<PAGE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1996
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT
For the transition period from _______________ to _________.
Commission File Number 0-17851
Bank Corporation of Georgia
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1406233
- - -------------------------------- ---------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) identification number)
4951 Forsyth Road, Macon, Georgia 31210
----------------------------------------
(Address of principal executive offices)
(912) 757-2000
------------------------------------------------
(Issuer's telephone number, including area code)
----------------------------------------------------------------
(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
--- ---
State the number of shares outstanding of each of the issuer's
classes of common equity as of March 31, 1996: 2,064,656 shares
of Common Stock, $1.00 par value per share.
<PAGE>
BANK CORPORATION OF GEORGIA
INDEX
Page No.
--------
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
March 31, 1996, December 31, 1995
and March 31, 1995 3-4
Consolidated Statements of Income
for the Three Months and Quarter Ended
March 31, 1996 and 1995 5
Consolidated Statements of Cash Flows
for the Three Months and Quarter Ended
March 31, 1996 and 1995 6
Notes to Consolidated Financial Statements 7-8
Item 2. Management's Discussion and Analysis 9-11
PART II OTHER INFORMATION 11
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
-2-
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND MARCH 31, 1995
ASSETS
------
MARCH 31, 1996 MARCH 31, 1995
-------------- ---------------
<S> <C> <C>
Cash and due from banks $5,726,954 $4,892,731
Interest bearing deposits with banks --- ---
Federal funds sold 11,889,214 9,334,566
Investment securities: Available for sale 45,612,044 42,825,683
Held to maturity 136,191 381,793
------------- --------------
45,748,235 43,207,476
------------- --------------
Loans: 172,057,301 150,586,293
Less: Unearned discount (820,896) (772,439)
Allowance for possible loan losses (2,533,468) (2,229,694)
------------- --------------
Loans, net 168,702,937 147,584,160
Bank premises and equipment 7,896,223 6,528,260
Accrued interest receivable 1,969,097 1,697,601
Goodwill 892,878 412,101
Other assets 5,373,855 5,027,970
-------------- --------------
$248,199,393 $218,684,865
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
- - ------------------------------------
Deposits:
Demand $31,599,440 $25,149,907
Interest bearing demand 61,439,441 52,553,395
Savings 8,462,246 7,592,037
Time 114,435,365 105,205,728
------------- ------------
Total deposits 215,936,492 190,501,067
Accounts payable and accrued expense 2,069,110 1,918,701
Other borrowed money 5,000,000 5,270,809
Long-term debt 2,400,000 2,500,000
------------ ------------
Total liabilities 225,405,602 200,190,577
Minority interests in subsidiary --- 1,047,042
Stockholders' equity:
Common stock 2,081,612 1,894,846
Capital surplus 14,428,007 12,649,954
Retained earnings 6,284,172 2,902,446
------------ ------------
Total stockholders' equity 22,793,791 17,447,246
------------ ------------
$248,199,393 $218,684,865
============ ============
</TABLE>
-3-
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
ASSETS
------
MARCH 31, 1996 DECEMBER 31, 1995
-------------- ------------------
<S> <C> <C>
Cash and due from banks $5,726,954 $9,585,975
Interest bearing deposits with banks --- ---
Federal funds sold 11,889,214 13,000,000
Investment securities: Available for sale 45,612,044 36,211,998
Held to maturity 136,191 135,448
------------ ------------
45,748,235 36,347,446
------------ ------------
Loans: 172,057,301 164,752,993
Less: Unearned discount (820,896) (931,596)
Allowance for possible loan losses (2,533,468) (2,410,787)
------------ ------------
Loans, net 168,702,937 161,410,610
Bank premises and equipment 7,896,223 7,070,759
Accrued interest receivable 1,969,097 1,958,198
Goodwill 892,878 394,439
Other assets 5,373,855 5,165,266
------------ ------------
$248,199,393 $234,932,693
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- - ------------------------------------
Deposits:
Demand $31,599,440 $33,296,191
Interest bearing demand 61,439,441 55,143,345
Savings 8,462,246 7,184,184
Time 114,435,365 107,240,019
------------ ------------
Total deposits 215,936,492 202,863,739
Accounts payable and accrued expense 2,069,110 2,667,185
Other borrowed money 5,000,000 5,000,000
Long-term debt 2,400,000 2,770,809
------------ ------------
Total liabilities 225,405,602 213,301,733
Minority interests in subsidiary --- 1,409,943
Stockholders' equity:
Common stock 2,081,612 1,923,846
Capital surplus 14,428,007 1,343,201
Retained earnings 6,284,172 16,953,970
------------ ------------
Total stockholders' equity 22,793,791 20,221,017
------------ ------------
$248,199,393 $234,932,693
============ ============
</TABLE>
-4-
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED STATEMENT OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1996 MARCH 31, 1995
-------------- ---------------
<S> <C> <C>
Interest income:
Interest and fees on loans $4,498,248 $3,971,658
Interest on federal funds sold 153,513 195,502
Interest on investment securities: 715,568 762,440
----------- ----------
Total interest income 5,367,329 4,929,600
----------- ----------
Interest expense:
Interest on NOW and money market accounts 454,294 452,664
Interest on savings and time deposits 1,672,429 1,428,015
Other borrowings 48,363 110,314
----------- ----------
Total interest expense 2,175,086 1,990,993
----------- ----------
Net interest income 3,192,243 2,938,607
Provision for possible loan losses 111,000 130,000
----------- ----------
Net interest income after provision
for possible loan losses 3,081,243 2,808,607
----------- ----------
Other operating income:
Service charge on deposit accounts 309,430 231,530
Securities gains (losses) --- 2,000
Gain on sale of SBA loans 5,739 100
Other 267,414 154,955
----------- ----------
Total other operating income 582,583 388,585
----------- ----------
Other operating expense:
Salaries and employee benefits 1,425,187 1,235,261
Occupancy 177,527 155,555
Equipment 142,890 177,795
Other operating expense 699,253 621,138
----------- ---------
Total other operating expense 2,444,857 2,189,749
----------- ---------
Earnings before income taxes & minority interests 1,218,969 1,007,443
Income tax expense (benefit) 388,000 217,300
----------- ---------
Earnings before minority interests 830,969 790,143
Minority interests 46,913 83,173
----------- ----------
Net earnings $784,056 $706,970
============= ===========
</TABLE>
-5-
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1996 MARCH 31, 1995
------------- ---------------
<S> <C> <C>
Cash flows from operating activities:
Net income $784,056 $706,970
Adjustments to reconcile net earnings to net cash
provided from operating activities:
Depreciation 151,152 156,081
Amortization and accretion, net (38,356) (24,001)
Minority interests in earnings (loss) of subsidiary 46,913 144,272
Provision for loan and real estate owned losses 111,000 130,000
Loss(gain) on sale of investment securities --- (2,000)
Change in:
Other assets 162,081 (335,700)
Other liabilities (706,566) 13,757
----------- -----------
Net cash provided by operating activities 510,280 789,379
----------- -----------
Cash flows from investing activities:
Proceeds from maturities of investment securities 2,024,624 10,031,884
Purchase of investment securities (12,119,222) (14,812,709)
Net increase in loans (7,403,327) (6,374,015)
Purchases of premises and equipment (976,616) (231,896)
----------- -----------
Net cash (used) by investing activities (18,474,541) (11,386,736)
----------- -----------
Cash flows from financing activities:
Net increase in deposits 13,072,753 1,178,372
Repayment of notes payable (100,000) ---
Dividends paid --- (1,676)
Proceeds from issuance of common stock 21,701 ---
----------- -----------
Net cash provided by financing activities 12,994,454 1,176,696
----------- -----------
Net increase in cash and cash equivalents (4,969,807) (9,420,661)
Cash and cash equivalents at beginning of period 22,585,975 23,647,958
----------- -----------
Cash and cash equivalents at end of period $17,616,168 $14,227,297
=========== ===========
</TABLE>
-6-
<PAGE>
<PAGE>
NOTES TO CONSOLIDATED FINANACIAL STATEMENTS
The financial statements included herein have been prepared by
Bank Corporation of Georgia (BCG), without audit, pursuant to
the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed
or omitted pursuant to such rules and regulations, although BCG
believes that the disclosures contained herein are adequate to
make the information presented not misleading. In the opinion of
management, the information furnished in the condensed
consolidated financial statements reflects all adjustments which
are ordinary in nature and necessary to present fairly BCG's
financial position, results of operations and changes in
financial position for such interim period. These financial
statements should be read in conjunction with BCG's financial
statements and the notes thereto as of December 31, 1995,
included in BCG's annual report on Form 10-KSB for the year ended
December 31, 1995.
Bank Corporation of Georgia is a bank holding company whose
business is primarily conducted by its wholly-owned banking
subsidiaries First South Bank, N. A. ("FSB"), First South Bank of
Coweta County, N. A. ("Coweta"), First South Bank of Middle
Georgia, N. A. ("Middle Georgia"), and Ameribank, N. A.
("Ameribank"). The accounting principles followed by Bank
Corporation of Georgia and its subsidiaries, and the methods of
applying those principles conform with generally accepted
accounting principles and with general practices within the
banking industry, where applicable.
BCG's consolidated financial statements include the accounts of
the parent company and its subsidiaries. All significant
intercompany accounts and transactions have been eliminated in
consolidation.
Investment securities are classified and accounted for according
to Statement of Financial Accounting Standards ("SFAS") No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities," adopted by the Company January 1, 1994.
Pursuant to SFAS 115 investments are classified and accounted for
as follows:
Debt securities that BCG has the positive intent and
ability to hold to maturity are classified as held-to-
maturity and reported at amortized cost.
Debt and equity securities that are bought and held
principally for the purpose of selling them in the near
term are classified as trading securities and reported
at fair value, with unrealized gains and losses
included in earnings.
Debt and equity securities not classified as either
held-to-maturity securities or trading securities are
classified as available-for-sale securities and
reported at fair value, with unrealized gains and
losses excluded from earnings and reported in a
separate component of shareholders' equity.
Prior to adoption of SFAS 115 all securities were carried at cost
adjusted for amortization of premiums and accretions of
discounts, as required by SFAS 12, "Accounting for Certain
Marketable Securities." For the three months ended March 31,
1996 substantially all of BCG's securities were in the available-
for-sale security portfolio.
Interest income on loans is recognized in a manner that results
in a level yield on the principal amount outstanding.
Statement of Financial Accounting Standards ("SFAS") No. 91
"Accounting for Non-refundable Fees and Cost Associated with
Originating and Acquiring Loans and Initial Direct Costs of
Leases," issued in December, 1986, generally requires deferral
and amortization of loan fees and direct costs over the life of
the related loan.
-7-
<PAGE>
Since January 1, 1987, BCG has been in compliance with SFAS No.
91. This statement has not had a material impact on the
Company's results of operations.
Effective January 1, 1993, BCG adopted Statement of Financial
Accounting Standards("SFAS") No. 109 in accounting for financial
income tax expense. Previously, BCG accounted for financial
income tax expense under the provisions of SFAS 96. Upon
application of SFAS 109, the future tax consequences of the
differences between the financial reporting and tax bases of the
Company's assets and liabilities resulted in a net deferred tax
asset. A valuation allowance was established for all of the net
deferred tax asset as of January 1, 1993, and accordingly, the
initial adoption of SFAS 109 had no effect on the 1993 financial
statements. At December 31, 1994, after considering the
operating results for 1994 and other matters, the Company reduced
the valuation allowance in order to adjust the net deferred tax
asset to an amount which management believes will more likely
than not be realized. The valuation allowance was reduced at
March 31, June 30, and September 30, 1995 by the tax expense that
would have been recorded on pretax income times the statutory
rate. Therefore, no tax expense was recorded for the first
quarter of 1995.
BCG's provision for loan losses is based upon management's
continuing review and evaluation of the loan portfolio and is
intended to create an allowance adequate to absorb losses on
loans outstanding as of the end of each reporting period. For
individually significant amounts, management's review consists of
evaluations of the financial strength of the borrowers and the
related collateral. The review of groups of loans, which are
individually insignificant, is based upon the delinquency status
of the group, lending policies and previous collections
experience by each category.
Premises and equipment are stated at cost less accumulated
depreciation and amortization. Depreciation is principally
computed on the straight-line method over the estimated useful
lives of the assets.
Earnings per share are based upon weighted average outstanding
shares of common stock of 1,910,454 for the first three months of
1996, the number of shares outstanding as of December 31, 1995
and March 30, 1995.
There are statuory and regulatory requirements applicable to
payment of dividends by the Banks as well as by BCG to its
shareholders. No cash dividends were declared during the three
month period ended March 31, 1996.
Statement of Financial Accounting Standards ("SFAS") No. 95
"Statement of Cash Flows," issued in November, 1987, generally
requires a statement of cash flows as part of a full set of
financial statements for all business enterprises in place of a
statement of changes in financial position. BCG adopted SFAS No.
95 prospectively effective January 1, 1988. For purposes of the
Statement of Cash Flows, BCG considers cash and cash equivalents
to include cash on hand and amounts due from banks and federal
funds sold.
-8-
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
Earnings Summary
-----------------
Net income for the first three months of 1996 was $784,048, an
increase of $75,597 over the same period in 1995. The net income
per share for these two periods was $.41 and $.38, respectively.
Before minority interests, BCG had earnings of $830,969 and
$790,143 for the first three months of 1996 and 1995,
respectively.
Net interest income for the three months ended March 31, 1996
increased $253,636 or 8.6% over the same period in 1995. This
increase is primarily due to an increase in net interest earning
assets over the same period in 1995.
The net interest margin, as a percentage of earning assets,
decreased to 5.89 percent for the first three months of 1996 as
compared to 5.92 percent for the same period in 1995.
Non-interest income for the three month period increased $193,998
or 49.9 percent from 1995 to 1996. The increase was primarily
the result of an increase in service charges and gain on sale of
loans over the same period in 1995.
Non-interest expense increased by $256,598 in the first three
months of 1996 from the same period in 1995, an increase of 11.7
percent. The increase was primarily due to an increase in
salaries and employee benefits over the same period in 1995. In
the first quarter of 1996, Ameribank, N. A., opened a branch
office, accounting for a large share of the increase.
For the first three months of 1996, return on equity was 14.58
percent on an annualized basis versus 16.77 percent for the same
period a year earlier. The decrease was primarily due to an
increase in tax expense due to the cessation of recognition of
tax benefits of net operating losses from Ameribank, N. A.
Risk Elements
-------------
The allowance for loan losses at March 31, 1996 was $2,533,468 or
5.09 percent and 13.62 percent higher than at December 31, 1995
and March 31, 1995, respectively. At March 31, 1996 the
allowance represented 1.47 percent of total loans as compared
with 1.46 percent at December 31, 1995 and 1.48 percent at March
31, 1995. At March 31, 1996 non-performing loans represented
.19% of total loans as compared with .23% at December 31, 1995
and .16% at March 31, 1995. The allowance for loan losses as a
percentage of non-performing loans was 794% at March 31, 1996 as
compared with 643% at December 31, 1995 and 931% at March 31,
1995.
Capital Resources
----------------
Shareholders' equity of $22,793,791 at March 31, 1996 increased
30.5 percent over the same period in 1995 resulting in book value
per outstanding common of share of $11.04 compared to $9.10 at
March 31, 1995. Capital for BCG is above regulatory requirements,
with GAAP equity of 9.18 percent of total assets at March 31,
1996.
-9-
<PAGE>
Set forth below are pertinent capital ratios for the Company and
the Banks as of March 31, 1996:
<TABLE>
<CAPTION>
Middle
Minimum Capital Requirement FSB Coweta Georgia Ameribank BCG
- - ---------------------------- ---- ------ ------- --------- ---
<S> <C> <C> <C> <C> <C>
Tier 1 Capital to Risk-based 10.20% 12.96% 12.29% 10.58% 10.76%
Assets: 4.00% <F1>
Total Capital to Risk-based 11.45% 14.06% 13.19% 11.81% 11.96%
Assets: 8.00% <F2>
Leverage Ratio (Tier 1 Capital 6.58% 10.13% 9.86% 7.85% 8.09%
to Total Assets):
3.00% <F3>
__________________________
<FN>
<F1> Minimum for "Well Capitalized" Banks = 6%
<F2> Minimum for "Well Capitalized" Banks = 10%
<F3> Minimum for "Well Capitalized" Banks = 5%
</FN>
</TABLE>
Liquidity and Interest Rate Sensitivity
---------------------------------------
Liquidity management involves the ability to meet cash flow
requirements of customers who may be depositors making
withdrawals or borrowers needing credit funding. BCG's cash
flows are generated from interest and fee income, as well as from
loan repayments, deposit acquisition, and maturities or sales of
investments. BCG's liquidity needs are provided for primarily
through short-term securities, and the maturing of loans.
Federal funds sold represent the BCG's primary source of
immediate liquidity and were maintained at a level adequate to
meet immediate needs. Federal funds averaged $11,359,713 and
$13,202,508 for the three months ended March 31, 1996 and 1995,
respectively. Maturities in BCG's loan and investment portfolios
are monitored regularly to avoid matching short-term deposits
with long-term loans and investments. Other assets and
liabilities are also monitored to provide the proper balance
between liquidity, safety, and profitability. This monitoring
process must be continuous due to the constant flow of cash which
is inherent in a financial institution.
BCG actively manages its interest rate sensitive assets and
liabilities to reduce the impact of interest rate fluctuations.
At March 31, 1996, BCG's rate sensitive liabilities exceeded rate
sensitive assets due within one year by $22,053,000.
BCG manages its liquidity through the volatility of its deposits
and patterns in loan demand, its current liquidity position, its
ability to control funding needs and potential sources of funds.
As part of managing liquidity, the Company monitors its loan to
deposit ratio on a daily basis. The target ratio is 85 percent.
At March 31, 1996 the ratio was 79.7 percent.
BCG experienced a net decrease in cash and cash equivalents, its
primary source of liquidity, of $4,969,807 during the first three
months of 1996. Operating activities provided $510,280 of funds.
Adjustments to net income for non-cash expenses of depreciation,
amortization, and provision for loan losses of $223,796 are
included in this amount as a net provision of funds. Investing
activities used $18,474,541 of funds, primarily due to an
increase in loans and purchases of investment securities during
the three month period. Financing activities provided net cash
of $12,994,454 due to an increase in deposit accounts during the
three months ended March 31, 1996.
-10-<PAGE>
FASB STATEMENTS
---------------
The Financial Accounting Standards Board (the "FASB") recently
issued Statement No. 121, "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to Be Disposed of." SFAS
121 establishes accounting standards for the impairment of long-
lived assets, certain identifiable intangibles, and goodwill
related to those assets to be held and used and for long-lived
assets and certain identifiable intangibles to be disposed of
SFAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995 and with early adoption
permitted. Presently, BCG is unable to determine the impact that
adoption of SFAS 121 will have on the consolidated financial
statements, but management anticipates that the impact will not
be material.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither Bank Corporation of Georgia nor its
subsidiaries is a party to any pending legal
proceedings which Management believes would have a
material effect upon the operations or financial
condition of Bank Corporation of Georgia.
Item 2. Changes in Securities - Not applicable.
Item 3. Defaults Upon Senior Securities - Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders -
Not applicable.
Item 5. Other Information - Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits - Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K - Not applicable.
-11-
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
Date: May 7, 1996
BANK CORPORATION OF GEORGIA
/s/ James R. McLemore, Jr.
James R. McLemore, Jr.
Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000315708
<NAME> BANK CORPORATION OF GEORGIA
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 5,727
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 11,889
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 45,612
<INVESTMENTS-CARRYING> 136
<INVESTMENTS-MARKET> 0
<LOANS> 172,057
<ALLOWANCE> (2,533)
<TOTAL-ASSETS> 248,199
<DEPOSITS> 215,936
<SHORT-TERM> 5,000
<LIABILITIES-OTHER> 2,069
<LONG-TERM> 2,400
0
0
<COMMON> 2,082
<OTHER-SE> 20,712
<TOTAL-LIABILITIES-AND-EQUITY> 248,199
<INTEREST-LOAN> 4,498
<INTEREST-INVEST> 716
<INTEREST-OTHER> 153
<INTEREST-TOTAL> 5,367
<INTEREST-DEPOSIT> 2,127
<INTEREST-EXPENSE> 2,175
<INTEREST-INCOME-NET> 3,192
<LOAN-LOSSES> 111
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,445
<INCOME-PRETAX> 1,219
<INCOME-PRE-EXTRAORDINARY> 1,219
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 784
<EPS-PRIMARY> .41
<EPS-DILUTED> .41
<YIELD-ACTUAL> 5.89
<LOANS-NON> 304
<LOANS-PAST> 15
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> (2,411)
<CHARGE-OFFS> 15
<RECOVERIES> 26
<ALLOWANCE-CLOSE> (2,533)
<ALLOWANCE-DOMESTIC> (2,533)
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
