SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1996
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
Commission file number: 0-11889
A) Plan Title/Address: First Financial Corporation
401(k) Profit Sharing Plan and Trust
1305 Main Street
Stevens Point, Wisconsin 54481
(Full title and address of the plan)
B) Issuer Name/Address: First Financial Corporation
1305 Main Street
Stevens Point, Wisconsin 54481
(Name and address of issuer of the
securities held pursuant to the plan)
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Financial Statements
and Supplemental Schedules
Years ended December 31, 1996 and 1995
CONTENTS
Report of Independent Auditors ......................................1
Financial Statements
Statements of Net Assets Available for Plan Benefits ................2
Statements of Changes in Net Assets Available for Plan Benefits......4
Notes to Financial Statements .......................................6
Supplemental Schedules
Line 27(a) - Schedule of Assets Held for Investment Purposes........11
Line 27(d) - Schedule of Reportable Transactions....................12
Report of Independent Auditors
First Financial Corporation 401(k) Profit-Sharing Plan
and Trust
We have audited the accompanying statements of net assets available for plan
benefits of the First Financial Corporation 401(k) Profit-Sharing Plan and Trust
(the Plan) as of December 31, 1996 and 1995, and the related statements of
changes in net assets available for plan benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The fund information in the
statement of net assets available for plan benefits and the statement of changes
in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the net assets available for plan
benefits and changes in net assets available for plan benefits of each fund. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, are fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst & Young LLP
May 23, 1997
1
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1996
M&I M&I FIRST FIRST FIRST
MONEY INTERMEDIATE M&I FINANCIAL FINANCIAL FINANCIAL
MARKET BOND MAX-CAP CD STOCK LOAN
FUND FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------
ASSETS
Investments, at fair value:
Mutual funds $ - $2,583,732 $ - $ - $ - $ -
Common stocks - - - - 66,065,708 -
Interest-bearing deposit 2,286,777 70,371 6,108 2,130,926 2,687,800 -
Notes receivable from participants - - - - - 1,527,617
-------------------------------------------------------------------------------------
Total investments 2,286,777 2,654,103 6,108 2,130,926 68,753,508 1,527,617
Cash - - - - 83,053 -
Due from brokers - - 7,988,619 - 649,659 -
Accrued interest 9,317 12,704 1 2,109 987 9,542
Employer contributions receivable 3,675 5,911 17,085 4,185 57,308 -
Participant contributions receivable 1,002 2,121 4,803 945 17,191 -
-------------------------------------------------------------------------------------
Total assets 2,300,771 2,674,839 8,016,616 2,138,165 69,561,706 1,537,159
LIABILITIES
Other payables 241 73 112 52 9,834 3,461
Due to brokers - 70,371 - - - -
-------------------------------------------------------------------------------------
Net assets available for plan benefits $2,300,530 $2,604,395 $8,016,504 $2,138,113 $69,551,872 $1,533,698
=====================================================================================
FIRST
FINANCIAL MARSHALL MARSHALL
ADVANCE EQUITY MID-CAP
CONTRIBUTION INCOME STOCK
FUND FUND FUND OTHER TOTAL
---------------------------------------------------------------------
ASSETS
Investments, at fair value:
Mutual funds $ - $133,795 $156,681 $ - $ 2,874,208
Common stocks - - - - 66,065,708
Interest-bearing deposit - 133,795 156,681 - 7,472,458
Notes receivable from participants - - - - 1,527,617
---------------------------------------------------------------------
Total investments - 267,590 313,362 - 77,939,991
Cash - - - - 83,053
Due from brokers - - - - 8,638,278
Accrued interest - 19 22 - 34,701
Employer contributions receivable - - - - 88,164
Participant contributions receivable - - - - 26,062
---------------------------------------------------------------------
Total assets - 267,609 313,384 86,810,249
LIABILITIES
Other payables - 10,914 22 - 24,709
Due to brokers - 133,795 156,681 - 360,847
---------------------------------------------------------------------
Net assets available for plan benefits $ - $122,900 $156,681 $ - $86,424,693
=====================================================================
See accompanying notes.
2
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1995
M&I FIRST FIRST FIRST
MONEY M&I M&I FINANCIAL FINANCIAL FINANCIAL
MARKET BOND MAX-CAP CD STOCK LOAN
FUND FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------
ASSETS
Investments, at fair value:
Mutual funds $1,819,172 $3,153,336 $5,695,426 $ 357,878 $ 20,58 $ -
Common stocks - - - - 50,426,879 -
Interest-bearing deposit - - - 2,315,377 - -
Notes receivable from participants - - - - - 1,128,107
-------------------------------------------------------------------------------------
Total investments 1,819,172 3,153,336 5,695,426 2,673,255 50,747,466 1,128,107
Cash - - - - - -
Due from brokers - 46,164 - - - -
Accrued interest 8,401 17,157 - 465 222 9,333
Employer contributions receivable 3,625 6,481 13,202 5,576 56,423 -
Participant contributions receivable 1,302 3,861 7,431 3,264 29,074 -
-------------------------------------------------------------------------------------
Total assets 1,832,500 3,226,999 5,716,059 2,682,560 50,833,185 1,137,440
LIABILITIES
Other payables 8,966 3,129 7,035 1,131 150,463 6,165
Due to brokers - - 63,188 - - -
-------------------------------------------------------------------------------------
Net assets available for plan benefits $ 1,823,534 $ 3,223,870 $5,645,836 $ 2,681,429 $ 50,682,722 $1,131,275
=====================================================================================
FIRST
FINANCIAL MARSHALL MARSHALL
ADVANCE EQUITY MID-CAP
CONTRIBUTION INCOME STOCK
FUND FUND FUND OTHER TOTAL
---------------------------------------------------------------------
ASSETS
Investments, at fair value:
Mutual funds $ - $ - $ - $ 1,639 $11,348,038
Common stocks - - - 29,008 50,455,887
Interest-bearing deposit - - - - 2,315,377
Notes receivable from participants - - - - 1,128,107
---------------------------------------------------------------------
Total investments - - - 30,647 65,247,409
Cash - - - - -
Due from brokers - - - - 46,164
Accrued interest - - - 156 35,734
Employer contributions receivable - - - - 85,307
Participant contributions receivable - - - - 44,932
---------------------------------------------------------------------
Total assets - - - 30,803 65,459,546
LIABILITIES
Other payables - - - - 176,889
Due to brokers - - - - 63,188
---------------------------------------------------------------------
Net assets available for plan benefits $ - $ - $ - $30,803 $ 65,219,469
=====================================================================
See accompanying notes.
3
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1996
M&I
MONEY M&I FIRST FIRST FIRST
MARKET M&I MAX- FINANCIAL FINANCIAL FINANCIAL
ADDITIONS: FUND BOND FUND CAP FUND CD FUND STOCK FUND LOAN FUND
--------------------------------------------------------------------------------------
Contributions from First
Financial Corporation $ 162,117 $ 74,569 $ 17,085 $ 86,927 $ 1,217,455 $ -
Contributions from Plan
participants 41,287 103,403 248,260 55,147 951,995 -
Rollover of participants' funds
from other plans 3,761 - - - - -
Investment income 90,321 174,127 143,332 110,657 1,418,430 116,654
Other 4,515 5 69 92 1,175 -
--------------------------------------------------------------------------------------
302,001 352,104 408,746 252,823 3,589,055 116,654
Deductions:
Administrative expenses 403 183 557 486 5,476 -
Payments to Plan participants 85,547 242,721 108,253 244,960 1,000,310 106,130
Other - - - - - 1,028
--------------------------------------------------------------------------------------
Net additions 216,051 109,200 299,936 7,377 2,583,269 9,496
Net realized and unrealized
appreciation (depreciation) in
aggregate fair value of
investments - (123,594) 1,264,391 - 16,590,320 -
Transfers 260,945 (605,081) 806,341 (550,693) (304,439) 392,927
--------------------------------------------------------------------------------------
Net increase (decrease) 476,996 (619,475) 2,370,668 (543,316) 18,869,150 402,423
Net assets available for plan
benefits at beginning of year 1,823,534 3,223,870 5,645,836 2,681,429 50,682,722 1,131,275
--------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $2,300,530 $2,604,395 $8,016,504 $2,138,113 $69,551,872 $1,533,698
======================================================================================
FIRST
FINANCIAL MARSHALL MARSHALL
ADVANCE EQUITY MID-CAP
CONTRIBUTION INCOME STOCK
ADDITIONS: FUND FUND FUND OTHER TOTAL
--------------------------------------------------------------------------
Contributions from First
Financial Corporation $ - $133,796 $156,681 $ - $ 1,848,630
Contributions from Plan
participants - - - - 1,400,092
Rollover of participants' funds
from other plans - - - - 3,761
Investment income - 19 22 177 2,053,739
Other - - - - 5,856
--------------------------------------------------------------------------
- 133,815 156,703 177 5,312,078
Deductions:
Administrative expenses - - - - 7,105
Payments to Plan participants - 10,896 - 10,699 1,809,516
Other - 19 22 - 1,069
--------------------------------------------------------------------------
Net additions - 122,900 156,681 (10,522) 3,494,388
Net realized and unrealized
appreciation (depreciation) in
aggregate fair value of
investments - - - (20,281) 17,710,836
Transfers - - - - -
--------------------------------------------------------------------------
Net increase (decrease) - 122,900 156,681 (30,803) 21,205,224
Net assets available for plan
benefits at beginning of year - - - 30,803 65,219,469
--------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $ - $122,900 $156,681 $ - $ 86,424,693
==========================================================================
See accompanying notes.
4
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1995
M&I
MONEY M&I FIRST FIRST FIRST
MARKET M&I MAX- FINANCIAL FINANCIAL FINANCIAL
FUND BOND FUND CAP FUND CD FUND STOCK FUND LOAN FUND
--------------------------------------------------------------------------------------
ADDITIONS:
Contributions from First
Financial Corporation $ 3,625 $ 6,481 $ 13,202 $ 5,576 $ 56,423 $ -
Contributions from Plan
participants 51,859 103,692 181,269 89,394 778,562 -
Rollover of participants' funds
from other plans 218,518 - - - 372 -
Investment income 102,334 184,142 134,257 135,614 1,070,560 74,361
--------------------------------------------------------------------------------------
376,336 294,315 328,728 230,584 1,905,917 74,361
Deductions:
Administrative expenses 56 114 329 550 2,613 -
Payments to Plan participants 272,887 171,851 280,758 136,678 1,869,199 80,498
--------------------------------------------------------------------------------------
Net additions 103,393 122,350 47,641 93,356 34,105 (6,137)
Net realized and unrealized
appreciation (depreciation) in
aggregate fair value of
investments - 229,189 1,276,734 - 20,874,214 -
Transfers (61,987) (134,527) 590,112 (963,687) 2,358,661 400,545
--------------------------------------------------------------------------------------
Net increase (decrease) 41,406 217,012 1,914,487 (870,331) 23,266,980 394,408
Net assets available for plan
benefits at beginning of year 1,782,128 3,006,858 3,731,349 3,551,760 27,415,742 736,867
--------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $ 1,823,534 $ 3,223,870 $ 5,645,836 $ 2,681,429 $ 50,682,722 $1,131,275
======================================================================================
FIRST
FINANCIAL MARSHALL MARSHALL
ADVANCE EQUITY MID-CAP
CONTRIBUTION INCOME STOCK
FUND FUND FUND OTHER TOTAL
----------------------------------------------------------------------------
ADDITIONS:
Contributions from First
Financial Corporation $ - $ - $ - $ - $ 85,307
Contributions from Plan
participants - - - - 1,204,776
Rollover of participants' funds
from other plans - - - - 218,890
Investment income 10,578 - - 3,386 1,715,232
----------------------------------------------------------------------------
10,578 - - 3,386 3,224,205
Deductions:
Administrative expenses 85 - - 7 3,754
Payments to Plan participants - - - 62,843 2,874,714
----------------------------------------------------------------------------
Net additions 10,493 - - (59,464) 345,737
Net realized and unrealized
appreciation (depreciation) in
aggregate fair value of
investments - - - (39,109) 22,341,028
Transfers (2,189,117) - - - -
----------------------------------------------------------------------------
Net increase (decrease) (2,178,624) - - (98,573) 22,686,765
Net assets available for plan
benefits at beginning of year 2,178,624 - - 129,376 42,532,704
----------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $ - $ - $ - $ 30,803 $ 65,219,469
============================================================================
See accompanying notes.
5
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements
December 31, 1996
1. DESCRIPTION OF THE PLAN
The following description of the First Financial Corporation 401(k)
Profit-Sharing Plan and Trust (the Plan) as of December 31, 1996, provides only
general information. Participants should refer to the Summary Plan Description
for a more complete description of the Plan's provisions.
The Plan is a contributory defined contribution retirement plan that covers any
employee of First Financial Corporation (the Employer) who is at least 21 years
of age and has completed a minimum of 1,000 hours of service during a
consecutive twelve-month period. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Employer contributions to the Plan are made on a discretionary basis (profit
sharing). Employer contributions are allocated based on annual compensation.
Participants vest in employer contributions on a sliding scale and are fully
vested after 7 years. In addition, participants may contribute a tax deferred
amount each year which is limited by Internal Revenue Code (IRC) Section 401(k).
Participants may also contribute on an after-tax basis, subject to IRC
limitations. Participant tax deferred and after-tax contributions are 100%
vested immediately. A participant's account balance, both vested and unvested,
is invested as designated by the participant in one or a combination of the
following funds: Marshall Money Market Fund, Marshall Intermediate Bond Fund,
Marshall Max-Cap Fund, First Financial Corporation CD Fund, First Financial
Corporation Stock Fund, Marshall Equity Income Fund and the Marshall Mid-Cap
Fund.
Employer contributions in 1996 and 1995 were also made through a matching
program whereby the Employer matched initial participant 401(k) contributions at
25% of the participant contribution up to a maximum matching contribution of
$100. The after-tax participant contributions are not matched by the Employer.
Benefits may be paid to a participant or beneficiary upon retirement, death,
disability or termination of employment. Benefits are payable in a lump-sum or
in equal installments over a period not to exceed the life expectancy of the
participant and designated beneficiary.
6
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared on the accrual basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements. Estimates also affect the reported amounts of additions
and deductions during the reporting period. Although estimates are considered to
be fairly stated at the time that the estimates are made, actual results could
differ from those estimates.
INVESTMENTS
Fair values of mutual funds and common stocks are determined by reference to
quoted redemption and market prices, respectively. Interest-bearing deposits and
notes receivable from participants are carried at cost, which approximates fair
value.
ADMINISTRATIVE EXPENSES
Administrative expenses are generally paid by the Employer.
7
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS
The Plan's investments are held by a bank-administered trust fund. During 1996
and 1995, the Plan's investments (including investments bought, sold and held
during the year) appreciated (depreciated) in fair value as follows:
Net Appreciation Fair Value
in Fair Value at End
During Year of Year
---------------------------------------
Year ended December 31, 1996:
Fair value determined by reference to quoted sources:
Common stocks $16,570,040 $66,065,708
Mutual funds 1,140,796 2,874,208
---------------------------------------
17,710,836 68,939,916
Assets carried at cost:
Interest-bearing deposit - 7,472,458
Notes receivable from participants - 1,527,617
---------------------------------------
$17,710,836 $77,939,991
=======================================
Year ended December 31, 1995:
Fair value determined by reference to quoted sources:
Common stocks $20,835,105 $50,455,887
Mutual funds 1,505,923 11,348,038
---------------------------------------
22,341,028 61,803,925
Assets carried at cost:
Interest-bearing deposits - 2,315,377
Notes receivable from participants - 1,128,107
---------------------------------------
$22,341,028 $65,247,409
=======================================
8
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The fair values of individual investments that represent 5% or more of the
Plan's net assets are as follows:
DECEMBER 31
1996 1995
------------------------------------
First Financial Corporation common stock $66,065,708 $50,426,879
Federated Index TR Max-Cap Fund - 5,693,472
Marshall Money Market Fund 5,549,652 -
4. INCOME TAX STATUS
The Internal Revenue Service has ruled on September 8, 1995 that the Plan
qualifies under Section 401(a) of the IRC and is, therefore, not subject to tax
under present income tax laws. Once qualified, the Plan is required to operate
in conformity with the IRC to maintain its qualification. The plan administrator
is not aware of any course of action or series of events that have occurred that
might adversely affect the Plan's qualified status.
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan owned 2,696,560 and 2,192,473 shares of First Financial Corporation
common stock, with a fair value of $66,065,708 and $50,426,879 at December 31,
1996 and 1995, respectively. Dividends of $0.60 and $0.48 per share were
declared and paid on the Corporation's common stock in 1996 and 1995,
respectively. Fees paid by the Employer during the year for legal, accounting
and other services provided by parties-in-interest were based on customary and
reasonable rates.
During 1996 and 1995, the Plan received $102,429 and $141,286 in interest from
the Employer relating to its certificates of deposit, which totaled $1,922,806
and $2,315,377 at December 31, 1996 and 1995, respectively.
9
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Employer has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
7. SUBSEQUENT EVENT
On January 1, 1997, the assets of the First Financial Corporation Employee Stock
Ownership Plan were transferred into the Plan.
10
SUPPLEMENTAL SCHEDULES
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Employer Identification Number 39-1044853
Plan Number 001
Line 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1996
SHARES, UNITS OR
PRINCIPAL AMOUNT DESCRIPTION COST CURRENT VALUE
- -----------------------------------------------------------------------------------------------------------
Common stocks:
2,696,560 First Financial Corporation* $23,226,578 $66,065,708
Mutual funds:
11,960 Marshall Mid-Cap Stock Fund 156,681 156,681
273,700 Marshall Intermediate Bond Fund 2,679,213 2,583,732
9,874 Marshall Equity Income Fund 133,795 133,795
--------------------------------------
2,969,689 2,874,208
Interest-bearing deposits:
$5,549,652 Marshall Money Market Fund 5,549,652 5,549,652
1,922,806 First Financial Corporation* certificates
of deposit; due January 26, 1997; interest
rate of 4.85% 1,922,806 1,922,806
--------------------------------------
7,472,458 7,472,458
Notes receivable from participants -
$1,526,617 Various notes; due January 1, 1997 to June
2, 2006; interest rates of 6.75% to 10.5% 1,527,617 1,527,617
--------------------------------------
Total investments $35,196,342 $77,939,991
======================================
11
*Represents a party-in-interest to the Plan.
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Employer Identification Number 39-1044853
Plan Number 001
Line 27(d) - Schedule of Reportable Transactions
Year-ended December 31, 1996
TYPE OF NUMBER OF PURCHASE NUMBER OF
TRANSACTION TRANSACTIONS AMOUNT TRANSACTIONS
-----------------------------------------------------------
Federated Index Tr.
Max-Cap Fund iii 96 $ 1,381,705 43
First Financial Corp. *
Common Stock iii 23 3,259,175 16
First Financial Bank *
Certificates of Deposit iv 11 24,212,370 13
Marshall Money
Market Fund iii 501 11,940,165 338
FAIR VALUE
OF ASSETS ON
SALE COST TRANSACTION
AMOUNT OF ASSETS DATE NET GAIN
--------------------------------------------------------------
Federated Index Tr.
Max-Cap Fund $ 8,339,567 $ 6,594,881 $ 8,224,520 $1,629,639
First Financial Corp.
Common Stock 2,917,839 1,132,493 2,917,839 1,785,346
First Financial Bank
Certificates of Deposit 24,604,941 24,604,941 24,604,941 -
Marshall Money
Market Fund 8,893,315 8,893,315 8,893,315 -
As defined by ERISA, transactions in excess of 5 percent of the current value of
plan assets are categorized as:
(i) - a single transaction
(ii) - a series of transactions (other than securities)
(iii) - a series of transactions involving securities of the same issue
(iv) - a series of transactions involving securities with the same person
There were no Type ii transactions during the plan year.
* Represents a party-in-interest to the Plan.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrative committee of the Plan has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
FIRST FINANCIAL CORPORATION 401(k)
PROFIT SHARING PLAN AND TRUST
Dated: June 27, 1997 By: /s/ John C. Seramur
-------------------
John C. Seramur, President and CEO of
First Financial Corporation
Member of the Profit Sharing Trust
Administrative Committee
13
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
23 Consent of Independent Auditors
14