SECURITIES AND EXCHANGE C0MMISSION
WASHINGTON DC 20549
Form 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended September 30, 1998
Commission File Number: 0-27622
Highlands Bankshares, Inc.
Incorporated in the State of Virginia E.I. Number: 54-1796693
P.O. Box 1128
Abingdon Virginia 24212-1128
540-628-9181
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 reports), and (2) has been subject
to such filing requirements for the past 90 days.
YES X NO __
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.
Class: Common Stock, par value $2.50 per share
Outstanding September 30, 1998: 1,239,926 shares
Highlands Bankshares, Inc.
FORM 10-Q
For the Quarter Ended September 30, 1998
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets
September 30, 1998 and December 31, 1997 . . . . . . . . . . 3
Consolidated Statements of Income
for the Quarters and Nine Month Periods Ended
September 30, 1998 and 1997 . . . . . . . . . . . . . . . . .4
Consolidated Statements of Cash Flows
for the Nine Month Periods Ended
September 30, 1998 and 1997 . . . . . . . . . . . . . . . . .6
Consolidated Statements of Changes in
Stockholders' Equity for the Nine
Month Periods Ended September 30, 1998 and 1997 . . . . . . 8
Notes to Consolidated Financial Statements. . . . . . . . . . . . 9
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations. . . . . . . . . . . . . . . . . . . . . . . . . . . 10-12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . 13
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . .13
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . .13
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . . . . . . . . . . 13
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . .13
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . .13
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
EXHIBIT 27. Financial Data Schedule . . . . . . . . . . . . . . . . . . . 15
PART 1. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS
(unaudited)
(Amounts in thousands)
________________________________________________________________________________
<TABLE>
<CAPTION>
SEPT. 30, DEC. 31,
1998 1997
____ ____
<S> <C> <C>
ASSETS
Cash and due from banks $ 8,650 $ 7,712
Federal funds sold 1,779 7,213
Investment securities available for sale
(amortized cost $56,289 September 30,1998;
$41,805 December 31, 1997) 56,405 41,963
Loans, net of allowance for credit losses
$1,905 September 30,1998; $1,636 December 31, 1997 221,952 190,369
Bank premises and equipment 8,054 7,062
Interest receivable 1,873 1,495
Other assets 2,919 2,422
_________ _________
Total assets $ 301,632 $ 258,236
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits, non-interest bearing $ 34,646 $ 30,930
Deposits, interest bearing 232,128 205,716
_________ _________
Total deposits 266,774 236,646
Short-term borrowings 164 -
Interest, taxes and other liabilites 2,603 2,174
Notes payable-long term 14,176 2,614
_________ _________
Total other liabiliites 16,943 4,788
_________ _________
Total liabilities 283,717 241,434
_________ _________
STOCKHOLDERS' EQUITY
Common stock; $2.50 par value; 10,000,000
shares authorized; 1,239,926 issued and
outstanding at September 30, 1998; 1,232,250
outstanding at December 31, 1997 3,100 3,081
Surplus 5,263 5,271
Undivided profits 9,475 8,346
Unrealized gains (losses) on securities
available for sale, net of deferred taxes 77 104
_________ _________
Total stockholders' equity 17,915 16,802
_________ _________
Total liabilities and
stockholders' equity $ 301,632 $ 258,236
_________ _________
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>3
PART I. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Amounts in thousands, except per share data)
________________________________________________________________________________
<TABLE>
<CAPTION>
QUARTER ENDED NINE MONTH PERIOD
SEPTEMBER 30, ENDED SEPTEMBER 30,
________________ ________________
1998 1997 1998 1997
____ ____ ____ ____
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 4,994 $ 4,265 $14,195 $11,843
Interest on securities
available for sale:
Taxable 776 599 2,283 1,697
Exempt from taxable income 33 9 93 24
Interest on federal funds sold 21 12 193 135
_______ _______ _______ _______
Total interest income 5,824 4,885 16,764 13,699
_______ _______ _______ _______
INTEREST EXPENSE
Interest on deposits 3,151 2,584 9,205 7,315
Interest on borrowings 275 97 729 185
Interest on federal funds purchased 41 11 53 16
_______ _______ _______ _______
Total interest expense 3,467 2,692 9,987 7,516
_______ _______ _______ _______
Net interest income 2,357 2,193 6,777 6,183
Provision for loan losses 351 313 955 703
_______ _______ _______ _______
Net interest income after
provision loan losses 2,006 1,880 5,822 5,480
_______ _______ _______ _______
NON-INTEREST INCOME
Securities gains (losses), net 71 - 115 (7)
Service charges on deposit accounts 141 121 371 376
Other fee income 107 27 276 54
Other operating income 118 116 280 195
_______ _______ _______ _______
Total non-interest income 437 264 1,042 618
_______ _______ _______ _______
NON-INTEREST EXPENSE
Salaries and employee benefits 1,023 773 2,770 2,131
Occupancy expense of bank premises 328 288 906 714
Other operating expenses 461 377 1,346 1,063
_______ _______ _______ _______
Total non-interest expense 1,812 1,438 5,022 3,908
_______ _______ _______ _______
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>4
PART I. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(unaudited)
(Amounts in thousands, except per share data)
________________________________________________________________________________
<TABLE>
<CAPTION>
QUARTER ENDED NINE MONTH PERIOD
SEPTEMBER 30, ENDED SEPTEMBER 30,
________________ ________________
1998 1997 1998 1997
____ ____ ____ ____
<S> <C> <C> <C> <C>
Income before applicable
income taxes 631 706 1,842 2,190
Income tax expense 181 238 590 748
_______ _______ _______ _______
Net income $ 450 $ 468 $ 1,252 $ 1,442
_______ _______ _______ _______
Basic earnings per share $ .36 $ .38 $ 1.01 $ 1.17
_______ _______ _______ _______
Diluted earnings per share $ .34 $ .36 $ .99 $ 1.11
_______ _______ _______ _______
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>5
PART I. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(Amounts in thousands)
________________________________________________________________________________
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED SEPT. ENDED SEPT.
30, 1998 30, 1997
________ ________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,252 $ 1,442
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 955 703
Provision for deferred taxes - (49)
Deferred compensation expense (25) 32
Depreciation 366 235
Securities (gains) losses (115) 7
Net amortization on securities 383 163
(Increase) decrease in interest receivable (378) (260)
(Increase) decrease in other assets (508) (264)
Increase (decrease) in interest, taxes
and other liabilities 454 382
_________ _________
Net cash provided by operating activities 2,384 2,391
_________ _________
CASH FLOW FROM INVESTING ACTIVITIES:
Securities available for sale:
Proceeds from sale of securities 8,497 3,426
Proceeds from maturity of securities 21,341 5,866
Purchase of securities (44,589) (19,898)
Net (increase) decrease in federal funds sold 5,434 7,948
Net (increase) in loans (32,538) (29,267)
Premises and equipment expenditures (1,358) (2,170)
_________ _________
Net cash used in investing activities (43,213) (34,095)
_________ _________
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in certificates of deposit 13,332 20,648
Net increase in demand, savings, and other deposits 16,796 5,646
Net increase (decrease) in short-term borrowings 164 5,448
Proceeds from issuance of common stock 36 85
Cash dividends paid (123) -
Net increase in long-term debt 11,562 -
_________ _________
Net cash provided by financing activities 41,767 31,827
_________ _________
Net increase in cash and cash equivalents 938 123
Cash and cash equivalents at beginning of year 7,712 8,008
_________ _________
Cash and cash equivalents at end of quarter $ 8,650 $ 8,131
_________ _________
See accompanying notes to consolidated financial statements
/TABLE
<PAGE>6
PART I. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(Amounts in thousands)
________________________________________________________________________________
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED SEPT. ENDED SEPT.
30, 1998 30, 1997
________ ________
<S> <C> <C>
Supplemental disclosures of cash flow
information:
Cash paid during the year for:
Interest $ 9,310 $ 7,516
Income taxes $ 638 $ 748
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>7
PART I. ITEM 1. - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(Amounts in thousands)
________________________________________________________________________________
<TABLE>
<CAPTION> Accumulated Other
Common Stock Retained Comprehensive
Shares Amount Surplus Earnings Income (Loss) Total
______ _______ _______ ________ ________ ________
<S> <C> <C> <C> <C> <C> <C>
Balance, 01/01/97 1,222 $ 3,054 $ 5,187 $ 6,394 $ (18) $14,617
Comprehensive income
Net income - - - 1,442 - 1,442
Net changes in
unrealized gains
(losses) on
investment securities
available for sale,
net of taxes - - - - 149 149
______ _______ _______ _______ _______ _______
Total comprehensive
income - - - 1,442 149 1,591
______ _______ _______ _______ _______ _______
Dividends paid - - - - - -
Stock options
exercised 9 23 62 - - 85
______ _______ _______ _______ _______ _______
Balance, 09/30/97 1,231 $ 3,077 $ 5,249 $ 7,836 $ 131 $16,293
______ _______ _______ _______ _______ _______
Balance, 01/01/98 1,232 $ 3,081 $ 5,271 $ 8,346 $ 104 $16,802
Comprehensive income
Net income - - - 1,252 - 1,252
Net changes in
unrealized gains
(losses) on
investment securities
available for sale,
net of taxes - - - - (27) (27)
______ _______ _______ _______ _______ _______
Total comprehensive
income - - - 1,252 (27) 1,225
______ _______ _______ _______ _______ _______
Dividends paid
($0.10 per share) - - - (123) - (123)
Stock options
exercised 8 19 (8) - - 11
______ _______ _______ _______ _______ _______
Balance, 09/30/98 1,240 $ 3,100 $ 5,263 $ 9,475 $ 77 $17,915
______ _______ _______ _______ _______ _______
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>8
Notes to Consolidated Financial Statements
(in thousands)
________________________________________________________________________________
Note 1. - General
The consolidated financial statements conform to generally accepted
accounting principles and to industry practices. The accompanying
consolidated financial statements are unaudited. In the opinion of
management, all adjustments necessary for a fair presentation of the
consolidated financial statements have been included. All such
adjustments are of normal and recurring nature. The notes included
herein should be read in conjunction with the notes to consolidated
financial statements included in the Corporation's 1997 Annual Report
to shareholders.
Note 2. - Allowance for Loan Losses
A summary of transactions in the consolidated allowance for loan
losses for the nine months ended September 30 follows:
<TABLE>
1998 1997
____ ____
<S> <C> <C>
Balance, January 1 $ 1,636 $ 1,072
Provision 955 703
Recoveries 155 14
Charge-offs (841) (311)
_______ _______
Balance, September 30 $ 1,905 $ 1,478
</TABLE> _______ _______
Note 3. - Income Taxes
Income tax expense for the nine months ended September 30 is different than the
amount computed by applying the statutory corporate federal income tax rate
of 34% to income before taxes. The reasons for this difference are as
follows:
<TABLE> 1998 1997
____ ____
<S> <C> <C>
Tax expense at statutory rate $ 626 $ 745
Increase (reduction) in taxes
resulting from:
Tax exempt interest (32) (8)
Other, net (4) 11
_______ _______
Provision for income taxes $ 590 $ 748
</TABLE> _______ _______
Note 4. - Regulatory Capital
Regulators of the corporation and its subsidiaries have
implemented risk-based capital guidelines which require the
maintenance of certain minimum capital as a percent of assets and
certain off-balance sheet items adjusted for predefined credit risk factors.
The regulatory minimum for Tier 1 and combined Tier 1 and Tier 2
capital ratios were 4.0% and 8.0%, respectively. Tier 1 capital includes
<PAGE>9
tangible common shareholder's equity reduced by goodwill and certain
other intangibles. Tier 2 capital includes portions of the allowance for
loan losses, not to exceed Tier 1 capital. In addition to the risk-based
guidelines, a minimum leverage ratio (Tier 1 capital as a percentage of
average total consolidated assets) of 4.0% is required. This minimum
may be increased by at least 1.0% or 2.0% for entities with higher levels
of risk or that are experiencing or anticipating significant growth. The
following table contains the capital ratios for the Corporation and it's
subsidiary as of September 30, 1998.
<TABLE>
Entity Tier 1 Tier 2 Leverage
______ ______ ______ ________
<C> <C> <C> <C>
Highlands Bankshares, Inc. 10.58% 12.92% 7.42%
Highlands Union Bank 9.21% 10.12% 6.51%
</TABLE>
PART 1. ITEM 2.
Management's Discussion and Analysis of Financial Condition
and Results of Operations
The following discussion and analysis is provided to address information about
the Company's financial condition and results of operations which is not
otherwise apparent from the consolidated financial statements incorporated
by reference or included in this report. Reference should be made to those
statements for an understanding of the following discussion and analysis.
Results of Operations
Results of operations for the period ended September 30, 1998 reflected
net income of $1,252 thousand, a decrease of 13.18% over net income reported
for the corresponding period in 1997. Operating results of the Company
when measured as a percentage of average equity reveals a decrease in
return on average equity from 12.27% for the nine-month period in 1997
to 9.62% for the corresponding period in 1998.
Return on average assets at .59% reflects a decrease from .85% for the
comparable 1997 period. These decreases in the profitability ratios over the
comparable period are the result of the absorption of the additional costs
associated with the opening of a new branch in December of 1997, additional
costs relating to the $7.5 million capital issue in January of 1998 and the
continued increased funding of the Bank's loan loss reserve.
Net interest income for the nine months ended September 30, 1998
increased 12.39%, approximately $748 thousand over the comparable
1997 period. Average interest-earning assets increased approximately
$43.47 million from September 30, 1997 to the current period while
average interest-bearing liabilities increased $55.72 million during the
same comparative period. The yield on average interest-earning assets
increased 19 basis points to 8.40% in 1998 as compared to 8.21% in
1997. The yield on average interest-bearing liabilities increased 13 basis
points to 5.39% in 1998 as compared to 5.26% in 1997.
Through the third quarter of 1998, the provision for possible loan losses
totaled $955 thousand, a $252 thousand increase from the corresponding
period in 1997. The Company continually monitors the loan portfolio for
<PAGE>10
signs of credit weaknesses or developing collection problems. Levels for
each period are determined after evaluating the loan portfolio and
determining the level necessary to absorb current charge-offs and maintain
the reserve at adequate levels. Net charge-offs through the third quarter of
1998 were $686 thousand compared with $297 thousand in 1997. Net charge-offs
were .31% of total loans for the nine months ended September 30, 1998 as
compared to .16% for the corresponding nine months ended September 30, 1997.
Loan loss reserves increased 28.89% to $1,905 thousand for the twelve months
ending September 30, 1998. Reserves as of September 30, 1998 represent .85% of
total loans versus .80% for the 1997 period.
Financial Position
Total loans have increased from $184.8 million at September 30, 1997 to
$223.9 million at September 30, 1998. The loan to deposit ratio has
decreased from 85.59% at September 30, 1997 to 83.77% at September 30, 1998.
Loan demand continues at a high pace even with a competitive market
area.
Non-performing assets are comprised of loans on non-accrual status
and loans contractually past due 90 days or more and still accruing
interest. Non-performing assets were $3.2 million at September 30, 1998,
or 1.45% of total loans, compared with $942 thousand, at September 30, 1997.
Securities totaled $56.4 million (market value) at September 30, 1998 which
reflects an increase of $14.5 million or 34.5% from the September 30, 1997
total of $41.9 million. The majority of this increase is in purchases
of adjustable rate securities in order to match the current volatile
rate environment. The Corporation has also increased its investments
in municipal securities. Securities, as of September 30, 1998, are comprised of
obligations of the U.S. Government, approximately 87.38% of the total
securities portfolio, municipal issues, approximately 10.31% of the securities
portfolio, and equity securities, approximately 2.31% of the securities
portfolio. The Company's entire security portfolio is classified as
available for sale for both 1998 and 1997.
Total stockholder's equity of the Company was $17.9 million at September
30, 1998, representing an increase of $1.6 million or 9.96% over
September 30, 1997. The Company maintains a significant level of liquidity
in the form of cash and cash equivalents ($8.7 million at September 30, 1998),
overnight investment in Federal Funds Sold ($1.8 million at September 30, 1998)
and investment securities available for sale ($56.4 million).
Both cash and Federal Funds Sold are immediately available for satisfaction
of deposit withdrawals, customer credit needs and operations of the Company.
Investment securities available for sale represent a secondary level of
liquidity available for conversation to liquid funds in the event of
extraordinary needs.
Year 2000 Issue
It has been widely publicized that many computer applications will not operate
past the year 2000 without modifications. This problem results from the fact
that some computer systems store dates in a two digit format (i.e., 98) instead
of a four digist format (1998). On January 1, 2000 it is possible that some
systems with time sensitive software programs will recognize that year as
"00" and may incorrectly interpret the year as 1900 rather than 2000. In the
Fall of 1997 the Company adopted a formalized plan of action to minimize the
risk of the Year 2000 event. As part of the plan the Company appointed an
<PAGE 11>
internal oversight committee to assess, monitor, and review vendor compliance
and certification and to identify clearly all systems and equipment used in
day to day operations of the Company that might be affected. This assessment
forms the basis for our full remediation and testing process. During 1998,
the Company has completed the assessment phase, worked on contingency plans
and undertaken steps to verify that all vendors, suppliers and other related
business parties will be ready for the year 2000. The Company is currently
conducting tests of its mission critical systems including its core application
accounting systems and is on track with the FFIEC time frames. The following
table identifies each phase and its estimated timetable for completion.
Phase Completed by
1. Awareness September 30, 1997
2. Assessment December 31, 1997
3. Implementation & Approval March 31, 1999
4. Final Review & Approval June 30, 1999
5. Monitoring Through Year 2000
The Company has estimated that the total costs directly relating to fixing
the Year 2000 issues, such as software modification and system testing, will
not have a material effect on the performance of the Company. The Year 2000
budget is currently $100,000. No direct costs (other than human resource
hours) have been expensed as of this date. The Company's most reasonable
likely worst case Year 2000 scenarios may include failure of a vendor or
third party provider - which is beyond the Company's control. In the event
a failure occurs - the Company will implement manual contingency systems
without serious impact on the Bank's financial condition. As of September
1998, the Company has created several basic contingency plans. Planning
efforts will continue during 1998 based on the latest FFIEC guidelines.
Management believes the Company is adequately addressing the Year 2000 issue
and that the current preparations and testing being conducted throughout
the organization, all seek to minimize any potential adverse effect on the
Company, its customers, or its shareholders.
<PAGE>12
HIGHLANDS BANKSHARES, INC.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
(a) N/A
(b) N/A
Item 3. Defaults Upon Senior Securities
(a) N/A
(b) N/A
Item 4. Submission of Matters to Vote of Security Holders
None.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) N/A
(b) N/A
<PAGE>13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on it's behalf by
the undersigned thereunto duly authorized.
Highlands Bankshares, Inc.
Date: November 13, 1998 /S/ Samuel L. Neese
Samuel L. Neese
Executive Vice President &
Chief Executive Officer
(Duly Authorized Officer)
Date: November 13, 1998 /S/ James T. Riffe
James T. Riffe
Executive Vice President &
Chief Operations Officer
(Principal Accounting Officer)
<PAGE>14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
HIGHLANDS BANKSHARES INC /VA/ CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30,
1998 AND THE CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> $ 8,650
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,779
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 56,405
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 223,857
<ALLOWANCE> 1,905
<TOTAL-ASSETS> 301,632
<DEPOSITS> 266,774
<SHORT-TERM> 164
<LIABILITIES-OTHER> 2,603
<LONG-TERM> 14,176
0
0
<COMMON> 3,100
<OTHER-SE> 14,815
<TOTAL-LIABILITIES-AND-EQUITY> 301,632
<INTEREST-LOAN> 14,195
<INTEREST-INVEST> 2,569
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 16,764
<INTEREST-DEPOSIT> 9,205
<INTEREST-EXPENSE> 9,987
<INTEREST-INCOME-NET> 6,777
<LOAN-LOSSES> 955
<SECURITIES-GAINS> 115
<EXPENSE-OTHER> 5,022
<INCOME-PRETAX> 1,842
<INCOME-PRE-EXTRAORDINARY> 1,252
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,252
<EPS-PRIMARY> 1.01
<EPS-DILUTED> .99
<YIELD-ACTUAL> 3.35
<LOANS-NON> 1,427
<LOANS-PAST> 1,812
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,636
<CHARGE-OFFS> 841
<RECOVERIES> 155
<ALLOWANCE-CLOSE> 1,905
<ALLOWANCE-DOMESTIC> 1,905
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
