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1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
XX Quarterly report under Section 13 or 15(d) of the Securities Exchange
- ----
Act of 1934
For quarterly period ended June 30, 1997
____ Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from _________________ to __________________
Commission file number 0-24958
Potomac Bancshares, Inc.
(Exact Name of Small Business Issuer as Specified in Its Charter)
West Virginia 55-0732247
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification Number)
111 East Washington Street, Charles Town WV 25414-1071
(Address of Principal Executive Offices) (Zip Code)
304-725-8431
(Issuer's Telephone Number, Including Area Code)
NO CHANGE
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 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 XXX No
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.
Yes No Not applicable
--- ---
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: 600,000 shares
Transitional Small Business Disclosure Format (check one):
Yes No XXX
--- ---
<PAGE>
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
POTOMAC BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(000 OMITTED)
<TABLE>
<CAPTION>
(Unaudited)
June 30 December 31
1997 1996
----------- -----------
<S> <C>
Assets:
Cash and due from banks $ 3 642 $ 3 401
Securities (fair value: June 30, 1997,
$42,322; December 31, 1996, $40,331)
(Note 2) 42 394 40 333
Securities purchased under agreements to resell -- 4 800
Loans (Note 3) 77 848 73 525
Less reserve for loan losses (1 153) (1 139)
--------- ---------
Net loans 76 695 72 386
Bank premises and equipment, net 1 170 1 255
Accrued interest receivable 1 104 1 021
Other assets 615 584
--------- ---------
Total Assets $ 125 620 $ 123 780
========= =========
Liabilities and Stockholders' Equity:
Liabilities:
Non-interest bearing deposits $ 13 845 $ 14 037
Interest bearing deposits 94 338 94 476
--------- ---------
Total Deposits 108 183 108 513
Accrued interest payable 330 326
Securities sold under agreements to repurchase 1 600 --
Other liabilities 641 722
--------- ---------
Total Liabilities $ 110 754 $ 109 561
--------- ---------
Stockholders' Equity:
Common stock par value $1.00 per share
(5,000,000 shares authorized, 600,000 shares
issued and outstanding) $ 600 $ 600
Surplus 5 400 5 400
Net unrealized losses on securities available
for sale (29) (41)
Undivided profits 8 895 8 260
--------- ---------
Total Stockholders' Equity 14 866 14 219
--------- ---------
Total Liabilities and Stockholders' Equity $ 125 620 $ 123 780
========= =========
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
3
POTOMAC BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(000 omitted except for per share data)
(Unaudited)
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
-------------------- ------------------------
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C>
Interest Income:
Interest and fees on loans $ 1 743 $ 1 669 $ 3 458 $ 3 354
Interest on investment securities
Taxable 416 276 812 560
Interest and dividends on securities
available for sale
Taxable 186 173 370 287
Dividends 6 6 12 12
Interest on securities purchased
under agreements to resell 16 116 59 262
-------- -------- -------- --------
Total Interest Income $ 2 367 $ 2 240 $ 4 711 $ 4 475
Interest Expense:
Interest on deposits $ 893 $ 907 $ 1 774 $ 1 825
Interest on federal funds purchased 5 -- 5 --
-------- -------- -------- --------
Total Interest Expense $ 898 $ 907 $ 1 779 $ 1 825
-------- -------- -------- --------
Net Interest Income $ 1 469 $ 1 333 $ 2 932 $ 2 650
Provision for Loan Losses 75 50 75 125
-------- -------- -------- --------
Net Interest Income after
Provision for Loan Losses $ 1 394 $ 1 283 $ 2 857 $ 2 525
-------- -------- -------- --------
Other Income:
Commissions and fees from fiduciary
activities $ 141 $ 109 $ 263 $ 226
Service charges on deposit accounts 100 68 201 130
Fees for other customer services 46 46 87 94
Other operating income 8 7 24 14
-------- -------- -------- --------
Total Other Income $ 295 $ 230 $ 575 $ 464
-------- -------- -------- --------
Other Expenses:
Salaries and employee benefits $ 605 $ 595 $ 1 202 $ 1 202
Net occupancy expense of premises 44 51 91 109
Furniture and equipment expenses 81 85 167 149
Deposit insurance 3 1 6 2
Other operating expenses 271 385 541 654
-------- -------- -------- --------
Total Other Expenses $ 1 004 $ 1 117 $ 2 007 $ 2 116
-------- -------- -------- --------
Income before Income Tax Expense $ 685 $ 396 $ 1 425 $ 873
Income Tax Expense 247 143 520 318
-------- -------- -------- --------
Net Income $ 438 $ 253 $ 905 $ 555
======== ======== ======== ========
Earnings Per Share, Net Income $ .73 $ .42 $ 1.51 $ .93
======== ======== ======== ========
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
4
POTOMAC BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED June 30, 1997 AND 1996
(000 Omitted)
(Unaudited)
<TABLE>
<CAPTION>
Common Capital Mkt Value Undivided
Stock Surplus AFS Secur Profits Total
------ ------- --------- --------- -----
<S> <C>
Balances:
January 1, 1997 $ 600 $ 5 400 $ (41) $ 8 260 $14 219
Net income -- -- -- 905 905
Cash dividends
($.45 per share) -- -- -- (270) (270)
Change in net
unrealized gain
(loss) on
securities
available for sale -- -- 12 -- 12
-------- --------- ----------- --------- -------
Balances:
June 30, 1997 $ 600 $ 5 400 $ (29) $ 8 895 $14 866
======== ========= =========== ========= =======
Balances:
January 1, 1996 $ 600 $ 5 400 $ -- $ 7 423 $13 423
Net income -- -- -- 555 555
Cash dividends
($.35 per share) -- -- -- (210) (210)
Change in net
unrealized gain
(loss) on
securities
available for sale -- -- (101) -- (101)
-------- --------- ----------- --------- -------
Balances:
June 30, 1996 $ 600 $ 5 400 $ (101) $ 7 768 $13 667
======== ========= =========== ========= =======
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
5
POTOMAC BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(000 Omitted)
(Unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended
----------------------------------
June 30 June 30
1997 1996
------------ -------------
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 905 $ 555
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 75 125
Depreciation 97 90
Amortization 6 6
Discount accretion and premium
amortization on securities, net 21 15
Loss on sale of real estate -- 106
(Increase) in accrued interest
receivable (83) (125)
(Increase) in other assets (43) (105)
Increase (decrease) in accrued interest
payable 3 (15)
Increase in other liabilities 1 520 25
-------- --------
Net cash provided by operating
activities $ 2 501 $ 677
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturity of investment securities $ 4 000 $ 6 000
Proceeds from maturity of securities available
for sale -- --
Purchase of investment securities (6 049) (1 981)
Purchase of securities available for sale (15) (14 072)
Net (increase) decrease in loans (4 384) 109
Purchases of bank premises and equipment (13) (236)
Proceeds from sale of real estate -- 220
-------- --------
Net cash (used in) investing
activities $ (6 461) $ (9 960)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) in demand deposits, NOW
accounts and savings accounts $ (1 765) $ (1 140)
Net increase in certificates of deposit 1 436 676
Cash dividends (270) (210)
-------- --------
Net cash (used in) financing
activities $ (599) $ (674)
-------- --------
(Decrease) in cash and cash
equivalents $ (4 559) $ (9 957)
CASH AND CASH EQUIVALENTS
Beginning 8 201 22 096
-------- --------
Ending $ 3 642 $ 12 139
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest paid to depositors $ 1 771 $ 1 840
======== ========
Income taxes $ 687 $ 414
======== ========
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES
Unrealized gain (loss) on securities
available for sale $ 17 $ (154)
======== ========
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
6
POTOMAC BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1997 (UNAUDITED) AND December 31, 1996
1. In the opinion of management, the accompanying financial statements contain
all adjustments (consisting of only normal recurring accruals) necessary to
present fairly the financial position as of June 30, 1997, and December 31,
1996, the results of operations for the three months ended June 30, 1997 and
1996, and results of operations and cash flows for the six months ended June
30, 1997 and 1996. The statements should be read in conjunction with Notes
to Consolidated Financial Statements included in the Potomac Bancshares,
Inc. annual report for the year ended December 31, 1996. The results of
operations for the six month periods ended June 30, 1997 and 1996, are not
necessarily indicative of the results to be expected for the full year.
2. Securities held to maturity as of June 30, 1997 and December 31, 1996 are
summarized below:
<TABLE>
<CAPTION>
(000 Omitted)
June 30, 1997
-----------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
--------- ---------- ---------- --------
<S> <C>
Securities held to maturity:
U.S. Treasury securities $ 16 052 $ 14 $ (68) $ 15 998
Obligations of U.S.
Government agencies 11 993 11 (29) 11 975
--------- -------- -------- --------
$ 28 045 $ 25 $ (97) $ 27 973
========= ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
(000 Omitted)
December 31, 1996
-----------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
--------- ---------- ---------- --------
<S> <C>
Securities held to maturity:
U.S. Treasury securities $ 14 005 $ 25 $ (42) $ 13 988
Obligations of U.S.
Government agencies 11 992 21 (6) 12 007
--------- -------- -------- --------
$ 25 997 $ 46 $ (48) $ 25 995
========= ======== ======== ========
</TABLE>
<PAGE>
7
Securities available for sale as of June 30, 1997 and December 31, 1996
are summarized below:
<TABLE>
<CAPTION>
(000 Omitted)
June 30, 1997
-----------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
--------- ---------- ---------- --------
<S> <C>
Securities available for sale:
U.S. Treasury securities $ 13 991 $ 7 $ (51) $ 13 947
Federal Home Loan Bank stock 402 -- -- 402
--------- -------- -------- --------
$ 14 393 $ 7 $ (51) $ 14 349
========= ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
(000 Omitted)
December 31, 1996
-----------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains (Losses) Value
--------- ---------- ---------- --------
<S> <C>
Securities available for sale:
U.S. Treasury securities $ 14 011 $ 12 $ (74) $ 13 949
Federal Home Loan Bank stock 387 -- -- 387
--------- -------- -------- --------
$ 14 398 $ 12 $ (74) $ 14 336
========= ======== ======== ========
</TABLE>
3. The consolidated loan portfolio, stated at face amount, is composed of the
following:
<TABLE>
<CAPTION>
(000 Omitted)
June 30 December 31
1997 1996
----------- -----------
<S> <C>
Real estate loans:
Construction and land development $ 585 $ 759
Secured by farmland 1 559 1 501
Secured by 1-4 family residential 42 145 38 221
Other real estate loans 12 479 12 125
Loans to farmers (except those secured
by real estate 276 229
Commercial and industrial loans (except those
secured by real estate) 2 077 1 857
Loans to individuals for personal expenditures 18 432 18 655
All other loans 295 178
-------- --------
Total loans $ 77 848 $ 73 525
======== ========
</TABLE>
4. The following is a summary of transactions in the reserve for loan losses:
<TABLE>
<CAPTION>
(000 Omitted)
June 30 December 31
1997 1996
----------- -----------
<S> <C>
Balance at beginning of period $ 1 139 $ 899
Provision charged to operating expense 75 100
Recoveries added to the reserve 20 238
Loan losses charged to the reserve (81) (98)
-------- --------
Balance at end of period $ 1 153 $ 1 139
======== ========
</TABLE>
<PAGE>
8
Information about impaired loans as of June 30, 1997 and December 31, 1996 is as
follows:
<TABLE>
<CAPTION>
(000 Omitted)
---------------------------------
June 30 December 31
1997 1996
---------- -----------
<S> <C>
Impaired loans for which a reserve has been
provided $ 398 $ 407
Impaired loans for which no reserve has been
provided -- --
----- ----
Total impaired loans $ 398 $ 407
===== =====
Reserve provided for impaired loans, included
in the reserve for loan losses $ 199 $ 204
Average balance in impaired loans $ 405 $ 472
Interest income recognized $ 17 $ 36
</TABLE>
Nonaccrual loans excluded from impaired loan disclosure under FASB 114 amounted
to $285,150 at June 30, 1997 and December 31, 1996. If interest on these loans
had been accrued, such income would have approximated $14,513 for the first six
months of 1997 and $28,494 in 1996.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Between December 31, 1996 and June 30, 1997, total assets increased $1,840,000.
The June 30 annualized return on average assets is 1.45% compared to 1.13% at
December 31. At June 30 the annualized return on average equity is 12.45%
compared to 10.19% at December 31. The leverage capital (equity to assets) ratio
is 11.83% at June 30 compared to 11.43% at December 31. Since dividends are paid
on a semi-annual basis, this ratio may seem higher at the end of the first and
third quarters of the year.
The increase in assets is a combination of a decrease in the securities
portfolio and an increase in the loan portfolio. Increase in loans is primarily
real estate secured by 1-4 family residential property.
Floating rate loans make up 38% of the loan portfolio at June 30 as compared
with 29% at December 31.
<PAGE>
9
The table shown below is an analysis of the Corporation's reserve for loan
losses. Net charge-offs for the Corporation have been very low when compared
with the size of the total loan portfolio. Management monitors the loan
portfolio on a quarterly basis with procedures that allow for problem loans and
potentially problem loans to be highlighted and watched. Based on experience,
the loan policies and the current monitoring program, management believes the
loan loss reserve is adequate.
(000 Omitted)
June 30, 1997
-------------
Balance at beginning of period $1 139
Charge-offs:
Commercial, financial and agricultural --
Real estate - construction --
Real estate - mortgage --
Consumer 81
------
Total charge-offs 81
Recoveries:
Commercial, financial and agricultural --
Real estate - construction --
Real estate - mortgage --
Consumer 20
------
Total recoveries 20
------
Net charge-offs 61
Additions charged to operations 75
------
Balance at end of period $1 153
======
Ratio of net charge-offs during
the period to average loans
outstanding during the period .0806%
======
Loans are placed on nonaccrual status when a loan is specifically determined to
be impaired or when principal or interest is delinquent for 90 days or more.
Interest income generally is not recognized on specific impaired loans unless
the likelihood of further loss is remote. Interest income on other nonaccrual
loans is recognized only to the extent of interest payments received. Following
is a table showing the risk elements in the loan portfolio.
(000 Omitted)
June 30, 1997
-------------
Nonaccrual loans $ 285
Restructured loans --
Foreclosed properties --
----
Total nonperforming assets $ 285
=====
Loans past due 90 days accruing interest $ 3
=====
Reserve for loan losses to period end loans 1.48%
Nonperforming assets to period end loans and
foreclosed properties .37%
Nonaccrual loans excluded from impaired loan disclosure under FASB 114 amounted
to $285,150 at June 30, 1997. If interest on these loans had been accrued, such
income would have approximated $14,513 for the six months ended June 30, 1997.
At June 30, 1997, other potential problem loans totalled $43,000. Loans are
viewed as potential problem loans according to the ability of such borrowers to
comply with current repayment terms. These loans are subject to constant
management attention, and their status is reviewed on a regular basis.
Management has allocated a portion of the reserve for these loans according to
the review of the potential loss in each loan situation.
<PAGE>
10
Deposits have decreased only slightly as of June 30 compared with December 31,
1996, but the mix of deposits has changed. Certificates of deposit have
increased about $1,400,000. NOW accounts have increased about $500,000. These
increases are offset by decreases in money market and savings accounts.
The comparison of the income statements for the three months ended June 30, 1997
and 1996 shows an increase of 73% in net income in 1997. Net interest income
increased 9% due to a combination of increased interest income and a slight
decrease in interest expense. Noninterest income increased 28% due to increases
in two categories, fiduciary activities and service charges on deposit accounts.
Noninterest expenses decreased 10% primarily to decreases in accounts making up
other operating expenses.
The comparison of the income statements for the six months ended June 30, 1997
and 1996 shows an increase in net income of 63% in 1997. Interest income has
increased about 5% in 1997 compared to 1996, and interest expense has decreased
about 3%. The increase in interest income is from an increase in interest and
fees on loans due to increased loan balances and increased rates. The decrease
in interest expense is primarily due to decreased interest rates.
Noninterest income has increased 24% as of June 30, 1997 compared with June 30,
1996. The increase shows in almost all categories of noninterest income,
including a 55% increase in service charges on deposit accounts. This was due to
increases in some existing fees and the start of fees on customer ATM
transactions at foreign ATM's.
Noninterest expense has decreased 5% as of June 30, 1997 compared with June 30,
1996. The major decreases are in occupancy expense and other operating expenses.
Liquid assets of the Corporation include cash and due from banks, securities
purchased under agreements to resell, securities available for sale, and loans
and investments maturing within one year. The Corporation's statement of cash
flows details this liquidity. Net income after certain adjustments for noncash
transactions provided cash from operating activities. Funds from maturity of
investment securities and existing cash were used to fund investing activities.
Financing activities were funded through an increase in certificates of deposit
and existing cash. Although cash and cash equivalents were reduced during this
period, liquidity of the Corporation is still more than adequate to meet present
and future financial obligations.
<PAGE>
11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
There are no material legal proceedings to which the Registrant or its
subsidiary, directors or officers is a party or by which they, or any of them,
are threatened. All legal proceedings presently pending or threatened against
Potomac Bancshares, Inc. and its subsidiary involve routine litigation
incidental to the business of the Company or the subsidiary and are either not
material in respect to the amount in controversy or fully covered by insurance.
Item 4. Submission of Matters to a Vote of Security-Holders.
The annual meeting of security-holders was held on April 22, 1997 and the
following matters were submitted to the security-holders for a vote:
1. To elect a class of directors for a term of three years.
2. To approve the appointment by the board of directors of Yount, Hyde
& Barbour, P.C., as independent Certified Public Accountants for the year 1997.
3. Any other business which may properly be brought before the meeting
or any adjournment thereof.
Results of the voting in regard to the above listed matters were as follows:
<TABLE>
<CAPTION>
Votes Votes
Votes For Against Withheld Total
--------- ------- -------- -----
<S> <C>
1. William R. Harner 406,070 None 3,192 409,262
E. William Johnson 406,142 None 3,120 409,262
John C. Skinner, Jr. 404,542 None 4,720 409,262
Donald S. Smith 406,070 None 3,192 409,262
2. 406,048 2,920 294 409,262
</TABLE>
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
2. Plan of acquisition, reorganization, arrangement, liquidation
or succession.
Not applicable
4. Instruments defining the rights of security holders, including
indentures.
Not applicable
10. Material contracts.
Not applicable
11. Statement re: computation of per share earnings.
Not applicable
15. Letter on unaudited interim financial information.
Not applicable
18. Letter on change in accounting principles.
Not applicable
19. Reports furnished to security holders.
Not applicable
<PAGE>
12
Item 6. Exhibits and Reports on Form 8-K Continued
22. Published report regarding matters submitted to vote of
security holders.
Not applicable
23. Consent of experts and counsel.
Not applicable
24. Power of attorney.
Not applicable
27. Financial Data Schedule.
99. Additional exhibits.
Not applicable
(b) Reports on Form 8-K:
NONE
<PAGE>
13
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.
POTOMAC BANCSHARES, INC.
Date August 12, 1997 /s/ Charles W. LeMaster
----------------------------- -----------------------
Charles W. LeMaster, President & CEO
Date August 12, 1997 /s/ L. Gayle Marshall Johnson
----------------------------- -----------------------------
L. Gayle Marshall Johnson, Vice
President & Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,642
<INT-BEARING-DEPOSITS> 12
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 14,349
<INVESTMENTS-CARRYING> 28,045
<INVESTMENTS-MARKET> 27,973
<LOANS> 77,848
<ALLOWANCE> 1,153
<TOTAL-ASSETS> 125,620
<DEPOSITS> 108,183
<SHORT-TERM> 1,600
<LIABILITIES-OTHER> 971
<LONG-TERM> 0
<COMMON> 600
0
0
<OTHER-SE> 14,266
<TOTAL-LIABILITIES-AND-EQUITY> 125,620
<INTEREST-LOAN> 3,458
<INTEREST-INVEST> 1,194
<INTEREST-OTHER> 59
<INTEREST-TOTAL> 4,711
<INTEREST-DEPOSIT> 1,774
<INTEREST-EXPENSE> 1,779
<INTEREST-INCOME-NET> 2,932
<LOAN-LOSSES> 75
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,007
<INCOME-PRETAX> 1,425
<INCOME-PRE-EXTRAORDINARY> 905
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 905
<EPS-PRIMARY> 1.51
<EPS-DILUTED> 1.51
<YIELD-ACTUAL> 7.87
<LOANS-NON> 285
<LOANS-PAST> 3
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 43
<ALLOWANCE-OPEN> 1,139
<CHARGE-OFFS> 81
<RECOVERIES> 20
<ALLOWANCE-CLOSE> 1,153
<ALLOWANCE-DOMESTIC> 1,153
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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