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: March 31, 2000
--------------
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from to
------------ ------------
Commission file number: 0-25846
CCF HOLDING COMPANY
---------------------------
(Exact name of Small Business Issuer as Specified in Its Charter)
Georgia 58-2173616
- --------------------------------- -------------------
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
101 North Main Street
Jonesboro, Georgia 30236
(Address of Principal Executive Offices)
(770) 478-8881
-------------------------------
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities 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
---------- ----------
Number of shares outstanding of each of the issuer's classes of common equity:
At April 15, 2000 986,849 shares of the registrant's common stock were
outstanding.
Transitional Small Business Disclosure Format (check one):
Yes No X
---------- ----------
<PAGE>
FORM 10-QSB
INDEX
PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements:
Consolidated Balance Sheets as of
March 31, 2000 and December 31, 1999......................1
Consolidated Statements of Income
For the three months ended
March 31, 2000 and March 31, 1999.........................2
Consolidated Statements of Comprehensive Income
For the three months ended
March 31, 2000 and March 31, 1999.........................3
Consolidated Statements of Cash Flows
For the three months ended
March 31, 2000 and March 31, 1999.........................4
Notes to Consolidated Financial Statements................5
Item 2. Management's Discussion and Analysis or Plan of Operation.....8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings............................................10
Item 2. Changes in Securities........................................10
Item 3. Defaults upon Senior Securities..............................10
Item 4. Submission of Matters to a Vote of Security Holders..........10
Item 5. Other Information............................................10
Item 6. Exhibits and Reports on Form 8-K.............................10
Signatures .............................................................11
<PAGE>
PART I. FINANCIAL INFORMATION
- --------------------------------
ITEM 1. FINANCIAL STATEMENTS
CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Balance Sheets
Assets
------
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
---- ----
(Unaudited) (Audited)
<S> <C> <C>
Cash and due from banks $ 6,165,131 5,035,910
Interest-bearing deposit in other financial institutions 176,299 535,920
Federal funds sold 3,030,000 5,760,000
------------- -------------
Cash and cash equivalents 9,371,430 11,331,830
Investment securities available for sale 28,411,211 28,503,446
Loans, net 163,745,246 146,553,417
Premises and equipment, net 5,897,842 5,825,367
Federal Home Loan Bank Stock, at cost 880,000 655,200
Accrued interest receivable 1,494,130 1,306,698
Cash surrender value of life insurance 1,355,786 1,337,344
Other assets 1,749,451 1,268,578
------------- -------------
$ 212,905,096 196,781,880
============= =============
Liabilities and Stockholders' Equity
------------------------------------
Deposits:
Noninterest-bearing deposits $ 13,525,460 10,639,993
Interest-bearing demand deposits 58,217,804 55,163,460
Savings accounts 7,411,599 7,529,549
Time deposits less than $100,000 84,546,279 71,861,450
Time deposits greater than $100,000 22,885,805 20,331,766
------------- -------------
Total deposits 186,586,947 165,526,218
Securities sold under agreement to repurchase 1,384,109 3,998,419
Federal Home Loan Bank advances 9,500,000 13,100,000
Line of credit 1,400,000 900,000
Other liabilities 1,877,290 1,274,901
------------- -------------
Total liabilities 200,748,346 184,799,538
------------- -------------
Commitments
Stockholders' Equity:
Preferred stock, no par value; 1,000,000 shares
authorized; none issued and outstanding - -
Common stock, $.10 par value, 4,000,000 shares
authorized; 986,849 issued and 979,134 shares
outstanding in 2000; 980,855 shares
outstanding in 1999 98,685 98,847
Additional paid-in capital 9,095,904 9,102,457
Retained earnings 4,124,811 3,960,640
Unearned ESOP shares (378,000) (396,000)
Unearned compensation (142,436) (199,190)
Treasury stock, at cost (76,136) (75,876)
Accumulated other comprehensive income (loss) (566,078) (508,536)
------------- -------------
Total stockholders' equity 12,156,750 11,982,342
------------- -------------
$ 212,905,096 196,781,880
============= =============
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE>
CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------
2000 1999
---- ----
<S> <C> <C>
Interest and dividend income:
Interest and fees on loans $3,774,998 2,967,620
Interest bearing deposits in other financial institutions 12,743 33,716
Interest and dividends on taxable investment securities 471,514 450,123
Interest on nontaxable investment securities 11,409 -
---------- ----------
Total interest and dividend income 4,270,664 3,451,459
Interest expense
Deposit accounts 1,937,468 1,766,702
Other borrowings 238,776 10,777
---------- ----------
Total interest expense 2,176,244 1,777,479
Net interest income 2,094,420 1,673,980
Provision for loan losses 140,000 120,700
---------- ----------
Net interest income after provision
for loan losses 1,954,420 1,553,280
Other income:
Service charges on deposit accounts 136,527 120,192
Gain on sale of loans 3,060 53,861
Gain on sale of fixed assets - 58,359
Other 60,369 15,512
---------- ----------
Total other income 199,956 247,924
Other expenses:
Salaries and employee benefits 1,023,460 835,043
Occupancy 354,757 271,377
Loss on sale of investment securities 13,026 -
Other 381,824 334,600
---------- ----------
Total other expenses 1,773,067 1,441,020
Income before income taxes 381,309 360,184
---------- ----------
Income tax expense 141,980 127,500
Net income $ 239,329 232,684
========== ==========
Basic income per share $ .26 .27
Diluted income per share $ .25 .26
Weighted average shares outstanding - basic 933,004 856,406
Weighted average shares outstanding - diluted 959,578 902,136
Dividends declared per common share .08 .08
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
CCF HOLDING COMPANY
Consolidated Statement of Comprehensive Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------
2000 1999
---- ----
<S> <C> <C>
Net Earnings $ 239,329 232,684
Other comprehensive income, net of tax:
Unrealized losses on investment securities available for sale:
Holding losses arising during the period,
net of taxes (65,623) (84,297)
Less: Reclassification adjustment for gain included in
Earnings, net of taxes (8,081)
--------- ---------
Other comprehensive income (loss) (57,542) (84,297)
--------- ---------
Comprehensive income $ 181,787 148,387
========= =========
</TABLE>
3
<PAGE>
CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------
2000 1999
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income 239,329 232,684
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 140,000 120,700
Depreciation, amortization, and accretion, net 132,477 123,138
Compensation expense related to MSBP 22,750 18,819
ESOP shares allocated 28,042 33,949
Net loss on sale of investment securities 13,026 -
Net gain on sale of loans (3,060) (53,861)
Net gain on sale of fixed assets - (58,359)
Decrease (increase) in accrued interest and dividends receivable (187,432) 28,692
Increase in other assets (361,007) (296,398)
Increase in other liabilities 563,537 237,046
-------------- --------------
Net cash (used in) provided by operating activities 587,662 389,410
-------------- --------------
Cash flows from investing activities:
Proceeds from maturing investment securities- available for sale - 12,250,000
Purchases of investment securities-available for sale (2,000,306) (11,532,598)
Proceeds from sales of investments securities-available for sale 2,000,000 -
Principal repayments of mortgage-backed securities-
available for sale (990) 10,718
Purchases of FHLB stock (224,800) -
Loan originations, net (20,533,066) (9,666,738)
Proceeds from sale of loans 3,204,297 5,504,495
Proceeds from sale of premises and equipment - 132,722
Purchases of premises and equipment (207,976) (13,336)
-------------- --------------
Net cash used in investing activities (17,762,841) (3,314,737)
-------------- --------------
Cash flows from financing activities:
Net increase in savings and demand deposit accounts 5,950,714 10,257,688
Net (decrease) increase in certificates of deposits 15,110,015 (1,709,155)
Net decrease in securities sold under agreements to repurchase (2,614,310) (234,049)
Decrease in Federal Home Loan Bank advances (3,100,000) -
Net increase in advance payments by borrowers for
property taxes and insurance 38,264 50,643
Dividends paid (147,269) (135,541)
Cash paid in lieu of fractional shares (34) (835)
Common stock repurchased (22,601) (30,672)
-------------- --------------
Net cash provided by financing activities 15,214,779 8,198,079
-------------- --------------
(Decrease) increase in cash and cash equivalents (1,960,400) 5,272,752
Cash and cash equivalents at beginning of period 11,331,830 10,352,522
-------------- --------------
Cash and cash equivalents at end of period 9,371,430 15,625,274
-------------- --------------
Supplemental disclosure of cash flow information:
Interest paid 2,093,990 1,777,479
-------------- --------------
Income taxes paid 104,000 342,000
-------------- --------------
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE>
CCF HOLDING COMPANY AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
1. Basis of Presentation
---------------------
The consolidated financial statements for the three month periods ended March
31, 2000 and 1999 are unaudited and reflect all adjustments (consisting only of
normal recurring accruals) which are, in the opinion of management, necessary
for a fair presentation of the financial position, operating results, and cash
flows for the interim periods. Accordingly, they do not include all information
and disclosures required by generally accepted accounting principles for
complete financial statements.
The results of operations for the three-month period ended March 31, 2000 are
not necessarily indicative of the results for the entire year ending December
31, 2000.
2. Accounting Policies
-------------------
Reference is made to the accounting policies of the Company described in the
notes to the consolidated financial statements contained in the Company's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 1999 filed with the
Securities and Exchange Commission.
3. Reclassification
----------------
Certain amounts in the prior period financial statements have been reclassified
to conform to the presentation used in the current period consolidated financial
statements.
4. Cash Dividend
-------------
On March 15, 2000, the Company declared a cash dividend of $.08 per share to
stockholders of record on April 3, 2000. These dividends were payable on April
20, 2000.
5. Stock Dividend
--------------
On March 16, 1999, the Company declared a 10% stock dividend per share to
stockholders of record on April 1, 1999. This dividend was payable on April 15,
1999. Cash was paid in lieu of fractional shares at the rate of $14.25 per
share.
6. Earnings per share
------------------
Basic EPS excludes dilution and is computed by dividing net income by weighted
average shares outstanding which includes Management Stock Bonus Plan shares
which have been awarded whether vested or not and exclude unallocated shares
under the Company's employee stock ownership plan until they are committed to be
released for allocation. Diluted EPS is computed by dividing net income by
weighted average shares outstanding plus potential common stock resulting from
diluted stock options.
5
<PAGE>
6. Earnings per share (cont'd)
---------------------------
All average share and per share data in the accompanying consolidated financial
statements and all share and per share data have been restated to reflect the
10% stock dividend declared on March 16, 1999, which was effected on April 15,
1999.
The following is a reconciliation of the amounts used in the computation of both
"basic earnings per share" and "diluted earnings per share".
For the three months ended March 31, 2000
<TABLE>
<CAPTION>
Net Common Per Share
Earnings Shares Amount
-------------- -------------- --------------
<S> <C> <C> <C>
Basic earnings per share $239,329 933,003 $0.26
Effect of dilutive common stock issuances:
Stock options 26,575 (.01)
-------------- -------------- --------------
Diluted earnings per share $239,329 959,578 $0.25
============== ============== ==============
</TABLE>
For the three months ended March 31, 1999
<TABLE>
<CAPTION>
Net Common Per Share
Earnings Shares Amount
-------------- -------------- --------------
<S> <C> <C> <C>
Basic earnings per share $232,684 856,406 $0.27
Effect of dilutive common stock issuances:
Stock options 45,729 (.01)
-------------- ---------------- -------------
Diluted earnings per share $232,684 902,135 $0.26
============== ================ =============
</TABLE>
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
CCF Holding Company (the "Company") may from time to time make written or oral
"forward-looking statements", including statements contained in the Company's
filings with the Securities and Exchange Commission (including this report on
Form 10QSB), in its reports to stockholders and in other communications by the
Company, which are made in good faith by the Company pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward looking statements involve risks and uncertainties, such as
statements of the Company's plans, objectives, expectations, estimates and
intentions, that are subject to change based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's financial performance to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in forward
looking statements: the strength of the United States economy in general and the
strength of the local economies in which the Company conducts operations; the
effects of, and changes in, trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the Federal
Reserve System, inflation, interest rate and market and monetary fluctuations;
the timely development of and acceptance of new products and services of the
Company and the perceived overall value of these products and services by users,
including the features, pricing and quality compared to competitors' products
and services; the willingness of users to substitute competitors' products and
services for the Company's products and services; the success of the Company in
gaining regulatory approval of its products and services, when required; the
impact of changes in financial services' laws and regulations (including laws
concerning taxes, banking, securities and insurance); technological changes,
acquisitions; changes in consumers spending and saving habits; and the success
of the Company at managing the risks involved in the foregoing.
The Company cautions that these important factors are not exclusive. The Company
does not undertake to update any forward-looking statement, whether written or
oral, that may be made from time to time by or on behalf of the Company.
Comparison of Financial Condition at March 31, 2000 and December 31, 1999
Assets - The Company's assets increased by 8.2%, or $16.1 million, between
December 31, 1999 and March 31, 2000. Net loans receivable increased 11.7% to
$163.7 million at March 31, 2000, up $17.2 million from $146.6 million at
December 31, 1999. The Company's loan growth includes approximately $7.4 million
in commercial real estate loans and $7.2 million in 1-4 family residential
construction loans.
Liabilities - Total deposits during the three months ended March 31, 2000 grew
to $186.6 million, an increase of $21.1 million from $165.5 million at December
31, 1999. Deposit growth in transaction accounts amounted to $5.9 million or
9.0%, of this, $2.9 million was an increase in non-interest bearing accounts.
The Bank continues to stress transaction account growth in its marketing
strategy. Certificates of deposit increased during the three-month period from
$92.1 million to $107.4 million, an increase of 16.5% or $15.2 million. The
Company drew an additional $500,000 on a line of credit of $2,500,000. The
current outstanding balance on this line of credit is $1.4 million. The interest
rate charged on this line of credit is prime minus .50%. These funds were down
streamed to the Bank as a capital
7
<PAGE>
Liabilities (cont'd) - infusion. The Bank decreased its borrowings at the
Federal Home Loan Bank of Atlanta by $3.6 million during the first quarter of
2000 as Y2K borrowings were repaid.
Stockholders' Equity - Stockholders' equity increased $174,000 or 1.46%, from
December 31, 1999 to March 31, 2000. This increase was the result of the
Company's net income, Employee stock ownership plan allocations, management
stock bonus plan expense, partially offset by the change in unrealized losses on
securities available for sale. The Company also declared a quarterly dividend
totaling $74,000, which partially offset the increase in stockholders equity.
The ratio of stockholders' equity as a percentage of total assets was 5.7% at
March 31, 2000. At December 31, 1999 the ratio was 6.1%. Book value per share
increased from $12.21 at December 31, 1999 to $12.41 at March 31, 2000.
Comparison of Operating Results for the Three Months Ended March 31, 2000 and
March 31, 1999.
Net Income - The Company's net income of $239,329 for the three month period
ending March 31, 2000 increased by $6,645 from $232,684 over the same three
month period in 1999. The change in net income was primarily due to an increase
of net interest income, generated through loan growth, partially offset by
increases in interest expense. Included in the first quarter of 1999 were pretax
gains totaling $112,000 related to the sale of fixed assets. There were no such
sales in the first quarter of 2000.
Net Interest Income - Net interest income for the three-month period ended March
31, 2000 increased $420,000 or 25.1% from $1.7 million in 1999 to $2.1 million
for the same period in 2000. The increase in the average balance of loans
receivable of $37.2 million during the twelve-month period since March 31, 1999,
resulted in an approximate increase of $800,000 or 27% in interest income from
loans for the first quarter of 2000. Interest income from loans at March 31,
2000 was $3.8 million from $3.0 million during the quarter ended March 31, 1999.
Interest expense increased $400,000 to $2.2 million for the three month period
ended March 31, 2000 from $1.8 million for the same period in 1999. This
increase is primarily the result of the increased balances in certificates of
deposits during the three months ended March 31, 2000.
Provision for Loan Losses - The Bank's provision for loan losses increased for
the three month period ended March 31, 2000 compared to the same period in 1999,
increasing to $140,000 from $120,700. At March 31, 2000 the allowance for
non-mortgage loan losses to the non-mortgage loan portfolio was 0.95%.
Management periodically evaluates the adequacy of the allowance for loan losses,
including an evaluation of past loan loss experience, current economic
conditions, volume, growth and collateral of the loan portfolio. Management also
reviews classified assets, including those loans and assets listed as
non-performing. Currently, management believes that its allowance for loan
losses is adequate. However, there can be no assurances that further additions
will not be needed. Management will continue to monitor and adjust the allowance
as necessary in future periods based on growth in the loan portfolio, loss
experience which has been minimal, and the continued expected changing mix of
loans in the loan portfolio. Loans internally classified as
8
<PAGE>
Provision for Loan Losses (cont'd) - substandard for the period ending March 31,
2000 totaled $740,000 and for the period ending December 31, 1999 substandard
loans totaled $750,000. Loans classified as doubtful totaled $261,000 for the
period ending March 31, 2000 and at December 31, 1999 doubtful loans totaled
$255,000. Non-accrual loans increased from $290,000 at December 31, 1999 to
$368,000 at March 31, 2000. Charge offs during the period ending March 31, 2000
totaled $25,000, representing 0.01% of loans outstanding.
Other Income - Service charges on deposit accounts increased 14% from $120,000
at March 31, 1999 to $136,500 for the same three-month period ending March 31,
2000. This increase is attributed to the rising number of transaction accounts.
Other income for the three-month period ending March 31, 1999 includes a net
gain on the sale of loans of $54,000 and a net gain on sale of fixed assets of
$58,000. During the first quarter of 2000, there was a net gain on sale of loans
of $3,000. Other miscellaneous fee income increased from $15,000 in the quarter
ending March 31, 1999 to $60,000 for the quarter ending March 31, 2000. This
increase is also due to the increasing number of transaction accounts.
Other Expenses - Other expenses for the three-month period ended March 31, 2000
increased 23.0% from $1.4 million for the three-month period ended March 31,
2000 to $1.8 million for the same period in 2000, an increase of $332,000.
Salaries and employee benefits increased to $1.0 million for the three-month
period ended March 31, 2000 compared to $835,000 during the same three-month
period in 1999, an increase of $165,000. Occupancy expenses increased by $83,000
for the three-month period ending March 31, 2000 which included an increase of
$37,000 for processing the growing number of transaction accounts from the
period ending March 31, 1999 to the same three-month period ending March 31,
2000.
Liquidity - The Bank's short term liquidity was 12.29% on March 31, 2000. The
Bank is required to maintain minimum levels of liquid assets as defined by the
State of Georgia and the FDIC regulations. The Bank continues to search for
deposits and other means of meeting its loan demand. The Bank adjusts its
liquidity level as appropriate to meet its asset/liability objectives. The
primary sources of funds are deposits, amortization and prepayments of loans and
mortgage-backed securities, maturity of investments, and funds provided from
operations. As an alternative to supplement liquidity needs, the Bank has the
ability to borrow from the Federal Home Loan Bank of Atlanta and other
correspondent banks. These commitments totaled $18.5 million at March 31, 2000
with $9.5 million drawn at that time. Scheduled loan amortization and maturing
investment securities are a relatively predictable source of funds, however,
deposit flow and loan prepayments are greatly influenced by, among other things,
market interest rates, economic conditions, and competition. The Bank's
liquidity, represented by cash, cash equivalents, and securities available for
sale, is a product of its operating, investing, and financing activities.
9
<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) None.
(b) None.
10
<PAGE>
CCF HOLDING COMPANY AND SUBSIDIARY
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CCF HOLDING COMPANY
Date: May 12, 2000 BY:\s\ David B. Turner
--------------------------------
David B. Turner
President and
Chief Executive Officer
Date: May 12, 2000 BY:\s\ Mary Jo Rogers
--------------------------------
Mary Jo Rogers
Sr. Vice President and
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY REPORT ON FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 6,165
<INT-BEARING-DEPOSITS> 176
<FED-FUNDS-SOLD> 3,030
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 28,411
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 165,134
<ALLOWANCE> 1,346
<TOTAL-ASSETS> 212,905
<DEPOSITS> 186,587
<SHORT-TERM> 12,284
<LIABILITIES-OTHER> 1,877
<LONG-TERM> 0
0
0
<COMMON> 99
<OTHER-SE> 12,058
<TOTAL-LIABILITIES-AND-EQUITY> 212,905
<INTEREST-LOAN> 3,775
<INTEREST-INVEST> 483
<INTEREST-OTHER> 13
<INTEREST-TOTAL> 4,271
<INTEREST-DEPOSIT> 1,937
<INTEREST-EXPENSE> 2,177
<INTEREST-INCOME-NET> 2,094
<LOAN-LOSSES> 140
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,773
<INCOME-PRETAX> 381
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 239
<EPS-BASIC> .26
<EPS-DILUTED> .25
<YIELD-ACTUAL> 4.2
<LOANS-NON> 367
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 1,001
<ALLOWANCE-OPEN> 1,237
<CHARGE-OFFS> 32
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 1,346
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
