-----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, Disf5OnAgTIZxvDay/bjSWylAS2K10qa8muQZKfeqsT9j3WYg6Rs/qKDGVUONilH yn2hgonx1DGo5Nea5zVzng== 0000930661-96-000382.txt : 19960625 0000930661-96-000382.hdr.sgml : 19960625 ACCESSION NUMBER: 0000930661-96-000382 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENDERSON CITIZENS BANCSHARES INC CENTRAL INDEX KEY: 0000878355 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 752371232 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-42286 FILM NUMBER: 96559963 BUSINESS ADDRESS: STREET 1: 201 WEST MAIN ST STREET 2: PO BOX 1009 CITY: HENDERSON STATE: TX ZIP: 75653 BUSINESS PHONE: 9036578521 MAIL ADDRESS: STREET 1: 201 WEST MAIN ST STREET 2: P O BOX 1009 CITY: HENDERSON STATE: TX ZIP: 75653 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended: March 31, 1996 Commission file number: 33-42286 HENDERSON CITIZENS BANCSHARES, INC. (Exact name of registrant as specified in its charter) TEXAS 6712 75-2371232 - - ---------------------------- ---------------------------- ------------------- (State or other jurisdiction (Primary Standard Industrial (I.R.S. Employer of incorporation or Classification Code Number) Identification No.) organization) 201 WEST MAIN STREET, P.O. BOX 1009 HENDERSON, TEXAS 75653 (903) 657-8521 (Address, including ZIP code, and telephone number, including area code, of registrant's principal executive offices) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None 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. X Yes No ----------- ----------- At March 31, 1996, 2,160,000 shares of Common Stock, $5.00 par value, were outstanding. Part I. FINANCIAL INFORMATION Item 1. Financial Statements HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) March 31, 1996 and December 31, 1995 (dollars in thousands)
Assets 1996 1995 ------ -------------- ----------- Cash and due from banks $ 10,775 8,916 Interest-bearing deposits with financial institutions 2,244 2,642 Federal funds sold 4,000 -- Securities: Held-to-maturity, approximate market value of $83,956 84,052 82,750 in 1996 and $83,570 in 1995 138,467 143,700 ---------- --------- Available-for-sale 222,519 226,450 Loans, net 79,149 80,499 Premises and equipment, net 3,159 3,144 Accrued interest receivable 3,147 3,911 Other assets 1,701 1,317 ---------- --------- $ 326,694 326,879 ========== ========= Liabilities and Stockholders' Equity ------------------------------------ Deposits: Demand - non interest-bearing 26,634 28,435 NOW accounts 71,325 68,089 Money market and savings 44,483 46,206 Certificates of deposit and other time deposits 151,204 150,881 --------- --------- Total deposits 293,646 293,611 --------- --------- Accrued interest payable 1,033 1,117 Other liabilities 842 945 --------- --------- 295,521 295,673 Stockholders' equity: Preferred stock, $5 par value; 2,000,000 shares authorized, none issued or outstanding -- -- Common stock, $5 par value; 10,000,000 shares authorized, 2,160,000 issued and outstanding 10,800 10,800 Capital surplus 5,400 5,400 Undivided profits 15,667 14,859 Net unrealized gains/(losses) on securities available for sale, net of income taxes (694) 147 --------- --------- Total stockholders' equity 31,173 31,206 --------- --------- Commitments and contingencies $ 326,694 326,879 ========= =========
See accompanying notes to consolidated financial statements. 2 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Statements of Income (unaudited) (dollars in thousands, except per share amounts)
Three months ended March 31, --------------------- 1996 1995 ----------- -------- Interest income: Loans $ 1,644 1,395 Securities Taxable 2,810 2,991 Tax-exempt 391 367 Federal funds sold 54 29 Interest-bearing deposits with financial institutions 118 160 -------- -------- Total interest income 5,017 4,942 -------- -------- Interest expense: Deposits: NOW accounts 531 555 Money market and savings 330 396 Certificates of deposit and other time deposits 1,946 1,810 -------- -------- Total interest expense 2,807 2,761 -------- -------- Net interest income 2,210 2,181 Provision for loan losses 50 63 -------- -------- Net interest income after provision for loan losses 2,160 2,118 -------- -------- Other income: Gains (losses) on securities transactions, net 640 (199) Income from fiduciary activities 164 135 Service charges, commissions, and fees 318 352 Other 99 53 -------- -------- Total other income 1,221 341 -------- -------- Other expenses: Salaries and employee benefits 1,063 882 Occupancy and equipment 206 184 Regulatory assessments 40 168 Other 490 483 -------- -------- Total other expenses 1,799 1,717 -------- -------- Income before income taxes 1,582 742 Income tax expense 428 146 -------- -------- Net income $ 1,154 596 ======== ======== Net income per common share (2,160,000 shares outstanding) $ .53 .28 ======== ========
See accompanying notes to consolidated financial statements. 3 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Statements of Stockholders' Equity (unaudited) Three months ended March 31, 1996 and 1995 (dollars in thousands, except per share amounts)
Net Unrealized Gains (Losses) on Securities Total Preferred Common Capital Undivided Available Stockholder's Stock Stock Surplus Profits for Sale Equity --------- -------- -------- --------- ---------------- ------------- Balances at December 31, 1994 $ -- 10,800 5,400 13,777 (3,830) 26,147 Net income -- -- -- 596 -- 596 Net change in unrealized losses on securities available for sale -- -- -- -- 1,645 1,645 Cash dividends ($.16 per share) -- -- -- (346) -- (346) -------- -------- -------- -------- --------------- ------------ Balances at March 31, 1995 $ -- 10,800 5,400 14,027 (2,185) 28,042 ======== ======== ======== ======== =============== ============ Balances at December 31, 1995 $ -- 10,800 5,400 14,859 147 31,206 Net income -- -- -- 1,154 -- 1,154 Net change in unrealized losses on securities available for sale -- -- -- -- (841) (841) Cash dividends ($.16 per share) -- -- -- (346) -- (346) -------- -------- -------- -------- --------------- ------------ Balances at March 31, 1996 $ -- 10,800 5,400 15,667 (694) 31,173 ======== ======== ======== ======== =============== ============
See accompnying notes to consolidated financial statements. 4 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Statement of Cash Flows (unaudited) Three months ended March 31, 1996 and 1995 (dollars in thousands)
1996 1995 --------- --------- Operating activities: Net income $ 1,154 596 Adjustments to reconcile net income to net cash provided by operating activities: Net amortization (accretion) of securities 167 (112) Net (gains) losses on securities transactions (640) 199 Depreciation and amortization 86 97 Decrease in accrued interest receivable 764 717 Decrease (increase) in other assets 48 141 Increase (decrease) in accrued interest payable (84) 150 Decrease in other liabilities (103) (259) --------- --------- Net cash provided by operating activities 1,392 1,529 --------- --------- Investing activities: Proceeds from maturities and paydowns of held-to-maturity securities 2,721 13,705 Purchases of held-to-maturity securities (4,136) (10,802) Proceeds from sales of available-for-sale securities 30,602 8,535 Proceeds from maturities and paydowns of available-for-sale securities 11,573 1,802 Purchases of available-for-sale securities (37,630) (11,728) Net (increase) decrease in loans 1,350 (3,688) Purchases of bank premises and equipment (100) (84) --------- --------- Net cash provided by (used in) investing activities 4,380 (2,260) --------- --------- Financing activities: Net increase in deposits 35 11,025 Cash dividends paid (346) (346) --------- --------- Net cash used in financing activities (311) 10,679 --------- --------- Increase in cash and cash equivalents 5,461 9,948 Cash and cash equivalents at beginning of period 11,558 14,349 --------- --------- Cash and cash equivalents at end of period $ 17,019 24,297 --------- --------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES Income taxes paid, net of refunds $ 200 -- --------- --------- Interest paid, net of amounts capitalized $ 2,723 2,611 --------- ---------
See accompanying notes to consolidated financial statements. 5 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 1996 (1) BASIS OF PRESENTATION --------------------- The accompanying consolidated financial statements are unaudited, but include all adjustments, consisting of normal recurring accruals, which management considers necessary for a fair presentation of the financial position, results of operations, and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations. The consolidated financial statements and footnotes included herein should be read in conjunction with the Company's annual consolidated financial statements as of December 31, 1995 and 1994, and for each of the three years in the period ended December 31, 1995 included in the Company's Form 10-K. (2) SECURITIES ---------- The amortized cost (carrying value) and approximate market values of securities held-to-maturity at March 31, 1996, are summarized as follows (in thousands of dollars):
Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------ ---------- ----------- ------- U.S. Treasury $ 7,081 90 (100) 7,071 U.S. Government agencies 18,332 1 -- 18,333 State and municipal 31,497 218 (224) 31,491 Mortgage-backed securities and collateralized mortgage obligations 24,609 46 (162) 24,493 Other securities 2,533 35 -- 2,568 ----------- ----------- ----------- -------- $ 84,052 390 (486) 83,956 =========== =========== =========== ========
The amortized cost and approximate market values (carrying value) of securities available-for-sale at March 31, 1996, are summarized as follows (in thousands of dollars):
Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value ----------- ----------- ----------- -------- U.S. Treasury $ 52,045 320 (419) 51,946 U.S. Government agencies 16,119 17 (214) 15,922 Other securities 3,369 2 (1) 3,370 Mortgage-backed securities and collateralized mortgage obligations 67,985 176 (932) 67,229 ---------- ---------- ---------- -------- $ 139,518 515 (1,566) 138,467 ========== ========== ========== =======
6 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 1996 (3) LOANS AND ALLOWANCE FOR LOAN LOSSES ----------------------------------- The composition of the Company's loan portfolio is as follows (in thousands of dollars):
March 31, December,31, 1996 1995 ------------- ------------- Commercial and industrial $ 19,331 22,444 Real estate mortgage 34,647 34,009 Installment and other 27,375 26,234 ------------ ------------ Total 81,353 82,687 Less: Allowance for loan (1,061) (1,019) losses Unearned discount (1,143) (1,169) ------------ ------------ Loans, net $ 79,149 80,499 ============ ============
Changes in the allowance for loan losses for the three months ended March 31, 1996 and 1995 summarized as follows (in thousands of dollars):
1996 1995 ------------- ------------- Balance, January 1 $ 1,019 997 Provision charged to 50 63 operating expense Loans charged off (27) (54) Recoveries on loans 19 27 ------------ ------------ Balance, March 31 $ 1,061 1,033 ============ ============
7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF HENDERSON CITIZENS BANCSHARES, INC. FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 The following discussion and analysis of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the notes thereto, and other financial and statistical information appearing elsewhere in this report. RESULTS OF OPERATIONS - - --------------------- Net income for the first three months of 1996 was $1,154,000 compared to $596,000 for the same period in 1995. During the first three months of 1996, net interest income increased slightly due to increased loan demand. Increased interest income from loans was offset by decreased interest income on taxable securities due to the sale of U.S Treasury securities in January 1996 in which a gain was recognized and the proceeds were reinvested at lower rates. The Company made a provision of $50,000 to the allowance for loan losses during the first three months of 1996. A provision of $63,000 was made for loan losses during the same period in 1995. The Company experienced gains on securities transactions totaling approximately $640,000 in the first three months of 1996 from the sale of certain available-for-sale Treasury securities compared to a loss of $199,000 in the first three months of 1995. Other income, excluding gains on securities transactions, for the first three months of 1996 was $41,000 more than the same period in 1995 due to increased volumes. Total other expenses for the first three months of 1996 were slightly higher than the same period in 1995. Income tax expense for the first three months of 1996 was $428,000 compared to $146,000 for the same period in 1995. NET INTEREST INCOME - - ------------------- Net interest income for the three month period ended March 31, 1996 was $2,210,000 compared to $2,181,000 in 1995. The increase is the result of improved loan demand. Although the Company's net interest income increased during the first three months of 1996, the increase was offset somewhat by a decrease in interest income from taxable investments due to the sale of certain taxable securities. PROVISION FOR LOAN LOSSES - - ------------------------- During the first three months of 1996, the Company increased its allowance for loan losses through a provision of $50,000. The Company increased its allowance for loan losses during the same period of 1995 by $63,000. The Company experienced net charge offs of $8,000 in the first three months of 1996 compared to net charge offs of $27,000 in the same period 1995. See additional information related to the Company's loan operations in the Allowance for Loan Loss section below. OTHER INCOME AND EXPENSES - - ------------------------- Non-interest income, excluding securities losses was $581,000 for the first three months of 1996 as compared to $540,000 in the first three months of 1995. This increase is due to increases in fiduciary income and service charges and volume. Gains on securities transactions for the first three months of 1996 was $640,000 compared to a loss of $199,000 for the same period in 1995. The gain in 1996 was the result of the sale of certain taxable securities consistent with the Company's portfolio management policy. Other expenses for the three month period ended March 31, 1996 were $1,799,000 compared to $1,717,000 during the same period in 1995. The increase is due primarily to general salary and benefit increases as well as changes in the timing of salary compensation. INCOME TAXES - - ------------ Income tax expense for the first three months of 1996 was $428,000, compared to $146,000 in the same period in 1995. The effective tax rate for the first three months of 1996 and 1995, respectively, was 27.1% and 19.7%. The increase in 1996 in the effective rate was due to the large gain on securities transactions. The effective tax rate is expected to decrease over the remainder of 1996 due to the effect of tax exempt income from municipal securities. 8 FINANCIAL CONDITION - - ------------------- The Company's total assets at March 31, 1996 totaled $326,694,000, a decrease of $185,000 over the total assets at December 31, 1995 of $326,879,000. Total deposits were $293,646,000 at March 31, 1996, compared to the December 31, 1995 total of $293,611,000. Equity capital of the Company, excluding unrealized gains or losses on securities available for sale, as a percentage of total assets was 9.8% at March 31, 1996 compared to 9.5% at December 31, 1995. The risk-based Tier I and Tier II capital ratios and the leverage ratio of the Company amounted to 24.6%, 25.4% , and 9.7% respectively at March 31, 1996 compared to 24.3%, 25.1%, and 9.5% respectively, at December 31, 1995. LIQUIDITY AND CAPITAL RESOURCES - - ------------------------------- At March 31, 1996, cash and cash equivalents for the Company of $17,019,000 increased from the December 31, 1995 amount of $11,558,000. At March 31, 1996, the market value of the Company's available-for-sale securities had declined from the December 31, 1995 market values due to increases in interest rates. The Company's stockholders' equity of $31,173,000 remains at a level considered to be adequate by management. Profits in excess of dividends paid to shareholders is reflected in the increase in retained earnings from 1995. The net change in unrealized losses on the Company's available-for-sale securities totaling $841,000 has had a negative impact on the Company's stockholders' equity since December 31, 1995 due to a increase in interest rates experienced in the first three months of 1996. ALLOWANCE FOR LOAN LOSSES - - ------------------------- The allowance for loan losses at March 31, 1996 and December 31,1995 was 1.32% and 1.25% of outstanding loans, respectively. By its nature, the process through which management determines the appropriate level of the allowance requires considerable judgment. The determination of the necessary allowance, and correspondingly the provision for loan losses, involves assumptions about projections of national and local economic conditions, the composition of the loan portfolio, and prior loss experience, in addition to other considerations As a result, no assurance can be given that future losses will not vary from the current estimates. However, management believes that the allowance at March 31, 1996 is adequate to cover losses inherent in its loan portfolio. A migration analysis and an internal classification system for loans also helps identify potential problems, if any loans that are not identified otherwise. From these analyses, management determines which loans are potential candidates for nonaccrual status, including impaired loan status, or charge-off. Management continually reviews loans and classifies them consistent with the Comptroller's guidelines to help ensure that an adequate allowance is maintained. The allocation of the allowance for loan losses is based upon the inherent risks in the various components of the loan portfolio. Amounts allocated to each component are determined based on management's evaluations of concentrations of credit risks, current and anticipated economic conditions, historical analyses, and classification and estimated loss exposure assigned to specific credits. These reserve allocations are subject to change as various economic conditions dictate. The following table is an analysis of the Allowance for Loan Losses. 9 ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
For the Three Months Ended March 31, 1996 1995 ------------- ---------- Balance at beginning of period $ 1,019 997 Charge-offs: Commercial, financial, and -- 7 agricultural Real estate-mortgage -- -- Installment loans to 27 47 individuals ------------- ---------- 27 54 Recoveries: Commercial, financial, and 8 2 agricultural Installment loans to 11 25 individuals ------------- ---------- 19 27 Net charge-offs 8 27 ------------- ---------- Additions charged to operations 50 63 ------------- ---------- Balance at end of period $ 1,061 1,033 ============= ========== Ratio of net charge-offs during the period to average loans outstanding during the period .01% .04% ============= ==========
NON ACCRUAL, PAST DUE AND RESTRUCTURED LOANS - - -------------------------------------------- The Company's policy is to discontinue the accrual of interest income on loans whenever it is determined that reasonable doubt exists with respect to timely collectibility of interest and principal. Loans are placed on nonaccrual status if either material deterioration occurs in the financial position of the borrower, payment in full of interest or principal is not anticipated, payment in full of interest or principal is past due 90 days or more unless well secured, payment in full of interest or principal on a loan is past due 180 days or more, regardless of collateral, or the loan in whole or in part is classified as doubtful. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well-secured. When a loan is placed on nonaccrual status, interest is no longer accrued or included in interest income and previously accrued income is reversed. As of March 31, 1996, the Company had $94,000 in nonaccrual loans compared to $179,000 as of the same period in 1995. The total of accruing loans which are contractually past due 90 days or more as to principal or interest at March 31, 1996 is $23,000 compared to $36,000 as of March 31, 1995. 10 The following is a summary of the Company's problem loans as of March 31, 1996 and 1995.
At March 31, 1996 1995 ------------ ---------- (dollars in thousands) Nonaccrual loans $ 94 179 Restructured loans -- -- Other impaired loans -- -- Other real estate -- -- ----------- --------- Total nonperforming loans 94 179 =========== ========= Loans past due 90+ days and still 23 36 accruing =========== ========= Other potential problem loans -- -- =========== ========= Income that would have been recorded in accordance with original terms 1 3 Less income actually recorded -- -- ----------- --------- Loss of income $ 1 3 =========== =========
CONCENTRATION OF CREDIT RISK - - ---------------------------- The Company grants real estate, commercial, and industrial loans to customers primarily in Henderson, Texas, and surrounding areas of east Texas. Although the Company has a diversified loan portfolio, a substantial portion (approximately 43% at March 31, 1996) of its loans are secured by real estate and its ability to fully collect its loans is dependent upon the real estate market in this region. The Company typically requires collateral sufficient in value to cover the principal amount of the loan. Such collateral is evidenced by mortgages on property held and readily accessible to the Company. See additional information related to the composition of the Company's loan portfolio included in footnote number 3, page 7 in the notes to consolidated financial statements. RECENT ACCOUNTING PRONOUNCEMENTS - - -------------------------------- Effective January 1, 1996 the Company implemented SFAS No. 122, "Accounting for Mortgage Servicing Rights," (Statement 122) which amended Statement No. 65 to require entities with mortgage banking operations to recognize as separate assets rights to service mortgage loans for others, regardless of how these servicing rights were acquired. Entities with mortgage banking operations that acquire mortgage servicing rights through either the purchase or origination of mortgage loans and sells those loans with servicing rights retained must allocate the total cost of the mortgage loans to the mortgage servicing rights and the loans (without the mortgage servicing rights) based on their relative fair values. Statement 122 has been implemented prospectively. The impact of implementing Statement 122 was not significant to the financial condition or results of operations of the Company. CORPORATE OBJECTIVES - - -------------------- It is the philosophy of the Company to continue to remain independent in ownership, to foster its image as the community leader in banking, to increase its market share through selected acquisitions and aggressive marketing, to maintain a sound earning-asset portfolio, and to assess liquidity needs while maximizing its profitability and return to its shareholders. 11 Part II - OTHER INFORMATION Item 1. Legal Proceedings None. Item 2. Changes in Securities. None Item 3. Defaults Upon Senior Securities. None Item 4. Submission of Matters to a Vote of Security Holders. On April 9, 1996, the Company held its annual meeting of shareholders. At the meeting, the following directors were elected for a term of one year: E. Landon Alford James M. Kangerga R. Max Ballenger J. Mark Mann Stayton M. Bonner Milton S. McGee, Jr. Homer L. Bryce Charles H. Richardson David J. Burks Tony Wooster Billy Crawford Alfred Wylie Shelia Gresham The ratification of the appointment of KPMG Peat Marwick LLP as independent auditors of the Company was also voted upon. Item 5. Other Information. None Item 6. Exhibits and Reports on Form 8-K. None 12 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. HENDERSON CITIZENS BANCSHARES, INC. Date: May 8, 1996 By: /S/ MILTON S. MCGEE, JR., --------------- ---------------------------------- Milton S. McGee, Jr., CPA President Date: May 8, 1996 By: /S/ REBECCA G. TANNER --------------- ----------------------------------- Rebecca G. Tanner, CPA Chief Accounting Officer 13 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. HENDERSON CITIZENS BANCSHARES, INC. Date: May 8, 1996 By: --------------- ---------------------------------- Milton S. McGee, Jr., CPA President Date: May 8, 1996 By: --------------- ----------------------------------- Rebecca G. Tanner, CPA Chief Accounting Officer 14 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 10,775 2,244 4,000 0 138,467 84,052 83,956 80,210 1,061 326,694 293,646 0 295,521 0 0 0 10,800 20,373 326,694 1,644 3,373 0 5,017 2,807 0 2,210 50 640 1,799 1,582 1,154 0 0 1,154 .53 .53 0 94 23 0 117 1,019 27 19 1,061 988 0 0
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