UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
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 0-21554
DENMARK BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1472124
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
103 East Main Street, Denmark, Wisconsin 54208-0130
(Address of principal executive offices)
(920) 863-2161
(Registrant's telephone number, including area code)
___________________________________________________________________________
(Former name, address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1)has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (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:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class August 11, 1999
Common Stock 55,031
(no par value)
<PAGE> 1
DENMARK BANCSHARES, INC.
TABLE OF CONTENTS
Quarterly Report On Form 10-Q
For The Quarter Ended June 30, 1999
Page No.
PART I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Financial Condition 3
Consolidated Statements of Income 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 11
Part II. Other Information
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 6. Exhibit 27 -- Financial Data Schedule N/A
Signatures 12
<PAGE> 2
DENMARK BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, December 31,
1999 1998
(UNAUDITED)
Assets ------------- -------------
Cash and due from banks $6,305,917 $7,794,995
Federal funds sold 0 8,417,000
Investment securities
Available-for-sale, at fair value 22,027,605 25,074,309
Held-to-maturity, at cost 22,024,486 19,834,609
----------- -----------
Total Investment Securities $44,052,091 $44,908,918
Loans
Commercial 67,496,947 62,005,746
Real estate 151,412,605 135,267,085
Installment 18,286,469 16,927,234
Other 683,911 786,082
------------ ------------
Total Loans $237,879,932 $214,986,147
Allowance for credit losses (3,248,994) (3,058,618)
------------ ------------
Net Loans $234,630,938 $211,927,529
Premises and equipment, net 3,567,397 3,343,253
Accrued interest receivable 1,737,409 1,466,749
Other assets 4,216,212 4,326,031
------------- -------------
TOTAL ASSETS $294,509,964 $282,184,475
============= =============
Liabilities
Deposits
Non-interest bearing $23,577,238 $27,168,398
Interest bearing 183,158,699 184,881,335
------------- -------------
Total Deposits $206,735,937 $212,049,733
Short-term borrowings 38,500,852 22,400,273
Accrued interest payable 1,164,844 1,248,966
Other liabilities 1,056,401 668,138
Long-term debt 15,669,563 15,676,698
------------- -------------
Total Liabilities $263,127,597 $252,043,808
------------- -------------
Stockholders' Equity
Common stock, no par value
authorized 320,000 shares; 55,037
and 54,789 outstanding respectively $10,336,295 $10,336,295
Paid in capital 110,984 37,384
Treasury stock (154,292) (316,686)
Retained earnings 21,272,114 20,050,609
Accumulated other comprehensive income
Unrealized gains (losses) on securities (182,734) 33,065
------------ -------------
Total Stockholders' Equity $31,382,367 $30,140,667
------------- -------------
TOTAL LIABILITIES AND EQUITY $294,509,964 $282,184,475
============= =============
The accompanying notes are an integral part of these financial statements.
<PAGE> 3
DENMARK BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the Quarter Ended For the Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
Interest Income ----------- ----------- ---------- -----------
Loans including fees $4,819,328 $4,579,523 $9,492,899 $8,927,935
Interest and dividends on
investment securities
Taxable 336,017 202,268 734,245 451,770
Exempt from federal tax 339,382 318,105 669,160 622,941
Federal funds sold 1,960 116,686 54,936 214,802
----------- ----------- ----------- -----------
Total Interest Income $5,496,687 $5,216,582 $10,951,240 $10,217,448
Interest Expense
Deposits $2,102,549 $2,120,507 $4,268,870 $4,246,260
Short-term borrowings 451,321 327,952 749,816 654,823
Long-term borrowings 215,034 211,790 427,751 391,552
----------- ----------- ----------- -----------
Total Interest Expense $2,768,904 $2,660,249 $5,446,437 $5,292,635
----------- ----------- ----------- -----------
Net interest income $2,727,783 $2,556,333 $5,504,803 $4,924,813
Provision for Credit Losses 78,000 82,500 156,000 165,000
----------- ----------- ----------- -----------
Net interest income after
provision $2,649,783 $2,473,833 $5,348,803 $4,759,813
Noninterest Income
Service fees and commissions $198,801 $191,013 $370,214 $370,446
Investment security losses (7,072) 0 (7,072) 0
Other 66,788 44,783 151,691 90,772
----------- ----------- ----------- -----------
Total Noninterest Income $258,517 $235,796 $514,833 $461,218
----------- ----------- ----------- -----------
Noninterest Expense
Salaries and benefits $1,110,221 $1,024,494 $2,207,082 $2,044,908
Occupancy expenses 163,476 160,759 339,037 321,267
Data processing expenses 109,299 81,366 217,897 168,161
Amortization of intangibles 52,834 51,646 105,668 104,522
Other operating expenses 325,686 304,773 628,047 562,046
----------- ----------- ----------- -----------
Total Noninterest Expense $1,761,516 $1,623,038 $3,497,731 $3,200,904
----------- ----------- ----------- -----------
Income before income taxes $1,146,784 $1,086,591 $2,365,905 $2,020,127
Income tax expense 332,753 315,715 690,328 568,529
----------- ----------- ----------- -----------
NET INCOME $814,031 $770,876 $1,675,577 $1,451,598
=========== =========== =========== ===========
Per Share
Net income $14.79 $14.05 $30.48 $26.46
Dividends declared $0.00 $0.00 $8.25 $6.25
Weighted average shares
outstanding 55,051 54,867 54,971 54,870
The accompanying notes are an integral part of these financial statements.
<PAGE> 4
DENMARK BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Six Months Ended
June 30, June 30,
1999 1998
Cash flows from operating activities: ------------ ------------
Net Income $1,675,577 $1,451,598
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation $176,931 $170,331
Provision for credit losses 156,000 165,000
Amortization of intangibles 105,668 104,522
Amortization of bond premium 15,116 21,916
Accretion of bond discount (240,845) (307,397)
Gain on sale of other real estate (16,388) 0
Loss on sale of investments 7,072 0
Increase in interest receivable (270,660) (153,187)
Decrease in interest payable (84,122) (215,604)
Other, net 270,385 170,093
------------ ------------
Net cash provided by operating activities $1,794,734 $1,407,272
------------ ------------
Cash flows from investing activities:
Maturities of held-to-maturity securities $314,500 $24,784
Maturities of available-for-sale securities 3,610,329 2,091,633
Purchases of held-to-maturity securities (2,272,762) (1,629,475)
Purchases of available-for-sale securities (927,001) (110,200)
Federal funds sold, net 8,417,000 (3,144,000)
Proceeds from sale of other real estate 216,388 0
Net increase in loans made to customers (22,859,410) (7,330,931)
Capital expenditures (401,075) (68,753)
------------ ------------
Net cash used by investing activities ($13,902,031) ($10,166,942)
------------ ------------
Net increase (decrease) in deposits ($5,313,795) $3,796,937
Proceeds from sale of treasury stock 287,712 0
Purchases of treasury stock (51,718) (15,122)
Dividends paid (397,423) (329,262)
Debt proceeds 16,804,728 11,595,960
Debt repayment (1,897,285) (5,836,109)
------------ ------------
Net cash provided by financing activities $9,432,219 $9,212,404
------------ ------------
Net increase (decrease) in cash and cash
equivalents (2,675,078) 452,734
Cash and cash equivalents, beginning 7,794,995 7,019,405
------------ ------------
CASH & CASH EQUIVALENTS, ENDING $5,119,917 $7,472,139
============ ============
The accompanying notes are an integral part of these financial statements.
<PAGE> 5
DENMARK BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - FINANCIAL STATEMENTS
The consolidated financial statements included herein are unaudited. In the
opinion of management, these statements contain all adjustments necessary to
present fairly the financial position of Denmark Bancshares, Inc. (the
"Company"), the results of operations and cash flows for the periods
presented. All adjustments necessary for the fair presentation of the
financial statements are of a recurring nature. These consolidated
financial statements should be read in conjunction with the consolidated
financial statements and the notes thereto included in the Company's latest
annual report on Form 10-K.
NOTE 2 - INVESTMENT SECURITIES
The amortized cost and estimated fair value of securities available-for-sale
were as follows:
June 30, 1999
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
(In Thousands) ----------- ---------- ---------- -----------
U.S. Government agencies $13,497 $0 $287 $13,210
Mortgage-backed securities 6,544 19 30 6,533
Equity securities 2,285 0 0 2,285
----------- ---------- ---------- -----------
Total $22,326 $19 $317 $22,028
=========== ========== ========== ===========
December 31, 1998
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
(In thousands) Cost Gains Losses Value
----------- ---------- ---------- -----------
U.S. Government agencies $13,497 $5 $0 $13,502
Mortgage-backed securities 9,168 59 12 9,215
Equity securities 2,357 0 0 2,357
----------- ---------- ---------- -----------
Total $25,022 $64 $12 $25,074
=========== ========== ========== ===========
The amortized cost and estimated fair value of securities held-to-maturity
were as follows:
June 30, 1999
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
(In thousands) ----------- --------- ----------- ----------
State and local governments $22,024 $1,084 $119 $22,989
----------- --------- ----------- ----------
Total $22,024 $1,084 $119 $22,989
=========== ========= =========== ==========
December 31, 1998
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
(In thousands) Cost Gains Losses Value
----------- ----------- ---------- -----------
State and local governments $19,835 $1,779 $7 $21,607
----------- ----------- ----------- ----------
Total $19,835 $1,779 $7 $21,607
=========== =========== =========== ==========
<PAGE> 6
DENMARK BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The amortized cost and estimated fair values of securities at June 30, 1999,
by maturity were as follows:
Available-for-Sale Held-to-Maturity
Estimated Estimated
Amortized Fair Amortized Fair
(In thousands) Cost Value Cost Value
----------- ----------- ----------- -----------
Due in 1 year or less $1,076 $1,066 $879 $891
Due from one to five years 18,435 18,148 6,459 6,981
Due from five to ten years 530 529 6,773 7,076
Due after ten years 0 0 7,913 8,041
Equity securities 2,285 2,285 0 0
----------- ----------- ----------- -----------
Total $22,326 $22,028 $22,024 $22,989
=========== =========== =========== ===========
Mortgage-backed securities are allocated according to their expected
prepayments rather than their contractual maturities.
NOTE 3 - ALLOWANCE FOR LOAN LOSSES
Changes in the allowance for credit losses were as follows:
For the Year
For the Six Months Ended Ended
June 30, June 30, December 31,
1999 1998 1998
----------- ----------- -----------
Balance, beginning of period $3,058,618 $2,825,921 $2,825,921
Provision charged to operations 156,000 165,000 390,000
Recoveries 39,330 19,960 62,370
Charge-offs (4,954) (11,357) (219,673)
----------- ----------- -----------
Balance, end of period $3,248,994 $2,999,524 $3,058,618
=========== =========== ===========
<PAGE> 7
DENMARK BANCSHARES, INC.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Financial Highlights
2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr.
1999 1999 1998 1998 1998
(In thousands) --------- -------- -------- -------- --------
Operating Results
Interest income $5,497 $5,455 $5,490 $5,342 $5,217
Interest expense 2,769 2,678 2,739 2,740 2,661
Net interest income 2,728 2,777 2,751 2,602 2,556
Provision for credit losses 78 78 142 82 83
Noninterest income 259 256 238 256 236
Noninterest expense 1,762 1,736 1,543 1,677 1,623
Net income 814 862 898 788 771
Per Share Data
Net income per share $14.79 $15.69 $16.37 $14.37 $14.05
(In thousands)
Financial Condition (1)
Loans $237,880 $224,517 $214,986 $211,296 $206,899
Allowance for credit losses 3,249 3,142 3,059 2,923 3,000
Investment securities 44,052 43,808 44,909 36,894 31,821
Assets 294,510 284,136 282,184 274,162 262,434
Deposits 206,736 212,509 212,050 204,146 192,926
Other borrowed funds 54,170 38,556 38,077 38,391 38,532
Stockholders' equity 31,382 30,719 30,141 29,739 28,890
Financial Ratios
Return on average equity 10.43% 11.24% 12.04% 10.71% 10.69%
Return on average assets 1.13% 1.23% 1.31% 1.20% 1.20%
Interest rate spread 3.22% 3.42% 3.37% 3.33% 3.41%
Average equity to average
assets 10.80% 10.95% 10.88% 11.18% 11.27%
Allowance for credit losses
to total loans (1) 1.37% 1.40% 1.42% 1.38% 1.45%
(1) As of the period ending.
<PAGE> 8
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations
Net income for the quarter ended June 30, 1999, was $814,031, or $14.79 per
share, an increase of $43,155 or 6%, compared to $770,876, or $14.05 per
share, for the corresponding period in 1998. This increase was primarily
the result of an increase in net interest income which more than offset
increases in noninterest expenses.
Net interest income for the quarter ended June 30, 1999, was $2,727,783, an
increase of $171,450 over the corresponding period in the prior year. The
following table sets forth a summary of the changes in interest earned and
interest paid resulting from changes in volume and changes in rates:
Increase (Decrease)
Due to Change In
Average Average Total
(In thousands) Balance Rate Change
- ------------------ ----------------------------------
Interest income $713 $(433) 280
Interest expense 357 (248) 109
---- ----- ---
Net interest income $356 $(185) 171
==== ===== ===
This increase was attributable to higher volume as average earning assets
during the second quarter of 1999 increased by $32.6 million and average
interest-bearing liabilities increased by $27.0 million compared to the
second quarter of 1998. This offset the decrease in net interest income
resulting from a lower margin as the Company's average interest rate
spread was 3.22% during the second quarter of 1999 compared to 3.41% during
the quarter ended June 30, 1998. The yield on earning assets decreased by
sixty basis points while the cost of funds by decreased by
forty-one basis points.
In the second quarter of 1999 the Company's provision for credit losses was
$78,000 compared to $82,500 for the second quarter of 1998. Net recoveries
were $29,117 in the second quarter of 1999 compared to net recoveries of
$9,118 during the second quarter of 1998.
Noninterest expense increased by $138,478 or 9% during the three months
ended June 30, 1999, over the corresponding period in 1998. Salaries and
benefits expense increased $85,727 or 8% over the corresponding period in
1998. This increase is primarily attributed to regular salary increases.
Data processing expenses increased by $27,933. This increase is the
result of technology improvements being implemented by the Bank. The
improvements include the installation of local area networks at each branch
office, installation of a software system that automates the process of
opening new deposit accounts and the implementation of a bank wide on-line
teller system. These technology improvements are intended to improve
customer service, increase operating efficiency and replace a system that
was not year 2000 compliant.
Return on average assets in the second quarter of 1999 was 1.13%, compared
to 1.20% for the corresponding period in 1998. Return on average equity in
the second quarter of 1999 was 10.4%, compared to 10.7% for the
corresponding period in the prior year.
<PAGE> 9
Financial Condition
Total assets increased by $12,325,489 between December 31, 1998, and June
30, 1999. Federal funds sold decreased by $8,417,000 during the six months
ended June 30, 1999. Loan demand was strong as total loans increased by
$22,893,785 during the first six months of 1999. In addition, the Bank sold
$5.7 million of residential real estate loans to the secondary mortgage
market during the first six months.
The allowance for credit losses increased by $190,376 during the six month
period ended June 30, 1999. The allowance equals 1.37% of total loans at
June 30, 1999, compared to 1.42% at December 31, 1998. Nonaccrual loans
totaled $7,061,224 at June 30, 1999, an increase of $3,124,112 over December
31, 1998. The increase in nonaccrual loans is primarily the result of loans
to two borrowers experiencing financial difficulties. Loans totaling $1.8
million secured by mortgages on apartment buildings were restructured into a
single loan during the second quarter of 1999. Management considers this
restructured loan adequately secured. Loans totaling $1.1 million secured
by mortgages on commercial properties were also restructured during the
second quarter. This borrower also has $1.6 million of loans secured by
personal property. As of the filing date of this form, management is in the
process of evaluating the collateral position of this line and believes that
a charge-off between $250,000 to $500,000 is likely. The Company's ratio of
loans more than 30 days past due (including nonaccrual loans) to total loans
was 3.8% at June 30, 1999, compared to 2.4% at December 31, 1998. As of
June 30, 1999, management has identified $12.8 million of potential problem
loans. Potential problem loans are loans that are performing but have a
greater risk of nonperformance.
Demand deposits decreased $3,591,160 or 13.2% during the first six months of
1999. Management attributes the decrease in demand deposits to a normal
seasonal fluctuation. Interest bearing deposits decreased by $1,722,636 or
0.9% between December 31, 1998, and June 30, 1999. The decrease in interest
bearing deposits is primarily the result of a $4.5 million decrease in
certificates of deposit from a local business depositor. These funds were
deposited during the third quarter of 1998 and were expected to be withdrawn
at maturity.
Other borrowed funds increased by $16,093,443 or 42.3% during the first six
months of 1999. The Company utilized other borrowings to fund loan growth.
Stockholders' equity increased by $1,241,700 to $31,382,367 as of June 30,
1999. As of June 30, 1999, the Company's leverage ratio was 10.0%, the
risk-based core capital ratio was 13.8% and the risk-based total capital
ratio was 15.1%. The Company and the Bank continue to maintain capital
levels well above the regulatory minimum levels.
Liquidity
Liquidity refers to the ability of the Company to generate adequate amounts
of cash to meet the Company's needs for cash. Cash and cash equivalents
decreased by $1.5 million during the first six months of 1999. Loan
repayments as well as net cash provided by operating activities amounting to
$1.8 million, the decrease in federal funds sold of $8.4 million and the
net increase of $16.1 million in borrowed funds, as shown in the
Consolidated Statement of Cash Flows, were the major sources of funds during
the first six months of 1999. The net increase in loans of $22.9 million
and the net decrease in deposits of $5.3 million were the major uses of cash
during the first six months.
In addition to on-balance sheet sources of funds the Company also has
off-balance sheet sources available to meet liquidity needs. The Company
has unused lines of credit of $16.7 million as of June 30, 1999. The
Company has commitments to extend credit of $28.2 million as of June 30,
1999. Management believes the Company's liquidity position as of June 30,
1999, is adequate under current economic conditions.
<PAGE> 10
Year 2000
The Company's year 2000 preparedness is proceeding on schedule. The year
2000 compliant item processing system was installed in March and became
fully operational during the second quarter of 1999. The local area network
software was also upgraded to a year 2000 compliant version during the
second quarter of 1999. The Company approved a y2k customer awareness plan.
The purpose of the plan is to provide customers with adequate information
concerning the Company's year 2000 preparation. The Company also completed
a formal contingency plan that details plans for resumption of business
activity in the event of a system failure.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company's primary market risk position has not materially changed from
that disclosed in the Company's 1998 Form 10-K Annual Report.
Part II -- Other Information
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Company held its Annual Meeting of Shareholders on
April 28, 1999.
(b) Directors elected at the Annual Meeting were Darrell R.
Lemmens, C.J. Stodola and Norman F. Tauber. Directors
whose term of office continued after the meeting were
Terese M. Deprey, Mark E. Looker, B.E. Mleziva, D.V.M.,
James E. Renier, and Thomas F. Wall.
(c) The matters voted upon and the results of the voting
were as follows:
(1) The shareholders elected the following nominees to the
Board of Directors to serve a three year term expiring
in 2002:
Nominees For Withheld
----------------------- ------ --------
Darrell R. Lemmens 49,322 50
C. J. Stodola 49,322 50
Norman F. Tauber 49,322 50
(2) The ratification of the appointment of Williams, Young
and Associates, LLC as independent public accountants
for the year ending December 31, 1999.
For Against Abstain
------ ------- -------
49,228 0 144
Item 6. Exhibits
(a) Exhibit 27.0 Financial Data Schedule
<PAGE> 11
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.
DENMARK BANCSHARES, INC.
Date: August 11, 1999 /s/ Darrell R. Lemmens
----------------------------
Darrell R. Lemmens,
Principal Executive Officer,
Chairman of the Board,
and President
Date: August 11, 1999 /s/ Dennis J. Heim
-----------------------------
Dennis J. Heim,
Vice President and Treasurer,
Principal Financial and
Accounting Officer
<PAGE> 12
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 6,305,917
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 22,027,605
<INVESTMENTS-CARRYING> 22,024,486
<INVESTMENTS-MARKET> 22,989,000
<LOANS> 237,879,932
<ALLOWANCE> 3,248,994
<TOTAL-ASSETS> 294,509,964
<DEPOSITS> 206,735,937
<SHORT-TERM> 38,500,852
<LIABILITIES-OTHER> 2,221,245
<LONG-TERM> 15,669,563
0
0
<COMMON> 10,336,295
<OTHER-SE> 21,0446,072
<TOTAL-LIABILITIES-AND-EQUITY> 294,509,964
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<INTEREST-INVEST> 1,458,341
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<INTEREST-TOTAL> 10,951,240
<INTEREST-DEPOSIT> 4,268,870
<INTEREST-EXPENSE> 5,446,437
<INTEREST-INCOME-NET> 5,504,803
<LOAN-LOSSES> 156,000
<SECURITIES-GAINS> (7,072)
<EXPENSE-OTHER> 3,497,731
<INCOME-PRETAX> 2,365,905
<INCOME-PRE-EXTRAORDINARY> 2,365,905
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,675,577
<EPS-BASIC> 30.48
<EPS-DILUTED> 30.48
<YIELD-ACTUAL> 3.94
<LOANS-NON> 7,061,224
<LOANS-PAST> 0
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<LOANS-PROBLEM> 12,828,392
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<ALLOWANCE-CLOSE> 3,248,994
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<ALLOWANCE-UNALLOCATED> 3,248,994
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