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 June 30, 1999.
OR
___ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ________________
Commission File No. 0-25929
THOMASVILLE BANCSHARES, INC.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Georgia 58-2175800
------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
301 North Broad Street Thomasville, Georgia 31792
---------------------------------------------------------------
(Address of Principal Executive Offices)
(912) 226-3300
------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
Not Applicable
- --------------------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)
Check whether the issuer (1) filed all reports required to be filed by
section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the issuer 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 equity as of the latest
practicable date.
Common stock, $1.00 par value per share 1,380,000 shares issued and
outstanding as of August 12, 1999.
(Page 1 of 16)
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
-----------------------------
THOMASVILLE BANCSHARES, INC.
Thomasville, Georgia
Consolidated Balance Sheets
June 30, December 31,
1999 1998
ASSETS (Unaudited) (Unaudited)
- ------ ----------- -----------
Cash and due from banks $ 4,479,269 $ 3,145,678
Federal funds sold 1,763,395 5,265,242
----------- ----------
Total cash and cash equivalents $ 6,242,664 $ 8,410,920
Investment securities:
Securities available-for-sale,
at market value 6,683,262 6,033,966
Loans, net 85,983,216 68,869,563
Property & equipment, net 3,597,662 3,455,659
Other assets 1,002,449 839,704
----------- ----------
Total Assets $103,509,253 $87,609,812
=========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Liabilities:
Deposits
Non-interest bearing deposits $ 13,123,010 $10,470,065
Interest bearing deposits 77,028,770 66,664,814
----------- ----------
Total deposits $ 90,151,780 $77,134,879
Other liabilities 2,715,060 365,709
----------- ----------
Total Liabilities $ 92,866,840 $77,500,588
----------- ----------
Commitments and contingencies
Shareholders' Equity:
Common stock, $1.00 par value, 10
million shares authorized, 1,380,000
shares issued & outstanding at June
30, 1999 and December 31, 1998 $ 1,380,000 $ 1,380,000
Paid-in-capital 7,966,961 7,955,261
Retained earnings 1,313,647 744,224
Unrealized gain securities
available-for-sale (18,195) 29,739
----------- ----------
Total Shareholders' Equity $ 10,642,413 $10,109,224
Total Liabilities and ----------- ----------
Shareholders' Equity $103,509,253 $87,609,812
=========== ==========
Refer to notes to the financial statements.
THOMASVILLE BANCSHARES, INC.
Thomasville, Georgia
Consolidated Statements of Income
For the three months
ended June 30,
--------------------
1999 1998
---- ----
Interest income $1,928,631 $1,548,475
Interest expense 856,773 702,449
--------- ---------
Net interest income $1,071,858 $ 846,026
Provision for possible loan losses 70,000 51,000
--------- ---------
Net interest income after provision
for possible loan losses $1,001,858 $ 795,026
--------- ---------
Other income
Gain on sale of mortgage loans $ 2,252 $ 4,269
Service charges 29,001 20,664
Other fees 141,355 83,116
Rental income 4,600 5,400
--------- ---------
Total other income $ 177,208 $ 113,449
--------- ---------
Salaries and benefits $ 321,565 $ 255,888
Advertising and public relations 42,527 39,633
Depreciation 56,316 37,129
Amortization 2,131 2,806
Data processing 11,045 8,722
Regulatory fees and assessments 11,139 8,845
Other operating expenses 197,020 115,912
--------- ---------
Total operating expenses $ 641,743 $ 468,935
--------- ---------
Net income before taxes $ 537,323 $ 439,540
Income taxes 223,500 193,000
--------- ---------
Net income $ 313,823 $ 246,540
--------- ---------
Other comprehensive
income, net of tax:
Unrealized holding gains (losses)
on securities available for sale (35,339) 313
--------- ---------
Comprehensive income $ 278,484 $ 246,853
========= =========
Basic income per share $ .22 $ .20
========= =========
Diluted income per share $ .21 $ .19
========= =========
Refer to notes to the consolidated financial statements.
THOMASVILLE BANCSHARES, INC.
Thomasville, Georgia
Consolidated Statements of Income
For the six months
ended June 30,
--------------------
1999 1998
---- ----
Interest income $3,676,292 $2,965,987
Interest expense 1,651,562 1,355,116
--------- ---------
Net interest income $2,024,730 $1,610,871
Provision for possible loan losses 130,000 96,000
--------- ---------
Net interest income after provision
for possible loan losses $1,894,730 $1,514,871
--------- ---------
Other income
Gain on sale of mortgage loans $ 3,093 $ 6,417
Service charges 52,251 39,195
Other fees 247,803 167,182
Rental income 11,500 10,800
--------- ---------
Total other income $ 314,647 $ 223,594
--------- ---------
Salaries and benefits $ 631,963 $ 505,722
Advertising and public relations 68,537 63,159
Depreciation 109,306 73,278
Amortization 8,987 5,612
Data processing 29,550 17,938
Regulatory fees and assessments 22,195 17,579
Other operating expenses 378,916 242,756
--------- ---------
Total operating expenses $1,249,454 $ 926,044
--------- ---------
Net income before taxes $ 959,923 $ 812,421
Income taxes 390,500 352,600
--------- ---------
Net income $ 569,423 $ 459,821
--------- ---------
Other comprehensive
income, net of tax:
Unrealized holding gains (losses)
on securities available for sale (47,934) 5,609
--------- ---------
Comprehensive income $ 521,489 $ 465,430
========= =========
Basic income per share $ .41 $ .38
========= =========
Diluted income per share $ .39 $ .36
========= =========
Refer to notes to the consolidated financial statements.
THOMASVILLE BANCSHARES, INC.
Thomasville, Georgia
Consolidated Statements of Cash Flows
(Unaudited)
For the six-month period
Ended June 30,
------------------------
1999 1998
---- ----
Cash flows from operating activities: $ 1,006,589 $ 810,417
----------- -----------
Cash flows from Investing Activities:
Purchase of fixed assets $ (251,309) $ (297,739)
Maturities, calls,
paydowns, securities, AFS 2,710,000 - -
Purchase of securities, AFS (3,418,484) - -
(Increase) in loans (17,243,653) (11,554,655)
----------- -----------
Net cash used by investing activities $(18,203,446) $(11,852,394)
----------- -----------
Cash flows from Financing Activities:
Options, restricted stock $ 11,700 $ - -
Increase in borrowings 2,000,000 - -
Increase in deposits 13,016,901 10,636,203
----------- -----------
Net cash provided from financing activities $ 15,028,601 $ 10,636,203
----------- -----------
Net (decrease) in cash and cash equivalents $ (2,168,256) $ (405,774)
Cash and cash equivalents,
beginning of period 8,410,920 4,029,952
----------- -----------
Cash and cash equivalents, end of period $ 6,242,664 $ 3,624,178
=========== ===========
Refer to notes to the financial statements.
THOMASVILLE BANCSHARES, INC.
Thomasville, Georgia
Notes to Consolidated Financial Statements (Unaudited)
June 30, 1999
Note 1 - Basis of Presentation
- ------------------------------
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB. Accordingly, they do
not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three-month and six-month periods ended June 30, 1999 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1999. These statements should be read in conjunction with the
consolidated financial statements and footnotes thereto included in Form 10-
KSB for the year ended December 31, 1998.
Note 2 - Summary of Organization
- --------------------------------
Thomasville Bancshares, Inc., Thomasville, Georgia (the "Company"), was
incorporated under the laws of the State of Georgia on March 30, 1995, for the
purpose of becoming a bank holding company for a proposed national bank,
Thomasville National Bank (the "Bank") to be located in Thomasville, Georgia.
In an initial public offering conducted during 1995, the Company sold and
issued 600,000 shares of its $1.00 par value common stock. Proceeds from the
above offering amounted to $5,972,407, net of selling expenses. The Company
commenced banking operations on October 2, 1995. During the first calendar
quarter of 1998, the Company declared a two-for-one stock split, effected in
the form a 100% stock dividend, thus increasing the then total number of
outstanding shares to 1,200,000. During 1998, the Company conducted a
secondary public offering and sold 180,000 shares of its $1.00 par value
common stock for $2,676,366, net of selling expenses, thus increasing the
number of outstanding shares to 1,380,000.
Note 3 - Recent Accounting Pronouncements
- -----------------------------------------
Beginning January 1, 1998, the Company adopted the provisions of SFAS
No. 131, "Disclosures about Segments of an Enterprise and Related
Information," which is effective for annual and interim
periods beginning after December 15, 1997. This Statement establishes
standards for the method that public entities are to use when reporting
information about operating segments in annual financial statements and
requires that those enterprise reports be issued to shareholders, beginning
with annual financial statements in 1998 and for interim and annual financial
statements thereafter. SFAS 131 also established standards for related
disclosures about products and services, geographic areas and major customers.
SFAS No. 132, "Employers' Disclosures About Pensions and Other
Postretirement Benefits" revises and standardizes certain disclosures which
were required under SFAS Nos. 87, 88 and 106. Generally, the new Statement
uses a separate but parallel format, eliminates less useful information,
requires additional data deemed useful by analysts, and allows some
aggregation of presentation. This Statement was adopted by the Company during
1998.
SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities" was issued in June, 1998 and is effective for all calendar-year
entities beginning in January, 2000. This Statement applies to all entities
and requires that all derivatives be recognized as assets or liabilities in
the balance sheet, at fair values. Gains and losses of derivative instruments
not designated as hedges will be recognized in the income statement. The
Company has not made an assessment of the expected impact that SFAS No. 133
will have on its financial statements.
Item 2. Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations
---------------------
Total consolidated assets increased by $15.9 million to $103.5 million during
the six-month period ended June 30, 1999. The increase was generated through
a $13.0 million increase in deposits, and $2.3 million and $.6 million
increases in payables and retained profits, respectively. The Bank utilized
the above funds to increase loans by $17.1 million.
Liquidity and Sources of Capital
- --------------------------------
Liquidity is the Company's ability to meet all deposit withdrawals
immediately, while also providing for the credit needs of customer. The June
30, 1999 financial statements evidence a satisfactory liquidity position as
total cash and cash equivalents amounted to $6.2 million, representing 6.0% of
total assets. Investment securities, which amounted to $6.7 million or 6.5%
of total assets, provide a secondary source of liquidity because they can be
converted into cash in a timely manner. In addition, the Company's ability to
maintain and expand its deposit base and borrowing capabilities are a source
of liquidity. For the six-month period ended June 30, 1999, total deposits
increased from $77.1 million to $90.1 million, representing an annualized
increase of 33.7%. There are no assurances, however, that this level of
growth can be maintained. The Company's management closely monitors and
maintains appropriate levels of interest earning assets and interest bearing
liabilities so that maturities of assets are such that adequate funds are
provided to meet customer withdrawals and loan demand. There are no trends,
demands, commitments, events or uncertainties that will result in or are
reasonably likely to result in the Company's liquidity increasing or
decreasing in any material way.
The Bank maintains an adequate level of capitalization as measured by the
following capital ratios and the respective minimum capital requirements by
the Bank's primary regulator, the Office of the Comptroller of the Currency
("OCC").
Bank's Minimum required
June 30, 1999 by regulator
------------- ----------------
Leverage ratio 10.2% 4.0%
Risk weighted ratio 13.5% 8.0%
As evidenced above, the Bank's capital ratios are well above the OCC's
required minimums.
Results of Operations
- ---------------------
For the three-month periods ended June 30, 1999 and 1998, net income amounted
to $313,823 and $246,540, respectively. On a per share basis, basic and
diluted income for the three-month period ended June 30, 1999 amounted to $.22
and $.21, respectively. For the three-month period ended June 30, 1998, basic
and diluted income per share amounted to $.20 and $.19, respectively. The
improvement in net income for the three-month period ended June 30, 1999 as
compared to the three-month period ended June 30, 1998, is primarily due to
the following:
(i) Net interest margin increased by approximately $226,000, due to a higher
level of earning assets.
(ii) Non-interest income increased by approximately $64,000, due to both
higher volumes and fees with respect to transaction accounts.
(iii) The items above were more than adequate to cover a $173,000 increase in
other operating expenses. The increase in other operating
expenses was primarily due to (i) the hiring of new employees
needed to service the increased volume in business and (ii) to
other expenses, such as depreciation, supplies and postage, where
the increases reflected the Company's growth.
Net income for the six-month period ended June 30, 1999 amounted to $569,423,
or $.39 per diluted share. These results compare favorably to the June 30,
1998 net income of $459,821, or $.36 per diluted share. The primary reasons
for the increase in net income are as follows:
a. Average total earning assets have increased from $65.3 million at June
30, 1998 to $87.3 million at June 30, 1999. The net increase of
$22.0 million represents a 33.7% increase over a twelve-month
period. There can be no assurances, however, that this level of
growth can be maintained.
b. As a consequence to the increase in earning assets, interest income,
the most significant of all revenue items, increased from
$2,965,987 for the six-month period ended June 30, 1998 to
$3,676,292 for the six-month period ended June 30, 1999. The
increase of $710,305 represents a 23.9% increase over a twelve-
month period. Again, there can be no assurances that the Company
can continue to maintain this level of growth.
c. Net interest income represents the difference between interest
received on interest earning assets and interest paid on interest
bearing liabilities.
The following presents, in a tabular form, the main components of
interest earning assets and interest bearing liabilities.
(Dollars in 000's)
Interest Interest
Earning Assets/ Average Income/ Yield/
Bearing Liabilities Balance Cost Cost
- ------------------- ------- -------- ------
Federal funds sold $ 4,120 $ 97 4.71%
Securities 5,559 152 5.43%
Loans 77,612 3,427 8.83%
---------- --------- ----
Total $ 87,331 $ 3,676 8.42%
========== ========= ====
Deposits and borrowings $ 83,688 $ 1,651 3.95%
========== ========= ====
Net interest income $ 2,025
=========
Net yield on earning assets 4.64%
====
Net interest income has increased from $1,610,871 for the six-month period
ended June 30, 1998 to $2,024,730 for the six-month period ended June 30,
1999, a net increase of $413,859, or 25.7%. Net yield on earning assets
declined from 4.93% for the six-month period ended June 30, 1998 to 4.64% for
the six-month period ended June 30, 1999. The lower yield on loans was the
primary contributor to the above decline.
d. Other income has increased from $223,594 for the six-month period
ended June 30, 1998 to $314,647 for the six-month period ended
June 30, 1999. This increase is primarily due to the increase in
volume of transaction accounts. Other income as a percentage of
total assets has increased from .59% of total assets at June 30,
1998 to .61% of total assets at June 30, 1999.
e. Total operating expenses have increased from $926,044 for the six-
month period ended June 30, 1998 to $1,249,454 for the six-month
period ended June 30, 1999. Despite the increase, however, total
operating expenses as a percent of total assets declined from
2.43% to 2.41% over the one year span from June 30, 1998 to June
30, 1999. The decline in the above ratio is an indication of an
increased efficiency attained largely due to economies of scale.
At December 31, 1998, the allowance for loan losses amounted to $868,477. By
June 30, 1999, the allowance had grown to $981,075. Despite the increase,
however, the allowance for loan losses, as a percentage of gross loans,
declined from 1.25% to 1.13% during the six-month period ended June 30, 1999.
Management considers the allowance for loan losses to be adequate and
sufficient to absorb possible future losses; however, there can be no
assurance that charge-offs in future periods will not exceed the allowance for
loan losses or that additional provisions to the allowance will not be
required.
The Company is not aware of any current recommendation by the regulatory
authorities which, if they were to be implemented, would have a material
effect on the Company's liquidity, capital resources, or results of
operations.
Year 2000
- ---------
The Bank's executive management allocated resources in February, 1998 for the
purpose of forming a Year 2000 committee. The committee was charged with
developing and carrying out a comprehensive project plan to address Year 2000
issues. The committee reports progress to the Board of Directors on a monthly
basis. The project plan incorporates guidelines set forth by the OCC, FRB and
FFIEC. The awareness and assessment phases are complete. During the
assessment phase a comprehensive inventory of all hardware, software, systems,
service providers, vendors, correspondents and embedded chips systems utilized
by the Bank was performed, with mission-critical areas given the highest
priority. Due diligence is being performed and will continue to be an on-
going process with each area to ensure vendor readiness. Renovation of vendor
products is complete. The core bank processing vendor has provided the
Company with a Year 2000 software warranty, and has received an independent
certification from the Information Technology Association of America. The
Company has participated in user group testing with its core bank processing
vendor. On-site tests of mission-critical products were conducted in our Bank
environment where feasible and no problems have been identified. Contingency
plans are in place should there be disruptions outside the Bank's control.
Management has developed a "Worst case scenario" contingency plan which will,
among other things, anticipate that the Bank's deposit customers will have
increased demands for cash in the latter part of 1999. The plan also provides
for copies of documents to be produced in case of equipment failures,
utilization of security personnel in case of security equipment failure,
manual processing of transactions, hiring of temporary additional personnel
and telephone verification of information normally received by electronic
means. As of June 30, 1999, the Company has spent approximately $15,000 to
upgrade its software and hardware systems to help ensure that its systems
would be Year 2000 compliant. However, there can be no assurances that
unforseen difficulties or costs will not arise. In addition, there can be no
assurance that systems of other companies on which the Company's systems rely,
such as the Bank's data processing vendor, will be modified on a timely basis,
or that the failure by another company to properly modify its systems will not
negatively impact the Company's systems or operations.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
- ------- ---------------------------------------------------
The 1999 Annual Meeting of Shareholders of the Company was held on May 25,
1999. At the meeting, all nominees were elected.
The number of votes cast for and against the election of each nominee for
director was as follows:
Votes Votes Votes
FOR AGAINST WITHHELD
----- ------- --------
Charles A Balfour 1,022,715 0 300
Clifford S. Campbell, Jr. 1,022,715 0 300
Stephen H. Cheney 1,022,715 0 300
David O. Lewis 1,022,715 0 300
Diane W. Parker 1,022,715 0 300
David A. Cone 1,022,715 0 300
Randall L. Moore 1,022,715 0 300
Messrs. Balfour, Campbell, Cheney and Lewis were elected as Class I directors
to serve for a term of three years and until their successors are elected and
qualified. Ms. Parker was elected as a Class II director to serve for a term
of one year and until her successor has been elected and qualified. Messrs.
Cone and Moore were elected as Class III directors to serve for a term of two
years and until their successors are elected and qualified.
In addition, the shareholders of the Company ratified the appointment of
Francis & Co., CPAs as auditors for the Company and its subsidiary for the
fiscal year ending December 31, 1999. The number of votes for and against the
ratification of Francis & Co., CPAs was as follows:
Votes Votes
FOR AGAINST
----- -------
1,021,415 0
No other matters were presented or voted for at the Annual Meeting.
The following persons did not stand for reelection to the Board at the 1998
Annual Meeting of Shareholders as their term of office continued after the
Annual Meeting: Charles E. Hancock, M.D., Charles H. Hodges, III, Harold L.
Jackson, Charles W. McKinnon, Jr., Cochran A. Scott, Jr. and Richard L.
Singletary, Jr.
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) Exhibits.
-27.1 - Financial data schedule (for SEC use only).
(b) Reports on Form 8-K. There were no reports on Form 8-K filed
during the quarter ended June 30, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THOMASVILLE BANCSHARES, INC.
----------------------------------------
(Registrant)
Date: August 13, 1999 BY: /s/ Stephen H. Cheney
--------------- ---------------------------------------
Stephen H. Cheney
President and Chief Executive Officer
(Principal Executive, Financial and
Accounting Officer)
Financial Data Schedule Submitted Under Item 601(a)(27) of Regulation S-B
This schedule contains summary financial information extracted from
Thomasville Bancshares, Inc. unaudited consolidated financial statements for
the period ended June 30, 1999 and 1998 and is qualified in its entirety by
reference to such financial statements.
Item Number Item Description Amount
- ----------- ---------------- ------
June 30,
-----------------
1999 1998
---- ----
9-03(1) Cash and due from banks $ 4,479,269 $ 3,300,300
9-03(2) Interest bearing deposits 0 0
9-03(3) Federal funds sold - purchased
securities for sale 1,763,395 323,878
9-03(4) Trading account assets 0 0
9-03(6) Investment and mortgage backed
securities held for sale 6,683,262 4,200,469
9-03(6) Investment and mortgage backed
securities held to maturity -
carrying value 0 0
9-03(6) Investment and mortgage backed
securities held to maturity -
market value 0 0
9-03(7) Loans 86,964,291 65,659,785
9-03(7)(2) Allowance for losses 981,075 734,217
9-03(11) Total assets 103,509,253 76,290,532
9-03(12) Deposits 90,151,780 68,638,615
9-03(13) Short-term borrowings 2,327,701 0
9-03(15) Other liabilities 387,359 718,094
9-03(16) Long-term debt 0 0
9-03(19) Preferred stock -
mandatory redemption 0 0
9-03(20) Preferred stock -
no mandatory redemption 0 0
9-03(21) Common stocks 1,380,000 1,200,000
9-03(22) Other stockholders' equity 9,262,413 5,733,823
9-03(23) Total liabilities and
stockholders' equity 103,509,253 76,290,532
9-04(1) Interest and fees on loans 3,426,726 2,818,220
9-04(2) Interest and dividends
on investments 249,566 147,767
9-04(4) Other interest income 0
9-04(5) Total interest income 3,676,292 2,965,987
9-04(6) Interest on deposits 1,627,694 1,343,936
9-04(9) Total interest expense 1,651,562 1,355,116
9-04(10) Net interest income 2,024,730 1,610,871
9-04(11) Provision for loan losses 130,000 96,000
9-04(13)(h) Investment securities gains/losses 0 0
9-04(14) Other expenses 1,249,454 926,044
9-04(15) Income/loss before income tax 959,923 812,421
9-04(17) Income/loss before
extraordinary items $ 959,923 $ 812,421
9-04(18) Extraordinary items, less tax 0 0
9-04(19) Cumulative change in
accounting principles 0 0
9-04(20) Net income or loss 569,423 459,821
9-04(21) Earnings per share - basic .41 .38
9-04(21) Earnings per share - diluted .39 .36
I.B.5. Net yield - interest earning
assets - actual 4.64% 4.93%
III.C.1(a) Loans on non-accrual 196,132 8,344
III.C.1(b) Accruing loans past due
90 days or more 18,460 0
III.C.1(c) Troubled debt restructuring 161,282 0
III.C.2. Potential problem loans 1,709,193 1,489,410
IV.A.1 Allowance for loan losses -
beginning of period 868,477 644,913
IV.A.2 Total chargeoffs 18,807 9,871
IV.A.3 Total recoveries 1,405 3,175
IV.A.4 Allowance for loan losses -
end of period 981,075 734,217
IV.B.1 Loan loss allowance allocated to
domestic loans 892,656 720,000
IV.B.2 Loan loss allowance allocated to
foreign loans 0 0
IV.B.3 Loan loss allowance - unallocated 88,419 14,217
