- -------------------------------------------------------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
- --- of 1934
For the quarterly period ended September 30, 1996
Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from _________ to ___________
Commission file number 33-82246
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INTERVEST BANCSHARES CORPORATION
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(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 13-3699013
-------- ----------
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
10 Rockefeller Plaza, Suite 1015
New York, New York 10020-1903
(Address of Principal Executive Offices)
(212)757-7300
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(Issuer's Telephone Number, Including Area Code)
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(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 12, 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
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date;
Class A Common stock, par value $1.00 per share 900,000
- ---------------------------------------------- ----------------------
(class) Outstanding at October 23, 1996
Class B Common stock, par value $1.00 per share 200,000
- ----------------------------------------------- ----------------------
(class) Outstanding at October 23, 1996
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CONFORMED COPY
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
INDEX
Part I. Financial Information
Item 1. Financial Statements Page
Condensed Consolidated Balance Sheets -
September 30, 1996 (unaudited) and December 31, 1995...................2
Condensed Consolidated Statements of Earnings -
Three and Nine Months ended September 30, 1996 and 1995 (unaudited)....3
Condensed Consolidated Statement of Stockholders' Equity -
Nine Months Ended September 30, 1996 (unaudited).......................4
Condensed Consolidated Statements of Cash Flows -
Nine months ended September 30, 1996 and 1995 (unaudited)..............5
Notes to Condensed Consolidated Financial Statements (unaudited).......6-7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.............................................8-10
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K..................................11
SIGNATURES...................................................................11
1
<PAGE>
<TABLE>
<CAPTION>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
Assets 1996 1995
---- ----
(unaudited)
<S> <C> <C>
Cash and cash equivalents:
Cash and due from banks $ 1,837 1,805
Federal funds sold 2,326 5,707
Investment securities, short-term 513 1,039
------- ------
Total cash and cash equivalents 4,676 8,551
------ ------
Interest-bearing deposits with banks 99 298
Investment securities held-to-maturity, at cost 29,189 19,630
Loans, net 54,257 36,465
Premises and equipment, net 2,492 2,449
Federal Reserve Bank stock, at cost 203 203
Deferred income tax assets 468 593
Accrued income and other assets 842 753
------- -------
Total $ 92,226 68,942
======== ======
Liabilities and Stockholders' Equity
Deposits:
Demand deposits 2,614 2,729
NOW deposits 3,897 2,705
Money market deposits 4,068 3,518
Savings deposits 1,978 595
Other time deposits 66,892 49,054
------ ------
Total deposits 79,449 58,601
Advance payments by borrowers for taxes and insurance 1,374 194
Other liabilities 1,504 613
------ --------
Total liabilities 82,327 59,408
------ ------
Minority interest 319 345
------ -------
Stockholders' Equity:
Class A common stock 900 900
Class B common stock 200 200
Additional paid-in capital 7,655 7,655
Retained earnings 825 434
------ -------
Total stockholders' equity 9,580 9,189
------ -------
Total $ 92,226 68,942
======== ======
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Condensed Consolidated Statements of Earnings
(Dollars in thousands, except per share figures)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
1996 1995 1996 1995
---- ---- ---- ----
(unaudited) (unaudited)
Interest income:
<S> <C> <C> <C> <C>
Loans $ 1,193 742 3,280 2,016
Investment securities 394 285 1,069 779
Federal funds sold 49 46 141 116
Deposits in banks 1 7 4 16
----------- ----------- ----------- -----------
Total interest income 1,637 1,080 4,494 2,927
----------- ----------- ----------- -----------
Interest expense:
Deposits 975 579 2,601 1,512
Short term borrowings - - 2 1
----------- ----------- ----------- -----------
Total interest expense 975 579 2,603 1,513
----------- ----------- ----------- -----------
Net interest income 662 501 1,891 1,414
Provision for credit losses 62 66 190 171
----------- ----------- ----------- -----------
Net interest income after
provision for credit losses 600 435 1,701 1,243
----------- ----------- ----------- -----------
Other income:
Customer service charges 24 26 84 61
Miscellaneous - - 18 6
----------- ----------- ----------- -----------
Total other income 24 26 102 67
----------- ----------- ----------- -----------
Other expense:
Employee compensation and benefits 187 149 538 415
Occupancy and equipment 77 102 256 274
Advertising and promotion 2 2 5 10
Professional fees 34 35 121 100
Federal insurance premiums 1 22 2 57
Miscellaneous 73 56 217 170
----------- ----------- ----------- -----------
Total other expense 374 366 1,139 1,026
----------- ----------- ----------- -----------
Earnings before income taxes 250 95 664 284
Provision for income taxes 101 32 273 95
----------- ----------- ----------- -----------
Net earnings $ 149 63 391 189
========== =========== ========== =========
Earnings per share $ .14 .06 .36 .17
=========== ========= ========= =========
Weighted average number of shares outstanding 1,100,000 1,100,000 1,100,000 1,100,000
========= ========= ========= =========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Condensed Consolidated Statement of Stockholders' Equity
For the Nine-Month Period Ended September 30, 1996
(In thousands)
Class A Class B Additional Total
Common Common Paid-In Retained Stockholders'
Stock Stock Capital Earnings Equity
----- ----- ------- -------- ------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1995 $ 900 200 7,655 434 9,189
Net earnings for the nine months
ended September 30, 1996
(unaudited) - - - 391 391
---- ----- ------ --- -----
Balance, September 30, 1996
(unaudited) $ 900 200 7,655 825 9,580
===== === ===== === =====
See Accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended
September 30,
1996 1995
---- ----
(unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net earnings $ 391 189
Adjustments to reconcile net earnings to net cash provided by
(used in) operating activities:
Depreciation 171 112
Provision for deferred taxes 125 95
Decrease (increase) in other assets 12 (13)
Increase in accrued interest payable 30 29
Increase in other liabilities 151 725
Increase (decrease) in official checks 684 (289)
Increase in accrued interest receivable (101) (214)
Net amortization of fees, premiums and discounts 184 28
Provision for credit losses 190 171
------- -------
Net cash provided by operating activities 1,837 833
------- -------
Cash flows from investing activities:
Purchase of investment securities (21,443) (14,177)
Purchase of premises and equipment (178) (1,167)
Loans originated net of principal collected (18,068) (7,481)
Maturities of investment securities 11,750 6,100
Purchase of Federal Reserve Bank stock - (31)
Maturity of interest-bearing deposits 199 99
------- -------
Net cash used in investing activities (27,740) (16,657)
------ ------
Cash flows from financing activities:
Net increase in deposits 20,848 18,268
Stock issuance costs - (13)
Increase in advance payments by borrowers for taxes and insurance 1,180 344
------ -------
Net cash provided by financing activities 22,028 18,599
Net (decrease) increase in cash and cash equivalents (3,875) 2,775
Cash and cash equivalents at beginning of period 8,551 6,088
------ -------
Cash and cash equivalents at end of period $ 4,676 8,863
====== ======
Supplemental disclosure of cash flow information: Cash paid during the period
for:
Interest $ 2,573 1,484
====== =======
Income taxes $ 32 -
====== ========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
5
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Notes to Condensed Consolidated Financial Statements (unaudited)
1. General. In the opinion of the management of Intervest Bancshares
Corporation (the "Holding Company"), the accompanying condensed
consolidated financial statements contain all adjustments (consisting
principally of normal recurring accruals) necessary to present fairly
the financial position at September 30, 1996, the results of
operations for the three and nine-month periods ended September 30,
1996 and 1995 and the cash flows for the nine-months ended September
30, 1996 and 1995. The results of operations for the three and nine
months ended September 30, 1996 are not necessarily indicative of the
results to be expected for the full year.
The Holding Company's condensed consolidated financial statements
include the accounts of its majority-owned subsidiary, Intervest Bank
(the "Bank") (collectively the "Company"). The Holding Company's
primary business activity is the ownership of the Bank. All
intercompany accounts and transactions have been eliminated in
consolidation.
2. Loan Impairment and Credit Losses. The Company has identified loans
totaling $246,000 as impaired at September 30, 1996 and has recorded
an allowance of $61,000 relating to these loans. No loans were
identified as impaired at September 30, 1995.
<TABLE>
<CAPTION>
The activity in the allowance for credit losses is as follows:
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
------------- -------------
1996 1995 1996 1995
---- ---- ---- ----
(In thousands)
<S> <C> <C> <C> <C>
Balance, beginning of period $ 752 478 593 369
Provision charged to earnings 62 66 190 171
Charge-offs, net of recoveries 1 (15) 32 (11)
---- --- ---- ---
Balance, end of period $ 815 529 815 529
=== === === ===
</TABLE>
3. Earnings Per Common Share. Earnings per common share were computed by
dividing the net earnings for the period by the weighted average
number of shares outstanding. The effect of the outstanding warrants
was not material.
4. Regulatory Capital. The Bank is required to maintain certain minimum
regulatory capital requirements. The following is a summary at
September 30, 1996 of the regulatory capital requirements and the
Bank's capital on a percentage basis:
<TABLE>
<CAPTION>
Ratios of Regulatory
the Bank Requirement
-------- -----------
<S> <C> <C>
Total capital to risk-weighted assets 12.98% 8.00%
Tier I capital to risk-weighted assets 11.73% 4.00%
Tier I capital to total assets - leverage ratio 8.67% 4.00%
</TABLE>
6
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Notes to Condensed Consolidated Financial Statements (unaudited), Continued
5. Impact of New Accounting Issues. On January 1, 1996, the Company
adopted Statement of Financial Accounting Standards No. 122 ("SFAS No.
122"), which requires mortgage banking enterprises that acquire
mortgage servicing through either the purchase or origination of
mortgage loans and sells or securitizes those loans with servicing
retained to allocate the total cost of the mortgage loans to the
mortgage servicing rights and the loans based on their relative fair
values. Mortgage banking enterprises include commercial banks and
thrift institutions that conduct operations substantially similar to
the primary operations of a mortgage banking enterprise. The adoption
of SFAS No. 122 had no effect on the Company's financial position at
September 30, 1996 or results of operations for the nine months then
ended. Although this Statement will be superseded effective December
31, 1996 by SFAS 125 discussed below under "Future Accounting
Requirements," the major provisions of SFAS 122 discussed above are
included in SFAS 125.
On January 1, 1996, the Company adopted Statement of Financial
Accounting Standards No. 123, "Accounting for Stock-Based
Compensation" ("SFAS No. 123"), which establishes financial accounting
and reporting standards for stock-based employee compensation plans.
The Statement requires certain disclosures about stock-based
compensation arrangements, regardless of the method used to account
for them, and defines a fair value based method of accounting for an
employee stock option or similar equity instrument and encourages all
entities to adopt that method of accounting for all of their employee
stock compensation plans. However, SFAS No. 123 also allows an entity
to continue to measure compensation cost for stock-based compensation
plans using the intrinsic value method of accounting prescribed by APB
Opinion No. 25, "Accounting for Stock Issued to Employees." Entities
electing to continue using the accounting method in APB Opinion No. 25
must make pro forma disclosures of net earnings and earnings per share
as if the fair value method of accounting defined in SFAS No. 123 had
been applied. Under the fair value method, compensation cost is
measured at the grant date based on the value of the award and is
recognized over the service period, which is usually the vesting
period. Under the intrinsic value method, compensation cost is the
excess, if any, of the quoted market price of the stock at grant date
or other measurement date over the amount an employee must pay to
acquire the stock. The Company had elected to continue to utilize the
intrinsic value method of accounting defined in APB Opinion No. 25,
and accordingly, the adoption of SFAS No. 123 had no effect on the
Company's financial position at September 30, 1996 or results of
operations for the nine months then ended. The pro forma disclosures
required under SFAS No. 123, for stock warrants granted to employees
during 1995 and thereafter, are not required for interim condensed
financial statements.
6. Future Accounting Requirements. Statement of Financial Accounting
Standards No. 125 "Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities" ("SFAS 125") provides
accounting and reporting standards for transfers and servicing of
financial assets and extinguishments of liabilities. This Statement
also provides consistent standards for distinguishing transfers of
financial assets that are sales from transfers that are secured
borrowings. SFAS 125 is effective for transfers and servicing of
financial assets and extinguishments of liabilities occurring after
December 31, 1996. Management of the Company does not expect SFAS 125
to have a material effect on the Company's financial statements.
7
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
Comparison of September 30, 1996 and December 31, 1995
Liquidity and Capital Resources
The Company's primary source of cash during the nine months ended
September 30, 1996 was from the maturity of investment securities
totaling $11.8 million, net deposit inflows of $20.8 million and net
cash provided by operating activities of $1.8 million. Cash was used
primarily for net loan originations of $18.1 million and the purchase
of investment securities totaling $21.4 million. At September 30, 1996,
the Company had outstanding commitments to originate loans of $5.9
million. It is expected that these requirements will be funded from the
sources described above. At September 30, 1996, the Bank exceeded its
regulatory liquidity requirements.
The following table shows selected ratios for the periods ended or at
the dates indicated:
<TABLE>
<CAPTION>
Nine Months Nine Months
Ended Year Ended Ended
September 30, December 31, September 30,
1996 1995 1995
-------------- --------------- ---------
<S> <C> <C> <C>
Average equity as a percentage
of average assets 12.03% 16.89% 18.36%
Equity to total assets at end of period 10.39% 13.33% 15.32%
Return on average assets (1) .66% .51% .51%
Return on average equity (1) 5.49% 3.01% 2.79%
Noninterest expense to average assets (1) 1.92% 2.66% 2.78%
Nonperforming loans and real estate owned to
total assets at end of period .27% - % .06%
- ---------------------------------------------------------------------------------
(1) Annualized for the nine months ended September 30, 1996 and 1995.
</TABLE>
8
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Comparison of the Three-Month Periods Ended September 30, 1996 and 1995
Results of Operations:
General. Net earnings for the three months ended September 30, 1996 were
$149,000 or $.14 per share compared to net earnings of $63,000 or $.06 per
share for the three months ended September 30, 1995. This increase in the
Company's net earnings was primarily due to an increase in net interest
income, partially offset by an increase in the provision for income taxes.
Interest Income and Expense. Interest income increased by $557,000 from $1.1
million for the three months ended September 30, 1995 to $1.6 million for
the three months ended September 30, 1996. Interest income on loans
increased $451,000 due to an increase in the average loan portfolio balance
for the three months ended September 30, 1996 to $52.0 million compared to
$27.8 million during the 1995 period partially offset by a decrease in the
weighted average yield from 10.67% in 1995 to 9.18% in 1996. Interest on
investment securities increased $109,000 due to an increase in the average
investment securities portfolio during the three months ended September 30,
1996 to $25.7 million from $17.8 million during 1995 partially offset by a
decrease in the weighted average yield from 6.54% in 1995 to 6.17% in 1996.
Interest on federal funds sold and other interest-earning assets decreased
$3,000 due to a decrease in the average balance of such assets from 1995 to
1996.
Interest expense on deposit accounts increased to $975,000 for the three
months ended September 30, 1996 from $579,000 for the three months ended
September 30, 1995. Interest expense increased primarily because of an
increase in the average balance from 1995 to 1996. The average balance for
the three months ended September 30, 1996 was $71.1 million compared to
$41.3 million during 1995.
Provision for Credit Losses. The provision for credit losses is charged to
earnings to bring the total allowance to a level deemed appropriate by
management and is based upon historical experience, the volume and type of
lending conducted by the Company, industry standards, the amount of
nonperforming loans, general economic conditions, particularly as they
relate to the Company's market areas, and other factors related to the
collectibility of the Company's loan portfolio. The provision for the three
months ended September 30, 1996 and 1995 was $62,000 and $66,000,
respectively.
Other Expense. Total other expense increased $8,000 to $374,000 for the three
months ended September 30, 1996 from $366,000 for the three months ended
September 30, 1995, primarily due to a decrease in occupancy and equipment
expenses and federal insurance premiums, partially offset by an increase in
employee compensation and benefits. The decrease in occupancy and equipment
expense is due to an increase in income from the leasing of space in Company
buildings to third parties. The increase in employee compensation and
benefits is due to additional personnel for the new branches.
Provision for Income Taxes. The income tax provision for the three months ended
September 30, 1996 was $101,000 (an effective rate of 40.4%) compared to
$32,000 (an effective rate of 33.7%) for the comparable period in 1995. The
increased rate is primarily due to an increase in net earnings of the
Holding Company which is taxed at a higher state income tax rate than that
of the Bank.
9
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
Comparison of the Nine-Month Periods Ended September 30, 1996 and 1995
Results of Operations:
General. Net earnings for the nine months ended September 30, 1996 were $391,000
or $.36 per share compared to net earnings of $189,000 or $.17 per share for
the nine months ended September 30, 1995. This increase in the Company's net
earnings was primarily due to an increase in net interest income, partially
offset by an increase in other expenses and an increase in the provision for
income taxes.
Interest Income and Expense. Interest income increased by $1,567,000 from $2.9
million for the nine months ended September 30, 1995 to $4.5 million for the
nine months ended September 30, 1996. Interest income on loans increased
$1,264,000 due to an increase in the average loan portfolio balance for the
nine months ended September 30, 1996 to $46.3 million compared to $25.8
million during the 1995 period partially offset by a decrease in the
weighted average yield from 10.42% in 1995 to 9.45% in 1996. Interest on
investment securities increased $290,000 due to an increase in the average
investment securities portfolio during the nine months ended September 30,
1996 to $23.7 million from $16.3 million during 1995 partially offset by a
decrease in the weighted average yield from 6.37% in 1995 to 6.03% in 1996.
Interest on federal funds sold and other interest-earning assets increased
$13,000 due to an increase in the average balance of these assets from 1995
to 1996, as well as an increase in the weighted average yield.
Interest expense on deposit accounts increased to $2,601,000 for the nine
months ended September 30, 1996 from $1,512,000 for the nine months ended
September 30, 1995. Interest expense increased due to an increase in the
average balance partially offset by a decrease in the weighted average rate
from 1995 to 1996. The average balance for the nine months ended September
30, 1996 was $64.5 million compared to $37.2 million during 1995 and the
weighted average rate was 5.38% in 1996 compared to 5.42% in 1995.
Provision for Credit Losses. The provision for credit losses is charged to
earnings to bring the total allowance to a level deemed appropriate by
management and is based upon historical experience, the volume and type of
lending conducted by the Company, industry standards, the amount of
nonperforming loans, general economic conditions, particularly as they
relate to the Company's market areas, and other factors related to the
collectibility of the Company's loan portfolio. The provision increased from
$171,000 for the nine months ended September 30, 1995 to $190,000 for the
nine months ended September 30, 1996. The increase was deemed appropriate by
management due to the growth in the loan portfolio in 1996.
Other Expense. Total other expense increased $113,000 to $1.1 million for the
nine months ended September 30, 1996 from $1.0 million for the nine months
ended September 30, 1995, primarily due to an increase in employee
compensation and benefits related to the opening of two branch offices in
March, 1995 and a branch office in September, 1995.
Provision for Income Taxes. The income tax provision for the nine months ended
September 30, 1996 was $273,000 (an effective rate of 41.1%) compared to
$95,000 (an effective rate of 33.5%) for the comparable 1995 period. The
increased rate is primarily due to an increase in net earnings of the
Holding Company which is taxed at a higher state income tax rate than that
of the Bank.
10
<PAGE>
INTERVEST BANCSHARES CORPORATION AND SUBSIDIARY
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
There were no reports on Form 8-K filed for the three months ended September 30,
1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTERVEST BANCSHARES CORPORATION
AND SUBSIDIARY
(Registrant)
Date: October 23, 1996 By: /s/ Lowell S. Dansker
------------------------ ----------------------
Lowell S. Dansker, President
and Treasurer
(Chief Financial Officer)
Date: October 23, 1996 By: /s/ Lawrence G. Bergman
---------------------- ------------------------
Lawrence G. Bergman,
Vice President and Secretary
11
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,837
<INT-BEARING-DEPOSITS> 612
<FED-FUNDS-SOLD> 2,326
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 29,189
<INVESTMENTS-MARKET> 28,991
<LOANS> 55,072
<ALLOWANCE> 815
<TOTAL-ASSETS> 92,226
<DEPOSITS> 79,449
<SHORT-TERM> 0
<LIABILITIES-OTHER> 3,197
<LONG-TERM> 0
0
0
<COMMON> 1,100
<OTHER-SE> 8,480
<TOTAL-LIABILITIES-AND-EQUITY> 92,226
<INTEREST-LOAN> 3,280
<INTEREST-INVEST> 1,069
<INTEREST-OTHER> 145
<INTEREST-TOTAL> 4,494
<INTEREST-DEPOSIT> 2,601
<INTEREST-EXPENSE> 2
<INTEREST-INCOME-NET> 1,891
<LOAN-LOSSES> 190
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,139
<INCOME-PRETAX> 664
<INCOME-PRE-EXTRAORDINARY> 664
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 391
<EPS-PRIMARY> .36
<EPS-DILUTED> .36
<YIELD-ACTUAL> 8.14
<LOANS-NON> 246
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 593
<CHARGE-OFFS> 0
<RECOVERIES> 32
<ALLOWANCE-CLOSE> 815
<ALLOWANCE-DOMESTIC> 61
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
