- -------------------------------------------------------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 10-QSB
|X|ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
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 0-20148
CITIZENS FINANCIAL CORPORATION
(Exact name of small business issuer as specified in its charter)
----------------------
Kentucky 61-1187135
(State of Incorporation) (I.R.S. Employer Identification No.)
The Marketplace, Suite 300, 12910 Shelbyville Road, Louisville, Kentucky 40243
(Address of principal executive offices)
(502) 244-2420
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Sections 13 or 15(d) of the Exchange Act 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 of the issuer's classes of
common equity, as of the latest practicable date: Class A Stock - 1,084,615 as
of August 12, 1998.
Transitional Small Business Disclosure Format (Check one): Yes No X
This Report consists of 13 consecutively numbered pages. An index to the
Exhibits to this Report appears on page 12. The date of this Report is August
14, 1998
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1
Part I. - Financial Information;
Item 1. - Financial Statements
Citizens Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
<TABLE>
Six Months Ended June 30 1998 1997
- -------------------------------------------------------------- ---------------- ---------------
<CAPTION>
Revenues:
<S> <C> <C>
Premiums and other considerations $9,312,068 $9,546,444
Premiums ceded (452,586) (553,738)
- -------------------------------------------------------------- ---------------- ---------------
Net premiums earned 8,859,482 8,992,706
Net investment income 2,280,744 1,982,226
Net realized investment gains, net of expenses 2,069,029 247,357
Other income 8,254 7,295
- -------------------------------------------------------------- ---------------- ---------------
Total Revenues 13,217,509 11,229,584
Benefits and Expenses:
Policyholder benefits 6,416,566 5,827,794
Policyholder benefits ceded (574,795) (517,532)
- -------------------------------------------------------------- ---------------- ---------------
Net benefits 5,841,771 5,310,262
Increase in net benefit reserves 326,061 462,103
Interest credited on policyholder deposits 443,030 453,037
Commissions 1,906,588 1,883,032
General expenses 2,368,900 2,148,963
Interest expense 192,067 178,951
Policy acquisition costs deferred (544,871) (629,608)
Amortization of deferred policy acquisition costs
and value of insurance acquired 524,077 728,110
- -------------------------------------------------------------- ---------------- ---------------
Total Benefits and Expenses 11,057,623 10,534,850
Income before Federal Income Tax 2,159,886 694,734
Federal Income Tax Expense 478,000 120,000
- -------------------------------------------------------------- ---------------- ---------------
Net Income 1,681,886 574,734
Dividends on Redeemable Convertible Preferred Stock 202,950 203,500
- -------------------------------------------------------------- ---------------- ---------------
Net Income Applicable to Common Stock $ 1,478,936 $ 371,234
- -------------------------------------------------------------- ---------------- ---------------
Net Income Per Common Share:
Basic $ 1.37 $ 0.35
Diluted $ 0.93 $ 0.32
- -------------------------------------------------------------- ---------------- ---------------
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
2
Part I. - Financial Information:
Item 1. - Financial Statements
Citizens Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
<TABLE>
Three Months Ended June 30 1998 1997
- -------------------------------------------------------------- ---------------- ---------------
<CAPTION>
Revenues:
<S> <C> <C>
Premiums and other considerations $4,733,218 $4,747,787
Premiums ceded (228,404) (334,228)
- -------------------------------------------------------------- ---------------- ---------------
Net premiums earned 4,504,814 4,413,559
Net investment income 1,357,739 958,407
Net realized investment gains, net of expenses 1,041,514 113,194
Other income 7,576 6,143
- -------------------------------------------------------------- ---------------- ---------------
Total Revenues 6,911,643 5,491,303
Benefits and Expenses:
Policyholder benefits 3,684,180 2,706,222
Policyholder benefits ceded (468,570) (164,106)
- -------------------------------------------------------------- ---------------- ---------------
Net benefits 3,215,610 2,542,116
Increase in net benefit reserves 61,215 240,700
Interest credited on policyholder deposits 229,063 233,488
Commissions 938,770 944,055
General expenses 1,262,174 1,109,028
Interest expense 113,998 84,505
Policy acquisition costs deferred (264,217) (308,732)
Amortization of deferred policy acquisition costs
and value of insurance acquired 295,223 286,992
- -------------------------------------------------------------- ---------------- ---------------
Total Benefits and Expenses 5,851,836 5,132,152
Income before Federal Income Tax 1,059,807 359,151
Federal Income Tax Expense 238,000 62,300
- -------------------------------------------------------------- ---------------- ---------------
Net Income 821,807 296,851
Dividends on Redeemable Convertible Preferred Stock 101,200 101,750
- -------------------------------------------------------------- ---------------- ---------------
Net Income Applicable to Common Stock $ 720,607 $ 195,101
- -------------------------------------------------------------- ---------------- ---------------
Net Income Per Common Share:
Basic $ 0.66 $ 0.18
Diluted $ 0.46 $ 0.16
- -------------------------------------------------------------- ---------------- ---------------
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
3
Item 1. (Continued)
Citizens Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(Unaudited)
<TABLE>
June 30, December 31,
1998 1997
- ------------------------------------------------------------- --------------- ------------------
<CAPTION>
ASSETS
Investments:
<S> <C> <C>
Securities available for sale, at fair value:
Fixed maturities (amortized cost of $76,072,626
and $41,840,652 in 1998 and 1997, respectively) $77,963,311 $43,029,609
Equity securities (cost of $16,537,619
and $12,014,105 in 1998 and 1997, respectively) 21,719,677 14,942,792
Investment real estate 3,862,853 3,890,961
Mortgage loans on real estate 167,725 170,536
Policy loans 4,133,705 2,943,148
Short-term investments 572,492 572,492
- ------------------------------------------------------------- --------------- ------------------
Total Investments 108,419,763 65,549,538
Cash and cash equivalents 5,040,440 6,180,576
Accrued investment income 1,280,325 710,673
Reinsurance recoverable:
Paid benefits and losses 118,885 82,702
Unpaid benefits, losses and IBNR 2,970,039 1,537,270
Premiums receivable 434,588 442,846
Property and equipment 1,301,569 1,295,917
Deferred policy acquisition costs 3,975,822 3,819,678
Value of insurance acquired 6,643,840 4,496,872
Goodwill 94,333 104,814
Other assets 824,980 528,956
- ------------------------------------------------------------- --------------- ------------------
Total Assets $131,104,584 $84,749,842
- ------------------------------------------------------------- --------------- ------------------
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
4
Item 1. (Continued)
Citizens Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(Unaudited)
<TABLE>
June 30, December 31,
1998 1997
- ------------------------------------------------------------- --------------- ------------------
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Policy liabilities:
<S> <C> <C>
Future policy benefits $78,748,453 $42,229,519
Policyholder deposits 15,357,002 15,538,891
Policy and contract claims 1,091,764 1,220,023
Unearned premiums 194,023 160,107
Other 184,456 190,243
- ------------------------------------------------------------- --------------- ------------------
Total Policy Liabilities 95,575,698 59,338,783
Notes payable 6,710,000 3,510,000
Accrued expenses and other liabilities 5,177,475 2,763,849
Federal income tax payable 437,588 263,500
Deferred federal income tax 1,432,180 508,918
- ------------------------------------------------------------- --------------- ------------------
Total Liabilities 109,332,941 66,385,050
Commitments and Contingencies
Redeemable Convertible Preferred Stock;
368 and 370 shares issued and outstanding
in 1998 and 1997, respectively 4,021,907 4,043,907
Shareholders' Equity:
Common stock, 6,000,000 shares authorized;
1,284,724 and 1,275,724 shares issued and outstanding
in 1998 and 1997, respectively 1,284,724 1,275,724
Additional paid-in capital 5,256,250 5,198,250
Unrealized appreciation of investments 4,477,913 2,594,998
Retained earnings 7,293,151 5,814,215
Common stock held in treasury - at cost (200,109 shares) (562,302) (562,302)
- ------------------------------------------------------------- --------------- ------------------
Total Shareholders' Equity 17,749,736 14,320,885
- ------------------------------------------------------------- --------------- ------------------
Total Liabilities and Shareholders' Equity $131,104,584 $84,749,842
- ------------------------------------------------------------- --------------- ------------------
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
5
Item 1. (Continued)
Citizens Financial Corporation and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
<TABLE>
Six Months Ended June 30 1998 1997
<CAPTION>
Cash Flows from Operations:
<S> <C> <C>
Net income $1,681,886 $ 574,734
Adjustments to reconcile net income to net cash flows from operations:
Increase in benefit reserves 295,947 325,254
Decrease in claims liabilities (279,439) (68,586)
(Increase) decrease in reinsurance recoverable:
Paid benefits (36,183) 138,227
Unpaid benefits 31,587 81,038
Interest credited on policyholder deposits 443,030 453,037
Provision for amortization and depreciation, net of deferrals 109,349 222,882
Amortization of premium and accretion of discount
on securities purchased, net 36,508 (14,229)
Net realized investment gains (2,069,029) (247,357)
(Increase) decrease in accrued investment income 36,657 (15,701)
Change in other assets and other liabilities (162,529) 207,699
Deferred federal income taxes 94,425 (69,000)
Federal income taxes payable 178,575 (241,000)
Net Cash Flows provided by (used in) Operations 360,784 1,346,998
Cash Flows from Investment Activities:
Cost of securities acquired (22,575,973) (11,082,763)
Investments sold or matured 21,249,385 7,398,013
Investment management fees and margin interest (359,396) (77,891)
Short-term investments sold, net --- 232,219
Additions to property and equipment, net (97,206) (192,448)
Other investing activities, net 56,623 59,300
Purchase price paid for United Liberty Life Insurance
Company in excess of cash acquired (3,848,387) ---
- ----------------------------------------------------------------------------------------------
Net Cash Flows used in Investment Activities (5,574,954) (3,663,570)
Cash Flows from Financing Activities:
Policyholder deposits 322,361 370,907
Policyholder withdrawals (947,220) (1,111,267)
Net proceeds from brokerage account loans 1,702,393 1,903,191
Notes payable and accrued interest - Guarantor --- (220,869)
Proceeds from note payable - bank 3,400,000 ---
Payments on notes payable - bank (200,000) (215,000)
Dividends on nonredeemable convertible preferred stock (203,500) (203,500)
- ----------------------------------------------------------------------------------------------
Net Cash Flows provided by Financing Activities 4,074,034 523,462
Net Decrease in Cash and Cash Equivalents (1,140,136) (1,793,110)
Cash and Cash Equivalents at Beginning of Period 6,180,576 2,805,717
Cash and Cash Equivalents at End of Period $5,040,440 $ 1,012,607
- ----------------------------------------------------------------------------------------------
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
6
Item 1. (Continued)
CITIZENS FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with the instructions to Form 10-QSB in conformity
with generally accepted accounting principles. The accompanying unaudited
condensed financial statements reflect all adjustments which are, in the opinion
of management, necessary to a fair presentation of the results for the interim
periods. All such adjustments are of a normal recurring nature. For further
information, refer to the December 31, 1997 consolidated financial statements
and footnotes included in the Company's annual report on Form 10-KSB.
2. Comprehensive Income
As of January 1, 1998, the Company adopted SFAS No. 130, "Reporting
Comprehensive Income." SFAS No. 130 establishes rules for the reporting and
display of comprehensive income and its components; however, the adoption of
this Statement had no impact on the Company's net income or total shareholder's
equity. SFAS 130 requires unrealized gains or losses on the Company's available
for sale securities to be included in other comprehensive income.
The components of comprehensive income, net of related tax, for the six
months ended June 30, 1998 and 1997 are as follows:
Six months ended June 30 1998 1997
- ----------------------------------------------------- ------------- -----------
Net Income $1,681,886 $ 574,734
Net unrealized gains on available for sale securities 1,882,915 857,422
- ----------------------------------------------------- ------------- -----------
Comprehensive income $3,564,801 $1,432,156
- ----------------------------------------------------- ------------- -----------
3. Reclassifications
During 1997, the Company adopted the practice of netting certain direct,
incremental investment management fees and margin loan interest costs against
net realized investment gains and losses presented in the Condensed Consolidated
Statements of Operations. Such costs are based directly on or, are primarily
asscapital with, gains generated in the equities portfolio. Previously reported
amounts have also been reclassified for consistency. Costs netted against
realized investment gains total $527,286 and $77,891 for the six months ended
June 30, 1998 and 1997 respectively.
4. Purchase of United Liberty Life Insurance Company and Proforma Information
Effective May 12, 1998 the Company's Citizens Security Life Insurance
Company subsidiary (Citizens Security) completed the acquisition of United
Liberty Life Insurance Company (United Liberty) from Chaswil United Corporation,
a privately-held Cincinnati insurance holding company. The acquisition price was
$6.3 million, subject to adjustments to be determined within 120 days, along
with approximately $825 thousand of additional related costs. In conjunction
with the acquisition, Chaswil retained approximately $2.1 million of United
Liberty's real
7
Item 1. (Continued)
CITIZENS FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4. Purchase of United Liberty Life Insurance Company and Proforma
Information, continued
estate related and other assets, which were replaced with cash by Citizens
Security.
The following proforma consolidated results of operations for the six
months ended June 30, 1998 and 1997 give effect to the United Liberty
acquisition as though it had occurred at the beginning of each period presented.
The primary proforma effects relate to amortization of the acquired value of
insurance inforce, foregone investment income relating to Company funds used in
the purchase, and additional interest expense associated with incremental bank
borrowings. No goodwill was recorded relating to the acquisition. The proforma
results are not necessarily indicative of the consolidated results that would
have occurred or which will be obtained in the future.
Proforma Consolidated Results of Operations
- --------------------------------------------------------------------
Six months ended June 30 1998 1997
- -------------------------------- ----------------- -----------------
Revenue $14,703,381 $14,834,521
Net Income $ 1,753,219 $ 682,659
Net Income Applicable to
Common Stock $ 1,550,269 $ 479,159
Earnings per Share:
Basic $ 1.44 $ 0.45
Diluted $ 0.97 $ 0.38
5. Subsequent Event - Redemption of Convertible Preferred Stock
On August 12, 1998, the Board of Directors approved the redemption of all
outstanding convertible stock. If all preferred stock were redeemed for cash, it
would require the use of $4,048,000 in funds. The Company has firm commitments
from holders of 56% of the Preferred stock to convert it to 410,000 shares of
common stock. If all the remaining preferred stock is redeemed, as opposed to
converted, it will result in an expenditure of $1,793,000 which would be made
from available corporate funds.
8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
FINANCIAL POSITION
Fixed maturities increased $34,231,974 based on amortized cost, during the
first six months of 1998. Equity securities increased $4,523,514 and $6,776,885
on a cost and market value basis, respectively, during the same period. Gross
unrealized appreciation for available-for-sale fixed maturities and equity
securities increased approximately $1,883,000 during the six months ended June
30, 1998.
OPERATIONS
An analysis of segment results (before federal income taxes) for the six
months and three months ended June 30, 1998 and 1997, is shown below.
<TABLE>
Segment Income
-------------------------------------------------------------------
Before Realized Investment Gains Total
-------------------------------- -----------------------------
<CAPTION>
Six months ended June 30 1998 1997 1998 1997
- --------------------------------- --------------- --------------- --- -------------- --------------
<S> <C> <C> <C> <C>
Life and Annuity $36,497 $ 150,939 $2,025,165 $330,853
Accident and Health 54,360 296,438 134,721 363,881
- -------------------------- ------ --------------- --------------- --- -------------- --------------
Total $90,857 $447,377 $2,159,886 $694,734
- -------------------------- ------ --------------- --------------- --- -------------- --------------
</TABLE>
<TABLE>
Segment Income
-------------------------------------------------------------------
Before Realized Investment Gains Total
-------------------------------- -----------------------------
<CAPTION>
Three months ended June 30 1998 1997 1998 1997
- --------------------------------- --------------- --------------- --- -------------- --------------
<S> <C> <C> <C> <C>
Life and Annuity $6,902 $149,328 $1,005,948 $258,557
Accident and Health 11,391 96,629 53,859 100,594
- -------------------------- ------ --------------- --------------- --- -------------- --------------
Total $18,293 $245,957 $1,059,807 $359,151
- -------------------------- ------ --------------- --------------- --- -------------- --------------
</TABLE>
The decline Life and Annuity segment results (before realized investment
gains) for the six months ended June 30, 1998 is principally attributable to a
return to historical mortality levels for broker-sold graded benefit life
insurance products, after realizing more favorable results in 1997. The decrease
in the Accident and Health segment is primarily attributable to increased
individual Accident and Health claim ratios. United Liberty contributed
approximately $60 thousand of additional pretax income less a similar amount of
related financing costs.
Total premiums and other considerations decreased approximately 1.5% during
the first six months of 1998. This change is attributable to a 11.4% decrease in
Accident and Health premium and an 8.0% increase is Life and Annuity premium.
The majority of the Accident and Health decrease is attributable to termination
of certain under- performing group Dental cases. However, termination of these
cases has resulted in an approximate two percentage point improvement in Dental
profit margins. Approximately 80% of the Life and Annuity increase resulted from
acquisition of United Liberty, while the remainder resulted primarily from
improved home service sales and persistency.
9
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
CASH FLOW AND LIQUIDITY
Cash flow from operations totaled $360,784 for the six months ended June
30, 1998 compared to $1,346,998 for the same period in the prior year. This
decrease was principally attributable to a reduction in outstanding claim
liabilities, accrued expenses and taxes.
The $5,574,954 of cash used in investing activities resulted primarily from
the acquisition of United Liberty Life Insurance Company.
The cash provided by financing activities during the first six months of
1998 is primarily attributable to an additional $3,400,000 bank loan used to
finance a portion of the United Liberty Life Insurance Company acquisition.
10
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
The 1998 annual meeting of shareholders of the company was held on May 21,
1998. At the meeting, eight incumbent directors were re-elected to serve until
the 1999 annual meeting of shareholders.
The names of the incumbent directors and the shares of the Company's Class
A Stock were voted as follows:
Candidate For Withheld
John H. Harralson, Jr. 573,188 14,470
Lane A. Hersman 563,801 23,827
Frank T. Kiley 573,188 14,470
Charles A. Mays 563,763 23,895
Earle V. Powell 573,188 14,470
Thomas G. Ward 573,188 14,470
Darrell R. Wells 573,188 14,470
Margaret A. Wells 573,188 14,470
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibit 11. Statement re computation of per share earnings Exhibit 27.
Financial Data Schedule
b. A Form 8-K dated April 7, 1998 was filed relating to Item 5. Other
Events. The form disclosed modification of the terms of the pending acquisition
of United Liberty Life Insurance Company (United Liberty). A Form 8-K dated May
27, 1998 was filed relating to Item 2. Acquisition or Disposition of Assets. The
form disclosed completion of the United Liberty acquisition.
SIGNATURES
In accordance with the requirements of the Securities and Exchange Act of
1934, Registrant has caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CITIZENS FINANCIAL CORPORATION
BY: /s/ Darrell R. Wells
President and Chief Executive Officer
BY: /s/ Brent L. Nemec
Treasurer and Principal Accounting Officer
Date: August 14, 1998
11
EXHIBIT INDEX
Exhibit No. Description Page No.
11 Statement re computation of per share earnings 13
27 Financial Data Schedule (electronic filing only)
12
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
<TABLE>
Six Months Ended June 30 1998 1997
- --------------------------------------------------------- -------------- ---------------
<CAPTION>
Numerator:
<S> <C> <C>
Diluted: Net income $1.681.886 $ 574,734
Less: Preferred stock dividends 202.950 203,500
- --------------------------------------------------------- -------------- ---------------
Basic: Net income applicable to common stock $1,478,936 $ 371,234
- --------------------------------------------------------- -------------- ---------------
Denominator:
Basic: Weighted average common shares 1,076,670 1,075,615
Plus: Assumed conversion of preferred stock 739,359 740,000
- --------------------------------------------------------- -------------- ---------------
Diluted: Weighted average shares assuming preferred conve1,816,029 1,815,615
- --------------------------------------------------------- -------------- ---------------
Basic earnings per share $1.37 $ 0.35
Diluted earnings per share $0.93 $ 0.32
Three Months Ended June 30 1998 1997
- --------------------------------------------------------- -------------- ---------------
Numerator:
Diluted: Net income $821,807 $ 296,851
Less: Preferred stock dividends 101,200 101,750
- --------------------------------------------------------- -------------- ---------------
Basic: Net income applicable to common stock $720,607 $ 195,101
- --------------------------------------------------------- -------------- ---------------
Denominator:
Basic: Weighted average common shares 1,077,714 1,075,615
Plus: Assumed conversion of preferred stock 738,725 740,000
- --------------------------------------------------------- -------------- ---------------
Diluted: Weighted average shares assuming preferred conve1,816,439 1,815,615
- --------------------------------------------------------- -------------- ---------------
Basic earnings per share $0.66 $ 0.18
Diluted earnings per share $0.46 $ 0.16
</TABLE>
13
<TABLE> <S> <C>
<ARTICLE> 7
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<DEBT-HELD-FOR-SALE> 77,963
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 21,720
<MORTGAGE> 168
<REAL-ESTATE> 3,863
<TOTAL-INVEST> 108,420
<CASH> 5,040
<RECOVER-REINSURE> 119
<DEFERRED-ACQUISITION> 3,976
<TOTAL-ASSETS> 131,105
<POLICY-LOSSES> 78,748
<UNEARNED-PREMIUMS> 194
<POLICY-OTHER> 1,092
<POLICY-HOLDER-FUNDS> 15,357
<NOTES-PAYABLE> 6,710
4,022
0
<COMMON> 1,285
<OTHER-SE> 16,465
<TOTAL-LIABILITY-AND-EQUITY> 131,105
8,859
<INVESTMENT-INCOME> 2,281
<INVESTMENT-GAINS> 2,069
<OTHER-INCOME> 8
<BENEFITS> 5,842
<UNDERWRITING-AMORTIZATION> 524
<UNDERWRITING-OTHER> 4,275
<INCOME-PRETAX> 2,160
<INCOME-TAX> 478
<INCOME-CONTINUING> 1,682
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,682
<EPS-PRIMARY> 1.37
<EPS-DILUTED> 0.93
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
