-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, O0sbZfeOHMsGV7xTfWbn4oNRu7taLqZTeTrUTS0IBCIdi8WIxzFSboAM3MNrmoE0 6UaORoQqfs3WjOpfJevGTg== 0000035527-95-000009.txt : 19950517 0000035527-95-000009.hdr.sgml : 19950516 ACCESSION NUMBER: 0000035527-95-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIFTH THIRD BANCORP CENTRAL INDEX KEY: 0000035527 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310854434 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08076 FILM NUMBER: 95537810 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ STREET 2: FIFTH THIRD CENTER CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 5135795300 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 1995 Commission File Number 0-8076 FIFTH THIRD BANCORP (Exact name of Registrant as specified in its charter) Ohio 31-0854434 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) Fifth Third Center Cincinnati, Ohio 45263 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (513)579-5300 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 / / The number of shares outstanding of the Registrant's Common Stock, without par value, as of March 31, 1995 was 65,200,241 shares. FIFTH THIRD BANCORP INDEX Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets - March 31, 1995 and 1994 3 Consolidated Statements of Income - Three Months Ended March 31, 1995 and 1994 5 Consolidated Statements of Cash Flows - Three Months Ended March 31, 1995 and 1994 6 Consolidated Statements of Changes in Stockholders' Equity - Three Months Ended March 31, 1995 and 1994 8 Notes to Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Part II. Other Information Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits 13 2 Fifth Third Bancorp and Subsidiaries March 31, Dec. 31, March 31, Consolidated Balance Sheets 1995 1994 1994 ($000's) (unaudited) (unaudited) ASSETS ----------- ----------- ----------- Cash and Due from Banks $ 603,430 695,009 570,515 Securities Available for Sale (a) 1,216,986 1,129,492 1,177,952 Securities Held to Maturity (b) 2,592,523 2,507,543 1,792,150 Other Short-Term Investments 133,742 23,765 4,943 Loans and Leases Commercial Loans 3,256,010 3,045,315 2,858,747 Construction Loans 296,538 286,088 331,181 Commercial Mortgage Loans 730,046 729,532 720,760 Commercial Lease Financing 582,666 569,539 385,566 Residential Mortgage Loans 2,462,574 2,346,931 2,568,273 Consumer Loans 2,423,900 2,407,261 2,140,155 Consumer Lease Financing 1,230,855 1,133,953 863,996 Unearned Income (253,974) (232,162) (167,392) Reserve for Credit Losses (161,466) (155,918) (150,873) ----------- ----------- ----------- Total Loans and Leases 10,567,149 10,130,539 9,550,413 Bank Premises and Equipment 178,568 176,897 165,678 Accrued Income Receivable 118,739 114,039 90,629 Other Assets 192,643 179,725 201,450 ----------- ----------- ----------- Total Assets $ 15,603,780 14,957,009 13,553,730 =========== =========== =========== LIABILITIES Deposits Demand $ 1,398,857 1,679,625 1,419,787 Interest Checking 1,392,355 1,486,780 1,457,351 Savings 624,704 637,609 728,160 Money Market 1,705,697 1,688,147 1,572,300 Other Time 4,030,546 3,863,103 3,749,994 Certificates - $100,000 and Over 509,524 262,402 279,461 Foreign Office 1,482,552 1,013,212 257,088 ----------- ----------- ----------- Total Deposits 11,144,235 10,630,878 9,464,141 Federal Funds Borrowed 728,215 716,312 1,488,900 Short-Term Bank Notes 955,000 844,995 -- Other Short-Term Borrowings 776,212 890,911 726,271 Accrued Taxes, Interest and Expenses 249,851 194,753 211,691 Other Liabilities 97,728 101,673 84,823 Long-Term Debt 30,410 35,409 140,242 Convertible Subordinated Notes 143,439 143,304 142,887 ----------- ----------- ----------- Total Liabilities 14,125,090 13,558,235 12,258,955 ----------- ----------- ----------- STOCKHOLDERS' EQUITY Common Stock (c) 144,745 143,655 142,543 Capital Surplus 286,210 272,999 262,233 Retained Earnings 1,073,636 1,030,338 903,529 Unrealized Losses (25,901) (48,218) (13,530) ----------- ----------- ----------- Total Stockholders' Equity 1,478,690 1,398,774 1,294,775 Total Liabilities and ----------- ----------- ----------- Stockholders' Equity $ 15,603,780 14,957,009 13,553,730 =========== =========== =========== See Notes to Consolidated Financial Statements 3 Fifth Third Bancorp and Subsidiaries Consolidated Balance Sheets (continued) (a) Amortized cost: Mar. 31, 1995 - $1,256,834,000, Dec. 31, 1994 - $1,203,677,000 and Mar. 31, 1994 - $1,198,766,000. (b) Market value: Mar. 31, 1995 - $2,549,877,000, Dec. 31, 1994 - $2,410,536,000 and Mar. 31, 1994 - $1,783,953,000. (c) Stated value $2.22 per share; authorized 140,000,000; outstanding Mar. 31, 1995 - 65,200,241, Dec. 31, 1994 - 64,709,304 and Mar. 31, 1994 - 64,208,538. See Notes to Consolidated Financial Statements. 4 Fifth Third Bancorp and Subsidiaries Three Months Ended Consolidated Statements of Income (unaudited) March 31, ($000's) ----------- ----------- 1995 1994 INTEREST INCOME ----------- ----------- Interest and Fees on Loans and Leases $209,105 172,354 Interest on Securities Taxable 54,082 37,658 Exempt from Income Taxes 5,521 3,465 ----------- ----------- Total Interest on Securities 59,603 41,123 Interest on Other Short-Term Investments 444 109 ----------- ----------- Total Interest Income 269,152 213,586 INTEREST EXPENSE ----------- ----------- Interest on Deposits Interest Checking 6,858 6,020 Savings 3,256 3,660 Money Market 13,655 8,310 Other Time 53,488 44,264 Certificates - $100,000 and Over 4,605 3,367 Foreign Office 17,869 2,648 ----------- ----------- Total Interest on Deposits 99,731 68,269 Interest on Federal Funds Borrowed 12,446 8,826 Interest on Short-Term Bank Notes 12,208 -- Interest on Other Short-Term Borrowings 9,004 4,667 Interest on Long-Term Debt and Notes 2,038 4,025 ----------- ----------- Total Interest Expense 135,427 85,787 ----------- ----------- NET INTEREST INCOME 133,725 127,799 Provision for Credit Losses 9,574 11,296 NET INTEREST INCOME AFTER ----------- ----------- PROVISION FOR CREDIT LOSSES 124,151 116,503 OTHER OPERATING INCOME Trust Income 14,533 14,043 Service Charges on Deposits 15,429 14,157 Data Processing Income 16,587 13,855 Other Service Charges and Fees 23,802 21,767 Securities Gains 9 299 ----------- ----------- Total Other Operating Income 70,360 64,121 OPERATING EXPENSES Salaries and Wages 37,262 35,082 Employee Benefits 10,264 9,909 Equipment Expenses 4,086 4,068 Net Occupancy Expenses 6,863 6,544 Other Operating Expenses 36,716 37,774 ----------- ----------- Total Operating Expenses 95,191 93,377 ----------- ----------- INCOME BEFORE INCOME TAXES 99,320 87,247 Applicable Income Taxes 33,202 29,366 ----------- ----------- NET INCOME $66,118 57,881 =========== =========== NET INCOME PER SHARE $ 1.02 .90 AVERAGE SHARES OUTSTANDING (000's) 65,074 64,182 CASH DIVIDENDS DECLARED PER SHARE $ .35 .27 See Notes to Consolidated Financial Statements. 5 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Cash Flows (unaudited) For the Three Months Ended March 31, ($000's) 1995 1994 - -------------------------------------------------------------------------- Operating Activities - -------------------------------------------------------------------------- Net Income $66,118 57,881 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Provision for Credit Losses 9,574 11,296 Depreciation, Amortization and Accretion 3,699 11,550 Provision for Deferred Income Taxes 6,796 3,745 Realized Securities Gains (9) (551) Realized Securities Losses -- 252 Proceeds from Sales of Residential Mortgage Loans Held for Sale 15,256 356,174 Net Gains from Sales of Residential Mortgage Loans Held for Sale (154) (6,639) Net Increase in Residential Mortgage Loans Held for Sale (15,331) (160,123) Net Decrease (Increase) in Accrued Income Receivable (4,116) 8,831 Net Increase in Other Assets (11,811) (36,899) Net Increase in Accrued Taxes, Interest and Expenses 35,073 30,499 Net Increase (Decrease) in Other Liabilities (7,272) 2,245 - -------------------------------------------------------------------------- Net Cash Provided by Operating Activities 97,823 278,261 - -------------------------------------------------------------------------- Investing Activities Proceeds from Sales of Securities Available for Sale 1,958 122,582 Proceeds from Calls, Paydowns and Maturities of Securities Available for Sale 21,469 142,643 Purchases of Securities Available for Sale (60,738) (540,146) Proceeds from Sales of Securities Held to Maturity -- 62,487 Proceeds from Calls, Paydowns and Maturities of Securities Held to Maturity 94,907 158,193 Purchases of Securities Held to Maturity (161,524) (271,100) Net Increase in Other Short-Term Investments (109,977) (1,581) Net Increase in Loans and Leases (404,202) (340,815) Purchases of Bank Premises and Equipment (6,521) (5,748) Proceeds from Disposal of Bank Premises and Equipment 759 371 Cash Acquired in Purchase of Subsidiary 587 -- - -------------------------------------------------------------------------- Net Cash Used in Investing Activities (623,282) (673,114) - -------------------------------------------------------------------------- 6 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Cash Flows (unaudited) For the Three Months Ended March 31, ($000's) (continued) 1995 1994 - -------------------------------------------------------------------------- Financing Activities Net Increase (Decrease) in Deposits 455,965 (13,165) Net Increase in Federal Funds Borrowed 6,903 457,336 Net Increase in Short-Term Bank Notes 110,005 -- Net Increase (Decrease) in Other Short-Term Borrowings (114,699) 66,091 Repayment of Long-Term Debt (5,000) (125,000) Payment of Cash Dividends (20,060) (17,112) Exercise of Stock Options 809 2,326 Other (43) -- - -------------------------------------------------------------------------- Net Cash Provided by Financing Activities 433,880 370,476 - -------------------------------------------------------------------------- Decrease in Cash and Due from Banks (91,579) (24,377) Cash and Due from Banks at Beginning of Period 695,009 594,892 - -------------------------------------------------------------------------- Cash and Due from Banks at End of Period $603,430 570,515 ========================================================================== See Notes to Consolidated Financial Statements 7 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Changes In Stockholders' Equity (unaudited) For the Three Months Ended March 31 ($000's) 1995 1994 ----------- ----------- Balance at January 1 $ 1,398,774 1,277,660 Net Income 66,118 57,881 Cash Dividends Declared: Fifth Third Bancorp (1995 - $.35 Per Share and 1994 - $.27 Per Share) (22,820) (16,608) Pooled Acquisition -- (529) Stock Options Exercised, Including Treasury Shares Issued 809 2,326 Shares Acquired for Treasury (43) -- Stock Issued in Acquisition 13,535 -- Change in Unrealized Gains/Losses on Securities Available for Sale 22,317 (25,955) ----------- ----------- Balance at March 31 $ 1,478,690 1,294,775 =========== =========== See Notes to Consolidated Financial Statements 8 FINANCIAL INFORMATION Item 1. Notes to Consolidated Financial Statements 1. Financial information for all prior periods has been restated for the acquisition of The Cumberland Federal Bancorporation, Inc., which was completed August 26, 1994 and accounted for as a pooling of interests. Financial information as of December 31, 1994 has been derived from the audited consolidated financial statements of the Registrant. 2. In the opinion of management, the unaudited consolidated financial statements include all adjustments (which consist of only normal, recurring accruals) necessary to present fairly the consolidated financial position as of March 31, 1995 and 1994, and the results of operations and cash flows for the three months ended March 31, 1995 and 1994. 3. The results of operations and cash flows for the three months ended March 31, 1995 and 1994 are not necessarily indicative of the results to be expected for the full year. 4. The Registrant adopted Statement of Financial Accounting Standards (SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan," as amended by SFAS No. 118, "Accounting by Creditors for Impairment of a Loan--Income Recognition and Disclosures," effective January 1, 1995. These statements require that impaired loans be measured based on the present value of expected future cash flows discounted at the loans' effective interest rates or the fair value of the underlying collateral, and specify alternative methods for recognizing interest income on loans that are impaired or for which there are credit concerns. The adoption of SFAS No. 114 and No. 118 did not have any effect on the total reserve for credit losses or related provision. The recorded investment in loans considered impaired under these statements does not differ significantly from the amount of nonperforming loans and leases disclosed in the following table. The portion of the total reserve for credit losses allocated to impaired loans is $9,174,000 at March 31, 1995. Under-performing assets at March 31 were as follows: Under-Performing Assets ($000's) ---------------------------------------------------------------- March 31 1995 1994 ---------------------------------------------------------------- Nonaccrual Loans and Leases $24,004 19,353 Renegotiated Loans and Leases 409 2,394 Other Real Estate Owned 4,861 17,681 --------------------- Total Nonperforming Assets 29,274 39,428 Ninety Days Past Due Loans and Leases 12,991 7,546 --------------------- Total Under-Performing Assets $42,265 46,974 ---------------------------------------------------------------- Nonperforming Assets as a Percentage of Total Loans, Leases and Other Real Estate Owned .27% .41 Under-Performing Assets as a Percentage of Total Loans, Leases and Other Real Estate Owned .39% .48 ---------------------------------------------------------------- 9 Item 1. Notes to Consolidated Financial Statements (cont.) A summary of the activity in the reserve for credit losses follows: Reserve for Credit Losses ($000's) ---------------------------------------------------------------- 1995 1994 ---------------------------------------------------------------- Balance at January 1 $155,918 144,537 Provision for Credit Losses 9,574 11,296 Losses Charged Off (7,664) (7,895) Recoveries of Losses Previously Charged Off 3,021 2,935 Reserve of Acquired Bank 617 -- ---------------------------------------------------------------- Balance at March 31 $161,466 150,873 ---------------------------------------------------------------- 5. Residential mortgage loans held for sale, which are valued at the lower of aggregate cost or market value, were $4,397,000, $4,168,000 and $79,072,000 at March 31, 1995, December 31, 1994 and March 31, 1994, respectively. 6. In the first three months of 1995, the Registrant paid $137,759,000 in interest and no Federal income taxes. In the first three months of 1994, the Registrant paid $80,213,000 in interest and no Federal income taxes. There were no securitizations of residential mortgage loans during the first three months of 1995. In the first three months of 1994, the Registrant had noncash investing activities consisting of the securitization of $12,055,000 of residential mortgage loans. 7. On January 20, 1995, the Registrant acquired Mutual Federal Savings Bank of Miamisburg (Ohio), A Stock Savings Bank, in a transaction accounted for as a pooling of interests. The Consolidated Financial Statements have not been restated for this acquisition due to immateriality. 8. Certain prior year's data has been reclassified to conform to current presentation. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is management's discussion and analysis of certain significant factors which have affected the Registrant's financial condition and results of operations during the periods included in the consolidated financial statements which are a part of this filing. Results of Operations The Registrant's net income was $66,118,000 for the first quarter of 1995, compared to $57,881,000 for the same period in 1994. First quarter earnings per share were $1.02, a 13.3% increase over last year's $.90. Total assets were $15.6 billion at quarter end, compared to 1994's first quarter-end assets of $13.6 billion. For the first quarter of 1995, return on average equity was 18% and return on average assets was 1.77%. 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont.) The Registrant's net interest income on a fully taxable equivalent basis for the first quarter of 1995 was $141.3 million, a 6.1% increase over the $133.3 million realized in the same period of 1994. This increase resulted from a 14.8% increase in average interest earning assets and a decrease of 33 basis points in the net interest margin. The provision for credit losses was $9.6 million in the first quarter of 1995 and $11.3 million in the first quarter of 1994. The decrease in the provision was due in part to large provisions made in the first quarter of 1994 in connection with the Cumberland Federal acquisition. The reserve for credit losses as a percentage of loans and leases outstanding was 1.51% at March 31, 1995 and 1.56% at March 31, 1994. Under-performing assets (including loans and leases ninety days past due) as a percentage of total loans, leases and other real estate owned were .39% at March 31, 1995 and .48% at March 31, 1994. Total other operating income, excluding securities gains, increased to $70.3 million during the first quarter of 1995, a 10.2% increase over the first quarter of 1994. This growth was led by a 19.7% increase in data processing income compared to the same period in 1994. Service charges on deposits increased 9.0% over the same period in 1994, aided by an 18% increase in total deposits. Total operating expenses increased 1.9% during the first quarter over the similar period of 1994. Salaries, wages and employee benefits increased 5.6% over 1994. The number of full-time equivalent employees increased 1.5% (or 81) to 5,629 at March 31, 1995. The overhead ratio (operating expenses divided by the sum of fully taxable equivalent net interest income and other operating income) was 45.0% for the first quarter 1995 and 47.3% for the first quarter of 1994. Material Changes in Financial Condition The material changes that have occurred in the Registrant's financial condition during the first three months of 1995 are as follows ($000's): Mar. 31, Dec. 31, 1995 1994 $ +/- % +/- ---------------------------------------- Loans and Leases $10,728,615 10,286,457 442,158 4.3 Deposits 11,144,235 10,630,878 513,357 4.8 Short-Term Bank Notes 955,000 844,995 110,005 13.0 Other Short-Term Borrowings 776,212 890,911 (114,699) (12.9) The growth in total loans and leases has been funded primarily through growth in total deposits. Short-term bank notes have replaced certain other types of short-term borrowings. 11 Liquidity and Capital Resources The maintenance of an adequate level of liquidity is necessary to ensure that sufficient funds are available to meet customers' loan demand and deposit withdrawals. The banking subsidiaries' liquidity sources consist of short-term marketable securities, maturing loans and federal funds loaned and selected securitizable loan assets. Liquidity has also been obtained through liabilities such as customer-related core deposits, funds borrowed, certificates of deposit and public funds deposits. At March 31, 1995, stockholders' equity was $1.479 billion, compared to $1.295 billion at March 31, 1994, an increase of $.184 billion, or 14.2%. Stockholders' equity as a percentage of total assets as of March 31, 1995 was 9.5%. At March 31, 1995, the Registrant had a Tier 1 risk-based capital ratio of 11.1%, a total risk-based capital ratio of 12.8% and a leverage ratio of 9.6%. At March 31, 1994, the Registrant had a Tier 1 risk-based capital ratio of 11.6%, total risk-based capital ratio of 13.6% and a leverage ratio of 9.5%. PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders On March 21, 1995, the Registrant held its Annual Meeting of Stockholders for which the Board of Directors solicited proxies. At the Annual Meeting, the stockholders adopted all the proposals stated in the Proxy Statement dated February 10, 1995, which is incorporated herein by reference. The proposals voted on and approved by the stockholders are as follows: 1. The election of five (5) Class III Directors to serve until the Annual Meeting of Stockholders in 1998. 2. Approval of the proposal to amend Article Fourth of the Amended Articles of Incorporation to increase the authorized number of shares of Common Stock, without par value, from 100,000,000 shares to 140,000,000 shares by a vote of 53,720,081 for, 1,685,675 against and 351,276 abstaining. 3. Approval of the proposal to amend the Amended 1990 Stock Option Plan which provides that the aggregate number of shares of Common Stock which may be issued under the Plan shall be increased by 1,000,000 shares by a vote of 53,239,487 for, 2,028,749 against and 579,445 abstaining. 4. Approval of the appointment of the firm of Deloitte & Touche LLP to serve as independent auditors for the Registrant for the year 1995 by a vote of 55,122,706 for, 514,461 against and 210,177 abstaining. 12 Item 6. Exhibits 1. Exhibit No. 11 - Computation of Consolidated Net Income Per Share for the Three Months Ended March 31, 1995 and 1994. 2. Exhibit No. 27 - Financial Data Schedule for the Three Months Ended March 31, 1995. 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. FIFTH THIRD BANCORP Registrant /s/P. Michael Brumm Date: May 12, 1995 P. Michael Brumm, Senior Vice President and CFO 13 EX-11 2 EXHIBIT 11 FIFTH THIRD BANCORP COMPUTATION OF CONSOLIDATED NET INCOME PER SHARE ($000's except per share data)
For the Three Months Ended March 31, 1995 1994 ------ ------ Net Income $ 66,118 57,881 ======== ======== Net income per common share - assuming no dilution: Weighted average number of shares outstanding 65,074 64,182 ======== ======== Per share (net income divided by the weighted average number of shares outstanding) $ 1.02 0.90 ======== ======== Net income per common and common equivalent share: Net income $ 66,118 57,881 Add - Interest on 4 1/4% convertible subordinated notes due 1998, net of applicable income taxes 1,081 1,083 -------- -------- Adjusted net income $ 67,199 58,964 ======== ======== Adjusted weighted average number of shares outstanding - after giving effect to the conversion of stock options and convertible subordinated notes 67,503 66,740 ======== ======== Per share (adjusted net income divided by the adjusted weighted average number of shares outstanding) $ 1.00 0.88 ======== ======== Net income per common share - assuming full dilution: Adjusted net income $ 67,199 58,964 ======== ======== Adjusted weighted average number of shares outstanding - after giving effect to the conversion of stock options and convertible subordinated notes 67,509 66,740 ======== ======== Per share (adjusted net income divided by the adjusted weighted average number of shares outstanding) $ 1.00 0.88 ======== ========
EX-27 3
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FIFTH THIRD BANCORP'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 603,430 1,345 132,397 0 1,216,986 2,592,523 2,549,877 10,728,615 161,466 15,603,780 11,144,235 2,459,427 347,579 173,849 144,745 0 0 1,333,945 15,603,780 209,105 59,603 444 269,152 99,731 135,427 133,725 9,574 9 95,191 99,320 66,118 0 0 66,118 1.00 1.00 4.01 24,004 12,991 409 0 155,918 7,664 3,021 161,466 161,466 0 0
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