-----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, IuD3dHowD3XJ4WBQYPg/EDwxYVXGW2bFfV97Genz+C9LWhP9XIgKNs+8elFwrauW lcJzNr8sjW5fKmnISw/YoA== 0000710507-97-000004.txt : 19970815 0000710507-97-000004.hdr.sgml : 19970815 ACCESSION NUMBER: 0000710507-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANKS INC CENTRAL INDEX KEY: 0000710507 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 431175538 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20632 FILM NUMBER: 97660650 BUSINESS ADDRESS: STREET 1: 135 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3148544600 MAIL ADDRESS: STREET 1: 135 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 10-Q 1 FORM 10-Q 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 June 30, 1997 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 0-20632 FIRST BANKS, INC. ----------------- (Exact name of registrant as specified in its charter) MISSOURI 43-1175538 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) identification No.) 135 NORTH MERAMEC, CLAYTON, MISSOURI 63105 ------------------------------------------ (address of principal executive offices) (Zip Code) (314) 854-4600 -------------- (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. Outstanding at Class July 31, 1997 ----- ------------- Common Stock, $250.00 par value 23,660.86 First Banks, Inc. INDEX Page PART I FINANCIAL INFORMATION Item 1. Financial Statements: Consolidated Balance Sheets as of June 30, 1997 and December 31, 1996 -1- Consolidated Statements of Income for the three and six months ended June 30, 1997 and 1996 -3- Consolidated Statements of Cash Flows for the six months ended June 30, 1997 and 1996 -4- Notes to Consolidated Financial Statements -5- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations -8- PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K -15- Signatures -17- PART I - FINANCIAL INFORMATION Item 1. Financial Statements FIRST BANKS, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) (dollars expressed in thousands, except per share data)
June 30, December 31, ASSETS 1997 1996 ------ ---- ---- Cash and cash equivalents: Cash and due from banks .............................................. $ 111,701 147,804 Interest-bearing deposits with other financial institutions-with maturities of three months or less ............................................................. 3,646 6,050 Federal funds sold ................................................... 133,900 74,100 ---------- --------- Total cash and cash equivalents .................................. 249,247 227,954 ---------- --------- Investment securities: Available for sale, at fair value .................................... 530,598 532,605 Held to maturity, at amortized cost (estimated fair value of $20,141 and $20,611 at June 30, 1997 and December 31,1996, respectively)...................................... 19,597 20,196 Trading securities.................................................... 2,298 -- ---------- --------- Total investment securities ...................................... 552,493 552,801 ---------- --------- Loans: Commercial and industrial............................................. 548,112 457,186 Real estate construction and development ............................. 342,560 289,378 Real estate mortgage: Residential......................................................... 996,362 1,059,769 Other............................................................... 651,279 600,811 Consumer and installment ............................................. 305,230 341,154 Loans held for sale-residential mortgage ............................. 24,097 27,485 ---------- --------- Total loans ...................................................... 2,867,640 2,775,783 Unearned discount .................................................... (7,722) (7,814) Allowance for possible loan losses ................................... (47,708) (46,781) ---------- --------- Net loans ........................................................ 2,812,210 2,721,188 ---------- --------- Bank premises and equipment, net of accumulated depreciation ............................................. 47,741 48,078 Intangibles associated with the purchase of subsidiaries ...................................................... 23,041 23,303 Purchased mortgage servicing rights, net of amortization ..................................................... 9,287 10,230 Accrued interest receivable ............................................. 24,518 23,250 Other real estate owned ................................................. 9,185 10,607 Deferred income taxes ................................................... 45,096 43,406 Other assets ............................................................ 21,202 28,337 ---------- --------- Total assets .................................................. $ 3,794,020 3,689,154 ========== =========
FIRST BANKS, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) (dollars expressed in thousands, except per share data) (continued)
June 30, December 31, 1997 1996 ---- ---- LIABILITIES ----------- Deposits: Demand: Non-interest bearing ........................................... $ 441,135 418,193 Interest bearing ............................................... 324,935 337,618 Savings .......................................................... 721,594 671,286 Time: Time deposits of $100 or more .................................. 189,752 169,057 Other time deposits ............................................ 1,670,964 1,642,413 ---------- --------- Total deposits ........................................ 3,348,380 3,238,567 Federal Home Loan Bank advances....................................... 2,876 39,277 Other borrowings...................................................... 42,685 30,705 Notes payable ........................................................ 7,655 76,330 Accrued interest payable ............................................. 9,312 10,288 Deferred income taxes ................................................ 11,971 6,194 Accrued and other liabilities ........................................ 13,853 23,521 Minority interest in subsidiaries..................................... 12,962 12,883 Guaranteed preferred beneficial interest in First Banks' subordinated debentures, net of issuance costs .................................................... 83,130 -- ---------- ---------- Total liabilities ..................................... 3,532,824 3,437,765 ---------- ---------- STOCKHOLDERS' EQUITY -------------------- Preferred stock: Class C 9.00% increasing rate, redeemable, cumulative, $1.00 par value, $25.00 stated value; 5,000,000 shares authorized; 1,892,500 shares and 2,155,500 shares issued and outstanding at June 30, 1997 and December 31, 1996, respectively............................ 47,312 53,887 Class A, convertible, adjustable rate, $20.00 par value; 750,000 shares authorized; 641,082 shares issued and outstanding ...... 12,822 12,822 Class B, adjustable rate, $1.50 par value; 200,000 shares authorized; 160,505 shares issued and outstanding ............ 241 241 Common stock, $250.00 par value; 25,000 shares authorized; 23,661 shares issued and outstanding .................. 5,915 5,915 Capital surplus ...................................................... 2,852 3,289 Retained earnings .................................................... 184,394 171,182 Net fair value adjustment for securities available for sale ................................................ 7,660 4,053 ---------- ----------- Total stockholders' equity .................................... 261,196 251,389 ---------- ----------- Total liabilities and stockholders' equity ................... $3,794,020 3,689,154 ========== =========== See accompanying notes to consolidated financial statements
FIRST BANKS, INC. AND SUBSIDIARIES Consolidated Statements of Income (unaudited) (dollars expressed in thousands, except per share data)
Three months ended Six months ended June 30, June 30, -------- -------- 1997 1996 1997 1996 Interest income: ---- ---- ---- ---- Interest and fees on loans................................. $ 62,873 58,006 123,097 116,520 Investment securities...................................... 8,499 6,382 16,480 13,224 Federal funds sold and other............................... 1,407 1,298 2,502 2,824 --------- --------- --------- ------- Total interest income................................ 72,779 65,686 142,079 132,568 --------- --------- --------- ------- Interest expense: Deposits: Interest-bearing demand.................................. 1,400 1,127 2,805 2,413 Savings................................................ 5,641 5,580 11,039 11,375 Time deposits of $100 or more.......................... 2,596 2,313 4,868 4,847 Other time deposits.................................... 23,844 21,889 47,029 44,339 Federal Home Loan Bank advances............................ 93 358 366 1,243 Securities sold under agreements to repurchase............. 423 232 742 439 Interest rate exchange agreements, net .................... 1,176 2,387 2,383 4,197 Notes payable and other.................................... 65 1,431 762 3,015 First Banks' subordinated debentures....................... 2,121 -- 3,379 -- --------- -------- --------- ------- Total interest expense............................... 37,359 35,317 73,373 71,868 --------- -------- --------- ------- Net interest income.................................. 35,420 30,369 68,706 60,700 Provision for possible loan losses.............................. 3,175 3,100 6,025 6,204 --------- -------- --------- ------- Net interest income after provision for possible loan losses........................... 32,245 27,269 62,681 54,496 --------- -------- --------- ------- Noninterest income: Service charges on deposit accounts and customer service fees................................... 3,010 3,129 5,968 6,257 Credit card fees........................................... 686 635 1,460 1,234 Loan servicing fees, net................................... 441 419 864 819 Gain on mortgage loans sold and held for sale............. 87 9 208 112 Gain on sale of securities, net............................ -- 88 -- 204 Gain on trading securities, net............................ 22 -- 22 -- Other income............................................... 1,460 656 2,394 1,203 --------- -------- --------- ------- Total noninterest income............................. 5,706 4,936 10,916 9,829 --------- -------- --------- ------- Noninterest expenses: Salaries and employee benefits............................. 10,571 10,028 20,928 20,361 Occupancy, net of rental income............................ 2,610 2,642 5,213 4,935 Furniture and equipment.................................... 1,885 1,794 4,050 3,670 Federal Deposit Insurance Corporation premiums............. 293 974 315 1,876 Postage, printing and supplies............................. 1,021 1,303 2,241 2,675 Data processing fees....................................... 2,392 1,140 3,521 2,349 Legal, examination and professional fees................... 1,066 1,046 2,169 2,522 Credit card expenses....................................... 821 711 1,640 1,436 Communications............................................. 566 635 1,255 1,280 Advertising................................................ 965 418 1,613 954 Losses and expenses on foreclosed real estate, net of (gains)................................. (20) 141 93 491 Other expenses............................................. 3,491 3,211 6,518 6,531 --------- -------- --------- ------- Total noninterest expenses........................... 25,661 24,043 49,556 49,080 --------- -------- --------- ------- Income before provision for income taxes and minority interest in income of subsidiaries................................... 12,290 8,162 24,041 15,245 Provision for income taxes...................................... 4,051 2,554 7,765 5,118 --------- -------- --------- ------- Income before minority interest in income of subsidiaries................................... 8,239 5,608 16,276 10,127 Minority interest in income of subsidiaries..................... (376) (138) (577) (220) --------- -------- --------- ------- Net income........................................... 7,863 5,470 15,699 9,907 Preferred stock dividends....................................... 1,209 1,369 2,488 2,803 --------- -------- --------- ------- Net income available to common shareholders.......... $ 6,654 4,101 13,211 7,104 ========= ======== ========= ======= Earnings per share: Primary.................................................... $ 281.23 173.34 558.33 300.27 Fully Diluted.............................................. 267.97 165.91 534.61 291.26 ========= ======== ========= ======= Weighted average shares of common stock outstanding............. 23,661 23,661 23,661 23,661 ========= ======== ========= ======= See accompanying notes to consolidated financial statements
FIRST BANKS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited) (dollars expressed in thousands, except per share data)
Six months ended June 30, ---------------------- 1997 1996 ---- ---- Cash flows from operating activities: Net income............................................................. $ 15,699 9,907 Adjustments to reconcile net income to net cash: Depreciation and amortization of bank premises and equipment..................................................... 2,938 3,053 Amortization, net of accretion..................................... 1,685 1,683 Originations and purchases of loans held for sale.................. (55,669) (85,143) Proceeds from sales of loans held for sale ........................ 54,952 58,728 Provision for possible loan losses................................. 6,025 6,204 Provision for income taxes currently payable....................... 7,765 5,118 Payments of income taxes........................................... (5,035) (5,018) Increase in accrued interest receivable ........................... (3,504) (726) Net decrease (increase) in trading securities...................... (2,298) -- Interest accrued on liabilities.................................... 73,373 71,868 Payments of interest on liabilities................................ (74,348) (72,942) Other, net......................................................... (2,875) 2,293 Minority interest in income of subsidiaries........................ 577 220 -------- --------- Net cash provided by (used in) operating activities........... 19,285 (4,755) -------- --------- Cash flows from investing activities: Cash and cash equivalents received from acquisitions................... 40,361 -- Other sales of investment securities................................... -- 46,478 Maturities of investment securities.................................... 206,941 214,441 Purchases of investment securities..................................... (197,698) (245,342) Net (increase) decrease in loans....................................... (103,828) 51,069 Recoveries of loans previously charged-off ............................ 5,550 3,486 Purchases of bank premises and equipment............................... (2,601) (1,774) Other investing activities............................................. 2,901 6,461 -------- --------- Net cash provided by (used in) investing activities................................................ (48,374) 74,819 -------- --------- Cash flows from financing activities: Other increases (decreases) in deposits: Demand and savings deposits........................................ 53,224 (26,389) Time deposits...................................................... 16,228 (41,436) Decrease in Federal funds purchased ................................... -- (3,000) Decrease in Federal Home Loan Bank advances............................ (36,401) (12,079) Increase in other borrowings........................................... 11,980 6,132 Decrease in notes payable.............................................. (68,675) (13,705) Purchase and retirement of Class C preferred stock..................... (6,575) -- Proceeds from sale of cumulative preferred trust securities, net of issuance costs................................... 83,086 -- Payment of Class C preferred stock dividends........................... (2,485) (2,802) -------- --------- Net cash provided by (used in) financing activities ................................................. 50,382 (93,279) -------- --------- Net increase (decrease) in cash and cash equivalents ........................................... 21,293 (23,215) Cash and cash equivalents, beginning of period ............................. 227,954 199,213 -------- --------- Cash and cash equivalents, end of period.................................... $249,247 175,998 ======== ========= Noncash investing and financing activities: Loans transferred to foreclosed real estate............................ $ 2,303 5,986 ======== ==========
See accompanying notes to consolidated financial statements FIRST BANKS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) Basis of Presentation The accompanying consolidated financial statements of First Banks, Inc. and subsidiaries (First Banks) are unaudited and should be read in conjunction with the consolidated financial statements contained in the 1996 annual report on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of the results of operations for the interim periods presented herein, have been included. Operating results for the three and six month periods ended June 30, 1997 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 1997. First Banks' primary subsidiaries (Subsidiary Banks) are: First Bank, headquartered in St. Louis County, Missouri (First Bank Missouri) First Bank, headquartered in O'Fallon, Illinois (First Bank Illinois) First Bank FSB, headquartered in St. Louis County, Missouri (First Bank FSB) First Banks America, Inc., St. Louis County, Missouri (FBA) CCB Bancorp, Inc., headquartered in Irvine, California (CCB) First Commercial Bancorp, Inc., headquartered in Sacramento, California (FCB) First Bank Missouri and First Bank Illinois are wholly owned banking subsidiaries. First Bank FSB is a wholly owned thrift subsidiary. CCB, a wholly owned bank holding company subsidiary, operates through First Bank & Trust, headquartered in Irvine, California (FB&T). FBA, a majority-owned bank holding company subsidiary, operates through two banking subsidiaries, BankTEXAS N.A., headquartered in Houston, Texas (BTX) and Sunrise Bank of California, headquartered in Roseville, California (Sunrise). FCB, a majority-owned bank holding company subsidiary, operates through First Commercial Bank, headquartered in Sacramento, California (First Commercial). First Banks' ownership interest in FBA was 69.67% and 68.82% at June 30, 1997 and December 31, 1996, respectively. First Banks' ownership interest in FCB was 61.46% at June 30, 1997 and December 31, 1996. The consolidated financial statements include the accounts of First Banks, Inc. and its subsidiaries, net of minority interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications of 1996 amounts have been made to conform with the 1997 presentation. (2) Mergers and Acquisitions On March 27, 1997, First Banks completed its assumption of the deposits and purchase of selected assets of two Long Beach, California banking locations of Highland Federal Bank, FSB. The transaction resulted in the acquisition of $40.4 million in deposits and two offices which will operate as branches of FB&T. On July 25, 1997, FBA and FCB jointly announced an agreement in principle providing for the merger of the two companies. Under the terms of the agreement, FCB will be merged into FBA, and FCB's wholly owned subsidiary, First Commercial, will be merged into Sunrise Bank. The transaction provides for First Banks to receive 804,000 shares of FBA common stock in exchange for $10 million of FBA's note payable to First Banks. In addition the transaction provides for the exchange of FCB convertible debentures, which are owned by First Banks, for comparable debentures of FBA. The agreement was negotiated and approved by special committees of the boards of directors of FCB and FBA comprised solely of independent directors of the two respective boards of directors. The transaction is expected to be completed by December 31, 1997. The merger of FBA and FCB will not have a significant impact on the financial condition or results of operation of First Banks. On July 28, 1997, FBA and Surety Bank entered into an Agreement and Plan of Reorganization (Agreement) providing for the acquisition of Surety Bank by FBA. Under the terms of the Agreement, Surety Bank will be merged into a subsidiary of FBA. Surety Bank operates banking offices in Vallejo and Fairfield, California. At June 30, 1997, Surety Bank had total assets of $72.7 million, and reported net income of $154,000 for the six month period then ended. The transaction will be accounted for using the purchase method of accounting and is expected to be completed by December 31, 1997. (3) Cumulative Trust Preferred Securities of First Preferred Capital Trust On February 4, 1997, First Preferred Capital Trust (First Capital), a newly-formed Delaware business trust subsidiary of First Banks, issued 3.45 million shares of 9.25% Cumulative Trust Preferred Securities (Preferred Securities) at $25 per share in an underwritten public offering and issued 106,702 shares of Common Securities to First Banks at $25 per share. First Banks owns all of First Capital's Common Securities. The gross proceeds of the offering were used by First Capital to purchase $88,917,550 of 9.25% Subordinated Debentures (Subordinated Debentures) from First Banks. The Subordinated Debentures are the sole asset of First Capital. In connection with the issuance of the Preferred Securities, First Banks made certain guarantees and commitments that, in the aggregate, constitute a full and unconditional guarantee by First Banks of the obligations of First Capital under the Preferred Securities. First Banks' proceeds from the issuance of the Subordinated Debentures to First Capital, net of underwriting fees and offering expenses, were $83.1 million. Distributions payable on the Preferred Securities were $2.1 million and $3.4 million for the three and six month periods ended June 30, 1997 and are recorded as interest expense in the accompanying consolidated financial statements. The proceeds from the offering were used for general corporate purposes, including the reduction of borrowings under a credit agreement with a group of unaffiliated banks (Credit Agreement) and the repurchase of 284,000 shares of Class C Increasing Rate, Redeemable, Cumulative Preferred Stock (Class C Preferred Stock) for $7.3 million. The remaining proceeds have been temporarily invested. (4) Regulatory Capital First Banks and the Subsidiary Banks are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Banks' and the Subsidiary Banks' financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Subsidiary Banks must meet specific capital guidelines that involve quantitative measures of the Subsidiary Banks' assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Subsidiary Banks' capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulations to ensure capital adequacy require the Subsidiary Banks to maintain certain minimum ratios. The Subsidiary Banks are required to maintain a minimum risk-based capital to risk-weighted assets ratio of 8.0%, with at least 4.0% being "Tier 1" capital (as defined in the regulations) and a minimum leverage ratio (Tier 1 capital to total assets) of 3.0%. An additional cushion of 100 to 200 basis points is required to be considered well capitalized. As of June 30, 1997, the date of the most recent notification from First Banks' primary regulator, First Bank Missouri was categorized as well capitalized under the regulatory framework for prompt corrective action. There have been no conditions or events since that notification that management believes have changed First Banks Missouri category. Management believes that, as of June 30, 1997, all of the Subsidiary Banks are well capitalized as defined by the Federal Deposit Insurance Corporation Act. At June 30, 1997 and December 31, 1996, First Banks' and the Subsidiary Banks' capital ratios were as follows: Risk based capital ratios ------------------------------ Total Tier 1 Leverage Ratio ----- ------ -------------- 1997 1996 1997 1996 1997 1996 ---- ---- ---- ---- ---- ---- First Banks 12.25% 9.23% 8.31% 7.92% 6.39% 5.99% First Bank FSB 10.91 11.00 9.77 9.75 6.92 6.45 First Bank Missouri 10.00 10.47 8.75 9.21 7.37 7.25 First Bank Illinois 11.46 11.06 10.21 9.88 7.56 7.17 FB&T 15.57 16.45 14.31 15.18 10.03 11.43 BankTEXAS 11.17 10.29 9.92 9.04 8.38 7.53 Sunrise 16.32 17.67 15.04 16.39 11.97 10.88 First Commercial 13.72 13.13 12.43 11.84 9.03 8.87 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations General First Banks is a registered bank holding company, incorporated in Missouri in 1978 and headquartered in St. Louis County, Missouri. At June 30, 1997, First Banks had $3.79 billion in total assets; $2.86 billion in total loans, net of unearned discount; $3.35 billion in total deposits; and $261.2 million in total stockholders' equity. Through the Subsidiary Banks, First Banks offers a broad range of commercial and personal banking services including certificate of deposit accounts, individual retirement and other time deposit accounts, checking and other demand deposit accounts, interest checking accounts, savings accounts and money market accounts. Loans include commercial, financial, agricultural, real estate construction and development, commercial and residential real estate and consumer and installment loans. Other financial services include mortgage banking, discount brokerage, credit-related insurance, automatic teller machines, safe deposit boxes and trust services offered by certain Subsidiary Banks.
The following table lists the Subsidiary Banks at June 30, 1997: Loans, net Percent of No. of of unearned Total Subsidiary Banks ownership locations Total assets discounts deposits (dollars expressed in thousands) First Bank FSB 100.00% 40 $ 1,017,145 858,178 916,069 First Bank Missouri 100.00% 31 872,597 690,816 782,424 First Bank Illinois 100.00% 27 824,049 632,471 751,918 CCB 100.00% 13 540,932 331,493 469,995 FBA 69.67% 8 373,592 247,574 312,819 FCB 61.46% 6 159,215 99,385 141,625
Financial Condition First Banks' total assets increased by $100 million to $3.79 billion from $3.69 billion at June 30, 1997 and December 31, 1996, respectively. The increase is primarily attributable to the increase in loans, net of unearned discount, of $92 million and the increase in cash and cash equivalents of $21 million. The composition of the increase in net loans is discussed under "--Lending and Credit Management" of this Form 10-Q. The increase in total assets was funded by deposits, which increased by $110 million to $3.35 billion and $3.24 billion at June 30, 1997 and December 31, 1996, respectively. Results of Operations Net Income Net income for the three months ended June 30, 1997 was $7.86 million, compared to $5.47 million for the same period in 1996, an increase of 44%. Net income for the six months ended June 30, 1997 was $15.70 million compared to $9.91 million for the same period in 1996. This represents a return on average stockholders' equity and return on average assets ratios of 12.44% and .85% for the three month period ended June 30, 1997, in comparison to 9.19% and .62% for the same period in 1996. For the six month periods ended June 30, 1997 and 1996, the return on average stockholders' equity and return on average assets ratios improved to 12.49% and .85% from 8.37% and .56%, respectively. This further compares to a return on average stockholders' equity and average assets for the year ended December 31, 1996 of 8.43% and .57%, respectively. The improved earnings is primarily attributable to the increase in net interest income of $5.05 million and $8.01 million for the three and six month periods ended June 30, 1997, respectively, compared to the same periods in 1996. Net Interest Income Net interest income (expressed on a tax-equivalent basis) improved to $35.6 million, or 4.10% of average interest earning assets, for the three months ended June 30, 1997, from $30.7 million, or 3.74% of average interest earning assets, for the same period in 1996. Net interest income (expressed on a tax-equivalent basis) improved to $69.2 million, or 4.04% of average interest earning assets, for the six months ended June 30, 1997, from $61.3 million, or 3.71% of average interest earning assets, for the same period in 1996. The increased net interest income for 1997 is attributable to the increase in average interest earning assets of $187.0 million and $130.2 million for the three and six month periods ended June 30, 1997, respectively, compared to the same periods in 1996. The increase is attributable to loans which increased by $108.3 million and $81.8 million for the three and six month periods ended June 30, 1997 and 1996, respectively, over the same periods in 1996. Contributing further to the improved net interest income is the increase in the yield of the loan portfolio to 8.96% and 8.88% from 8.62% and 8.64% for the three and six month periods ended June 30, 1997 and 1996, respectively. The improved yield reflects the continual process of realigning the loan portfolio from residential real estate loans to other types of loans, such as commercial and construction loans, which generally provide a higher level of net interest income. This realignment of the loan portfolio combined with the gradual shift in the composition of the investment securities portfolios, from mortgage-backed securities to U.S. Treasury and generic U.S. government agencies securities, resulted in a reduction of the overall interest rate risk of First Banks. This reduction of the interest rate risk profile contributed to net interest income by reducing the need for hedging First Banks' position, and therefore its associated cost, and by increasing the responsiveness of First Banks to the generally increasing interest rates which occurred during the first quarter of 1997. Accordingly, the cost of hedging decreased to $1.18 million and $2.38 million for the three and six month periods ended June 30, 1997, respectively, from $2.39 million and $4.20 million for the same periods in 1996.
The following table sets forth, on a tax-equivalent basis, certain information relating to First Banks' average balance sheet, and reflects the average yield earned on interest-earning assets, the average cost of interest-bearing liabilities and the resulting net interest income for the three and six month periods ended June 30: Three months ended June 30, Six months ended June 30, 1997 1996 1997 1996 ---------------------- ---------------------- -------------------- ---------------------- Interest Interest Interest Interest Average income/ Yield/ Average income/ Yield/ Average income/ Yield/ Average income/ Yield/ balance expense rate balance expense rate balance expense rate balance expense rate (dollars expressed in thousands) Assets ------ Interest-earning assets: Loans $2,818,728 62,957 8.96% $2,710,471 58,120 8.62% $2,798,761 123,277 8.88%$2,716,934 116,756 8.64% Investment securities 564,395 8,633 6.14 489,709 6,552 5.38 559,550 16,752 6.04 496,015 13,575 5.50 Federal funds sold and other 102,653 1,407 5.50 98,549 1,299 5.30 91,263 2,502 5.53 106,413 2,824 5.34 ---------- ------- ---------- ------ --------- ------ ---------- ------- Total interest-earning assets 3,485,776 72,997 8.40 3,298,729 65,971 8.04 3,449,574 142,531 8.33 3,319,362 133,155 8.07 ------- ------ ------- ------- Nonearning assets 219,363 221,313 226,733 222,754 ---------- ---------- ---------- ---------- Total assets $3,705,139 $3,520,042 $3,676,307 $3,542,116 ========== ========== ========== ========== Liabilities and Stockholders' Equity ------------------------------------ Interest-bearing liabilities: Interest-bearing demand deposits $ 330,058 1,400 1.71 299,157 1,127 1.52% $ 332,00 52,805 1.70% $ 302,450 2,413 1.60% Savings deposits 685,316 5,641 3.31 687,091 5,580 3.27 683,355 11,039 3.26 688,869 11,375 3.32 Time deposits of $100 or more(1) 182,833 2,708 5.96 170,667 2,540 5.99 174,037 5,085 5.89 177,389 5,254 5.96 Other time deposits (1) 1,696,548 24,882 5.90 1,595,306 23,986 6.05 1,686,728 49,138 5.87 1,598,724 48,005 6.04 ---------- ------- --------- ------ ---------- ------ ------ Total interest-bearing deposits 2,894,755 34,631 4.81 2,752,221 33,233 4.86 2,876,125 68,067 4.77 2,767,432 67,047 4.87 Notes payable and other (1) 137,421 2,728 7.98 124,516 2,084 6.73 138,889 5,306 7.70 136,758 4,821 7.09 ---------- ------- --------- ----- --------- ------ --------- ------ Total interest-bearing liabilities 3,032,176 37,359 4.94 2,876,737 35,317 4.94 3,015,014 73,373 4.91 2,904,190 71,868 4.98 ------- ------ ------ ------ Noninterest-bearing liabilities: Demand deposits 382,355 368,565 372,741 364,598 Other liabilities 37,684 36,718 37,163 36,673 ---------- ---------- ---------- ---------- Total liabilities 3,452,215 3,282,020 3,424,918 3,305,461 Stockholders' equity 252,924 238,022 251,389 236,655 ---------- ---------- ---------- ---------- Total liabilities and stockholders' equity $3,705,139 $3,520,042 $3,676,307 $3,542,116 ========== ========== ========== ========== Net interest income 35,638 30,654 69,158 61,287 ======= ====== ====== ====== Net interest margin 4.10 3.74% 4.04% 3.71% ==== ===== ===== ===== (1) Includes the effects of interest rate exchange agreements
Provision for Possible Loan Losses The provision for possible loan losses was $3.18 million compared to $3.10 million for the three months ended June 30, 1997 and 1996, respectively. For the six months ended June 30, 1997 and 1996, the provision for possible loan losses was $6.03 million and $6.20 million, respectively. The provision in 1997 reflects the overall growth and realignment of the loan portfolio. While the provision for possible loan losses for the 1997 periods were not substantially different from those of the preceding year, the adequacy of the allowance for possible loan losses improved as a result of the lower level of net charge-offs in 1997. Net loan charge-offs were $3.0 million and $5.1 million for the three and six month periods ended June 30, 1997, respectively, compared to $7.2 million and $12.9 million for the three and six month periods ended June 30,1996, respectively. Following various acquisitions during 1994 and 1995, First Banks pursued aggressive problem loan work out procedures which included conservatively re-valuing loans through charge-offs. While these adjustments were anticipated prior to the acquisitions and adequate reserves for loan losses had been established to provide for them, loan charge-offs began to increase during 1996. However, as this work-out program progressed, loan charge-offs have declined while recoveries of loans previously charged-off have increased. Tables summarizing nonperforming assets, past due loans and charge-off experience are presented under "--Lending and Credit Management" of this Form 10-Q. Noninterest Income Noninterest income was $5.7 million and $10.9 million for the three and six month periods ended June 30, 1997, respectively, in comparison to $4.9 million and $9.8 million for the same period in 1996. Noninterest income consists primarily of service charges on deposit accounts and other non-yield customer service fees. Service charges on deposit accounts and customer service fees decreased to $3.0 million and $6.0 million for the three and six month periods ended June 30, 1997, respectively, from $3.1 million and $6.3 million for the same periods in 1996. The decrease is attributable to the development of First Banks' "aggregate balance pricing structure" whereby customers maintaining specified deposit balances, determined on an aggregate basis of any deposit relationship with First Banks, may avoid certain service charges. Noninterest Expenses Noninterest expense was $25.7 million and $24.0 million for the three month periods ended June 30, 1997 and 1996, respectively. For the six month periods ended June 30, 1997 and 1996, noninterest expense was $49.6 million and $49.1 million, respectively. The increase is attributable to the acquisition of Sunrise Bank, which incurred noninterest expense of $1.08 million and $2.29 million for the three and six month periods ended June 30, 1997 and 1996, respectively, and to increased advertising and business development expenses. The increase was substantially offset by cost savings realized upon the integration of the entities acquired throughout 1994 and 1995 into existing systems and cultures of First Banks and the decrease in Federal Deposit Insurance Corporation (FDIC) premiums. Advertising and business development expense was $965,000 and $418,000 for the three months ended June 30, 1997 and 1996, respectively. For the six months ended June 30, 1997 and 1996, advertising and business development expense was $1.61 million and $954,000, respectively. The increase is primarily attributable to media advertising campaigns which were instituted during the third quarter of 1996. FDIC premiums decreased by $681,000 and $1.56 million for the three and six month periods ended June 30, 1997 and 1996, respectively, as a result of the reduction in the assessment rate charged on deposits insured by the Savings Association Insurance Fund (SAIF) of the FDIC. The reduction in the assessment rate was effective upon the recapitalization of the SAIF, accomplished by a one-time special deposit insurance charge assessed to all financial institutions with deposits insured by the SAIF. First Banks' one-time charge totaled $8.2 million and was reflected in the operating results during the third quarter of 1996. Lending and Credit Management Interest earned on the loan portfolio is the primary source of income of First Banks. Total loans, net of unearned discount, represented 75.4% and 75.0% of total assets as of June 30, 1997 and December 31, 1996, respectively. Total loans, excluding loans held for sale and net of unearned discount, increased by $100 million to $2.84 billion at June 30, 1997 from $2.74 billion at December 31, 1996. The increase reflects continued growth within corporate lending of $194.6 million, offset by the decrease of the residential mortgage and consumer and installment loan portfolios of $63.4 million and $35.8 million, respectively, at June 30, 1997 in comparison to December 31, 1996. These decreases are attributable to the reductions of new loan origination volumes that are held for investment and the continued repayment of principal on the existing portfolios. The following is a summary of nonperforming assets by category: June 30, December 31, 1997 1996 ---- ---- (dollars expressed in thousands) Commercial, financial and agricultural $ 4,680 4,243 Real estate construction and development 2,990 817 Real estate mortgage 19,327 24,764 Consumer and installment 220 445 ----------- ---------- Total nonperforming loans 27,217 30,269 Other real estate 9,185 10,607 ----------- ---------- Total nonperforming assets $ 36,402 40,876 =========== ========== Loans, net of unearned discount $ 2,859,918 2,767,969 =========== ========== Loans past due 90 days or more and still accruing $ 6,127 3,779 =========== ========== Asset Quality Ratios: Allowance for possible loan losses to loans 1.67% 1.69% Nonperforming loans to loans .95 1.09 Allowance for possible loan losses to nonperforming loans 175.29 154.55 Nonperforming assets to loans and other real estate 1.27 1.47 ====== ==== Impaired loans, consisting of nonaccrual loans, were $27.2 million and $30.3 million at June 30, 1997 and December 31, 1996, respectively.
The following is a summary of the loan loss experience for the three and six month periods ended June 30: Three months ended Six months ended June 30, June 30, 1997 1996 1997 1996 ---- ---- ---- ---- (dollars expressed in thousands) Allowance for possible loan losses, beginning of period $ 47,523 50,045 46,781 52,665 --------- ------ -------- ------- Loans charged-off (5,907) (9,583) (10,648) (16,434) Recoveries of loans previously charged-off 2,917 2,359 5,550 3,486 --------- ------ -------- ------- Net loan (charge-offs) recoveries (2,990) (7,224) (5,098) (12,948) ---------- ------- -------- ------- Provision for possible loan losses 3,175 3,100 6,025 6,204 --------- ------ -------- ------- Allowance for possible loan losses, end of period $ 47,708 45,921 47,708 45,921 ========= ====== ======== =======
The allowance for possible loan losses is based on past loan loss experience, on management's evaluation of the quality of the loans in the portfolio and on the anticipated effect of national and local economic conditions relative to the ability of loan customers to repay. Each quarter, the allowance for possible loan losses is revised relative to First Banks' internal watch list and other data utilized to determine its adequacy. The provision for possible loan losses is management's estimate of the amount necessary to maintain the allowance at a level consistent with this evaluation. As adjustments to the allowance for possible loan losses are considered necessary, they are reflected in the results of operations. Interest Rate Risk Management Derivative financial instruments held by First Banks for purposes of managing interest rate risk are summarized as follows: June 30, 1997 December 31,1996 ----------------- ---------------- Notional Credit Notional Credit amount exposure amount exposure ------ -------- -------- -------- dollars expressed in thousands) Interest rate swap agreements $70,000 -- 70,000 -- Interest rate floor agreements 105,000 42 105,000 141 Interest rate cap agreements 10,000 332 10,000 335 Forward commitments to sell mortgage-backed securities 38,000 -- 35,000 308 The notional amounts of derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a measure of First Banks' credit exposure through its use of derivative financial instruments. The amounts exchanged are determined by reference to the notional amounts and the other terms of the derivatives. Interest rate swap agreements are utilized to extend the repricing characteristics of certain interest-bearing liabilities to correspond more closely with the assets of First Banks, with the objective of stabilizing net interest income over time. The net interest expense for these agreements was $1.1 million and $2.3 million for the three and six month periods ended June 30, 1997, respectively, in comparison to $2.3 million and $4.1 million for the same period in 1996. The maturity dates, notional amounts, interest rates paid and received, and fair values of interest rate swap agreements outstanding as of the dates indicated are summarized as follows: Notional Interest Rate Fair Value Maturity date Amount Paid Received Gain (loss) ------------- ------ ---- -------- ----------- (dollars expressed in thousands) June 30, 1997: September 30, 1997 $ 35,000 7.04% 5.78% $ (120) September 30, 1999 35,000 7.32 5.78 (805) --------- -------- $ 70,000 7.18 5.78 $ (925) ======== ==== ==== ======== December 31, 1996: September 30, 1997 $ 35,000 7.04% 5.59% $ (417) September 30, 1999 35,000 7.32 5.59 (1,160) --------- -------- $ 70,000 7.18 5.59 $ (1,577) ======== ==== ==== ======== First Banks shortened the effective maturity of its interest-bearing liabilities through the termination of interest rate swap agreements of $225 million during July 1995 and $75 million during November 1996 at a loss of $13.5 million and $5.3 million, respectively. These losses have been deferred and are being amortized over the remaining life of the swap agreements. At June 30, 1997 and December 31, 1996, the unamortized balance of these losses was $11.9 million and $13.4 million, respectively, and was included in other assets. The amortization of the deferred loss included in interest expense was $776,000 and $1.5 million for the three and six month periods ended June 30, 1997, in comparison to $1.0 million and $2.3 million for the same periods in 1996. In addition, on July 31, 1997 First Banks shortened the effective maturity of its interest-bearing liabilities through the termination of interest rate swap agreement of $35 million which was to mature on September 30, 1999. The deferred loss totaled $1.44 million which will be amortized over the remaining live of the swap agreement. First Banks also has interest rate cap and floor agreements to limit the interest expense associated with certain interest-bearing liabilities and the net interest expense of certain interest rate swap agreements, respectively. At June 30, 1997 and December 31, 1996, the unamortized costs for these agreements were $359,000 and $433,000, respectively, and were included in other assets. The net interest expense of the interest rate cap and floor agreements was $37,000 and $74,000 for the three and six month periods ended June 30, 1997, respectively, in comparison to $72,000 and $143,000 for the same periods in 1996. There are no amounts receivable under these agreements. Derivative financial instruments issued by First Banks consist of commitments to originate fixed-rate loans. Commitments to originate fixed-rate loans consist primarily of residential real estate loans. These loan commitments, net of estimated underwriting fallout, and loans held for sale are hedged with forward contracts to sell mortgage-backed securities. Liquidity The liquidity of First Banks and its Subsidiary Banks is the ability to maintain a cash flow which is adequate to fund operations, service debt obligations and meet other commitments on a timely basis. The primary sources of funds for liquidity are derived from customer deposits, loan payments, maturities, sales of investments and earnings. In addition, First Banks and its Subsidiary Banks may avail themselves of more volatile sources of funds through issuance of certificates of deposit in denominations of $100,000 or more, federal funds borrowed, securities sold under agreements to repurchase, borrowings from the Federal Home Loan Bank (FHLB), and other borrowings, including First Banks' $90 million credit agreement with a group of unaffiliated financial institutions. The aggregate funds acquired from those sources were $243.0 million at June 30, 1997 and $315.4 million at December 31, 1996. The decrease is primarily attributable to the reduction in notes payable from the proceeds received from the sale of the Preferred Securities. See note 3 to the accompanying consolidated financial statements. At June 30, 1997, First Banks' more volatile sources of funds mature as follows: (dollars expressed in thousands) Three months or less $ 107,184 Over three months through six months 50,536 Over six months through twelve months 52,065 Over twelve months 33,183 --------- Total $ 242,968 ========= Management believes the future earnings of its Subsidiary Banks will be sufficient to provide funds for growth and to permit the distribution of dividends to First Banks sufficient to meet First Banks' operating and debt service requirements both on a short-term and long-term basis and to pay the dividends on the Class C Preferred Stock and the Preferred Securities. Effects of New Accounting Standards First Banks adopted the provisions of SFAS 125, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities (SFAS 125) prospectively on January 1, 1997. SFAS 125 established accounting and reporting standards for transfers and servicing of financial assets and extinguishment of liabilities. The standards established by SFAS 125 are based on consistent applications of a financial-components approach that focuses on control. Under that approach, after a transfer of financial assets, an entity recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. SFAS 125 provides consistent standards for distinguishing transfers of financial assets that are sales from transfers that are secured borrowings. The implementation of SFAS 125 did not have a material effect on the consolidated financial position or results of operation of First Banks. In February 1997, the FASB issued SFAS 128, Earnings Per Share (SFAS 128). SFAS 128 supersedes Accounting Principles Board Opinion No. 15, Earnings Per Share (APB 15) and specifies the computation, presentation, and disclosure requirements for earnings per share (EPS) for entities with publicly held common stock or potential common stock. SFAS 128 was issued to simplify the computation of EPS and to make the U.S. standard more compatible with the EPS standards of other countries and that of the International Accounting Standards Committee. It replaces the presentation of primary EPS with a presentation of basic EPS and fully diluted EPS with diluted EPS. SFAS 128 also requires dual presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS, unlike primary EPS, excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted EPS is computed similarly to fully diluted EPS under APB 15. SFAS 128 is effective for financial statements for both interim and annual periods ending after December 15, 1997. Earlier application is not permitted. After adoption, all prior-period EPS data presented shall be restated to conform with SFAS 128. First Banks does not believe the implementation of SFAS 128 will have a material effect on its computation of earnings per share. In February 1997, the FASB issued SFAS 129, Disclosure of Information about Capital Structure (SFAS 129). SFAS 129 establishes standards for disclosing information about an entity's capital structure. It applies to all entities. SFAS 129 continues the previous requirements to disclose certain information about an entity's capital structure found in APB 10, Omnibus Opinion-1966, APB 15 and SFAS 47, Disclosure of Long-Term Obligations, for entities that were subject to the requirements of those standards. SFAS 129 eliminates the exemption of nonpublic entities from certain disclosure requirements of APB 15 as provided by SFAS 21, Suspension of the Reporting of Earnings Per Share and Segment Information by Nonpublic Enterprises. It supersedes specific disclosure requirements of APB 10, APB 15 and SFAS 47 and consolidates them in SFAS 129 for ease of retrieval and for greater visibility to nonpublic entities. SFAS 129 is effective for financial statements for periods ending after December 15, 1997. It contains no change in disclosure requirements for entities that were previously subject to the requirements of APB 10 and 15 and SFAS 47. Part II- OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) These Exhibits are numbered in accordance with the Exhibit Table of Item 601 of Regulation S-K. Exhibit Number Description 11 Calculations of Earnings per Share 27 Financial Data Schedule (EDGAR only) (b) First Banks, Inc. filed no reports on Form 8-K during the three month period ended June 30, 1997. 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. FIRST BANKS, INC. Registrant Date: August 12, 1997 By: /s/ James F. Dierberg --------------------- James F. Dierberg Chairman, President and Chief Executive Officer Date: August 12, 1997 By: /s/ Allen H. Blake ------------------ Allen H. Blake Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Exhibit 11 FIRST BANKS, INC. Calculation of Earnings per Share For the Three Months Ended For the Six Months Ended June 30, June 30, ------------------------------ ----------------- 1997 1996 1997 1996 ---- ---- ---- ---- Average shares outstanding: Class C preferred stock 1,910,632 2,200,000 1,948,224 2,200,000 Class A preferred stock 641,082 641,082 641,082 641,082 Class B preferred stock 160,505 160,505 160,505 160,505 Common Stock 23,661 23,661 23,661 23,661 =========== =========== =========== ========== Net income $ 7,862,983 5,469,943 15,698,800 9,907,247 Preferred stock dividends: Class C preferred stock (1,077,750) (1,237,500) (2,160,563) (2,475,000) Class A preferred stock (128,216) (128,216) (320,541) (320,541) Class B preferred stock (2,809) (2,809) (7,022) (7,022) ----------- ----------- ----------- ---------- Income available to common stockholders $ 6,654,208 4,101,418 13,210,674 7,104,684 =========== =========== ========== ========== Primary earnings per share $ 281.23 173.34 558.33 300.27 =========== =========== =========== ========== Fully diluted earnings per share: Dividends per share: Class C preferred stock $ 0.5641 0.5625 1.1090 1.1250 Class A preferred stock 0.2000 0.2000 0.5000 0.5000 Class B preferred stock 0.0175 0.0175 0.0438 0.0437 =========== =========== =========== ========== Class A preferred stock outstanding 641,082 641,082 641,082 641,082 Book value/share of common stock, beginning of year $ 7,795.11 7,038.74 7,795.11 7,038.74 Dilution of common equity upon exercise of options and warrants of subsidiary bank (20.98) (41.32) (20.98) (41.32) ----------- ------------ ----------- --------- 7,774.13 6,997.42 7,774.13 6,997.42 =========== =========== =========== ========== Common stock issuable upon conversion 1,649 1,832 1,649 1,832 Shares of common stock outstanding 23,661 23,661 23,661 23,661 ----------- ----------- ----------- ---------- 25,310 25,493 25,310 25,493 =========== =========== =========== ========== Net income $ 7,862,983 5,469,943 15,698,800 9,907,247 Class C preferred dividends (1,077,750) (1,237,500) (2,160,563) (2,475,000) Class B preferred dividends (2,809) (2,809) (7,022) (7,022) ----------- ----------- ----------- ----------- Fully-diluted net income $ 6,782,424 4,229,634 13,531,215 7,425,225 =========== =========== =========== =========== Fully-diluted earnings per share $ 267.97 165.91 534.61 291.26 =========== =========== =========== ===========
EX-27 2 FDS --
9 0000710507 First Banks, Inc. 1,000 6-mos Dec-31-1997 Jan-01-1997 Jun-30-1997 111,701 3,646 133,900 2,298 530,598 19,597 0 2,859,918 (47,708) 3,794,020 3,348,380 53,216 48,098 83,130 0 60,375 5,915 194,906 3,794,020 123,097 16,480 2,502 142,079 65,741 73,373 68,706 6,025 0 49,556 24,041 24,041 0 0 15,699 558.33 534.61 8.33 27,217 6,127 0 28,915 46,781 10,648 5,550 47,708 47,708 0 0
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