-----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, SAy7oLPYnWBH5b9UMD8TtXnrWGAwfVJC0pFtgle/S9mJS+1+GhmPkqNqsgNt/4tf t2Ba1eCiLzwUOMWFhQJ8WA== 0000950168-99-002888.txt : 19991115 0000950168-99-002888.hdr.sgml : 19991115 ACCESSION NUMBER: 0000950168-99-002888 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PALMETTO BANCSHARES INC CENTRAL INDEX KEY: 0000706874 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 742235055 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26016 FILM NUMBER: 99748751 BUSINESS ADDRESS: STREET 1: 301 HILLCREST DR STREET 2: P O BOX 49 CITY: LAURENS STATE: SC ZIP: 29360 BUSINESS PHONE: 8649844551 10-Q 1 PALMETTO BANCSHARES, INC. 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 SEPTEMBER 30, 1999 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 0-26016 PALMETTO BANCSHARES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) South Carolina 74-2235055 --------------------------------- ------------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 301 Hillcrest Drive Laurens, South Carolina 29360 -------------------------------------------- (Address of principal executive offices) (Zip Code) (864) 984-4551 -------------------------------------------------- (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. Class Outstanding at November 1, 1999 ----------------------------- ------------------------------- Common stock, $5.00 par value 3,107,617 PALMETTO BANCSHARES, INC. Quarterly Report on Form 10-Q For the Quarter and Nine Months Ended September 30, 1999 INDEX Page No. ----- -------- PART I - FINANCIAL INFORMATION - ------------------------------ Consolidated Balance Sheets at September 30, 1999 and December 31, 1998 1 Consolidated Income Statements for the Three Months Ended September 30, 1999 and 1998 2 Consolidated Income Statements for the Nine Months Ended September 30, 1999 and 1998 3 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 1999 and 1998 4-5 Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income for the Nine Months Ended September 30, 1999 and 1998 6 Notes to Consolidated Interim Financial Statements 7 - 8 Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 18 PART II - OTHER INFORMATION 19-20 - --------------------------- SIGNATURES 21 - ---------- PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Balance Sheets (Dollars in thousands, except per share data)
September 30, 1999 December 31, 1998 ----------------------------------------- Assets (unaudited) Cash and due from banks $ 34,327 $ 27,929 Federal funds sold 1,644 110 Federal Home Loan Bank stock, at cost 1,733 1,541 Investment securities held to maturity (market values of $0 and $68,737 in 1999 and 1998, respectively) - 66,455 Investment securities available for sale (amortized cost of $124,165 and $45,551, in 1999 and 1998, respectively) 121,293 46,087 Loans held for sale 1,273 2,122 Loans 438,712 413,266 Less allowance for loan losses (6,369) (5,795) --------------------------------------- Loans, net 432,343 407,471 Premises and equipment, net 15,697 14,347 Accrued interest 4,551 4,499 Other assets 9,997 6,839 --------------------------------------- Total assets $ 622,858 $ 577,400 ======================================= Liabilities and Shareholders' Equity Liabilities: Deposits: Non-interest-bearing 87,219 83,788 Interest-bearing 445,790 415,885 --------------------------------------- Total deposits 533,009 499,673 Securities sold under agreements to repurchase 16,754 21,630 Commercial paper (Master note) 16,807 10,859 Federal funds purchased 9,100 - Other liabilities 2,532 3,153 --------------------------------------- Total liabilities 578,202 535,315 --------------------------------------- Common stock subject to put/call option (ESOP) - 4,732 Shareholders' Equity: Common stock-$5.00 par value. Authorized 10,000,000 shares; 3,104,117 issued and outstanding in 1999; and 3,099,695 issued and outstanding in 1998 15,520 15,498 Capital surplus 332 293 Retained earnings 30,570 25,964 Accumulated other comprehensive income (loss) (1,766) 330 Common stock subject to put/call option, 270,384 common shares at $17.50 per share in 1998 (ESOP) - (4,732) --------------------------------------- Total shareholders' equity 44,656 37,353 --------------------------------------- Total liabilities and shareholders' equity $ 622,858 $ 577,400 =======================================
See accompanying notes to consolidated interim financial statements. 1 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Income Statements (Unaudited) Three Months Ended September 30, 1999 and 1998 (Dollars in thousands, except per share data)
1999 1998 -------------------------------------- Interest income: Interest and fees on loans $ 9,282 $ 8,656 Interest and dividends on investment securities available for sale: U.S. Treasury and U.S. Government agencies 261 180 State and municipal 882 165 Mortgage-backed securities 398 100 Interest and dividends on investment securities held to maturity: U.S. Treasury and U.S. Government agencies - 226 State and municipal - 498 Mortgage-backed securities - 340 Interest on federal funds sold 120 54 Dividends on FHLB stock 36 31 -------------------------------------- Total interest income 10,979 10,250 -------------------------------------- Interest expense: Interest on deposits 3,807 3,833 Interest on securities sold under agreements to repurchase 153 175 Interest on federal funds purchased 20 21 Interest on commercial paper (Master note) 150 143 -------------------------------------- Total interest expense 4,130 4,172 -------------------------------------- Net interest income 6,849 6,078 Provision for loan losses 741 570 -------------------------------------- Net interest income after provision for loan losses 6,108 5,508 Non-interest income: Service charges on deposit accounts 1,004 867 Fees for trust services 622 335 Other income 566 463 -------------------------------------- Total non-interest income 2,192 1,665 Non-interest expense: Salaries and other personnel 2,609 2,292 Net occupancy 523 461 Furniture and equipment 531 453 FDIC assessment 15 54 Postage and supplies 253 266 Marketing and advertising 130 105 Telephone 210 163 Other expense 1,035 900 -------------------------------------- Total non-interest expense 5,306 4,694 -------------------------------------- Income before income taxes 2,994 2,479 -------------------------------------- Income tax provision 897 755 -------------------------------------- Net income $ 2,097 $ 1,724 ====================================== Decrease in fair value of ESOP stock - 75 -------------------------------------- Net income on common shares not subject to put/call $ 2,097 $ 1,799 ====================================== Net income per share-basic, not subject to put/call $ 0.68 $ 0.56 Net income per share-dilutive, not subject to put/call $ 0.66 $ 0.54 Cash dividends declared per share $ 0.16 $ 0.13
See accompanying notes to consolidated interim financial statements. 2 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Income Statements (Unaudited) Nine Months Ended September 30, 1999 and 1998 (Dollars in thousands, except per share data)
1999 1998 --------------------------------------- Interest income: Interest and fees on loans $ 27,308 $ 25,590 Interest and dividends on investment securities available for sale: U.S. Treasury and U.S. Government agencies 701 572 State and municipal 2,551 354 Mortgage-backed securities 1,161 165 Interest and dividends on investment securities held to maturity: U.S. Treasury and U.S. Government agencies - 742 State and municipal - 1,469 Mortgage-backed securities - 1,102 Interest on federal funds sold 224 188 Dividends on FHLB stock 101 87 --------------------------------------- Total interest income 32,046 30,269 --------------------------------------- Interest expense: Interest on deposits 11,159 11,363 Interest on securities sold under agreements to repurchase 427 524 Interest on federal funds purchased 100 59 Interest on commercial paper (Master note) 369 395 --------------------------------------- Total interest expense 12,055 12,341 --------------------------------------- Net interest income 19,991 17,928 Provision for loan losses 1,772 1,412 --------------------------------------- Net interest income after provision for loan losses 18,219 16,516 Non-interest income: Service charges on deposit accounts 2,830 2,545 Fees for trust services 1,450 1,005 Other income 1,638 1,227 --------------------------------------- Total non-interest income 5,918 4,777 Non-interest expense: Salaries and other personnel 7,495 7,153 Net occupancy 1,407 1,297 Furniture and equipment 1,519 1,323 FDIC assessment 117 148 Postage and supplies 810 793 Marketing and advertising 545 529 Telephone 588 450 Other expense 3,023 2,568 --------------------------------------- Total non-interest expense 15,504 14,261 --------------------------------------- Income before income taxes 8,633 7,032 --------------------------------------- Income tax provision 2,629 2,148 --------------------------------------- Net income $ 6,004 $ 4,884 ======================================= Increase in fair value of ESOP stock - (950) ======================================= Net income on common shares not subject to put/call $ 6,004 $ 3,934 ======================================= Net income per share-basic, not subject to put/call $ 1.93 $ 1.40 Net income per share-dilutive, not subject to put/call $ 1.88 $ 1.36 Cash dividends declared per share $ 0.45 $ 0.37
See accompanying notes to consolidated interim financial statements. 3 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 1999 and 1998 (Dollars in thousands)
1999 1998 --------------------------------------- Cash flows from operating activities: Net income $ 6,004 $ 4,884 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,925 2,026 Gain on sale of investment securities (30) (141) Provision for loan losses 1,772 1,412 Origination of loans held for sale (24,658) (25,595) Sale of loans held for sale 25,713 24,314 Gain on sale of loans (206) (217) Change in accrued interest receivable (52) (93) Change in other assets (2,347) (2,067) Change in other liabilities, net 691 677 --------------------------------------- Net cash provided by operating activities 8,812 5,200 Cash flows from investing activities: Purchase of investment securities held to maturity - (1,559) Purchase of investment securities available for sale (40,244) (21,446) Proceeds from maturities of investment securities held to maturity - 4,000 Proceeds from maturities of investment securities available for sale 11,865 1,030 Proceeds from sale of investment securities available for sale 10,186 8,584 Principal paydowns on mortgage-backed securities held to maturity - 6,229 Principal paydowns on mortgage-backed securities available for sale 6,020 349 Purchase of Federal Home Loan Bank stock (192) (89) Net increase in loans (26,644) (31,571) Purchases of premises and equipment (2,526) (2,131) --------------------------------------- Net cash used in investing activities (41,535) (36,604) Cash flows from financing activities: Net increase in deposit accounts 19,184 24,663 Acquisitions of deposits, net 12,636 2,029 Net increase (decrease) in securities sold under agreements to repurchase (4,876) 1,293 Net increase in commercial paper 5,948 1,909 Net increase in federal funds purchased 9,100 7,325 Proceeds from issuance of common stock 61 10 Retirement of common stock - (75) Dividends paid (1,398) (1,143) --------------------------------------- Net cash provided by financing activities 40,655 36,011 --------------------------------------- Net increase in cash and cash equivalents 7,932 4,607 --------------------------------------- Cash and cash equivalents at beginning of the period 28,039 25,927 --------------------------------------- Cash and cash equivalents at end of the period $ 35,971 $ 30,534 =======================================
(Continued) 4 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Statements of Cash Flows, Continued (Unaudited) Nine Months Ended September 30, 1999 and 1998 (Dollars in thousands)
1999 1998 --------------------------------------- Supplemental Information: Cash paid during the period for: Interest expense $ 12,101 $ 12,411 ======================================= Income taxes 2,544 1,817 ======================================= Supplemental schedule of non-cash investing and financing transactions: Change in unrealized gain on investment securities available for sale (2,096) 211 ======================================= Transfer of investment securities held to maturity to available for sale 66,455 - =======================================
See accompanying notes to consolidated interim financial statements. 5 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income (Unaudited) Nine Months Ended September 30, 1999 and 1998 (Dollars in thousands)
Accumulated Other Common Capital Retained Comprehensive Stock Surplus Earnings Income (Loss), Net ----- ------- -------- ------------------ Balance at December 31, 1997 15,448 317 20,658 193 Net income 4,884 Other comprehensive income, net of tax: Unrealized holding gains arising during period, net of tax effect of $187 Less: reclassification adjustment for gains included in net income, net of tax effect of $54 Net unrealized gains on securities 211 Comprehensive income Cash dividend declared (1,143) Issuance of 1,300 shares in connection with stock options 6 4 Retirement of 4,310 shares common stock (21) (54) Increase in fair value of common stock subject to put/call option =========================================================== Balance at September 30, 1998 15,433 267 24,399 404 =========================================================== Balance at December 31, 1998 15,498 293 25,964 330 Net income 6,004 Other comprehensive income, net of tax: Unrealized holding losses arising during period, net of tax effect of $1,301 Less: reclassification adjustment for gains included in net income, net of tax effect of $12 Net unrealized losses on securities (2,096) Comprehensive income Cash dividend declared (1,398) Issuance of 4,422 shares in connection with stock options 22 39 Expiration of put/call option on common stock subject to put/call =========================================================== Balance at September 30, 1999 15,520 332 30,570 (1,766) =========================================================== Common Stock Subject to Put/Call Option Total ------ ----- Balance at December 31, 1997 (3,784) 32,832 Net income 4,884 Other comprehensive income, net of tax: Unrealized holding gains arising during period, net of tax effect of $187 298 Less: reclassification adjustment for gains included in net income, net of tax effect of $54 (87) Net unrealized gains on securities --------- Comprehensive income 5,095 --------- Cash dividend declared (1,143) Issuance of 1,300 shares in connection with stock options 10 Retirement of 4,310 shares common stock (75) Increase in fair value of common stock subject to put/call option (950) (950) ========================== Balance at September 30, 1998 (4,734) 35,769 ========================== Balance at December 31, 1998 (4,732) 37,353 Net income 6,004 Other comprehensive income, net of tax: Unrealized holding losses arising during period, net of tax effect of $1,301 (2,078) Less: reclassification adjustment for gains included in net income, net of tax effect of $12 (18) Net unrealized losses on securities --------- Comprehensive income 3,908 --------- Cash dividend declared (1,398) Issuance of 4,422 shares in connection with stock options 61 Expiration of put/call option on common stock subject to put/call 4,732 4,732 ========================== Balance at September 30, 1999 - 44,656 ==========================
See accompanying notes to consolidated interim financial statements. 6 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Notes To Consolidated Interim Financial Statements 1. Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by generally accepted accounting principles for complete financial statements are not included herein. The interim statements should be read in conjunction with the financial statements and notes thereto included in Palmetto Bancshares, Inc.'s (the "Company's") Annual Report on Form 10-K for the year ended December 31, 1998. In the Company's opinion, all adjustments necessary for a fair presentation of these interim statements have been included and are of a normal and recurring nature. The results of operations for the three and nine-month periods ended September 30, 1999 are not necessarily indicative of the results that may be expected for the entire year. Certain amounts from December 31, 1998 have been reclassified to conform to 1999 presentation. These reclassifications have no effect on shareholders' equity or on net income as previously reported. 2. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, The Palmetto Bank (the "Bank"), and Palmetto Capital, Inc., a wholly-owned subsidiary of the Bank. The Bank provides a full-range of banking services, including the taking of deposits and the making of loans. Palmetto Capital, Inc. offers the brokerage of stocks, bonds, mutual funds and unit investment trusts. Palmetto Capital, Inc. also offers advisory services and variable rate annuities. In consolidation, all significant intercompany accounts and transactions have been eliminated. 3. Summary of Significant Accounting Changes In June 1998, the FASB issued SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. The statement is effective for all fiscal quarters of all fiscal years beginning after June 15, 2000, with earlier adoption permitted, as amended by SFAS No. 137. SFAS No. 133 establishes accounting and reporting standards for derivative instruments and for hedging activities. The statement requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. The Company adopted SFAS No. 133 in its entirety effective January 1, 1999. On January 1, 1999, the Company transferred 100% of its held-to-maturity investment securities to the available-for-sale category at fair value as allowed by SFAS No. 133. Such transfers from the held-to-maturity category at the date of initial adoption shall not call into question the Company's intent to hold other debt securities to maturity in the future. The adoption of this standard did not have a material effect on the Company. The Company has no investments that are considered derivatives under SFAS No. 133 and does not engage in any hedging activities. 4. Common Stock Subject to Put/Call Option The stock in the Company's Employee Stock Ownership Plan ("ESOP") had a put and a call feature 7 because the Company's stock is not listed on a national securities exchange. Accordingly, the shares that had been distributed from the ESOP were recorded outside of shareholders' equity at their fair value, which is determined annually by an independent valuation. The Company's Board of Directors had voted to terminate the ESOP effective February 28, 1997. Per the Plan document, the shares distributed in 1998 due to the termination of the ESOP were subject to the put/call until June 29, 1999. Now that the put/call has expired, the current year balance sheet and income statements are absent the put/call effect of the ESOP. The distributed shares are now included in shareholders' equity. PALMETTO BANCSHARES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS DISCUSSION OF FINANCIAL CONDITION CHANGES FROM DECEMBER 31, 1998 TO SEPTEMBER 30, 1999 General - ------- On September 14, 1999, the Palmetto Bank opened its 27th office in Abbeville, South Carolina. This retail location was acquired from Carolina First and added approximately $14 million in deposits and $1.8 million in loans to the Bank's balance sheet. The Bank plans on opening its 28th office in Greer before year-end. On July 7, 1999, the Bank introduced Internet banking services to its customers. Reached through the bank's web site at www.palmettobank.com, the bank's customers can now access accounts for multiple purposes in a virtual banking environment - and a secure one. Customers can obtain balances, review account histories, transfer money between accounts and even pay bills via the Internet banking service. Investment in new technology has long been a tradition with the Palmetto Bank and it is essential to remaining competitive and growing a strong customer base. Year 2000 Readiness Disclosure - ------------------------------ Please see the Company's complete discussion of its Year 2000 readiness in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. The discussion here is only an update to the year-end discussion. Since February, representatives from the marketing and operations departments have met with employees, general and community board members, local civic groups, customers in our retirement facilities, and even a few churches to discuss the Bank's readiness to greet the new century. More than 21 seminars have been held and have provided a platform for those attending to ask questions about the bank's readiness and contingency planning. All attendees have received Year 2000 information kits as well as other materials related to the bank's readiness. As of July 21, 1999, Business Resumption Contingency Plans have been drafted, approved by the Company's board of directors and tested where possible. Management believes that the most likely 8 worst case scenario entails customers withdrawing significant amounts of cash from deposit accounts and on lines of credit as a result of fears of a Year 2000 banking crisis that would limit their access to cash. Management is currently anticipating and planning for this potential liquidity issue. Management believes the second most likely worst case scenario entails temporary interruptions of power service. Management believes the risk of this occurring is low. The contingency plans in place include using a generator to power the Company's Corporate Center, sending our customers to nearby branches where power service has not been interrupted or processing transactions manually at a branch without power. In the event such scenarios occur, the adverse impact on net income could possibly be as much as 1% and deposits could be reduced by as much as 3%. Based on assessments completed to date and contingency plans in place, management believes Year 2000 issues, including the cost of making critical systems and equipment ready, will not have a material adverse effect on the Company's business operation or consolidated results of operations or financial position. Nevertheless, achieving Year 2000 readiness is subject to risks and uncertainties, including those described above. While management believes the possibility is remote, if the Company's internal systems, or the internal systems of external parties (i.e., the Federal Reserve system), fail to achieve Year 2000 readiness in a timely manner, the Company's business, consolidated results of operations or financial condition could be adversely affected. Assets - ------ Liquid assets, which include cash, federal funds sold, and investments available for sale increased by $83.1 million, or 112%, for the nine-month period. This increase was due to the $66.5 million transfer of investment securities held to maturity to investment securities available for sale (see note 3 on page 7). Investment securities available for sale also increased due to $40.2 million in purchases offset by $22.1 million in maturities and sales and $6.0 million in principal paydowns. The increase in liquid assets was also attributable to the $6.4 million increase in cash and due from banks and the $1.5 million increase in federal funds sold. Loans, net, increased by $24.9 million, or 6%, during the nine-month period as a result of normal growth. The Company increased the allowance for loan losses to 1.45% from 1.40% at September 30, 1999 and 1998, respectively, due to a change in the loan mix shifting towards a higher concentration of commercial loans which are inherently more risky. At September 30, 1999, the Company had $1.3 million in loans held for sale with commitments to sell these loans in October and November 1999. The mortgage servicing rights related to the mortgage servicing department's activities were $1.2 million at September 30, 1999, which approximates their fair value. Loans serviced for the benefit of others amounted to $141.2 million at September 30, 1999. Other assets increased by $3.2 million, or 46%, due to the $1.3 million increase in the deferred tax benefit related to the unrealized loss on the investment securities available for sale and the $1.4 million addition of goodwill related to the Abbeville branch purchase. The remainder of the increase is due to normal growth offset by the amortization of intangibles and various prepaids. 9 Liabilities and Shareholders' Equity - ------------------------------------ Deposit balances increased by 7% during the nine-month period, from $499.7 million to $533.0 million. The increase was due to normal growth and the acquisition of $14 million in deposits from the Abbeville branch purchase. Securities sold under agreements to repurchase decreased by $4.9 million, or 23%, and commercial paper associated with the alternative commercial sweep accounts (master note program) increased by $5.9 million, or 55%. These changes are the result of normal fluctuations in the accounts. Total shareholders equity increased by $7.3 million, or 20%, for the nine-month period as a result of comprehensive income of $3.9 million, and expiration of the put/call on the ESOP of $4.7 million (see footnote 4 on pages 7-8), less dividends paid of $1.4 million. Liquidity - --------- The liquidity ratio is an indication of a company's ability to meet its short-term funding obligations. The Company's policy is to maintain a liquidity ratio between 15% and 25%. At September 30, 1999, the Company's liquidity ratio was 18.33%. Due to the possibility of significant amounts of deposits being withdrawn from customer accounts due to customer concerns relating to the accessibility of cash over the century date change, the Bank has been buying excess cash from the Federal Reserve Bank since September and will continue to do so through year-end. If needed, alternative funding sources have been arranged through Federal Funds lines at correspondent banks, FHLB, and Federal Reserve Discount window. At September 30, 1999, the Bank has unused short-term lines of credit totaling approximately $35 million (which are withdrawable at the lender's option). At September 30, 1999, unused borrowing capacity from the FHLB totaled $48 million. Management believes that these sources are adequate to meet its liquidity needs and to maintain the liquidity ratio within policy guidelines. The Company has certain cash needs, including general operating expenses and the payment of dividends and interest on borrowings. The Company currently has no debt outstanding and has declared $0.45 per share in dividends so far in 1999. There can be no guarantee, however, that any additional dividends will be paid. Liquidity is provided from the Company's subsidiary, the Bank. The Company and the Bank are subject to certain regulatory restrictions on the amount of dividends they are permitted to pay. The Bank's current total risk-based capital ratio is 10.71%. At September 30, 1999, the Bank had $3.2 million of excess retained earnings available to pay out for dividends and still be considered "well-capitalized." The Bank plans to continue its quarterly dividend payout. 10 Capital Resources - ----------------- As of September 30, 1999, the Company and the Bank were in compliance with each of the applicable regulatory capital requirements and met or exceeded the "well-capitalized" regulatory guidelines. The table below sets forth various capital ratios for the Company and the Bank: - --------------------------------- --------- ----------------- ------------------ ADEQUATELY AS OF CAPITALIZED WELL-CAPITALIZED 9/30/99 REQUIREMENT REQUIREMENT - --------------------------------- --------- ----------------- ------------------ Company: Total Risk-based Capital 10.73% 8.00% 10.00% Tier 1 Risk-based Capital 9.48 4.00 6.00 Tier 1 Leverage Ratio 7.10 4.00 5.00 Bank: Total Risk-based Capital 10.71 8.00 10.00 Tier 1 Risk-based Capital 9.45 4.00 6.00 Tier 1 Leverage Ratio 7.08 4.00 5.00 - --------------------------------- --------- ----------------- ------------------ Because the Bank's total risk-based capital ratio is 10.71%, the Company is defined to be "well-capitalized" under currently applicable regulatory guidelines. Accounting and Reporting Matters - -------------------------------- The Financial Accounting Standards Board has not released any accounting pronouncements that have not been adopted and that affect the Company or the Bank. 11 COMPARISON OF THE RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 Net income for the three months ended September 30, 1999 was $2.1 million, an increase of 22% from the $1.7 million reported for the same period in 1998. Net income per common share-basic was $0.68 for the 1999 period as compared with $0.56 for the comparable period in 1998. Net income per common share-dilutive was $0.66 for the 1999 period as compared with $0.54 for the comparable period in 1998. Net Interest Income - ------------------- The largest component of the Company's net income is the Bank's net interest income, defined as the difference between gross interest and fees on earning assets, primarily loans and investment securities, and interest paid on deposits and borrowed funds. Net interest income is affected by the interest rates earned or paid and by volume changes in loans, securities, deposits and borrowed funds. For the three-month period ended September 30, 1999, net interest income was $6.8 million, which represented a 13% increase from the same period in 1998. This increase was the result of increases in the volume of earning assets as well as an increased average rate. Earning assets averaged $556.9 million and $501.9 million during the third quarters of 1999 and 1998, respectively. The increases in volume were due to the growth of loans compared to third quarter-end 1998. The average tax-equivalent net interest margin for the 1999 period was 5.03%, compared to 4.99% for the same period in 1998. Interest and fees on loans increased 7%, from $8.7 million to $9.3 million, for the 1999 three-month period compared to the corresponding period in 1998 due to increased volume offset by decreased rates. Interest and dividends on investment securities remained constant for the 1999 three-month period compared to the corresponding period in 1998 due to increased volume offset by decreased rates. Interest income on federal funds sold increased $66,000 due to increased average volume of federal funds sold for the quarter compared to the same period last year. The yield on average earning assets, which includes loans, federal funds sold and investment securities, decreased from 8.10% for the three months ended September 30, 1998 to 7.82% for the three months ended September 30, 1999. Total interest expense decreased by 1%, from $4.2 million to $4.1 million, due to a decrease in the average cost of interest-bearing liabilities from 3.87% for the quarter ended September 30, 1998 to 3.49% for the quarter ended September 30, 1999. Market Risk - ----------- Market risk is the risk of loss from adverse changes in market prices and rates. The Company's market risk arises principally from interest rate risk inherent in its lending, deposit and borrowing activities. Management actively monitors and manages its inherent rate risk exposure. Although the Company manages other risks, such as credit quality and liquidity risk, in the normal course of business, management considers interest rate risk to be its most significant market risk and believes that this risk could potentially have the largest material effect on the Company's financial condition and results of 12 operations. Other types of market risks, such as foreign currency exchange rate risk and commodity price risk, do not arise in the normal course of the Company's business activities. The Company's profitability is affected by fluctuations in interest rates. Management's goal is to maintain a reasonable balance between exposure to interest rate fluctuations and earnings. A sudden and substantial increase in interest rates may adversely impact the Company's earnings to the extent that the interest rates on interest-earning assets and interest-bearing liabilities do not change at the same speed, to the same extent or on the same basis. The Company monitors the impact of changes in interest rates on its net interest income using several tools. The Bank's goal is to minimize interest rate risk between interest bearing assets and liabilities at various maturities through its Asset-Liability Management ("ALM"). ALM involves managing the mix and pricing of assets and liabilities in the face of uncertain interest rates and an uncertain economic outlook. It seeks to achieve steady growth of net interest income with an acceptable amount of interest rate risk exposure and sufficient liquidity. The process provides a framework for determining, in conjunction with the profit planning process, which elements of the Company's profitability factors can be controlled by management. Understanding the current position and implications of past decisions is necessary in providing direction for the future financial management of the Company. The Company uses an asset-liability model to determine the appropriate strategy for current conditions. Interest sensitivity management is part of the asset-liability management process. Interest sensitivity gap ("GAP") is the difference between total rate sensitive assets and rate sensitive liabilities in a given time period. The Company's current GAP analysis reflects that in periods of increasing interest rates, rate sensitive assets will reprice slower than rate sensitive liabilities. The Company's GAP analysis also shows that at the interest repricing of one year, the Company's net interest margin would be adversely impacted. This analysis, however, does not take into account the dynamics of the marketplace. GAP is a static measurement that assumes that if the prime rate increases by 100 basis points, all assets and liabilities that are due to reprice will increase by 100 basis points at the next opportunity. However, the Company is actually able to experience a benefit from rising rates in the short term because deposit rates generally do not follow the national money market, but are instead controlled by the local market. Loans do follow the money market, so when rates increase they reprice immediately, but the Company is able to manage the deposit side. The Company generally does not raise deposit rates as fast or as much as loan rates. The Company also has the ability to manage its funding costs by choosing alternative sources of funds. The Company's current GAP position would also be interpreted to mean that in periods of declining interest rates, the Company's net interest margin would benefit. However, competitive pressures in the local market may not allow the Company to lower rates on deposits, but may force the Company to lower rates on loans. Because the Company's management feels that GAP analysis is a static measurement, it manages its interest income through its asset/liability strategies which focus on a net interest income model based on management's projections. The Company has a targeted net interest income range of plus or minus twenty percent based on a 300 basis point shock over twelve months. The asset/liability committee meets weekly to address interest pricing issues, and this model is reviewed monthly. Management will continue to monitor its liability sensitive position in times of higher interest rates which might adversely affect its net interest margin. The Company does not feel that the market risk to the Company has changed significantly since December 31, 1998. 13 Provision for Loan Losses - ------------------------- The provision for loan losses increased to $741,000 from $570,000 for the three months ended September 30, 1999 and 1998, respectively, due to a change in the loan mix shifting towards a higher concentration of commercial loans which are inherently more risky. The provision is adjusted each month to reflect loan volume growth and allow for loan charge-offs, recoveries and other factors which impact management's assessment of the adequacy of the allowance for loan losses. Management's objective is to maintain the allowance for loan losses at an adequate level to cover probable inherent losses in the portfolio. Additions to the allowance for loan losses are based on management's evaluation of the loan portfolio under current economic conditions, past loan loss experience, and such other factors, which in management's judgment, deserve recognition in estimating loan losses. Loans are charged off when, in the opinion of management, they are deemed to be uncollectible. Recognized losses are charged against the allowance, and subsequent recoveries are added to the allowance. Loans over 90 days delinquent and on non-accrual amounted to approximately $1,915,000 and $1,917,000 at September 30, 1999 and 1998, respectively. The annualized net charge-off ratio has increased from 0.34% at September 30, 1998 to 0.38% at September 30, 1999. While management uses the best information available to make evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. The allowance for loan losses is subject to periodic evaluation by various regulatory authorities and may be subject to adjustment, based upon information that is available to them at the time of their examination. Non-interest Income - ------------------- Total non-interest income increased by $527,000, or 32%, for the three months ended September 30, 1999, as compared to the same period in 1998. The largest portion of this increase can be attributed to fees for trust services, which increased by $287,000 or 86% due to a new fee structure, new business and increased assets under management. At September 30, 1999, assets under management amounted to $203.5 million compared to $182.0 million at September 30, 1998, a 12% increase. Another contributor to the increase is other income, which increased by $103,000, or 22%, during the 1999 period compared to the same period in 1998 due primarily to the fact that the Bank is charging $1.00 per non-customer ATM transaction. The Bank began charging this fee in June 1998. Non-interest Expense - -------------------- Total non-interest expense increased by $612,000, or 13%, during the 1999 three-month period compared to the same period in 1998. The largest contributor to non-interest expense was salaries and other personnel expense, which increased $317,000 or 14% due to normal raises, and new employees related to growth and branch acquisitions. The number of full-time equivalent employees was 322 and 303 at September 30, 1999 and 1998, respectively. The second biggest contributor is other expense, which increased $135,000, or 15%, due to increased expenses related to outside management consultants, credit card processing, armored car couriers and miscellaneous loan expense. These increases were due to increased fees and activity in these areas. 14 Income Taxes - ------------ The Company incurred income tax expense of $897,000 for the 1999 three-month period compared to $755,000 for the same period in 1998 due to the increase in taxable income. This expense is based on an expected annual effective tax rate of approximately 30% for both periods. Net Income Per Share - -------------------- The following table illustrates a reconciliation of the numerators and denominators of the basic and diluted per-share computations for net income for the three-months ended September 30, 1999 and 1998 (dollars in thousands except per share numbers):
Income Shares Per-Share 1999 (Numerator) (Denominator) Amount ---- --------------------------------------------- Basic EPS: ---------- Income available to common stockholders $2,097 3,104,117 $0.68 -------------------------------------------- Effect of Dilutive Securities: Stock Options -- 93,943 -- Diluted EPS: ---------- Income available to common stockholders plus assumed conversions $2,097 3,198,060 $0.66 ============================================ Income Shares Per-Share 1998 (Numerator) (Denominator) Amount ---- --------------------------------------------- Basic EPS: ---------- Income available to common stockholders $1,724 3,089,396 $0.56 -------------------------------------------- Effect of Dilutive Securities: Stock Options -- 80,616 -- Diluted EPS: ---------- Income available to common stockholders plus assumed conversions $1,724 3,170,012 $0.54 ============================================
COMPARISON OF THE RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 Net income for the nine months ended September 30, 1999 was $6.0 million, an increase of 23% from the $4.9 million reported for the same period in 1998. Net income per common share-basic was $1.93 for the 1999 period as compared with $1.40 for the comparable period in 1998. Net income per common share-dilutive was $1.88 for the 1999 period as compared with $1.36 for the comparable period in 1998. The reason that net income per share-basic increased 38% in 1999 versus 1998 even though net income increased only 23% is because there is no adjustment to net income for the ESOP valuation in 1999 because the put/call on the ESOP stock expired in 1999. 15 Net Interest Income - ------------------- The largest component of the Company'vs net income is the Bank's net interest income, defined as the difference between gross interest and fees on earnings assets, primarily loans and investment securities, and interest paid on deposits and borrowed funds. Net interest income is affected by the interest rates earned or paid and by volume changes in loans, securities, deposits, and borrowed funds. For the nine-month period ended September 30, 1999, net interest income was $19.9 million, which represented an 12% increase from the same period in 1998. This increase was the result of increases in the volume of earning assets. Earning assets averaged $544.7 million and $491.7 million during the first nine months of 1999 and 1998, respectively. The increases in volume were due to the growth of loans and investments compared to 1998. The average tax equivalent net interest margin for the 1999 period was 5.13%, compared to 5.05% for the same period in 1998. Interest and fees on loans increased 7% due to increased volume and fees offset by decreased rates. Interest income on investment securities remained unchanged at $4.4 million during the 1999 period compared to the corresponding period in 1998 due to increased volume offset by decreased rates. The weighted average rate (tax equivalent) on the investment securities portfolio was 6.75% and 6.99%, at September 30, 1999 and 1998, respectively. Interest income on federal funds sold increased due to an increased average volume of federal funds sold compared to the first nine months of last year. The yield on average earning assets, which includes federal funds sold, loans and investment securities, decreased from 8.23% for the nine months ended September 30, 1998 to 7.87% for the nine months ended September 30, 1999. Total interest expense decreased by 2% during the 1999 period due to decreased rates on deposits at September 30, 1999, compared to September 30, 1998. Average total interest-bearing liabilities, increased by 9% from September 30, 1999 to September 30, 1998. The average rate paid on interest bearing liabilities decreased from 3.91% during the nine-month period in 1998, to 3.52% during the 1999 period. The profitability of the Bank is influenced significantly by management's ability to control the relationship between rate sensitive assets and liabilities, and the current interest rate environment. See further discussion under "Comparison of the Results of Operations for the Three Months Ended September 30, 1999 and 1998" above. Provision for Loan Losses - ------------------------- The provision for loan losses was $1.8 million for the nine months ended September 30, 1999 compared to $1.4 million for the nine months ended September 30, 1998, due to a change in the loan mix shifting towards a higher concentration of commercial loans which are inherently more risky. See further discussion under "Comparison of the Results of Operations for the Three Months Ended September 30, 1999 and 1998" above. 16 Non-interest Income - ------------------- Total non-interest income increased by $1.1 million, or 24%, for the nine months ended September 30, 1999, as compared to the same period in 1998. The largest contributor to this increase is fees for trust services, which increased $445,000, or 44%, due to a new fee structure, new business and increased assets under management. Assets under management were $203.5 million and $182.0 million at September 30, 1999 and 1998, respectively, representing a 12% increase. The second largest contributor to this increase is ATM fee income, which increased $265,000 due mostly to the $1.00 charge per non-customer transaction the Bank began charging in June of 1998. Non-interest Expense - -------------------- Total non-interest expense increased by $1.2 million, or 9%, during the 1999 nine-month period over the same period in 1998. The largest component of non-interest expense is salaries and other personnel expense, which increased $342,000 or 5% due to normal raises, officer incentive accruals and new employees related to growth and branch acquisitions. The second largest component is other expense. The increase in other expense is attributable to increased expenses related to outside management consultants, credit card processing, armored car couriers and miscellaneous loan expense. These increases were due to increased fees and/or increased activity in these areas. Income Taxes - ------------ The Company incurred income tax expense of $2.6 million for the 1999 nine-month period compared to $2.1 million for the same period in 1998 due to the increase in taxable income. This expense is based on an expected effective tax rate of approximately 30%, for both periods. Net Income Per Share - -------------------- The table below illustrates a reconciliation of the numerators and denominators of the basic and diluted per-share computations for net income for the nine-months ended September 30, 1999 and 1998 (dollars in thousands except per share numbers):
Income Shares Per-Share 1999 (Numerator) (Denominator) Amount ---- --------------------------------------------- Basic EPS: ---------- Income available to common stockholders $6,004 3,103,511 $1.93 -------------------------------------------- Effect of Dilutive Securities: Stock Options -- 88,722 -- Diluted EPS: ---------- Income available to common stockholders plus assumed conversions $6,004 3,192,233 $1.88 ============================================
17
Income Shares Per-Share 1998 (Numerator) (Denominator) Amount ---- --------------------------------------------- Basic EPS: ---------- Income available to common stockholders $3,934 2,814,976 $1.40 -------------------------------------------- Effect of Dilutive Securities: Stock Options -- 72,791 -- Diluted EPS: ---------- Income available to common stockholders plus assumed conversions $3,934 2,887,767 $1.36 ============================================
INDUSTRY DEVELOPMENTS Certain proposed industry-related legislation could have an effect on both the costs of doing business and the competitive factors facing the financial institution industry. Because of the uncertainty of the final terms and likelihood of passage of the proposed legislation, the Company is unable to assess the impact of any proposed legislation on its financial condition or operations at this time. 18 PALMETTO BANCSHARES, INC. AND SUBSIDIARY Part II - Other Information Item 1. Legal Proceedings Palmetto Bancshares, Inc. (the Company) is not engaged in any legal proceedings. From time to time The Palmetto Bank (the Bank) is involved in legal proceedings incidental to its normal course of business as a bank. Management believes none of these proceedings is likely to have a materially adverse effect on the business of the Company or the Bank. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit No. Description ----------- ----------- 3.1.1 Articles of Incorporation filed on May 13, 1982 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3 to the Company's Registration Statement on Form S-4, No. 33-19367, filed with the Securities and Exchange Commission on December 30, 1987 3.1.2 Articles of Amendment filed on May 5, 1988 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.2 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992 3.1.3 Articles of Amendment filed on January 26, 1989 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.3 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992 3.1.4 Articles of Amendment filed on April 23, 1990 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.4 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992 3.1.5 Articles of Amendment filed on October 16, 1996 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3.1.5 of the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 1996. 19 3.1.6 Articles of Amendment filed on May 17, 1999 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3.1.6 of the Company's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 1999. 3.2.1 By-Laws adopted April 10, 1990: Incorporated by reference to Exhibit 3.2.1 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 30, 1997. 3.2.2 Amendment to By-Laws dated April 12, 1994: Incorporated by reference to Exhibit 3.2.2 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 30, 1997. 3.2.3 Amendment to By-Laws dated January 19, 1999: Incorporated by reference to Exhibit 3.2.3 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 19, 1999. 4.1.1 Articles of Incorporation of the Registrant: Included in Exhibits 3.1.1 -- .5 4.2 Bylaws of the Registrant: Included in Exhibits 3.2.1 -- .2. 4.3 Specimen Certificate for Common Stock: Incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992 4.4 Palmetto Bancshares, Inc. 1998 Stock Compensation Plan, as amended to date. Incorporated by reference to the Company''s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 23, 1998. 27.1* Financial Data Schedule * Filed herewith. (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the three months ended September 30, 1999. 20 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. PALMETTO BANCSHARES, INC. By: /s/ L. Leon Patterson ------------------------------------- L. Leon Patterson Chairman and Chief Executive Officer /s/ Paul W. Stringer ------------------------------------- Paul W. Stringer President and Chief Operating Officer (Chief Accounting Officer) Date: November 2, 1999 21 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 3.1.1 Articles of Incorporation filed on May 13, 1982 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3 to the Company's Registration Statement on Form S-4, No. 33-19367, filed with the Securities and Exchange Commission on December 30, 1987. 3.1.2 Articles of Amendment filed on May 5, 1988 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.2 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992. 3.1.3 Articles of Amendment filed on January 26, 1989 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.3 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992. 3.1.4 Articles of Amendment filed on April 23, 1990 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 4.1.4 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992. 3.1.5 Articles of Amendment filed on October 16, 1996 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3.1.5 of the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 1996. 3.1.6 Articles of Amendment filed on May 17, 1999 in the office of the Secretary of State of South Carolina: Incorporated by reference to Exhibit 3.1.6 of the Company's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 1999. 3.2.1 By-Laws adopted April 10, 1990: Incorporated by reference to Exhibit 3.2.1 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 30, 1997. 3.2.2 Amendment to By-Laws dated April 12, 1994: Incorporated by reference to Exhibit 3.2.2 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 30, 1997 22 3.2.3 Amendment to By-Laws dated January 19, 1999: Incorporated by reference to Exhibit 3.2.3 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 19, 1999 4.1.1 Articles of Incorporation of the Registrant: Included in Exhibits 3.1.1 -- .5 4.2 Bylaws of the Registrant: Included in Exhibits 3.2.1 -- .2. 4.3 Specimen Certificate for Common Stock: Incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-8, Commission File No. 33-51212, filed with the Securities and Exchange Commission on August 20, 1992 4.4 Palmetto Bancshares, Inc. 1998 Stock Compensation Plan, as amended to date. Incorporated by reference to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 23, 1998 27.1* Financial Data Schedule * Filed herewith. 23 EX-27 2 FDS --
9 The schedule contains summary financial information extracted from Palmetto Bancshares, Inc. and subsidiary Consolidated Income Statements and Consolidated Balance Sheets and is qualified in its entirety by reference to such financial statements. 1,000 9-MOS DEC-31-1999 SEP-30-1999 34,327 0 1,644 0 121,293 0 0 438,712 (6,369) 622,858 533,009 33,561 2,532 0 0 0 15,520 29,136 622,858 27,308 4,413 325 32,046 11,159 12,055 19,991 1,772 30 15,504 8,633 6,004 0 0 6,004 1.93 1.88 4.91 1,915 9 0 0 5,795 (1,262) 64 6,369 0 0 0
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