May 14, 1996
Securities and Exchange Commission
450 5th Street
Washington, D. C. 20549
RE: CHITTENDEN CORPORATION QUARTERLY REPORT (ON FROM 10-Q)
REGISTRATION NO. 0-7974
To Whom It May Concern:
Pursuant to the requirements of Rule 13a-13 under the Securities Exchange Act of
1934, there is appended to this transmittal, an electronic file of the quarterly
report (on Form 10-Q) of Chittenden Corporation, Two Burlington Square,
Burlington, Vermont 05401 for the three months ended March 31, 1996.
If you have any questions concerning this quarterly report, please telephone the
undersigned at (802) 660-1410.
Kindly acknowledge receipt of this letter by Compuserve E-Mail.
Sincerely,
CHITTENDEN CORPORATION
S/F. SHELDON PRENTICE, SENIOR VICE PRESIDENT,
GENERAL COUNSEL AND SECRETARY
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
X Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Three Months Ended March 31, 1996
or
Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from ____________to____________
Commission File Number 0-7974
CHITTENDEN CORPORATION
(Exact Name of Registrant as Specified in its Charter)
VERMONT 03-0228404
(State of Incorporation) (IRS Employer Identification No.)
TWO BURLINGTON SQUARE
BURLINGTON, VERMONT 05401
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number: (802) 658-4000
NOT APPLICABLE
Former Name, Former Address and Formal Fiscal Year
If Changed Since Last Report
Indicate by checkmark 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
At March 31, 1996, there were 12,572,257 shares of the Corporations's $1.00 par
value common stock issued, with 12,168,370 shares outstanding.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<PAGE>
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31, December 31,
1996 1995
--------- ---------
(Restated
see Note 3)
ASSETS (In Thousands)
Cash and Cash Equivalents $182,978 $197,141
Securities Available For Sale 302,695 278,321
Securities Held For Investment (Market Value
$41,640,000 in 1996; and $42,633,000 in 1995) 42,179 43,164
Stock in Federal Home Loan Bank of Boston 5,591 5,591
Loans Held for Sale 16,239 14,691
Loans:
Commercial 252,504 248,169
Real Estate:
Residential 461,090 468,008
Commercial 301,791 305,961
Construction 27,516 25,796
--------- ---------
Total Real Estate 790,397 799,765
Consumer 164,711 159,499
--------- ---------
Total Loans 1,207,612 1,207,433
Less: Allowance for Possible Loan Losses (27,997) (27,817)
--------- ---------
Net Loans 1,179,615 1,179,616
--------- ---------
Premises and Equipment 24,632 25,034
Accrued Interest Receivable 13,865 12,880
Other Real Estate Owned 2,623 2,651
Net Deferred Tax Asset 11,095 10,333
Other Assets 14,056 13,768
Intangible Assets 11,187 11,514
--------- ---------
Total Assets $1,806,755 $1,794,704
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $238,103 $252,421
Certificates of Deposit $100,000 and Over 113,857 103,924
Savings and Other Time 1,227,789 1,203,512
--------- ---------
Total Deposits 1,579,749 1,559,857
--------- ---------
Short-Term Borrowings 42,216 52,893
Accrued Expenses and Other Liabilities 24,056 25,521
Long-Term Debt 2,498 2,484
--------- ---------
Total Liabilities 1,648,519 1,640,755
--------- ---------
Stockholders' Equity:
Common Stock - $1 Par Value
Authorized - 30,000,000 Shares
Issued - 12,572,257 Shares in 1996; and
12,345,304 Shares in 1995 12,572 12,345
Surplus 72,338 70,537
Retained Earnings 78,940 74,335
Treasury Stock - At Cost, 403,887 Shares in 1996;
367,417 in 1995 (4,787) (3,967)
Net Unrealized Gain (Loss) on Securities Available for
Sale Net of Taxes (Benefit) of ($357,000) in 1996;
and $535,000 in 1995 (764) 768
Unearned Portion of Employee Restricted Stock (63) (69)
--------- ---------
Total Stockholders' Equity 158,236 153,949
--------- ---------
Total Liabilities and Stockholders' Equity $1,806,755 $1,794,704
========= =========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
CHITTENDEN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months
Ended March 31,
1996 1995
Interest Income: -------- --------
(Restated,
see Note 3)
(In Thousands, Except Share Data)
Interest on Loans $28,433 $24,071
Investment Securities:
Mortgage-Backed Securities 1,470 1,402
Taxable 3,160 2,942
Tax-Favored Debt 710 517
Tax-Favored Equity 437 185
Short-Term Investments 446 703
-------- --------
Total Interest Income 34,656 29,820
-------- --------
Interest Expense:
Deposits:
Savings 6,588 6,002
Time 7,481 5,354
-------- --------
Total Interest on Deposits 14,069 11,356
Short-Term Borrowings 475 803
Long-Term Debt 48 32
-------- --------
Total Interest Expense 14,592 12,191
-------- --------
Net Interest Income 20,064 17,629
Provision for Possible Loan Losses 983 1,150
-------- --------
Net Interest Income after Provision for
Possible Loan Losses 19,081 16,479
-------- --------
Noninterest Income:
Trust Department Income 1,179 1,080
Service Charges on Deposit Accounts 1,485 1,366
Losses on Sales of Securities, Net - (6)
Mortgage Servicing Income 626 553
Gains on Sales of Mortgage Loans, Net 779 142
Credit Card Income 3,627 2,601
Other 1,127 1,250
-------- --------
Total Noninterest Income 8,823 6,986
-------- --------
Noninterest Expense:
Salaries 6,180 5,201
Employee Benefits 2,039 1,893
Net Occupancy Expense 2,359 1,947
FDIC Deposit Insurance 9 708
Other Real Estate Owned Income and Expense, Net 68 (124)
Credit Card Expense 2,709 1,805
Other 5,559 4,091
-------- --------
Total Noninterest Expense 18,923 15,521
-------- --------
Income Before Income Taxes 8,981 7,944
Provision for Income Taxes 2,968 2,602
-------- --------
Net Income $6,013 $5,342
======== ========
Earnings Per Share:
Primary $0.49 $0.47
Fully Diluted $0.49 $0.47
Dividends Declared Per Share $0.11 $0.08
Book Value $13.00 $11.39
Weighted Average Common and Common
Equivalent Shares Outstanding 2,361,082 11,313,320
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
CHITTENDEN CORPORATION
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Three Months Ended March 31,
1996
-----------------------------------
Interest Average
Average Income/ Yield/
Balance Expense(1) Rate(1)
-----------------------------------
(In Thousands)
ASSETS
Interest-Earning Assets:
Loans $1,218,282 $28,331 9.35%
Industrial Revenue Bonds (2) 5,156 148 11.54
Investments:
Taxable 300,021 4,630 6.21
Tax-Favored Debt Securities 60,328 1,039 6.93
Tax-Favored Equity Securities 40,608 602 5.96
Interest-Bearing Deposits in Banks 146 - 3.00
Federal Funds Sold 39,121 446 4.59
------- -------
Total Interest-Earning Assets 1,663,662 35,196 8.51
-------
NonInterest-Earning Assets 150,721
Allowance for Possible Loan Losses (28,372)
-------
Total Assets $1,786,011
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-Bearing Liabilities:
Savings and Interest-Bearing
Transactional Accounts 801,793 6,588 3.30
Certificates of Deposit $100,000
and Over 103,853 1,503 5.82
Other Time Deposits 434,775 5,977 5.53
------- -------
Total Interest-Bearing Deposits 1,340,421 14,068 4.22
Short-Term Borrowings 32,380 476 5.91
Long-Term Debt 2,493 48 7.74
------- -------
Total Interest-Bearing Liabilities 1,375,294 14,592 4.27
-------
NonInterest-Bearing Liabilities:
Demand Deposits 233,086
Other Liabilities 22,067
-------
Total Liabilities 1,630,447
Stockholders' Equity 155,564
-------
Total Liabilities and
Stockholders' Equity $1,786,011
===========
Net Interest Income $20,604
=======
Interest Rate Spread (3) 4.24%
Net Yield on Earning Assets (4) 4.98%
- ------------------------------------------------
(1) On a fully taxable equivalent basis. Calculated using a Federal Income
Tax Rate of 35%. Loan income includes fees.
(2) Industrial revenue bonds are included in Loans in the Financial Statements.
(3) Interest rate spread is the average rate earned on total interest-earning
assets less the average rate paid on interest-bearing liabilities.
(4) Net yield on earning assets is net interest income divided by total
interest-earning assets.
<PAGE>
CHITTENDEN CORPORATION
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Three Months Ended March 31,
1995
------------------------------------
Interest Average
Average Income/ Yield/
Balance Expense(1) Rate(1)
------------------------------------
(In Thousands)
ASSETS
Interest-Earning Assets:
Loans $1,039,011 $24,003 9.37%
Industrial Revenue Bonds (2) 7,450 225 12.25
Investments:
Taxable 282,007 4,343 6.25
Tax-Favored Debt Securities 47,429 737 6.30
Tax-Favored Equity Securities 15,982 257 6.52
Interest-Bearing Deposits in Banks 100 1 4.06
Federal Funds Sold 48,460 691 5.78
------- -------
Total Interest-Earning Assets 1,440,439 30,257 8.52
-------
NonInterest-Earning Assets 117,740
Allowance for Possible Loan Losses (23,194)
-------
Total Assets $1,534,985
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-Bearing Liabilities:
Savings and Interest-Bearing
Transactional Accounts 708,806 6,203 3.55
Certificates of Deposit $100,000
and Over 117,294 1,611 5.57
Other Time Deposits 332,833 3,735 4.55
------- -------
Total Interest-Bearing Deposits 1,158,933 11,549 4.04
Short-Term Borrowings 36,025 600 6.75
Long-Term Debt 1,443 32 8.99
------- -------
Total Interest-Bearing Liabilities 1,196,401 12,181 4.13
-------
NonInterest-Bearing Liabilities:
Demand Deposits 202,844
Other Liabilities 15,045
-------
Total Liabilities 1,414,290
Stockholders' Equity 120,695
-------
Total Liabilities and
Stockholders' Equity $1,534,985
===========
Net Interest Income $18,076
=======
Interest Rate Spread (3) 4.39%
Net Yield on Earning Assets (4) 5.09%
- ------------------------------------------------
(1) On a fully taxable equivalent basis. Calculated using a Federal Income
Tax Rate of 35%. Loan income includes fees.
(2) Industrial revenue bonds are included in Loans in the Financial Statements.
(3) Interest rate spread is the average rate earned on total interest-earning
assets less the average rate paid on interest-bearing liabilities.
(4) Net yield on earning assets is net interest income divided by total
interest-earning assets.
<PAGE>
CHITTENDEN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For Three Months Ended March 31,
1996 1995
-----------------
(Restated
see Note 3)
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $6,013 $5,342
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for possible loan losses 983 1,150
Depreciation and amortization 751 691
Amortization of intangible assets 327 50
Amortization of premiums, fees, and discounts, net 604 69
Investment securities losses - 6
Deferred (prepaid) income taxes 130 (1,475)
Loans originated and purchased for sale (56,537) (19,120)
Proceeds from sales of loans 54,923 13,835
Gain on sales of loans (779) (142)
Gain on sales of premises and equipment (212)
Changes in assets and liabilities, net of effect from purchase
of the Bank of Western Massachusetts:
Accrued interest receivable (985) (126)
Other assets 72 (2,617)
Accrued expenses and other liabilities (1,382) 3,228
-------- --------
Net cash provided by operating activities 4,120 679
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of the Bank of Western Massachusetts,
net of cash acquired - (3,455)
Proceeds from sales of securities available
for sale - 17,008
Proceeds from maturing securities and principal
payments on securities available for sale 108,405 104,128
Purchases of securities available for sale (135,188) (135,390)
Proceeds from principal payments on securities
held for investment 1,255 387
Purchases of securities held for investment (290) (1,411)
Loans originated, net of principal repayments (938) 8,250
Purchases of premises and equipment (457) (2,821)
Proceeds from sales of premises and equipment - 327
-------- --------
Net cash used in investing activities (27,213) (12,977)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 19,815 17,651
Net decrease in short-term borrowings (10,677) (3,694)
Net increase in long-term debt 14 5,000
Proceeds from issuance of treasury and common stock 1,186 135
Dividends on common stock (1,408) (936)
-------- --------
Net cash provided by (used in) financing activities 8,930 18,156
-------- --------
Net increase (decrease) in cash and cash equivalents (14,163) 5,858
Cash and cash equivalents at beginning of period 197,141 112,086
-------- --------
Cash and cash equivalents at end of period $182,978 $117,944
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $14,428 $10,904
Income taxes - 395
Noncash investing and financing activities:
Loans transferred to other real estate owned 1,135 2,686
Common stock issued in conjunction with the acquisition
of The Bank of Western Massachusetts - 14,276
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1996
NOTE 1 - ACCOUNTING POLICIES
The Company's significant accounting policies, other than those described
in Note 2 below, are described in Note 1 of the Notes to Consolidated Financial
Statements included in its 1995 Annual Report on Form 10-K filed with the
Securities and Exchange Commission. For interim reporting purposes, the Company
follows the same basic accounting policies and considers each interim period as
an integral part of an annual period.
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
statement of results for the interim periods.
1995 data reflects minor reclassifications to be consistent with 1996
presentation.
NOTE 2 - ACCOUNTING POLICY CHANGE - ADOPTION OF SFAS 122
As of January 1, 1996, the Company adopted Statement of Financial
Accounting Standards No. 122, Accounting for Mortgage Servicing Rights ("SFAS
122"). SFAS 122 requires the recognition, as separate assets, rights to service
mortgage loans for others, when the related loans are sold and the servicing
rights are retained. The amount capitalized is based on an allocation of the
total cost of the mortgage loans to the mortgage servicing rights and the loans
(without the mortgage servicing rights) based on their relative fair values.
SFAS 122 also requires capitalized mortgage servicing rights to be assessed for
impairment based on the fair value of those rights. This change in accounting
was adopted prospectively for mortgage loans sold after January 1, 1996.
Mortgage servicing rights capitalized during the three months ended March 31,
1996 totaled $358,000.
NOTE 3 - ACQUISITION OF FLAGSHIP BANK AND TRUST COMPANY
On February 29, 1996, the Company acquired Flagship Bank and Trust Company
("Flagship") of Worcester, Massachusetts for stock. The Company issued
1,628,400 shares of common stock in exchange for all outstanding Flagship
shares. This transaction has been accounted for as a pooling of interests and,
accordingly, the consolidated financial statements for all periods presented
have been restated to include the acquired bank.
Total revenue, income before income taxes, net income, and earnings per
share data of the separate companies for the three months ended March 31, 1995
were:
Chittenden Flagship Combined
---------------------------------
Total Revenue $21,043 $3,572 $24,615
Income Before Income Taxes 6,828 1,116 7,944
Net Income 4,642 700 5,342
Earnings Per Share $0.48 $0.41 $0.47
Total revenue includes net interest income and non interest income.
NOTE 4 - SUBSEQUENT EVENTS
Stock Split. On April 17, 1996, the Company declared a five-for-four stock
split to be distributed on May 24, 1996 to stockholders of record May 10, 1996.
This stock split has been reflected in the accompanying balance sheets; all per
share information shown on the accompanying statements of income and in these
footnotes has been retroactively restated to reflect the split.
Dividend Declaration. On April 17, 1996, the Company declared dividends of
approximately $2.44 million or $0.20 per share. This dividend is to be paid
on May 24, 1996 to stockholders of record on May 10, 1996.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Chittenden Corporation completed the acquisition of Flagship Bank and
Trust Company, of Worcester, Massachusetts, on February 29, 1996. A total
of 1.6 million shares (on a post-split basis) of Chittenden stock were exchanged
in the transaction, which has been accounted for as a pooling of interests. All
historical financial information has been restated to reflect the acquired
bank.
Chittenden Corporation's net income for the first quarter of 1996 was
$6.0 million compared with $5.3 million a year ago. Net income per share
of common stock was $0.49 for the first three months of 1996, up from $0.47
reported a year ago. Return on average assets was 1.35% for the first
three months of 1996, compared with 1.41% last year. Return on average
equity was 15.55% for the first three months of 1996, compared with 17.95%
for the same period in 1995.
Net interest income on a fully taxable equivalent basis for the first
three months of 1996 was $20.6 million, up $2.5 million from the amount
earned during the same period in 1995. This increase was more than
accounted for by higher average earning assets, up $223 million from a year
ago. This increase was due primarily to the inclusion of The Bank of
Western Massachusetts for the entire quarter in 1996. The acquisition of
The Bank of Western Massachusetts, which was accounted for as a purchase,
was consummated on March 17, 1995 and consequently had little impact on the
1995 average balance.
Provisions for, and activity in, the allowance for possible loan losses are
summarized as follows:
First Quarter
Ended March 31,
--------------------
1996 1995
--------------------
(In Thousands)
Beginning Allowance for Possible
Loan Losses Balance $27,817 $22,163
Allowance of Bank Acquired
March 17, 1995 - 4,135
Provision for Possible Loan Losses 983 1,150
Loans Charged Off (1,417) (1,117)
Loan Recoveries 614 279
---------------------
Ending Allowance for Possible
Loan Losses Balance $27,997 $26,610
=====================
Noninterest income amounted to $8.8 million for the first quarter of
1996, up $1.8 million or 26% from last year. Credit card income increased
by $1.0 million, or 39%, reflecting continued growth in merchant services
transaction volumes. Service charges on deposit accounts were up $119,000
from a year earlier, to $1.5 million. Trust Department revenue of $1.2
million increased 9.2% from a year ago. Gains on sales of mortgage loans
were up $637,000 for the quarter due to increased activity, and the adoption of
Statement of Financial Accounting Standards No. 122, Accounting for Mortgage
Servicing Rights. This statement requires the capitalization of mortgage
servicing rights retained and accounts for $358,000 of the gain. See Note 2 in
the accompanying financial statements.
For the first quarter of 1996, noninterest expenses were $18.9 million, up
$3.4 million or 22% from the comparable 1995 level. Higher processing fees
related to credit card activities accounted for $904,000 of the increase.
Transaction expenses in the first quarter of 1996 related to the Flagship
acquisition amounted to $282,000. Total noninterest expenses for The Bank of
Western Massachusetts were $1.6 million higher in 1996 than the amount recorded
for 1995 due to the consummation of that acquisition late in the first quarter,
as noted previously. Excluding these three categories, noninterest expenses
were up 4% in the first quarter of 1996 compared with a year ago.
CREDIT QUALITY
Nonperforming assets include nonaccrual loans, restructured debt, and
foreclosed real estate (Other Real Estate Owned). As of March 31, 1996,
nonperforming assets totaled $13.9 million, down from $17.1 million a year
ago and $15.1 million at December 31, 1995. The allowance for loan losses
was $28.0 million at March 31, 1996, up from $26.6 million at March 31,
1995 and $27.8 million at the end of 1995. The provision for possible loan
losses charged against earnings in the first quarter was $983,000, a
reduction of $167,000 from the level provided during the first quarter of
1995.
A summary of credit quality follows:
3/31/96 12/31/95 3/31/95
---------------------------
(In Thousands)
Nonaccrual Loans $ 8,386 $ 9,939 $13,571
Restructured Debt 2,854 2,502 520
Other Real Estate
Owned (OREO) 2,623 2,651 3,042
---------------------------
Total Nonperforming
Assets (NPA) $13,863 $15,092 $17,133
===========================
Loans Past Due 90 Days or
More and Still Accruing Interest $ 2,026 $ 1,054 $ 3,733
Allowance for Possible Loan Losses 27,997 27,817 26,610
NPA as % of Loans plus OREO 1.14% 1.25% 1.46%
Loss Allowance as % of Loans 2.32 2.30 2.27
Loss Allowance as % of
Nonperforming Loans 249.08 223.59 188.84
Loss Allowance as % of NPA 201.95 184.32 155.31
CAPITAL
Stockholders' equity totaled $158.2 million at March 31, 1996, up from
$153.9 million at year-end 1995. The current level reflects first quarter
net income of $6.0 million, stock issued under an incentive stock option
plan of $1.2 million, an increase of $1.5 million in the valuation
allowance for net unrealized losses on investment securities available for
sale, and dividends paid to stockholders of $1.4 million.
"Tier One" capital, consisting entirely of common equity, measured
11.41% of risk-weighted assets at March 31, 1996. Total capital, including
the "Tier Two" allowance for loan losses, was 12.78% of risk-weighted
assets. The leverage capital ratio was 8.30%. These ratios placed
Chittenden in the "well-capitalized" category according to regulatory
standards.
LIQUIDITY
The Company's liquidity and rate sensitivity are monitored by the asset and
liability committee. This committee meets regularly to review and direct the
banks' lending and investment activities, as well as its deposit-gathering and
borrowing functions.
The measure of an institution's liquidity is its ability to meet its
cash commitments at all times with available cash or by conversion of other
assets to cash at a reasonable price. At March 31, 1996, the Company
maintained cash balances and short-term investments of approximately $183.0
million, compared with $197.1 million at December 31, 1995. During the
first three months of 1996, the Company continued to be an average daily
net seller of Federal Funds.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
Press Release related to consummation of the acquisition of
Flagship Bank and Trust Company, dated March 6, 1996 and
accompanying financial statements filed as an Amendment to
such 8-K on May 3, 1996.
<PAGE>
CHITTENDEN CORPORATION
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CHITTENDEN CORPORATION
Registrant
May 14, 1996 S/PAUL A. PERRAULT
- -------------------- -----------------------------
Date Paul A. Perrault, President
and Chief Executive Officer
May 14 1996 S/NANCY ROWDEN BROCK
- -------------------- ----------------------------
Date Nancy Rowden Brock, Senior
Vice President, Chief Financial
Officer and Treasuer
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
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<CASH> 150868
<INT-BEARING-DEPOSITS> 100
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0
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