<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q. -QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended March 31, 2000.
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 22-25144
FIRST STATE BANCORPORATION
(Exact name of registrant as specified in its charter)
NEW MEXICO 85-0366665
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
7900 JEFFERSON NE
ALBUQUERQUE, NEW MEXICO 87109
(Address of principal executive offices) (Zip Code)
(505) 241-7500
(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 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 XX 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: 5,170,926 shares of common
stock, no par value, outstanding as of May 5, 2000.
<PAGE>
FIRST STATE BANCORPORATION AND SUBSIDIARY
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 1
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 6
Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings None
Item 2. Changes in Securities and Use of Proceeds None
Item 3. Defaults Upon Senior Securities None
Item 4. Submission of Matters to a Vote of Security Holders None
Item 5. Other Information None
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES 8
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
First State Bancorporation and Subsidiary
Consolidated Condensed Balance Sheets
(unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
Assets 2000 1999
------ ------------ ------------
<S> <C> <C>
Cash and due from banks $ 31,036,401 $ 22,725,861
Federal funds sold 13,275,000 --
------------ ------------
Total cash and cash equivalents 44,311,401 22,725,861
Investment securities:
Held to maturity (at amortized cost, market value of $39,382,698 at
March 31, 2000, and $22,490,690 at December 31, 1999) 39,515,832 22,590,081
Available for sale (at market, amortized cost of $83,874,150 at
March 31, 2000, and $74,227,391 at December 31, 1999) 81,965,329 72,211,289
------------ ------------
Total investments 121,481,161 94,801,370
------------ ------------
Loans and leases net of unearned interest 394,158,042 428,637,703
Less allowance for loan and lease losses 5,439,987 5,386,622
------------ ------------
Net loans and leases 388,718,055 423,251,081
Premises and equipment 13,204,283 15,060,722
Accrued interest receivable 3,376,888 3,062,575
Other real estate owned 1,994,283 1,917,126
Goodwill, net 543,212 569,264
Other assets 6,741,856 5,495,565
------------ ------------
Total assets $580,371,139 $566,883,564
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Deposits:
Non-interest-bearing $ 93,341,337 $ 89,303,965
Interest-bearing 377,387,135 374,231,608
------------ ------------
Total deposits 470,728,472 463,535,573
Securities sold under agreements to repurchase 47,860,668 38,927,736
Other liabilities 5,388,747 8,842,326
Long-term debt 11,139,106 11,150,902
------------ ------------
Total liabilities 535,116,993 522,456,537
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized, none
issued or outstanding
Common stock, no par value, 20,000,000 shares authorized,
issued and outstanding 5,167,152 at March 31, 2000 and
5,158,846 at December 31, 1999 29,562,189 29,459,807
Treasury Stock, at cost (304,100 shares at March 31, 2000 and
228,750 at December 31, 1999) (3,917,481) (3,012,031)
Retained earnings 20,869,260 19,309,878
Unrealized loss on investment securities available for sale (1,259,822) (1,330,627)
------------ ------------
Total stockholders' equity 45,254,146 44,427,027
------------ ------------
Total liabilities and stockholders' equity $580,371,139 $566,883,564
============ ============
Book value per share $9.31 $9.03
============ ============
Tangible book value per share $9.19 $8.91
============ ============
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statements.
1
<PAGE>
First State Bancorporation and Subsidiary
Consolidated Condensed Statements of Operations
For the three months ended March 31, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
Three months Three months
Ended Ended
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Interest Income:
Interest and fees on loans and leases $10,354,830 $8,276,280
Interest on investment securities:
Taxable 1,450,372 1,425,443
Nontaxable 51,739 58,411
Federal funds sold 54,466 61,037
------------ ------------
Total interest income 11,911,407 9,821,171
------------ ------------
Interest expense:
Deposits 3,619,736 2,863,076
Short-term borrowings 541,214 424,110
Long-term debt and capital lease 186,066 27,678
------------ ------------
Total interest expense 4,347,016 3,314,864
------------ ------------
Net interest income before provision for loan and lease losses 7,564,391 6,506,307
Provision for loan and lease losses 625,002 744,400
------------ ------------
Net interest income after provision for loan and lease losses 6,939,389 5,761,907
------------ ------------
Other Income:
Service charges on deposit accounts 570,729 469,300
Other banking service fees 101,115 90,048
Credit card transaction fees 510,461 317,390
Operating lease income 105,055 160,043
Loss on sale of investment securities (333,142) --
Gain on sale of Leasing Division 879,078 --
Other 312,642 271,204
------------ ------------
Total other income 2,145,938 1,307,985
------------ ------------
Other expenses:
Salaries and employee benefits 2,911,125 2,542,740
Occupancy 785,775 587,936
Data Processing 283,500 239,748
Credit card interchange 262,682 178,978
Equipment 464,436 380,934
Leased equipment depreciation 70,241 152,924
Legal, accounting, and consulting 195,644 147,179
Marketing 241,622 232,162
Other real estate owned expenses 15,285 43,561
Amortization of goodwill 26,051 26,051
Other 1,157,867 812,342
------------ ------------
Total other expenses 6,414,228 5,344,555
------------ ------------
Income before income taxes 2,671,099 1,725,337
Income tax expense 913,526 628,215
------------ ------------
Net income $ 1,757,573 $ 1,097,122
============ ============
Basic earnings per share $0.36 $0.21
============ ============
Diluted earnings per share $0.35 $0.21
============ ============
Dividends per common share $0.06 $0.05
============ ============
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statements.
2
<PAGE>
FIRST STATE BANCORPORATION AND SUBSIDIARY
Consolidated Condensed Statements of Comprehensive Income
For the three months ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
Three month ended Three months ended
March 31, March 31,
2000 1999
----------------- ------------------
<S> <C> <C>
Net income $1,757,573 $1,097,122
Other comprehensive income net of tax:
Unrealized holding losses on securities
available for sale arising during period (149,068) (283,018)
Less: reclassification adjustment for losses
included in net income 219,873 --
----------------- ------------------
Total comprehensive income $1,828,378 $ 814,104
================= ==================
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statements
3
<PAGE>
First State Bancorporation and Subsidiary
Consolidated Condensed Statements of Cash Flows
For the three months ended March 31, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
------------- -------------
<S> <C> <C>
Operating activities:
Net Income $ 1,757,573 $ 1,097,122
------------- -------------
Adjustments to reconcile net income to cash provided by operations:
Provisions for loan and lease losses 625,002 744,400
Provision for decline in value of other real estate owned - 28,722
Depreciation and amortization 184,040 408,208
Losses on sales of investment securities 333,142 -
Gain of sale of Leasing Division (879,078) -
Increase in accrued interest receivable (314,313) (377,980)
Increase in other assets, net (1,246,291) (325,926)
Increase in other liabilities, net 1,508,145 739,256
------------- -------------
Total adjustments 210,647 1,216,680
------------- -------------
Net cash provided by operating activities 1,968,220 2,313,802
------------- -------------
Cash flows from investing activities:
Net increase in loans (27,780,072) (24,975,175)
Proceeds from the sale of Leases 64,427,001 -
Early payoff of Operating Leases - 559,333
Purchases of investment securities available for sale (21,943,800) (18,527,700)
Maturities of investment securities available for sale 24,464 9,950,000
Purchases of investment securities held to maturity (99,182,108) (89,100,000)
Maturities of investment securities held to maturity 82,500,000 118,600,000
Sale of investment securities available for sale 11,936,858 -
Purchases of premises and equipment (760,556) (123,114)
Sales of premises and equipment 125,038 543,177
Payments received on loans classified as other real estate owned 119,443 1,173
------------- -------------
Net cash used in investing activities 9,466,268 (3,072,306)
------------- -------------
Cash flows from financing activities:
Net increase in interest-bearing deposits 3,155,527 4,544,935
Net increase in non-interest-bearing deposits 4,037,372 4,698,179
Net increase in securities sold under repurchase agreements 8,932,932 10,907,444
Payments on long-term debt (11,796) (10,800)
Federal Funds purchased, net (4,900,000) -
Common stock issued 102,382 107,074
Dividends paid (259,915) (239,731)
Purchase of Treasury stock (905,450) -
------------- -------------
Net Cash provided by financing activities 10,151,052 20,007,101
------------- -------------
Increase in cash and cash equivalents 21,585,540 19,248,597
Cash and cash equivalents at beginning of period 22,725,861 18,093,685
------------- -------------
Cash and cash equivalents at end of period $ 44,311,401 $ 37,342,282
============= =============
Supplemental disclosure of noncash investing and financing activities:
Additions to other real estate owned in settlement of loans $ 196,600 $ 1,538,338
============= =============
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statement
4
<PAGE>
First State Bancorporation and Subsidiary
Notes to Consolidated Condensed Financial Statements
(Unaudited)
1. Consolidated Condensed Financial Statements
The accompanying consolidated condensed financial statements are unaudited and
include the accounts of First State Bancorporation (the "Company") and its
subsidiary, First State Bank of Taos (100% owned).
All significant intercompany accounts and transactions have been eliminated.
Information contained in the consolidated condensed financial statements and
notes thereto of the Company should be read in conjunction with the Company's
consolidated financial statements and notes thereto contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 1999.
The consolidated condensed financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and instructions to Form 10-Q. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments (consisting only of normally recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
three month period ended March 31, 2000, are not necessarily indicative of the
results that may be expected for the year ending December 31, 2000.
2. Earnings per Common Share
Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("FAS
128") requires the computation of basic earnings per share and diluted earnings
per share. Basic earnings per share is computed by dividing income available to
common stockholders (the numerator) by the weighted-average number of common
shares outstanding during the period (the denominator). Diluted earnings per
share is calculated by increasing the basic earning per share denominator by
the number of additional common shares that would have been outstanding if
dilutive potential common shares for options, warrants, and convertible
securities had been issued and increasing the basic earnings per share numerator
by the after tax amount of interest and amortization associated with the
convertible debentures. The following is a reconciliation of the numerators and
denominators of basic and diluted earnings per share for the three months ended
March 31:
<TABLE>
<CAPTION>
2000 1999
--------------------------------------- ------------------------------------------
Income Shares Per Share Income Shares Per
(Numerator) (Denominator) Amount (Numerator) (Denominator) Share Amount
----------- ---------------- ----------- ----------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Basic EPS:
Net income available to common
stockholders $1,757,573 4,923,928 $0.36 $1,097,122 5,134,710 $0.21
======== ========
Effect of dilutive securities:
Options 120,522 120,629
--------- ---------
Diluted EPS:
Net income available to common
stockholders plus interest and
amortization on convertible
debentures $1,757,573 5,044,450 $0.35 $1,097,122 5,255,339 $0.21
========== ========= ======== ========== ========= ========
</TABLE>
5
<PAGE>
3. Sale of Leasing Division
On March 1, 2000, the Company closed the sale of its subsidiary bank's
commercial leasing division. The sale resulted in $63.7 million of leases being
sold. The gain on the sale amounted to approximately $879,000, net of
transaction costs. The proceeds from the sale were used to purchase investment
securities, fund loan demand, and reduce short-term borrowings.
4. Treasury Stock
The Company's Board of Directors has authorized management to purchase up to
525,000 shares of its common stock. To date, management has purchased 304,100
shares including 75,350 shares totaling $905,450 during the first quarter of
2000. Management intends to purchase additional shares in the amount of which
will be determined by cash available for dividends from the subsidiary bank.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Consolidated Condensed Balance Sheets
The Company's total assets increased by $13.5 million from $566.8 million as of
December 31, 1999, to $580.4 million as of March 31, 2000, due to increasing
market share and economic growth in the Company's market areas. For the first
three months of 2000, net loans decreased by $34.6 million from $423.3 million
to $388.7 million, while investment securities increased by $26.7 million from
$94.8 million to $121.5 million. On March 1, 2000, the Company closed the sale
of its subsidiary bank's commercial leasing division. The sale resulted in
$63.7 million of leases being sold. The gain on the sale amounted to
approximately $879,000, net of transaction costs. The proceeds from the sale
were used to purchase investment securities, fund loan demand, and reduce short-
term borrowings. Excluding the sale of the leasing division, total commercial
loans increased by approximately $6.3 million, real estate loans increased by
approximately $25.8 million.
Deposits, which are the Company's main source of funds for loans, investments
and federal funds sold, increased by $7.2 million from $463.5 million as of
December 31, 1999, to $470.7 million as of March 31, 2000. Non-interest-bearing
deposits increased by $4.0 million and interest-bearing deposits increased by
$3.2 million. For the first three months of 2000, securities sold under
agreements to repurchase increased $9.0 million.
Consolidated Results of Operations For the Three Months Ended March 31, 2000
Net income for the Company for the three months ended March 31, 2000, was $1.8
million, an increase of $660,000 or 60.2% from $1.1 million for the same period
of 1999. The Company's annualized return on average assets was 1.24% for the
first quarter of 2000, compared to 0.90% for the same period of 1999.
The provision for loan losses was $625,000 for the first quarter of 2000,
compared to $744,400 for the first quarter of 1999. Net charge-offs for the
first quarter of 2000 were $572,000 compared to $675,000 for the first quarter
of 1999. The allowance for loan losses to total loans was 1.38% and the
allowance for loan losses to non-performing loans was 136% at March 31, 2000,
compared to allowance for loan losses to total loans of 1.10% and the allowance
for loan losses to non-performing assets to total assets of 111% at March 31,
1999. Total non-performing assets to total assets were 1.03% at March 31,2000,
compared to 1.12% at March 31, 1999. Management provides for loan losses based
upon its judgements concerning the adequacy of the allowance for loan losses
considering such factors as loan growth, delinquency trends, previous charge-off
experience, and local and national economic conditions.
The net interest income before the provision loan loss increased $1.1 million to
$7.6 million for the first quarter of 2000 compared to $6.5 million for the
first quarter of 1999. This increase was composed of a $2.1 million increase in
total interest income off-set by a $1.0 million increase in total interest
expense. The increase in interest income was composed of an increase of $1.4
million due to increased average interest earning assets of $65.1 million and
$700,000 due to a 0.53% increase in the yield on average interest earning
assets. The increase in total interest expense was $600,000 due to a $61.3
million in average interest bearing liabilities and $400,000 due to a 0.45%
increase in the cost of interest bearing liabilities.
6
<PAGE>
Leases of $63.7 million with an approximate yield of 8.42% were sold with the
Leasing Division. The proceeds from the sale of the leasing division were used
to purchase $32.8 million in investment securities with a weighted average yield
of approximately 7.38% and to reduce short-term borrowings with a balance at
closing of $20.6 million with an approximate interest cost of 5.76%. During the
quarter securities with a weighted average yield of 5.23% were sold and
reinvested in similar securities with a weighted average yield of 7.33%. In the
second quarter of 2000 management intends to reduce long-term borrowings of $10
million with an approximate interest cost of 6.31%.
The recent increases in interest rate precipitated by the Federal Reserve
Board's increases in the discount rate have increased the yield on interest
earnings assets and have caused management to increase rates paid on deposits.
The impact on the net interest margin of additional increases in interest rates
will be significantly determined by the competitive environment for deposits.
Total non-interest income increased by $800,000 to $2.1 million for the three
months ended March 31, 2000, compared to $1.3 million for the same period of
1999. Included in total other income was a $879,000 gain on the sale of the
leasing division, a loss of $333,000 on securities sold, and $105,000 of
operating lease income. The loss on the sale of securities was a result of
management selling securities and reinvesting in similar securities with higher
yields. The $105,000 of operating lease income will not be reoccurring as the
underlying leases were sold in the leasing division transaction. Not including
these items total other income was $1.5 million compared to $1.1 million for the
quarters ended March 31, 2000 and 1999, respectively. Approximately $118,000 of
this increase was due to fees generated by the Company's mortgage division which
was opened in September of 1999.
Total non-interest expense increased by $1.1 to $6.4 million for the first
quarter of 2000, compared to $5.3 million for the same period of 1999. This
increase was due partially to $267,000 in non-interest expenses in the Company's
mortgage division and $94,500 as a result of the opening of the Belen branch in
January 2000. Non-interest expense also includes $225,800 of expenses which
will be eliminated as a result of the sale of the leasing division. The
remainder of the growth in non-interest expense was primarily a result of the
Company's overall growth.
Allowance for Loan and Lease Losses and Non-Performing Assets
The following tables set forth the Allowance for Loan and Lease Losses and Non-
Performing assets.
<TABLE>
<CAPTION>
(Dollars in thousands)
ALLOWANCE FOR LOAN AND LEASE LOSSES: March 31, 2000 December 31, 1999 March 31,1999
-------------- ----------------- -------------
<S> <C> <C> <C>
Balance beginning of Period $5,387 $3,875 $3,875
Provision for loan and lease losses 625 3,075 744
Net charge-offs 572 1,563 675
-------------- ----------------- -------------
Balance end of period $5,440 $5,387 $3,944
-------------- ----------------- -------------
Allowance for loan and lease losses to total
loans and leases 1.38% 1.26% 1.10%
Allowance for loan and lease losses to
non-performing loans and leases 1.36% 1.92% 111%
NON-PERFORMING ASSETS: March 31, 2000 December 31, 1999 March 31,1999
-------------- ----------------- -------------
Accruing loans - 90 days past due $4 $84 $89
Non-accrual loans 3,992 2,725 3,459
Restructured loans -- -- --
-------------- ----------------- -------------
Total non-performing loans 3,996 2,809 3,548
Other real estate owned 1,994 1,917 2,206
-------------- ----------------- -------------
Total non-performing assets $5,990 $4,726 $5,754
============== ================= =============
Potential problem loans and leases $4,274 $5,133 $4,620
============== ================= =============
Total non-performing assets to total assets 1.03% 0.83% 1.12%
</TABLE>
7
<PAGE>
Liquidity and Capital Expenditures
The Company's primary sources of funds are customer deposits, loan repayments,
and maturities of investment securities. The Company has additional sources of
liquidity in the form of borrowings. Borrowings include federal funds purchased,
securities sold under repurchase agreements and borrowings from the Federal Home
Loan Bank.
Forward-Looking Statements
Statements which are forward-looking are not historical facts, and involve risks
and uncertainties that could cause the Company's results to differ materially
from those in any forward-looking statements. These risks include the possible
loss of key personnel, need for additional capital should the Company experience
faster than anticipated growth, changes in economic conditions, interest rate
risk, factors which could affect the Company's ability to compete in its trade
areas, changes in regulations and governmental policies, and the risks described
in the Company's Securities and Exchange Commission filings.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in the Company's market risk profile from the
information disclosed in the Company's Form 10-K for the year ended December 31,
1999.
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27 Financial Data Schedule
Reports of Form 8-K
On March 14, 2000 the Company filed a report on Form 8-K under Item 2 which
describes the Companys sale of its leasing division on March 1, 2000.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FIRST STATE BANCORPORATION
<TABLE>
<S> <C>
Date: May 11, 2000 By: Michael R. Stanford
----------------------------------------------------------------------------
Michael R. Stanford, President & Chief Executive Officer
Date: May 11, 2000 By: H. Patrick Dee
----------------------------------------------------------------------------
H. Patrick Dee, Executive Vice President & Chief Operating Officer
Date: May 11 ,2000 By: Brian C. Reinhardt
----------------------------------------------------------------------------
Brian C. Reinhardt, Executive Vice President and Chief Financial Officer
</TABLE>
8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
CONDENSED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 31,036,401
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 13,275,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 81,965,329
<INVESTMENTS-CARRYING> 39,515,832
<INVESTMENTS-MARKET> 39,382,698
<LOANS> 394,158,042
<ALLOWANCE> 5,439,987
<TOTAL-ASSETS> 580,371,139
<DEPOSITS> 470,728,472
<SHORT-TERM> 47,860,668
<LIABILITIES-OTHER> 5,388,747
<LONG-TERM> 11,139,106
0
0
<COMMON> 46,513,968
<OTHER-SE> (1,259,822)
<TOTAL-LIABILITIES-AND-EQUITY> 580,371,139
<INTEREST-LOAN> 10,354,830
<INTEREST-INVEST> 1,502,111
<INTEREST-OTHER> 54,466
<INTEREST-TOTAL> 11,911,407
<INTEREST-DEPOSIT> 3,619,736
<INTEREST-EXPENSE> 4,347,016
<INTEREST-INCOME-NET> 7,564,391
<LOAN-LOSSES> 625,002
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 6,414,228
<INCOME-PRETAX> 2,671,099
<INCOME-PRE-EXTRAORDINARY> 1,757,573
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,757,573
<EPS-BASIC> 0.36
<EPS-DILUTED> 0.35
<YIELD-ACTUAL> 5.74
<LOANS-NON> 3,991,659
<LOANS-PAST> 4,319
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 4,273,657
<ALLOWANCE-OPEN> 5,386,622
<CHARGE-OFFS> 668,038
<RECOVERIES> 96,402
<ALLOWANCE-CLOSE> 5,439,987
<ALLOWANCE-DOMESTIC> 5,439,987
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
