SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
/X/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1998
--------------
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 0-10489
-----------
CENTENNIAL BANCORP
(Exact name of registrant as specified in its charter)
OREGON 93-0792841
(State of Incorporation) (I.R.S. Employer
Identification Number)
675 Oak Street
Eugene, Oregon 97401
(Address of principal executive offices)
(Zip Code)
(541) 342-3970
(Registrant's telephone number, including area code)
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 latest practicable date:
14,543,909 shares as of April 28, 1998.
<PAGE>
CENTENNIAL BANCORP
FORM 10-Q
MARCH 31, 1998
INDEX
-----
Page
PART I - FINANCIAL INFORMATION Reference
- ------------------------------ ---------
Condensed Consolidated Balance Sheets as of
March 31, 1998 and December 31, 1997 3
Condensed Consolidated Statements of Income for
the three months ended March 31, 1998 and 1997 4
Condensed Consolidated Statements of Comprehensive
Income for the three months ended March 31,
1998 and 1997 5
Condensed Consolidated Statements of Cash Flows
for the three months ended March 31,
1998 and 1997 5
Notes to Condensed Consolidated Financial Statements 6 - 9
Management's Discussion and Analysis of Financial
Condition and Results of Operations:
Overview 10
Material Changes in Financial Condition 10 - 11
Material Changes in Results of Operations 11 - 13
Market Risk 13
Loan Loss Provision 13 - 14
Liquidity and Capital Resources 14
PART II - OTHER INFORMATION
- ---------------------------
Item 6 - Exhibits and Reports on Form 8-K 15
Signatures 16
-2-
<PAGE>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
------------- -------------
(Unaudited)
<S> <C> <C>
ASSETS
- ------
Cash and cash equivalents:
Cash and due from banks $ 31,633,136 $ 26,269,239
Federal funds sold 9,000,000 23,800,000
------------ ------------
Total cash and cash equivalents 40,633,136 50,069,239
Securities available-for-sale 75,963,780 83,904,253
Loans held for sale 12,157,544 5,584,947
Loans receivable, net 349,226,508 331,691,399
Federal Home Loan Bank stock 4,801,100 4,711,100
Premises and equipment, net 10,587,488 10,486,892
Other assets 6,649,944 6,125,581
------------ ------------
$500,019,500 $492,573,411
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Liabilities:
Deposits:
Demand $105,224,089 $ 97,262,856
Interest-bearing demand 168,507,038 173,583,239
Savings 14,564,644 13,751,676
Time 137,227,278 134,684,313
------------ ------------
Total deposits 425,523,049 419,282,084
Short-term borrowings 5,382,350 7,715,783
Accrued interest and other liabilities 4,731,940 3,765,386
Long-term debt 10,000,000 10,000,000
------------ ------------
Total liabilities 445,637,339 440,763,253
Shareholders' equity:
Preferred stock -- --
Common stock, 14,543,909 issued and outstanding
(14,515,676 at December 31, 1997) 29,101,854 29,031,352
Retained earnings 24,633,957 22,082,696
Accumulated other comprehensive income 646,350 696,110
------------ ------------
Total shareholders' equity 54,382,161 51,810,158
------------ ------------
$500,019,500 $492,573,411
============ ============
</TABLE>
See accompanying notes.
-3-
<PAGE>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------
1998 1997
----------- ----------
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $10,015,258 $7,638,396
Interest on investment securities 1,241,459 1,207,776
Other interest income 82,448 94,368
---------- ----------
Total interest income 11,339,165 8,940,540
INTEREST EXPENSE
Interest on deposits 3,377,068 2,702,020
Interest on short-term borrowings 87,538 200,793
Interest on long-term debt 122,604 151,254
---------- ----------
Total interest expense 3,587,210 3,054,067
---------- ----------
NET INTEREST INCOME 7,751,955 5,886,473
Loan loss provision 300,000 800,000
---------- ----------
Net interest income after loan loss provision 7,451,955 5,086,473
NONINTEREST INCOME
Service charges 272,528 237,795
Other 182,515 797,747
Net gains on sales of loans 305,738 99,576
Net gains on sales of securities 145,312 29,309
---------- ---------
Total noninterest income 906,093 1,164,427
NONINTEREST EXPENSES
Salaries and employee benefits 3,010,687 2,089,031
Premises and equipment 590,831 491,171
Legal and professional 191,172 139,317
Advertising 144,981 100,325
Printing and stationery 106,829 90,582
Other 533,887 227,204
---------- ----------
Total noninterest expenses 4,578,387 3,137,630
---------- ----------
Income before income taxes 3,779,661 3,113,270
Provision for income taxes 1,228,400 1,011,800
---------- ----------
NET INCOME $2,551,261 $2,101,470
========== ==========
Earnings per share of common stock:
Basic $ .18 $ .14
Diluted $ .17 $ .14
Weighted average shares outstanding:
Basic 14,535,932 14,397,650
Diluted 15,260,710 14,944,896
</TABLE>
See accompanying notes.
-4-
<PAGE>
<TABLE>
<CAPTION>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31,
--------------------------
1998 1997
------------ ------------
<S> <C> <C>
Net income $ 2,551,261 $ 2,101,470
Unrealized gains/(losses) on securities available for sale:
Unrealized gains (losses) arising during the period 1,185,622 (796,931)
Reclassification adjustment for (gains) included in
statement of income (145,312) (29,309)
----------- -----------
1,040,310 (826,240)
Income tax (expense)/benefit (393,960) 313,970
----------- -----------
Net unrealized gains/(losses) on securities available for sale 646,350 (512,270)
Comprehensive income $ 3,197,611 $ 1,589,200
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
CENTENNIAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
--------------------------
1998 1997
------------ ------------
<S> <C> <C>
Net cash provided by (used in) operating activities $(3,038,051) $ 5,111,210
Cash flows from investing activities:
Net increase in loans (17,835,109) (20,603,291)
Investment security purchases (496,719) --
Proceeds from investment securities:
Maturities 5,036,516 852,296
Sales 3,475,715 11,020,078
Purchases of premises and equipment (556,489) (296,905)
----------- ------------
Net cash used in investing activities (10,376,086) (9,027,822)
Cash flows from financing activities:
Net increase in deposits 6,240,965 249,033
Net increase (decrease) in short-term borrowings (2,333,433) 864,903
Proceeds from issuance of common stock 70,502 103,096
----------- -----------
Net cash provided by financing activities 3,978,034 1,217,032
----------- -----------
Net decrease in cash and cash equivalents (9,436,103) (2,699,580)
Cash and cash equivalents at beginning of period 50,069,239 38,397,505
----------- -----------
Cash and cash equivalents at end of period $40,633,136 $35,697,925
=========== ===========
</TABLE>
See accompanying notes.
-5-
<PAGE>
CENTENNIAL BANCORP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
---------------------
The interim condensed consolidated financial statements include the
accounts of Centennial Bancorp, a bank holding company ("Bancorp"), and its
wholly owned subsidiaries, Centennial Bank ("Bank") and Centennial Mortgage
Co. ("Mortgage Co."). The Bank is an Oregon state-chartered bank which
provides commercial banking services. Mortgage Co. originates residential
mortgage loans for resale in the secondary market.
The interim condensed consolidated financial statements are unaudited, but
include all adjustments, consisting only of normal accruals, which Bancorp
considers necessary for a fair presentation of the results of operations
for such interim periods.
All significant intercompany balances and transactions have been eliminated
in consolidation.
The interim condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements, including the notes
thereto, included in Bancorp's 1997 Annual Report to Shareholders.
Certain amounts for 1997 have been reclassified to conform with the 1998
presentation.
On January 1, 1998, Bancorp adopted Statement of Financial Accounting
Standards ("SFAS") No. 130, "Reporting Comprehensive Income," which
requires reporting of comprehensive income in general purpose financial
statements. Comprehensive income is defined as the change in equity during
the period from transactions and other events and circumstances from
nonowner sources, which for Bancorp consists of net income and unrealized
gains or losses on securities available for sale, net of related income
taxes.
-6-
<PAGE>
2. Loans and Reserve for Loan Losses
---------------------------------
The composition of the loan portfolio was as follows:
March 31, December 31,
1998 1997
------------ ------------
Real estate -- mortgage $ 90,091,220 $ 87,631,611
Real estate -- construction 100,094,184 89,119,688
Commercial 152,045,832 147,052,433
Installment 6,225,743 6,602,690
Lease financing 3,172,553 3,648,728
Other 2,238,758 1,994,689
------------ ------------
353,868,290 336,049,839
Reserve for loan losses (3,654,304) (3,348,914)
Less deferred loan fees (987,478) (1,009,526)
------------ ------------
$349,226,508 $331,691,399
============ ============
Loans held for sale of $12,157,544 and $5,584,947 at March 31, 1998 and
December 31, 1997, respectively, represent real estate mortgage loans.
These loans are recorded at cost which approximates market value.
Transactions in the reserve for loan losses were as follows for the three
months ended March 31:
1998 1997
----------- -----------
Balance at beginning of period $3,348,914 $2,599,653
Provision charged to operations 300,000 800,000
Recoveries 10,390 1,323
Loans charged off (5,000) (30,351)
---------- ----------
Balance at end of period $3,654,304 $3,370,625
========== ==========
At March 31, 1998, Bancorp had five loans requiring a specific valuation
allowance in accordance with SFAS No. 114, as amended by SFAS No. 118 (two
loans at December 31, 1997). The specific valuation allowance was $150,000
on loans with remaining principal outstanding of $701,000 at
-7-
<PAGE>
March 31, 1998 ($150,000 and $718,000 at December 31, 1997). Each loan with
a current outstanding principal balance of less than $100,000 is grouped
into one homogenous pool when considering the valuation allowance. No
specific valuation allowance was deemed necessary for loans in this group
of smaller loans.
It is Bancorp's policy to place loans on nonaccrual status whenever the
collection of all or a part of the principal balance is in doubt. Loans
placed on nonaccrual status may or may not be contractually past due at the
time of such determination, and may or may not be secured by collateral.
Loans on nonaccrual status at March 31, 1998 and December 31, 1997 were
approximately $857,000 and $873,000, respectively.
Loans past due 90 days or more on which Bancorp continued to accrue
interest were approximately $1,553,000 at March 31, 1998, and approximately
$402,000 at December 31, 1997. There were no loans on which the interest
rates or payment schedules were modified from their original terms to
accommodate a borrower's weakened financial position at March 31, 1998 or
December 31, 1997.
-8-
<PAGE>
3. Earnings per Share of Common Stock
----------------------------------
A reconcilement of the basic and diluted earnings per share computations is
as follows:
1998 1997
---------- ----------
Net income available to common
shareholders -- basic and
diluted $2,551,261 $2,101,470
========== ==========
Reconciliation of Basic and Diluted Shares
------------------------------------------
Weighted average shares
outstanding - basic 14,535,932 14,397,650
Incremental shares from
stock options 724,778 547,246
---------- ----------
Weighted average shares
outstanding - diluted 15,260,710 14,944,896
========== ==========
The weighted average number of common shares outstanding reflects the
effect of stock splits and stock dividends.
-9-
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
When used in the following discussion, the word "expects" and other similar
expressions are intended to identify forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from
those projected. Specific risks and uncertainties include, but are not limited
to, general business and economic conditions, and other factors listed from time
to time in Bancorp's SEC reports, including but not limited to, Exhibit 99.1 to
Bancorp's Form 10-K for the year ended December 31, 1996, which is incorporated
herein by reference. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. Bancorp
undertakes no obligation to publish revised forward-looking statements to
reflect the occurrence of unanticipated events or circumstances after the date
hereof.
OVERVIEW
- --------
Centennial Bancorp reported net income of $2.6 million, or $.18 per share,
for the three months ended March 31, 1998. This represented a 21% increase in
net income as compared to $2.1 million, or $.14 per share, for the three months
ended March 31, 1997. The increased earnings reflected primarily the expansion
of Bancorp's interest-earning assets and increased net interest income. At March
31, 1998, Bancorp recognized a 22% increase both in assets and in
interest-earning assets as compared to March 31, 1997.
MATERIAL CHANGES IN FINANCIAL CONDITION
- ---------------------------------------
The most material changes in Bancorp's financial condition for the three
months ended March 31, 1998 were increases in loans and loans held for sale.
Funds were provided for these increases primarily from a decrease in cash and
cash equivalents and in maturities and sales of securities available-for-sale,
from an increase in deposits and from net income.
-10-
<PAGE>
During the quarter ended March 31, 1998, Bancorp experienced an increase of
$17.8 million in loans and an increase of $6.6 million in loans held for sale as
compared to December 31, 1997. The increase in loans was primarily due to an
increase in real estate construction lending, but was also due to an increase in
commercial loan activity of the Bank. The increase in loans held for sale was
due to an increase in real estate mortgage lending by Mortgage Co.
Bancorp experienced a modest increase of $6.2 million in total deposits
during the quarter ended March 31, 1998. In most prior years, Bancorp has
experienced a modest increase or a decrease in deposits during all or part of
the first quarter of the year, with deposit activity increasing significantly
the remainder of each year. Management believes that Bancorp's modest deposit
increase during the first quarter of 1998 is consistent with Bancorp's
historical patterns.
Because of the limited growth in deposits experienced during the quarter
ended March 31, 1998 at the same time Bancorp experienced increases in loans and
loans held for sale, Bancorp's Federal funds sold decreased at March 31, 1998 as
compared to December 31, 1997. Federal funds sold is a component of cash and
cash equivalents, and represents an overnight investment of temporary, excess
funds.
During the first quarter of 1998, $5.0 million of Bancorp's securities
available-for-sale matured or were called for payment. In addition, management
liquidated $3.5 million of securities available-for-sale to accommodate the
increases in loans and loans held for sale. Due to the favorable bond market
during the first quarter of 1998, sales of these securities generated profits of
$145,000.
All other changes experienced in asset and liability categories during the
first quarter of 1998 were comparatively modest.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
- -----------------------------------------
Total interest income increased $2.4 million during the three months ended
March 31, 1998 as compared to the same period in 1997. This increase was
primarily due to the increase in the amount of loans and loans held for sale
during the first quarter of 1998 as compared to the first quarter of 1997.
-11-
<PAGE>
Total interest expense increased $533,000 for the three months ended March
31, 1998 as compared to the same period in 1997. This increase was primarily due
to the increase in interest-bearing deposits held during the first quarter of
1998 as compared to the first quarter of 1997.
The increase in interest earned, offset in part by the increase in interest
expense, served to increase Bancorp's net interest income by $1.9 million (or
32%) over the first quarter of 1997.
Noninterest income decreased $258,000 for the three months ended March 31,
1998 as compared to the 1997 period. This decrease is primarily attributable to
receipt of a settlement payment during the first quarter of 1997 for a claim the
Bank brought against former legal counsel.
The magnitude of the decrease in noninterest income recognized during the
three months ended March 31, 1998 was tempered by increases in gains on sales of
residential mortgage loans and gains on sales of securities. The increase in
gains on sales of residential mortgage loans was attributable to the moderate
interest rate environment and the favorable economic climate experienced during
the first quarter of 1998 as compared to the same period in 1997. This interest
rate environment and economic climate generated a substantial increase in
residential mortgage lending activity for Mortgage Co. and Bancorp.
Noninterest expense increased $1.4 million for the three months ended March
31, 1998 as compared to the 1997 period. All categories of noninterest expense
increased.
Salaries and employee benefits increased $922,000 during the first quarter
of 1998 as compared to the first quarter of 1997, which was primarily due to
additions to the Bank's staff to manage the increase in assets and to operate
the additional branch offices of the Bank that opened in the Portland area in
1997. The increase in salaries and employee benefits was also due to additions
to Mortgage Co.'s staff to accommodate the additional mortgage lending activity
experienced, and to the increased commissions paid to residential mortgage
lending officers.
The increase of $100,000 in premises and equipment in the first quarter of
1998 is the result of additional Portland-area branch offices of the Bank and
Mortgage Co. opened during the last year.
-12-
<PAGE>
Bancorp experienced a $44,000 increase in advertising related expenses
during the first quarter of 1998 due to additional media advertising.
The increase in other noninterest expense was magnified due to the
recapture of an accrued loss during the 1997 period, which was previously
accrued and which management deemed to be no longer necessary.
MARKET RISK
- -----------
Market risk is the risk of loss from adverse changes in market prices and
rates. Bancorp's market risk arises principally from interest rate risk in its
lending, deposit and borrowing activities. Management actively monitors and
manages its interest rate risk exposure. Although Bancorp manages other risks,
as in credit quality and liquidity risk, in the normal course of business,
management considers interest rate risk to be a significant market risk which
could have the largest material effect on Bancorp's financial condition and
results of operations. Other types of market risks, such as foreign currency
exchange rate risk and commodity price risk, do not arise in the normal course
of Bancorp's business activities.
Bancorp did not experience a material change in market risk at March 31,
1998 as compared to December 31, 1997.
LOAN LOSS PROVISION
- -------------------
During the three months ended March 31, 1998, Bancorp charged an $300,000
loan loss provision to operations, as compared to $800,000 charged during the
three months ended March 31, 1997. Recoveries, net of loans charged off, during
the three months ended March 31, 1998 were $5,000, as compared to loans charged
off, net of recoveries of $29,000 for the three months ended March 31, 1997.
Bancorp's reserve for loan losses was $3.7 million at March 31, 1998 as
compared to $3.3 million at December 31, 1997 and $3.4 million at March 31,
1997.
Management believes that the reserve for loan losses is adequate for
potential loan losses, based on management's assessment of various factors,
including present delinquent and nonperforming loans, past history of industry
loan loss
-13-
<PAGE>
experience, and present and anticipated future economic trends impacting the
area and customers served by Bancorp.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Bancorp's principal subsidiary, Centennial Bank, has adopted policies to
maintain a relatively liquid position to enable it to respond to changes in the
Bank's needs and financial environment. Generally, the Bank's major sources of
liquidity are customer deposits, sales and maturities of available-for-sale
securities, the use of federal funds markets and net cash provided by operating
activities. Scheduled loan repayments are a relatively stable source of funds,
while deposit inflows and unscheduled loan prepayments (which are influenced by
general interest rate levels, interest rates available on other investments,
competition, economic conditions and other factors) are not.
Along with federal funds lines, the Bank maintains a cash management
advance line of credit with the Federal Home Loan Bank in Seattle, Washington,
which allows temporary borrowings for the Bank's liquidity needs.
At March 31, 1998, Bancorp's Tier 1 and total risk-based capital ratios
under the Federal Reserve Board's ("FRB") risk-based capital guidelines were
approximately 11.9% and 12.7%, respectively. The FRB's minimum risk-based
capital ratio guidelines for Tier 1 and total capital are 4% and 8%,
respectively.
At March 31, 1998, Bancorp's capital-to-assets ratio under leverage ratio
guidelines was approximately 11.0%. The FRB's current minimum leverage capital
ratio guideline is 3%.
-14-
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
- -----------------------------------------
(a) Exhibits
27 Financial Statement Schedule
(b) Reports on Form 8-K.
None
-15-
<PAGE>
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.
CENTENNIAL BANCORP
Dated: May 11, 1998 /s/ Richard C. Williams
-----------------------------------
Richard C.Williams
President & Chief Executive Officer
Dated: May 11, 1998 /s/ Michael J. Nysingh
-----------------------------------
Michael J. Nysingh
Chief Financial Officer
-16-
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTENNIAL
BANCORP'S CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 31,633,136
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 9,000,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 75,963,780
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 352,880,812
<ALLOWANCE> 3,654,304
<TOTAL-ASSETS> 500,019,500
<DEPOSITS> 425,523,049
<SHORT-TERM> 5,382,350
<LIABILITIES-OTHER> 4,731,940
<LONG-TERM> 10,000,000
0
0
<COMMON> 29,101,854
<OTHER-SE> 25,280,307
<TOTAL-LIABILITIES-AND-EQUITY> 500,019,500
<INTEREST-LOAN> 10,015,258
<INTEREST-INVEST> 1,241,459
<INTEREST-OTHER> 82,448
<INTEREST-TOTAL> 11,339,165
<INTEREST-DEPOSIT> 3,377,068
<INTEREST-EXPENSE> 3,587,210
<INTEREST-INCOME-NET> 7,751,955
<LOAN-LOSSES> 300,000
<SECURITIES-GAINS> 145,312
<EXPENSE-OTHER> 4,578,387
<INCOME-PRETAX> 3,779,661
<INCOME-PRE-EXTRAORDINARY> 2,551,261
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,551,261
<EPS-PRIMARY> .18
<EPS-DILUTED> .17
<YIELD-ACTUAL> 0<F1>
<LOANS-NON> 857,000
<LOANS-PAST> 1,553,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,348,914
<CHARGE-OFFS> 5,000
<RECOVERIES> 10,390
<ALLOWANCE-CLOSE> 3,654,304
<ALLOWANCE-DOMESTIC> 3,654,304
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1> INFORMATION NOT CALCULATED FOR INTERIM REPORTS.
</FN>
</TABLE>
