<PAGE> 1
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 March 31, 1996.
------------------------------
COMMISSION FILE NUMBER 0-15839
------------------------------
EMPIRE BANC CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN
(State or other jurisdiction of incorporation or organization)
1227 E. FRONT STREET
TRAVERSE CITY, MICHIGAN
(Address of principal executive offices)
38-2727982
(IRS Employer Identification Number)
49686
(Zip code)
(616) 922-2111
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, address and fiscal year, if changed since last report)
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, and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
The number of shares outstanding of each of the issuer's classes of common
stock was 1,649,093 shares of common stock, par value $5, outstanding as
of March 31, 1996.
<PAGE> 2
EMPIRE BANC CORPORATION
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(In thousands, except share data) March 31 December 31 March 31
1996 1995 1995
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 11,276 $ 13,858 $ 11,628
Federal funds sold 9,100 8,000 15,800
-------- -------- --------
Cash and cash equivalents 20,376 21,858 27,428
Investment securities
Available for sale - (fair value) 34,641 29,579 23,219
Held to maturity 33,496 36,483 33,059
(fair value: 1996-$33,685,
$36,946 and $32,817 in 1995)
Mortgage-backed securities
Available for sale - (fair value) 18,223 18,250 8,982
Held to maturity (fair value: 3/31/95-$761) -- -- 771
Loans 256,176 259,102 243,456
Less: allowance for loan losses (3,300) (3,200) (2,975)
- ----------------------------------------------------------------------------------------
Net loans 252,876 255,902 240,481
- ----------------------------------------------------------------------------------------
Premises and equipment, net 3,707 3,623 3,851
Other real estate 49 280 70
Accrued interest receivable and other assets 6,952 6,451 6,374
- ----------------------------------------------------------------------------------------
Total assets $370,320 $372,426 $344,235
========================================================================================
LIABILITIES
Deposits
Non-interest-bearing $ 40,902 $ 46,702 $ 39,427
Interest-bearing 275,667 272,838 261,194
- ----------------------------------------------------------------------------------------
Total deposits 316,569 319,540 300,621
- ----------------------------------------------------------------------------------------
Federal Home Loan Bank advances 17,000 17,000 12,000
Accrued expense and other liabilities 6,477 5,881 4,432
-------- -------- --------
Total liabilities 340,046 342,421 317,053
- ----------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Preferred stock-$1 par value,
2,000,000 shares authorized, none outstanding
Common stock-$5 par value, 5,000,000 shares authorized,
shares outstanding: 3/31/96- 1,649,093; 12/31/95-
1,648,767; 3/31/95- 1,304,302 8,246 8,244 6,521
Paid-in-capital 9,381 9,377 9,098
Retained earnings 12,598 12,050 11,756
Net unrealized gain (loss) on securities, net of tax 49 334 (193)
-------- -------- --------
Total shareholders' equity 30,274 30,005 27,182
- ----------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $370,320 $372,426 $344,235
========================================================================================
See notes to consolidated financial statements.
</TABLE>
<PAGE> 3
EMPIRE BANC CORPORATION
CONSOLIDATED STATEMENT OF INCOME
<TABLE>
<CAPTION>
(In thousands, except share data) Year to Date
March 31
1996 1995
<S> <C> <C>
INTEREST INCOME
Loans, including fees $ 6,122 $ 5,652
Taxable securities
Available for sale 772 461
Held to maturity 458 418
Tax-exempt securities-held to maturity 60 49
Federal funds sold 66 112
- ----------------------------------------------------------------
Total interest income 7,478 6,692
- ----------------------------------------------------------------
INTEREST EXPENSE
Deposits 3,189 2,929
Federal funds purchased 20 1
Federal Home Loan Bank advances 241 157
------ ------
Total interest expense 3,450 3,087
- ----------------------------------------------------------------
Net interest income 4,028 3,605
- ----------------------------------------------------------------
Provision for loan losses 251 241
Net interest income after ------ ------
provision for loan losses 3,777 3,364
NON-INTEREST INCOME
Mortgage sales and servicing 316 209
Service charges on deposit accounts 305 325
Trust income 522 448
Other service charges and fees 114 87
Other income 102 90
Security gains(losses) -- --
------ ------
Total non-interest income 1,359 1,159
------ ------
NON-INTEREST EXPENSE
Salaries and employee benefits 2,154 1,724
Occupancy 263 249
Furniture and equipment 220 211
Other 945 971
------ ------
Total non-interest expense 3,582 3,155
------ ------
Income before federal income taxes 1,554 1,368
Federal income taxes 511 445
- ----------------------------------------------------------------
Net income $ 1,043 $ 923
================================================================
Earnings per share $ .59 $ .53
Average shares outstanding 1,772,327 1,740,079
See notes to consolidated financial statements.
</TABLE>
<PAGE> 4
EMPIRE BANC CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
(In thousands) Quarter Ended March 31
1996 1995
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 1,043 $ 923
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 198 192
Provision for loan losses 251 241
Net (increase) in mortgages held for sale (812) (61)
Net amortization/accretion on securities 120 127
Change in:
Interest receivable (292) (63)
Interest payable 80 78
Other, net 684 (219)
------ ------
Total adjustments 229 295
- ------------------------------------------------------------------------------------------
Net cash from operating activities 1,272 1,218
- ------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Securities available for sale:
Proceeds from maturities 5,265 3,138
Purchases (10,803) (3,582)
Securities held to maturity:
Proceeds from maturities 3,500 3,462
Purchases (561) (4,463)
Loans granted net of repayments 3,587 22
Premises and equipment expenditures (282) (104)
- ------------------------------------------------------------------------------------------
Net cash from investing activities 706 (1,527)
- ------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
Net increase in deposits (2,971) 2,632
Cash dividends paid (495) (522)
Federal Home Loan Bank advances -- 4,000
Issuance of common stock 6 --
- ------------------------------------------------------------------------------------------
Net cash from financing activities (3,460) 6,110
- ------------------------------------------------------------------------------------------
Net change in cash and cash equivalents (1,482) 5,801
- -------------------------------------------------------------------------------------------
Cash and cash equivalents
Beginning of year 21,858 21,627
------- -------
End of period $20,376 $27,428
==========================================================================================
Cash paid during the year for: Interest $ 3,370 $ 3,008
Income taxes -- --
- ------------------------------------------------------------------------------------------
See notes to consolidated financial statements.
</TABLE>
<PAGE> 5
EMPIRE BANC CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
(In thousands) 1996 1995
<S> <C> <C>
- -------------------------------------------------------------------------------------------
Balance January 1 $30,005 $26,332
Net income 1,043 923
Common stock issued 6 --
Dividends declared (495) (391)
Net change in security valuation (285) 318
- -------------------------------------------------------------------------------------------
Balance March 31 $30,274 $27,182
- -------------------------------------------------------------------------------------------
</TABLE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE-1 The consolidated financial statements include the accounts of Empire
Banc Corporation and its wholly-owned subsidiary, Empire National Bank, after
elimination of significant inter-company transactions and accounts. The
statements have been prepared by management without audit by independent
certified public accountants. However, these statements reflect all
adjustments (consisting of normal recurring accruals) and disclosures which
are, in the opinion of management, necessary for a fair presentation of the
results for the interim periods presented and should be read in conjunction
with the notes to financial statements included in the Empire Banc
Corporation's Form 10-K for the year ended December 31, 1995.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission.
Because the results of operations are so closely related to 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 Earnings per share of common stock is computed by dividing net
income by the weighted average number of common stock and common stock
equivalents outstanding during the period. Common stock equivalents
consist of common stock issuable under the assumed exercise of stock
options granted under the Corporation's stock option plan, using the
treasury stock method.
NOTE-3 During the three month period ended March 31, 1996, there were
no sales or transfers of available-for-sale or held-to-maturity
securities. The change in net unrealized holding gains or losses on
available-for-sale securities for the current quarter is $285,000.
<PAGE> 6
NET INTEREST INCOME
AVERAGE BALANCES, INTEREST INCOME/EXPENSE, AVERAGE RATES
<TABLE>
<CAPTION>
Quarter Ending March 31, 1996 1995
--------------------------- -----------------------------
Average Average
(Fully taxable equivalent, Balance Interest Rate Balance Interest Rate
in thousands) --------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Loans, including fees*,** $255,638 $ 6,126 9.64% $243,156 $ 5,655 9.43%
Securities - taxable 81,142 1,230 6.07 64,029 879 5.49
- tax-exempt* 4,647 86 7.44 3,257 71 8.78
-------- -------- -------- -------
Total securities 85,789 1,316 6.07 67,286 950 5.65
Federal funds sold 4,927 66 5.25 7,853 113 5.75
-------- -------- -------- -------
Total earning assets/
interest income 346,354 7,508 8.86 318,295 6,718 8.56
Cash and due from banks 11,623 11,252
Other assets 9,294 9,219
-------- --------
Total assets $367,271 $338,676
======== ========
LIABILITIES AND EQUITY
CDs over $100,000 $ 11,308 164 5.73 $ 13,790 199 5.85
Savings & interest checking 60,380 326 2.17 60,750 340 2.27
Money market deposits 75,150 785 4.20 68,530 747 4.42
Consumer CDs 126,494 1,914 6.09 115,126 1,643 5.79
-------- ------ -------- ------
Total 273,332 3,189 4.69 258,196 2,929 4.60
Federal funds purchased 1,392 20 5.77 -- --
FHLB advances 15,846 241 6.11 9,460 158 6.78
-------- ------ -------- ------
Total interest-bearing
funds/interest expense 290,570 3,450 4.78 267,656 3,087 4.68
-------- ------ -------- ------
Demand deposits 40,712 39,990
Other liabilities 5,633 4,384
Shareholders' equity 30,356 26,646
-------- --------
Total $367,271 $338,676
======== ========
Net interest spread (FTE) 4.08% 3.88%
==== ====
Net interest income (FTE) $4,058 $3,631
====== ======
Net interest margin (FTE) 4.71% 4.63%
==== ====
* Interest income on tax-exempt securities and certain tax-exempt
loans have been adjusted to tax-equivalent basis.
** Non-accrual loans are excluded.
</TABLE>
<PAGE> 7
EMPIRE BANC CORPORATION
FINANCIAL REVIEW
FIRST QUARTER 1996
COMPARED WITH
FIRST QUARTER 1995
SUMMARY
Empire Banc Corporation's first quarter earnings were $1,043,000, a
13% increase over 1995 first quarter results. Earnings per
share increased from $.53 per share in 1995 to $.59 in 1996. The return
on assets was 1.14% for the quarter versus 1.09% in 1995. The return on
equity was 13.75% compared to 13.86% in the prior year quarter.
The current year's results reflect the impact of an increase of nearly 12%
in net interest income, attributable to an 8% increase in average earning
assets and an improved net interest margin. Total loans and deposits have
increased over 5% to $256 million and $317 million, respectively. Non-
interest income increased 17% in the quarter-to-quarter comparison, with
substantial increases in mortgage and trust operations, while non-interest
expense increased 13%.
Asset quality remained strong during the first quarter of 1996. Non-
performing assets have decreased 36% and were .59% of total loans compared
to .97% one year ago and .68% at year-end. The provision for loan losses
and net charge-offs for the quarter were comparable to those for the same
period in 1995. The allowance for loan losses increased $325,000 over the
last twelve months and was 1.29% of total loans as of March 31, 1996
compared to 1.22 percent one year ago and 1.24% at year-end.
Total shareholders' equity increased over 11% during the last twelve
months to $30.3 million improving book value per share to $18.36 from the
$16.67 at March 31, 1995. Per share cash dividends increased 25% from a
year ago and the risk-based capital ratio increased to 12.9% from 12.3%
last year at March 31.
<PAGE> 8
<TABLE>
<CAPTION>
NET INTEREST INCOME
- -----------------------------------------------------------------
Quarter Ending
March 31
1996 1995
<S> <C> <C>
- -----------------------------------------------------------------
Interest income $7,478 $6,692
Taxable equivalent adjustment 30 26
------ ------
Interest income (FTE) 7,508 6,718
Interest expense 3,450 3,087
------ ------
Net interest income (FTE) $4,058 $3,631
====== ======
Increase (decrease) due to change in:
Volume $ 247 $ 362
Rate 180 115
------ ------
Total $ 427 $ 477
====== ======
- -----------------------------------------------------------------
</TABLE>
First quarter net interest income on a fully taxable equivalent ("FTE")
basis was $4.1 million, an 11.8% increase from the $3.6 million earned
in the year ago quarter. Average earning assets increased 8.9% or
$28.1 million while net interest margin, the other principal determinant
of net interest income, increased from 4.63% to 4.71% in the current
quarter.
Average loans increased $12.5 million or 5.19%, to $255.6 million for the
current quarter. Growth in the commercial portfolio of 8.8% or $9.4
million, and mortgage portfolio growth of 15% or $8.5 million was offset
by a decline in average consumer loans of 6.9% or $5.4 million. The
average rate earned on the loan portfolio improved 21 basis points ("bp")
to average 9.64% in the current quarter.
The security portfolio grew $18.5 million or 27.5% in the quarter to
quarter comparison while the rate earned increased 42 bp to average 6.07%
for the quarter. Average overnight funds sold decreased $2.9 million
or 37.3% and the rate earned declined 50 bp from the prior year's first
quarter.
Incremental funding for the earning asset growth came mainly from the
$22.9 million or 8.6% growth in interest bearing funds. Certificates of
deposits grew $11.4 million, money market accounts were up $6.6 million
and Federal Home Loan Bank advances increased $6.4 million. The average
rate paid on interest bearing funds increased 10 bp to 4.78% for the
first quarter of 1996. Non-interest bearing funds supporting earning
assets increased 10.2% or $5.4 million compared to the first quarter of
1995.
<PAGE> 9
<TABLE>
<CAPTION>
NON-INTEREST INCOME Quarter Ending
March 31
Increase (decrease)
Amount %
<S> <C> <C>
- -----------------------------------------------------------------
(In thousands)
Mortgage sales and servicing $ 107 51%
Service charges on deposit accounts (20) (6)
Trust income 74 17
Other service charges and fees 27 31
Other income 12 13
------ ----
$ 200 17%
====== ====
</TABLE>
Non-interest income for the first quarter totaled $1.4 million, a $200,000
or 17% increase from the first quarter of 1995. Mortgage sales and
servicing income increased 51% from the prior year fueled by additional
income recognized on the capitalization of loan servicing rights. Income
from trust activities continued its steady growth pattern, with a 17%
increase in fee income in the quarter to quarter comparison.
<TABLE>
<CAPTION>
NON-INTEREST EXPENSE Quarter Ending
March 31
Increase (decrease)
Amount %
<S> <C> <C>
- ---------------------------------------------------------------
(In thousands)
Salaries and employee benefits $ 430 25%
Occupancy 14 6
Furniture and equipment 9 4
Other (26) (3)
------ ----
$ 427 14%
====== ====
</TABLE>
Non-interest expenses for the first quarter totaled $3.6 million, an
increase of $427,000, or 14%, from the first quarter of 1995. Personnel
expense increased $430,000 or 25% reflecting increased benefit costs
related to the rise in the Corporation's stock price. Occupancy and
equipment expenditures showed modest increased cost in comparing the two
periods. The decrease in other expense was principally influenced by the
reduction in the FDIC insurance assessment.
<PAGE> 10
ASSET QUALITY
<TABLE>
<CAPTION>
NON-PERFORMING ASSETS
3/31/96 12/31/95 3/31/95
------- -------- -------
<S> <C> <C> <C>
(In thousands)
Non-accrual loans $ 862 $ 867 $1,484
Renegotiated loans 604 606 804
------ ------ ------
Total non-performing loans 1,466 1,473 2,288
Other real estate 49 280 70
------ ------ ------
Total non-performing assets $1,515 $1,753 $2,358
====== ====== ======
Non-performing assets as a percent of total loans .59% .68% .97%
Accruing loans 90 days or more past due $ 110 $ 72 $ 123
</TABLE>
Total non-performing assets at March 31, 1996 decreased $843,000 or 36%
from March of 1995, with decreases in non-accrual and renegotiated loans of
$378,000 and $200,000, respectively. Loans identified as potential
problem loans totaled $3,406,000 at March 31, 1996, $3,213,000 at December
31, 1995 and $2,468,000 at March 31, 1995.
<PAGE> 11
<TABLE>
<CAPTION>
ALLOWANCE FOR LOAN LOSSES
Quarter Ending
March 31
1996 1995
<S> <C> <C>
- -----------------------------------------------------------------------------
(In thousands)
Balance, beginning of period $ 3,200 $ 2,900
Charge-offs 187 207
Recoveries 36 41
------- -------
Net charge-offs 151 166
Provision charged to operations 251 241
------- -------
Balance, March 31 $ 3,300 $ 2,975
======= =======
- -------------------------------------------------------------------------------------------
3/31/96 12/31/95 3/31/95
------- -------- -------
Net loan losses as a percent of average loans .23% .18% .27%
Allowance for loan losses as a percent of end
of period loans 1.29% 1.24% 1.22%
- -------------------------------------------------------------------------------------------
</TABLE>
For the current quarter, net charge-offs and the provision for loan losses
are comparable to those of the same period in 1995. The allowance for
loan losses has increased $325,000 over the last twelve months and was
1.29% of total loans as of March 31, 1996 compared to 1.22% one year ago.
Under accounting guidance regarding impared loans, at March 31, 1996 there
was $1.53 million outstanding in impaired loans with $1.29 million for
which an allowance for credit losses is allocated. Impaired loans totaled
$1.43 million and $1.77 million at December 31, 1995 and March 31, 1995,
respectively.
<PAGE> 12
INVESTMENT SECURITIES
The following is a summary of investment securities, held-to-maturity and
available-for-sale, at March 31, 1996.
<TABLE>
<CAPTION>
Held-to-maturity
Unrealized
Cost Gain Loss Fair Value
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
US Government and agency $20,503 $ 130 $ 12 $20,621
State and municipal 5,723 77 22 5,778
Other 7,270 37 21 7,286
------- ----- ----- -------
Total $33,496 $ 244 $ 55 $33,685
======= ===== ===== =======
</TABLE>
<TABLE>
<CAPTION>
Available-for-sale
Unrealized
<S> Cost Gain Loss Fair Value
<C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
US Government and agency $32,252 $ 146 $ 185 $32,213
Other 3,329 99 -- 2,428
------- ---- ----- -------
Total $35,581 $ 245 $ 185 $34,641
======= ===== ===== =======
Mortgage-backed $18,206 $ 120 $ 103 $18,223
======= ===== ===== =======
</TABLE>
<PAGE> 13
SHAREHOLDERS' EQUITY AND CAPITAL RESOURCES
Total equity at March 31, 1996 was $30.3 million, compared to $30.0
million and $27.2 million at December 31, 1995 and March 31, 1995,
respectively. The Corporation declared $495,000, or $.30 per share, in
dividends for the first quarter of 1996 as compared to $391,000, or $.24
per share in the first quarter of 1995.
<TABLE>
<CAPTION>
The following is a summary of risk-based capital ratios:
3/31/96 12/31/95 3/31/95
-------- -------- --------
<S> <C> <C> <C>
Tier 1 capital $ 29,798 $ 29,234 $ 26,908
Tier 2 capital 3,188 3,200 2,975
-------- -------- --------
Total qualifying capital $ 32,986 $ 32,434 $ 29,883
======== ======== ========
Risk adjusted assets $255,041 $260,163 $242,719
======== ======== ========
Tier 1 leverage ratio 8.12% 8.06% 7.94%
Tier 1 risk-based capital 11.68% 11.24% 11.09%
Total risk-based capital 12.93% 12.47% 12.31%
</TABLE>
Risk-based capital ratios improved during the quarter ended March 31, 1996
and continue to be well above the guidelines established for well-
capitalized institutions, which is the highest capital standard. Total
risk-based capital reached 12.9% at March 31, 1996 compared to the 12.3%
at March 31, 1995.
(PAGE> 14
EMPIRE BANC CORPORATION
PART II - OTHER INFORMATION
Item 4. Submission of matters to a vote of security holders
None.
Item 6. Exhibits and reports on Form 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
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.
EMPIRE BANC CORPORATION
-----------------------
(Registrant)
<TABLE>
<S> <C>
Date: May 13, 1996
\s\ James E. Dutmers, Jr.
--------------------------------------
James E. Dutmers, Jr.
Chairman and Chief Executive Officer
Date: May 13, 1996
\s\ William T. Fitzgerald, Jr.
--------------------------------------
William T. Fitzgerald, Jr.
Secretary, Treasurer & Chief Financial
Officer
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 11,118
<INT-BEARING-DEPOSITS> 158
<FED-FUNDS-SOLD> 9,100
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 52,864
<INVESTMENTS-CARRYING> 33,496
<INVESTMENTS-MARKET> 33,685
<LOANS> 256,176
<ALLOWANCE> 3,300
<TOTAL-ASSETS> 370,320
<DEPOSITS> 316,569
<SHORT-TERM> 0
<LIABILITIES-OTHER> 6,477
<LONG-TERM> 17,000
<COMMON> 8,246
0
0
<OTHER-SE> 22,028
<TOTAL-LIABILITIES-AND-EQUITY> 370,320
<INTEREST-LOAN> 6,122
<INTEREST-INVEST> 1,290
<INTEREST-OTHER> 66
<INTEREST-TOTAL> 7,478
<INTEREST-DEPOSIT> 3,189
<INTEREST-EXPENSE> 3,450
<INTEREST-INCOME-NET> 4,028
<LOAN-LOSSES> 251
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,582
<INCOME-PRETAX> 1,554
<INCOME-PRE-EXTRAORDINARY> 1,554
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,043
<EPS-PRIMARY> .59
<EPS-DILUTED> .59
<YIELD-ACTUAL> 4.71
<LOANS-NON> 862
<LOANS-PAST> 110
<LOANS-TROUBLED> 604
<LOANS-PROBLEM> 3,406
<ALLOWANCE-OPEN> 3,200
<CHARGE-OFFS> 187
<RECOVERIES> 36
<ALLOWANCE-CLOSE> 3,300
<ALLOWANCE-DOMESTIC> 2,106
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,194
</TABLE>
