SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended March 31, 1999 Commission File No. 000-29640
COMMUNITY FIRST BANCORPORATION
-------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
South Carolina 58-2322486
- --------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3685 BLUE RIDGE BOULEVARD
WALHALLA, SOUTH CAROLINA 29691
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(864) 638-2105
- --------------------------------------------------------------------------------
(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 has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: Common Stock, no par or
stated value, 1,798,298 Shares Outstanding on April 30, 1999.
Transitional Small Business Format (Check one): Yes [ ] No [X]
1
<PAGE>
COMMUNITY FIRST BANCORPORATION
FORM 10-QSB
Index
<TABLE>
<CAPTION>
Page
<S> <C> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet ....................................................................... 3
Consolidated Statement of Income ................................................................. 4
Consolidated Statement of Comprehensive Income ................................................... 5
Consolidated Statement of Changes in Shareholders' Equity ........................................ 6
Consolidated Statement of Cash Flows ............................................................. 7
Notes to Unaudited Consolidated Financial Statements ............................................. 8
Item 2. Management's Discussion and Analysis ............................................................. 9-11
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ................................................................. 12
SIGNATURE ........................................................................................................... 13
</TABLE>
2
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheet
<TABLE>
<CAPTION>
(Unaudited)
March 31, December 31,
1999 1998
---- ----
(Dollars in thousands)
Assets
<S> <C> <C>
Cash and due from banks ....................................................... $ 2,974 $ 3,320
Federal funds sold ............................................................ 22,640 14,150
Securities available-for-sale ................................................. 43,175 38,284
Other investments ............................................................. 382 345
Loans ......................................................................... 71,204 67,893
Allowance for loan losses ................................................. (966) (955)
--------- ---------
Loans - net ............................................................ 70,238 66,938
Premises and equipment - net .................................................. 2,952 2,871
Accrued interest receivable ................................................... 1,101 830
Other assets .................................................................. 500 389
--------- ---------
Total assets ........................................................... $ 143,962 $ 127,127
========= =========
Liabilities
Deposits
Noninterest bearing ....................................................... $ 14,366 $ 14,798
Interest bearing .......................................................... 114,735 97,698
--------- ---------
Total deposits ......................................................... 129,101 112,496
Accrued interest payable ...................................................... 950 966
Other liabilities ............................................................. 190 62
--------- ---------
Total liabilities ...................................................... 130,241 113,524
--------- ---------
Shareholders' equity
Common stock - no par value; 10,000,000 shares
authorized; issued and outstanding - 1,794,196 for
1999 and 1,793,792 for 1998 ................................................... 10,572 10,569
Retained earnings ............................................................. 3,441 3,051
Accumulated other comprehensive income ........................................ (292) (17)
--------- ---------
Total shareholders' equity ............................................. 13,721 13,603
--------- ---------
Total liabilities and shareholders' equity ............................. $ 143,962 $ 127,127
========= =========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Income
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31,
------------
1999 1998
---- ----
(Dollars in thousands, except per share)
Interest income
<S> <C> <C>
Loans, including fees .................................... $1,531 $1,481
Securities - taxable
U. S. Treasury ......................................... - 23
U. S. Agency ........................................... 649 360
Other investments ........................................ 7 2
Federal funds sold ....................................... 271 284
------ ------
Total interest income ................................ 2,458 2,150
------ ------
Interest expense
Time deposits $100,000 and over .......................... 435 315
Other deposits ........................................... 926 751
------ ------
Total interest expense ............................... 1,361 1,066
------ ------
Net interest income ........................................ 1,097 1,084
Provision for loan losses .................................. 25 65
------ ------
Net interest income after provision ........................ 1,072 1,019
------ ------
Other income
Service charges on deposit accounts ...................... 83 84
Credit life insurance commissions ........................ 10 8
Other income ............................................. 44 38
------ ------
Total other income ................................... 137 130
------ ------
Other expenses
Salaries and employee benefits ........................... 310 252
Net occupancy expense .................................... 27 23
Furniture and equipment expense .......................... 58 53
Other expense ............................................ 209 156
------ ------
Total other expenses ................................. 604 484
------ ------
Income before income taxes ................................. 605 665
Income tax expense ......................................... 215 237
------ ------
Net income ................................................. $ 390 $ 428
====== ======
Per share*
Net income ............................................... $ .22 $ .24
Net income, assuming dilution ............................ .20 .23
</TABLE>
- ----------------
*Per share information has been retroactively adjusted to reflect a two-for-one
stock split effective July 31, 1998.
See accompanying notes to unaudited consolidated financial statements.
4
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Comprehensive Income
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31,
------------
1999 1998
---- ----
(Dollars in thousands)
<S> <C> <C>
Net income ...................................................................................... $ 390 $ 428
------ ------
Other comprehensive income (loss):
Change in unrealized holding gains and
losses on available-for-sale securities ................................................... (430) 35
Income tax expense (benefit) on
other comprehensive income (loss) ......................................................... (155) 13
------ ------
Total other comprehensive income (loss) ................................................ (275) 22
------ ------
Comprehensive income ............................................................................ $ 115 $ 450
====== ======
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
5
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Changes in Shareholder's Equity
<TABLE>
<CAPTION>
(Unaudited)
Common Stock Accumulated
------------ Other
Number of Retained Comprehensive
Shares* Amount Earnings Income Total
------- ------ -------- ------ -----
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
Balance, January 1, 1998 ......................... 1,772,280 $10,479 $1,387 $ (16) $ 11,850
Exercise of employee stock options ............... 3,740 19 - - 19
Change in unrealized holding gains
and losses on available-for-sale
securities, net of income taxes .............. - - - 22 22
Net income ....................................... - - 428 - 428
--------- ------- ------ ----- --------
Balance, March 31, 1998 .......................... 1,776,020 10,498 1,815 6 12,319
========= ======= ====== ===== ========
Balance, January 1, 1999 ......................... 1,793,792 10,569 3,051 (17) 13,603
Exercise of employee stock options ............... 404 3 - - 3
Change in unrealized holding gains
and losses on available-for-sale .............
securities, net of income taxes .............. - - - (275) (275)
Net income ....................................... - - 390 - 390
--------- ------- ------ ----- --------
Balance, December 31, 1998 ....................... 1,794,196 $10,572 $3,441 $(292) $ 13,721
========= ======= ====== ===== ========
</TABLE>
* Adjusted for a two-for-one stock split effective July 31, 1998.
See accompanying notes to unaudited consolidated financial statements.
6
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31,
1999 1998
----- ----
(Dollars in thousands)
Operating Activities
<S> <C> <C>
Net income ........................................................................ $ 390 $ 428
Adjustments to reconcile net income to net
cash provided by operating activities
Provision for loan losses .................................................. 25 65
Depreciation ............................................................... 42 40
Amortization of net loan fees and costs .................................... 15 10
Securities accretion and premium amortization .............................. (6) (8)
(Increase) decrease in interest receivable ................................. (271) 90
Decrease in interest payable ............................................... (16) (104)
Decrease in prepaid expenses ............................................... 44 5
Increase in other accrued expenses ......................................... 128 227
Disposals of premises and equipment ........................................ 9 -
-------- --------
Net cash provided by operating activities .............................. 360 753
-------- --------
Investing activities
Purchases of available-for-sale securities ........................................ (6,000) (6,977)
Maturities of available-for-sale securities ....................................... 685 11,229
Purchases of other investments .................................................... (37) (11)
Net increase in loans made to customers ........................................... (3,340) (1,887)
Purchases of premises and equipment ............................................... (132) (8)
-------- --------
Net cash (used) provided by investing activities ....................... (8,824) 2,346
-------- --------
Financing activities
Net increase in demand deposits, interest
bearing transaction accounts and savings accounts ............................. 7,916 13,377
Net increase in certificates of deposit and other
time deposits ................................................................. 8,689 500
Exercise of employee stock options ................................................ 3 19
-------- --------
Net cash provided by financing activities .............................. 16,608 13,896
-------- --------
Increase in cash and cash equivalents .................................................. 8,144 16,995
Cash and cash equivalents, beginning ................................................... 17,470 11,344
-------- --------
Cash and cash equivalents, ending ...................................................... $ 25,614 $ 28,339
======== ========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
7
<PAGE>
COMMUNITY FIRST BANCORPORATION
Notes to Unaudited Consolidated Financial Statements
Accounting Policies - A summary of significant accounting policies is included
in the Company's Annual Report for the year ended December 31, 1998 on Form
10-KSB filed with the Securities and Exchange Commission.
Management Opinion - In the opinion of management, the accompanying unaudited
consolidated financial statements of Community First Bancorporation reflect all
adjustments necessary for a fair presentation of the results of the periods
presented. Such adjustments were of a normal, recurring nature.
Statement of Cash Flows - Interest paid on deposits and other borrowings
amounted to $1,377,000 for the three months ended March 31, 1999, and was
$1,170,000 for the three months ended March 31, 1998. Income tax payments of
$20,000 were made during the first three months of 1999, and income tax payments
of $22,000 were made in the 1998 period. Non-cash investment security valuation
adjustments decreased available-for-sale securities by $430,000 during the 1999
period, a related shareholders' equity account decreased by $275,000 and the
associated deferred income taxes changed by $155,000. During the 1998 period,
non-cash valuation adjustments increased available-for-sale securities by
$35,000, increased shareholders' equity by $22,000 and changed deferred income
taxes by $13,000.
Nonperforming Loans - As of March 31, 1999, there were $342,000 in nonaccrual
loans and $9,000 in loans 90 days or more past due and still accruing.
Earnings Per Share - Basic earnings per common share is computed by dividing net
income applicable to common shares by the weighted average number of common
shares outstanding. Diluted earnings per share is computed by dividing
applicable net income by the weighted average number of common shares
outstanding and any dilutive potential common shares and dilutive stock options.
It is assumed that all dilutive stock options are exercised at the beginning of
each period and that the proceeds are used to purchase shares of the Company's
common stock at the average market price during the period. All per share
information has been retroactively adjusted to give effect to stock dividends
and stock splits. Net income per share and net income per share, assuming
dilution, were computed as follows:
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31,
1999 1998
---- ----
(Dollars in thousands,
except per share amounts)
Net income per share, basic
<S> <C> <C>
Numerator - net income ............................................................. $ 390 $ 428
========== ==========
Denominator
Weighted average common shares issued and outstanding .............................. 1,793,868 1,775,324
========== ==========
Net income per share, basic ......................................... $ .22 $ .24
========== ==========
Net income per share, assuming dilution
Numerator - net income ............................................................. $ 390 $ 428
========== ==========
Denominator
Weighted average common shares issued and outstanding .............................. 1,793,868 1,775,324
Effect of dilutive stock options ................................................... 148,859 75,522
---------- ----------
Total shares ........................................................ 1,942,727 1,850,846
========== ==========
Net income per share, assuming dilution ............................. $ .20 $ .23
========== ==========
</TABLE>
8
<PAGE>
Item 2. - Management's Discussion and Analysis
Forward Looking Statements
Statements included in Management's Discussion and Analysis which are
not historical in nature are intended to be, and are hereby identified as
"forward looking statements" for purposes of the safe harbor provided by Section
21E of the Securities Exchange Act of 1934, as amended. The Company cautions
readers that forward looking statements, including without limitation, those
relating to the Company's new office, its response to the Year 2000 problem,
future business prospects, revenues, working capital, liquidity, capital needs,
interest costs, and income, are subject to certain risks and uncertainties that
could cause actual results to differ materially from those indicated in the
forward looking statements, due to several important factors herein identified,
among others, and other risks and factors identified from time to time in the
Company's reports filed with the Securities and Exchange Commission.
Results of Operations
Community First Bancorporation (the "Company") recorded consolidated
net income of $390,000 or $.22 per share for the first quarter of 1999. These
results are $38,000, or $.02 per share, less than net income of $428,000 or $.24
per share for the first quarter of 1998. Net income per share, assuming dilution
was $.20 for the 1999 period and $.23 for the comparable period of 1998. Net
income per share figures have been retroactively adjusted to reflect a
two-for-one stock split effective July 31, 1998.
Net interest income is the principal source of the Company's earnings.
For the first quarter of 1999, net interest income was $1,097,000, an increase
of $13,000 or 1.2% over the first quarter of 1998. The nominal increase in net
interest income is attributable to the positive effects of higher amounts of
interest earning assets in 1999 being almost completely offset by the effects of
lower interest rates earned on those assets and increased amounts of interest
bearing liabilities. Average interest earning assets during the 1999 period were
$137,001,000, an increase of $23,449,000 or 20.7% over the comparable period of
1998. Average interest bearing liabilities during the 1999 period were
$114,396,000, representing an increase of $27,000,000 or 30.9% over the amount
for the same period of 1998. The average interest rate spread (average yield on
interest earning assets less the average rate paid on interest bearing
liabilities) for the first quarter of 1999 was 2.45%, a decrease of 28 basis
points from the 2.73% noted for the same period of 1998. Net yield on earning
assets (net interest income divided by average interest earning assets) was
3.25% for the first quarter of 1999, a decrease of 62 basis points from the
3.87% for the first three months of 1998.
The increases in interest earning assets and interest bearing
liabilities resulted from the Company's continuing marketing strategies to
increase its market share in its local service areas in Anderson and Oconee
Counties of South Carolina. The Anderson County, South Carolina market
represents a new undertaking by the Company, which opened a branch office in a
temporary facility in the City of Anderson on January 4, 1999. Management
expects to continue to utilize such strategies during the remainder of 1999.
Interest rate reductions resulted from the reduction in the prime rate and
competitive pressures.
Provision and Allowance for Loan Losses
The provision for loan losses totaled $25,000 for the first three
months of 1999, compared with $65,000 for the comparable period of 1998. At
March 31, 1999, the allowance for loan losses was 1.36% of loans, compared with
1.41% of loans at December 31, 1998. During the 1999 three month period, net
charge-offs totaled $14,000, compared with $12,000 charged off during the same
period of 1998. As of March 31, 1999, there were $342,000 in nonaccrual loans
and $9,000 in loans over 90 days past due and still accruing interest. The
amount of nonaccrual loans at March 31, 1999 is $260,000 greater than the amount
noted at March 31, 1998 and $24,000 less than the amount of nonaccrual loans
noted as of December 31, 1998.
Management believes that the allowance for loan losses is adequate to
absorb all estimated future risk of loss inherent in the loan portfolio as of
March 31, 1999.
Noninterest Income
Noninterest income totaled $137,000 for the first quarter of 1999,
compared with $130,000 for the 1998 quarter. The higher noninterest income in
1999 was attributable primarily to increased fees derived from card-based
services, including credit card fees and fees for ATM usage. There were no
realized securities gains or losses in either the 1999 or 1998 periods.
9
<PAGE>
Noninterest Expenses
Noninterest expenses totaled $604,000 for the first quarter of 1999,
compared with $484,000 for 1998, representing an increase of $120,000 or 24.8%.
Salaries and employee benefits increased by $58,000, or 23.0%, to $310,000 for
the 1999 period. This increase resulted from the wages, salaries and employee
benefits costs associated with the opening of the new branch office in Anderson,
South Carolina and normal salary increases, which are granted from time to time.
During the 1999 period, $10,000 was accrued toward year-end incentive bonuses,
compared with a $40,000 accrual in 1998. Occupancy and furniture and equipment
expenses for 1999 increased by $9,000 compared with 1998 primarily resulting
from higher depreciation, equipment maintenance and repair costs. Other expenses
for the 1999 period were $53,000 greater than in 1998 primarily due to increases
directly related to opening the new Anderson branch. Such increased expenses
included higher levels of expenditures for marketing brochures and other printed
materials (increased by $7,000) and increased telephone expenses (up $8,000). In
addition, the Company's directors' fees, charitable contributions, and
convention and meetings expenses increased by $5,000, $4,000, and $10,000,
respectively.
Liquidity
Liquidity is the ability to meet current and future obligations
through the liquidation or maturity of existing assets or the acquisition of
additional liabilities. The Company manages both assets and liabilities to
achieve appropriate levels of liquidity. Cash and short-term investments are the
Company's primary sources of asset liquidity. These funds provide a cushion
against short-term fluctuations in cash flow from both deposits and loans.
Securities available-for-sale are the Company's principal source of secondary
asset liquidity. However, the availability of this source is influenced by
market conditions. Individual and commercial deposits are the Company's primary
source of funds for credit activities.
As of March 31, 1999, the ratio of loans to total deposits was 55.2%,
compared with 60.4% as of December 31, 1998 and 63.8% as of March 31, 1998.
Deposits as of March 31, 1999 were $16,605,000 or 14.8% greater than at December
31, 1998 and $22,934,000 or 21.6% greater than their levels of March 31, 1998.
Approximately one-half of the amount of the increase during the 1999 period was
attributable to the new Anderson branch.
Management believes that the Company's liquidity sources are adequate
to meet its operating needs.
Capital Resources
The Company's capital base increased by $118,000 since December 31,
1998 as the result of net income of $390,000 for the first three months of 1999,
$3,000 added from the exercise of employee stock options, less the $275,000
change in unrealized gains and losses on available-for-sale securities, net of
deferred tax effects.
The Company and its banking subsidiary (the "Bank") are subject to
regulatory risk-based capital adequacy standards. Under these standards, bank
holding companies and banks are required to maintain certain minimum ratios of
capital to risk-weighted assets and average total assets. Under the provisions
of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA),
federal bank regulatory authorities are required to implement prescribed "prompt
corrective actions" upon the deterioration of the capital position of a bank. If
the capital position of an affected institution were to fall below certain
levels, increasingly stringent regulatory corrective actions are mandated.
The March 31, 1999 risk based capital ratios for the Company and the
Bank are presented in the following table, compared with the "well capitalized"
and minimum ratios under the regulatory definitions and guidelines:
Total
Tier 1 Capital Leverage
------ ------- --------
Community First Bancorporation .............. 18.3% 19.5% 9.7%
Community First Bank ........................ 17.9% 19.1% 9.5%
Minimum "well-capitalized" requirement ...... 6.0% 10.0% 5.0%
Minimum requirement ......................... 4.0% 8.0% 3.0%
10
<PAGE>
Year 2000 Readiness Disclosure
The Company is presently on schedule in implementing its Year 2000
Preparedness Plan. The plan has five phases: (1) Awareness, (2) Assessment, (3)
Renovation, (4) Validation, and (5) Implementation. The awareness and assessment
phases have been substantially completed as of March 31, 1999. These phases
included the identification of critical systems and equipment potentially
vulnerable to the Year 2000 problem. This also included identification of
significant loan customers whose businesses could possibly be adversely affected
by the problem and communicating with them about their progress in addressing
the Year 2000 changeover. The renovation phase, consisting of upgrading or
replacing systems and equipment, had been completed in large part before the end
of the third quarter of 1998. The validation portion of the plan calls for the
actual testing of systems and equipment as of certain critical dates with such
testing to be completed by June 30, 1999. This testing is currently on schedule
and no major problems have been encountered. Finally, the implementation phase,
which requires addressing any problems encountered in the validation phase,
along with continued review and assessment of the Company's systems and
equipment, is presently underway and will continue until the Year 2000 has
arrived.
Management is of the opinion that the Company's systems and equipment
will be ready for the Year 2000 in a timely manner without any material adverse
effect on the Company's business. Management is not aware of any material
expenditures to be required to complete its preparedness plan.
Nevertheless, the Company could be adversely affected by problems
encountered by its vendors, customers and providers of services in dealing with
their Year 2000 readiness, by difficulty in identifying all possible effects of
the Year 2000 problem and interrelationships between various mission critical
systems, and by the unavailability of skilled personnel to address Year 2000
problems that may arise.
11
<PAGE>
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No.
from Item 601 of
Regulation S-B Description
--------------- ----------------------
27 Financial Data Schedule
(b) Reports on Form 8-K. None.
12
<PAGE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the
registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
COMMUNITY FIRST BANCORPORATION
May 10, 1999 /s/ Frederick D. Shepherd, Jr.
- ----------------- ----------------------------------------------
Date Frederick D. Shepherd, Jr., President and Chief
Executive Officer (also principal accounting officer)
13
<PAGE>
EXHIBIT INDEX
Exhibits
Exhibit No.
from Item 601 of
Regulation S-B Description
- --------------- ----------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited Consolidated Balance Sheet at March 31, 1999 and the unaudited
Consolidated Statement of Income for the three months ended March 31, 1999 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 2,974
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 22,640
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 43,175
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 71,204
<ALLOWANCE> 966
<TOTAL-ASSETS> 143,962
<DEPOSITS> 129,101
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,140
<LONG-TERM> 0
0
0
<COMMON> 10,572
<OTHER-SE> 3,149
<TOTAL-LIABILITIES-AND-EQUITY> 143,962
<INTEREST-LOAN> 1,531
<INTEREST-INVEST> 656
<INTEREST-OTHER> 271
<INTEREST-TOTAL> 2,458
<INTEREST-DEPOSIT> 1,361
<INTEREST-EXPENSE> 1,361
<INTEREST-INCOME-NET> 1,097
<LOAN-LOSSES> 25
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 604
<INCOME-PRETAX> 605
<INCOME-PRE-EXTRAORDINARY> 390
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 390
<EPS-PRIMARY> .22
<EPS-DILUTED> .20
<YIELD-ACTUAL> 3.25
<LOANS-NON> 342
<LOANS-PAST> 9
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 517
<ALLOWANCE-OPEN> 955
<CHARGE-OFFS> 15
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 966
<ALLOWANCE-DOMESTIC> 966
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
