<PAGE>
UNITED STATES 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 June 30, 1995
-------------
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-16181
-------
ABC BANCORP
-------------------------------------------------------------
(Exact name of registrant as specified in its charter)
GEORGIA 58-1456434
------------------------------- -------------------
(State of incorporation) (IRS Employer ID No.)
310 FIRST STREET, SE MOULTRIE, GA 31768
-----------------------------------------
(Address of principal executive offices)
(912)890-1111
-------------
(Registrant's telephone number)
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
--- ---
There were 2,514,575 shares of Common Stock outstanding as of June 30, 1995.
1
<PAGE>
ABC BANCORP
QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTER ENDED JUNE 30, 1995
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item Page
----- ----
1. Financial Statements
Consolidated Statements of Financial Condition 3
Consolidated Statements of Income 4 - 5
Consolidated Statements of Cash Flows 6 - 7
Notes to Consolidated Financial Statements 8
2. Management's Discussion and Analysis of Financial 9 - 13
Condition and Results of Operations
PART II - OTHER INFORMATION
3. Submission of Matters to a Vote of Securities Holders 14
6. Exhibits and Reports N Form 8-K 15
Signatures 16
2
<PAGE>
ABC BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1995
(DOLLARS IN THOUSANDS)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995
----------
<S> <C>
Cash and due from banks
Securities available for sale, at fair value 8,386
Securities held for investment, at cost (fair value $39,133) 39,096
Federal funds sold 10,870
Loans 208,334
Less allowance for loan losses 4,097
--------
Loans, net 204,237
--------
Premises and equipment, net 7,155
Other assets 10,207
--------
$300,301
========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Deposits
Noninterest-bearing demand $ 42,189
Interest-bearing demand 54,966
Savings 22,773
Time, $100,000 and over 34,409
Other time 103,994
--------
Total deposits 258,331
Federal funds purchased and securities sold
under repurchase agreements 649
Accrued interest and other liabilities 9,181
--------
Total liabilities 268,161
--------
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Common stock, par value $1; 3,000,000 shares
authorized, 2,697,987 issued and 1,950,487 shares issued 2,698
Capital surplus 17,728
Retained earnings 13,309
Unrealized gain (losses) on securities available for sale 85
--------
33,820
Less cost of 183,412 shares acquired for the treasury (1,680)
--------
Total stockholders' equity 32,140
--------
$300,301
========
</TABLE>
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
-3-
<PAGE>
ABC BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(DOLLARS IN THOUSANDS)
(UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
1995 1994
--------- ---------
<S> <C> <C>
INTEREST INCOME
Income and fees on loans $5,618 $4,288
Interest on taxable securities 556 477
Interest on nontaxable securities 136 160
Interest on deposits in other banks 33 35
Interest on Federal funds sold 261 166
--------- ---------
6,604 5,126
--------- ---------
INTEREST EXPENSE
Interest on deposits 2,548 1,842
Interest on securities sold under repurchase agreements
and other borrowings 78 83
--------- ---------
2,626 1,925
--------- ---------
Net interest income 3,978 3,201
PROVISION FOR LOAN LOSSES 180 206
--------- ---------
Net interest income after provision for loan losses 3,798 2,995
--------- ---------
OTHER INCOME
Service charges on deposit accounts 625 618
Other service charges, commissions and fees 124 72
Other 44 55
--------- ---------
793 745
--------- ---------
OTHER EXPENSE
Salaries and employee benefits 1,586 1,465
Equipment expense 272 237
Occupancy expense 231 220
Amortization of intangible assets 80 87
Data processing fees 100 148
Directors fees 127 121
FDIC premiums 146 141
Other operating expenses 527 352
--------- ---------
3,069 2,771
--------- ---------
Income before income taxes 1,522 969
Applicable income taxes 492 303
--------- ---------
NET INCOME $1,030 $666
========= =========
Income per common share $0.41 $0.33
========= =========
Average shares outstanding 2,514,575 2,062,989
</TABLE>
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
-4-
<PAGE>
ABC BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(DOLLARS IN THOUSANDS)
(UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
1995 1994
--------- ---------
<S> <C> <C>
INTEREST INCOME
Income and fees on loans $10,793 $8,250
Interest on taxable securities 1,072 929
Interest on nontaxable securities 269 323
Interest on deposits in other banks 51 61
Interest on Federal funds sold 575 375
--------- ---------
12,760 9,938
--------- ---------
INTEREST EXPENSE
Interest on deposits 4,839 3,612
Interest on securities sold under repurchase agreements
and other borrowings 135 161
--------- ---------
4,974 3,773
--------- ---------
Net interest income 7,786 6,165
PROVISION FOR LOAN LOSSES 360 413
--------- ---------
Net interest income after provision for loan losses 7,426 5,752
--------- ---------
OTHER INCOME
Service charges on deposit accounts 1,228 1,172
Other service charges, commissions and fees 353 296
Other 99 124
--------- ---------
1,680 1,592
--------- ---------
OTHER EXPENSE
Salaries and employee benefits 3,105 2,887
Equipment expense 550 479
Occupancy expense 462 435
Amortization of intangible assets 159 174
Data processing fees 185 237
Directors fees 155 145
FDIC premiums 291 282
Other operating expenses 1,162 1,024
--------- ---------
6,069 5,663
--------- ---------
Income before income taxes 3,037 1,681
Applicable income taxes 979 497
--------- ---------
NET INCOME $2,058 $1,184
========= =========
Income per common share $0.82 $0.62
========= =========
Average shares outstanding 2,514,575 1,915,749
</TABLE>
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
ABC BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(DOLLARS IN THOUSANDS)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
-------- -------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $2,058 $1,184
------- -------
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 412 319
Provision for loan losses 360 413
Amortization of intangible assets 134 175
Other prepaids, deferrals and accruals, net (2,288) 213
------- -------
Total adjustments (1,382) 1,120
------- -------
Net cash provided by (used in) operating activities 676 2,304
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of securities held
for investment 5,866 4,705
Purchase of securities available for sale (6,703) - -
Purchase of securities held for investment - - (3,487)
(Increase) decrease in interest-bearing
deposits in bank - - 757
(Increase)decrease in Federal funds sold 10,982 16,890
(Increase) decrease in loans (16,510) (23,396)
Purchase of premises and equipment (396) (1,881)
------- -------
Net cash provided by (used in) investing activities (6,761) (6,412)
------- ------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits 1,777 362
Net increase (decrease) in repurchase
agreements (2,107) (862)
Sale of common stock, net of expense - - 8,514
Incurr (Repayment) of long-term debt 6,774 (4,662)
Dividends paid (503) (406)
------- -------
Net cash provided by (used in) financing activities 5,941 2,946
------- -------
</TABLE>
6
<PAGE>
ABC BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30 1995 AND 1994
(DOLLARS IN THOUSANDS)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
-------- --------
<S> <C> <C>
Net increase (decrease) in cash and due from banks ($144) ($1,162)
Cash and due from banks at beginning of quarter 20,494 16,994
------- -------
Cash and due from banks at end of quarter $20,350 $15,832
======= =======
</TABLE>
SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
7
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of ABC Bancorp and subsidiaries ("the
Company") conform to generally accepted accounting principles and to general
practices within the banking industry. The interim consolidated financial
statements included herein are unaudited, but reflect all adjustments which, in
the opinion of management, are necessary for a fair presentation of the
consolidated financial position and results of operations for the interim
periods presented. All adjustments reflected in the interim financial
statements are of a normal recurring nature. Such financial statements should
be read in conjunction with the financial statements and notes thereto and the
report of independent auditors included in the Company's Form 10-KSB Annual
Report for the year ended December 31, 1994. The results of operations for the
six months ended June 30, 1995 are not necessarily indicative of the results to
be expected for the full year.
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
Liquidity management involves the matching of the cash flow
requirements of customers who may be either depositors desiring to withdraw
funds or borrowers needing assurance that sufficient funds will be available to
meet their credit needs and the ability of the ABC Bancorp and subsidiaries (the
"Company") to meet those needs. The Company seeks to meet liquidity
requirements primarily through management of short-term investments (principally
Federal funds sold) and monthly amortizing loans. Another source of liquidity
is the repayment of maturing single payment loans. Also, the subsidiary banks
(the "Banks") maintain relationships with correspondent banks which could
provide funds to them on short notice, if needed.
The liquidity and capital resources of the Company is monitored on a
periodic basis by state and Federal regulatory authorities. As determined under
guidelines established by these regulatory authorities, the Banks' liquidity
ratios at June 30, 1995 were considered satisfactory. At that date, the Banks'
short-term investments were adequate to cover any reasonably anticipated
immediate need for funds. The Company is aware of no events or trends likely to
result in a material change in liquidity. At June 30, 1995, the Company's and
the Banks' capital asset ratios were considered adequate based on guidelines
established by regulatory authorities. After recording an increase in capital
of $84,616 for unrealized gains on securities, net of taxes, total capital
increased during the second quarter of 1995 by $669,202. At June 30, 1995,
total capital of the Company amounted to $32,139,528. At June 30, 1995, there
were no outstanding commitments for any major capital expenditures.
RESULTS OF OPERATIONS
The Company's results of operations is determined by its ability to
effectively manage interest income and expense, to minimize loan and investment
losses, to generate noninterest income and to control noninterest expense.
Since interest rates are determined by market forces and economic conditions
beyond the control of the Company, the ability to generate net interest income
is dependent upon the Banks' ability to obtain an adequate spread between the
rate earned on interest-earning assets and the rate paid on interest-bearing
liabilities. Thus, the key performance measure for net interest income is the
interest margin or net yield, which is taxable-equivalent net interest income
divided by average earning assets.
9
<PAGE>
RESULTS OF OPERATION (CONTINUED)
The primary component of consolidated earnings is net interest income,
or the difference between interest income on interest-earning assets and
interest paid on interest-bearing liabilities. The net interest margin is net
interest income expressed as a percentage of average interest-earning assets.
Interest-earning assets consist of loans, investment securities and Federal
funds sold. Interest-bearing liabilities consist of deposits, of which
approximately 16% are noninterest-bearing. A portion of interest income is
earned on tax-exempt investments, such as state and municipal bonds. In an
effort to state this tax-exempt income and its resultant yields on a basis
comparable to all other taxable investments, an adjustment is made to analyze
this income on a taxable-equivalent basis.
The net interest margin increased by 9.5% to 5.76% as compared to
5.26% during the six months ended June 30, 1995 and 1994, respectively. This
increase in net interest margin was achieved by an increase of 10 basis points
on average yield earned on interest-earning assets accompanied by a decrease of
6 basis points in average rate paid on interest-bearing liabilities. Net
interest income on a taxable-equivalent basis was $7,925,000 as compared to
$6,331,000 during the six months ended June 30, 1995 and 1994, respectively,
representing an increase of 27.7%. Net interest income on a taxable-equivalent
basis was $4,048,000 as compared to $3,283,000 during the three months ended
June 30, 1995 and 1994, respectively, representing an increase of 23.3%.
Average interest-earning assets increased by $34,463,000 to
$275,176,000 in June 1995 from $240,713,000 in June 1994. Average loans
increased by $24,840,000; average investments increased by $2,352,274; and
average Federal funds sold decreased by $3,355,889. The increase in average
interest-earning assets was funded by an increase in average deposits of
$19,218,201 or 8.0% to $257,396,751 in June 1995 from $238,178,550 in June 1994.
Approximately 17% of the average deposits were noninterest-bearing deposits as
of June 1995 as compared to 16% noninterest-bearing deposits as of June 1994.
The allowance for loan losses represents a reserve for potential
losses in the loan portfolio. The adequacy of the allowance for loan losses is
evaluated periodically based on a review of all significant loans, with a
particular emphasis on nonaccruing, past due and other loans that management
believes require attention.
10
<PAGE>
RESULTS OF OPERATION (CONTINUED)
The provision for loan losses is a charge to earnings in the current
period to replenish the allowance and maintain it at a level management has
determined to be adequate. The provision for loan losses charged to earnings
amounted to $180,000 and $360,000 during the three and six months ended June 30,
1995 and $205,500 and $412,500 during the three and six months ended June 30,
1994. Charge-offs, net of recoveries, amounted to $16,000 net charge-offs and
$40,000 net recoveries during the six months ended June 30, 1995 and 1994,
respectively. The decrease in loan charge-offs in 1995 resulted from an
improvement in the quality of the collateral held as security on loans and the
ability of creditors to service their debt. The allowance for loan losses was
2.0% and 2.17% of total loans outstanding at June 30, 1995 and 1994,
respectively, the determination of the allowance rests upon management's
judgment about factors affecting loan quality and assumptions about the local
and national economy. Management considers the year-end allowance for loan
losses adequate to cover potential losses in the loan portfolio.
Following is a comparison of noninterest income for the three and six
months ended June 30, 1995 and 1994. (dollars in thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED % INC
------------------
June 1995 June 1994 (DEC)
--------- --------- -----
<S> <C> <C> <C>
Service charges,(dep.acct.) $625 $618 1.13%
Other service charges/fees 124 72 72.22%
Other income 44 55 (20.00%)
------ ----- --------
$793 $745 6.44%
====== ====== ========
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED % INC
----------------
June 1995 June 1994 (DEC)
--------- --------- -----
<S> <C> <C> <C>
Service charges,(dep.acct.) $1,228 $1,172 4.78%
Other service charges/fees 353 296 19.26%
Other income 99 124 (20.16%)
------ ------ ------
$1,680 $1,592 5.53%
====== ====== ======
</TABLE>
The increase in service charges and fees for the six months ended June 30, 1995
is attributable to an increase in average deposits of $19,218,201 as compared to
the six months ended June 30, 1994.
11
<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
Following is an analysis of noninterest expense for the three and six
months ended June 30, 1995 and 1994. (dollars in thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED % INC
----------------------
June 1995 June 1994 (DEC)
--------- --------- ------
<S> <C> <C> <C>
Salaries and employee benefits $1,586 $1,465 8.26%
Occupancy and Equipment expense 503 457 10.07%
Deposit insurance premium 146 141 3.55%
Data processing fees 100 148 (32.43%)
Other expense 727 560 29.82%
------ ------ ------
$3,069 $2,771 10.75%
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED % INC
----------------------
June 1995 June 1994 (DEC)
--------- --------- ------
<S> <C> <C> <C>
Salaries and employee benefits $3,105 $2,886 7.59%
Occupancy and Equipment expense 1,012 914 10.72%
Deposit insurance premium 291 282 9.00%
Data processing fees 845 758 11.48%
Other expense 816 822 (0.73%)
------ ------ ------
$6,069 $5,662 7.18%
====== ====== ======
</TABLE>
Salaries and employee benefits increased $219,000 during the six
months ended June 30, 1995. Salaries increased $130,921; bonuses increased
$40,441; and employee benefits increased $20,446.
12
<PAGE>
Following is a condensed summary of net income during the three and
six months ended June 30, 1995 and 1994. (dollars in thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED INC
------------------
June 1995 June 1994 (DEC)
--------- --------- -----
<S> <C> <C> <C>
Net interest income $3,978 $3,201 $777
Provision for loan losses 180 205 25
Other income 793 745 48
other expense 3,069 2,771 298
------ ------ ----
Income before income
taxes and cumulative
effect of change in
accounting 1,522 969 552
Applicable income taxes 492 303 189
------ ------ ----
Net Income $1,030 $ 666 $363
====== ====== ====
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED INC
----------------
June 1995 June 1994 (DEC)
--------- --------- -------
<S> <C> <C> <C>
Net interest income $7,786 $6,165 $1,621
Provision for loan losses 360 412 52
Other income 1,680 1,591 89
other expense 6,069 5,663 406
------ ------ ------
Income before income
taxes and cumulative
effect of change in
accounting 3,037 1,681 1,356
Applicable income taxes 979 497 482
------ ------ ------
Net Income $2,058 $1,184 $ 874
====== ====== ======
</TABLE>
13
<PAGE>
PART II - OTHER INFORMATION
Item 3. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The Annual Meeting of the Shareholders of the Company
was held on April 18, 1995. At this meeting proxies were solicited under
Regulation 14a of the Securities and Exchange Act of 1934. Total shares
outstanding,net of 183,412 shares held for the treasury amounted to 2,514,575.
A total of 1,385,921 shares (55%) were represented by shareholders in attendance
or by proxy. By a vote of 1,373,171 for, 6,050 against and 6,700 abstaining, the
following directors were elected to serve one year until the next annual
meeting:
J. Raymond Fulp Joseph C. Parker
Kenneth J. Hunnicutt Eugene M. Vereen, Jr.
Willard Lasseter Doyle Weltzbarker
Henry Wortman Hal Lynch
Bobby R. Lindsey
By a vote of 1,333,125 for, 26,864 against and 25,932 abstaining, the
shareholders approved an amendment to the Company's Articles of Incorporation to
provide therein for an increase to 10,000,000 shares of common stock, $1.00 par
value, in one or more series with voting rights as determined by the Board of
Directors, and the creation of 5,000,000 shares of "Blank Check" Preferred
Stock.
The Common Stock may be created and issued from time to time in one or
more series with voting rights for each series as determined by the Board of
Directors of the Company and set forth in the resolution or resolutions
providing for the creation and issuance of the stock in such series. The
Preferred Stock may be created and issued from time to time in one or more
series with such designations, preferences, limitations, conversion rights
cumulative, relative, participating, optional or other rights, including voting
rights, qualifications, limitations or restrictions thereof as determined by
the Board of Directors of the Company and set forth in the resolution or
restrictions providing for the creation and issuance of the stock in such
series.
14
<PAGE>
Item 6. Exhibits and Reports N Form 8-K
A. Exhibits - None.
B. There have been no reports filed on Form 8-K for the quarter
ended June 30, 1995.
15
<PAGE>
SIGNATURE
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:
ABC BANCORP
----------------------- -------------------------------------
DATE W. EDWIN LANE, JR.
EXECUTIVE VICE PRESIDENT &
CHIEF FINANCIAL OFFICER
(Duly authorized officer and
principal financial/accounting
officer)
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 2ND QTR.
1995 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> MAR-31-1995 MAR-31-1994
<PERIOD-START> APR-01-1995 APR-01-1994
<PERIOD-END> JUN-30-1995 JUN-30-1994
<CASH> 20,350 15,832
<INT-BEARING-DEPOSITS> 0 500
<FED-FUNDS-SOLD> 10,870 14,685
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 8,386 0
<INVESTMENTS-CARRYING> 39,096 44,719
<INVESTMENTS-MARKET> 39,133 43,977
<LOANS> 208,334 185,182
<ALLOWANCE> 4,097 4,023
<TOTAL-ASSETS> 300,301 271,969
<DEPOSITS> 258,331 238,586
<SHORT-TERM> 649 2,317
<LIABILITIES-OTHER> 9,181 1,800
<LONG-TERM> 0 15
<COMMON> 2,698 2,698
0 0
0 0
<OTHER-SE> 31,122 26,553
<TOTAL-LIABILITIES-AND-EQUITY> 300,301 271,969
<INTEREST-LOAN> 5,618 4,288
<INTEREST-INVEST> 692 637
<INTEREST-OTHER> 294 201
<INTEREST-TOTAL> 6,604 5,126
<INTEREST-DEPOSIT> 2,548 1,842
<INTEREST-EXPENSE> 78 83
<INTEREST-INCOME-NET> 3,978 3,201
<LOAN-LOSSES> 180 206
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 3,069 2,771
<INCOME-PRETAX> 1,522 969
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,030 666
<EPS-PRIMARY> .82 .62
<EPS-DILUTED> 0 0
<YIELD-ACTUAL> 9.64 8.84
<LOANS-NON> 2,468 0
<LOANS-PAST> 0 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 4,294 4,401
<ALLOWANCE-OPEN> 3,757 3,571
<CHARGE-OFFS> 243 276
<RECOVERIES> 221 316
<ALLOWANCE-CLOSE> 4,096 4,023
<ALLOWANCE-DOMESTIC> 0 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 4,096 4,023
</TABLE>
