UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------------------
FORM 10-Q
(Mark One)
(X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1996
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 No. 0-25766
Community Bank Shares of Indiana, Inc.
(Exact name of registrant as specified in its charter)
Indiana 35-1938254
------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
202 East Spring St., PO Box 939, New Albany, Indiana 47150
----------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 1-812-944-2224
- - -------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check (X) whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes[X] No[ ]
APPLICABLE ONLY TO CORPORATE ISSUERS; Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date 1,983,722.
<PAGE>
COMMUNITY BANK SHARES OF INDIANA, INC.
INDEX
Part I Financial Information Page
Item 1. Financial Statements
Condensed consolidated statements of financial condition
June 30, 1996 and December 31, 1995 3
Condensed consolidated statements of
operations, three and six months ended
June 30, 1996 and 1995 4
Condensed consolidated statement of cash
flows, six months ended June 30, 1996 and 1995 6
Notes to condensed consolidated financial statements 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 10
Part II. Other Information 12
Signatures 13
-2-
<PAGE>
PART I - ITEM 1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
COMMUNITY BANK SHARES OF INDIANA, INC.
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
1996 1995
---- ----
(unaudited)
(In thousands)
ASSETS
<S> <C> <C>
Cash and due from banks $ 3,406 $ 2,943
Interest bearing deposits with banks 10,508 14,354
Securities available for sale, at market:
Mortgage-backed securities 5,850 7,488
Other debt securities 2,268 251
Securities held to maturity:
Mortgage-backed securities, at cost 26,105 27,522
Other debt securities, at cost 51,847 38,442
Mortgage loans held for sale 319 281
Loans receivable, net 126,277 118,170
Federal Home Loan Bank stock, at cost 1,231 1,231
Foreclosed real estate 0 0
Premises and equipment, net 3,517 3,195
Accrued interest receivable:
Loans 795 711
Mortgage-backed securities 174 199
Other debt securities 861 557
Other assets 189 382
-------- --------
Total Assets $233,347 $215,726
======== ========
LIABILITIES
Deposits $189,199 $168,091
Advances from Federal Home Loan Bank
and other borrowings 16,860 21,099
Advance payments by borrowers for
taxes and insurance 683 307
Accrued interest payable on deposits 98 101
Other liabilities 715 777
-------- --------
Total Liabilities 207,555 190,375
-------- --------
STOCKHOLDERS' EQUITY
Common stock of $.10 par value per share,
Authorized 10,000,000 shares;
issued 1,983,722 shares 198 198
Additional paid in capital 11,782 11,782
Retained earnings - substantially restricted 13,861 13,374
Net unrealized gain\(loss) on assets
available for sale, net of tax 14 60
Unearned ESOP shares (63) (63)
-------- --------
Total Stockholder Equity 25,792 25,351
-------- --------
Total liabilities and stockholders' equity $233,347 $215,726
======== ========
</TABLE>
-3-
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC.
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------- -------
1996 1995 1996 1995
---- ---- ---- ----
(In Thousands)
INTEREST INCOME:
<S> <C> <C> <C> <C>
Loans receivable:
Mortgage loans $ 2,055 $ 2,026 $ 4,120 $ 3,985
Commercial consumer and other loans 442 237 801 415
Securities:
Mortgage-backed securities 522 609 1,078 1,220
Other debt securities 883 458 1,523 949
Federal Home Loan Bank stock 23 24 48 47
Interest bearing deposits with banks 62 171 273 245
------------ ------------ ------------ ------------
Total Interest Income 3,987 3,525 7,843 6,861
------------ ------------ ------------ ------------
INTEREST EXPENSE:
Deposits 2,040 1,805 4,058 3,543
Advances from Federal Home Loan Bank
and other borrowings 282 214 555 432
------------ ------------ ------------ ------------
Total Interest Expense 2,322 2,019 4,613 3,975
------------ ------------ ------------ ------------
NET INTEREST INCOME 1,665 1,506 3,230 2,886
Provision for loan losses 2 11 12 23
------------ ------------ ------------ ------------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 1,663 1,495 3,218 2,863
------------ ------------ ------------ ------------
NON-INTEREST INCOME:
Loan fees and service charges 139 141 295 268
Net gain on sale of loans 8 13 22 21
Deposit account service charges 96 74 184 145
Commission income 85 39 205 83
Other income 13 12 30 23
------------ ------------ ------------ ------------
Total Non-interest Income 341 279 736 540
------------ ------------ ------------ ------------
</TABLE>
-4-
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS, (CONTINUED)
COMMUNITY BANK SHARES OF INDIANA, INC.
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------- -------
1996 1995 1996 1995
---- ---- ---- ----
(In Thousands)
NON-INTEREST EXPENSE
<S> <C> <C> <C> <C>
Compensation and benefits 667 511 1,307 1,001
Occupancy and equipment 123 90 232 178
Deposit insurance premiums 96 95 189 188
Data processing service 100 78 191 159
Other 188 158 400 283
------------ ------------ ------------ ------------
Total Non-interest Expense 1,174 932 2,319 1,809
------------ ------------ ------------ ------------
Income before income taxes 830 842 1,635 1,594
------------ ------------ ------------ ------------
Income tax expense 334 328 661 617
------------ ------------ ------------ ------------
NET INCOME $496 $514 $974 $977
============ ============ ============ ============
Net income per share $0.25 $0.26 $0.49 $0.49
============ ============ ============ ============
<FN>
(see note 5)
</FN>
</TABLE>
-5-
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
1996 1995
---- ----
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITES:
Net income $ 974 $ 977
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization of premiums and accretion of discounts
on investment and mortgage-backed securities, net 9 24
Net realized securities gain 0 0
Provision (credit) for losses on loans 12 23
Proceeds from mortgage loan sales 3,517 1,637
Mortgage loans originated for resale (3,555) (1,348)
Net gain on sales of mortgage loans (22) (21)
Loss on foreclosed real estate 0 0
Depreciation expense 106 78
Deferred income taxes 60 58
(Increase) decrease in accrued interest receivable (363) 47
Increase (decrease) in accrued interest payable 3 (17)
Increase (decrease) in income taxes payable (11) 130
Increase (decrease) in other assets & other liabilities 265 (198)
------- -------
Net cash flows provided by operating activities $ 995 $ 1,390
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest bearing deposits 3,846 (432)
Proceeds from the sale of securities available for sale 0 0
Proceeds from maturities of securities available for sale 0 3,450
Purchases of securities available for sale (2,000) 0
Proceeds from maturities of securities held to maturity 12,100 3,448
Purchases of securities held to maturity (25,588) (1,500)
Principal collected on securities available for sale 1,638 0
Principal collected on securities held to maturity 1,491 2,198
Loan originations and principal payments on loans, net (7,981) (6,700)
Proceeds from sale of foreclosed real estate 0 102
Net increase in premises and equipment (428) (710)
------- -------
Net cash flows used by investing activities $(16,922) $ (144)
------- -------
-6-
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS, (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
COMMUNITY BANK SHARES OF INDIANA, INC.
(Unaudited)
1996 1995
---- ----
(In thousands)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in demand accounts
and savings accounts $ 16,406 $ (12,255)
Net increase (decrease) in certificates of deposits 4,702 1,347
Repayment of advances from Federal Home Loan bank (7,001) (11,781)
Advances from Federal Home Loan bank 2,000 10,780
Net increase (decrease) in repurchase borrowings 762 0
Sale of stock 0 9,574
Cash received on merger of mutual
holding company with Bank 6 0
Dividends paid (485) (63)
------------ ----------
Net cash flows provided by financing activities 16,390 (2,398)
------------ ----------
Net increase ( decrease) in cash and due from banks 463 (1,152)
Cash and due from banks at beginning of period 2,943 3,344
------------ ----------
Cash and due from banks at end of period $ 3,406 $ 2,192
============ ==========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payment for:
Interest $ 4,066 $ 3,561
Income taxes $ 617 $ 361
SUPPLEMENTAL SCHEDULE OF NON CASH INVESTING ACTIVITIES
Proceeds from sales of foreclosed real estate
financed through loans $ - $ -
Transfers from loans to real estate acquired
through foreclosure $ - $ -
-7-
<PAGE>
PART I - ITEM 1
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
COMMUNITY BANK SHARES OF INDIANA, INC.
1. BASIS OF PRESENTATION
Community Bank Shares of Indiana, Inc. (the Holding Company) was
formally established on April 7, 1995 (see note 3). The data contained in the
financial statements reflects consolidated Holding Company information. Certain
information and footnote disclosure normally included in financial statements
prepared in accordance with generally accepted accounting principals have been
omitted.
2. PRINCIPLES OF CONSOLIDATION
The Consolidated Financial Statement data presented for the current
year and at December 31, 1995 include the accounts of Community Bank Shares of
Indiana, Inc., its subsidiaries Community Bank of Southern Indiana and Heritage
Bank of Southern Indiana, and First Community Service Corp., a wholly owned
subsidiary of Community Bank of Southern Indiana. All material intercompany
balances and transactions have been eliminated.
3. THE CONVERSION
On October 18, 1994, the Boards of Directors of the Community Savings
Bank, FSB, the predecessor to Community Bank of Southern Indiana, and Community
Bank Shares, M.H.C. (the MHC), the predecessor to Community Bank Shares of
Indiana, Inc., adopted a Plan of Conversion and Agreement and Plan of
Reorganization (the Plan). Subsequent to the effective date of this filing and
pursuant to the Plan, (i) the MHC, which owned approximately 51 percent of
Community Savings Bank, FSB (the Bank), converted from mutual to stock form and
simultaneously merged with and into the Bank, with the Bank being the surviving
entity; (ii) the Bank then merged into an interim savings bank formed as a
wholly-owned subsidiary of Community Bank Shares of Indiana, Inc. (the Company),
a newly organized Indiana corporation, with the Bank being the surviving entity;
and (iii) the outstanding shares of the Bank common stock (other than those held
by the MHC, which were canceled) were converted into shares of common stock of
the Company. Pursuant to the Plan, the Company then sold additional shares equal
to approximately 51 percent of the common shares of the Company. Shares of the
Company's common stock were offered in a subscription offering in descending
order of priority to eligible account holders, tax-qualified employee stock
benefit plans, supplemental eligible account holders, other members, directors,
officers and employees and public stockholders. On April 7, 1995 Community Bank
Shares of Indiana (the Company) was formally established. The Company received
proceeds from the sale of stock, net of conversion expenses, of $9.6 million.
Community Bank of Southern Indiana formally known as Community Savings Bank,
FSB, received a capital distribution from the Company equal to 50% of the net
proceeds or $4.8 million.
4. FORMATION OF HERITAGE BANK OF SOUTHERN INDIANA
On January 3, 1996, the Company capitalized Heritage Bank of Southern
Indiana (Heritage) as a state chartered commercial bank with an initial
investment of $4,150,000. Heritage began operations as of January 8, 1996
providing full service banking through its office located in Jeffersonville,
Indiana.
5. EARNINGS PER SHARE
The calculation for weighed average number of shares outstanding for
the three and six month periods ended June 30, 1996 is as follows:
# of
DATES OUTSTANDING DAYS SHARES (DAYS x SHARES)
----------------- ---- ------ ---------------
4/01/1996 - 6/30/1996 91 1,983,722 180,518,702
1/01/1996 - 6/30/1996 182 1,983,722 361,037,404
-8-
<PAGE>
Weighted average shares outstanding for the three month period ended
June 30, 1996 are 1,983,722, (180,518,702 shares divided by 91 days). Pro forma
earnings per share for the three month period ended June 30, 1996 is 25 cents
per share.
Weighted average shares outstanding for the six month period ended June
30, 1996 are 1,983,720, (361,037,404 shares divided by 182 days). Pro forma
earnings per share for the six month period ended June 30, 1996 is 49 cents per
share.
6. REGULATORY CAPITAL REQUIREMENTS
The Company's subsidiary banks are required by federal regulations to
maintain minimum amounts of capital. At June 30, 1996, each of the Company's
subsidiary banks had capital which substantially exceeded each of the regulatory
capital requirements.
7. RECLASSIFICATIONS
Certain amounts have been reclassified in the previous year's financial
statements to conform with the current year's classifications
-9-
<PAGE>
PART I - ITEM 2
MANAGEMENT DISCUSSION AND
ANALYSIS OF CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION AND OPERATIONS
COMMUNITY BANK SHARES OF INDIANA, INC
FINANCIAL CONDITION
Total assets of $233.3 million increased $17.6 million or 8.2% over the
December 31, 1995 ending balance of $215.7 million. The Company reduced
liquidity by lowering the interest bearing deposits with banks from $14.4
million at December 31, 1995 to $10.5 million at June 30, 1996. This $3.8
million along with the asset growth of $17.6 million was used to fund the growth
of approximately $13.4 million in other debt securities in the held to maturity
portfolio and an increase of $8.1 million in loans receivable. Total deposits
increased $21.1 million or 12.6% primarily reflecting the success of deposit
acquisition by the newly capitalized affiliate Heritage Bank of Southern
Indiana. At June 30, 1996, Heritage had accumulated total deposits of $18.4
million. Federal Home Loan Bank advances totaling $4.2 million were paid down
during the first six months of 1996 reducing that outstanding debt to $16.9
million at June 30, 1996.
CAPITAL
The Holding Company's total equity was $25.8 million as of June 30,
1996. The equity position increased $441,000 during the six month period ended
June 30, 1996 due primarily to increases from net income less dividends paid to
shareholders.
LIQUIDITY
The Company's primary sources of funds are deposits; principal and
interest payments on loans and mortgage-backed securities; proceeds form
maturing debt securities; advances from the FHLB and sale of stock. Regulations
require that each of the Company's subsidiary's maintain an average daily
balance of liquid assets and short-term liquid assets as a percentage of net
withdrawable deposit accounts plus short-term borrowings. The minimum required
liquidity and short-term liquidity ratios are currently 5% and 1%, respectively.
For June 1996 each of the Company's subsidiaries was in compliance with the
established liquidity ratios.
RESULTS OF OPERATIONS
Net Income for the three month period ending June 30, 1996 totaled
$496,000, compared to $514,000 for the three months ended June 30, 1995. Net
interest income increased by $159,000 or 10.6% for the quarter ended June 30,
1996 when measured against the same quarter in 1995. This expansion reflected a
growth in total interest income of $462,000 or 13.1%. The growth in interest
income came primarily from two areas: (1)commercial and consumer loan interest
increased $205,000 or 86.5% due primarily to a $7.1 million increase in average
balances of commercial loans for the quarter ended June 30, 1996 compared to the
same quarter last year; (2)interest on other debt securities grew $425,000 or
92.8% due to a $21.5 million increase in average balances of other debt
securities for the second quarter of 1996 compared to the second quarter of
1995. Income from interest bearing deposits with banks decreased by $109,000 due
to a $6.9 million decrease in average balances for the two previously mentioned
quarters.
Interest expense, the other component of net interest income, also
reflected an increase totaling $303,000 or 15.1%. Interest on deposits, which
comprised 87.8% of total interest expense, rose $235,000 or 13.0%. The increase
in interest expense is primarily due to an average growth in deposits of $16.6
million during the quarter. The deposit growth was virtually all attributable to
the funds acquisition at the new affiliate, Heritage Bank of Southern Indiana.
-10-
<PAGE>
During the three month period ended June 30, 1996 an addition of $2,000
was made to the general loan loss reserve. In conjunction with the findings of
the internal asset review committee, the provision for loan losses is based on
the subsidiary Banks' past loan loss experience and other factors which, in
management's judgment, deserve current recognition in estimating possible
losses.
Net non interest expense increased $180,000, from ($653,000) in the
second quarter of 1995 to ($833,000) in the same period in 1996. Non interest
income increased $62,000 or 22.2% for the three month period ended June 30,
1996. Two areas of non-interest income were responsible for the growth in this
area.. Annuity income rose $46,000 in the three month period ended June 30, 1996
reflecting increased sales produced by Heritage Bank's ancillary financial
products division. Deposit account service charges increased $22,000 reflecting
the increase in deposit balances.
Non interest expense grew $242,000 or 26.0% for the three month period
ended June 30, 1996 as compared to the three month period ended June 30, 1995.
Compensation and benefit expense, the primary area of increase grew $156,000 or
30.5%. The majority of the growth in compensation and benefits was due to the
addition of the Heritage Bank affiliate. Increases in occupancy and equipment of
$33,000 or 36.7% were due to increases related to additional depreciation for
the new office building and equipment of Heritage Bank as well as additional
utility expenses. During the quarter ended June 30, 1996 the Holding Company
began to outsource the repair and maintenance expense on data processing
equipment which also added to the increase in occupancy expenses, although data
processing related compensation expense declined with the reduction of staff for
this area. Data processing expense increases of $22,000 or 28.2% were also
related primarily to the addition of Heritage Bank. Increase in other non
interest expenses of $30,000 or 19.0% were primarily related to increases in
advertising expense, office supplies and stationary and printing associated with
the addition of the above mentioned Heritage Bank affiliate. In addition to the
expenses associated with the new affiliate, loan closing expenses increased
$5,600 reflecting the increase in loan closings. Income before income taxes in
the second quarter of 1996 showed a slight decrease of $12,000 to $830,000
compared to the same period in 1995. After federal and state income taxes of
$334,000 were applied, the Bank netted a second quarter of 1996 after tax profit
of $496,000.
Net income for the six month period ended June 30, 1996 remained fairly
static at $974,000 as compared to net income of $977,000 for the six month
period ended June 30, 1995.
Net interest income after the provision for loan losses for the first
two quarters of 1996, as compared to the first two quarters of 1995 increased
$355,000 or 12.4%. Total interest income for the six month period ended June 30,
1996 increased $982,000 or 14.3%, while interest expense increased $638,000 or
16.1%. These increases are reflective of the commercial loan and debt security
interest income increases, and deposit expense increases discussed in the second
quarter comparisons as well as a 3.4% increase in mortgage loan interest during
the first six months of 1996
The increase in non-interest income of $196,000 or 36.3% includes a
$27,000 or 10.1% increase in loan fees and service charges related to the
increase in commercial loan originations as well as increases in annuity
commission and deposit fees mentioned in the second quarter comparisons. The
increase in non interest expense of $510,000 or 28.2% is also reflective of the
same category increases as described in the second quarter comparisons.
-11-
<PAGE>
PART II
OTHER INFORMATION
COMMUNITY BANK SHARES OF INDIANA, INC.
Item 1. Legal proceedings
The Holding company is not engaged in any legal proceedings of a
material nature at the present time. From time to time, the Holding Company's
subsidiaries, Community Bank of Southern Indiana and Heritage Bank of Southern
Indiana, are a party to legal proceedings wherein they enforce their security
interest in mortgage loans made by them.
Item 2. Changes in Securities
No material changes in the types of securities purchased in the second
quarter were exhibited.
Item 3. Defaults upon Senior Securities
No defaults on senior securities occurred.
Item 4. Submission of Matters to a vote of Security Holders
The security holders voted for the election of the following directors.
NAME VOTES FOR VOTES AGAINST ABSTAINED
---- --------- ------------- ---------
Edward Pinaire 1,254,644 NONE 729,076
Robert E. Yates 1,254,644 NONE 729,076
The security holders ratified Monroe Shine and Company, Inc.
as auditors for the year ending December 31, 1996.
VOTES FOR VOTES AGAINST ABSTAINED
--------- ------------- ---------
1,254,644 NONE 729,076
1,254,644 NONE 729,076
Item 5. Other Information
Additional items of substantive nature did not occur.
Item 6. Exhibits and Report on Form 8-K
A form 8-K report was not filed during the quarter
-12-
<PAGE>
PART II
OTHER INFORMATION
COMMUNITY BANK SHARES OF INDIANA, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized
COMMUNITY BANK SHARES
OF INDIANA, INC.
(Registrant)
Dated August 13, 1996 BY: /s/ Robert E. Yates
----------------------------- -------------------------------
Robert E. Yates
President and CEO
Dated August 13, 1996 BY: /s/ James M. Stutsman
----------------------------- ---------------------------------
James M. Stutsman
Chief Financial Officer
-13-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,406
<INT-BEARING-DEPOSITS> 10,508
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,118
<INVESTMENTS-CARRYING> 77,952
<INVESTMENTS-MARKET> 75,808
<LOANS> 126,596
<ALLOWANCE> 620
<TOTAL-ASSETS> 233,347
<DEPOSITS> 189,199
<SHORT-TERM> 4,872
<LIABILITIES-OTHER> 715
<LONG-TERM> 11,988
0
0
<COMMON> 198
<OTHER-SE> 25,594
<TOTAL-LIABILITIES-AND-EQUITY> 233,347
<INTEREST-LOAN> 4,921
<INTEREST-INVEST> 2,601
<INTEREST-OTHER> 321
<INTEREST-TOTAL> 7,843
<INTEREST-DEPOSIT> 4,058
<INTEREST-EXPENSE> 4,613
<INTEREST-INCOME-NET> 3,230
<LOAN-LOSSES> 12
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 400
<INCOME-PRETAX> 1,635
<INCOME-PRE-EXTRAORDINARY> 974
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 974
<EPS-PRIMARY> .49
<EPS-DILUTED> .49
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
