-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dr+UgVDNdMAgE/DanSCW402QTFeUMGXjUfVBenWeiCS7dJQymOZEO1rrjNTP181h SKYM/MmXqBknr6i6Vn1ljw== 0000903594-96-000033.txt : 19960513 0000903594-96-000033.hdr.sgml : 19960513 ACCESSION NUMBER: 0000903594-96-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENNS WOODS BANCORP INC CENTRAL INDEX KEY: 0000716605 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232226454 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17077 FILM NUMBER: 96559374 BUSINESS ADDRESS: STREET 1: 115 S MAIN ST CITY: JERSEY SHORE STATE: PA ZIP: 17740 BUSINESS PHONE: 7173982213 MAIL ADDRESS: STREET 1: 300 MARKET ST CITY: WILLIAMSPORT STATE: PA ZIP: 17701 10-Q 1 FORM 10-Q QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 10 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 1996 Commission file number 0-17077 PENNS WOODS BANCORP, INC. Incorporated in Pennsylvania 23-2226454 Main Office 115 South Main Street Jersey Shore, Pennsylvania 17740 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 Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] On March 31, 1996 there were 1,271,528 shares of the Registrant's common stock outstanding. PART I FINANCIAL STATMENTS PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE SHEET AT DATES INDICATED
March 31, December 31, 1996 1995 ----------------------- ASSETS: Cash and due from banks Investment securities available-for-sale 74,337,725 65,322,241 Investment Securities held-to-maturity 2,809,052 2,817,174 Federal funds sold 0 570,000 Loans, net of unearned discount 151,346,924 153,640,485 Allowance for loan losses (2,419,312) (2,353,324) Loans, net 148,927,612 151,287,161 Bank premises and equipment 3,842,071 3,808,885 Foreclosed assets held for sale 653,015 943,108 Accrued interest receivable 1,772,242 1,717,616 Other assets 2,459,609 1,878,740 ----------------------- TOTAL ASSETS 245,277,511 242,628,574 ======================= LIABILITIES: Demand Deposits 27,127,760 27,178,753 Interest-bearing demand deposits 37,991,976 37,155,122 Savings deposits 46,235,739 45,019,071 Time deposits 93,299,591 92,904,655 ----------------------- Total deposits 204,65,066 202,257,601 Federal funds purchased 0 0 Securities sold under repurchase agreements 6,392,566 6,344,111 Accrued interest payable 804,395 918,841 Long-term Borrowings 0 0 Other liabilites 3,721,002 3,423,217 ----------------------- Total liabilities 215,573,029 212,943,770 ----------------------- SHAREHOLDERS' EQUITY: Common stock, par value $10 per share, 10,000,000 shares authorized; 1,271,528 shares issued and outstanding at March 31, 1996 and 1,000,000 shares authorized; 839,046 issued and outstanding at December 31, 1995 12,712,280 12,713,390 Additional paid-in capital 4,452,723 4,453,353 Retained earnings 10,762,498 10,059,806 Net unrealized gain (loss) on securities available for sale 1,773,981 2,458,255 ----------------------- Total shareholders' equity 29,704,482 29,684,804 ----------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 245,277,511 242,628,574 =======================
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME FOR THE PERIODS INDICATED
THREE MONTHS THREE MONTHS QUARTER QUARTER ENDED ENDED ENDED ENDED March 31, March 31, March 31, March 31, 1995 1996 1995 1996 1995 ---------------------------------------------- INTEREST INCOME: Interest and fees on loans $3,640,106 $3,553,326 $3,640,106 $3,553,326 Interest and dividends on investments: ----------------------------------------------- Taxable interest 732,962 622,832 732,962 622,832 Nontaxable interest 264,245 284,827 264,245 284,827 Dividends 121,584 89,445 121,584 89,445 ----------------------------------------------- Total Interest and dividends on investments 1,118,791 997,104 1,118,791 997,104 Interest on Federal funds sold 22,789 117 22,789 117 ----------------------------------------------- Total interest income 4,781,686 4,550,547 4,781,686 4,550,547 ----------------------------------------------- INTEREST EXPENSE: Interest on deposits 1,897,288 1,671,308 1,897,288 1,671,308 Interest on Federal funds purchased 820 55,163 820 55,163 Interest on securities sold under repurchase agreements 71,734 43,557 71,734 43,557 Interest on other borrowings 0 110,635 0 110,635 ----------------------------------------------- Total interest expense 1,969,842 1,880,663 1,969,842 1,880,663 ----------------------------------------------- Net interest income 2,811,844 2,669,884 2,811,844 2,669,884 Provision for loan losses 42,000 100,005 42,000 100,005 ----------------------------------------------- Net interest income after provision for loan losses 2,769,844 2,569,879 2,769,844 2,569,879 ----------------------------------------------- OTHER OPERATING INCOME: Service charges 202,200 171,722 202,200 171,722 Securities gains 36,477 282,866 36,477 282,866 Other income 60,294 65,489 60,294 65,489 ----------------------------------------------- Total other operating income 298,971 520,077 298,971 520,077 ----------------------------------------------- OTHER OPERATING EXPENSES: Salaries and employee benefits 873,872 977,757 873,872 977,757 Occupancy expense, net 130,414 135,752 130,414 135,752 Furniture and equipment expense 128,123 146,461 128,123 146,461 Other expenses 627,653 747,579 627,653 747,579 ----------------------------------------------- Total other operating expenses 1,760,062 2,007,549 1,760,062 2,007,549 ----------------------------------------------- INCOME BEFORE TAXES 1,308,753 1,082,407 1,308,753 1,082,407 INCOME TAX PROVISION 326,325 289,073 326,325 289,073 ----------------------------------------------- NET INCOME $982,428 $793,334 $982,428 $793,334 =============================================== EARNINGS PER SHARE 0.77 0.63 0.77 0.63 =============================================== TOTAL SHARES OUTSTANDING 1,271,522 1,266,878 1,271,522 1,266,878 =============================================== (ADJUSTED FOR 50% STOCK DIVIDEND)
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1996
UNREALIZED APPRECIATION ADDITIONAL (DEPRECIATION) ON TOTAL COMMON PAID-IN RETAINED SECURITIES SHAREHOLDERS' STOCK CAPITAL EARNINGS AVAILABLE-FOR-SALE EQUITY -------------------------------------------------------------- Balance, December 31, 1995 12,713,390 4,453,353 10,762,498 2,458,255 29,684,804 Net income for the three months ended March 31, 1996 982,428 982,428 Dividends declared and paid (279,736) (279,736) Net change in unrealized gain on marketable equity securities (684,274) (684,274) Stock options exercised 1,890 (630) 1,260 --------------------------------------------------------------- Balance, March 31, 1996 12,715,280 4,452,723 10,762,498 1,773,981 29,704,482 ===============================================================
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE QUARTERS ENDED MARCH 31, 1996 AND MARCH 31, 1995
MARCH 31, MARCH 31, 1996 1995 ---------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $982,427 $793,334 Adjustments to reconcile net income to net cash provided by operating actvities Depreciation 101,162 84,446 Provision for loan losses 420,000 100,005 Amortization of investment security premiums 4,607 13,709 Accretion of investment security discounts (13,981) (20,598) Securities gains (36,477) (282,866) Increase in all other assets (282,990) (566,887) Increase (decrease) in all other liabilities 183,339 551,049 ---------------------- Net cash provided by operating activities 1,358,087 672,192 ---------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of securities available-for-sale (10,658,639)(7,983,095) Proceeds from sale of securities available-for-sale 644,559 9,623,662 Purchase of securities held-to-maturity (493,895) (25,000) Proceeds from calls and maturities of securities held-to-maturity 509,685 3,435,049 Net decrease in loans 1,939,549 (991,720) Decrease in foreclosed assets 290,093 (9,441) Acquisition of bank premises and equipment (134,348) (47,897) ---------------------- Net cash provided by (used in) investing activities (7,902,996) 4,001,558 ---------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in interest-bearing deposits 2,448,458 3,287,479 Net (decrease) in noninterest-bearing deposits (50,993) 1,767,909 Net increase in sec. sold under repurch. agree. 48,455 (1,059,506) Increase (decrease) in other borrowed funds 0 (7,170,000) Dividends paid (279,736) (222,486) Stock options exercised 1,261 37,883 ---------------------- Net cash (used in) provided by financing activities 2,167,445 (3,358,721) ---------------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,377,464) 1,315,029 CASH AND CASH EQUIVALENTS, BEGINNING 14,853,649 12,025,441 ---------------------- CASH AND CASH EQUIVALENTS, ENDING 10,476,185 13,340,470 ======================
The interim financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with financial statements and notes thereto contained in the Company's annual report for the year ended December 31, 1995. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EARNINGS SUMMARY Interest Income For the three months ended March 31, 1996, total interest income increased by $231,139 or 5.08% compared to the same period in 1995. This increase is due to a slight increase of $86,780 in interest and fees on loans, an increase in total interest and dividends on investments of $121,687 and a $22,672 increase in income in federal funds sold. The slight increase in interest and fees on loans of $86,780 was primarily due to an increase in loan volume during this period of $2,293,561. The increase in interest on federal funds sold of $22,672 was due to an increase in the amount of funds sold. Interest and dividends on investments increased primarily due to an increase in taxable interest of $110,130 and a slight decrease in nontaxable interest on investments of $20,582. In addition, there was an increase in dividend income of $32,139 due to an increase of holdings in the equity portfolio. Interest Expense For the three months ended March 31, 1996, total interest expense increased $89,179 or 4.74% over the same period in 1995. This increase can be attributed to the interest paid on interest-bearing deposits due to the $2,448,458 increase in volume. Provision for Loan Losses The provision for losses for the three months ended March 31, 1996 decreased $58,005 from the corresponding period in 1995. This decrease reflects a decline in anticipated losses on small business loans for the first three months of 1996 and the fiscal year. As of the first quarter of 1996, recoveries exceeded charge offs by $24,000 compared to the first quarter of 1995 when charge offs exceeded recoveries by $97,000. Provisions to date total $42,000 as compared to provisions through March 31, 1995 of $100,005. Senior Management utilizes several different methods to determine the adequacy of the loan loss allowance and to establish quarterly provisions. Among these methods is the analysis of the most recent five year average loss history, the coverage of non-performing loans provided by the allowance, an estimate of potential loss in homogeneous pools of loans and the internal credit rating assigned to watch and problem loans. In addition to the preceding, senior management also reviews macro portfolio risks such as the absence of concentrations, absence of foreign credit exposure and growth objectives in further tuning the allowance and provisions. The ratio of non-accruing loans and those accruing but delinquent more than 90 days (collectively called "non-performing" loans) to the allowance for loan losses stood at .89 times at March 31, 1996 a decrease in coverage from the .76 times at December 31, 1995. All of the increase in non-performing loans occurred in the residential real estate portfolio. Based upon this analysis as well as the others noted above, senior management has concluded that the allowance for loan losses is adequate. Other Operating Income Other operating income for the three months ended March 31, 1996 decreased $221,106 or 42.51% from the same time period in 1995. This decrease is due to the net effect of an increase in service charges collected of $30,478, a decrease in securities gains f $246,389 and a decrease in other income of $5,195. The increase in service charges, which was a result of an increase in service charges collected on deposit accounts. As compared to the first quarter of 1995, there were no gains taken on sales of foreclosed assets during the first three months of 1996, resulting in the slight decrease in other income. The primary decrease in other operating income was due to the decline in securities gains recognized of $246,389. Realized gains were on partial sales of equity securities that have been in the portfolio long-term that had reached what management had determined to be their maximum potential. Other Operating Expense For the three months ended March 31, 1996 total operating expenses increased $247,487 or 12.33% over the same period in 1995. Expenses included under the other expenses heading are such items as: advertising, postage, maintenance, FDIC, SAIF and other insurance, Pennsylvania State shares tax, legal and professional fees, telephone, printing and supplies and other general and administrative expenses. Decreases in other expenses totalled $119,926. During the first quarter of 1995, expenses were incurred that related to the acquisition of Lock Haven Savings Bank. These expenses were non- recurring, and therefore, did not reocurr during the first quarter of 1996. This reduction in other operating expense coupled with an increase in ORE expenses and bookkeeping and data processing expense incurred relating to a platform automation system that will be installed in the near future, are the primary factors contributing to the $119,926 decrease in other expense. In addition, employee salaries and benefits decreased $103,885. When comparing the amount of salaries and employee benefits expense incurred during the first three months of 1996 to the same period in 1995, it should be noted that in 1995, salaries and employee benefits was charged to satisfy the terms of two Lock Haven Savings Bank executives' employment agreements in connection with the merger. This expense did not reocurr in 1996, therefore, this reduction, netted with increases in salary levels, accounts for the overall $103,885 decrease in salaries and employee benefits. Occupancy expense and furniture and equipment expense decreased slightly by $5,338 and $18,338, respectively. These decreases can be attributed to the closing of two branch offices after the merger with Lock Haven Savings Bank in April of 1995. Provision for Income Taxes Provision for income taxes for the three months ended March 31, 1996 resulted in an effective income tax rate of 24.93% compared to 26.71% for the corresponding period in 1995. The decrease noted is primarily a result of a decrease in security gains for the March 31, 1996 period compared to March 31, 1995. ASSET/LIABILITY MANAGEMENT Assets At March 31, 1996, cash, federal funds sold, and investment securities totalled $87,622,962, or a net increase of $4,629,898 over the corresponding balance at December 31, 1995. Investment securities increased, $9,007,362, while cash and federal funds sold decreased $3,807,464 and $570,000. During this period, net loans decreased by $2,359,549 to $148,927,612. The purchase of agency securities accounts for the increase in investment securities from December 31, 1995 to March 31, 1996. Management evaluates credit risk, anticipated economic conditions and other relevant factors impacting the quality of the loan portfolio in order to establish an adequate loan-loss allowance. An internal credit review committee monitors loans in accordance with Federal supervisory standards. Furthermore, results of examination and appraisal of the coverage of the loan-loss allowance by the committee, Federal regulators and independent accountants are frequently reviewed by management. Accordingly, on a quarterly basis, management determines an appropriate provision for possible loan losses from earnings in order to maintain allowance coverage relative to potential losses. The allowance for loan losses totalled $2,419,312 at March 31, 1996, an increase of $65,988 over the balance at December 31, 1995. For the three months ended March 31, 1996, the provision for loan losses totalled $42,000. As a percent of loans, the allowance for loan losses at March 31, 1996 totalled 1.60% versus 1.53% at December 31, 1995. Loans accounted for on a non-accrual basis totalled $1,056,000 and $1,009,000 at March 31, 1996 and December 31, 1995 respectively. Accruing loans, contractually delinquent 90 days or more were $1,087,000 at March 31, 1996 and $791,000 at December 31, 1995. These loans are predominately secured by first lien mortgages on residential real estate where appraisal values mitigate any potential loss of interest and principal. The ratio of non-accruing loans and those accruing but delinquent more than 90 days to the allowance for loan losses stood at .89 times at March 31, 1996 and .76 times at December 31, 1995. Presently the portfolio has no loans that meet the definition of "trouble debt restructurings" under FAS 15. A watch list of potential problem loans is maintained and updated quarterly by an internal credit review committee. At this time there are no credits of substance that have the potential to become more than 90 days delinquent. The Bank has not had nor presently has any foreign outstandings. In addition, no known concentrations of credit presently exist. At March 31, 1996, the balance of other real estate was $653,015 compared to $943,108 at December 31, 1995. During the first quarter of 1996, two properties were transferred into the account. In addition, one property that was on the books at December 31, 1995, was sold during the first quarter. Deposits At March 31, 1996 total deposits amounted to $204,655,066 representing an increase of $2,397,465 or a 1.19% increase over total deposits at December 31, 1995. Other Liabilities At March 31, 1996, other liabilities totalled $3,721,002 or a $297,785 increase over the balance at December 31, 1995. This increase is primarily due to an increase in accrued taxes. Capital The adequacy of the Company's capital is reviewed on an ongoing basis with reference to the size, composition and quality of the Company's resources and regulatory guidelines. Management seeks to maintain a level of capital sufficient to support existing assets and anticipated asset growth, maintain favorable access to capital markets and preserve high quality credit ratings. The capital requirements of the Pennsylvania Department of Banking are 6%. The capital requirements of the Federal Deposit Insurance Corporation are: 1. Regulatory capital to total assets 6%. 2. Primary capital to total assets 5 1/2%. At March 31, 1996, regulatory capital to total assets was 12.11% compared to 12.23% at December 31, 1995. Primary capital to total assets at March 31, 1996 was 13.10% compared to 13.20% at December 31, 1995. The Federal Reserve Board, the FDIC and the OCC have issued certain risk-based capital guidelines, which supplement existing capital requirements. The guidelines require all United States banks and bank holding companies to maintain a minimum risk-based capital ratio of 8.00% (of which at least 4.00% must be in the form of common stockholders' equity). Assets are assigned to five risk categories, with higher levels of capital being required for the categories perceived as representing greater risk. The required capital will represent equity and (to the extent permitted) nonequity capital as a percentage of total risk-weighted assets. The risk-based capital rules are designed to make regulatory capital requirements more sensitive to differences in risk profiles among banks and bank holding companies and to minimize disincentives for holding liquid assets Capital is being maintained in compliance with the new risk-based capital guidelines. The Company's Tier 1 Capital to total risk weighted assets ratio is 19.68% and the total capital ratio to total risk weighted assets ratio is 20.93%. Liquidity and Interest Rate Sensitivity The asset/liability committee addresses the liquidity needs of the Bank to see that sufficient funds are available to meet credit demands and deposit withdrawals as well as to the placement of available funds in the investment portfolio. In assessing liquidity requirements, equal consideration is given to the current position as well as the future outlook. The following liquidity measures are monitored and kept within the limits cited. 1. Net Loans to Total Assets, less than 70% 2. Net Loans to Total Deposits, less than 80% 3. Net Loans to Core Deposits, less than 85% 4. Investments to Total Assets, less than 40% 5. Investments to Total Deposits, less 50% 6. Net Primary Liquid Assets to Total Assets, greater than 10% 7. Net Primary Liquid Assets to Total Liabilities, greater than 10% 8. Total Liquid Assets to Total Assets, greater than 25% 9. Total Liquid Assets to Total Liabilities, greater than 25% The Bank has maintained a liquidity level at or above the guidelines of the FDIC and the Pennsylvania Department of Banking. The Bank has available to it Federal Funds lines of credit totalling $15,510 from correspondent banks should the need for short-term funds arise. The following table sets forth the Bank's interest rate sensitivity as of March 31, 1996:
AFTER ONE AFTER FIVE AFTER WITHIN BUT WITHIN BUT WITHIN TEN ONE YEAR FIVE YEARS TEN YEARS YEARS --------------------------------------------- Earning Assets (1) (2) $69,716 $30,479 $28,491 $98,751 Interest-bearing 113,931 64,212 5,692 85 liabilities (3) ---------------------------------------------- Gap: By period (44,215) (33,733) 22,799 98,666 By cumulative (44,215) (77,948) (55,149) 43,517 ---------------------------------------------- Earning assets: Investments (1) 18,833 3,292 4,986 50,036 Loans (2) 50,883 27,187 23,505 48,715 Interest-bearing liabilities: (3) Interest-bearing deposits $110,202 $61,548 $5,692 $85 Long-term borrowings 0 0 0 0 (1) Investment balances include annual repayment assumptions of 6%. Mortgage backed securities and certain other securities include repayment assumptions based on the terms of the securities. (2) Loan balances include annual repayment assumptions based on the projected cash flow from the loan portfolio. The cash flow projections are based on the terms of the credit facilities. No assumptions are made regarding prepayment of loans. Loans are presented net of deferred loan fees and include loans held for resale and allowance for loan losses. (3) The Corporation considers one-half of its regular saving deposits to be stable core deposits, and accordingly has classified 50% of such deposits in the "Within One Year category" and 50 % in the "After One but Within Five years" category. All other interest-bearing demand deposits are classified in the "Within One Year" category and time deposits are categorized according to scheduled maturity.
In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10-01 (b) (8) of Regulation S-X. Part II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K. a. Exhibits: Number Description - ------------------------- (11) Statement Regarding Computation of Per Share Earnings (27) Financial Data Schedule b. No reports on Form 8-K were filed in the first quarter of 1996. SIGNATURES Pursuant to the requirements 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. PENNS WOODS BANCORP, INC. (Registrant) Date: /s/ Theodore H. Reich ----------------------------------- Theodore H. Reich, President Date: /s/ Sonya E, Hartranft ----------------------------------- Sonya E. Hartranft, Controller EXHIBIT INDEX Number Description - ------------------------- (11) Statement Regarding Computation of Per Share Earnings (27) Financial Data Schedule EXHIBIT 11
STATEMENT OF COMPUTATION OF EARNING PER SHARE FOR THE PERIOD ENDED 3/31/96 LESS FRACTION DATE SHARES FRACTIONAL OF WEIGHTED OUTSTANDING RESTATEMENT SHARES YEAR SHARES - ----------------------------------------------------------------------- 1/01/95-1/03 1,271,339 - - 3/91 41,912 1/04/96-3/31 1,271,528 - - 88/91 1,229,610 ----------- WEIGHTED SHARES OUTSTANDING 3/31/96 1,271,522 =========== NET INCOME 3/31/96 982,428 WEIGHTED SHARES OUTSTANDING 3/31/96 1,271,522 EARNINGS PER SHARE 3/31/96 $0.77 =========== STATEMENT OF COMPUTATION OF EARNING PER SHARE FOR THE PERIOD ENDED 3/31/95 LESS FRACTION DATE SHARES FRACTIONAL OF WEIGHTED OUTSTANDING RESTATEMENT SHARES YEAR SHARES - ----------------------------------------------------------------------- 1/01/95-3/31 844,612 1.5 40 90/90 1,266,878 =========== NET INCOME 3/31/95 793,334 WEIGHTED SHARES OUTSTANDING 3/31/95 1,266,878 EARNINGS PER SHARE 3/31/95 $0.63 ===========
EX-27 2
9 3-MOS DEC-31-1996 MAR-31-1996 8433 2034 0 0 74338 2809 0 151347 2419 245278 204655 7197 3721 0 12715 0 0 16989 245278 3640 1119 23 4782 1897 73 2812 42 36 1760 1309 1309 0 0 982 .77 0 0 1056 1087 0 0 2353 56 80 2419 2419 0 0
-----END PRIVACY-ENHANCED MESSAGE-----