FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Amendment No. 1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1995
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 0-16272
--------------
HOMETOWN BANCORPORATION, INC.
(Exact name of Registrant as specified its charter)
DELAWARE 06-1199559
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
20 WEST AVENUE, P.O. BOX 1265, DARIEN, CT 06820
------------------------------------------------
(Address of principal executive offices)
(203) 656-2265
--------------
(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
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 JULY 31, 1995
----- ----------------------------
Common Stock (Voting), $1 par
Value 1,683,146
---------
1
<PAGE>
HOMETOWN BANCORPORATION, INC.
-----------------------------
INDEX
-----
PAGE
PART I - FINANCIAL INFORMATION
ITEM 1. - Financial Statements
-------
Consolidated Balance Sheet -
June 30, 1995 and December 31, 1994 3
Consolidated Statement of Income -
Three Months Ended June 30, 1995 and 1994 4
Consolidated Statement of Income -
Six Months Ended June 30, 1995 and 1994 5
Consolidated Statement of Cash Flows -
Six Months Ended June 30, 1995 and 1994 6
ITEM 2. - Management's Discussion and Analysis
------- of Financial Condition and Results of Operations 7-11
PART II - OTHER INFORMATION
---------------------------
ITEM 6. - Exhibits 12
-------
SIGNATURES 13
2
<PAGE>
Part I
ITEM 1. - FINANCIAL STATEMENTS
------------------------------
HOMETOWN BANCORPORATION, INC.
CONSOLIDATED BALANCE SHEET
(000'S OF DOLLARS EXCEPT PAR VALUE AND SHARE AMOUNTS)
JUNE 30, DECEMBER 31,
1995 1994
---- ----
ASSETS (restated)
(unaudited) (unaudited)
Cash and due from banks $15,229 $8,549
Investments available for sale, at fair value 75,021 76,854
Investments held to maturity (fair value:
$43,564 in 1995 and $44,965 in 1994) 44,118 46,273
Loans, less allowance for loan losses of
$3,016 in 1995 and $3,004 in 1994 82,889 74,940
Equipment and leasehold improvements, net of
accumulated depreciation of $1,734 in 1995
and $1,576 in 1994 1,586 1,627
Other real estate owned 958 1,016
Other assets 7,217 4,732
------- -------
Total Assets $227,018 $213,991
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand $26,756 $24,932
NOW and money market accounts 80,024 77,050
Savings deposits 13,420 14,369
Certificates of deposit of $100 and over 9,811 9,351
Other time deposits 54,645 57,029
------- -------
184,656 182,731
FHLBB advances 25,947 16,681
Accrued interest and other liabilities 1,242 2,042
------- -------
Total Liabilities 211,845 201,454
------- -------
STOCKHOLDERS' EQUITY
Preferred Stock, par value $1; 2,000,000 shares
authorized, none issued and outstanding
Common Stock, par value $1; 10,000,000 shares
authorized, 1,683,146 and 1,681,096 issued
and outstanding in 1995 and 1994, respectively 1,833 1,833
Surplus 14,023 13,960
Retained earnings 1,372 534
Treasury stock - 149,959 and 153,255 shares in 1995
and 1994, respectively, at cost (869) (887)
Unrealized loss on investments available for sale (1,186) (2,903)
------- -------
Total Stockholders' Equity 15,173 12,537
------- -------
Total Liabilities and Stockholders' Equity $227,018 $213,991
======= =======
3
<PAGE>
HOMETOWN BANCORPORATION, INC.
CONSOLIDATED STATEMENT OF INCOME
(000'S OF DOLLARS EXCEPT PAR VALUE AND SHARE AMOUNTS)
FOR THE THREE MONTHS ENDED
JUNE 30,
1995 1994
---- ----
(restated)
Interest and dividend income: (unaudited) (unaudited)
Interest and fees on loans $1,848 $1,657
Interest on investment securities:
Taxable:
Obligations of U.S. Agencies 1,407 721
Other 539 631
Interest on federal funds sold -- 17
Dividends 36 22
----- -----
Total interest and dividend income 3,830 3,048
Interest expense:
Deposits 1,473 1,069
Other 500 275
----- -----
1,973 1,344
Net interest income 1,857 1,704
Provision for loan losses -- --
Provision for OREO losses 20 25
----- -----
Net interest income after provision for
loan and OREO losses 1,837 1,679
Other operating revenue:
Deposit and other service charges 190 159
Mortgage origination fees 139 169
Securities gains 26 --
Other 13 30
----- -----
Net interest income and operating revenue 2,205 2,037
Other operating expenses:
Salaries and benefits 770 740
Occupancy expense 142 142
FDIC insurance premiums 101 100
Depreciation 92 99
Advertising and marketing 68 63
Foreclosure expense and cost of other
real estate owned 30 30
Other operating expenses 381 410
----- -----
Total other operating expenses 1,584 1,584
Income before taxes 621 453
Provision for federal and state income taxes 145 163
--- ---
Net income $476 $290
=== ===
Earnings per share:
Primary earnings per share $.27 $.17
=== ===
Average number of shares outstanding 1,764,957 1,755,347
========= =========
Fully diluted earnings per share $.27 $.17
=== ===
Average number of shares outstanding 1,771,249 1,756,415
========= =========
4
<PAGE>
HOMETOWN BANCORPORATION, INC.
CONSOLIDATED STATEMENT OF INCOME
(000'S OF DOLLARS EXCEPT PAR VALUE AND SHARE AMOUNTS)
FOR THE SIX MONTHS ENDED
JUNE 30,
1995 1994
---- ----
(restated)
Interest and dividend income: (unaudited) (unaudited)
Interest and fees on loans $3,617 $3,278
Interest on investment securities:
Taxable:
Obligations of U.S. Agencies 2,810 1,499
Other 1,044 1,015
Interest on federal funds sold -- 46
Dividends 69 52
----- -----
Total interest and dividend income 7,540 5,890
Interest expense:
Deposits 3,027 1,978
Other 812 538
----- -----
3,839 2,516
Net interest income 3,701 3,374
Provision for loan losses 25 25
Provision for OREO losses 20 34
----- -----
Net interest income after provision for
loan and OREO losses 3,656 3,315
Other operating revenue:
Deposit and other service charges 363 327
Mortgage origination fees 195 335
Securities gains 26 45
Other 46 96
----- -----
Net interest income and operating revenue 4,286 4,118
Other operating expenses:
Salaries and benefits 1,524 1,445
Occupancy expense 287 285
FDIC insurance premiums 203 199
Depreciation 183 198
Advertising and marketing 123 125
Foreclosure expense and cost of other
real estate owned 60 60
Other operating expenses 713 747
----- -----
Total other operating expenses 3,093 3,059
Income before taxes 1,193 1,059
Provision for federal and state income taxes 347 382
----- -----
Net income $846 $677
========= =========
Earnings per share:
Primary earnings per share $.48 $.39
==== ====
Average number of shares outstanding 1,763,665 1,747,437
========= =========
Fully diluted earnings per share $.48 $.39
==== ====
Average number of shares outstanding 1,770,302 1,748,996
========= =========
5
<PAGE>
HOMETOWN BANCORPORATION, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(THOUSANDS OF DOLLARS)
FOR THE SIX MONTHS ENDED
JUNE 30,
1995 1994
---- ----
(restated)
Cash Flows from Operating Activities: (unaudited) (unaudited)
Net income $846 $677
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization, net 183 198
Provision for loan losses and OREO losses 45 59
Securities gains 26 45
Decrease (increase) in other assets (2,485) 626
(Decrease) in other liabilities (800) (1,576)
----- -----
Net cash (used) provided by operating activities (2,185) 29
----- -----
Cash Flows from Investing Activities:
Proceeds from the maturity of investments held
to maturity 2,155 10,778
Purchase of investments held to maturity -- (21,513)
Proceeds from the maturity of investments
available for sale 5,498 12,302
Purchase of investment securities available
for sale (22,600) (33,249)
Proceeds from the sale of investments available
for sale 20,566 9,645
Net decrease (increase) in loans (7,961) 1,305
(Increase) decrease in foreclosed assets 58 (8)
(Purchase) of capital assets (117) (119)
------ ------
Net cash (used) by investing activities (2,401) (20,859)
------ ------
Cash Flows from Financing Activities:
Net increase (decrease) in demand deposits, NOW
accounts, money market accounts and
savings accounts 3,849 (2,933)
Net increase (decrease) in certificates of deposit
and other time deposits (1,924) 14,230
Increase in FHLBB advances 9,266 2,555
Exercise of stock options 75 91
------ ------
Net cash provided by financing activities 11,266 13,943
------ ------
Net increase (decrease) in cash and cash equivalents 6,680 (6,887)
Cash and cash equivalents at the beginning of
the period 8,549 13,494
------ ------
Cash and cash equivalents at the end of the period $15,229 $6,607
========= =========
6
<PAGE>
ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
INTRODUCTION
------------
Hometown Bancorporation, Inc. (the "Company") was formed to become a
holding company for The Bank of Darien (the "Bank"), to raise additional
capital and to provide a vehicle for other permitted holding company
activities. On July 21, 1987, each share of the Bank's outstanding common
stock was exchanged for one share of Common Stock, par value $1.00, of the
Company. This transaction was recorded in a manner analogous to a pooling
of interests.
The Bank is the sole subsidiary of the Company. The business of the
Company consists of ownership of the capital stock of the Bank.
The Bank, which currently has offices in Darien and Westport,
Connecticut, is a full service commercial institution with a market area
within Southern Fairfield County. Its commitment to service excellence is
supported by a flexible approach to banking, immediate problem resolution
and local decision making with fast turnaround. The staff's commitment to
excellence is evidenced by low turnover of personnel and courteous and
efficient service.
The Bank, a member of the FDIC, offers a complete line of financial
services to the retail and commercial market segments. Deposit products
range from checking, NOW and money market accounts, savings accounts,
certificates of deposit, individual retirement accounts and Keoghs. Loan
products include personal and commercial loans, mortgages, home equity
lines of credit, secured and unsecured loans, MasterCard, VISA and Gold
MasterCard credit cards.
RESULTS OF OPERATIONS
---------------------
The Company earned consolidated net income of $476,000 or $.27 per
share and $290,000 or $.17 per share for the three months ended June 30,
1995 and 1994, respectively. The Company earned consolidated net income
of $846,000 or $.48 per share and $677,000 or $.39 per share for the six
months ended June 30, 1995 and 1994, respectively. Net operating income
increased $169,000 or 25% from $677,000 or $.39 per share during the first
six months of 1994 to $846,000 or $.48 per share -- fully diluted during
the first six months of 1995.
NET INTEREST INCOME
-------------------
Net interest income increased $153,000 or 9% and $327,000 or 10% for
the three and six months ended June 30, 1995, as compared to the three and
six months ended June 30, 1994, respectively. The increases in net
interest income were due primarily to an increase in average interest
earning assets for the three and six month periods as compared to the
prior year. In addition, growth in the investment portfolio during 1994
and into the first half of 1995 was concentrated in U. S. Agency-issued
teaser rate ARM instruments. These securities are generally tied to the
one-year Constant Maturity Treasury (CMT) index and are subject to coupon
repricing and a periodic 2% limit over the then-current coupon. Given the
steep rise in interest rates during this period, as teaser rates reset,
the Bank will continue to benefit from currently higher coupon income.
Below is the yield analysis for the six months ended June 30, 1995 and for
the year ended December 31, 1994.
7
<PAGE>
HOMETOWN BANCORPORATION, INC.
YIELD ANALYSIS
(000'S of dollars)
For the Six Months Ended For the Year Ended
June 30, 1995 December 31, 1994
Average Average
Balance Interest Yield Balance Interest Yield
------- -------- ----- -------- -------- -----
ASSETS
- ------
Interest earning assets:
Loans $ 77,594 $3,617 9.32% $ 85,968 $ 6,912 8.04%
Investment securities 133,430 3,923 5.97% 112,713 5,739 5.09%
Federal funds sold -- -- -- 1,573 51 3.24%
-------------------------------------------------------
Total interest earning
assets 209,024 7,540 7.21% 200,254 12,702 6.34%
-------------------------------------------------------
Non interest earning assets:
Cash and due from banks 6,940 6,952
Allowance for loan
losses (3,018) (3,267)
Other assets 8,958 8,292
------- -------
Total assets $221,904 $212,231
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Interest bearing liabilities:
Savings deposits $ 13,692 153 2.64% $ 15,834 337 2.13%
NOW accounts 25,203 195 1.55% 26,586 387 1.46%
Money market deposits 52,765 990 3.75% 51,578 1,520 2.95%
Time deposits 65,489 1,686 5.15% 54,860 2,215 4.04%
Other interest bearing
liabilities 26,419 815 6.17% 25,568 1,354 5.30%
------------------------------------------------------
183,568 3,839 4.18% 174,426 5,813 3.33%
------------------------------------------------------
Total interest bearing
liabilities
Non interest bearing
liabilities:
Demand deposits 22,002 20,259
Other liabilities 1,534 2,367
Stockholders' equity 14,800 15,179
Total liabilities and -------- --------
stockholders' equity $221,904 $212,231
======== ========
------ -------
Net interest income $3,701 $ 6,889
====== =======
Net yield on interest
earning assets 3.50% 3.44%
===== =====
PROVISION AND ALLOWANCE FOR LOAN LOSSES
---------------------------------------
The Company maintains an allowance for loan losses which is recorded
through a provision for loan losses. The provision for loan losses is
charged to operations based on management's assessment of such loan
related factors as loan risk, including collateral and liquidation value
of that collateral, loan type, current economic conditions and other
pertinent factors.
The Company, in its assessment of the allowance for loan losses,
utilizes a risk rating system. This system involves an ongoing review of
the loan portfolio that culminates in loans being assigned a risk factor
based upon various credit criteria. If the review indicates a
8
<PAGE>
possibility that some portion of the loan may result in a loss, a specific
allowance is established for the amount of the estimated loss. If the review
indicates that it is probable that some portion of the loan will result in
a loss, that portion of the loan is charged-off as a reduction of the loan
and allowance for loan losses balance. In determining the allowance for
loan losses for the balance of the portfolio, loans are classified as to
industry and collateral type with risk assessments made for each category
of loans. Reserve requirements are then established for each category and
provided for in the allowance for loan losses.
For the three months ended June 30, 1995 and 1994 the Company did not
record a provision to the allowance for loan losses. For the six months
ended June 30, 1995 and 1994, the Company recorded a provision to the
allowance for loan losses of $25,000 and $25,000, respectively. The
following table illustrates nonperforming assets and allowance for
possible loan loss coverage ratios for the Company at June 30, 1995 and
December 31, 1994.
June 30, December 31,
1995 1994
---- ----
(thousands of dollars)
Nonaccruing loans $1,946 $851
Other real estate owned, net 958 1,016
----- -----
Total nonperforming assets $2,904 $1,867
===== =====
Restructured and performing loans $579 $865
===== =====
Nonaccruing loans to gross loans 2.27% 1.09%
Nonperforming assets to total assets 1.28% .87%
Allowance for loan losses $3,016 $3,004
Coverage Ratios:
Allowance for loan losses to gross loans 3.51% 3.85%
Allowance for loan losses to nonperforming assets 103.86% 160.90%
Had the nonaccruing loans in the table above been current, gross
interest income on these loans for the six months ended June 30, 1995
would have been approximately $149,000. There was no interest income
actually recorded on these loans during 1995.
OTHER OPERATING REVENUE
-----------------------
For the three and six months ended June 30, 1995, total other
operating revenue increased $10,000 or 3% and decreased $173,000 or 21%,
as compared to the three and six months ended June 30, 1994, respectively.
The increase in the second quarter is due to $26,000 in securities gains,
which was partially offset by a decrease in other revenue of $17,000 or
57%. The decline for the six months ended June 30, 1995 as compared to
the six months ended June 30, 1994 reflects lower mortgage origination
fees as compared to 1994 offset by increases in deposit and service charge
revenue in 1995. The decline in mortgage origination fees during 1995 is
the result of higher prevailing interest rates on a year-to-year basis
which curbed mortgage loan demand.
OTHER OPERATING EXPENSES
------------------------
For the three months ended June 30, 1995 total other operating
expenses remained stable as compared to the three months ended June 30,
1994. For the six months ended June 30, 1995, other operating expenses
increased $34,000 or 1% as compared to the six months ended June 30,
9
<PAGE>
1994. The increase is primarily due to increases in salaries and benefits,
partially offset by lower other operating expenses.
Total other operating expenses as a percentage of average total assets
declined to an annual rate of 2.69% for the six months ended June 30, 1995
from 2.97% for the six months ended June 30, 1994.
For the three and six months ended June 30, 1995 salaries and benefits
expense increased $30,000 or 4% and $79,000 or 5%, respectively, versus
the three and six months ended June 30, 1994. The increase reflects
increases in the cost of comprehensive benefits, primarily medical and
dental insurance offered to employees, combined with unemployment and FICA
taxes, and an increase in full-time equivalent employees to support the
Company's growth in assets.
Occupancy expense remained stable for the three months ended June 30,
1995 as compared to the three months ended June 30, 1994. For the six
months ended June 30, 1995, occupancy expense increased $2,000 or 1% as
compared to the six months ended June 30, 1994. This increase is due to
scheduled rent increases.
For the three and six months ended June 30, 1995, FDIC insurance
premiums increased $1,000 or 1% and $4,000 or 2% as compared to the three
and six months ended June 30, 1994. The increase is due to the growth in
deposits during the three and six months ended June 30, 1995 versus the
three and six months ended June 30, 1994.
For the three and six months ended June 30, 1995, depreciation
decreased $7,000 or 7% and $15,000 or 8% as compared to the three and six
months ended June 30, 1994. The decrease was due to more assets becoming
fully depreciated during the quarter than were purchased.
For the three months ended June 30, 1995, advertising and marketing
increased $5,000 or 8% as compared to the three months ended June 30,
1994. The increase reflects a renewed effort to increase the Bank's level
of advertising and marketing for the last three quarters of 1995. For the
six months ended June 30, 1995, advertising and marketing decreased $2,000
or 2% as compared to the six months ended June 30, 1994. The decrease is
from the first quarter and reflects lower advertising, public relations
and direct marketing of the Bank's products in the first quarter of 1995.
Foreclosure expense and cost of other real estate owned remained
stable for the three and six months ended June 30, 1995 as compared to the
three and six months ended June 30, 1994. This stability is a direct
result of the general stability in the loan portfolio.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
Total deposits of the Bank increased $1,925,000 or 1% to $184,656,000
at June 30, 1995 from December 31, 1994 when total deposits were
$182,731,000. Deposit balances increased due primarily to higher CD and
other time deposit balances at June 30, 1995.
In addition to deposits (the Bank's primary funding and liquidity
source) liquidity is managed through continuous maturity of earning
assets, federal funds lines of credit and Federal Home Loan Bank Advances.
The Company's total capital increased $2,636,000 from December 31,
1994 to June 30, 1995, due to the net income of $846,000 for the six
months ended June 30, 1995 and by the
10
<PAGE>
improvement in unrealized losses on investments available-for-sale of
$1,716,000. Illustrated below are the Company's capital to asset ratios
and the corresponding regulatory minimums.
Hometown Bancorporation, Inc.
Capital Ratios
June 30, Regulatory
1995 Minimum
-------- ----------
Tier one leverage capital ratio 6.93% 4.00%
Risk-based capital ratio 15.30% 8.00%
The following summarizes the Company's investment portfolio by type of
security at June 30, 1995:
Carrying Approximate
Amount Fair Value
-------- -----------
(thousands of dollars)
Investments held to maturity:
U. S. Agency Mortgage-Backed Securities $23,038 $22,939
Other U. S. Agency Obligations 10,413 10,424
Other mortgage-backed securities 9,659 9,186
U. S. Treasury Securities 1,008 1,015
------ ------
$44,118 $43,564
====== ======
Investments available for sale:
U. S. Agency Mortgage-Backed Securities $49,971 $49,331
Other mortgage-backed securities 21,470 20,934
U. S. Treasury Securities 3,049 3,039
Federal Home Loan Bank Stock 1,717 1,717
------ ------
$76,207 $75,021
====== ======
12
<PAGE>
Part II - Other Information
ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K
------------------------------------------
(a) Exhibits
NO. DESCRIPTION
--- -----------
27 Financial Data Schedule
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Hometown Bancorporation, Inc.
Date: November 1, 1995 By:/s/KEVIN E. GAGE
Kevin E. Gage
President and
Chief Executive Officer
Date: November 1, 1995 By:/s/ALBERT T. JARONCZYK
Albert T. Jaronczyk
Senior Vice President and
Chief Financial Officer
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF THE COMPANY AS OF JUNE 30, 1995 AND FOR THE SIX MONTHS
THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 15,299
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 75,021
<INVESTMENTS-CARRYING> 44,118
<INVESTMENTS-MARKET> 43,654
<LOANS> 85,905
<ALLOWANCE> 3,016
<TOTAL-ASSETS> 227,018
<DEPOSITS> 184,656
<SHORT-TERM> 25,947
<LIABILITIES-OTHER> 1,242
<LONG-TERM> 0
<COMMON> 1,833
0
0
<OTHER-SE> 13,340
<TOTAL-LIABILITIES-AND-EQUITY> 227,018
<INTEREST-LOAN> 3,617
<INTEREST-INVEST> 3,923
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 7,540
<INTEREST-DEPOSIT> 3,027
<INTEREST-EXPENSE> 3,839
<INTEREST-INCOME-NET> 3,839
<LOAN-LOSSES> 25
<SECURITIES-GAINS> 26
<EXPENSE-OTHER> 3,093
<INCOME-PRETAX> 1,193
<INCOME-PRE-EXTRAORDINARY> 846
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 846
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0.48
<YIELD-ACTUAL> 7.21
<LOANS-NON> 1,946
<LOANS-PAST> 25
<LOANS-TROUBLED> 579
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,004
<CHARGE-OFFS> 38
<RECOVERIES> 25
<ALLOWANCE-CLOSE> 3,016
<ALLOWANCE-DOMESTIC> 3,016
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
