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 the Quarterly Period Ended March 31, 2000
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 2-27985
_______________________
1st Franklin Financial Corporation
A Georgia Corporation I.R.S. Employer No. 58-0521233
213 East Tugalo Street
Post Office Box 880
Toccoa, Georgia 30577
(706) 886-7571
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at April 30, 2000
- --------------------------------------------- -----------------------------
Voting Common Stock, par value $100 per share 1,700 Shares
Non-Voting Common Stock, no par value 168,300 Shares
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements:
- ----------------------------
The following financial statements required hereunder are
incorporated by reference from the Company's Quarterly Report to
Investors for the Three Months Ended March 31, 2000. See Exhibit 19
Consolidated Statements of Financial Position:
March 31, 2000 and December 31, 1999
Consolidated Statements of Income and Retained Earnings:
Three Months Ended March 31, 2000 and March 31, 1999
Consolidated Statements of Cash Flows:
Three Months Ended March 31, 2000 and March 31, 1999
Notes to Consolidated Financial Statements
ITEM 2. Managements' Discussion and Analysis of Financial Condition and
Results of Operations.
- -----------------------------------------------------------------------
The information required hereunder is set forth under
"Management's Letter" of the Company's Quarterly Report to
Investors for the Three Months Ended March 31, 2000. See Exhibit 19.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.
- ------------------------------------------------------------------
The information required hereunder is set forth under "Management's
Letter", "Market Risk" sub-heading, of the Company's Quarterly
Report to Investors for the Three Months Ended March 31, 2000.
See Exhibit 19.
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
- ----------------------------------------
(a) Exhibits:
19 Quarterly Report to Investors for the Three
Months Ended March 31, 2000.
27 Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter
ended March 31, 2000.
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.
1st FRANKLIN FINANCIAL CORPORATION
-----------------------------------
Registrant
/s/ Ben F. Cheek, III
-----------------------------------
Chairman of Board
/s/ A. Roger Guimond
-----------------------------------
Vice President, Chief Financial
Officer and Principal Accounting
Officer
Date: May 12, 2000
1st FRANKLIN FINANCIAL CORPORATION
INDEX TO EXHIBITS
Exhibit Page
No. No.
-- --
19 Quarterly Report to Investors
for the Three Months Ended March 31, 2000................. 4
27 Financial Data Schedule................................... 13
Exhibit 19
1st
FRANKLIN
FINANCIAL
CORPORATION
QUARTERLY
REPORT TO INVESTORS
FOR THE
THREE MONTHS ENDED
MARCH 31, 2000
MANAGEMENT'S LETTER
Financial Condition:
- -------------------
Total assets declined $.8 million (.3%) to $226.4 million during the
first quarter of 2000 primarily due to a decrease in the Company's loan
receivables. Historically, the Company has experienced a decline in loan
receivables during the first quarter of each year due to its cyclical
loan business. The downward trend normally reverses during the second
quarter as loan activity begins increasing.
Overall liabilities decreased $2.5 million (2%) during the quarter just
ended as compared to the prior year-end as a result of the disbursement of
the prior year's accrued incentive bonus and the Company's annual
contribution to the employee profit sharing plan.
Expansion of branch operations continued with the opening of one new
branch office in Georgia. An additional office is currently scheduled to
open during the second quarter of 2000 in Griffin, Georgia.
Results of Operations:
- ---------------------
Revenues during the quarter ended March 31, 2000 were $19.5 million as
compared to $17.1 million during the first quarter of 1999. The increase in
revenues is attributed to finance charge income and insurance income earned
on higher levels of average net receivables outstanding (gross receivables
less unearned finance charges). Average net receivables rose $20.4 million
or 13% during the quarter ended March 31, 2000 as compared to the same
quarter in 1999. This growth in the Company's primary earnings base induced
a $1.4 million (14%) increase in the Company's net interest margin during the
current period as compared to the same quarter in 1999. Net interest margin
represents the difference between the margin by which interest income on
earning assets (loans and investment securities) exceeds interest expense on
its interest bearing debt. Also contributing to the increase in the net
interest margin was the fact that there was only a minimal increase in
interest expense, as average borrowings were only slightly higher during the
quarter just ended as compared to the same quarter a year ago. Management,
however, projects interest expense to have a higher impact on the net
interest margin during the remainder of the year due to the recent volatility
in market rates.
Net insurance income rose $.6 million or 15% during the comparable
quarterly periods as a result of the aforementioned increase in average net
receivables. Higher levels of average net receivables generally lead to
higher levels of insurance in-force because of more customers requesting
insurance. A decrease in claims submitted and general insurance expenses
also contributed to the rise in net insurance income.
Although revenues were higher during the quarter ended March 31, 2000 as
compared to the same quarter year ago, pretax profits were $.1 million or 5%
lower due to increases in loan losses and other operating expenses. The
Company's provision for loan losses increased $.3 million or 35% during the
quarter just ended as compared to the same quarter a year ago. A $.4 million
(36%) increase in net charge-offs was primarily responsible for the increase.
In addition, Management raised the loan loss reserve during the later part of
1999 in order to provide adequate protection against probable losses.
Delinquent accounts 60 days or more past due increased to 7.0% of net
receivables at March 31, 2000 as compared to 6.6% at prior year-end.
Management is carefully monitoring the credit-worthiness of the loan
portfolio and will add to the reserve as deemed necessary.
Personnel expense increased $1.3 million (21%) during the quarter just
ended as compared to the same quarter a year ago mainly due to merit salary
increases effective January 1. Medical claims incurred by the Company's
self-insured employee health plan rose significantly during the current
quarter which also added to the increase in personnel expense. Other factors
contributing were increases in the accruals for incentive bonuses and the
profit sharing contribution.
Twelve new branch offices have been opened since the quarter ended
March 31, 1999. The rent, utilities, telephone and maintenance associated
with these new offices caused occupancy expense to increase $.1 million or
11% during the quarter just ended.
Other operating expenses increased $.4 million (16%) during the quarter
just ended as compared to the same quarter in 1999 as a result of higher
advertising expenditures, legal and audit fees, stationary and supplies and
various state taxes and licenses.
Effective income tax rates were 15.7% and 14.6% for the quarters ended
March 31, 2000 and 1999, respectively. Income taxes during the periods
reflect the taxes of the Company's insurance subsidiaries which are not "S"
corporations for income tax reporting purposes . Federal and state
income taxes generated by the "S" corporation are paid by the shareholders,
except in states which do not recognize S corporation status. Certain tax
benefits provided by law to life insurance companies substantially reduce the
life insurance subsidiary's effective tax rate and thus decrease the
Company's general tax rate below statutory rates. Investments in tax exempt
securities by the Company's property and casualty insurance subsidiary also
decrease the effective tax rate.
Market Risk:
- -----------
There has been no material change in the Company's market risk since
December 31, 1999. Recent volatility in interest rates may, however, have a
negative impact on the Company's net interest margin during the remainder of
2000 if Management has to raise rates paid on its debt securities to remain
competitive in the market place.
Liquidity:
- ---------
Liquidity requirements of the Company are financed through the
collection of receivables and through the issuance of public debt securities.
Continued liquidity of the Company is therefore dependent on the collection
of its receivables and the sale of debt securities that meet the investment
requirements of the public. In addition to the securities program, the
Company has two external sources of funds through the use of two credit
agreements. One agreement provides for available borrowing of $21.0 million.
Available borrowings were $16.9 million at March 31, 2000 and $20.0 at
December 31, 1999, relating to this agreement. Another agreement provides
for an additional $2.0 million for general operating purposes. Available
borrowings under this agreement were $2.0 million at March 31, 2000 and
December 31, 1999.
Year 2000 Readiness Disclosure:
- ------------------------------
The Company has not experienced any material malfunctions or errors in
its operations or business systems with regard to the Year 2000 issues
("Y2K"). Based on operations since January 1, 2000, Management does not
foresee any significant impact on its on-going business as a result of Y2K.
However, its is possible that the full impact of the date change, which was
of concern due to computer programs that use two digits instead of four
digits to define years, has not been fully recognized. Any problems which
might occur are expected to be minor and correctable. Management continues
to monitor applications of the Company and third party suppliers.
Expenses related to Year 2000 readiness during the quarter just ended
were $9,033. No additional expenses are budgeted for the remainder of the
year.
Forward Looking Statements:
- --------------------------
Certain information in the previous discussion and other statements
contained in this Quarterly Report which are not historical facts may be
forward-looking statements that involve risks and uncertainties. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein. Possible factors which could cause future results to
differ from expectations are, but not limited to, adverse economic
conditions including the interest rate environment, federal and state
regulatory changes, unfavorable outcome of litigation, Year 2000 issues and
other factors referenced elsewhere.
1st FRANKLIN FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, December 31,
2000 1999
(Unaudited) (Audited)
ASSETS
CASH AND CASH EQUIVALENTS . . . . . . . . . . $ 6,060,506 $ 5,914,535
------------ ------------
LOANS, net . . . . . . . . . . . . . . . . . 152,907,387 156,124,333
------------ ------------
INVESTMENT SECURITIES:
Available for Sale, at market value . . . 50,620,177 47,127,780
Held to Maturity, at amortized cost . . . 6,220,614 6,734,286
------------ ------------
56,840,791 53,862,066
------------ ------------
OTHER ASSETS . . . . . . . . . . . . . . . . . 10,556,541 11,237,126
------------ ------------
TOTAL ASSETS . . . . . . . . . . . $226,365,225 $227,138,060
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
SENIOR DEBT. . . . . . . . . . . . . . . . . . $114,074,869 $113,889,641
OTHER LIABILITIES. . . . . . . . . . . . . . . 10,300,359 13,461,731
SUBORDINATED DEBT . . . . . . . . . . . . . . 35,685,844 35,246,639
------------ ------------
Total Liabilities . . . . . . . . . . 160,061,072 162,598,011
------------ ------------
STOCKHOLDERS' EQUITY:
Preferred Stock; $100 par value . . . . . -- --
Common Stock . . . . . . . . . . . . . . 170,000 170,000
Accumulated Other Comprehensive Loss . . (898,837) (780,772)
Retained Earnings . . . . . . . . . . . . 67,032,990 65,150,821
------------ ------------
Total Stockholders' Equity . . . . . . 66,304,153 64,540,049
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY . . . . . $226,365,225 $227,138,060
============ ============
The accompanying Notes to Consolidated Financial Statements are
an integral part of these statements.
1st FRANKLIN FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
Three Months Ended
March 31
--------------------------
(Unaudited)
2000 1999
----------- -----------
INTEREST INCOME. . . . . . . . . . . . . . . . . . $13,536,226 $12,006,290
INTEREST EXPENSE . . . . . . . . . . . . . . . . . 2,320,051 2,186,596
----------- -----------
NET INTEREST INCOME. . . . . . . . . . . . . . . . 11,216,175 9,819,694
Provision for Loan Losses . . . . . . . . . . . 1,313,791 973,810
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES . . . . . . . . . . . 9,902,384 8,845,884
----------- -----------
NET INSURANCE INCOME . . . . . . . . . . . . . . . 4,616,644 4,011,272
----------- -----------
OTHER REVENUE. . . . . . . . . . . . . . . . . . . 136,207 133,794
----------- -----------
OTHER OPERATING EXPENSES:
Personnel Expense. . . . . . . . . . . . . . . 7,433,892 6,168,965
Occupancy. . . . . . . . . . . . . . . . . . . 1,513,600 1,368,169
Other. . . . . . . . . . . . . . . . . . . . . 2,882,124 2,489,733
----------- -----------
Total . . . . . . . . . . . . . . . . . . . 11,829,616 10,026,867
----------- -----------
INCOME BEFORE INCOME TAXES . . . . . . . . . . . 2,825,619 2,964,083
Provision for Income Taxes . . . . . . . . . . 442,686 431,382
----------- -----------
NET INCOME. . . . . . . . . . . . . . . . . . . . 2,382,933 2,532,701
RETAINED EARNINGS, beginning of period. . . . . . 65,150,821 60,637,368
Distributions on Common Stock. . . . . . . . . 500,764 -
----------- -----------
RETAINED EARNINGS, end of period. . . . . . . . . $67,032,990 $63,170,069
=========== ===========
EARNINGS PER SHARE:
Voting Common Stock; 1,700 Shares
Outstanding all periods. . . . . . . . . . . $14.02 $14.90
====== ======
Non-Voting Common Stock; 168,300 Shares
Outstanding all periods . . . . . . . . . . $14.02 $14.90
====== ======
The accompanying Notes to Consolidated Financial Statements are
an integral part of these statements.
1st FRANKLIN FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
Three Months Ended
March 31
--------------------------
(Unaudited)
2000 1999
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income. . . . . . . . . . . . . . . . . . . $ 2,382,933 $ 2,532,701
Adjustments to reconcile net income
to net cash provided by operating activities:
Provision for Loan Losses . . . . . . . . . 1,313,791 973,810
Depreciation and Amortization . . . . . . . 310,511 304,867
Deferred Income Taxes . . . . . . . . . . . 59,737 5,584
Other, net. . . . . . . . . . . . . . . . . 34,700 40,838
Decrease in Miscellaneous assets. . . . . . 513,299 792,485
Decrease in Accounts Payable and
Accrued Expenses. . . . . . . . . . . . . (3,228,679) (2,049,850)
----------- -----------
Net Cash Provided . . . . . . . . . . 1,386,292 2,600,435
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans originated or purchased. . . . . . . . . (30,603,314) (26,577,415)
Loan payments. . . . . . . . . . . . . . . . . 32,506,469 27,906,116
Purchases of marketable debt securities. . . . (4,974,163) (4,677,994)
Principal payments on securities . . . . . . . 91,147 152,359
Redemptions of securities. . . . . . . . . . . 1,760,000 2,080,000
Other, net . . . . . . . . . . . . . . . . . (144,129) (160,825)
----------- -----------
Net Cash Used . . . . . . . . . . . . (1,363,990) (1,277,759)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in senior debt. . . . . . . . . . . . 185,228 4,556,352
Subordinated debt issued . . . . . . . . . . . 2,221,556 2,175,107
Subordinated debt redeemed . . . . . . . . . . (1,782,351) (1,917,706)
Distributions paid to shareholders . . . . . . (500,764) -
----------- -----------
Net Cash Provided. . . . . . . . . . . 123,669 4,813,753
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS . . . . 145,971 6,136,429
CASH AND CASH EQUIVALENTS, beginning. . . . . . . 5,914,535 20,111,678
----------- -----------
CASH AND CASH EQUIVALENTS, ending . . . . . . . . $ 6,060,506 $26,248,107
=========== ===========
Cash Paid during the period for: Interest. . . . $ 2,169,398 $ 2,081,860
Income Taxes. . 68,750 73,393
The accompanying Notes to Consolidated Financial Statements are
an integral part of these statements.
-NOTES-
1. The accompanying interim financial information of 1st Franklin Financial
Corporation and subsidiaries (the "Company") should be read in
conjunction with the annual financial statements and notes thereto as of
December 31, 1999 and for the years then ended included in the Company's
December 31, 1999 Annual Report.
2. In the opinion of Management of the Company, the accompanying
consolidated financial statements contain all adjustments (consisting of
only normal recurring accruals) necessary to present fairly the Company's
financial position as of March 31, 2000, and December 31, 1999, and the
results of its operations and its cash flows for the three months ended
March 31, 2000 and 1999. While 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 the rules and regulations of the
Securities and Exchange Commission, the Company believes that the
disclosures herein are adequate to make the information presented not
misleading.
3. The results of operations for the three months ended March 31, 2000, are
not necessarily indicative of the results to be expected for the full
fiscal year.
4. The computation of earnings per share is self-evident from the
Consolidated Statement of Income and Retained Earnings.
5. In 1998, the Company adopted SFAS No. 130, "Reporting Comprehensive
Income". The Company had comprehensive income, which is comprised of net
income and unrealized gains or losses on securities held as available for
sale, of $2,264,868 and $2,310,854 for the three months ended March 31,
2000 and 1999, respectively.
6. The following tables summarize assets, revenues and profit by business
segment. A reconcilement to consolidated net income is also provided.
There has been no differences from the 1999 Annual Report from the basis
of segmentation or the basis of measurement of segment profit.
Division Division Division
I II III Total
-------- -------- -------- --------
(In Thousands)
Three Months ended 3/31/00:
Segment revenues. . . . . $ 5,666 $ 6,000 $ 6,364 $ 18,030
Segment profit . . . . . 2,058 2,564 1,913 6,535
Three Months ended 3/31/99:
Segment revenues. . . . . $ 4,798 $ 5,398 $ 5,460 $ 15,656
Segment profit . . . . . 1,717 2,281 1,761 5,759
Segment Assets:
3/31/00 . . . . . . . . . $ 89,377 $100,373 $ 39,781 $229,531
3/31/99 . . . . . . 45,162 50,465 52,066 147,693
3 Months 3 Months
Ended Ended
3/31/00 3/31/99
------- -------
Reconcilement: (In Thousands)
Profit:
Profit per segments . . . . . . . . $ 6,534 $ 5,759
Corporate earnings not allocated. . 260 496
Corporate expenses not allocated. . (3,968) (3,291)
Income taxes not allocated. . . . . (443) (431)
-------- --------
$ 2,383 $ 2,533
======== ========
<PAGE>
BRANCH OPERATIONS
-----------------
Isabel Vickery Youngblood . . . . . . . Senior Vice President
A. Jarrell Coffee . . . . . . . . . . . Vice President
Jack R. Coker . . . . . . . . . . . . . Vice President
Robert J. Canfield. . . . . . . . . . . Area Vice President
J. Michael Culpepper. . . . . . . . . . Area Vice President
Ronald F. Morrow. . . . . . . . . . . . Area Vice President
<TABLE>
<CAPTION>
SUPERVISORS
-----------
<S> <C> <C> <C>
Regina Bond Bruce Hooper Dianne Moore Hilda Phillips
Ronald Byerly Janice Hyde Harriet Moss Henrietta Reathford
Donald Carter Judy Landon Mike Olive Timothy Schmotz
Bryan Cook Jeff Lee Melvin Osley Tami Settlemyer
Donald Floyd Tommy Lennon Dale Palmer Gaines Snow
Renee Hebert Mike Lyles Darryl Parker Marc Thomas
Jack Hobgood Brian McSwain
OFFICES
-------
<S> <C> <C> <C>
Alabama Offices: Georgia Offices: Georgia Offices: Louisiana Offices:
- --------------- --------------- --------------- -----------------
Alexander City Brunswick Lavonia Natchitoches
Andalusia Buford LaGrange New Iberia
Arab Butler Lawrenceville Pineville
Athens Cairo Madison
Bessemer Calhoun Manchester Mississippi Offices:
Birmingham Canton McDonough -------------------
Clanton Carrollton McRae Bay St. Louis
Cullman Cartersville Milledgeville Carthage
Decatur Cedartown Monroe Columbia
Dothan Chatsworth Montezuma Grenada
Enterprise Clarkesville Monticello Gulfport
Fayette Claxton Moultrie Hattiesburg
Florence Clayton Nashville Hazlehurst
Gadsden Cleveland Newnan Jackson
Geneva Cochran Perry Kosciusko
Hamilton Commerce Pooler Magee
Huntsville Conyers Richmond Hill McComb
Jasper Cordele Rome Pearl
Madison Cornelia Royston Picayune
Moulton Covington Sandersville
Muscle Shoals Cumming Savannah North Carolina Office:
Opp Dallas Statesboro ---------------------
Ozark Dalton Swainsboro Monroe
Pelham Dawson Sylvania Pineville
Prattville Douglas Sylvester
Russellville (2) Douglasville (s) Thomaston South Carolina Offices:
Scottsboro Eastman Thomson ----------------------
Selma Elberton Tifton Aiken
Sylacauga Ellijay Toccoa Anderson
Troy Forsyth Valdosta (2) Cayce
Tuscaloosa Fort Valley Vidalia Clemson
Wetumpka Gainesville Warner Robins Columbia
Garden City Washington Conway
Georgia Offices: Georgetown Waycross Easley
- --------------- Glennville Waynesboro Florence
Adel Greensboro Winder Gaffney
Albany Griffin Greenville
Alma Hartwell Louisiana Offices: Greenwood
Americus Hawkinsville ----------------- Greer
Arlington Hazlehurst Alexandria Lancaster
Athens (2) Hinesville Crowley Laurens
Bainbridge Hogansville DeRidder Marion
Barnesville Jackson Franklin Newberry
Baxley Jasper Jena Orangeburg
Blakely Jefferson Lafayette Rock Hill
Blue Ridge Jesup Leesville Seneca
Bremen Marksville Spartanburg
Union
York
</TABLE>
<PAGE>
DIRECTORS
---------
Ben F. Cheek, III
Chairman and Chief Executive Officer
1st Franklin Financial Corporation
Lorene M. Cheek
Homemaker
Jack D. Stovall
President, Stovall Building Supplies, Inc.
Dr. Robert E. Thompson
Physician, Toccoa Clinic
EXECUTIVE OFFICERS
------------------
Ben F. Cheek, III
Chairman and Chief Executive Officer
T. Bruce Childs
President and Chief Operating Officer
A. Roger Guimond
Vice President and Chief Financial Officer
Lynn E. Cox
Secretary
Linda L. Sessa
Treasurer
LEGAL COUNSEL
-------------
Jones, Day, Reavis & Pogue
3500 Sun Trust Plaza
303 Peachtree Street, N.E.
Atlanta, Georgia 30308-3242
AUDITORS
--------
Arthur Andersen LLP
133 Peachtree Street, N.E.
Atlanta, Georgia 30303
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 6,060,506
<SECURITIES> 56,840,791
<RECEIVABLES> 195,005,837
<ALLOWANCES> 7,796,643
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 13,586,695
<DEPRECIATION> 9,196,993
<TOTAL-ASSETS> 226,365,225
<CURRENT-LIABILITIES> 124,375,228
<BONDS> 145,660,713
<COMMON> 170,000
0
0
<OTHER-SE> 66,134,153
<TOTAL-LIABILITY-AND-EQUITY> 226,365,225
<SALES> 0
<TOTAL-REVENUES> 19,530,403
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 13,070,942
<LOSS-PROVISION> 1,313,791
<INTEREST-EXPENSE> 2,320,051
<INCOME-PRETAX> 2,825,933
<INCOME-TAX> 442,686
<INCOME-CONTINUING> 2,382,933
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,382,933
<EPS-BASIC> 14.02
<EPS-DILUTED> 14.02
</TABLE>
