-----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, EyIhL2rwJddfwamVEK9pkBhHZ8qU9ORq3sDXprCKezbGY4ckRRx7vmQGXzprpF5M ZawVpxiQMKT7ziRY/BqeMg== 0000930661-97-001278.txt : 19970515 0000930661-97-001278.hdr.sgml : 19970515 ACCESSION NUMBER: 0000930661-97-001278 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENDERSON CITIZENS BANCSHARES INC CENTRAL INDEX KEY: 0000878355 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [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: 97604624 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, 1997 Commission file: 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 (I.R.S. Employer of incorporation or Industrial Classification Identification No.) organization) Code Number) 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, 1997, 2,130,300 shares of Common Stock, $5.00 par value, were outstanding. 1 Part I. FINANCIAL INFORMATION Item 1. Financial Statements HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) March 31, 1997 and December 31, 1996 (dollars in thousands)
Assets 1997 1996 ------ -------- -------- Cash and due from banks $ 7,892 12,413 Interest-bearing deposits with financial institutions 4,745 3,892 Federal funds sold 3,650 1,150 Securities: Held-to-maturity, approximate market value of $77,901 in 1997 and $82,465 in 1996 78,301 82,415 Available-for-sale 148,516 145,740 -------- ------- 226,817 228,155 Loans, net 101,517 100,825 Premises and equipment, net 4,365 3,751 Accrued interest receivable 3,346 3,449 Other assets 3,499 3,195 -------- ------- $ 355,831 356,830 ======== ======= Liabilities and Stockholders' Equity ------------------------------------ Deposits: Demand - noninterest-bearing 33,175 31,785 NOW accounts 75,049 74,984 Money market and savings 45,370 45,484 Certificates of deposit and other 166,951 168,420 time deposits -------- ------- Total deposits 320,545 320,673 -------- ------- Accrued interest payable 1,204 1,144 Notes payable 844 1,511 Other liabilities 973 1,514 -------- ------- 323,566 324,842 -------- ------- 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 10,800 10,800 Capital surplus 5,400 5,400 Undivided profits 17,319 16,825 Net unrealized losses on securities available for sale, net of income taxes (920) (703) -------- ------- 32,599 32,322 Less treasury stock, 29,700 shares (334) (334) at cost -------- ------- Total stockholders' equity 32,265 31,988 Commitments and contingencies -------- ------- $ 355,831 356,830 ======== =======
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, ---------------- 1997 1996 ------ ------ Interest income: Loans $ 2,095 1,644 Securities Taxable - available-for-sale 2,194 2,011 Taxable - held-to-maturity 734 799 Tax-exempt 437 391 Federal funds sold 53 54 Interest-bearing deposits with 105 118 financial institutions ------ ----- Total interest income 5,618 5,017 ------ ----- Interest expense: Deposits: NOW accounts 517 531 Money market and savings 322 330 Certificates of deposit and 2,080 1,946 other time deposits Other borrowed funds 13 -- ------ ----- Total interest expense 2,932 2,807 ------ ----- Net interest income 2,686 2,210 Provision for loan losses 87 50 ------ ----- Net interest income after 2,599 2,160 provision for loan losses ------ ----- Other income: Gains (losses) on securities (38) 640 transactions, net Income from fiduciary activities 138 164 Service charges, commissions, and 443 318 fees Other 75 99 ------ ----- Total other income 618 1,221 ------ ----- Other expenses: Salaries and employee benefits 1,262 1,063 Occupancy and equipment 233 206 Regulatory assessments 26 40 Other 603 490 ------ ----- Total other expenses 2,124 1,799 ------ ----- Income before income taxes 1,093 1,582 Income tax expense 258 428 ------ ----- Net income $ 835 1,154 ====== ===== Net income per common share (2,130,300 and 2,160,000 shares outstanding in 1997 and 1996, $ .39 .53 respectively) ====== =====
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, 1997 and 1996 (dollars in thousands, except per share amounts)
Net Unrealized Gains (Losses) on Securities Total Preferred Common Capital Undivided Available Treasury Stockholder's Stock Stock Surplus Profits for Sale Stock Equity --------- -------- -------- --------- ------------ -------- -------------- 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 ======== ======= ======= ======== ======= ======= ======== Balances at December 31, 1996 $ -- 10,800 5,400 16,825 (703) (334) 31,988 Net income -- -- -- 835 -- -- 835 Net change in unrealized losses on securities available for sale -- -- -- -- (217) -- (217) Cash dividends ($.16 per share) -- -- -- (341) -- -- (341) -------- -------- ------ -------- ------- ------- -------- Balances at March 31, 1997 $ -- 10,800 5,400 17,319 (920) (334) 32,265 ======== ======== ====== ======== ======= ======= ======== See accompanying notes to consolidated financial statements.
4 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Consolidated Statement of Cash Flows (unaudited) Three months ended March 31, 1997 and 1996 (dollars in thousands)
1997 1996 -------- -------- Operating activities: Net income $ 835 1,154 Adjustments to reconcile net income to net cash provided by operating activities: Net amortization of premium on securities 94 167 Net (gains) losses on securities transactions 38 (640) Provision for loan losses 87 50 Depreciation and amortization 132 86 Decrease in accrued interest receivable 103 764 Decrease (increase) in other assets (192) 48 Increase (decrease) in accrued interest payable 60 (84) Decrease in other liabilities (541) (103) -------- -------- Net cash provided by operating activities 616 1,442 -------- -------- Investing activities: Proceeds from maturities and paydowns of held-to-maturity securities 7,577 2,721 Purchases of held-to-maturity securities (3,548) (4,136) Proceeds from sales of available-for-sale securities 9,982 30,602 Proceeds from maturities and paydowns of available-for-sale securities 2,966 11,573 Purchases of available-for-sale securities (16,100) (37,630) Net (increase) decrease in loans (779) 1,300 Purchases of bank premises and equipment (746) (100) -------- -------- Net cash provided by (used in) investing activities (648) 4,330 -------- -------- Financing activities: Net increase (decrease) in deposits (128) 35 Payment on notes payable (667) -- Cash dividends paid (341) (346) -------- -------- Net cash used in financing activities (1,136) (311) -------- -------- Increase (decrease) in cash and cash equivalents (1,168) 5,461 Cash and cash equivalents at beginning of period 17,455 11,558 -------- -------- Cash and cash equivalents at end of period $ 16,287 17,019 --------- -------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES Income taxes paid, net of refunds $ 320 200 --------- -------- Interest paid $ 2,872 2,723 --------- --------
See accompanying notes to consolidated financial statements. 5 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 1997 (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, 1996 and 1995, and for each of the years in the three year period ended December 31, 1996 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, 1997, are summarized as follows (in thousands of dollars):
Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------ ----------- ---------- -------- U.S. Treasury $ 7,056 49 (92) 7,013 U.S. Government agencies 10,197 37 (76) 10,158 State and municipal 32,028 204 (166) 32,066 Mortgage-backed securities and collateralized mortgage obligations 26,520 1 (364) 26,157 Other securities 2,500 7 -- 2,507 ------------ ----------- --------- ------- $ 78,301 298 (698) 77,901 ============ =========== ========= ======= The amortized cost and approximate market values (carrying value) of securities available-for-sale at March 31, 1997, are summarized as follows (in thousands of dollars): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------ ---------- ----------- -------- U.S. Treasury $ 53,957 102 (279) 53,780 U.S. Government agencies 21,741 16 (145) 21,612 Other securities 348 -- -- 348 Mortgage-backed securities and collateralized mortgage obligations 73,863 299 (1,386) 72,776 ------------ ---------- ---------- -------- $ 149,909 417 (1,810) 148,516 ============ ========== ========== ========
6 HENDERSON CITIZENS BANCSHARES, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 1997 (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, 1997 1996 ------------ ------------ Commercial and industrial $ 25,070 23,863 Real estate mortgage 46,921 46,211 Installment and other 31,760 33,111 ------------ ------------ Total 103,751 103,185 Less: Allowance for loan losses (1,105) (1,146) Unearned discount (1,129) (1,214) ------------- ------------ Loans, net $ 101,517 100,825 ============= ============ Changes in the allowance for loan losses for the three months ended March 31, 1997 and 1996 are summarized as follows (in thousands of dollars): 1997 1996 ------------- ------------- Balance, January 1 $ 1,146 1,019 Provision charged to operating expense 87 50 Loans charged off (143) (27) Recoveries on loans 15 19 ------------- ------------- Balance, March 31 $ 1,105 1,061 ============= =============
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, 1997 AND 1996 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 1997 was $835,000 compared to $1,154,000 for the same period in 1996 primarily caused by changes in gains and losses on security transactions. The acquisition of Waskom Bancshares, Inc., and its majority owned subsidiary, First State Bank, Waskom in late 1996 (see "Acquisitions" below) accounted for some of the differences in the following categories which will be described in more detail below. During the first three months of 1997, net interest income increased due to increased loan demand and improved spreads and margins. The Company made a provision of $87,000 to the allowance for loan losses during the first three months of 1997. A provision of $50,000 was made for loan losses during the same period in 1996. The Company experienced losses on securities transactions totaling approximately $38,000 in the first three months of 1997 compared to a gain of $640,000 in the first three months of 1996 from the sale of certain available-for-sale Treasury securities in 1996. Other income, excluding gains on securities transactions, for the first three months of 1997 was $656,000 compared to $581,000 for the same period in 1996 due to increased volumes. Total other expenses for the first three months of 1997 were $2,124,000 compared to $1,799,000 for the same period in 1996. Income tax expense for the first three months of 1997 and 1996 was $258,000 and $428,000, respectively. ACQUISITION - ----------- On August 31, 1996, the Company acquired substantially all of the outstanding shares of Waskom Bancshares, Inc. and its majority owned subsidiary, First State Bank, Waskom, Texas. Pursuant to the purchase agreement, the Company paid $3,463,000, $1,511,000 of which was paid as a note payable due upon demand having an interest rate of 6.10%. The remaining balance on the note payable as of March 31, 1997 is $844,000. This transaction resulted in approximately $1,337,000 in goodwill, which is to be amortized over fifteen years on a straight line basis. The transaction was accounted for using the purchase method of accounting. This acquisition resulted in an increase in total assets of $24,075,000 and total deposits of $21,714,000. On March 24, 1997, the Company expanded its trust operations by establishing a trust company in Corsicana, Texas. Three new employees were hired as a result of this transaction. NET INTEREST INCOME - ------------------- Net interest income for the three month period ended March 31, 1997 was $2,686,000 compared to $2,210,000 in 1996. Approximately $227,000 of the increase in 1997 is a result of the Waskom acquisition. The remainder of the increase is the result of improved loan demand and improved net interest margins and spreads. PROVISION FOR LOAN LOSSES - ------------------------- During the first three months of 1997, the Company increased its allowance for loan losses through a provision of $87,000. The Company increased its allowance for loan losses during the same period of 1996 by $50,000. The Company experienced net charge offs of $128,000 in the first three months of 1997 compared to net charge offs of $8,000 in the same period in 1996. See additional information related to the Company's loan operations in the Allowance for Loan Loss section below. 8 OTHER INCOME AND EXPENSES - ------------------------- Non-interest income, excluding securities losses was $656,000 for the first three months of 1997 as compared to $581,000 in the first three months of 1996. This increase is due to increases in service charges and volumes. Approximately $56,000 is related to the Waskom acquisition. The Company experienced losses on securities transactions for the first three months of 1997 of $38,000 which compares to gains on securities transactions for the first three months of 1996 of $640,000. 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, 1997 were $2,124,000 compared to $1,799,000 during the same period in 1996. The increase is due primarily to general salary and benefit increases. Approximately $215,000 of the increase in other expenses is related to the Waskom acquisition. INCOME TAXES - ------------ Income tax expense for the first three months of 1997 was $258,000, compared to $428,000 in the same period in 1996. The effective tax rate for the first three months of 1997 and 1996, respectively, was 23.6% and 27.1%. In 1996, the higher effective rate was due to the large gain on securities transactions and its effect on tax-exempt income as a percent of income. The effective tax rate decreased in 1997 due to the effect of tax exempt income from municipal securities. FINANCIAL CONDITION - ------------------- The Company's total assets at March 31, 1997 of $355,831,000 decreased slightly compared to the total assets at December 31, 1996 of $356,830,000. Total deposits were $320,545,000 at March 31, 1997, compared to the December 31, 1996 total of $320,673,000. Equity capital of the Company, excluding unrealized gains or losses on securities available for sale, as a percentage of total assets was 9.3% at March 31, 1997 compared to 9.2% at December 31, 1996. The risk-based Tier I and Tier II capital ratios and the leverage ratio of Citizens National Bank amounted to 24.0%, 24.9% , and 9.1% respectively at March 31, 1997 compared to 23.5%, 24.4%, and 9.0% respectively, at December 31, 1996. At March 31, 1997, the First State Bank had Tier I and Tier II capital ratios and a leverage ratio of 26.1%, 26.5%, and 9.0%, respectively compared TO 25.3%, 25.5%, and 8.9% at December 31, 1996. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- At March 31, 1997, cash and cash equivalents for the Company of $16,287,000 decreased from the December 31, 1996 amount of $17,455,000. The Company's stockholders' equity of $32,265,000 remains at a level considered to be adequate by management. Profits in excess of dividends paid to shareholders is reflected in the increase in undivided profits from 1996. ALLOWANCE FOR LOAN LOSSES - ------------------------- The allowance for loan losses at March 31, 1997 and December 31,1996 was 1.07% and 1.03% 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, 1997 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, 1997 1996 ----------- ------------ Balance at beginning of period $ 1,146 1,019 Charge-offs: Commercial, financial, and agricultural 55 -- Real estate-mortgage 1 -- Installment loans to individuals 87 27 ----------- ----------- 143 27 Recoveries: Commercial, financial, and agricultural 3 8 Installment loans to individuals 12 11 ----------- ----------- 15 19 Net charge-offs 128 8 ----------- ----------- Additions charged to operations 87 50 ----------- ----------- Balance at end of period $ 1,105 1,061 =========== =========== Ratio of net charge-offs during the period to average loans outstanding during the period .13% .01% =========== ===========
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, 1997, the Company had $152,000 in nonaccrual loans compared to $94,000 as of the same period in 1996. The total of accruing loans which are contractually past due 90 days or more as to principal or interest at March 31, 1997 is $60,000 compared to $23,000 as of March 31, 1996. Other real estate totaled $151,000 at March 31, 1997. At March 31, 1996, the Company did not have any other real estate. 10 The following is a summary of the Company's problem loans as of March 31, 1997 and 1996.
At March 31, 1997 1996 --------- --------- (dollars in thousands) Nonaccrual loans $ 152 94 Restructured loans -- -- Other impaired loans -- -- Other real estate 151 -- --------- -------- Total nonperforming loans 303 94 ========= ======== Loans past due 90+ days and still accruing 60 23 ========= ======== Other potential problem loans -- -- ========= ======== Income that would have been recorded in accordance with original terms 3 1 Less income actually recorded -- -- --------- -------- Loss of income $ 3 1 ========= ========
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 45% at March 31, 1997) 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 note 3 to the consolidated financial statements. 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 8, 1997, 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. David J. Burks Charles H. Richardson Billy Crawford Tony Wooster Sheila Gresham Alfred Wylie 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 13, 1997 By: /s/ Milton S. McGee, Jr. -------------------- -------------------------------- Milton S. McGee, Jr., CPA President Date: May 13, 1997 By: /s/ Rebecca G. Tanner --------------------- -------------------------------- Rebecca G. Tanner, CPA Chief Accounting Officer 13 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 7,892 4,745 3,650 0 148,516 78,301 77,901 102,622 1,105 355,831 320,545 964 2,057 0 0 0 10,800 21,465 355,831 2,095 3,523 0 5,618 2,919 2,932 2,686 87 (38) 2,124 1,093 1,093 0 0 835 .39 .39 0 152 60 0 0 1,146 143 15 1,105 1,105 0 0
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