-----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, IGdxmLaVnnvmWtPR8vgBGocwjT/CAuvS1I58Sy6BIQrwjWvhco7Tj8f+JJWuGfdE v0xTSr7MwVmmt6FI1O/0gQ== /in/edgar/work/0000950152-00-007797/0000950152-00-007797.txt : 20001114 0000950152-00-007797.hdr.sgml : 20001114 ACCESSION NUMBER: 0000950152-00-007797 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST CITIZENS BANC CORP /OH CENTRAL INDEX KEY: 0000944745 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 341558688 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25980 FILM NUMBER: 759510 BUSINESS ADDRESS: STREET 1: 100 EAST WATER ST STREET 2: P O BOX 5016 CITY: SANDUSKY STATE: OH ZIP: 44870 BUSINESS PHONE: 4196254121 MAIL ADDRESS: STREET 1: 100 EAST WATER ST STREET 2: P O BOX 5016 CITY: SANDUSKY STATE: OH ZIP: 44870 10-Q 1 l84554ae10-q.txt FIRST CITIZENS BANC CORP. FORM 10-Q 1 UNITED STATES 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, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from..........................to...................... Commission File Number:..................................................0-25980 FIRST CITIZENS BANC CORP (Exact name of registrant as specified in its charter) OHIO 34-1558688 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 100 EAST WATER STREET, SANDUSKY, OHIO 44870 (Address of principle executive offices) (Zip Code) Registrant's telephone number, including area code: (419) 625-4121 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, no par value Outstanding at November 13, 2000 4,087,619 common shares 2 FIRST CITIZENS BANC CORP Index PART I. Financial Information ITEM 1. Financial Statements: Consolidated Balance Sheets (unaudited) September 30, 2000 and December 31, 1999.......................................................3 Consolidated Statements of Income (unaudited) Three and nine months ended September 30, 2000 and 1999........................................4 Consolidated Statements of Comprehensive Income (unaudited) Three and nine months ended September 30, 2000 and 1999........................................5 Consolidated Statement of Shareholders' Equity (unaudited) For the years ended December 31, 1999 and nine months ended September 30, 2000...........................................................6 Consolidated Statement of Cash Flows (unaudited) Nine months ended September 30, 2000 and 1999..................................................7 Notes to Consolidated Financial Statements (unaudited).........................................8-15 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations......................................................................16-21 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk....................................22-23 PART II. Other Information ITEM 1. Legal Proceedings................................................................................24 ITEM 2. Changes in Securities and Use of Proceeds........................................................24 ITEM 3. Defaults Upon Senior Securities..................................................................24 ITEM 4. Submission of Matters to a Vote of Security Holders..............................................24 ITEM 5. Other Information................................................................................24 ITEM 6. Exhibits and Reports on Form 8-K.................................................................24 SIGNATURES ...............................................................................................25
3 FIRST CITIZENS BANC CORP Consolidated Balance Sheets
(Unaudited) September 30, December 31, Assets 2000 1999 ----------------- ----------------- Cash and due from banks $ 15,547,917 $ 14,598,566 Federal funds sold 0 4,600,000 Interest-bearing deposits 51,031 51,031 Securities Available-for-sale 130,658,392 150,254,933 Held-to-maturity (Estimated Fair Value of $366,428 at September 30, 2000, and $407,765 at December 31, 1999) 366,308 406,108 ----------------- ----------------- Total securities 131,024,700 150,661,041 Loans held for sale 160,000 2,217,250 Loans 327,538,080 288,719,850 Less: Allowance for loan losses (4,331,126) (4,273,825) ----------------- ----------------- Net loans 323,206,954 284,446,025 Office premises and equipment, net 7,294,085 7,457,886 Intangible assets 1,950,880 2,197,916 Accrued interest and other assets 6,902,355 5,990,342 ----------------- ----------------- Total assets $ 486,137,922 $ 472,220,057 ================= ================= Liabilities Deposits Noninterest-bearing deposits $ 42,663,038 $ 40,246,502 Interest-bearing deposits 359,692,098 362,913,881 ----------------- ----------------- Total deposits 402,355,136 403,160,383 Federal Home Loan Bank borrowings 1,542,106 1,958,960 Securities sold under agreements to repurchase 9,649,795 12,975,188 U. S. Treasury interest-bearing demand deposit note payable 1,514,305 3,065,681 Notes payable to other financial institutions 6,000,000 0 Federal funds purchased 13,700,000 0 Accrued interest, taxes and other expenses 2,593,651 2,865,057 ----------------- ----------------- Total liabilities 437,354,993 424,025,269 Shareholders' Equity Common stock, no par value; 10,000,000 shares authorized, 4,263,401 shares issued 23,257,520 23,257,520 Retained earnings 29,711,314 28,010,371 Treasury stock, 175,782 shares at cost at September 30, 2000, 100,586 shares at cost at December 31, 1999 (4,817,680) (2,877,032) Accumulated other comprehensive income/(loss) 631,775 (196,071) ----------------- ----------------- Total shareholders' equity 48,782,929 48,194,788 ----------------- ----------------- Total liabilities and shareholders' equity $ 486,137,922 $ 472,220,057 ================= ================= See notes to interim consolidated financial statements Page 3
4 FIRST CITIZENS BANC CORP Consolidated Statements of Income (Unaudited)
Three months ended Nine months ended September 30, September 30, --------------------------- ----------------------------- 2000 1999 2000 1999 INTEREST INCOME: Loans, including fees $ 6,922,823 $ 5,780,632 $ 19,262,789 $ 17,281,195 Taxable securities 1,279,607 1,667,880 4,211,589 5,062,013 Nontaxable securities 537,442 571,152 1,630,521 1,742,112 Federal funds sold 0 153,220 41,293 483,027 Other 10,526 19,105 34,165 51,348 ------------ ------------ ------------ ------------ Total interest income 8,750,398 8,191,989 25,180,357 24,619,695 INTEREST EXPENSE: Deposits 3,658,058 3,510,323 10,527,963 10,734,834 FHLB Borrowings 22,440 29,514 74,308 225,118 Other 357,608 173,830 855,874 484,837 ------------ ------------ ------------ ------------ Total interest expense 4,038,106 3,713,667 11,458,145 11,444,789 ------------ ------------ ------------ ------------ NET INTEREST INCOME 4,712,292 4,478,322 13,722,212 13,174,906 PROVISION FOR LOAN LOSSES 284,000 75,000 499,000 231,000 ------------ ------------ ------------ ------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,428,292 4,403,322 13,223,212 12,943,906 NONINTEREST INCOME: Computer center data processing fees 274,455 238,012 836,742 972,399 Service charges 449,946 263,061 1,350,214 746,664 Net gain/(loss) on sale of securities 9,923 19,455 (34,043) 750,316 Net gain/(loss) on sale of loans 14,615 11,539 (50,078) 139,129 Other 504,492 442,840 1,288,004 1,149,133 ------------ ------------ ------------ ------------ Total noninterest income 1,253,431 974,907 3,390,839 3,757,641 NONINTEREST EXPENSE: Salaries, wages and benefits 1,795,099 1,627,367 5,150,170 5,043,280 Net occupancy expense 214,375 188,830 610,844 589,807 Equipment expense 280,027 216,575 800,648 609,464 Computer processing 164,388 163,361 517,701 296,636 State franchise tax 117,109 142,477 418,995 439,718 Professional services 109,720 297,664 467,012 759,113 Amortization of intangible assets 81,512 81,512 247,036 244,536 Other operating expenses 1,261,491 1,038,096 3,228,395 2,899,172 ------------ ------------ ------------ ------------ Total noninterest expense 4,023,721 3,755,882 11,440,801 10,881,726 ------------ ------------ ------------ ------------ Income before taxes 1,658,002 1,622,347 5,173,250 5,819,821 Income tax expense 421,706 472,367 1,367,800 1,621,382 ------------ ------------ ------------ ------------ Net Income $ 1,236,296 $ 1,149,980 $ 3,805,450 $ 4,198,439 ============ ============ ============ ============ Earnings per share $ 0.30 $ 0.27 $ 0.93 $ 0.99 Dividends declared per share $ 0.17 $ 0.16 $ 0.51 $ 0.48 Wtd. avg. shares during the period 4,094,548 4,253,920 4,113,867 4,259,995 See notes to interim consolidated financial statements Page 4
5 FIRST CITIZENS BANC CORP Consolidated Comprehensive Income Statements (Unaudited)
Three months ended Nine months ended September 30, September 30, 2000 1999 2000 1999 ---- ---- ---- ---- Net income $ 1,236,296 $ 1,149,980 $ 3,805,450 $ 4,198,439 Other Comprehensive Income (Loss): Unrealized holding gains and (losses) on available for sale securities 1,566,262 (597,969) 1,220,266 (3,507,871) Reclassification adjustment for (gains) and losses later recognized in income (9,923) (19,455) 34,043 (750,316) ----------- ----------- ----------- ----------- Net unrealized gains and (losses) 1,556,339 (617,424) 1,254,309 (4,258,187) Tax effect (529,155) 209,924 (426,463) 1,447,785 ----------- ----------- ----------- ----------- Total other comprehensive income (loss) 1,027,184 (407,500) 827,846 (2,810,402) ----------- ----------- ----------- ----------- Comprehensive income $ 2,263,480 $ 742,480 $ 4,633,296 $ 1,388,037 =========== =========== =========== =========== See notes to interim consolidated financial statements Page 5
6 FIRST CITIZENS BANC CORP Condensed Consolidated Statement of Shareholders' Equity (Unaudited) Form 10-Q
Accumulated Common Stock Other Outstanding Retained Treasury Comprehensive Shares Amount Earnings Stock Income/(Loss) ------------ --------------- -------------- -------------- -------------- Balance, January 1, 1999 4,263,401 23,257,520 26,811,264 0 3,672,147 Net income 6,062,169 Change in unrealized gain/(loss) on securities available for sale, net of reclassifications and tax effects (3,868,218) Purchase of treasury stock, at cost (100,586) (2,877,032) Cash dividends ($1.15 per share) (4,863,062) ---------- --------------- --------------- -------------- -------------- Balance, December 31, 1999 4,162,815 23,257,520 28,010,371 (2,877,032) (196,071) Net income 3,805,450 Change in unrealized gain/(loss) on securities available for sale, net of reclassifications and tax effects 827,846 Purchase of treasury stock, at cost (75,196) (1,940,648) Cash dividends ($.51 per share) (2,104,507) ---------- -------------- -------------- ------------- ------------ Balance, September 30, 2000 4,087,619 $ 23,257,520 $ 29,711,314 $ (4,817,680) $ 631,775 ========== ============== ============== ============= ============
Total Shareholders' Equity ------------ Balance, January 1, 1999 53,740,931 Net income 6,062,169 Change in unrealized gain/(loss) on securities available for sale, net of reclassifications and tax effects (3,868,218) Purchase of treasury stock, at cost (2,877,032) Cash dividends ($1.15 per share) (4,863,062) ------------ Balance, December 31, 1999 48,194,788 Net income 3,805,450 Change in unrealized gain/(loss) on securities available for sale, net of reclassifications and tax effects 827,846 Purchase of treasury stock, at cost (1,940,648) Cash dividends ($.51 per share) (2,104,507) ------------ Balance, September 30, 2000 $ 48,782,929 ============
See notes to interim consolidated financial statements Page 6 7 FIRST CITIZENS BANC CORP Consolidated Statement of Cash Flows (Unaudited)
Nine months ended September 30, ------------------------------------- 2000 1999 --------------- --------------- Net cash from operating activities $ 9,728,391 $ 4,853,181 Cash flows from investing activities Maturities of interest bearing deposits - 197,251 Maturities and calls of securities, held-to-maturity 39,455 266,854 Maturities and calls of securities, available-for-sale 13,613,642 22,442,842 Purchases of securities, available-for-sale (4,550,933) (17,319,533) Proceeds from sale of securities, available-for-sale 11,687,799 5,739,474 Loans made to customers, net of principal collected (29,812,100) (333,287) Loans purchased (7,364,271) - Change in federal funds sold 4,600,000 3,915,000 Proceeds from sale of property and equipment 44,334 1,627 Purchases of office premises and equipment (592,941) (844,975) -------------- -------------- Net cash from investing activities (12.335,015) 14,065,253 Cash flows from financing activities Repayment of FHLB borrowings (416,854) (11,141,290) Net change in deposits (805,247) (13,096,346) Change in securities sold under agreements to repurchase (3,325,393) 4,661,191 Change in U. S. Treasury interest-bearing demand note payable (1,551,376) 2,895,448 Change in federal funds purchased 13,700,000 - Purchases of treasury stock (1,940,648) (1,221,832) Cash dividends paid (2,104,507) (2,045,681) -------------- -------------- Net cash from financing activities 3,555,975 (19,948,510) -------------- -------------- Net change in cash and due from banks 949,351 (1,030,076) Cash and due from banks at beginning of period 14,598,566 16,443,613 -------------- -------------- Cash and due from banks at end of period $ 15,547,917 $ 15,413,537 ============== ============== Cash paid during the period for: Interest $ 12,586,341 $ 12,100,261 Income taxes $ 1,178,000 $ 1,970,000 Supplemental noncash disclosures: Transfer of loans held-for-sale to portfolio $ 2,138,027 $ 0 See notes to interim consolidated financial statements Page 7
8 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (1) Consolidated Financial Statements The consolidated financial statements include the accounts of First Citizens Banc Corp (First Citizens) and it wholly-owned subsidiaries, The Citizens Banking Company (Citizens), The Castalia Banking Company (Castalia), The Farmers State Bank of New Washington (Farmers), SCC Resources, Inc. (SCC), R. A. Reynolds Appraisal Service, Inc., (Reynolds), and Mr. Money Finance Company, (Mr. Money), together referred to as the Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared by the Corporation without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Corporation's financial position as of September 30, 2000 and its results of operations and changes in cash flows for the periods ended September 30, 2000 and 1999 have been made. The accompanying consolidated financial statements have been prepared in accordance with instructions of Form 10-Q, and therefore certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The results of operations for the period ended September 30, 2000 are not necessarily indicative of the operating results for the full year. Reference is made to the accounting policies of the Corporation described in the notes to financial statements contained in the Corporation's 1999 annual report. The Corporation has consistently followed these policies in preparing this Form 10-Q. The Corporation provides financial services through its offices in the Ohio counties of Erie, Crawford, Marion and Union. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Other financial instruments that potentially represent concentrations of credit risk include deposit accounts in other financial institutions. In 2000, SCC provided item processing for 10 financial institutions in addition to the three subsidiary banks. SCC accounted for 4.5% of the Corporation's total revenues. Reynolds provides real estate appraisal services for lending purposes to subsidiary banks and other financial institutions. Reynolds accounts for less than 1.0% of total Corporation revenues. Mr. Money provides consumer and real estate financing that the Banks would not normally provide to B and C credits at a rate commensurate with the risk. Mr. Money accounts for less than 1.0% of total Corporation revenues. In September 2000 the Corporation formed two new affiliates; First Citizens Title Insurance Agency Inc. and First Citizens Insurance Agency Inc. First Citizens Title Insurance Agency Inc. has been formed to provide customers with a seamless mortgage product with improved service. First Citizens Insurance Agency Inc was formed to allow the Corporation to participate in commission revenue Page 8 9 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- generated through its third party insurance agreement. Management considers the Corporation to operate primarily in one reportable segment, banking. To prepare financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, fair values of financial instruments, and status of contingencies are particularly subject to change. Income tax expense is based on the effective tax rate expected to be applicable for the entire year. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Certain items in the 1999 financial statements have been reclassified to correspond with the 2000 presentation. In June 1998, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No. 133 requires companies to record derivatives on the balance sheet as assets or liabilities, measured at fair value. Gains or losses resulting from changes in the values of those derivatives would be accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. The key criterion for hedge accounting is that the hedging relationship must be highly effective in achieving offsetting changes in fair value or cash flows. SFAS No. 133 does not allow hedging of a security that is classified as held to maturity. Accordingly, upon adoption of SFAS No. 133, companies may reclassify any security from held to maturity to available for sale if they wish to be able to hedge the security in the future. SFAS No. 133, as deferred by SFAS No. 137 and amended by SFAS No. 138, is effective for fiscal years beginning after June 15, 2000 with early adoption encouraged for any fiscal quarter beginning July 1, 1998 or later, with no retroactive application. Management does not expect the adoption of SFAS No. 133 to have a significant impact on the Corporation's financial statements. Page 9 10 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (2) Securities Securities at September 30, 2000 and December 31, 1999 were as follows:
September 30, 2000 AVAILABLE FOR SALE Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value ----------------- --------------- ------------------ --------------- U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 54,409,982 $ 55,463 $ (588,426) $ 53,877,019 Obligations of state and political subdivisions 49,698,546 371,547 (371,558) 49,698,535 Equity securities 6,437,344 1,814,699 (12,529) 8,239,514 Mortgage-backed securities 11,787,168 3,706 (247,285) 11,543,589 Corporate obligations 7,368,119 6,356 (74,740) 7,299,735 ---------------- -------------- ------------- -------------- $ 129,701,159 $ 2,251,771 $ (1,294,538) $ 130,658,392 ================ ============== ============= ==============
September 30, 2000 HELD TO MATURITY Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value ----------------- --------------- ------------------ --------------- Obligations of state and political subdivisions $ 232,500 $ 177 $ (38) $ 232,639 Mortgage-backed securities 133,808 294 (313) 133,789 ---------------- -------------- ------------- -------------- $ 366,308 $ 471 $ (351) $ 366,428 ================ ============== ============= ==============
Page 10 11 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - --------------------------------------------------------------------------------
December 31, 1999 AVAILABLE FOR SALE Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value ----------------- --------------- ------------------ --------------- U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 64,114,363 $ 32,178 $ (921,945) $ 63,224,596 Obligations of state and political subdivisions 53,004,191 328,583 (727,110) 52,605,664 Equity securities 6,246,748 1,513,660 (12,905) 7,747,503 Mortgage-backed securities 14,013,938 6,463 (354,754) 13,665,647 Corporate obligations 13,172,769 4,342 (165,588) 13,011,523 ------------- ------------- ------------- ------------- $ 150,552,009 $ 1,885,226 $ (2,182,302) $ 150,254,933 ============= ============= ============= =============
December 31, 1999 HELD TO MATURITY Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value ----------------- --------------- ------------------ --------------- Obligations of state and political subdivisions $ 232,500 $ 475 $ (31) $ 232,944 Mortgage-backed securities 173,608 1,343 (130) 174,821 ------------- ------------- ------------- ------------- $ 406,108 $ 1,818 $ (161) $ 407,765 ============= ============= ============= =============
Page 11 12 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- The amortized cost and fair value of securities at September 30, 2000, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities and equity securities are shown separately. AVAILABLE FOR SALE Amortized Cost Fair Value -------------- ---------- Due in one year or less $ 18,874,131 $ 18,791,672 Due after one year through five years 76,481,154 76,017,563 Due after five years through ten years 16,121,362 16,066,054 Due after ten years 0 0 Mortgage-backed securities 11,787,168 11,543,589 Equity securities 6,437,344 8,239,514 ------------ ------------ Total securities available for sale $129,701,159 $130,658,392 ============ ============ Estimated HELD TO MATURITY Amortized Cost Fair Value ------------ ------------ Due in one year or less $ 77,500 $ 77,523 Due after one year through five years 155,000 155,116 Mortgage-backed securities 133,808 133,789 ------------ ------------ Total securities held to maturity $ 366,308 $ 366,428 ============ ============ Sales of available for sale securities were as follows: Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ---------------------------- 2000 1999 2000 1999 -------- ------------ ------------- ------------ Proceeds $ -- $ 3,520,080 $ 11,687,799 $ 5,739,474 Gross gains 9,923 22,659 32,562 753,520 Gross losses -- (3,204) (660,605) (3,204) No securities were called or settled by the issuer during the three months ended September 30, 2000. Securities called or settled by the issuer during the nine months ended September 30, 2000 resulted in gains of $4,000. No securities were called or settled by the issuer during the three or nine months ended September 30, 1999. These gains are included in the totals above. Page 12 13 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- Securities with a carrying value of approximately $60,336,000 and $62,614,000 were pledged as of September 30, 2000 and December 31, 1999, respectively, to secure public deposits, other deposits and liabilities as required by law. (3) Loans Loans at September 30, 2000 and December 31, 1999 were as follows: 9/30/2000 12/31/1999 --------- ---------- Commercial and Agriculture $ 36,499,205 $ 36,310,141 Commercial real estate 58,518,027 48,301,000 Real Estate - mortgage 194,011,107 168,643,326 Real Estate - construction 8,040,891 4,482,294 Consumer 28,906,375 28,105,412 Credit card and other 2,511,136 3,967,453 Deferred loan fees (923,144) (977,613) Unearned interest (25,517) (112,163) ------------ ------------ Total $327,538,080 $288,719,850 ============ ============ (4) Allowance for Loan Losses A summary of the activity in the allowance for loan losses for the nine months ended September 30, 2000 and 1999 was as follows: 2000 1999 ---- ---- Balance January 1, $ 4,273,825 $ 4,567,126 Loans charged-off (644,353) (592,128) Recoveries 202,654 190,280 Provision for loan losses 499,000 231,000 ------------ ------------ Balance September 30, $ 4,331,126 $ 4,396,278 ============ ============ Page 13 14 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- Information regarding impaired loans was as follows for the nine months ended September 30. 2000 1999 ---- ---- Average investment in impaired loans $4,082,000 $3,756,000 Interest income recognized on impaired loans including interest income recognized on cash basis 247,257 215,037 Interest Income recognized on impaired loans on cash basis 247,257 215,037 Information regarding impaired loans at September 30, 2000 and December 31, 1999 was as follows:
9/30/00 12/31/99 ------- -------- Balance impaired loans $5,079,000 $4,160,000 Less portion for which no allowance for loan losses is allocated --- --- ---------- ---------- Portion of impaired loan balance for which an allowance for credit losses is allocated $5,079,000 $4,160,000 ========== ========== Portion of allowance for loan losses allocated to the impaired loan balace $1,241,000 $1,145,000 ========== ==========
Nonperforming loans were as follows.
September 30, December 31, 2000 1999 ------------- ------------ Loans past due over 90 days still on accrual $ 558,000 $ 834,000 Nonaccrual 1,368,000 1,682,000
Nonperforming loans would include some loans, which are classified as impaired, and smaller balance homogeneous loans, such as residential mortgages and consumer loans, that are collectively evaluated for impairment. Page 14 15 First Citizens Banc Corp Notes to Interim Consolidated Financial Statements (Unaudited) Form 10-Q - -------------------------------------------------------------------------------- (5) Commitments, Contingencies and Off-Balance Sheet Risk Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection are issued to meet customers financing needs. These are agreements to provide credit or to support the credit of others, as long as the conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk of credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of commitment The contractual amount of financial instruments with off-balance-sheet risk was as follows for September 30, 2000 and December 31, 1999. Contract Amount --------------- September 30, December 31, 2000 1999 ------------- ------------ Commitment to extend credit: Lines of credit and construction loans $26,138,000 $23,982,000 Credit cards 4,757,000 3,078,000 Letters of credit 329,000 507,000 ----------- ----------- $31,224,000 $27,567,000 =========== =========== Commitments to make loans are generally made for a period of one year or less. Fixed rate loan commitments included above totaled $7,005,000 at September 30, 2000 and had interest rates ranging from 5.25% to 10.00% with maturities extended up to 30 years. Fixed rate loan commitments included above totaled $4,484,000 at December 31, 1999 with interest rates ranging from 3.75% to 10.00% with maturities extended up to 30 years. The Banks are required to maintain certain reserve balances on hand in accordance with the Federal Reserve Board requirements. The average reserve balance maintained in accordance with such requirements for the periods ended September 30, 2000 and December 31, 1999 approximated $4,408,000 and $3,065,000. Page 15 16 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- INTRODUCTION The following discussion focuses on the consolidated financial condition of First Citizens Banc Corp at September 30, 2000, compared to December 31, 1999 and the consolidated results of operations for the three-month and nine month periods ending September 30, 2000 compared to the same periods in 1999. This discussion should be read in conjunction with the consolidated financial statements and footnotes included in this Form 10-Q. The registrant is not aware of any trends, events or uncertainties that will have, or are reasonably likely to have, a material effect on the liquidity, capital resources, or operations except as discussed herein. Also, the registrant is not aware of any current recommendation by regulatory authorities, which would have a material effect if implemented. When used in this Form 10-Q or future filings by the Corporation with the Securities and Exchange Commission, in press releases or other public or shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "believe," or similar expressions are intended to identify "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Corporation wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that various factors, including regional and national economic conditions, changes in levels of market interest rates, credit risks of lending activities and competitive and regulatory factors, could effect the Corporation's financial performance and could cause the Corporation's actual results for future periods to differ materially from those anticipated or projected. The Corporation does not undertake, and specifically disclaims, any obligation to publicly release the result of any revisions, which may be made to any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements. See Exhibit 99, which is incorporated herein by reference. FINANCIAL CONDITION Total assets of the Corporation at September 30, 2000 totaled $486,137,922 compared to $472,220,057 at December 31, 1999. This was a increase of $13,917,865, or 2.9 percent. Within the structure of the assets, net loans have increased $38,760,929, or 13.6 percent since December 31, 1999, primarily in the area of commercial and residential real estate loans. Included in the increase in loans was $7,364,271 of commercial real estate and residential real estate loans purchased by Farmers from another financial institution. The loans were purchased to supplement local demand, which was not as strong as desired. Given similar circumstances, management would consider purchasing additional loans in the future. Additional loan growth Page 16 17 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- could come from Mr. Money. Mr. Money was formed to service the needs of B and C credit customers for consumer and real estate financing that the Banks would not normally provide, and at a rate commensurate with the risk. Mr. Money had loans outstanding of $6,420,607 at September 30, 2000. Loans held-for-sale decreased $2,057,250, or 92.8 percent from December 31, 1999. At September 30, 2000, the net loan to deposit ratio was 80.3 percent compared to 70.6 percent at December 31, 1999. At September 30, 2000, $130,658,392, or 99.7 percent of the security portfolio was classified as available for sale. The $366,308 remainder of the portfolio was classified as held to maturity. Securities decreased $19,636,341 from December 31, 1999. Some matured securities were not replaced and some additional securities were sold in order to increase liquidity and partially fund loan growth. For the nine months of operations in 2000, $499,000 was placed into the allowance for loan losses from earnings compared to $231,000 for the same period of 1999. The increased provision is mainly a result of loan growth. To identify probable losses in the portfolio, management uses the calculation of specific reserves, reserves for delinquencies and historical reserve allocations. The composition and overall level of the loan portfolio and charge-off activity are also factors used to determine provisions to the reserve. Charge-offs for the first nine months of 2000 were $644,353 compared to $592,128 for the same period of 1999. The September 30, 2000 allowance for loan losses as a percent of total loans was 1.32 percent compared to 1.48 percent at December 31, 1999. Office premises and equipment have decreased $163,801 and intangible assets have decreased $247,036 since December 31, 1999. The decrease in office premises and equipment is attributed to new purchases of $592,941, disposals of $44,334 and depreciation of $712,408. Intangible assets decreased due to amortization. Accrued interest and other assets totaled $6,902,355 at September 30, 2000 compared to $5,990,342 at December 31, 1999, an increase of $912,013. This increase was primarily due to increases in interest receivable at the banks of $608,663. This increase in interest receivable is largely due to timing of receipt of interest payments on investments. Total deposits at September 30, 2000 decreased $805,247 from year-end 1999. Noninterest-bearing deposits, representing demand deposit balances, increased $2,416,536 from year-end 1999. Interest-bearing deposits, including savings and time deposits, decreased $3,221,783 from year-end 1999. Interest bearing deposits are down in part because of efforts to control deposit costs. Such efforts have caused some of higher priced deposits to leave the banks. The year to date 2000 average balance of savings deposits has decreased $2,461,000 compared to the average balance of the same period for 1999. The current average rate of these deposits is 2.36 percent compared to 2.37 percent in 1999. The year to date 2000 average balance of time certificates has decreased $19,064,000 compared to the average balance for the same period for 1999. In Page 17 18 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- conjunction with market conditions and in order to remain competitive, the banks have offered special rates on various certificates of deposit. In addition to an increase in the overall interest rate environment, the banks have experienced shifting toward the special rate certificates of deposit. Additionally, the banks increased usage of fed funds purchased as a funding source, which has led to an increase in the overall rate on interest-bearing liabilities. The current average rate on deposits is 5.37 percent compared to 4.84 percent for the same period in 1999. Other borrowed funds have increased $8,406,377 from December 31, 1999 to September 30, 2000. Federal funds purchased have increased $13,700,000 since December 31, 1999. The need for federal funds purchased is the result of growing loans and shrinking deposits. Management believes that in the short term, federal funds purchased are a better source of funding than higher priced deposits. Maturities or sales of securities could be used to pay down the federal funds purchased balance in the future. In addition, the Corporation has notes outstanding with other financial institutions totaling $6,000,000 at September 30, 2000. These notes were used to fund the loan growth at Mr. Money. Federal Home Loan Bank borrowings have decreased $416,854 as a result of scheduled pay downs. Securities sold under agreements to repurchase, which tend to fluctuate, have decreased $3,325,393 and U.S. Treasury Tax Demand Notes have decreased $1,551,376. Shareholders' equity at September 30, 2000 was $48,782,929, which was 10.0 percent of total assets. Shareholders' equity at December 31, 1999 was $48,194,788, which was 10.2 percent of total assets. The increase in shareholders' equity is made up of earnings of $3,805,450, less dividends paid of $2,104,507 and the purchase of 75,196 treasury shares for $1,940,648 and the increase in the market value of securities available for sale, net of tax, of $827,846. The Corporation paid cash dividends on February 1, May 1, and August 1, 2000, each at a rate of $.17 per share. Total outstanding shares at September 30, 2000 were 4,087,619. RESULTS OF OPERATIONS Nine Months Ended September 30, 2000 and 1999 Net income for the nine months ended September 30, 2000 was $3,805,450, or $.93 per common share compared to $4,198,439, or $.99 per common share for the same period in 1999. This was a decrease of $392,989, or 9.4 percent. Some of the reasons for the changes are explained below. Total interest income for the first nine months of 2000 increased $560,662, or 2.3 percent compared to the same period in 1999. The average rate on earning assets on a tax equivalent basis for the first nine months of 2000 was 7.50 percent and 7.22 percent for the first nine months of 1999. The increase in yield due to the general increase in interest rates was partially offset by a decrease in the average balance of earning assets. Total interest expense for the first nine months of 2000 has increased $13,356, or 0.1 percent compared to the same period of 1999. This increase Page 18 19 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- is mainly attributed to a decrease in interest on deposits of $206,871, due to a lower average balance of interest-bearing deposits, a decrease in interest on FHLB borrowings of $150,810 and an increase in the interest on other borrowings of $371,037. Interest on other borrowings increased due to increased usage of fed funds purchased as a source of funding for loan growth. Interest on FHLB borrowings is down due to balances borrowed being lower in 2000. The Corporation made scheduled balloon payments on two FHLB advances during 1999, and elected not to replace them. The average rate on interest-bearing liabilities for the first nine months of 2000 was 4.06 percent compared to 3.89 percent for the same period of 1999. The net interest margin on a tax equivalent basis was 4.08 percent for the nine-month period ended September 30, 2000 and 3.97 percent for the same period ended September 30, 1999. Noninterest income for the first nine months of 2000 totaled $3,390,839, compared to $3,757,641 for the same period of 1999, a decrease of $366,802. Net gain on securities for the first nine months of 2000 decreased $784,359 compared to 1999. Revenue from computer operations decreased $135,657 as a result of the sale of SCC's data processing contracts. The last remaining processing customers of SCC converted to Jack Henry and Associates by the end of the second quarter 1999. SCC still provides item processing for 10 financial institutions in addition to the three subsidiary banks. Other operating income increased $138,871, due mainly to increased revenue from point-of-sale terminal usage. Service charges on deposit accounts increased $603,550 as a result of a comprehensive review program of all service charges and fees undertaken at all three banks. Gain on the sale of loans decreased $189,207 for two reasons. Rising interest rates reduced the demand for fixed rate mortgages. This decreased the volume of loans sold, thereby reducing gains. The second reason is that $2,217,250 of held for sale loans were returned to the portfolio. These loans had experienced a decline in market value due to rising rates. They had also aged to the point that they were no longer traditionally saleable to FNMA. At this point, management returned these loans to the portfolio and recognized the valuation loss of $79,223. Noninterest expense for the nine months ended September 30, 2000 totaled $11,440,801 compared to $10,881,726 for the same period in 1999. This was an increase of $559,075, or 5.1 percent. Equipment expense increased $191,184 as a result of increased depreciation and maintenance expense. Salaries and benefits increased $106,890, or 2.1 percent compared to the first nine months of 1999 as a result of the Corporation adding employees at both the existing affiliates as well as the new affiliate, Mr. Money. Computer processing increased by $221,065 compared to last year. Through the middle of the second quarter 1999, the Corporation's computer processing was done by the affiliate, SCC Resources, Inc. The computer processing expense for 2000 represents nine months of processing through Jack Henry and Associates, while 1999 expense represents approximately five months of processing through Jack Henry and Associates. These increases were offset by a $292,101 decrease in professional fees. The Corporation had higher professional fees in 1999 related to its conversion to JHA's software as well as to preparations made for Y2K issues. Page 19 20 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- Income tax expense for the first nine months of 2000 totaled $1,367,800 compared to $1,621,382 for the first nine months of 1999. This was a decrease of $253,582, or 15.6 percent. The decrease in the federal income taxes is a result of the decrease in total income before taxes of $646,571, attributed mostly to reduced income from the sale of equity securities. The effective tax rates were comparable for the nine-month periods ended September 30, 2000 and September 30, 1999, at 26.4% and 27.8% respectively. Three Months Ended September 30, 2000 and 1999 Net income for the three months ended September 30, 2000 was $1,236,296, or $.30 per common share compared to $1,149,980, or $.27 per common share for the same period in 1999. This was an increase of $86,316, or 7.5 percent. Some of the reasons for the changes are explained below. Total interest income for the third quarter of 2000 increased $558,409, or 6.8 percent compared to the same period in 1999. The average rate on earning assets on a tax equivalent basis for the third quarter of 2000 was 7.68 percent and 7.20 percent for the same period of 1999. Total interest expense for the third quarter of 2000 increased $324,439, or 8.7 percent compared to the same period of 1999. Interest on deposits increased $147,735, in part due to an increase in rates. Federal funds were purchased to make up for this lost source of funding, with a corresponding increase to interest expense of $183,778. Management views this as a short term funding source that could be reduced through maturities or sales of securities in the future. The average rate on interest-bearing liabilities for the third quarter of 2000 was 4.24 percent compared to 3.79 percent for the same period of 1999. The net interest margin on a tax equivalent basis was 4.12 percent for the three-month period ended September 30, 2000 and 4.04 percent for the same period ended September 30, 1999. Noninterest income for the third quarter of 2000 totaled $1,253,431, compared to $974,907 for the same period of 1999, an increase of $278,524. Gain on securities for the third quarter of 2000 decreased $9,532 compared to 1999. Revenue from computer operations increased $36,443. Other operating income increased $61,652. Service charges on deposit accounts increased $186,885 as a result of a comprehensive review program of all service charges and fees undertaken at all three banks. Gain on the sale of loans have gone from $11,539 for the quarter ended September 30, 1999 to $14,615 for the same period in 2000, an increase of $3,076. Rising interest rates have reduced the demand for fixed rate mortgages. Decreased demand has led to a decrease in the volume of loans sold, thereby minimizing gains. Noninterest expense for the three months ended September 30, 2000 totaled $4,023,721 compared to $3,755,882 for the same period in 1999. This was an increase of $267,839, or 7.1 percent. Equipment expense increased $63,452 as a result of increased depreciation and maintenance Page 20 21 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- expense. Salaries and benefits increased $167,732, or 10.3 percent compared to the third quarter of 1999 as a result of the Corporation adding employees at both the existing affiliates as well as the new affiliate, Mr. Money. Also, other expenses related to Mr. Money increased $75,619 in the third quarter of 2000. Professional fees decreased by $187,944 compared to the same period of 1999. The Corporation had higher professional fees in 1999 related to its conversion to JHA's software as well as to preparations made for Y2K issues. Income tax expense for the second quarter of 2000 totaled $421,706 compared to $472,367 for the same period of 1999. This was an decrease of $50,661, or 10.7 percent. The effective tax rates for the three-month periods ended September 30, 2000 and September 30, 1999, were 25.4% and 29.1% respectively CAPITAL RESOURCES Shareholders' equity totaled $48,782,929 at September 30, 2000 compared to $48,194,788 at December 31, 1999. All of the capital ratios exceed the regulatory minimum guidelines as identified in the following table: Corporation Ratios Regulatory 9/30/00 12/31/99 Minimums ------- -------- ---------- Tier I Risk Based Capital 15.2% 17.3% 4.0% Total Risk Based Capital 16.4% 18.7% 8.0% Leverage Ratio 9.6% 9.6% 4.0% The Corporation paid a cash dividend of $.17 per common share each on February 1, May 1, and August 1, 2000 compared to $.16 per common share each on February 1, May 1, and August 1, 1999. Capital expenditures totaled $592,941 for the first nine months of 2000 compared to $844,975 for the same period of 1999. LIQUIDITY Liquidity as it relates to the banking entities of the Corporation is the ability to meet the cash demand and credit needs of its customers. The Banks, through their respective correspondent banks, maintain federal funds borrowing lines totaling $37,960,000 and the Banks have additional borrowing availability at the Federal Home Loan Bank of Cincinnati of $57,752,808 at September Page 21 22 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- 30, 2000. Finally, 99.7% of the Corporation's security portfolio has been classified as available for sale, which provides additional liquidity. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Corporation's primary market risk exposure is interest rate risk and, to a lesser extent, liquidity risk. The Banks do not maintain a trading account for any class of financial instrument and the Corporation is not affected by foreign currency exchange rate risk or commodity price risk. Due to the basis in equities held by Farmers being so much less than the current fair value at this time, the Corporation is not subject to significant equity price risk. Interest rate risk is the risk that the Corporation's financial condition will be adversely affected due to movements in interest rates. The Corporation, like other financial institutions, is subject to interest rate risk to the extent that its interest-earning assets reprice differently than interest-bearing liabilities. The income of financial institutions is primarily derived from the excess of interest earned on interest-earning assets over interest paid on interest-bearing liabilities. One of the Corporation's principal financial objectives is to achieve long-term profitability while reducing its exposure to fluctuations in interest rates. Accordingly, the Corporation places great importance on monitoring and controlling interest rate risk. There are several methods employed by the Corporation to monitor and control interest rate risk. One such method is using gap analysis. The gap is defined as the repricing variance between rate sensitive assets and rate sensitive liabilities within certain periods. The repricing can occur due to changes in rates on variable products as well as maturities of interest-earning assets and interest-bearing liabilities. A high ratio of interest sensitive liabilities, generally referred to as a negative gap, tends to benefit net interest income during periods of falling rates as the average rate on interest-bearing liabilities falls faster than the average rate earned on interest-earning assets. The opposite holds true during periods of rising rates. The Corporation attempts to minimize the interest rate risk through management of the gap in order to achieve consistent shareholder return. The Corporation's Assets and Liability Management Policy is to maintain a laddered gap position. One strategy is to originate variable rate loans tied to market indices. Such loans reprice as the underlying market index changes. Currently, approximately 46.0 percent of the Corporation's loan portfolio reprices on at least an annual basis. The Corporation's usual practice is to invest excess funds in federal funds that mature and reprice daily. The Corporation's 1999 annual report details a table, which provides information about the Banks financial instruments that are sensitive to changes in interest rates as of December 31, 1999. The table is based on information and assumptions set forth in the notes. The Corporation believes the assumptions are reasonable. For loans, securities and liabilities with contractual maturities, the table represents principal cash flows and weighted average interest rate. For variable rate loans Page 22 23 First Citizens Banc Corp Management's Discussion and Analysis of Financial Condition and Results of Operations Form 10-Q - -------------------------------------------------------------------------------- the contractual maturity and weighted average interest rate were used with an explanatory footnote as to repricing periods. For liabilities without contractual maturities such as demand and savings deposits, a decay rate was utilized to match their most likely withdrawal behavior. Management believes that no events have occurred since December 31, 1999 which would significantly change the ratio of rate sensitive assets and liabilities for the given time horizon. Page 23 24 First Citizens Banc Corp Other Information Form 10-Q - -------------------------------------------------------------------------------- Part II - Other Information ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. (a) EXHIBIT NO. 27 Financial Data Schedule..................27 (b) EXHIBIT NO. 99 Safe Harbor under the Private Securities Litigation Reform Act of 1995 (c) REPORTS ON FORM 8-K - None. Page 24 25 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, The registrant has caused this report to be signed on its behalf the undersigned thereunto duly authorized. First Citizens Banc Corp /s/ David A. Voight November 10, 2000 - ------------------------------ ----------------- David A. Voight Date President /s/ James O. Miller November 10, 2000 - ------------------------------------ ----------------- James O. Miller Date Executive Vice President Page 25 26 First Citizens Banc Corp Index to Exhibits Form 10-Q - --------------------------------------------------------------------------------
Exhibit Number Description Page Number - ------- ----------- ----------- 27 Financial Data Schedule 27 99 Safe Harbor Under the Private Incorporated by reference to Exhibit 99 to Securities Litigation Reform Annual Report on Form 10-K for the Year Ended Act of 1995 December 31, 1999 filed by the registrant on March 24, 2000
Page 26 EX-27 2 l84554aex27.txt EXHIBIT 27
9 0000944745 FIRST CITIZENS BANC CORP 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 15,547,917 51,031 0 0 130,658,392 366,308 366,428 323,206,954 4,331,126 486,137,922 402,355,136 30,864,100 2,593,651 1,542,106 0 0 23,257,520 25,525,409 486,137,922 19,262,789 5,842,110 75,458 25,180,357 10,527,963 11,458,145 13,722,212 499,000 (34,043) 11,440,801 5,173,250 3,805,450 0 0 3,805,450 .93 .93 3.87 558,000 1,368,000 0 0 4,273,825 644,353 202,654 4,331,126 4,331,126 0 932,808
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