-----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, ONDtQpM3lPnCSm/Og1tbJjfDkwquEsMKt3mS4LPkH5y3uoqbPBT3kylsN1pT3wkZ yFCcK7+tDwfaR7iiSFEK2A== 0000826154-98-000003.txt : 19980813 0000826154-98-000003.hdr.sgml : 19980813 ACCESSION NUMBER: 0000826154-98-000003 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: ORRSTOWN FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000826154 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232530374 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-18888 FILM NUMBER: 98683353 BUSINESS ADDRESS: STREET 1: 77 E KING STREET STREET 2: P O BOX 250 CITY: SHIPPENSBURG STATE: PA ZIP: 17257 BUSINESS PHONE: 7175326114 MAIL ADDRESS: ZIP: 00000 10-Q 1 FORM 10 - Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarter ended June 30,1998 Commission file number: 33-18888 ORRSTOWN FINANCIAL SERVICES, INC. (Exact name of registrant as specified in its charter) Commonwealth of Pennsylvania 23-2530374 (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification No.) 77 East King Street 17257 P.O. Box 250, Shippensburg, Pennsylvania (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (717) 532-6114 Indicate by check mark whether the registrant (1) has filed all reports required to be filled by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for 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. X YES --------------- N-------------- Class Outstanding at July 31,1998 (Common Stock, no par value) 1,025,101 ORRSTOWN FINANCIAL SERVICES, INC. INDEX Page Part I - FINANCIAL INFORMATION Item 1. Financial statements ( unaudited ) Condensed consolidated balance sheets - June 30,1998 and December 31, 1997 3 Condensed consolidated statements of income - Three months ended June 30,1998 and 1997 4 Condensed consolidated statements of income - Six months ended June 30,1998 and 1997 5 Condensed consolidated statements of comprehensive income - Three months ended June 30,1998 and 1997 6 Condensed consolidated statements of comprehensive income - Six months ended June 30,1998 and 1997 6 Condensed consolidated statements of cash flows - Six months ended June 30,1998 and 1997 7 Notes to condensed consolidated financial statements 8 Item 2. Management's discussion and analysis of financial condition and results of operations 10 PART II - OTHER INFORMATION 14 Signatures 15 Data Table 16 PART I - FINANCIAL INFORMATION PART I - FINANCIAL INFORMATION Item 1. Financial Statements ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, 1998 1997* (Unaudited) ASSETS (000 Omitted) Cash and due from banks 6,483 5,963 Interest - bearing deposits with banks 89 16 Federal funds sold 2,306 2,858 Securities available for sale 50,690 46,208 Federal Home Loan Bank, Federal Reserve and Atlantic Central Bankers Bank Stock, at cost which approximates market value 1,119 983 Loans 143,243 128,331 Allowance for loan losses (1,905) (1,767) ----------- ----------- Net Loans 141,338 126,564 Bank premises and equipment, net 5,065 5,130 Other assets 2,722 2,520 ----------- ----------- Total assets 209,812 $ 190,242 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Noninterest bearing $ 20,762 $ 17,649 Interest bearing 154,707 142,931 ----------- ----------- Total deposits 175,469 160,580 Federal funds purchased and other borrowed money 11,950 8,569 Other liabilities 3,180 2,828 ----------- ----------- Total liabilities 190,599 171,977 ----------- ----------- STOCKHOLDERS' EQUITY Common stock, no par value - $ .2083 stated value per share at June 30, 1998 and December 31, 1997, 2, 000, 000 shares authorized with 1, 025,101 shares issued at June 30, 1998 and 1,025,094 issued at December 31, 1997 214 214 Additional paid - in capital 12,352 12,352 Retained earnings 5,685 4,730 Unrealized holding gain, net of tax $496 and $499 at June 30, 1998 and December 31, 1997, respectively 962 969 ----------- ----------- Total stockholders' equity 19,213 18,265 ----------- ----------- Total liabilities and stockholders' equity $ 209,812 $ 190,242 =========== =========== * Condensed from audited financial statements The accompanying notes are an integral part of these condensed financial statements. - -3- ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, 1998 and 1997 (UNAUDITED) 1998 1997 (Unaudited) (Unaudited) (000 Omitted) Interest Income Interest and fees on loans $ 3,105 $ 2,644 Interest on federal funds sold 85 75 Interest and dividends on investment securities 787 617 Interest income on deposits with banks 2 1 --------- --------- Total interest income 3,979 3,337 Interest Expense Interest on deposits 1,630 1,340 Interest on borrowed money 170 79 -------- --------- Total interest expense 1,800 1,419 -------- --------- Net interest income 2,179 1,918 Provision for loan losses 75 45 --------- --------- Net interest income after provision for loan losses 2,104 1,873 --------- --------- Other Income Service charges on deposits 208 155 Other service charges 128 86 Trust department income 185 130 Other income 14 14 Net gains (losses) on available for sale securiti (2) 9 --------- --------- Total other income 533 394 --------- --------- Other Expenses Salaries and employee benefits 830 697 Net occupancy and equipment expenses 207 175 Other operating expenses 519 406 --------- --------- Total other expense 1,556 1,278 --------- --------- Income before income taxes 1,081 989 Income tax expenses 296 270 --------- --------- Net income $ 785 $ 719 ========= ========= Weighted average number of shares outstanding ********* ********* Net income per share $ 0.76 $ 0.70 Cash dividends declared per share $ 0.23 $ 0.19 The accompanying notes are an integral part of these condensed financial statements. -4- ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED STATEMENTS OF INCOME Six Months Ended June 30, 1998 and 1997 (UNAUDITED) 1998 1997 (Unaudited) (Unaudited) (000 Omitted) Interest Income Interest and fees on loans $ 5,995 $ 5,141 Interest on federal funds sold 175 119 Interest and dividends on investment securities 1,521 1,183 Interest income on deposits with banks 3 2 --------- --------- Total interest income 7,694 6,445 Interest Expense Interest on deposits 3,190 2,599 Interest on borrowed money 317 119 --------- --------- Total interest expense 3,507 2,718 --------- --------- Net interest income 4,187 3,727 Provision for loan losses 150 90 --------- --------- Net interest income after provision for loan losses 4,037 3,637 --------- --------- Other Income Service charges on deposits 394 325 Other service charges 224 123 Trust department income 377 257 Other income 31 30 Net gains (losses) on available for sale securiti (12) 4 --------- --------- Total other income 1,014 739 --------- --------- Other Expenses Salaries and employee benefits 1,638 1,396 Net occupancy and equipment expenses 409 353 Other operating expenses 1,036 847 --------- --------- Total other expense 3,083 2,596 --------- --------- Income before income taxes 1,968 1,780 Income tax expenses 541 502 --------- --------- Net income $ 1,427 $ 1,278 ========= ========= Weighted average number of shares outstanding ********* ********* Net income per share $ 1.39 $ 1.25 Cash dividends declared per share $ 0.46 $ 0.37 The accompanying notes are an integral part of these condensed financial statements. -5- ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, 1998 and 1997 (UNAUDITED) 1998 1997 (000 Omitted) Net Income $ 785 $ 719 Other comprehensive income, net of tax Unrealized gain (loss) on investment securities available for sale 182 362 Comprehensive Income $ 967 $ 1,081 =========== ============ The accompanying notes are integral part of these condensed financial statements. ********************************************************************* ***** ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30,1998 and 1997 (UNAUDITED) 1998 1997 (000 Omitted) Net Income $ 1,427 $ 1,278 Other comprehensive income, net of tax Unrealized gain (loss) on investment securities available for sale (7) 78 Comprehensive Income $ 1,420 $ 1,356 =========== ============ The accompanying notes are integral part of these condensed financial statements. -6- ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY - OWNED SUBSIDIARY, ORRSTOWN BANK CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 1998 and 1997 (UNAUDITED) 1998 1997 (Unaudited) (Unaudited) (000 Omitted) Cash flows from operating activities: Net income $ 1,427 $ 1,278 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 200 144 Provision for loan losses 150 90 Other, net 134 (131) ----------- ----------- Net cash provided by operating activities 1,911 1,381 Cash flows from investing activities: Net (increase) decrease in interest bearing deposits with banks (73) 1,481 Purchase of available for sale securities (8,205) (8,789) Sales on Maturities of available for sale securities 3,576 2,058 Net (increase) in loans (14,924) (9,086) Purchases of bank premises and equipment (115) (597) ----------- ----------- Net cash (used) by investing activities (19,741) (14,933) ----------- ----------- Cash flows from financing activities: Net increase in deposits 14,889 11,995 Cash dividends paid (472) (381) Cash paid in lieu of fractional shares 0 (21) Net increase in purchased funds 3,387 0 Proceeds from long - term debt 0 3,000 Payments on debt (6) (5) ----------- ----------- Net cash provided by financing activities 17,798 14,588 ----------- ----------- Net increase (decrease) in cash and cash equivalents (32) 1,036 Cash and cash equivalents at beginning of period 8,821 8,172 ----------- ----------- Cash and cash equivalents at end of period $ 8,789 $ 9,208 ========= ========== Supplemental disclosure of cash flows information: Cash paid during the period for: Interest $ 3,159 $ 2,414 Income Taxes 602 452 Supplemental schedule of noncash investing and financing activities: Unrealized gain (loss) on investments available for sale (net of deferred taxes of $(4) and $40 at June 30, 1998 and 1997, respectively (7) 78 The accompanying notes are an integral part of these condensed financial statements. -7- ORRSTOWN FINANCIAL SERVICES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 1998 (UNAUDITED) NOTE 1. Basis of Presentation The financial information presented at and for the three months ended and six months ended June 30, 1998 and 1997 is unaudited. Information presented at December 31, 1997 is condensed from audited year-end financial statements. However, unaudited information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period. NOTE 2. Principles of Consolidation The consolidated financial statements include the accounts of the corporation and its wholly-owned subsidiary, Orrstown Bank. All significant intercompany transactions and accounts have been eliminated. NOTE 3. Cash Flows For purposes of the statements of cash flows, the corporation has defined cash and cash equivalents as those amounts included in the balance sheet captions " cash and due from banks " and " federal funds sold ". As permitted by Statement of Financial Accounting Standards No. 104, the corporation has elected to present the net increase or decrease in deposits in banks, loans and time deposits in the statement of cash flows. NOTE 4. Federal Income Taxes For financial reporting purposes the provision for loan losses charged to operating expense is based on management's judgment, whereas for federal income tax purposes, the amount allowable under present tax law is deducted. Additionally, certain expenses are charged to operating expense in the period the liability is incurred for financial reporting purposes, whereas for federal income tax purposes, these expenses are deducted when paid. As a result of these timing differences, deferred income taxes are provided in the financial statements. Income tax expense is less than the amount calculated using the statutory tax rate primarily as a result of tax exempt income earned from state and political subdivision obligations. NOTE 5. Other Commitments In the normal course of business, the bank makes various commitments and incurs certain contingent liabilities which are not reflected in the accompanying financial statements. These commitments include various guarantees and commitments to extend credit and the bank does not anticipate any losses as a result of these transactions. -8- Note 6. Changes in Common Stock On March 20, 1997 the Board of Directors of Orrstown Financial Services, Inc. declared a 5 % stock dividend payable May 15, 1997 to shareholders of record May 1, 1997. Earnings per share, dividends per share and weighted average shares outstanding references have been restated to reflect the 5 % stock dividend for all periods presented. Note 7. Investment Securities Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the corporation has the ability at the time of purchase to hold securities until maturity or on a long - term basis, they are classified as securities held to maturity and carried at amortized historical cost. Securities to be held for indefinite periods of time and not intended to be held to maturity or on a long - term basis are classified as available for sale and carried at fair value. Securities held for indefinite periods of time include securities that management intends to use as part of its asset and liability management strategy and that may be sold in response to changes in interest rates, resultant prepayment risk and other factors related to interest rate and resultant prepayment risk changes. Realized gains and losses on dispositions are based on the net proceeds and the adjusted book value of the securities sold, using the specific indentification method. Unrealized gains and losses on investment securities available for sale are based on the difference between book value and fair value of each security. These gains and losses are credited or charged to shareholders' equity, whereas realized gains and losses flow through the corporation's operations. Management has classified all investments securities as "available for sale". At June 30 1998 fair value exceeded amortized cost by $ 1,458,000. This resulted in an increase in stockholders' equity of $ 962,000 after recognizing the tax effects of the unrealized gains. At December 31, 1997, fair market value exceeded amortized cost by $ 1,468,000 resulting in an increase in stockholders' equity of $969,000 after recognizing the tax effects of the unrealized gains. Note 8. New Pronouncements The adoption of Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income has resulted in the addition of the statement of comprehensive income. -9- ORRSTOWN FINANCIAL SERVICES, INC. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Summary Orrstown Financial Services, Inc. recorded net income of $ 785,000 for the second quarter of 1998 compared to $ 719,000 for the same period in 1997, representing an increase of$ 66,000 or 9.2 %. Net income per share was $ .76 during 1998's second quarter up $ .06 from the $ .70 earned during 1997's second quarter. Net income for the first six months of 1998 was $ 1,427,000 compared to $ 1,278,000 for the same period in 1997, representing an increase of $ 149,000, or 11.7 %. Net income per share for the first six months of 1998 was $ 1.39 up $ .14 from the $ 1.25 per share realized during the six months ended June 30, 1997. Robust balance sheet growth has fueled 1998's earnings gains. Despite tightening net interest rate margins versus those of 1997, net income has grown significantly due to volume factors. In addition, noninterest income has grown at a rate almost double that of noninterest income increases. Mergers of competitors within our geographical markets have provided opportunities for growth and 1998 net interest margins have improved as we have advanced through the year with loan demand providing outlets for the funds growth realized in early 1998. Consequently, second quarter 1998 results have improved considerably over first quarter 1998 results. Net income of $ 785,000 represents an increase of 22.3 % over the $ 642,000 earned during the first quarter of 1998. The following statistics compare 1998's year to date performance to that of 1997: Second Quarter Six Months Year to Date 1998 1997 1998 1997 Return on average assets 1.51 % 1.70 % 1.43 % 1.57 % Return on average equity 16.61 % 17.69 % 15.32 % 15.88 % Average equity / Average assets 9.11 % 9.61 % 9.31 % 9.87 % A more detailed discussion of the elements having the greatest impact on net income follows. Net Interest Income Second Quarter 1998 vs. Second Quarter 1997 Net interest income for the second quarter of 1998 was $ 2,179,000 representing a growth of $ 261,000, or 13.6 % , over the $ 1,918,000 realized during 1997's second quarter. The growth in net interest income is driven by volume factors since spreads have tightened from the year earlier period. Earning asset growth of 22.9 % has generated 13.6 % net interest income growth despite a 37 basis point tightening of net interest margin. Net interest margin has widened by 8 basis points over 1998's first quarter, however, as loan demand has increased. Six Months 1998 vs. Six Months 1997 Net interest income for the first six months of 1998 was $ 4,187,000 representing an increase of $ 460,000, or 12.3 %, over the $ 3,727,000 generated during the first six months of 1997. Volume factors have generated the increase despite tightened spreads from 1997. Spreads have improved as we have progressed through 1998, however. The table that follows states rates on a fully taxable equivalent basis, ( F.T.E. ) and demonstrates the aforementioned effects: SECOND QUARTER SIX MONTHS YEAR TO DATE 1998 1997 1998 1997 (in thousands) Avg. Balances Rates Avg. Balances Rates Avg. Balances Rates Avg. Balances Rates Interest earning assets $ 196,248 8.42% $ 159,692 8.68% $ 190,336 8.42% $ 154,931 8.65% Interest bearing liabilities 166,230 4.34% 133,490 4.26% 161,283 4.38% 129,201 4.24% - --------- --------- ---------- -------- ---------- -------- - --------- --------- Free Funds $ 30,018 $ 26,202 $ 29,053 $ 25,730 ========= ========== ========== ========= Net interest income $ 2,179 $ 1,918 $ 4,187 $ 3,727 ========= ========== ========== ========= Net interest spread (F.T.E.) 4.08% 4.42% 4.04% 4.21% ========= ======== ========= ========= Free funds ratio 15.30% 16.41% 15.26% 16.61% ========= ========== ========== ========= Net interest margin ( F.T.E ) 4.74% 5.11% 4.70 5.11% ========= ======== ======== ========= - -10- Other Income and Other Expenses Second Quarter 1998 vs. Second Quarter 1997 Other income increased $ 139,000, or 35.3 %, from $ 394,000 during the second quarter of 1997 to $ 533,000 during the second quarter of 1998. Increases in service charges on deposit accounts accounted for $ 53,000 of the increase and trust department income increased $ 55,000 as all areas of the bank have experienced robust growth. Other expense rose $ 278,000, or 21.7 %, from $ 1,278,000 for second quarter 1997 to $ 1,556,000 for 1998's second quarter. Salary and benefit increases contributed $ 135,000 of the growth. All expense categories grew due to general growth of the bank plus the opening of a seventh branch office during November 1997 in Chambersburg, Pennsylvania. Six Months 1998 vs. Six Months 1997 Other income increased $ 275,000, or 37.2 %, to $ 1,014,000 from $ 739,000 a year ago. A $ 120,000, or 46.7 %, increase in trust department income, plus a $ 170,000 increase in service charges were the primary contributors. Other expenses rose $ 487,000, or 18.8 % from $ 2,596,000 during the first six months of 1997 to $ 3,083,000 for the same period of 1998. All categories of noninterest expense rose due to the aforementioned growth plus the addition of a new branch office in late 1997. Staff increases contributed to growth in salaries and benefits of $ 242,000, the largest single component of increase. Income Tax Expense Income tax expense increased $ 26,000, or 9.6 %, during 1998's second quarter versus second quarter 1997. Income tax expense rose $ 39,000, or 7.8 %, for the first six months of 1998 versus the same period a year ago. The growth in income tax expense is the byproduct of similar increases in pretax income since effective federal income tax rates has remained relatively stable, as shown below: Second Quarter Six Months Year to Date 1998 1997 1998 1997 Effective income tax rate 27.4% 27.3% 27.5% 28.2% The margined federal income tax bracket is 34 % for all periods presented. -11- PROVISION AND ALLOWANCE FOR LOAN LOSSES The provision for loan losses and the other changes in the allowance for loan losses are shown below (in thousands) : Quarter Ended Six Months Ended June 30 June 30 1998 1997 1998 1997 Balance, beginning of period $ 1,846 $ 1,657 $ 1,767 $ 1,620 Recoveries 3 1 14 1 Provision for loan loss charged to income 75 45 150 90 --------- -------- -------- --------- Total 1,924 1,703 1,931 1,711 Losses 19 19 26 27 --------- -------- -------- --------- Balance, end of period $ 1,905 $ 1,684 $ 1,905 $ 1,684 ========= ======== ======== ========= In the opinion of management, the allowance, when taken as a whole, is adequate to absorb reasonably estimated loan losses inherent in the Bank's loan portfolio. The unallocated portion of the allowance for loan losses exceeds 50% at June 30, 1998. Loans 90 days or more past due (still accruing interest) and those on nonaccrual status were as follows at June 30 (in thousands) : 90 Days or More Past Due Nonaccrual Status 1998 1997 1998 1997 Real estate mortgage $ 255 $ 15 $ 68 $ 0 Installment loans 5 94 0 16 Commercial loans 588 567 454 0 Credit card 3 20 1 0 --------- -------- -------- --------- Total $ 851 $ 696 $ 523 $ 16 ========= ======== ======== ========= There were no restructured loans for any of the time periods set forth above. Any loans classified for regulatory purposes as loss, doubtful, substandard or special mention that have not been disclosed under Item III of Industry Guide 3 do not represent or result from trends or uncertainties which management reasonably expects will materially impact future operating results, liquidity or capital resources. -12- CAPITAL RESOURCES AND BALANCE SHEET FLUCTUATIONS A comparison of Orrstown Financial Services' capital ratios to regulatory minimum requirements at June 30, 1998 is as follows: Orrstown Financial Regulatory Minimum Services Requirements Leverage ratio 8.56% 3% Risk based capital ratios: Tier I (core capital) 11.29% 4% Combined tier I and tier II (core capital plus allowance for loan losses) 12.51% 8% The robust growth experienced during 1998 has been supported by capital growth in the form of retained earnings. Equity represented 9.16 % of assets at June 30, 1998 which is down slightly from 9.60 % at December 31, 1997. All balance sheet fluctuations exceeding 5 % have been created by either the robust growth that has been experienced during 1998 or single day fluctuations. Management is not aware of any current recommendations by regulatory authorities which, if implemented, would have a material effect on the corporation's liquidity, capital resources or operations. -13- PART II - OTHER INFORMATION PART II - OTHER INFORMATION Item 1 - Legal Proceedings None Item 2 - Changes in Securities None 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 - None (b) Reports on Form 8 - K - None -14- 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. /s/ ------------------------------------ (Kenneth R. Shoemaker, President) (Duly Authorized Officer) /s/ ------------------ ------------------------------------ (Robert B. Russell, Controller) (Chief Accounting Officer) -15- DATA TABLE FOR 10-Q AT JUNE 30, 1998
EX-27 2 ARTICLE 9 FDS FOR 10-Q
9 1,000 6-MOS DEC-31-1997 JUN-30-1998 6,483 89 2,306 0 50,826 50,826 50,826 143,243 1,905 209,812 175,469 0 3,180 11,950 214 0 0 19,213 209,812 5,995 1,521 178 7,694 3,190 3,507 4,187 150 (12) 3,083 1,968 1,427 0 0 1,427 1.39 1.39 4.70 523 851 0 0 1,767 26 11 1,905 1,905 0 0
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