-----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, B6MH3M92PjRoSi2/hxgYz1Vm2fXm8A/GU+XNTyUvhQ6bVXPWz2/MzKvRkwMMDmia +6oZ8/4whJHonqqb1k3a2Q== 0000718413-99-000004.txt : 19990517 0000718413-99-000004.hdr.sgml : 19990517 ACCESSION NUMBER: 0000718413-99-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY BANCORP /VT CENTRAL INDEX KEY: 0000718413 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 030284070 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16435 FILM NUMBER: 99621759 BUSINESS ADDRESS: STREET 1: DERBY ROAD CITY: DERBY STATE: VT ZIP: 05829 BUSINESS PHONE: 8023347915 MAIL ADDRESS: STREET 1: DERBY ROAD CITY: DERBY STATE: VT ZIP: 05829 10-Q 1 CONFORMED COPY SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Three Months Ended March 31, 1999 Commission File Number 000-16435 COMMUNITY BANCORP. (Exact Name of Registrant as Specified in its Chapter) Vermont 03-0284070 (State of Incorporation) (IRS Employer Identification Number) Derby Road, Derby, Vermont 05829 (Address of Principal Executive Offices) (zip code) Registrant's Telephone Number: (802) 334-7915 Not Applicable Former Name, Former Address and Formal Fiscal Year (If Changed Since Last Report) 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 for such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ( X ) No ( ) At March 31, 1999, there were 3,318,937 shares issued of the Corporation's $2.50 par value common stock and 3,289,066 shares outstanding. Total Pages - 21 Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements
COMMUNITY BANCORP. AND SUBSIDIARIES Consolidated Statement of Condition ( Unaudited ) March 31 December 31 March 31 Assets Cash and due from banks 4,593,779 4,896,947 8,389,764 Federal funds sold and overnight deposits 5,416,287 15,527,141 3,475,000 Total cash and cash equivalents 10,010,066 20,424,088 11,864,764 Securities held-to-maturity (fair value $36,730,979 at 03/31/99, $30,038,323 at 12/31/98, and $34,431,08 at 03/31/98 36,748,701 29,877,851 34,417,776 Securities available-for-sale 26,606,250 20,590,000 15,045,313 Restricted equity securities 1,141,650 1,141,650 1,099,750 Loans 146,260,052 148,335,346 149,398,013 Allowance for loan losses (1,713,265) (1,658,967) (1,553,433) Unearned net loan fees (834,316) (848,963) (864,058) Net loans 143,712,471 145,827,416 146,980,522 Bank premises and equipment, net 4,193,700 3,010,041 3,220,527 Accrued interest receivable 1,815,911 1,460,671 1,577,022 Other real estate owned, net 772,834 541,903 746,935 Other assets 2,066,008 2,177,043 1,876,996 Total assets $227,067,591 $225,050,663 $216,829,605 Liabilities and Stockholders' Equity Liabilities Deposits: Demand, non-interest bearing 21,784,045 21,743,065 19,201,814 NOW and money market accounts 49,721,114 49,939,162 42,308,496 Savings 31,991,579 30,512,230 30,954,505 Time deposits, $100,000 and over 17,763,625 17,874,124 18,462,314 Other time deposits 78,180,313 77,728,713 80,277,987 Total deposits $199,440,676 $197,797,294 $191,205,116 Borrowed funds 4,060,000 4,060,000 4,060,000 Repurchase agreements 460,624 288,241 0 Accrued interest and other liabilities 1,059,226 883,069 824,398 Subordinated convertible debentures 20,000 20,000 93,000 Total liabilities $205,040,526 $203,048,604 $196,182,514 Stockholders' Equity Common stock - $2.50 par value; 6,000,000 shares authorized and 3,318,937 shares issued at 03/31/99, 3,296,154 issued at 12/31/98, and 3,220,031 shares issued at 03/31/98 8,297,342 7,851,516 3,872,172 Additional paid-in capital 10,392,774 8,756,453 8,177,074 Retained earnings 3,665,801 5,604,096 9,025,740 Accumulated other comprehensive income 119,171 235,375 17,270 Less: treasury stock, at cost; 29,871 shares at 03/31/99, 29,646 shares at 12/31/98, and 29,630 shares at 03/31/98(448,023) (445,381) (445,165) Total stockholders' equity $22,027,065 $22,002,059 $20,647,091 Total liabilities and stockholders' equity $227,067,591 $225,050,663 $216,829,605
COMMUNITY BANCORP. AND SUBSIDIARIES Statements of Income ( Unaudited )
For The First Quarter Ended March 31, 1999 1998 1997 Interest income Interest and fees on loans 3,177,402 3,478,386 3,324,518 Interest and dividends on investment securities U.S. Treasury securities 545,279 457,196 534,499 U.S. Government agencies 128,299 20,419 20,727 States and political subdivisions 113,531 143,183 138,605 Dividends 19,722 18,564 17,178 Interest on federal funds sold and overnight deposits 66,147 106,702 4,942 Total interest income $4,050,380 $4,224,450 $4,040,469 Interest expense Interest on deposits 1,819,944 1,941,022 1,881,874 Interest on borrowed funds 48,900 46,800 12,680 Interest on repurchase agreements 2,634 0 0 Interest on subordinated debentures 550 2,227 3,282 Total interest expense $1,872,028 $1,990,049 $1,897,836 Net interest income 2,178,352 2,234,401 2,142,633 Provision for loan losses (150,000) (200,000) (205,000) Net interest income after provision $2,028,352 $2,034,401 $1,937,633 Other operating income Trust department income 49,479 30,699 27,897 Service fees 164,750 161,511 162,386 Security gains (losses) 0 0 0 Other 159,243 104,553 96,237 Total other operating income $373,472 $296,763 $286,520 Other operating expenses Salaries and wages 715,459 707,951 628,928 Pension and other employee benefits 177,052 174,314 133,331 Occupancy expenses, net 338,719 321,633 290,569 Trust Department Expenses 11,289 8,017 5,848 Other 604,956 597,697 470,561 Total other operating expenses $1,847,475 $1,809,612 $1,529,237 Income before income taxes 554,349 521,552 694,916 Applicable income taxes (credit) 143,552 113,873 174,828 Net Income $410,797 $407,679 $520,088 Earnings per share on weighted average $0.13 $0.13 $0.17 Weighted average number of common shares Used in computing earnings per share 3,235,785 3,189,686 3,080,655 Dividends per share $0.16 $0.15 $0.14 Book value per share on shares outstanding $6.70 $6.47 $6.29 Per share data for 1998 and 1997 restated to reflect a 100% stock dividend Paid on June 1, 1998, and a 5% stock dividend paid on February 1, 1999.
COMMUNITY BANCORP. AND SUBSIDIARIES Statement of Cash Flows
For the First Three Months Ended March 31, 1999 1998 1997 Reconciliation of net income to net cash provided by operating activities: Net Income 410,797 407,679 520,088 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 114,864 101,258 87,352 Provisions for possible loan losses 150,000 200,000 205,000 Provisions for deferred income taxes (25,191) (22,606) (3,162) (Gain)loss on sale of loans (23,692) 12,490 (8,054) Securities losses 0 0 0 Loss (gain) on sales of OREO 0 8,293 (7,729) OREO writedowns 0 6,300 0 Amortization of bond premium, net 75,592 (37,498) 6,463 Proceeds from sales of loans held for sale 4,699,807 3,358,192 660,944 Originations of loans held for sale (4,523,200) (4,545,913) (667,336) Increase(decrease) in taxes payable 169,765 136,478 183,225 (Increase) decrease in interest receivable (355,240) (116,724) (55,803) Increase in mortgage service rights (24,179) (2,636) (13,977) Decrease(increase) in other assets 203,593 (19,930) (263,476) (Decrease)increase in unamortized loan fees (14,647) (2,531) (21,148) (Decrease)increase in interest payable (317) (9,839) 340 (Decrease)increase in accrued expenses (31,794) (58,372) 4,264 Increase (decrease) in other liabilities 55,178 (18,265) (12,516) Net cash provided by operating activities 881,336 (603,624) 614,475 Cash Flows from investing activities: Investments - held to maturity Sales and maturities 4,986,510 3,474,110 918,463 Purchases (11,899,683) (3,759,745) (3,776,728) Investments - available for sale Sales and maturities 0 0 0 Purchases (6,225,586) (7,000,000) 0 Purchase of restricted equity securities 0 0 (36,700) Investment in limited partnership 0 21,688 0 Increase in Loans, Net of Payments 1,575,016 1,671,558 (312,233) Capital Expenditures (1,298,523) (36,124) (45,136) Recoveries of loans charged off 20,730 29,143 36,274 Proceeds from sales of other real estate owned 0 370,939 106,332 Net Cash Used in Investing Activities (12,841,536) (5,228,431) (3,109,728) Cash Flows from Financing Activities: Net increase in demand deposits, NOW, Money Mkt and savings 1,302,281 1,551,563 (566,240) Net increase in certificates of deposit 341,101 2,073,152 617,741 Net increase (decrease) in short-term Borrowings and repurchase agreements 172,383 0 0 Net increase in borrowed funds 0 0 (1,600,000) Payments to acquire treasury stock (2,642) (28) (4,792) Dividends paid (266,945) (235,478) (210,340) Net cash provided by financing activities 1,546,178 3,389,209 (1,763,631) Net increase in cash and cash equivalents (10,414,022) (2,442,846) (4,258,884) Cash and cash equivalents: Beginning 20,424,088 14,307,610 8,245,398 Ending 10,010,066 11,864,764 3,986,514 Supplemental Schedule of Cash Paid During the Year Interest paid 1,871,611 1,997,504 1,897,496 Income Taxes Paid (1,020) 0 (5,235) Supplemental schedule of noncash investing and financing activities: Net change in securities valuation ($176,067) ($24,908) ($86,409) OREO acquired in settlements of loans $230,931 $84,466 $188,091 Debentures converted to common stock $0 $11,000 $35,000 Stock dividends $1,851,338 $0 $1,294,006 Dividends paid Dividends payable $497,754 $452,382 $406,598 Dividends reinvested ($230,809) ($216,904) ($196,258) $266,945 $235,478 $210,340
AVERAGE BALANCES AND INTEREST RATES The table below presents the following information: Average earning assets (including non-accrual loans) Average interest bearing liabilities supporting earning assets Interest income and interest expense as a rate/yield
For the First Three Months Ended: 1999 1998 Average Income/ Rate/ Average Income/ Rate/ Balance Expense Yield Balance Expense Yield EARNING ASSETS Loans(gross) 146,829,523 3,177,402 8.78% 149,575,993 3,478,386 9.43% Taxable Investment Securities 49,890,646 673,578 5.48% 33,362,113 477,615 5.81% Tax-exempt Investment Securities(1) 9,888,906 169,824 6.96% 11,701,072 213,821 7.41% Federal Funds Sold 3,473,056 32,248 3.77% 3,488,766 45,014 5.23% Bank of Boston sweep account 2,732,079 33,899 5.03% 4,774,313 61,688 5.24% Other Securities(2) 1,265,027 21,169 6.79% 1,249,985 20,625 6.69% TOTAL 214,079,237 4,108,120 7.72% 204,152,242 4,297,149 8.47% INTEREST BEARING LIABILITIES Savings Deposits 30,795,370 178,421 2.35% 30,006,784 203,227 2.75% NOW & Money Market Funds 48,159,789 378,694 3.19% 41,925,226 373,573 3.61% Time Deposits 96,031,253 1,262,830 5.33% 98,202,744 1,364,222 5.63% Other Borrowed Funds 4,060,000 48,900 4.88% 3,526,667 46,800 5.38% Repurchase Agreements(3) 264,485 2,634 4.04% 0 0 0.00% Subordinated Debentures 20,000 550 11.15% 95,000 2,228 9.51% TOTAL 179,330,897 1,872,029 4.20% 173,756,421 1,990,050 4.61% Net Interest Income 2,236,091 2,307,099 Net Interest Spread(4) 3.52% 3.86% Interest Differential(5) 4.24% 4.58% Income on investment securities of state and political subdivisions is stated on a tax equivalent basis (assuming a 34% tax rate). Included in other securities are taxable industrial development bonds (VIDA), with income for the first three months of approximately $1,500 for 1999 and $2,100 for 1998. Repurchase agreements were introduced during the second part of 1998 in an effort to attract new business customers. Net interest spread is the difference between the yield on earning assets and the rate paid on interest bearing liabilities. Interest differential is net interest income divided by average earning assets.
CHANGES IN INTEREST INCOME AND INTEREST EXPENSE The following table summarizes the variances in income for the first three months of 1999 and 1998 resulting from volume changes in assets and liabilities and fluctuations in rates earned and paid.
RATE VOLUME Variance Variance Due to Due to Total Rate(1) Volume(1) Variance EARNING ASSETS Loans (gross) (241,550) (59,434) (300,984) Taxable Investment Securities (40,661) 236,624 195,963 Tax-Exempt Investment Securities(2) (12,876) (31,121) (43,997) Federal Funds Sold (12,620) (146) (12,766) Bank of Boston sweep account (2,449) (25,340) (27,789) Other Securities 296 248 544 Total Interest Earnings (309,860) 120,831 (189,029) INTEREST BEARING LIABILITIES Savings Deposits (30,147) 5,341 (24,806) NOW & Money Market Funds (50,432) 55,553 5,121 Time Deposits (72,836) (28,556) (101,392) Other Borrowed Funds (4,977) 7,077 2,100 Repurchase Agreements 0 2,634 2,634 Subordinated Debentures 385 (2,063) (1,678) Total Interest Expense (158,007) 39,986 (118,021) Items which have shown a year-to-year increase in volume have variances allocated as follows: Variance due to rate = Change in rate x new volume Variance due to volume = Change in volume x old rate Items which have shown a year-to-year decrease in volume have variances allocated as follows: Variance due to rate = Change in rate x old volume Variances due to volume = Change in volume x new rate Income on tax-exempt securities is stated on a tax equivalent basis. The assumed rate is 34%.
COMMUNITY BANCORP. PRIMARY EARNINGS PER SHARE
For The First Quarter Ended March 1999 1998 1997 Net Income $410,797 $407,679 $520,088 Average Number of Common Shares Outstanding. 3,235,785 3,189,686 3,080,655 Earnings Per Common Share $0.13 $0.13 $0.17 FULLY DILUTED EARNINGS PER SHARE For The First Quarter Ended March 1999 1998 1997 Net Income $410,797 $407,679 $520,088 Adjustments to Net Income (Assuming Conversion of Subordinated Convertible Debentures). 363 1,470 2,166 Adjusted Net Income $411,160 $409,149 $522,254 Average Number of Common Shares Outstanding. 3,235,785 3,189,686 3,080,655 Increase in Shares (Assuming Conversion of Subordinated Convertible Debentures). 8,557 26,386 43,070 Average Number of Common Shares Outstanding (Fully Diluted) 3,244,342 3,216,072 3,123,725 Earnings Per Common Share Assuming Full Dilution. $0.13 $0.13 $0.17 All 1998 and 1997 per share data restated to reflect 100% stock dividend Paid on June 1, 1998, and a 5% stock dividend paid on February 1, 1999.
PART I. Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS Quarter Ended March 31, 1999 Community Bancorp. is a bank holding company whose subsidiaries include Community National Bank and Liberty Savings Bank. Community National Bank ("the Bank") is a full service institution operating in the state of Vermont, with five offices located in Orleans County, one office in Essex County, and one office in Caledonia County. Liberty Savings Bank ("Liberty") is a New Hampshire guaranty bank acquired by Community Bancorp. on December 31, 1997. Currently this bank does not have any offices or deposit taking authority, and shares the mailing address of Community Bancorp. Future intentions of the Company are to initially operate this bank as a lending facility in the northern part of New Hampshire, and then expanding to operate as a full service bank sometime in the future. This endeavor, once achieved, will broaden the customer service base of the Company to include a portion of New Hampshire. Most of the Bancorp's business is conducted through Community National Bank, therefore, the following narrative is based primarily on this Bank's operations. The Balance Sheet and Statements of Income preceding this section are consolidated figures for Community Bancorp. and subsidiaries ("the Company"), and can be used in conjunction with the other reports following them to provide a more detailed comparison of the information disclosed in the following narrative. LIQUIDITY Liquidity management refers to the ability of the Company to adequately cover fluctuations in assets and liabilities. Meeting loan demand (assets) and covering the withdrawal of deposit funds (liabilities) are two key components of the liquidity management process. The repayment of loans and growth in deposits are two of the major sources of liquidity. Our time deposits greater than $100,000 decreased $111 thousand or .62% for the first quarter of 1999 compared to year end 1998, and decreased almost $700 thousand or 3.8% compared to the first quarter of 1998. Other time deposits decreased from $80.3 million at the end of the first quarter of 1998 to $77.7 million at the end of the 1998 calendar year, and then increased to $78.2 million as of the end of the first quarter of 1999, an increase of $451,600 or .58% compared to year end 1998, and a decrease of $2.1 million or 2.6% compared to the first quarter of 1998. A review of these deposits, primarily the time deposits over $100,000 indicates that they are primarily generated locally and regionally by established customers of the Company. The Company has no brokered deposits. All other interest bearing deposit accounts in total increased 21% to end the three month comparison period at $81.7 million for 1999 compared to $73.3 million for 1998. Our gross loan portfolio decreased from $149.4 million for the first quarter of 1998 to $146.3 million for the first quarter of 1999 or 2.1%. Of this total portfolio of $146.3 million, $76.7 million are scheduled to reprice or mature within one year compared to almost $81.7 million a year ago. Federal funds sold and overnight deposits includes a sweep account established during the first quarter of 1998. This account reported a balance of $3.4 million as of the end of the first quarter of 1999, compared to $3.2 million for the same period in 1998. Federal funds sold decreased from $3.5 million for the first quarter of 1998 to $2 million for the same period in 1999. At the end of the first quarter of 1999, the Company held in it's investment portfolio treasuries classified as "Available-for-Sale" at an estimated fair value of $26.6 million, compared to just over $15 million for the same period in 1998. In terms of liquidity, these securities are considered short term, thereby increasing the portfolio of liquid assets. The Company is required to maintain equity securities in the form of bank stock at two separate institutions. Combined totals of $1.14 million and almost $1.1 million were reported for the first quarter of 1999 and 1998, respectively. The Company also has access to a total of $102.5 million in liquid assets consisting of two credit lines with a total available of $6.1 million, and approximately $96.4 million of borrowing capacity through FHLB. Currently, $4.1 million is advanced on these borrowings. Additionally, the Company has in it's investment portfolio securities classified as "Held-to- Maturity" with a book value of $36.7 million, of which $5 million are pledged, netting a balance of $31.7 million, with a net fair value of $31.6 million as of March 31, 1999 compared to a book value of $34.4 million, less $4 million pledged, netting a balance of $30.4 million with a net fair value of $30.5 million a year ago. RESULTS OF OPERATIONS Net Income for the first quarter ended March 31, 1999 was $410,797 representing an increase of .76% and a decrease of 21% respectively, over the net income figures of $407,679 for the first quarter ended March 31, 1998, and $520,088 for the same period ended in 1997. The results of this are earnings per share of $0.13 for the first quarter of 1999 versus $0.13 for the first quarter of 1998 and $0.17 for the first quarter of 1997. The first quarter of 1999 reported only a slight increase over the first quarter of 1998 due in part to less income generated by the Bank's loan portfolio, resulting in a decrease in net interest income for the quarter. Additionally, an increase in other operating income was only slightly higher than the combined increase in other operating expenses and income taxes. The first quarter of 1998 was not as profitable compared to the same period in 1997 due in part to three considerable increases. State deposit tax almost tripled for the first quarter of 1998 with a reported figure of $52,352 compared to $19,905 for the first quarter of 1997. Expense associated with OREO properties went from $10,714 for the first quarter of 1997 to just under $40,000 for the same period in 1998, resulting in almost a quadruple increase. Loss on limited partnerships of $26,988 was reported for the first quarter of 1998, with no reported loss for the same period a year ago. A cash dividend of $0.16 per share was declared payable on February 1, 1999, to shareholders of record as of January 15, 1999, an increase of 6% over last year's dividend of $0.15 per share for the same quarter. A 5% Stock dividend was declared payable February 1, 1999 to shareholders of record as of that date. In a press release dated March 13, 1998, a two for one stock split was announced to be accomplished by a 100% stock dividend, to shareholders of record as of May 15, 1998, payable June 1, 1998. This stock split was contingent upon the approval by the Company's shareholders of a proposal to increase the number of shares the Company may issue. This proposal was contained in an amendment to the Company's Articles of Association, and was be voted on and approved at the annual shareholder's meeting to be held on May 5, 1998. Net interest income, the difference between interest income and expense, represents the largest portion of the Company's earnings, and is affected by the volume, mix, rate sensitivity of earning assets as well as interest bearing liabilities, market interest rates and the amount of non-interest bearing funds which support earning assets. Net interest income for the first quarter comparison periods started at $2.14 million for 1997 and increased to $2.23 million for 1998, and then decreased to $2.18 million for 1999, resulting in a decrease of 2.5% for 1999 versus 1998, and 4.3% for 1998 versus 1997. Total interest income for the first quarter comparison period reported a decrease for 1999 compared to 1998, with a decrease of $174,070 or 4.12%, while a favorable increase of $183,981 or 4.6% was reported for the first quarter of 1998 compared to 1997. Interest expense decreased for the first quarter of 1999 compared to the first quarter of 1998 with a decrease of $118,021 or 5.93% while an increase of $92,213 or 4.86% was reported for 1998 versus 1997. A review of the interest earned on loans, the major source of interest income, reveals a decrease of $300,984 or 8.7% compared to an increase of $153,868 or 4.6% for 1998 compared to 1997. Interest paid on deposits, the major source of interest expense, shows a decrease of 6.24% and an increase of 3.14%, respectively. The following paragraphs are comparisons of average balances and the respective average yield. Reference can be made to the tables labeled "Average Balances and Interest Rates" and "Changes in Interest Income and Interest Expense" for a more detailed look at these variances. Keeping in mind that income on tax exempt securities is stated at the tax equivalent yield, the interest figures presented for these securities on these two tables are higher than those presented on the consolidated statement of income. The average volume of loans decreased just over $2.7 million or by 1.8%, and the yield on these loans decreased from 9.43% for the first three months of 1998 to 8.78% for the first three months of 1999, a decrease of 65 basis points. Relevantly, income from loans for the first quarter of 1999 decreased to $3.2 million or by 8.7% compared to $3.5 million for the same period in 1998. The average volume of taxable investments increased to almost $50 million or by 49.5%, while the yield on these investments for the first three months of 1999 fell by 33 basis points to end the three month comparison period at 5.48% versus 5.81% a year ago. Of this average volume of taxable investments of almost $50 million, approximately $23.7 million are investments classified as available-for-sale, with the remaining $26.3 million classified as held-to- maturity. Income for the first three months increased in 1999 by $195,963 to a reported income figure of $673,578 versus $477,615 a year ago. Included in these figures is the treasury strip for Liberty Savings Bank with an average balance of $1,5 million for the first three months of 1999 and $1.4 million for the same period in 1998, and income of $22,107 for both comparison periods. A decrease is noted in the average volume of tax-exempt investments reported at $11.7 million for the first three months of 1998 versus $9.9 million for the same period in 1999, resulting in a decrease of 15.5%. All of these investments are classified as held-to-maturity. Income on these investments followed the average volume pattern decreasing to $169,824 from $213,821 for the first three months of 1999 and 1998, respectively. The tax equivalent yield for the first three months of 1999 decreased 45 basis points to a reported 6.96% compared to 7.41% for the same period in 1998. Other securities ended the first quarter in 1999 at an average volume of $1.27 million, resulting in a 1.2% increase compared to the same quarter last year. Of this total almost $1.14 million are equity securities and, under the guidelines, are classified as available-for-sale with the remaining $123 thousand of industrial development bonds classified as held-to-maturity. Income increased slightly for 1999 compared to 1998, with reported figures of $21,169 and $20,625, respectively. The Company currently has no investments classified as trading securities, and due to the guidelines of its investment policy, does not intend to carry any of these securities. The yield on treasuries remains above the yield on other short term investments such as federal funds, therefore, the Company continues to invest more in these higher yielding treasuries. The average volume of federal funds sold decreased from $3.49 million to $3.47 million for the comparison periods. Interest income on federal funds sold decreased to $32,248, with an average yield of 3.77% for the first quarter of 1999, compared to income of $45,014, with an average yield of 5.23% for the first quarter of 1998, a decrease in income of $12,766, and a decrease in yield of 146 basis points. The Bank of Boston sweep account reported an average volume of $2.7 million for the first three months of 1999, compared to $4.8 million a year ago. The average yield decreased from 5.24% on March 31, 1998 to 5.03% on March 31, 1999. In total, our average earning assets increased to just under $214 million or by 4.9% during the first three months of 1999, compared to the same period in 1998, while the average yield on those earning assets decreased from 8.47% to 7.72%, respectively. An increase of $788,586 is noted in the average volume of savings deposits with reported first quarter ending figures of $30 million for 1998 versus $30.8 million for 1999. Interest expense associated with savings accounts decreased from $203,227 for the first three months of 1998 to $178,421 for the same period in 1999, a decrease of $24,806 or 12.2%. An increase of $6.23 million is reported in the average volume of NOW & money market funds, which ended the first three months of 1998 at an average volume of $41.9 million compared to an average volume as of March 31, 1999 of $48.2 million. Included in this volume is community money market accounts, carrying a more favorable rate than other deposit accounts, thereby, either attracting new deposit customers, or causing current customers to switch, and contributing to the increase in average volume by almost $6 million. Interest expense on NOW & money market funds increased to $378,694 with an average yield of 3.19% for the first three months of 1999 compared to $373,573 with an average yield of 3.61% for the first three months of 1998. The average volume of time deposits decreased from $98.2 million for the first three months of 1998 to $96 million for the same time period in 1999, a decrease of $2.2 million or 2.2%. Interest expense on time deposits decreased to $1.3 million with an average yield of 5.33% for the first three months of 1999, compared to $1.4 million with an average yield of 5.63% for the same time period in 1998. Other borrowed funds increased to an average volume of $4.1 million with an average yield of 4.88%. An increase in volume of $533,333, and a decrease in yield of 50 basis points. Repurchase agreements were established during the second half of 1998 in an effort to attract new business customers. As of March 31, 1999 these accounts reported an average volume of $264,485 with an average yield of 4.04%. Subordinated debentures continued to decrease in the first quarter of 1999 to end the three month period at an average volume of $20,000 with a yield of 11.15%. As of March 31, 1999, all 9% debentures had been redeemed, and the 11% debentures reported an actual balance of $20,000. The redemption period for the 11% debentures is in the second phase, therefore, redemption activity should start increasing within the next few years. The redemption period refers to the period of time prior to maturity in which the redemption price is greater. The redemption prices and time periods for the 11% debentures are as follows:
11% Debentures August 1, 1998 - July 31, 2000 103% August 1, 2000 - July 31, 2002 102% August 1, 2002 - July 31, 2004 101%
In summary, the tax equivalent net interest income decreased from $2.3 million for the first three months of 1998 to $2.24 million for the first three months of 1999, a decrease of just over 3%. The net interest spread as defined on the "Average Balances and Interest Rates" report, was 3.52% for the first three months of 1999, compared to 3.86% for the same period in 1998. The yield on total interest earning assets decreased 75 basis points, while the yield on interest bearing liabilities decreased 41 basis points from 1998 to 1999 creating a decrease of 34 basis points in the net interest spread reported at 3.86% as of March 31, 1998 and 3.52% for March 31, 1999. ALLOWANCE FOR POSSIBLE LOSSES ON LOANS Management not only follows very structured underwriting guidelines, but also has in place a very thorough loan review policy. These measures help to insure the adequacy of the loan loss coverage. An ongoing review of the loan portfolio is conducted by the Executive Officers and the Board of Directors, who meet to discuss, among other matters, potential exposures. Factors considered are each borrower's financial condition, the industry or sector for the economy in which the borrower operates, and overall economic conditions. The Company also employs a Loan Review Officer whose duties include, among others, a review of the loan portfolio including delinquent and non-performing loans. Existing or potential problems are noted and addressed by senior management in order to assess the risk of probable loss or delinquency. A variety of loans are reviewed periodically by an independent firm in order to assure accuracy and compliance with various policies and procedures set by the regulatory authorities. Specific Allocations are made in situations management feels are at a greater risk for loss. A quarterly review of the Qualitative Factors, which among others are "Levels of, and Trends in, Delinquencies and Non-Accruals" and "National and Local Economic Trends and Conditions" helps to ensure that areas with potential risk are noted and coverage increased or decreased to reflect the trends in delinquencies and non-accruals. Residential first mortgage loans make up the largest part of the loan portfolio and have the lowest historical loss ratio helping to alleviate the overall risk. The valuation allowance for loan losses of $1.7 million as of March 31, 1999 constitutes 1.17% of the total gross loan portfolio, compared to $1.55 million or 1.04% for the same period in 1998. In management's opinion, this is adequate and reasonable, particularly in view of the fact that as of March 31, 1999, $121 million of the total loan portfolio, or 82.7% consists of real estate mortgage loans. Included in this total of $121 million are $96.4 million, or 66%, of one to four family residential mortgage loans. Figures for the same period a year ago are $122.3 million in real estate mortgage loans, or 81.9%, with a one to four family mortgage loan portfolio of $98.9 million or 66.2%. This large loan volume, together with the low historical loan loss experience helps to support our basis for loan loss coverage. Furthermore, if the eligible loan portfolio base were reduced by the aggregate of the residential mortgage loan sector of the portfolio, the valuation allowance for loan losses of $1.7 million would constitute 3.4% of the eligible loans, compared to 3.1% a year ago. In management's opinion, a loan portfolio consisting of 82.7% in residential and commercial real estate secured mortgage loans is by far more stable and less vulnerable than a portfolio with a higher concentration of unsecured commercial and industrial loans or personal loans. In May, 1993, the FASB issued SFAS No. 114, "Accounting by Creditors for Impairment of a Loan." The Company adopted this new rule effective for the 1995 calendar year as required. This statement allows the Company to classify its in-substance foreclosures as loans and disclose them as impaired loans, as long as regulatory guidelines are followed. Loans will generally be valued at the lower of either the present value of expected future cash flows discounted at the loan's effective interest rate or at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. This new rule was immaterial upon implementation, and continues to have no significant effect on the financial position or results of operation of the Company. Non-Performing assets for the Company are made up of three different types of loans, "90 Days or More Past Due", "Other Real Estate Owned" (OREO), and "Non-Accruing Loans". A comparison of these non-performing assets for 1999 and 1998 reveals an increase in all three non-performing portfolios. Non- accruing loans increased $207,194 or by 10.7%, loans 90 days or more past due increased $209,639 or by 78%, and OREO increased $25,899, or by 3.5%. The portfolio of non-accruing loans make up the biggest portion of the non- performing assets, and consists of $1.9 million or 89.2% of real estate secured mortgage loans for the first three months of 1999 compared to $1.7 million or 87.2% for the same period last year. Included in the 1999 total for loans past due 90 days or more is a loan carrying a 90% FSA guarantee. This results in a decrease of $106,991, or 22.4% in the total balance of $478,476. Non-performing assets as of March 31, 1999 and 1998 were made up of the following:
1999 1998 Non-Accruing loans $2,138,757 $1,931,563 Loans past due 90 day or more and still accruing 478,476 268,837 Other real estate owned 772,834 746,935 Total $3,390,067 $2,947,335
These totals of $3.39 million for 1999 and $2.95 million for 1998 equal 2.32% and 1.97% respectively, of total gross loans, as well as 1.5% and 1.4%, respectively of total assets. As of March 31, 1999, our reserve coverage of non-performance loans was 51% versus 53% a year ago. Other real estate owned is made up of property that the Company owns in lieu of foreclosure or through normal foreclosure proceedings, and property that the Company does not hold title to but is in actual control of, known as in-substance foreclosure. It is the policy of the Company to value property in other real estate owned at the appraised value or book value of the loan, whichever is less. Our procedure is to appraise the property to determine the value as well as to determine if a write-down is necessary to bring the book value of the loan equal to the appraised value, prior to including the property in other real estate owned. Appraisals are then done periodically thereafter charging any additional write-downs to an expense account for subsequent write-downs. Our current portfolio of other real estate owned equals $772,834. Ten properties were obtained through the normal foreclosure process, and five properties were deeded "In lieu of foreclosure". All of our properties are located in Vermont and consist of the following; land in Jay; two commercial condominium units and two commercial buildings in Newport; two single family residences in Newport; an apartment building in Orleans and one in Newport Center; land and a commercial building in Island Pond; a single family home in Averill, Glover and Barton, and a vacation home in Barton. The Company is actively attempting to sell all of the other real estate owned, and expects no material loss on any of these properties. Other real estate owned is by definition a non-earning asset, and as such has a negative impact on the Company's earnings. OTHER OPERATING INCOME AND EXPENSES Other operating income for the first quarter of 1999 was $373,472, compared to $296,763 for the first quarter of 1998, and $286,520 for the first quarter of 1997, an increase of $76,709 or 25.9% for 1999 versus 1998, and $10,243 or 3.6% for 1998 versus 1997. Other income reports the biggest increase for both comparison periods, reporting for 1999 versus 1998 an increase of $54,690 or 52.3%, and reporting a moderate $8,316 increase or 8.6% for 1998 versus 1997. Income from sold loans, a component of other income ended the first three months of 1999 at a figure of $23,692 compared to a deficit of $12,490, supporting part of the increase in other income for 1999 versus 1998. Exchange income for the first three months of 1998 was reported at $20,000 compared to $15,000 for the same period in 1997, helping to support that modest increase. Trust department income increased $18,780 or by 61.2% for the first quarter of 1999 versus 1998, with another moderate increase of $2,802 or 10% for 1998 versus 1997. An increase in the trust account portfolio provided healthy income for the first three months of 1999. Other operating expenses for the first quarter of 1999 was $1.85 million compared to $1.81 million for 1998, and $1.53 million for 1997 resulting in an increase of 2.1% for 1999 versus 1998, and 18.3% for 1998 versus 1997. Occupancy expense reported the biggest increase of $17,086 or 5.3% for 1999 versus 1998, while other expenses tallied the biggest increase of $127,136 or 27% for the first quarter of 1998 versus 1997. Furniture and equipment depreciation makes up most of the increase in occupancy expense for the first quarter comparisons of 1999 versus 1998. State deposit tax, a component of other expense, has increased substantially over the last two years due to an increase in the percentage base, thereby contributing $32,447 to the overall increase for the first quarter of 1998 versus 1997. Salaries, the largest portion of other operating expenses, reported the next biggest increase of $7,508 or 1.1% for 1999 versus 1998 and $79,023 or 12.6% for the first quarter of 1998 versus 1997. All components of other operating expenses are monitored by management, however, a quarterly review is performed on crucial components to assure that the accruals for these expenses are accurate. This helps alleviate the need to make drastic adjustments to these accounts that in turn effect the net income of the Company. The 1999 accruals are a little under, as the result of timing difference, but 1998 accruals are in line with actual expenses. A review during the first quarter of 1997 revealed over-accruals in various expense accounts. Reversals to a few select accounts helped to decrease the overall operating expenses and increase net income. APPLICABLE INCOME TAXES Income before taxes decreased from $694,916 for the first quarter of 1997 to $521,552 for the first quarter of 1998, and then increased to $554,349 for the first quarter of 1999, a decrease of $173,364 or 25% for 1998 versus 1997, and an increase of $32,797 or 6.3% for 1999 versus 1998. As a result, provisions for income taxes for the first quarter of 1998 decreased $60,955 compared to the same period for 1997, and increased $29,679 for the first quarter of 1999 compared to the first quarter of 1998, ending the first three months of 1999 at $143,552. EFFECTS OF INFLATION Rates of inflation affect the reported financial condition and results of operations of all industries, including the banking industry. The effect of monetary inflation is generally magnified in bank financial and operating statements. As costs and prices rise during periods of monetary inflation, cash and credit demands of individuals and businesses increase, and the purchasing power of net monetary assets declines. The Company depends primarily on a strong net interest income to enable its purchasing power to remain aggressive. FINANCIAL CONDITION The Financial Condition of the Company should be examined in terms and trends in sources and uses of funds. The table entitled "Average Balances and Interest Rates" is a comparison of daily average balances and is indicative of how sources and uses of funds have been managed. Reference to this table can once again be made to follow the comparative figures in the paragraphs below. Average earning assets grew by 4.9% in the first three months of 1999 as compared to the same period in 1998 to an average volume of $214.1 million. Loans, which totaled $146.8 million in 1999 and $149.6 million in 1998, comprised 68.6% and 73.3% respectively, of our earning assets with the average volume of loans decreasing $2.7 million or 1.8% in the first three months of 1999, compared to the same period in 1998. On March 31, 1999, residential real estate mortgages made up 66% of our portfolio, commercial loans made up 23% and personal loans made up 11%, compared to 66%, 22%, and 12%, respectively in 1998. Taxable investments made up 23.3% of our average earning assets in the first three months of 1999 compared to 16.3% in 1998 to end the period at an average volume of almost $50 million. Tax-exempt investments of just under $10 million made up 4.6% of our average earning assets in the first three months of 1999, compared to $11.7 million or 5.7% in 1998. Federal funds sold, which had an average volume of $3.47 million, made up 1.6% of our earning assets in the first three months of 1999 and $3.49 million or 1.7% in 1998. The Bank of Boston sweep account ended the three months comparison period at an average volume of $2.7 million for 1999 compared to $4.8 million for 1998, accounting for 1.3% and 2.3%, respectively, of earning assets. And ending the list of earning assets, other securities increased 1.2% making up .59% for the first quarter of 1999 and .61% for the first quarter of 1998. Historically, the Company has funded its growth by steady increases in its core deposits. The Company has no brokered deposits as mentioned earlier, nor does it rely on large certificates or other forms of volatile deposits to fund its growth in earning assets. As interest rates decline, there is a shift to savings and money market accounts, as customers await an opportunity to reinvest at higher rates. Conversely as rates increase, funds shift from savings and money market accounts to certificates of deposit to lock in higher yields. Currently, rates on CD's are slightly lower than they were last year at this time, therefore, the anticipated shift to savings and money market accounts is taking place, creating more of an increase in volume in these accounts. Time deposits decreased approximately 2.2% to an average volume of $96 million, accounting for 53.6% of the total interest bearing accounts for the first quarter of 1999, compared to $98.2 million in average volume and 56.5% of total interest bearing accounts for the first quarter of 1998. Savings accounts increased 2.6% to an average volume of almost $31 million accounting for 17.2% of the total interest bearing accounts for the first quarter of 1999, compared to an average volume of $30 million and 17.3% of total interest bearing accounts for the first quarter of 1998. An increase of 14.9% is noted in NOW and money market funds with an average volume of $48.2 million reported at the end of the first quarter of 1999 compared to approximately $42 million at the end of the first quarter of 1998. These volumes account for 27% and 24% respectively, of the total interest bearing liability accounts. Other borrowed funds with an average volume of $4.1 million accounts for 2.3% of total interest bearing liabilities for the first three months of 1999, and $3.5 million or 2%, respectively, for the first three months of 1998. The average volume of repurchase agreements of $264,485 accounts for .15% for the first three months of 1999. Subordinated debentures ends the list and makes the least contribution with an average volume of $20,000 comprising .01% of total interest bearing liabilities. CAPITAL RESOURCES The Corporation's stockholders' equity, which started the year at $22,002,059, was increased through earnings of $410,797 and sale of common stock of $230,809 through dividend reinvestment and debenture conversions. It was decreased by dividends of $497,754, purchase of treasury stock of $2,642 and an adjustment of $116,204 for valuation of allowance for securities, to end the first quarter of 1999 at $22,027,065 with a book value of $6.70 per share. All stockholders' equity is unrestricted. Additionally, it is noted that the net unrealized gain on valuation allowance for securities has decreased. A review of this activity shows that as the maturity date of the investments gets closer, the market price becomes favorably better, therefore, material loss is greatly reduced. The Company is required to maintain minimum amounts of capital to "risk weighted" assets, as defined by the banking regulators. The minimum requirements for Tier I and Total Capital are 4% and 8%, respectively. As of March 31, 1999, the Company continued to maintain ratios far above the minimum requirements with reported ratios of approximately 20% for Tier I and 22% for Total Capital. The Corporation intends to continue the Company's policy of maintaining a strong capital resource position to support its asset size and level of operations. Consistent with that policy, management will continue to anticipate the Company's future capital needs. From time to time the Corporation may make contributions to the capital of its subsidiaries, Community National Bank and Liberty Savings Bank. At present, regulatory authorities have made no demand on the Corporation to make additional capital contributions to the capital of either Community National Bank or Liberty Savings Bank. YEAR 2000 The Company is currently working to resolve the potential impact of the year 2000 (Y2K) on the processing of date-sensitive information by the Company's computerized information systems. The Y2K problem is the result of computer programs being written using two digits (rather than four) to define the applicable year. Any of the Company's systems that have date- sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000 which could result in miscalculations or systems failures. The Federal Reserve Board and other federal banking regulators (together known as the Federal Financial Institutions Examination Council, or "FFEIC") have developed joint guidelines and benchmarks for assessing Y2K risk, remediation of non-compliant systems and components and post-remediation testing and implementation. In an effort to correctly assess the effect of Y2K on the financial position of the Company and assess our readiness for Y2K, a Y2K committee was organized which meets on a regular basis to keep executive management and the Board of Directors informed of our progress towards Y2K compliance. The committee has developed strategic, customer awareness, customer risk assessment, test and contingency plans. In accordance with FFEIC guidelines, the Y2K committee has defined five phases in the Y2K project management: Phase I - Awareness Phase In this phase we defined the problem and gained executive level commitment. The Y2K committee developed an overall strategy. This phase has been completed. Phase II - Assessment Phase During this phase, we assessed the size and complexity of the Y2K issues and identified both information technology (IT) and non-IT systems that could be affected by the change. At this time, we also identified mission-critical and non-mission-critical systems. We define mission-critical systems as vital to the successful continuation of our core business activities. Our core business activities include servicing deposits, servicing loans, item processing and accounting, originating deposits, originating loans, investments, and trust. The mission- critical systems that support our core business activities include our AS/400 (mainframe computer) and operating system; check processing software; check sorters; loan, deposit and account origination software; Fedline (interface to the Federal Reserve Bank); and trust accounting software. Other systems not deemed mission-critical, but important, include human resources; payroll; ATM networks; voice banking system; heating and faxes. We also evaluated the Y2K effect on strategic business initiatives. We assessed the risk exposure of our customers as funds providers, funds takers, and capital market/asset counter-parties. This phase has been completed, however, we continue to monitor our exposure on an on-going basis. Phase III - Renovation Phase This phase includes hardware and software upgrades or replacements and other changes. No mission-critical hardware or software needed to be replaced. All our software applications are provided by vendors and these applications were already Y2K compliant when we began the renovation phase. We are however replacing several PCs supporting non-mission critical applications. This will be complete by 6/30/99. Phase IV - Validation Phase This is the testing phase. During this phase, the systems identified in Phase II (Assessment) are tested for Y2K compliance. Systems that were deemed mission-critical were tested first. We have now started testing the remaining systems. All mission-critical systems were tested by 12/31/98 and were in compliance. Non-mission-critical systems will be tested by 6/30/99. Phase V - Implementation Phase January 1, 2000 will be a processing day. If we detect any failures of our mission-critical systems, we will implement our contingency plans as appropriate. The Company does not write any source programming code and is therefore dependent upon external vendors and service providers to alter their programs to become Y2K compliant. We have received certification from our vendors as to their product compliance, however, we tested all mission-critical and non- mission-critical systems identified in Phase II. We have identified the following timetable for the testing phase: 12/31/98 testing of internal mission-critical systems was completed 03/31/99 testing with service providers for mission-critical systems should be complete 06/30/99 testing of non-mission-critical systems should be complete.
As of 12/31/98, we had completed the testing of all mission-critical systems and noted only a few minor date formatting errors in loan documentation for which we will receive corrections and will be installed during the second quarter of 1999. These minor errors do not affect any calculations and do not affect our ability to process loans. We began testing of the non-mission-critical systems during the first quarter of 1999 and testing was substantially completed by 3/31/99. At this time, we expect to have all our mission-critical and non-mission-critical systems Y2K compliant by 6/30/99. We do not anticipate any major upgrades to existing systems before year 2000. The costs involved in addressing potential problems are not currently expected to have a material impact on the Company's financial position, results of operations, or cash flows in future periods. During 1998, we budgeted $63,750 and actually spent $67,000 for Y2K testing and upgrades. The costs included testing of our contingency site, replacement of 10 PCs not Y2K compliant, and proxy testing of some of our mission-critical systems. We have not calculated the personnel costs relating to Y2K, however, we did not have to hire additional personnel in our Y2K efforts. For 1999, we have budgeted $77,000. As of the end of the first quarter, total expenses of $26,810 were reported. Projected expenses include the replacement of additional PCs, PC software upgrades, consulting services, testing, travel and education. Y2K costs are expensed from current earnings. No new projects have been deferred due to the Y2K effort. The yearly software update to our core system provided by one of our vendors has been postponed by the vendor until 2000 in an effort to minimize changes to an already compliant system. This will not have an effect on our operations. We have reviewed the credit risk our commercial borrowers may pose to us if they are not Y2K compliant. At this time, we have identified only a small number of customers deemed as high risk customers, and their inability or failure to repay their loans as scheduled would not have a material impact on the Company. The worst case scenario relating to Y2K is that we would not have electrical power. If this were the case, our contingency plan is to operate in a manual mode. We have plans for hiring temporary help in this situation. The next worst case scenario is that telephones would be unavailable. If this were the case, the Derby branch could be fully operational. Other branches would need to service deposits in an off-line mode. Requests for account and loan origination could be directed to the Derby branch. Assuming we have electricity and telephones, we anticipate our core systems to be functional. Our Y2K contingency plan is based on our disaster recovery plan written to respond to a complete core system outage. Our contingency plan also outlines manual processes in the event of individual component failures. During the second quarter of 1999, outside consultants will review the feasibility of our contingency plans. PART II. Item 1 Legal Proceedings Community National Bank is currently involved in a lawsuit against the State of Vermont. The issue involves OREO property that is on "filled land" on the shores of Lake Memphremagog in the City of Newport. According to a so- called "public trust doctrine", the State of Vermont might have ownership of any lands created by filling any portion of the navigable waters of the state. The result of this is that the Bank has been unable to sell these properties because some attorneys will not clear title to the property. The suit filed is an attempt to clear title to said properties by seeking judicial clarification of the public trust doctrine. The outcome of the suit is not likely to have a material impact on the financial statements of the Bank or consolidated Company. Other than the lawsuit above, there are no pending legal proceedings to which the Company is a party or of which any of its property is the subject, other than routine litigation incidental to its banking business. Item 6 Exhibits and Reports on Form 8-K Exhibits - None Reports on Form 8-K - None 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. COMMUNITY BANCORP. DATED: May 13, 1999 By: /s/ Richard C. White Richard C. White, President DATED: May 13, 1999 By: /s/ Stephen P. Marsh Stephen P. Marsh, Vice President & Treasurer EX-27 2
9 1000 3-MOS DEC-31-1999 MAR-31-1999 4,594 3,416 2,000 0 26,606 36,749 36,731 146,260 1,713 227,068 199,441 461 1,059 4,080 0 0 8,297 13,730 227,068 3,177 807 66 4,050 1,820 1,872 2,178 150 0 1,847 554 554 0 0 411 .13 .13 7.60 2,139 478 123 1,615 1,659 117 21 1,713 1,713 0 233
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