UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
----------------------------------------
FORM 10-Q
(MarkOne) (X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1996
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. 0-25766
Community Bank Shares of Indiana, Inc.
(Exact name of registrant as specified in its charter)
Indiana 35-1938254
---------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
202 East Spring St., PO Box 939, New Albany, Indiana 47150
----------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 1-812-944-2224
-----------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check (X) 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 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[ ]
APPLICABLE ONLY TO CORPORATE ISSUERS; Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date 1,983,722.
<PAGE>
COMMUNITY BANK SHARES OF INDIANA, INC.
INDEX
Part I Financial Information Page
Item 1. Financial Statements
Condensed consolidated statements of financial condition
September 30, 1996 and December 31, 1995 ................ 3
Condensed consolidated statements of
operations, three and nine months ended
September 30, 1996 and 1995 ............................. 4
Condensed consolidated statement of cash
flows, nine months ended September 30, 1996 and 1995 .... 6
Notes to condensed consolidated financial statements ............. 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations ....... 10
Part II. Other Information ............................................... 12
Signatures ...................................................... 13
2
<PAGE>
PART I - ITEM 1
CONSOLIDATED BALANCE SHEETS
COMMUNITY BANK SHARES OF INDIANA, INC.
SEPTEMBER 30 DECEMBER 31
1996 1995
---- ----
(unaudited)
(In thousands)
ASSETS
Cash and due from banks $ 3,060 $ 2,943
Interest bearing deposits with banks 3,129 14,354
Securities available for sale, at market:
Mortgage-backed securities 1,248 7,488
Other debt 3,511 251
securities
Securities held to maturity:
Mortgage-backed securities 25,486 27,522
Other debt securities 55,331 38,442
Mortgage loans held for sale 99 281
Loans receivable, net 135,415 118,170
Federal Home Loan Bank stock, at cost 1,231 1,231
Foreclosed real estate 65 0
Premises and equipment, net 3,497 3,195
Accrued interest receivable:
Loans 849 711
Mortgage-backed securities 133 199
Other debt securities 742 557
Prepaid income taxes 383
Other assets 421 382
---------- ----------
Total Assets $ 234,600 $ 215,726
========== ==========
LIABILITIES
Deposits $184,940 $168,091
Advances from Federal Home Loan Bank 19,000 21,099
Borrowings - repurchase agreements 2,420
Advance payments by borrowers for
taxes and insurance 673 307
Accrued interest payable on deposits 74 101
Other liabilities 2,029 777
---------- ----------
Total Liabilities 209,136 190,375
---------- ----------
STOCKHOLDERS' EQUITY
Common stock of $.10 par value per share,
Authorized 10,000,000 shares; issued
1,983,722 shares 198 198
Additional paid in capital 11,783 11,783
Retained earnings - substantially restricted 13,568 13,373
Net unrealized gain\(loss) on assets
available for sale, net of tax 3 60
Unearned ESOP shares (88) (63)
---------- ---------
Total Stockholder Equity 25,464 25,351
---------- ---------
Total liabilities and stockholders' equity $ 234,600 $ 215,726
========== =========
3
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC.
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
------------ ------------
1996 1995 1996 1995
---- ---- ---- ----
(In Thousands)
INTEREST INCOME:
Loans receivable
Mortgage loans ...................... $ 2,136 $ 2,019 $ 6,256 $ 6,004
Commercial consumer and other loans . 519 287 1,320 702
Securities:
Mortgage-backed securities ........... 480 590 1,558 1,809
Other debt securities ................ 919 499 2,406 1,449
Federal Home Loan Bank stock ........... 24 25 72 72
Interest bearing deposits with banks ... 65 98 338 343
------- ------- ------- -------
TOTAL INTEREST INCOME ................ 4,143 3,518 11,950 10,379
------- ------- ------- -------
INTEREST EXPENSE:
Deposits ............................... 2,160 1,898 6,217 5,441
Advances from Federal Home Loan Bank
and other borrowings .................. 255 189 775 621
------- ------- ------- -------
TOTAL INTEREST EXPENSE ............... 2,415 2,087 6,992 6,062
------- ------- ------- -------
NET INTEREST INCOME .................. 1,728 1,431 4,958 4,317
Provision for loan losses .............. 8 10 20 33
------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS ............... 1,720 1,421 4,938 4,284
------- ------- ------- -------
NON-INTEREST INCOME:
Loan fees and service charges .......... 151 166 445 434
Net gain on sale of loans .............. 21 22 43 42
Net gain on sale of securities ......... 15 15
Deposit account service charges ........ 90 76 274 221
Commission income ...................... 63 34 268 117
Other income ........................... 15 19 46 43
------- ------- ------- -------
TOTAL NON-INTEREST INCOME ........... 355 317 1,091 857
------- ------- ------- -------
4
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS, (CONTINUED)
COMMUNITY BANK SHARES OF INDIANA, INC.
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
------------ ------------
1996 1995 1996 1995
---- ---- ---- ----
(In Thousands)
NON-INTEREST EXPENSE
Compensation and benefits ............. 662 523 1,970 1,524
Occupancy and equipment ............... 120 96 353 274
Deposit insurance premiums (see note 7) 1,219 98 1,408 286
Data processing service ............... 97 80 288 238
Other ................................. 180 176 579 460
------- ------- ------- -------
TOTAL NON-INTEREST EXPENSE ........... 2,278 973 4,598 2,782
------- ------- ------- -------
Income before income taxes ............ (203) 765 1,431 2,359
------- ------- ------- -------
Income tax expense .................... (79) 305 581 922
------- ------- ------- -------
NET INCOME ............................ ($ 124) $ 460 $ 850 $ 1,437
======= ======= ======= =======
Net income per share ($0.06) $ 0.23 $ 0.43 $ 0.72
====== ====== ======= =======
(see notes 5 and 7)
5
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
1996 1995
---- ----
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITES:
Net income .............................................. $ 850 $ 1,437
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization of premiums and accretion of discounts
on investment and mortgage-backed securities, net .... 27 41
Net realized securities gain .......................... (15) 0
Provision (credit) for losses on loans ................ 20 33
Proceeds from mortgage loan sales ..................... 4,562 3,786
Mortgage loans originated for resale .................. (4,182) (4,283)
Net gain on sales of mortgage loans ................... (43) (42)
Loss on foreclosed real estate ........................ 0 0
Depreciation expense .................................. 175 125
Deferred income taxes ................................. 58 73
(Increase) decrease in accrued interest receivable .... (257) (192)
Increase (decrease) in accrued interest payable ....... (27) (7)
Increase (decrease) in income taxes payable ........... (489) 197
Increase (decrease) in other assets & other liabilities 1,579 341
-------- --------
Net cash flows provided by operating activities .... $ 2,258 $ 1,509
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest bearing deposits .... 11,225 10,874
Proceeds from the sale of securities available for sale 4,416 0
Proceeds from maturities of securities available for sale 0 3,950
Purchases of securities available for sale .............. (3,500) 0
Proceeds from maturities of securities held to maturity 13,100 5,798
Purchases of securities held to maturity ................ (30,080) (12,492)
Principal collected on securities available for sale .... 2,064 0
Principal collected on securities held to maturity ...... 2,100 3,320
Loan originations and principal payments on loans, net .. (17,390) (8,463)
Proceeds from sale of foreclosed real estate ............ 0 102
Net increase in premises and equipment .................. (477) (833)
-------- --------
Net cash flows used by investing activities ........... $(18,542) $ 2,256
-------- --------
6
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS, (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
1996 1995
---- ----
(In thousands)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in demand accounts
and savings accounts ........................... $ 1,036 $(15,699)
Net increase (decrease) in certificates of deposits 15,813 2,957
Repayment of advances from Federal Home Loan bank . (11,099) (17,282)
Advances from Federal Home Loan bank .............. 9,000 16,780
Net increase (decrease) in repurchase borrowings .. 2,420 0
Sale of stock ..................................... 0 9,574
Cash received on merger of mutual holding company
with Bank ........................................ 6 0
Dividends paid .................................... (775) (211)
-------- --------
Net cash flows provided by financing activities . 16,401 (3,881)
-------- --------
Net increase ( decrease) in cash and due from banks 117 (116)
Cash and due from banks at beginning of period .... 2,943 3,344
-------- --------
Cash and due from banks at end of period .......... $ 3,060 $ 3,228
======== ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payment for:
Interest ....................................... $6,244 $5,449
Income taxes ................................... $ 878 $ 659
SUPPLEMENTAL SCHEDULE OF NON CASH INVESTING ACTIVITIES
Proceeds from sales of foreclosed real estate
financed through loans .......................... $ 0 $ 0
Transfers from loans to real estate acquired
through foreclosure ............................ $ 65 $ 0
7
<PAGE>
PART I - ITEM 1
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
COMMUNITY BANK SHARES OF INDIANA, INC.
1. BASIS OF PRESENTATION
Community Bank Shares of Indiana, Inc. (the Holding Company) was
formally established on April 7, 1995 (see note 3). The data contained in the
financial statements reflects consolidated Holding Company information. Certain
information and footnote disclosure normally included in financial statements
prepared in accordance with generally accepted accounting principals have been
omitted.
2. PRINCIPLES OF CONSOLIDATION
The Consolidated Financial Statement data presented for the current
year and at December 31, 1995 include the accounts of Community Bank Shares of
Indiana, Inc., its subsidiaries, Community Bank of Southern Indiana and Heritage
Bank of Southern Indiana, and First Community Service Corp., a wholly owned
subsidiary of Community Bank of Southern Indiana. All material intercompany
balances and transactions have been eliminated.
3. THE CONVERSION
On October 18, 1994, the Boards of Directors of the Community Savings
Bank, FSB, the predecessor to Community Bank of Southern Indiana, and Community
Bank Shares, M.H.C. (the MHC), the predecessor to Community Bank Shares of
Indiana, Inc., adopted a Plan of Conversion and Agreement and Plan of
Reorganization (the Plan). Subsequent to the effective date of this filing and
pursuant to the Plan, (i) the MHC, which owned approximately 51 percent of
Community Savings Bank, FSB (the Bank), converted from mutual to stock form and
simultaneously merged with and into the Bank, with the Bank being the surviving
entity; (ii) the Bank then merged into an interim savings bank formed as a
wholly-owned subsidiary of Community Bank Shares of Indiana, Inc. (the Company),
a newly organized Indiana corporation, with the Bank being the surviving entity;
and (iii) the outstanding shares of the Bank common stock (other than those held
by the MHC, which were canceled) were converted into shares of common stock of
the Company. Pursuant to the Plan, the Company then sold additional shares equal
to approximately 51 percent of the common shares of the Company. Shares of the
Company's common stock were offered in a subscription offering in descending
order of priority to eligible account holders, tax-qualified employee stock
benefit plans, supplemental eligible account holders, other members, directors,
officers and employees and public stockholders. On April 7, 1995 Community Bank
Shares of Indiana (the Company) was formally established. The Company received
proceeds from the sale of stock, net of conversion expenses, of $9.6 million.
Community Bank of Southern Indiana formally known as Community Savings Bank,
FSB, received a capital distribution from the Company equal to 50% of the net
proceeds or $4.8 million.
4. FORMATION OF HERITAGE BANK OF SOUTHERN INDIANA
On January 3, 1996, the Company capitalized Heritage Bank of Southern
Indiana (Heritage) as a state chartered commercial bank with an initial
investment of $4,150,000. Heritage began operations as of January 8, 1996
providing full service banking through it's office located in Jeffersonville,
Indiana.
5. EARNINGS PER SHARE
The calculation for weighed average number of shares outstanding for
the three and nine month periods ended September 30, 1996 is as follows:
# of
DATES OUTSTANDING DAYS SHARES (DAYS x SHARES)
----------------- ---- ------ ---------------
7/01/1996 - 9/30/1996 92 1,983,722 182,502,424
1/01/1996 - 9/30/1996 274 1,983,722 543,539,828
8
<PAGE>
Weighted average shares outstanding for the three month period ended
September 30, 1996 are 1,983,722, (182,502,424 shares divided by 92 days). Pro
forma earnings per share for the three month period ended September 30, 1996 is
(6) cents per share. (See note 7)
Weighted average shares outstanding for the nine month period ended
September 30, 1996 are 1,983,720, (543,539,828 shares divided by 274 days). Pro
forma earnings per share for the nine month period ended September 30, 1996 is
43 cents per share. (See note 7)
6. REGULATORY CAPITAL REQUIREMENTS
The Company's subsidiary banks are required by federal regulations to
maintain minimum amounts of capital. At September 30, 1996, each of the
Company's subsidiary banks had capital which substantially exceeded each of the
regulatory capital requirements.
7. SAIF INSURANCE ASSESSMENT
On September 30, 1996 President Clinton signed the Omnibus
Appropriations Bill into law. This legislation included the Savings Association
Insurance Fund (SAIF) regulatory relief package. All SAIF insured institutions
were required to record a one time special assessment charge to earnings. The
special assessment rate was 65.7 basis points applied against an institution's
March 31, 1995 SAIF assessment base. Community Bank, a subsidiary of Community
Bank Shares, is a SAIF insured institution. Accordingly, Community Bank recorded
a one time special SAIF assessment charge to earnings of $1.1 million in the
third quarter of 1996.
8. RECLASSIFICATIONS
Certain amounts have been reclassified in the previous year's financial
statements to conform with the current year's classifications.
9
<PAGE>
PART I - ITEM 2
MANAGEMENT DISCUSSION AND
ANALYSIS OF CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION AND OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC
FINANCIAL CONDITION
Total assets of $234.6 million increased $18.9 million or 8.7% over the
December 31, 1995 ending balance of $215.7 million. The Company reduced
liquidity by lowering the interest bearing deposits with banks from $14.4
million at December 31, 1995 to $3.1 million at September 30, 1996. This $11.2
million, in addition to funds from the sale of securities and the asset growth
of $17.6 million was used to fund the growth of approximately $16.9 million in
other debt securities in the held to maturity portfolio and an increase of $17.2
million in loans receivable. Total deposits increased $16.8 million or 10.0%
primarily reflecting the success of deposit acquisition by the newly capitalized
affiliate Heritage Bank of Southern Indiana. At September 30, 1996, Heritage had
accumulated total deposits of $21.2 million.
CAPITAL
The Holding Company's total equity was $25.4 million as of September
30, 1996. The equity position increased $113,000 during the nine month period
ended September 30, 1996 due primarily to increases from net income less
dividends paid to shareholders.
LIQUIDITY
The Company's primary sources of funds are deposits; principal and
interest payments on loans and mortgage-backed securities; proceeds from
maturing debt securities; advances from the FHLB and sale of stock. Regulations
require that each of the Company's subsidiary's maintain an average daily
balance of liquid assets and short-term liquid assets as a percentage of net
withdrawable deposit accounts plus short-term borrowings. The minimum required
liquidity and short-term liquidity ratios are currently 5% and 1%, respectively.
For September 1996 each of the Company's subsidiaries was in compliance with the
established liquidity ratios.
RESULTS OF OPERATIONS
The Holding Company recorded a net loss for the three month period
ending September 30, 1996 totaling $124,000, compared to net income of $460,000
for the three months ended September 30, 1995. As stated in note 7 to the
financial statements, Community Bank, a SAIF insured subsidiary of the Holding
Company, incurred a one time special SAIF assessment of $1.1 million in the
third quarter of 1996 resulting in a third quarter net loss. Third quarter
pretax income for the Holding Company without the special SAIF assessment would
have been $920,000 as compared to $765,000 pretax income for the third quarter
ended 1995, an increase of $155,000 or 20.3%.
Net interest income increased by $297,000 or 20.8% for the quarter
ended September 30, 1996 when measured against the same quarter in 1995. This
expansion reflected a growth in total interest income of $625,000 or 17.8%. The
growth in interest income came primarily from three areas: (1) commercial and
consumer loan interest increased $232,000 or 80.8% due primarily to a $10.2
million increase in average balances of commercial loans for the quarter ended
September 30, 1996 compared to the same quarter last year; (2) interest on other
debt securities grew $420,000 or 84.2% due to a $22.6 million increase in
average balances of other debt securities for the third quarter of 1996 compared
to the third quarter of 1995, and (3) mortgage loan interest increased $117,000
or 5.8%. Interest income from mortgage backed securities decreased $110,000 or
18.6% due to average balances of mortgage backed securities declining $6.4
million through sales of securities and principal repayments for the three
previously mentioned quarters.
10
<PAGE>
Interest expense, the other component of net interest income, also
reflected an increase totaling $328,000 or 15.7%. Interest on deposits, which
comprised 89.4% of total interest expense, rose $262,000 or 13.8%. The increase
in interest expense is primarily due to an average growth in deposits of $24.8
million during the quarter. The deposit growth was primarily attributable to
funds acquisition at the new affiliate, Heritage Bank of Southern Indiana.
During the three month period ended September 30, 1996 an addition of
$8,000 was made to the general loan loss reserve. In conjunction with the
findings of the internal asset review committee, the provision for loan losses
is based on the subsidiary Banks' past loan loss experience and other factors
which, in management's judgment, deserve current recognition in estimating
possible losses.
Net non interest expense increased $1.2 million, from ($656,000) in
the third quarter of 1995 to ($1.9 million) in the same period in 1996. Non
interest income increased $38,000 or 12.0% for the three month period ended
September 30, 1996. Two areas of non-interest income were responsible for the
net growth in this area. Annuity income rose $29,000 in the three month period
ended September 30, 1996 reflecting increased sales produced by Heritage Bank's
ancillary financial products division. Deposit account service charges increased
$14,000 reflecting an increase in transaction account related deposit balances.
Non interest expense grew $1.3 million or 134.1% for the three month
period ended September 30, 1996 as compared to the three month period ended
September 30, 1995. Deposit insurance premiums increased $1.1 million reflecting
the previously mentioned special SAIF assessment. Compensation and benefit
expense, grew $139,000 or 26.6%. The majority of the growth in compensation and
benefits was due to the addition of the Heritage Bank affiliate. Increases in
occupancy and equipment of $24,000 or 36.7% were due to increases related to
additional depreciation for the new office building and equipment of Heritage
Bank as well as additional utility expenses. In 1996 the Holding Company began
to outsource the repair and maintenance expense on data processing equipment
which also added to the increase in occupancy expenses, although data processing
related compensation expense declined with the reduction of staff for this area.
Data processing expense increases of $17,000 or 21.3% were also related
primarily to the addition of Heritage Bank. Net loss before income taxes in the
third quarter of 1996 was ($203,000) reflecting the effect of the special SAIF
assessment. After federal and state tax credits of ($79,000) were applied, the
Bank showed a third quarter of 1996 after tax loss of ($124,000).
Net income for the nine month period ended September 30, 1996 was
$850,000 as compared to net income of $1.4 million for the nine month period
ended September 30, 1995.
Net interest income after the provision for loan losses for the first
three quarters of 1996, as compared to the first three quarters of 1995
increased $654,000 or 15.3%. Total interest income for the nine month period
ended September 30, 1996 increased $1.6 million or 15.1%, while interest expense
increased $930,000 or 15.3%. These increases are reflective of the commercial
loan and debt security interest income increases, and deposit expense increases
discussed in the third quarter comparisons.
The increase in non-interest income of $234,000 or 27.3% includes a
$151,000 increase in ancillary financial products commission income and a
$53,000 increase in deposit fees reflecting the increases mentioned in the third
quarter comparisons. The increase in non interest expense of $1.8 million or
65.3% is also reflective of the same category increases as described in the
third quarter comparisons, with the special SAIF assessment of 1.1 million
amounting to 61.1% of the total increase in non interest expense.
11
<PAGE>
PART II
OTHER INFORMATION
COMMUNITY BANK SHARES OF INDIANA, INC.
Item 1. Legal proceedings
The Holding company is not engaged in any legal proceedings of a
material nature at the present time. From time to time, the Holding Company's
subsidiaries, Community Bank of Southern Indiana and Heritage Bank of Southern
Indiana, are a party to legal proceedings wherein they enforce their security
interest in mortgage loans made by them.
Item 2. Changes in Securities
No material changes in the types of securities purchased in the third
quarter were exhibited.
Item 3. Defaults upon Senior Securities
No defaults on senior securities occurred.
Item 4. Submission of Matters to a vote of Security Holders
No matters were brought to the Security Holders for a vote.
Item 5. Other Information
Additional items of substantive nature did not occur.
Item 6. Exhibits and Report on Form 8-K
A form 8-K report was not filed during the quarter
12
<PAGE>
PART II
OTHER INFORMATION
COMMUNITY BANK SHARES OF INDIANA, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized
COMMUNITY BANK SHARES
OF INDIANA, INC.
(Registrant)
Dated November 13, 1996 BY: /s/ Robert E. Yates
- -------------------------- -------------------------------
Robert E. Yates,
President and CEO
Dated November 13, 1996 BY: /s/ James M. Stutsman
- -------------------------- -------------------------------
James M. Stutsman,
Chief Financial Officer
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 3,060
<INT-BEARING-DEPOSITS> 3,129
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,759
<INVESTMENTS-CARRYING> 80,817
<INVESTMENTS-MARKET> 79,628
<LOANS> 136,806
<ALLOWANCE> 615
<TOTAL-ASSETS> 234,600
<DEPOSITS> 184,940
<SHORT-TERM> 10,420
<LIABILITIES-OTHER> 2,029
<LONG-TERM> 11,000
0
0
<COMMON> 198
<OTHER-SE> 25,266
<TOTAL-LIABILITIES-AND-EQUITY> 234,600
<INTEREST-LOAN> 7,576
<INTEREST-INVEST> 3,964
<INTEREST-OTHER> 410
<INTEREST-TOTAL> 11,950
<INTEREST-DEPOSIT> 6,217
<INTEREST-EXPENSE> 6,992
<INTEREST-INCOME-NET> 4,958
<LOAN-LOSSES> 20
<SECURITIES-GAINS> 15
<EXPENSE-OTHER> 579
<INCOME-PRETAX> 1,431
<INCOME-PRE-EXTRAORDINARY> 850
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 850
<EPS-PRIMARY> 0.43
<EPS-DILUTED> 0.43
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
