<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 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 2-94292
FNB Banking Company
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1479370
- ------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
318 South Hill Street
Griffin, Georgia 30224
- --------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
770-227-2251
------------------
(Telephone Number)
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 XX NO
Common stock, par value $1 per share: 807,800 shares
outstanding as of November 3, 1998<PAGE>
FNB BANKING COMPANY AND SUBSIDIARY
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <S> <S> <C>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet (unaudited) at September 30, 1998 3
Consolidated Statements of Earnings (unaudited) for the Three
Months and the Nine Months Ended September 30, 1998 and 1997 4
Consolidated Statements of Comprehensive Income (unaudited) for the
Three Months and the Nine Months Ended September 30, 1998 and 1997 5
Consolidated Statements of Cash Flows (unaudited) for the Nine
Months Ended September 30, 1998 and 1997 6-7
Notes to Consolidated Financial Statements (unaudited) 8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 9-13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Defaults Upon Senior Securities 14
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
</TABLE>
-2-<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
<CAPTION>
FNB BANKING COMPANY AND SUBSIDIARY
Consolidated Balance Sheet
September 30, 1998
(Unaudited)
Assets
------
<S> <C>
Cash and due from banks $ 7,253,078
Federal funds sold 2,587,174
Interest-bearing deposits with other banks 2,500,000
Investment securities held to maturity 7,536,858
Investment securities available for sale 20,400,939
Other investments 825,700
Mortgage loans held for sale 674,571
Loans 145,665,131
Less: Unearned income (373,043)
Allowance for loan losses (1,655,907)
--------------
Loans, net 143,636,181
Premises and equipment, net 7,832,276
Other assets 1,482,085
--------------
$ 194,728,862
==============
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Deposits:
Noninterest-bearing $ 27,480,146
Interest-bearing 141,014,387
--------------
Total deposits 168,494,533
FHLB advances 1,285,714
Notes payable 486,112
Other liabilities 1,235,814
--------------
Total liabilities 171,502,173
--------------
Stockholders' equity:
Common stock, $1 par value; authorized 5,000,000 shares;
issued and outstanding 807,800 shares 807,800
Retained earnings 21,524,595
Accumulated other comprehensive income 894,294
--------------
Total stockholders' equity 23,226,689
--------------
$ 194,728,862
==============
</TABLE>
See accompanying notes to consolidated financial statements.
-3-<PAGE>
<TABLE>
<CAPTION>
FNB BANKING COMPANY AND SUBSIDIARY
Consolidated Statements of Earnings
For the Three Months and the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
Three Months Ended Nine Months Ended
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income:
Loans $ 4,000,318 3,865,061 11,654,429 11,050,464
Investment securities:
Tax exempt 90,912 93,713 268,284 305,904
Taxable 377,663 265,947 973,540 778,065
Federal funds 29,779 36,768 282,114 99,536
--------- --------- ---------- ----------
Total interest income 4,498,672 4,261,489 13,178,367 12,233,969
--------- --------- ---------- ----------
Interest expense:
Deposits 1,585,666 1,417,307 4,674,643 3,981,031
Federal funds purchased and FHLB advances 24,683 88,456 71,526 239,421
Notes payable 9,403 12,832 30,273 39,986
--------- --------- ---------- ----------
Total interest expense 1,619,752 1,518,595 4,776,442 4,260,438
--------- --------- ---------- ----------
Net interest income 2,878,920 2,742,894 8,401,925 7,973,531
Provision for loan losses 124,400 154,600 397,975 452,050
--------- --------- ---------- ----------
Net interest income after provision for loan losses 2,754,520 2,588,294 8,003,950 7,521,481
--------- --------- ---------- ----------
Other income:
Service charges on deposit accounts 386,002 398,246 1,096,639 1,159,948
Fees for trust services 30,000 45,000 90,000 135,000
Net gain (loss) on securities transactions (6,778) 179 (4,325) (13,242)
Other operating income 210,150 151,637 518,916 414,829
--------- --------- ---------- ----------
Total other income 619,374 595,062 1,701,230 1,696,535
--------- --------- ---------- ----------
Other expense:
Salaries and other personnel expense 1,219,832 1,196,129 3,600,707 3,347,462
Net occupancy and equipment expense 388,701 336,707 1,098,765 1,009,940
Other operating expense 544,853 528,896 1,718,186 1,540,203
--------- --------- ---------- ----------
Total other expense 2,153,386 2,061,732 6,417,658 5,897,605
--------- --------- ---------- ----------
Earnings before income taxes 1,220,508 1,121,624 3,287,522 3,320,411
Income taxes 420,089 412,609 1,120,336 1,217,509
--------- --------- ---------- ----------
Net earnings $ 800,419 709,015 2,167,186 2,102,902
========= ========= ========== ==========
Earnings per common share based on average
outstanding shares of 807,800 in 1998 and 1997:
Net earnings per share $ 0.99 0.88 2.68 2.60
========= ========= ========== ==========
Dividends per share $ - - 0.60 0.50
========= ========= ========== ==========
See accompanying notes to consolidated financial statements.
</TABLE>
-4-<PAGE>
<TABLE>
<CAPTION>
FNB BANKING COMPANY AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
For the Three Months and the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
Three Months Nine Months
Ended Ended
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net earnings $ 800,419 709,015 2,167,186 2,102,902
Other comprehensive income, net of tax:
Unrealized gains on securities available for sale:
Holding gains (loss) arising during period, net of tax
of $101,766, $320,658, $101,891and $328,701 (170,240) 617,818 161,929 626,695
Reclassification adjustment for (gains) losses included
in net earnings, net of tax of $2,576, $68, $1,643
and $5,032 4,202 (111) 2,682 8,210
---------- --------- --------- ---------
Total other comprehensive income (loss) (166,038) 617,707 164,611 634,905
---------- -------- --------- ---------
Comprehensive income $ 634,381 1,326,722 2,331,797 2,737,807
========== ========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
-5-<PAGE>
<TABLE>
<CAPTION>
FNB BANKING COMPANY AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
Nine Months Ended
September 30,
1998 1997
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 2,167,186 2,102,902
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Provision for loan losses 397,975 452,050
Writedowns and losses on sales of repossessed collateral - 193
Depreciation, amortization and accretion 376,565 368,773
Loss on securities transactions 4,325 13,242
Gain on sale of repossessed collateral - (15,925)
Change in assets and liabilities:
Interest receivable 25,373 80,710
Interest payable (4,934) 71,581
Other, net 189,761 180,296
Mortgage loans held for sale (24,221) 128,207
----------- -----------
Net cash provided by operating activities 3,132,030 3,382,029
----------- -----------
Cash flows from investing activities:
Proceeds from maturities and paydowns of
investment securities held to maturity 1,869,470 2,449,183
Proceeds from maturities and paydowns
of investment securities available for sale 2,589,300 538,928
Proceeds from sales of investment securities available for sale 1,942,216 3,087,750
Purchases of investment securities available for sale (12,024,800) (4,751,473)
Purchases of other investments - (196,800)
Change in loans (5,685,860) (14,809,642)
Purchases of premises and equipment (1,320,827) (959,222)
Change in interest-bearing deposits with other banks (2,000,000) (500,000)
Proceeds from sales of repossessed collateral 23,477 59,170
----------- -----------
Net cash used by investing activities (14,607,024) (15,082,106)
----------- -----------
Cash flows from financing activities:
Net change in deposits 776,965 10,093,598
Proceeds from FHLB advances - 8,000,000
Repayments of long-term debt (125,000) (125,000)
Repayments of FHLB advances (142,857) (6,642,857)
Dividends paid (969,360) (888,580)
----------- -----------
Net cash provided (used) by financing activities (460,252) 10,437,161
----------- -----------
Net decrease in cash and cash equivalents (11,935,246) (1,262,916)
Cash and cash equivalents at beginning of the period 21,775,498 12,461,860
----------- ------------
Cash and cash equivalents at end of period $ 9,840,252 11,198,944
=========== ============
</TABLE>
-6-<PAGE>
<TABLE>
<CAPTION>
FNB BANKING COMPANY AND SUBSIDIARY
Consolidated Statements of Cash Flows, continued
For the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
Nine Months Ended
September 30,
1998 1997
---- ----
<S> <C> <C>
Supplemental cash flow information:
Cash paid for income taxes $ 983,000 1,195,000
Cash paid for interest $ 4,781,376 4,188,856
</TABLE>
-7-<PAGE>
FNB BANKING COMPANY AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
---------------------
The consolidated financial statements include the accounts of FNB
Banking Company (the Company) and its wholly-owned subsidiary, the
First National Bank of Griffin (Griffin). All significant
intercompany accounts and transactions have been eliminated in
consolidation.
The consolidated financial information furnished herein reflects
all adjustments which are, in the opinion of management, necessary
to present a fair statement of the results of operations and
financial position for the periods covered herein. All such
adjustments are of a normal recurring nature.
(2) Cash and Cash Equivalents
-------------------------
For presentation purposes in the consolidated statements, cash and
cash equivalents include cash on hand, amounts due from banks and
federal funds sold.
(3) Comprehensive Income
--------------------
In 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 130, "Reporting Comprehensive
Income" ("SFAS 130"). SFAS 130 established standards for the
reporting and display of comprehensive income and its components in
a full set of general-purpose financial statements. The Company
has elected to present comprehensive income in a separate
consolidated statement of comprehensive income. Accumulated other
comprehensive income is solely related to the net of tax effect of
unrealized gains on securities available for sale.
-8-
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
For the Nine Months in the Periods Ended
September 30, 1998 and 1997
FINANCIAL CONDITION
Total assets at September 30, 1998 were $194,728,862 representing
a $1,910,279 (1.0%) increase from December 31, 1997. Deposits
increased $776,965 (0.5%) from December 31, 1997. Loans increased
$4,876,526 (3.5%). The allowance for loan losses at September 30, 1998
totaled $1,655,907, representing 1.1% of total loans compared to
December 31, 1997 totals of $2,012,795 representing 1.4% of total
loans. Cash and cash equivalents decreased $11,935,246 from December
31, 1997.
The total of nonperforming assets which includes nonaccruing
loans, repossessed collateral and loans for which payments are more
than 90 days past due decreased 43.6% or $1,226,000 from $2,813,000 at
December 31, 1997 to $1,587,000 at September 30, 1998. The decrease is
due to a partial liquidation of collateral on a $1.9 million non-
accruing loan during the first three months of 1998 and a related
charge off of approximately $600,000 during the second fiscal quarter
of 1998. There were no related party loans that were considered
nonperforming at September 30, 1998.
The Company's subsidiary bank was most recently examined by its
primary regulatory authority in January 1998. There were no
recommendations by the regulatory authority that in management's
opinion will have material effects on the Company's liquidity, capital
resources or operations.
RESULTS OF OPERATIONS
Net interest income increased $428,394 (5.4 %) in the first nine
months of 1998 compared to the same period for 1997. Interest income
for the first nine months of 1998 was $13,178,367, representing an
increase of $944,398 (7.7%) over the same period in 1997. Interest
expense for the first nine months of 1998 increased $516,004 (12.1%)
compared to the same period in 1997. The increase in interest income
and interest expense during the first nine months of 1998 compared to
the same period in 1997 is primarily attributable to the increase in
the average volume of both loans and deposits.
The provision for loan losses for the first nine months of 1998
decreased $54,075 compared to the same period for 1997. The decrease
is primarily attributable to the decline in the rate of loan growth
during the nine months ended September 30, 1998 compared to the same
period for 1997 and due to the significant loan that was classified as
non accrual during 1997. It is management's belief that the allowance
for loan losses is adequate to absorb probable losses in the
portfolio.
Other operating expenses for the nine months of 1998 increased
$520,053 (8.8%) compared the first nine months in 1997. The net
increase is primarily attributable to an increase in employee costs of
approximately $255,000 due to an increase in the number of employees
-9-<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, continued
For the Nine Months in the Periods Ended
September 30, 1998 and 1997
necessary to handle asset growth, an increase of $76,000 in equipment
and software maintenance and security costs associated with a new
branch in Henry County, Georgia and a special contribution to Habitat
for Humanity of $40,000.
FORWARD-LOOKING STATEMENTS
This discussion contains forward-looking statements under the
private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties. Although the Company believes that the assumptions
underlying the forward-looking statements contained in the discussion
are reasonable, any of the assumptions could be inaccurate, and
therefore, no assurance can be made that any of the forward-looking
statements included in this discussion will be accurate. Factors that
could cause actual results to differ from results discussed in
forward-looking statements include, but are not limited to: economic
conditions (both generally and in the markets where the Company
operates); competition from other providers of financial services
offered by the Company; government regulation and legislation; changes
in interest rates; material unforeseen changes in the financial
stability and liquidity of the Company's credit customers; material
unforeseen complications related to the Year 2000 issues for the
Company, its suppliers, customers and governmental agencies, all of
which are difficult to predict and which may be beyond the control of
the Company. The Company undertakes no obligation to revise forward-
looking statements to reflect events or changes after the date of this
discussion or to reflect the occurrence of unanticipated events.
YEAR 2000 PREPAREDNESS
The use of computer software that relies on a two digit number to
define the applicable year may cause processing problems for computer
controlled systems when the year 2000 arrives. Malfunction could
occur at several other noted dates as well, such as September 9, 1999.
In view of the potential adverse impact of the Year 2000 problem on
the Company and its subsidiary bank, its customers and its ability to
continue to operate as a business, careful planning must be undertaken
to ensure minimal disruption. The Company has established a
centralized function to implement a process to this end.
The Company's subsidiary, FNB Griffin, performs most of its data
processing in-house, using purchased banking software and hardware for
its main applications, such as loans and deposits. Included in these
in-house operations are a teller processing system, a check sorter
system, a check imaging system, and a trust processing system.
Besides its main applications, the bank has a number of ancillary
systems connected to various vendors to process specific work, such as
ATMs, credit cards, accounts receivable and accounts payable, mortgage
loans, payroll and the like. In addition, the Bank uses several non-
information systems that are vital to its operation. These include
vault and alarm systems, communications, postal services, utilities
and such.
-10-<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, continued
For the Nine Months in the Periods Ended
September 30, 1998 and 1997
Year 2000 Preparedness, continued
The Bank is also aware of the potential exposure it has to its
viability as a business based on the year 2000 preparedness of third
parties such as its customers and correspondent banking relationships
including the Federal Reserve Bank.
The Bank is regulated by the Office of the Comptroller
of the Currency (the OCC) who together with other bank regulatory
agencies have released an Interagency Statement under which guidance
the Bank is managing the Year 2000 Project. This Statement describes
five phases: Awareness, Assessment, Renovation, Validation and
Implementation.
The Awareness Stage is completed. The Bank has defined the
problem, gained executive support to allocate the resources required,
established a Y2K team and developed a strategy for dealing with all
systems both in-house and outsourced.
The Assessment stage is completed. All hardware, software,
networks, processing platforms, customer and vendor relationships and
environmental systems have been assessed for their level of Year 2000
readiness.
The Renovation stage has begun. Each system needing an upgrade has
been scheduled, and all will be completed by December 31, 1998.
Updates of the main banking software have been completed, and upgrade
and testing schedules are in place for other providers including the
Federal Reserve Bank.
Both the Validation and the Implementation stages are in progress.
Some systems are already tested and certified Year 2000 compliant.
Testing for most other systems is already scheduled, and those not yet
on the calendar will be scheduled prior to December 31, 1998.
The Bank has required that its vendors provide it with written
assurances of their year 2000 preparedness. Certifications of testing
results are on file for the major vendors.
The Bank has identified individual customers who may have year 2000
preparedness issues that could affect the Bank. The Bank has been
actively working with these customers to help them resolve their issues.
This portion of the Bank's plan is complate.
To date, the Bank has spent more than $335,000 on upgrading
hardware and software. It anticipates spending another $150,000 to
$200,000 on further upgrades and testing, including costs for outside
programmers. Soft costs, including employee time and other resources
are estimated to reach $150,000.
The Bank believes that its systems will be ready well ahead of the
year 2000. Testing is expected to bear this out. The most likely
worst case scenario will have to do with events outside the Bank's
control such as loan customers who have done inadequate testing for
-11-<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, continued
For the Nine Months in the Periods Ended
September 30, 1998 and 1997
Year 2000 Preparedness, continued
themselves, or who rely on vendors critical to their operation who
have not adequately prepared. If these businesses fail the Bank must
rely on the underlying assets it has as security to repay the loans.
The loan review process which documents the Bank's exposure on all
large loans is taking into account its customer's year 2000
preparedness in assessing the adequacy of the allowance for loan
losses.
The OCC has reviewed the Bank's Year 2000 preparedness, and will
continue to monitor our progress in light of the Interagency Statement
mentioned above. Failure to comply with these and other regulatory
directives could subject the Bank to formal enforcement actions
including orders to cease and desist from unsafe and unsound banking
practices.
The Bank has agreements with backup sites operating parallel
systems whose Y2K preparedness is independent of the Bank's. These
backup sites are certifying to the Bank their own state of readiness,
testing, etc. The backup sites are tested on a regular schedule and
are expected to be Year 2000 compliant.
-12-<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, continued
For the Nine Months in the Periods Ended
September 30, 1998 and 1997
Capital
The following tables present FNB Banking Company's regulatory capital
position at September 30, 1998:
Risk-Based Capital Ratios
-------------------------
Tier 1 Tangible Capital, Actual 14.8%
Tier 1 Tangible Capital minimum requirement 4.0%
----
Excess 10.8%
====
Total Capital, Actual 15.9%
Total Capital minimum requirement 8.0%
----
Excess 7.9%
----
Leverage Ratio
--------------
Tier 1 Tangible Capital to adjusted total assets
("Leverage Ratio") 11.2%
Minimum leverage requirement 4.0%
----
Excess 7.2%
====
-13- <PAGE>
PART II. OTHER INFORMATION
FNB BANKING COMPANY AND SUBSIDIARY
Item 1. Legal Proceedings
-----------------
None
Item 2. Changes in Securities
---------------------
None
Item 3. Defaults Upon Senior Securities
-------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
Exhibit 27 - Financial Data Schedule (for SEC use only)
(b) Reports of Form 8-K.
None
-14-<PAGE>
FNB BANKING COMPANY AND SUBSIDIARY
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.
FNB BANKING COMPANY
By: /s/ C.A. Knowles
-------------------------------------
C.A. Knowles, President and Treasurer
(Principal Executive Officer)
Date: November 13, 1998
-----------------------------------
By: /s/ William K. Holmes
-------------------------------------
William K. Holmes
Assistant Treasurer
(Principal Accounting Officer)
Date: November 13, 1998
----------------------------------
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000757262
<NAME> FNB BANKING COMPANY
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 7,035,353
<INT-BEARING-DEPOSITS> 2,727,725
<FED-FUNDS-SOLD> 2,587,174
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 20,400,939
<INVESTMENTS-CARRYING> 7,536,858
<INVESTMENTS-MARKET> 7,905,377
<LOANS> 143,636,181
<ALLOWANCE> 1,655,907
<TOTAL-ASSETS> 197,728,861
<DEPOSITS> 168,494,533
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,235,813
<LONG-TERM> 1,771,827
0
0
<COMMON> 807,800
<OTHER-SE> 22,418,889
<TOTAL-LIABILITIES-AND-EQUITY> 194,728,861
<INTEREST-LOAN> 11,654,429
<INTEREST-INVEST> 1,244,824
<INTEREST-OTHER> 282,114
<INTEREST-TOTAL> 13,178,367
<INTEREST-DEPOSIT> 4,674,643
<INTEREST-EXPENSE> 4,776,442
<INTEREST-INCOME-NET> 8,401,925
<LOAN-LOSSES> 397,975
<SECURITIES-GAINS> (4,325)
<EXPENSE-OTHER> 6,417,658
<INCOME-PRETAX> 3,287,521
<INCOME-PRE-EXTRAORDINARY> 3,287,521
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,167,185
<EPS-PRIMARY> 2.68
<EPS-DILUTED> 0
<YIELD-ACTUAL> 6.29
<LOANS-NON> 1,308,000
<LOANS-PAST> 279,000
<LOANS-TROUBLED> 244,000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,012,795
<CHARGE-OFFS> 911,234
<RECOVERIES> 156,371
<ALLOWANCE-CLOSE> 1,655,907
<ALLOWANCE-DOMESTIC> 1,655,907
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
