<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1996_________________Commission File No. 0-6764
MOBILE AMERICA CORPORATION
- - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-1218935
- - --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Fortune Parkway, Jacksonville, Florida 32256
- - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (904) 363-6339
------------------------------
N/A
- - --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
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 .
----- -----
(APPLICABLE ONLY TO CORPORATE ISSUERS)
There were 6,260,040 shares of common stock, par value $.025 per share,
outstanding as of the close of business on September 30, 1996.
<PAGE> 2
PART I
MOBILE AMERICA CORPORATION
INDEX
Financial Statements: Page
Part I
------
<TABLE>
<S> <C>
Consolidated Balance Sheets 1
Consolidated Statements of Operations 2
Consolidated Statements of Cash Flows 3
Consolidated Statements of Changes in
Stockholders' Equity 4
Notes to Financial Statements 5-8
Management's Discussion and Analysis
of the Consolidated Statements of Operations 9
Exhibit 11 - Computations of Earnings Per Share 10
Part II
-------
Other Information, and Signatures 11
</TABLE>
<PAGE> 3
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 1996 and December 31, 1995
<TABLE>
<CAPTION>
ASSETS 1996 1995
------ ---- ----
<S> <C> <C>
Investments:
Securities held to maturity
at amortized cost (fair value
$60,485,078 and $52,785,561) $ 60,719,641 $ 52,460,555
Securities available for sale
(amortized cost $32,021,346
and $34,644,650 32,341,106 35,690,835
Notes receivable less unearned
discount 404 2,650
Short-term investments 14,219,393 22,470,314
------------ ------------
Total investments 107,280,544 110,624,354
------------ ------------
Cash (2,434,907) 6,510,457
Receivables:
Insurance premiums 3,418,795 2,563,715
Accrued investment income and other 1,699,524 1,971,356
Reinsurance 26,179,905 33,822,126
------------ ------------
Total receivables 31,298,224 38,357,197
------------ ------------
Income taxes:
Currently receivable - -
Deferred 1,994,439 760,025
------------ ------------
Total income taxes 1,994,439 760,025
------------ ------------
Prepaid reinsurance premiums 18,621,491 24,260,694
Inventory of mobile homes 39,545 39,545
Deferred policy acquisition costs (1,205,980) (4,209,840)
Property and Equipment:
Land, at cost 356,970 356,970
Modular office equipment, at cost less
accumulated depreciation of $7,982
and $7,982 3,000 3,000
Equipment and leasehold improvements
at cost less accumulated
depreciation and amortization of
$2,099,532 and $1,953,916 752,517 630,458
------------ ------------
Total property and equipment: 1,112,487 990,428
------------ ------------
Equity in Pools and Associations 1,248,223 4,912,334
Other Assets 384,447 525,968
------------ ------------
$158,338,513 $182,771,162
============ ============
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY 1996 1995
------------------------------------ ---- ----
<S> <C> <C>
Insurance loss reserves, including
future policy benefits $ 44,392,021 $ 54,645,686
Unearned premiums 35,296,581 39,535,149
Reinsurance funds withheld and
balances payable 17,578,024 26,120,505
Accrued expenses and other liabilities 12,410,046 15,639,062
Deferred income tax on net unrealized gains on
securities available for sale 98,100 355,000
Unearned service fees 1,327,526 2,610,902
Note payable 12,000,000 12,000,000
Current income taxes payable 1,089,509 551,868
------------ ------------
Total liabilities $124,191,807 $151,458,172
------------ ------------
Stockholders' equity:
Common stock, $.025 par value per share
Authorized - 18,000,000 shares
Issued - 6,720,396 shares 168,010 168,010
Capital in excess of par value 2,686,060 2,686,060
Net unrealized appreciation on securities
available for sale net of deferred income taxes 221,660 691,185
Treasury Stock at cost, 460,356 and
460,356 shares (420,944) (420,944)
Retained Earnings 31,491,920 28,188,679
------------ ------------
Total stockholders' equity 34,146,706 31,312,990
------------ ------------
$158,338,513 $182,771,162
============ ============
</TABLE>
See notes to consolidated financial statements
<PAGE> 4
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTERS ENDED SEPTEMBER 30, 1996 AND 1995, NINE MONTHS ENDED SEPTEMBER 30,
1996 AND 1995
<TABLE>
<CAPTION>
Nine Months Ended
Quarters Ended September 30, September 30,
---------------------------- --------------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Insurance premiums earned
(net of premiums ceded of
$12,736,744, $13,188,504,
$39,800,882 and $42,065,677) $ 9,849,945 $ 10,274,025 $ 28,952,310 $ 24,470,300
Insurance premium earned pools
and associations (7,279,659) - (7,279,659) -
Investment income 1,031,776 1,381,763 4,341,461 3,946,719
Equipment rentals 1,520 20,965 1,520 60,503
Service fees earned 2,610,521 3,095,254 8,678,633 7,227,316
Other 300 40,886 7,892 67,703
Sales of modular office equipment - 2,650 - 11,250
Net realized gains on investments 187,007 93,803 409,501 198,356
----------- ------------ ------------ ------------
Total revenues 6,401,410 14,909,346 35,111,658 35,982,147
----------- ------------ ------------ ------------
Expenses:
Losses and loss adjustment
expenses (net of reinsurance
recoveries of $11,921,648,
$11,286,936, $36,750,810
and $31,196,110) 8,114,324 9,414,111 22,189,219 21,640,903
Policy acquisition costs 279,110 1,918,379 2,717,720 1,160,510
Salaries and wages 1,813,974 1,426,680 5,087,819 4,014,536
General and administrative 297,279 674,232 3,773,516 3,326,145
Losses and expenses incurred
pools and associations (7,305,450) - (7,305,450) -
Cost of sales of modular office
equipment - - - 44
Interest on note 251,286 - 758,552 -
----------- ------------ ------------ ------------
Total expenses 3,450,523 13,433,402 27,221,376 30,142,138
----------- ------------ ------------ ------------
Income before provision for
income taxes 2,950,887 1,475,944 7,890,282 5,840,009
Provision for income taxes:
Current 1,143,141 61,429 3,166,845 1,541,532
Deferred (195,995) (114,494) (751,041) (148,494)
----------- ------------ ------------ ------------
Total provision for
income taxes 947,146 (53,065) 2,415,804 1,393,038
----------- ------------ ------------ ------------
Net income $ 2,003,741 $ 1,529,009 $ 5,474,478 $ 4,446,971
=========== ============ ============ ============
Earnings per share:
Net income $ .32 $ .24 $ .87 $ .71
=========== ============ ============ ============
Weighted average number of
common stock and common stock
equivalents 6,260,040 6,260,040 6,260,040 6,260,040
=========== ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
2
<PAGE> 5
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 5,474,478 $ 4,446,971
Adjustments to reconcile net income to
net cash provided (used) by operating activities:
Provisions for depreciation 145,615 516,922
Gain on sale of investments (409,501) (198,356)
Decrease (increase) in insurance premiums receivable 2,809,031 (3,676,964)
(Increase) decrease in accrued investment income
and other 271,832 (323,678)
(Increase) decrease in deferred policy acquisition costs (3,003,860) 154,289
Decrease in prepaid expenses and other assets 141,521 100,693
Decrease in insurance loss reserves (10,253,665) (2,311,813)
(Decrease) increase in unearned premiums (4,238,568) 2,210,521
Decrease in reinsurance funds held
and balances payable (8,542,481) (1,551,902)
Increase (decrease) in accrued expenses
and other liabilities (3,229,016) 2,828,835
Increase in current income taxes 537,643 2,605,439
Increase in deferred income taxes receivable (1,234,414) (148,494)
Decrease (increase)in reinsurance premiums receivable 7,642,221 (523,366)
Decrease (increase)in prepaid reinsurance premiums 5,639,200 (181,178)
Increase(decrease) in unearned service fees (1,283,376) 756,560
----------- -----------
Net cash (used) provided by
operating activities (9,533,340) 4,704,479
----------- -----------
Cash Flows from Investing Activities:
Net change in short term investments 8,250,921 (586,260)
Purchase of equity securities (2,023,800) (2,073,775)
Sale of equity securities 2,309,652 1,852,021
Purchase of modular offices, equipment
and leasehold improvements - 158,326
Purchase of fixed maturities (28,439,260) (18,114,533)
Sales of fixed maturities 22,661,699 15,526,863
Notes receivable - 1,873
----------- -----------
Net cash provided (used)in investing
activities 2,759,212 (3,235,485)
----------- -----------
Cash Flows from Financing Activities:
Purchase treasury stock - (32,503)
Dividends paid to shareholders (2,171,236) (946,223)
----------- -----------
Net cash used in financing activities (2,171,236) (978,726)
----------- -----------
Net (decrease) increase in cash (8,945,364) 490,268
Cash, beginning of year 6,510,457 5,479,899
----------- -----------
Cash, end of period $(2,434,907) $ 5,970,167
=========== ===========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 6
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
1996 1995
------------ ------------
<S> <C> <C>
Common Stock:
No change during period $ 168,010 $ 168,010
------------ ------------
Capital in excess of par value:
No change during period 2,686,060 2,686,060
------------ ------------
Net unrealized appreciation on securities
available for sale:
Balance at beginning of period 691,185 (158,099)
Increase (726,425) (15,991)
Deferred taxes on unrealized gains 256,900 -
------------ ------------
Balance at end of period 221,660 (174,090)
------------ ------------
Treasury Stock:
No change during period (420,944) (420,944)
------------ ------------
Retained earnings:
Balance at beginning of period 28,188,679 23,306,761
Net income 5,474,478 4,446,971
Cash dividends $.35 and $.18
per share (2,171,236) (946,223)
------------ ------------
Balance at end of period 31,491,920 26,807,509
------------ ------------
Total stockholders' equity at end of period $ 34,146,706 $ 29,066,545
============ ============
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 7
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
QUARTERS ENDED SEPTEMBER 30, 1996 AND 1995
Note 1
In the opinion of the Registrant, the accompanying unaudited,
consolidated, condensed financial statements contain all adjustments
(consisting of only normal occurring accruals) necessary to present fairly its
financial position as of September 30, 1996, and the results of its operations
and statement of cash flow for the nine months ended September 30, 1996.
Note 2
The results of operations for the nine months ended September 30, 1996 are
not necessarily indicative of the results to be expected for the full year.
Note 3 - Summary of Significant Accounting Policies
(a) Basis of Financial Statement Presentation
The consolidated financial statements have been prepared on the basis of
generally accepted accounting principles which vary from statutory reporting
practices prescribed or permitted for insurance companies by regulatory
authorities.
(b) Principles of Consolidation
The accompanying consolidated financial statements include Mobile America
Corporation (the Company) and its subsidiaries, all of which are wholly-owned.
All significant intercompany transactions have been eliminated in
consolidation.
(c) Basis of Inventory Valuation
Inventories are valued at the lower of cost or market, with cost being
determined primarily under the specific identification method.
(d) Method for Valuing Investments
The Company implemented Statement of Financial Accounting Standards (SFAS)
No. 115, "Accounting for Certain Investments in Debt and Equity Securities" as
of January 1, 1994. The Company classified its entire fixed maturity
investment portfolio as "held to maturity". Accordingly, these investments are
reported at amortized cost, adjusted for amortization of premiums or discounts
and other than temporary declines in fair value. At December 29, 1995, the
Company reassessed the appropriateness of the classifications of all securities
held at that time and
5
<PAGE> 8
reclassified from the held to maturity category a portion of the Company's
fixed maturity portfolio to the available for sale category. Classifying these
securities as available for sale did not impact net income. Common Stock,
redeemable preferred stock, bonds and notes not classified as held to maturity
are reported at fair value, with unrealized gains and losses reported as a
separate component of stockholders' equity. Fair values are based on quoted
market prices or dealer quotes, if available. If a quoted market price is not
available, fair value is estimated using quoted market prices for similar
securities.
(e) Realized Investment Gains and Losses
The cost of securities sold is based upon the specific identification
method and any gains or losses are reflected in the accompanying statements of
operations.
(f) Deferred Policy Acquisition Costs
The costs associated with acquiring new insurance contracts have been
deferred. Such costs are being amortized over the premium paying period or in
proportion to premiums earned on those contracts.
(g) Depreciation and Amortization
Depreciation and amortization of properties, equipment and leasehold
improvements are calculated principally under the straight-line method based on
the estimated useful life of the asset for financial reporting purposes.
Maintenance and repairs are charged to expenses as incurred; additions and
major betterments are capitalized and depreciated. At the time of retirement
or other disposition of property, equipment or leasehold improvements, the
accounts are relieved of the cost and the related accumulated depreciation and
any gains or losses are reflected in income.
(h) Insurance Contracts
The insurance contracts accounted for in these financial statements
include both short-duration contracts and long-duration contracts.
Short-duration contracts provide insurance protection for a fixed period of
short duration and enable the insurer to cancel the contract or to adjust the
provisions at the end of any contract period. Most property-liability
insurance contracts and certain term life insurance contracts, such as credit
life insurance, are short-duration contracts.
6
<PAGE> 9
Long-duration contracts generally are not subject to unilateral changes in
their provisions and require the performance of various functions and services,
including insurance protection, for an extended period. Long-duration
contracts include whole-life contracts and guaranteed renewable term life
contracts. Accident and health insurance contracts may be short-duration or
long-duration depending on whether the contracts are expected to remain in
force for an extended period. The Company has not issued any participating
policies.
(i) Insurance Loss Reserves
The liability for future policy benefits of long-duration contracts has
been provided for on a net level premium method based on estimated investment
yields, withdrawals, mortality, terminations, morbidity, and other assumptions
which were appropriate at the time the contracts were issued. Such estimates
were based on past experience as adjusted to provide for possible adverse
deviation from the estimates. Interest assumptions are based on historical
assumptions and experience, and range from 3% to 4.5% at September 30, 1996.
The liabilities for unpaid claims of short-duration contracts and related
adjustment expenses are determined using case basis evaluations and statistical
analysis and represent estimates of the ultimate net cost of all reported and
unreported claims relating to insured events which are unpaid at the balance
sheet date. The liabilities include estimates of future trends in claims
severity and fequency and other factors which could vary as the claims are
ultimately settled. Although such estimates may vary, management believes that
the liabilities for unpaid claims and related adjustment expenses are adequate.
The estimates are continually reviewed, and as adjustments to these
liabilities become necessary, they are reflected in current operations.
(j) Recognition of Premium Revenues and Costs
Premiums for long-duration contracts are recognized as revenues when due
from the policyholders. A liability for the expected costs relating to such
long-duration contracts is accrued over the current and expected renewal
periods.
Premiums for short-duration contracts are recognized as revenues over the
period of the contract in proportion to the amount and duration of insurance
7
<PAGE> 10
protection provided.
(k) Recognition of Service Fees
Service fees represent proceeds from servicing insurance policies for
third parties on a fee-for-service basis. Fees are recognized as revenue over
the expected service life of the underlying insurance policies.
Note 4
In the third quarter of 1996 the Florida Joint Underwriting Association
issued reports reflecting the Company's participation in the pool. This
included adjustments to the Company's participation for years prior to 1996. A
financial summary is presented below:
<TABLE>
<S> <C>
Direct earned premium $ (16,040,389)
Ceded earned premium 8,760,730
---------------
Net earned premium (7,279,659)
===============
Direct losses and loss
adjustment expenses (15,037,452)
Ceded losses and loss adjustment
expenses 7,882,219
Direct policy acquisition costs (2,715,364)
Ceded policy acquisition costs 2,565,147
---------------
Net losses and expenses $ (7,305,450)
===============
</TABLE>
These adjustments are reported in the Unaudited Statements of Operations
for the quarter ended and nine months ended September 30, 1996.
8
<PAGE> 11
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Total consolidated revenue decreased 2% from $35,982,147 for the first
nine months of 1995 to $35,111,658 for the first nine months of 1996. As
discussed below, this change as well as a decease in consolidated expenses is a
result of adjustments to the Company's participation in the Florida Joint
Underwriting Association pool.
Insurance premiums earned decreased 11% from $24,247,300 reported at
September 30, 1995 to $21,672,651 for the nine months ended September 30, 1996
due to a net $7,279,659 decrease in the Company's insurance affiliate's
participation in the Florida Joint Underwriting Association. Adjusting for this
change, earned premiums for the nine months ended September 30, 1996 total
$28,952,310 an 18% increase over 1995. This increase is due to a 14% decrease
in the reinsurance cession rate effective January 1, 1996 and a premium rate
increase on personal injury protection and property damage liability business.
Investment income increased from $3,946,719 for the first nine months of 1995
to $4,341,461 during the first nine months of 1996, a 10% increase. This
increase is attributable to a shift from lower yielding short-term investments
to higher yielding investments with average maturity of three to four years,
and an overall increase in investment yields. Service fees earned increased 20%
from $7,227,316 reported in 1995 to $8,678,633 in 1996 as policies administered
on a fee-for-service basis mature. The Company continues to seek opportunities
in this area. Net realized investment gains for the nine months ended September
30, 1996 were $409,501 compared to $198,356 reported during the same period in
1995.
Consolidated expenses decreased 10% from $30,142,138 during the first nine
months of 1995 to $27,221,378 during the comparable period of 1996. This
includes $7,305,450 in loss and expense credits resulting from participation in
the Florida Joint Underwriting Association. Adjusting for these credits,
consolidated expenses would total $34,526,826, a 15% increase over 1995. This
increase is due to the reduction in the reinsurance cession rate and a
reduction in the reinsurance ceding commission rate. These changes result in
the Company retaining higher exposure to losses and loss adjustment expenses,
which is offset by higher earned premiums as noted previously, and receiving
lower ceding commission margins which off set acquisition costs. The increase
in salary and wages and general administrative expenses results from
additional costs associated with administering the growth in the
fee-for-service business and the increase in business within the Company's core
insurance business. Interest on Note relates to a $12,000,000 loan consummated
during the fourth quarter of 1995. The note accrues interest at the 90
day LIBOR rate plus 275 basis points and is paid monthly.
The Registrant maintains sufficient liquidity to meet operational needs.
Cash dividends and capital expenditure requirements are provided by funds
generated from operations and investing activities. The investment policy
continues to empathize higher quality securities matched closely with the short
liability duration.
9
<PAGE> 12
Part II
OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits:
11. Unaudited computations of earnings per share.
27. Financial Data Schedule (for SEC use only)
(b) Reports on Form 8K
No reports on Form 8K were filed for the quarter ended
September 30, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
MOBILE AMERICA CORPORATION
--------------------------
Registrant
November 14, 1996
- - -----------------
Date
By /s/ Thomas L. Stinson
----------------------------------
Thomas L. Stinson
Vice President Financial
Reporting
11
<PAGE> 1
EXHIBIT II
MOBILE AMERICA CORPORATION AND SUBSIDIARIES
UNAUDITED COMPUTATIONS OF EARNINGS PER SHARE
QUARTERS ENDED SEPTEMBER 30, 1996 AND 1995, NINE MONTHS ENDED SEPTEMBER 30,
1996 AND 1995
<TABLE>
<CAPTION>
Quarters Ended Nine Months Ended
September 30, September 30,
-------------- -----------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Income $2,003,741 $1,529,009 $5,474,478 $4,446,971
========== ========== ========== ==========
Common shares outstanding 6,260,040 6,260,040 6,260,040 6,260,040
Effect of weighting treasury
stock acquired - - - -
Common and common equivalent
shares used in computing earnings ---------- ---------- ---------- ----------
per share 6,260,040 6,260,040 6,260,040 6,260,040
========== ========== ========== ==========
Earnings per share $ .32 $ .24 $ . 87 $ .71
========== ========== ========== ==========
</TABLE>
10
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF MOBILE AMERICA CORPORATION FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<DEBT-HELD-FOR-SALE> 32,341,106
<DEBT-CARRYING-VALUE> 60,719,641
<DEBT-MARKET-VALUE> 60,485,078
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 356,970
<TOTAL-INVEST> 107,280,544
<CASH> (2,434,907)
<RECOVER-REINSURE> 26,179,905
<DEFERRED-ACQUISITION> (1,205,980)
<TOTAL-ASSETS> 158,338,513
<POLICY-LOSSES> 44,392,021
<UNEARNED-PREMIUMS> 35,296,581
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 12,000,000
0
0
<COMMON> 168,010
<OTHER-SE> 33,978,696
<TOTAL-LIABILITY-AND-EQUITY> 158,338,513
28,952,310
<INVESTMENT-INCOME> 4,341,461
<INVESTMENT-GAINS> 409,501
<OTHER-INCOME> 1,408,386
<BENEFITS> 22,189,219
<UNDERWRITING-AMORTIZATION> 2,717,720
<UNDERWRITING-OTHER> 2,314,437
<INCOME-PRETAX> 7,890,282
<INCOME-TAX> 2,415,804
<INCOME-CONTINUING> 5,474,478
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,474,478
<EPS-PRIMARY> .87
<EPS-DILUTED> .87
<RESERVE-OPEN> 20,823,560
<PROVISION-CURRENT> 11,224,958
<PROVISION-PRIOR> 6,987,158
<PAYMENTS-CURRENT> 12,719,560
<PAYMENTS-PRIOR> 8,104,000
<RESERVE-CLOSE> 18,212,116
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
