1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
____________
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
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 0-7949
____________
FIRST HAWAIIAN, INC.
(Exact name of registrant as specified in its charter)
____________
DELAWARE 99-0156159
(State of incorporation) (I.R.S. Employer
Identification No.)
1132 BISHOP STREET, HONOLULU, HAWAII 96813
(Address of principal executive offices) (Zip Code)
(808) 525-7000
(Registrant's telephone number, including area code)
____________
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.
Yes X No
---
The number of shares outstanding of each of the issuer's classes of common
stock as of October 31, 1994:
Class Outstanding
- --------------------------------- ------------------
Common Stock, $5 Par Value 31,984,255 Shares
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited) Page
----
Consolidated Balance Sheets - September 30, 1994, December 31, 1993
and September 30, 1993 2
Consolidated Statements of Income - Quarter and Nine Months Ended
September 30, 1994 and 1993 3
Consolidated Statements of Cash Flows - Nine Months Ended
September 30, 1994 and 1993 4
Consolidated Statements of Changes in Stockholders' Equity -
Quarter and Nine Months Ended September 30, 1994 and 1993 5
Notes to Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7 - 18
PART II. OTHER INFORMATION
Item 5. Other Information 19
Item 6. Exhibits and Reports on Form 8-K 19
SIGNATURES 20
EXHIBIT INDEX 21
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3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
First Hawaiian, Inc. and Subsidiaries (Unaudited)
SEPTEMBER 30, December 31, September 30,
------------- ------------ -------------
1994 1993 1993
------------- ------------ -------------
(in thousands)
ASSETS
Cash and due from banks $ 215,167 $ 436,129 $ 234,004
Interest-bearing deposits in other banks 23,622 116,736 239,894
Federal funds sold and securities purchased
under agreements to resell 154,523 35,000 134,939
Investment securities (note 2):
Held-to-maturity (market value of $1,003,339,
$1,144,327 and $1,081,043, respectively) 1,012,076 1,132,025 1,065,347
Available-for-sale 126,826 98,453 106,115
---------- ---------- ----------
Total investment securities 1,138,902 1,230,478 1,171,462
---------- ---------- ----------
Loans and leases:
Loans and leases 5,278,372 5,066,809 4,965,725
Less allowance for loan and lease losses 61,660 62,253 61,882
---------- ---------- ----------
Net loans and leases 5,216,712 5,004,556 4,903,843
---------- ---------- ----------
Premises and equipment (note 3) 258,700 249,479 241,480
Customers' acceptance liability 1,738 854 1,125
Core deposit premium 14,132 15,380 15,797
Goodwill 79,802 81,231 80,336
Other assets 105,124 99,288 112,394
---------- ---------- ----------
TOTAL ASSETS $7,208,422 $7,269,131 $7,135,274
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 841,071 $ 974,478 $ 912,443
Interest-bearing demand 1,105,409 1,143,037 1,416,743
Savings 1,296,983 1,507,200 1,214,246
Time 1,441,110 1,343,841 1,367,533
Foreign 374,423 251,572 184,297
---------- ---------- ----------
Total deposits 5,058,996 5,220,128 5,095,262
Short-term borrowings 1,115,930 1,069,682 1,040,665
Acceptances outstanding 1,738 854 1,125
Other liabilities 182,358 148,331 174,849
Long-term debt 220,418 221,767 225,951
---------- ---------- ----------
Total liabilities 6,579,440 6,660,762 6,537,852
---------- ---------- ----------
Stockholders' equity:
Common stock 162,713 162,713 162,507
Surplus 133,821 133,820 132,889
Retained earnings 340,777 311,836 302,026
Unrealized valuation adjustment (note 2) (476) -- --
Treasury stock (7,853) -- --
---------- ---------- ----------
Total stockholders' equity 628,982 608,369 597,422
---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,208,422 $7,269,131 $7,135,274
========== ========== ==========
The accompanying notes are an integral part of these consolidated financial
statements.
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4
CONSOLIDATED STATEMENTS OF INCOME
First Hawaiian, Inc. and Subsidiaries (Unaudited)
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------------------- ------------------------------
1994 1993 1994 1993
------------ ----------- ------------ -------------
(in thousands, except shares and per share data)
INTEREST INCOME
Interest and fees on loans $ 105,810 $ 90,502 $ 297,106 $ 262,937
Lease financing income 2,480 3,343 8,100 9,956
Interest on investment securities:
Taxable interest income 11,761 10,594 33,704 34,033
Exempt from Federal income taxes 3,269 3,679 9,971 11,061
Other interest income 1,056 3,091 5,361 9,920
------------ ----------- ------------ ------------
Total interest income 124,376 111,209 354,242 327,907
------------ ----------- ------------ ------------
INTEREST EXPENSE
Deposits 33,449 31,426 93,484 97,482
Short-term borrowings 11,884 7,085 31,698 19,185
Long-term debt 2,767 2,145 8,701 4,157
------------ ----------- ------------ ------------
Total interest expense 48,100 40,656 133,883 120,824
------------ ----------- ------------ ------------
Net interest income 76,276 70,553 220,359 207,083
Provision for loan and lease losses 6,548 3,213 13,679 10,019
------------ ----------- ------------ ------------
Net interest income after provision for
loan and lease losses 69,728 67,340 206,680 197,064
------------ ----------- ------------ ------------
OTHER OPERATING INCOME
Trust income 5,250 5,002 17,713 15,788
Service charges on deposit accounts 6,093 5,896 17,907 15,675
Other service charges and fees 7,802 6,923 23,422 20,376
Securities gains, net 33 54 175 1,953
Other 1,927 2,962 6,056 5,040
------------ ----------- ------------ ------------
Total other operating income 21,105 20,837 65,273 58,832
------------ ----------- ------------ ------------
OTHER OPERATING EXPENSES
Salaries and wages 22,927 21,675 69,211 63,182
Employee benefits 6,950 6,658 20,955 18,473
Occupancy expense 5,873 5,257 17,407 14,217
Equipment expense 6,144 5,223 18,208 14,758
Other (note 3) 18,595 18,216 57,690 55,699
------------ ----------- ------------ ------------
Total other operating expenses 60,489 57,029 183,471 166,329
------------ ----------- ------------ ------------
Income before income taxes and cumulative effect
of a change in accounting principle 30,344 31,148 88,482 89,567
------------ ----------- ------------ ------------
INCOME TAXES
Provision before effect of change in tax rate 10,567 10,496 30,968 28,816
Adjustment to deferred tax liability for
change in tax rate (note 2) -- 1,520 -- 1,520
Adjustment to current tax provision for
change in tax rate (note 2) -- 402 -- 402
------------ ----------- ------------ ------------
Total income taxes 10,567 12,418 30,968 30,738
------------ ----------- ------------ ------------
Income before cumulative effect of a
change in accounting principle 19,777 18,730 57,514 58,829
Cumulative effect of a change in accounting
principle (note 2) -- -- -- 3,650
------------ ----------- ------------ ------------
NET INCOME $ 19,777 $ 18,730 $ 57,514 $ 62,479
============ =========== ============ ============
PER SHARE DATA
Income before cumulative effect of a change
in accounting principle $ .61 $ .57 $ 1.78 $ 1.81
Cumulative effect of a change in accounting
principle -- -- -- .11
------------ ----------- ------------ ------------
NET INCOME $ .61 $ .57 $ 1.78 $ 1.92
============ =========== ============ ============
CASH DIVIDENDS $ .295 $ .28 $ .885 $ .84
============ =========== ============ ============
AVERAGE SHARES OUTSTANDING 32,255,897 32,501,611 32,326,053 32,501,611
============ =========== ============ ============
The accompanying notes are an integral part of these consolidated financial
statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
First Hawaiian, Inc. and Subsidiaries (Unaudited)
NINE MONTHS ENDED SEPTEMBER 30,
----------------------------------------
1994 1993
--------- ---------
(in thousands)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD $ 436,129 $ 325,659
--------- ---------
Cash flows from operating activities:
Net income 57,514 62,479
Provision for loan and lease losses 13,679 10,019
Depreciation and amortization 18,143 15,113
Income taxes 10,392 (2,731)
Adjustment to current tax provision
for change in tax rate -- 402
Adjustment to deferred tax liability
for change in tax rate -- 1,520
Cumulative effect of a change in
accounting principle -- (3,650)
Decrease in interest receivable 3,896 3,428
Increase in interest payable 689 1,852
Increase in prepaid expenses (5,745) (3,194)
Write-off of building costs -- 5,444
--------- ---------
Net cash provided by operating activities 98,568 90,682
--------- ---------
Cash flows from investing activities:
Net decrease (increase) in interest-bearing deposits
in other banks 93,114 (83,578)
Net decrease (increase) in Federal funds sold and
securities purchased under agreements to resell (119,523) 270,061
Purchase of held-to-maturity investment securities (239,404) (874,815)
Proceeds from maturity of held-to-maturity investment securities 110,595 453,716
Proceeds from sale of held-to-maturity investment securities 248,758 262,450
Purchase of available-for-sale investment securities (75,018) --
Proceeds from maturity of available-for-sale investment
securities 32,645 --
Proceeds from sale of available-for-sale investment securities 14,000 --
Net increase in loans and leases made to customers (225,835) (51,651)
Capital expenditures (22,344) (47,884)
Purchase of Pioneer Fed BanCorp, Inc., net of cash acquired -- (68,950)
Other 16,140 33,133
--------- ---------
Net cash used in investing activities (166,872) (107,518)
--------- ---------
Cash flows from financing activities:
Net decrease in deposits (161,132) (418,839)
Net increase in short-term borrowings 46,248 280,614
Proceeds from long-term debt -- 105,882
Payments on long-term debt (1,349) (15,223)
Cash dividends paid (28,572) (27,253)
Purchase of treasury stock (7,853) --
--------- ---------
Net cash used in financing activities (152,658) (74,819)
--------- ---------
CASH AND DUE FROM BANKS AT END OF PERIOD $ 215,167 $ 234,004
========= =========
Supplemental disclosures:
Interest paid $ 133,194 $ 119,116
========= =========
Net income taxes paid $ 20,576 $ 31,547
========= =========
The accompanying notes are an integral part of these consolidated financial
statements.
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6
CONSOLIDATED STATEMENTS OF
CHANGES IN STOCKHOLDERS' EQUITY
First Hawaiian, Inc. and Subsidiaries (Unaudited)
QUARTER ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
--------------------------- -------------------------------
1994 1993 1994 1993
--------- --------- --------- ---------
(in thousands)
BALANCE, BEGINNING OF PERIOD $620,331 $587,776 $608,369 $562,196
Net income 19,777 18,730 57,514 62,479
Purchase of treasury stock (1,348) -- (7,853) --
Unrealized valuation adjustment (note 2) (274) -- (476) --
Cash dividends (9,504) (9,084) (28,572) (27,253)
-------- -------- -------- --------
BALANCE, END OF PERIOD $628,982 $597,422 $628,982 $597,422
======== ======== ======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
First Hawaiian, Inc. and Subsidiaries (Unaudited)
1. BASIS OF PRESENTATION
The consolidated financial statements of the Company include the accounts of
First Hawaiian, Inc. and its wholly-owned subsidiaries -- First Hawaiian Bank
and its wholly-owned subsidiaries; Pioneer Federal Savings Bank and its
wholly-owned subsidiary; First Hawaiian Creditcorp, Inc.; First Hawaiian
Leasing, Inc.; and FHI International, Inc. All significant intercompany
balances and transactions have been eliminated in consolidation.
Certain amounts in the consolidated financial statements for 1993 have
been reclassified to conform with the 1994 presentation. Such
reclassifications had no effect on the consolidated net income as previously
reported.
In the opinion of management, all adjustments (which included only
normal recurring adjustments) necessary for a fair presentation are reflected
in the consolidated financial statements.
2. ACCOUNTING CHANGES
Effective January 1, 1993, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes," the
cumulative effect of which was the recognition of an income tax benefit of
$3,650,000 in the first quarter of 1993. Under SFAS No. 109, deferred tax
assets and liabilities are measured using enacted tax rates scheduled to be in
effect at the time the related temporary differences between financial
reporting and tax reporting of income and expenses are expected to reverse.
The effect of changes in tax rates is recognized in income in the period that
includes the enactment date. On August 10, 1993, the Omnibus Budget
Reconciliation Act of 1993 was signed into law, increasing the Federal
corporate tax rate from 34% to 35%, retroactive to January 1, 1993. As a
result, the Company recognized adjustments to its deferred tax liability and
current tax provision of $1,520,000 and $402,000, respectively, in the third
quarter of 1993.
As of December 31, 1993, the Company adopted SFAS No. 115, "Accounting
for Certain Investments in Debt and Equity Securities." Under SFAS No. 115,
investment securities are to be classified in three categories and accounted
for as follows: (1) held-to-maturity securities are debt securities which the
Company has the positive intent and ability to hold to maturity, and are
reported at amortized cost; (2) trading securities are debt securities that are
bought and held principally for the purpose of selling them in the near term
and are reported at fair value, with unrealized gains and losses included in
the current earnings; and (3) available-for-sale securities are debt securities
not classified as either held-to-maturity securities or trading securities and
are reported at fair value, with unrealized gains and losses excluded from
current earnings and reported in a separate component of stockholders' equity.
There were no trading securities as of September 30, 1994 and December 31,
1993.
Effective January 1, 1994, the Company adopted SFAS No. 112,
"Employers' Accounting for Postemployment Benefits." Under SFAS No. 112,
employers are required to recognize the obligation to provide postemployment
benefits to former or inactive employees after employment but before retirement
if the obligation is attributable to employees' services already rendered,
employees' rights to those benefits accumulate or vest, payments of the
benefits is probable, and the amount of the benefits can be reasonably
estimated. The adoption of SFAS No. 112 did not have a material effect on the
consolidated financial statements of the Company.
5
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3. OTHER OPERATING EXPENSES
In connection with the Company's redevelopment of its former downtown
headquarters block, the undepreciated cost of certain structures was written
off in the first quarter of 1993. The write-off amounted to $5,444,000, and is
included in "Other Operating Expenses" for that period.
4. BUSINESS COMBINATION
On August 6, 1993, the Company acquired all of the outstanding stock of Pioneer
Fed BanCorp, Inc. ("Pioneer Holdings") for a cash purchase price of $87
million. As a result of the merger of Pioneer Holdings with and into the
Company, Pioneer Federal Savings Bank ("Pioneer") became a wholly-owned
subsidiary of the Company. The results of operations of Pioneer are included
in the Company's Consolidated Statements of Income from the date of
acquisition.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
NET INCOME
Consolidated net income for the first nine months of 1994 was $57,514,000
compared to $62,479,000 for the first nine months of 1993, a decrease of 7.9%.
Consolidated income from operations for the first nine months of 1994 was
$57,514,000, or a decrease of 2.2%, as compared to the same period in 1993,
excluding the cumulative effect of the change in accounting principle of
$3,650,000 in the first quarter of 1993. For the third quarter of 1994, the
consolidated net income of $19,777,000 represented an increase of 5.6% over the
same quarter in 1993. The favorable comparative results in the third quarter
of 1994 were primarily attributable to the increase in the Federal corporate
tax rate from 34% to 35%, retroactive to January 1, 1993, which resulted in a
nonrecurring income tax adjustment of $1,922,000 in 1993. Excluding such
adjustment, consolidated net income declined by 4.2% in the third quarter of
1994 compared to the third quarter of 1993.
On a per share basis, consolidated net income for the nine months and quarter
ended September 30, 1994 were $1.78 and $.61, respectively, a decrease of 7.3%
and an increase of 7.0%, respectively, as compared to the same periods in 1993.
Excluding the effect of the change in accounting principle, income from
operations per share was $1.78 for the first nine months of 1994, a decrease of
1.7% as compared to the same period in 1993.
On an annualized basis, the Company's return on average total assets for the
first nine months of 1994 was 1.08% compared to 1.26% for the same period in
1993 and return on average stockholders' equity was 12.44% compared to 14.43%
for the same period in 1993. The decreases in return on average total assets
and return on average stockholders' equity in 1994 as compared to 1993 were
primarily attributable to the decrease in earnings previously mentioned and,
with respect to the return on average stockholders' equity, a higher capital
base.
NET INTEREST INCOME
On a fully taxable equivalent basis, net interest income increased $12,818,000,
or 6.0%, to $225,846,000 for the nine months ended September 30, 1994 from
$213,028,000 for the same period in 1993. The increase was due to the 8.4%
increase in average earning assets (principally as a result of the acquisition
of Pioneer), offset by a 10 basis point (1% equals 100 basis points) decrease
in the net interest margin. For the third quarter of 1994, the yield on
earning assets increased 50 basis points while the rate paid for
interest-bearing deposits and liabilities increased 36 basis points compared to
the same period in 1993, resulting in an increase in the interest rate spread
from 4.11% to 4.25%. Utilizing average earning assets as the base, the net
interest margin on earning assets for the third quarter of 1994 was 4.78%
compared to 4.63% for the same period in 1993. Excluding the effect of certain
nonrecurring loan fees of $2,545,000, the net interest margin on earning assets
for the third quarter of 1994 was 4.63%.
7
9
The following table sets forth consolidated average balance sheets, an analysis
of interest income/expense, and average yield/rate for each major category of
interest-earning assets and interest-bearing liabilities for the periods
indicated on a taxable equivalent basis. The tax equivalent adjustment is made
for items exempt from Federal income taxes to make them comparable with taxable
items before any income taxes are applied. The tax equivalent adjustment is
based on the prevailing federal income tax rate of 35% for 1994 and 1993.
QUARTER ENDED SEPTEMBER 30,
-------------------------------------------------------------------------------------
1994 1993
---------------------------------------- --------------------------------------
INTEREST Interest
AVERAGE INCOME/ YIELD/ Average Income/ Yield/
BALANCE EXPENSE RATE(1) Balance Expense Rate(1)
---------- ---------- ------- ---------- -------- -------
(dollars in thousands)
Earning assets:
Interest-bearing deposits
in other banks $ 32,549 $ 270 3.30% $ 256,497 $ 1,863 2.88%
Federal funds sold and
securities purchased
under agreements to
resell 74,155 646 3.46 152,676 1,228 3.19
Investment securities 1,084,666 15,293 5.59 999,140 15,178 6.03
Available-for-sale
securities 123,805 1,617 5.18 99,556 919 3.66
Loans and leases(2),(3) 5,162,097 108,349 8.33 4,701,902 94,003 7.93
---------- -------- ---------- -------
Total earning assets 6,477,272 126,175 7.73 6,209,771 113,191 7.23
Nonearning assets 641,521 -------- 641,705 -------
---------- ----------
Total assets $7,118,793 $6,851,476
========== ==========
NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------------------------------------------------------------
1994 1993
---------------------------------------- ---------------------------------------
INTEREST Interest
AVERAGE INCOME/ YIELD/ Average Income/ Yield/
BALANCE EXPENSE RATE(1) Balance Expense Rate(1)
---------- ---------- ------- ---------- -------- -------
(dollars in thousands)
Earning assets:
Interest-bearing deposits
in other banks $ 85,130 $ 2,167 3.40.% $ 230,672 $ 5,378 3.12%
Federal funds sold and
securities purchased
under agreements to
resell 113,230 2,965 3.50 190,590 4,542 3.19
Investment securities 1,083,885 44,786 5.52 1,045,547 49,749 6.36
Available-for-sale
securities 121,094 4,161 4.59 33,904 919 3.62
Loans and leases(2),(3) 5,096,888 305,650 8.02 4,497,293 273,408 8.13
---------- -------- ---------- --------
Total earning assets 6,500,227 359,729 7.40 5,998,006 333,996 7.44
Nonearning assets 648,097 -------- 638,881 --------
---------- ----------
Total assets $7,148,324 $6,636,887
========== ==========
(1) Annualized.
(2) Nonaccruing loans and leases have been included in the computations of
average loan and lease balances.
(3) Interest income for loans and leases included loan fees of $8,513 and
$22,408 for the quarter and nine months ended September 30, 1994,
respectively, and $6,321 and $18,844 for the quarter and nine months ended
September 30, 1993, respectively.
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QUARTER ENDED SEPTEMBER 30,
-----------------------------------------------------------------------
1994 1993
--------------------------------- ----------------------------------
INTEREST Interest
LIABILITIES AND AVERAGE INCOME/ YIELD/ Average Income/ Yield/
STOCKHOLDERS' EQUITY BALANCE EXPENSE RATE (1) Balance Expense Rate (1)
---------- -------- -------- --------- --------- --------
(dollars in thousands)
Interest-bearing deposits
and liabilities:
Deposits $4,210,678 $33,449 3.15% $4,180,415 $31,468 2.99%
Short-term borrowings 1,053,198 11,884 4.48 842,416 7,085 3.34
Long-term debt 213,674 2,767 5.14 150,478 2,145 5.66
---------- ------- ---------- -------
Total interest-bearing
deposits and
liabilities 5,477,550 48,100 3.48 5,173,309 40,698 3.12
------- ---- ------- ----
Interest rate spread 4.25% 4.11%
==== ====
Noninterest-bearing demand
deposits 860,221 925,803
Other liabilities 154,940 160,525
---------- ----------
Total liabilities 6,492,711 6,259,637
Stockholders' equity 626,082 591,839
---------- ----------
Total liabilities and
stockholders' equity $7,118,793 $6,851,476
========== ==========
Net interest income
and margin on
earning assets 78,075 4.78% 72,493 4.63%
==== ====
Tax equivalent adjustment 1,799 1,982
------- -------
Net interest income $76,276 $70,511
======= =======
(1) Annualized.
NINE MONTHS ENDED SEPTEMBER 30,
-----------------------------------------------------------------------
1994 1993
--------------------------------- ----------------------------------
INTEREST Interest
LIABILITIES AND AVERAGE INCOME/ YIELD/ Average Income/ Yield/
STOCKHOLDERS' EQUITY BALANCE EXPENSE RATE (1) Balance Expense Rate (1)
---------- -------- -------- --------- --------- --------
(dollars in thousands)
Interest-bearing deposits
and liabilities:
Deposits $4,193,357 $ 93,484 2.98% $4,088,779 $ 97,626 3.19%
Short-term borrowings 1,083,400 31,698 3.91 796,655 19,185 3.22
Long-term debt 212,279 8,701 5.48 95,180 4,157 5.84
---------- -------- ---------- --------
Total interest-bearing
deposits and
liabilities 5,489,036 133,883 3.26 4,980,614 120,968 3.25
-------- ---- -------- ----
Interest rate spread 4.14% 4.19%
==== ====
Noninterest-bearing demand
deposits 888,603 920,175
Other liabilities 152,370 157,290
---------- ----------
Total liabilities 6,530,009 6,058,079
Stockholders' equity 618,315 578,808
---------- ----------
Total liabilities and
stockholders' equity $7,148,324 $6,636,887
========== ==========
Net interest income
and margin on
earning assets 225,846 4.65% 213,028 4.75%
==== ====
Tax equivalent adjustment 5,487 6,089
-------- --------
Net interest income $220,359 $206,939
======== ========
(1) Annualized.
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INVESTMENT SECURITIES
Comparative book and market values of held-to-maturity investment securities at
September 30, 1994, December 31, 1993, and September 30, 1993 were as follows:
SEPTEMBER 30, December 31, September 30,
1994 1993 1993
------------- ------------ -------------
(in thousands)
Book value $ 1,012,076 $ 1,132,025 $ 1,065,347
Unrealized gains 5,054 14,036 16,440
Unrealized losses (13,791) (1,734) (744)
------------ ----------- ------------
Market value $ 1,003,339 $ 1,144,327 $ 1,081,043
============ =========== ============
The decrease in unrealized gains and increase in unrealized losses from
September 30, 1993 to September 30, 1994 is attributable to the rise in the
overall level of interest rates resulting from monetary actions of the Federal
Reserve Board during the first nine months of 1994.
At September 30, 1994, gross unrealized gains and losses on available-for-sale
investment securities were $1,000 and $477,000, respectively. At December 31,
1993, the unamortized cost of available-for-sale investment securities
approximated fair value.
Gross realized gains and losses for the nine months ended September 30, 1994
and 1993 were as follows:
1994 1993
---- ----
(in thousands)
Realized gains $ 176 $ 2,028
Realized losses (1) (75)
--------- ---------
Securities gains, net $ 175 $ 1,953
========= =========
Gains and losses realized on the sales of investment securities are determined
using the specific identification method.
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12
LOANS
The following table sets forth the loan portfolio by major categories and loan
mix at September 30, 1994, December 31, 1993 and September 30, 1993:
SEPTEMBER 30, 1994 December 31, 1993 September 30, 1993
------------------- ------------------- -------------------
AMOUNT % Amount % Amount %
---------- ----- ---------- ----- ---------- -----
(dollars in thousands)
Commercial, financial and
agricultural $1,209,247 22.9% $1,208,912 23.8% 1,176,958 23.7%
Real estate:
Commercial 970,282 18.4 882,628 17.4 816,592 16.4
Construction 299,609 5.7 317,036 6.2 373,295 7.5
Residential:
Insured, guaranteed or
conventional 1,573,490 29.8 1,427,299 28.2 1,378,283 27.8
Home equity credit lines 366,032 6.9 358,662 7.1 362,957 7.3
---------- ----- ---------- ----- ---------- -----
Total real estate loans 3,209,413 60.8 2,985,625 58.9 2,931,127 59.0
---------- ----- ---------- ----- ---------- -----
Consumer 444,697 8.4 459,910 9.1 452,089 9.1
Lease financing 193,539 3.7 201,449 4.0 189,049 3.8
Foreign 221,476 4.2 210,913 4.2 216,502 4.4
---------- ----- ---------- ----- ---------- -----
TOTAL LOANS AND LEASES 5,278,372 100.0% 5,066,809 100.0% 4,965,725 100.0%
===== ===== =====
Less allowance for loan and
lease losses 61,660 62,253 61,882
--------- ---------- ----------
Total net loans and
leases $5,216,712 $5,004,556 $4,903,843
========== ========== ==========
The loan and lease portfolio is the largest component of earning assets and
accounts for the greatest portion of total interest income. At September 30,
1994, total loans and leases were $5,278,372,000, an increase of 4.2% from
December 31, 1993.
Total loans and leases at September 30, 1994, represented 73.2% of total
assets, 80.0% of total earning assets and 104.3% of total deposits compared to
69.7% of total assets, 78.6% of total earning assets and 97.1% of total
deposits at December 31, 1993. Governmental and certain other time deposits
were shifted into security repurchase agreements at September 30, 1994,
December 31, 1993 and September 30, 1993 to reduce the Company's deposit
insurance premiums. If these repurchase agreements were included in the
deposit base, total loans and leases as a percentage of total deposits would
represent 89.3%, 83.8% and 83.2%, respectively, at such dates.
Loan concentrations are considered to exist when there are amounts loaned to
multiple borrowers engaged in similar activities which would cause them to be
similarly impacted by economic or other conditions. At September 30, 1994,
commercial real estate loans totalled $970,282,000, or 18.4%, of total loans
and leases. The Company has selectively participated as a lender on commercial
properties on the mainland United States, principally on the west coast. Such
loans totalled $57.1 million at September 30, 1994, a decrease of 15.7% from
December 31, 1993. At September 30, 1994, the largest concentration of
commercial real estate loans to a single borrower was $29.0 million.
Commercial loans outstanding remained virtually unchanged since year-end,
reflecting the continuing weakness in the Hawaii economy and corresponding lack
of growth in appropriate lending opportunities. Construction and land
development loans decreased 5.5% from December 31, 1993 to September 30, 1994
due to repayments and loans transferred to commercial real estate because of
project completion and receipt of permanent financing.
11
13
NONPERFORMING ASSETS
A summary of nonperforming assets at September 30, 1994, December 31, 1993 and
September 30, 1993 follows:
SEPTEMBER 30, December 31, September 30,
1994 1993 1993
------------- ------------ -------------
(dollars in thousands)
Nonperforming loans and leases:
Nonaccrual:
Commercial, financial and agricultural $ 14,237 $ 13,823 $ 21,559
Real estate:
Commercial 27,847 12,145 6,227
Construction 7,858 28,571 31,073
Residential:
Insured, guaranteed, or conventional 4,654 5,473 3,067
Home equity credit lines 698 255 253
--------- ---------- ---------
Total real estate loans 41,057 46,444 40,620
--------- ---------- ---------
Consumer 109 45 132
Lease financing -- -- 27
--------- ---------- ---------
Total nonaccrual loans and leases 55,403 60,312 62,338
Renegotiated:
Commercial real estate 3,128 -- --
Commercial, financial and agricultural -- 20 31
--------- ---------- ---------
Total nonperforming loans and leases 58,531 60,332 62,369
Other real estate owned 3,640 13,034 12,683
--------- ---------- ---------
Total nonperforming assets $ 62,171 $ 73,366 $ 75,052
========= ========== =========
Loans and leases past due 90 days or more
and still accruing interest $ 35,389 $ 40,285 $ 15,930
========= ========== =========
Nonperforming assets to total loans and leases
and other real estate owned (end of period):
Excluding past due loans and leases 1.18% 1.44% 1.51%
Including past due loans and leases 1.85% 2.24% 1.83%
Nonperforming assets to total assets
(end of period):
Excluding past due loans and leases .86% 1.01% 1.05%
Including past due loans and leases 1.35% 1.56% 1.28%
12
14
NONPERFORMING ASSETS, CONTINUED
Nonperforming assets decreased from $73,366,000 at December 31, 1993 to
$62,171,000 at September 30, 1994. The decrease was primarily attributable to:
(1) the sale of a $10.0 million commercial property classified as other real
estate owned; (2) $9.3 million in loan repayments; (3) a $9.1 million real
estate construction loan which was returned to accrual status; and (4) the
partial charge-offs of three real estate construction loans totalling $6.8
million. The decrease was offset by the addition to nonaccrual status of two
commercial loans totalling $12.5 million and three commercial real estate
loans totalling $13.3 million.
The decrease in the nonaccrual real estate - construction loan category
and increase in the renegotiated commercial real estate loan category was
primarily attributable to a $13.0 million loan which was renegotiated with the
borrower. Subsequently, $9.1 million of the loan balance was returned to
accrual status based on the performance of the loan under the renegotiated
terms.
Loans and leases past due 90 days or more and still accruing interest totalled
$35,389,000 at September 30, 1994, a decrease of 12.2% from December 31, 1993.
All of the loans which are past due 90 days or more and still accruing interest
are in management's judgement adequately collateralized and in the process of
collection.
In recent periods, the level of the Company's nonperforming assets and
charge-offs has been adversely affected by the unusually long recession
experienced by the Hawaii economy and weaknesses in both the local and
California real estate markets. The Company believes that the Hawaii economy
is beginning to show signs of improvement, and local commercial real estate
markets evidence signs of having stabilized. A significant and sustained
improvement in the Hawaii economy and in local real estate markets should have
a positive effect on the Company's overall asset quality; however, there can be
no assurance that such improvements will result in a significant reduction in
the level of nonperforming assets (which consist primarily of commercial real
estate loans) or related charge-offs in the near term.
13
15
DEPOSITS
The following table sets forth the average balances and the average rates paid
on deposits for the periods indicated:
QUARTER ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
------------------------------------------------- -------------------------------------------------
1994 1993 1994 1993
----------------------- ---------------------- ---------------------- ----------------------
AVERAGE AVERAGE Average Average AVERAGE AVERAGE Average Average
BALANCE RATE(1) Balance Rate(1) BALANCE RATE(1) Balance Rate(1)
---------- ------- ----------- ------- ----------- ------- ---------- -------
(dollars in thousands)
Interest-bearing demand $1,105,142 2.21% $1,264,736 2.09% $1,164,714 2.02% $1,237,276 2.23%
Savings 1,269,977 2.20 1,441,851 2.30 1,292,044 2.12 1,416,801 2.68
Time 1,835,559 4.38 1,473,828 4.43 1,736,599 4.26 1,434,702 4.53
---------- ---------- ---------- ----------
Total interest-bearing
deposits 4,210,678 3.15 4,180,415 2.99 4,193,357 2.98 4,088,779 3.19
Noninterest-bearing
demand 860,221 -- 925,803 -- 888,603 -- 920,175 --
---------- ---------- ---------- ----------
Total deposits $5,070,899 2.62% $5,106,218 2.44% $5,081,960 2.46% $5,008,954 2.61%
========== ========== ========== ==========
(1) Annualized.
Average deposits for the nine months ended September 30, 1994 increased $73.0
million, or 1.5%, compared to the same period in 1993. For the current
quarter, average deposits decreased $35.3 million, or .7%, as compared to the
third quarter of 1993. Exclusive of the average deposits of Pioneer for the
nine months and quarter ended September 30, 1994 (which consisted primarily of
time deposits), average deposits decreased $174.4 million, or 3.6%, and $231.4
million, or 4.7%, respectively. The investment by customers in higher-yielding
alternative investments, generally with non-financial institutions, and the
shift of public deposits into security repurchase agreements, contributed to
the decrease in average deposits.
14
16
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES
The following table sets forth the activity in the allowance for loan and lease
losses for the periods indicated:
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- ----------------------------
1994 1993 1994 1993
---------- ---------- ---------- ----------
(dollars in thousands)
Loans and leases outstanding $5,278,372 $4,965,725 $5,278,372 $4,965,725
========== ========== ========== ==========
Average loans and leases outstanding $5,162,097 $4,701,902 $5,096,888 $4,497,293
========== ========== ========== ==========
Allowance for loan and lease losses summary:
Balance at beginning of period $ 61,873 $ 56,828 $ 62,253 $ 56,385
---------- ---------- ---------- ----------
Allowance due to merger of Pioneer -- 4,525 -- 4,525
Loans and leases charged off:
Commercial, financial and agricultural 1,149 607 4,257 2,235
Real estate - mortgage 405 153 1,557 203
Real estate - construction 4,240 1,302 6,445 3,574
Consumer 1,700 1,500 4,705 4,864
Lease financing -- 3 -- 3
---------- ---------- ---------- ----------
Total loans and leases charged off 7,494 3,565 16,964 10,879
---------- ---------- ---------- ----------
Recoveries on loans and leases charged off:
Commercial, financial and agricultural 254 19 1,140 172
Real estate - mortgage 51 369 96 370
Real estate - construction 37 -- 242 --
Consumer 381 491 1,200 1,286
Lease financing 10 2 14 4
---------- ---------- ---------- ----------
Total recoveries on loans and leases
charged off 733 881 2,692 1,832
---------- ---------- ---------- -----------
Net charge-offs (6,761) (2,684) (14,272) (9,047)
Provision charged to expense 6,548 3,213 13,679 10,019
---------- ---------- ---------- ----------
Balance at end of period $ 61,660 $ 61,882 $ 61,660 $ 61,882
========== ========== ========== ==========
Ratio of net loans and leases charged off to
average loans and leases .52%(1) .23%(1) .37%(1) .27%(1)
Ratio of net loans and leases charged off to
allowance for loan and lease losses 43.50%(1) 17.21%(1) 30.95%(1) 19.55%(1)
Ratio of allowance for loan and lease losses to
total loans and leases (end of period) 1.17% 1.25% 1.17% 1.25%
Ratio of allowance for loan and lease losses to
nonperforming loans and leases (end of period):
Excluding past due loans and leases 105.35% 99.22% 105.35% 99.22%
Including past due loans and leases 65.65% 79.03% 65.65% 79.03%
(1) Annualized.
15
17
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES, CONTINUED
For the first nine months of 1994, the provision for loan and lease losses was
$13,679,000, an increase of $3,660,000, or 36.5%, over the first nine months of
1993. The provision for loan and lease losses was $6,548,000 for the third
quarter of 1994, an increase of $3,335,000, or 103.8%, over the third quarter
of 1993. These increases are consistent with the increase in net charge-offs
for the respective periods.
Net charge-offs for the first nine months of 1994 were $14,272,000, an increase
of $5,225,000, or 57.8%, over the first nine months of 1993. Net charge-offs
for the third quarter of 1994 were $6,761,000 compared to $2,684,000 a year
ago. The increase in the net charge-offs for the third quarter of 1994 was
primarily due to the charge-offs on two Hawaii commercial real estate loans
aggregating $3,215,000, as a result of the Shared National Credit report by the
regulatory agencies. Management believes that the increased levels of net
charge-offs, which reflect the continuing weakness in the Hawaii economy and
local real estate markets, may continue in future periods.
The ratio of the allowance for loan and lease losses to nonperforming loans and
leases increased from 99.22% at September 30, 1993 to 105.35% at September 30,
1994. The increase was primarily attributable to the decline in nonperforming
loans and leases from $62,369,000 at September 30, 1993 to $58,531,000 at
September 30, 1994, a decrease of $3,838,000, or 6.2%.
OTHER OPERATING INCOME
Exclusive of securities transactions, other operating income for the first nine
months and third quarter of 1994 increased 14.4% and 1.4%, respectively, over
the same periods in 1993. The increase for the first nine months of 1994 was
primarily attributable to the increases in trust income and service
charges/fees described below, and the acquisition of Pioneer.
Trust fees increased $1,925,000, or 12.2%, for the first nine months of 1994
over the same period in 1993. Similarly, trust fees increased 5.0% for the
third quarter of 1994 over the third quarter of 1993. The increases were
primarily the result of increases in fees from pension plans and irrevocable
trusts and investment management fees which were the result of new business.
Service charges on deposit accounts increased $2,232,000, or 14.2%, and
$197,000, or 3.3%, for the first nine months and third quarter of 1994,
respectively, over the same periods in 1993. These increases were primarily
attributable to increases in fees on checking accounts and service fees at
Pioneer.
Other service charges and fees increased $3,046,000, or 14.9%, and $879,000, or
12.7%, for the first nine months and third quarter of 1994, respectively, over
the same periods in 1993. These increases were primarily attributable to
increases in merchant discount income and commissions.
Security transactions resulted in a net pre-tax gain of $175,000 and $33,000
for the first nine months and third quarter of 1994, respectively, compared to
a net pre-tax gain of $1,953,000 and $54,000, respectively, for the same
periods in 1993. The Company recognized a pre-tax gain of $1,873,000 from the
sale of its Fannie Mae and Sallie Mae stocks in the second quarter of 1993.
Other operating income increased $1,016,000 for the first nine months and
decreased $1,035,000 for the third quarter of 1994, respectively, over the same
periods in 1993. The increase for the first nine months of 1994 was primarily
attributable to advisory fee income and the acquisition of Pioneer. The
decrease for the third quarter of 1994 was principally due to the gain on sale
of a lease of $1,368,000 in the third quarter of 1993.
16
18
OTHER OPERATING EXPENSES
Other operating expenses totalled $183,471,000 for the first nine months of
1994, an increase of $17,142,000, or 10.3% over the first nine months of 1993.
Other operating expenses totalled $60,489,000 for the third quarter of 1994, an
increase of $3,460,000, or 6.1%, over the third quarter of 1993.
Total personnel expenses (salaries and wages and employee benefits) increased
$8,511,000, or 10.4%, for the first nine months of 1994 over the same period in
1993. Personnel expenses attributable to recent acquisitions account for
$4,523,000 of the increase. The balance of the increase was attributable to
normal merit increases and higher workers' compensation, health and payroll tax
expenses. Total personnel expenses increased 5.4% for the third quarter of
1994 over the same quarter in 1993.
Occupancy expense for the first nine months of 1994 increased $3,190,000, or
22.4%, over the same period in 1993 with $3,040,000 attributable to the Pioneer
acquisition. Occupancy expense increased 11.7% for the third quarter of 1994
over the same quarter in 1993.
Equipment expense increased $3,450,000, or 23.4%, for the first nine months of
1994 over the same period in 1993, primarily as a result of higher depreciation
and rental expense and maintenance service contracts in connection with the
migration from a Unisys to IBM information technology platform and improvements
in the delivery and processing systems. Equipment expense increased 17.6% for
the third quarter of 1994 over the same quarter in 1993.
Excluding the loss of $1,409,000 on the disposition of certain other real
estate owned in the second quarter of 1994 and the write-off of $5,444,000 for
the undepreciated cost of certain structures on the Company's redevelopment
block in the first quarter of 1993, other operating expenses increased
$6,026,000, or 12.0%, for the first nine months of 1994 over the same period in
1993. The acquisition of Pioneer accounts for $4,081,000 of this increase.
The remainder of the increase was due to higher utility, professional fees and
outside services. Other operating expense increased 2.1% for the third quarter
of 1994 over the same quarter in 1993.
INCOME TAXES
The Company's effective income tax rate (exclusive of the tax equivalent
adjustment) for the nine months and quarter ended September 30, 1994 was 35.0%
and 34.8%, respectively, as compared to 34.3% and 39.9%, respectively, for the
same periods in 1993. The decrease in the Company's effective income tax rate
in the third quarter of 1994 was due to the retroactive adjustment for current
and deferred income taxes totalling $1,922,000 as a result of the Omnibus
Budget Reconciliation Act of 1993.
17
19
LIQUIDITY AND CAPITAL-
Stockholders' equity was $628,982,000 at September 30, 1994, a 3.4% increase
from $608,369,000 at December 31, 1993. Average stockholders' equity
represented 8.79% of average total assets for the third quarter of 1994
compared to 8.64% in the same quarter last year. There was no significant
change in the Company's liquidity position during the third quarter of 1994.
The following tables present the Company's regulatory capital position at
September 30, 1994:
RISK-BASED CAPITAL RATIOS
AMOUNT RATIO
---------- -----
(dollars in thousands)
Tier 1 Capital $ 545,715 9.85%
Tier 1 Capital minimum requirement (1) 221,574 4.00
---------- -----
Excess $ 324,141 5.85%
========== =====
Total Capital $ 707,375 12.77%
Total Capital minimum requirement (1) 443,148 8.00
---------- -----
Excess $ 264,227 4.77%
========== =====
Risk-weighted assets $5,539,356
==========
LEVERAGE RATIO
AMOUNT RATIO
---------- -----
(dollars in thousands)
Tier 1 Capital to average total assets
(Tier 1 Leverage Ratio) $ 545,715 7.76%
Minimum leverage requirement (2) 211,052 3.00
---------- ----
Excess $ 334,663 4.76%
========== ====
Average total assets, net of goodwill
and certain intangible assets $7,035,050
==========
(1) Risk-based capital guidelines as established by the Federal Reserve
Board for bank holding companies require minimum Tier 1 and Total
capital ratios of 4% and 8%, respectively.
(2) The Leverage Ratio of 3% is the minimum requirement for the most
highly rated banking organizations which are not experiencing or
anticipating significant growth. According to the Federal Reserve
Board, other banking organizations will be expected to maintain
capital at higher levels of at least an additional one to two percent.
The Board of Directors of the Company has authorized the purchase from
time to time of shares of outstanding common stock of the Company for
issuance under the Company's Incentive Plan for Key Executives and Stock
Incentive Plan. During the last quarter, the Company acquired 46,000 shares
at an average price of $29.30 per share under this authorization.
On October 25, 1994, the Company acquired 200,000 shares at an average
price of $27.875 per share in a private purchase authorized by the Board of
Directors.
18
20
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
RECENT DEVELOPMENT
As a result of a review by the Company of investment accounts managed by its
trust group, the Company has preliminarily determined that certain of such
accounts may have decreased in value due in part to the inclusion of
collateralized mortgage obligations which were not within the applicable
customer instructions for such accounts. The Company has stated that it intends
to cover any customer losses caused by investments that were not made in
compliance with the applicable customer instructions. The Company is currently
continuing its review of the accounts in question and at this point cannot
quantify the precise amount of losses involved, although the Company believes
that any losses to it will be mitigated by insurance coverage. The Company
believes that any such losses will not have a material effect on its financial
condition, although there could be an impact on its results of operations in a
future quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 12 Statement regarding computation of consolidated
ratios of earnings to fixed charges.
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K - No reports on Form 8-K were filed during
the quarter ended September 30, 1994.
19
21
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.
FIRST HAWAIIAN, INC.
(REGISTRANT)
Date November 14, 1994 By /s/ HOWARD H. KARR
---------------------- --------------------------------------
HOWARD H. KARR
EXECUTIVE VICE PRESIDENT AND TREASURER
(PRINCIPAL FINANCIAL OFFICER)
20
22
EXHIBIT INDEX
EXHIBIT PAGE NUMBER IN
NUMBER DESCRIPTION QUARTERLY REPORT FORM 10-Q
------ ----------- --------------------------
12 Statement re: computation of ratios. 22
27 Financial Data Schedule 23
21
1
EXHIBIT 12. STATEMENT RE: COMPUTATION OF RATIOS
First Hawaiian, Inc. and Subsidiaries
Computation of Consolidated Ratios of Earnings to Fixed Charges
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ---------------------------
1994 1993 1994 1993
----------- ---------- ---------- ----------
(dollars in thousands)
Income before income taxes and
cumulative effect of a change
in accounting principle $30,344 $31,148 $ 88,482 $ 89,567
------- ------- -------- --------
Fixed charges:(1)
Interest expense 48,100 40,698 133,883 120,968
Capitalized interest 1,825 2,364 5,573 3,456
Rental expense 1,155 778 3,395 1,996
------- ------- -------- --------
51,080 43,840 142,851 126,420
Less interest on deposits 33,449 31,468 93,484 97,626
------- ------- -------- --------
Net fixed charges 17,631 12,372 49,367 28,794
------- ------- -------- --------
Earnings, excluding
interest on deposits $47,975 $43,520 $137,849 $118,361
======= ======= ======== ========
Earnings, including
interest on deposits $81,424 $74,988 $231,333 $215,987
======= ======= ======== ========
Ratio of earnings to
fixed charges:
Excluding interest on deposits 2.72 x 3.52 x 2.79 x 4.11 x
Including interest on deposits 1.59 x 1.71 x 1.62 x 1.71 x
(1) For purposes of computing the above ratios, earnings represent income
before income taxes and cumulative effect of a change in accounting
principle plus fixed charges. Fixed charges, excluding interest on
deposits, include interest (other than on deposits), whether expensed or
capitalized, and that portion of rental expense (generally one third)
deemed representative of the interest factor. Fixed charges, including
interest on deposits, include all interest, whether expensed or
capitalized, and that portion of rental expense (generally one third)
deemed representative of the interest factor.
22
9
1,000
US DOLLARS
9-MOS
DEC-31-1994
JAN-01-1994
SEP-30-1994
1.00
215,167
23,622
154,523
0
126,826
1,012,076
1,003,339
5,278,372
61,660
7,208,422
5,058,996
1,115,930
182,358
220,418
0
0
162,713
466,269
7,208,422
305,206
43,675
5,361
354,242
93,484
133,883
220,359
13,679
175
183,471
88,482
57,514
0
0
57,514
1.78
1.78
7.40
55,403
35,389
3,128
633
62,253
16,964
2,692
61,660
42,660
0
19,000
