-----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, KhTR054OQvJhY/cOlb++g+489JMa3GMm3gNNxHtITc7JdsQSZhf8AlFU4hiX5fxh JJjtIT5Z2OJYAb0IaAZsBA== 0000916480-99-000010.txt : 19990518 0000916480-99-000010.hdr.sgml : 19990518 ACCESSION NUMBER: 0000916480-99-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSB HOLDINGS INC /WI/ CENTRAL INDEX KEY: 0000948368 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 391804877 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26480 FILM NUMBER: 99625826 BUSINESS ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 BUSINESS PHONE: 7158422191 MAIL ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 FORMER COMPANY: FORMER CONFORMED NAME: PSB HOLDINGS INC /WI/ DATE OF NAME CHANGE: 19950721 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLES STATE BANK /WI/ DATE OF NAME CHANGE: 19950721 10-Q 1 10-Q - 03/31/99 FOR PSB HOLDINGS, INC. FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1999 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: PSB HOLDINGS, INC. (Exact name of registrant as specified in charter) WISCONSIN 39-1804877 (State of incorporation) (I.R.S Employer Identification Number) 1905 WEST STEWART AVENUE WAUSAU, WISCONSIN 54401 (Address of principal executive office) Registrant's telephone number, including area code: 715-842-2191 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 report), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of common shares outstanding at March 31, 1999 was 883,235. PSB HOLDINGS, INC. FORM 10-Q QUARTER ENDED MARCH 31, 1999 PAGE NO. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income, Three Months Ended March 31, 1999 (unaudited) and March 31, 1998 (unaudited) 1 Condensed Consolidated Balance Sheets March 31, 1999 (unaudited) and December 31, 1998 (derived from audited financial statements) 2 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 1999 (unaudited) and March 31, 1998 (unaudited) 3 Notes to Condensed Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5 PART II. OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Changes in Securities 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Submission of Matters to Vote of Securities Holders 13 Item 5. Other Information 13 Item 6. Exhibits and Reports on form 8-K 13 -i- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PSB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME
($ thousands except share data -unaudited) Three Months Ended March 31, Interest Income 1999 1998 Interest and fees on loans $3,267 $3,372 Interest on investment securities Taxable 711 583 Tax-exempt 168 148 Other interest income 3 43 Total interest income 4,179 4,146 Interest Expenses: Deposits 1,888 2,036 Short-term borrowings 81 67 Long-term borrowings 81 61 Total interest expense 2,050 2,164 Net interest income 2,129 1,982 Provisions for losses on loans 75 75 Net Interest Income After Provision for Loan Losses 2,054 1,907 Non-interest income: Service fees 153 131 Gain on sale of loans 91 55 Net gain on sale of securities available for sale -0- 36 Other operating income 83 42 Total other income 327 264 Other Expenses Salaries and related benefits 758 1,046 Net occupancy expense 113 194 Computer operations 35 24 Loss on uncollected items 46 -0- Other operating expense 373 360 Total non-interest expenses 1,427 1,624 Income before income taxes 954 547 Provision for income taxes 319 157 Net income $ 635 $ 390 Income per share Basis: Weighted Average of 883,235 shares in 1999 and 1998 Basic and diluted earnings per share $ .72 $ .44
-1- PSB HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS
($ thousands) March 31, December 31, ASSETS 1999* 1998* Cash and due from banks $ 8,206 $ 8,752 Interest bearing deposits and money market funds 1,386 741 Federal funds sold -0- 3,934 Investment securities - Held to maturity (fair values of $15,072 and $14,346 respectively) 14,830 14,068 Available for sale (at fair value) 46,016 47,886 Loans held for sale 1,074 3,120 Loans receivable, net of allowance for loan losses of $2,002 and $1,947 in 1999 and 1998, respectively 150,943 148,582 Accrued interest receivable 2,000 1,725 Premises and equipment 3,885 3,886 Other assets 906 797 TOTAL ASSETS $ 229,246 $ 233,491 LIABILITIES Noninterest-bearing deposits $ 27,497 $ 33,150 Interest-bearing deposits 165,344 166,650 Total deposits 192,841 199,800 Short-term borrowings 7,753 4,550 Long-term borrowings 6,000 6,000 Other liabilities 1,672 2,585 Total liabilities 208,266 212,935 STOCKHOLDERS' EQUITY Common stock - no-par value, with a stated value of $2 per share - 1,000,000 shares authorized - 902,425 shares issued 1,805 1,805 Additional paid-in capital 7,159 7,159 Retained earnings 12,858 12,223 Net unrealized gain (loss) on securities available for sale, net of tax (39) 172 Treasury stock, at cost - 19,190 shares (803) (803) Total stockholders' equity 20,980 20,556 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 229,246 $ 233,491 *The consolidated balance sheet at March 31, 1999 is unaudited. The December 31, 1998 consolidated balance sheet is derived from audited financial statements.
-2- PSB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31, ($ thousands - unaudited) 1999 1998 Cash flows from operating activities: Net income $ 635 $ 390 Provision for depreciation, and net amortization 125 96 Provisions for loan losses 75 75 Gain on sale of loans (91) (55) Loss on uncollected items 46 -0- Gain on sale of securities available for sale -0- (36) Changes in operating assets and liabilities: Other assets (155) 206 Other liabilities (913) (767) Net cash used in operating activities (278) (91) Cash flows from investing activities: Proceeds from sale and maturities of: Held to maturity securities 815 265 Available for sale securities 5,365 8,010 Payment for purchase of Held to maturity securities (1,409) (415) Available for sale securities (4,157) (5,399) Net change in loans (298) (1,850) Net change in interest-bearing deposits (645) (428) Net change in federal funds sold 3,934 (3,705) Capital expenditures (117) (300) Net cash provided by (used in) investing activities 3,488 (3,822) Cash flows from financing activities: Net change in deposits (6,959) (260) Net change in short-term borrowings 3,203 (329) Net change in long-term borrowings -0- 3,000 Net cash provided by (used in) financing activities (3,756) 2,411 Net decrease in cash and cash equivalents (546) (1,502) Cash and cash equivalents at beginning of year 8,752 10,623 Cash and cash equivalents at end of quarter $ 8,206 $ 9,121 Supplemental Cash Flow Information: Cash paid during the period for : Interest 2,050 2,164 Income taxes 67 -0-
-3- PSB HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The accompanying financial statements in the opinion of management reflect all adjustments which are normal and recurring in nature and which are necessary for a fair statement of the results for the periods presented. In all regards, the financial statements have been presented in accordance with generally accepted accounting principles. 2. Earnings per share of common stock is based on the weighted average number of common shares outstanding. 3. Refer to notes to the financial statements which appear in the 1998 annual report for the company's accounting policies which are pertinent to these statements. 4. In June 1997, Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" (FASB 130), was issued and establishes standards for reporting and displaying comprehensive income and its components. FASB 130 requires comprehensive income and its components, as recognized under the accounting standards, to be displayed in a financial statement with the same prominence as other financial statements. The disclosure requirements of FASB 130 with respect to the Form 10-Q have been included in the corporation's consolidated balance sheets. Comprehensive income totaled the following for the periods indicated:
Three months ended ($ thousands) 3/31/99 3/31/98 Net Income $635 $390 Change in net unrealized gain or securities available for sale, net tax (211) (4) Comprehensive income $424 $386
In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, " Accounting for Derivative Instruments and Hedging Activities" (FASB 133). FASB 133 establishes new accounting and reporting requirements for derivative instruments, including certain derivative instruments embedded in other contracts and hedging activities. The standard requires all derivatives to be measured at fair value and recognized as either assets or liabilities in the statement of condition. Under certain conditions, a derivative may be specifically designated as a hedge. Accounting for the changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Adoption of the standard is required for the corporation's December 31, 2000 financial statements with early adoption allowed as of the beginning of any quarter after June 20, 1998. Management is in the process of assessing the impact and period of adoption of the standard. Adoption is not expected to result in material financial impact. -4- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS* (All $ amounts are in thousands, except per share amounts) RESULTS OF OPERATIONS TOTAL ASSETS Total assets have decreased by $4,245 from December 31, 1998 to March 31, 1999. This is a decrease of 1.82%. In 1998, first quarter assets increased $2,030 or .94%. The decrease in 1999 is due to municipal tax deposits at year-end 1998 which were withdrawn during January 1999. LOANS Net loans have increased by $315 from December 31, 1998 to March 31, 1999. This is an increase of .21%. In 1997, first quarter loans increased $1,830 or 1.24%. In 1999, tougher competition negatively affected loan growth. CASH AND INVESTMENTS Cash decreased by $546 as of March 31, 1999 compared to December 31, 1998. Efforts continue to be made at decreasing this non-earning asset. Investments also decreased by $108. Because of the lower rate environment in the investment area, maturities and calls have been replaced but additional investment is being channeled to the loan portfolio. DEPOSITS Deposits decreased by $6,959 from December 31, 1998 to March 31, 1999. In 1997, first quarter deposits decreased by $260. Funding sources are being directed away from deposits into alternative sources such as the Federal Home Loan Bank of Chicago. Therefore, aggressive plans to attract deposits are not in place. Historically, first quarter deposits decline from prior year levels. SHORT TERM BORROWINGS The use of overnight Fed Funds purchased is reflected by a balance of $2,878 as of March 31, 1999. Repurchase agreements increased by $325 during the first quarter of 1999 to a balance of $4,875. LONG TERM BORROWINGS The use of advances from the FHLB of Chicago is reflected in the $6,000 balance as of March 31, 1999. $3,000 of these advances matures in April, 1999. ______________________________ * Matters discussed in this report with respect to the expectations of the Company or its management are forward-looking statements that involve risks and uncertainties. A more comprehensive discussion of the risks and uncertainties which could cause actual results to be materially different from such expectations are set forth in Part I of the company's Annual Report of Form 10-K for the year ended December 31, 1998 under the heading "Cautionary Statement Regarding Forward Looking Information." -5- EQUITY Equity grew by $423 or 2.06% due to the following: Net income for the first three months of $635 and a decrease in the "Net unrealized gain on securities available for sale" of $211. The decrease in the unrealized gain is a result of the market prices of the investment portfolio dropping as of March 31, 1999. In the first quarter of 1998 equity grew by $386 or 2.01%. OPERATING DATA SUMMARY GENERAL Net interest income for the first quarter of 1999 is $147 or 7.42% greater than it was for the same period in 1998. In 1998 Net interest income for the first quarter was $203 greater than the first quarter of 1997. The drop in deposit rates contributed to this increase in interest margin. Savings Passbook rates were dropped .50% as of January 1, 1999. NON-INTEREST INCOME Non-interest income increased by $63 or 23.86% from the period ending March 31, 1999 compared to the period ending March 31, 1998. Part of this increase is attributable to the implementation of a profit improvement project which in many areas increased our service charges and fees for services. Gains on sale of loans to the secondary market increased to $91 in 1999 from $55 in 1998. NON-INTEREST EXPENSE Non-interest expenses decreased 12.13% or $197 for the period ending March 31, 1999 when compared to the period ending March 31, 1998. In the first quarter of 1998 an additional expense of $403 was recognized from the termination of the defined benefit pension plan. Restated, non-interest expense for the first quarter of 1999 would be 16.87% higher than the first quarter of 1998. Salaries and benefits would be 17.88% higher in the first quarter of 1999 compared to first quarter 1998. Also noted is another loss of $46 in the first quarter of 1999 from charge-off of unrecoverable items in collection. NET INCOME Net income for three months of 1999 is 62.82% higher than the same period in 1998 and earnings per share increased from $.44 to $.72, or 63.64%. Again, the additional expense recorded in the first quarter of 1998 attributed to the comparative increases. Restated for the after tax pension plan expense, 1999 net income was $635 compared to $632 in 1998. -6- KEY OPERATING RATIOS (unaudited) Ended March 31, 1999
THREE MONTH PERIOD 1999 1998 Return on assets (net income divided by average assets) (1) 1.11% .73% Return on Average Equity (net income divided by average equity) (1) 12.36% 8.10% Average Equity to Average Assets 9.01% 8.96% Interest Rate Spread (difference between average yield on interest earning assets and average cost of interest bearing liabilities) (1) 3.32% 3.15% Net Interest Margin (net interest income as a percentage of average interest earning assets (1) 4.14% 3.96% Non-interest Expense to average assets (1) 2.52% 3.00% Allowance for loan losses to total loans at end of period 1.32% 1.24% (1) Annualized
-7- SUMMARY OF LOAN LOSS EXPERIENCE The following table summarizes loan balances at the end of each period, changes in the allowance for loan losses arising from loans charged off and recoveries on loans previously charged off, by loan category and additions to the allowance which have been charged to expense.
Three Months Ended Year Ended MARCH 31, 1999 DECEMBER 31, 1998 Allowance for loan losses at beginning of period $1,946,864 $1,845,064 Loans charged off Commercial & Industrial (21,089) (138,296) Agricultural -0- -0- Real Estate - Mortgage (51,638) -0- Installment & Other Consumer Loans (1,697) (69,154) Total Charge Offs (74,424) (207,450) Recoveries on loans previously charged off Commercial & Industrial 51,106 316 Agricultural -0- -0- Real Estate - Mortgage -0- -0- Installment & Other Consumer Loans 3,797 8,934 Total Recoveries 54,903 9,250 Net loans charged off (19,521) (198,200) Additions charged to operations 75,000 300,000 Allowance for loan losses at end of period $2,002,343 $1,946,864
-8- AGGREGATE AMOUNT OF NON-PERFORMING LOANS
March 31, December 31, 1999 1998 Loans on a non-accrual basis Real estate - mortgage $ 93,081 $ 34,874 Installment loans 10,730 58,491 Credit cards & related plans -0- -0- Commercial & all other loans 195,586 488,901 Total non-accrual $ 299,397 $ 582,266 Loans contractually past due thirty through eighty-nine days and still accruing Real estate - mortgage $ 917,077 $ 519,967 Installment loans 1,706,905 119,850 Credit cards & related plans -0- -0- Commercial & all other loans 1,412,037 704,624 Total 30 - 89 days $ 4,036,019 $1,344,441 Loans contractually past due ninety days or more as to interest or principal payments and still accruing interest Real estate - mortgage $ -0- $ -0- Installment loans -0- -0- Credit cards & related plans -0- -0- Commercial & all other loans -0- -0- Total over 90 days $ -0- $ -0-
-9- YEAR 2000 DISCLOSURE YEAR 2000 The Company, like virtually all other financial institutions in the United States, depends on computer technology to process its various deposit, loan and investment transactions on a daily basis. Management has initiated a plan to review and address the potential for failure of computer applications as a result of the failure of software program to properly recognize the Year 2000 (the "Year 2000 problem" or "Year 2000 issues"). The term "Year 2000 readiness", or terms of similar import, mean that the particular software or equipment referred to has been modified or replaced and the Company believes that such modified or replaced equipment or processes will operate as designed after 1999 without Year 2000 problems. The Company assessment of, and corrective actions with respect to, the possible consequences of Year 2000 issues on its consolidated financial condition, liquidity or results of operations is referred to herein as its "Year 2000 Project." The Year 2000 Project is being undertaken under the supervision of the Year 2000 Project Committee (the "Committee"), composed of employees of the Company's wholly-owned subsidiary, Peoples State Bank (the "Bank"). The Committee reports on a regular basis to the Board of Directors as to the status of Year 2000 issues and the Company's progress in addressing and/or resolving identified Year 2000 problems. In accordance with the Year 2000 Project and a Year 2000 Compliance Policy adopted by the Committee, an assessment of software and equipment to determine which major computer components will need to be updated or replaced has been completed. The Company has undertaken software and equipment upgrades, including the bank's mainframe computer, and will continue to monitor vendor certifications as to Year 2000 compliance and to take appropriate steps by July, 1999 to modify or replace systems which are not Year 2000 compliant. Testing has been conducted on all major mission critical systems and all such systems appear to be Year 2000 ready. Testing will continue through the year 2000 on software and equipment upgrades and modifications. The Year 2000 Project also involves gathering data from Bank customers to assist the Committee in determining the level of risk to the Bank which might be expected as a result of Year 2000 noncompliance. Bank operations, such as commercial loan application procedures, have been modified to address the Year 2000 issue. The Bank has also attempted to educate its customer base about the Year 2000 issue and has attempted to identify major employers in the Bank's primary market area to evaluate potential loss to the Bank's business if those employers' operations would be curtailed or cease due to Year 2000 problems. Inquiries have also been made to the Bank's investment subsidiary service provider and correspondent banks to determine the effect of such entities' compliance with Year 2000 issues. The Committee has determined that it does not have non-information technology systems, such as embedded controllers, which are material to the operations of the Company and that all security and building -10- operations systems can be operated manually or with alternative controls should a Year 2000 problem occur. COSTS Costs on new software or equipment will be capitalized over the useful life. All other costs associated with Year 2000 issues are expensed as incurred. Internal costs of Year 2000 readiness are not being tracked, but principally relate to payroll costs of Company personnel. The estimated total cost of evaluation and compliance with Year 2000 issues is not expected to exceed $150,000 and, in any event, is not expected to be material to the Company. RISKS The Company does not believe that Year 2000 issues will have a material adverse effect on its consolidated financial condition, liquidity or results of operations. There are, however, many risks associated with Year 2000 that are beyond the control of the Company or which may not be adequately addressed by others before material problems are encountered. The Company, like other financial institutions, depends upon the Federal Reserve System and other financial institutions to process a wide variety of financial transactions for itself and its customers and as a source of credit. The Company must rely upon various federal bank regulatory agencies to make certain the U.S. banking and payments system, as a whole is Year 2000 compliant. While the Company believes that the banking system as a whole will be Year 2000 compliant, and it has required into the readiness of its principal correspondents and service providers, there can be no assurance of that fact or that one or more of them will not encounter significant Year 2000 problems and thereby adversely affect the Company. Similarly, while the Company faces potential disruptions in its operations from Year 2000 problems as a result of the failure of the power grid, telecommunications, or other utilities, it is not aware that any material disruption in these infrastructures is reasonably likely to occur. The Bank has a diverse customer base. Based on this diversity and the information received by the Bank to date in response to its customer surveys and other inquiries, the Company believes that is customers as a whole will not incur material adverse results from Year 2000 related issues to the extent that the Bank would, in turn, incur material defaults in its loan portfolio. Nevertheless, there is a risk which cannot be wholly discounted that Year 2000 problems encountered by its customers may result in significant losses to the Company as a result of the inability of certain customers to repay loans or as a result of reducing the nonloan portion of its customers' banking business. To the extent the Company incurs losses arising from Year 2000 issues, it may also have insurance coverage. The scope and amount of reimbursement for such losses will depend upon the nature of any claims which arise. -11- CONTINGENCY PLAN The Committee is preparing a business resumption contingency plan which be implemented, in part, in conjunction with the Bank's disaster recovery plan in the event of failure of one or more of the Bank's major systems. The business resumption contingency plan involves the identification by the Committee of core business processes, establishment of event time lines, and preparation of a risk analysis of mission critical systems. Work on the business contingency readiness plan continues and is expected to be completed during the second quarter of 1999. -12- PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Not Applicable ITEM 2. CHANGES IN SECURITIES Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITIES HOLDERS Not Applicable ITEM 5. OTHER INFORMATION Not Applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K: The following exhibits required by Item 601 of Regulation S-K are filed with the Securities and Exchange Commission as part of this report. Exhibit NUMBER DESCRIPTION 3.1 Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 4(a) to the Company's Current Report on Form 8-K dated May 30, 1995) 3.2 Bylaws (incorporated by reference to Exhibit 4(b) to the Company's Current Report on Form 8-K dated May 30, 1995) 4.1 Articles of Incorporation and Bylaws (see Exhibits 3.1 and 3.2) -13- 10.1 Bonus Plan of Directors of the Bank (incorporated by reference to Exhibit 10(a) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995)* 10.2 Bonus Plan of Officers and Employees of the Bank* (incorporated by reference to Exhibit 10(b) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995)* 10.3 Non-Qualified Retirement Plan for Directors of the Bank (incorporated by reference to Exhibit 10(c) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995)* 21.1 Subsidiaries of the Company (incorporated by reference to Exhibit 22 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995) 27.1 Financial Data Schedule (electronic filing only) *Denotes Executive Compensation Plans and Arrangements. (b) Reports on Form 8-K: None. -14- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PSB HOLDINGS, INC. May 13, 1999 TODD R. TOPPEN Todd R. Toppen Secretary and Controller (On behalf of the Registrant and as Principal Financial Officer) -15- EXHIBIT INDEX TO FORM 10-Q OF PSB HOLDINGS, INC. FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 Pursuant to Section 102(d) of Regulation S-T (17 C.F.R. Section 232.102(d)) EXHIBIT 27 - FINANCIAL DATA SCHEDULE Exhibits required by Item 601 of Regulation S-K which have been previously filed and are incorporated by reference are set forth in Item 6 of the Form 10-Q to which this Exhibit Index relates. -16- EX-27 2 ART. 9 FDS FOR 3-MONTHS 10-Q ENDED MARCH 31, 1999
9 1,000 3-MOS DEC-31-1999 MAR-31-1999 8,206 1,386 0 0 46,016 14,830 15,072 154,019 2,002 229,246 192,841 7,753 1,673 6,000 0 0 1,805 19,174 229,246 3,267 879 33 4,179 1,888 2,050 2,129 75 0 1,427 954 954 0 0 635 .72 .72 4.28 299 0 0 4,036 1,947 75 55 2,002 2,002 0 0
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