-----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, C3BT6b6NMsDBW9gHCj5SD+WxRGitdPOwb+/bQYwCLwQ4TL1jC7PUf3i+a+nlaSBw afDatPFV1UQYw78a5bJkrw== 0000799166-00-000001.txt : 20000512 0000799166-00-000001.hdr.sgml : 20000512 ACCESSION NUMBER: 0000799166-00-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASSBANK CORP CENTRAL INDEX KEY: 0000799166 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 042930382 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15137 FILM NUMBER: 625447 BUSINESS ADDRESS: STREET 1: 123 HAVEN STREET CITY: READING STATE: MA ZIP: 01867 BUSINESS PHONE: 6179428192 MAIL ADDRESS: STREET 1: 123 HAVEN STREET CITY: READING STATE: PA ZIP: 01867 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q /x/ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______________to____________ Commission File Number 0-15137 MASSBANK Corp. (Exact name of registrant as specified in its charter) Delaware 04-2930382 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 123 HAVEN STREET Reading, Massachusetts 01867 (Address of principal executive offices, including Zip Code) Registrant's telephone number, including area code: (781) 662-0100 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 [ ] The number of shares outstanding of the issuer's classes of common stock, as of the latest practicable date is: Class: Common stock $1.00 per share. Outstanding at April 30, 2000: 3,255,693 shares. MASSBANK CORP. AND SUBSIDIARIES INDEX PART I - FINANCIAL INFORMATION Page ITEM 1. Financial Statements Consolidated Balance Sheets as of March 31, 2000 (unaudited) and December 31, 1999 3 Consolidated Statements of Income (unaudited) for the three months ended March 31, 2000 and 1999 4 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2000 (unaudited) and the year ended December 31, 1999 5 - 6 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2000 and 1999 7 - 8 Condensed Notes to the Consolidated Financial Statements 9 - 10 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 - 27 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 27 PART II - OTHER INFORMATION ITEM 1. Legal Proceedings 28 ITEM 2. Changes in Securities 28 ITEM 3. Defaults Upon Senior Securities 28 ITEM 4. Submission of Matters to a Vote of Security Holders 28 ITEM 5. Other Information 28 ITEM 6. Exhibits and Reports on Form 8-K 28 Signature Page 29 MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands except share data)
March 31, December 31, 2000 1999 (unaudited) Assets: Cash and due from banks $ 9,713 $ 10,476 Short-term investments (Note 3) 133,451 110,928 ________________________________________________________________________________ Total cash and cash equivalents 143,164 121,404 Interest-bearing deposits in banks 3,290 3,841 Securities held to maturity, at amortized cost (market value of $230 in 2000 and 1999) 230 230 Securities available for sale, at market value (amortized cost of $445,223 in 2000 and $453,844 in 1999) 444,423 457,502 Trading securities, at market value 1,115 6,042 Loans: (Note 4) Mortgage loans 285,712 288,580 Other loans 36,438 36,785 Less: allowance for loan losses (2,569) (2,555) ________________________________________________________________________________ Net loans 319,581 322,810 Premises and equipment 4,046 4,127 Real estate acquired through foreclosure -- 62 Accrued interest receivable 5,083 5,045 Goodwill 1,264 1,288 Deferred income tax asset, net 1,593 292 Other assets 1,890 2,073 ________________________________________________________________________________ Total assets $925,679 $924,716 Liabilities and Stockholders' Equity: Deposits $820,604 $818,057 Escrow deposits of borrowers 1,552 1,477 Employee stock ownership plan liability 468 468 Accrued income taxes payable 1,136 -- Deferred income taxes payable -- 199 Other liabilities 2,780 3,036 ________________________________________________________________________________ Total liabilities 826,540 823,237 Stockholders' Equity: Preferred stock, par value $1.00 per share; 2,000,000 shares authorized, none issued -- -- Common stock, par value $1.00 per share; 10,000,000 shares authorized, 7,408,382 and 7,407,432 shares issued, respectively 7,408 7,407 Additional paid-in capital 60,734 60,591 Retained earnings 87,769 85,873 ________________________________________________________________________________ 155,911 153,871 Accumulated other comprehensive income: (Note 5) Net unrealized gains on securities available for sale, net of tax effect (711) 1,966 Treasury stock at cost, 4,157,289 and 4,096,189 shares, respectively (55,593) (53,890) Common stock acquired by ESOP (468) (468) ________________________________________________________________________________ Total stockholders' equity 99,139 101,479 ________________________________________________________________________________ Total liabilities and stockholders' equity $925,679 $924,716 See accompanying condensed notes to consolidated financial statements.
MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three months ended March 31, (In thousands except share data) 2000 1999 ______________________________________________________________________________ Interest and dividend income: Mortgage Loans $ 5,010 $ 5,125 Other loans 716 435 Securities available for sale: Mortgage-backed securities 4,810 4,455 Other securities 2,405 2,107 Trading securities 41 270 Federal funds sold 1,500 1,663 Other investments 228 318 ______________________________________________________________________________ Total interest and dividend income 14,710 14,373 ______________________________________________________________________________ Interest expense: Deposits 8,421 8,233 ______________________________________________________________________________ Total interest expense 8,421 8,233 ______________________________________________________________________________ Net interest income 6,289 6,140 Provision for loan losses 15 50 ______________________________________________________________________________ Net interest income after provision for loan losses 6,274 6,090 ______________________________________________________________________________ Non-interest income: Deposit account service fees 174 178 Gains on securities, net 967 1,378 Other 171 185 ______________________________________________________________________________ Total non-interest income 1,312 1,741 ______________________________________________________________________________ Non-interest expense: Salaries and employee benefits 1,820 1,869 Occupancy and equipment 572 547 Data processing 128 125 Professional services 168 114 Advertising and marketing 55 48 Amortization of intangibles 82 80 Other 355 385 ______________________________________________________________________________ Total non-interest expense 3,180 3,168 ______________________________________________________________________________ Income before income taxes 4,406 4,663 Income tax expense 1,578 1,750 ______________________________________________________________________________ Net income $ 2,828 $ 2,913 ______________________________________________________________________________ Weighted average common shares outstanding: Basic 3,263,124 3,450,888 Diluted 3,337,359 3,567,313 Earnings per share (in dollars): Basic $ 0.87 $ 0.84 Diluted 0.85 0.82 See accompanying condensed notes to consolidated financial statements.
MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY For The Three Months Ended March 31, 2000 (unaudited) (In thousands except share data)
ACCUMULATED COMMON ADDITIONAL OTHER STOCK COMMON PAID-IN RETAINED TREASURY COMPREHENSIVE ACQUIRED STOCK CAPITAL EARNINGS STOCK INCOME BY ESOP TOTAL ________ __________ _________ __________ __________ _________ ________ Balance at December 31, 1999 $7,407 $60,591 $85,873 $(53,890) $ 1,966 $(468) $101,479 Net Income -- -- 2 ,828 -- -- -- 2,828 Other comprehensive (loss), net of tax: Unrealized losses on securities, net of reclassification adjustment (Note 5) -- -- -- -- (2,677) -- (2,677) _____ Comprehensive income 151 Cash dividends declared and paid ($0.285 per share) -- -- (934) -- -- -- (934) Tax benefit resulting from dividends paid on unallocated shares held by the ESOP -- -- 2 -- -- -- 2 Amortization of ESOP shares committed to be released -- 22 -- -- -- -- 22 Purchase of Company stock for deferred compensation plan -- 112 -- (112) -- -- -- Purchase of treasury stock -- -- -- (1,591) -- -- (1,591) Exercise of stock options and related tax benefits 1 9 -- -- -- -- 10 ___________________________________________________________________________________________________________________________ Balance at March 31, 2000 $7,408 $60,734 $87,769 $(55,593) $ (711) $(468) $ 99,139 See accompanying condensed notes to consolidated financial statements.
MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY For The Year Ended December 31, 1999 (unaudited) (In thousands except share data) ACCUMULATED COMMON ADDITIONAL OTHER STOCK COMMON PAID-IN RETAINED TREASURY COMPREHENSIVE ACQUIRED STOCK CAPITAL EARNINGS STOCK INCOME BY ESOP TOTAL ________ __________ _________ __________ __________ _________ ________ Balance at December 31, 1998 $7,384 $60,003 $78,308 $(46,272) $11,691 $(625) $110,489 Net income -- -- 11,311 -- -- -- 11,311 Other comprehensive (loss), net of tax: Unrealized (losses) on securities, net of reclassification adjustment (Note 5) -- -- -- -- (9,725) -- (9,725) ______ Comprehensive income 1,586 Cash dividends declared and paid ($1.11 per share) -- -- (3,759) -- -- -- (3,759) Tax benefit resulting from dividends paid on unallocated shares held by the ESOP -- -- 13 -- -- -- 13 Net decrease in liability to ESOP -- -- -- -- -- 157 157 Amortization of ESOP shares committed to be released -- 163 -- -- -- -- 163 Purchase of treasury stock -- -- -- (7,618) -- -- (7,618) Exercise of stock options and related tax benefits 23 425 -- -- -- -- 448 __________________________________________________________________________________________________________________________ Balance at December 31, 1999 $7,407 $60,591 $85,873 $(53,890) $ 1,966 $(468) $101,479 See accompanying condensed notes to consolidated financial statements.
MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended March 31, 2000 1999 ____ ____ (In thousands) Cash flows from operating activities: Net income $ 2,828 $ 2,913 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 233 230 Loan interest capitalized (9) (16) Amortization of ESOP shares committed to be released 22 45 (Increase) decrease in accrued interest receivable (38) 482 (Decrease) increase in other liabilities (307) 349 Increase in current income taxes payable 1,428 809 Accretion of discounts on securities, net of amortization of premiums (194) (333) Net trading securities activity 5,111 15,250 Gains on securities available for sale, net (749) (1,320) Gains on trading securities, net (218) (58) (Decrease) increase in deferred mortgage loan origination fees, net of amortization (32) 24 Deferred income tax benefit (12) (36) Decrease (increase) in other assets 98 (203) Provision for loan losses 15 50 Gains on sales of real estate acquired through foreclosure (8) -- Increase in escrow deposits of borrowers 75 108 __________________________________________________________________________________________ Net cash provided by operating activities 8,243 18,294 __________________________________________________________________________________________ Cash flows from investing activities: Proceeds from maturities of term federal funds -- 25,000 Net decrease in interest bearing bank deposits 551 522 Proceeds from sales of investment securities available for sale 11,662 18,112 Proceeds from maturities of investment securities available for sale 15,000 22,800 Purchases of investment securities available for sale (24,173) (61,391) Purchases of mortgage-backed securities (3,904) (12,297) Principal repayments of mortgage-backed securities 11,148 23,069 Principal repayments of securities held to maturity -- 5 Principal repayments of securities available for sale 1 40 Loans originated (7,038) (24,637) Loan principal payments received 10,281 17,797 Loans purchased -- (345) Purchases of premises & equipment (58) (65) Proceeds from sales of real estate acquired through foreclosure 70 86 __________________________________________________________________________________________ Net cash provided by investing activities 13,540 8,696 __________________________________________________________________________________________
MASSBANK CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (unaudited)
Three Months Ended March 31, 2000 1999 ____ ____ (In thousands) Cash flows from financing activities: Net increase (decrease) in deposits 2,489 (2,085) Payments to acquire treasury stock (1,703) (2,067) Purchase of Company stock for deferred compensation plan 112 -- Issuance of common stock under stock option plan 10 18 Dividends paid on common stock (934) (936) Tax benefit resulting from dividends paid on unallocated shares held by the ESOP 3 3 __________________________________________________________________________________________ Net cash used in financing activities (23) (5,067) __________________________________________________________________________________________ Net increase in cash and cash equivalents 21,760 21,923 Cash and cash equivalents at beginning of period 121,404 154,814 __________________________________________________________________________________________ Cash and cash equivalents at end of period $143,164 $176,737 __________________________________________________________________________________________ Supplemental cash flow disclosures: Cash transactions: Cash paid during the period for interest $ 8,455 $ 8,238 Cash paid during the period for taxes, net of refunds 160 974 Purchases of securities executed but not settled at beginning of period which settled during the period 117 129 Sales of securities executed but not settled at beginning of period which settled during the period 202 583 Non-cash transactions: SFAS 115: Decrease in accumulated other comprehensive income (2,677) (2,198) Decrease in deferred tax liabilities (1,780) (1,744) Purchases of securities executed but not settled at end of period 797 -- Sales of securities executed but not settled at end of period 747 -- __________________________________________________________________________________________ See accompanying condensed notes to consolidated financial statements.
MASSBANK CORP. CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (1) Basis of Presentation The financial condition and results of operations of MASSBANK Corp. (the "Company") essentially reflect the operations of its subsidiary, MASSBANK (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles, and in the opinion of management, include all adjustments of a normal recurring nature necessary for the fair presentation of the financial condition of the Company as of March 31, 2000 and December 31, 1999, and its operating results for the three months ended March 31, 2000 and 1999. The results of operations for any interim period are not necessarily indicative of the results to be expected for the entire year. Certain amounts in the prior year's consolidated financial statements have been reclassified to permit comparison with the current fiscal year. The information in this report should be read in conjunction with the financial statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 1999. (2) Cash and Cash Equivalents: For purposes of reporting cash flows, cash and cash equivalents consist of cash and due from banks, and short-term investments with original maturities of less than 90 days. (3) Short-Term Investments Short-term investments consist of the following: ________________________________________________________________________________ At At (In thousands) March 31, 2000 December 31, 1999 ________________________________________________________________________________ Federal funds sold (overnight) $103,555 $ 86,211 Term federal funds sold (with original maturities of 90 days or less) 20,000 -- Money market funds 9,896 24,717 ________________________________________________________________________________ Total short-term investments $133,451 $110,928 ________________________________________________________________________________ The investments above are stated at cost which approximates market value and have original maturities of 90 days or less. (4) Commitments At March 31, 2000, the Company had outstanding commitments to originate mortgage loans and to advance funds for construction loans amounting to $1,324,000 and commitments under existing home equity lines of credit and other loans of approximately $31,652,000 which are not reflected on the consolidated balance sheet. In addition, as of March 31, 2000, the Company had a performance standby letter of credit conveyed to others in the amount of $468,000 which is also not reflected on the consolidated balance sheet. CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) (5) Comprehensive Income Comprehensive income is defined as "the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources." It includes all changes in equity during a period except those resulting from investments by and distributions to shareholders. The term "comprehensive income" describes the total of all components of comprehensive income including net income. The Company's other comprehensive income and related tax effect for the three months ended March 31, 2000 and the year ended December 31, 1999 is as follows:
For the Three Months Ended March 31, 2000 ____________________________________________________________________________________ Tax Before-Tax (Expense) Net-of-Tax (In thousands) Amount or Benefit Amount ______ __________ ______ Unrealized losses on securities: Unrealized holding losses arising during period $ (3,708) $1,458 $(2,250) Less: reclassification adjustment for gains realized in net income (749) 322 (427) ______ ________ ______ Net unrealized losses (4,457) 1,780 (2,677) ______ ________ ______ Other comprehensive loss $ (4,457) $1,780 $(2,677) ______ ________ _____
For the Year Ended December 31, 1999 ____________________________________________________________________________________ Tax Before-Tax (Expense) Net-of-Tax (In thousands) Amount or Benefit Amount ______ __________ ______ Unrealized losses on securities: Unrealized holding losses arising during period $(12,171) $ 4,716 $(7,455) Less: reclassification adjustment for gains realized in net income (3,954) 1,684 (2,270) ______ ________ ______ Net unrealized losses (16,125) 6,400 (9,725) ______ ________ ______ Other comprehensive loss $(16,125) $ 6,400 $(9,725) ______ ________ ______
MASSBANK CORP. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS March 31, 2000 Cautionary Statement. Certain statements contained in this report or incorporated herein by reference are "forward-looking statements." We may also make written or oral forward-looking statements in other documents we file with the Securities and Exchange Commission, in our annual reports to stockholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume" and other similar expressions which predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward- looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward- looking statements. Some of the factors that might cause these differences include the following: fluctuations in interest rates, price volatility in the stock and bond markets, inflation, government regulations and economic conditions and competition in the geographic and business areas in which the Company conducts its operations; and increases in loan defaults. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we do not promise to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. Results of Operations for the three months ended March 31, 2000 GENERAL For the quarter ended March 31, 2000, MASSBANK Corp. reported consolidated net income of $2,828,000 or $0.87 in basic earnings per share compared to net income of $2,913,000, or $0.84 in basic earnings per share in the first quarter of 1999. Diluted earnings per share in the recent quarter increased to $0.85 from $0.82 per share in last year's comparable period. The Company's earnings results for the recent quarter compared to the same quarter of 1999 reflect an increase in net interest income of $149,000, a decrease in the provision for loan losses of $35,000, and a decrease in the Company's effective income tax rate. These improvements were offset by a decrease in non-interest income of $429,000 and an increase of $12,000 in non- interest expense. Additionally, the earnings per share increase in the recent quarter was positively affected by the reduced number of average common shares outstanding as a result of the Company's purchase of 213,482 shares of its common stock, in the last twelve months, pursuant to its stock repurchase program.
AVERAGE BALANCE SHEETS Three Months Ended March 31, 2000 1999 ______________ ______________ Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate (4) (4) (4) (4) __________________________________________________________________________________________ Assets: Earning assets: Federal funds sold $105,390 $ 1,500 5.72% $143,004 $ 1,663 4.72% Short-term investments (2) 16,262 226 5.56 26,252 313 4.84 Investment securities 177,022 2,439 5.51 158,759 2,145 5.40 Mortgage-backed securities 276,576 4,810 6.96 262,408 4,455 6.79 Trading securities 3,279 41 5.04 25,280 270 4.33 Mortgage loans (1) 286,909 5,010 6.98 288,215 5,125 7.11 Other loans (1) 36,658 716 7.79 21,327 435 8.26 __________________________________________________ ________________ Total earning assets 902,096 $14,742 6.53% 925,245 $14,406 6.23% Allowance for loan losses (2,559) (2,456) __________________________________________________________________________________________ Total earning assets less allowance for loan losses 899,537 922,789 Other assets 20,572 19,689 __________________________________________________________________________________________ Total assets $920,109 $942,478 __________________________________________________________________________________________
AVERAGE BALANCE SHEETS - (continued) Three Months Ended March 31, 2000 1999 ______________ ______________ Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate (4) (4) (4) (4) __________________________________________________________________________________________ Liabilities: Deposits: Demand and NOW $ 73,050 $ 118 0.65% $ 73,507 $ 137 0.76% Savings 350,417 2,977 3.42 347,663 2,914 3.40 Time certificates of deposit 394,011 5,326 5.44 400,339 5,182 5.25 __________________________________________________ ________________ Total deposits 817,478 8,421 4.14 821,509 8,233 4.06 Other liabilities 3,302 10,397 __________________________________________________________________________________________ Total liabilities 820,780 831,906 Stockholders' equity 99,329 110,572 __________________________________________________________________________________________ Total liabilities and stockholders' equity $920,109 $942,478 __________________________________________________________________________________________ Net interest income (tax-equivalent basis) 6,321 6,173 Less adjustment of tax-exempt interest income 32 33 __________________________________________________________________________________________ Net interest income $ 6,289 $ 6,140 __________________________________________________________________________________________ Interest rate spread 2.39% 2.17% __________________________________________________________________________________________ Net interest margin (3) 2.80% 2.67% __________________________________________________________________________________________ (1) Loans on non-accrual status are included in the average balance. (2) Short-term investments consist of interest-bearing deposits in banks and investments in money market funds. (3) Net interest income (tax equivalent basis) before provision for loan losses divided by average interest-earning assets. (4) Includes the effects of SFAS No. 115.
Net Interest Income The Company's net interest income was $6,289,000 for the first quarter of 2000, an increase of $149,000 over the same quarter a year ago. The recent quarter's increase in net interest income reflects an improvement in the Company's net interest margin. The Company's net interest margin increased to 2.80% in the first quarter of 2000 from 2.67% in the first quarter of the prior year. This improvement was partially offset by a decrease in the Company's average earning assets. Average earning assets in the recent quarter were $902.1 million, down from $925.2 million in the first quarter of 1999. Interest and Dividend Income Interest and dividend income on a fully taxable equivalent basis for the three months ended March 31, 2000, increased to $14,742,000 from $14,406,000 for the three months ended March 31, 1999. The increase in interest income resulted from an improvement in yield on the Company's average earning assets partially offset by a decrease in average earning assets, as noted above. As reflected in the table on page 12 of this report, the yield on average earning assets in the first quarter of 2000 improved 30 basis points to 6.53% from 6.23% in the same quarter of 1999. The Federal Reserve Bank has raised the Federal Funds rate by 0.25% five times in the last twelve months, raising the rate from 4.75% to 6.00%. This increase, because of the Bank's high volume of Federal Funds sold, has helped to improve the overall yield on MASSBANK's earning assets. Interest Expense Total interest expense for the three months ended March 31, 2000 was $8,421,000, up from $8,233,000 for the same quarter last year. The Company's average deposits, as shown in the table on page 13, decreased $4.0 million or less than 1/2 of 1% to $817.5 million in the first quarter of 2000, from $821.5 million in the first quarter of 1999. The increase in interest expense resulted from an increase in average cost of funds partially offset by the decrease in interest expense resulting from the lower deposit volume. The Company's average cost of funds for the three months ended March 31, 2000 was 4.14%, up from 4.06% for the comparable period in 1999. Provision for Loan Losses The provision for loan losses represents a charge against current earnings and an addition to the allowance for loan losses. The provision for loan losses in the first quarter of 2000 was $15,000 compared to $50,000 in the first quarter of 1999. In determining the amount to provide for loan losses, the key factor is the adequacy of the allowance for loan losses. In making its decision, management considers a number of factors, including the risk characteristics of the loan portfolio, underlying collateral, current and anticipated economic conditions, and trends in loan delinquencies and charge- offs. At March 31, 2000, the allowance for loan losses was $2,569,000 representing 348.1% of nonaccrual loans. The Bank's nonaccrual loans totaled $738,000 at March 31, 2000 compared to $732,000 a year earlier. Net charge-offs for the recent quarter were $1,000 compared to zero net-charge-offs for the same quarter last year. Management believes that the allowance for loan losses as of March 31, 2000 is adequate to cover the risks inherent in the loan portfolio under current conditions. Non-Interest Income Non-interest income consists of deposit account service fees, net gains on securities and other non-interest income. Non-interest income decreased by $429,000 to $1,312,000 for the recent quarter, from $1,741,000 for the comparable quarter of the prior year. This decrease is due essentially to lower net securities gains in the first quarter of 2000. Net gains on securities totaled $967,000 in the first quarter of this year compared to $1,378,000 in the first quarter of last year. Realized gains on the sale of equity securities totaled $1,144,000 for the three months ended March 31, 2000. These gains, however, were partially offset by net losses realized on the sale of debt securities of $180,000. The Bank also recorded a mark-to-market gain of $3,000 on its trading account during this same period. The Bank's deposit account service fees and other non-interest income totaled $174,000 and $171,000, respectively, in the first quarter of 2000 compared to $178,000 and $185,000, respectively, in the first quarter of 1999. Non-Interest Expense Non-interest expense increased $12,000 to $3,180,000 in the first quarter of 2000, from $3,168,000 in the same quarter of the prior year. This increase is due largely to an increase in professional services expense. Salaries and employee benefits, the largest component of non-interest expense, decreased by $49,000 or 2.6% in the first quarter of 2000 to $1,820,000 from $1,869,000 in the first quarter of the prior year. This decrease is due essentially to a reduction of $50,000 in the Company's net periodic pension cost for the recent quarter. Occupancy and equipment expense increased by 4.6% or $25,000 to $572,000 in the first quarter of 2000. This increase reflects an increase in the cost of utilities and higher building maintenance and repair expenses. Professional services expense increased by $54,000 or 47.4% to $168,000 in the recent quarter, from $114,000 for the same quarter last year. This increase is due to higher legal fees. All other expenses combined, consisting of data processing, advertising and marketing, amortization of intangibles and other expenses, decreased by $18,000 from $638,000 for the three months ended March 31, 1999 to $620,000 for the three months ended March 31, 2000. Income Tax Expense The Company, the Bank and its subsidiaries file a consolidated federal income tax return. The Parent Company is subject to a State of Delaware Franchise Tax and a State of Massachusetts Bank Excise Tax and the Bank's subsidiaries are subject to a State of Massachusetts Corporate Excise Tax. The Company recorded income tax expense of $1,578,000 in the first quarter of 2000, a decrease of $172,000 when compared to the same quarter last year. The decrease in income tax expense is due primarily to a decrease in income before income taxes and a reduction in the Company's effective income tax rate. The Company's income before income taxes was $4,406,000 in the recent quarter compared to $4,663,000 for the same quarter a year ago. The effective income tax rate for the three months ended March 31, 2000 was 35.8% down from 37.5% for the three months ended March 31, 1999. The decrease in effective income tax rate is due in part to the increased investment income generated by the Bank's two security corporation subsidiaries which are taxed at a lower rate than the Bank for state income tax purposes. Financial Condition The Company's total assets increased by $1.0 million to $925.7 million at March 31, 2000 from $924.7 million at December 31, 1999. The increase in total assets reflects an increase in total investments and other assets of $4.0 million and $0.2 million, respectively, partially offset by a decrease in total loans of $3.2 million. Total investments consisting of investment securities, interest-bearing bank deposits and other short-term investments increased from $578.5 million at December 31, 1999 to $582.5 million at March 31, 2000. The mix of the Company's investments also changed during the recent quarter. Short-term investments increased by $22.5 million, while the Company's securities available for sale, trading account and interest bearing bank deposits declined by $13.1 million, $4.9 million and $0.5 million, respectively. The Bank's total loan portfolio at March 31, 2000, prior to the allowance for loan losses, amounted to $322.2 million compared to $325.4 million at December 31, 1999. The decrease in the loan portfolio reflects a decline in the Bank's loan originations this past quarter. Higher market interest rates during the recent quarter compared to the first quarter of 1999 significantly reduced the demand for mortgage refinancings resulting in lower loan originations for the bank. Loan originations were $7.0 million in the first quarter of 2000 compared to $24.6 million in the first quarter of last year. Total deposits were $820.6 million at March 31, 2000 reflecting an increase of $2.5 million from $818.1 million at year-end 1999. Total stockholders' equity declined to $99.1 million at March 31, 2000 from $101.5 million at December 31, 1999. The decrease results primarily from a reduction in net unrealized gains, net of tax effect, on the Company's available for sale securities in the amount of $2.7 million, and the cost of the treasury stock that the Company repurchased during the first quarter of 2000 in the amount of $1.7 million. These decreases were partially offset by an increase in retained earnings and additional paid-in capital of $1.9 million and $0.1 million, respectively. As a result, the Company's book value per share at March 31, 2000 decreased to $30.46, from $30.65 at year-end 1999. Investments As previously noted, total investments consisting of investment securities, short-term investments, and interest-bearing bank deposits equalled $582.5 million at March 31, 2000, up $4.0 million from $578.5 million at year-end 1999. These investments are principally in federal funds sold, short-term U.S. Treasury and government agency obligations and government agency fifteen year mortgage-backed securities. The Bank also maintains an equity securities portfolio, valued at $21.2 million as of March 31, 2000, that has yielded substantial realized and unrealized gains. Nearly all of the Bank's investment securities are classified as available for sale or trading securities. Management evaluates its investment alternatives in order to properly manage the mix of assets on its balance sheet. Investment securities available for sale and trading securities provide liquidity, facilitate interest rate sensitivity management and enhance the Bank's ability to respond to customers' needs should loan demand increase and/or deposits decline. The Bank continues to maintain a large proportion of its securities portfolio in government agency mortgage-backed securities. These represent an attractive investment with minimal credit risk, no servicing responsibilities, and no delinquencies. The Bank's investment in mortgage-backed securities totaled $272.7 million at March 31, 2000 versus $282.3 million at year-end 1999. The Bank also maintains a portfolio of trading securities which consisted of the following as of the dates shown: March 31, December 31, (In thousands) 2000 1999 _____________ ____________ U.S. Treasury obligations $ -- $ 4,956 Investments in mutual funds 1,084 1,086 Equity securities 31 -- _______ _______ Total $ 1,115 $ 6,042
FINANCIAL CONDITION INVESTMENT SECURITIES The amortized cost and estimated market value of investment securities at March 31, 2000 with gross unrealized gains and losses, follows: __________________________________________________________________________________________ Gross Gross Amortized Unrealized Unrealized Market (In thousands) At March 31, 2000 Cost Gains Losses Value __________________________________________________________________________________________ Securities held to maturity: Other bonds and obligations $ 230 $ -- $ -- $ 230 __________________________________________________________________________________________ Total securities held to maturity $ 230 $ -- $ -- $ 230 __________________________________________________________________________________________ Securities available for sale: Debt securities: U.S. Treasury obligations $139,539 $ 37 $ (1,070) $138,506 U.S. Government agency obligations 12,147 -- (114) 12,033 __________________________________________________________________________________________ Total 151,686 37 (1,184) 150,539 __________________________________________________________________________________________ Mortgage-backed securities: Government National Mortgage Association 35,958 95 (715) 35,338 Federal Home Loan Mortgage Corporation 235,342 108 (5,928) 229,522 Federal National Mortgage Association 3,504 48 (43) 3,509 Collateralized mortgage obligations 4,329 14 (41) 4,302 __________________________________________________________________________________________ Total mortgage-backed securities 279,133 265 (6,727) 272,671 __________________________________________________________________________________________ Total debt securities 430,819 302 (7,911) 423,210 __________________________________________________________________________________________ Equity securities 14,404 7,600 (791) 21,213 __________________________________________________________________________________________ Total securities available for sale 445,223 $ 7,902 $ (8,702) $444,423 __________________________________________________________________________________________ Net unrealized gains on securities available for sale (800) __________________________________________________________________________________________ Total securities available for sale, net 444,423 __________________________________________________________________________________________ Total investment securities, net $444,653 __________________________________________________________________________________________ Trading securities $ 1,142 $ 1,115 __________________________________________________________________________________________
FINANCIAL CONDITION INVESTMENT SECURITIES (continued) The amortized cost and estimated market value of investment securities at December 31, 1999 with gross unrealized gains and losses, follows: __________________________________________________________________________________________ Gross Gross Amortized Unrealized Unrealized Market (In thousands) At December 31, 1999 Cost Gains Losses Value __________________________________________________________________________________________ Securities held to maturity: Other bonds and obligations $ 230 $ -- $ -- $ 230 __________________________________________________________________________________________ Total securities held to maturity $ 230 $ -- $ -- $ 230 __________________________________________________________________________________________ Securities available for sale: Debt securities: U.S. Treasury obligations $138,518 $ 122 $ (1,025) $137,615 U.S. Government agency obligations 16,143 -- (128) 16,015 __________________________________________________________________________________________ Total 154,661 122 (1,153) 153,630 __________________________________________________________________________________________ Mortgage-backed securities: Government National Mortgage Association 38,061 251 (490) 37,822 Federal Home Loan Mortgage Corporation 239,607 311 (4,028) 235,890 Federal National Mortgage Association 3,951 74 (45) 3,980 Collateralized mortgage obligations 4,649 16 (22) 4,643 __________________________________________________________________________________________ Total mortgage-backed securities 286,268 652 (4,585) 282,335 __________________________________________________________________________________________ Total debt securities 440,929 774 (5,738) 435,965 __________________________________________________________________________________________ Equity securities 12,915 8,985 (363) 21,537 __________________________________________________________________________________________ Total securities available for sale 453,844 $ 9,759 $ (6,101) $457,502 __________________________________________________________________________________________ Net unrealized gains on securities available for sale 3,658 __________________________________________________________________________________________ Total securities available for sale, net 457,502 __________________________________________________________________________________________ Total investment securities, net $457,732 __________________________________________________________________________________________ Trading securities $ 6,072 $ 6,042 __________________________________________________________________________________________
Investments (continued) The amortized cost and estimated market value of debt securities held to maturity and debt securities available for sale by contractual maturity at March 31, 2000 and December 31, 1999 are as follows: March 31, 2000 ____________________________________________ Available for Sale Held to Maturity Amortized Market Amortized Market Maturing: Cost Value Cost Value (In thousands) Within 1 year $ 53,878 $ 53,729 $ -- $ -- After 1 year but within 5 years 94,691 93,768 230 230 After 5 years but within 10 years 2,967 2,898 -- -- After 15 years 150 144 -- -- ________ _______ ______ ______ 151,686 150,539 230 230 Mortgage-backed securities 279,133 272,671 -- -- ________ _______ ______ ______ $430,819 $423,210 $ 230 $ 230
December 31, 1999 ____________________________________________ Available for Sale Held to Maturity Amortized Market Amortized Market Maturing: Cost Value Cost Value (In thousands) Within 1 year $ 59,837 $ 59,796 $ -- $ -- After 1 year but within 5 years 91,707 90,818 230 230 After 5 years but within 10 years 2,966 2,871 -- -- After 15 years 151 145 -- -- ________ _______ ______ ______ 154,661 153,630 230 230 Mortgage-backed securities 286,268 282,335 -- -- ________ _______ ______ ______ $440,929 $435,965 $ 230 $ 230
LOANS The composition of the Bank's loan portfolio is summarized as follows: _______________________________________________________________________________________ At At (In thousands) March 31, 2000 December 31, 1999 _______________________________________________________________________________________ Mortgage loans: Residential $283,298 $287,169 Commercial 3,380 2,471 Construction 308 232 _______________________________________________________________________________________ 286,986 289,872 Add: Premium on loans 145 159 Less: Deferred mortgage loan origination fees (1,419) (1,451) _______________________________________________________________________________________ Total mortgage loans 285,712 288,580 Other loans: Consumer: Installment 1,417 1,418 Guaranteed education 6,888 7,037 Other secured 1,263 1,318 Home equity lines of credit 11,601 11,737 Unsecured 219 225 _______________________________________________________________________________________ Total consumer loans 21,388 21,735 Commercial 15,050 15,050 _______________________________________________________________________________________ Total other loans 36,438 36,785 _______________________________________________________________________________________ Total loans $322,150 $325,365 _______________________________________________________________________________________ The Bank's loan portfolio decreased $3.2 million during the first three months of 2000, from $325.4 million at December 31, 1999 to $322.2 million at March 31, 2000. The decrease was primarily in the residential 1-4 family mortgage loan category. Loan originations decreased by $17.6 million to $7.0 million in the first three months of 2000 compared to $24.6 million in the first three months of last year.
NON-PERFORMING ASSETS The following table shows the composition of the Bank's non-performing assets at March 31, 2000 and 1999, and December 31, 1999: At At At March 31, December 31, March 31, (In thousands) 2000 1999 1999 ____________________________________________________________________________________ Non-Performing Assets: Non-accrual loans $ 738 $ 795 $ 732 Real estate acquired through foreclosure -- 62 -- ____________________________________________________________________________________ Total non-performing assets $ 738 $ 857 $ 732 ____________________________________________________________________________________ Allowance for loan losses $ 2,569 $ 2,555 $ 2,500 Allowance as a percent of non-accrual loans 348.1 % 321.4 % 341.5 % Allowance as a percent of non-performing assets 348.1 % 298.1 % 341.5 % Non-accrual loans as a percent of total loans 0.23% 0.24% 0.23% Non-performing assets as a percent of total assets 0.08% 0.09% 0.08% ____________________________________________________________________________________ The Bank generally does not accrue interest on loans which are 90 days or more past due. It is the Bank's policy to place such loans on non-accrual status and to reverse from income all interest previously accrued but not collected and to discontinue all amortization of deferred loan fees. Non-performing assets decreased from December 31, 1999 to March 31, 2000 as noted in the table above. The principal balance of non-accrual loans was down to $738,000, or approximately one-quarter of 1% of total loans at March 31, 2000. The Bank did not have any impaired loans as of March 31, 2000.
ALLOWANCE FOR LOAN LOSSES An analysis of the activity in the allowance for loan losses is as follows: Three Months Ended March 31, 2000 1999 ________________________________________________________________________________ (In thousands) Balance at beginning of period $ 2,555 $ 2,450 Provision for loan losses 15 50 Recoveries of loans previously charged-off 1 1 Less: Charge-offs (2) (1) ________________________________________________________________________________ Balance at end of period $ 2,569 $ 2,500 ________________________________________________________________________________ The allowance for loan losses is established through a provision for loan losses charged to operations based on management's assessment of many factors including the risk characteristics of the portfolio, underlying collateral, current and anticipated economic conditions that may effect the borrowers ability to pay, and trends in loan delinquencies and charge-offs. Realized losses, net of recoveries, are charged directly to the allowance. While management uses the information available in establishing the allowance for losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank's allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on judgments different from those of management. At March 31, 2000 the balance of the allowance for loan losses was $2,569,000 representing 348.1% of non-accrual loans. Management believes that the allowance for loan losses is adequate to cover the risks inherent in the portfolio under current conditions. DEPOSITS Deposit accounts of all types have traditionally been the primary source of funds for the Bank's lending and investment activities. The Bank's deposit flows are influenced by prevailing interest rates, competition and other market conditions. The Bank's management attempts to manage its deposits through selective pricing and marketing. The Bank's total deposits increased by $2.5 million to $820.6 million at March 31, 2000 from $818.1 million at December 31, 1999. The composition of the Bank's total deposits as of the dates shown are summarized as follows: March 31, December 31, 2000 1999 ______________________________________________________________________________ (In thousands) Demand and NOW $ 76,162 $ 72,938 Savings and money market accounts 350,571 353,090 Time certificates of deposit 394,300 392,516 Deposit acquisition premium, net of amortization (429) (487) ______________________________________________________________________________ Total deposits $820,604 $818,057 ______________________________________________________________________________ Recent Accounting Developments "Accounting for Derivative Instruments and Hedging Activities" In June 1998, the Financial Accounting Standards Board ("FASB") issued Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities." This Statement establishes comprehensive accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, (collectively referred to as derivatives) and for hedging activities. It requires that an entity recognize all derivatives as either assets or liabilities in its balance sheet and measure those instruments at fair market value. Under this Statement, an entity that elects to apply hedge accounting is required to establish at the inception of the hedge the method it will use for assessing the effectiveness of the hedging derivative and the measurement approach for determining the ineffective aspect of the hedge. In June 1999, FASB issued Statement No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective Date of Statement No. 133." SFAS No. 137 deferred the effective date of SFAS No. 133 to fiscal years beginning after June 15, 2000. The Company intends to adopt SFAS No. 133 as of January 1, 2001. The Statements are not expected to have a material effect on the Company's consolidated financial statements. Liquidity and Capital Resources The Bank must maintain a sufficient amount of cash and assets which can readily be converted into cash in order to meet cash outflows from normal depositor requirements and loan demands. The Bank's primary sources of funds are deposits, loan amortization and prepayments, sales or maturities of investment securities and income on earning assets. In addition to loan payments and maturing investment securities, which are relatively predictable sources of funds, the Bank maintains a high percentage of its assets invested in overnight federal funds sold, which can be immediately converted into cash and United States Treasury and Government agency securities, which can be sold or pledged to raise funds. At March 31, 2000 the Bank had $103.6 million or 11.2% of total assets and $150.5 million or 16.3% of total assets invested, respectively, in overnight federal funds sold and United States obligations. The Bank is a Federal Deposit Insurance Corporation ("FDIC") insured institution subject to the FDIC regulatory capital requirements. The FDIC regulations require all FDIC insured institutions to maintain minimum levels of Tier 1 capital. Highly rated banks (i.e., those with a composite rating of 1 under the CAMEL rating system) are required to maintain a minimum leverage ratio of Tier 1 capital to total assets of at least 3.00%. An additional 100 to 200 basis points are required for all but these most highly rated institutions. The Bank is also required to maintain a minimum level of risk-based capital. Under the new risk-based capital standards, FDIC insured institutions must maintain a Tier 1 capital to risk-weighted assets ratio of 4.00% and are generally expected to meet a minimum total qualifying capital to risk-weighted assets ratio of 8.00%. The new risk-based capital guidelines take into consideration risk factors, as defined by the regulators, associated with various categories of assets, both on and off the balance sheet. Under the guidelines, capital strength is measured in two tiers which are used in conjunction with risk adjusted assets to determine the risk-based capital ratios. Tier II components include supplemental capital components such as qualifying allowance for loan losses and qualifying subordinated debt and up to 45 percent of the pre-tax net unrealized holding gains on certain available for sale equity securities. Tier I plus the Tier II capital components is referred to as total qualifying capital. The capital ratios of the Bank and the Company currently exceed the minimum regulatory requirements. At March 31, 2000, the Bank had a leverage Tier I capital to total assets ratio of 10.59%, a Tier I capital to risk- weighted assets ratio of 32.09% and a total capital to risk-weighted assets ratio of 33.94%. The Company, on a consolidated basis, had ratios of leverage Tier I capital to total assets of 10.60%, Tier I capital to risk-weighted assets of 32.13% and total capital to risk-weighted assets of 33.98% at March 31, 2000. Impact Of Inflation And Changing Prices MASSBANK Corp.'s financial statements presented herein have been prepared in accordance with generally accepted accounting principles which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money over time, due to the fact that substantially all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution's performance than the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or in the same magnitude as the prices of goods and services. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Sensitivity and Liquidity See discussion and analysis of interest rate sensitivity and liquidity provided in the Corporation's Annual Report on Form 10-K for the year ended December 31, 1999. There have been no material changes in reported market risks faced by the Corporation since the filing of the Corporation's 1999 Annual Report on Form 10-K. PART II - OTHER INFORMATION Item 1. Legal Proceedings From time to time, MASSBANK Corp. and/or the Bank are involved as a plaintiff or defendant in various legal actions incident to their business. As of March 31, 2000, none of these actions individually or in the aggregate is believed by management to be material to the financial condition of MASSBANK Corp. or the Bank. Item 2. Changes in Securities Not Applicable. Item 3. Defaults Upon Senior Securities Not Applicable. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K a. Exhibits: 1. Exhibit No. 11.1: Statement regarding computation of per share earnings. 2. Exhibit No. 27: Financial Data Schedule. b. 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. MASSBANK Corp. & Subsidiaries _____________________________ (Registrant) Date: May 11, 2000 /s/Gerard H. Brandi ___________________________ (Signature) Gerard H. Brandi President and CEO Date: May 11, 2000 /s/Reginald E. Cormier ___________________________ (Signature) Reginald E. Cormier Sr. V.P., Treasurer and CFO EX-1 2
EXHIBIT 11.1 MASSBANK CORP. Earnings Per Share The following is a calculation of earnings per share for the three months ended March 31, 2000 and 1999. Three Months Ended Calculation of Basic March 31, Earnings Per Share 2000 1999 ______________________________ __________ __________ Income $2,828,000 $2,913,000 _________ _________ Average common shares outstanding 3,289,524 3,486,088 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (26,400) (35,200) __________ _________ Weighted average shares outstanding 3,263,124 3,450,888 __________ _________ Earnings per share (in dollars) $ 0.87 $ 0.84 __________ __________
Three Months Ended Calculation of Diluted March 31, Earnings Per Share 2000 1999 ______________________________ __________ __________ Net Income $2,828,000 $2,913,000 __________ __________ Average common shares outstanding 3,289,524 3,486,088 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (26,400) (35,200) Diluted stock options 74,235 116,425 __________ __________ Weighted average shares outstanding 3,337,359 3,567,313 __________ __________ Earnings per share (in dollars) $ 0.85 $ 0.82 __________ __________
EX-27 3
9 0000799166 MASSBANK CORP. 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 9,713 3,290 123,555 1,115 444,423 230 230 322,150 2,569 925,679 820,604 1,552 3,916 468 0 0 7,408 91,731 925,679 5,726 7,256 1,728 14,710 8,421 8,421 6,289 15 967 3,180 4,406 4,406 0 0 2,828 0.87 0.85 2.80 738 0 0 738 2,555 2 1 2,569 1,999 0 570
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