SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarter ended June 30, 1996 Commission file number 09426
NATIONAL CITY BANCORPORATION
(Exact name of registrant as specified in its charter)
Iowa 42-0316731
(State or other jurisdiction of (IRS Employer
incorporation or organization) identification No.)
651 Nicollet Mall
Minneapolis, Minnesota 55402-1611
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code 612-904-8500
Indicate by check mark whether the registrant (1) has filed all reports
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 ____
As of June 30, 1996, 7,374,520 shares of $1.25 par value common stock
of the registrant were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
(1)National City Bancorporation's Quarterly Report to Stockholders for
the quarter ended June 30, 1996, is incorporated and made a part of
Part I of Form 10-Q.
<PAGE>
NATIONAL CITY BANCORPORATION
INDEX
Part I Financial Statements
The following data is incorporated by reference from National City
Bancorporation's Quarterly Report to Stockholders filed as Exhibit 1.
Consolidated Balance Sheets - June 30, 1996 and December 31, 1995.
Consolidated Statements of Earnings - Three months and six months ended
June 30, 1996 and 1995.
Consolidated Statements of Cash Flows - Six months ended June 30, 1996 and 1995
are included on page 2 of this report.
Notes to Consolidated Financial Statements are included on page 3 of this
report.
Management's Discussion and Analysis of Financial Condition and Results of
Operations is included on pages 4 and 5 of this report.
Part II. Other Information
Part II items requiring a response are included on page 6 of this report.
<TABLE>
<CAPTION>
NATIONAL CITY BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED JUNE 30,
(IN THOUSANDS) 1996 1995
-------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 5,781 $ 5,451
Adjustments to reconcile net earnings to net cash from
operating activities:
Depreciation and amortization 1,066 748
Amortization of securities premiums and discounts 270 152
Provision for loan losses 900 270
Deferred income taxes 521 121
Loss on sale of securities 122
(Increase) decrease in accrued income receivable (299) 495
(Increase) in other assets (1,990) (1,017)
Increase (decrease) in other liabilities (504) 3,369
-------- --------
(36) 4,260
-------- --------
NET CASH FROM OPERATING ACTIVITIES 5,745 9,711
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) in loans (26,077) (44,897)
Net (increase) decrease in federal funds sold 24,590 (25,550)
Available-for-sale securities:
Proceeds from maturities and principal repayments 41,846 4,561
Proceeds from sale of securities 7,848
Purchases of securities (52,715) (9,004)
Held-to-maturity securities:
Proceeds from maturities and principal repayments 9,092 4,041
Proceeds from sale of securities 45
Purchases of securities (14,649)
Purchase of premises and equipment (7,894) (704)
-------- --------
NET CASH (USED IN) INVESTING ACTIVITIES (11,158) (78,309)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) in non-interest bearing and savings deposits (27,473) (21,756)
Net increase in time deposits 7,510 33,940
Net increase (decrease) in federal funds purchased and repurchase
agreements (2,083) 32,468
Net increase in commercial paper 13,998 11,781
Net increase (decrease) in other borrowed funds 7,018 (3,050)
Purchase of treasury stock (2) (255)
Payment for fractional shares on stock dividendends (25) (20)
-------- --------
NET CASH FROM (USED IN) FINANCING ACTIVITIES (1,057) 53,108
-------- --------
Net (decrease) in cash and due from banks (6,470) (15,490)
Cash and due from banks at beginning of year 42,006 47,133
-------- --------
Cash and due from banks at end of period $ 35,536 $ 31,643
======== ========
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest $ 15,188 $ 13,330
Income taxes 4,602 3,530
Unrealized securities (losses) net of tax (1,631) (2,604)
</TABLE>
NATIONAL CITY BANCORPORATION
Notes to the Consolidated Financial Statements
The Consolidated Balance Sheet as of June 30, 1996, the Consolidated
Statement of Earnings for the three-month and six-month periods ended June 30,
1996 and 1995 and the Consolidated Statements of Cash Flows for the six-month
periods then ended have been prepared by the Company, without audit. In the
opinion of management, all adjustments necessary to present fairly the financial
position, results of operations and cash flows at and for the periods ended June
30, 1996 and 1995, respectively, have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. These consolidated financial statements should be
read in conjunction with the financial statements and notes thereto included in
the Company's December 31, 1995 annual report to shareholders. The results of
operations for the period ended June 30, 1996 are not necessarily indicative of
the operating results for the full year.
NATIONAL CITY BANCORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OPERATIONS:
Net earnings for the second quarter ended June 30, 1996 were
$2,942,000, $0.40 per share compared with $3,041,000, $0.41 per share for the
same period in 1995. Net interest income for the second quarter was $9,503,000
up $385,000 or 4 percent over the second quarter of 1995. The change in net
interest income reflects an increase in earning assets, primarily loans that
were partially funded by non-interest bearing sources of funds. The tax
equivalent net interest margin for the quarter was 5.28 percent, compared with
5.61 percent for the same period last year. Competition for the middle-market
loans continues to place pressure on our ability to expand loans and maintain
yields.
For the six-month period ended June 30, 1996, net earnings were $
5,781,000 or $0.78 per share compared with $5,451,000 and $0.74 per share for
the same period last year. Net interest income for the six-months was up
$1,388,000 or 8 percent. Loans increased by $26 million or 4.7 percent. Both of
the Company's subsidiaries, National City Bank and Diversified Business Credit,
grew their loan portfolios. The growth occurred primarily in loans to
businesses. Loan growth was funded primarily by commercial paper and other short
term borrowed funds. Non-interest deposits, while lower than December 31, have
increased by $40 million or 10 percent since June 30, 1995. The tax equivalent
net interest margin for the six-month period was 5.36 percent in 1996 compared
to 5.67 percent in 1995.
Noninterest income for the six-months, excluding 1995 losses on sales
of securities, was up $307,000. Higher service charges on deposit accounts and
fee income generated by the sales of non-deposit investment services and
mortgage originations accounted for most of the increase. Noninterest expense
for the six-months was up $523,000 or 4 percent reflecting budgeted higher
occupancy and relocation expense. The Company relocated its offices from 75
South Fifth Street to 651 Nicollet Mall, in Gaviidae Common, during the first
quarter of 1996. The actual relocation expenses are at or below what was
planned.
Net loan charge-offs during the second quarter were $5,000 compared
with net loan recoveries of $21,000 for the same period last year. The loan loss
provision was $465,000 for the second quarter, up from $195,000 in the second
quarter of 1995. The provision is based on management's continuing evaluation of
the loan portfolio, including estimates and appraisals of collateral values, and
current economic conditions. At June 30, 1996 the allowance for loan losses was
$9,460,000, 1.63 percent of loans, up from 1.56 percent at December 31, 1995.
Activity regarding the allowance is summarized below:
<TABLE>
<CAPTION>
(In thousands)
Second Quarter Six Months
1996 1995 1996 1995
------ ------ ------ ------
<S> <C> <C> <C> <C>
Balance beginning of period $9,000 $7,987 $8,602 $7,946
Provision charge to operating expense 465 195 900 270
Less net loan charge-offs (recoveries) 5 (21) 42 13
------ ------ ------ ------
Balance June 30 $9,460 $8,203 $9,460 $8,203
====== ====== ====== ======
</TABLE>
LIQUIDITY AND CAPITAL RESOURCES:
Non-accrual loans were $4.8 million, 0.8 percent of loans at June 30,
1996, compared with $3.7 million at December 31, 1995. The reserve coverage of
non-accrual loans was 196 percent at June 30, 1996.
The Company's total assets were $802.4 million at June 30, 1996, up
from $800.6 million at December 31, 1995. Loan volume increased by 4.7 percent
to $578.7 million from December 31, 1995. The increase occurred in both of the
Company's subsidiaries, National City Bank and Diversified Business Credit, Inc.
Deposits were $420 million at June 30, 1996 compared with $440 million at
December 31, 1995. Short-term borrowings were up $18.9 million. Commercial paper
borrowings were up $14 million. Commercial paper proceeds are used to fund loans
of Diversified Business Credit, Inc. The following table compares the major
components of assets and liabilities:
(In thousands) June December June
1996 1995 1995
-------- -------- --------
Loans $578,658 $552,581 $511,950
Securities 156,936 158,169 149,059
Total Assets 802,429 800,637 737,961
Deposits 420,022 439,985 379,911
Short-term borrowings 216,141 197,208 197,265
Long-term debt 48,120 48,120 53,120
Total Liabilities 692,272 694,603 638,714
Stockholders' equity was $110.1 million or 13.8 percent of total assets
at June 30, 1996. The Company continues to maintain a capital position that
exceeds regulatory risk based and leverage ratio capital requirements. The
required risk based ratio is 8 percent and the required leverage ratio is 3 to 5
percent. The following table shows the Company's capital ratios:
June 30,
1996 1995
----- -----
RISK CAPITAL RATIOS
Tier I Capital 15.7% 16.1%
Total Capital 17.0% 17.5%
LEVERAGE RATIO 13.8% 13.4%
The Company paid a 10% stock dividend on May 29, 1996, to stockholders
of record April 29, 1996.
NATIONAL CITY BANCORPORATION
PART II Other Information
Item 4. Submission of matters to a vote of security holders.
Election of Directors:
At the annual stockholders' meeting held on April 15, 1996,
the shareholders re- elected Wendell R. Anderson, John H.
Daniels, Jr., David C. Malmberg and Walter E. Meadley, Jr.
<TABLE>
<CAPTION>
Affirmative Negative
Votes Votes Abstentions
----------- -------- -----------
<S> <C> <C> <C>
Wendell R. Anderson 6,107,509 24,346 573,343
John H. Daniels, Jr. 6,125,267 6,588 573,343
David C. Malmberg 6,123,354 8.501 573,343
Walter E. Meadley, Jr. 6,125,135 6,720 573,343
</TABLE>
Item 6. Exhibits and reports of Form 8-K.
There were no reports on Form 8-K filed for the three months ended June
30, 1996.
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.
NATIONAL CITY BANCORPORATION
Dated: August 8, 1996 By: /S/David L. Andreas
------------------------ ---------------------------------
Chairman & Chief Executive Officer
Dated: August 8, 1996 By: /S/Thomas J. Freed
------------------------ ---------------------------------
Controller
(Principal Financial Officer)
EXHIBIT 1
NATIONAL CITY
BANCORPORATION
1996
SECOND QUARTER
REPORT
SIX MONTHS
ENDED
JUNE 30, 1996
NATIONAL CITY BANCORPORATION
651 Nicollet Mall
Minneapolis, Minnesota 55402-1611
Telephone 612-904-8503
NATIONAL CITY BANCORPORATION
CHANGE OF ADDRESS FOR SHAREHOLDER
National City Bank of Minneapolis
Stock Transfer Department
P.O. Box E1919
Minneapolis, Minnesota 55480-1919
PLEASE CHANGE MY ADDRESS TO:
Name____________________________________________________
(Print name exactly as it appears on stock certificate)
STREET _________________________________________________
CITY ___________________________________________________
STATE_________________________ZIP CODE ________________
DATE ___________________________________________________
OLD ADDRESS
STREET _________________________________________________
CITY ___________________________________________________
STATE_________________________ZIP CODE ________________
SIGNATURE ______________________________________________
FINANCIAL HIGHLIGHTS
(in thousands except per share)
SECOND QUARTER ENDED
JUNE 30,
-------------------- PERCENT
1996 1995 CHANGE
------- ------- -------
EARNINGS:
Net interest income $ 9,503 $ 9,118 4%
Net earnings 2,942 3,041 -3%
EARNINGS PER COMMON SHARE:
Net earnings $ 0.40 $ 0.41
SIX MONTHS ENDED
JUNE 30,
--------------------- PERCENT
1996 1995 CHANGE
-------- -------- -------
EARNINGS:
Net interest income $ 19,203 $ 17,815 8%
Net earnings 5,781 5,451 6%
EARNINGS PER COMMON SHARE:
Net earnings $ 0.78 $ 0.74
JUNE 30, DECEMBER 31,
1996 1995
--------- ------------
BALANCE SHEET ITEMS
Total assets $ 802,429 $ 800,637
Loans 578,658 552,581 5%
Deposits 420,022 439,985 -5%
Stockholders' equity 110,157 106,034 4%
Book value per share 14.94 14.38
(adjusted for stock dividends)
DIRECTORS OF NATIONAL CITY
BANCORPORATION
David L. Andreas
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
Wendell R. Anderson*
PARTNER
Larkin, Hoffman, Daly and
Lindgren Ltd.
L.W. Andreas
RETIRED CHAIRMAN OF
THE BOARD AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
Terry L. Andreas
CHAIRMAN OF THE BOARD
School for Field Studies
Beverly, Massachusetts
Marvin Borman*
PARTNER
Maslon, Edelman, Borman
and Brand
Kenneth H. Dahlberg
CHAIRMAN OF THE BOARD
Dahlberg, Inc.
John H. Daniels, Jr.*
PARTNER
Willeke and Daniels
Thomas E. Holloran*
PROFESSOR, GRADUATE PROGRAMS
IN MANAGEMENT
University of St. Thomas
C. Bernard Jacobs
RETIRED PRESIDENT AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
RETIRED CHAIRMAN OF THE BOARD
National City Bank
David C. Malmberg
NON-EXECUTIVE CHAIRMAN
OF THE BOARD
National City Bank
Walter E. Meadley, Jr.
RETIRED VICE CHAIRMAN
OF THE BOARD
National City Bank
Roger H. Scherer*
CHAIRMAN OF THE BOARD
Scherer Bros. Lumber Company
*Members of the Audit Committee
OFFICERS OF NATIONAL CITY
BANCORPORATION
David L. Andreas
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
Thomas J. Freed
SECRETARY AND CONTROLLER
PRINCIPAL OFFICERS OF
SUBSIDIARIES
DIVERSIFIED BUSINESS
CREDIT INC.
David L. Andreas
CHAIRMAN OF THE BOARD
Robert L. Olson
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NATIONAL CITY BANK
OF MINNEAPOLIS
David C. Malmberg
NON-EXECUTIVE CHAIRMAN
OF THE BOARD
David L. Andreas
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
William J. Klein
EXECUTIVE VICE PRESIDENT
CLIENT SERVICES
Jean J. Chaput
SENIOR VICE PRESIDENT
TRUST
Thomas J. Freed
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Donald W. Kjonaas
SENIOR VICE PRESIDENT
OPERATIONS
<TABLE>
<CAPTION>
NATIONAL CITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands) June 30, December 31,
1996 1995
--------- ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 35,536 $ 42,006
Federal funds sold and resale agreements 410 25,000
Available-for-sale securities:
U.S. Treasury 23,690 21,963
U.S. Government agencies 9,612 12,017
Mortgage-backed 91,694 83,192
Other securities 4,955 4,871
--------- ---------
Total available-for-sale securities 129,951 122,043
Held-to-maturity securities:
Mortgage-backed 26,630 35,109
Obligations of states and political subdivisions 50 642
Other securities 305 375
--------- ---------
Total held-to-maturity securities 26,985 36,126
(approximate market value: 1996-$27,036; 1995-$36,487)
Loans 578,658 552,581
Less allowance for loan losses (9,460) (8,602)
--------- ---------
Net loan 569,198 543,979
Bank premises and equipment 11,140 4,312
Accrued interest receivable 6,634 6,335
Customer acceptance liability 226 478
Other assets 22,349 20,358
--------- ---------
Total assets $ 802,429 $ 800,637
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing $ 114,093 $ 137,766
Interest bearing 305,929 302,219
--------- ---------
Total deposits 420,022 439,985
Federal funds purchased and repurchase agreements 108,452 110,535
Commercial paper 93,984 79,986
Other short-term borrowed funds 13,705 6,687
Acceptances outstanding 226 478
Other liabilities 7,763 8,812
Long-term debt 48,120 48,120
--------- ---------
Total liabilities 692,272 694,603
Stockholders' equity:
Common stock, par value $1.25
Authorized shares: 20,000,000
Issued shares: 1996-- 7,374,520; 1995-- 6,705,808 9,218 8,382
Additional paid-in capital 79,199 65,484
Unrealized gains (losses) net of tax effect (1,355) 275
Retained earnings 23,095 31,903
--------- ---------
Subtotal 110,157 106,044
Less common stock in treasury at cost:
1996 -- 7 shares; 1995 -- 562 shares (10)
--------- ---------
Total stockholders' equity 110,157 106,034
--------- ---------
Total Liabilities and Stockholders' Equity $ 802,429 $ 800,637
========= =========
</TABLE>
<TABLE>
<CAPTION>
NATIONAL CITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands except per share) Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 14,050 $ 13,550 $ 28,156 $ 25,997
Interest on federal funds sold & resale agreements 112 204 324 292
Interest and dividends on securities:
Taxable 2,569 2,313 5,124 4,540
Exempt from federal income taxes 10 120 19 206
---------- ---------- ---------- ----------
2,579 2,433 5,143 4,746
---------- ---------- ---------- ----------
Total interest income 16,741 16,187 33,623 31,035
INTEREST EXPENSE
Interest on deposits 3,493 3,218 7,086 5,939
Interest on short-term borrowed funds 2,941 2,892 5,709 5,388
Interest on long-term debt 804 959 1,625 1,893
---------- ---------- ---------- ----------
Total interest expense 7,238 7,069 14,420 13,220
---------- ---------- ---------- ----------
Net interest income 9,503 9,118 19,203 17,815
Provision for loan losses 465 195 900 270
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 9,038 8,923 18,303 17,545
NONINTEREST INCOME
Service charges on deposit accounts 521 437 1,009 865
Fees for other customer services 507 468 980 827
Trust department income 1,102 1,238 2,251 2,296
Loss on sale of securities -122
Other 280 350 545 490
---------- ---------- ---------- ----------
Total noninterest income 2,410 2,493 4,785 4,356
NONINTEREST EXPENSES
Salaries and employee benefits 3,731 3,685 7,632 7,451
Net occupancy expense of bank premises 785 557 1,460 1,146
Equipment rentals, depreciation & maintenance 688 555 1,367 1,112
Other 1,460 1,673 3,131 3,358
---------- ---------- ---------- ----------
Total noninterest expense 6,664 6,470 13,590 13,067
---------- ---------- ---------- ----------
Earnings before taxes 4,784 4,946 9,498 8,834
Applicable income taxes 1,842 1,905 3,717 3,383
---------- ---------- ---------- ----------
NET EARNINGS $ 2,942 $ 3,041 $ 5,781 $ 5,451
========== ========== ========== ==========
Net earnings per common share $ 0.40 $ 0.41 $ 0.78 $ 0.74
Average common and common equivalent shares outstanding 7,374,516 7,375,126 7,374,541 7,375,132
</TABLE>
TO OUR STOCKHOLDERS:
Net earnings for the second quarter ended June 30, 1996 were $2,942,000 or $0.40
per share. For the six months, earnings were $5,781,000 or $0.78 per share, an
increase of 6 percent from 1995.
Net interest income for the second quarter was $9,503,000, up $385,000 from the
second quarter of 1995. The increased net interest income reflects a volume
growth in loans and securities partially offset by a decrease in the net
interest margin. The tax-equivalent net interest margin was 5.28 percent for the
second quarter compared with 5.61 percent for the same period last year.
Noninterest expense for the second quarter was $194,000 greater than the second
quarter of 1995, reflecting increased occupancy and relocation expense. The
Company relocated its offices from 75 South Fifth Street to 651 Nicollet Mall,
in Gaviidae Common, during the first quarter of 1996 and the increased occupancy
and relocation expenses were planned. The actual expenses are at or below our
budget.
Net loan charge-offs for the second quarter were $5,000. The Company's reserve
for loan losses at quarter-end was $9,460,000 or 1.63 percent of loans
outstanding compared to $8,602,000 and 1.56 percent at December 31, 1995.
Nonaccrual loans totaled $4.8 million or .83 percent of total loans at June 30,
1996 compared with $3.7 million or .67 percent of total loans at December 31,
1995. The allowance for loan losses was 196 percent of nonaccrual loans at June
30, 1996 compared with 231 percent at December 31, 1995.
/s/ David L. Andreas
David L. Andreas
Chairman of the Board and Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 35,536
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 410
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 129,951
<INVESTMENTS-CARRYING> 26,985
<INVESTMENTS-MARKET> 27,036
<LOANS> 578,658
<ALLOWANCE> 9,460
<TOTAL-ASSETS> 802,429
<DEPOSITS> 420,022
<SHORT-TERM> 216,141
<LIABILITIES-OTHER> 7,763
<LONG-TERM> 48,120
0
0
<COMMON> 9,218
<OTHER-SE> 100,939
<TOTAL-LIABILITIES-AND-EQUITY> 802,429
<INTEREST-LOAN> 14,050
<INTEREST-INVEST> 2,579
<INTEREST-OTHER> 112
<INTEREST-TOTAL> 16,741
<INTEREST-DEPOSIT> 3,493
<INTEREST-EXPENSE> 7,238
<INTEREST-INCOME-NET> 9,503
<LOAN-LOSSES> 465
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 6,664
<INCOME-PRETAX> 4,784
<INCOME-PRE-EXTRAORDINARY> 2,942
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,942
<EPS-PRIMARY> 0.40
<EPS-DILUTED> 0.40
<YIELD-ACTUAL> 5.28
<LOANS-NON> 4,821
<LOANS-PAST> 526
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 20,527
<ALLOWANCE-OPEN> 9,000
<CHARGE-OFFS> 13
<RECOVERIES> 8
<ALLOWANCE-CLOSE> 9,460
<ALLOWANCE-DOMESTIC> 2,350
<ALLOWANCE-FOREIGN> 276
<ALLOWANCE-UNALLOCATED> 6,834
</TABLE>
