SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994.
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: 0-13585
NATIONAL CITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-1632155
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. BOX 868, EVANSVILLE, INDIANA 47705-0868
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 464-9800
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 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 the latest practicable date.
CLASS OUTSTANDING AT NOVEMBER 10, 1994
(Common stock,
$3.33 1/3 par value) 3,664,295
<PAGE>
NATIONAL CITY BANCSHARES, INC.
INDEX
PAGE NO.
PART I - FINANCIAL INFORMATION
Condensed consolidated statements of
financial position-
September 30, 1994, December 31, 1993,
and September 30, 1993 1
Condensed consolidated statements of income-
three months and nine months ended
September 30, 1994 and 1993 2
Condensed consolidated statements of cash flows-
nine months ended September 30, 1994 and 1993 3-4
Notes to condensed consolidated financial statements 5-6
Management's discussion and analysis of financial
condition and results of operations 7-10
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 11
SIGNATURES 11
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Financial Position
(Dollars in thousands)
<TABLE>
<CAPTION>
September December September
30 31 30
1994 1993 1993
-------- -------- --------
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 28,265 $ 29,885 $ 24,655
Interest-bearing deposits in banks 6,286 13,578 17,049
Securities held to maturity 69,568 74,040 175,298
Securities available for sale 120,438 101,722 2,589
Federal funds sold - 42,224 27,250
Loans 478,673 435,021 435,722
Less: Allowance for loan losses 3,784 3,791 4,019
-------- -------- --------
Loans-net 474,889 431,230 431,703
Premises and equipment 10,089 10,439 10,289
Other real estate owned 620 688 1,256
Other assets 13,855 13,333 13,612
-------- -------- --------
Total Assets $724,010 $717,139 $703,701
-------- -------- --------
-------- -------- --------
LIABILITIES
Deposits:
Noninterest-bearing demand $ 76,630 $ 81,385 $ 71,326
Interest-bearing savings and time 518,682 525,263 517,806
-------- -------- --------
Total deposits 595,312 606,648 589,132
Federal funds purchased and securities
sold under agreements to repurchase 34,299 13,173 15,921
Notes issued to the U.S. Treasury 3,365 5,393 8,968
Guaranteed bank loan of
Employee Stock Ownership Plan - 541 649
Other liabilities 4,877 5,483 5,126
-------- -------- --------
Total liabilities 637,853 631,238 619,796
-------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
SHAREHOLDERS' EQUITY
Common stock -- $3.33 1/3 par value
<S> <C> <C> <C> <C> <C> <C>
Number of shares at:
9/30/94 12/31/93 9/30/93
--------- --------- ---------
Authorized 5,000,000 5,000,000 5,000,000
Outstanding 3,667,713 3,741,257 3,740,203 12,226 12,471 12,467
Capital surplus 33,514 36,128 36,099
Retained earnings 41,720 37,375 36,067
Unrealized gain(loss) on securities
available for sale (1,303) 468 (79)
Employee Stock Ownership Plan
obligation guaranty - (541) (649)
-------- -------- --------
Total shareholders' equity 86,157 85,901 83,905
-------- -------- --------
Total Liabilities and
Shareholders' Equity $724,010 $717,139 $703,701
-------- -------- --------
-------- -------- --------
</TABLE>
The accompanying notes are an integral part of these statements.
1
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended Ended
September 30 September 30
----------------- -----------------
1994 1993 1994 1993
------- ------- ------- -------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 9,824 $ 9,149 $27,833 $27,097
Interest and dividends on securities 2,671 2,449 7,763 7,947
Interest on federal funds sold 25 181 318 635
Interest on deposits in banks 86 244 327 834
------- ------- ------- -------
Total interest income 12,606 12,023 36,241 36,513
------- ------- ------- -------
INTEREST EXPENSE
Interest on deposits 4,506 4,647 13,113 14,441
Interest on funds borrowed 143 135 422 401
------- ------- ------- -------
Total interest expense 4,649 4,782 13,535 14,842
------- ------- ------- -------
NET INTEREST INCOME 7,957 7,241 22,706 21,671
Provision for loan losses 16 127 (37) 565
------- ------- ------- -------
Net interest income after
provision for loan losses 7,941 7,114 22,743 21,106
------- ------- ------- -------
NONINTEREST INCOME
Trust income 294 303 887 897
Service charges on deposit accounts 493 527 1,478 1,480
Security gains (losses) 1 190 (169) 526
Other income 463 308 1,172 1,037
------- ------- ------- -------
Total noninterest income 1,251 1,328 3,368 3,940
------- ------- ------- -------
NONINTEREST EXPENSE
Salaries and employee benefits 2,957 2,787 8,724 8,355
Premises and fixed assets 827 817 2,503 2,372
Assessments of the FDIC 326 374 1,019 1,015
Other expenses 1,145 1,318 3,693 4,177
------- ------- ------- -------
Total noninterest expense 5,255 5,296 15,939 15,919
------- ------- ------- -------
Income before income taxes 3,937 3,146 10,172 9,127
Income taxes 1,365 1,070 3,386 2,884
------- ------- ------- -------
NET INCOME $ 2,572 $ 2,076 $ 6,786 $ 6,243
------- ------- ------- -------
------- ------- ------- -------
Earnings per common share $0.70 $0.56 $1.83 $1.67
Weighted average shares outstanding 3,674,121 3,741,720 3,705,112 3,742,667
</TABLE>
The accompanying notes are an integral part of these statements.
2
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
<TABLE>
<CAPTION>
Nine Months
Ended
September 30
-------------------
1994 1993
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income $ 6,786 $ 6,243
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 1,065 980
Amortization 2,098 1,728
Provision for loan losses (37) 565
Write-down of securities and other assets 12 78
Securities losses (gains) 169 (526)
(Gain) on sale of premises and equipment (125) (14)
(Gain) loss on sale of other real estate owned (11) 40
Loss on sale of other assets - 15
(Gain) on sale of subsidiary (7) -
Increase (decrease) in deferred taxes (219) (136)
Changes in assets and liabilities:
(Increase) decrease in income earned
but not collected (139) 866
(Increase) decrease in other assets (747) (905)
Increase (decrease) in accrued interest payable (168) (398)
Increase (decrease) in other liabilities 950 141
-------- --------
Net cash flows provided by operating activities 9,627 8,677
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest-bearing
deposits in banks 7,294 12,518
Proceeds from matured securities-held to maturity 19,949 57,585
Proceeds from matured securities-available for sale 37,735 -
Proceeds from sales of securities-held to maturity - 5,986
Proceeds from sales of securities-available for sale 1,999 -
Purchases of securities-held to maturity (16,943) (58,182)
Purchases of securities-available for sale (61,940) (896)
(Increase) decrease in federal funds sold 42,224 17,401
(Increase) decrease in loans made to customers (43,500) (18,486)
Capital expenditures (866) (823)
Proceeds from sale of other real estate owned 245 461
Proceeds from sale of premises and equipment 167 17
Cash transferred to buyer in sale of subsidiary (57) -
-------- --------
Net cash flows provided by investing activities (13,693) 15,581
-------- --------
</TABLE>
(Continued on next page)
The accompanying notes are an integral part of these statements.
3
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(Dollars in thousands)
<TABLE>
<CAPTION>
Nine Months
Ended
September 30
-------------------
1994 1993
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
<S> <C> <C>
Net increase (decrease) in deposits $(11,336) $(35,711)
Net increase (decrease) in federal funds
purchased and securities sold under
agreements to repurchase 21,126 467
Net proceeds (payments) in notes issued to
the U.S. Treasury (2,028) 4,693
Payments on other borrowings - (512)
Dividends paid (2,457) (2,045)
Repurchase of common stock (3,388) (516)
Sale of common stock 529 475
-------- --------
Net cash flows (used in) financing activities 2,446 (33,149)
-------- --------
Net increase (decrease) in cash and due from banks (1,620) (8,891)
Cash and due from banks at beginning of period 29,885 33,546
-------- --------
Cash and due from banks at end of period $ 28,265 $ 24,655
-------- --------
-------- --------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest $13,703 $15,240
Income taxes 3,424 3,201
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
AND FINANCIAL ACTIVITIES
Change in allowance for unrealized gain
(loss) on securities available for sale $2,900 $ 3
Employee Stock Ownership Plan obligation
guaranty note payment 541 -
Increase (decrease) in deferred taxes
attributable to securities available for sale (1,129) -
Other real estate acquired in settlement of loans 178 546
Transfer to loans from other real estate owned - 2,011
Dividends declared not yet paid 807 584
Sale of subsidiary:
Loan receivable $300 -
----
----
Assets disposed of, principally intangible
assets, premises and equipment, and cash 336 -
Liabilities assumed by buyer, principally
accounts payable (43) -
Gain on sale of subsidiary 7 -
----
$300 -
----
----
</TABLE>
The accompanying notes are an integral part of these statements.
4
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
While the interim amounts are unaudited, they do reflect all
adjustments which, in the opinion of management, are necessary for a
fair statement of the results of operations for the interim periods.
All such adjustments are of a normal recurring nature. Year-end
balance sheet amounts are condensed from audited financial statements.
Because the results from commercial banking operations are so closely
related and responsive to changes in economic conditions, the results
for any interim period are not necessarily indicative of the results
that can be expected for the entire year.
NOTE 2
In the normal course of business, there are outstanding various other
commitments and contingent liabilities which are not reflected in the
accompanying financial statements. The Corporation uses the same
credit policies in making commitments and conditional obligations as
it does for other instruments.
<TABLE>
<CAPTION>
9/30/94 12/31/93
----------- -----------
<S> <C> <C>
Standby letters of credit $16,199,000 $ 2,511,000
Commitments to extend credit $79,520,000 $73,031,000
</TABLE>
The increase in standby letters of credit is due to the issuance of
letters of credit to the City of Evansville by The National City Bank
of Evansville. Approximately 61 percent of these letters of credit
are secured by certificates of deposit at The National City Bank of
Evansville.
NOTE 3
On December 17,1993, the Corporation issued 645,285 shares of its
common stock in exchange for all of the outstanding common stock of
Lincolnland Bancorp, Inc., the parent company of Lincolnland Bank,
Dale, Indiana and Ayer-Wagoner-Deal Insurance Agency, Inc., Rockport,
Indiana. At consummation of the merger, Lincolnland Bancorp, Inc. was
merged with the Corporation.
On December 17, 1993, the Corporation also issued 439,333 shares of
its common stock in exchange for all of the outstanding common stock
of Sure Financial Corporation, the parent company of The State Bank of
Washington, Washington, Indiana; The Bank of Mitchell, Mitchell,
Indiana; Pike County Bank, Petersburg, Indiana; and The Spurgeon State
Bank, Spurgeon, Indiana. At consummation of the merger, Sure
Financial Corporation was merged with the Corporation.
5
<PAGE>
Both of these acquisitions were accounted for using the pooling-of-
interests method. Accordingly, the Corporation's financial statements
and financial data have been retroactively restated to include the
accounts and operations of Lincolnland Bancorp, Inc. and Sure
Financial Corporation for 1993.
NOTE 4
On September 9, 1994, the Corporation sold its wholly-owned
subsidiary, Ayer-Wagoner-Deal Insurance Agency, Inc., which was
acquired through the acquisition of Lincolnland Bancorp, Inc. on
December 17, 1993. The Corporation received approximately $300,000
for its interest in Ayer-Wagoner-Deal Insurance Agency, Inc., in the
form of a note. The sale of the subsidiary was not material, and
retention of this subsidiary was not a part of the goals of the
Corporation.
6
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
NET INCOME
Net income for the quarter ended September 30, 1994, was $2,572,000,
or $0.70 per share, compared to $2,076,000, or $0.56 per share, for
the third quarter of 1993. This is an increase of $496,000, or 23.9
percent, in net income. For the first nine months of 1994, net income
was $6,786,000, or $1.83 per share, compared to $6,243,000, or $1.67
per share, for the first nine months of 1993, an increase of $543,000,
or 8.7 percent in net income. The weighted average number of shares
outstanding was 3,674,121 and 3,705,112 for the three and nine months,
respectively, ended September 30, 1994, compared to 3,741,720 and
3,742,667 during the like periods last year. Stock has been
repurchased by the Corporation for the dividend reinvestment program
and the stock repurchase program approved March 15, 1994.
NET INTEREST INCOME
Net interest income in the third quarter of 1994 increased $706,000,
or 9.3 percent, on a tax equivalent basis, from the year-ago quarter.
For the first nine months of 1994, net interest income increased
$984,000, or 4.3 percent, on a tax equivalent basis, from the same
period last year. Average earning assets were $667 million and $659
million, an increase of $8 million, or 1.2 percent, during the third
quarters of 1994 and 1993, respectively. For the first nine months of
1994 and 1993, average earning assets were $662 million and $661
million, respectively. Average federal funds sold decreased $21
million, or 89.7 percent, for the quarter. Average interest-bearing
deposits in banks decreased $13 million or 62.9 percent for the
quarter. Average total deposits increased $7 million for the quarter.
Average interest-bearing deposits increased slightly but average
noninterest-bearing deposits increased $6 million. The decreases in
average interest-bearing deposits in banks and federal funds sold and
the increase in average deposits were used to fund an increase in
average loan demand of $31 million and an increase in average
securities of $12 million.
The increased net interest income was due mainly to a decrease in
interest paid on deposits. Total interest income decreased $323,000,
or 0.9 percent, on a tax equivalent basis, during the first nine
months of 1994 from the same period of 1993, compared to a $1,307,000,
or 8.8 percent decrease in total interest expense. The decrease in
interest income resulted from lower rates of interest earned.
The net interest margin increased to 4.94 percent for the third
quarter of 1994, compared to 4.58 percent during the year-ago quarter
and to 4.80 percent for the first nine months of 1994 from 4.61
percent during the same period last year.
7<PAGE>
UNDERPERFORMING ASSETS
Listed below is a two-year comparison of the underperforming assets.
<TABLE>
<CAPTION>
9/30/94 9/30/93
---------- ----------
<S> <C> <C>
Nonaccrual loans $1,176,000 $2,133,000
Restructured loans 142,000 78,000
90 days past due loans 713,000 346,000
---------- ----------
Total underperforming loans 2,031,000 2,557,000
Other real estate held 620,000 1,256,000
---------- ----------
Total underperforming assets $2,651,000 $3,813,000
---------- ----------
---------- ----------
</TABLE>
Past due 90 days or more, nonaccrual, and renegotiated loans have
decreased from 0.6 percent of total loans at September 30, 1993, to
0.4 percent as of September 30, 1994. Of the loans in this category,
69.4 and 56.8 percent were secured by real estate at September 30,
1994 and 1993, respectively. Potential problem loans, other than
underperforming loans, amounted to $18,507,000 at September 30, 1994
and $16,321,000 at September 30, 1993.
ALLOWANCE FOR LOAN LOSSES
Net recoveries amounted to $4,000 during the third quarter of 1994 and
$30,000 during the first nine months of 1994, compared to net charge-
offs of $426,000 and $731,000 in the year-earlier periods.
The provision for loan losses during the first nine months of 1994 was
$(37,000), down $602,000 from the comparable year-ago period based on
the quarterly review of the allowance for loan losses. Some of the
factors used in this review include current economic conditions and
forecasts, risk by type of loan, previous loan loss experience, and
evaluation of specific borrowers and collateral. As of September 30,
1994, management considered the allowance for loan losses adequate to
provide for potential losses.
NONINTEREST INCOME
Noninterest income for the third quarter of 1994 decreased $77,000, or
5.8 percent and for the first nine months of 1994 decreased $572,000,
or 14.5 percent from the year-ago periods. Trust income decreased
$10,000 or 1.1 percent for the first nine months of 1994 over the same
period in 1993. Service charges on deposit accounts remained
approximately the same for both years. Net security losses were
$169,000 for the first nine months of 1994, compared to net security
gains of $526,000 for the same period 1993. The losses in 1994 were
mainly due to a permanent write-down on an interest-only bond. During
the first quarter of 1993, $700,000 of guaranteed investment contracts
were sold for $487,000. The securities were on a nonaccrual basis and
had previously been written down to $184,000. The sale resulted in a
recovery of $303,000, which is included in net securities gains.
8<PAGE>
NONINTEREST EXPENSE
Noninterest expense decreased $41,000, or 0.8 percent and increased
$20,000 or 0.1 percent in the third quarter and the first nine months
of 1994, respectively. Salaries and employee benefits increased
$170,000, or 6.1 percent for the third quarter and $369,000, or 4.4
percent for the first nine months of 1994. Expenses of premises and
fixed assets increased $10,000, or 1.2 percent for the third quarter
and $131,000, or 5.5 percent, during 1994. The cost of Federal
Deposit Insurance was approximately the same for both years. Other
items in this category decreased $484,000, or 11.6 percent. The
largest decrease was in expenses on foreclosed property which
decreased $190,000 from 1993. Acquisition expenses also decreased
from 1993.
FINANCIAL POSITION ANALYSIS
Cash and due from banks increased $3,610,000, or 14.6 percent, and
interest-bearing deposits in banks decreased $10,763,000, or 63.1
percent, during the past year. Federal funds sold decreased
$27,250,000, or 100.0 percent.
Securities increased $12,119,000, or 6.8 percent, during the past
year. The largest increase was in corporate and mortgage-backed
securities which increased $10,632,000, or 75.1 percent. Other
increases were in municipals, particularly taxable municipals, which
increased $1,630,000, or 178.3 percent, and nontaxable municipals
which increased $23,000, or 0.1 percent. U.S. Government Agencies
increased $1,720,000 or 1.9 percent. Decreases were noted in U.S.
Treasury securities of $1,834,000, or 6.0 percent, and in equity
securities of $52,000, or 2.0 percent.
As part of its strategic plan, the Corporation successfully increased
total loans while maintaining high credit standards and competitive
rates. Loans increased $42,951,000, or 9.9 percent, during the past
year. All types of loans increased with the exception of decreases in
loans to depository institutions of $50,000, agricultural loans of
$214,000, and lease financing of $201,000. Consumer loans increased
$13,264,000, or 18.7 percent; loans secured by real estate increased
$8,638,000, or 3.6 percent; and commercial loans increased $7,235,000,
or 7.8 percent. All other loans, mainly commercial paper, increased
$14,279,000 or 140.6 percent.
Total deposits have increased $6,180,000, or 1.0 percent, since
September 30, 1993. Interest-bearing deposits increased slightly,
while noninterest-bearing deposits increased $5,304,000, or 7.4
percent.
9<PAGE>
SHAREHOLDERS' EQUITY
The Corporation and each subsidiary have capital ratios which
substantially exceed all regulatory requirements. The Corporation's
capital ratios are shown below.
<TABLE>
<CAPTION>
Minimum
Requirements 9/30/94 9/30/93
------------ ------- -------
<S> <C> <C> <C>
Tier I capital to
risk-based assets 4.00% 16.97% 18.54%
Total capital to
risk-based assets 8.00% 17.72% 19.44%
Leverage capital 3.00% 11.88% 11.63%
</TABLE>
10
<PAGE>
NATIONAL CITY BANCSHARES, INC. and Subsidiaries
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits -
NONE
(b) Reports on Form 8-K -
CURRENT REPORT dated August 19, 1994, for event of
August 19, 1994, regarding the letter of intent
between the Registrant and White County Bank in
Carmi, Illinois.
CURRENT REPORT dated September 12, 1994, for event
of September 9, 1994, regarding the sale of the
Registrant's wholly-owned subsidiary, Ayer-Wagoner-
Deal Insurance Agency, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NATIONAL CITY BANCSHARES, INC
(Registrant)
By /S/ HAROLD A. MANN
Harold A. Mann
Secretary and Treasurer
(On behalf of the registrant
and in his capacity as Chief
Accounting Officer.)
November 14, 1994
11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 28265
<INT-BEARING-DEPOSITS> 6286
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 120438
<INVESTMENTS-CARRYING> 69568
<INVESTMENTS-MARKET> 69808
<LOANS> 478673
<ALLOWANCE> 3784
<TOTAL-ASSETS> 724010
<DEPOSITS> 595312
<SHORT-TERM> 37664
<LIABILITIES-OTHER> 4877
<LONG-TERM> 0
<COMMON> 12226
0
0
<OTHER-SE> 73931
<TOTAL-LIABILITIES-AND-EQUITY> 724010
<INTEREST-LOAN> 27833
<INTEREST-INVEST> 7763
<INTEREST-OTHER> 645
<INTEREST-TOTAL> 36241
<INTEREST-DEPOSIT> 13113
<INTEREST-EXPENSE> 13535
<INTEREST-INCOME-NET> 22706
<LOAN-LOSSES> (37)
<SECURITIES-GAINS> (169)
<EXPENSE-OTHER> 15939
<INCOME-PRETAX> 10172
<INCOME-PRE-EXTRAORDINARY> 10172
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6786
<EPS-PRIMARY> 1.83
<EPS-DILUTED> 1.83
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
