-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EprJv75u9mfZ8W0w1hMXahudLEw5eChSru3RYjEHgayjS5S4sd9pwT/CiAAf9t/l z/WB91NjbVnvJFwYTFF63g== 0000912057-97-016769.txt : 19970513 0000912057-97-016769.hdr.sgml : 19970513 ACCESSION NUMBER: 0000912057-97-016769 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FEDERAL BANCSHARES OF ARKANSAS INC CENTRAL INDEX KEY: 0001006424 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 71085261 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28312 FILM NUMBER: 97600417 BUSINESS ADDRESS: STREET 1: PO BOX 550 CITY: HARRISON STATE: AR ZIP: 72602 BUSINESS PHONE: 5017417641 MAIL ADDRESS: STREET 1: PO BOX 550 CITY: HARRISON STATE: AR ZIP: 72602 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 0-28312 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Texas 71-0785261 - -------------------------------------------- ------------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 200 West Stephenson Harrison, Arkansas 72601 - ------------------------------------------- ------------------------------ (Address of principal executive office) (Zip Code) (870) 741-7641 ---------------------------------------------------- (Registrant's telephone number, including area code) 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 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 12, 1997, there were issued and outstanding 4,896,063 shares of the Registrant's Common Stock, par value $.01 per share. FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION PAGE - ---------- ------------------------ ----- Item 1. Consolidated Financial Statements Consolidated Statements of Financial Condition (As of March 31, 1997 (unaudited) and December 31, 1996) 1 Consolidated Statements of Income for the three months ended March 31, 1997 (unaudited) and 1996 (unaudited) 2 Consolidated Statement of Stockholders' Equity for the three months ended March 31, 1997 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 (unaudited) and 1996 (unaudited) 4 Notes to Unaudited Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information - ---------- ------------------------ Item 1. Legal Proceedings 12 Item 2. Changes in Securities 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 13
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands)
MARCH 31, DECEMBER 31, ASSETS 1997 1996 ----------- ------------ (UNAUDITED) Cash and cash equivalents......................................... $ 10,665 $ 6,819 Investment securities: Available for sale, at fair value................................ 336 340 Held to maturity, atamortized cost............................... 91,973 90,982 Federal Home Loan Bank stock...................................... 3,445 3,026 Loans receivable, net............................................. 403,818 396,508 Accrued interest receivable....................................... 3,733 3,620 Real estate acquired in settlement of loans, net.................. 154 154 Office properties and equipment, net.............................. 5,027 3,565 Prepaid expenses and other assets................................. 614 725 ----------- ------------ TOTAL ASSETS................................................... $ 519,765 $ 505,739 ----------- ------------ ----------- ------------ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Deposits.......................................................... $ 431,412 $ 422,858 Federal Home Loan Bank advances................................... 3,000 -- Advance payments by borrowers for taxes and insurance............. 881 806 Income taxes payable.............................................. 793 -- Other liabilities................................................. 1,458 1,317 ----------- ------------ Total Liabilities.............................................. 437,544 424,981 ----------- ------------ STOCKHOLDERS' EQUITY: Preferred stock, no par value, 5,000,000 shares authorized, none issued Common stock, $.01 par value, 20,000,000 shares authorized, 5,153,751 shares issued, 4,896,063 shares outstanding........... 52 52 Additional paid-in capital....................................... 50,057 49,975 Unearned ESOP shares............................................. (3,744) (3,848) Unrealized gain on investment securities available for sale, net of income taxes................................................. 214 202 Retained earnings-substantially restricted....................... 39,822 38,557 ----------- ------------ 86,401 84,938 Treasury stock, at cost, 257,688 shares.......................... (4,180) (4,180) ----------- ------------ Total stockholders' equity.................................... 82,221 80,758 ----------- ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.................... $ 519,765 $ 505,739 ----------- ------------ ----------- ------------
See notes to unaudited consolidated financial statements. 1 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Earnings Per Share) (Unaudited)
THREE MONTHS ENDED MARCH 31, -------------------- 1997 1996 --------- --------- INTEREST INCOME: Loans receivable.......................................................... $ 8,220 $ 7,245 Investment securities..................................................... 1,447 1,368 Mortgage-backed securities................................................ 5 6 Other..................................................................... 43 85 --------- --------- Total interest income................................................... 9,715 8,704 --------- --------- INTEREST EXPENSE: Deposits.................................................................. 5,560 5,702 Other borrowings.......................................................... 13 -- --------- --------- Total interest expense.................................................. 5,573 5,702 --------- --------- NET INTEREST INCOME........................................................ 4,142 3,002 PROVISION FOR LOAN LOSSES.................................................. -- -- NET INTEREST INCOME AFTER --------- --------- PROVISION FOR LOAN LOSSES................................................. 4,142 3,002 NONINTEREST INCOME: Deposit fee income........................................................ 190 179 Other..................................................................... 128 112 --------- --------- Total noninterest income................................................ 318 291 --------- --------- NONINTEREST EXPENSES: Salaries and employee benefits............................................ 1,265 971 Net occupancy expense..................................................... 188 162 Federal insurance premiums................................................ 68 236 Data processing........................................................... 205 179 Postage and supplies...................................................... 88 81 Other..................................................................... 298 241 --------- --------- Total noninterest expenses.............................................. 2,112 1,870 --------- --------- INCOME BEFORE PROVISION FOR INCOME TAXES................................... 2,348 1,423 PROVISION FOR INCOME TAXES................................................. 838 480 --------- --------- NET INCOME................................................................. $ 1,510 $ 943 --------- --------- --------- --------- EARNINGS PER SHARE......................................................... $ 0.33 N/A --------- --------- --------- --------- DIVIDENDS DECLARED PER SHARE............................................... $ 0.05 N/A --------- --------- --------- ---------
See notes to unaudited consolidated financial statements. 2 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1997 (In Thousands) (Unaudited)
Unrealized Gain on Securities Additional Unearned Available Common Paid-In ESOP for Sale, Retained Treasury Stock Capital Shares Net Earnings Stock Total ------- ------- -------- ------ -------- ------- -------- Balance, December 31, 1996 $ 52 $49,975 $(3,848) $202 $38,557 $(4,180) $80,758 Net income 1,510 1,510 Repayment of ESOP loan and related increase in share value 82 104 186 Net change in unrealized gain on securities available for sale 12 12 Dividends Paid (245) (245) ----- ------- ------- ----- -------- ------- -------- Balance, March 31, 1997 $ 52 $50,057 $(3,744) $ 214 $39,822 $(4,180) $82,221 ----- ------- ------- ----- -------- ------- -------- ----- ------- ------- ----- -------- ------- --------
See notes to unaudited consolidated financial statements. 3 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, ------------------------------------ 1997 1996 --------------- ------------------ (In Thousands) OPERATING ACTIVITIES: Net income $ 1,510 $ 943 Adjustments to reconcile net income to net cash provided by operating activities: Deferred tax provision 16 60 Gain on sale of real estate owned -- (1) Depreciation 112 96 Accretion of deferred loan fees (143) (198) Repayment of ESOP loan and related increase in share value 186 -- Changes in operating assets & liabilities: Accrued interest receivable (113) (62) Prepaid expenses & other assets 111 (459) Other liabilities 141 452 Income taxes payable 793 -- ----------- --------- Net cash provided by operating activities 2,613 831 ----------- --------- INVESTING ACTIVITIES: Purchases of investment securities-(held to (3,419) (13,065) maturity) Proceeds from maturities of investment securities-(held to maturity) 2,009 15,045 Loan originations, net of repayments (7,167) (8,688) Proceeds from sales of real estate owned -- 84 Purchases of office properties & equipment (1,574) (317) ----------- --------- Net cash used by investing activities (10,151) (6,941) ----------- --------- FINANCING ACTIVITIES: Net increase in deposits 8,554 10,156 Advances from FHLB 3,000 -- Increase in advance payments by borrowers for taxes & insurance 75 6 Dividends paid (245) -- ----------- --------- Net cash provided by financing activities 11,384 10,162 ----------- --------- (Continued) 4 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, ------------------------------------
1997 1996 --------------- ------------------
(In Thousands) Net increase (decrease) in cash and cash equivalents 3,846 4,052 CASH AND CASH EQUIVALENTS: Beginning of period 6,819 8,845 ------------ ----------- End of period $10,665 $12,897 ------------ ----------- ------------ ----------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for: Interest $5,507 $5,699 ------------ ----------- ------------ ----------- SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES: Loans to facilitate sales of real estate owned $ -- $ 54 ------------ ----------- ------------ ----------- Change in unrealized gains $ 12 $ 3 ------------ ----------- ------------ -----------
(Concluded) See notes to unaudited consolidated financial statements. 5 FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1--BASIS OF PRESENTATION First Federal Bancshares of Arkansas, Inc. (the "Corporation") was incorporated under Texas law in January 1996 by First Federal Bank of Arkansas, FA (the "Bank") in connection with the conversion of the Bank from a federally chartered mutual savings and loan association to a federally chartered stock savings and loan association, the issuance of the Bank's stock to the Corporation, and the offer and sale of the Corporation's common stock by the Corporation (the "Conversion"). Upon consummation of the Conversion on May 3, 1996, the Corporation became the unitary holding company for the Bank. The financial statements for the periods prior to May 3, 1996 presented herein are those of the Bank prior to the Conversion. The accompanying unaudited consolidated financial statements of the Corporation have been prepared in accordance with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 1997 are not necessarily indicative of the results to be expected for the year ending December 31, 1997. The unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 1996, contained in the Corporation's 1996 Annual Report to Stockholders. NOTE 2--PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Corporation and the Bank. All significant intercompany items have been eliminated. NOTE 3--EARNINGS PER SHARE The average number of common shares used to calculate earnings per share for the three months ended March 31, 1997 was 4,511,344. Earnings per share for the three months ended March 1996 is not applicable, as the Conversion was not completed until May 3, 1996. 6 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 4--DECLARATION OF DIVIDENDS On February 19, 1997 the Board of Directors initiated a quarterly cash dividend policy and declared its first cash dividend, a $.05 per share cash dividend on the common stock of the Corporation which was paid on March 17, 1997 to the stockholders of record at the close of business on March 3, 1997. NOTE 5--INVESTMENT SECURITIES Investment securities consisted of the following (in thousands):
MARCH 31, 1997 ------------------------ AMORTIZED FAIR AVAILABLE FOR SALE COST VALUE - --------------------------------------------------------------------------- ------------- --------- FHLMC preferred stock...................................................... $ 12 $ 336 --- --------- Total.................................................................... $ 12 $ 336 --- --------- --- ---------
MARCH 31, 1997 ---------------------- AMORTIZED FAIR HELD TO MATURITY COST VALUE - ----------------------------------------------------------------------- ----------- --------- U. S. Government and Agency obligations................................ $ 91,755 $ 90,384 Mortgage-backed securities -FHLMC...................................... 218 227 ----------- --------- Total.................................................................. $ 91,973 $ 90,611 ----------- --------- ----------- ---------
7 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 6--LOANS RECEIVABLE Loans receivable consisted of the following (in thousands):
MARCH 31, 1997 -------------- First mortgage loans: One- to four- family residences.............................................. $ 345,728 Other properties............................................................. 20,734 Construction................................................................. 17,124 Less: Unearned discounts.......................................................... (1,233) Undisbursed loan funds...................................................... (6,727) Deferred loan fees, net..................................................... (3,277) Total first mortgage loans................................................. 372,349 -------------- Consumer and other loans: Commercial loans............................................................. 5,166 Automobile................................................................... 7,426 Consumer loans............................................................... 4,008 Home equity and second mortgage.............................................. 12,934 Savings loans................................................................ 1,305 Other........................................................................ 1,746 Add deferred loan costs...................................................... 127 -------------- Total consumer and other loans.............................................. 32,712 -------------- Allowance for loan losses..................................................... (1,243) -------------- Loans receivable, net....................................................... $ 403,818 -------------- --------------
Non-accrual loans at March 31, 1997 (in thousands) were $816. All loans 90 days or more past due are reported as non-accrual. A summary of the activity in the allowances for loan and real estate losses is as follows (in thousands):
REAL LOANS ESTATE --------- ----------- Balance at December 31, 1996................................................ $ 1,251 $ -- Provisions for estimated losses............................................ -- -- Recoveries................................................................. 3 -- Losses charged off......................................................... (11) -- --------- -- Balance at March 31, 1997................................................... $ 1,243 $ -- --------- --- --------- ---
8 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 6--LOANS RECEIVABLE (CONTINUED) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION At March 31, 1997, the Corporation's assets amounted to $519.8 million as compared to $505.7 million at December 31, 1996. The $14.1 million or 2.8% increase was primarily due to an increase of $7.3 million or 1.8% in loans receivable, net, a $3.8 million or 56.4% increase in cash and cash equivalents, and a $1.5 million or 41.0% increase in office properties and equipment, net. The loans receivable increase resulted from the continued origination of loans during the three months ended March 31, 1997. Originations for the 1997 quarter consisted of $20.2 million in one- to four- family residential loans, $2.0 million in commercial loans, $3.0 million in construction loans, $5.0 million in consumer installment loans of which $2.2 million consisted of home equity loans. At March 31, 1997, the Bank had outstanding loan commitments of $2.4 million, unused lines of credit of $2.8 million, and the undisbursed portion of construction loans of $6.7 million. The increase in office properties and equipment primarily consisted of a land acquisition for future construction of a North Harrison, Arkansas full service branch facility and the purchase of an existing full service branch at Crossover Road in Fayetteville, Arkansas. Liabilities increased $12.6 million or 3.0% to $437.5 million at March 31, 1997 compared to $425.0 million at December 31, 1996. The increase in liabilities was primarily due to an increase of $8.6 million or 2.02% in deposits and a $3.0 million advance from the Federal Home Loan Bank ("FHLB") of Dallas. Stockholders' equity amounted to $82.2 million or 15.8% of total assets at March 31, 1997 compared to $80.8 million or 16.0% of total assets at December 31, 1996. The increase in stockholders' equity during the three month period was primarily due to net income of $1.5 million for the quarter, which was partially offset by dividend payments aggregating $245,000. Results of Operations for the Three Months Ended March 31, 1997 GENERAL. The Corporation reported net income of $1.5 million during the three months ended March 31, 1997 compared to net income of $943,000 for the same period in 1996. The conversion from a mutual association to a stock company was not completed until May 3, 1996, therefore the first quarter earnings of 1996 do not reflect the utilization of the stock conversion net proceeds. The increase of $567,000 or 60.1% in net income in the 1997 period compared to the same period in 1996 was primarily due to an increase in net interest income. The comparative period increase was partially reduced by an increase in noninterest expenses and an increase in the provision for income taxes. Net interest income is determined by the Corporation's interest rate spread (i.e., the difference between the yields earned on its interest-earning assets and the rates paid on its interest-bearing liabilities) and the relative amounts of interest-earning assets and interest-bearing liabilities. The increase in net interest income of $1.1 million or 38.0% was due to an increase in the ratio of interest-earning assets to interest-bearing liabilities to 116.8% for the 1997 period compared to 106.2% for the 1996 period. In addition, the Corporation's interest rate spread and net interest margin increased to 2.58% and 3.33%, 9 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 6--LOANS RECEIVABLE (CONTINUED) respectively, for the 1997 period compared to 2.38% and 2.69%, respectively, for the 1996 period. INTEREST INCOME. Interest income amounted to $9.7 million for the three months ended March 31, 1997 compared to $8.7 million for the same period in 1996. The increase of $1.0 million or 11.6% was primarily due to an increase in the average balance of loans receivable. The increase in the average balance of loans receivable was due to continued loan demand and portfolio growth. INTEREST EXPENSE. Interest expense decreased $129,000 or 2.3% to $5.6 million for the three months ended March 31, 1997 compared to $5.7 million for the same period in 1996. Such decrease was primarily due to a decrease in the average rate paid on deposits. NONINTEREST INCOME. Noninterest income amounted to $318,000 for the three months ended March 31, 1997 compared to $291,000 for the same period in 1996. The increase of $27,000 or 9.3% was primarily due to an increase of $16,000 or 13.6% in insufficient checks fee income and an increase of $17,000 or 53.6% in servicing fees on loans. NONINTEREST EXPENSE. Noninterest expenses increased $242,000 or 12.9% to $2.1 million for the three months ended March 31, 1997 compared to $1.9 million for the same period in 1996. Such increase was due primarily to an increase of $294,000 or 30.3% in salaries and employee benefits and a $26,000 or 14.7% increase in data processing. Also, additional costs were incurred related to being a public company. The increase in salaries and employee benefits was due to normal merit increases, an increase in the number of employees and costs associated with the adoption of the Corporation's Employee Stock Ownership Plan. The increase in data processing was primarily due to an increase in the number of accounts. The increase in noninterest expenses was offset by a $169,000 decrease for the comparative periods in Federal Deposit Insurance Corporation premiums due to the assessment rate being reduced. INCOME TAXES. Income taxes amounted to $838,000 and $480,000 for the three months ended March 31, 1997 and 1996, respectively. The higher provision in the 1997 period was due to increased pre-tax income. LIQUIDITY AND CAPITAL RESOURCES The Corporation's liquidity, represented by cash and cash equivalents, is a product of its operating, investing and financing activities. The Corporation's primary sources of funds are deposits, amortization, prepayments and maturities of outstanding loans, maturities of investment securities, mortgage-backed securities and other short-term investments and funds provided from operations. While scheduled loan amortization and maturing investment securities, mortgage-backed securities and short-term investments are relatively predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition. The Corporation manages the pricing of its deposits to maintain a steady deposit balance. In addition, the Corporation invests excess funds in overnight deposits and other 11 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 6--LOANS RECEIVABLE (CONTINUED) short-term interest-earning assets which provide liquidity to meet lending requirements. The Corporation has generally been able to generate enough cash through the retail deposit market, its traditional funding source, to offset the cash utilized in investing activities. As an additional source of funds, the Corporation may borrow from the FHLB of Dallas. At March 31, 1997, the Corporation had outstanding advances from the FHLB of Dallas in the amount of $3.0 million. As of March 31, 1997, the Bank's regulatory capital was well in excess of all applicable regulatory requirements. At March 31, 1997, the Bank's tangible, core and risk-based capital ratios amounted to 12.2%, 12.2% and 23.2%, respectively, compared to regulatory requirements of 1.5%, 3.0% and 8.0%, respectively. FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. PART II Item 1. Legal Proceedings Neither the Corporation nor the Bank is involved in any pending legal proceedings other than non-material legal proceedings occurring in the ordinary course of business. Item 2. Changes in Securities Not applicable. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Submission of Matters to a Vote of Security Holders Not applicable. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K None. 12 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. FIRST FEDERAL BANCSHARES OF ARKANSAS, INC. DATE: MAY 12, 1997 BY: /S/LARRY J. BRANDT LARRY J. BRANDT PRESIDENT DATE: MAY 12, 1997 BY: /S/TOMMY W. RICHARDSON TOMMY W. RICHARDSON CHIEF FINANCIAL OFFICER 13 EX-27 2 EX-27
9 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 6,799 3,866 0 0 336 91,973 90,611 405,061 1243 519,765 431,412 3,000 3,132 0 0 0 42,185 40,036 519,765 8,220 1,452 43 9,715 5,560 5,573 4,142 0 0 2,112 2,348 1,510 0 0 1,510 .33 .33 7.80 816 0 0 747 1,251 11 3 1243 409 0 834
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