<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1996 Commission File Number 2-988651
------------- --------
Kingfisher Bancorp, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its Charter)
OKLAHOMA 73-1247579
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 419
124 South Main Street
Kingfisher, Oklahoma 73750
- ---------------------------------------- ------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (405) 375-3121
------------------
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 the latest practicable date.
Class Outstanding at June 30, 1996
Common Stock, $1 par value 49,172
------------------------------ ----------------------------
1
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
INDEX
Page No.
--------
Part I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
June 30, 1996 and December 31, 1995 3
Condensed Consolidated Statements of Income - Three Months
Months and Six Months Ended June 30, 1996 and 1995 4
Condensed Consolidated Statements of Changes in Stockholders'
Equity - Six Months Ended June 30, 1996 and 1995 5
Condensed Consolidated Statements of Cash Flows - Three
Months and Six Months Ended June 30, 1996 and 1995 6
Notes to Condensed Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Part II. OTHER INFORMATION: 13
SIGNATURES 14
2
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
<S> <C> <C>
ASSETS:
Cash and due from banks $ 2,753,039 $ 2,410,772
Federal funds sold 3,250,000 4,750,000
Investment securities:
United States government 24,101,981 23,919,564
States and political subdivisions 3,026,872 3,013,960
----------- -----------
Total investment securities 27,128,853 26,933,524
Loans, net of unearned income 51,540,231 53,116,218
Less allowance for possible loan loss (1,199,000) (1,163,000)
----------- -----------
Net loans 50,341,231 51,953,218
Owned real estate 99,479 13,100
Bank premises and equipment, net 243,422 251,357
Deferred income taxes 405,958 382,879
Accrued interest and other assets 1,614,266 1,505,444
----------- -----------
TOTAL $85,836,248 $88,200,294
=========== ===========
LIABILITIES AND EQUITY:
Deposits:
Demand $ 6,545,091 $ 6,291,322
NOW accounts 7,898,559 8,218,752
Savings and time deposits 60,502,194 62,425,980
----------- -----------
74,945,844 76,936,054
Other short-term borrowings 246,248 151,111
Notes payable 2,201,821 39,280
Accrued interest and other liabilities 687,148 722,662
----------- -----------
Total liabilities 78,081,061 77,849,107
Stockholders equity:
Common stock, par value $1 per share,
240,000 shares authorized;
120,000 shares issued 120,000 120,000
Additional paid-in capital 2,360,000 2,360,000
Retained earnings 11,899,602 11,598,039
Unrealized gain (loss) on securities available
for sale, net of deferred income taxes (51,713) 31,170
Less treasury shares (70,828 and 55,282) (6,572,702) (3,758,022)
----------- -----------
Total stockholders' equity 7,755,187 10,351,187
----------- -----------
TOTAL $85,836,248 $88,200,294
=========== ===========
</TABLE>
See notes to unaudited condensed consolidated financial statements.
3
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -----------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $1,068,129 $1,099,696 $2,219,273 $2,274,107
Investment securities:
United States government 374,482 415,419 746,167 828,976
State and political subdivisions 45,053 56,424 91,577 115,151
Federal funds sold 52,041 33,491 122,820 44,411
---------- ---------- ---------- ----------
Total interest income 1,539,705 1,605,030 3,179,837 3,262,645
INTEREST EXPENSE:
Savings and other time deposits 824,196 837,652 1,679,205 1,626,311
Other short-term borrowings 776 1,591 2,828 6,161
Notes payable 46,001 916 75,959 1,903
---------- ---------- ---------- ----------
Total interest expense 870,973 840,159 1,757,992 1,634,375
---------- ---------- ---------- ----------
NET INTEREST INCOME 668,732 764,871 1,421,845 1,628,270
PROVISION FOR POSSIBLE LOAN LOSSES 60,000 60,000 120,000 120,000
---------- ---------- ---------- ----------
NET INTEREST INCOME, after provision
for possible loan losses 608,732 704,871 1,301,845 1,508,270
---------- ---------- ---------- ----------
OTHER INCOME:
Service charges on deposit accounts 80,669 79,589 148,949 151,627
Other 14,215 12,256 32,925 33,151
---------- ---------- ---------- ----------
Total other income 94,884 91,845 181,874 184,778
OTHER EXPENSES:
Salaries and employee benefits 263,064 262,711 522,659 517,802
Occupancy 9,485 11,086 22,394 21,885
Depreciation and amortization 23,592 25,392 47,020 52,483
Other 133,061 193,020 390,699 441,026
---------- ---------- ---------- ----------
Total other expenses 429,202 492,209 982,772 1,033,196
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 274,414 304,507 500,947 659,852
INCOME TAX PROVISION 81,314 81,114 150,212 158,475
---------- ---------- ---------- ----------
NET INCOME $ 193,100 $ 223,393 $ 350,735 $ 501,377
========== ========== ========== ==========
NET INCOME PER SHARE: $ 3.90 $ 3.31 $ 6.92 $ 7.43
====== ====== ====== ======
</TABLE>
See notes to unaudited condensed consolidated financial statements.
4
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
--------------------------
1996 1995
----------- -----------
<S> <C> <C>
COMMON STOCK $ 120,000 $ 120,000
ADDITIONAL PAID-IN CAPITAL 2,360,000 2,360,000
RETAINED EARNINGS:
Balance at beginning of year 11,598,039 11,121,400
Cash dividends declared (49,172) (271,471)
Net income 350,735 501,377
----------- -----------
11,899,602 11,351,306
UNREALIZED GAIN (LOSS) ON SECURITIES AVAILABLE FOR SALE:
Balance at beginning of year 31,170 (98,709)
Unrealized gain (loss) on securities
available for sale (82,883) 112,662
----------- -----------
(51,713) 13,953
TREASURY SHARES:
Balance, at beginning of year, at
cost net of sales (3,758,022) (3,393,372)
Acquisition of 15,546 and 1,560 shares (2,814,680) (179,400)
----------- -----------
(6,572,702) (3,572,772)
----------- -----------
$ 7,755,187 $10,272,487
=========== ===========
</TABLE>
See notes to unaudited condensed consolidated financial statements.
5
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------
1996 1995 1996 1995
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 193,100 $ 223,393 $ 350,735 $ 501,377
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 60,000 60,000 120,000 120,000
Amortization of investment security
premiums 9,082 16,221 18,579 32,298
Accretion of investment security premiums (25,489) (25,021) (49,728) (49,843)
Depreciation and amortization 23,592 25,392 47,020 52,483
Provision for deferred taxes 13,860 (30,854) 27,720 (16,656)
Other transactions, net 4 516 4 1
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest
receivable and other assets 117,578 79,833 (108,822) (19,156)
(Decrease) increase in accrued interest
payable and other liabilities (11,984) 87,675 (35,514) 119,954
----------- ---------- ----------- ----------
Net cash provided by
operating activities 379,743 437,155 369,994 740,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in loans 347,070 2,900,328 1,491,987 5,165,377
Proceeds from maturities of investment
securities 1,171,819 1,164,878 3,395,924 1,751,641
Purchase of investment securities (1,145,351) - (3,693,790) -
Purchase of premises and equipment (39,085) (4,813) (39,085) (10,364)
Purchase of owned real estate (86,379) - (86,379) -
Sale of owned real estate 54,409 164,120 - 229,513
----------- ---------- ----------- ----------
Net cash provided by
investing activities 302,483 4,224,513 1,068,657 7,136,167
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in demand deposit and
savings accounts (324,085) (650,581) (66,423) (79,607)
Net (decrease) increase in time deposits (1,037,324) 1,077,686 (1,923,787) 597,792
Increase (Decrease) in other
borrowed funds 29,315 148,354 95,137 (789,007)
Increase of notes payable 50,000 - 2,175,000 -
Repayment of notes payable (6,287) (5,676) (12,459) (11,280)
</TABLE>
(Continued)
6
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------
1996 1995 1996 1995
----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Payments to acquire treasury stock - (127,650) (2,814,680) (179,400)
Dividends paid (49,172) (271,472) (49,172) (271,472)
----------- ---------- ----------- ----------
Net cash (used in) provided
by financing activities (1,337,553) 170,661 (2,596,384) (732,974)
----------- ---------- ----------- ----------
(DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS (655,327) 4,832,329 (1,157,733) 7,143,651
CASH AND CASH EQUIVALENTS:
Beginning of the period 6,658,366 3,623,578 7,160,772 1,312,256
----------- ---------- ----------- ----------
End of the period $ 6,003,039 $8,455,907 $ 6,003,039 $8,455,907
=========== ========== =========== ==========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period
for interest $ 889,979 $ 824,693 $ 1,804,654 $1,592,980
=========== ========== =========== ==========
Cash paid during the period for
income taxes $ 34,001 $ - $ 34,001 $ -
=========== ========== =========== ==========
SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING ACTIVITIES:
Loans transferred from owned
real estate $ - $ - $ - $ 228,263
=========== ========== =========== ==========
In-substance foreclosure owned real
estate transferred to loans $ - $ 163,620 $ - $ -
=========== ========== =========== ==========
Unrealized gain (loss) on securities
available for sale $ (123,565) $ 64,231 $ (82,883) $ 112,662
=========== ========== =========== ==========
</TABLE>
See notes to unaudited condensed consolidated financial statements.
7
<PAGE>
KINGFISHER BANCORP, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1996
------------------------------
1. The consolidated financial statements include the accounts of Kingfisher
Bancorp, Inc. (the Company) and Kingfisher Bank and Trust Co. (the Bank)
after elimination of all material intercompany accounts and transactions.
2. Certain information and footnote disclosures normally included in
consolidated financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It is
suggested that these consolidated financial statements be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's December 31, 1995 Annual Report on Form 10-K.
3. Net income per share is computed on the basis of weighted average number of
common shares outstanding during the periods. Weighted average common shares
for the six month period ended June 30, 1996 and June 30, 1995 were 50,710
and 67,513, respectively.
4. The financial statements include all adjustments necessary to fairly present
the results of operations for the periods presented. All such adjustments
are of a normal recurring nature.
5. As of January 1, 1996 the Company adopted the provisions of Statement of
Financial Accounting Standards No. 122 ("SFAS 122") "Accounting for Mortgage
Servicing Rights" which amends accounting for the rights to service mortgage
loans originated adn required evaluating for impairment amounts capitalized
as mortgage servicing rights, ans SFAS No. 123 " Accounting by Creditors for
Impairment of a Loan-Income Recognition and Disclosures", which establishes
a fair value method and disclosure standards for stock-based employee
compensation arrangements, such as stock purchase plans and stock options.
The Company does not participate in stock-based employee compensation
arrangements and does not anticipate participation in such arrangements in
the future. These new standards had no material impact on the Company's
financial statements at initial adoption nor expected ongoing operations.
6. In general, the Company has defined its population of impaired loans as
consisting of all internally classified by management's loan review process.
This review process includes consideration of factors such as cash flow,
collateral position, past performance and overall financial condition of the
borrower.
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
-------------- ------------------
<S> <C> <C>
Gross impaired loans which have allowances $ 4,022,000 $4,110,000
Less: Related allowances for loan losses (1,010,000) (733,000)
----------- ----------
Net impaired loans with related allowances 3,012,000 3,377,000
Impaired loans with no related allowances 3,219,000 2,967,000
----------- ----------
$ 6,231,000 $6,344,000
=========== ==========
</TABLE>
The average impaired loans outstanding for the period ended June 30, 1996 was
approximately $6,840,000 and interest income recognized on impaired loans the
period ended
8
<PAGE>
June 30, 1996 was approximately $200,000.
The average impaired loans outstanding for the period ended June 30, 1995 was
approximately $6,081,000 and interest income recognized on impaired loans the
period ended June 30, 1995 was approximately $209,000.
<TABLE>
<CAPTION>
Period Ended June 30,
--------------------------
1996 1995
------------ ------------
<S> <C> <C>
Allowance for loan loss activity:
Beginning of quarter $1,163,000 $1,182,000
Provision for losses 120,000 120,000
Recoveries 25,000 13,664
Realized losses (109,000) (20,664)
---------- ----------
End of quarter $1,199,000 $1,295,000
========== ==========
</TABLE>
Uncollected interest on loans which are more than 90 days past due are currently
being charged off. Subsequently, such interest is recognized as income as it is
collected.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
Net income for the three months ended June 30, 1996 was $193,100 as compared
to $223,393 for the same period in 1995. This 13.56% decrease was primarily due
to a decrease in net interest income.
Net income for the six months ended June 30, 1996 was $350,735, a 30.05%
decrease from the $501,377 recorded for the six months ended June 30, 1995.
This decrease was the result of a decrease in net interest income due to a drop
in loan demand and an increase in interest expense.
NET INTEREST INCOME
Net interest income is affected by the volume of earning assets, the interest
rate earned on those assets, the volume of interest bearing liabilities and the
rates paid on those liabilities.
Net interest income for the three months ended June 30, 1996, was $608,732 as
compared to $704,871 for the same period last year. This 13.64% decrease was the
result of a drop in interest income due to reduced loan demand and an increase
in interest expense on notes payable.
Net interest income for the six month period ending June 30, 1996 and June 30,
1995 was $1,301,845 and $1,508,270, respectively. This 13.69% decrease can be
attributed to a
drop in interest income due to reduced loan demand and an increase in interest
expense on notes payable.
The net interest spread is the difference between the rate earned on earning
assets and the rate paid on interest bearing liabilities. The net interest
spread at June 30, 1996, was 3.44% as compared to 3.74% at June 30, 1995.
OTHER INCOME
Other income increased 3.31% to $94,884 for the three months ended June 30,
1996, as compared to $91,845 for the same period last year.
Other income increased 1.57% to $181,874 for the six months ended June 30,
1996 as compared to $184,778 for the same period last year.
OTHER EXPENSES
Other expenses decreased 12.80% to $429,202 for the three months ended June
30, 1996, as compared to $492,209 for the same period last year.
Other expenses decreased 4.88% to $982,772 for the six months ended June 30,
1996, as compared to $1,033,196 for the same period last year.
LOAN QUALITY
10
<PAGE>
The allowance for possible loan losses as a percent of loans was 2.33% at June
30, 1996, as compared to 2.19% at December 31, 1995. This increase is due to
management's continued systematic evaluation of the local economic conditions
and a decrease in loans due to seasonal loan demand in the agricultural sector.
A significant portion of the Bank's loan portfolio is in the agricultural
related industry. The Agricultural industry is currently experiencing a
downward cyclical trend in the livestock markets and wheat growing conditions
have not been ideal. These factors combined could have an adverse effect on the
overall agricultural economy. Agriculture loans which are impaired are valued
at the current market value of underlying collateral and therefore, subject to
changes in market conditions and related values of the underlying collateral.
While there can be no assurance that the allowance for loan losses will be
adequate to cover all losses from all loans, management believes that the
allowance for loan losses is adequate.
Management believes the demand for loans will begin increasing during the
latter part of next quarter and on in to the last quarter of 1996 due to
seasonal demand for livestock loans.
BALANCE SHEET COMPOSITION
The loan to deposit ratio was 68.77% at June 30, 1996 as compared to 69.04% at
December 31, 1995. Seasonal lending for stocker loans is the primary reason for
this decline.
The capital to asset ratio at June 30, 1996 was 9.03% as compared to 11.74% at
December 31, 1995.
CAPITAL ADEQUACY
The Federal Deposit Insurance Corporation requires minimum capital for a "well
capitalized" institution as follows: 10% total risk-based capital to net risk-
weighted assets; 6% Tier I risk-based capital to net risk-weighted assets; and a
5% leverage ratio. The company's capital ratios as of June 30, 1996 are as
follows: 16.18% total risk-based capital to net risk-weighted assets; 14.93%
Tier I risk-based capital to net risk-weighted assets; and a 8.95% leverage
ratio.
LIQUIDITY
Liquidity can be defined as a financial institutions ability to meet possible
deposit withdrawals, provide for the credit needs of its customers and take
advantage of investment opportunities as they arise. Management considers the
banks liquidity position adequate to meet these needs.
OTHER MATTERS
As of January 1, 1996 the Company adopted the provisions of Statement of
Financial Accounting Standards No. 122 ("SFAS 122") "Accounting for Mortgage
Servicing Rights" which amends accounting for the rights to service mortgage
loans originated and requires evaluating for impairment amounts capitalized as
mortgage servicing rights, and SFAS No. 123 " Accounting by Creditors for
Impairment of a Loan-Income Recognition and Disclosures", which
11
<PAGE>
establishes a fair value method and disclosure standards for stock-based
employee compensation arrangements, such as stock purchase plans and stock
options. The Company does not participate in stock-based employee compensation
arrangements and does not anticipate participation in such arrangements in the
future. These new standards had no material impact on the Company's financial
statements at initial adoption nor expected ongoing operations.
On January 18, 1996, the Board of Directors of the Company accepted offers to
purchase 15,546 shares of common stock from stockholders at a per share amount
of $180. This treasury stock transaction resulted in a reduction of total
stockholders' equity of approximately $2,800,000. The purchase was partially
funded by a third party bank loan funded under a $2,500,000 line of credit with
variable interest at lender's prime (currently 8.25%), and secured by Bank
stock. Quarterly principal payments of approximately $88,000 commence on March
31, 1997, until maturity on December 31, 1998 when the unpaid balance shall be
due in full.
As of June 30, 1996, the Company has borrowed $2,175,000 on this line of
credit. The Company has currently been paying the interest on this line of
credit on a monthly basis. This has increased interest expense by approximately
$74,500. Book value of the Company's stock at June 30, 1996 was $157.72 as
compared to $159.94 at December 31, 1995. The repurchase of common shares in
January of 1996 would result in a proforma book value at year end 1995 of
approximately $153.60 per share.
12
<PAGE>
OTHER INFORMATION
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
The 1996 Annual Meeting of shareholders of the Company was held on April 29,
1996. At the Annual Meeting shareholders elected the current nine directors for
an additional one year term.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
13
<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 hereunto duly authorized.
KINGFISHER BANCORP, INC.
Date: August 3, 1996 /s/ Waynard Hasenfratz
------------------------ --------------------------
President
Date: August 3, 1996 /s/ George Brownlee
------------------------ --------------------------
Secretary
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 2,753
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,250
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,440
<INVESTMENTS-CARRYING> 22,689
<INVESTMENTS-MARKET> 22,521
<LOANS> 51,540
<ALLOWANCE> 1,199
<TOTAL-ASSETS> 85,836
<DEPOSITS> 74,946
<SHORT-TERM> 246
<LIABILITIES-OTHER> 687
<LONG-TERM> 2,202
0
0
<COMMON> 120
<OTHER-SE> 7,635
<TOTAL-LIABILITIES-AND-EQUITY> 85,836
<INTEREST-LOAN> 2,219
<INTEREST-INVEST> 961
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3,180
<INTEREST-DEPOSIT> 1,679
<INTEREST-EXPENSE> 1,758
<INTEREST-INCOME-NET> 1,302
<LOAN-LOSSES> 120
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 983
<INCOME-PRETAX> 501
<INCOME-PRE-EXTRAORDINARY> 351
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 351
<EPS-PRIMARY> 6.92
<EPS-DILUTED> 6.92
<YIELD-ACTUAL> 0.43
<LOANS-NON> 2,691
<LOANS-PAST> 723
<LOANS-TROUBLED> 90
<LOANS-PROBLEM> 4,628
<ALLOWANCE-OPEN> 1,163
<CHARGE-OFFS> 109
<RECOVERIES> 25
<ALLOWANCE-CLOSE> 1,199
<ALLOWANCE-DOMESTIC> 1,010
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 189
</TABLE>
