-----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, BfqygPDVt0Y3IBZJ8mM5bbcxkgix5b4Au7vtCz/dYlBwZEHcgSYqzb3xE1bVpeoP sMnnuKS658eMiD/7+vJsnA== 0000903594-95-000047.txt : 19951119 0000903594-95-000047.hdr.sgml : 19951119 ACCESSION NUMBER: 0000903594-95-000047 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENNS WOODS BANCORP INC CENTRAL INDEX KEY: 0000716605 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232226454 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17077 FILM NUMBER: 95592798 BUSINESS ADDRESS: STREET 1: 115 S MAIN ST CITY: JERSEY SHORE STATE: PA ZIP: 17740 BUSINESS PHONE: 7173982213 MAIL ADDRESS: STREET 1: 300 MARKET ST CITY: WILLIAMSPORT STATE: PA ZIP: 17701 10-Q 1 FORM 10-Q QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 10 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended September 30, 1995 Commission file number 0-17077 PENNS WOODS BANCORP, INC. Incorporated in Pennsylvania 23-2226454 Main Office 115 South Main Street Jersey Shore, Pennsylvania 17740 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 Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES XXX NO ___ On September 30, 1995 there were 1,267,964 shares of the Registrant's common stock outstanding. PART I FINANCIAL STATEMENTS
PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE SHEET AT DATES INDICATED September 30, December 31, 1995 1994 ASSETS: Cash and due from banks $ 8,119,531 $ 12,025,441 Investment securities available-for-sale 61,634,076 60,067,442 Investment Securities held-to-maturity 2,547,789 6,757,987 Federal funds sold 730,000 0 Loans, net of unearned discount 154,856,839 151,491,899 Allowance for loan losses (2,362,312) (2,126,502) Loans, net 152,494,527 149,365,397 Bank premises and equipment 3,894,174 4,068,923 Foreclosed assets held for sale 1,048,345 414,572 Accrued interest receivable 1,707,002 1,501,658 Other assets 1,294,605 $ 1,436,388 TOTAL ASSETS $233,470,049 $235,637,808 LIABILITIES: Demand deposits $ 23,713,041 $ 22,812,653 Interest-bearing demand deposits 36,389,002 40,564,653 Savings deposits 43,264,263 48,966,956 Time deposits 93,449,375 78,457,514 Total deposits $196,815,681 $190,801,776 Federal funds purchased $ 0 $ 7,170,000 Securities sold under repurchase agreements 5,541,037 5,016,567 Accrued interest payable 787,602 610,911 Long-term borrowings 0 7,000,000 Other liabilities 2,414,660 1,199,385 Total liabilities $205,558,980 $211,798,639 SHAREHOLDERS' EQUITY Common stock, par value $10 per share, 10,000,000 shares authorized 1,267,964 shares issued and outstanding at September 30, 1995; 1,000,000 shares authorized and 839,046 issued and outstanding at September 30, 1994 $ 12,679,640 $ 8,437,310 Additional paid-in capital 4,422,742 4,368,147 Retained earnings 9,355,649 11,659,705 Net unrealized gain (loss) on securities available for sale 1,453,038 (625,993) Total shareholders' equity $ 27,911,069 $ 23,839,169 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $233,470,049 $235,637,808
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME FOR THE PERIODS INDICATED
Nine Months Nine Months Quarter Quarter Ended Ended Ended Ended September 30, September 30, September 30, September 30 1995 1994 1995 1994 INTEREST INCOME: Interest and fees on loans $10,975,005 $ 9,545,734 $3,767,229 $3,423,793 Interest and dividends on investments: Taxable interest 1,706,949 1,720,481 567,797 671,341 Nontaxable interest 826,627 792,076 264,438 189,621 Dividends 299,487 289,437 100,030 91,568 Total interest and dividends on investments 2,833,063 2,801,994 932,265 952,530 Interest on Federal funds sold 131,150 12,858 64,788 0 Total interest income 13,939,218 12,360,586 4,764,282 4,376,323 INTEREST EXPENSE: Interest on deposits 5,391,200 4,545,077 1,906,190 1,572,908 Interest on Federal funds purchased 65,323 137,268 58 55,803 Interest on securities sold under repurchase agreements 145,759 68,788 60,911 17,131 Interest on other borrowings 195,668 331,773 0 114,324 Total interest expense 5,797,950 5,082,906 1,967,159 1,760,166 Net interest income 8,141,268 7,277,680 2,797,123 2,616,157 Provision for loan losses 300,015 427,015 100,005 125,005 Net interest income after provision for loan losses 7,841,253 6,850,665 2,697,118 2,491,152 OTHER OPERATING INCOME: Service charges 558,856 519,077 201,736 189,877 Securities gains 887,063 1,295,192 321,411 341,086 Other income 185,242 154,275 53,751 56,443 Total other operating income 1,631,161 1,968,544 576,898 587,406 OTHER OPERATING EXPENSES: Salaries and employee benefits 3,121,486 2,525,181 863,121 883,449 Occupancy expense, net 360,166 435,209 114,729 138,912 Furniture and equipment expense 485,333 308,943 118,301 103,250 Other expenses 1,942,506 1,572,647 591,498 541,271 Total other operating expenses 5,909,491 4,841,980 1,687,649 1,666,882 INCOME BEFORE TAXES 3,562,923 3,977,229 1,586,367 1,411,676 INCOME TAX PROVISION 888,177 1,065,064 545,113 400,903 NET INCOME $ 2,674,746 $ 2,912,165 $1,041,254 $1,010,773 EARNINGS PER SHARE 2.11 2.30 0.82 0.80 TOTAL SHARES OUTSTANDING 1,266,997 1,266,878 1,266,997 1,266,878 (ADJUSTED FOR 50% STOCK DIVIDEND) /TABLE PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
Unrealized Appreciation Additional (Depreciation) on Total Common Paid-In Retained Securities Shareholders' Stock Capital Earnings Available-for-Sale Equity Balance, December 31, 1994 as previously reported $ 7,416,200 $4,394,542 $ 9,905,264 $ (497,615) $21,218,391 Adjustments in connection with pooling of interest 1,021,110 (26,395) 1,754,441 (128,378) 2,620,778 Balance, December 31, 1994 as restated $ 8,437,310 $4,368,147 $11,659,705 $ (625,993) $23,839,169 Net income for the nine months ended September 30, 1995 2,674,746 2,674,746 Dividends declared and paid (756,142) (756,142) Stock dividend declared (50%) 4,222,660 (4,222,660) 0 Net change in unrealized gain on marketable equity securities 2,079,031 2,079,031 Stock options exercised 19,670 54,595 74,265 Balance, September 30, 1995 $12,679,640 $4,422,742 $ 9,355,649 $1,453,038 $27,911,069
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994
Nine Months Nine Months Ended Ended September 30, September 30, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $2,674,746 $2,912,165 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 258,412 208,523 Provision for loan losses 300,015 427,015 Amortization of investment security premiums 29,761 51,316 Accretion of investment security discounts (82,407) (47,323) Securities losses (gains) (887,063) (1,302,978) Operating expense recognized in relation to exercise of stock options 74,265 0 Increase in all other assets (851,178) (1,537,070) Increase in all other liabilities 1,391,966 1,006,720 Net cash provided by operating activities 2,908,517 1,718,368 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of securities available-for-sale (32,560,319) (36,858,379) Proceeds from sale of securities available-for-sale 34,408,708 41,237,856 Purchase of securities held-to-maturity (50,000) 0 Proceeds from calls and maturities of securities held-to-maturity 4,934,931 0 Net increase in loans (3,429,145) (12,573,782) Increase (Decrease) in foreclosed assets (633,773) 10,735 Acquisition of bank premises and equipment (367,062) (428,852) Net cash provided by (used in) investing activities 2,303,340 (8,612,422) CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in interest-bearing deposits 5,113,517 11,155,605 Net increase (decrease) in noninterest-bearing deposits 900,388 2,562,985 Net increase (decrease) in securities sold under repurchase agreement 524,470 (296,894) Decrease in other borrowed funds (7,170,000) (5,342,400) Increase in long-term borrowings 0 0 Repayment of long-term borrowings (7,000,000) 1,175,000 Dividends paid (756,142) (622,961) Net cash provided by (used in) financing activities (8,387,767) 8,631,335 NET INCREASE IN CASH AND CASH EQUIVALENTS (3,175,910) 1,737,281 CASH AND CASH EQUIVALENTS, BEGINNING 12,025,441 12,980,957 CASH AND CASH EQUIVALENTS, ENDING $ 8,849,531 $14,718,238
The interim financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with financial statements and notes thereto contained in the Company's annual report for the year ended December 31, 1994. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EARNINGS SUMMARY Interest Income For the nine months ended September 30, 1995, total interest income increased by $1,578,632 or 12.77% compared to the same period in 1994. This increase is due to a $1,429,271 increase in interest and fees on loans, an increase in total interest and dividends on investments of $31,069 and an $118,292 increase in income in federal funds sold. The increase in interest and fees on loans of $1,429,271 was primarily due to a 1.00% increase in the prime lending rate as well as an increase in loan volume during this period of $8,015,784. The increase in interest on federal funds sold of $118,292 was due to an increase in the amount of funds sold. Interest and dividends on investments increased primarily due to a decrease in taxable interest of $13,532 and an increase in nontaxable interest on investments of $34,551. In addition, there was a slight increase in dividend income of $10,050 due to an increase of holdings in the equity portfolio. Interest Expense For the nine months ended September 30, 1995, total interest expense increased $715,044 or 14.07% over the same period in 1994. This increase is primarily the result of an increase in the amount of interest paid on deposits due to increases in the rates paid on such deposits. Another contributing factor to the increase in interest paid on interest bearing deposits was the increase in volume of such deposits of $1,976,064. Provision for Loan Losses The provision for losses for the nine months ended September 30, 1995 decreased $127,000 from the corresponding period in 1994. This decrease reflects a decline in anticipated losses on small business loans for the first nine months of 1995 and the fiscal year. As of the third quarter of 1995, charge offs exceeded recoveries by $64,000 compared to the third quarter of 1994 when charge offs exceeded recoveries by $339,000. Provisions to date total $300,015 as compared to provisions through September 30, 1994 of $427,015. Senior Management utilizes several different methods to determine the adequacy of the loan loss allowance and to establish quarterly provisions. Among these methods is the analysis of the most recent five year average loss history, the coverage of non-performing loans provided by the allowance, an estimate of potential loss in homogeneous pools of loans and the internal credit rating assigned to watch and problem loans. In addition to the preceding, senior management also reviews macro portfolio risks such as the absence of concentrations, absence of foreign credit exposure and growth objectives in further tuning the allowance and provisions. The ratio of non-accruing loans and those accruing but delinquent more than 90 days (collectively called "non- performing" loans) to the allowance for loan losses stood at .88 times at September 30, 1995 an improvement over the 1.36 times at December 31, 1994. Based upon this analysis as well as the others noted above, senior management has concluded that the allowance for loan losses is adequate. Other Operating Income Other operating income for the nine months ended September 30, 1995 decreased $337,383 or 17.14% from the same time period in 1994. This decrease is due to the net effect of an increase in service charges collected of $39,779, a decrease in securities gains realized of $408,129 and an increase in other income of $30,967. The increase in service charges, which was a result of an increase in service charges collected on deposit accounts, and gains taken on the sale of foreclosed assets during the first nine months contributed to the increase in other income. The primary decrease in other operating income was due to the decline in securities gains recognized of $408,129. Realized gains were on partial sales of equity securities that have been in the portfolio long-term that had reached what management had determined to be their maximum potential. Other Operating Expense For the nine months ended September 30, 1995 total operating expenses increased $1,067,511 or 22.05% over the same period in 1994. Expenses included under this heading are such items as: advertising, postage, maintenance, FDIC, SAIF and other insurance, Pennsylvania State shares tax, legal and professional fees, telephone, printing and supplies and other general and administrative expenses. Increases in other expenses totalled $369,859. This increase can be attributed to expenses related to the acquisition of Lock Haven Savings Bank and are non-recurring. In addition, employee salaries and benefits increased $596,305. In connection with the merger, two Lock Haven Savings Bank executives were paid to satisfy the terms of their employment agreements. The remainder of the increase in employee salaries and benefits can be attributed to the need to hire additional employees and to raise salary levels to keep pace with inflation. Occupancy expense decreased $75,043. Furniture and equipment expense increased $176,390 resulting from the lease of a new computer system, as well as additional expenses incurred during the merger. Provision for Income Taxes Provision for income taxes for the nine months ended September 30, 1995 resulted in an effective income tax rate of 24.93% compared to 26.78% for the corresponding period in 1994. The decrease noted is primarily a result of a decrease in security gains for the September 30, 1995 period compared to September 30, 1994 as well as an increase in nontaxable interest and a decrease in taxable interest on investments for the same periods. ASSET/LIABILITY MANAGEMENT Assets At September 30, 1995, cash, federal funds sold, and investment securities totalled $73,031,396, or a net decrease of $5,819,474 over the corresponding balance at December 31, 1994. Investment securities and cash decreased $3,905,910 and $2,643,564, respectively, while federal funds sold increased $730,000. During this period, net loans increased by $3,129,130 to $152,494,527. The investment securities decline is temporary due to the maturity of certain securities during the first quarter of 1995. In addition, subsequent to the acquisition of Lock Haven Savings Bank, management reviewed the acquired portfolio and made the decision to diversify the investments. The intention is to strengthen and improve the future long-term yield on the portfolio. Management evaluates credit risk, anticipated economic conditions and other relevant factors impacting the quality of the loan portfolio in order to establish an adequate loan-loss allowance. An internal credit review committee monitors loans in accordance with Federal supervisory standards. Furthermore, results of examination and appraisal of the coverage of the loan-loss allowance by the committee, Federal regulators and independent accountants are frequently reviewed by management. Accordingly, on a quarterly basis, management determines an appropriate provision for possible loan losses from earnings in order to maintain allowance coverage relative to potential losses. The allowance for loan losses totalled $2,362,312 at September 30, 1995, an increase of $235,810 over the balance at December 31, 1994. For the nine months ended September 30, 1995, the provision for loan losses totalled $300,015. As a percent of loans, the allowance for loan losses at September 30, 1995 totalled 1.53% versus 1.40% at December 31, 1994. Loans accounted for on a non-accrual basis totalled $1,109,000 and $2,223,000 at September 30, 1995 and December 31, 1994 respectively. Accruing loans, contractually delinquent 90 days or more were $960,000 at September 30, 1995 and $672,000 at December 31, 1994. These loans are predominately secured by first lien mortgages on residential real estate where appraisal values mitigate any potential loss of interest and principal. The ratio of non-accruing loans and those accruing but delinquent more than 90 days to the allowance for loan losses stood at .88 times at September 30, 1995 and 1.36 times at December 31, 1994. Presently the portfolio has no loans that meet the definition of "trouble debt restructurings" under FAS 15. A watch list of potential problem loans is maintained and updated quarterly by an internal credit review committee. At this time there are no credits of substance that have the potential to become more than 90 days delinquent. The Bank has not had nor presently has any foreign outstandings. In addition, no known concentrations of credit presently exist. At September 30, 1995, the balance of other real estate was $1,048,345 compared to $414,572 at December 31, 1994. During the first quarter of 1995, two properties were transferred into the account and subsequently sold during the same quarter; one property that was on the books at December 31, 1994 was sold during the second quarter of 1995; and during the third quarter of 1995, one property was sold and two additional foreclosures were conducted and booked to the account. Deposits At September 30, 1995, total deposits amounted to $196,815,681 representing an increase of $6,013,905 or a 3.15% increase over total deposits at December 31, 1994. Other Liabilities At September 30, 1995, other liabilities totaled $2,414,660 or a $1,215,275 increase over the balance at December 31, 1994. This increase is primarily due to a deferred tax liability on the unrealized gain in the investment portfolio as well as an increase in accrued taxes. Capital The adequacy of the Company's capital is reviewed on an ongoing basis with reference to the size, composition and quality of the Company's resources and regulatory guidelines. Management seeks to maintain a level of capital sufficient to support existing assets and anticipated asset growth, maintain favorable access to capital markets and preserve high quality credit ratings. The capital requirements of the Pennsylvania Department of Banking are 6%. The capital requirements of the Federal Deposit Insurance Corporation are: 1. Regulatory capital to total assets 6%. 2. Primary capital to total assets 5-1/2%. At September 30, 1995, regulatory capital to total assets was 11.95% compared to 10.11% at December 31, 1994. Primary capital to total assets at September 30, 1995 was 12.97% compared to 11.02% at December 31, 1994. The Federal Reserve Board, the FDIC and the OCC have issued certain risk-based capital guidelines, which supplement existing capital requirements. The guidelines require all United States banks and bank holding companies to maintain a minimum risk-based capital ratio of 8.00% (of which at least 4.00% must be in the form of common stockholders' equity). Assets are assigned to five risk categories, with higher levels of capital being required for the categories perceived as representing greater risk. The required capital will represent equity and (to the extent permitted) nonequity capital as a percentage of total risk-weighted assets. The risk-based capital rules are designed to make regulatory capital requirements more sensitive to differences in risk profiles among banks and bank holding companies and to minimize disincentives for holding liquid assets. Capital is being maintained in compliance with the new risk- based capital guidelines. The Company's Tier 1 Capital to total risk weighted assets ratio is 17.05% and the total capital ratio is total risk weighted assets ratio is 18.30%. Liquidity and Interest Rate Sensitivity The asset/liability committee addresses the liquidity needs of the Bank to see that sufficient funds are available to meet credit demands and deposit withdrawals as well as to the placement of available funds in the investment portfolio. In assessing liquidity requirements, equal consideration is given to the current position as well as the future outlook. The following liquidity measures are monitored and kept within the limits cited. 1. Net Loans to Total Assets, less than 70% 2. Net Loans to Total Deposits, less than 80% 3. Net Loans to Core Deposits, less than 85% 4. Investments to Total Assets, less than 40% 5. Investments to Total Deposits, less than 50% 6. Net Primary Liquid Assets to Total Assets, greater than 10% 7. Net Primary Liquid Assets to Total Liabilities, greater than 10% 8. Total Liquid Assets to Total Assets, greater than 25% 9. Total Liquid Assets to Total Liabilities, greater than 25% The Bank has maintained a liquidity level at or above the guidelines of the FDIC and the Pennsylvania Department of Banking. The Bank has available to it Federal Funds lines of credit totalling $31,157,000 from correspondent banks should the need for short-term funds arise. The following table sets forth the Bank's interest rate sensitivity as of September 30, 1995:
AFTER ONE AFTER FIVE AFTER WITHIN BUT WITHIN BUT WITHIN TEN ONE YEAR FIVE YEARS TEN YEARS YEARS Earning Assets (1) (2) $75,159 $31,612 $28,359 $73,391 Interest-bearing liabilities (3) 81,582 61,647 941 85 Gap: By period (6,423) (30,035) 27,418 73,306 By cumulative (6,423) (36,458) (9,040) 64,266 Earning assets: Investments (1) 17,337 5,327 1,925 29,075 Loans (2) 57,822 26,285 26,434 44,316 Interest-bearing liabilities: (3) Interest-bearing deposits $81,582 $61,647 $ 941 $ 85 Long-term borrowings 0 0 0 0 (1) Investment balances include annual repayment assumptions of 6%. Mortgage backed securities and certain other securities include repayment assumptions based on the terms of the securities. (2) Loan balances include annual repayment assumptions based on the projected cash flow from the loan portfolio. The cash flow projections are based on the terms of the credit facilities. No assumptions are made regarding prepayment of loans. Loans are presented net of deferred loan fees and include loans held for resale and allowance for loan losses. (3) The Corporation considers one-half of its regular saving deposits to be stable core deposits, and accordingly has classified 50% of such deposits in the "Within One Year category" and 50% in the "After One but Within Five years" category. All other interest- bearing demand deposits are classified in the "Within One Year" category and time deposits are categorized according to scheduled maturity.
In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10- 01(b)(8) of Regulation S-X. Part II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K. a. Exhibits: Number Description (11) Statement Regarding Computation of Per Share Earnings. (27) Financial Data Schedule. b. Reports: No reports on Form 8-K were filed in the third quarter of 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PENNS WOODS BANCORP, INC. (Registrant) Date: November 13, 1995 /s/ Ronald A. Walko Ronald A. Walko, Senior Vice President (Authorized Officer) Date: November 13, 1995 /s/ Sonya E. Hartranft Sonya E. Hartranft, Controller (Principal Accounting Officer) EXHIBIT INDEX Number Description (11) Statement Regarding Computation of Per Share Earnings. (27) Financial Data Schedule. EX-11 2 EXHIBIT 11
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE FOR THE PERIOD ENDED 9/30/95 LESS FRACTION SHARES FRACTIONAL OF WEIGHTED DATE OUTSTANDING RESTATEMENT SHARES YEAR SHARES 1/01/95-8/31/95 844,612 1.5 40 243/273 1,127,660 9/01/95-9/30/95 1,267,964 30/273 139,337 WEIGHTED SHARES OUTSTANDING 9/30/95 1,266,997 ========= NET INCOME 9/30/95 2,647,746 WEIGHTED SHARES OUTSTANDING 9/30/95 1,266,997 EARNINGS PER SHARE 9/30/95 $2.11 ===== STATEMENT OF COMPUTATION OF EARNINGS PER SHARE FOR THE PERIOD ENDED 9/30/94 LESS FRACTION SHARES FRACTIONAL OF WEIGHTED DATE OUTSTANDING RESTATEMENT SHARES YEAR SHARES 1/01/94-9/30/94 844,612 1.5 40 273/273 1,266,878 NET INCOME 9/30/94 2,912,165 WEIGHTED SHARES OUTSTANDING 9/30/94 1,266,878 EARNINGS PER SHARE 9/30/94 $2.30 =====
EX-27 3
9 1,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 7,079 1,040 730 0 61,634 2,548 0 154,857 2,362 233,470 196,816 6,328 2,415 0 12,679 0 0 15,232 233,470 10,975 2,833 131 13,939 5,391 407 8,141 300 887 5,909 3,563 3,563 0 0 2,675 2.11 0 0 1,109 960 0 0 1,995 229 165 2,362 2,362 0 0
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