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, 2000 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: 0-25910
LOGANSPORT FINANCIAL CORP.
(Exact name of registrant specified in its charter)
Indiana 35-1945736
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
723 East Broadway
P.O. Box 569
Logansport, Indiana 46947
(Address of principal executive offices
including Zip Code)
(219) 722-3855
(Registrant's telephone number, including area code)
Indicate by check mark 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 report), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
The number of shares of the Registrant's common stock, without par value, as of
May 1, 2000 was 1,083,510.
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<PAGE>
Logansport Financial Corp.
Form 10-Q
Index
Page No.
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements 3
Consolidated Statements of Financial
Condition as of March 31, 2000
and December 31, 1999
Consolidated Statements of Earnings
for the three months ended March 31,
2000 and 1999
Consolidated Statements of Shareholders'
Equity for the three months ended
March 31, 2000 and 1999
Consolidated Statements of Cash Flows
for the three months ended
March 31, 2000 and 1999
Notes to Consolidated Condensed Financial
Statements 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 6. Exhibits and Reports of Form 8-K 15
SIGNATURES
-2-
<PAGE>
LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
Consolidated Statements of Financial Condition
(In thousands, except share data)
March 31, December 31,
2000 1999
<S> <C> <C>
ASSETS
Cash and due from banks $ 779 $ 1,336
Interest-bearing deposits in other financial institutions 7,937 3,810
------- -------
Cash and cash equivalents 8,716 5,146
Investment securities available for sale-at market 10,290 8,539
Mortgage-backed securities available for sale-at market 5,646 5,898
Loans receivable-net 93,482 90,900
Office premises and equipment-at depreciated cost 1,897 1,902
Federal Home Loan Bank stock - at cost 1,423 1,273
Investment in real estate partnership 1,480 1,485
Accrued interest receivable on loans 400 416
Accrued interest receivable on mortgage-backed securities 45 47
Accrued interest receivable on investments 177 115
Prepaid expenses and other assets 34 45
Cash surrender value of life insurance 1,195 1,184
Prepaid income tax - 46
Deferred income tax asset 474 472
------- -------
Total assets $125,259 $117,468
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 81,048 $ 76,011
Advances from the Federal Home Loan Bank 26,000 23,000
Notes payable 1,237 1,307
Accrued interest and other liabilities 1,019 1,004
Accrued income taxes 65 -
------- -------
Total liabilities 109,369 101,322
Shareholders' equity
Common stock 5,515 5,979
Retained earnings-restricted 10,922 10,734
Less shares acquired by stock benefit plan (205) (239)
Accumulated comprehensive loss, unrealized losses on securities designated
As available for sale, net of related tax effects (342) (328)
------- -------
Total shareholders' equity 15,890 16,146
------- -------
Total liabilities and shareholders' equity $125,259 $117,468
======= =======
</TABLE>
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<PAGE>
LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
Consolidated Statements of Earnings
(In thousands, except share data)
Three months ended
March 31,
2000 1999
<S> <C> <C>
Interest income
Loans $1,865 $1,486
Mortgage-backed securities 98 112
Investment securities 163 73
Interest-bearing deposits and other 83 59
----- -----
Total interest income 2,209 1,730
Interest expense
Deposits 909 773
Borrowings 334 102
----- -----
Total interest expense 1,243 875
----- -----
Net interest income 966 855
Provision for losses on loans 71 41
----- -----
Net interest income after provision for
losses on loans 895 814
Other income
Service charges on deposit accounts 32 30
Loss on equity investment (26) -
Other operating 44 36
----- -----
Total other income 50 66
General, administrative and other expense
Employee compensation and benefits 296 219
Occupancy and equipment 45 32
Federal deposit insurance premiums 4 10
Data processing 39 36
Other operating 103 129
----- -----
Total general, administrative and other expense 487 426
----- -----
Earnings before income taxes 458 454
Income tax expense 151 172
----- -----
NET EARNINGS $ 307 $ 282
===== =====
Other comprehensive loss, net of tax
unrealized losses on securities (14) (65)
----- -----
COMPREHENSIVE INCOME $ 293 $ 217
===== =====
EARNINGS PER SHARE
Basic (based on net earnings) $0.28 $0.24
==== ====
Diluted (based on net earnings) $0.28 $0.23
==== ====
</TABLE>
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<PAGE>
LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
Consolidated Statements of Shareholders' Equity
(In thousands, except share data)
Three months ended
March 31,
2000 1999
<S> <C> <C>
Balance at January 1 $16,146 $16,488
Purchase of shares (464) -
Amortization of stock benefit plan 34 33
Cash dividends of $.11 per share in 2000 and $.11 in 1999 (119) (132)
Unrealized losses on securities designated as
available for sale, net of related tax effects (14) (65)
Net earnings 307 282
------ ------
Balance at March 31 $15,890 $16,606
====== ======
Accumulated other comprehensive income (losses) $ (342) $ 90
====== ======
</TABLE>
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<PAGE>
LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
Consolidated Statements of Cash Flows
(In thousands)
Three months ended
March 31,
2000 1999
<S> <C> <C>
Cash flows from operating activities:
Net earnings for the period $ 307 $ 282
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 27 14
Amortization of premiums on investments and
mortgage-backed securities 12 34
Amortization expense of stock benefit plan 34 33
Provision for losses on loans 71 41
Loss on equity investment 26 -
Increase (decrease) in cash, due to changes in:
Accrued interest receivable on loans 16 2
Accrued interest receivable on mortgage-backed securities 2 9
Accrued interest receivable on investments (62) (30)
Prepaid expenses and other assets 11 (5)
Accrued interest and other liabilities 15 (230)
Federal income taxes
Current 111 121
Deferred 6 -
------ -----
Net cash provided by operating activities 576 271
Cash flows provided by (used in) investing activities:
Purchase of investment securities (1,779) (800)
Maturities/calls of investment securities - 100
Purchase of Federal Home Loan Bank stock (150) (56)
Principal repayments on mortgage-backed securities 246 655
Loan disbursements (10,832) (8,744)
Investment in real estate partnership (21) (21)
Principal repayments on loans 8,179 5,350
Purchases and additions to office premises and equipment (22) (287)
Increase in cash surrender value of life insurance policy (11) (11)
------ -----
Net cash used in investing activities (4,390) (3,814)
</TABLE>
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<PAGE>
LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
Consolidated Statements of Cash Flows
(In thousands)
Three months ended
March 31,
2000 1999
<S> <C> <C>
Cash provided by (used in) financing activities:
Net increase in deposit accounts $5,037 $ 822
Proceeds from Federal Home Loan Bank advances 5,000 3,000
Repayment of Federal Home Loan Bank advances (2,000) -
Repayment of note payable (70) (68)
Purchase of shares (464) -
Dividends on common stock (119) (132)
----- -----
Net cash provided by financing activities 7,384 3,622
----- -----
Net increase in cash and cash equivalents 3,570 79
Cash and cash equivalents, beginning of period 5,146 4,328
----- -----
Cash and cash equivalents, end of period $8,716 $4,407
===== =====
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest on deposits and borrowings $1,210 $ 865
===== =====
Income taxes $ 35 $ 50
===== =====
Dividends payable at end of period $ 119 $ 132
===== =====
</TABLE>
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<PAGE>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE A: Basis of Presentation
The unaudited interim consolidated condensed financial statements include the
accounts of Logansport Financial Corp. (the "Company") and its subsidiary,
Logansport Savings Bank, FSB, (the "Bank").
The unaudited interim consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and disclosures required by generally accepted
accounting principles for complete financial statements. Accordingly, these
financial statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Annual Report on Form
10-K for the year ended December 31, 1999. In the opinion of management, the
financial statements reflect all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the Company's financial position
as of March 31, 2000, results of operations for the three month periods ended
March 31, 2000 and 1999 and cash flows for the three month periods ended March
31, 2000 and 1999.
NOTE B: Earnings Per Share and Dividends Per Share
Basic earnings per share is computed based upon the weighted-average shares
outstanding during the period. Weighted-average common shares outstanding
totaled 1,112,829 and 1,198,710 for the three month periods ended March 31, 2000
and 1999, respectively. Diluted earnings per share is computed taking into
consideration common shares outstanding and dilutive potential common shares
issued under the Company's stock option plan. Weighted-average common shares
deemed outstanding for purposes of computing diluted earnings per share totaled
1,112,829 and 1,223,706 for the three months ended March 31, 2000 and 1999,
respectively.
Incremental shares related to the assumed exercise of stock options included in
the computation of diluted earnings per share totaled 24,996 for the three month
period ended March 31, 1999. Options to purchase 125,915 shares of common stock
with a weighted-average exercise price of $10.59 were outstanding at March 31,
2000, but were excluded from the computation of common share equivalents because
their exercise prices were greater than the average market price of the common
shares.
A cash dividend of $.11 per common share was declared on March 1, 2000, payable
on April 10, 2000, to stockholders of record as of March 20, 2000.
-8-
<PAGE>
NOTE C: Recent Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133 "Accounting for
Derivative Instruments and Hedging Activities" which requires entities to
recognize all derivatives in their financial statements as either assets or
liabilities measured at fair value. SFAS No. 133 also specifies new methods of
accounting for hedging transactions, prescribes the items and transactions that
may be hedged, and specifies detailed criteria to be met to qualify for hedge
accounting.
The definition of a derivative financial instrument is complex, but in general,
it is an instrument with one or more underlyings, such as an interest rate or
foreign exchange rate, that is applied to a notional amount, such as an amount
of currency, to determine the settlement amount(s). It generally requires no
significant initial investment and can be settled net or by delivery of an asset
that is readily convertible to cash. SFAS No. 133 applies to derivatives
embedded in other contracts, unless the underlying of the embedded derivative is
clearly and closely related to the host contract.
SFAS No. 133, as amended by SFAS No. 137, is effective for fiscal years
beginning after June 15, 2000. On adoption, entities are permitted to transfer
held-to-maturity debt securities to the available-for-sale or trading category
without calling into question their intent to hold other debt securities to
maturity in the future. SFAS No. 133 is not expected to have a material impact
on the Company's financial position or results of operations.
The foregoing discussion of the effects of recent accounting pronouncements
contains forward-looking statements that involve risks and uncertainties.
Changes in economic circumstances or interest rates could cause the effects of
the accounting pronouncements to differ from management's foregoing assessment.
-9-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation.
Forward Looking Statements
In addition to historical information contained herein, the following discussion
contains forward-looking statements that involve risks and uncertainties.
Economic circumstances, the Company's operations and the Company's actual
results could differ significantly from those discussed in the forward-looking
statements. Some of the factors that could cause or contribute to such
differences are discussed herein but also include changes in the economy and
interest rates in the nation and the Company's market area generally.
Some of the forward-looking statements included herein are the statements
regarding management's determination of the amount and adequacy of the allowance
for losses on loans and the effect of certain recent accounting pronouncements.
Financial Condition
Total assets were $125.3 million at March 31, 2000 compared to $117.5 million at
December 31, 1999, an increase of $7.8 million or 6.6%. This increase was funded
from an additional $3.0 million FHLB advance and a growth in deposits of $5.0
million. Cash and cash equivalents increased approximately $3.6 million, from
$5.1 million at December 31, 1999 to $8.7 million at March 31, 2000. Cash and
cash equivalents were high at March 31, 2000 in anticipation of repayment of a
$3.0 million FHLB advance due in early April. Funding to repay this advance was
obtained in late March in order to secure a lower rate. The growth in assets was
reinvested in loans which increased by $2.6 million and investment and
mortgage-backed securities which increased by $1.5 million.
Net loans increased $2.6 million, or 2.8%, from $90.9 million at December 31,
1999 to $93.5 million at March 31, 2000. The increase resulted from loan
originations of $10.8 million for the quarter, which were partially offset by
principal repayments of $8.2 million.
Deposits were $81.0 million at March 31, 2000 compared to $76.0 million at
December 31, 1999, an increase of $5.0 million in the first three months of
2000. Borrowings consisted of $26.0 million of FHLB advances and a $1.2 million
note payable related to an equity investment in low income housing.
Shareholders' equity was $15.9 million at March 31, 2000 and $16.1 million at
December 31, 1999. The payment of dividends, repurchase of stock, and an
increase in the unrealized loss on securities available for sale resulted in a
decrease in equity of approximately $200,000. Equity was increased by earnings
and the amortization of the stock benefit plan.
-10-
<PAGE>
Results of Operations
Comparison of the Three Months Ended March 31, 2000 and March 31, 1999
Net earnings for the Company for the three months ended March 31, 2000 totaled
$307,000 compared with $282,000 for three months ended March 31, 1999. This was
an increase of $25,000 or 8.9%. Net interest income increased $111,000 while
general, administrative and other expense increased $61,000 and taxes decreased
$21,000 due to the availability of low income housing tax credits. The major
contributor to the increase in net interest income was the growth in the loan
portfolio the past calendar year. Loans totaled $93.5 million at March 31, 2000
compared to $76.4 million at March 31, 1999. However, the impact of such growth
was partially offset by a corresponding increase in deposits and advances and a
decrease in the net interest margin.
The provision for loan losses was $71,000 for the three months ended March 31,
2000 and $41,000 for the three months ended March 31, 1999. No properties were
in real estate owned for the quarter ended March 31, 2000 or March 31, 1999.
Non-performing loans decreased to $304,000 or 0.32% of loans at March 31, 2000
from $666,000, or 0.72% of loans at December 31, 1999. Loan loss reserves
amounted to $510,000 or .54% of total loans at March 31, 2000 compared to
$440,000 or 0.47% at December 31, 1999.
Other income amounted to $50,000 for the three months ended March 31, 2000, a
decrease of $16,000, or 24.2%, from the comparable quarter in 1999. The decrease
was due primarily to a $26,000 pre-tax loss from an equity investment in a low
income housing tax credit investment. Service charges on deposit accounts
increased by $2,000 and other operating income increased by $8,000.
Total general, administrative and other expense increased $61,000 or 14.3% in
the period ending March 31, 2000 compared to March 31, 1999. Employee
compensation and benefits increased $77,000, or 35.2%, as a result of salary
increases and additional personnel compared to a year ago and a one time charge
of $38,000 due to the retirement of personnel. Data processing fees increased
$3,000, or 8.3%, due to loan and deposit growth and occupancy and equipment
expense increased $13,000, or 40.6%, due primarily to increased depreciation
related to the purchase of new equipment and the completion of the new banking
facility. Other operating expenses decreased $26,000, or 20.2%, compared to the
quarter ended March 31, 1999, which had a one time non-recurring charge of
$35,000 related to deposit operations. This charge was partially recovered in
the fourth quarter of 1999.
The Company's effective tax rate for the three months ended March 31, 2000 was
33.0% and was 37.9% for the three months ending March 31, 1999.
-11-
<PAGE>
Capital Resources
Pursuant to OTS capital regulations, savings associations must currently meet a
1.5% tangible capital requirement, a 4% leverage ratio (or core capital)
requirement, and total risk-based capital to risk-weighted assets ratio of 8%.
At March 31, 2000, the Bank's tangible capital ratio was 12.37%, its leverage
ratio was 12.37%, and its risk-based capital to risk-weighted assets ratio was
21.27%. Therefore, the Bank's capital significantly exceeded all of the capital
requirements currently in effect. The following table provides the minimum
regulatory capital requirements and the Bank's capital ratios as of March 31,
2000.
Capital Standard Required Bank's Excess
- ---------------- -------- ------ ------
Tangible (1.5%) $1,880,000 $15,503,000 $13,623,000
Core (4.0%) 5,013,000 15,503,000 10,490,000
Risk-based (8.0%) 6,022,000 16,013,000 9,991,000
Liquidity
The standard measure of liquidity for savings associations is the ratio of cash
and eligible investments to a certain percentage of net withdrawable savings
accounts and borrowings due within one year. The minimum required ratio is
currently set by the Office of Thrift Supervision at 4%. At March 31, 2000 the
Bank's regulatory liquidity ratio was 23.2%.
-12-
<PAGE>
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Bank, like other savings associations, is subject to interest rate risk to
the degree that its interest-bearing liabilities, primarily deposits with short
and medium-term maturities, mature or reprice at different rates than its
interest-earning assets. Management of the Bank believes it is critical to
manage the relationship between interest rates and the effect on the Bank's net
portfolio value ("NPV"). Generally, NPV is the discounted present value of the
difference between incoming cash flows on interest-earning and other assets and
outgoing cash flows on interest-bearing liabilities. Management of the Bank's
assets and liabilities is done within the context of the marketplace, regulatory
limitations and within limits established by the Board of Directors on the
amount of change in NPV which is acceptable given certain interest rate changes.
The Office of Thrift Supervision ("OTS") issued a regulation, effective January
1, 1994, which uses a net market value methodology to measure the interest rate
risk exposure of thrift institutions. Under OTS regulations, an institution's
"normal" level of interest rate risk in the event of an assumed change in
interest rates, is a decrease in the institution's NPV in an amount not
exceeding 2% of the present value of its assets. Thrift institutions with over
$300 million in assets or less than a 12% risk-based capital ratio are required
to file OTS Schedule CMR. Data from schedule CMR is used by the OTS to calculate
changes in NPV (and the related "normal" level of interest rate risk based upon
certain interest rate changes (discussed below). Institutions which do not meet
either of the filing requirements are not required to file OTS Schedule CMR, but
may do so voluntarily. The Bank does not currently meet either of these
requirements, but it does voluntarily file Schedule CMR. Presented below, as of
December 31, 1999, the latest available date, is an analysis performed by the
OTS of the Bank's interest rate risk as measured by changes in NPV for
instantaneous and sustained parallel shifts in the yield curve, in 100 basis
point increments, up and down 300 basis points and in accordance with OTS
regulations. As illustrated in the table, The Bank's NPV is more sensitive to
rising rates than declining rates. This occurs principally because, as rates
rise, the market value of the Bank's investments, adjustable-rate mortgage loans
(many of which have maximum per year adjustments of 1%), fixed-rate loans and
mortgage-backed securities declines due to the rate increase. The value of the
Bank's deposits and borrowings change in approximately the same proportion in
rising and falling rate scenarios.
<TABLE>
<CAPTION>
Change Net Portfolio Value NPV as % of PV of Assets
In Rates $ Amount $ Change % Change NPV Ratio Change
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
+300bp $11,061 $(5,372) (33)% 10.08% -391bp
+200bp 13,080 (3,352) (20)% 11.63% -236bp
+100bp 14,924 (1,509) (9)% 12.96% - 103bp
0bp 16,433 13.99%
- -100bp 17,344 912 6% 14.54% + 55bp
- -200bp 17,694 1,261 8% 14.67% +69bp
- -300bp 18,067 1,634 10% 14.82% +83bp
</TABLE>
-13-
<PAGE>
Interest Rate Risk Measures: 200 Basis Point (bp) Rate Shock
Pre-shock NPV Ratio: NPV as % of PV of Assets 13.99 %
Exposure Measure: Post-Shock NPV Ratio 11.63 %
Sensitivity Measure: Change in NPV Ratio (236 bp)
As with any method of measuring interest rate risk, certain shortcomings are
inherent in the method of analysis presented in the foregoing table. For
example, although certain assets and liabilities may have similar maturities or
periods to repricing, they may react in different degrees to changes in market
interest rates. Also, the interest rates on certain types of assets and
liabilities may fluctuate in advance of changes in market interest rates, while
interest rates on other types may lag behind changes in market rates.
Additionally, certain assets, such as adjustable-rate loans, have features which
restrict changes in interest rates on a short-term basis and over the life of
the asset. Further, in the event of a change in interest rates, expected rates
of prepayments on loans and early withdrawals from certificates could likely
deviate significantly from those assumed in calculating the table.
-14-
<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither the Bank nor the Company were, during the three-month period ended March
31, 2000, or are as of the date hereof involved in any legal proceeding of a
material nature. From time to time, the Bank is a party to legal proceedings
wherein it enforces its security interests in connection with its mortgage and
other loans.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
The following exhibits are attached to this report on Form 10-Q:
3.1 The Articles of Incorporation of the Registrant are
incorporated by reference to Exhibit 3.1 to the Registration
Statement on Form S-1 (Registration No. 33-89788).
3.2 The Code of By-Laws of the Registrant is incorporated by
reference to Exhibit 3.2 to the Form 10-Q for the period
ended June 30, 1997, filed with the Commission on August 13,
1997.
27.1 Financial Data Schedule for the three month period ended
March 31, 2000.
(b) Reports on Form 8-K.
The Registrant filed one report on Form 8-K during the fiscal quarter
ended March 31, 2000. The Form 8-K was filed on January 28, 2000, and
reported the retirement of Mr. Williams as president and the
appointment of Mr. Wihebrink as his successor.
-15-
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on behalf of the
undersigned thereto duly authorized.
Logansport Financial Corp.
Date: May 11, 2000 By: /s/ David G. Wihebrink
----------------------- ----------------------
David G. Wihebrink, President and
Chief Executive Officer
Date: May 11, 2000 By: /s/ Dottye Robeson
----------------------- ------------------
Dottye Robeson, Secretary and
Treasurer
-16-
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 779
<INT-BEARING-DEPOSITS> 7,937
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 15,936
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 93,482
<ALLOWANCE> 511
<TOTAL-ASSETS> 125,259
<DEPOSITS> 81,048
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,321
<LONG-TERM> 26,000
0
0
<COMMON> 5,515
<OTHER-SE> 10,375
<TOTAL-LIABILITIES-AND-EQUITY> 125,259
<INTEREST-LOAN> 1,865
<INTEREST-INVEST> 261
<INTEREST-OTHER> 83
<INTEREST-TOTAL> 2,209
<INTEREST-DEPOSIT> 909
<INTEREST-EXPENSE> 1,243
<INTEREST-INCOME-NET> 966
<LOAN-LOSSES> 71
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 487
<INCOME-PRETAX> 458
<INCOME-PRE-EXTRAORDINARY> 307
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 307
<EPS-BASIC> .28
<EPS-DILUTED> .28
<YIELD-ACTUAL> 3.31
<LOANS-NON> 304
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 440
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 511
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 511
</TABLE>
