-----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, EMQIo+uqxf/ShOLQlysJTvcdcaCRyKS1L4V0rfj1rD736NtnbmJX4sE/I57+pcSA PClaD+f+ZcvWZ3M9Kn1Wvg== 0000892569-97-003143.txt : 19971113 0000892569-97-003143.hdr.sgml : 19971113 ACCESSION NUMBER: 0000892569-97-003143 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARBOR BANCORP / CENTRAL INDEX KEY: 0000708193 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953764395 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-22733 FILM NUMBER: 97716077 BUSINESS ADDRESS: STREET 1: 11 GOLDEN SHORE CITY: LONG BEACH STATE: CA ZIP: 90802 BUSINESS PHONE: 3104911111 MAIL ADDRESS: STREET 1: 11 GOLDEN SHORE STREET 2: P O BOX 2040 CITY: LONG BEACH STATE: CA ZIP: 90802 FORMER COMPANY: FORMER CONFORMED NAME: HARBOR BANCORP / DATE OF NAME CHANGE: 19940520 FORMER COMPANY: FORMER CONFORMED NAME: HARBOR BANCORP DATE OF NAME CHANGE: 19920703 10QSB 1 FORM 10-QSB FOR PERIOD ENDED SEPTEMBER 30, 1997 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB [X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED SEPTEMBER 30, 1997 ------------------------------------- [ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITIONS PERIOD FROM_________TO______________ COMMISSION FILE NUMBER 0-22733 HARBOR BANCORP - -------------------------------------------------------------------------------- (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER) CALIFORNIA 95-3764395 - ------------------------------- ------------------------------- (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 11 GOLDEN SHORE LONG BEACH, CA 90802 - -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (562) 491-1111 - -------------------------------------------------------------------------------- (ISSUER'S TELEPHONE NUMBER) NOT APPLICABLE - -------------------------------------------------------------------------------- (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT.) CHECK WHETHER THE ISSUER (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PAST 12 MONTHS (OR FOR SUCH SHORTER PERIODS 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 ----- ----- CHECK WHETHER THE REGISTRANT HAS FILED ALL DOCUMENTS AND REPORTS REQUIRED TO BE FILED BY SECTIONS 12, 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 AFTER THE DISTRIBUTION OF SECURITIES UNDER A PLAN CONFIRMED BY A COURT. YES NO OTHER N/A ------ ------ ------ STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF COMMON STOCK, AS OF THE LATEST PRACTICAL DATE. COMMON STOCK, NO PAR VALUE - 1,415,214 SHARES AS OF SEPTEMBER 30, 1997 - -------------------------------------------------------------------------------- 2 HARBOR BANCORP AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements (Unaudited) Condensed consolidated balance sheets - September 30, 1997 and December 31, 1996 Condensed consolidated statements of income - three months ended September 30, 1997 and 1996; and nine months ended September 30, 1997 and 1996 Condensed consolidated statements of cash flows nine months ended September 30, 1997 and 1996 Notes to condensed consolidated financial statements - September 30, 1997 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION ITEM 1. Legal Proceedings ITEM 2. Changes in Securities ITEM 3. Defaults Upon Service Securities ITEM 4. Submission of Matter to a Vote of Security Holders ITEM 5. Other Information ITEM 6. Exhibits and Reports on Form 8-K PART III. SIGNATURES 1 3 ITEM I: FINANCIAL INFORMATION HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31, 1997 1996 ------------ ------------ (Unaudited) (000's omitted) ASSETS Cash and due from banks $ 22,632 $ 20,143 Federal funds sold and securities purchased under resale agreements 55,300 8,400 -------- -------- Cash and cash equivalents 77,932 28,543 Time certificates of deposit 495 495 Investment securities: Held to maturity (market value of $5,213,567 in 1997 and $6,094,994 in 1996) 5,168 6,065 Available for sale securities 5,805 18,788 Loans 150,382 143,988 Less allowance for loan losses 2,914 2,738 -------- -------- Net loans 147,468 141,250 Bank premises and equipment: Land 159 159 Buildings and improvements 4,285 4,249 Furniture, fixtures and equipment 3,681 3,572 -------- -------- 8,125 7,980 Less accumulated depreciation and amortization 6,404 6,132 -------- -------- 1,721 1,848 Other real estate owned 329 329 Accrued interest receivable 904 856 Other assets 1,461 1,929 -------- -------- Total assets $241,283 $200,103 ======== ========
(Continued) 2 4 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
September 30, December 31, 1997 1996 ------------- ------------ (Unaudited) (000's omitted) LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Interest bearing $ 108,838 $ 90,442 Noninterest bearing 114,414 92,989 --------- --------- Total deposits 223,252 183,431 Accrued expenses and other liabilities 1,038 972 --------- --------- Total liabilities 224,290 184,403 Stockholders' equity: Common stock, no par value; 5,000,000 shares authorized; issued and out- standing, 1,415,214 shares in 1997 and 1996 13,963 13,963 Retained earnings 3,157 1,871 Unrealized losses on securities available for sale, net of tax (127) (134) --------- --------- Total stockholders' equity 16,993 15,700 --------- --------- Total liabilities and stockholders' equity $ 241,283 $ 200,103 ========= =========
See notes to unaudited consolidated financial statements. 3 5 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Nine Months Ended Three Months Ended September 30, September 30, -------------------- ------------------ 1997 1996 1997 1996 ------- ------- ------ ------ (000's omitted, except per share data) Interest income: Interest and fees on loans $10,578 $ 9,348 $3,677 $3,249 Interest on U.S. government and agency obligations 466 1,104 151 346 Interest on obligations of states and political subdivisions 17 11 6 3 Interest on other investments 60 61 20 21 Interest on federal funds sold and securities purchased under agreements to resale 1,008 600 506 213 ------- ------- ------ ------ Total interest income 12,129 11,124 4,360 3,832 Interest expense: Interest on deposits 2,573 2,220 985 811 Interest on borrowed funds -0- 4 -0- -0- ------- ------- ------ ------ Total interest expense 2,573 2,224 985 811 Net interest income 9,556 8,900 3,375 3,021 Provision for loan losses 560 724 125 280 Net interest income after provision for loan losses 8,996 8,176 3,250 2,741 Other operating income: Service charges on deposit accounts 692 721 226 235 Loan servicing fees and other fees and charges 152 159 53 47 Gain on sale of securities -0- 19 -0- 19 ------- ------- ------ ------ Total other operating income 844 899 279 301
(Continued) 4 6 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Continued)
Nine Months Ended Three Months Ended September 30, September 30, ---------------------- --------------------- 1997 1996 1997 1996 --------- --------- --------- --------- (000's omitted, except per share data) Noninterest expense: Salaries, wages and employee benefits 2,766 2,785 854 933 Occupancy expenses 1,566 1,637 497 537 Equipment expenses 240 310 80 103 Data processing expenses 394 424 128 124 Other operating expenses 2,592 2,592 932 758 --------- --------- --------- --------- Total noninterest expense 7,558 7,748 2,491 2,455 --------- --------- --------- --------- Income before taxes based on income 2,282 1,327 1,038 587 Provision for taxes based on income 818 489 351 210 --------- --------- --------- --------- Net income $ 1,464 $ 838 $ 687 $ 377 ========= ========= ========= ========= Weighted average number of common shares and common share equivalents 1,452,663 1,434,245 1,452,663 1,434,245 Earnings per share $ 1.01 $ 0.58 $ 0.47 $ 0.26 ========= ========= ========= =========
See notes to unaudited consolidated financial statements. 5 7 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, ------------------------ 1997 1996 (000's omitted) Operating activities: Net income $ 1,464 $ 838 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 331 371 Provision for loan losses 560 724 Increase in interest receivable (48) (137) Increase (decrease) in interest payable 48 (11) Other 425 283 -------- -------- Net cash provided by operating activities 2,780 2,068 Investing activities: Proceeds from maturities, sales and calls of investment securities 18,879 19,850 Purchases of investment securities (4,991) (18,987) Net increase in loans (6,778) (9,825) Capital expenditures (144) (302) Other real estate -0- (530) -------- -------- Net cash used in investing activities 6,966 (9,794)
(Continued) 6 8 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)
Nine Months Ended September 30, ----------------------- 1997 1996 -------- -------- (000's omitted) Financing activities: Net increase in commercial and other demand deposits, savings and money market deposits and certificates of deposit 39,820 8,455 Cash dividends paid (177) -0- -------- -------- Net cash provided by financing activities 39,643 8,455 Increase in cash and cash equivalents 49,389 729 Cash and cash equivalents at beginning of period 28,543 26,164 -------- -------- Cash and cash equivalents at end of period $ 77,932 $ 26,893 ======== ========
See notes to unaudited consolidated financial statements. 7 9 HARBOR BANCORP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 1997 1. Summary of Significant Accounting Policies: Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Rule 10-01 of Regu lation S-X. Accordingly, they do not include all of the informa tion and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended September 30, 1997 are not necessarily indicative of the results that may be expected for the year ending December 31, 1997. Certain reclassifications have been made in the 1996 financial statements to conform to the presentations used in 1997. The balance sheet on December 31, 1996 has been derived from the audited financial statements at that date. The accompanying notes are an integral part of these financial statements. Principles of consolidation Harbor Bancorp (the "Company") was formed on July 23, 1982. The unaudited condensed consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries, Harbor Bank and Harbor Bank Properties. All intercompany accounts and transactions have been eliminated. Allowance for loan losses The allowance for loan losses represents management's evaluation of the quality of the loan portfolio. The allowance is main tained at a level considered to be adequate for potential loan losses based on management's assessment of various factors af fecting the loan portfolio, which includes a review of problem loans, business conditions and the overall quality of the loan portfolio. The allowance is increased by the provision for loan losses charged to operations and reduced by loans charged off to the allowance, net of recoveries. 8 10 Other Real Estate Other real estate ("ORE") is stated at the lower of cost or fair market value, net of estimated selling costs. Income taxes Income tax expense is the current and deferred tax consequence, of events that have been recognized in the financial statements, as measured by the provisions of enacted tax law. Bank premises and equipment Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets which range from 10 to 30 years for buildings and improvement and 3 to 10 years for furniture, fixtures and equipment. Earnings per share Earnings per share was computed by dividing net income by the weighted average number of common stock and common stock equivalents (stock options) outstanding during each period. The number of shares used in the per share calculation for the periods ended September 30, 1997 and 1996 was 1,452,663 and 1,434,245 respectively. In February 1997, the Financial Accounting Standards Board issued Statement No. 128, "Earnings per Share", which is required to be adopted on December 31, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share and to restate all prior periods. Under the new requirements for calculating primary earnings per share, the dilutive effect of stock options will be excluded. The impact for the nine months ended September 30, 1997 and September 30, 1996 is .02 and .01 per share, respectively. 9 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Harbor Bancorp's ("Company") performance during the first nine months of 1997 shows continued strength which is supported by the overall stability in the local and national economic environment. The purpose of the following discussion is to focus on the above mentioned performance and other information about the Company's financial condition and results of operations which is not otherwise apparent from the consolidated financial statements included in this quarterly report. Reference should be made to those statements and the condensed financial data presented herein for an understanding of the following discussion and analysis. Financial Condition During the nine months ended September 30, 1997, the Company has experienced a net increase in liquid assets. Cash and cash equivalents increased $49,389,000, or 173% , from $28,543,000 at December 31, 1996 to $77,932,000 at September 30, 1997. Investment securities declined 55.85% from $24,853,000 at December 31, 1996 to $10,973,000 at September 30, 1997. This net increase in liquid assets is primarily a result of maintaining liquidity in the form of short term and overnight investments in anticipation of growth in loan volume in the remainder of 1997. Loan volume increased with loans at $150,382,000 at September 30, 1997 compared to loans at $143,988,000 at December 31, 1996. Loans increased $6,394,000, or 4.44%, as the Company continues to maintain a conservative posture with respect to lending. Total assets of the Company increased from $200,103,000 at December 31, 1996 to $241,283,000 at September 30, 1997. This increase of $41,180,000, or 20.58%, in total assets occurred primarily in cash and cash equivalents. Effective January 1, 1994, the Company adopted the provisions of Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". As of September 30, 1997, the Company had $5,168,000 in securities classified as held to maturity and $5,805,000 in securities classified as available for sale. Substantially all of the Company's deposits are local, core deposits. The Company does not have any out-of-area brokered deposits included in the deposit base. Total deposits increased $39,821,000, or 21.71%, for the nine months ended September 30, 1997. This is a result of an increase of noninterest bearing deposits of $21,425,000, or 23.04%, from $92,989,000 at December 31, 1996 to $114,414,000 at September 30, 1997 due to a seasonal 10 12 increase in title and escrow deposits at quarter-end. In addition, there was an increase in interest bearing deposits which increased $18,396,000, or 20.34%, from $90,442,000 at December 31, 1996 to $108,838,000 at September 30, 1997. This increase in interest bearing deposits is primarily the result of an increase of approximately $8,900,000 in short-term certificate of deposit for a single customer relationship. Liquidity and Interest Rate Sensitivity Management The primary functions of asset/liability management are to assure adequate liquidity and maintain an appropriate balance between interest sensitive earning assets and interest bearing liabilities. Liquidity management involves the ability to meet the cash flow requirements of customers who may be either depositors wanting to withdraw funds or borrowers who may need assurance that sufficient funds will be available to meet their credit needs. Interest rate sensitivity management seeks to avoid fluctuating interest margins and to enhance consistent growth of net interest income through periods of changing interest rates. Historically, the overall liquidity of the Company has been enhanced by a significant aggregate amount of core deposits. As described in the analysis of financial condition, the Bank has not relied on large-denomination time deposits. To meet short-term liquidity needs, the Bank has maintained adequate balances in federal funds sold, certificates of deposits with other financial institutions and investment securities having maturities of five years or less. Liquid assets (cash, federal funds sold and securities purchased under agreements to resale, deposits in other financial institutions and investment securities) as a percent of total deposits are 40% and 29.38% as of September 30, 1997 and December 31, 1996, respectively. The Bank's goal is to maintain federal funds sold at an average balance of $7 to $10 million dollars, with minimum daily investments monitored closely. However, as part of management's liquidity plan for 1997, federal funds sold was maintained at higher than normal levels in anticipation of increased loan fundings and to maximize yield on short-term investments due to the shape of the current yield curve. Deposits with other institutions and securities purchased under agreements to resale will be maintained as alternative short-term investment products. Interest rate sensitivity varies with different types of interest-earning assets and interest-bearing liabilities. Harbor Bank intends to maintain interest-earning assets, comprised 11 13 primarily of both loans and investments, and interest-bearing liabilities, comprised primarily of deposits, maturing or repricing evenly in order to eliminate any impact from interest rate changes. In this way, both assets and liabilities can be substantially repriced simultaneously with interest rate changes. The impact of inflation on a financial institution differs significantly from that exerted on an industrial concern, primarily because its assets and liabilities consist primarily of monetary items. The relatively low proportion of the Company's fixed assets to total assets reduces both the potential of inflated earnings resulting from understated depreciation charges and the potential of significant understatement of absolute asset values. However, inflation does have a considerable indirect impact on banks, including increased loan demand, as it becomes necessary for producers and consumers to acquire additional funds to maintain the same levels of production, consumption and new investments. Inflation also frequently results in high interest rates which can affect both yields on earning assets and rates paid on deposits and other interest-bearing liabilities. The Company monitors inflation rates to insure that ongoing programs are compatible with fluctuations in inflation and resultant changes in interest rates. Results of Operations The Company reported net income of $1,464,000, or $1.01 per share, for the nine months ended September 30, 1997, compared to net income of $838,000, or $0.58 per share, for the same period in 1996. Net interest income is an effective measurement of how well Management has balanced the Company's interest rate sensitive assets and liabilities as well as optimizing the allocation of resources. Net interest income of $9,556,000, for the nine months ended September 30, 1997, reflects an increase of $656,000, or 7.37%, from $8,900,000 for the same period of 1996. Rising interest rates and net earning assets, which increased from $177,736,000 at December 31, 1996 to $217,150,000 at September 31, 1997, are the primary reason for the improvement in net interest income. The Company recorded $560,000 in provision for loan losses during the nine months ended September 30, 1997 compared to $724,000 for the same period in 1996. The decrease in the provision for possible loan losses, despite an increase in loan volume, is a result of the overall improvement of the quality of the loan portfolio. 12 14 During the nine months ended September 30, 1997, the Company maintained a strict focus on controlling noninterest expense. The focus on noninterest expense control began with a corporate commitment in 1989 and, today, continues to be emphasized and enforced. As a result of this continued effort, total noninterest expense categories of salaries, wages and employee benefits, occupancy expense, equipment expense and data processing expense decreased $190,000 or 3.69%, during the nine months ended September 30, 1997 over the same period in 1996. Other operating expense remained the same during the nine months ended September 30, 1997 compared to the same period in 1996. Risk Elements The policy of Harbor Bank is that all loans that are past due for ninety (90) days must be placed on non-accrual status. At September 30, 1997, loans on non-accrual status were $3,048,000, or 2.03%, compared to $3,783,000, or 2.63%, of total loans at December 31, 1996. Accruing loans which are contractually past due ninety (90) days or more were $74,000 at September 30, 1997 compared to $170,000 at December 31, 1996. At September 30, 1997, the management was not aware of information regarding performing loans which would cause them to have serious doubts as to the ability of the borrowers to comply with loan repayment terms, nor are they aware of any trends which might have a material impact on future operating results. Capital Resources Management seeks to maintain a level of capital adequate to support anticipated asset growth and credit risks and to ensure that the Company is within established regulatory guidelines and industry standards. In 1996, stockholders' equity increased $1,143,192 due to retention of the Company's 1996 net income. Minimum capital ratios required under the final 1994 risk-based capital regulations are 6.0% for Tier 1 Capital and 8.0% for Total Capital. At December 31, 1996 the Company had Tier 1 Capital of 10.33% and Total Capital of 11.58% and at September 30, 1997 the Company had Tier 1 Capital of 10.49% and Total Capital of 11.75%. 13 15 HARBOR BANCORP AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 1. Legal Proceedings Except as noted below, due to the nature of their business, the Company, the Bank, and their subsidiaries are subject to legal actions threatened or filed which arise from the normal course of their business. Management believes that such litigation is incidental to the business of the Company and the Bank and the eventual outcome of all currently pending legal proceedings against the Bank will not be material to the Company's or the Bank's financial position or results of operations. The Bank has been named in a litigation matter between the State of California Department of Insurance and a certified public accounting firm concerning the public accounting firm's audit of a failed insurance company. At December 31, 1996, the Bank believed it had meritorious defenses, that it was covered by comprehensive general liability insurance and had accrued no liability for the matter. During the first quarter of 1997, the Bank was notified by its insurance carrier that it has presently declined insurance for this matter. During the nine months ended September 30, 1997, there have been no changes and no estimate can be made of the range of loss that is reasonably possible and no accrual has been made as of the date of this filing. ITEM 2. Changes in Securities None ITEM 3. Defaults Upon Service Securities None ITEM 4. Submission of Matter to a Vote of Security Holders None ITEM 5. Other Events On August 28, 1997, Registrant entered into an Agreement and Plan of Merger with City National Corp. ("CNC"), pursuant to which Registrant will be merged with and into CNC. Upon consummation of the transaction, which is subject to regulatory 14 16 approval and approval by the shareholders of Registrant, shareholders of Registrant will receive cash, stock or a combination thereof, valued at $24.10 per share, with a maximum of 55 percent stock in the aggregate to be issued in the transaction. Shareholders will have the opportunity to indicate a preference for the form of consideration to be received in the merger. ITEM 6. Exhibits and Reports on Form 8-k 27 - Financial Data Schedule PART III. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. HARBOR BANCORP Dated: November 12, 1997 /s/ DALLAS E. HAUN ----------------------- -------------------------- DALLAS E. HAUN Vice President Dated: November 12, 1997 /s/ MELISSA LANFRE' ----------------------- -------------------------- MELISSA LANFRE' Vice President & CFO 15 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 9-MOS DEC-31-1997 JAN-31-1997 SEP-30-1997 22,632 495 55,300 0 5,805 5,168 5,214 150,382 2,914 241,283 223,252 0 1,038 0 0 0 13,963 3,157 241,283 10,578 543 1,008 12,129 2,573 2,573 9,556 560 0 7,558 2,282 2,282 0 0 1,464 1.03 1.01 0 3,048 74 0 0 2,737 384 1 2,914 0 0 0
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