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FORM 10-Q
----------
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED JUNE 30, 1998
----------
PEAPACK-GLADSTONE FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW JERSEY 22-3537895
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
158 ROUTE 206 NORTH, GLADSTONE, NEW JERSEY 07934
- ------------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER (908) 234-0700
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
--- ---
Number of shares of Common stock outstanding as of June 30, 1998:
2,328,383
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<PAGE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
PART I. FINANCIAL INFORMATION
Certain information and footnote disclosures normally included in the
consolidated financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission. It is suggested that
these condensed consolidated financial statements be read in conjunction with
the consolidated financial statements and notes thereto included in the December
31, 1997 Annual Report on Form 10-K for Peapack-Gladstone Financial Corporation
(the "Corporation").
The Corporation considers that all adjustments (all of which are normal
recurring accruals) necessary for a fair statement of the financial position and
results of operations for these periods have been made; however, results for
such interim periods are subject to year-end adjustments. Results for such
interim periods are not necessarily indicative of results for a full year.
2
<PAGE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
June 30, December 31,
1998 1997
--------- ------------
ASSETS
Cash and due from banks ............................ $ 12,863 $ 17,740
Federal funds sold ................................. 20,120 15,500
--------- ---------
Total cash and cash equivalents ................. 32,983 33,240
Investment Securities:(approximate market value
$53,296 in 1998 and $54,452 in 1997)
U.S. Treasury and Government agencies .............. 43,821 44,557
State and political subdivisions ................... 9,017 9,421
--------- ---------
Total Investment Securities ..................... 52,838 53,978
Securities Available for Sale:(amortized cost
$82,720 in 1998 and $90,817 in 1997)
U.S. Treasury and Government agencies .............. 75,920 86,799
Other securities available for sale ................ 8,149 4,781
--------- ---------
Total Securities Available for Sale ............. 84,069 91,580
Loans:
Loans secured by real estate ....................... 174,636 149,684
Other loans ........................................ 23,238 24,690
--------- ---------
Total loans ..................................... 197,874 174,374
Less: Allowance for loan losses .............. 2,054 1,893
--------- ---------
Net loans ....................................... 195,820 172,481
Premises and equipment ............................. 8,781 8,595
Other real estate owned ............................ 205 340
Accrued interest receivable ........................ 2,900 3,006
Other assets ....................................... 242 445
--------- ---------
TOTAL ASSETS ................................. $ 377,838 $ 363,665
========= =========
LIABILITIES
Deposits:
Noninterest-bearing demand deposits .............. $ 80,452 $ 74,712
Interest-bearing deposits:
Checking ...................................... 69,058 70,745
Savings ....................................... 71,120 70,419
Money market accounts ......................... 22,169 24,624
Certificates of deposit over $100,000 ......... 26,348 18,243
Certificates of deposit less than $100,000 .... 70,595 69,730
--------- ---------
Total deposits ..................................... 339,742 328,473
Accrued expenses and other liabilities ............. 2,049 1,553
--------- ---------
TOTAL LIABILITIES ............................. 341,791 330,026
========= =========
STOCKHOLDERS' EQUITY
Common stock (no par value; stated value $1-2/3
per share; authorized 10,000,000
shares; issued 2,335,238 shares.) ................ 3,892 3,892
Surplus ............................................ 6,259 6,218
Treasury Stock at cost, 6,855 shares in 1998
and 11,178 shares in 1997 ........................ (276) (367)
Retained Earnings .................................. 25,696 23,420
Accumulated other comprehensive income-
net unrealized gains on securities
available for sale (net of income taxes) ......... 476 476
--------- ---------
TOTAL STOCKHOLDERS' EQUITY ................... 36,047 33,639
--------- ---------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ..... $ 377,838 $ 363,665
========= =========
See accompanying notes to consolidated financial statements.
3
<PAGE>
<TABLE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(Unaudited)
<CAPTION>
Six months ended Three months ended
June 30, June 30,
--------------------------- ---------------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans .............................. $ 7,344 $ 6,246 $ 3,786 $ 3,201
Interest on investment securities:
Taxable ............................................ 1,366 1,354 671 680
Tax-exempt ......................................... 216 271 104 135
Interest on securities available for sale: Taxable ...... 2,769 2,812 1,339 1,441
Interest on federal funds sold .......................... 382 467 180 250
---------- ---------- ---------- ----------
Total interest income ................................... 12,077 11,150 6,080 5,707
INTEREST EXPENSE
Interest on savings account deposits .................... 1,613 1,733 801 863
Interest on certificates of deposit over $100,000 ....... 577 458 310 226
Interest on other time deposits ......................... 1,852 1,577 933 792
---------- ---------- ---------- ----------
Total interest expense .................................. 4,042 3,768 2,044 1,881
---------- ---------- ---------- ----------
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES .......................... 8,035 7,382 4,036 3,826
Provision for loan losses ............................... 182 200 91 100
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES .......................... 7,853 7,182 3,945 3,726
---------- ---------- ---------- ----------
OTHER INCOME
Service charges and fees for other services ............. 2,153 1,717 902 781
Securities gains ........................................ 113 15 46 15
Other income ............................................ 54 50 26 23
---------- ---------- ---------- ----------
Total other income ................................. 2,320 1,782 974 819
OTHER EXPENSES
Salaries and employee benefits .......................... 3,204 3,017 1,572 1,509
Premises and equipment .................................. 1,113 1,136 579 574
Other expense ........................................... 1,470 1,301 775 671
---------- ---------- ---------- ----------
Total other expenses .................................... 5,787 5,454 2,926 2,754
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX EXPENSE ........................ 4,386 3,510 1,993 1,791
Income tax expense ...................................... 1,600 1,247 697 631
========== ========== ========== ==========
NET INCOME ......................................... $ 2,786 $ 2,263 $ 1,296 $ 1,160
========== ========== ========== ==========
EARNINGS PER SHARE (Reflects a 2:1 stock
split in December, 1997.)
Basic ................................................... 1.20 0.96 0.56 0.49
Diluted ................................................. 1.16 0.96 0.54 0.49
Average basic shares outstanding ........................ 2,328,384 2,328,925 2,328,223 2,337,950
Average diluted shares outstanding ...................... 2,402,582 2,371,934 2,380,473 2,351,874
</TABLE>
See accompanying notes to consolidated financial statements
4
<PAGE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
-----------------------
1998 1997
-------- --------
Balance, Beginning of Period ....................... $ 33,639 $ 30,208
Comprehensive income:
Net Income ...................................... 2,786 2,263
Change in net unrealized gains on securities
available for sale ............................ 0 (277)
-------- --------
Total Comprehensive income ...................... 2,786 1,986
Common Stock Options Exercised ..................... (18) 7
Treasury Stock Transactions, net ................... 151 (58)
Cash Dividends Declared ............................ (511) (466)
-------- --------
Balance, June 30, .................................. $ 36,047 $ 31,677
======== ========
See accompanying notes to consolidated financial statements.
5
<PAGE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
--------------------
1998 1997
-------- --------
OPERATING ACTIVITIES:
Net Income: ............................................ $ 2,786 $ 2,263
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation ........................................... 384 344
Amortization of premium and accretion of
discount on securities, net .......................... 29 28
Provision for loan losses .............................. 182 200
Provision for deferred taxes ........................... (21) (3)
Gains on securities .................................... (113) (15)
(Decrease) increase in interest receivable ............. (106) 8
Decrease in other assets ............................... 433 91
Increase in other liabilities .......................... 496 166
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES ........... 4,070 3,082
-------- --------
INVESTING ACTIVITIES:
Proceeds from maturities of investment securities ...... 5,750 7,075
Proceeds from maturities of securities available
for sale ............................................. 10,000 6,500
Proceeds from calls of investment securities ........... 5,000 1,000
Proceeds from sales and calls of securities
available for sale ................................... 21,822 2,015
Purchase of investment securities ...................... (9,619) (4,173)
Purchase of securities available for sale .............. (19,934) (15,982)
Net (increase) decrease in short term investments ...... (4,281) 636
Net increase in loans .................................. (23,521) (6,303)
Net decrease in other real estate ...................... 135 104
Purchase of premises and equipment ..................... (570) (132)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES ................ (15,218) (9,260)
-------- --------
FINANCING ACTIVITIES:
Net increase in deposits ............................... 11,269 15,461
Dividends paid ......................................... (511) (466)
Exercise of stock options .............................. (18) 7
Treasury stock transactions, net ....................... 151 (58)
-------- --------
NET CASH USED IN FINANCING ACTIVITIES ................ 10,891 14,944
-------- --------
Net (decrease) increase in cash and cash equivalents . (257) 8,766
-------- --------
Cash and cash equivalents at beginning of period ....... 33,240 26,762
-------- --------
Cash and cash equivalents at end of period ............. $ 32,983 $ 35,528
======== ========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits ................................ $ 4,066 $ 3,932
Income taxes ........................................ 1,600 1,133
Noncash investing activities:
Transfer of loans to Other Real Estate .............. 0 248
See accompanying notes to consolidated financial statements.
6
<PAGE>
PEAPACK-GLADSTONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements of Peapack-Gladstone Financial Corporation
are prepared on the accrual basis and include the accounts of the Corporation
and its wholly-owned subsidiary, the Peapack-Gladstone Bank. All significant
intercompany balances and transactions have been eliminated from the
accompanying consolidated financial statements.
2. ALLOWANCE FOR LOAN LOSSES
The allowance for loan losses is maintained at a level that management considers
adequate to reflect the risk of future losses inherent in the Corporation's loan
portfolio. In its evaluation of the adequacy of the allowance for loan losses,
management considers past loan loss experience, changes in the composition of
non-performing loans, the condition of borrowers facing financial pressure, the
relationship of the current level of the allowance to the credit portfolio and
to non-performing loans and existing economic conditions. The process of
determining the adequacy of the allowance is necessarily judgmental and subject
to changes in external conditions. The allowance is increased by provisions
charged to expense and reduced by net charge-offs.
3. EARNINGS PER COMMON SHARE -- BASIC AND DILUTED
Basic earnings per share is computed by dividing income available to common
stockholders by the weighted average number of common shares outstanding.
Diluted earnings per share includes any additional common shares as if all
potentially dilutive common shares were issued (i.e., stock options).
4. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
During the first quarter of 1998, the Corporation adopted the provisions of
Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive
Income" (SFAS 130). SFAS 130 establishes standards for reporting and display of
comprehensive income and its components (revenues, expenses, gains and losses)
in a full set of general purpose financial statements. This Statement requires
that all items that are required to be recognized under accounting standards as
components of comprehensive income be reported in a financial statement that is
displayed with the same prominence as other financial statements. This Statement
requires that an enterprise (a) classify items of other comprehensive income by
their nature in a financial statement and (b) display the accumulated balance of
other comprehensive income separately from retained earnings and additional
paid-in capital in the equity section of a statement of financial position. In
accordance with the provisions of SFAS 130 for interim period reporting, the
Corporation's total comprehensive income for the six months ended June 30, 1998
and 1997 was $2,786,000 and $1,986,000. The difference between the Corporation's
net income and total comprehensive income for the three months ended and six
months ended June 30, 1998 and 1997 relates to the change in the net unrealized
gains on securities available for sale during the applicable period of time.
5. NEW ACCOUNTING PRONOUNCEMENT
In June 1998, the FASB issued SAS No. 133 "Accounting for Derivative Instruments
and Hedging Activities." This Statement establishes accounting and reporting
standards requiring that every derivative instrument be recorded in the balance
sheet, either as an asset, or as a liability, measured at its fair value. The
Statement requires that changes in the derivative's fair value shall be
recognized in current earnings unless specific hedge accounting criteria are
met. Special accounting for qualifying hedges allows a derivative's gains and
losses to offset related results on the hedged item in the income statement, and
requires that a company must formally document, designate and assess the
effectiveness of transactions that receive hedge accounting. SAS No. 133 is
effective for fiscal years beginning after June 15, 1999. A company may also
implement the Statement as of the beginning of any fiscal quarter after issuance
but cannot be applied retroactively. The Corporation adopted SAS No. 133 on July
1, 1998. SAS No. 133 must be applied to derivative instruments and certain
derivative instruments embedded in hybrid contracts that were issued, acquired
or substantively modified after December 31, 1997.
The Corporation does not currently have derivative or hedged instruments and
management does not anticipate the statement having a material impact on its
financial position or results of operations. However, management continues to
closely evaluate the use of derivatives to reduce interest rate risk.
7
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS: Net income for the six month period ended June 30, 1998
was $2,786,000, as compared to net income of $2,263,000 in 1997. On a diluted
per share basis, the Corporation earned $1.16 and $0.96 during the first half of
1998 and 1997, respectively. Higher net interest income and higher other income,
offset in part by increased other expenses and higher income taxes were the
primary factors contributing to the increase in net income.
Net income for the quarter ended June 30, 1998 was $1,296,000, representing a
$136,000 increase from the second quarter net income in 1997. Higher net
interest income and higher other income contributed to the increase in net
income.
NET INTEREST INCOME: Net interest income after provision for loan losses for the
first six months of 1998 increased 9% to $7,853,000 from $7,182,000 in 1997. The
increase in net interest income was primarily due to increased loan volume,
which was funded by increased low cost core deposits.
Average loans for the six month period were $183,531,000, an increase of
$30,493,000 or 20% over the previous year. Average interest-bearing assets
during the first half of 1998 were $338,744,000, representing an increase of
$27,373,000 or 9% over the previous year. Average interest-bearing liabilities
rose to $256,730,000 for the first six months of 1998 as compared with
$247,883,000 during the same period in 1997.
The yield on interest-earning assets, including securities, federal funds sold
and loans, was lower during the first six months of 1998 as compared with the
first six months of 1997. This decrease was primarily due to lower yields on the
Bank's investment and loan portfolios for the first half of 1998.
The rate paid on interest-bearing liabilities increased to 3.17% during the
first six months of 1998 from 3.07% over the previous year. Higher rates paid on
Certificates of Deposits were offset by lower rates paid on interest-bearing
checking and money market accounts. Contributing to the overall increase in the
net interest margin was strong growth in noninterest-bearing demand deposits.
Average noninterest-bearing demand deposits increased to $69,148,000,
representing a 20% increase over the previous year.
During the second quarter of 1998, net interest income was $3,945,000 as
compared to $3,726,000 in 1997. The increase in net interest income for the
quarter was primarily due to an increase in residential mortgage loan volume,
offset in part by higher interest expense.
OTHER INCOME: Other income before gains on securities was $2,207,000 and
$1,767,000 for the first six months of 1998 and 1997, respectively. This
increase was primarily due to higher trust fees, up $384,000 from 1997.
During the second quarter, other income before securities gains was $928,000 as
compared to $804,000 a year earlier. Trust fees accounted for the majority of
this increase, up $88,000 for the period.
During the first six months of 1998, gains on sale of securities amounted to
$113,000 as compared to $15,000 a year earlier.
OTHER EXPENSES: Other expenses for the first six months of 1998 increased from
$5,454,000 in 1997 to $5,787,000 in 1998. Salary and employee benefit expenses
for the first half of 1998 increased $187,000 as compared with the same period
in 1997. Merit and promotional raises plus several additions to the professional
staff contributed to this increase. Other operating expenses increased $169,000
or 13% in the first half as compared with the same period in 1997. Higher Trust
Department expenses and professional fees accounted for a majority of this
increase.
During the second quarter of 1998, other expenses increased $172,000 from the
same period in 1997, representing an increase of 6%. Higher salary and employee
benefit expenses, professional fees and Trust Department expenses accounted for
the increase.
8
<PAGE>
PROVISION FOR LOAN LOSSES: At June 30, 1998, the allowance for loan losses
amounted to $2,054,000 as compared with $1,792,000 a year earlier.
Non-performing loans (consisting of all non-accrual loans and loans over 90 days
past due and still accruing interest) were $1,080,000 and $706,000 at June 30,
1998 and 1997, respectively. A provision of $182,000 and $200,000 for loan
losses was expensed for the period ended June 30, 1998 and 1997, respectively.
Net charge-offs were $21,000 during the first six months of 1998 as compared
with net charge-offs of $44,000 during the same period in 1997.
A provision for loan losses of $91,000 was recorded in the second quarter of
1998, as compared to $100,000 in the second quarter of 1997. Net charge-offs
were $12,000 during the second quarter of 1998 as compared to net recoveries of
$30,000 during the second quarter of 1997.
A summary of the allowance for loan losses for the six month period ending June
30, follows:
1998 1997
------ ------
(In thousands)
Balance, January 1, ......................... $1,893 $1,636
Provision charged to expense ................ 182 200
Loans charged off ........................... (44) (119)
Recoveries .................................. 23 75
------ ------
Balance, June 30, ........................... $2,054 $1,792
====== ======
CAPITAL RESOURCES: Maintaining a strong capital position is an important goal of
the Corporation. At June 30, 1998, total shareholders' equity (including net
unrealized gains) was $36,047,000, representing a 14% increase over the same
period in 1997. The Federal Reserve Board has adopted risk-based capital
guidelines for banks. The minimum guidelines for the ratio of total capital to
risk-weighted assets is 8%. At least half of the total capital is to be
comprised of common stock, retained earnings, minority interests in the equity
accounts of consolidated subsidiaries, non-cumulative preferred stock, less
goodwill and certain other intangibles ("Tier 1 Capital"). The remainder may
consist of other preferred stock, certain other instruments and a portion of the
loan loss allowance. At June 30, 1998, the Bank's Tier 1 Capital and Total
Capital ratios were 19.57% and 20.75%, respectively.
In addition, the Federal Reserve Board has established minimum leverage ratio
guidelines for banks. These guidelines provide for a minimum ratio of Tier 1
Capital to average total assets of 3% for banks that meet certain specified
criteria, including having the highest regulatory rating. All other banks are
generally required to maintain a leverage ratio of at least 3% plus an
additional cushion of 100 to 200 basis points. The Bank's leverage ratio at June
30, 1998 was 9.47%.
9
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
No information is reported under this item.
ITEM 2. CHANGES IN SECURITIES
No changes have been made to the rights of holders of any class of securities
during the second quarter of 1998.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No default has occurred with respect to any of the Corporation's securities
during 1998.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Annual Meeting of shareholders held on April 28, 1998, in
Peapack-Gladstone, New Jersey, the following matters were discussed and voted
upon:
(1) The following persons were elected as directors of Peapack-Gladstone
Financial Corporation for a term of one year:
Pamela Hill, T. Leonard Hill, Frank A. Kissel, John D. Kissel, Edward A.
Merton, F. Duffield Meyercord, John R. Mulcahy, Jack D. Stine, James R.
Lamb, George R. Layton, Philip W. Smith III and William Turnbull.
(2) The shareholders approved the appointment of KPMG Peat Marwick LLP as the
Corporation's public accountant for the year ending December 31, 1998.
(FOR -- 1,698,232: AGAINST -- 246: ABST. -- 5,648).
(3) The shareholders approved the Corporation's 1998 Stock Option Plan
(FOR -- 1,612,680: AGAINST -- 66,442: ABST. -- 25,004).
(4) The shareholders approved the Corporation's 1998 Stock Option Plan for
Outside Directors (FOR -- 1,586,373: AGAINST -- 84,820: ABST. -- 32,933).
ITEM 5. OTHER INFORMATION
No information is reported under this item.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on the tenth day of August 1998.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
(Registrant)
By /s/ FRANK A. KISSEL
-----------------------------------
(Frank A. Kissel, President
and Chief Executive Officer)
/s/ ARTHUR F. BIRMINGHAM
-----------------------------------
(Arthur F. Birmingham, Senior
Vice President and Treasurer)
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-END> JUN-30-1998 DEC-31-1997
<CASH> 32,983 33,240
<SECURITIES> 136,907 145,558
<RECEIVABLES> 200,774 177,380
<ALLOWANCES> 2,054 1,893
<INVENTORY> 0 0
<CURRENT-ASSETS> 447 785
<PP&E> 8,781 8,595
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 377,838 363,665
<CURRENT-LIABILITIES> 341,791 330,026
<BONDS> 0 0
0 0
0 0
<COMMON> 3,892 3,892
<OTHER-SE> 32,155 29,747
<TOTAL-LIABILITY-AND-EQUITY> 377,838 363,665
<SALES> 0 0
<TOTAL-REVENUES> 14,397 26,138
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 5,787 10,726
<LOSS-PROVISION> 182 400
<INTEREST-EXPENSE> 4,042 7,698
<INCOME-PRETAX> 4,386 7,314
<INCOME-TAX> 1,600 2,822
<INCOME-CONTINUING> 2,786 4,492
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 2,786 4,492
<EPS-PRIMARY> 1.20 1.93
<EPS-DILUTED> 1.16 1.90
</TABLE>
