<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 10-QSB
(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
Commission File Number: 0-26570
CKF Bancorp, Inc.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 61-1267810
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
340 West Main Street, Danville, Kentucky 40422
- ---------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (606) 236-4181
--------------
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 requirement for the past 90 days.
Yes X No
--- ---
As of May 8, 2000, 782,755 shares of the registrant's common stock were issued
and outstanding.
Transitional Small Business Disclosure Format: Yes No X
--- ---
Page 1 of 13 Pages Exhibit Index at Page N/A
-----
<PAGE>
CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2000 (unaudited) and
December 31, 1999 .................................................3
Consolidated Statements of Income for the Three-Month Periods Ended
March 31, 2000 and 1999 (unaudited) ...............................4
Consolidated Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended March 31, 2000 and 1999 (unaudited) .....5
Consolidated Statements of Cash Flows for the Three-Month Periods
Ended March 31, 2000 and 1999 (unaudited) .........................6
Notes to Consolidated Financial Statements ...........................7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations .............................................8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings ...................................................12
Item 2. Changes in Securities and Use of Proceeds............................12
Item 3. Defaults Upon Senior Securities .....................................12
Item 4. Submission of Matters to a Vote of Security Holders..................12
Item 5. Other Information ...................................................12
Item 6. Exhibits and Reports on Form 8-K ....................................12
SIGNATURES
<PAGE>
CKF BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
--------------
As of As of
March 31, December 31,
2000 1999
----------- -----------
(unaudited)
ASSETS
Cash and due from banks $ 511,631 $ 835,547
Interest bearing deposits 1,907,972 3,488,269
Investment securities:
Securities available-for-sale 353,520 376,500
Securities held-to-maturity 2,005,305 2,004,600
Loans receivable, net 64,967,978 63,160,359
Foreclosed real estate 32,923 32,923
Accrued interest receivable 470,606 453,587
Office property and equipment, net 1,026,293 854,154
Other assets 3,775 7,826
----------- -----------
Total assets $71,280,003 $71,213,765
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits $53,611,057 $53,324,839
Advance from Federal Home Loan Bank 4,581,384 4,589,359
Advance payment by borrowers for taxes and
insurance 64,513 25,966
Other liabilities 757,445 663,215
----------- -----------
Total liabilities 59,014,399 58,603,379
----------- -----------
Stockholders' equity:
Common stock, $.01 par value, 4,000,000 shares
authorized; 1,000,000 shares issued 10,000 10,000
Additional paid-in capital 9,589,625 9,585,429
Retained earnings, substantially restricted 7,733,611 7,733,718
Accumulated other comprehensive income 228,155 243,322
Treasury stock, 212,363 and 187,365 shares,
respectively, at cost (3,612,538) (3,265,804)
Incentive Plan Trust, 59,600 shares, at cost (1,172,073) (1,172,073)
Unearned Employee Stock Ownership Plan (ESOP)
stock (511,176) (524,206)
----------- -----------
Total shareholder's equity 12,265,604 12,610,386
----------- -----------
Total liabilities and shareholders' equity $71,280,003 $71,213,765
=========== ===========
See accompanying notes to consolidated financial statements.
3
<PAGE>
CKF BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
-------------
<TABLE>
<CAPTION>
For the Three-Month Periods
Ended March 31
---------------------------
2000 1999
---------- ----------
<S> <C> <C>
Interest income:
Interest on loans $1,232,388 $1,057,822
Interest and dividends on investments 29,679 32,137
Other interest income 23,412 29,144
---------- ----------
Total interest income 1,285,479 1,119,103
---------- ----------
Interest expense:
Interest on deposits 647,190 610,024
Other interest 64,502 3,544
---------- ----------
Total interest expense 711,692 613,568
---------- ----------
Net interest income 573,787 505,535
Provision for loan losses 9,000 9,000
---------- ----------
Net interest income after provision for loan losses 564,787 496,535
---------- ----------
Non-interest income:
Loan and other service fees 18,694 20,376
Other, net 726 978
---------- ----------
Total non-interest income 19,420 21,354
---------- ----------
Non-interest expense:
Compensation and benefits 141,146 137,129
Federal insurance premium 5,569 6,988
Legal and professional fees 8,953 12,455
State franchise tax 14,922 13,149
Occupancy expense, net 13,584 11,959
Data processing 16,798 14,634
Other operating expenses 64,938 60,016
---------- ----------
Total non-interest expense 265,910 256,330
---------- ----------
Income before income tax expense 318,297 261,559
Provision for income taxes 108,221 88,937
---------- ----------
Net income $ 210,076 $ 172,622
========== ==========
Earnings per common share $ .30 $ .22
========== ==========
Earnings per common share - assuming dilution $ .30 $ .22
========== ==========
Weighted average common shares outstanding during the
quarter 692,943 785,465
========== ==========
Weighted average common shares after dilutive effect
outstanding during the quarter 692,943 799,918
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE>
CKF BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
for the three month periods ended March 31, 2000 and 1999
(unaudited)
-------------
<TABLE>
<CAPTION>
Accumulated
Additional Other
Common Paid-in Retained Comprehensive Treasury
Stock Capital Earnings Income Stock
----------- ---------------- ---------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1998 $ 10,000 $ 9,555,017 $ 7,366,006 $ 410,294 $ (1,683,489)
Comprehensive income:
Net income 172,622
Other comprehensive loss, net of tax
unrealized loss on securities (38,492)
Total comprehensive income
Dividend declared (214,350)
ESOP shares earned 19,279
Purchase of common stock, 20,580 shares (368,702)
Shares issued upon exercise of options (10,500)
----------- ---------------- ---------------- -------------- ------------
Balance, March 31, 1999 $ 10,000 $ 9,563,796 $ 7,324,278 $ 371,802 $ (2,052,191)
=========== ================ ================ ============== ============
Balance, December 31, 1999 $ 10,000 $ 9,585,429 $ 7,733,718 $ 243,322 $ (3,265,804)
Comprehensive income:
Net income 210,076
Other comprehensive loss, net of tax
unrealized loss on securities (15,167)
Total comprehensive income
Dividend declared (210,183)
ESOP shares earned 4,196
Purchase of common stock, 24,998 shares (346,734)
----------- ---------------- ---------------- -------------- ------------
Balance, March 31, 2000 $ 10,000 $ 9,589,625 $ 7,733,611 $ 228,155 $ (3,612,538)
=========== ================ ================ ============== ============
<CAPTION>
Incentive Unearned Total
Plan ESOP Stockholders'
Trust Shares Equity
------------ ---------- ------------
<S> <C> <C> <C>
Balance, December 31, 1998 $ (1,221,853) $ (569,270) $ 13,866,705
------------
Comprehensive income:
Net income 172,622
Other comprehensive loss, net of tax
unrealized loss on securities (38,492)
------------
Total comprehensive income 134,130
Dividend declared (214,350)
ESOP shares earned 13,105 32,384
Purchase of common stock, 20,580 shares (368,702)
Shares issued upon exercise of options 42,000 31,500
------------ ---------- ------------
Balance, March 31, 1999 $ (1,179,853) $ (556,165) $ 13,481,667
============ ========== ============
Balance, December 31, 1999 $ (1,172,073) $ (524,206) $ 12,610,386
------------
Comprehensive income:
Net income 210,076
Other comprehensive loss, net of tax
unrealized loss on securities (15,167)
------------
Total comprehensive income 194,909
Dividend declared (210,183)
ESOP shares earned 13,030 17,226
Purchase of common stock, 24,998 shares (346,734)
------------ ---------- ------------
Balance, March 31, 2000 $ (1,172,073) $ (511,176) $ 12,265,604
============ ========== ============
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE>
CKF BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
-------------
<TABLE>
<CAPTION>
For the Three-Month Periods
Ended March 31
---------------------------
2000 1999
------------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 210,076 $ 172,622
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 9,000 9,000
Amortization of loan fees (2,352) (1,964)
ESOP benefit expense 17,226 23,493
Provision for depreciation 10,359 7,863
FHLB stock dividend (10,300) (9,500)
Amortization of investment premium 118 1,275
Change in:
Interest receivable (17,019) 29,072
Other liabilities and federal income taxes payable 102,784 79,257
Prepaid expense 4,051 (820)
Interest payable (741) 2,296
----------- -----------
Net cash provided by operating activities 323,202 312,594
----------- -----------
Cash flows from investing activities:
Loan originations and principal payment on loans, net (1,814,267) (428,627)
Payments for construction of Branch bank building (150,669)
Purchase of office equipment (31,829)
Principle repayment on mortgage back securities 9,477 28,226
----------- -----------
Net cash (used) by investing activities (1,987,288) (400,401)
----------- -----------
Cash flows from financing activities:
Net increase (decrease) in demand deposits, NOW
accounts and savings accounts 134,521 676,206
Net increase (decrease) in certificates of deposit 151,697 720,600
Net increase (decrease) in custodial accounts 38,547 23,897
Payments on FHLB advances (7,975) (2,007,449)
Dividends paid (210,183) (214,350)
Purchase of common stock (346,734) (368,702)
Additional principal received on ESOP loan 8,892
Proceeds from exercise of stock option 31,500
----------- -----------
Net cash provided (used) by financing activities (240,127) (1,129,406)
----------- -----------
Increase (decrease) in cash and cash equivalents (1,904,213) (1,217,213)
Cash and cash equivalents, beginning of period 4,323,816 4,003,872
----------- -----------
Cash and cash equivalents, end of period $ 2,419,603 $ 2,786,659
=========== ===========
Supplemental disclosures of cash flow information:
Cash paid for income taxes $ 3,045 $
=========== ===========
Cash paid for interest $ 712,433 $ 611,272
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
6
<PAGE>
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
CKF Bancorp, Inc. (the "Company") was formed in August 1994 at the
direction of Central Kentucky Federal Savings Bank (the "Bank") to become
the holding company of the Bank upon the conversion of the Bank from mutual
to stock form (the "Conversion"). Since the Conversion, the Company's
primary assets have been the outstanding capital stock of the Bank, cash on
deposit with the Bank, and a note receivable from the Company's Employee
Stock Ownership Plan ("ESOP"), and its sole business is that of the Bank.
Accordingly, the consolidated financial statements and discussions herein
include both the Company and the Bank. On December 29, 1994, the Bank
converted from mutual to stock form as a wholly owned subsidiary of the
Company. In conjunction with the Conversion, the Company issued 1,000,000
shares of its common stock to the public.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
("GAAP") for interim financial information and with the instructions to
Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by GAAP for complete
financial statements. In the opinion of management, all adjustments
(consisting of only normal recurring accruals) necessary for fair
presentation have been included. The results of operations and other data
for the three month period ended March 31, 2000 are not necessarily
indicative of results that may be expected for the entire fiscal year
ending December 31, 2000.
2. Regulatory Capital
The Bank's actual capital and its statutory required capital levels based
on the consolidated financial statements accompanying these notes are as
follows (in thousands):
<TABLE>
<CAPTION>
March 31, 2000
------------------------------------------------------
To be Well
Capitalized Under
For Capital Prompt Corrective
Adequacy Purposes Action Provisions
---------------- ----------------- -----------------
Actual Required Required
---------------- ----------------- -----------------
Amount % Amount % Amount %
---------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Core capital $11,295 15.9% $2,836 4.0% $4,254 6.0%
Tangible capital $11,295 15.9% $1,063 1.5% N/A N/A
Total Risk based capital $11,459 27.0% $3,399 8.0% $4,249 10.0%
Leverage $11,295 15.9% N/A N/A $3,546 5.0%
</TABLE>
3. Dividends
A cash dividend of $0.30 per share was paid on February 10, 2000 to
stockholders of record as of January 28, 2000. The total dividends paid by
the Company for the quarter ended March 31, 2000 amounted to $210,183.
4. Common Stock
The Company purchased 24,998 shares of treasury stock at a cost of $346,734
during the three months ended March 31, 2000.
7
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Financial Condition
Total assets increased approximately $66,000, from $71.2 million at December 31,
1999 to $71.3 million at March 31, 2000. The net increase in assets includes a
$1.8 million or 2.9% increase in net loans receivable and a $172,000, or 20.2%
increase in office property and equipment, offset by a $1.9 million, or 44.0%,
decrease in cash and interest-bearing deposits.
The Company's aggregate investment securities portfolio decreased $22,000, or
.9%, to $2.4 million at March 31, 2000. Securities classified as available-for-
sale and recorded at market value per SFAS No. 115 decreased $22,000 due solely
to the decrease in the market value of such securities.
Under SFAS No. 115, unrealized gains or losses on securities available-for-sale
are recorded net of deferred income tax as a separate component of stockholders'
equity. At March 31, 2000, the Company included net unrealized gains of
approximately $228,000 in stockholders' equity. At December 31, 1999, the
Company included net unrealized gains of approximately $243,000 in stockholders'
equity. Per SFAS No. 115, such gains or losses will not be reflected as a charge
or credit to earnings until the underlying securities are sold, and then only to
the extent of the amount of gain or loss, if any, actually realized at the time
of sale.
Loans receivable increased by $1.8 million, or 2.9%, from $63.2 million at
December 31, 1999 to $65.0 million at March 31, 2000 as management continued its
efforts to be competitive in meeting the loan demand in the Bank's market area.
Deposits increased by $286,000, or .5%, to $53.6 million at March 31, 2000. This
increase reflects the Company's competitively priced product line within the
local market area.
Results of Operations for the Three Months Ended March 31, 2000 and 1999
Net Income
Net income for the three months ended March 31, 2000 was $210,000 compared to
$173,000 for the corresponding period in 1999, an increase of $37,000, or 21.7%.
The increase resulted primarily from an increase in net interest income of
$68,000, offset by increases in non-interest expense of $10,000 and an increase
in income tax expense of $19,000.
Interest Income
Interest income totaled 7.5% of average assets for the quarter ended March 31,
2000 compared to 7.1% for the quarter ended March 31, 1999. Interest income
increased $166,000, or 14.9%, to $1.3 million for the quarter ended March 31,
2000 from $1.1 million for the quarter ended March 31, 1999. The increase was
due to an increase of 40 basis points in the effective rate earned on interest-
bearing assets for the quarter ended March 31, 2000 as compared to the quarter
ended March 31, 1999, and an increase in the average earning assets of $5.5
million for the quarter ended March 31, 2000 compared to the same period in
1999.
8
<PAGE>
Interest Expense
Interest expense totaled $712,000 and $614,000 for the three months ended
March 31, 2000 and 1999, respectively. The increase in interest expense of
$98,000 or 16.0%, for the three months ended March 31, 2000 as compared to the
same period for 1999 was due to an increase of $7.2 million in average interest
bearing liabilities for the quarter ended March 31, 2000 compared to the same
period in 1999.
Provision for Loan Losses
The Bank established a provision for loan losses of $9,000 for both periods
ended March 31, 2000 and 1999. Management established the Bank's existing level
of its allowance for loan losses based upon its analysis of various factors,
including the market value of the underlying collateral, composition of the loan
portfolio, the Bank's historical loss experience, delinquency trends and
prevailing and projected economic conditions in the Bank's market area.
Non-Interest Income
Non-interest income amounted to $19,000 and $21,000 for the three months ended
March 31, 2000 and 1999, respectively. Non-interest income included primarily
fees charged in connection with loans and service charges on deposit accounts of
$18,000 and $20,000 for the three months ended March 31, 2000 and 1999,
respectively.
Non-interest Expense
Non-interest expense totaled $266,000 and $256,000 for the three months ended
March 31, 2000 and 1999, respectively, an increase of $10,000, or 3.7%, and such
expense amounted to 1.5% and 1.6% of average assets for the periods ended
March 31, 2000 and 1999, respectively.
Income Taxes
The provision for income taxes for the three months ended March 31, 2000 and
1999 was $108,000 and $89,000, respectively, which as a percentage of income
before income taxes was 34% for both periods.
9
<PAGE>
Non-Performing Assets
The following table sets forth information with respect to the Bank's non-
performing assets at the dates indicated. No loans were recorded as restructured
loans within the meaning of SFAS No. 15 at the dates indicated.
March 31, December 31,
2000 1999
--------- ------------
(amounts in thousands)
Loans accounted for on a non-accrual basis:/1/
Real Estate:
Residential $ 47 $132
Commercial
Consumer 3 28
----- ----
Total $ 50 $160
===== ====
Accruing loans which are contractually past due 90
days or more:
Real Estate:
Residential 503 140
Commercial
Consumer 7 6
----- ----
Total 510 146
===== ====
Total of loans accounted for as non-accrual or as
accruing past due 90 days or more $ 560 $306
===== ====
Percentage of total loans .86% .48%
===== ====
Other non-performing assets/2/ $ - $ -
===== ====
Restructured loans $ - $ -
===== ====
/1/ Non-accrual status denotes any mortgage loan past due 90 days and whose loan
balance, plus accrued interest exceeds 90% of the estimated loan collateral
value, and any consumer or commercial loan more than 90 days past due.
Payments received on a non-accrual loan are either applied to the
outstanding principal balance or recorded as interest income, or both,
depending on assessment of the collectibility of the loan.
/2/ Other non-performing assets represent property acquired by the Bank through
foreclosure or repossession. Such property is carried at the lower of its
fair market value or the principal balance of the related loan.
During the three months ended March 31, 2000, additional interest income of
$1,465 would have been recorded on loans accounted for on a non-accrual basis if
the loans had been current throughout the year. Interest on such loans actually
included in income during the three months ended March 31, 2000 totaled $294.
At March 31, 2000, there were no loans identified by management, which were not
reflected in the preceding table, but as to which known information about
possible credit problems of borrowers caused management to have serious doubts
as to the ability of the borrowers to comply with present loan repayment terms.
Liquidity and Capital Resources
The Bank's principal sources of funds for operations are deposits from its
primary market area, principal and interest payments on loans, and proceeds from
maturing investment securities. The principal uses of funds
10
<PAGE>
by the Bank include the origination of mortgage and consumer loans and the
purchase of investment securities.
The Bank is required by current OTS regulations to maintain specified liquid
assets of at least 4% of its net withdrawable accounts plus short-term
borrowings. Short-term liquid assets (those maturing in one year or less) may
not be less than 1% of the Bank's liquidity base. During the first quarter of
fiscal year 2000, the Bank satisfied all regulatory liquidity requirements, and
management believes that the liquidity levels maintained are adequate to meet
potential deposit outflows, loan demand, and normal operations.
The Bank must satisfy two capital standards, as set by the OTS. These standards
include a ratio of core capital to adjusted total assets of 4.0%, and a
combination of core and "supplementary" capital equal to 8.0% of risk-weighted
assets.
At March 31, 2000, the Bank had outstanding commitments to originate loans
totaling $419,000, excluding $1.1 million in approved but unused home equity
lines of credit. Management believes that the Bank's sources of funds are
sufficient to fund all of its outstanding commitments. Certificates of deposits
which are scheduled to mature in one year or less from March 31, 2000 totaled
$25.2 million. Management believes that a significant percentage of such
deposits will remain with the Bank.
11
<PAGE>
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
a. The following Exhibit is filed herewith:
Exhibit 27 Financial Data Schedule
b. No reports on Form 8-K were filed during the quarter ended
March 31, 2000.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CKF Bancorp, Inc.
Date: May 8, 2000 /s/ John H. Stigall
------------------------------------------------------
John H. Stigall, President and Chief Executive Officer
(Duly Authorized Officer)
Date: May 8, 2000 /s/ Ann L. Hooks
------------------------------------------------------
Ann L. Hooks, Vice President and Treasurer
(Principal Financial and Accounting Officer)
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 512
<INT-BEARING-DEPOSITS> 1,908
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 354
<INVESTMENTS-CARRYING> 2,005
<INVESTMENTS-MARKET> 1,976
<LOANS> 65,131
<ALLOWANCE> 164
<TOTAL-ASSETS> 71,280
<DEPOSITS> 53,611
<SHORT-TERM> 4,500
<LIABILITIES-OTHER> 822
<LONG-TERM> 81
0
0
<COMMON> 12,255
<OTHER-SE> 10
<TOTAL-LIABILITIES-AND-EQUITY> 71,280
<INTEREST-LOAN> 1,232
<INTEREST-INVEST> 30
<INTEREST-OTHER> 23
<INTEREST-TOTAL> 1,285
<INTEREST-DEPOSIT> 647
<INTEREST-EXPENSE> 712
<INTEREST-INCOME-NET> 573
<LOAN-LOSSES> 9
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 266
<INCOME-PRETAX> 318
<INCOME-PRE-EXTRAORDINARY> 318
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 210
<EPS-BASIC> .30
<EPS-DILUTED> .30
<YIELD-ACTUAL> 3.3
<LOANS-NON> 50
<LOANS-PAST> 510
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 155
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 164
<ALLOWANCE-DOMESTIC> 164
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
