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 JUNE 30,2002
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 1-14103
NB CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 52-2063921
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
125 West 55th Street, New York, New York 10019
(Address of principal executive offices) (Zip Code)
212-632-8532
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
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 ____
Applicable only to issuers involved in bankruptcy proceedings during the
preceding five years:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by the court.
Yes ______ No ______
Applicable only to corporate issuers:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at August 14, 2002
Common Stock
par value $0.01 per share 100
NB CAPITAL CORPORATION
Index
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Page
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Part I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Balance Sheets -
As of June 30, 2002 and December 31, 2001 1
Statements of Income -
For the three month and six month periods
ended June 30, 2002 and 2001 2
Statements of Stockholders' Equity -
For the three month and six month periods
ended June 30, 2002 and 2001 3
Statements of Cash Flows -
For the six month periods ended June 30, 2002 and 2001 4
Notes to the financial statements
5
Item 2. Management's Discussion and Analysis of Financial Conditions
and Results of Operations
8
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
11
--------------------------------------------------------------------------------
This report contains certain forward-looking statements and information relating
to NB Capital Corporation (the "Company" or "NB Capital") that are based on the
beliefs of the Company's management as well as assumptions made by and
information currently available to the Company's management. When used in this
report, the words "anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company or the Company's management, are
intended to identify forward-looking statements. Such statements reflect the
current view of the Company's management with respect to future events and the
Company's future performance and are subject to certain risks, uncertainties and
assumptions. Should management's current view of the future or underlying
assumptions prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated or expected. The Company
does not intend to update these forward-looking statements.
References to $ are to United States dollars; references to C$ are to Canadian
dollars. As of June 30, 2002, the Canadian dollar exchange rate was C$1.5162 =
$1.00 and certain amounts stated herein reflect such exchange rate.
NB CAPITAL CORPORATION
BALANCE SHEETS
June 30, December 31,
( in U.S. dollars ) 2002 (1) 2001
---------------------------------------------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 10,012,275 $ 53,765,605
Due from an affiliated company 8,260,850 12,132,195
Promissory notes 469,028,122 415,882,966
Accrued interest on cash equivalents 1,208 6,710
-----------------------------------------------------------------------------------------------------------
487,302,455 481,787,476
===========================================================================================================
Liabilities
Due to the parent company 347,220 330,731
Accounts payable 34,718 48,975
-----------------------------------------------------------------------------------------------------------
381,938 379,706
-----------------------------------------------------------------------------------------------------------
Stockholders' equity
Preferred stock, $0.01 par value per share;
10,000,000 shares authorized,
110 Senior preferred shares issued and outstanding 1 1
300,000 Series A shares issued and outstanding 3,000 3,000
Common stock, $0.01 par value per share;
1,000 shares authorized,
100 shares issued and outstanding 1 1
Additional paid-in capital 476,761,014 476,761,014
Retained earnings 10,156,501 4,643,754
-----------------------------------------------------------------------------------------------------------
486,920,517 481,407,770
-----------------------------------------------------------------------------------------------------------
487,302,455 481,787,476
===========================================================================================================
---------------------------------------------------------------------------------------------------------------------
(1) Unaudited
See accompanying notes to financial statements.
-1-
NB CAPITAL CORPORATION
STATEMENTS OF INCOME
(Unaudited)
Three month periods ended
June 30,
(in U.S. dollars) 2002 2001
----------------------------------------------------------------------------------------------------------
Revenue
Interest income
Cash equivalents $ 140,079 $ 529,679
Promissory notes 9,121,284 8,073,195
----------------------------------------------------------------------------------------------------------
9,261,363 8,602,874
----------------------------------------------------------------------------------------------------------
Expenses
Servicing and advisory fees 347,227 324,937
Legal and other professional fees 45,341 58,946
----------------------------------------------------------------------------------------------------------
392,568 383,883
----------------------------------------------------------------------------------------------------------
Net income 8,868,795 8,218,991
Preferred stock dividends 6,267,639 6,270,288
----------------------------------------------------------------------------------------------------------
Income available to common stockholders 2,601,156 1,948,703
==========================================================================================================
Weighted average number of common shares outstanding 100 100
----------------------------------------------------------------------------------------------------------
Earnings per common share - basic 26,012 19,487
==========================================================================================================
Six month periods ended
June 30
(in U.S. dollars) 2002 2001
----------------------------------------------------------------------------------------------------------
Revenue
Interest income
Cash equivalents $ 248,842 $ 1,125,277
Promissory notes 18,609,154 17,099,859
----------------------------------------------------------------------------------------------------------
18,857,996 18,225,136
----------------------------------------------------------------------------------------------------------
Expenses
Servicing and advisory fees 695,017 673,069
Legal and other professional fees 114,952 100,213
----------------------------------------------------------------------------------------------------------
809,969 773,282
----------------------------------------------------------------------------------------------------------
Net income 18,048,027 17,451,854
Preferred stock dividends 12,535,280 12,540,576
----------------------------------------------------------------------------------------------------------
Income available to common stockholders 5,512,747 4,911,278
==========================================================================================================
Weighted average number of common shares outstanding 100 100
----------------------------------------------------------------------------------------------------------
Earnings per common share - basic 55,127 49,113
==========================================================================================================
--------------------------------------------------------------------------------
See accompanying notes to financial statements.
-2-
NB CAPITAL CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three month periods ended
June 30,
( in U.S. dollars ) 2002 2001
---------------------------------------------------------------------------------------------------------
PREFERRED STOCK
Balance, beginning and end of period $ 3,001 $ 3,001
----------------------------------------------------------------------------------------------------
COMMON STOCK AND PAID-IN CAPITAL
Balance, beginning and end of period 476,761,015 476,761,015
----------------------------------------------------------------------------------------------------
RETAINED EARNINGS
Balance, beginning of period 7,555,345 6,387,251
Net income 8,868,795 8,218,991
Preferred stock dividends (6,267,639) (6,270,288)
----------------------------------------------------------------------------------------------------
Balance, end of period 10,156,501 8,335,954
----------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 486,920,517 485,099,970
=========================================================================================================
Six month periods ended
June 30
( in U.S. dollars ) 2002 2001
---------------------------------------------------------------------------------------------------------
PREFERRED STOCK
Balance, beginning and end of period $ 3,001 $ 3,001
----------------------------------------------------------------------------------------------------
COMMON STOCK AND PAID-IN CAPITAL
Balance, beginning and end of period 476,761,015 476,761,015
----------------------------------------------------------------------------------------------------
RETAINED EARNINGS
Balance, beginning of period 4,643,754 3,424,676
Net income 18,048,027 17,451,854
Preferred stock dividends (12,535,280) (12,540,576)
----------------------------------------------------------------------------------------------------
Balance, end of period 10,156,501 8,335,954
----------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 486,920,517 485,099,970
=========================================================================================================
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
-3-
NB CAPITAL CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)
Six month periods ended
June 30
(in U.S. dollars) 2002 2001
--------------------------------------------------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income $ 18,048,027 $ 17,451,854
Items not affecting cash resources
Due from an affiliated company 3,871,345 (10,899,829)
Due to the parent company 16,489 22,447
Accounts payable (14,257) (3,387)
Accrued interest receivable on cash equivalents 5,502 74,920
--------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 21,927,106 6,646,005
--------------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
Dividends (12,535,280) (14,040,576)
--------------------------------------------------------------------------------------------------------------------
Net cash used in financing activities (12,535,280) (14,040,576)
--------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Investment in promissory notes (136,087,443) (228,537,191)
Repayments of promissory notes 82,942,287 142,767,073
--------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities (53,145,156) (85,770,118)
--------------------------------------------------------------------------------------------------------------------
Cash position, beginning of period 53,765,605 97,133,758
--------------------------------------------------------------------------------------------------------------------
Cash position, end of period 10,012,275 3,969,069
====================================================================================================================
--------------------------------------------------------------------------------
See accompanying notes to financial statements.
-4-
NB CAPITAL CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2002
(unaudited)
(in U.S. dollars)
1) Incorporation and nature of operations
NB Capital Corporation (the "Company") was incorporated in the State of
Maryland on August 20, 1997. The Company's principal business is to
acquire, hold, finance and manage mortgage assets. The Company issued,
through an Offering Circular dated August 22, 1997, $300 million of
preferred stock and simultaneously, National Bank of Canada, the parent
company, made a capital contribution in the amount of $183 million. The
Company used the aggregate net of proceeds of $477 million to acquire
promissory notes of NB Finance, Ltd., a wholly-owned subsidiary of National
Bank of Canada.
2) Significant accounting policies
Financial statements
The financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America and are
expressed in U.S. dollars.
The interim financial statements for the three month and six month periods
are unaudited, however, the financial statements include, in the opinion of
management, all adjustments necessary for a fair presentation. The
unaudited financial statements should be read in conjunction with the
audited financial statements included in the Company's annual report filed
on form 10-K. The results of the interim financial statements may not be
indicator of the results anticipated in the full year.
Promissory notes
In accordance with Statements of Financial Accounting Standards ("SFAS")
No.115 "Accounting for certain Investments in debt and equity Securities"
and based on the Company's intentions regarding these instruments, the
Company has classified the Promissory notes as held to maturity and has
accounted for them at amortized cost.
Income taxes
The Company has elected to be taxed as a Real Estate Investment Trust
("REIT") under the Internal Revenue Code of 1986, as amended, and
accordingly, is generally not subject for United States federal income tax
to the extent that it distributes at least 90% of its taxable income to its
stockholders, maintains its qualification as a REIT and complies with
certain other requirements.
Per share data
Basic earnings per share with respect to the Company for the three-month
periods ended June 30, 2002 and 2001 are computed based upon the weighted
average number of common shares outstanding during the period.
Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
- 5 -
NB CAPITAL CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2002
(unaudited)
(in U.S. dollars)
3) Promissory notes
The Company entered into loan agreements evidenced by promissory notes with
NB Finance, Ltd., an affiliated company. The promissory notes are
collateralized only by mortgage loans which are secured by residential
first mortgages and insured by the Canada Mortgage and Housing Corporation.
The promissory notes have maturities ranging from July 2002 to September
2009, at rates ranging from 7.312% to 10.211%, with a weighted average rate
of approximately 8.317% per annum.
These rates approximate market interest rates for loans of similar credit
and maturity provisions and, accordingly, management believes that the
carrying value of the promissory notes receivable approximates their fair
value.
Promissory notes as of March 31, 2002 $ 441,531,129
Acquisitions 64,221,363
Principal repayments (36,724,370)
----------------------------------------------------------------------
Promissory notes as of June 30, 2002 $ 469,028,122
----------------------------------------------------------------------
The scheduled principal repayments as of June 30, 2002 are as follows:
2002 $13,547,313 2008 26,021,820
2003 83,837,861 2009 26,596,199
2004 126,681,116
2005 100,649,369
2006 83,436,369
2007 8,258,075
4) Transactions with an affiliated company
During the quarters ended June 30, 2002 and June 30, 2001, the Company
earned interest from NB Finance, Ltd. on the promissory notes in the amount
of $9,121,284 and $8,073,195, respectively (see Note 3).
The amount of $8,260,850 due from an affiliated company as of June 30, 2002
and $12,132,195 as of December 31, 2001 represent interest and principal
repayments due on the promissory notes.
5) Transactions with the parent company
The Company entered into agreements with National Bank of Canada in
relation to the administration of the Company's operations. The agreements
are as follows:
Advisory agreement
In exchange for a fee equal to $30,000 per year ($25,000 in 2001), payable
in equal quarterly installments, National Bank of Canada will furnish
advice and recommendations with respect to all aspects of the business and
affairs of the Company. During the three-month periods ended June 30, 2002
and June 30, 2001, fees of $7,500 and $6,250, respectively were charged to
the Company.
- 6 -
NB CAPITAL CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2002
(unaudited)
(in U.S. dollars)
5) Transactions with the parent company (continued)
Servicing agreement
National Bank of Canada will service and administer the promissory notes
and the collateralized mortgage loans and will perform all necessary
operations in connection with such servicing and administration.
The fee will equal to one-twelfth (1/12) of 0.25% per annum of the
aggregate outstanding balance of the collateralized mortgage loans as of
the last day of each calendar month. For the three-month periods ended June
30, 2002 and June 30, 2001, the average outstanding balance of the
collateralized mortgage loans were $547,208,233 and $524,873,644,
respectively. During the three-month periods ended June 30, 2002 and June
30, 2001, fees of $339,727 and $318,687 respectively, were charged to the
Company.
Custodial agreement
National Bank of Canada will hold all documents relating to the
collateralized mortgage loans. During the three-month periods ended June
30, 2002 and June 30, 2001, no fee was charged to the Company.
6) Stockholders' equity
Common stock
The Company is authorized to issue up to 1,000 shares of $ 0.01 par value
common stock.
Preferred stock
The Company is authorized to issue up to 10,000,000 shares of $0.01 par
value preferred stock as follows:
o 300,000 shares authorized and issued as 8.35% Non-cumulative
Exchangeable Preferred Stock, Series A, non-voting, ranked senior to
the common stock and junior to the Adjustable Rate Cumulative Senior
Preferred Shares, with a liquidation value of $1,000 per share,
redeemable at the Company's option on or after September 3, 2007,
except upon the occurrence of certain changes in tax laws in the
United States of America and in Canada, on or after September 3, 2002.
o Each Series A share is exchangeable, upon the occurrence of certain
events, for one newly issue 8.45% Non-cumulative First Preferred
Share, Series Z, of National Bank of Canada.
o These Series A shares are traded in the form of Depositary Shares,
each representing a one-fortieth interest therein.
o 1,000 shares authorized and 110 shares issued as Adjustable Rate
Cumulative Senior Preferred Shares, non-voting, ranked senior to the
common stock and to the 8.35% Non-cumulative Exchangeable Preferred
Stock, Series A, with a liquidation value of $3,000 per share,
redeemable at the Company's option at any time and retractable at the
holder's option on December 30, 2007 and every ten-year anniversary
thereof.
- 7 -
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS
AND RESULTS OF OPERATIONS
The Company's principal business objective is to acquire, hold, finance and
manage assets consisting of obligations secured by real property as well as
other qualifying REIT assets ("Mortgage Assets"). The Company has elected to be
taxed as a REIT under the Internal Revenue Code of 1986, as amended and,
accordingly, is generally not liable for United States federal income tax to the
extent that it distributes at least 90% of its taxable income, subject to
certain adjustments, to its stockholders.
Critical accounting policies
We believe that there are no critical accounting policies in connection with the
preparation of the financial statements of NB Capital Corporation.
Results of operations:
For the three-month periods ended June 30, 2002 and June 30, 2001, the Company
reported net income of $8,868,795 and $8,218,991, respectively. Revenues, which
were comprised entirely of interest income, were $9,261,363 and $8,602,874
respectively, and expenses were $392,568 and $383,883, respectively. Since the
Company has elected to be taxed as a REIT, no income tax was recorded during the
period.
Ninety-eight percent of revenues for the three-month period ended June 30, 2002
and ninety-four percent of revenues for the three-month period ended June 30,
2001 were derived from the Mortgage Assets issued by NB Finance, Ltd., an
affiliated company ("NB Finance"). The Mortgage Assets issued by NB Finance are
collateralized by the "Mortgage Loans" that consist of fifty-one pools of
residential first mortgages insured by Canada Mortgage and Housing Corporation
and which are secured by real property located in Canada. The balance of the
revenues result from interest on cash equivalents.
Expenses for the three-month periods ended June 30, 2002 and 2001 totaled
$392,568 and $383,883, respectively, of which $347,227 and $324,937,
respectively, represent servicing and advisory fees paid to National Bank of
Canada, the Company's direct parent (the "Bank") pursuant to the Servicing
Agreement between the Bank and the Company (the "Servicing Agreement") and the
Advisory Agreement between the Bank and the Company (the"Advisory Agreement"),
whereby the Bank performs all necessary operations in connection with
administering the Mortgage Assets issued by NB Finance and the Mortgage Loans.
Legal and other professional fees include payment to the transfer agent, annual
fees to Securities Exchange Commission and other professional fees.
During the three-month period ended June 30, 2002, the Board of Directors of the
Company authorized dividends, in the aggregate, of $6,267,639,compared to
6,270,288 for the three-month period ended June 30, 2001, on its Preferred Stock
(i.e., Adjustable Rate Cumulative Senior Preferred Shares (the "Senior Preferred
Shares") and 8.35% Non-cumulative Exchangeable Preferred Stock, Series A (the
"Series A Preferred Shares") and, accordingly, the Depositary Shares). Such
dividends were paid on June 28, 2002.
- 8 -
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS
AND RESULTS OF OPERATIONS (continued)
Capital Resources and Liquidity:
The Company's revenues are derived from its Mortgage Assets. As of June 30,
2002, $469 million of Mortgage Assets issued by NB Finance were
over-collaterized by the C$895 million ($590 million) of Mortgage Loans. The
Company believes that the amounts generated from the payment of interest and
principal on such Mortgage Loans will provide more than sufficient funds to make
full payments with respect to the Mortgage Assets issued by NB Finance and that
such payments will provide the Company with sufficient funds to meet its
operating expenses and to pay quarterly dividends on the Senior Preferred Shares
and the Series A Preferred Shares and, accordingly, the Depositary Shares. To
the extent that the cash flow from its Mortgage Assets exceeds those amounts,
the Company will use the excess to fund the acquisition of additional Mortgage
Assets and make distributions on the Common Stock.
The Company does not require any capital resources for its operations and,
therefore, it is not expected to acquire any capital assets in the foreseeable
future.
As of June 30, 2002, the Company had cash equivalents of $10,012,275
representing 2.1% of total assets, compared to $53,765,605, representing 11.2%
of total assets, as of December 31, 2001. The decrease in liquidity is
attributable to investment in Mortgage Assets. It is expected that the Company
will invest in additional Mortgage Assets once cash resources exceed 20% of
total assets. While this continues to be the Company's investment policy, the
Company maintains flexibility in this regard. On June 20, 2002, the Company
bought $64 million in additional Mortgage Assets in order to reduce increased
liquidity. The liquidity level is sufficient for the Company to pay fees and
expenses pursuant to the Servicing Agreement and the Advisory Agreement.
The Company's principal short-term and long-term liquidity needs are to pay
quarterly dividends on the Senior Preferred Shares and the Series A Preferred
Shares and, accordingly, the Depositary Shares, to pay fees and expenses of the
Bank pursuant to the Servicing Agreement and the Advisory Agreement, and to pay
franchise fees and expenses of advisors, if any.
The Company does not have any indebtedness (current or long-term), other
material capital expenditures, balloon payments or other payments due on other
long-term obligations. No negative covenants have been imposed on the Company.
- 9 -
Disclosure About Market Risk
Any market risk to which the Company would be exposed would result from
fluctuations in (a) interest rates and (b) currency exchange rates affecting the
interest payments received by the Company in respect of the Mortgage Assets
issued by NB Finance. Since the Mortgage Assets are significantly
overcollateralized by the Mortgage Loans, interest rate fluctuations should not
present significant market risk. The Company expects that the interest and
principal generated by the Mortgage Loans should enable full payment by NB
Finance of all of its obligations as they became due. Since the Mortgage Loans
are guaranteed by a fixed ratio of exchange, predetermined on the date of
purchase and applicable until the maturity of the Mortgage Loans pursuant to the
Mortgage Loan Assignment Agreement, fluctuations in currency exchange rates
should not present significant market risk.
-10 -
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit No. Description
11 Computation of Earnings Per Share
27 Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter for which this
report is filed.
- 11 -
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.
NB CAPITAL CORPORATION
Date August 14, 2002 /s/ Donna Goral
--------------- ------------------------------------------
Donna Goral
Director; Chairman of the Board;
President and Chief Executive Officer
- 12 -
EXHIBIT 11
NB CAPITAL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Three-month period Three-month period
ended ended
June 30, June 30,
2002 2001
Net income $8,868,795 $ 8,218,991
Deduct: Senior preferred stock
and series A preferred
stock dividends 6,267,639 6,270,288
--------- ---------
(A) $2,601,156 $ 1,948,703
Common share outstanding (B) 100 100
Earning per share (A/B) $ 26,012 $ 19,487
- 13 -
EXHIBIT 27
NB CAPITAL CORPORATION
FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NB CAPITAL
CORPORATION'S UNAUDITED BALANCE SHEET AS OF JUNE 30, 2002 AND UNAUDITED
STATEMENT OF INCOME FOR THE QUARTER ENDED JUNE 30, 2002 INCLUDED IN NB CAPITAL
CORPORATION'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2002
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
NB CAPITAL CORPORATION
Period type 3-MOS
Fiscal year end DEC-31-2002
Period start JAN-01-2002
Period end JUN-30-2002
Cash 10,012,275
Securities 0
Receivables 477,290,180
Allowances 0
Inventory 0
Current assets 487,302,455
PP&E 0
Depreciation 0
Total assets 487,302,455
Current liabilities 381,938
Bonds 0
Preferred mandatory 0
Preferred 3,001
Common 1
Other-SE 486,917,516
Total liability and equity 487,302,455
Sales 0
Total revenues 9,261,363
CGS 0
Total costs 0
Other expenses 392,568
Loss provision 0
Interest expense 0
Income - pre tax 8,868,795
Income - tax 0
Income - continuing 8,868,795
Discontinued 0
Extraordinary 0
Changes 0
Net income 8,868,795
EPS - primary 26,012
EPS - diluted 26,012
- 14 -