-----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, DPA6ywzrkUyG7QRax2m5+7xj2SLFQChuBlRdfv2lXymmV/9OdWlL3GXaO+9eeNgR IoaxIdpRxWBv50ablpRsJA== 0000910117-96-000080.txt : 19960816 0000910117-96-000080.hdr.sgml : 19960816 ACCESSION NUMBER: 0000910117-96-000080 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL BANCORP CENTRAL INDEX KEY: 0000702430 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 930792841 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10489 FILM NUMBER: 96611713 BUSINESS ADDRESS: STREET 1: 675 OAK ST CITY: EUGENE STATE: OR ZIP: 97401 BUSINESS PHONE: 5033423970 MAIL ADDRESS: STREET 1: 675 OAK STREET CITY: EUGENE STATE: OR ZIP: 97401 FORMER COMPANY: FORMER CONFORMED NAME: VALLEY WEST BANCORP DATE OF NAME CHANGE: 19900812 10-Q 1 PERIOD ENDED JUNE 30, 1996 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 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 Number 0-10489 ----------- CENTENNIAL BANCORP (Exact name of registrant as specified in its charter) OREGON 93-0792841 (State of Incorporation) (I.R.S. Employer Identification Number) 675 Oak Street Eugene, Oregon 97401 (Address of principal executive offices) (Zip Code) (541) 342-3970 (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 latest practicable date: 4,880,352 shares as of July 31, 1996. CENTENNIAL BANCORP FORM 10-Q JUNE 30, 1996 INDEX ----- Page PART I - FINANCIAL INFORMATION Reference - ------------------------------ --------- Condensed Consolidated Balance Sheets as of 4 June 30, 1996 and December 31, 1995. Condensed Consolidated Statements of Income for 5 the six months and the quarter ended June 30, 1996 and 1995. Condensed Consolidated Statements of Cash Flows 6 for the six months ended June 30, 1996 and 1995. Notes to Condensed Consolidated Financial Statements 7 - 9 Management's Discussion and Analysis of Financial Condition and Results of Operations: Overview 10 Material Changes in Financial Condition 10 - 11 Material Changes in Results of Operations 11 - 13 Loan Loss Provision 13 Liquidity and Capital Resources 13 - 14 PART II - OTHER INFORMATION - --------------------------- Item 4 - Submission of Matters to a Vote 15 of Security Holders. Item 6 - Exhibits and Reports on Form 8-K. 15 Signatures 16 CENTENNIAL BANCORP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, 1996 1995 ------------- ------------- ASSETS - ------ Cash and cash equivalents: Cash and due from banks $ 19,364,011 $ 21,991,459 Interest-bearing balances due from banks 2,910,000 6,000,000 Federal funds sold 245,000 8,730,000 ------------ ------------ Total cash and cash equivalents 22,519,011 36,721,459 Available-for-sale securities 78,789,825 76,964,342 Loans 226,137,142 186,517,192 Reserve for loan losses (2,209,008) (1,928,372) ------------ ------------ Loans, net 223,928,134 184,588,820 Loans held for sale 4,769,736 4,573,095 Accrued interest receivable 2,923,920 2,536,493 Premises and equipment, net 9,271,850 9,214,564 Intangible assets 496,724 539,618 Other assets 4,364,513 2,325,324 ------------ ------------ $347,063,713 $317,463,715 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Liabilities: Deposits: Demand $ 73,659,090 $ 70,578,820 Interest-bearing demand 104,670,107 98,600,873 Savings 13,760,027 13,743,140 Time 96,183,985 84,957,459 ------------ ------------ Total deposits 288,273,209 267,880,292 Short-term borrowings 18,894,671 11,419,123 Accrued interest and other liabilities 3,376,342 2,574,240 Long-term debt 7,721,000 9,200,000 ------------ ------------ Total liabilities 318,265,222 291,073,655 Shareholders' equity: Preferred stock, $5.00 par value; none issued Non-voting, 5,000,000 shares authorized -- -- Voting, 5,000,000 shares authorized -- -- Common stock, $2.00 par value; 10,000,000 shares authorized, 4,880,352 issued and outstanding (4,651,130 at December 31, 1995) 9,760,704 9,302,260 Surplus 6,911,986 5,829,404 Retained earnings 13,676,501 10,657,696 Net unrealized gain (loss) on securities available- for-sale, net of deferred income taxes (1,550,700) 600,700 ------------ ------------ Total shareholders' equity 28,798,491 26,390,060 ------------ ------------ $347,063,713 $317,463,715 ============ ============
See accompanying notes. CENTENNIAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
The Quarter Ended The Six Months Ended June 30, June 30, --------------------------- ------------------------- 1996 1995 1996 1995 ---------- ----------- ----------- ---------- INTEREST INCOME Interest and fees on loans $6,265,594 $5,268,754 $11,982,880 $10,014,919 Interest on investment securities 1,289,922 843,788 2,495,795 1,692,294 Other interest income 72,287 112,254 228,784 138,358 ---------- ---------- ----------- ----------- Total interest income 7,627,803 6,224,796 14,707,459 11,845,571 INTEREST EXPENSE Interest on deposits 2,203,233 1,819,957 4,264,389 3,347,606 Interest on short-term borrowings 275,309 206,241 495,684 416,398 Interest on long-term debt 167,054 154,691 341,871 316,416 ---------- ---------- ----------- ----------- Total interest expense 2,645,596 2,180,889 5,101,944 4,080,420 ---------- ---------- ----------- ----------- NET INTEREST INCOME 4,982,207 4,043,907 9,605,515 7,765,151 Loan loss provision 135,000 75,000 285,000 150,000 ---------- ---------- ----------- ----------- Net interest income after loan loss provision 4,847,207 3,968,907 9,320,515 7,615,151 NONINTEREST INCOME Service charges on deposit accounts 243,462 234,710 478,926 461,344 Other 94,439 58,098 199,070 211,620 Loan servicing fees 21,581 112,922 43,457 226,414 Gains on sales of loans 149,748 71,658 285,529 111,156 Gains on sales of investment securities 6,595 20,363 6,595 20,363 --------- ---------- ----------- ----------- Total noninterest income 515,825 497,751 1,013,577 1,030,897 NONINTEREST EXPENSE Salaries and employee benefits 1,841,441 1,611,539 3,596,614 3,226,622 Premises and equipment 499,691 421,061 940,993 805,329 Legal and professional 135,031 142,899 233,229 253,328 Insurance 13,229 126,092 28,569 271,152 Advertising 132,562 70,490 243,086 158,788 Printing and stationery 84,528 68,557 153,057 134,853 Communications 82,776 80,524 133,632 157,532 Other 254,082 413,882 532,702 726,095 ---------- ---------- ----------- ----------- Total noninterest expense 3,043,340 2,935,044 5,861,882 5,733,699 ---------- ---------- ----------- ----------- Income before income taxes 2,319,692 1,531,614 4,472,210 2,912,349 Provision for income taxes 753,800 494,700 1,453,400 936,500 ---------- ---------- ----------- ----------- NET INCOME $1,565,892 $1,036,914 $ 3,018,810 $ 1,975,849 ========== ========== =========== =========== Earnings per common share: Primary $ .30 $ .21 $ .58 $ .39 Fully diluted $ .27 $ .19 $ .54 $ .37 Weighted average shares outstanding: Primary 5,302,357 5,010,091 5,221,448 5,006,892 Fully diluted 6,088,914 5,947,293 6,008,005 5,944,094
See accompanying notes. CENTENNIAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
The Six Months Ended June 30, -------------------------- 1996 1995 ------------ ------------ Net cash provided by operating activities $ 3,117,820 $ 5,044,449 Cash flows from investing activities: Net increase in loans (39,624,314) (17,062,312) Investment security purchases (14,825,926) (3,014,669) Proceeds from investment securities: Maturities 3,376,914 1,965,826 Sales 6,304,169 3,008,018 Purchases of premises and equipment (587,910) (2,319,088) ----------- ----------- Net cash used by investing activities (45,357,067) (17,422,225) Cash flows from financing activities: Net increase in deposits 20,392,917 20,678,937 Net increase in short-term borrowings 7,475,548 1,514,732 Proceeds from issuance of common stock 168,334 54,145 ----------- ----------- Net cash provided by financing activities 28,036,799 22,247,814 ----------- ----------- Net increase (decrease) in cash and cash equivalents (14,202,448) 9,870,038 Cash and cash equivalents at beginning of period 36,721,459 25,358,038 ----------- ----------- Cash and cash equivalents at end of period $22,519,011 $35,228,076 =========== =========== Supplemental Disclosure of Cash Flow Information: Noncash investing and financing activities: Conversion of debentures to common stock $ 1,479,000 $ -- Net costs attributable to debentures converted (106,219) -- Cash paid in lieu of issuance of fractional shares (90) -- ---------- ----------- $ 1,372,691 $ -- =========== ===========
See accompanying notes. CENTENNIAL BANCORP NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation --------------------- The interim condensed consolidated financial statements include the accounts of Centennial Bancorp, a bank holding company ("Bancorp"), and its wholly owned subsidiaries, Centennial Bank ("Bank") and Centennial Mortgage Co. ("Mortgage Co."). The Bank is an Oregon state- chartered bank which provides commercial banking services. Mortgage Co. originates residential mortgage loans for resale in the secondary market. The interim condensed consolidated financial statements are unaudited, but include all adjustments, consisting only of normal accruals, which Bancorp considers necessary for a fair presentation of the results of operations for such interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, including the notes thereto, included in Bancorp's 1995 Annual Report to Shareholders. Certain amounts for 1995 have been reclassified to conform with the 1996 presentation. 2. Divestiture ----------- In August 1995, Bancorp sold substantially all the assets of its subsidiary, Harding Fletcher Co. ("Harding Fletcher"), for $746,000 in cash and assets, recognizing a pretax gain of approximately $64,000. Harding Fletcher provided commercial mortgage banking services and loan servicing. Exclusive of the gain recognized, this transaction did not have a significant impact on Bancorp's operating results. 3. Loans and Reserve for Loan Losses --------------------------------- The composition of the loan portfolio was as follows: June 30, December 31, 1996 1995 ------------ ------------ Real estate - mortgage $ 60,198,876 $ 54,631,309 Real estate - construction 55,209,801 44,002,950 Commercial 101,126,374 78,252,968 Installment 6,217,970 5,929,351 Lease financing 3,610,939 4,001,250 Other 556,213 310,737 ------------ ------------ 226,920,173 187,128,565 Less deferred loan fees (783,031) (611,373) ------------ ------------ $226,137,142 $186,517,192 ============ ============ Loans held for sale of $4,769,736 and $4,573,095 at June 30, 1996 and December 31, 1995, respectively, represent real estate mortgage loans. These loans are recorded at cost which approximates market. Transactions in the reserve for loan losses were as follows for the six months ended June 30: 1996 1995 ----------- ----------- Balance at beginning of period $1,928,372 $1,700,130 Provision charged to operations 285,000 150,000 Recoveries 4,722 17,800 Loans charged off (9,086) (23,214) ---------- ---------- Balance at end of period $2,209,008 $1,844,716 ========== ========== It is Bancorp's policy to place loans on nonaccrual status whenever the collection of all or a part of the principal balance is in doubt. Loans placed on nonaccrual status may or may not be contractually past due at the time of such determination, and may or may not be secured by collateral. Loans on nonaccrual status at June 30, 1996 and December 31, 1995 were approximately $1,099,000 and $478,000, respectively. Loans past due 90 days or more on which Bancorp continued to accrue interest were approximately $379,000 at June 30, 1996, and approximately $645,000 at December 31, 1995. There were no loans on which the interest rate or payment schedule were modified from their original terms to accommodate a borrower's weakened financial position at June 30, 1996 or December 31, 1995. 4. Earnings Per Common Share ------------------------- Primary earnings per common share is calculated by dividing net income by the weighted average shares outstanding. Weighted average shares outstanding consists of common shares outstanding and common stock equivalents attributable to outstanding stock options. Fully diluted earnings per share is calculated by dividing net income plus after-tax interest incurred on the 7% Convertible Debentures by common shares outstanding, common stock equivalents attributable to outstanding stock options, and shares assumed to be issued on conversion of the Convertible Debentures. The weighted average number of shares and common share equivalents have been adjusted to give retroactive effect to a 21-for-20 stock split declared July 16, 1996. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW - -------- Centennial Bancorp reported net income of $3,018,810, or $.58 per share (primary), for the six months ended June 30, 1996. This represented a 53% increase in net income, as compared to $1,975,849, or $.39 per share, for the six months ended June 30, 1995. Net income of $1,565,892, or $.30 per share, for the quarter ended June 30, 1996 similarly represented a 51% increase in net income as compared to $1,036,914, or $.21 per share for the quarter ended June 30, 1995. The increased earnings during the six months and the quarter ended June 30, 1996 reflected primarily the expansion of Bancorp's interest-earning assets and increased net interest income. The net income added to shareholders' equity during the six months and the second quarter of 1996 was offset in part by a decrease in the valuation of Bancorp's investment portfolio of available-for-sale securities. This decrease in the value of the available-for-sale securities resulted from an increase in interest rates which caused bond prices to decrease. Management believes that the net unrealized loss on available-for-sale securities, net of deferred income taxes, will be reduced during the remainder of 1996 as interest rates and the bond market stabilize. MATERIAL CHANGES IN FINANCIAL CONDITION - --------------------------------------- Material changes in financial condition for the six months ended June 30, 1996 include an increase in total assets, primarily in loans and loans held for sale, and available-for- sale securities. Funds were provided for these changes by increases in total deposits and short-term borrowings, a decrease in cash and cash equivalents, and earnings. At June 30, 1996, total assets increased 9.3%, or approximately $29.6 million, over total assets at December 31, 1995. An increase of $39.8 million in loans and loans held for sale represented the majority of the increase in total assets. The increase in loans and loans held for sale was primarily due to increased commercial loan and real estate mortgage and construction activity. The Pacific Corporate Center Branch of the Bank continues to provide most of the new loan activity; however, increases in loan activity were also noted in the Eugene, Springfield and Cottage Grove markets. Available-for-sale securities increased approximately $1.8 million at June 30, 1996 as compared to December 31, 1995. The increase represented the purchase of securities issued by states and political subdivisions in excess of sales and maturities of U.S. Treasury and U.S. Government agency securities. The increase in available-for-sale securities at June 30, 1996 was offset in part by a decrease in the market valuation of Bancorp's available-for-sale securities. Cash and cash equivalents decreased at June 30, 1996 as compared to December 31, 1995. This decrease was primarily due to decreases in interest-bearing balances due from banks and federal funds sold, both of which represent temporary investments of excess funds which can fluctuate significantly on a daily basis. Other assets increased $2.0 million at June 30, 1996 as compared to December 31, 1995. This increase was primarily attributable to an increase in deferred tax assets as a result of the decrease in the market valuation of Bancorp's available-for- sale securities. Bancorp experienced an increase in total deposits of $20.4 million during the first six months of 1996. All categories of deposits increased. Management believes that the increases in demand and interest-bearing demand deposits were due to Bancorp's increased business activities, and that the increase in time deposits was due to offering more competitive interest rates on time deposits. Short-term borrowings increased $7.5 million at June 30, 1996 as compared to December 31, 1995. During the quarter ended March 31, 1996, Bancorp borrowed $10.4 million at a favorable interest rate from the Federal Home Loan Bank of Seattle and reinvested those funds in securities issued by states and political subdivisions. All other changes experienced in asset and liability categories during the first six months of 1996 were comparatively modest. MATERIAL CHANGES IN RESULTS OF OPERATIONS - ----------------------------------------- Total interest income increased approximately $2.9 million for the six months and approximately $1.4 million for the quarter ended June 30, 1996 as compared to the same periods in 1995. These increases were primarily due to increases in loans and loans held for sale and available-for-sale securities held during 1996 as compared to 1995. Total interest expense similarly increased approximately $1.0 million for the six months and approximately $464,700 for the quarter ended June 30, 1996 as compared to the comparable 1995 periods. These increases were primarily due to the increase in deposits held during 1996 as compared to 1995, but were also due to increased short-term borrowings during the 1996 periods. The increase in interest earned, offset in part by the increase in interest paid, served to increase Bancorp's net interest income by approximately $1.8 million (or 24%) for the six-month period, and approximately $938,300 (or 23%) for the second quarter of 1996 over the comparable periods of 1995. Net income per common share (primary) increased to $.58 for the first six months of 1996 from $.39 for the first six months of 1995, and increased to $.30 from $.21 for the comparable second quarter periods. Noninterest income decreased approximately $17,300 for the six months, but increased approximately $18,100 for the quarter ended June 30, 1996 as compared to the comparable 1995 periods. The decrease for the six-month period was primarily attributable to a decrease in loan servicing fees due to the sale of Harding Fletcher in August 1995, which also served to offset in part the increase in other income for the quarter ended June 30, 1996. The decrease in loan servicing fees during the six-month period was offset in part by an increase in gains recognized on sales of residential mortgage loans originated by Mortgage Co. Noninterest expense increased approximately $128,200 for the six months ended June 30, 1996 as compared to the comparable 1995 period. Approximately $108,300 of the increase in noninterest expense was incurred during the quarter ended June 30, 1996. The increases for the six-month and the quarterly periods were primarily attributable to increases in salaries and employee benefits, premises and equipment, and advertising, which were offset in part by decreases in insurance expenses and other noninterest expense. Salaries and employee benefits increased approximately $370,000 during the six months and the quarter ended June 30, 1996 as compared to the 1995 periods, which was due to additions to the Bank's and Mortgage Co.'s staffs to accommodate Bancorp's increased business activities. Premises and equipment expense increased approximately $135,700 during the six months and approximately $78,600 during the quarter ended June 30, 1996 as compared to the comparable 1995 periods. These increases were primarily due to the additional expenses incurred in the Bank's occupancy of the Pacific Corporate Center Branch permanent facility, which occurred in June 1995. Insurance expense decreased approximately $242,600 during the six months and approximately $112,900 during the quarter ended June 30, 1996 as compared to the comparable 1995 periods. These decreases were attributable to the decreased assessment rate for Federal Deposit Insurance coverage. Other noninterest expense decreased approximately $193,400 during the six months and approximately $159,800 during the quarter ended June 30, 1996 as compared to the comparable 1995 periods. These decreases were attributable to the recovery of the value of assets previously written off. LOAN LOSS PROVISION - ------------------- During the six months ended June 30, 1996, Bancorp charged a $285,000 loan loss provision to operations, as compared to $150,000 charged during the six months ended June 30, 1995. Loans charged off, net of recoveries, during the six months ended June 30, 1996 were $4,364, as compared to net charge-offs of $5,414 for the 1995 six-month period. The $135,000 increase in the loan loss provision has been established to provide coverage for the significant increase in loans and Bancorp's anticipated continued growth. Management believes that the reserve for loan losses is adequate for potential loan losses, based on management's assessment of various factors, including present delinquent and non-performing loans, past history of industry loan loss experience, and present and anticipated future economic trends impacting the areas and customers served by Bancorp. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Bancorp's principal subsidiary, Centennial Bank, has adopted policies to maintain a relatively liquid position to enable it to respond to changes in the Bank's needs and financial environment. Generally, the Bank's major sources of liquidity are customer deposits, sales and maturities of investment securities, the use of federal funds markets and net cash provided by operating activities. Scheduled loan repayments are a relatively stable source of funds, while deposit inflows and unscheduled loan prepayments, which are influenced by general interest rate levels, interest rates available on other investments, competition, economic conditions and other factors, are not. Along with federal funds lines, the Bank maintains a cash management advance with the Federal Home Loan Bank, Seattle, Washington, which allows temporary borrowings for liquidity. At June 30, 1996, Bancorp's Tier 1 and total risk-based capital ratios under the Federal Reserve Board's ("FRB") risk- based capital guidelines were approximately 11.0% and 11.8%, respectively. The FRB's minimum risk-based capital ratio guidelines for Tier 1 and total capital are 4% and 8%, respectively. At June 30, 1996, Bancorp's capital-to-assets ratio under leverage ratio guidelines was approximately 8.6%. The FRB's current minimum leverage capital ratio guideline is 3%. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. - ------------------------------------------------------------ Centennial Bancorp held its annual meeting of shareholders on May 15, 1996. At the meeting, Dan Giustina, Cordy H. Jensen, Robert L. Newburn, Brian B. Obie and Richard C. Williams were reelected to the Board of Directors for one-year terms. Voting on the election of directors was as follows: Votes Votes Broker For Withheld Non-Votes --------- -------- --------- Dan Giustina 3,804,603 29,040 -0- Cordy H. Jensen 3,804,548 29,095 -0- Robert L. Newburn 3,804,638 29,005 -0- Brian B. Obie 3,803,294 30,349 -0- Richard C. Williams 3,803,653 29,990 -0- In addition to the election of the Board of Directors, shareholders also approved the 1995 Stock Incentive Plan. A reconcilement of the shares voted for the Plan is as follows: For 3,610,116 Against 172,281 Abstain 51,245 Broker non-votes -0- Item 6. Exhibits and Reports on Form 8-K. - ----------------------------------------- None. 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. CENTENNIAL BANCORP Dated: August 13, 1996 /s/ Richard C. Williams ----------------------------------- Richard C. Williams President & Chief Executive Officer Dated: August 13, 1996 /s/ Michael J. Nysingh ----------------------------------- Michael J. Nysingh Chief Financial Officer EX-27 2 FINANCIAL DATA SHEET
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTENNIAL BANCORP'S CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1995 JUN-30-1996 19,364,011 2,910,000 245,000 0 78,789,825 0 0 226,137,142 (2,209,008) 347,063,713 288,273,209 18,894,671 3,376,342 7,721,000 0 0 9,760,704 19,037,787 347,063,713 11,982,880 2,495,795 228,784 14,707,459 4,264,389 5,101,944 9,605,515 285,000 6,595 5,861,882 4,472,210 3,018,810 0 0 3,018,810 .58 .54 0 1,099,000 379,000 0 0 1,928,372 9,086 4,722 2,209,008 2,209,008 0 0
-----END PRIVACY-ENHANCED MESSAGE-----