<PAGE>
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000
[ ] Transition Report under Section 13 or 15(d) of the
Exchange Act
For the transition period from ______ to ______
Commission File Number: 000-25057
NORTHFIELD BANCORP, INC.
- ---------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its
Charter)
Maryland 52-2098394
- ------------------------------- --------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
8005 Harford Road, Baltimore, Maryland 21234
- ---------------------------------------------------------
(Address of Principal Executive Offices)
(410) 665-7900
-----------------------------------------------
(Issuer's Telephone Number, Including Area Code)
N/A
- ---------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
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
--- ---
As of May 15, 2000, the issuer had 475,442 shares of Common
Stock issued and outstanding.
<PAGE>
<PAGE>
CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Consolidated Statements of Financial Condition
as of March 31, 2000 (unaudited) and
December 31, 1999 . . . . . . . . . . . . . . . .2
Consolidated Statements of Operations for the
Three Months Ended March 31, 2000
and 1999 (unaudited). . . . . . . . . . . . . . .3
Consolidated Statements of Comprehensive Income
for the Three Months Ended March 31, 2000
and 1999 (unaudited). . . . . . . . . . . . . . .4
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 2000 and 1999
(unaudited) . . . . . . . . . . . . . . . . . . .5
Notes to Consolidated Financial Statements. . . . . .7
Item 2. Management's Discussion and Analysis or Plan
of Operation . . . . . . . . . . . . . . . . . . .9
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . .12
Item 2. Changes in Securities and Use of Proceeds. . . . . .12
Item 3. Defaults Upon Senior Securities. . . . . . . . . . .12
Item 4. Submission of Matters to a Vote of Security
Holders. . . . . . . . . . . . . . . . . . . . . .12
Item 5. Other Information. . . . . . . . . . . . . . . . . .12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .12
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . .13
1
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NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------ -----------
(Unaudited)
<S> <C> <C>
Assets
------
Cash $ 184,281 $ 620,282
Interest bearing deposits in other banks 752,207 1,038,521
Investments available for sale 4,880,874 4,873,550
Mortgage backed securities available for sale 2,432,660 2,551,277
Mortgage backed securities held to maturity 518,255 524,188
Loans receivable, net 44,326,571 42,856,212
Accrued interest receivable - loans 189,540 171,294
- investments 94,447 65,508
- mortgage backed
securities 15,630 16,086
Premises and equipment, at cost, less accumulated
depreciation 89,869 97,153
Federal Home Loan Bank of Atlanta stock at cost 475,000 445,000
Deferred income taxes 303,229 286,708
Prepaid and refundable income taxes - 410
Prepaid expenses and other assets 38,764 33,886
----------- -----------
Total assets $54,301,327 $53,580,075
=========== ===========
Liabilities and Stockholders' Equity
------------------------------------
Liabilities
- -----------
Deposit accounts $36,413,396 $36,602,858
Borrowings 9,500,000 8,900,000
Advance payments by borrowers for expenses 717,521 553,961
Income taxes payable 35,793 11,237
Other liabilities 508,826 439,377
----------- -----------
Total liabilities 47,175,536 46,507,433
Commitments and contingencies
Stockholders' Equity
- --------------------
Serial Preferred stock $.01 par value;
authorized 2,000,000 shares; none issued
or outstanding
Common stock $.01 par value; authorized
8,000,000 shares; issued and outstanding
475,442 shares at March 31, 2000
and December 31, 1999 4,754 4,754
Additional paid-in capital 4,353,036 4,351,177
Retained earnings (substantially restricted) 3,523,158 3,491,960
----------- -----------
7,880,948 7,847,891
Accumulated other comprehensive income (305,502) (318,280)
Stock held by Rabbi Trust (134,650) (134,650)
Employee Stock Ownership Plan (315,005) (322,319)
----------- -----------
Total stockholders' equity 7,125,791 7,072,642
----------- -----------
Total liabilities and stockholders' equity $54,301,327 $53,580,075
=========== ===========
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
2
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<PAGE>
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
2000 1999
---- ----
<S> <C> <C>
Income
- ------
Interest and fees on loans $801,269 $725,509
Interest on investments 109,260 61,187
Interest on mortgage backed securities 45,115 32,198
-------- --------
Total interest income 955,644 818,894
Interest Expense
- ----------------
Interest on deposits 428,143 419,303
Interest on short-term borrowings 91,278 10,289
Interest on long-term borrowings 39,888 -
-------- --------
Total interest expense 559,309 429,592
-------- --------
Net interest income 396,335 389,302
Provision for losses on loans - -
-------- --------
Net interest income after provision for
losses on loans 396,335 389,302
Non-Interest Income
- -------------------
Fees on loans 1,489 2,400
Fees on deposits 3,606 4,218
All other income 1,980 2,104
-------- --------
Net non-interest income 7,075 8,722
Non-Interest Expenses
- ---------------------
Compensation and related expenses 182,199 92,178
Occupancy 28,489 26,599
Deposit insurance 2,095 5,555
Service bureau expense 17,334 20,026
Furniture, fixtures and equipment expense 7,245 6,143
Advertising 9,144 7,276
Professional fees 49,648 13,617
Other 51,731 37,163
-------- --------
Total non-interest expenses 347,885 208,557
-------- --------
Income before tax provision and cumulative effect
of accounting change 55,525 189,467
Provision for income tax 24,327 72,456
-------- --------
Income before cumulative effect of accounting
change 31,198 117,011
Cumulative effect of accounting change, net of tax - 8,980
-------- --------
Net income $ 31,198 $125,991
======== ========
Basic earnings per share $ .07 $ .30
======== ========
Diluted earnings per share $ .07 $ .29
======== ========
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
3
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NORTHFIELD BANCORP, INC.
-----------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
-----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
2000 1999
---- ----
<S> <C> <C>
Net income $ 31,198 $125,991
Cumulative effect of change in accounting
principle, net of taxes of $513 - (815)
Unrealized gain (losses) on available for sale
securities, net of tax of $7,227 March 31, 2000
and $18,271 March 31, 1999 12,778 (29,038)
-------- --------
Comprehensive income $ 43,976 $ 96,138
======== ========
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
4
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NORTHFIELD BANCORP, INC.
-----------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------
2000 1999
---- ----
<S> <C> <C>
Operating Activities
- --------------------
Net income $ 31,198 $ 125,991
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities
-----------------------------------------
Net amortization of premiums and accretion of
discounts on certificates of deposit 23 24
Gain on sale of mortgage backed securities
trading - (14,936)
Proceeds from sale of mortgage backed securities
trading - 1,048,335
Net amortization of premiums and accretion of
discounts on mortgage backed and investment
securities 2,741 2,708
Amortization of premiums on mortgage loans
purchased 158 123
Loan fees deferred 5,232 13,039
Amortization of deferred loan fees (5,507) (28,238)
Non-cash compensation under Stock-Based
Benefit Plans 9,174 7,456
Increase in accrued interest (46,729) (29,946)
Provision for depreciation 11,431 10,899
(Increase) decrease in deferred income taxes (23,748) 11,835
Decrease in prepaid and refundable income taxes 410 -
Increase in prepaid expenses and other assets (4,878) (13,643)
Increase in accrued interest payable 1,664 3,499
Increase in income taxes payable 24,556 38,577
Increase in other liabilities 69,449 4,494
----------- -----------
Net cash provided by operating activities 75,174 1,180,217
Cash Flows from Investing Activities
- ------------------------------------
Proceeds from maturing certificates of deposit 99,000 349,000
Purchases of certificates of deposit (96,000) (95,000)
Purchase of securities available for sale - (1,697,594)
Purchase of mortgage backed securities available
for sale - (1,521,844)
Purchases of mortgage backed securities held to
maturity - (539,642)
Principal collected on mortgage backed securities 126,629 257,678
Longer term loans originated (2,394,840) (4,441,303)
Loans purchased - (877,919)
Principal collected on longer term loans 939,930 2,657,789
Net (increase) decrease in short-term loans (15,801) 20,433
Purchases of premises and equipment (4,147) (1,794)
Purchase of Federal Home Loan Bank stock (30,000) (58,600)
----------- -----------
Net cash used by investing activities (1,375,229) (5,948,796)
</TABLE>
5
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NORTHFIELD BANCORP, INC.
-----------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------
2000 1999
---- ----
<S> <C> <C>
Cash Flows from Financing Activities
- ------------------------------------
Net decrease in demand deposits, money market,
passbook accounts and advance payments by
borrowers for taxes and insurance $ (221,221) $ (696,124)
Net increase (decrease) in certificates of deposit 193,655 (351,149)
Net increase in Federal Home Loan Bank advances 600,000 2,500,000
----------- ------------
Net cash provided by financing activities 572,434 1,452,727
----------- ------------
Decrease in cash and cash equivalents (727,621) (3,315,852)
Cash and cash equivalents at beginning of period 1,279,953 4,062,056
----------- ------------
Cash and cash equivalents at end of period $ 552,332 $ 746,204
=========== ============
Reconciliation of cash and cash equivalents:
Cash $ 184,281 $ 216,151
Interest bearing accounts in other banks 752,207 1,214,296
----------- ------------
936,488 1,430,447
Less - Certificates of deposit maturing in
90 days or more included in interest
bearing accounts in other banks (384,156) (684,243)
----------- ------------
Cash and cash equivalents $ 552,332 $ 746,204
=========== ============
Supplemental disclosures of cash flows information:
Cash paid during period for:
Interest $ 552,578 $ 417,045
Income taxes $ 23,110 $ 28,000
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
6
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NORTHFIELD BANCORP, INC.
-----------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
-------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
-----------------------------------------------------
Note 1 - Basis of Presentation
---------------------
The accompanying unaudited financial statements
have been prepared in accordance with generally
accepted accounting principles for interim financial
information and in accordance with the instructions to
Form 10-QSB. Accordingly, they do not include all of
the disclosures required by generally accepted
accounting principles for complete financial
statements. In the opinion of management, all
adjustments necessary for a fair presentation of the
results of operations for the interim periods presented
have been made. Such adjustments were of a normal
recurring nature. The results of operations for the
three months ended March 31, 2000 are not necessarily
indicative of the results that may be expected
for the fiscal year December 31, 2000 or any other
interim period. The consolidated financial statements
should be read in conjunction with the consolidated
financial statements and related notes which are
incorporated by reference in the Company's Annual
Report on Form 10-KSB for the year ended December
31,1999.
Note 2 - Cash Flow Presentation
----------------------
For purposes of the statements of cash flows, cash
and cash equivalents include cash and amounts due from
depository institutions and certificates of deposit
with original maturities of 90 days or less.
Note 3 - Earnings Per Share
------------------
Basic EPS is computed by dividing net income by
the weighted average number of common shares
outstanding for the appropriate period. Unearned ESOP
shares are not included in outstanding shares. Diluted
EPS is computed by dividing net income by the weighted
average shares outstanding as adjusted for the dilutive
effect of unvested stock awards based on the "treasury
stock" method. Information relating to the
calculations of net income per share of common stock,
summarized for the quarters ended March 31, 2000 and
1999, is as follows:
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
Net income before other comprehensive income $ 31,198 $125,991
======== ========
Weighted Average Shares
Outstanding basic EPS 429,992 426,380
Dilutive Items
Rabbi Trust shares 13,465 13,465
-------- --------
Adjusted weighted average shares
used for dilutive EPS 443,457 439,845
======== ========
</TABLE>
7
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NORTHFIELD BANCORP, INC.
- -----------------------
AND SUBSIDIARY
- --------------
Baltimore, Maryland
- -------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
------------------------------------------------------
Note 4 - Cumulative Effect of Accounting Change
--------------------------------------
The Company implemented SFAS No. 133, "Accounting
for Derivative Instruments and Hedging Activities"
("SFAS No. 133") on January 1, 1999. In accordance
with the Pronouncement's provisions, the Company
reclassified approximately $1,071,000 of mortgage
backed securities from held to maturity to trading. On
January 11, 1999, the Company sold the entire trading
investment that had a carrying value of $1,033,041 and
realized a gain of $8,980, net of tax. Accordingly,
the net realized gain of $8,980 is reflected on the
consolidated statements of operations as the cumulative
effect of an accounting change, net of taxes.
In addition, the Company reclassified $1,053,760
of mortgage backed securities and $799,256 of
investments from held to maturity to available for
sale. Accordingly, the net unrealized loss of $1,328
at the date of transfer is reflected on the
consolidated statements of comprehensive income as the
cumulative effect of a change in accounting principle,
net of taxes.
8
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<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
When used in this filing and in future filings by Northfield
Bancorp, Inc. (the "Company") with the Securities and Exchange
Commission, in the Company's press releases or other public or
shareholder communications, or in oral statements made with the
approval of an authorized executive officer, the words or
phrases "would be," "will allow," "intends to," "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimate," "project" or similar expressions are intended to
identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties,
including but not limited to changes in economic conditions in
the Company's market area, changes in policies by regulatory
agencies, fluctuations in interest rates, demand for loans in
the Company's market area and competition, all or some of which
could cause actual results to differ materially from historical
earnings and those presently anticipated or projected.
The Company wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak
only as of the date made, and advises readers that various
factors, including regional and national economic conditions,
substantial changes in levels of market interest rates, credit
and other risks of lending and investment activities and
competitive and regulatory factors, could affect the Company's
financial performance and could cause the Company's actual
results for future periods to differ materially from those
anticipated or projected.
The Company does not undertake, and specifically disclaims any
obligations, to update any forward-looking statements to reflect
occurrences or unanticipated events or circumstances after the
date of such statements.
FINANCIAL CONDITION
Total assets of the Company were $54,301,000 as of March 31,
2000, compared to $53,580,000 as of December 31, 1999, an
increase of $721,000 or 1.35%. The increase was primarily
attributable to an increase in loans receivable of $1,471,000,
partially offset by a decrease in cash of $436,000 and a
decrease in interest bearing deposits in other banks of
$287,000.
Total liabilities of the Company were $47,176,000 as of March
31, 2000, compared to $46,507,000 as of December 31, 1999, an
increase of $669,000 or 1.44%. The increase was primarily due
to additional FHLB advances of $600,000 following Management's
plan to take advantage of low rate FHLB advances and invest the
proceeds in higher yielding loans.
Stockholders' equity was $7,126,000 as of March 31, 2000,
compared to $7,073,000 as of December 31 1999, an increase of
$53,000. The increase was principally due to net income for the
period of $31,000 and a net unrealized gain on investments
available for sale of $13,000.
9
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<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
GENERAL
Net income for the three months ended March 31, 2000 was
$31,000 as compared to $126,000 for the same period in 1999.
The decrease in net income of $95,000 was primarily the result
of increases in non-interest expenses, predominantly non-cash
deferred compensation expense, and a cumulative effect
of accounting change of $9,000 recognized in the first quarter
of fiscal 1999.
INTEREST INCOME
Total interest income for the three months ended March 31,
2000 was $956,000 compared to $819,000 for the same period in
1999, an increase of $137,000 or 16.73%. The increase was
principally due to an increase of $6,126,000 in the average
balance of loans outstanding, an increase of $3,339,000 in the
average balance of investments and an increase in rates earned
on investments for the quarter ended March 31, 2000 over the
prior year's respective quarter. The above increases were
slightly offset by a decline in rates on loans.
The weighted average yield on interest-earning assets was
7.24% and 7.29% for the three month period ended March 31, 2000
and 1999, respectively.
INTEREST EXPENSE
Total interest expense for the three months ended March 31,
2000 and 1999 was $559,000 and $430,000 respectively, an
increase of $129,000 or 30.00%. The increase resulted primarily
from increases in the average dollar amount of short and
long-term borrowings of $4,700,000 and $3,000,000, respectively.
The average rate paid on short-term borrowings increased to
5.88% in the current year's quarter from 5.76% in the prior
year's quarter.
PROVISION FOR LOAN LOSSES
There were no provisions for loan losses for the three month
periods ended March 31, 2000 and 1999. Management monitors and
adjusts its loan loss reserves based upon its analysis of the
loan portfolio. Reserves are increased by a charge to income,
the amount of which depends upon an analysis of the changing
risks inherent in the Company's loan portfolio and the relative
status of the real estate market and the economy in general.
The Company has historically experienced a limited amount of
loan charge-offs and delinquencies. At March 31, 2000,
management believes the allowance for loan losses is
sufficient since the loans are adequately secured. The
assessment of the adequacy of the allowance for loan losses
involves subjective judgment regarding future events and there
can be no assurance that additional provisions for loan losses
will not be required in future periods.
10
<PAGE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
OTHER NON-INTEREST INCOME
Other income decreased slightly, $2,000 to $7,000 for the
three months ended March 31, from $9,000 for the same period
last year.
NON-INTEREST EXPENSE
Total non-interest expense increased $139,000 to $348,000 for
the three months ended March 31, 2000 from $209,000 for March
31, 1999. Higher compensation expenses following an increase in
stock-based deferred compensation expenses, personnel additions,
and a decrease in payroll related deferred loan origination
costs contributed $90,000 to the increase. In addition,
professional fees expenses rose $36,000 as a result of increased
audit and bookkeeping expenses, legal expenses and consultant
fees. The Company expects the level of its non-interest expense
to continue at this higher level in future periods as a result
of expenses associated with the employee stock ownership plan
that the Company implemented in connection with its stock
conversion.
INCOME TAXES
The Company's income tax expense for the three months ended
March 31, 2000 and 1999 was $24,000 and $72,000, respectively,
representing a decrease of $48,000 or 66.67%. The decrease was
primarily the result of the decrease in pretax income. As a
result of non-deductible expenses incurred during the current
quarter, the effective tax rate increased to 43.81% from 38.24%
for the same period in 1999.
11
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<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-
HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits. The following exhibit is filed herewith:
Exhibit 27 Financial Data Schedule
(b) Reports on 8-K. None.
12
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NORTHFIELD BANCORP, INC.
Date: May 15, 2000 /s/ G. Ronald Jobson
---------------------------
G. Ronald Jobson
President and Chief Executive
Officer
(Principal Executive, Accounting
and Financial Officer)
13
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 184,281
<INT-BEARING-DEPOSITS> 752,207
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,313,534
<INVESTMENTS-CARRYING> 518,255
<INVESTMENTS-MARKET> 455,984
<LOANS> 44,326,571
<ALLOWANCE> 182,811
<TOTAL-ASSETS> 54,301,327
<DEPOSITS> 36,413,396
<SHORT-TERM> 6,500,000
<LIABILITIES-OTHER> 1,262,140
<LONG-TERM> 3,000,000
0
0
<COMMON> 4,754
<OTHER-SE> 7,121,037
<TOTAL-LIABILITIES-AND-EQUITY> 54,301,327
<INTEREST-LOAN> 801,269
<INTEREST-INVEST> 133,711
<INTEREST-OTHER> 20,664
<INTEREST-TOTAL> 955,644
<INTEREST-DEPOSIT> 428,143
<INTEREST-EXPENSE> 599,309
<INTEREST-INCOME-NET> 396,335
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 347,885
<INCOME-PRETAX> 55,525
<INCOME-PRE-EXTRAORDINARY> 55,525
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,198
<EPS-BASIC> .07
<EPS-DILUTED> .07
<YIELD-ACTUAL> 3.00
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 182,951
<CHARGE-OFFS> 140
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 182,811
<ALLOWANCE-DOMESTIC> 182,811
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
