UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
- ---- EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1998
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
- ----
For the transition period from ________ to ________.
Commission file number: 000-22257
Vermilion Bancorp, Inc.
- ----------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 37-1363755
- --------------------------------- -----------------------------
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
714 North Vermilion Street, Danville, Illinois 61832
- -----------------------------------------------------------------
(Address of principal executive offices)
(217) 442-0270
- -----------------------------------------------------------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the
past 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 __
---
371,358 shares of the registrant's common stock, par value
$0.01 per share, were outstanding at January 28, 1999.
Transitional Small Business Disclosure Format (check one)
Yes ___ NO X
---
<PAGE>
VERMILION BANCORP, INC.
TABLE OF CONTENTS
Part 1. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Part 2. Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security
Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures
<PAGE>
Part 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VERMILION BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
DEC. 31 SEP. 30
1998 1998
_______ _______
Assets
Cash and due from banks $ 84,001 $ 53,430
Interest-bearing demand deposits 2,734,145 1,688,212
Cash and cash equivalents 2,818,146 1,741,642
Interest-bearing time deposits 20,000 20,000
Investment securities:
Available for sale 1,774,033 2,784,515
Held to maturity 2,105,499 2,312,447
Total investment securities 3,879,532 5,096,962
Loans 35,630,446 34,380,142
Allowance for loan losses (155,215) (154,199)
Net loans 35,475,231 34,225,943
Premises and equipment 1,503,965 1,356,263
Federal Home Loan Bank stock 320,000 350,000
Other Assets 312,051 425,628
Total assets $44,328,925 $43,216,438
Liabilities
Deposits:
Noninterest-bearing $ 838,919 $ 669,725
Interest-bearing 30,527,275 29,374,750
Total deposits 31,366,194 30,044,475
Federal Home Loan Bank borrowings 6,400,000 6,400,000
Other liabilities 187,121 450,681
Total liabilities 37,953,315 36,895,156
Stockholders' Equity
Preferred stock, $0.01 par value
Authorized and unissued-400,000 shares 0 0
Common stock, $0.01par value
Authorized- 1,600,000 shares
Issued- 396,750
Outstanding- 368,537 and 367,479 shares 3,968 3,968
Paid-in-capital 3,626,802 3,627,258
Retained earnings 2,909,241 2,866,968
Management retention plan payable 66,573 56,587
Accumulated comprehensive income 19,416 24,826
Less:
Unearned employee stock ownership plan shares (250,390) (258,325)
Total stockholders' equity 6,375,610 6,321,282
Total liabilities and
stockholders' equity $44,328,925 $43,216,438
See notes to unaudited consolidated financial statements.
<PAGE>
VERMILION BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Three Months Ended
December 31,
------------------
1998 1997
____ ____
Interest Income
Loans receivable $718,908 $616,683
Investment securities 74,595 97,880
Deposits with financial Institutions 28,699 10,355
Total interest income 822,202 724,918
Interest Expense
Deposits 400,658 392,725
Federal Home Loan Bank Borrowings 84,093 37,777
Total interest expense 484,751 430,502
Net Interest Income 337,451 294,416
Provision for losses on loans 15,000 10,000
Net Interest Income After Provision for Losses on Loans 322,451 284,416
Noninterest Income
Loan Fees 14,731 7,784
Other Income 6,315 4,165
Total noninterest income 21,046 11,949
Noninterest Expense
Salaries and employee benefits 107,016 88,652
Net occupancy expenses 25,822 25,510
Data processing fees 10,877 14,198
Deposit Insurance Expense 4,283 4,604
Printing and office supplies 9,576 2,252
Legal and professional fees 58,124 42,224
Advertising and promotion 7,350 2,887
Director and committee fees 12,000 8,750
Other expenses 44,676 23,582
Total noninterest expense 279,724 212,659
Income Before Income Tax 63,773 83,707
Income tax expense 21,500 16,500
Net Income $ 42,273 $ 67,207
Earnings Per Share
Basic
Net Income $0.11 $0.18
Average Number of Shares 371,103 368,169
Diluted
Net Income $0.11 $0.18
Average Number of Shares 374,658 368,169
See notes to unaudited consolidated financial statements.
<PAGE>
VERMILION BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
Three Months Ended
December 31,
------------------
1998 1997
---- ----
Operating Activities
Net Income $ 42,273 $ 67,207
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Provision for loan losses 15,000 10,000
Investment securities amortization (accretion), net (304) (4,605)
Depreciation 9,237 9,237
Compensation expense related to ESOP & MRP 17,465 14,814
Net change in:
Other assets 113,577 (72,379)
Other liabilities (258,088) (18,079)
Net cash provided (used) by operating activities (60,840) 6,195
Investing Activities
Proceeds from maturities and principal payments of
securities available for sale 1,010,482 10,164
Proceeds from maturities and principal payments of
securities held to maturity 196,370 105,502
Net change in loans (1,264,288) (645,016)
Purchase of premises and equipment (156,939) (83,574)
Purchase of Federal Home Loan Bank stock 30,000 0
Net cash provided by investing activities (184,375) (612,924)
Financing Activities
Net change in deposits 1,321,719 109,309
Proceeds of Federal Home Loan Bank borrowings 0 500,000
Net cash provided by financing activities 1,321,719 609,309
Net Change in Cash and Cash Equivalents 1,076,504 2,580
Cash and Cash Equivalents, Beginning of Period 1,741,642 1,137,897
Cash and Cash Equivalents, End of Period $2,818,146 $1,140,477
Additional Cash Flows Information
Interest paid $484,167 $437,494
Income tax paid $125,931 $30,000
See notes to unaudited consolidated financial statements.
Vermilion Bancorp Inc. and Subsidiary
Consolidated Statement of Comprehensive Income
Three Months Ended
December 31
1998 1997
Net Income $42,273 $67,207
Other Comprehensive income, net of tax:
Unrealized gain(loss) on Securities
available for sale:
Unrealized holding gains(loss) arising
during the period, net of
income tax (8,075) and (7,491) (5,410) 5,019
Less: Reclassification adjustment
for gains included in net income,
net of income tax 0 0
Comprehensive Income $36,863 $72,226
<PAGE>
VERMILION BANCORP, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BACKGROUND INFORMATION
Vermilion Bancorp, Inc. (the "Company") was incorporated in November 1996
and on March 25, 1997 acquired all of the outstanding shares of common stock
of American Savings Bank of Danville (the "Bank") upon the Bank's conversion
from a state chartered mutual savings bank to a state chartered stock savings
bank. The Company purchased 100% of the outstanding capital stock of the Bank
using 75% of the net proceeds from the Company's initial stock offering, which
was completed on March 25, 1997. The Company sold 396,750 shares of common
stock in the initial offering at $10 per share, including 31,740 shares
purchased by the Bank's Employee Stock Ownership Plan ("ESOP"). The ESOP
shares were acquired by the Bank with proceeds from a Company loan totaling
$317,400. The net proceeds of the offering totaled $3,632,522: $3,967,500 less
$334,978 in underwriting commissions and other expenses.
The acquisition of the Bank by the Company is being accounted for as a
"pooling-of-interests" under generally accepted accounting principles. The
application of the pooling-of-interests method records the assets and
liabilities of the merged companies on a historical cost basis with no goodwill
or other intangible assets being recorded.
2. STATEMENT OF INFORMATION FURNISHED
The accompanying unaudited consolidated financial statements have been
prepared in accordance with Form 10-QSB instructions and Item 310 (b) of
Regulation S-B, and in the opinion of management contains all adjustments
necessary to present fairly the financial position as of December 31, 1998 and
September 30, 1998, the results of operations for the three months ended
December 31, 1998 and 1997, and the cash flows for the three months ended
December 31, 1998 and 1997. All adjustments to the financial statements were
normal and recurring in nature. These results have been determined on the
basis of generally accepted accounting principles. The results of operations
for the three months ended December 31, 1998 are not necessarily indicative of
the results to be expected for the entire fiscal year.
The consolidated financial statements are those of the Company and the
Bank. These consolidated financial statements should be read in conjunction
with the audited financial statements and notes thereto dated October 20, 1998
included in the Company's 1998 Annual Report to Shareholders.
3. EARNINGS PER SHARE
Basic earnings per share have been computed based upon the weighted average
common shares outstanding for the three months ended December 31, 1998 and 1997.
Diluted earnings per share reflects the potential dilution that could occur if
securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared
in the earnings of the company.
PART 1. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Vermilion Bancorp, Inc. (the "Company") is the holding company for American
Savings Bank of Danville (the "Bank"). The Bank operates a wholly owned
subsidiary, GBW Service Corporation, which services contract sales of real
estate.
FINANCIAL CONDITION
Total assets increased $1.1 million from September 30, 1998 to December
31, 1998 or 2.6%. This increase was primarily funded by increases in total
deposits.
Cash and cash equivalents increased $1.1 million or 61.8% from September
30, 1998 to December 31, 1998. This was a result of proceeds from maturing
investment securities being reinvested in interest bearing deposits because of
favorable rates.
Investment securities decreased $1.2 million 23.9% due to the maturities
and paydowns of investment securities. The company did not purchase any
investment securities from September 30, 1998 to December 31, 1998.
The $1.2 million increase in net loans from September 30, 1998 to
December 31, 1998 was the result of an increase of $1.1 million or 3.8% in
one-to-four family residential mortgage loans, an increase of $454,000
or 45.5% in commercial loans offset by a decrease of $142,000 or 7.2%
in consumer loans and a decrease of $121,000 or 24.6% in construction loans.
Premises and equipment increased $148,000 or 10.9% from September 30,
1998 to December 31, 1998. The increase reflects the final payment on the new
branch facility.
FHLB stock declined $30,000 or 8.6% from September 30, 1998 to December
31, 1998. This is the result of a lower requirement by the FHLB due to the
decrease in FHLB borrowings which occured during the quarter ended December 31,
1998. FHLB borrowings decreased $600,000 in July, 1998.
Other assets decreased $114,000 or 26.7% from September 30, 1998 to
December 31, 1998. The decrease is primarily the result of the disposal of
repossessed collateral.
The $1.3 million increase in total deposits or 4.4% was mainly
attributable to the activities of the new branch facility.
Other liabilities decreased $264,000 or 58.5% for the period. This was
primarily the result of a decrease in expenses payable.
Total stockholders' equity increased $54,000 from September 30,
1998 to December 31, 1998, the increase summarized as follows:
Stockholders' equity, September 30, 1998..........................$6,321,282
Net income........................................................ 42,273
Change in unrealized gain/(loss) on securities Available for sale. (5,410)
ESOP shares allocated............................................. 7,479
Management retention plan compensation ........................... 9,986
----------
Stockholders' equity, December 31,1998............................$6,375,610
----------
----------
RESULTS OF OPERATIONS
THREE MONTH COMPARISON
Net income was $42,273 for the three months ended December 31, 1998
compared to $67,207 for the three months ended December 31, 1997.
Net interest income after the provision for losses on loans increased
$38,000 in the three months ended December 31, 1998 compared to the same
period in 1997. Total interest income increased $97,000 or 13.4% from $725,000
for the three months ended December 31, 1997 to $822,000 for the
same period in 1998. The increase was primarily attributable to a $102,000
increase in interest income from loan receivables which increased from
$617,000 for the three months ended December 31, 1997 to $719,000 for the
same period in 1998. Total interest expense increased $54,000 or 12.6% from
$431,000 to $485,000 for the comparable period in 1998. This increase was
attributable to a $46,000 increase in interest expense on FHLB borrowings from
the quarter ended December 31, 1997 compared to the same quarter in 1998. This
increase is attributable to a higher level of the average FHLB borrowings
outstanding. Average outstanding borrowings for the quarter ended December 31,
1998 were $3.7 million higher than for the same period in 1997. Interest expense
on deposits increased $8,000 related to the increase in average deposits for
the quarter ended December 31, 1998 as compared to the same period in 1997.
The provision for loan losses was $15,000 for the three months
ended December 31, 1998 compared to $10,000 for the same period in 1997. The
provision corresponds with the growth in the loan portfolio. While
management of the Bank believes that the allowance for loan losses is
sufficient based on information currently available, no assurances can be made
that future events or conditions or regulatory directives will not result in
increased provisions for loan losses or additions to the Bank's allowance for
loan losses which may adversely affect net income.
Non-interest income increased $9,000 or 76.1% for the three month period
ended December 31, 1998 compared to the same period of 1997, due primarily to
an increase in miscellaneous fees.
Total noninterest expense increased $67,000 or 31.5% for the
three months ended December 31, 1998 compared to the same period of 1997, due
primarily to an increase of $21,000 in other expenses, an increase of $18,000
in salaries and employee benefits, an increase of $16,000 in legal and
professional fees and an increase of $7,000 in printing and office supplies.
Total income tax expense was $22,000 for the three months ended
December 31, 1998 compared to $17,000 for the same period in 1997.
The change was due primarily to an increse in the effective tax rate. The
effective tax rate was 33.7% for the 1998 quarter as compared to 19.1% for
the 1997 quarter.
LIQUIDITY AND CAPITAL RESOURCES
The Bank's primary sources of funds are deposits, principal and
interest payments on loans and FHLB advances. While maturities and scheduled
amortization of loans are predictable sources of funds, deposit flows and
mortgage prepayments are greatly influenced by general interest rates,
economic conditions, and competition. The Company's initial stock offering,
which was completed on March 25, 1997, contributed substantially to the
Company's overall liquidity levels. The Federal Deposit Insurance Corporation
("FDIC"), the Bank's primary Federal regulator, requires the Bank to maintain
adequate levels of liquid assets. The Bank's liquidity ratios were 17.1% and
18.2% at December 31, 1998 and September 30, 1998, respectively.
A review of the Consolidated Statements of Cash Flows included in the
accompanying financial statements shows that the Company's cash and cash
equivalents ("cash") increased 1.1 million from September 30, 1998 to December
31, 1998. Cash was primarily provided by maturing investment securities and an
increase in total deposits. Cash was primarily used to fund loans.
As, of December 31, 1998, the Bank had outstanding commitments
(including undisbursed loan proceeds) of $1.0 million. The Bank anticipates
that it will have sufficient funds available to meet its current loan
origination commitments. Certificates of deposit which are scheduled to
mature in one year or less from December 31, 1998 totaled $15.6 million.
Based upon the Bank's experience, management believes that a significant
portion of such deposits will remain with the Bank.
The FDIC capital regulations require savings institutions to meet
three capital standards: a tier 1 leveraged capital requirement; a tier one
risk-based capital requirement, and a total risked based capital requirement.
As of December 31, 1998, the Bank's capital percentages were: tier 1 leveraged
capital, 12.08%; tier 1 risked based capital, 21.92%, and for total risk-
based capital, 22.56% all of which significantly exceeded the regulatory
requirements for each category.
In addition to historical information, forward-looking statements are
contained herein that are subject to risks and uncertainties that could cause
actual results to differ materially from those reflected in the forward-looking
statements. Factors that could cause future results to vary from current
expectations, include, but are not limited to, the impact of economic
conditions(both generally and more specifically in the markets in which the
Company operates), the impact of competition for the Company's customers from
other providers of financial services, the impact of government legislation
and regulation (which changes from time to time and over which the Company has
no control), and other risks detailed in this Form 10-QSB and in the Company's
other Securities and Exchange Commission ("SEC") filings. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which reflect management's analysis only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking statements,
to reflect events or circumstances that arise after the date hereof. Readers
should carefully review the risk factors described in other documents the
Company files from time to time with the SEC.
Recent Accounting Announcements
In June, 1998, the SFSB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities", which establishes accounting and reporting
standards for derivative instruments. It requires that an entity recognize all
derivatives as either assets or liabilities in the statement of financial
position and measure those instruments at fair value. This statement is
effective for all periods after June 15, 1999. The Company will adopt
Standard 133 during fiscal year 2000 and does not anticipate any material
impact to its financial statements.
Year 2000 Compliance
The Year 2000 compliance issue exists because many computer systems and
applications currently use two digit fields to designate a year. As the
century date change occurs, date sensitive systems may either fail or not
operate properly unless the underlying programs are modified or replaced.
The Bank's lending and deposit activities, like those of most financial
institutions, depend significantly upon computer systems to process and
record transactions. The Company is aware of the potential Year 2000
problems that may affect the operating systems that control our computers as
well as those of our third-party data service providers that maintain many of
our records. In 1997, the Bank began the process of identifying Year 2000
related problems that may affect the Bank's computer systems. A task force of
Bank officers was established to address the issues related to these problems.
Outside consultants have and will be utilized when required to complete
this project.
The task force analyzed the Bank's operations and both identified those
functions that would be affected by Year 2000 issues and determined which of
these functions were mission critical (i.e. vital to the day-to-day operations
of the Bank). A time table was established for completion of the various
sections of the project.
The Bank is working with the companies that supply or service the Bank's
computer systems that rely on computers to identify and remedy any Year 2000
related systems. The Board of Directors is monitoring the Bank's progress
in addressing Year 2000 issues.
The Bank's contract with its data service provider ends in October, 1999.
The Bank has analyzed the various factors involved and has made the decision
to transfer to a new data processor. This has delayed the Bank's ability
to test this area for Year 2000 compliance. Pending the completion of
contract negotiation with the new data service provider, the Bank should begin
testing on the new system by the end of March, 1999.
Inventory and testing of the Bank's computer equipment is complete. No
new equipment purchases are anticipated because of the Year 2000 issue.
The direct expense to date (other than officer's salaries involved in
the project) have been less than $10,000.
Although the Company believes it is taking the necessary steps to
address the Year 2000 compliance issue, no assurances can be given that some
problems will not occur or that we will not incur significant additional
expenses in future periods. In the event that the Bank incurs substantial
expenses to make the Bank's current systems, programs and equipment Year
2000 compliant, the Company's net income, and financial condition could be
adversely affected.
Because the Bank's loan portfolio to individual borrowers is
diversified and its market area does not depend significantly upon one
employer or industry, the Bank does not expect any Year 2000 related
difficulties to significantly affect the Company's net earnings or cash
flow.
The Bank is developing a contingency plan to deal with Year 2000
related issues. This program will provide for dealing with situations
that might occur that are both related to the Bank's operations (e.g.
computer systems or equipment, liquidity) and those beyond the Bank's
control (e,g. power failure, phone/communication line failure). The
plan will include methods to deal with these situations and continue
to service the Bank's customers despite Year 2000 problems arising.
The Bank has established June 30, 1999 as the deadline for completion
of this plan.
PART 2. OTHER INFORMATION
Item 1. Legal Proceedings
Information regarding legal proceedings is presented in the Form 10-KSB40/A,
Notes to the Consolidated Financial Statements of Vermilion Bancorp, Inc.,
filed January 12, 1999. Management believes that there have been no material
developments in legal proceedings.
Item 2. Changes in Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
The following exhibits are filed as part of this
report:
3.1 Certificate of Incorporation of Vermilion
Bancorp, Inc.*
3.2 By-laws of Vermilion Bancorp, Inc.*
11.0 Computation of earnings per share
27.0 Financial Data Sheet
_____________________________
* Incorporated herein by reference into this document from Form SB-2.
* Registration Statement, as amended, filed on March 28, 1997
Registration No. 333-17227.
b. Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant had duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Dated: January 28, 1999 /s/ Merrill G. Norton
Merrill G. Norton
President and Chief
Executive Officer
Dated: January 28, 1999 /s/ Terry L. Stal
Terry L. Stal
Chief Financial Officer
11.0 COMPUTATION OF EARNINGS PER SHARE
Statement Regarding Computation of Earnings Per Share
Three Months Ended
December 31, 1998
(unaudited)
Weighted
Average Per-Share
Income Shares Amount
Basic earnings Per Share
Income available to common shareholders $ 42,273 371,103 $0.11
Effect of Dilutive Securities
MRP 3,555
Diluted Earnings per Share
Income available to common shareholders
and assumed conversions $ 42,273 374,658 $0.11
Three Months Ended
December 31, 1997
Weigted
Average Per-Share
Income Shares Amount
Basic Earnings Per Share
Income available to common Shareholders $ 67,207 368,169 $0.18
Effect of Dilutive Securities
MRP 0
Duluted Earnings Per Share
Income available to common Shareholders
and assumed conversions $67,207 368,169 $0.18
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> DEC-31-1998
<CASH> 84,001
<INT-BEARING-DEPOSITS> 2,734,145
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,774,033
<INVESTMENTS-CARRYING> 2,105,499
<INVESTMENTS-MARKET> 2,142,073
<LOANS> 35,630,446
<ALLOWANCE> 155,215
<TOTAL-ASSETS> 44,328,925
<DEPOSITS> 31,366,194
<SHORT-TERM> 6,400,000
<LIABILITIES-OTHER> 187,121
<LONG-TERM> 0
0
0
<COMMON> 3,968
<OTHER-SE> 6,371,642
<TOTAL-LIABILITIES-AND-EQUITY> 44,328,925
<INTEREST-LOAN> 718,908
<INTEREST-INVEST> 74,595
<INTEREST-OTHER> 28,699
<INTEREST-TOTAL> 822,202
<INTEREST-DEPOSIT> 400,658
<INTEREST-EXPENSE> 484,751
<INTEREST-INCOME-NET> 337,451
<LOAN-LOSSES> 15,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 279,724
<INCOME-PRETAX> 63,773
<INCOME-PRE-EXTRAORDINARY> 63,773
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 42,273
<EPS-PRIMARY> 0.11
<EPS-DILUTED> 0.11
<YIELD-ACTUAL> .078
<LOANS-NON> 0
<LOANS-PAST> 808,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 154,199
<CHARGE-OFFS> 19,343
<RECOVERIES> 5,359
<ALLOWANCE-CLOSE> 155,215
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 155,215
</TABLE>
