<PAGE>
1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED SEPTEMBER 30, 1998
Commission File Number: 33-28514-A
----------
BRYAN BANCORP OF GEORGIA, INC.
-------------------------------------------------------------------------------
(exact name of small business issuer as specified in its charter)
GEORGIA 58-1835646
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
9971 Ford Avenue, Richmond Hill, Georgia 31324
- ---------------------------------------- ------------------------------------
(Address of principal executive offices) (Zip code)
(912) 756-4444
-------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(Former name,former address and former fiscal year,if changed since last report)
Check whether the registrant (1) filed all reports to be filed by section 13 or
15(d) of the Securities Exchange Act of 1934 during the past 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
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each issuer's classes of common stock,
as of the latest practicable date:
Common Stock, $1.00 Par Value - 506,508 shares as of November 9, 1998
---------------------------------------------------------------------
Transitional Small Business Disclosure Format:
Yes No X
----- -----
Page 1 of 11 Pages
Exhibit Index - Not Applicable
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2
INDEX
BRYAN BANCORP OF GEORGIA, INC. AND SUBSIDIARY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheet - September 30, 1998
Consolidated Statements of Income and Comprehensive Income -
Three Months Ended September 30, 1998 and 1997;
Nine Months Ended September 30, 1998 and 1997
Consolidated Statements of Cash Flows -
Three Months Ended September 30, 1998 and 1997;
Nine Months Ended September 30, 1998 and 1997
Notes to Consolidated Financial Statements - September 30, 1998
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>
3
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements
- ----------------------------
BRYAN BANCORP OF GEORGIA, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET - (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
September 30, 1998
------------------
ASSETS
<S> <C>
Cash and due from banks ...................................... $ 2,870,933
Federal funds sold ........................................... 10,100,000
Investment securities available for sale ..................... 8,721,166
Investment securities held to maturity (estimated market
value of $4,014,059) ....................................... 3,863,855
Loans ........................................................ 52,563,961
Less allowance for loan losses ............................... (630,116)
------------
Loans, net ......................................... 51,933,845
Interest receivable .......................................... 519,380
Premises and equipment, net .................................. 1,271,277
Other assets ................................................. 259,108
------------
Total assets ................................................. $ 79,539,564
============
LIABILITIES
Deposits:
Noninterest-bearing ........................................ $ 8,856,762
Interest-bearing ........................................... 58,821,134
------------
Total deposits ..................................... 67,677,896
Federal Home Loan Bank advances .............................. 3,501,250
Other borrowed funds ......................................... 44,593
Interest payable ............................................. 160,649
Other liabilities ............................................ 251,095
------------
Total liabilities .................................. 71,635,483
------------
SHAREHOLDERS' EQUITY
Common stock - par value $1 per share;
authorized 10,000,000 shares;
issued 532,258 shares .................................... 532,258
Additional paid-in capital ................................. 5,052,465
Retained earnings .......................................... 2,820,127
Accumulated other comprehensive income ..................... 20,581
------------
8,425,431
Less 25,750 shares of treasury stock- at cost .............. (521,350)
------------
Total shareholders' equity ......................... 7,904,081
------------
Total liabilities and shareholders' equity ................... $ 79,539,564
============
</TABLE>
<PAGE>
4
BRYAN BANCORP OF GEORGIA, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
1998 1997 1998 1997
-------------------------- -------------------------
INTEREST INCOME:
<S> <C> <C> <C> <C>
Loans ................................................ $ 1,382,029 $ 1,237,606 $ 3,937,745 $ 3,544,777
Investment securities:
Taxable ............................................ 139,895 118,134 413,357 317,583
Tax-exempt ......................................... 45,434 41,014 131,516 118,636
Federal funds sold ................................... 28,273 32,141 91,916 77,512
Deposits in other banks .............................. 911 561 19,283 1,270
----------- ----------- ----------- -----------
Total interest income ........................ 1,596,542 1,429,456 4,593,817 4,059,778
----------- ----------- ----------- -----------
INTEREST EXPENSE:
Deposits ............................................. 585,224 565,955 1,741,506 1,585,225
Federal Home Loan Bank advances ...................... 54,958 22,605 147,876 41,646
Other borrowed funds ................................. 3,522 4,898 13,067 7,446
----------- ----------- ----------- -----------
643,704 593,458 1,902,449 1,634,317
----------- ----------- ----------- -----------
NET INTEREST INCOME .................................... 952,838 835,998 2,691,368 2,425,461
----------- ----------- ----------- -----------
PROVISION FOR LOAN LOSSES .............................. 45,000 45,000 135,000 135,000
----------- ----------- ----------- -----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES ...................................... 907,838 790,998 2,556,368 2,290,461
NONINTEREST INCOME:
Service charges on deposit accounts .................. 79,637 82,149 234,766 260,965
Loan servicing fees .................................. 101,686 51,943 224,815 97,511
Other service charges and fees ....................... 33,649 27,227 93,726 78,234
Net realized gain (loss) on sales of available
for sale securities ................................ 1,158 (675)
Gain on sale of property ............................. 57,401
Other ................................................ 34,834 35,984 105,672 122,970
----------- ----------- ----------- -----------
249,806 197,303 717,538 559,005
----------- ----------- ----------- -----------
NONINTEREST EXPENSES:
Salaries and employee benefits ....................... 360,175 316,258 1,048,168 884,141
Occupancy ............................................ 30,891 25,211 75,739 71,050
Equipment and processing expense ..................... 57,362 45,342 168,413 136,269
Other ................................................ 165,254 130,605 518,381 444,173
----------- ----------- ----------- -----------
613,682 517,416 1,810,701 1,535,633
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAXES ............................. 543,962 470,885 1,463,205 1,313,833
PROVISION FOR INCOME TAXES ............................. 187,700 156,350 487,000 437,000
----------- ----------- ----------- -----------
NET INCOME ............................................. 356,262 314,535 976,205 876,833
----------- ----------- ----------- -----------
OTHER COMPREHENSIVE INCOME, NET OF TAX
Unrealized gains on securities:
Unrealized holding gains arising during the period 19,109 21,922 27,685 28,876
Less reclassification adjustment for (gains) losses
included in net income .......................... (695) 405
----------- ----------- ----------- -----------
Other comprehensive income .......................... 19,109 21,922 26,990 29,281
----------- ----------- ----------- -----------
COMPREHENSIVE INCOME ................................... $ 375,371 $ 336,457 $ 1,003,195 $ 906,114
=========== =========== =========== ===========
Basic earnings per share $ 0.71 $ 0.62 $ 1.94 $ 1.74
=========== =========== =========== ===========
Diluted earnings per share $ 0.69 $ 0.61 $ 1.89 $ 1.69
=========== =========== =========== ===========
</TABLE>
<PAGE>
5
BRYAN BANCORP OF GEORGIA, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
- ------------------------------------------------------------------------
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
----------------------------
1998 1997
OPERATING ACTIVITIES:
<S> <C> <C>
Net income ................................................... $ 976,205 $ 876,833
Adjustments to reconcile net income
to cash provided by operating activities:
Depreciation ............................................ 100,816 89,615
Amortization and accretion, net ......................... 3,792 2,803
Provision for loan losses ............................... 135,000 135,000
Gain on sale of property ................................ (57,401)
Net realized (gain) loss on available for sale securities (1,158) 675
Changes in:
Interest receivable .................................. (67,118) (89,819)
Other assets ......................................... (42,477) 23,967
Interest payable ..................................... (49,641) (23,405)
Other liabilities .................................... 122,670 99,472
------------ ------------
Net cash provided by operating activities ........ 1,120,688 1,115,141
------------ ------------
INVESTING ACTIVITIES:
Net decrease in time deposits in other banks ................. 990,000
Net (increase) decrease in federal funds sold ................ (10,062,000) 3,575,000
Proceeds from sale of investment securities:
Available for sale securities .............................. 199,250
Proceeds from maturities of investment securities:
Available for sale securities .............................. 4,236,130 1,795,025
Purchase of investment securities:
Available for sale securities .............................. (3,701,640) (4,198,203)
Held to maturity securities ................................ (515,900) (223,500)
Net increase in loans ........................................ (4,455,223) (4,922,682)
Proceeds from sale of property ............................... 358,896
Additions to premises and equipment .......................... (179,925) (47,372)
------------ ------------
Net cash used for investing activities ........... (13,329,662) (3,822,482)
------------ ------------
FINANCING ACTIVITIES:
Net increase in deposits ..................................... 11,697,811 2,129,276
Federal Home Loan Bank advance proceeds ...................... 2,000,000 1,000,000
Repayment of Federal Home Loan Bank advances ................. (88,750) (20,000)
Net increase (decrease) in other borrowings .................. (85,407) 46,805
Dividends paid ............................................... (600,213) (428,704)
Exercise of stock options .................................... 39,720
Acquisition of treasury stock ................................ (12,500) (200,250)
------------ ------------
Net cash provided by financing activities ........ 12,950,661 2,527,127
------------ ------------
Increase (decrease) in cash and cash equivalents ............... 741,687 (180,214)
Cash and cash equivalents - beginning .......................... 2,039,246 2,296,408
------------ ------------
Cash and cash equivalents - ending ............................. $ 2,780,933 $ 2,116,194
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes .......................................... $ 400,500 $ 454,199
============ ============
Interest .............................................. $ 1,952,090 $ 1,657,722
============ ============
</TABLE>
<PAGE>
6
BRYAN BANCORP OF GEORGIA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (UNAUDITED)
SEPTEMBER 30, 1998
NOTE 1 - BASIS OF PRESENTATION
------------------------------
The accompanying unaudited financial statements of Bryan Bancorp of
Georgia, Inc. and subsidiary have been prepared in accordance with
generally accepted accounting principles for interim financial
information and with the instructions to form 10-QSB. Accordingly, they
do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the nine month
period ended September 30, 1998 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1998. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's annual report on form
10-KSB for the year ended December 31, 1997.
Certain amounts in the consolidated financial statements for the nine
month and three month periods ended September 30, 1997 have been
reclassified to conform to the nine month and three month periods ended
September 30, 1998 presentation.
NOTE 2 - EARNINGS PER SHARE
---------------------------
Earnings per share has been calculated in accordance with the
provisions of Statement of Financial Accounting Standards (SFAS) No.
128 "Earnings Per Share" issued by the Financial Accounting Standards
Board. SFAS No. 128 requires presentation of earnings per share on a
basic computation and a diluted computation. The basic computation
divides net income by only the weighted average number of common shares
outstanding for the year and the diluted computation gives effect to
all diluted common shares that were outstanding during the year.
Earnings per share amounts for the nine month and three month periods
ended September 30, 1997 have been restated to give effect to the
application of this new standard.
The following data shows the amounts used in computing earnings per
share and the effect on income and the weighted average number of
shares of dilutive potential common stock.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- --------------------
1998 1997 1998 1997
---------------------- --------------------
Income available to common shareholders:
<S> <C> <C> <C> <C>
Used in basic earnings per share $ 356,262 $314,535 $976,205 $876,833
========== ======== ======== ========
Used in diluted earnings per share $ 356,262 $314,535 $976,205 $876,833
========== ======== ======== ========
Weighted average number of common
shares used in basic earnings per share 502,519 503,346 502,519 503,346
Effect of dilutive securities:
Stock Options 13,980 15,702 13,980 15,702
---------- -------- -------- --------
Weighted average number of common
and dilutive potential common shares
used in diluted earnings per share 516,499 519,048 516,499 519,048
========== ======== ======== ========
</TABLE>
<PAGE>
7
NOTE 3 - ACCOUNTING CHANGE
--------------------------
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income". This
statement establishes standards for reporting and display of
comprehensive income and its components in the financial statements.
Comprehensive income is defined as the change in equity of a business
enterprise during the period from transactions and other events and
circumstances from nonowner sources.
NOTE 4 - IMPACT OF NEW ACCOUNTING CHANGE
----------------------------------------
In February 1998, Statement of Financial Accounting Standards No. 132,
"Employers' Disclosures about Pensions and Other Postretirement
Benefits" was issued. This statement standardizes the disclosure
requirements for pensions and other postretirement benefits to the
extent practicable, requires additional information on changes in the
benefit obligations and fair value of plan assets that will facilitate
financial analysis, and eliminates certain disclosures that are no
longer useful. This statement which is effective for fiscal years
beginning after December 15, 1997, is not expected to have an effect on
the Company's financial statements.
In June 1998, Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities" was
issued. This statement establishes standards of accounting and
reporting for derivative instruments and hedging activities. The
financial impact of the adoption of this statement has not been
determined. However, the adoption of this statement is not expected to
have a material effect of the Company's financial statements.
NOTE 5 - MERGER
---------------
On February 10, 1998, the Company signed a definitive agreement to
merge with The Savannah Bancorp, Inc., a bank holding company that owns
The Savannah Bank located in Savannah, Georgia. This merger would
result in The Savannah Bancorp, Inc. acquiring all of the Company's
outstanding stock in a business combination accounted for as a pooling
of interest. Upon consummation of this merger, which is subject to
regulatory and shareholder approvals, shareholders of the Company would
receive 1.85 shares of stock in The Savannah Bancorp, Inc. in exchange
for each share of the Company's stock.
<PAGE>
8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
-----------------------------------------------------------------------
of Operations Liquidity and Capital Resources
---------------------------------------------
The goal of liquidity management is to ensure the availability of adequate funds
to meet the loan demand and the deposit withdrawal needs of the Bank's
customers. This is achieved through maintaining a combination of sufficient
liquid assets, core deposit growth, and unused capacity to purchase funds in the
money markets. With ample funds for lending being supplied primarily by core
deposit growth, the Company has considerable liquidity and funding flexibility.
The Company meets most of its daily liquidity needs through the management of
cash and federal funds sold. The Company continues in a liquid position at
September 30, 1998, with $10.1 million invested in daily federal funds sold and
approximately $2.9 million in cash and due from banks. The Company's cash and
cash equivalents plus federal funds sold increased by approximately $9.9 million
at September 30, 1998 compared to December 31, 1997. This increase was due
primarily to an increase in deposits in the month of September, 1998.
Management monitors the Company's asset and liability positions in order to
maintain a balance between rate sensitive assets and rate sensitive liabilities
and, at the same time, maintain sufficient liquid assets to meet expected
customer needs for loans and for withdrawal of deposits.
The Company has the ability on a short-term basis to borrow funds from other
financial institutions. In addition to a credit line with the Federal Home Loan
bank which allows advances up to seventy-five percent of the book value of
one-to-four family first mortgage loans, the Company has federal funds line of
credit arrangements aggregating $4 million. As of September 30, 1998, the
Company had borrowed approximately $3.5 million on its credit line with the
Federal Home Loan Bank.
There are no trends, demands, commitments, events or uncertainties that will
result in or are reasonably likely to result in the Company's liquidity
increasing or decreasing in any material way.
The Company's total assets increased from $65.5 million at December 31, 1997 to
approximately $79.5 million at September 30, 1998, representing an increase of
$14.0 million or 21.4%. Loans increased approximately $4.4 million or 9.1%
during the first nine months of 1998 with an increase in deposits of
approximately $11.7 million or 20.9%.
Shareholders' equity at September 30, 1998 was $7.9 million or 9.9% of total
assets. The Company paid cash dividends of $1.18 per share during the first nine
months of 1998. The company also repurchased 500 shares of its own common stock
during the first nine months of 1998 at a cost of $25 per share. There were
4,000 stock options exercised during the first nine months at a price of $9.93
per share. Management anticipates that capital will be adequate to sustain the
Company's anticipated 1998 growth.
The Company's capital is in excess of the applicable regulatory requirements. At
September 30, 1998, the Company's leverage ratio was 10.83% and its tier 1 and
total risk-based capital ratios were 13.88% and 15.02%, respectively.
Results of Operations
- ---------------------
Net interest income increased in the third quarter of 1998 by $116,840 or 14.0%
over the same quarter in 1997. For the nine months ending September 30, 1998,
net interest income was up approximately $265,907 or 11.0% over the same period
in 1997. This increase is primarily attributable to the growth of the loan
portfolio. Management anticipates that demand for loans will continue strong
throughout the remainder of 1998.
<PAGE>
9
The provision for loan losses was $135,000 for nine months ended September 30,
1998 and 1997 or .25% of average loans outstanding at September 30, 1998,
compared to .29% of average loans outstanding at September 30, 1998. Net
charge-offs during the third quarter of 1998 were $990, down $1,079 from the
same period in 1997. Net charge-offs for the nine months ended September 30,
1998 were $88,316 or .17% of average outstanding loans, compared to $38,114 or
.08% of average outstanding loans for the same period in 1997.
The provision reflects management's assessment of the adequacy of the allowance
for loan losses to absorb potential write-offs in the loan portfolio. Factors
considered in this assessment are past loss experience, known and inherent risks
in the loan portfolio, current and anticipated economic conditions and other
pertinent factors:
Nonperforming Assets
- --------------------
<TABLE>
<CAPTION>
9/30/98 12/31/97
-------- --------
<S> <C> <C>
Nonaccrual loans $116,533 $300,000
Restructured loans -- --
-------- --------
Total nonperforming loans $116,533 $300,000
Foreclosed real estate -- --
-------- --------
Total nonperforming assets $116,533 $300,000
======== ========
Accruing loans past due 90 days or more $71,000 $8,000
======== ========
Nonperforming loans to total loans 0.22% 0.62%
======== ========
Allowance for loan losses times
nonperforming loans 5.41 1.94
======== ========
</TABLE>
Non-interest income increased in the third quarter of 1998 approixmately $53,000
or 26.9% over the same quarter of 1997. For the nine months ended September 30,
1998, non-interest income was up $159,000 or 28.4% over the same nine months of
1997. This increase during the first nine months is primarily attributable to
increase in mortgage loan origination fees of approximately $132,000 and gain on
sale of property of $57,000. Service fees on deposit activity decreased
approximately $26,000 as a result of a decrease in NSF charges.
Non-interest expenses totaled approximately $614,000 for the quarter ended
September 30, 1998 compared to approximately $517,000 for the same quarter in
1998. For the nine months ended September 30, 1998, non-interest expenses
totaled approximately $1,811,000, compared to approximately $1,536,000 during
the same nine months of 1997. This increase of 17.9% in the first nine months is
due primarily to an increase in salaries and employee benefits. The Company's
efficiency ratio (non-interest expense divided by the sum of net interest income
after provision for loan losses and non-interest income) was 55% for the first
nine months of 1998 as compared to 54% for the first nine months of 1997.
Net income for the quarter ended September 30, 1998 was $356,262 or 13.3%
increase compared to $314,535 for the same period in 1997. For the nine months
ended September 30, 1998, net income was $976,205 which is 11.3% increase over
the same period of 1997.
<PAGE>
10
PART II. - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits:
No. 27 Financial Data Schedules (SEC use only)
(b) Reports on Form 8-K:
No report on Form 8-K was filed during the quarter ended September
30, 1998.
<PAGE>
11
SIGNATURES
Pursuant to the requirements of Section 15(d) 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.
BRYAN BANCORP OF GEORGIA, INC.
Date: November 10, 1998 By: /s/ E. James Burnsed
----------------- --------------------
E. James Burnsed,
President and Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BRYAN BANCORP OF GEORGIA, INC. FOR THE PERIOD ENDED
SEPTEMBER 30, 1998 , AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 2,870,933
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 10,100,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,721,166
<INVESTMENTS-CARRYING> 3,863,855
<INVESTMENTS-MARKET> 4,014,059
<LOANS> 52,563,961
<ALLOWANCE> 630,116
<TOTAL-ASSETS> 79,539,564
<DEPOSITS> 67,677,896
<SHORT-TERM> 102,093
<LIABILITIES-OTHER> 3,855,494
<LONG-TERM> 0
0
0
<COMMON> 532,258
<OTHER-SE> 7,371,823
<TOTAL-LIABILITIES-AND-EQUITY> 79,539,564
<INTEREST-LOAN> 3,937,745
<INTEREST-INVEST> 636,789
<INTEREST-OTHER> 19,283
<INTEREST-TOTAL> 4,593,817
<INTEREST-DEPOSIT> 1,741,506
<INTEREST-EXPENSE> 1,902,449
<INTEREST-INCOME-NET> 2,691,368
<LOAN-LOSSES> 135,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,810,701
<INCOME-PRETAX> 1,463,205
<INCOME-PRE-EXTRAORDINARY> 1,463,205
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,463,205
<EPS-PRIMARY> 1.94
<EPS-DILUTED> 1.89
<YIELD-ACTUAL> 5.15
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 583,432
<CHARGE-OFFS> 141,573
<RECOVERIES> 53,257
<ALLOWANCE-CLOSE> 630,116
<ALLOWANCE-DOMESTIC> 630,116
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
