UNITED STATES
SECURITY AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 December 31, 1997 or
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period
from_____________________to________________________
Commission File Number: 0-24896
Home Building Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Indiana
(State or other jurisdiction of incorporation or organization)
35-1935840
(I.R.S. Employer identification No.)
200 East VanTrees Street, Washington, Indiana 47501
(Address of principal executive offices) (Zip Code)
(812) 254-2641
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
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 shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing for the past 90
days.
{X}Yes { } No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
Class Outstanding
Common Stock 331,600 as of February 13, 1998
Transitional Small Business Disclosure Format:
{ } Yes {X} No
<PAGE>
HOME BUILDING BANCORP, INC.
INDEX
Part I. Financial Information Page
Item 1. Financial Statements
Consolidated Statements of Financial Condition at December 31, 1997
and September 30, 1997 1
Consolidated Statements of Income for the quarters ended
December 31, 1997 and 1996 2
Consolidated Statements of Cash Flows for the quarters ended
December 31, 1997 and 1996 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 6
Part II. Other Information 10
Signatures 11
Index of Exhibits 12
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Financial Condition
<CAPTION>
(Unaudited)
Dec. 31, Sept. 30,
1997 1997
ASSETS
<S> <C> <C>
Cash and due from banks $ 3,700,574 $ 1,494,118
Interest-bearing deposits with banks 1,387,130 2,521,578
Securities available-for-sale 6,906,252 7,483,447
Securities held-to-maturity, fair market value of
$319,673 at Dec. 31, and $349,193 at
Sept. 30 314,940 344,257
Loans receivable, net of allowance for loan
losses of $82,834 at Dec. 31, and $80,680
at Sept. 30 28,841,881 28,582,610
Insurance receivable 231,380 240,444
Accrued interest receivable 180,059 210,256
Premises and equipment 775,121 783,967
Other assets 92,764 89,075
Total assets $ 42,430,101 $ 41,749,752
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
<S> <C> <C>
Savings and NOW deposits $ 11,364,895 $ 10,880,043
Other time deposits 20,716,713 20,637,490
Total deposits 32,081,608 31,517,533
Advances from Federal Home Loan Bank 4,000,341 4,000,341
Accrued expenses and other liabilities 380,805 338,947
Total liabilities 36,462,754 35,856,821
Shareholders' equity:
Common stock, $.01 par value, 1 million
shares authorized, 331,660 issued
and outstanding 3,317 3,317
Additional paid-in capital 3,057,981 3,046,415
Treasury stock, at cost (345,000) (345,000)
Retained earnings 3,495,289 3,449,876
Net unrealized gain on available-for-sale
securities, net of deferred tax of $9,884
at Dec. 31, and $8,451 at Sept. 30 14,826 12,606
Unearned ESOP & recognition and retention shares (259,066) (274,283)
Total shareholders' equity 5,967,347 5,892,931
Total liabilities and shareholders' equity $ 42,430,101 $ 41,749,752
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
1
<PAGE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three months ended Dec. 31,
1997 1996
(Unaudited)
Interest income:
<S> <C> <C>
Loans receivable $ 611,918 $ 583,622
Investments 58,714 33,789
Mortgage-backed securities 78,186 102,679
Deposits with other banks 58,927 75,266
Total interest income 807,745 795,356
Interest expense:
Deposits 378,371 395,871
Repurchase agreements - 3,749
Other borrowed funds 57,258 52,240
Total interest expense 435,629 451,860
Net interest income 372,116 343,496
Provision for loan losses (2,000) -
Net interest income after provision
for loan losses 370,116 343,496
Noninterest income:
Gain on sale of assets 7,309 499
Customer service fees 24,997 26,695
Total other income 32,306 27,194
Noninterest expenses:
Salaries and employee benefits 151,620 115,318
Occupancy and equipment 36,035 38,684
Deposit insurance premium 5,645 19,389
Computer expense 13,513 13,862
Service fees 13,848 12,187
Advertising expense 14,730 13,293
Professional fees 15,830 5,550
Other expense 51,139 43,154
Total other expenses 302,360 261,437
Income before income taxes 100,062 109,253
Income tax expense 31,273 41,021
Net income $ 68,789 $ 68,232
Basic earnings per share of common stock $ 0.24 $ 0.24
Weighted average shares outstanding 288,975 282,158
Diluted earnings per share of common stock $ 0.23 $ 0.24
Diluted weighted average share outstanding 295,065 284,641
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
2
<PAGE>
Washington, Indiana
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Three months ended Dec. 31,
1997 1996
(Unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net income $ 68,789 $ 68,232
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 9,826 9,364
Non cash compensation 26,783 -
Provision for loan losses 2,000 -
Net realized gains on available-for-
sale securities (7,309) (499)
Decrease in insurance receivable 9,064 -
(Increase) decrease in accrued interest
receivable 30,197 (27,568)
Increase in accrued expenses and
other liabilities 40,378 60,088
(Increase) decrease in other assets (3,689) 38,499
Total adjustments 107,250 79,884
Net cash provided by operating activities 176,039 148,116
Cash flows from investing activities:
Net (increase)decrease in interest-
bearing deposits with banks 1,134,448 (880,891)
Purchases of available-for-sale securities (408,859) (722,485)
Proceeds from maturities of
available-for-sale securities 738,410 387,705
Proceeds from sales of available-
for-sale securities 258,653 -
Proceeds from maturities of held-
to-maturity securities 29,317 32,621
Net increase in loans (261,271) (257,253)
Net purchases of premises and equipment (980) -
Net cash (used) provided by investing activities 1,489,718 (1,440,303)
Cash flows from financing activities:
Net increase (decrease) in savings and
NOW deposit accounts 484,852 (443,977)
Net increase in time deposits 79,223 2,571,661
Net decrease in securities sold under
agreement to repurchase - (252,279)
Dividends paid (23,376) (24,150)
Net cash provided by financing activities 540,699 1,851,255
Net increase in cash and due from banks 2,206,456 559,068
Cash and due from banks at beginning of period 1,494,118 1,428,754
Cash and due from banks at end of period $ 3,700,574 $ 1,987,822
Interest paid $ 435,874 $ 438,662
Income taxes paid $ 91,931 $ -
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
3
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
December 31, 1997 and 1996
Note 1: Basis of Presentation
The unaudited information for the quarters ended December 31, 1997 and
December 31, 1996, includes the results of operations of Home Building
Bancorp, Inc. (the "Company") and its wholly owned subsidiary Home Building
Savings Bank, FSB (the "Bank"). In the opinion of management of the Company
the financial statements reflect all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the consolidated financial
statements. These interim financial statements should be read in conjunction
with the Company's most recent annual financial statements and footnotes
included in the annual report of Home Building Bancorp, Inc. dated September
30, 1997. The results of the period presented are not necessarily
representative of the results of operations and cash flows which may be
expected for the entire year.
Note 2: Principles of Consolidation
The consolidated financial statements include the accounts of Home Building
Bancorp, Inc., Home Building Savings Bank, FSB, and the Bank's subsidiary.
All significant inter-company balances and transactions have been eliminated
in consolidation.
Note 3: Stock Conversion
On February 7, 1995, Home Building Bancorp, Inc. began trading as a public
company on the Nasdaq SmallCap Market. The Company issued 322,000 shares,
$.01 par value common stock, for proceeds of $2,858,862 net expenses of
approximately $361,000. The Bank converted to a federal stock savings bank
following the formation of the holding company and received proceeds of
$1,432,853 in exchange for all its common stock. This transaction was accounted
for using historical cost in a manner similar to that in a pooling of
interests.
Note 4: Earnings Per Common Share
Basic earnings of $0.24 per common share for the most recent quarter was
computed by dividing net income by the weighted average number of shares
outstanding during the quarter, less Employee Stock Ownership Plan (ESOP)
shares and Recognition and Retention Plan (RRP) shares not committed to be
released. The weighted average number of shares outstanding for the period was
288,975. Dilutive earnings per share is consistent with that of basic
earnings per share while giving effect to all dilutive potential common shares
that were outstanding during the period. Earnings, assuming dilution, for the
most recent quarter were $0.23 per share. A reconciliation of both numerators
and denominators of the per share calculations follows:
For the Three Months Ended December 31, 1997
Income Shares Per-Share
(Numerator) (Denominator) Amount
Basic EPS,
Income available
to common shareholders $68,789 288,975 $0.24
Effect of dilutive securities:
Incentive stock option
plan shares 6,090
Diluted EPS
Income available to common
shareholders+ assumed
conversions $68,789 295,065 $0.23
4
<PAGE>
Home Building Savings Bank, FSB
Notes to Consolidated Financial Statements
December 31, 1997 and 1996
(Concluded)
Note 4: Earnings Per Common Share, continued
For the Three Months Ended December 31, 1996
Income Shares Per-Share
(Numerator) (Denominator) Amount
Basic EPS,
Income available
to common shareholders $68,232 282,158 $0.24
Effect of dilutive securities:
Incentive stock option
plan shares 2,483
Diluted EPS
Income available to common
shareholders+assumed
conversions $68,232 284,641 $0.24
Note 5: Allowance for Loan Losses and Loan Loss Provision
The allowance for loan losses increased $2,154 to $82,834 for the three-month
period ended December 31, 1997. This increase was due to a recovery of a loan
that was previously charged-off by the Company and an additional provision of
$2,000 for loan losses made during the period ended December 31, 1997.
Activity in the allowance for loan losses was as follows:
For the three months ended December 31,
1997 1996
Beginning $ 80,680 $ 77,000
Provision 2,000 -
Recoveries 154 1,500
Ending $ 82,834 $ 78,500
5
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
General
Home Building Bancorp, Inc. (the Company) was formed at the direction of
Home Building Savings Bank, FSB (the Bank), for the purpose of owning all
the stock outstanding in the Bank. The Company incorporated under the laws of
the State of Indiana and is generally authorized to engage in any activity that
is permitted under Indiana law. On February 7, 1995, the Company acquired all
the stock of the Bank in accordance with the approved plan of conversion. The
Company had not engaged in any material operations at December 31, 1997, and
had no significant assets other than its equity investment in the Bank's stock,
cash, investments, and a loan to the Bank's Employee Stock Ownership Plan
(ESOP).
Established in 1908, the Home Building Savings Bank, FSB is a community
oriented financial institution offering a variety of financial services to meet
the needs of the communities it serves. The Bank's primary market area covers
Daviess and Pike counties in southwestern Indiana. The Bank attracts deposits
from the general public and uses such deposits, together with borrowings and
other funds, to originate one- to four-family residential mortgage,
automobile and consumer loans, and to a lesser extent commercial, multifamily
and construction real estate loans. The Bank also invests in U.S. government
and agency obligations and may invest in other permissible investments.
The Bank's results of operations are primarily dependent upon its net interest
income, which is the difference between interest earned on loans and
investments and interest paid on deposits and other borrowed funds. Net
interest income is directly affected by the relative amounts of interest-earning
assets and interest-bearing liabilities and the interest rates earned or paid on
such amounts. The Bank's results of operations are also affected by the
provision for loan losses and the level of noninterest income and expenses.
Noninterest income consists primarily of service charges and net income from the
Bank's wholly owned service corporation subsidiary. Noninterest expense
includes salaries and employee benefits, occupancy expenses, federal deposit
insurance premiums, data processing expenses, and other operating expenses.
The operating results of the Bank are also affected by general economic
conditions, the monetary and fiscal policies of federal agencies, and the
policies of agencies that regulate financial institutions. The Bank's cost
of funds is influenced by interest rates on competing investments and general
market rates of interest. Lending activities are influences by the demand
for real estate loans and other types of loans, which in turn is affected by
the rates of interest at which loans are offered, general economic conditions
affecting loan demand, and the availability of funds for lending activities.
Financial Condition
For the three months ended December 31, 1997, total assets increased
approximately $680,000 to $42.4 million from $41.7 million at September 30,
1997. Loans receivable increased approximately $259,000 to $28.8 million at
December 31, 1997. Total cash and cash equivalents increased approximately
$1.1 million. These increases were funded from the proceeds received from the
sale and maturity of investment securities which portfolio decreased
approximately $600,000 and an increase in deposits.
6
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Financial Condition, continued
Liabilities increased by approximately $600,000 as deposits at December 31,
1997, which were the primary funding source for the increase in assets,
increased $564,000 from September 30, 1997. The Bank's advances from the FHLB
remained unchanged. The Bank has maintained deposit interest rates which are
competitive for its marketplace and was successful during the quarter at
retaining and increasing deposits.
Results of Operations:
Comparison of the three months ended December 31, 1997 and 1996.
General. The Bank experienced a net profit of $68,789 for the quarter compared
to a net profit of $68,232 for the same period in 1996. Increases in net
interest income and other income were offset by higher noninterest expenses,
resulting in virtually unchanged net income compared to the same period a
year ago.
Interest Income. Total interest income increased $12,000, or 1.6%, to $808,000
for the three months ended December 31, 1997, compared to the same period
last year. Interest income earned on the Bank's loan portfolio increased
$28,000 to $612,000 for the three months ended December 31, 1997, compared to
$584,000 a year ago. This increase was due to a shift in the Bank's asset mix
towards higher yielding mortgage and consumer loans and away from lower
yielding investment and mortgage-backed securities. Interest income from
investments increased $25,000 to $59,000 for the most recent quarter compared
to $34,000 the same quarter a year ago. Interest income from mortgage-backed
securities decreased $25,000 to $78,000 for the most recent quarter compared to
$103,000 for the same quarter a year ago. The weighted average yield on
earning assets was 7.89% for the three months ended December 31, 1997
compared to 7.55% for the three months ended December 31, 1996.
Interest Expense. Total interest expense decreased $16,000, or 3.5%, to
$436,000 for the quarter ended December 31, 1997, compared to $452,000 the
same quarter a year ago. The decrease was due to a reduction in the weighted
average cost of deposits and borrowed funds to 4.69% for the most recent
quarter from 4.75% for the same quarter a year ago, as a result of lower market
interest rates generally. Deposit volume fell by $2.7 million, or 7.7%, to
$32.1 million for the most recent quarter from $34.8 million for the same
quarter a year ago. Most of the reduction came from lower public funds balances
compared to a year ago. The Bank does not rely on these funds for
operations. The Bank is able to compete aggressively for savings funds when
adequate spreads on loans or investments become available. FHLB advances
also remain a liability management tool.
Net Interest Income. Net interest income before provision for loan losses
increased $29,000, or 8.45%, to $372,000 for the quarter ended December 31,
1997, compared to $343,000 for the same quarter in 1996. As of December 31,
1997 interest-earning assets were 114.3% of interest bearing liabilities. On
the asset side, the Bank's fixed rate mortgage portfolio grew, while the
adjustable rate mortgage and installment loan portfolios decreased. On the
liability side, the Bank's certificate of deposit and savings/NOW deposits both
grew moderately during the quarter. The Bank's liabilities are generally
shorter in term and subject to repricing more frequently than assets;
accordingly, an increase in interest rates could adversely affect the Company's
net income.
7
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Net Interest Income, continued
The Bank continues to stress consumer and installment lending. Interest rate
risk is monitored to assure compliance with the Bank's policy. Investments
stress shorter-term and adjustable rate securities to respond to changing rates.
The Bank, as a thrift institution, continues to have a below average exposure
to interest rate risk compared to its peers.
Nonperforming Assets and Provision for Loan Losses. The provision for loan
losses is a result of management's periodic analysis of the adequacy of the
Bank's allowance for loan losses. During the three month period ended December
31, 1997, a $2,000 provision was charged against earnings to increase the level
of the allowance for loan losses. The Bank adjusts its allowance in accordance
with its Classified Assets Policy. The Bank believes it has taken an
appropriate approach toward reserve levels, consistent with the Bank's loan
portfolio, its current level of reserves, the economy, real estate values and
interest rates. The Bank has had an extremely low level of loan losses during
its history and therefore considers the loss experience of similar portfolios in
comparable lending markets and institutions. Federal regulators may require
additional reserves as a result of their examinations of the Bank. Accordingly,
the calculation of the adequacy of the allowance is not solely based directly
on the level of nonperforming assets at any one time. No assurance can be made
that future losses will not exceed the estimated amounts, thereby adversely
affecting future results of operations. As of December 31, 1997, the Bank's
allowance for loan losses was $83,000 compared to $78,500 one year ago.
As of December 31, 1997 the Bank's non-performing assets totaled $286,000, or
.67% of total assets. At the same date the Bank's ratio of allowance for loan
losses to non-performing assets was 29.0%.
Noninterest Income. Noninterest income increased $5,000 in the most recent
quarter compared to the same quarter in 1996. The increase came from the gain
on a security which was called during the quarter.
Noninterest Expense. Total noninterest expense increased $41,000, or 15.7%, to
$302,000 for the most recent quarter compared to $261,000 the same quarter a
year ago. The increase was due to recognition of expense related to stock based
compensation plans, timing of payments for legal expenses and professional
fees, as well as recognition of an insurance deductible related to an insurance
claim. Deposit insurance premiums decreased compared to the quarter ended
December 31, 1996.
Income Tax Expense. Income tax expense was $31,000 during the most recent
quarter compared to $41,000 the same quarter a year ago. The amount of
expense accrued each quarter for income tax expense is based on management's
estimate of future tax liability.
8
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(concluded)
Liquidity and Capital Requirements Home Building's main sources of funds are
deposits, loan and investment repayments, fees and service charges and Federal
Home Loan Bank (FHLB) advances. Federal regulations require the Bank to
maintain cash and eligible investments in an amount equal to at least 4% of
customer accounts and short-term borrowings to assure its ability to meet
demands forterm borrowings. As of December 31, 1997, the Bank's liquidity ratio
was 11.06%, which is well above the regulatory requirements.
The Bank uses its capital resources to meet ongoing commitments, to fund
maturing certificates of deposit and deposit withdrawals, to invest, to fund
existing and future loan commitments, to maintain liquidity, and to meet
operating expenses. The Bank anticipates it will have sufficient funds to meet
current loan commitments. At December 31, 1997, the Bank had outstanding
commitments to extend credit totaling $763,000. Management believes loan
repayments and other sources of funds will be adequate to meet the Bank's
foreseeable liquidity needs. FHLB advances may be used to take advantage of
investment opportunities, but are not relied upon in the regular course of
business. At December 31, 1997, certificates of deposit scheduled to mature in
one year or less totaled $9.8 million. Management believes based on its
experience to date that a significant portion of these funds will remain with
the Bank.
Home Building Savings Bank is required to maintain specific amounts of
regulatory capital pursuant to federal regulations. The table below presents
the capital position at December 31, 1997 relative to the regulatory capital
requirements.
Amount
(in thousands) Percent of Assets
Tangible Capital $ 4,542 10.77%
Tangible Capital Requirement 632 1.50
Excess $ 3,910 9.27%
Core Capital $ 4,542 10.77%
Core Capital Requirement 1,264 3.00
Excess $ 3,278 7.77%
Total Capital (Core & Supple.) $ 4,625 21.56%
Risk-Based Capital Requirement 1,716 8.00
Excess $ 2,909 13.56%
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
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) Exhibits
Exhibit 27: Financial Data Schedule (electronic filing only)
(b) There were no reports on Form 8-K filed during the quarter.
10
<PAGE>
SIGNATURES
Pursuant to the requirement 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.
HOME BUILDING BANCORP, INC.
Registrant
Date: 2/13/98 /s/ Bruce A. Beesley
Bruce A. Beesley, President and
Chief Executive Officer (Duly
Authorized Officer)
Date: 2/13/98 /s/ Debra K. Shields
Debra K. Shields, Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
11
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
27 Financial Data Schedule (electronic filing only)
12
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNAUDITED
FINANCIAL STATEMENTS DATED DECEMBER 31, 1997, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 3700574
<INT-BEARING-DEPOSITS> 1387130
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6906252
<INVESTMENTS-CARRYING> 314940
<INVESTMENTS-MARKET> 319673
<LOANS> 28841881
<ALLOWANCE> 82834
<TOTAL-ASSETS> 42430101
<DEPOSITS> 32081608
<SHORT-TERM> 0
<LIABILITIES-OTHER> 380805
<LONG-TERM> 4000341
0
0
<COMMON> 3317
<OTHER-SE> 5964030
<TOTAL-LIABILITIES-AND-EQUITY> 42430101
<INTEREST-LOAN> 611918
<INTEREST-INVEST> 58714
<INTEREST-OTHER> 137113
<INTEREST-TOTAL> 807745
<INTEREST-DEPOSIT> 378371
<INTEREST-EXPENSE> 57258
<INTEREST-INCOME-NET> 372116
<LOAN-LOSSES> 2000
<SECURITIES-GAINS> 7309
<EXPENSE-OTHER> 302360
<INCOME-PRETAX> 100062
<INCOME-PRE-EXTRAORDINARY> 100062
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 68789
<EPS-PRIMARY> .24
<EPS-DILUTED> .23
<YIELD-ACTUAL> .02
<LOANS-NON> 286000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 80680
<CHARGE-OFFS> 0
<RECOVERIES> 154
<ALLOWANCE-CLOSE> 82834
<ALLOWANCE-DOMESTIC> 42900
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 39934
</TABLE>
