<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarter ended September 30, 1995
-------------------------------------
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transitions period from_________to______________
Commission file number 2-79912
-------------------------------
HARBOR BANCORP
- -------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
California 95-3764395
- ------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11 Golden Shore
Long Beach, CA 90802
- -------------------------------------------------------------------------------
(Address of principal executive offices)
(310) 491-1111
- -------------------------------------------------------------------------------
(Issuer's telephone number)
Not applicable
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter periods 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
---------- ----------
Check whether the registrant has filed all documents and reports required to
be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934
after the distribution of securities under a plan confirmed by a court.
Yes No Other N/A
------ ------ --------
State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common stock, no par value -- 1,348,021 shares as of November 7, 1995
- -------------------------------------------------------------------------------
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets -- September 30,
1995 and December 31, 1994
Condensed consolidated statements of income -- three
months ended September 30, 1995 and 1994; and nine months
ended September 30, 1995 and 1994
Condensed consolidated statements of cash flows --
nine months ended September 30, 1995 and 1994
Notes to condensed consolidated financial statements --
September 30, 1995
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
ITEM 2. Changes in Securities
ITEM 3. Defaults Upon Service Securities
ITEM 4. Submission of Matter to a Vote of Security Holders
ITEM 5. Other Information
ITEM 6. Exhibits and Reports on Form 8-K
PART III. SIGNATURES
1
<PAGE>
ITEM I: FINANCIAL INFORMATION
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
(Unaudited)
(000's omitted)
---------------------------------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 18,689 $ 16,377
Federal funds sold and securities
purchased under resale agreements 15,300 5,000
-------- --------
Cash and cash equivalents 33,989 21,377
Time certificates of deposit 495 495
Investment securities (market value of
$17,255,163 in 1995 and $9,298,038 in 1994)
Held to maturity securities 17,237 9,673
Available for sale securities 23,777 25,146
Loans 125,601 114,850
Less allowance for loan losses 3,010 3,224
-------- --------
Net loans 122,591 111,626
Bank premises and equipment:
Land 159 159
Buildings and improvements 4,021 4,008
Furniture, fixtures and equipment 3,142 3,014
-------- --------
7,322 7,181
Less accumulated depreciation
and amortization 5,638 5,385
-------- --------
1,684 1,796
Other real estate owned 896 2,814
Accrued interest receivable 1,212 972
Other assets 2,278 2,566
-------- --------
Total assets $204,159 $176,465
-------- --------
-------- --------
</TABLE>
(Continued)
2
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Continued)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
(Unaudited)
(000's omitted)
---------------------------------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Interest bearing $ 93,514 $ 89,963
Noninterest bearing 95,450 72,149
-------- --------
Total deposits 188,964 162,112
Accrued expenses and other liabilities 888 1,218
-------- --------
Total liabilities 189,852 163,330
Commitments and contingencies -- --
Stockholders' equity:
Common stock, no par value; 5,000,000
shares authorized; issued and out-
standing, 1,348,021 shares in 1995
and 1,348,021 shares in 1994 13,258 13,258
Retained earnings 1,155 143
Net unrealized security losses (106) (266)
-------- --------
Total stockholders'equity 14,307 13,135
-------- --------
Total liabilities and
stockholders' equity $204,159 $176,465
-------- --------
-------- --------
</TABLE>
See notes to unaudited consolidated financial statements.
3
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
(000's omitted, except per share data)
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $ 8,411 $ 7,770 $ 2,921 $ 2,564
Interest on U.S. government
and agency obligations 1,320 749 395 205
Interest on obligations of
states and political
subdivisions 16 17 10 6
Interest on other investments 67 65 21 21
Interest on federal funds sold
and securities purchased under
agreements to resale 490 303 291 141
------ ------ ------ ------
Total interest income 10,304 8,904 3,638 2,937
Interest expense:
Interest on deposits 1,918 1,386 686 486
Interest on mortgage payable 17 55 2 16
Interest on borrowed funds 26 6 0 1
------ ------ ------ ------
Total interest expense 1,961 1,447 688 503
Net interest income 8,343 7,457 2,950 2,434
Provision for loan losses 217 60 167 60
Net interest income after
provision for loan losses 8,126 7,397 2,783 2,374
Other operating income:
Service charges on deposit
accounts 645 683 213 219
Loan servicing fees and other
fees and charges 174 188 93 59
Gain on sale of securities 54 (1) -- --
------ ------ ------ ------
Total other operating
income 873 870 306 278
</TABLE>
(Continued)
4
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
(000's omitted, except per share data)
1995 1994 1995 1994
------- ------ ------ ------
<S> <C> <C> <C> <C>
Noninterest expense:
Salaries, wages and employee
benefits 2,671 2,454 943 802
Occupancy expenses 1,582 1,467 525 507
Equipment expenses 225 252 71 85
Data processing expenses 460 438 155 138
Other operating expenses 2,477 2,739 886 967
------- ------- ------- -------
Total noninterest
expense 7,415 7,350 2,580 2,499
------- ------- ------- -------
Income before taxes based on
income 1,584 917 509 153
Provision for taxes based
on income 573 400 139 69
------- ------- ------- -------
Net income $ 1,011 $ 517 $ 370 $ 84
------- ------- ------- -------
------- ------- ------- -------
Earnings per share $ 0.75 $ 0.38 $ 0.27 $ 0.06
------- ------- ------- -------
------- ------- ------- -------
</TABLE>
See notes to unaudited consolidated financial statements.
5
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
(000's omitted)
1995 1994
--------- --------
<S> <C> <C>
Operating activities:
Net income $ 1,011 $ 517
Adjustments to reconcile net
income to net cash provided
by operating activities:
Provision for depreciation and
amortization 140 408
Provision for loan
losses 217 60
(Increase) decrease in interest receivable (240) 96
Increase (decrease) in interest payable 54 (11)
Other (360) (828)
------- -------
Net cash provided by operating
activities 822 242
Investing activities:
Proceeds from maturities, sales
and calls of investment
securities 25,291 46,946
Purchases of investment securities (30,951) (19,771)
Net decrease in short-term securities 0 396
Net (increase) decrease in loans (11,181) 7,702
Capital expenditures (140) (214)
Other real estate 1,918 (42)
------- -------
Net cash (used in) provided by
investing activities (15,063) 35,017
</TABLE>
(Continued)
6
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
(000's omitted)
1995 1994
------- -----
<S> <C> <C>
Financing activities:
Net increase (decrease) in commercial
and other demand deposits, savings
and money market deposits and
certificates of deposit 26,853 (17,992)
------- -------
Net cash provided by (used in)
financing activities 26,853 (17,992)
Increase in cash and cash equivalents 12,612 17,267
Cash and cash equivalents at
beginning of period 21,377 21,872
------- -------
Cash and cash equivalents at
end of period $33,989 $39,139
------- -------
------- -------
</TABLE>
See notes to unaudited consolidated financial statements.
7
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 1995
1. Summary of Significant Accounting Policies:
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally
accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been
included. Operating results for the nine month period ended
September 30, 1995 are not necessarily indicative of the results
that may be expected for the year ending December 31, 1995.
Certain reclassifications have been made in the 1994 financial
statements to conform to the presentations used in 1995.
The balance sheet on December 31, 1994 has been derived from the
audited financial statements at that date. The accompanying notes
are an integral part of these financial statements.
PRINCIPLES OF CONSOLIDATION
Harbor Bancorp ("HB") was formed on July 23, 1982. The unaudited
condensed consolidated financial statements include all the
accounts of HB and its wholly-owned subsidiaries, Harbor Bank and
Harbor Bank Properties. All intercompany accounts and transactions
have been eliminated.
INVESTMENT SECURITIES
The Company adopted Statement of Financial Accounting Standard
No. 115 "Accounting for Certain Investments in Debt and Equity
Securities" as of January 1, 1994.
Investment securities are securities which the Company has the
8
<PAGE>
ability and intent to hold until maturity. Accordingly, these
securities are stated at cost adjusted for amortization of
premiums and accretion of discounts. Unrealized gains and losses
are not reported in the financial statements until realized or
until a decline in fair value below cost is deemed to be other
than temporary.
Available for sale securities include debt securities and mutual
funds. These securities are stated at fair value with unrealized
gains and losses reflected as a component of stockholders'
equity, net of income taxes. Gains and losses are determined on
the specific identification method. Any decline in the fair
value of the investments which is deemed to be other than
temporary is charged against current earnings.
ALLOWANCE FOR LOAN LOSSES
The allowance for loan losses represents management's recognition
of the quality of the loan portfolio. The allowance is maintained
at a level considered to be adequate for potential loan losses
based on management's assessment of various factors affecting
the loan portfolio, which includes a review of problem
loans, business conditions and the overall quality of the loan
portfolio.
The allowance is increased by the provision for loan losses
charged to operations and reduced by loans charged off to the
allowance, net of recoveries.
OTHER REAL ESTATE
Other real estate ("ORE") is stated at the lower of cost or fair
market value, net of estimated selling costs.
BANK PREMISES AND EQUIPMENT
Bank premises and equipment are stated at cost, less accumulated
depreciation and amortization. Depreciation and amortization are
computed using the straight-line method over the estimated useful
lives of the related assets which range from 10 to 30 years for
buildings and improvement and 3 to 10 years for furniture,
fixtures and equipment.
EARNINGS PER SHARE
Earnings per share was computed by dividing net income by the
weighted average number of common stock and common stock equivalents
(stock options) outstanding during each period. The number
of shares used in the per share calculations for the periods
ended September 30, 1995 and 1994 were 1,348,021 and 1,284,023
respectively.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Harbor Bancorp's ("Company") performance during the first nine
months of 1995 shows continued improvement which is supported by
improvement in the local and national economic environment. The
purpose of the following discussion is to focus on the above
mentioned performance improvements and other information about
the Company's financial condition and results of operations which
is not otherwise apparent from the consolidated financial
statements included in this quarterly report. Reference should
be made to those statements and the condensed financial data
presented herein for an understanding of the following discussion
and analysis.
FINANCIAL CONDITION
Since December 31, 1994, the Company has experienced an increase
in loan volume and cash and cash equivalents which has resulted
in total assets of the Company increasing from $176,465,000 at
December 31, 1994 to $204,159,000 at September 30, 1995. This
increase of $27,694,000 or 15.69%, in total assets occurred
primarily in cash and cash equivalents and loans. Cash and cash
equivalents increased $12,612,000, or 59% , from
$21,377,000 at December 31, 1994 to $33,989,000 at September 30,
1995. Additionally, investment securities increased 17.79% from
$34,819,000 at December 31, 1994 to $41,014,000 at September 30,
1995. Generally, the increase in liquidity is the result of
seasonal and economically-generated fluctuations in escrow and
title company demand account balances and growth in core
deposits. Loans increased $10,751,000, or 9.36%, from
$114,850,000 at December 31, 1994 to $125,601,000 at September
30, 1995. The increase in loan volume continues to be moderate
as a result of the Company's decision to maintain a conservative
posture with respect to lending in view of the current economic
environment.
Effective January 1, 1994, the Company adopted the provisions of
Statement of Financial Accounting Standards No. 115, "Accounting
for Certain Investments in Debt and Equity Securities". As of
September 30, 1995, the bank had $23,777,000 in securities
classified as available for sale.
Substantially all of the Company's deposits are local, core
deposits. The Company does not have any out-of-area brokered
deposits included in the deposit base. Total deposits increased
$26,852,000, or 16.56%, for the first nine months of 1995. The
primary component of this increase is noninterest bearing depos-
10
<PAGE>
its which increased $23,301,000, or 32.29%, from $72,149,000 at
December 31, 1994 to $95,450,000 at September 30, 1995.
As a result of the Federal Deposit Insurance Corporation
examination at December 31, 1993, the bank and the Federal
Deposit Insurance Corporation executed a Memorandum of
Understanding ("FDIC Memorandum") dated August 3, 1994. In
accordance with the terms of the FDIC Memorandum, the Bank has
agreed to take certain actions including the following:
maintaining capital requirements; reducing classified assets in
accordance with the reduction schedule; revise, adopt and
implement policy and procedures; and review and maintain an
adequate allowance for loan losses.
The Bank believes it is currently in compliance with the FDIC
Memorandum.
LIQUIDITY AND INTEREST RATE SENSITIVITY MANAGEMENT
The primary functions of asset/liability management are to assure
adequate liquidity and maintain an appropriate balance between
interest sensitive earning assets and interest bearing
liabilities. Liquidity management involves the ability to meet
the cash flow requirements of customers who may be either
depositors wanting to withdraw funds or borrowers who may need
assurance that sufficient funds will be available to meet their
credit needs. Interest rate sensitivity management seeks to
avoid fluctuating interest margins and to enhance consistent
growth of net interest income through periods of changing
interest rates.
Historically, the overall liquidity of the Company has been
enhanced by a significant aggregate amount of core deposits. As
described in the analysis of financial condition, the Bank has
not relied on large-denomination time deposits.
To meet short-term liquidity needs, the Bank has maintained
adequate balances in federal funds sold, certificates of deposits
with other financial institutions and investment securities
having maturities of five years or less.
Liquid assets (cash, federal funds sold and securities purchased
under agreements to resale, deposits in other financial
institutions and investment securities) as a percent of total
deposits are 40% and 35% as of September 30, 1995 and December
31, 1994, respectively.
The Bank's goal is to maintain federal funds sold at a level of
at least $3 to $4 million on average.
11
<PAGE>
Interest rate sensitivity varies with different types of
interest-earning assets and interest-bearing liabilities. Harbor
Bank intends to maintain interest-earning assets, comprised
primarily of both loans and investments, and interest-bearing
liabilities, comprised primarily of deposits, maturing or
repricing evenly in order to eliminate any impact from interest
rate changes. In this way, both assets and liabilities can be
substantially repriced simultaneously with interest rate changes.
The impact of inflation on a financial institution differs
significantly from that exerted on an industrial concern,
primarily because its assets and liabilities consist primarily of
monetary items. The relatively low proportion of the Company's
fixed assets to total assets reduces both the potential of
inflated earnings resulting from understated depreciation
charges and the potential of significant understatement of
absolute asset values. However, inflation does have a
considerable indirect impact on banks, including increased loan
demand, as it becomes necessary for producers and consumers to
acquire additional funds to maintain the same levels of
production, consumption and new investments. Inflation also
frequently results in high interest rates which can affect both
yields on earning assets and rates paid on deposits and other
interest-bearing liabilities. The Company monitors inflation
rates to insure that ongoing programs are compatible with
fluctuations in inflation and resultant changes in interest
rates.
RESULTS OF OPERATIONS
The Company reported net income of $1,011,000, or $0.75 per
share, for the nine months ended September 30, 1995, compared to
net income of $517,000, or $0.40 per share, for the same period
in 1994. For the three months ended September 30, 1995, the
Company generated net income of $370,000, or $0.27 per share,
compared to $83,000, or $0.06 per share, for the three months
ended September 30, 1994.
Net interest income is an effective measurement of how well
Management has balanced the Company's interest rate sensitive
assets and liabilities as well as optimizing the allocation of
resources.
Net interest income of $8,343,000 for the nine months ended
September 30, 1995, reflects an increase of $886,000 or 11.88%,
from $7,457,000 for the same period of 1994. Net interest income
of $2,950,000 for the third quarter in 1995 reflects an increase
of $516,000, or 21.2%, from $2,434,000 for the same quarter in
1994. Rising interest rates and increased net interests in
earning assets are the primary reason for the improvement in net
12
<PAGE>
interest income.
The Company recorded $217,000 in provision for loan losses during the
first nine months of 1995 compared to $60,000 for the nine months
ended September 30, 1994.
During the first nine months of 1995, the Company maintained a
strict focus on controlling noninterest expense. The focus on
noninterest expense control began with a corporate commitment in
1989 and, today, continues to be emphasized and enforced. As a
result of this continued effort, total noninterest expense categories
of salaries, wages and employee benefits, occupancy expense, equipment
expense and data processing expense increased $327,000 or 7.09%,
during the nine months ended September 30, 1995 over the same period
in 1994. Other operating expense decreased $262,000 during the nine
months ended September 30, 1995 compared to the same period in 1994
with most of the decrease in the area of legal and professional fees
and FDIC insurance premiums.
RISK ELEMENTS
The policy of Harbor Bank is that all loans that are past due for
ninety (90) days must be placed on non-accrual status. At September 30,
1995, loans on non-accrual status were $4,348,000, or
3.46%, compared to $3,364,000, or 2.9%, of total loans on
non-accrual status at December 31, 1994. Accruing loans which
are contractually past due ninety (90) days or more were $163,000
at September 30, 1995 compared to $535,000 at December 31, 1994.
At September 30, 1995, the management was not aware of information
regarding performing loans which would cause them to have
serious doubts as to the ability of the borrowers to comply with
loan repayment terms, nor are they aware of any trends which
might have a material impact on future operating results.
CAPITAL RESOURCES
Management seeks to maintain a level of capital adequate to
support anticipated asset growth and credit risks and the ensure
that the Company is within established regulatory guidelines and
industry standards. In 1994, stockholders' equity increased
$38,978 due to retention of the Company's 1994 net income. The
Company's capital plan for 1995 contemplates continued growth in
stockholders' equity through the retention of net income.
Minimum capital ratios required under the final 1994 risk-based
13
<PAGE>
capital regulations are 6.0% for Tier 1 Capital and 8.0% for
Total Capital. At December 31, 1994 the Company has Tier 1
Capital of 9.94% and Total Capital of 11.19% and at September 30,
1995 the company had Tier 1 Capital of 10.04% and Total Capital
of 11.29%.
14
<PAGE>
HARBOR BANCORP AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Due to the nature of their business, the Company, the
Bank, and their subsidiaries are subject to legal action
threatened or filed which arise from the normal course of their
business. Management believes that the eventual outcome of all
currently pending legal proceedings against the Bank will not be
material to the Company's or the Bank's financial position or
results of operations.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SERVICE SECURITIES
None
ITEM 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
15
<PAGE>
PART III. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant duly caused this report to be signed on its
behalf by the undersigned thereto duly authorized.
HARBOR BANCORP
Dated: November 13, 1995 /s/
--------------------------- ----------------------------------------
DALLAS E. HAUN
President
Dated: November 13, 1995 /s/
--------------------------- ----------------------------------------
MELISSA LANFRE'
Vice President & CFO
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 18,689
<INT-BEARING-DEPOSITS> 495
<FED-FUNDS-SOLD> 15,300
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 23,777
<INVESTMENTS-CARRYING> 17,237
<INVESTMENTS-MARKET> 17,255
<LOANS> 125,601
<ALLOWANCE> 3,010
<TOTAL-ASSETS> 204,159
<DEPOSITS> 188,964
<SHORT-TERM> 0
<LIABILITIES-OTHER> 888
<LONG-TERM> 0
<COMMON> 13,258
0
0
<OTHER-SE> 1,049
<TOTAL-LIABILITIES-AND-EQUITY> 204,159
<INTEREST-LOAN> 8,411
<INTEREST-INVEST> 1,403
<INTEREST-OTHER> 490
<INTEREST-TOTAL> 10,304
<INTEREST-DEPOSIT> 1,918
<INTEREST-EXPENSE> 1,961
<INTEREST-INCOME-NET> 8,343
<LOAN-LOSSES> 217
<SECURITIES-GAINS> 54
<EXPENSE-OTHER> 7,415
<INCOME-PRETAX> 1,584
<INCOME-PRE-EXTRAORDINARY> 1,584
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,011
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 4,348
<LOANS-PAST> 163
<LOANS-TROUBLED> 7,057
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,224
<CHARGE-OFFS> 447
<RECOVERIES> 16
<ALLOWANCE-CLOSE> 3,010
<ALLOWANCE-DOMESTIC> 3,010
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
