<PAGE>
UNITED STATES
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 June 30, 1996
Transition report pursuant to Section 13 or 15 (d) of the Securities
- - --- Exchange Act of 1934
For the transition period from ____________________ to _________________
Comission File Number 0-18527
-------------
FIRST COMMUNITY BANCORP, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Georgia 58-1869700
- - ------------------------------ -------------------------------
State or other jurisdiction of IRS Employer Identification No.
incorporation or organization
827 Joe Frank Harris Parkway, S. E.
Cartersville, Georgia 30120
- - --------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (770) 382-1495
Indicate by a check mark whether the Registrant (1) has filed all reports
required 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 ninety (90) days.
Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Class Outstanding at June 30, 1996
- - ----------------------------- ----------------------------
Common stock, $1.00 par value 415,103 shares
1
<PAGE>
FIRST COMMUNITY BANCORP, INC.
INDEX
Page
Number
------
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheet June 30, 1996 3
Consolidated Statements of Operations
Three and Six Months Ended June 30, 1996 and 1995 4
Consolidated Statement of Cash Flows
Six Months Ended June 30, 1995 and 1995 5
Notes to Consolidated Financial Statements 6
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 7
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY
HOLDERS 14
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 14
SIGNATURES 15
2
<PAGE>
FIRST COMMUNITY BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheet
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
------
<S> <C>
Cash and due from banks $ 2,593,346
Interest-bearing deposits in banks 545,707
Securities available for sale, at fair value 9,613,250
Securities held for investment, at cost
(approximate fair value of $5,578,113) 5,698,714
Loans 50,783,521
Less: allowance for loan losses (829,569)
------------
Loans, net 49,953,952
------------
Premises and equipment, net 1,696,071
Other assets 1,903,544
------------
Total assets $ 72,004,584
============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities:
Deposits:
Noninterest-bearing demand $ 10,455,228
Interest-bearing demand 14,214,337
Savings deposits 4,313,122
Time deposits 32,060,240
------------
Total deposits 61,042,927
Other borrowings 3,376,850
Other liabilities 1,481,140
------------
Total liabilities 65,900,917
------------
Stockholders' equity:
Common stock, $1 par value, authorized
10,000,000 shares; issued and outstanding
415,103 shares 415,103
Additional paid-in capital 3,627,104
Retained earnings 2,129,263
Unrealized loss on securities available for sale,
net of related deferred income taxes (67,803)
------------
Total stockholders' equity 6,103,667
Commitments
------------
Total liabilities and stockholders' equity $ 72,004,584
============
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
FIRST COMMUNITY BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Three months ended
June 30 June 30
------------------------ ------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Interest income :
- - -----------------
Loans, including fees 2,641,269 2,191,773 1,388,809 1,148,892
Interest on taxable securities 341,761 406,834 174,638 213,091
Interest on nontaxable securities 33,494 14,810 16,780 7,405
Deposits in banks 119,971 71,237 48,519 10,874
Federal funds sold 0 2,041 0 454
----------- ----------- ----------- -----------
Total interest income 3,136,495 2,686,695 1,628,746 1,380,716
----------- ----------- ----------- -----------
Interest expense on deposits 1,249,594 1,005,904 637,674 501,968
Other interest 44,646 52,469 27,218 40,135
----------- ----------- ----------- -----------
Total interest expense 1,294,240 1,058,373 664,892 542,103
----------- ----------- ----------- -----------
Net interest income 1,842,255 1,628,322 963,854 838,613
Provision for loan losses 108,000 96,000 54,000 48,000
----------- ----------- ----------- -----------
Net interest income after provision for losses 1,734,255 1,532,322 909,854 790,613
----------- ----------- ----------- -----------
Other operating income :
- - ------------------------
Service charges on deposit accounts 220,035 209,322 115,873 106,825
Other service charges, commissions and fees 154,943 48,383 60,231 23,629
Gain on sale of loans 0 37,125 0 23,265
----------- ----------- ----------- -----------
Total other income 374,978 294,830 176,104 153,719
----------- ----------- ----------- -----------
Other operating expenses :
- - --------------------------
Salaries and employee benefits 713,113 577,141 346,692 267,646
Equipment and occupancy expense 201,597 161,632 115,697 70,317
Other expenses 384,020 381,118 184,146 206,561
----------- ----------- ----------- -----------
Total other expenses 1,298,730 1,119,891 646,535 544,524
----------- ----------- ----------- -----------
Net income before taxes 810,503 707,261 439,423 399,808
Applicable income taxes 292,658 261,199 157,728 142,999
----------- ----------- ----------- -----------
Net income 517,845 446,062 281,695 256,809
=========== =========== =========== ===========
Net income per share based on weighted average
outstanding shares of 415,103: 1.25 1.07 0.68 0.62
=========== =========== =========== ===========
Dividends per share 0.30 - - -
=========== =========== =========== ===========
See notes to consolidated financial statements.
</TABLE>
4
<PAGE>
FIRST COMMUNITY BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(unaudited)
<TABLE>
<CAPTION>
Six months ended
June 30,
------------------------------
1996 1995
------------ ----------
<S> <C> <C>
Cash flows from operating activities
Net income $ 517,845 446,062
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 108,000 96,000
Depreciation 113,703 110,508
Amortization and (accretion), net 15,129 406
Gains on sale of loans -- (37,125)
Changes in other assets and liabilities:
Increase in other assets 115,687 (3,661)
Increase (decrease) in other liabilities (160,333) 182,624
------------ ----------
Net cash provided by operating activities 710,031 794,814
------------ ----------
Cash flows from investing activities
Decrease in interest-bearing
deposits in banks, net 4,160,886 3,136,759
Decrease in Federal funds sold -- --
Proceeds from maturities of securities available for sale 817,727 61,726
Purchases of securities available for sale (4,766,745) (1,200,000)
Proceeds from maturities of securities held for investment 1,000,000 250,000
Purchases of securities held for investment -- (733,049)
Proceeds from sale of loans -- 970,605
Loans originated or acquired through participation,
net of collections (8,914,103) (5,307,774)
Purchases of premises and equipment (162,664) (62,127)
------------ ----------
Net cash used in investing activities (7,864,899) (2,883,860)
------------ ----------
Cash flows from financing activities
Net increase (decrease) in demand deposits and
savings accounts 1,672,541 (85,334)
Increase (decrease) in certificates of deposit, net
of maturity 3,516,250 (877,788)
Increase in Federal funds purchased -- 300,000
Increase in other borrowings 1,971,600 2,565,125
------------ ----------
Net cash provided by financing activities 7,160,391 1,902,003
------------ ----------
Net increase (decrease) in cash and cash equivalents 5,523 (187,043)
Cash and cash equivalents at beginning of period 2,513,995 2,774,866
------------ ----------
Cash and cash equivalents at end of period $ 2,593,346 2,587,823
============ ==========
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest $ 1,201,847 866,942
============ ==========
Income taxes $ 635,061 350,811
============ ==========
Supplemental disclosures of noncash investing activities
Unrealized gains on securities available for sale $ 64,134 98,385
============ ==========
See notes to consolidated financial statements.
</TABLE>
5
<PAGE>
FIRST COMMUNITY BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
For the Three and Six Month Periods Ended
June 30, 1996 and 1995
(1) Management's Opinion
The accompanying unaudited consolidated financial statements include
the accounts of First Community Bancorp, Inc. ("Company") and its
wholly-owned subsidiary, First Community Bank & Trust ("Bank").
In the opinion of management, all adjustments, which are of a normal
and recurring nature, necessary for a fair presentation of the
financial position at June 30, 1996, and the results of operations,
and cash flows for the periods covered by this report have been
included. All significant intercompany items and transactions have
been eliminated in consolidation. Results of operations for interim
periods are not necessarily indicative of results for the entire
year.
The consolidated financial statements included herein should be read
in conjunction with the consolidated financial statements and notes
thereto included in the company's Annual Report on Form 10-KSB for
the fiscal year ended December 31, 1995.
6
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
INTRODUCTION
- - ------------
The following is a discussion of the Company's financial condition at June 30,
1996 compared to December 31, 1995 and the results of its operations for the
three and six months ended June 30, 1996 compared to the three and six month
period ended June 30, 1995. These Comments should be read in conjunction with
the financial statements and related notes appearing elsewhere in this report.
FINANCIAL CONDITION
- - -------------------
<TABLE>
<CAPTION>
Increase (Decrease)
June 30, December 31, --------------------------
1996 1995 Amount PerCent
--------------- -------------- ------ -------
<S> <C> <C> <C> <C>
Total Assets $72,004,584 $64,677,989 $7,326,595 11.33%
Loans $50,783,521 $42,123,639 $8,659,882 20.56%
Securities $15,311,964 $12,506,346 $2,805,618 22.43%
Interest-bearing
deposits in banks $545,707 $4,706,593 ($4,160,886) -88.41%
</TABLE>
Increases in total assets and the major categories of assets are shown in the
table above. The increase in net loans is due to a relatively strong demand for
acquisition and development and construction loans related to construction of
residential dwellings continuing during the first six months of 1996. The
increase in the securities portfolio was due primarily to the purchase of U. S.
Government and Government Agency securities. The decrease in interest-bearing
deposits in banks is directly related to the utilization of funds to finance the
increasing investment and loan portfolios.
The majority of the loans originated in the six month period ending June 30,
1996 contain variable interest rates with terms from 1 to 3 years or less. The
following table presents scheduled repricing of the Company's loans at June 30,
1996.
<TABLE>
<CAPTION>
Within 1 - 5 After
1 Year Years 5 Years Total
------- ------ -------- -----
($ In Thousands) <S> <C> <C> <C>
Variable interest rates $23,724 -- -- 23,724
Fixed interest rates 9,482 15,468 2,110 27,060
----- ------ ----- ------
Total $33,206 15,468 2,110 50,784
</TABLE>
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
<TABLE>
<CAPTION>
Increase (Decrease)
JUNE 30, DECEMBER 31, --------------------
1996 1995 Amount PerCent
-------------- -------------- ------ -------
<S> <C> <C> <C>
Total Deposits $61,042,927 55,854,136 5,188,791 9.29%
Other Borrowings 3,376,850 1,405,250 1,971,600 140.30%
Certificates of Deposit
over $100,000 (included in
Total Deposits above) 8,011,689 6,140,390 1,871,299 30.48%
</TABLE>
The $5,188,791 increase in total deposits included a $1,871,299 increase in
certificates of deposit over $100,000. The overall increase in deposits, In
management's opinion, resulted from continuing growth in the Bartow County and
Cartersville area and the bank competing for deposits by offering rates at
competitive levels with other financial institutions.
The $1,871,299 increase in other borrowings resulted from drawing on an
$8,500,000 line of credit at the Federal Home Loan Bank of Atlanta secured by a
blanket lien on 1 - 4 family residential loans to finance the increasing loan
and investment portfolios. Management expects these borrowings to decrease as
construction loan demand eases during late 3rd quarter of this year.
The Company's ratio of loans to deposits at June 30, 1996 was 83.2% as compared
to 73.6% at December 31, 1995. This significant increase is attributed to a rate
of loan growth in excess of the rate of deposit growth during the second quarter
of 1996. Management is of the opinion that this ratio will decline during late
3rd quarter of 1996 to historical levels of under 80%.
Liquidity and Interest Rate Sensitivity
- - ---------------------------------------
Liquidity, as defined by net cash, short-term investments and other marketable
investments as a percent of deposits, was 23.26% at June 30, 1996 compared to
27.51% at December 31, 1995. The decrease in liquidity has resulted from the
rate of asset growth, primarily loans, exceeding the bank's rate of deposit
growth. The seasonality of the construction lending industry during the spring
and summer months is the primary contributor to this decline. Management has in
place a line of credit with the Federal Home Loan Bank in the amount of
$8,500,000 of which $3,376,850 has been advanced, $2,500,000 unsecured fed funds
line of credit with correspondent banks and a $2,000,000 security repurchase
agreement with correspondent banks to meet any liquidity needs during this
period of higher than normal loan demand.
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
<TABLE>
<CAPTION>
TIME HORIZON
----------------------------------------------
(Amounts $ in Thousands) Months
----------------------------------------------
0 to 3 0 to 12 0 to 60 Total
------------- ------------- ------------- ----------
<S> <C> <C> <C> <C>
Interest sensitive assets $31,671 39,680 59,886 62,451
Interest sensitive liabilities 27,769 39,958 53,965 51,753
Assets less liabilities $ 3,902 (278) 5,921 10,698
Ratio
Interest sensitive assets to
interest sensitive liabilities 1.14 0.99 1.11 1.21
</TABLE>
The current interest sensitivity position indicates that if interest rates
increase the Company could experience an increase in net interest income. With a
decrease in interest rates this position indicates that the Company could
experience a decline in net interest income, however, in the opinion of
management this potential decline would not severely impact earnings negatively.
Capital Resources
- - -----------------
The minimum capital requirements for banks and bank holding companies require a
leverage capital to total assets ratio of at least 3%, core capital to total
assets ratio of at least 4% and total risk-based capital to total adjusted
assets ratio of 8%.
Selected financial information relating to the Company's minimum capital
requirements at June 30, 1996 is as follows:
Leverage capital ratio 8.48%
Core capital ratio 11.67%
Risk-based capital ratio 12.91%
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations for the Three Months Ended June 30, 1996 and 1995
- - -----------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
June 30, Increase (Decrease)
----------------------------- -------------------------
1996 1995 Amount PerCent
---------- ---------- --------- --------
<S> <C> <C> <C> <C>
Total interest income $1,628,746 1,380,716 248,030 17.96%
Total interest expense 664,892 542,103 122,789 22.65%
Net interest income 963,854 838,613 125,241 14.93%
Provision for loan losses 54,000 48,000 6,000 12.50%
Other operating income 176,104 153,719 22,385 14.56%
Other operating expenses 646,535 544,524 102,011 18.73%
Provision for income taxes 157,728 142,999 14,729 10.30%
Net income 281,695 256,809 24,886 9.69%
</TABLE>
The increase in total interest income was due primarily to the increased volume
of interest-earning assets on which interest and fees increased by $248,030 or
17.96% for the three month period ending June 30, 1996 over the comparable
period in 1995. Total interest expense increased as indicated in the above table
primarily due to the increase in interest-bearing deposits and other borrowings.
The resulting increase in net interest income is due primarily to the growth in
the loan and investment portfolio rather than an increase in the spread between
yields on earning assets and the cost of interest-bearing balances.
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain an adequate allowance for loan losses.
It is based on the growth of the loan portfolio, the amount of net loan losses
incurred and management's estimate of potential future loan losses based on an
evaluation of loan portfolio risks and certain economic factors. The provision
for loan losses increased $6,000 or 12.5% for the three month period ended June
30, 1996 as compared to the same period in 1995. The loan loss reserve as a
percentage of total loans was 1.63% and 1.71% at June 30, 1996 and June 30,
1995, respectively. There were no non-performing loans at June 30, 1996 and
management believes that the reserve for loan losses is adequate to absorb
anticipated loan losses.
The $24,886 or 9.69% increase in other operating income is primarily the result
of mortgage loan origination fees, construction loan fees, fees from factoring
and servicing accounts receivable
10
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
and deposit account service charge income increasing due to increased activity
and an expand-ing customer base during the three month period ended June 30,
1996 as compared to the same period in 1995.
The increase in other operating expenses for the period June 30, 1996 as
compared to the comparable period in 1995 as shown in the preceeding table
resulted from the increase in personnel and other expenses necessary to service
an increasing deposit and loan customer base including additional staffing in
the mortgage origination and accounts receivable factoring and servicing areas.
Increases in provision for income taxes is directly attributable to increased
taxable income.
Net income for the three month period ended June 30, 1996 as compared to the
same period in 1995 increased $24,886 or 9.69%. The primary reason is the growth
in interest-bearing assets with this growth's effect on net interest margin,
increasing service charges and fees associated with a growing depositor base and
additional income generated in the mortgage origination and accounts receivable
factoring and servicing areas.
11
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations for the Six Months Ended June 30, 1996 and 1995
- - ---------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
June 30, Increase (Decrease)
----------------------------- --------------------------
1996 1995 Amount PerCent
---------- --------- ------- --------
<S> <C> <C> <C> <C>
Total interest income $3,136,495 2,686,695 449,800 16.74%
Total interest expense 1,294,240 1,058,373 235,867 22.29%
Net interest income 1,842,255 1,628,322 213,933 13.14%
Provision for loan losses 108,000 96,000 12,000 12.50%
Other operating income 374,978 294,830 80,148 27.18%
Other operating expenses 1,298,730 1,119,891 178,839 15.97%
Provision for income taxes 292,658 261,199 31,459 12.04%
Net income 517,845 446,062 71,783 16.09%
</TABLE>
The increase in total interest income was due primarily to the increased volume
of interest-earning assets on which interest and fees increased by $449,800 or
16.74% for the six month period ending June 30, 1996 over the comparable period
in 1995. Total interest expense increased as indicated in the above table
primarily due to the increase in interest-bearing deposits and other borrowings.
The resulting increase in net interest income is due primarily to the growth in
the loan and investment portfolio rather than an increase in the spread between
yields on earning assets and the cost of interest-bearing balances.
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain an adequate allowance for loan losses.
It is based on the growth of the loan portfolio, the amount of net loan losses
incurred and management's estimate of potential future loan losses based on an
evaluation of loan portfolio risks and certain economic factors. The provision
for loan losses increased $12,000 or 12.5% for the six month period ended June
30, 1996 as compared to the same period in 1995. The loan loss reserve as a
percentage of total loans was 1.63% and 1.71% at June 30 31, 1996 and June 30,
1995, respectively. There were no non-performing loans at June 30, 1996 and
management believes that the reserve for loan losses is adequate to absorb
anticipated loan losses.
The $80,148 or 27.18% increase in other operating income is primarily the result
of mortgage loan origination fees, construction loan fees, fees from factoring
and servicing accounts receivable
12
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
and deposit account service charge income increasing due to increased activity
and an expand-ing customer base during the six month period ended June 30, 1996
as compared to the same period in 1995.
The increase in other operating expenses for the period June 30, 1996 as
compared to the comparable period in 1995 as shown in the preceeding table
resulted from the increase in personnel and other expenses necessary to service
an increasing deposit and loan customer base including additional staffing in
the mortgage origination and accounts receivable factoring and servicing areas.
Increases in provision for income taxes is directly attributable to increased
taxable income.
Net income for the six month period ended June 30, 1996 as compared to the same
period in 1995 increased $71,783 or 16.09%. The primary reason is the growth in
interest-bearing assets with this growth's effect on net interest margin,
increasing service charges and fees associated with a growing depositor base and
additional income generated in the mortgage origination and accounts receivable
factoring and servicing areas.
13
<PAGE>
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.
First Community Bancorp, Inc.
/s/ J. Steven Walraven
-------------------------------------
J. Steven Walraven
President and Chief Executive Officer
(Principal Executive Officer)
Date July 29, 1996
---------------------------------
/s/ James D. Timmons
-------------------------------------
James D. Timmons
Vice President, Chief Financial Officer
& Chief Operations Officer
Date July 29, 1996
---------------------------------
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 2,593,346
<INT-BEARING-DEPOSITS> 545,707
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 5,698,714
<INVESTMENTS-MARKET> 9,613,250
<LOANS> 50,783,521
<ALLOWANCE> 829,569
<TOTAL-ASSETS> 72,004,584
<DEPOSITS> 61,042,927
<SHORT-TERM> 2,056,800
<LIABILITIES-OTHER> 1,481,140
<LONG-TERM> 1,320,050
0
0
<COMMON> 415,103
<OTHER-SE> 5,688,564
<TOTAL-LIABILITIES-AND-EQUITY> 72,004,584
<INTEREST-LOAN> 2,641,269
<INTEREST-INVEST> 375,255
<INTEREST-OTHER> 119,971
<INTEREST-TOTAL> 3,136,495
<INTEREST-DEPOSIT> 1,249,594
<INTEREST-EXPENSE> 1,294,240
<INTEREST-INCOME-NET> 1,842,255
<LOAN-LOSSES> 108,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 923,752
<INCOME-PRETAX> 810,503
<INCOME-PRE-EXTRAORDINARY> 517,845
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 517,845
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 0
<YIELD-ACTUAL> 5.79
<LOANS-NON> 0
<LOANS-PAST> 804,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 705,473
<CHARGE-OFFS> 43,338
<RECOVERIES> 59,434
<ALLOWANCE-CLOSE> 829,569
<ALLOWANCE-DOMESTIC> 829,569
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
