-----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, AG9YA2ZScBlWJOFbEGyW6yHTey4gI/7NF9RNFYkXRhpeXTagEGocpVg7byIyLFtg DjXjVAs/9DtIv0HVeXyF+Q== 0000928385-95-000522.txt : 19951119 0000928385-95-000522.hdr.sgml : 19951119 ACCESSION NUMBER: 0000928385-95-000522 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANDY SPRING BANCORP INC CENTRAL INDEX KEY: 0000824410 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 520312970 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19065 FILM NUMBER: 95589586 BUSINESS ADDRESS: STREET 1: 17801 GEORGIA AVE CITY: OLNEY STATE: MD ZIP: 20832 BUSINESS PHONE: 3017746400 MAIL ADDRESS: STREET 1: 17801 GEORGIA AVENUE CITY: OLNEY STATE: MD ZIP: 20832 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 ------------------ 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: O-19065 ------- Sandy Spring Bancorp, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Maryland 52-1532952 ------------------------ --------------------------------------- (State of incorporation) (I.R.S. Employer Identification Number) 17801 Georgia Avenue, Olney, Maryland 20832 301-774-6400 - ------------------------------------- ----- ------------ (Address of principal office) (Zip Code) (Telephone Number) 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 filing requirements for the past 90 days. YES X NO ------- -------- The number of shares of common stock outstanding as of October 27, 1995 is 4,315,509 shares. SANDY SPRING BANCORP INDEX
PAGE - -------------------------------------------------------------------------------- PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at September 30, 1995 and December 31, 1994........................... 1 Consolidated Statements of Income for the Nine Month Periods Ended September 30, 1995 and 1994.......................... 2 Consolidated Statements of Cash Flows for the Nine Month Periods Ended September 30, 1995 and 1994........... 3 Notes to Consolidated Financial Statements......................... 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.................... 6 PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K................................. 11 SIGNATURES............................................................... 12
PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS Sandy Spring Bancorp and Subsidiary CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data)
September 30, December 31, 1995 1994 - ------------------------------------------------------------------------- ASSETS Cash and due from banks $ 30,945 $ 32,549 Interest-bearing deposits with banks 674 211 Federal funds sold 845 5,375 Residential mortgage loans held for sale 2,723 -- Investments available-for-sale (at fair value) 126,839 127,772 Investments held-to-maturity -- fair value of $170,924 (1995) and $164,103 (1994) 170,102 172,266 Other equity securities 3,965 3,966 Total Loans 431,618 401,524 Less: Allowance for credit losses (5,947) (6,108) --------- --------- Loans, net 425,671 395,416 Premises and equipment 14,773 14,230 Accrued interest receivable 5,730 5,726 Other real estate owned 52 277 Other assets 6,213 6,347 --------- --------- TOTAL ASSETS $788,532 $764,135 ========= ========= LIABILITIES Noninterest-bearing deposits $ 96,428 $104,663 Interest-bearing deposits 570,050 540,956 --------- --------- Total deposits 666,478 645,619 Short-term borrowings 39,845 45,243 Long-term borrowings 3,159 3,180 Accrued interest and other liabilities 3,168 3,137 --------- --------- TOTAL LIABILITIES 712,650 697,179 STOCKHOLDERS' EQUITY Common stock -- par value $1.00; shares authorized 6,000,000; shares issued and outstanding 4,315,051 (1995) and 2,140,149 (1994) 4,315 2,140 Surplus 25,868 27,133 Retained earnings 45,916 40,970 Net unrealized loss on investments available-for-sale (217) (3,287) --------- --------- TOTAL STOCKHOLDERS' EQUITY 75,882 66,956 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $788,532 $764,135 ========= =========
See Notes to Consolidated Financial Statements. 1 Sandy Spring Bancorp and Subsidiary CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------- 1995 1994 1995 1994 - --------------------------------------------------------------------------------------------------- Interest income: Interest and fees on loans $ 9,848 $ 6,967 $27,930 $19,811 Interest on loans held for sale 23 -- 28 57 Interest on deposits with banks 23 2 28 35 Interest and dividends on securities: Taxable 3,394 3,745 10,112 10,479 Nontaxable 850 1,001 2,609 3,082 Interest on federal funds sold 166 90 470 364 ------- ------- ------- ------- TOTAL INTEREST INCOME 14,304 11,805 41,177 33,828 Interest expense: Interest on deposits 6,160 4,515 17,368 13,124 Interest on short-term borrowings 458 249 1,749 604 Interest on long-term borrowings 54 36 164 107 ------- ------- ------- ------- TOTAL INTEREST EXPENSE 6,672 4,800 19,281 13,835 ------- ------- ------- ------- NET INTEREST INCOME 7,632 7,005 21,896 19,993 Provision for Credit Losses -- -- -- 160 ------- ------- ------- ------- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 7,632 7,005 21,896 19,833 Non-Interest Income: Securities gains (losses) (3) 2 (8) 54 Service charges on deposit accounts 633 574 1,845 1,697 Gains on mortgage sales 63 -- 90 164 Other income 482 410 1,453 1,317 ------- ------- -------- ------- TOTAL NON-INTEREST INCOME 1,175 986 3,380 3,232 Non-Interest Expenses: Salaries and employee benefits 2,928 2,669 8,428 8,287 Occupancy expense of premises 479 460 1,418 1,371 Equipment expenses 483 364 1,375 1,081 Other expenses 1,080 1,368 4,013 4,032 ------- ------- ------- ------- TOTAL NON-INTEREST EXPENSES 4,970 4,861 15,234 14,771 ------- ------- ------- ------- Income Before Income Taxes 3,837 3,130 10,042 8,294 Income Tax Expense 1,225 919 3,119 2,320 ------- ------- ------- ------- NET INCOME $ 2,612 $ 2,211 $ 6,923 $ 5,974 ======= ======= ======= ======= PER SHARE DATA: Net Income $0.61 $0.52 $1.61 $1.41 Dividends Declared 0.16 0.13 0.46 0.40
See Notes to Consolidated Financial Statements. 2 Sandy Spring Bancorp and Subsidiary CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands)
Nine Months Ended September 30, -------------------------- 1995 1994 - ---------------------------------------------------------------------- Cash Flows from Operating Activities: Net Income $ 6,923 $ 5,974 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,130 1,038 Provision for credit losses -- 160 Deferred income taxes 252 (231) Origination of loans held for sale (9,799) (8,508) Proceeds from sales of loans held for sale 7,167 15,651 Gains on sales of loans held for sale (90) (164) Securities gains (losses) 8 (54) Net change in: Accrued interest receivable (4) (730) Accrued income taxes 97 (215) Other accrued expenses 65 (1,000) Other -- net (2,201) 189 -------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 3,548 12,110 Cash Flows from Investing Activities: Net (increase) decrease in interest-bearing deposits with banks (463) 11,936 Purchases of investments held-to-maturity (22,598) (56,191) Purchases of investments available-for-sale (19,492) (65,781) Proceeds from sales of investment available-for-sale 1,998 23,095 Proceeds from maturities and principal payments of investments held-to-maturity 25,116 11,286 Proceeds from maturities and principal payments of investments available-for-sale 22,877 56,539 Proceeds from sales of other real estate owned 224 1,497 Net increase in loans receivable (30,093) (28,919) Expenditures for premises and equipment (1,624) (1,619) -------- -------- NET CASH USED BY INVESTING ACTIVITIES (24,055) (48,157) Cash Flows from Financing Activities: Net increase (decrease) in demand and savings accounts (50,885) 14,237 Net increase (decrease) in time and other deposits 71,744 (377) Net increase (decrease) in short-term borrowings (5,398) 12,036 Retirement of long-term borrowings (21) (19) Proceeds from issuance of common stock 910 811 Dividends paid (1,977) (1,675) -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 14,373 25,013 -------- -------- NET DECREASE IN CASH AND CASH EQUIVALENTS (6,134) (11,034) Cash and Cash Equivalents at Beginning of Period 37,924 52,980 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD* $ 31,790 $ 41,946 ======== ========
3 Sandy Spring Bancorp and Subsidiary CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Dollars in thousands)
Nine Months Ended September 30, ----------------- 1995 1994 - ------------------------------------------------------------------ Supplemental Disclosures Interest payments $17,443 $13,451 Income tax payments $1,778 $2,614 Noncash Investing Activities Transfers from loans to other real estate owned $-- $323 Transfers from investments available-for-sale to investments held-to-maturity $-- $54,664 Unrealized gain (loss) on investments available-for-sale net of deferred tax effect of $1,932 in 1995 and $(3,229) in 1994 $3,070 $(5,132)
*Cash and cash equivalents include amounts of "Cash and due from banks" and "Federal funds sold" on the Consolidated Balance Sheets. See Notes to Consolidated Financial Statements. 4 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - GENERAL The foregoing financial statements are unaudited; however, in the opinion of Management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentation of the results of the interim periods have been included. These statements should be read in conjunction with the financial statements and accompanying notes included in Sandy Spring Bancorp's 1994 Annual Report to Shareholders. The results shown in this interim report are not necessarily indicative of results to be expected for the full year 1995. The accounting and reporting policies of Sandy Spring Bancorp conform to generally accepted accounting principles and to general practice within the banking industry. Certain reclassifications have been made to amounts previously reported to conform with current classifications. Consolidation has resulted in the elimination of all significant intercompany accounts and transactions. NOTE 2 - PER SHARE DATA Net income per common share is based on weighted average number of shares outstanding which was, for the third quarter, 4,308,414 in 1995 and 4,255,004 in 1994 and, for the first nine months, 4,298,235 in 1995 and 4,241,440 in 1994. All per share data have been adjusted to give retroactive effect to a 2 for 1 stock split in the form of a stock dividend declared by the Board of Directors on March 29, 1995, payable to shareholders of record at the close to business on April 12, 1995. 5 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Consolidated basis, dollars in thousands except per share data) In the following discussion, per share amounts have been adjusted to reflect a 2 for 1 stock split declared on March 29, 1995 (see Note 2). A. FINANCIAL CONDITION GENERAL The Company's total assets were $788,532 at September 30, 1995, compared to $764,135 at December 31, 1994, a $24,397 or 3.2% increase in the first nine months of 1995. Earning assets increased $25,652 or 3.6% to $736,766 from $711,114. Total loans rose 7.5% or $30,094 during the first nine months of 1995. Of the major loan categories, real estate mortgages grew $14,522 or 4.7%, construction loans increased $8,475 or 36.9% and commercial loans were up $7,957 or 18.3% while consumer loans declined $746 or 2.6%. Residential mortgage loans held for sale were $2,723 at September 30, 1995. There were no such loans at December 31, 1994. The investment portfolio, which consists of investments available-for-sale and held-to-maturity as well as other equity securities, declined $3,098 or 1.0% during the nine month period ended September 30, 1995. Federal funds sold decreased $4,530 or 84.3% over the same period. Funds provided by declines in these categories were used to support a portion of the growth in loans. Total deposits were $666,478 at September 30, 1995, increasing $20,859 or 3.2% from $645,619 at December 31, 1994. All deposit categories declined except for certificates of deposit, which rose $71,744 or 39.1%, reflecting in part an aggressive campaign by the Company to increase these deposits. Over the same period, short-term borrowings declined $5,398 or 11.9%. LIQUIDITY AND INTEREST RATE SENSITIVITY The Company's liquidity position, considering both internal and external sources available, exceeded anticipated short and long term funding needs at September 30, 1995. In assessing the Bank's internal liquidity, management considers the seasonality of deposit flows, investment, loan and deposit maturities, expected fundings and the market values of available for sale investments. Core deposits (total deposits less CD's of $100,000 or more) rose by $12,428 during the first nine months of 1995, while loans increased $30,094. The Bank manages its interest rate sensitivity position within board of director approved parameters. At September 30, 1995, the bank's exposure to interest rate risk both in terms of net interest income (short term perspective) and changes in market value of net assets (long term perspective) indicates the assumption of relatively low interest rate risk. 6 CAPITAL MANAGEMENT The Company recorded a total risk-based capital ratio of 17.97% at September 30, 1995 compared to 17.52% at December 31, 1994; a Tier 1 risk-based capital ratio of 16.72% compared to 16.27%; and a capital leverage ratio of 9.88% compared to 9.45%. Capital adequacy, as measured by these ratios, was well above regulatory requirements. Stockholders' equity was $75,882 at September 30, 1995 (including a net unrealized loss of $217 on investments available-for-sale), an increase of 13.3% from $66,956 (including a net unrealized loss of $3,287) at December 31, 1994. Internal capital generation (net income less dividends) provided $4,946 in additional equity during the first nine months of 1995, representing an annualized growth rate of 9.1% versus 8.7% for the year ended December 31, 1994. External capital formation amounted to $910 for the nine month period ended September 30, 1995, resulting from issuance of 26,167 shares under the Company's dividend reinvestment plan and 8,592 shares through employee related programs. For the nine months ended September 30, 1995, dividends were $1,977 or $0.46 per share compared to $1,675 or $0.40 per share in 1994, resulting in dividend payout ratios of 28.57% and 28.37%, respectively. B. RESULTS OF OPERATIONS - 9 MONTHS ENDED SEPT. 30, 1995 AND 1994 GENERAL Net income for the first nine months of the year rose 15.9% or $949 in 1995, to $6,923 ($1.61 per share) from $5,974 ($1.41 per share) recorded in the first nine months of 1994. Growth in net interest income and cost containment were significant reasons for higher nine month earnings in 1995, compared to 1994. Net income was also favorably impacted during 1995 by lower deposit insurance premiums enacted by the FDIC in August with retroactive application. The resulting refund in this expense category, received during the third quarter, was responsible for approximately $250 ($0.06 per share) of the rise in net income. Another factor was a first quarter 1994 non-recurring expense for special early retirement benefits, accounting for approximately $178 ($0.04 per share) of the increase in earnings between the periods. Net income for the nine months ended September 30, 1995 equates to an annualized return on average assets of 1.21% compared to 1.12% in 1994 and returns on average equity of 12.77% versus 12.21% for the same periods. NET INTEREST INCOME For the nine months ended September 30, 1995, net interest income was $21,896, an increase of 9.5% over $19,993 in 1994, as a rise in net interest margin to 4.29% from 4.25% increased the positive effect of a higher volume of earning assets. Average earning assets for the first nine months of 1995 were $721,095, up $46,055 or 6.8% from the first nine months of 1994. 7 Tax-equivalent interest income increased $7,113 or 20.1% in the first nine months of 1995, compared to 1994. Average earning assets rose 6.8% over the period while the average yield earned on those assets rose by 86 basis points. Interest expense increased $5,447 or 39.4% for the nine month period ending September 30, 1995, as a result of 7.3% higher average interest-bearing liabilities and a 98 basis point increase in average rate paid. The net interest spread for the first nine months of 1995 declined by 12 basis points to 3.58% from the 3.70% recorded in the first nine months of 1994, while the net interest margin increased slightly due to the positive impact of the growth of non-interest sources of funds in a higher interest rate environment. Comparing the first nine months of 1995 to 1994, average loans grew 25.7% to $413,062 (57.3% of average earning assets) while experiencing a 97 basis point increase in average yield. Most of the increase in loans outstanding involved the real estate-mortgage sector of the portfolio. Average total securities decreased 10.4% to $296,544 (41.1% of average earning assets) and recorded a 23 basis point increase in average yield. CREDIT RISK MANAGEMENT Due to favorable trends in the levels of both delinquencies and potential problem loans, there was no provision for credit losses for the first nine months of 1995 as compared to $160 for the comparable period in 1994. Net charge-offs of $161 were recorded for the first nine months of 1995 versus net recoveries of $41 a year earlier. At September 30, 1995, commercial construction and development credits, considered to be a higher risk category of loans, comprised 3.9% of total loans, while traditional first and second home mortgages, generally considered to be a lower risk category, amounted to 36.9%. Nonperforming assets, expressed as a percentage of total assets, were 0.10% at September 30, 1995 compared to 0.24% at December 31, 1994. At September 30, 1995, the allowance for credit losses was 1.38% of total loans versus 1.52% at December 31, 1994. The allowance for credit losses covered nonperforming loans approximately eight times at September 30, 1995. The allowance for credit losses was nearly four times the amount of nonperforming loans at December 31, 1994. NON-INTEREST INCOME AND EXPENSES Non-interest income for the first nine months of 1995 increased $148 or 4.6% to $3,380 in 1995 from $3,232 in 1994. Holding down the size of the increase were net losses of $62 from securities transactions between the periods and a $74 decrease in gains on residential mortgage loan sales. The Company is beginning to see results from organizational changes taken in 1995 to increase residential mortgage loan originations and sales in order to generate additional income in this category in future periods. 8 ANALYSIS OF CREDIT RISK (Dollars in thousands) Activity in the allowance for credit losses is shown below:
9 Months Ended 12 Months Ended September 30, 1995 December 31, 1994 - -------------------------------------------------------------------------------- Balance, January 1 $6,108 $6,177 Provision for credit losses -- 160 Loan charge-offs: Real estate-mortgage (33) (135) Real estate-construction -- -- Consumer (168) (32) Commercial (112) (342) ------------ -------------- Total charge-offs (313) (509) Loan recoveries: Real estate-mortgage 97 16 Real estate-construction -- -- Consumer 12 40 Commercial 43 224 ------------ -------------- Total recoveries 152 280 ------------ -------------- Net charge-offs (161) (229) ------------ -------------- BALANCE, PERIOD END $5,947 $6,108 ============ ============== Net charge-offs to average loans (annual basis) 0.05% 0.07% Allowance to total loans 1.38% 1.52% Balance sheet risk inherent in the lending function is presented as follows at the dates indicated: SEPTEMBER 30, December 31, 1995 1994 - -------------------------------------------------------------------------------- Non-accrual loans $ 514 $ 866 Loans 90 days past due 176 671 Restructured loans 38 44 ------------ -------------- Total Nonperforming Loans* 728 1,581 Other real estate owned 52 277 ------------ -------------- TOTAL NONPERFORMING ASSETS $ 780 $1,858 ============ ============== Nonperforming assets to total assets 0.10% 0.24% - --------------------------------------------------------------------------------
* Those performing loans considered potential problem loans, as defined and identified by management, amounted to $7,188 at September 30, 1995, compared to $13,949 at December 31, 1994. Although these are loans where known information about the borrowers' possible credit problems causes management to have doubts as to their ability to comply with the present loan repayment terms, most are well collateralized and are not believed to present significant risk of loss. 9 Modest increases were seen in service charges and other non-interest income, including trust fees (up $107 or 23.8%) during the nine months ended September 30, 1995 over the comparable period of 1994. Non-interest expenses for the first nine months of the year increased $463 or 3.1% to $15,234 in 1995 from $14,771 in 1994. As previously discussed, the rate of increase was significantly moderated by the combined influence of lower FDIC insurance premiums in 1995 and a non-recurring expense item in 1994. The Company has incurred costs associated with its conversion to a new data processing servicer and is in the process of building, equipping and staffing a new branch scheduled to open in November, 1995. The ratio of net income to average full-time-equivalent (FTE) employees was $24 for the nine month period ended September 30, 1995 compared to $21 during the first nine months of 1994 as the growth in net income exceeded proportionally a small increase in average FTE employees. INCOME TAXES The effective tax rate was 31.1% for the nine month period ending September 30, 1995 compared to 28.0% for the same period in 1994 reflecting a lower amount of tax exempt income to income before income taxes in 1995 than in 1994. C. RESULTS OF OPERATIONS - THIRD QUARTER 1995 AND 1994 Third quarter earnings of $2,612 ($0.61 per share) in 1995 were 18.1% above $2,211 ($0.52 per share) recorded for the third quarter of 1994. Tax-equivalent net interest income rose 7.4% during the third quarter of 1995 compared to the same three month period of 1994, produced by a 5.4% increase in the earning asset base augmented by a 6 basis point rise in the net interest margin. During the third quarters of 1995 and 1994, there were no provisions for credit losses, reflecting favorable asset quality in both periods. Net charge- offs of $35 were recorded for the third quarter of 1995 and net recoveries of $158 for the same quarter of 1994. Non-interest income for the third quarter increased $189 or 19.2% in 1995, compared to 1994, with all categories showing favorable advances except securities transactions, which recorded a slight decline. This contrasts to the relatively smaller rise shown for non-interest expenses (up $109 or 2.2%) which, as previously noted, was tempered to a significant degree by the third quarter 1995 refund of deposit insurance premiums by the FDIC amounting to $402. The third quarter effective tax rate was 31.9% in 1995 versus 29.4% shown in 1994. 10 PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 27. Financial Data Schedule (b) None 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized. SANDY SPRING BANCORP, INC. (Registrant) By: /s/ HUNTER R. HOLLAR ________________________________________________ Hunter R. Hollar President and Chief Executive Officer Date: November 8, 1995 By: /s/ JAMES H. LANGMEAD _________________________________________________ James H. Langmead Vice President and Treasurer Date: November 8, 1995 12 EX-27 2 ARTICLE 9 FDS
9 1,000 9-MOS DEC-31-1995 SEP-30-1995 30,945 674 845 0 126,839 170,102 170,924 428,394 (5,947) 788,532 666,478 39,845 3,168 3,159 4,315 0 0 71,567 788,532 27,930 19,117 526 41,177 17,368 19,281 21,896 0 (8) 15,234 10,042 10,042 0 0 6,923 1.61 1.61 3.58 514 176 38 7,188 6,108 (313) 152 5,947 2,097 0 3,850 All per share data have been adjusted to reflect a 2 for 1 stock split declared March 29, 1995.
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