UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------------------------------
FORM 10-Q
(Mark One)
(X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31,1998
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. 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 statement of financial condition,
March 31, 1998 and December 31, 1997 3
Condensed consolidated statement of operations,
three months ended March 31, 1998 and 1997 4-5
Condensed consolidated statement of stockholders' equity, 6
Condensed consolidated statement of cash flows,
three months ended March 31, 1998 and 1997 7-8
Notes to condensed consolidated financial statements 9
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 10-11
Part II. Other Information 12
Signatures 13
<PAGE>
PART I - ITEM 1
CONSOLIDATED BALANCE SHEETS
COMMUNITY BANK SHARES OF INDIANA, INC.
In Thousands
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
(Unaudited)
ASSETS
<S> <C> <C>
Cash and due from banks ....................... $ 5,916 $ 5,095
Interest bearing deposits with banks .......... 16,432 6,504
Securities available for sale, at market:
Mortgage-backed securities ................. 797 883
Other debt securities ...................... 0 0
Securities held to maturity:
Mortgage-backed securities ................. 22,445 23,387
Other debt securities ...................... 56,162 66,654
Mortgage loans held for sale
Loans receivable, net ......................... 146,627 143,819
Federal Home Loan Bank stock, at cost ......... 1,650 1,575
Foreclosed real estate ........................ 0 0
Premises and equipment, net ................... 4,311 3,685
Accrued interest receivable:
Loans ...................................... 904 904
Mortgage-backed securities ................. 121 129
Other debt securities ...................... 870 1,249
Other assets .................................. 345 199
========= =========
Total Assets ............................. $ 256,580 $ 254,083
========= =========
LIABILITIES
Deposits ...................................... $ 182,098 $ 186,021
Advances from Federal Home Loan Bank .......... 31,000 27,000
Borrowings - repurchase agreements ............ 13,745 12,142
Other borrowings .............................. 82 83
Advance payments by borrowers for
taxes and insurance ........................ 526 192
Accrued interest payable on deposits .......... 69 94
Other liabilities ............................. 1,037 900
--------- ---------
Total Liabilities ........................ 228,557 226,432
--------- ---------
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 .................... 11,793 11,793
Retained earnings - substantially restricted .. 16,092 15,721
Net unrealized gain/(loss) on assets
available for sale, net of tax ............. 0 3
Unearned ESOP shares .......................... (60) (64)
--------- ---------
Total Stockholders' Equity ............... 28,023 27,651
--------- ---------
Total Liabilities and Stockholders' Equity $ 256,580 $ 254,083
========= =========
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
In Thousands
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------
1998 1997
------ ------
INTEREST INCOME:
Loans receivable
<S> <C> <C>
Mortgage loans .................. $1,534 $1,658
Commercial loans ................ 1,235 909
Consumer and other loans ........ 280 226
Securities:
Mortgage-backed securities ...... 383 396
Other debt securities ........... 1,021 937
Federal Home Loan Bank stock ....... 32 24
Interest bearing deposits with banks 171 98
------ ------
TOTAL INTEREST INCOME ............ 4,656 4,248
------ ------
INTEREST EXPENSE:
Deposits ........................... 2,108 1,923
Advances from Federal Home Loan Bank
and other borrowings ............. 576 535
------ ------
TOTAL INTEREST EXPENSE ........... 2,684 2,458
------ ------
NET INTEREST INCOME .............. 1,972 1,790
Provision for loan losses .......... 84 48
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES ..... 1,888 1,742
------ ------
NON-INTEREST INCOME:
Loan fees and service charges ...... 161 140
Net gain on sale of loans .......... 51 37
Deposit account service charges .... 91 90
Commission income .................. 114 76
Other income ....................... 22 18
------ ------
TOTAL NON-INTEREST INCOME ....... 439 361
------ ------
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
In Thousands
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------
1998 1997
------ ------
NON-INTEREST EXPENSE
<S> <C> <C>
Compensation and benefits ... $ 847 $ 721
Occupancy and equipment ..... 148 138
Deposit insurance premiums .. 26 27
Data processing service ..... 107 112
Other ....................... 194 159
------ ------
TOTAL NON-INTEREST EXPENSE 1,322 1,157
------ ------
Income before income taxes .. 1,005 946
------ ------
Income tax expense .......... 396 369
------ ------
NET INCOME .................. $ 609 $ 577
====== ======
Basic earnings per share * .. $ 0.31 $ 0.29
====== ======
Dilutive earnings per share * $ 0.31 $ 0.29
====== ======
Dividends per share ......... $0.120 $0.105
====== ======
</TABLE>
*(See note 3)
<PAGE>
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
In Thousands
<TABLE>
<CAPTION>
Net
Unrealized
Common Gain (Loss) Unallocated
Stock Additional on Securities Shares Held
$.10 Par Paid-in Retained Available By ESOP
Value Capital Earnings For Sale Trust Total
------------ ------------ ------------ --------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1996 $ 198 $ 11,786 $14,166 $(1) $(76) $ 26,073
------------ ------------ ------------ --------------- ---------------- --------------
Net income 2,386 2,386
- - - -
Dividends paid ($.42 per share) - - (831) - - (831)
Shares released by ESOP Trust - 7 - - 12 19
Net change in unrealized gain
(loss) on securities
available for sale - - - 4 - 4
------------ ------------ ------------ --------------- ---------------- --------------
BALANCE, December 31, 1997 $ 198 $ 11,793 $15,721 $ 3 $(64) $ 27,651
============ ============ ============ =============== ================ ==============
Net income three months
ended March 31, 1998 609
- - - - 609
Dividends paid ($.12 per share) (238)
- - - - (238)
Shares released by ESOP Trust
- - - - 4 4
Net change in unrealized gain
(loss) on securities
available for sale
- - - (3) - (3)
------------ ------------ ------------ --------------- ---------------- --------------
BALANCE, March 31, 1998 $ 198 $ 11,793 $16,092 $ - $(60) $ 28,023
============ ============ ============ =============== ================ ==============
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
In Thousands
<TABLE>
<CAPTION>
FOR THE THREE
MONTHS ENDED
MARCH 31,
---------------------------
1998 1997
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITES:
<S> <C> <C>
Net income $ 609 $ 575
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 (7) 3
Net realized securities gain - -
Provision (credit) for losses on loans 84 48
Proceeds from mortgage loan sales 3,485 2,586
Mortgage loans originated for resale (3,485) (2,586)
Net gain on sales of mortgage loans (51) (36)
Loss on foreclosed real estate - -
Depreciation expense 83 34
Deferred income taxes (5) (40)
(Increase) decrease in accrued interest receivable 387 155
Increase (decrease) in accrued interest payable (16) 48
Increase (decrease) in income taxes payable 296 409
Increase (decrease) in other assets & other liabilities 24 156
------------ ------------
Net cash flows provided by operating activities $ 1,404 $ 1,352
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest bearing deposits $ (9,928) $ (5,508)
Proceeds from the sale of securities available for sale - -
Proceeds from maturities of securities available for sale - -
Purchases of securities available for sale - -
Proceeds from maturities of securities held to maturity 24,500 2,249
Purchases of securities held to maturity (15,753) (4,695)
Principal collected on securities available for sale 77 24
Principal collected on securities held to maturity 2,621 796
Loan originations and principal payments on loans, net (2,833) 1,079
Proceeds from sale of foreclosed real estate - 101
Net increase in premises and equipment (709) 51
------------ ------------
Net cash flows used by investing activities $ (2,025) $ (5,903)
------------ ------------
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
In Thousands
<TABLE>
<CAPTION>
FOR THE THREE
MONTHS ENDED
MARCH 31,
---------------------------
CASH FLOWS FROM FINANCING ACTIVITIES 1998 1997
------------ ------------
<S> <C> <C>
Net increase (decrease) in demand accounts and savings accounts $ 3,787 $ (4,028)
Net increase (decrease) in certificates of deposits (7,710) 5,775
Repayment of advances from Federal Home Loan bank (2,000) 0
Advances from Federal Home Loan bank 6,000 0
Net increase (decrease) in repurchase borrowings 1,603 3,212
Sale of stock 0 0
Dividends paid (238) (208)
------------ ------------
Net cash flows provided by financing activities $ 1,442 $ 4,751
------------ ------------
Net increase ( decrease) in cash and due from banks 821 200
Cash and due from banks at beginning of period 5,095 3,657
------------ ------------
Cash and due from banks at end of period $ 5,916 $ 3,857
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payment for:
Interest $ 2,700 $ 1,993
Income taxes $ 102 $ -
SUPPLEMENTAL SCHEDULE OF NON CASH INVESTING ACTIVITIES
Proceeds from sales of foreclosed real estate
financed through loans $ - $ -
Transfers from loans to real estate acquired through foreclosure $ - $ -
</TABLE>
<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. The data contained in the financial
statements reflect consolidated Holding Company information. Certain information
and footnote disclosures 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, 1997 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. EARNINGS PER SHARE
The calculations for weighed average number of shares outstanding for
the three and nine month periods ended March 31, 1998 are as follows:
# of
DATES OUTSTANDING DAYS SHARES (DAYS x SHARES)
01/01/1998 - 03/31/1998 90 1,983,722 178,534,980
Weighted average shares outstanding for the three month period ended
March 31, 1998 are 1,983,722 (178,534,980 shares divided by 90 days). Pro forma
earnings per share for the three month period ended March 31, 1998 is 31 cents
per share.
4. REGULATORY CAPITAL REQUIREMENTS
The Company's subsidiary banks are required by federal regulations to
maintain minimum amounts of capital. At March 31, 1998, each of the Company's
subsidiary banks had capital which substantially exceeded each of the regulatory
capital requirements.
<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 $256.6 million increased $2.5 million or 0.98% from the
December 31, 1997 ending balance of $254.1 million. The Company increased short
term liquidity in response to actual and potential funding needs over the three
month period ending March 31, 1998. Accordingly, interest bearing deposits with
banks increased by $9.9 million to $16.4 million at March 31, 1998. Community
Bank Shares continued to restructure its balance sheet, with total loans up $2.8
million, or 1.95%, from $143.8 million to $146.6 million. At the same time,
total investment securities decreased $11.5 million to $78.4 million. This
strategy has contributed to an increase in net interest margin of 9 basis points
from 3.17% to 3.26% from the quarter ended March 31, 1997 to the quarter ended
March 31, 1998. The interest income to average earning assets ratio rose 17
basis points to 7.70% when comparing the same periods, while the interest
expense to average interest bearing liabilities ratio increased 7 basis points
to 4.81%.
Total liabilities increased $2.2 million, from $226.4 million to
$228.6, which was driven mainly by growth in repurchase agreements of $1.6
million or 13.21% and a net increase in Federal Home Loan Bank advances of $4.0
million or 14.81%. Total deposits decreased $3.9 million to $182.1 million from
December 31, 1997 to March 31, 1998, with CD's decreasing by $7.8 million and
transaction accounts increasing by $3.9 million over the same period. CD's
decreased because the Company allowed higher cost public funds CD's to mature,
replacing them with lower cost Federal Home Loan Bank advances.
CAPITAL
Consolidated total equity was $28.0 million as of March 31, 1998,
increasing $400,000 from $27.6 million as of December 31, 1997. This increase
was due primarily to periodic net income less dividends paid to
shareholders.
The banking affiliates are required to maintain acceptable levels of
capital in three categories: 1) total capital to risk weighted assets, 2) Tier I
capital to risk weighted assets, and 3) Tier I capital to average assets. To be
well capitalized, each financial institution must maintain a minimum of 10%
capital to risk weighted assets, 6% Tier I capital to risk weighted assets and
5% Tier I capital to average assets. Both Community Bank and Heritage Bank
exceeded these requirements as of March 31, 1998.
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 Federal Home Loan Bank of
Indianapolis; and the sale of stock. The mortgage banking operations also
generate funds in the form of proceeds from the sale of loans and loan servicing
fees. Regulations require that each of the Company's subsidiaries maintain
sufficient liquidity to fund ongoing operations. At March 31, 1998, each of the
Company's subsidiaries was in compliance with the minimum liquidity required by
law. Community Bank's short term liquidity was in excess of 11% while Heritage
Bank maintained liquidity of over 31%.
<PAGE>
RESULTS OF OPERATIONS
Net Income for the three month period ending March 31, 1998 was
$609,000, compared to $577,000 for the quarter ended March 31, 1997. Net
interest income increased by $182,000, or 10.2%, for the quarter ended March 31,
1998 when measured against the same quarter in 1997. This expansion reflected
growth in total interest income of $408,000, or 9.6%. This growth came primarily
from four areas: (1) commercial loan interest increased $326,000, or 35.9%, due
primarily to a $14.8 million increase in average balances of commercial loans
for the quarter ended March 31, 1998 compared to the same quarter last year, (2)
interest income from interest bearing deposits with banks increased $73,000, or
74.5%, on the basis of a $5.4 million increase in average balances from the
first quarter 1997 to the same period in 1998, (3) interest on other debt
securities grew $84,000, or 9.0%, due to an increase in average balances of $4.0
million from the first quarter of 1997 to the first quarter of 1998, and (4)
consumer loan interest grew $54,000, or 23.9%, due to an increase in average
consumer loans outstanding of $2.1 million from the first quarter 1997 to the
same period in 1998. These increases are a direct result of management's intent
to restructure the balance sheet so that it is more heavily weighted with
commercial and consumer loans, thereby placing less reliance on mortgage loans.
In response to this restructuring, interest on mortgage loans in the first
quarter 1998 fell $124,000 from the same quarter in 1997 as the average balances
decreased $8.1 million. The Company continues to actively originate mortgage
loans, selling many of these loans into the secondary market and thereby earning
non-interest income in the form of gains on sale and loan servicing income. At
the current time, however, mortgage loan payments substantially exceed the
balance increases due to originations of mortgage loans the Company intends to
retain in its own portfolio. Interest on mortgage-backed securities decreased
$13,000 as the average balances of these securities fell $1.7 million from the
first quarter of 1997 to the first quarter of 1998.
Interest expense, the other component of net interest income, reflected
a smaller increase than interest income, rising $226,000, or 9.2%, from first
quarter 1997 to first quarter 1998. Interest on deposits, which comprised 78.5%
of total interest expense, rose $185,000, or 9.7%. The increase in interest
expense on deposits is primarily due to growth in average deposits of $13.0
million from the first quarter of 1997 to the same quarter in 1998. In addition,
interest expense on Federal Home Loan Bank (FHLB) advances and other borrowings
increased $41,000 from one quarter to the next as average balances rose $2.9
million. The Company allowed higher-costing certificates of deposit held by
public entities to run off during the quarter, replacing this funding with
lower-cost FHLB advances. These changes represent the continuance of
management's plan to restructure the balance sheet by replacing higher-costing
CD's with lower-cost transaction accounts and FHLB advances. During the three
month period ended March 31, 1998, an addition of $84,000 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. At March
31, 1998, each subsidiary Bank's general loan loss reserve met or exceeded the
minimum loan loss reserve standard established by the internal asset review
committee for each Bank.
Net non interest expense increased $87,000, from $796,000 in the first
quarter of 1997 to $883,000 in the same period in 1998. Non interest income
increased $78,000, or 21.6%, for the three month period ended March 31, 1998
over the same period in 1997. Three areas of non-interest income were primarily
responsible for the growth. Commission income grew $38,000, from $76,000 in the
first quarter of 1997 to $114,000 during the first quarter of the current year.
Loan fees and other loan service charges increased $21,000, or 15.0%, from the
first quarter 1997 to the first quarter 1998. Net gains on sale of loans rose
$14,000, or 37.8%. As the Company restructures its balance sheet as discussed
above, non interest income is earned on the sale of servicing of mortgage loans
sold into the secondary market.
Non interest expense increased $165,000, or 14.3%, for the three month
period ended March 31, 1998 as compared to the three month period ended March
31, 1997. Compensation and benefit expense grew $126,000, or 17.5%. Compensation
increases were due to 1) additional personnel related to the opening of a new
branch at Heritage Bank and increased staffing in the deposit and loan
operations areas, 2) the accrual for profit sharing benefits attributable to
1998 that will be paid in 1999, and 3) additional expenses regarding the
curtailment of the Company's defined benefit pension plan.
Income before income taxes in the first quarter of 1998 increased to
$1,005,000 from $946,000 in the same period in 1997, an increase of 6.24%. After
federal and state income taxes of $396,000 were applied, the Company netted a
first quarter 1998 after tax profit of $609,000. The Holding Company's effective
tax rate was 39.4% for the quarter ended March 31, 1998, as compared to 39.0%
for the same quarter in 1997.
<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 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 Reports on Form 8-K
Community Bank Shares of Indiana, Inc. has filed no form 8-K reports
during the three months ended March 31, 1998.
<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 May 15, 1998 BY: /s/ Robert E. Yates
---------------------- ----------------------
Robert E. Yates
President and CEO
Dated May 15, 1998 BY: /s/ James M. Stutsman
---------------------- ------------------------
James M. Stutsman
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000933590
<NAME> COMMUNITY BANK SHARES OF INDIANA, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 5,916
<INT-BEARING-DEPOSITS> 16,432
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 797
<INVESTMENTS-CARRYING> 78,607
<INVESTMENTS-MARKET> 78,673
<LOANS> 147,548
<ALLOWANCE> 921
<TOTAL-ASSETS> 256,580
<DEPOSITS> 182,098
<SHORT-TERM> 13,745
<LIABILITIES-OTHER> 1,037
<LONG-TERM> 31,082
0
0
<COMMON> 198
<OTHER-SE> 27,825
<TOTAL-LIABILITIES-AND-EQUITY> 256,580
<INTEREST-LOAN> 3,049
<INTEREST-INVEST> 1,607
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 4,656
<INTEREST-DEPOSIT> 2,108
<INTEREST-EXPENSE> 2,684
<INTEREST-INCOME-NET> 1,972
<LOAN-LOSSES> 84
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,322
<INCOME-PRETAX> 1,005
<INCOME-PRE-EXTRAORDINARY> 1,005
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 609
<EPS-PRIMARY> .31
<EPS-DILUTED> .31
<YIELD-ACTUAL> 3.26
<LOANS-NON> 90
<LOANS-PAST> 322
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 837
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 921
<ALLOWANCE-DOMESTIC> 921
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
