<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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 September 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-22790
STATEFED FINANCIAL CORPORATION
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(Exact name of small business issuer as specified in its charter)
Delaware 42-1410788
--------------------------------- ------------------------
(State of other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification or Number)
519 Sixth Avenue, Des Moines, Iowa 50309
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(Address of principal executive offices)
(515) 282-0236
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(Issuer's telephone number)
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 [ ]
State the number of Shares outstanding of each of the issuer's classes
of common equity, as the latest date:
As of November 6, 1997, there were 778,723 shares of the Registrant's
common stock issued and outstanding.
<PAGE>
STATEFED FINANCIAL CORPORATION
Form 10-QSB
Index
Financial Information Page No.
Item 1. Consolidated Financial Statements:
Consolidated Statements of Financial Condition
as of September 30, 1997 and June 30, 1997 3
Consolidated Statements of Income for
the Three Month Periods Ending September 30, 1997
and September 30, 1996. 4
Consolidated Statement of Stockholders'
Equity for the Three Months ended September 30, 1997 5
Consolidated Statements of Cash Flows
for the Three Months ended September 30, 1997 and
September 30, 1996 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
PART II. Other Information 12
Signatures 14
2.
<PAGE>
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, 1997 and June 30, 1997
<TABLE>
<CAPTION>
ASSETS (Unaudited)
September 30, 1997 June 30, 1997
<S> <C> <C>
Cash and amounts due from depository institutions $ 5,896,882 $ 3,634,086
Investments in certificates of deposit 3,452,007 4,435,425
Investment securities available-for-sale 3,928,498 3,477,168
Loans receivable, net 67,894,619 68,177,746
Real estate acquired for development 445,322 435,484
Real estate held for investment, net 2,213,519 1,933,532
Property acquired in settlement of loans 368,497 333,939
Office property and equipment, net 1,459,717 1,418,982
Federal Home Loan Bank stock, at cost 950,000 950,000
Accrued interest receivable 536,539 567,478
Prepaid expenses and other assets 396,840 314,754
----------------- -----------------
TOTAL ASSETS $87,542,440 $85,678,594
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $52,333,096 $50,345,972
Advances from Federal Home Loan Bank 19,000,000 19,000,000
Advances from borrowers for taxes and insurance 88,836 490,053
Accrued interest payable 188,916 128,881
Dividends payable 78,372 78,372
Income taxes:current and deferred 317,492 200,327
Other liabilities 190,650 201,982
----------------- -----------------
TOTAL LIABILITIES $72,197,362 $70,445,587
----------------- -----------------
Stockholders' equity:
Common stock $8,905 $8,905
Additional paid-in capital 8,421,311 8,398,857
Unearned compensation - restricted stock awards (400,205) (423,576)
Unrealized gain on investments 89,514 57,462
Treasury stock (1,672,734) (1,560,859)
Retained earnings - substantially restricted 8,898,287 8,752,218
----------------- -----------------
TOTAL STOCKHOLDERS' EQUITY 15,345,078 $15,233,007
----------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $87,542,440 $85,678,594
================= =================
</TABLE>
3
<PAGE>
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended September 30, 1997 and 1996
<TABLE>
<CAPTION>
Three Months Ended
September 30,
(Unaudited)
------------------------- ----------------------
1997 1996
------------------------- ----------------------
<S> <C> <C>
Interest Income:
Loans $1,430,883 $1,394,587
Investments 150,888 128,913
Other 51,492 25,672
------------------------- ----------------------
Total interest income 1,633,263 1,549,172
Interest Expense:
Deposits 706,047 605,344
Borrowings 291,999 232,824
------------------------- ----------------------
Total interest expense 998,046 838,168
Net interest income 635,217 711,004
Provision for loan losses 6,000 6,000
------------------------- ----------------------
Net interest income after
provision for loan losses 629,217 705,004
Non-interest income:
Real estate operations 94,370 97,684
Other 17,064 14,219
------------------------- ----------------------
Total non-interest income 111,434 111,903
Non-interest expense:
Salaries and benefits 217,225 202,880
Real estate operations 63,088 59,906
Occupancy and equipment 29,229 26,733
SAIF special assessment - 291,331
FDIC premiums and OTS assessments 9,938 32,201
Data processing 22,050 20,016
Other 57,515 80,841
------------------------- ----------------------
Total non-interest expense 399,045 713,908
------------------------- ----------------------
Income before income taxes 341,606 102,999
Income tax expense 117,165 35,820
------------------------- ----------------------
Net income $ 224,441 $ 67,179
========================= ======================
Earnings per share $ 0.29 $ 0.09
</TABLE>
4
<PAGE>
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Three Months Ended September 30, 1997
(Unaudited)
Balance - June 30, 1997 $15,233,007
Additional paid in capital 22,454
Net unrealized gain on investment securities 32,052
Dividends declared (78,372)
Repurchase of 5,000 shares treasury stock (111,875)
ESOP common stock released for allocation 18,550
Amortization of MRP contribution 4,821
Net income 224,441
-----------
Balance September 30, 1997 $15,345,078
===========
5
<PAGE>
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 1997 and September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Nine Months
Ended September 30,
Cash Flows From Operating Activities 1997 1996
- ------------------------------------ --------------------- ---------------------
<S> <C> <C>
Net Income $ 224,441 $ 67,179
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 21,103 28,786
Amortization of purchase loan discounts - (3,203)
Amortization of MRP and ESOP 45,825 42,247
Deferred loan fees (5,532) (928)
Provision for losses on loans 6,000 6,000
Change in:
Accrued interest receivable 30,939 (21,850)
Prepaid expenses and other assets (82,086) (38,772)
Accrued interest payable 60,035 52,033
Other liabilities 105,833 358,913
--------------------- ---------------------
NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES $ 406,558 $ 490,405
CASH FLOWS FROM INVESTING ACTIVITIES
- ------------------------------------
Maturity of investments in certificates of deposit $ 983,418 $ 1,401
Purchase of investment securities (619,278) (200,634)
Proceeds from maturing investment securities 200,000 0
Net increase in loans outstanding 282,659 (3,597,880)
Investment in real estate held for development (9,838) (166,890)
Investment in real estate acquired in settlement of loans (34,558) 0
Purchase of real estate held for investment (287,729) (5,150)
Purchase of office property and equipment (54,096) (3,208)
--------------------- ---------------------
NET CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES $ 460,578 $(3,972,361)
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------
Net increase (decrease) in deposits $1,987,124 $685,522
Advances from the Federal Home Loan Bank 4,000,000 4,000,000
Repayment of advances from the Federal Home Loan Bank (4,000,000) -
Net decrease in advances from borrowers (401,217) (394,208)
Proceeds from stock options exercised - 10,000
Dividends paid (78,372) (81,349)
Purchase of treasury stock (111,875) (403,125)
--------------------- ---------------------
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES $1,395,660 $ 3,816,840
--------------------- ---------------------
CHANGE IN CASH AND CASH EQUIVALENTS $2,262,796 $ 334,884
- -----------------------------------
--------------------- ---------------------
CASH AND CASH EQUIVALENTS, beginning of period $3,634,086 $ 2,564,267
- -------------------------
--------------------- ---------------------
CASH AND CASH EQUIVALENTS, end of period $5,896,882 $ 2,899,151
- -------------------------
===================== =====================
</TABLE>
6
<PAGE>
STATEFED FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended
September 30, 1997 and September 30, 1996
(Unaudited)
1. BASIS OF PRESENTATIONS
These consolidated financial statements are unaudited (with the
exception of the Consolidated Statement of Financial Condition for June 30,
1997). These consolidated financial statements were prepared in accordance with
institutions for Form 10-QSB and therefore, do not include all disclosures
necessary for a complete presentation of the statements of financial condition,
statements of income and statements of cash flows in accordance with generally
accepted accounting principles. However, in the opinion of management, all
adjustments necessary for a fair presentation of the consolidated financial
statements have been included. Results for any interim period are not
necessarily indicative of results expected for the year. The interim
consolidated financial statements include the accounts of StateFed Financial
Corporation (the "Corporation"), its subsidiary, State Federal Savings and Loan
Association (the "Association" or "State Federal") and the Association's
subsidiary, State Service Corporation.
These statements should be read in conjunction with the consolidated
financial statements and related notes which are incorporated by reference in
the company's Annual Report on Form 10-KSB for the year ended June 30, 1997.
2. EARNINGS PER SHARE OF COMMON STOCK
Earnings per share of Common Stock is computed by dividing net income
for the period by the weighted average number of common stock and common stock
equivalents outstanding during the three month period ending September 30, 1997,
plus the shares that would be issued assuming the conversion of dilutive stock
options. The weighted average number of shares used in the earnings per share
computations were 767,451 for the three month period ending September 30, 1997.
3. REGULATORY CAPITAL REQUIREMENTS
Pursuant to Federal law, savings institutions must meet three separate
capital requirements. The Association's capital ratios and balances at September
30, 1997 are as follows:
<TABLE>
<CAPTION>
Amount %
-------------------------
<S> <C> <C>
Tangible Capital: (Dollars in thousands)
Association's $ 8,549 10.42%
Requirement 1,230 1.50
------- ------
Excess $ 7,319 8.92%
Core Capital:
Association's $ 8,549 10.42%
Requirement 2,461 3.00
------- -----
Excess $ 6,088 7.42%
Risk-Based Capital:
Association's $ 8,776 18.56%
Requirement 3,782 8.00
-------- ------
Excess $ 4,994 10.56%
</TABLE>
7
<PAGE>
4. STOCK OPTION PLAN
During the company's annual meeting held in October, 1994, the
stockholders ratified the StateFed Financial Corporation 1993 stock option plan.
Under the terms of stock option plan, options to purchase shares of the
company's stock at $10 per share were granted. Options for 85,692 were granted
under the plan and there were 17,192 shares reserved for future grants. During
the three months ended September 30, 1997 no options were exercised.
5. STOCK REPURCHASE PLAN
On January 17, 1997, the Company's Board of Directors authorized
management to repurchase up to 39,170 shares of the Company's common stock over
the next twelve months. During the three month period ending September 30, 1997,
5,000 shares were repurchased. As of November 5, 1997, 11,400 shares have been
repurchased since January 17, 1997, at a cost of $229,075.
8.
<PAGE>
PART I ITEM 2
STATEFED FINANCIAL CORPORATION
Management's Discussion and Analysis of Financial
Condition and Results of Operations
General
The accompanying Consolidated Financial Statements include StateFed
Financial Corporation (the "Company") and its wholly owned subsidiary, State
Federal Savings and Loan Association (the "Association"). All significant
inter-company transactions and balances are eliminated in consolidation. The
Company's results of operations are primarily dependent on the Association's net
interest margin, which is the difference between interest income earned on
interest-earning assets and interest expense paid on interest-bearing
liabilities. The Association's net income is also affected by the level of its
non-interest expenses, such as employee compensation and benefits, occupancy
expenses, and other expenses.
Financial Condition
The Company's total assets increased $1.8 million, from $85.7 million
at June 30, 1997 to $87.5 million at September 30, 1997. This increase was due
primarily to an increase in cash and amounts due from depository institutions of
$2.3 million, and an increase in investment securities available-for-sale of
$451,000, partially offset by a decrease in investments in certificate of
deposits of $983,000, and a decrease in net loans receivable of $283,000.
Cash and amounts due from depository institutions increased $2.3
million, from $3.6 million at June 30, 1997 to $5.9 million at September 30,
1997. The increase in cash and amounts due from depository institutions occurred
as a result of an increase in deposits of $2.0 million and maturities of
certificates of deposits of $1.0 million, partially offset by an increase in
investment securities of $451,000 and a decrease in advances from borrowers for
taxes and insurance of $400,000.
Net loans receivable decreased $283,000, from $68.2 million at June 30,
1997 to $67.9 million at September 30, 1997. Repayment of principal totaled $3.1
million for the three month period, while loan origination's totaled $3.2
million.
Total deposits increased by $2.0 million from $50.3 million at June 30,
1997 to $52.3 million at September 30, 1997. Certificate accounts increased $1.9
million, money market fund accounts increased $116,000, NOW accounts increased
$168,000, while passbook accounts decreased $228,000.
Total stockholders' equity increased $112,000 from $15.2 million at
June 30, 1997 to $15.3 million September 30, 1997. The increase was primarily
the result of net earnings of $224,400 for the three month period ending
September 30, 1997, partially offset by $111,900 reflecting the cost to
repurchase the Company's stock.
9.
<PAGE>
Comparison of Operating Results for the Three Month Periods Ending
September 30, 1997 and September 30, 1996
General. Net income increased $157,300 to $224,500 for the three months
ended September 30, 1997 from $67,200 for the three months ended September 30,
1996. The increase in net income was primarily due a decrease in non-interest
expense of $314,900, primarily as a result of a one-time special assessment on
SAIF insured deposits during 1996, partially offset by a $81,300 increase in
income tax expense and a decrease in net interest income of $75,800.
Net Interest Income. Net interest income decreased $75,800, from
$711,000 for the three months ended September 30, 1996 to $635,200 for the three
months ended September 30, 1997. This decrease was primarily the result of an
increase in interest income of $84,100, offset by an increase in interest
expense of $159,000.
Interest Income. Interest income increased $84,100, from $1.5 million
for the three months ended September 30, 1996 to $1.6 million for the three
months ended September 30, 1997, as a result of an increase in interest earned
on the loan portfolio of $36,300 as well as an increase in interest on
investments of $22,000, and an increase in other interest income of $25,800.
Interest Expense. Interest expense increased $159,900 from $838,200 in
the three months ended September 30, 1996 to $998,100 in the three months ended
September 30, 1997. This increase resulted from an increase in interest paid on
borrowed funds of $59,200 and an increase in interest paid on deposits of
$100,700 reflecting a generally higher interest rate environment.
Provision for Loan Losses. The provision for loan losses remained
unchanged in the three months ended September 30, 1997 as compared to the three
months ended Sepember 30, 1996. The provision during the three months ended
September 30, 1997 was based on management's analysis of the allowance for loan
losses. The Company will continue to monitor its allowance for loan losses and
make future additions to the allowance through the provision for loan losses as
economic conditions dictate. Although the Company maintains its allowance for
loan losses at a level which it considers to be adequate to provide for
potential losses, there can be no assurance that future losses will not exceed
estimated amounts or that additional provisions for loan losses will not be
required for future periods.
Non-interest Income. Non-interest income decreased from $111,900 in the
three months ended September 30, 1996 to $111,400 in the three months ended
September 30, 1997. The $500 decrease was the result of a decrease in income
from real estate operations of $3,300, offset by an increase of $2,800 in other
income.
Non-interest Expense. Non-interest expense decreased from $713,900 in
the three months ended September 30, 1996 to $399,000 in the three months ended
September 30, 1997. This decrease of $314,900, was primarily the result of a
decrease in SAIF assessment expense of $291,300, due to legislation requiring
SAIF insured associations to pay a one-time special assessment in 1996, a
decrease of $23,300 in FDIC premiums and OTS assessments, and a decrease of
$23,300 in other non-interest expense, partially offset by an increase of
$14,300 for salaries and benefits.
Income Tax Expense. Income tax expense was $117,200 for the three
months ended September 30, 1997 compared to $35,800 for the three months ended
September 30, 1996, an increase of $81,400, primarily due to the tax deduction
on the $291,300 special SAIF assessment of $102,000.
10.
<PAGE>
Liquidity and Capital Resources. The Company's primary sources of funds
are deposits, principal and interest payments on loans, FHLB Des Moines
advances, and funds provided by operations. While scheduled loan repayments and
maturity of short-term investments are a relatively predictable source of funds,
deposit flows are greatly influenced by general interest rates, economic
conditions, and competition. Current Office of Thrift Supervision regulations
require the bank to maintain cash and eligible investments in an amount equal to
at least 5% of customer accounts and short-term borrowings to assure its ability
to meet demands for withdrawals and repayment of short-term borrowings. As of
September 30, 1997, the Association's liquidity ratio was 10.57%, which exceeded
the minimum regulatory requirement on such date.
The Company uses its capital resources principally to meet its ongoing
commitments, to fund maturing certificates of deposits and loan commitments,
maintain its liquidity, and meet its foreseeable short- and long term needs. The
Company expects to be able to fund or refinance, on a timely basis, its material
commitments and long-term liabilities.
Regulatory standards impose the following capital requirements: a
risk-based capital standard expressed as a percent of risk adjusted assets, a
leverage ratio of core capital to total adjusted assets, and a tangible capital
ratio expressed as a percent of total adjusted assets. As of September 30, 1997,
the Association exceeded all fully phased-in regulatory capital requirements.
At September 30, 1997, the Association's tangible capital was $8.5
million, or 10.42%, of adjusted total assets, which is in excess of the 1.5%
requirement by $7.3 million. In addition, at September 30, 1997, the Association
had core capital of $8.5 million, or 10.42%, of adjusted total assets, which
exceeds the 3% requirement by $6.1 million. The Association had risk-based
capital of $8.8 million at September 30, 1997 or 18.56% of risk-adjusted assets
which exceeds the 8.0% risk-based capital requirements by $5.0 million.
As required by Federal law, the OTS has proposed a rule revising its
minimum core capital requirement to be no less stringent than that imposed on
national banks. the OTS has proposed that only those savings associations rated
a composite one (the highest rating) under the MACRO rating system for savings
associations will be permitted to operate at or near the regulatory minimum
leverage ratio of 3%. all other savings associations will be required to
maintain a minimum leverage ratio of 3% plus at least an additional 100 to 200
basis points. The OTS will assess each individual savings association through
the supervisory process on a case-by-case basis to determine the applicable
requirement. No assurance can be given as to the final form of any such
regulation, the date of its effectiveness or the requirement applicable to the
Association. As a result of the prompt corrective action provisions of federal
law discussed below, however, a savings association must maintain a core capital
ratio of at least 4% to be considered adequately capitalized unless its
supervisory condition is such to allow it to maintain a 3% ratio.
Year 2000 Issues; the Company uses third-party service bureaus to
process and maintain electronic data, management continues to monitor the
efforts of these third-parties in addressing Year 2000 issues and believes the
vendors will soon be certified as Year 2000 compliant.
11.
<PAGE>
STATEFED FINANCIAL CORPORATION
Part II - Other Information
---------------------------
As of September 30, 1997, management is not aware of any current
recommendations by regulatory authorities which, if they were to be implemented,
would have or are reasonably likely to have a material adverse effect on the
Company's liquidity, capital resources or operations.
Item 1- Legal Proceedings
-----------------
Not applicable.
Item 2 - Changes in Securities
---------------------
Not applicable.
Item 3 - Defaults upon Senior Securities
-------------------------------
Not applicable.
Item 4 - Submission of Matters to Vote of Security Holders
-------------------------------------------------
(a) The annual meeting of stockholders was held on October 22, 1997
(b) The matters approved by stockholders at the annual meeting and the
number of votes cast for, against, or withheld (as well as the number
of abstentions and broker non-votes) as to each matter are set forth
below.
Election of the following Directors to a three year term:
For Withheld Broker Non-Votes
------- -------- ----------------
Eugene McCormick 633,689 7342 12.400
Sidney Ramey 637,681 3350 12.400
Andra K. Black 636,655 4376 12.400
Ratification of Vroman, McGowan, Hurst, Clark & Smith, PC as auditors for the
Company for the fiscal year ending June 30, 1997.
For 640,481
Against 500
Abstain 50
Broker Non-Votes 12,400
Item 5 - Other Information
-----------------
None
Item 6 - Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
Not applicable.
(b) The following is a description of the Form 8-K's filed during
the three months ended September 30, 1997:
12.
<PAGE>
1. On October 21, 1997, a current report on Form 8-K was
filed to announce stock dividend
2. On October 30, 1997, a current report on Form 8-K was filed
to announce first quarter earnings
13.
<PAGE>
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly cause this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STATEFED FINANCIAL CORPORATION
Registrant
Date: November 11, 1997 /s/ John F. Golden
----------------- -------------------------------------
John F. Golden
President and Chief Executive Officer
Date: November 11, 1997 /s/ Andra K. Black
----------------- -------------------------------------
Andra K. Black
Executive Vice President and
Chief Financial Officer
14.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY REPORT ON FORM 10-QSB FOR THE FISCAL QUARTER ENDED SEPTEMBER 30,1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-30-1997
<CASH> 5,897
<INT-BEARING-DEPOSITS> 3,452
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,928
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 68,122
<ALLOWANCE> 227
<TOTAL-ASSETS> 87,542
<DEPOSITS> 52,333
<SHORT-TERM> 16,000
<LIABILITIES-OTHER> 864
<LONG-TERM> 3,000
9
0
<COMMON> 0
<OTHER-SE> 15,336
<TOTAL-LIABILITIES-AND-EQUITY> 87,542
<INTEREST-LOAN> 1,431
<INTEREST-INVEST> 151
<INTEREST-OTHER> 51
<INTEREST-TOTAL> 1,633
<INTEREST-DEPOSIT> 706
<INTEREST-EXPENSE> 292
<INTEREST-INCOME-NET> 635
<LOAN-LOSSES> 6
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 399
<INCOME-PRETAX> 342
<INCOME-PRE-EXTRAORDINARY> 342
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 224
<EPS-PRIMARY> .29
<EPS-DILUTED> .29
<YIELD-ACTUAL> 0
<LOANS-NON> 1,552
<LOANS-PAST> 314
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 221
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 227
<ALLOWANCE-DOMESTIC> 227
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 227
</TABLE>
