of 1998. This increase results from increased deposit account charges
due to increased deposit balances as well as an $14,000 increase in commissions
earned on sale of non-deposit investment products. The increases in net interest
income and non-interest income were partially offset by an increase of $101,000
in non-interest expense in the first quarter of 1998 as compared to the first
quarter of 1997.
Net Interest Income
The table on page 12 shows yield and rate data for interest-bearing
balance sheet components during the three month periods ended March 31, 1998 and
1997, along with average balances and the related interest income and interest
expense amounts.
Net interest income was $544,000 for the three months ended March 31,
1998 as compared to $374,000 for the three months ended March 31, 1997. The
yield on average earning assets increased from 7.61% in the first quarter of
1997 to 8.03% in the first quarter of 1998. This increase reflects the fact that
loans comprised 60.3% of earning assets during the first quarter of 1998 as
compared to only 50.7% percent during the first quarter of 1997. The cost of
interest bearing liabilities was 4.40% in the first quarter of 1998 as compared
to 4.25% in the first quarter of 1997. This increase is primarily due to an
increase in the rate paid on money market accounts during the second quarter of
1998. Management increased the rate paid on money market
<PAGE> 10
ITEM 2. CONTINUED PAGE 2
accounts during the second quarter of 1998 as part of a product campaign and has
maintained higher rates on money market accounts since that date to counter
similar increases by other financial institutions in the area. Net interest
margin for the three months ended March 31, 1998 was 4.45 % as compared to 4.36%
for the three months ended March 31, 1997
Provision and Allowance for Loan Losses
At March 31, 1998 the allowance for loan losses amounted to $421,000,
or 1.33% as compared to $380,000, or 1.31% at December 31, 1997. The Company's
provision for loan losses was $43,000 for the three months ended March 31, 1998
as compared to $37,000 for the three months ended March 31, 1997. The provision
was made based on management's assessment of general loan loss risk and asset
quality. At March 31, 1998 the Company had only one loan, in the principal
amount of $1,000, that was delinquent more than 30 days, and no loans that were
delinquent more than 60 days.
Non-interest Income and Non-interest Expense
Total non-interest income increased by $37,000 during the first quarter
of 1998 as compared to the same period in 1997 reflecting increased activity
fees related to increases in deposit and loan balances. Deposit service charges
were $46,000 for the first quarter of 1998 as compared to $34,000 for the first
quarter of 1997. In addition, during the first quarter of 1998 the Company
employed a registered investment representative and began offering non-deposit
investment products. During the first quarter of 1998 fees from the sale of
these products amounted to approximately $14,000 compared to no fees in the
first quarter of 1997. Deposit service charges and fees on non-deposit
investment products were the primary sources of the increase in non-interest
income.
Total non-interest expense increased by $101,000 during the first
quarter of 1998 as compared to the same quarter of 1997 as a result of the
Company's continued growth. This increase includes a $47,000 increase in salary
and benefits expense, as the Company employed an additional three full time
employees, a $19,000 increase in marketing expense and a $27,000 increase in
other expenses. The increase in marketing expense is a result of planned
increases in advertising during 1998 over 1997. The increase in other expenses
reflects increases in supplies and correspondent bank charges related to
increased volumes of activity and related expenses in the first quarter of 1998
as compared to the first quarter of 1997.
<PAGE> 11
ITEM 2. CONTINUED PAGE 3
Financial Position
Assets totaled $58.3 million at March 31, 1998 as compared to $51.0
million at December 31, 1997 an increase of $7.3 million (14.3%). At March 31,
1998, loans accounted for 59.1% of earning assets, as compared to 64.3% at
December 31, 1997. Loans grew by $2.6 million during the three months ended
March 31, 1998 from $29.0 million to $31.6 million. The loan to deposit ratio at
March 31, 1998 was 67.7% as compared to 68.6% at December 31, 1997. It is
anticipated that this ratio will increase as management invest more of its
assets in the higher earning loan portfolio as compared to the investment
portfolio. Loan growth was funded by growth in deposits of $4.5 million (10.5%)
from $42.2 million at December 31, 1997 to $46.7 at March 31, 1998. The balance
of the deposit growth was primarily used to fund an increase in investment
securities of $1.9 million from $13.5 million at December 31, 1997 to $15.4
million at March 31, 1998.
Liquidity and Capital Resources
The Company's liquidity remains adequate to meet operating and loan
funding requirements. Federal funds sold and investment securities available-for
sale represent 32.4% of total assets at March 31, 1998. Management believes that
its existing stable base of core deposits along with continued growth in this
deposit base will enable the Company to meet its long term and short term
liquidity needs successfully. These needs include the ability to respond to
short-term demand for funds caused by the withdrawal of deposits, maturity of
repurchase agreements, extensions of credit and for the payment of operating
expenses. Sources of liquidity in addition to deposit gathering activities
include maturing loans and investments, purchase of federal funds from other
financial institutions and selling securities under agreements to repurchase.
The Company monitors closely the level of large certificates of deposits in
amounts of $100,000 or more as they tend to be extremely sensitive to interest
rate levels, and thus less reliable sources of funding for liquidity purposes.
At March 31, 1998 the amount of certificates of deposits of $100,000 or more
represented 18.6% of total deposits. These deposits are issued to local
customers many of which have other product relationships with the Bank and none
are brokered deposits. Management is not aware of any trends, events or
uncertainties that may result in a significant adverse effect on the Company's
liquidity position.
The capital needs of the Company have been primarily met to date through the
initial common stock offering which raised approximately $6.8 million. This
capital was sufficient to fund the activities of the Bank during the initial
stages of operations and has allowed the Bank to remain a "well capitalized"
institution. Shareholders' equity was 10.7% of total assets at March 31, 1998 as
compared to 12.0% at December 31, 1997. The Bank's risked-based capital ratios
of Tier 1, total capital and leverage ratio were 16.1%, 17.2% and 11.4%,
respectively at March 31, 1998. This compares to required OCC regulatory capital
guidelines for Tier 1 capital, total capital and leverage capital ratios of
4.0%, 8.0% and 3.0%, respectively. The Company will be required by the Federal
Reserve to meet the same guidelines once its consolidated total assets exceed
$150 million.
<PAGE> 12
FIRST COMMUNITY CORPORATION
YIELDS ON AVERAGE EARNING ASSETS AND RATES
ON AVERAGE INTEREST-BEARING LIABILITIES
<TABLE>
<CAPTION>
Three months ended March 31, 1998 Three months ended March 31, 1997
----------------------------------- ---------------------------------
Average Interest Yield/ Average Interest Yield/
Balance Earned/Paid Rate Balance Earned/Paid Rate
------- ----------- ---- ------- ----------- ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Earning assets
Loans $ 29,914,590 698,834 9.47% $ 17,655,270 $ 411,224 9.45%
Securities:
Taxable 14,632,631 214,528 5.95% 13,454,393 193,794 5.84%
Federal funds sold and securities purchased
under agreements to resell 5,068,850 69,111 5.53% 3,691,771 48,239 5.30%
---------------------------------- ------------------------------------
Total earning assets 49,616,071 982,473 8.03% 34,801,434 653,257 7.61%
---------------------------------- ------------------------------------
Cash and due from banks 1,660,106 1,249,595
Premises and equipment 2,973,509 2,619,889
Other assets 395,861 309,308
Allowance for loan losses (393,021) (212,511)
============= =============
Total assets $ 54,252,526 $ 38,767,715
============= =============
LIABILITIES
Interest-bearing liabilities
Interest-bearing transaction accounts 4,821,428 14,614 1.23% 3,258,793 12,041 1.50%
Money market accounts 6,511,188 72,948 4.54% 2,601,660 25,344 3.95%
Savings deposits 6,091,125 56,780 3.78% 6,255,673 59,556 3.86%
Time deposits 19,553,432 255,171 5.29% 13,319,822 169,932 5.17%
Other short term borrowings 3,403,254 38,795 4.62% 1,200,594 12,497 4.22%
---------------------------------- ------------------------------------
Total interest-bearing liabilities 40,380,427 438,308 4.40% 26,636,542 279,370 4.25%
---------------------------------- ------------------------------------
Demand deposits 7,303,940 6,099,370
Other liabilities 364,361 246,198
Shareholders' equity 6,203,798 5,785,605
============ ============
Total liabilities and shareholders' equity $ 54,252,526 $ 38,767,715
============ ============
Net interest spread 3.63% 3.36%
Net interest income/margin $ 544,165 4.45% $ 373,887 4.36%
========= =========
</TABLE>
<PAGE> 13
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no material pending legal proceedings to which the Company or
any of its subsidiaries is a party or of which any of their property is the
subject.
ITEM 2. CHANGES IN SECURITIES.
(a) Not applicable
(b) Not applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no matters submitted to security holders for a vote during
the three months ended March 31, 1998.
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) The following documents are filed as part of this report:
3.1 Amended and Restated Articles of Incorporation
(incorporated by reference to Exhibit 3.1 to the
Company's Registration Statement No. 33-86258 on Form
S-1).
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to
the Company's Registration Statement No. 33-86258 on
Form S-1).
4.1 Provisions in the Company's Articles of Incorporation
and Bylaws defining the rights of holders of the
Company's Common Stock (incorporated by reference to
Exhibit 4.1 to the Company's Registration Statement
No. 33-86258 on Form S-1).
10.1 Employment Agreement dated June 1, 1994, by and
between Michael C. Crapps and the Company
(incorporated by reference to Exhibit 10.1 to the
Company's Registration Statement no. 33-86258 on Form
S-1).*
10.2 Employment Agreement dated June 1, 1994, by and
between James C. Leventis and the Company
(incorporated by reference to Exhibit 10.2 to the
Company's Registration Statement No. 33-86258 on Form
S-1).*
<PAGE> 14
10.3 Construction agreement dated January 11, 1996 by and
between the Bank and Summerfield Associates, Inc. to
build permanent banking facility in Lexington, South
Carolina (incorporated by reference to Exhibit 10.3
to the Company's Annual Report for fiscal year ended
December 31, 1995 on Form 10-KSB).
10.4 Contract of sale of real estate dated August 1, 1994
between First Community Bank (In Organization) and
Three Seventy-Eight Company, Inc. (Incorporated by
reference to the Company's Registration Statement No.
33-86258 on Form S-1).
10.5 Contract of sale of real estate dated July 28, 1994,
between First Community Bank (In Organization) and
the Crescent Partnership (Incorporated by reference
to the Company's Registration Statement No. 33-86258
on Form S-1).
10.6 First Community Corporation 1996 Stock Option Plan
(Incorporated by reference to Exhibit 10.6 to the
Company's Annual Report for fiscal year ended
December 31, 1995 on Form 10-KSB).
10.7 Construction Agreement dated November 7, 1996 by and
between the Bank and Summerfield Associates, Inc. To
build a banking facility in Forest Acres, South
Carolina. (Incorporated by reference to the Company's
1996 Annual Report on Form 10 KSB)
27 Financial Data Schedule (For SEC use only)
*Denotes executive compensation contract or arrangement.
(b) Reports on Form 8-K.
There were no reports on Form 8-K filed by the Company during
the quarter ended March 31, 1998 .
<PAGE> 15
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FIRST COMMUNITY CORPORATION
(REGISTRANT)
Date: May 11, 1998 By: /s/ Michael C. Crapps
--------------- ----------------------------------
Michael C. Crapps
President and Chief Executive Officer
By: /s/ Joseph G. Sawyer
----------------------------------
Joseph G. Sawyer
Senior Vice President, Principal
Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF FIRST COMMUNITY CORPORATION FOR THE THREE MONTHS ENDED MARCH 31,
1998, CONTAINED IN FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FORM 10-QSB.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 1,939,287
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 6,464,779
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12,485,831
<INVESTMENTS-CARRYING> 2,898,129
<INVESTMENTS-MARKET> 2,891,186
<LOANS> 31,624,759
<ALLOWANCE> 421,408
<TOTAL-ASSETS> 58,327,646
<DEPOSITS> 46,699,618
<SHORT-TERM> 5,048,710
<LIABILITIES-OTHER> 343,233
<LONG-TERM> 0
0
0
<COMMON> 689,677
<OTHER-SE> 5,546,408
<TOTAL-LIABILITIES-AND-EQUITY> 58,327,646
<INTEREST-LOAN> 698,834
<INTEREST-INVEST> 214,528
<INTEREST-OTHER> 69,111
<INTEREST-TOTAL> 982,473
<INTEREST-DEPOSIT> 399,513
<INTEREST-EXPENSE> 438,308
<INTEREST-INCOME-NET> 544,165
<LOAN-LOSSES> 43,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 467,720
<INCOME-PRETAX> 116,319
<INCOME-PRE-EXTRAORDINARY> 116,319
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 116,319
<EPS-PRIMARY> 0.17
<EPS-DILUTED> 0.16
<YIELD-ACTUAL> 4.45
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 380,120
<CHARGE-OFFS> 1,712
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 421,408
<ALLOWANCE-DOMESTIC> 421,408
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
