<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[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
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 33-85868
COMMERCIAL BANCORP OF GEORGIA, INC.
(Exact name of Registrant as specified in its charter)
Georgia 58-1850333
(State of Incorporation) (I.R.S. Employer
Identification No.)
390 Crogan Street, Lawrenceville, Georgia 30245
(Address of principal executive offices, including zip code)
(770) 339-1900
(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 twelve 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 May 13, 1996
- - ----------------------------- ---------------------------
Common Stock, $1.00 Par Value 1,883,302
Transitional Small Business Disclosure Format: Yes ___ No X
Page 1 of 14
<PAGE> 2
COMMERCIAL BANCORP OF GEORGIA, INC.
QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTER ENDED MARCH 31, 1996
Table of Contents
-----------------
<TABLE>
<CAPTION>
Page
Number
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<S> <C>
PART I FINANCIAL INFORMATION
Item 1 Financial Statements (Unaudited)
Consolidated Balance Sheets--March 31, 1996 and
December 31, 1995 3
Consolidated Statements of Income--Three
Months Ended March 31, 1996 and 1995 5
Consolidated Statements of Cash Flows--Three
Months Ended March 31, 1996 and 1995 6
Notes to Consolidated Financial Statements 8
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II OTHER INFORMATION
Item 1 Legal Proceedings 13
Item 2 Changes in Securities 13
Item 3 Defaults Upon Senior Securities 13
Item 4 Submission of Matters to a Vote of Security Holders 13
Item 5 Other Information 13
Item 6 Exhibits and Reports on Form 8-K 13
SIGNATURES 14
</TABLE>
Page 2 of 14
<PAGE> 3
PART I FINANCIAL INFORMATION
Item 1 Financial Statements (Unaudited)
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
ASSETS
Cash and due from banks $ 20,753,065 $ 21,606,814
Federal funds sold 22,680,000 18,939,000
Investment securities:
Held to maturity 13,980,602 14,501,738
Available for sale 20,835,479 21,310,904
Loans, net of deferred loan fees 147,361,805 144,930,447
Less: Allowance for loan losses (2,625,222) (2,619,545)
------------ ------------
Loans, net 144,736,583 142,310,902
Fixed assets, net 5,728,552 5,786,453
Other real estate, net 1,413,472 1,102,261
Intangible assets, net 780,525 821,347
Accrued interest receivable 1,702,543 1,728,691
Other assets 2,542,726 2,598,764
------------ ------------
TOTAL ASSETS $235,153,547 $230,706,874
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing demand $ 32,736,341 $ 35,030,207
Interest-bearing demand and money market 52,692,852 49,657,927
Savings 5,360,191 5,382,903
Time deposits of $100,000 or more 28,752,937 26,273,745
Other time deposits 91,156,935 90,285,240
------------ ------------
TOTAL DEPOSITS 210,699,256 206,630,022
------------ ------------
Obligation under capital leases 76,331 103,079
Accrued interest payable 1,684,675 1,694,426
Accrued merger expenses 1,026,834 1,272,941
Other liabilities 1,248,205 1,215,759
------------ ------------
TOTAL LIABILITIES 214,735,301 210,916,227
------------ ------------
</TABLE>
(Continued)
Page 3 of 14
<PAGE> 4
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS, (Continued)
MARCH 31, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
STOCKHOLDERS' EQUITY
Common stock - $1 par value: 10,000,000 shares
authorized, 1,883,302 and 1,856,711 shares issued $ 1,883,302 $ 1,856,711
Surplus 16,322,712 16,090,386
Retained earnings 2,546,712 1,904,740
Treasury stock, at cost, 30,000 shares (300,000) (300,000)
Market valuation reserve on investment securities
available for sale (34,480) 238,810
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 20,418,246 19,790,647
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $235,153,547 $230,706,874
============ ============
</TABLE>
Page 4 of 14
<PAGE> 5
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
INTEREST INCOME
Loans, including fees $ 4,012,271 $ 3,873,232
Investment securities 549,325 356,118
Federal funds sold and deposits in other banks 288,709 122,564
----------- -----------
TOTAL INTEREST INCOME 4,850,305 4,351,914
----------- -----------
INTEREST EXPENSE
Interest-bearing demand and money market 417,179 438,877
Savings 39,264 42,438
Time deposits of $100,000 or more 408,332 415,918
Other time deposits 1,360,420 782,014
Obligation under capital leases 804 1,814
Other 4,956 973
----------- -----------
TOTAL INTEREST EXPENSE 2,230,955 1,682,034
----------- -----------
NET INTEREST INCOME 2,619,350 2,669,880
PROVISION FOR LOAN LOSSES 15,852 196,400
----------- -----------
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 2,603,498 2,473,480
----------- -----------
OTHER INCOME
Service charges on deposit accounts 245,677 250,520
Gains on sales of SBA loan participations 44,861 72,020
Fees/gains on the origination/sale of mortgage
loans 27,999 16,706
Loan servicing fees 80,098 69,517
Debit card servicing fees 116,194 66,322
Other income 29,397 21,455
----------- -----------
TOTAL OTHER INCOME 544,226 496,540
----------- -----------
OTHER EXPENSE
Salaries and employee benefits 1,187,094 1,053,544
Net occupancy and equipment expense 308,055 335,040
Other real estate expense 29,911 17,825
Amortization expense 40,822 40,822
Other expense (Note B) 562,792 664,309
----------- -----------
TOTAL OTHER EXPENSE 2,128,674 2,111,540
----------- -----------
INCOME BEFORE INCOME TAXES 1,019,050 858,480
INCOME TAX EXPENSE 377,078 342,576
----------- -----------
NET INCOME $ 641,972 $ 515,904
=========== ===========
EARNINGS PER SHARE (Note C)
Primary $ .34 $ .28
=========== ===========
Fully Diluted $ .32 $ .28
=========== ===========
</TABLE>
Page 5 of 14
<PAGE> 6
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 641,972 $ 515,904
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 15,852 196,400
Depreciation and amortization 132,692 139,013
Amortization of intangible assets 40,822 40,822
Gains on sales of SBA loans (44,861) (72,020)
(Increase) decrease in interest receivable 26,148 (41,148)
(Increase) decrease in other assets 196,823 (79,776)
Increase (decrease) in interest payable (9,751) 135,681
Decrease in accrued merger expenses (246,107) -
Increase in other liabilities 32,446 81,082
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 786,036 915,958
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investment securities held to maturity - -
Purchases of investment securities available for sale - -
Maturities of investment securities held to maturity 521,136 183,849
Maturities of investment securities available for sale 61,350 989,205
Sales of investment securities available for sale - -
Proceeds from sales of SBA loans 1,076,250 647,200
Loans originated or acquired, net of principal
repayments (4,097,784) (8,993,145)
Purchases of premises and equipment (74,791) (11,747)
Proceeds from sales of other real estate 313,651 441,721
------------ ------------
NET CASH USED BY INVESTING ACTIVITIES (2,200,188) (6,742,917)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in demand, money market
and savings accounts 718,347 (8,248,606)
Time deposits accepted, net of repayments 3,350,887 11,472,514
Reduction of capital lease obligation (26,748) (33,827)
Exercise of stock options 258,917 -
------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,301,403 3,190,081
------------ ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,887,251 (2,636,878)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 40,545,814 26,835,755
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 43,433,065 $ 24,198,877
============ ============
</TABLE>
(Continued)
Page 6 of 14
<PAGE> 7
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS, (Continued)
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
SUPPLEMENTAL DISCLOSURES OF CASH PAID:
Interest $ 2,240,706 $ 1,546,353
============ ============
Income taxes $ - $ 100,969
============ ============
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING AND
INVESTING ACTIVITIES:
Real estate acquired in settlement of loans $ 624,862 $ -
============ ============
</TABLE>
Page 7 of 14
<PAGE> 8
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB.
Accordingly, these statements 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 three month period ended March 31,
1996, are not necessarily indicative of the results that may be expected for
the year ended December 31, 1996. For further information, refer to the
audited financial statements and footnotes thereto included in the Company's
annual report on Form 10-KSB for the year ended December 31, 1995.
NOTE B - SUPPLEMENTAL FINANCIAL DATA
Components of other operating expense in excess of one percent of total
interest and other income for the periods ended March 31, 1996 and 1995 are as
follows:
1996 1995
------ ------
FDIC Insurance Assessment $11,293 $97,077
Stationery and Supplies $59,603 $54,954
Data Processing Fees $84,952 $54,583
NOTE C - EARNINGS PER SHARE
Earnings per share has been computed based on the weighted average number of
common stock and common stock equivalents outstanding during the period, which
totaled 1,840,006 and 1,826,711 shares, respectively, for primary earnings per
share and 2,004,548 and 1,826,711 shares, respectively, for fully diluted
earnings per share for the three-month periods ended March 31, 1996 and 1995.
NOTE D - PENDING ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board has issued Statement of Financial
Accounting Standards No. 121 (SFAS 121), "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." The Company is
required to implement SFAS 121 by December 31, 1996. The provisions of SFAS 121
will require the Company to review long- lived assets for impairment whenever
events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. The adoption is not expected to have a
significant impact on the Company.
Page 8 of 14
<PAGE> 9
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
NOTE D - PENDING ACCOUNTING PRONOUNCEMENTS, (Continued)
The Financial Accounting Standards Board has issued Statement of Financial
Accounting Standards No. 122 (SFAS 122), "Mortgage Servicing Rights," as an
amendment to SFAS 65. The Company is required to implement SFAS 122 by December
31, 1996. The provisions of SFAS 122 eliminate the accounting distinction
between rights to service mortgage loans that are acquired through loan
origination and those acquired through purchase. The adoption is not expected
to have a significant impact on the Company.
The Financial Accounting Standards Board has issued Statement of Financial
Accounting Standards No. 123 (SFAS 123), "Accounting for Stock-Based
Compensation." The Company is required to implement SFAS 123 in 1996. SFAS 123
establishes a method of accounting for stock compensation plans based on fair
value. Companies are permitted to continue to use the existing method of
accounting but are required to disclose pro forma net income and earnings per
share as if SFAS 123 had been used to measure compensation cost. The adoption
of SFAS 123 is not expected to have a significant impact on the Company.
NOTE E - PENDING ACQUISITION
During December 1995, the Company and The Colonial BancGroup, Inc. entered
into an agreement to merge the two companies. For further discussion, see Note
C to the Notes to Consolidated Financial Statements included in the Company's
annual report on Form 10-KSB for the year ended December 31, 1995.
Page 9 of 14
<PAGE> 10
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
Commercial Bancorp of Georgia, Inc. and its subsidiary, Commercial Bank of
Georgia (the Company), reported net income of $642,000 for the first quarter of
1996, an increase of 24 percent compared to $516,000 for the first quarter of
1995. Earnings per share for the first quarter of 1996 and 1995 were $.34 and
$.28, respectively. The increase in net income was due primarily to a reduced
provision for loan losses in 1996 as compared to 1995, which was partially
offset by a decline in net interest income of $51,000. This decline in net
interest income was due to a $498,000 increase in interest income offset by a
$549,000 increase in interest expense.
Total assets increased 2 percent, or $4.4 million, to $235.2 million at March
31, 1996, as compared to $230.7 million at December 31, 1995. This asset
increase was funded primarily by growth in deposits, which increased $4.1
million, or 2 percent, to $210.7 million at March 31, 1996, as compared to
$206.6 million at December 31, 1995. This deposit growth, combined with
declines in cash and due from banks of $854,000 and investment securities of
$997,000, funded loan growth of $2.4 million and an increase in federal funds
sold of $3.7 million.
Net interest income declined $51,000, or 2 percent, to $2.6 million for the
three months ended March 31, 1996, as compared to 1995. This decline was due to
a reduction in the net interest margin, which was partially offset by an
increase in the average volume of earning assets. The Company's net interest
margin declined 96 basis points to 5.16 percent at March 31, 1996, compared to
6.12 percent at March 31, 1995. The average volume of earning assets was $203.2
million and $174.4 million at March 31, 1996 and 1995, respectively, an
increase of 17 percent. Interest on other time deposits was the primary
contributor to the increase in interest expense, increasing to $1.4 million in
1996. This increase is due to both an increase in volume and an increase in
rates paid on these deposits.
The provision for loan losses declined 92 percent to $16,000 for the three
months ended March 31, 1996, as compared to $196,000 for the same period in
1995. This decline is due to (1) a decline in loan growth from the first
quarter of 1995, (2) a decline in net charge-offs from the first quarter of
1995, and (3) the loan loss provision made by the Company in the fourth quarter
of 1995. This increased provision in 1995 was based upon management's
assessment of the quality of the loan portfolio and the relative uncertainty
regarding economic conditions in the Company's market area.
Other income totaled $544,000 for the first three months of 1996, an increase
of 10 percent over the 1995 amount of $497,000. The primary contributor to the
increase was debit card servicing fees, which increased $50,000 as the Company
continues to expand its Electronic Banking Department. Other expense remained
relatively constant, increasing only $17,000.
Page 10 of 14
<PAGE> 11
ASSET QUALITY
The loan loss reserve was $2.6 million at March 31, 1996 and December 31,
1995. The allowance for loan losses as a percent of loans was 1.8 percent at
March 31, 1996 and December 31, 1995.
Net charge-offs were $10,000 for the three months ended March 31, 1996,
compared to $142,000 for the same period in 1995, a decline of $132,000 or 93
percent. Net charge-offs as a percent of average loans were .01 percent and .10
percent at March 31, 1996 and 1995, respectively. Nonaccrual loans and loans
past due over 90 days increased from $1.0 million at December 31, 1995, to $1.3
million at March 31, 1996. However, loans considered impaired under SFAS 114
have declined by $600,000 due to the foreclosure of properties related to one
builder. Real estate owned has increased to $1.4 million at March 31, 1996,
from $1.1 million at December 31, 1995. Foreclosures of $600,000 were partially
offset by sales of $300,000.
The loan portfolio is periodically reviewed to evaluate the outstanding loans
and to measure both the performance of the portfolio and the adequacy of the
allowance for loan losses. This analysis includes a review of delinquency
trends, actual losses, and internal credit ratings. Management's judgement as
to the adequacy of the allowance is based upon a number of assumptions about
future events which it believes to be reasonable, but which may or may not be
reasonable. However, because of the inherent uncertainty of assumptions made
during the evaluation process, there can be no assurance that loan losses in
future periods will not exceed the allowance for loan losses or that additional
allocations to the allowance will not be required.
LIQUIDITY AND CAPITAL ADEQUACY
The Bank's loan-to-deposit ratio was 70 percent at March 31, 1996 and December
31, 1995. The Bank had excess liquidity in the form of federal funds sold of
$22.7 million and $18.9 million at March 31, 1996, and December 31, 1995,
respectively. Management analyzes the level of off-balance-sheet assets, such
as unfunded loan commitments, liquid investments, and available fund lines, in
an attempt to minimize the possibility that a potential shortfall will exist.
Based on this analysis, management believes that the Company has adequate
liquidity to meet short-term operating requirements; however, no assurances can
be given in this regard.
Shareholders' equity increased 3 percent, or $628,000, to $20.4 million at
March 31, 1996, as compared to $19.8 million at December 31, 1995. The increase
was due to the retention of first quarter 1996 net income of $642,000, offset
by the change in the Company's market valuation reserve on investment
securities available for sale from a $239,000 unrealized gain at December 31,
1995, to a $34,000 unrealized loss at March 31, 1996. Shareholders' equity also
increased by $259,000 due to the exercise of 26,591 shares of stock options
during 1996.
Page 11 of 14
<PAGE> 12
The Bank is subject to various regulatory capital requirements administered by
the federal banking agencies. These regulations require the Bank to maintain a
minimum Tier 1 leverage ratio of 4 percent. Tier 1 capital consists of common
shareholders' equity, less certain intangibles. The Bank's Tier 1 leverage
ratio was 8 percent at March 31, 1996, compared to 7.7 percent at December 31,
1995. The Bank is also required to maintain a total risk-weighted capital ratio
of 8 percent, with one-half of this amount, or 4 percent, made up of Tier 1
capital. Risk-weighted assets consist of balance sheet assets, adjusted by risk
category, and off-balance-sheet assets equivalents similarly adjusted. At March
31, 1996, the Bank had a risk-weighted total capital ratio of 12.3 percent,
compared to 12.4 percent at December 31, 1995, and a Tier 1 risk-weighted
capital ratio of 11 percent, compared to 11.1 percent at December 31, 1995.
Page 12 of 14
<PAGE> 13
PART II OTHER INFORMATION
COMMERCIAL BANCORP OF GEORGIA, INC.
AND SUBSIDIARY
Item 1. Legal Proceedings
Not applicable.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security holders during the
quarter ended March 31, 1996.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits.
27 - Financial Data Schedule (for SEC use only)
b) Reports on Form 8-K.
No report on Form 8-K was filed during the quarter ended March 31, 1996.
Page 13 of 14
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMERCIAL BANCORP OF GEORGIA, INC.
(Registrant)
Date: May 13, 1996 /s/ Richard Sikes
--------------------------------------------
Richard Sikes
Chairman of the Board, President
and Chief Executive Officer
Date: May 13, 1996 /s/ John Hopkins
--------------------------------------------
John Hopkins
Chief Financial Officer
Page 14 of 14
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 20,753,065
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 22,680,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 20,835,479
<INVESTMENTS-CARRYING> 13,980,602
<INVESTMENTS-MARKET> 0
<LOANS> 147,361,805
<ALLOWANCE> 2,625,222
<TOTAL-ASSETS> 235,153,547
<DEPOSITS> 210,699,256
<SHORT-TERM> 0
<LIABILITIES-OTHER> 4,036,045
<LONG-TERM> 0
0
0
<COMMON> 1,883,302
<OTHER-SE> 18,534,944
<TOTAL-LIABILITIES-AND-EQUITY> 235,153,547
<INTEREST-LOAN> 4,012,271
<INTEREST-INVEST> 549,325
<INTEREST-OTHER> 288,709
<INTEREST-TOTAL> 4,850,305
<INTEREST-DEPOSIT> 2,225,195
<INTEREST-EXPENSE> 2,230,955
<INTEREST-INCOME-NET> 2,619,350
<LOAN-LOSSES> 15,852
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,128,674
<INCOME-PRETAX> 1,019,050
<INCOME-PRE-EXTRAORDINARY> 641,972
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 641,972
<EPS-PRIMARY> .34
<EPS-DILUTED> .32
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
