SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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, 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 Number: 0-26184
FIRST MUTUAL BANCORP, INC.
--------------------------
(Exact name of registrant as specified in its charter)
Delaware 37-1339075
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
135 East Main Street, Decatur, Illinois 62523
---------------------------------------------
(Address of principle executive offices)
Registrant's telephone number, including area code:
(217) 429-2306
--------------------------------------------------------------
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 [ ]
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date: There were 4,700,000 shares of the Registrant's common
stock outstanding as of March 31, 1996. Included were 347,800
unearned ESOP shares.
<PAGE>
<PAGE>
FIRST MUTUAL BANCORP, INC.
INDEX
<TABLE>
<CAPTION>
Page
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 1
Consolidated Statements of Financial Condition
as of March 31, 1996, and December 31, 1995 2
Consolidated Statements of Income for the Three
Months Ended March 31, 1996 and 1995 3
Consolidated Statements of Changes in
Stockholders' Equity for the Three Months Ended
March 31, 1996 4
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 1996 and 1995 5
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 10
PART II. OTHER INFORMATION 14
</TABLE>
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PAGE
<PAGE>
FIRST MUTUAL BANCORP, INC.
Consolidated Statements of Financial Condition
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ -------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 1,274 $ 3,005
Interest-bearing deposits with financial
institutions 11,728 13,735
Securities held-to-maturity
(Estimated fair value: March 31, 1996 $19,936) 19,921 --
(Estimated fair value: December 31, 1995 $20,075) -- 19,953
Securities available for sale 10,963 9,038
Loans held for sale 915 1,447
Loans receivable, net 229,319 218,179
Federal Home Loan Bank stock 2,033 1,920
Accrued interest receivable 1,941 1,944
Foreclosed real estate, net of allowance for losses 53 51
Premises and equipment 3,200 2,955
Cash surrender value of life insurance 3,105 3,070
Other assets 844 379
-------- --------
TOTAL ASSETS $285,296 $275,676
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits $195,829 $192,468
Advances from borrowers for taxes and insurance 2,116 1,411
Advances from Federal Home Loan Bank 12,700 4,100
Accrued expenses and other liabilities 2,601 6,169
-------- --------
TOTAL LIABILITIES 213,246 204,148
STOCKHOLDERS' EQUITY:
Common stock $.10 par value;
8,000,000 shares authorized;
issued 4,700,000 shares 470 470
Additional paid in capital 45,009 44,980
Unearned ESOP shares (3,478) (3,572)
Retained earnings, substantially restricted 30,056 29,604
Unrealized gain (loss) on securities available
for sale, net of tax (7) 46
-------- --------
TOTAL STOCKHOLDERS' EQUITY 72,050 71,528
-------- --------
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $285,296 $275,676
-------- --------
-------- --------
Number of Shares Outstanding, Net of Unearned
ESOP Shares 4,352,200 4,342,800
Book Value Per Share $16.56 $16.47
</TABLE>
PAGE
<PAGE>
FIRST MUTUAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1996 1995
------------ -------------
<S> <C> <C>
Interest income
Loans receivable
First mortgage loans 4053 3,703
Consumer and other loans 212 109
Commercial loans 105 1
Investment securities 450 298
Other interest-earning assets 196 53
-------- --------
Total interest income 5016 4,164
Interest expense
Deposits 2337 2,127
Federal Home Loan Bank advances 119 112
-------- --------
Total interest expense 2456 2,239
-------- --------
Net interest income 2560 1,925
Provision for loan losses 25 --
-------- --------
Net interest income after provision
for loan losses 2535 1,925
Noninterest income
Gain (loss) on sales of loans 69 5
Deposit service fee income 79 69
Loan servicing fees 30 28
Investment sales commissions 27 20
Other 64 62
-------- --------
Total noninterest income 269 184
Noninterest expense
Compensation and benefits 888 729
Occupancy and equipment 175 150
SAIF deposit insurance premium 112 115
Advertising and promotion 76 53
Data processing 88 89
Printing, postage, stationery, and supplies 58 62
Net expense on foreclosed real estate operations 3 3
Net (gain) loss on sale of real estate
owned including provisions for losses - 2
Other 211 141
-------- --------
Total noninterest expense 1611 1,344
-------- --------
Income before income taxes 1193 765
Income taxes 435 270
-------- --------
Net income 758 495
-------- --------
-------- --------
Average Number of Shares Outstanding,
Net of Unearned ESOP Shares 4343110 N/A
Earnings per Common Share 0.17 N/A
Dividends per Common Share based on 4,700,000
Gross Outstanding Shares 0.07 N/A
</TABLE>
PAGE
<PAGE>
FIRST MUTUAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
Unrealized
Retained Gains (Losses)
Additional Unearned Earnings- on Securities
Common Paid-in ESOP Substantially Available
(In thousands) Stock Capital Shares Restricted for Sale Total
- - - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1992 $ -- $ -- $ -- $23,421 $ -- $23,421
Net income -- -- -- 2,658 -- 2,658
Balance at December 31, 1993 -- -- -- 26,079 -- 26,079
Net income -- -- -- 1,732 -- 1,732
------- ------- ------- ------- ------- -------
Balance at December 31, 1994 -- -- -- 27,811 -- 27,811
June 30, 1995 stock offering 470 44,930 (3,760) -- -- 41,640
ESOP shares earned
(7/1/95 - 12/31/95) -- 50 188 -- -- 238
Net income (1/1/95 - 12/31/95) -- -- -- 2,398 -- 2,398
Unrealized gain on securities
available for sale, net of tax -- -- -- -- 46 46
Cash dividends declared -- -- -- (605) -- (605)
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Balance at December 31, 1995 470 44,980 (3,572) 29,604 46 71,528
ESOP Shares Earned
(1/1/96 - 3/31/96) -- 29 94 -- -- 123
Net Income
(1/1/96 - 3/31/96) -- -- -- 758 -- 758
Unrealized gain (loss) on
Securities net of tax -- -- -- -- (53) (53)
Cash dividends declared -- -- -- (306) -- (306)
------- ------- ------- ------- ------- -------
Balance at March 31, 1996 $ 470 $45,009 ($3,478) $30,056 ($7) $72,050
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
</TABLE>
PAGE
<PAGE>
FIRST MUTUAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1996 1995
- - - ---------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
Cash flows from operating activities
Net income $ 758 $ 495
Adjustments to reconcile net income to
net cash from operating activities
Depreciation and amortization 79 66
Amortization of premiums and
discounts on mortgaged-backed
and investment securities, net 30 25
ESOP Compensation 123 --
Origination of loans held for sale (3,865) (1,140)
Proceeds from sale of loans 4465 856
Change in net deferred loan
origination costs (16) 3
Change in deferred income taxes -- 8
Provision for loan losses 25 --
Net (gain) loss on sales of loans (69) (5)
Net (gain) loss on sale of foreclosed
real estate -- 2
Change in
Accrued interest receivable 4 (189)
Cash surrender value of
life insurance (34) (37)
Other assets (438) (274)
Accrued expenses and other
liabilities (3,874) 424
------- -------
Net cash provided by
operating activities (2,812) 234
Cash flows from investing activities
Net (increase) decrease in loans receivable (3,394) 297
Proceeds from maturity of investment
securities - Held to Maturity 4,000 7,500
Proceeds from maturity of investment securities
Available for Sale 1,000 --
Purchase of investment securities - Held to Maturity (3,995) (4,981)
Purchase of investment securities - Available for Sale (3,015) --
Investments in
Loans purchased (7,755) (5,029)
Federal Home Loan Bank stock (113) --
Premises and equipment (317) (25)
Foreclosed real estate (3) (5)
Cash flows from investing activities (Continued)
Net (increase) decrease in interest-bearing
deposits with financial institutions 2,007 13,586
Proceeds from sales of foreclosed
real estate -- 50
------- -------
Net cash provided by (used in)
investing activities (11,585) 11,393
Cash flows from financing activities
Net increase (decrease) in deposits 3,361 (1,946)
Net change in advances from
Federal Home Loan Bank 8,600 (11,000)
Net increase (decrease) in advances from
borrowers for taxes and insurance 705 683
------- -------
Net cash provided by (used in)
financing activities 12,666 (12,263)
------- -------
Net increase (decrease) in cash and
cash equivalents (1,731) (636)
Cash and cash equivalents at beginning of period 3,005 2,180
------- -------
Cash and cash equivalents at end of period 1274 1,544
------- -------
------- -------
Supplemental disclosures of cash flow
information
Cash paid for
Interest 2533 2,209
Income taxes 40 --
Transfers from loans to real estate
acquired through foreclosure -- 9
</TABLE>
<PAGE>
<PAGE>
Notes to Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
The financial information of First Mutual Bancorp, Inc. (the
"Company") included herein is unaudited; however, such
information reflects all adjustments (consisting of normal
recurring adjustments) which are, in the opinion of management,
necessary for a fair statement of results for the interim
periods.
The financial information has been prepared in accordance with
generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Regulation
S-X. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles
for complete financial statements.
The results of the interim periods ended March 31, 1996, are not
necessarily indicative of the results expected for the year
ending December 31, 1996.
(2) Conversion
On June 30, 1995, First Mutual Bank, S.B. (the "Bank") converted
from a state chartered mutual savings bank to a state charted
stock savings bank. The Bank issued all of its common stock to
the Company and at the same time the Company issued 4,700,000
shares of common stock at $10.00 per share to the ESOP, certain
depositors of the Bank, and certain members of the general
public, all pursuant to a plan of conversion (the "Conversion").
The ESOP purchased 376,000 shares of common stock representing 8%
of the total issued shares. The ESOP borrowed $3,760,000 from
the Company to purchase the stock using the stock as collateral
for the loan. The loan is to be repaid principally from the
Bank's contributions to the ESOP over a period of up to 10 years.
(3) Earnings Per Share of Common Stock
Primary and fully diluted earnings per share were computed by
dividing net income by 4,343,110, the weighted average number of
net shares of common stock outstanding during the quarter. There
were no outstanding stock options during the quarter.
(4) Accounting Changes
In June 1993, the Federal Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standard (SFAS) No. 114,
"Accounting by Creditors for Impairment of a Loan". SFAS No. 114
<PAGE>
states that impaired loans will be recorded at the present value
of future principal and interest expected to be collected using
the loan's contractual interest rate adjusted for deferred fees
and unamortized premium/discounts. SFAS No. 114 is effective for
the Company in its fiscal year ended December 31, 1995. This
accounting change did not have a material impact on the capital,
financial condition or net income of the Company or the Bank.
Effective January 1, 1996, the Company will adopt Statement of
Financial Accounting Standards NO. 123 (SFAS 123), "Accounting
for Stock Based Compensation." This statement encourages
companies to use a fair value method to account for stock based
compensation plans. If such a method is not used, companies must
disclose the pro forma effect on net income and earnings per
share had this method been adopted. Management does not believe
that this statement will have a material effect on the Company.
(5) Accounting for Mortgage Servicing Rights
In May 1995, the FASB released SFAS No. 122, "Accounting for
Mortgage Servicing Rights". SFAS No. 122 requires mortgage
banking enterprises to recognize the rights to service mortgage
loans for others as a separate asset however those rights are
acquired. The Statement applies to fiscal years beginning after
December 15, 1995, and is not expected to materially impact the
capital, financial position or net income of the Company or the
Bank.
Mortgage loans originated by the Company and serviced for others
are not included in the accompanying consolidated statements of
financial condition. The unpaid principal balances of these
loans are summarized as follows:
<TABLE>
<CAPTION>
March 31, 1996 March 31, 1995
-------------- --------------
<S> <C> <C>
Mortgage loan portfolios
serviced for
FHLMC $42,474 $37,595
Other Investors 3,698 3,149
------- -------
Total $46,172 $40,744
------- -------
------- -------
</TABLE>
Custodial escrow balances maintained in connection with the
foregoing loan servicing were approximately $600,000 and $538,000
at March 31, 1996, and March 31, 1995, respectively.
The following summarizes the Company's secondary mortgage market
activities, which consist solely of fixed rate one-to-four family
real estate loans:
PAGE
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended
March 31, 1996 March 31, 1995
-------------- --------------
<S> <C> <C>
Activity during the period
Loans Originated for
resale $3,865 $1,140
Proceeds from sale of
loans originated for
resale 4,465 856
Gain (loss) on sale of
loans originated for
resale 69 5
Loan servicing fees 30 28
Balance at end of period
Loans held for sale
(secured by one-to-four
family residences) 915 1,447
The following summarizes the Company's activity in Mortgage
Servicing Rights for the three months ended March 31, 1996:
</TABLE>
<TABLE>
<CAPTION>
Mortgage
Servicing Rights
<S> <C>
Balance - January 1, 1996 $ -
Additions 41
Amortization -
Provision for impairment -
-----
Balance - March 31, 1996 $ 41
-----
-----
</TABLE>
(6) Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Financial Condition
- - - -------------------
Total assets increased $9.6 million, or 3.5%, to $285.3 million
at March 31, 1996, from $275.7 million at December 31, 1995.
Loans receivable (excluding loans held for sale) increased $11.1
million, or 5.1%, to $229.3 million at March 31, 1996, from
$218.2 million at December 31, 1995, reflecting the continuing
deployment of capital raised in the conversion. In addition to a
$5.8 million, or 2.8%, increase in real estate loans, consumer
and other loans increased $4.7 million, or 68.1%, to $11.6
million at March 31, 1996 from $6.9 million at the end of the
earlier period. The increase in consumer and other loans was
primarily due to the origination of $4.5 million in indirect
dealer auto loans.
Deposits increased $3.3 million, or 1.7%, from $192.5 million at
December 31, 1995, to $195.8 million at March 31, 1996. This
increase was primarily due to offering more competitive rates in
order to attract additional depositors to fund increases in loans
receivable.
Advances from the Federal Home Loan Bank increased by $8.6
million from $4.1 million at December 31, 1995, to $12.7 million
at March 31, 1996. This increase was primarily due to fund the
increase in loans receivable.
Accrued expenses and other liabilities decreased $3.6 million
from $6.2 million at December 31, 1995, to $2.6 million at March
31, 1996. This decrease was primarily due to the decrease in
outstanding loan disbursement checks from the earlier period.
Non-performing assets were $468,000 as of March 31, 1996 and
$767,000 as of December 31, 1995. The following table sets forth
the amounts and categories of non-performing assets.
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
-------------- -----------------
<S> <C> <C>
Non-Performing Loans:
One to four family $415 $705
Consumer - 11
Total 415 716
Total Real Estate Owned 53 51
---- ----
Total Non-performing assets $468 $767
---- ----
---- ----
Total Non-performing assets
to total assets .16% .28%
<PAGE>
<PAGE>
Liquidity and Capital Resources
- - - -------------------------------
The Company's primary sources of funds are deposits, funds
received from the sale, amortization, and prepayment of loans,
advances from the Federal Home Loan Bank, and funds provided from
operations. While scheduled loan repayments are a relatively
predictable source of funds, deposit flows and loan prepayments
are greatly influenced by general interest rates, economic
conditions and competition. The Company also borrows funds from
the Federal Home Loan Bank based on need, comparative costs, and
availability at the time. Assets of the Company qualifying for
regulatory liquidity totalled $43.7 million at March 31, 1996.
As of March 31, 1996, the Company had total equity capital of
$72.1 million. All the minimum levels of regulatory capital
required by the Federal Reserve Board for the Company and the
Federal Deposit Insurance Corporation for the Bank were met.
Results of Operations
General. Net income for the three months ended March 31, 1996,
was $758,000 compared to $495,000 for the same period in 1995.
The increase was primarily due to the increase in net interest
income of $635,000 to $2,560,000 for the three months ended March
31, 1996, compared to $1,925,000 for the same period in 1995.
The increase in net interest income was primarily due to the
increase in interest earning assets as a result of the $41.6
million in net proceeds received from the stock conversion, which
closed June 30, 1995.
The Bank's deposit liabilities are insured by the SAIF fund of
the FDIC. Separate bills approved by the United States House of
Representatives and the United States Senate provide for a one-
time surcharge of approximately .80% to .90% on SAIF-insured
deposits to recapitalize the SAIF. If such bills become law,
this one-time surcharge would amount to a charge to Company
earnings of approximately $1.6 million to $1.8 million based on
the March 31, 1995, assessment base.
Interest Income. Interest income for the three months ended
March 31, 1996 increased $852,000, or 20.5%, from the earlier
period. The increase was primarily due to the increase in
average earning assets of $44.6 million, or 19.6%, for the three
months ended March 31, 1996, as compared to the same period in
1995, reflecting primarily the investment of proceeds from the
initial stock offering. To a lesser extent, the increase in
interest income was also due to the increased average yield on
earning assets, which increased to 7.38% from 7.33% in the
earlier period.
Interest Expense. Interest expense increased $217,000, or 9.7%,
for the three months ended March 31, 1996, as compared to the
<PAGE>
same period in 1995, primarily due to the increased average cost
of funds to 4.80% from 4.38% during the earlier period.
Net Interest Income. Net interest income increased $635,000, or
33.0% for the three months ended March 31, 1996, as compared to
the same period in 1995. The increase was primarily due to the
increase in average earning assets of $44.6 million, reflecting
primarily the investment of proceeds from the initial stock
offering. This was partially offset by the decrease in the net
interest rate spread to 2.58% for the first quarter of 1996, as
compared to 2.95% for the same period in 1995.
Provision for Loan Losses. The Bank maintains an allowance for
loan losses based upon management's periodic evaluation of known
and inherent risks in the loan portfolio including commercial
real estate and commercial business loans, the Bank's past loss
experience, adverse situations that may affect borrowers' ability
to repay loans, estimated value of underlying loan collateral,
current and to a lesser extent, expected future economic
conditions. During the three months ended March 31, 1996, an
additional $25,000 provision for loan loss was recorded primarily
as a result of the overall increase in the loan portfolio, as
well as changes in the loan portfolio mix, especially the
increase in commercial and consumer loans. Bank management did
not make any provision to the allowance for loan losses for the
same period in 1995. This lack of provision was indicative of
management's assessment of the adequacy of the allowance, given
the trends in historical loss experience of the portfolio and the
then current economic condition. The Bank's ratio of allowance
for loan losses to non-performing loans was 289.64% at March 31,
1996, compared to 163.69% at December 31, 1995.
Non-Interest Income. Non-interest income, consisting primarily
of service charges and fees on loans and deposit accounts, net
gain on sale of mortgage loans, investment sales commissions, and
loan servicing fees increased $85,000, or 46.2%, for the three
months ended March 31, 1996, as compared to the same period in
1995. This was primarily due to the $64,000 increase in the net
gain on sale of mortgage loans. A large part of the increase in
the net gain on sale of mortgage loans was due to the
implementation of FASB 122, which provides for the capitalization
of originated mortgage servicing rights. Approximately $41,000
of originated mortgage servicing rights was capitalized during
the three months ended March 31, 1996. To a lesser extent, the
increase in non-interest income is due to the $10,000 increase in
deposit service fee income from $69,000 in the earlier period to
$79,000 for the current period.
Non-Interest Expense. Non-interest expense, consisting primarily
of employee compensation and benefits, premises and equipment
expenses, federal deposit insurance premiums, data processing,
PAGE
<PAGE>
advertising and promotion, and other miscellaneous items
increased $267,000 or 19.9%, for the three months ended March 31,
1996, as compared to the same period in 1995, primarily due to
the increase in compensation and benefits of $159,000, or 21.8%,
and to a lesser extent to the increase in other expenses of
$70,000, or 49.6%, from the earlier period.
Income Tax Expenses. Income tax expenses increased $165,000, or
61.1%, for the three months ended March 31, 1996, as compared to
the same period in 1995 as a result of the increased earnings
before taxes.
<PAGE>
<PAGE>
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
other than ordinary routine litigation incidental to
their respective businesses.
ITEM 2. CHANGES IN SECURITIES
NONE
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
NONE
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
NONE
PAGE
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
FIRST MUTUAL BANCORP, INC.
(Registrant)
Date: 5/14/96 By: (S) Paul K. Reynolds
Paul K. Reynolds
President and Chief
Executive Officer
Date: 5/14/96 By: (S) G. Lynn Brinkman
G. Lynn Brinkman
Vice President,
Secretary, Treasurer and
Chief Financial Officer
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 1274
<INT-BEARING-DEPOSITS> 11728
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 10963
<INVESTMENTS-CARRYING> 19921
<INVESTMENTS-MARKET> 19936
<LOANS> 230234
<ALLOWANCE> 1202
<TOTAL-ASSETS> 285296
<DEPOSITS> 195829
<SHORT-TERM> 7700
<LIABILITIES-OTHER> 4717
<LONG-TERM> 5000
<COMMON> 470
0
0
<OTHER-SE> 71580
<TOTAL-LIABILITIES-AND-EQUITY> 285296
<INTEREST-LOAN> 4370
<INTEREST-INVEST> 450
<INTEREST-OTHER> 196
<INTEREST-TOTAL> 5016
<INTEREST-DEPOSIT> 2337
<INTEREST-EXPENSE> 2456
<INTEREST-INCOME-NET> 2560
<LOAN-LOSSES> 25
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1611
<INCOME-PRETAX> 1193
<INCOME-PRE-EXTRAORDINARY> 758
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 758
<EPS-PRIMARY> 0.17
<EPS-DILUTED> 0.17
<YIELD-ACTUAL> 3.77
<LOANS-NON> 166
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1172
<CHARGE-OFFS> 1
<RECOVERIES> 6
<ALLOWANCE-CLOSE> 1202
<ALLOWANCE-DOMESTIC> 1202
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
