-----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, WgnZsREYt527vCwAaE8XoAOtKGwjBxRcfnGFn9kCyfid6iD+4M5IbQSNFtSTTV0D I31ae/KWpXgr/FtZ3poUIg== 0000950124-98-004323.txt : 19980813 0000950124-98-004323.hdr.sgml : 19980813 ACCESSION NUMBER: 0000950124-98-004323 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNB CORP /MI/ CENTRAL INDEX KEY: 0000779125 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 362662386 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-00737 FILM NUMBER: 98683165 BUSINESS ADDRESS: STREET 1: PO BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 BUSINESS PHONE: 6166277111 MAIL ADDRESS: STREET 1: P O BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 10-Q 1 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 Commission file # 0-28388 CNB CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2662386 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 303 North Main Street, Cheboygan, MI 49721 (Address of principal executive offices, including Zip Code) (616) 627-7111 (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 ( ) As of August 6, 1998 there were 1,026,686 shares of the issuer's common stock outstanding. 2 PART I - FINANCIAL INFORMATION ITEM 1- FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (in thousands) - ------------------------------------------
June 30, December 31, 1998 1997 ASSETS (UNAUDITED) Cash and due from banks $ 9,265 $ 6,004 Federal funds sold 8,600 13,300 --------------------- --------------------- Total cash and cash equivalents 17,865 19,304 Interest-earning deposits 1,000 1,000 Securities available for sale 26,948 19,162 Securities held to maturity(market value of $ 38,296 in 1998 and $ 42,718 in 1997) 38,066 42,483 Other securities 753 716 Loans, net 105,470 101,797 Premises and equipment, net 2,922 2,686 Other assets 4,049 3,674 --------------------- --------------------- Total assets $ 197,073 $ 190,822 ===================== ===================== LIABILITIES Deposits Non-interest bearing $ 30,480 $ 23,769 Interest-bearing 145,531 146,557 --------------------- --------------------- Total deposits 176,011 170,326 Other liabilities 2,072 2,351 --------------------- --------------------- Total liabilities 178,083 172,677 --------------------- --------------------- SHAREHOLDERS' EQUITY Common stock, $2.50 par value, 2,000,000 shares authorized, shares outstanding 06/30/98-1,025,984; 12/31/97-977,289 2,565 2,443 Additional paid-in capital 8,554 6,583 Retained earnings 7,803 9,066 Unrealized gains(losses) on securities available for sale, net of tax 68 53 --------------------- --------------------- Total shareholders' equity 18,990 18,145 --------------------- --------------------- Total liabilities and shareholders' equity $ 197,073 $ 190,822 ===================== =====================
See accompanying notes to consolidated financial statements. 3 CONSOLIDATED STATEMENTS OF INCOME(in thousands) - -----------------------------------------------
Three months ended Six months ended June 30, June 30, 1998 1997 1998 1997 (UNAUDITED) INTEREST INCOME Loans, including fees $ 2,486 $ 2,384 $ 4,898 $ 4,632 Securities Taxable 886 773 1,700 1,559 Tax-exempt 114 86 222 184 Federal funds sold 107 129 285 201 ----------------------------------------------------------------- Total interest income 3,593 3,372 7,105 6,576 ----------------------------------------------------------------- INTEREST EXPENSE ON DEPOSITS 1,608 1,496 3,228 2,905 ----------------------------------------------------------------- NET INTEREST INCOME 1,985 1,876 3,877 3,671 Provision for loan losses 25 25 50 50 ----------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,960 1,851 3,827 3,621 ----------------------------------------------------------------- NON-INTEREST INCOME Service charges and fees 222 196 418 370 Loan sales and servicing fees 59 54 106 86 Other income 55 43 110 93 ----------------------------------------------------------------- Total non-interest income 336 293 634 549 ----------------------------------------------------------------- NON-INTEREST EXPENSES Salary and employee benefits 741 700 1,390 1,396 Occupancy 154 156 307 305 Supplies 48 44 99 88 Other expenses 270 291 494 511 ----------------------------------------------------------------- Total non-interest expenses 1,213 1,191 2,290 2,300 ----------------------------------------------------------------- INCOME BEFORE INCOME TAXES 1,083 953 2,171 1,870 Income tax expense 328 292 626 568 ----------------------------------------------------------------- NET INCOME $ 755 $ 661 $ 1,545 $ 1,302 ================================================================= Other comprehensive income, net of tax: Change in unrealized gains (loss) on securities 7 36 15 23 ----------------------------------------------------------------- Comprehensive income $ 762 $ 697 $ 1,560 $ 1,325 ================================================================= Return on average assets (annualized) 1.58% 1.51% 1.61% 1.49% Return on average equity (annualized) 16.14% 14.95% 16.51% 14.89% Basic earnings per share $ 0.74 $ 0.65 $ 1.51 $ 1.27 Diluted earnings per share $ 0.74 $ 0.65 $ 1.51 $ 1.27
All per share statistics have been retroactively adjusted to reflect the 5% stock dividends on June 25, 1997 and February 20, 1998. See accompanying notes to consolidated financial statements. 4 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(in thousands)
Unrealized Gains(Losses) On Securities Available for Common Capital Retained Sale, Net of Stock Surplus Earnings Tax Total ----- ------- -------- -------------- -------- (UNAUDITED) Balance-January 1, 1997 $ 2,327 $ 4,979 $ 9,749 $ (2) $ 17,053 Net Income, 1997 2,880 2,880 Cash dividends $ 1.79 per (1,841) (1,841) share 5% stock dividend (a) 116 1,599 (1,722) (7) Shares issued under stock plan 5 5 Net change in unrealized gains (losses) on securities available for sale, net of tax 55 55 ------------------------------------------------------------------------- Balance-December 31, 1997 2,443 6,583 9,066 53 18,145 Net Income YTD 1998 1,545 1,545 Cash dividends $ .70 per (718) (718) share 5% stock dividend (a) 122 1,968 (2,090) Shares issued under stock plan 3 3 Net change in unrealized gains (losses) on securities available for sale, net of tax 15 15 ------------------------------------------------------------------------- Balance-June 30, 1998 $ 2,565 $ 8,554 $ 7,803 $ 68 $ 18,990 =========================================================================
(a) All per share statistics have been retroactively adjusted to reflect the 5% stock dividends on June 25, 1997 and February 20, 1998. See accompanying notes to consolidated financial statements. 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) - ----------------------------------------------------
Six months ended June 30, 1998 1997 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 1,545 $ 1,302 Adjustments to reconcile net income to net cash from operating activities Depreciation 131 134 Accretion and amortization of investment securities, net 19 71 Provision for loan losses 50 50 Loans originated for sale (6,700) (2,040) Proceeds from sales of loans originated for sale 6,702 2,042 Gain on sales of loans (2) (2) Increase in other assets (382) (372) Increase in other liabilities 193 252 -------------- -------------- Total adjustments 11 135 -------------- -------------- Net cash from operating activities 1,556 1,437 -------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from maturities of securities available for sale 2,214 2,000 Purchase of securities available for sale (10,005) (5,666) Proceeds from maturites of securities held to maturity 11,834 11,942 Purchase of securities held to maturity (7,409) (7,728) Purchase of other securities (37) (536) Net increase in portfolio loans (3,723) (6,745) Premises and equipment expenditures (367) (56) -------------- -------------- Net cash from investing activities (7,493) (6,789) CASH FLOWS FROM FINANCING ACTIVITIES Net increase in deposits 5,685 10,786 Dividends paid (1,190) (1,123) Proceeds from exercise of stock options 3 -------------- -------------- Net cash from financing activities 4,498 9,663 Net change in cash and cash equivalents (1,439) 4,311 Cash and cash equivalents at beginning of year 19,304 10,104 -------------- -------------- Cash and cash equivalents at end of period $ 17,865 $ 14,415 ============== ============== Cash paid during the period for Interest $ 3,268 $ 2,527 Income taxes $ 701 $ 680
See accompanying notes to consolidated financial statements. 6 NOTES TO FINANCIAL STATEMENTS Note 1 - Basis of Presentation The consolidated financial statements include the accounts of CNB Corporation and its wholly-owned subsidiary, Citizens National Bank of Cheboygan, after elimination of significant intercompany transactions and accounts. The statements have been prepared by management without audit by independent certified public accountants. However, these statements reflect all adjustments (consisting of normal recurring accruals) and disclosures which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented and should be read in conjunction with the notes to the financial statements included in the CNB Corporation's Form 10-K for the year ended December 31, 1997. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Because the results of operations are so closely related to and responsive to changes in economic conditions, the results for any interim period are not necessarily indicative of the results that can be expected for the entire year. Note-2 Earnings Per Share Basic earnings per share is calculated solely on weighted-average common shares outstanding. Diluted earnings per share will reflect the potential dilution of stock options and other common stock equivalents. All prior calculations will be restated to be comparable to the new methods. 7 ITEM 2-MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion provides information about the consolidated financial condition and results of operations of CNB Corporation and its subsidiary, Citizens National Bank of Cheboygan ("Bank") for the six month period ending June 30, 1998. FINANCIAL CONDITION CNB Corporation's earnings for the six month period ending June 30, 1998 were $1.5 million, an 18.7% increase over the same period last year. Earnings for the quarter ending June 30 were $755,000 compared to $662,000 for the same period last year. The increase can be attributed to an increase in interest as well as non-interest income. Earnings per share increased to $1.51 per share in 1998 from $1.27 per share in 1997. Return on average assets for the six month period ending June 30, 1998 was 1.61% compared to 1.49% for the same period last year. Return on average equity was 16.51% compared to 14.89% last year. Net interest income for the six months ending June 30, 1998 was $3.9 million compared to $3.7 million in 1997. For the quarter ending June 30, 1998, net interest income was $2.0 million compared to $1.9 million for the same period last year. The increases can be attributed to an increase in volume of interest-earning assets. Non-interest income increased 15.5% to $634,000 from the same period last year which is a result of the Bank selling more residential real estate to the secondary market. For the six months ending June 30, 1998 the Bank has sold $6.7 million to the secondary market compared to $2.0 million sold in 1997. Non-interest expenseS decreased slightly for the six months ending June 30, 1998 compared to 1997 while the quarter to quarter comparison saw an increase of 1.9%. There was no significant change in the income tax position of the Company during the first half of 1998 with the increase corresponding to an increase in pre-tax income. SECURITIES Securities increased $3.4 million or 5.5% since December 31, 1997. The available for sale portfolio increased to 41.4% up from 31.1% at year-end. Currently, the Company primarily maintains a short-term securities portfolio. The amortized cost and fair values of securities were as follows:
Gross Gross Amortized Unrealized Unrealized Fair Available for sale Cost Gains Losses Value ------------------------------------------------------------------ JUNE 30, 1998 U.S. Government and agency $ 24,065 $ 48 $ (11) $ 24,102 State and municipal 2,780 66 2,846 ------------------------------------------------------------------ $ 26,845 $114 $ (11) $ 26,948 ==================================================================
8
Gross Gross Amortized Unrealized Unrealized Fair Available for sale Cost Gains Losses Value ------------------------------------------------------------------ DECEMBER 31, 1997 U.S. Government and agency $16,085 $ 39 $ (8) $16,116 State and municipal 2,997 49 3,046 ------------------------------------------------------------------ $19,082 $ 88 $ (8) $19,162 ================================================================== Held to maturity JUNE 30, 1998 U.S. Government and agency $20,043 $102 $ (9) $20,136 State and municipal 18,023 150 (13) 18,160 ------------------------------------------------------------------ $38,066 $252 $(22) $38,296 ================================================================== Held to maturity DECEMBER 31, 1997 U.S. Government and agency $28,529 $137 $(26) $28,640 State and municipal 13,954 135 (11) 14,078 ------------------------------------------------------------------ $42,483 $272 $(37) $42,718 ==================================================================
The amortized cost and fair value of securities by contractual maturity at current date are shown below, in thousands of dollars.
Available for Sale Held to Maturity --------------------- -------------------------- Amortized Fair Amortized Fair Cost Value Cost Value --------- ----- --------- ----- Due in one year or less $ 7,230 $ 7,239 $21,128 $21,181 Due after one year through five years 18,771 18,822 13,877 13,965 Due after five years through ten years 844 887 2,851 2,916 Due after ten years 210 234 ------------------------------------------------------------- Total $26,845 $26,948 $38,066 $38,296 =============================================================
LOANS Loans at June 30, 1998 increased $3.7 million or 3.6% from December 31, 1997. Residential real estate mortgages increased for the period by $3.0 million or 4.9% as the Bank continues to retain, rather than sell on the secondary market, residential mortgages of 15 years or less. As the yield on these loans is greater than the yield available on the types of securities the Bank invests in, this increase will help maintain the Bank's net interest margin. The table below shows total loans outstanding by type, in thousands of dollars, at June 30, 1998 and December 31, 1997, and their percentage of the total loan portfolio. All loans are domestic. A quarterly review of loan concentrations at June 30, 1998 indicates the pattern of loans in the portfolio has not changed. There is no individual industry with more than a 10% concentration. However, all tourism related businesses, when combined, total 10.4% of total loans. 9
June 30, 1998 December 31, 1997 Portfolio loans: Balance % of total Balance % of total ------- ---------- ------- ---------- Residential real estate $ 63,754 59.55% $ 60,754 58.78% Consumer 10,659 9.96% 10,009 9.68% Commercial real estate 20,425 19.08% 20,899 20.22% Commercial 12,214 11.41% 11,705 11.32% ---------------------------------------------------------------------- 107,052 100.00% 103,367 100.00% Deferred loan origination fees, net (110) (128) Allowance for loan losses (1,472) (1,442) ----------------- ------------------- $105,470 $101,797 ================= ===================
ALLOWANCE FOR LOAN LOSSES An analysis of the allowance for loan losses, in thousands of dollars, for the six months ended June 30, follows:
1998 1997 ---------- ---------- Beginning balance $1,442 $1,361 Provision for loan losses 50 50 Charge-offs (27) (9) Recoveries 7 13 --------------- ---------------- Ending balance $1,472 $1,415 =============== ================
The Company had no impaired loans for 1998 and 1997. CREDIT QUALITY The Company maintains a high level of asset quality as a result of actively managing delinquencies, nonperforming assets and potential problem loans. The Company performs an ongoing review of all large credits to watch for any deterioration in quality. Nonperforming loans are comprised of: (1) loans accounted for on a nonaccrual basis; (2) loans contractually past due 90 days or more as to interest or principal payments (but not included in nonaccrual loans in (1) above); and (3) other loans whose terms have been renegotiated to provide a reduction or deferral of interest or principal because of a deterioration in the financial position of the borrower (exclusive of loans in (1) or (2) above). The aggregate of nonperforming loans is shown in the table below.
June 30, December 31, 1998 1997 ---------- ------------ (In thousands) Nonaccrual $ 8 $ 21 Loans past due 90 days or more 169 78 Troubled debt restructurings =============== =============== Total nonperforming loans $ 177 $ 99 =============== =============== Percent of total loans 0.17% 0.10%
10 DEPOSITS The Company's deposit activity increased $5.7 million or 3.3% since December 31, 1997. This growth can be attributed to seasonal activity. LIQUIDITY AND FUNDS MANAGEMENT For the first half of 1998, the Company's net cash from operating activities as well as financing activities allowed the $3.7 million dollar growth in our loan portfolio. The Company maintains a steady schedule of investment securities maturing each month to help meet liquidity needs. The Company does not anticipate any significant changes in its seasonal pattern. FUNDS MANAGEMENT The following chart shows the Company's interest rate sensitivity as of June 30, 1998, in thousands:
Up to 4 to 12 1 to 5 Over 3 Months Months Years 5 Years Total -------- ------ ----- ------- ----- Federal funds sold $ 8,600 $ $ $ $ 8,600 Interest-earning deposits 1,000 1,000 Taxable investment securities 8,400 19,373 29,316 57,089 Non-taxable investment securities 99 1,577 3,724 2,525 7,925 Loans 31,199 24,212 34,713 16,818 106,942 ----------------------------------------------------------------------------- Total rate sensitive assets $ 49,298 $ 45,162 $ 67,753 $ 19,343 $ 181,556 =========== Interest-bearing demand deposits $ 1,461 $ 3,942 $ 9,198 $ $ 14,601 Savings 5,715 5,146 12,004 22,865 Money market savings 20,216 7,395 17,250 44,861 Time deposits 19,186 24,016 19,986 16 63,204 ----------------------------------------------------------------------------- Total rate sensitive liabilities 46,578 40,499 58,438 16 $ 145,531 =========== Gap $ 2,720 $ 4,663 $ 9,315 $ 19,327 ------------------------------------------------------------ Cumulative gap $ 2,720 $ 7,383 $ 16,698 $ 36,025 ============================================================ Cumulative ratio 105.84% 111.51% =============================
Management reviews the rate and term of any callable security in the portfolio. The probability of call is used as the basis for determining a repricing date. Management believes that the difference between rate sensitive assets and rate sensitive liabilities ("Gap") overstates true interest rate sensitivity. Interest exposure is not as significant as expressed in the above schedule. Even though the Company has the contractual right to make a change in certain deposit rates, given its competitive position, management believes that liabilities do not need to be repriced as soon as rates begin to move. 11 CAPITAL RESOURCES The capital ratios of the Company and Bank exceed the regulatory guidelines for well capitalized institutions. The following table shows the Company's capital ratios and ratio calculations for the periods ended . Dollars are shown in millions.
Minimum Required To Be Well Minimum Required Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Regulations -------------------------------------------------------------------------------------- Amount Ratio Amount Ratio Amount Ratio ------ ----- ------ ----- ------ ----- JUNE 30, 1998 Total capital (to risk weighted assets) Consolidated $20.2 19.0% $8.5 8.0% $10.6 10.0% Bank 19.9 19.0% 8.5 8.0% 10.6 10.0% Tier 1 capital (to risk weighted assets) Consolidated 18.9 17.8% 4.3 4.0% 6.4 6.0% Bank 18.9 17.8% 4.3 4.0% 6.4 6.0% Tier 1 capital (to average assets) Consolidated 18.9 9.8% 7.7 4.0% 9.7 5.0% Bank 18.9 9.8% 7.7 4.0% 9.7 5.0% DECEMBER 31, 1997 Total capital (to risk weighted assets) Consolidated $18.9 19.0% $8.0 8.0% $10.0 10.0% Bank 18.9 19.0% 8.0 8.0% 10.0 10.0% Tier 1 capital (to risk weighted assets) Consolidated 17.7 17.7% 4.0 4.0% 6.0 6.0% Bank 17.7 17.7% 4.0 4.0% 6.0 6.0% Tier 1 capital (to average assets) Consolidated 17.7 9.9% 7.1 4.0% 8.9 5.0% Bank 17.7 9.9% 7.1 4.0% 8.9 5.0%
12 NET INTEREST INCOME The following table shows the daily average Consolidated Balance Sheet, revenue on earning assets (on a pre-tax basis), expense on interest-bearing liabilities, and the annualized effective rate or yield for the six month periods ending June 30, in thousands:
1998 1997 Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate ------- -------- ---- ------- -------- ---- Interest-earning assets: Interest-earning deposits $ 1,000 29 5.80% $ Federal funds sold 9,951 285 5.73% 7,015 188 5.36% Total securities 65,266 1,893 5.80% 58,512 1,756 6.00% Loans 104,148 4,898 9.41% 99,105 4,632 9.35% --------------------------- --------------------------- Total interest- earning assets 180,365 7,105 7.88% $164,632 6,576 7.99% -------------------------- ------------------------------ Cash and due from banks 6,070 5,442 Premises and equipment, net 2,759 2,635 Other assets 2,361 2,460 ----------- ---------- Total $191,555 $175,169 =========== ========== Interest-bearing liabilities: Interest-bearing demand deposits $ 14,376 170 2.37% 13,575 161 2.37% Savings 67,366 1,280 3.80% 23,463 334 2.85% Time deposits 66,218 1,778 5.37% 98,478 2,409 4.89% --------------------------- --------------------------- Total interest- bearing deposits 147,960 3,228 4.36% 135,516 2,904 4.29% ---------------------------- ------------------------------ Non-interest bearing deposits 23,032 20,503 Other liabilities 1,851 1,658 Shareholders' equity 18,712 17,492 ----------- ---------- Total $191,555 $175,169 =========== ========== Net interest income $3,877 $3,672 ============== ============= Net interest spread 3.52% 3.70% ============ ============= Net yield on interest- earning assets 4.30% 4.46% ============ =============
13 YEAR 2000 ISSUE This global issue poses a threat to businesses everywhere. The problems, which will evidence themselves in the year 2000, derive from a two digit limitation in source programming for calendar years. The Company has assembled an internal technology committee to thoroughly identify and correct any potential problems in this area well ahead of the year 2000. Our mission is to continue to offer continuous quality financial services, which meet the needs of the customers and communities we serve, into the next millennium. We are committed to allocating sufficient resources, capital, and personnel to accomplish our mission. We will identify Y2K risk to bank and holding company, develop plans and programs to lower risk to acceptable levels, develop backup plans for failure and adhere to regulatory requirements. ACCOUNTING CHANGES In 1998, the FASB issued SFAS No. 130, "Reporting Comprehensive Income", which requires that financial statements include comprehensive income in addition to net income. SFAS No. 130 is effective for fiscal years beginning after December 15, 1997, beginning with the first interim period. 14 PART II- OTHER INFORMATION ITEM 4-SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 6- EXHIBITS AND REPORTS OF FORM 8-K a.) None b.) 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. CNB Corporation ----------------------------------------- (Registrant) Date: August 6, 1998 /s/ Robert E. Churchill -------------------------- ----------------------------------------- Robert E. Churchill President and Chief Executive Officer Date: August 6, 1998 /s/ John F. Ekdahl -------------------------- ----------------------------------------- John F. Ekdahl Senior Vice President Date: August 6, 1998 /s/ Susan A. Eno -------------------------- ----------------------------------------- Susan A. Eno Senior Vice President 15 INDEX TO EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 27 Financial Data Schedule EX-27 2 EXHIBIT 27
9 1,000 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 9,265 1,000 8,600 0 26,948 38,066 38,296 106,942 1,472 197,073 176,011 0 2,072 0 0 0 2,565 16,425 197,073 4,898 2,207 0 7,105 3,228 3,228 3,877 50 0 2,290 2,171 2,171 0 0 2,171 1.51 1.51 4.30 8 169 0 0 1,442 27 7 1,472 1,472 0 0
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