x	Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2004 or
o	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition period from___________ to ___________

(Exact Name of Registrant as Specified in Its Charter)

Tennessee	62-1721072
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer I.D. Number)

114 West College Street, Murfreesboro, Tennessee	37130
(Address of Principal Executive Offices)	(Zip Code)

(615) 893-1234

Registrant’s telephone number, including area code

Yes x

No o

Yes x

No o

Part I	Financial Information	Page
Item 1.	Financial Statements
	Consolidated Balance Sheets at March 31, 2004 (unaudited) and December 31, 2003	1
	Consolidated Statements of Income (unaudited) for the Three Months Ended March 31, 2004 and 2003	2
	Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2004 and 2003	3
	Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2004 and 2003	4
	Notes to Consolidated Financial Statements (unaudited)	5-7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7-10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	10-11
Item 4.	Controls and Procedures	12
Part II	Other Information	13
Item 2.	Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities	13
Item 6.	Exhibits and Reports on Form 8-K	14
Signatures		15

		March 31,			December 31,
Assets		2004			2003
		(Unaudited)
Cash		$	22,039			32,946
Interest-bearing deposits with other financial institutions			27,160			37,967
Cash and cash equivalents			49,199			70,913
Investment securities available-for-sale at fair value (amortized cost: $41,243 and $55,136 at March 31, 2004 and December 31, 2003, respectively)			41,370			55,123
Loans held for sale, at estimated fair value			1,630			2,648
Loans receivable, net of allowances for loan losses of $4,576 at March 31, 2004 and $4,525 at December 31, 2003			378,233			350,412
Accrued interest receivable			1,593			1,668
Office properties and equipment, net			18,157			18,431
Required investments in stock of Federal Home Loan Bank and Federal Reserve Bank, at cost			3,033			2,992
Foreclosed assets			7			-
Bank owned life insurance			8,367			8,308
Goodwill			1,772			1,772
Other assets			3,063			2,905
Total assets		$	506,424			515,172
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing		$	67,008			72,443
Interest-bearing			373,785			381,814
Total deposits			440,793			454,257
Advances from Federal Home Loan Bank of Cincinnati			2,876			2,889
Accrued expenses and other liabilities			7,174			3,599
Total liabilities			450,843			460,745
Shareholders’ equity:
Preferred stock, no par value
Authorized- 250,000 shares; none issued or outstanding at March 31, 2004 and December 31, 2003			-			-
Common stock, no par value
Authorized- 49,750,000 shares; issued and outstanding 6,833,473 and 6,834,873 at March 31, 2004 and December 31, 2003, respectively			10,438			10,175
Retained earnings			47,260			46,633
Unallocated ESOP shares			(2,195	)		(2,373	)
Accumulated other comprehensive income (loss), net of tax			78			(8	)
Total shareholders’ equity			55,581			54,427
Total liabilities and shareholders’ equity		$	506,424			515,172

	1

		Three Months Ended
		March 31,
		2004			2003
Interest income:
Loans		$	5,273			5,024
Investment securities:
Taxable			341			283
Non-taxable			7			-
Other			90			126
Total interest income			5,711			5,433
Interest expense – deposits			1,269			1,519
Interest expense – borrowings			24			24
Total interest expense			1,293			1,543
Net interest income			4,418			3,890
Provision for loan losses			101			56
Net interest income after provision for loan losses			4,317			3,834
Non-interest income:
Servicing income			45			71
Gain on sale of loans, net			586			1,322
Gain on sale of other assets			53			-
Gain on sale of investment securities, net			66			11
Deposit servicing fees and charges			1,224			1,055
Trust service fees			292			246
Commissions and other non-banking fees			655			616
Other operating income			264			298
Total non-interest income			3,185			3,619
Non-interest expenses:
Salaries and employee benefits			3,573			3,659
Occupancy expense			320			315
Supplies, communications and other office expenses			219			253
Advertising expense			151			101
Equipment and service bureau expense			816			695
Professional fees			188			106
Other taxes			115			97
Other operating expense			377			332
Total non-interest expenses			5,759			5,558
Income before income taxes			1,743			1,895
Income tax expense			727			727
Net income		$	1,016			1,168
Basic earnings per share		$	0.16			0.18
Diluted earnings per share		$	0.15			0.18
Weighted average shares outstanding -Basic			6,486,988			6,365,767
Weighted average shares outstanding -Diluted			6,732,839			6,579,436

	2

		Three Months Ended
		March 31,
			2004			2003
Net income		$	1,016			1,168
Other comprehensive income, net of tax:
Unrealized gains (losses) on investment securities available-for-sale			127			(30	)
Reclassification adjustment for gains included in net income			(41	)		(7	)
Comprehensive income		$	1,102			1,131

	3

		2004			2003
Operating activities:
Net cash provided by operating activities		$	6,358			19,088