<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1995 Commission File Number 0-10692
TRANSWORLD BANCORP
(Exact name of Registrant as specified in its charter)
CALIFORNIA 95-3730637
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
15233 Ventura Boulevard 91403
Sherman Oaks, California (Zip Code)
(Address of principal executive offices)
Registrant's telephone number,
including area code: (818) 783-7501
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 2,761,546 shares of common stock outstanding as of August 4, 1995.
<PAGE> 2
PART I
ITEM 1 - FINANCIAL STATEMENTS
TRANSWORLD BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
(Unaudited) 1995 1994
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 26,163,000 $ 30,541,000
Federal funds sold 75,000,000 55,000,000
Investment securities held to maturity (approximate market
value: 1995-$138,232,000; 1994-$124,383,000;): 138,487,000 128,907,000
Investment securities available for sale, at market value 21,357,000 23,379,000
- -----------------------------------------------------------------------------------------------
Total investment securities 159,844,000 152,286,000
Loans and leases 125,378,000 125,209,000
Less allowance for credit losses 2,242,000 2,003,000
- -----------------------------------------------------------------------------------------------
Net loans and leases 123,136,000 123,176,000
Premises and equipment, net 3,386,000 3,345,000
Other real estate owned, net 738,000 2,048,000
Other assets 5,471,000 4,756,000
- -----------------------------------------------------------------------------------------------
TOTAL ASSETS $393,738,000 $371,152,000
===============================================================================================
LIABILITIES
Deposits:
Noninterest bearing $115,512,000 113,600,000
Interest bearing 208,804,000 227,985,000
- -----------------------------------------------------------------------------------------------
Total deposits 324,316,000 341,585,000
Securities sold under agreement to repurchase 36,408,000 200,000
Interest bearing demand notes issued to the U.S. Treasury 3,693,000 2,740,000
Mortgage indebtedness and obligation under capital lease 228,000 320,000
Other liabilities 1,478,000 977,000
- -----------------------------------------------------------------------------------------------
Total liabilities 366,123,000 345,822,000
STOCKHOLDERS' EQUITY
Common stock, no par value: authorized 6,000,000 shares;
2,760,334 shares issued and out-standing in TransWorld
Bancorp in 1995 and 2,727,182 in 1994 8,022,000 7,813,000
Surplus 2,926,000 2,926,000
Retained earnings 16,628,000 14,666,000
Unrealized gain/(loss) on securities (net of deferred taxes
of $(23,000) in June 1995 and $53,000 in Dec 1994) 39,000 (75,000)
- -----------------------------------------------------------------------------------------------
Total stockholders' equity 27,615,000 25,330,000
- -----------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $393,738,000 $371,152,000
===============================================================================================
</TABLE>
2
<PAGE> 3
TRANSWORLD BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ending Six Months Ending
June 30 June 30
(Unaudited) ($ in thousands) 1995 1994 1995 1994
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $3,356 $2,814 $ 6,585 $5,467
Interest on state and municipal securities 402 336 823 637
Interest on other investment securities 2,021 1,130 3,745 2,132
Interest on Federal funds sold 949 797 1,908 1,291
- -----------------------------------------------------------------------------------------------------------------
Total interest income 6,728 5,077 13,061 9,527
Interest expense:
Interest on deposits 1,628 1,234 3,191 2,381
Interest on short-term borrowings 417 30 467 60
- -----------------------------------------------------------------------------------------------------------------
Total interest expense 2,045 1,264 3,658 2,441
Net interest income 4,683 3,813 9,403 7,086
Provision for credit losses 225 256 445 406
- -----------------------------------------------------------------------------------------------------------------
Net interest income after provision for credit losses 4,458 3,557 8,958 6,680
Noninterest income:
Service charges on deposit accounts 724 748 1,423 1,499
Bankcard merchant income 34 27 64 142
Other operating income 224 215 456 414
- -----------------------------------------------------------------------------------------------------------------
Total noninterest income 982 990 1,943 2,055
Noninterest expense:
Salaries and employee benefits 1,959 1,828 3,919 3,669
Net occupancy expense 525 567 1,104 1,120
Furniture, fixtures and equipment 314 299 628 535
FDIC insurance costs 188 158 376 316
Data processing 54 43 103 99
Other operating expense 810 695 1,619 1,390
Earthquake expense -- -- -- 300
- -----------------------------------------------------------------------------------------------------------------
Total noninterest expense 3,850 3,590 7,749 7,429
Income before income taxes 1,590 957 3,152 1,306
Income taxes 608 332 1,190 413
- -----------------------------------------------------------------------------------------------------------------
NET INCOME $ 982 $ 625 $ 1,962 $ 893
=================================================================================================================
NET INCOME PER SHARE* $ 0.36 $ 0.23 $ 0.71 $ 0.33
=================================================================================================================
Book value per share* $ 10.00 $ 8.70
Weighted average shares outstanding* 2,760,334 2,726,182 2,754,839 2,727,182
</TABLE>
*Adjusted to reflect the two-for-one split paid on March 7, 1995
3
<PAGE> 4
TRANSWORLD BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Periods ended June 30, (Unaudited) 1995 1994
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cash flows from operating activities:
Net Income $ 1,962,000 $ 893,000
Adjustments to reconcile net income to net cash provided by operating
activities:
Net (accretion) amortization of premium on investments (74,000) 237,000
Provision for credit losses 445,000 406,000
Accretion of deferred loan fees and costs (59,000) (85,000)
Loan origination costs capitalized (75,000) (83,000)
Depreciation and amortization 326,000 332,000
(Increase) in accrued interest receivable (438,000) (291,000)
Increase (decrease) in accrued interest payable 205,000 (13,000)
Increase in current income taxes payable 47,000 106,000
Provision for OREO losses 92,000 25,000
Increase in other, net 185,000 227,000
- -------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 2,616,000 1,754,000
Cash flows from investing activities:
Proceeds from matured securities held to maturity 10,000,000 4,400,000
Proceeds from matured securities available for sale 25,650,000 4,600,000
Proceeds from calls and redemptions of securities
held to maturity 8,315,000 8,084,000
Proceeds from calls and redemptions of securities
available for sale 1,000,000 61,000
Purchase of securities held to maturity (27,644,000) (31,567,000)
Purchase of securities available for sale (24,919,000) (8,498,000)
Net (increase) decrease in loans (1,756,000) 3,949,000
Proceeds from sale of SBA loans 1,295,000 851,000
Loan origination fees received 325,000 271,000
Proceeds from sale of other real estate owned 1,375,000 260,000
Purchase of premises and equipment (367,000) (255,000)
(Increase) decrease in other, net (277,000) 203,000
- -------------------------------------------------------------------------------------------------------------
Net cash (used in) investing activities: (7,003,000) (17,641,000)
Cash flows from financing activities:
Net increase in noninterest bearing deposits 1,912,000 17,348,000
Net (decrease) increase in interest bearing deposits (19,181,000) 29,481,000
Net increase in repurchase agreements 36,208,000 1,000,000
Increase in interest bearing demand notes 953,000 611,000
(Decrease) in capital lease and mortgage indebtedness (92,000) (211,000)
Dividends paid in lieu of fractional shares issued -- (10,000)
Exercise of stock purchase plan options 209,000 --
- -------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities 20,009,000 48,219,000
- -------------------------------------------------------------------------------------------------------------
Net increase in cash and cash equivalents 15,622,000 32,332,000
Cash and cash equivalents, beginning of year 85,541,000 77,234,000
Cash and cash equivalents, end of period $101,163,000 $109,566,000
=============================================================================================================
Supplemental disclosure of cash flows information:
Cash paid during the year: 1995 1994
- -------------------------------------------------------------------------------------------------------------
Interest $ 2,992,000 $ 2,456,000
Income taxes $ 1,340,000 $ 286,000
- -------------------------------------------------------------------------------------------------------------
Non cash activities:
Transfer from loans to other real estate owned $ 155,000 $ 140,000
=============================================================================================================
</TABLE>
See notes to consolidated financial statements
4
<PAGE> 5
NOTE 1 - NONPERFORMING ASSETS
PAST DUE AND NONACCRUING ASSETS:
<TABLE>
<CAPTION>
Past due over 90 days Nonaccruals
------------------------------------------------------------------------------------------
June 30 Dec. 31 June 30 Dec. 31
1995 1994 1995 1994
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Real Estate loans $340,000 $455,000 $ 540,000 $ 853,000
Commercial loans -- -- 264,000 250,000
Consumer loans -- -- 4,000 20,000
Leasing 2,000 1,000 -- --
Other Real Estate Owned -- -- 738,000 2,048,000
- -------------------------------------------------------------------------------------------------------------------------------
Total $342,000 $456,000 $1,546,000 $3,171,000
===============================================================================================================================
</TABLE>
NOTE 2 - ALLOWANCE FOR CREDIT LOSSES AND OTHER REAL ESTATE OWNED:
Transactions in the allowance for credit losses were as follows:
<TABLE>
<CAPTION>
June 30 Dec. 31
1995 1994
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Balance, January 1 $2,033,000 $2,029,000
Provision charged to operations 445,000 921,000
Recoveries 98,000 109,000
- -------------------------------------------------------------------------------------------------------------------------------
2,576,000 3,059,000
Less: Loans charged off 334,000 1,026,000
- -------------------------------------------------------------------------------------------------------------------------------
Balance $2,242,000 $2,033,000
===============================================================================================================================
</TABLE>
Transactions in the allowance for other real estate owned were as follows:
<TABLE>
<CAPTION>
June 30 Dec. 31
1995 1994
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Balance, January 1 $ 135,000 $ 93,000
Provision charged to operations 92,000 105,000
- -------------------------------------------------------------------------------------------------------------------------------
227,000 198,000
Less: OREO reserves recovered -- --
Less: OREO reserves charged off 148,000 63,000
- -------------------------------------------------------------------------------------------------------------------------------
Balance $ 79,000 $ 135,000
===============================================================================================================================
</TABLE>
NOTE 3 - ASSET QUALITY RATIOS
<TABLE>
<CAPTION>
June 30 Dec. 31
1995 1994
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Nonperforming loans to total loans 0.92% 1.26%
Nonperforming assets to total assets 0.50% 1.01%
Loan loss allowance to nonperforming loans 194.95% 128.75%
Loan loss and OREO allowance to nonperforming assets 118.00% 57.63%
</TABLE>
5
<PAGE> 6
ITEM 2 - MANAGEMENT'S ANALYSIS OF FINANCIAL OPERATIONS JUNE 30, 1995 VS.
DECEMBER 31, 1994
ASSETS
Assets continued to grow during the first half of 1995 gaining 6% or,
$22,586,000, to $393,738,000 as of June 30, 1995.
Asset growth was invested primarilly in Federal funds sold and the investment
portfolio. Federal funds sold increased 35%, or $20,000,000, over year-end 1994,
and decreased by $10,600,000 from June 30, 1994. The investment portfolio
increased to $159,844,000 at June 30, 1995, versus $152,286,000 at December 31,
1994, an increase of $7,558,000, or 5%. The increase in the investment portfolio
was invested primarily in U.S. Government agencies, with maturities ranging from
one to three years. The market value of held-to-maturity securities improved to
99.8% of book value.
The loan portfolio grew marginally during the first half of 1995 with totals
being $125,378,000 at June 30, 1995, compared to $125,209,000 at December 31,
1994. Modest growth in lending continues to reflect prevailing economic
conditions in Southern California and our philosophy of a disciplined approach
to risk management. The reserve for credit losses at June 30, 1995, was
$2,242,000, or 1.78%, of total loans, versus $2,033,000, or 1.62% of total loans
at December 31, 1994. Asset quality remained solid with non-performing loans
decreasing during the first half of the year to $1,150,000, or 0.92% of total
loans, compared to $1,579,000, or 1.26%, of total loans at year-end.
Other real estate owned (OREO) decreased 64%, or $1,310,000, during the first
half of 1995, a result of the the sale of one property with a net loss of
$71,000, while only one property was added to OREO during the first half of
1995. The Company is aggressively marketing the sale of the remaining six
properties held in OREO totaling $738,000, and representing only 0.2% of assets.
LIABILITIES
Deposits, along with repurchase agreements, grew to $360,724,000 compared to
$341,785,000 at December 31, 1994, an increase of $18,939,000, or 6%. Securities
sold under agreement to repurchase increased to $36,408,000 at June 30, 1995,
from $200,000 at December 31, 1994, an increase of $36,208,000, more than
offsetting the decrease of $19,181,000 in Interest bearing deposits. As noted in
the first quarter report, the reduction in deposits is directly related to one
customer reducing its deposit blance in order to invest in securities sold under
agreements to repurchase.
Time certificates of deposit increased 33%, or $16,110,000, during the first
half of the year. As a result of our marketing efforts, the increase in CD's is
reflected in the balances of our 6 month and one year pace CD's, as well as in a
10 month CD that was offered for a limited time in the first quarter.
6
<PAGE> 7
ITEM 2 - MANAGEMENT'S ANALYSIS OF FINANCIAL OPERATIONS (CONTINUED)
CAPITAL AND LIQUIDITY
The Company's capital position remains strong, and continues to meet the
requirements set by the FDIC for a well capitalized bank. Risk-based capital at
the end of the second quarter was 15.50%, up from 14.84%, at year-end, exceeding
the 8% minimum set by the FDIC and Federal Reserve bank. The Tier 1 (core
capital) ratio was 14.32% at June 30, 1995 compared to 13.72% at December 31,
1994. The leverage ratio (Tier 1 capital to quarterly average assets) was up
from 6.69% at year-end to 7.08% at the end of the second quarter.
The financial position of the Company continues to be strong. The Company had
cash and federal funds sold totaling $101,163,000 at June 30, 1995, giving the
company liquidity to handle increased loan demand and short-term liability
fluctuations.
OPERATING RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 1995 VS. JUNE 30, 1994.
Second quarter earnings for 1995 increased to $982,000, up 57% from the $625,000
earned in the second quarter of 1995.
Net interest income, after the provision for credit losses, increased $901,000
or, 25%, over the same period last year, a result of a higher net interest
margin. The net interest margin increased from 4.2% at June 30, 1994, to 4.7% at
June 30, 1995. The average rate of return on the loan portfolio was up from
9.65% at June 30, 1994, to 11.03% at June 30, 1995. The loan loss provision for
the second quarter 1995 decreased $31,000, or 12%, from the amount provided in
the second quarter 1994.
Noninterest income was $982,000 for the quarter ending June 30, 1995, compared
to $990,000 for the second quarter 1994. Service charges on deposit accounts
decreased 3%, or $24,000. Account analysis charges are a contributing factor to
service charges on deposit accounts, and as interest rates rise, the earnings'
credit received by accounts on analyzed service charges rise, resulting in lower
service charges paid by the account holder thus contributing to the decrease.
Noninterest expense increased a modest 7%, or $260,000, over last year. Salaries
and employee benefits rose $131,000, or 7%, over the same period last year,
partly as a result of staffing for our new Camarillo office which opened during
the second quarter. FDIC insurance costs rose $30,000, or 19%, over the same
period last year.
For the quarter, per share earnings were $0.36 at June 30, 1995, versus $0.23 at
June 30, 1994.
OPERATING RESULTS FOR THE SIX MONTHS ENDED JUNE 30,1995 VS. JUNE 30, 1994.
Operating earnings for the six months ended June 30, 1995, totaled $1,962,000, a
gain of 120% over last year's first half earnings of $893,000. Per share
earnings for the first half of 1995 grew 115% to $0.71 from $0.33 for the first
half of 1994. Book value per share at June 30, 1995, was $10.00 compared to
$8.70 at June 30, 1994. The annualized return on assets at June 30, 1995, rose
to 1.06% from 0.54% for the same period last year. The first half of 1994 was
affected by the Northridge earthquake.
Net interest income, after the provision for credit losses, grew $2,278,000, or
34%, for the first half of the year, due to both increased asset volume and a
favorable interest spread.
7
<PAGE> 8
ITEM 2 - MANAGEMENT'S ANALYSIS OF FINANCIAL OPERATIONS (CONTINUED)
OPERATING RESULTS FOR THE SIX MONTHS ENDED JUNE 30,1995 VS. JUNE 30, 1994
(CONT.)
Noninterest income was $1,943,000 for 1995 compared to $2,055,000 for 1994.
Bankcard merchant income was $64,000 at June 30, 1995, versus $142,000 at June
30, 1994, a decrease of $78,000, or 55%. In January 1994 the Company was not
only servicing the merchant portfolio, but receiving income for those services.
In February 1994 the service was outsourced, which substantially reduced
expenses as well as gross revenues. Second quarter results for bankcard merchant
income show an increase of $7,000, or 26%, indicating that the merchant services
not outsourced continue to be profitable. SBA income was $82,000 at June 30,
1995, up 52%, or $28,000, over the same period last year.
Noninterest expenses, excluding $300,000 charged in the first quarter 1994 for
earthquake expenses, rose 9%, or $620,000. An increase in salaries and employee
benefits as well as furniture, fixtures and equipment corresponds to our newest
office in Camarillo. FDIC insurance costs increased $60,000, or 19%, over the
same period last year. The Company continues to pay the lowest FDIC insurance
rate of $0.23 per hundred, as a result of meeting the requirements of a well
capitalized bank.
Our eleventh office located in Camarillo, California opened for business on May
30, 1995. With its strong business base and attractive residential areas the
Camarillo market enhances our ability to attract new customer relationships and
build a sound, profitable office.
PART II
ITEM 1 - LEGAL PROCEEDINGS
None
ITEM 2 - CHANGES IN SECURITIES
None
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None
8
<PAGE> 9
PART II
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
TRANSWORLD BANCORP AND SUBSIDIARY
(a) Annual meeting of stockholders was held on April 27, 1995
(b) N/A
(c) Matters voted upon were:
1. Election of Directors
<TABLE>
<S> <C>
Louis J. Galen
Votes Cast:
FOR 2,274,628
AGAINST -
WITHHELD 812
ABSTENTIONS -
BROKER NON VOTES -
David H. Hender
Votes Cast:
FOR 2,274,662
AGAINST -
WITHHELD 778
ABSTENTIONS -
BROKER NON VOTES -
Douglas D. Bernards
Votes Cast:
FOR 2,274,628
AGAINST -
WITHHELD 812
ABSTENTIONS -
BROKER NON VOTES -
Alvin H. Blaine
Votes Cast:
FOR 2,274,522
AGAINST -
WITHHELD 918
ABSTENTIONS -
BROKER NON VOTES -
Helene V. Galen
Votes Cast:
FOR 2,274,168
AGAINST -
WITHHELD 1,272
ABSTENTIONS -
BROKER NON VOTES -
Warren W. Kingsley
Votes Cast:
FOR 2,274,628
AGAINST -
WITHHELD 812
ABSTENTIONS -
BROKER NON VOTES -
Ralph E. Phillips
Votes Cast:
FOR 2,274,662
AGAINST -
WITHHELD 778
ABSTENTIONS -
BROKER NON VOTES -
Timothy Harris
Votes Cast:
FOR 2,274,626
AGAINST -
WITHHELD 814
ABSTENTIONS -
BROKER NON VOTES -
</TABLE>
2. Ratification of the selection of Deloitte & Touche as the company's
independent auditors.
<TABLE>
<CAPTION>
Votes Cast:
<S> <C>
FOR 2,261,163
AGAINST 1,502
ABSTAIN 12,775
</TABLE>
9
<PAGE> 10
PART II
ITEM 5 - OTHER INCOME
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
A. EXHIBITS
27. Financial Data Schedule
B. REPORTS ON FORM 8-K
None
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.
TRANSWORLD BANCORP
Date: August 9, 1995 By: Howard J. Stanke
-------------- ----------------------------
Howard J. Stanke
Chief Financial Officer
Date: August 9, 1995 By: David H. Hender
-------------- ----------------------------
David H. Hender
Chief Executive Officer
10
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDSTED BALANCE SHEETS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 26,163
<INT-BEARING-DEPOSITS> 208,804
<FED-FUNDS-SOLD> 75,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 21,357
<INVESTMENTS-CARRYING> 138,487
<INVESTMENTS-MARKET> 138,232
<LOANS> 125,378
<ALLOWANCE> 2,242
<TOTAL-ASSETS> 393,738
<DEPOSITS> 324,316
<SHORT-TERM> 3,693
<LIABILITIES-OTHER> 38,114
<LONG-TERM> 0
<COMMON> 8,022
0
0
<OTHER-SE> 19,593
<TOTAL-LIABILITIES-AND-EQUITY> 393,738
<INTEREST-LOAN> 6,585
<INTEREST-INVEST> 4,568
<INTEREST-OTHER> 1,906
<INTEREST-TOTAL> 13,061
<INTEREST-DEPOSIT> 3,191
<INTEREST-EXPENSE> 3,658
<INTEREST-INCOME-NET> 9,403
<LOAN-LOSSES> 445
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 7,749
<INCOME-PRETAX> 3,152
<INCOME-PRE-EXTRAORDINARY> 3,152
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,962
<EPS-PRIMARY> .71
<EPS-DILUTED> .71
<YIELD-ACTUAL> 7.35
<LOANS-NON> 808
<LOANS-PAST> 342
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,033
<CHARGE-OFFS> 334
<RECOVERIES> 98
<ALLOWANCE-CLOSE> 2,242
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 2,242
</TABLE>
