-----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, KupxlpSlYP0udrB6gAIi1RG07707oJ3g8zRWiqia320JKP/lPXGXwpIIL8p34oH3 /O5zA2QH0grHNjMdAeU8Qg== 0000950156-98-000385.txt : 19980515 0000950156-98-000385.hdr.sgml : 19980515 ACCESSION NUMBER: 0000950156-98-000385 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHWAY FINANCIAL INC CENTRAL INDEX KEY: 0001041753 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 043368379 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23129-33 FILM NUMBER: 98619384 BUSINESS ADDRESS: STREET 1: 9 MAIN ST CITY: BERLIN STATE: NH ZIP: 03750 BUSINESS PHONE: 6037521171 MAIL ADDRESS: STREET 1: 9 MAIN ST CITY: BERLIN STATE: NH ZIP: 03750 10-Q 1 NORTHWAY FIN. FORM 10-Q QUARTERLY REPORT ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 1998 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 000-23129 NORTHWAY FINANCIAL, INC (Exact name of registrant as specified in its charter) New Hampshire 04-3368579 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 9 Main Street Berlin, New Hampshire 03570 Address of principal executive offices (Zip Code) (603) 752-1171 (Registrant's telephone number, including area code) No Change (Former name, former address and former fiscal year, if changed since last year) 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 twelve (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 ninety (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 practical date. At April 30, 1998, there were 1,731,969 shares of common stock outstanding, par value $1.00 per share. ================================================================================ INDEX NORTHWAY FINANCIAL, INC. PART I. FINANCIAL INFORMATION PAGE Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets at March 31, 1998 and December 31, 1997............................................................ 3 Consolidated Statements of Income for the Three Months Ended March 31, 1998 and 1997....................................... 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1997....................................... 5 Notes to Consolidated Financial Statements.......................... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........................................... 9 Item 3. Quantitative and Qualitative Disclosures about Market Risk.......... 11 PART II. OTHER INFORMATION Item 1. Legal Proceedings................................................... 12 Item 2. Changes in Securities............................................... 12 Item 3. Default 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 of Form 8-K.................................... 12 Signatures.................................................................. 13 -2- PART 1. FINANCIAL INFORMATION Item 1. Financial Statements. NORTHWAY FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS MAR. 31, DEC. 31, (Dollars in thousands, except per share data) 1998 1997 - ------------------------------------------------------------------------------- (Unaudited) (Audited) Assets: Cash and due from banks.................................. $ 15,129 $ 12,086 Federal funds sold....................................... 10,900 19,225 Interest bearing deposits................................ 113 85 Investment securities available-for-sale................. 56,113 55,103 Investment securities held-to-maturity................... 13,850 11,312 FRB stock................................................ 80 80 FHLB stock............................................... 1,958 1,958 Loans held for sale...................................... 400 292 Loans.................................................... 265,057 267,283 Unearned income........................................ (487) (526) Allowance for possible loan losses..................... (4,225) (4,156) -------- -------- Loans, net............................................. 260,345 262,601 -------- -------- Real estate acquired by foreclosure or substantively repossessed........................... 278 222 Accrued interest receivable.............................. 1,920 1,971 Deferred income taxes.................................... 1,442 1,500 Premises and equipment, net.............................. 9,585 9,187 Deposit purchase premium................................. 1,085 1,161 Other assets............................................. 1,010 1,083 -------- -------- Total assets......................................... $374,208 $377,866 -------- -------- Liabilities and stockholders' equity: Liabilities: Interest bearing deposits................................ $283,283 $282,353 Non-interest bearing deposits............................ 33,332 39,710 Repurchase agreements.................................... 10,217 6,146 Federal Home Loan Bank advances ......................... 5,282 9,322 Other liabilities........................................ 3,300 2,809 -------- -------- Total liabilities.................................... 335,414 340,340 -------- -------- Stockholders' equity: Preferred stock, $1 par value; 1,000,000 shares authorized: outstanding-none.......... -- -- Common stock, $1 par value; 9,000,000 shares authorized: 1,731,969 shares issued and outstanding... 1,732 1,732 Additional paid in capital............................... 2,101 2,101 Retained earnings........................................ 34,951 33,744 Unrealized gain(loss) on investment securities available- for-sale, net of tax.................................... 10 (51) -------- -------- Total stockholders' equity........................... 38,794 37,526 -------- -------- Total liabilities and stockholders' equity........... $374,208 $377,866 ======== ======== The accompanying notes are an integral part of these financial statements. -3- NORTHWAY FINANCIAL, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (Dollars in thousands, except per share data) 1998 1997 - ------------------------------------------------------------------------------------------------- Interest and dividend income: Loans.................................................... $ 5,904 $ 5,387 Investment securities available-for-sale................. 795 1,265 Investment securities held-to-maturity................... 218 225 Federal funds sold....................................... 250 81 Interest bearing deposits................................ 1 3 ---------- ---------- Total interest and dividend income.................... 7,168 6,961 ---------- ---------- Interest expense: Deposits................................................ 2,677 2,691 Borrowed funds.......................................... 233 227 ---------- ---------- Total interest expense................................ 2,910 2,918 ---------- ---------- Net interest and dividend income...................... 4,258 4,043 Provision for possible loan losses......................... 135 120 ---------- ---------- Net interest and dividend income after provision for possible loan losses.................. 4,123 3,923 ---------- ---------- Noninterest income: Service charges on deposit accounts and fees............ 207 206 Securities gains, net................................... 318 220 Other................................................... 111 112 ---------- ---------- Total noninterest income.............................. 636 538 ---------- ---------- Noninterest expense: Salaries and employee benefits.......................... 1,571 1,372 Office occupancy and equipment.......................... 424 428 Amortization of deposit purchase premium................ 75 75 Merger related expenses................................. -- 276 Other................................................... 829 819 ---------- ---------- Total noninterest expense............................. 2,899 2,970 ---------- ---------- Income before income tax expense...................... 1,860 1,491 Income tax expense......................................... 652 413 ---------- ---------- Net income............................................ $ 1,208 $ 1,078 ========== ========== Per share data: Net income.............................................. $ 0.70 $ 0.62 Weighted average number of common shares..... 1,731,969 1,731,969 The accompanying notes are an integral part of these financial statements.
-4- NORTHWAY FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Three Months Ended March 31, 1998 1997 -------------------------- (Dollars in Thousands) Cash flows from operating activities: Net income $ 1,208 $ 1,078 Adjustments to reconcile net income to net cash provided by operating activities: Provision for: Possible loan losses 135 120 Depreciation and amortization 259 244 Deferred income taxes 20 (9) Write down of real estate acquired by foreclosure -- 5 Gains on sales of investment securities available-for-sale, net (318) (220) Loss on sale of premises and equipment, net -- 49 Accretion of (discount) and amortization of premium on investment and mortgage-backed securities, net 36 75 Decrease in unearned income, net (39) (50) Gains on sales of real estate acquired by foreclosure or substantively repossessed (35) (15) Net increase in loans held for sale (108) (89) Decrease in accrued income receivable 51 440 Decrease in other assets 73 50 Increase in other liabilities 491 518 ------- ------- Net cash provided by operating activities 1,773 2,196 ------- ------- Cash flows from investing activities: Net (increase) decrease in interest bearing deposits (28) 199 Proceeds from sales of investment securities available-for-sale 1,829 3,657 Proceeds from maturities of investment securities held-to-maturity 2,629 352 Proceeds from maturities of investment securities available-for-sale 5,398 5,012 Purchase of investment securities available-for-sale (8,881) (802) Purchase of investment securities held-to-maturity (5,186) (4,000) Principal payments received on investment securities held-to-maturity -- -- Principal payments received on investment securities available-for-sale 1,044 731 Net (increase) decrease in loans 2,115 (7,179) Proceeds from sales of real estate acquired by foreclosure or substantively repossessed and principal payments received on OREO 23 67 Proceeds from sale of premises and equipment -- 296 Additions to premises and equipment (581) (227) ------- ------- Net cash used in investing activities (1,638) (1,894) ------- ------- Cash flows from financing activities: Net decrease in deposits (5,448) (5,627) Advances from Federal Home Loan Bank -- 1,189 Repayment of Federal Home Loan Bank advances (4,040) Net increase in repurchase agreements 4,071 3,043 Net increase in other borrowed funds -- (221) Cash dividends paid -- (345) ------- ------- Net cash used in financing activities (5,417) (1,961) ------- ------- Net decrease in cash and cash equivalents (5,282) (1,659) Cash and cash equivalents at beginning of period 31,311 17,282 ------- ------- Cash and cash equivalents at end of period $26,029 $15,623 ======= ======= Cash paid during the periiod for: Interest $ 2,986 $ 3,079 ======= ======= Income taxes $ 154 $ 138 ======= ======= Supplemental disclosures of non-cash activities: Loans transferred to real estate acquired by foreclosure or substantively repossessed $ 167 $ 208 ======= ======= Loans charged off, net of recoveries $ 66 $ 160 ======= ======= Financed sales of real estate acquired by foreclosure $ 130 $ 33 ======= =======
-5- NORTHWAY FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1998 1. Basis of Presentation. The unaudited consolidated financial statements of Northway Financial, Inc. and its two wholly owned bank subsidiaries ("the Corporation") included herein have been prepared by the Corporation in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The Corporation, however, believes that the disclosures are adequate to make the information presented not misleading. All prior period amounts in the Form 10Q have been restated to reflect the reorganization of the Corporation on September 30, 1997 into a multi-bank holding company. Refer to Note 4 for further discussion of the holding company reorganization and merger transactions. The amounts shown reflect, in the opinion of management, all adjustments necessary for a fair presentation of the financial statements for the periods reported. The results of operations for the three months ended March 31, 1998 and 1997 are not necessarily indicative of the results of operations for the full year or any other interim periods. 2. Allowance for Possible Loan Losses Analysis of the allowance for possible loan losses for the three months ended March 31, 1998 and 1997 is as follows: 1998 1997 ---- ---- (Dollars in thousands) Balance beginning of period $4,156 $3,941 Chargeoffs 131 204 Recoveries 65 44 ------ ------ Net chargeoffs 66 160 Provision for possible loan losses 135 120 ------ ------ Balance at end of period $4,225 $3,901 ====== ====== -6- NORTHWAY FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1998 3. Commitments and Contingencies At March 31, 1998, the Corporation had the following off-balance sheet financial instruments with contract amounts which represent credit risk: Contract or Notional Amount (Dollars in thousands) Commitments to extend credit $32,035 Standby letters of credit and financial guarantees written $ 590 Commercial letters of credit $ -0- Foreign exchange contracts $ -0- 4. Formation of Northway Financial, Inc. Northway Financial, Inc. ("Northway") is a New Hampshire corporation organized on March 7, 1997 for the purpose of becoming the holding company of The Berlin City Bank ("BCB") pursuant to a reorganization transaction (the "BCB Reorganization") by and among Northway, BCB and a subsidiary of BCB, and thereafter, effecting the merger (the "Merger") between Northway and Pemi Bancorp, Inc. ("PEMI"), pursuant to which Northway also became the holding company for PEMI's wholly owned subsidiary, Pemigewasset National Bank ("PNB"). The BCB Reorganization and the Merger were consummated on September 30, 1997. The Merger was treated as "pooling of interests" for accounting purposes. Other than matters relating to corporate organization and capitalization, and other matters incidental to completion of the BCB Reorganization and Merger, Northway has not engaged in any business activity. As of September 30, 1997, Northway's business is to own all of the common stock of BCB and PNB. BCB is a trust company chartered under the laws of the State of New Hampshire. BCB has seven banking offices in New Hampshire through which it provides a range of bank-related services. PNB is a national banking association organized under the laws of the United States. PNB has five branches located in New Hampshire through which it provides a range of bank-related services. -7- NORTHWAY FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1998 The Merger was effected in accordance with the terms and conditions of the Agreement and Plan of Merger, dated as of March 14, 1997, by and among BCB, Northway, PEMI, and PNB (the "Merger Agreement"). Under the terms of the Merger Agreement (i) Northway organized a New Hampshire trust company, Berlin Interim Trust Company ("BITC"), (ii) BCB merged with and into BITC while retaining the name "The Berlin City Bank" and, as a result of which, became a wholly owned subsidiary of Northway, and (iii) following the BCB Reorganization, PEMI merged with and into Northway, with Northway being the surviving corporation ("the Merger"). As a result of the foregoing transactions, Northway is the bank holding company for BCB and PNB and each of BCB and PNB are wholly owned subsidiaries of Northway. In connection with the BCB Reorganization and the Merger, respectively, (i) each outstanding share of BCB common stock was converted into 16 shares of Northway common stock, and (ii) each outstanding share of PEMI common stock was converted into 1.0419 shares of Northway common stock. 5. Supplemental Disclosure of Separate Results The financial statements reflect the combined results of The Berlin City Bank and Pemi Bancorp, Inc. Supplemental disclosure of the separate results of the two banks for periods prior to the merger are as follows: Berlin City Pemi Northway Bank Bancorp Financial ----------- ------- --------- (In thousands except per share data) January 1, 1997 to March 31, 1997 Net interest income $2,568 $1,475 $4,043 Net income 799 279 1,078 Net income per share $ 0.46 $ 0.16 $ 0.62 -8- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation Introduction The following discussion and analysis and related consolidated financial statements include Northway Financial, Inc. and its wholly-owned subsidiaries, The Berlin City Bank and Pemigewasset National Bank (the "Corporation"). Certain statements in this Form 10-Q, in the Corporation's press releases, and in oral statements made by or with the approval of an authorized executive officer of the Corporation, constitute "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (the "Act") and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 promulgated thereunder. The words "believe," "expect," "anticipate," "intend," "estimate," "project" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Corporation to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise. The following important factors, among others, may have affected the Corporation and its subsidiaries in the past and could in the future affect the actual results of operations of the Corporation, and could cause the actual results of operations for subsequent periods to differ materially from those set forth in, contemplated by, or underlying any forward-looking statement made herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, with which the Corporation must comply, including the effect of the cost of such compliance; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Corporation's organization, compensation and benefit plans; (iii) the effect on the competitive position of the Corporation's subsidiaries within their respective market areas resulting from increased consolidation within the banking industry and increased competition from larger regional and out-of-state banking organizations, as well as from nonbank providers of various financial services; (iv) the effect of unforeseen changes in interest rates, loan default and charge-off rates; (v) changes in deposit levels necessitating increased borrowing to fund loans and investments; (vi) the effect of changes in the business cycle and downturns in the New Hampshire, New England, and national economies; (vii) the factors detailed in the section titled "Risk Factors" in the Corporation's Proxy Statement/Prospectus, dated Aug. 12, 1997; and (viii) changes in the assumptions used in making such forward-looking statements. Though the Corporation has attempted to list comprehensively these important factors, the Corporation wishes to caution investors that other factors may in the future prove to be important in affecting the Corporation's results of operations. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of -9- each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from forward looking statements. Financial Condition The Corporation's total assets at March 31, 1998 were $374 million compared to $378 million at December 31, 1997, a $4 million, or 1%, decrease. Net loans decreased $2.3 million during this period while investment securities increased $3.5 million. Cash and cash equivalents decreased $5.3 million to $26 million. Total deposits decreased $5.4 million. Federal Home Loan Bank advances decreased $4.0 million, which was offset by increases in repurchase agreements of $4.1 million. The Corporation maintains an allowance for possible loan losses to absorb future chargeoffs of loans in the existing portfolio. The allowance is increased when a loan loss provision is recorded in the income statement. When a loan, or portion thereof, is considered uncollectible, it is charged against this allowance. Recoveries on amounts previously charged off are added to the allowance when collected. On March 31, 1998 the allowance for possible loan losses was $4.2 million, or 1.59% of total loans, as compared to $4.1 million, or 1.55% of total loans for December 31, 1997. The adequacy of the allowance for possible loan losses was based on an evaluation by each bank's management and Board of Directors of current and anticipated economic conditions, changes in the diversification, size and risk within the loan portfolio, and other factors. Nonperforming loans totaled $1.9 million as of March 31, 1998, compared to $1.8 million at December 31, 1997. The ratio of nonperforming loans to total loans was 0.72% as of March 31, 1998 compared to 0.70% at December 31, 1997 and the ratio of nonperforming assets to total assets was 0.58% as of March 31, 1998 compared to 0.53% at December 31, 1997. Results of Operations The Corporation reported net income of $1.2 million, or $0.70 per share, for the three months ended March 31, 1998 as compared with $1.1 million, or $0.62 per share, for the same period in 1997. The increase reflects improvement in net interest income of $215,000 resulting from the change in the mix of assets. Specifically, federal funds sold and loan balances increased $25 million and investment securities balances decreased $25 million. Noninterest income increased $98,000 as a result of an increase in net securities gains from $220,000 in the first quarter of 1997 to $318,000 in the first quarter of 1998. Noninterest expense decreased $71,000 for the quarter ended March 31, 1998 compared to the same period last year due primarily to the fact that there were no merger related expenses in 1998 compared to expenses of $276,000 in 1997. This decrease was partially offset by increases in salaries, employee benefits, consolidation expenses and the expenses related to opening the new Berlin City Bank branch in Conway. The provision for possible loan losses increased slightly to $135,000 for the three months ended March 31, 1998 from the $120,000 reported for the comparable period in 1997. The provision has been increased as a result of the growth in the Company's loan portfolio. -10- Liquidity Liquidity risk management involves the Company's and its' subsidiaries ability to raise funds in order to meet their existing and anticipated financial obligations. These obligations are the withdrawal of deposits on demand or, at their contractual maturity, the repayment of borrowings as they mature, the ability to fund new and existing loan commitments and the ability to take advantage of new business opportunities. Liquidity may be provided through amortization, maturity or sale of assets such as loans and securities available-for-sale, liability sources such as increased deposits, utilization of the FHLB credit facility, purchased or other borrowed funds, and access to the capital markets. Liquidity targets are subject to change based on economic and market conditions and are controlled and monitored by the Company's Asset/Liability Committee. At the bank level, liquidity is managed by measuring the net amount of marketable assets after deducting pledged assets, plus lines of credit, primarily with the FHLB, which are available to fund liquidity requirements. Management then measures the adequacy of that aggregate amount relative to the aggregate amount of liabilities deemed to be sensitive or volatile liabilities. These include brokered deposits, core deposits in excess of $100,000, term deposits with short maturities, and credit commitments outstanding. Additionally, the parent holding company requires cash for various operating needs including dividends to shareholders, capital injections to the subsidiary banks, and the payment of general corporate expenses. The primary source of liquidity for the parent holding company is dividends from the subsidiary banks. Capital The Corporation's Tier 1 and Total Risk Based Capital was 16.87% and 18.12%, respectively, at March 31, 1998. The Corporation's leverage ratio at March 31,1998 was 10.10%. As of March 31, 1998, the capital ratios of the Corporation and all of it's banking subsidiaries exceeded the minimum capital ratio requirements of the "well capitalized" category under the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). Item 3. Quantitative and Qualitative Disclosures About Market Risk For information regarding quantitative and qualitative disclosures about market risk, see the Corporation's discussion under Item 7A of its Annual Report on Form 10-K for the fiscal year ended December 31, 1997. Between December 31, 1997 and March 31, 1998, there were no material changes in the Corporation's market risk. -11- PART II. OTHER INFORMATION Item 1. Legal Proceedings - None Item 2. Changes in Securities - 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) Exhibits Exhibit Number (27) Financial Data Schedule (b) The Corporation did not file any Reports on Form 8-K during the quarter ended March 31, 1998. -12- SIGNATURES Pursuant to 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. NORTHWAY FINANCIAL, INC. May 14, 1998 BY: \S\ William J. Woodward ------------------------ William J. Woodward President & CEO May 14, 1998 BY: \S\ David J. O'Connor ------------------------ David J. O'Connor Exec. Vice President & CFO -13- EX-27 2 FINANCIAL DATA SCHEDULE
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AND INCOME STATEMENT AND FROM THE MANAGEMENT DISCUSSION AND ANALYSIS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND MANAGEMENT DISCUSSION. 1,000 3-MOS DEC-31-1997 MAR-31-1998 15,129 113 10,900 0 56,113 15,888 15,880 265,057 4,225 374,208 316,615 10,217 3,300 5,282 0 0 1,732 37,062 374,208 5,904 1,013 251 7,168 2,677 2,910 4,258 135 318 2,899 1,860 1,860 0 0 1,208 0.70 0.70 8.25 1,911 36 1,177 601 4,156 131 65 4,225 3,585 0 640
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