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 March 31, 1996 Commission File Number 0-15040
--------------- --------
PennRock Financial Services Corp.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2400021
------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1060 Main St.
Blue Ball, Pennsylvania 17506
--------------------------------------- ----------
(Address of principal executive offices) (Zip code)
(717) 354-4541
--------------------------------------------------
Registrant's telephone number, including area code
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter 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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Class Outstanding at April 29, 1996
------------------------------ --------------------------------
Common Stock ($2.50 par value) 6,077,299 Shares
<PAGE> 1
INDEX
REGISTRANT COMPANY AND SUBSIDIARY
PART I. FINANCIAL INFORMATION
- -----------------------------
Item 1. Financial Statements
Condensed consolidated balance sheets - March 31, 1996,
December 31, 1995 and March 31, 1995.
Condensed consolidated statements of income - Three months ended
March 31, 1996 and 1995.
Condensed consolidated statements of cash flows - Three months
ended March 31, 1996 and 1995.
Notes to condensed consolidated financial statements - March 31, 1996.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II. OTHER INFORMATION
- --------------------------
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
- ----------
<PAGE> 2
Part I.
--------
For the Quarter Ended March 31, 1996
ITEM 1. FINANCIAL INFORMATION
PENNROCK FINANCIAL SERVICES CORP. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31 December 31, March 31,
(Amounts in thousands) 1996 1995 1995
------------ ----------- -------------
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 17,268 $ 17,888 $ 17,540
Short-term investments 465 939 176
Mortgages held for sale 6,069 2,373 3,554
Securities available for sale,
at fair value 200,912 196,029 184,451
Investment securities 22,460
Loans:
Loans, net of unearned income 308,401 298,025 267,532
Allowance for loan losses (3,693) (3,661) (3,577)
--------- --------- ---------
Net loans 304,708 294,364 263,955
Bank premises and equipment 9,180 9,111 8,732
Accrued interest receivable 3,469 3,264 3,194
Other assets 7,343 8,114 9,335
--------- --------- ---------
Total assets $549,414 $532,082 $513,397
========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing $ 59,259 $ 57,775 $ 52,691
Interest bearing 358,819 360,154 349,299
--------- --------- ---------
Total deposits 418,078 417,929 401,990
Short-term borrowings 64,269 47,476 53,256
Long-term debt 9,000 9,000 9,000
Accrued interest payable 2,569 2,494 2,025
Other liabilities 4,135 3,509 3,993
--------- --------- ---------
Total liabilities 498,051 480,408 470,264
Stockholders' Equity:
Common stock, par value $2.50 per share;
authorized - 10,000,000 shares;
issued - 6,077,299, 6,062,991,
and 6,025,709 of which 16,973 and
579 shares are held as treasury
stock, respectively 15,193 15,157 15,064
Surplus 11,106 10,905 10,204
Unrealized gains (losses) on
securities available for sale,
net of deferred taxes (494) 769 (4,003)
Retained earnings 25,846 24,854 21,868
--------- --------- ---------
51,651 51,685 43,133
Less treasury stock, at cost (288) (11)
--------- --------- ---------
Total stockholders' equity 51,363 51,674 43,133
--------- --------- ---------
Total liabilities and
stockholders' equity $549,414 $532,082 $513,397
========= ========= =========
</TABLE>
<PAGE> 3
PENNROCK FINANCIAL SERVICES CORP. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
(Amounts in thousands) March 31,
--------------------
1996 1995
-------- --------
<S> <C> <C>
Interest income:
Interest and fees on loans $6,900 $5,808
Investment securities:
Taxable 2,324 2,893
Tax-exempt 588 351
Mortgages held for sale 87 39
Other 7 2
------- -------
Total interest income 9,906 9,093
Interest expense:
Deposits 3,892 3,349
Short-term borrowings 691 1,053
Long-term debt 136 159
------- -------
Total interest expense 4,719 4,561
------- -------
Net interest income 5,187 4,532
Provision for loan losses 149 88
------- -------
5,038 4,444
Other income:
Trust commissions and fees 166 159
Service charges and fees 289 246
Investment security gains 415 87
Mortgage loan operations (110) (16)
Other 143 186
------- -------
Total other income 903 661
------- -------
Net interest and other income 5,941 5,105
------- -------
Other expenses:
Salaries and benefits 2,019 1,840
Occupancy, net 312 229
Equipment depreciation
and service 276 214
Other 1,055 1,033
------- -------
Total other expense 3,662 3,316
------- -------
Income before income taxes 2,279 1,789
Income taxes 618 470
------- -------
Net income $1,661 $1,319
======= =======
Earnings per share $.27 $.22
Cash dividends per share $.11 $.10
</TABLE>
<PAGE> 4
PENNROCK FINANCIAL SERVICES CORP. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
(Amounts in thousands) -----------------------
1996 1995
--------- ---------
<S> <C> <C>
Cash from (used in) operations ($ 170) $ 766
Investing activities:
Proceeds from sales of securities 24,231 7,459
Purchases of securities (34,215) (5,726)
Maturities and paydowns of securities 3,612 1,367
Net increase in loans (10,493) (27,603)
Purchases of premises and equipment (290) (2,134)
--------- ---------
Net cash used by investing activities (17,155) (26,637)
Financing activities:
Net increase in non-interest bearing deposits 1,484 2,286
Net increase (decrease) in interest
bearing deposits (1,335) 57,270
Increase (decrease) in short-term borrowings 16,792 (28,821)
Decrease in long-term debt (1,500)
Issuance of common stock and treasury stock 247 478
Acquisition of treasury stock (288)
Cash dividends (669) (602)
--------- ---------
Net cash provided by financing activities 16,231 29,111
--------- ---------
Increase (decrease) in cash and
cash equivalents (1,094) 3,240
Cash and cash equivalents, beginning
of year 18,827 14,476
--------- ---------
Cash and cash equivalents, end of period $17,733 $17,716
========= =========
Total interest paid $ 4,642 $ 4,561
Total income taxes paid 225 239
</TABLE>
<PAGE> 5
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 1996
NOTE 1. ACCOUNTING POLICIES
The accompanying consolidated financial statements include the accounts of
PennRock Financial Services Corp. and its banking subsidiary, Blue Ball
National Bank. All material intercompany balances and transactions have been
eliminated in consolidation.
The information contained in the financial statements is unaudited. In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation of the results of
interim periods have been made. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. Operating results for the
three months ended March 31, 1996 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1996.
The accounting policies of PennRock Financial Services Corp. and Subsidiary,
as applied in the consolidated interim financial statements presented, are
substantially the same as those followed on an annual basis as presented in
the 1995 Annual Report to shareholders except that, as of January 1, 1996,
PennRock adopted the Financial Accounting Standards Board's Statement No.
122, "Accounting for Mortgage Servicing Rights, an Amendment of FASB
Statement No. 65" as discussed in Note 3. For further information, refer to
the consolidated financial statements and footnotes thereto included in
PennRock's annual report on Form 10-K for the year ended December 31, 1995.
NOTE 2. COMMITMENTS AND CONTINGENT LIABILITIES
The financial statements do not reflect various commitments and contingent
liabilities, such as commitments to extend credit, letters of credit,
guarantees, and liability for assets held in Trust, which arise in the normal
course of business. Commitments under outstanding letters of credit amounted
to $7.8 million at March 31, 1996. Management does not anticipate any
significant loss as a result of these transactions.
<PAGE> 6
NOTE 3. ADOPTION OF SFAS NO. 122
Effective January 1, 1996, PennRock adopted Statement of Financial Accounting
Standards No. 122, "Accounting for Mortgage Servicing Rights, an amendment of
FASB Statement No. 65" (SFAS 122). SFAS 122 amended Statement 65 to require
an institution to recognize as separate assets the rights to service mortgage
loans for others when a mortgage loan is sold or securitized and servicing
rights retained. When capitalizing originated mortgage servicing rights
("OMSR's"), an institution allocates the total cost of the mortgage loans
(the recorded investment in the mortgage loans including net deferred fees or
costs and any purchase premium or discount) to the OMSR's and the loans
(without the OMSR's) based on their relative fair values. OMSR's are
amortized in proportion to, and over the period of, estimated net servicing
income.
SFAS 122 also requires that all capitalized mortgage servicing rights be
evaluated for impairment based on the difference between the carrying amount
of the servicing rights and their current fair value. Impairment of OMSR's
is recognized through a valuation allowance. The amount of impairment
recognized is the amount by which the capitalized OMSR's exceed their fair
value. Subsequent to the initial measurement of impairment, the valuation
allowance is adjusted to reflect changes in the measurement of impairment.
Fair value in excess of the amount capitalized as OMSR's (net of
amortization) is not recognized.
The impact on the financial statements from the adoption of SFAS 122 was
immaterial in the first quarter of 1996. Factors such as volume of mortgage
loans originated will have a substantial effect on the amount of OMSR's
realized in the future. PennRock has no purchased mortgage servicing rights.
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
This section presents management's discussion and analysis of the financial
condition and results of operations of PennRock Financial Services Corp. and
subsidiary. This discussion should be read in conjunction with the financial
statements which appear elsewhere in this report.
Total assets of PennRock increased $17.3 million or 3.3% since the end of
1995 and by $36.0 million or 7.0% over March 31, 1995. The increases in
assets were primarily reflected in increases in loans outstanding as loans
increased $10.4 million or 3.5% for the year-to-date and by $40.9 million or
15.3% since last year. Total investment securities (measured on an amortized
cost basis) increased $6.8 million or 3.5% since year-end and declined by
$11.3 million or 5.3% from March 31 last year.
Net income for the current quarter was $1.7 or $.27 per share compared with
$1.3 or $.22 per share for the first quarter of 1995, an increase of $341,439
or 15.9%. Net interest income increased $655,303 from the first quarter of
1995 due to volume increases and slightly wider spreads, while other income
excluding security and mortgage gains and losses increased $7,758 and other
expenses increased $346,777.
Dividends declared for the quarter totaled $668,503 or $.11 per share. This
represented 40.2% of net income. Dividends declared during the first quarter
of last year were $602,570 or $.10 per share.
NET INTEREST INCOME
Net interest income is the product of the volume of average earning assets
and the average rates earned on them, less the volume of average interest
bearing liabilities and the average rates paid on them. The amount of net
interest income is affected by changes in interest rates, volumes and the mix
of earning assets and paying liabilities. For analytical purposes, net
interest income is adjusted to a taxable equivalent basis. This adjustment
allows for a more accurate comparison among taxable and tax-exempt assets by
increasing tax-exempt income by an amount equivalent to the federal income
tax which would have been paid if this income were taxable at the statutory
rate of 34%.
Table 1 presents the net interest income on a fully taxable equivalent basis
for the first quarter of 1996 and 1995. Net interest income on a fully
taxable equivalent basis totaled $5.4 million for the first quarter of 1996,
an increase of $731,000 or 15.5% from $4.7 million earned for the same period
of 1995.
<PAGE> 8
TABLE 1 - NET INTEREST INCOME
<TABLE>
<CAPTION>
Three Months Ended
(Amounts in thousands) March 31,
--------------------
1996 1995
------ ------
<S> <C> <C>
Total interest income $9,906 $9,093
Total interest expense 4,719 4,561
------- -------
Net interest income 5,187 4,532
Tax equivalent adjustment 254 178
------- -------
Net interest income
(fully taxable equivalent) $5,441 $4,710
======= =======
Table 2 presents the average balances, taxable equivalent interest income and
expense and rates for PennRock's assets and liabilities for the three months
ended March 31, 1996 and 1995. Both the interest rate spread and net
interest margin are higher in 1996 than in 1995 because rates on interest
earning assets increased while the average cost of funds declined. For the
first quarter of 1996 compared with the first quarter of 1995, earning asset
yields were 8 basis points higher while rates on paying liabilities decreased
5 basis points for the same period.
<PAGE> 9
TABLE 2 - AVERAGE BALANCES, RATES, AND INTEREST INCOME AND EXPENSE
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended March 31,
(Amounts in thousands) ----------------------------------------------------
1996 1995
---------------------------------------------------
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
-------- --------------- -------- ---------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest earning assets
Money market investments $ 310 $ 8 10.24% $ 85 $ 2 9.34%
Mortgages held for sale 3,502 87 9.86% 2,102 39 7.36%
Securities available for sale 197,686 3,165 6.35% 191,272 3,032 6.29%
Investment securities 16,691 363 8.62%
Loans:
Mortgage 165,289 3,726 8.94% 139,421 3,123 8.89%
Commercial 86,817 1,931 8.82% 73,994 1,708 9.16%
Consumer 50,004 1,243 9.86% 40,940 1,004 9.73%
-------- ------ -------- ------
Total loans 302,110 6,900 9.06% 254,355 5,835 9.10%
-------- ------ -------- ------
Total earning assets 503,608 10,160 8.00% 464,505 9,271 7.92%
Other assets 30,167 ------ 31,760 ------
-------- --------
$533,775 $496,265
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing deposits:
Demand $ 70,962 449 2.51% $ 62,243 425 2.71%
Savings 60,726 333 2.18% 65,756 437 2.64%
Time 229,821 3,110 5.37% 194,670 2,487 5.07%
-------- ------ -------- ------
Total interest bearing deposits 361,509 3,892 4.27% 322,669 3,349 4.12%
Short-term borrowings 50,534 691 5.42% 68,644 1,053 6.09%
Long-term debt 9,000 136 6.00% 9,967 159 6.33%
-------- ------ -------- ------
421,043 4,719 4.45% 401,280 4,561 4.51%
Non-interest bearing deposits 53,778 ------ 48,662 ------
Other liabilities 6,476 5,067
Stockholders' equity 52,478 41,256
-------- -------
Total liabilities and stockholders'
equity $533,775 $496,265
======== ========
Net interest income $5,441 $4,710
====== ======
Interest rate spread 3.56% 3.41%
====== ======
Net interest margin 4.29% 4.02%
====== ======
<PAGE> 10
PROVISION AND ALLOWANCE FOR LOAN LOSSES
The provision for loan losses charged to earnings was $149,000 for the first
quarter of 1996 compared with $89,000 for the first quarter of last year. The
provision is based on management's estimate of the amount needed to maintain
an adequate allowance for loan losses. The adequacy of the allowance will
continue to be examined in light of past loan loss experience, current
economic conditions, volume of non-performing and delinquent loans and other
relevant factors. The allowance is established at a level considered by
management to be adequate to absorb potential future losses contained in the
portfolio and is monitored on a continuous basis with independent formal
reviews conducted semiannually. The allowance is increased by provisions
charged to expense and decreased by net charge-offs. Table 3 reflects an
analysis of the allowance for loan losses for the first quarter of 1996 and
1995.
TABLE 3 - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
(Amounts in thousands) March 31,
--------------------
1996 1995
-------- --------
<S> <C> <C>
Balance, beginning of period $3,661 $3,482
Provision charged to operating expense 149 89
Total loans charged off (119) (13)
Total recoveries 2 19
------- -------
Net (charge-offs) recoveries (118) 6
------- -------
Balance, end of period $3,693 $3,577
======= =======
Total loans:
Average $302,110 $254,354
Period-end $308,401 $267,532
Ratios:
Net charge-offs to
average loans (annualized) .16%
Allowance for loan losses to
period-end loans 1.20% 1.34%
<PAGE> 11
TABLE 4 - NON-PERFORMING ASSETS
</TABLE>
<TABLE>
<CAPTION>
March 31 December 31, March 31,
(Amounts in thousands) 1996 1995 1995
---------- --------- -----------
<S> <C> <C> <C>
Non-accrual loans $ 519 $ 862 $583
Other real estate owned 558 276 316
--------- --------- ---------
Total non-performing assets $1,077$ $1,138 $899
========= ========= =========
Ratios:
Non-accrual loans to total loans 0.17% 0.29% 0.22%
Non-accrual loans to total loans and
other real estate owned 0.17% 0.29% 0.22%
Allowance for loan losses to
non-accrual loans 711.56% 424.71% 613.55%
Loans accruing but 90 days past due
as to principal or interest $584 $375 $390
LIQUIDITY
The purpose of liquidity management is to ensure that there are sufficient
cash flows available to meet a variety of needs. These include financial
commitments such as satisfying the credit needs of our borrowers and
withdrawals by our depositors, the ability to capitalize in investment and
business opportunities as they occur, and the funding of PennRock's own
operations. Liquidity is provided by maturities and sales of investment
securities, loan payments and maturities and liquidating money market
investments such as federal funds sold. Liquidity is also provided by short-
term lines of credit with various correspondents and fixed and variable rate
advances from the Federal Home Loan Bank of Pittsburgh and other
correspondent banks. However, PennRock's primary source of liquidity lies in
PennRock's ability to renew, replace and expand its base of core deposits
(consisting of demand, NOW, money market, savings, and time deposits of less
than $100,000).
Total deposits increased $149,000 million or .4% since year end and $16.1
million or 4.00% from last year. Total short-term borrowings increased $16.8
million or 35.4% since year end and by $11.0 million or 20.7% from last year.
Table 5 reflects the changes in the major classifications of deposits and
borrowings by comparing the balances at the end of the first quarter of 1996
with year-end and the first quarter of 1995.
<PAGE> 12
TABLE 5 - DEPOSITS AND BORROWINGS BY MAJOR CLASSIFICATION
(Amounts in thousands)
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31, March 31,
1996 1995 1995
------------- ------------ -------------
<S> <C> <C> <C>
Non-interest bearing $ 59,259 $ 57,775 $ 52,691
NOW accounts 37,886 39,942 39,101
Money market deposit accounts 32,272 31,227 25,745
Savings accounts 62,207 60,852 63,463
Time deposits under $100,000 204,978 208,022 200,349
--------- --------- ---------
Total core deposits 396,602 397,818 381,349
Time deposits of $100,000 or more 21,476 20,111 20,641
--------- --------- ---------
Total deposits 418,078 417,929 401,990
Short-term borrowings 64,269 47,476 53,256
Long-term debt 9,000 9,000 9,000
--------- --------- ---------
Total deposits and borrowings $491,347 $474,405 $464,246
========= ========= =========
CAPITAL RESOURCES:
Total stockholders' equity increased $7.7 million or 18.9% from March 31,
1995 and increased $8.9 million or 22.3% since year-end 1995. The increase
in stockholders' equity since year-end and from last year was enhanced by a
decrease in the unrealized loss, net of deferred tax effect, of PennRock's
available for sale investment portfolio.
Table 6 shows PennRock's capital resources at March 31, 1996 and at December
31 and March 31, 1995. PennRock and its subsidiary bank exceed all minimum
capital guidelines.
TABLE 6 - CAPITAL RESOURCES
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31, March 31,
1996 1995 1995
------------- ------------ -------------
<S> <C> <C> <C>
Leverage ratio:
Total capital to total assets 9.38% 10.40% 9.10%
Tier 1 capital to total assets 9.21% 9.39% 8.40%
Risk-based capital ratios:
Tier 1 capital to risk weighted
assets 15.52% 15.82% 14.90%
Total capital to risk weighted
assets 16.64% 16.97% 16.06%
<PAGE> 13
PART II. OTHER INFORMATION
---------------------------
For the Quarter ended March 31, 1996
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27. Financial Data Schedule regarding unaudited interim financial
information of PennRock for the quarter ended March 31, 1996.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed for the three months ended March
31, 1996.
<PAGE> 14
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.
PennRock Financial Services Corp.
---------------------------------
(Registrant)
Date: May 7, 1996 By: /s/Melvin Pankuch
- ----------------------- -----------------------------------------------
Melvin Pankuch
Executive Vice President and
Chief Executive Officer
Date: May 7, 1996 By: /s/George B. Crisp
- ------------------------ -----------------------------------------------
George B. Crisp
Vice President and Treasurer
(Principal Financial and Accounting Officer)
<PAGE> 15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 17,268
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 465
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 200,912
<INVESTMENTS-CARRYING> 201,660
<INVESTMENTS-MARKET> 200,912
<LOANS> 308,401
<ALLOWANCE> 3,693
<TOTAL-ASSETS> 549,414
<DEPOSITS> 418,078
<SHORT-TERM> 64,269
<LIABILITIES-OTHER> 6,705
<LONG-TERM> 9,000
0
0
<COMMON> 15,193
<OTHER-SE> 36,170
<TOTAL-LIABILITIES-AND-EQUITY> 549,414
<INTEREST-LOAN> 6,900
<INTEREST-INVEST> 2,913
<INTEREST-OTHER> 94
<INTEREST-TOTAL> 9,906
<INTEREST-DEPOSIT> 3,892
<INTEREST-EXPENSE> 4,719
<INTEREST-INCOME-NET> 5,188
<LOAN-LOSSES> 149
<SECURITIES-GAINS> 415
<EXPENSE-OTHER> 3,662
<INCOME-PRETAX> 2,279
<INCOME-PRE-EXTRAORDINARY> 1,661
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,661
<EPS-PRIMARY> .27
<EPS-DILUTED> .27
<YIELD-ACTUAL> 8.00
<LOANS-NON> 519
<LOANS-PAST> 584
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5,650
<ALLOWANCE-OPEN> 3,661
<CHARGE-OFFS> 119
<RECOVERIES> 2
<ALLOWANCE-CLOSE> 3,693
<ALLOWANCE-DOMESTIC> 3,693
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
