U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
1934 For the quarterly period ended March 31, 2000
___Transition report under Section 13 or 15(d) of the Exchange Act For the
transition period from _______________ to ________________
Commission File No. 333-1546
FNB Bancshares, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
South Carolina 57-1033165
--------------- ----------
(State of Incorporation) (I.R.S. Employer Identification No.)
P.O.Box 1539, Gaffney, South Carolina 29342
-------------------------------------------
(Address of Principal Executive Offices)
(864)488 - 2265
(Issuer's Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 616,338 shares of common
stock, par value $.01 per share, were issued and outstanding as of May 5, 2000.
Transitional Small Business Disclosure Format (check one):
Yes No X
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<PAGE>
PART I - FINANCIAL INFORMATION
- ------------------------------
Item 1. Financial Statements
- ----------------------------
<TABLE>
<CAPTION>
FNB Bancshares, Inc.
Consolidated Balance Sheets
March 31, 2000 December 31, 1999
(Unaudited) (Audited)
<S> <C> <C>
Assets
Cash and Cash Equivalents:
Cash and due from Banks $ 1,963,726 $ 1,512,403
Federal Funds Sold 0 400,000
--------- -----------
1,963,726 1,912,403
Securities:
Securities held to maturity (estimated market 2,349,371 2,349,326
value of $2,314,417 in 2000 and $2,318,372 in 1999)
Nonmarketable equity securities 83,700 83,700
Loans Receivable 30,707,155 27,830,158
Less Allowance for loan loss (395,467) (429,049)
----------- -----------
Loans, net 30,311,688 27,401,109
Premises and equipment 2,220,811 2,213,812
Accrued Interest Receivable 219,835 207,676
Other Assets 431,572 1,027,530
----------- ------------
Total Assets $ 37,580,703 $35,195,556
=========== ============
Liabilities
Deposits:
Non-interest bearing transaction accounts $ 5,154,212 $ 4,565,052
Interest bearing transaction accounts 4,974,013 4,362,742
Savings 4,267,876 4,136,103
Time deposits $100,000 and over 2,888,027 3,334,148
Other time deposits 12,433,604 10,836,919
----------- ------------
29,717,732 27,234,964
Advances from the Federal Home Loan Bank 1,000,000 1,000,000
Federal Funds Purchased 370,000 0
Securities sold under agreements to repurchase 236,975 746,181
Accrued Interest Payable 53,052 49,745
Other Liabilities 136,700 156,844
----------- ------------
Total Liabilities $ 31,514,459 $ 29,187,734
----------- ------------
Stockholders' Equity
Preferred stock, $.01 par value; 10,000,000
shares authorized and unissued
Common Stock, $.01 par value; 10,000,000
shares authorized; 616,338 shares issued 6,163 6,163
Capital surplus 6,112,318 6,112,318
Retained earnings (deficit) (52,237) (110,659)
----------- ------------
Total Stockholders' equity 6,066,244 6,007,822
----------- ------------
Total Liabilities and Stockholders' equity $37,580,703 $ 35,195,556
=========== ============
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- -----------------------------------------
Item 1. Financial Statements (continued)
- ---------------------------------------
FNB Bancshares, Inc.
Consolidated Statements of Income
For the three months ended March 31
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
------ -----
<S> <C> <C>
Interest Income
Loans, including fees $ 706,675 $ 514,767
Investment securities, taxable 33,973 31,507
Federal funds sold 14,560 26,592
----------- ----------
Total Interest Income 755,208 572,866
----------- ----------
Interest Expense
Time deposits $100,000 and over 41,305 39,627
Other deposits 208,887 158,609
Federal Funds Purchased 579 0
Advances from FHLB 12,028 0
Securities sold under agreement to repurchase 7,212 4,526
----------- ----------
Total Interest Expense 270,011 202,762
----------- ----------
Net Interest Income 485,197 370,104
Provision for loan loss 37,500 39,000
----------- ----------
Net interest income after provision for loan losses 447,697 331,104
----------- ----------
Other income
Service charges on deposit accounts 9,812 7,297
Sold Loan Fees 3,526 58,250
NSF/Overdraft Fees 39,052 29,253
Other service charges, commissions and fees 34,787 17,496
----------- ----------
87,177 112,296
----------- ----------
Other Expense
Salaries and employee benefits 214,819 193,511
Occupancy Expense 34,578 31,836
Furniture and equipment 38,404 35,530
Office Supplies 14,134 12,660
Data Processing 39,270 33,545
Other operating expense 103,246 135,483
----------- ----------
444,451 442,565
----------- ----------
Income before taxes 90,423 835
Income tax expense 32,001 70
----------- ----------
Net Income $ 58,422 $ 765
=========== ==========
Per Share
Average shares outstanding 616,338 616,338
Net income $ .09 $ .00
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- -----------------------------------------
Item 1. Financial Statements (continued)
FNB Bancshares, Inc.
Consolidated Statements of Comprehensive Income
For the three months ended March 31
(Unaudited)
2000 1999
------------ ------------
Net Income $ 58,422 $ 765
Other comprehensive income,
net of tax 0 0
Total other comprehensive income 0 0
--------- ----------
Comprehensive income $ 58,422 $ 765
========= ==========
See Accompanying Notes to Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- ------------------------------------------
Item 1. Financial Statements (continued)
- ----------------------------------------
<TABLE>
<CAPTION>
FNB Bancshares, Inc.
Consolidated Statements of Changes in Stockholders' Equity
for the period ended March 31, 2000
(Unaudited)
Retained
Common Stock Capital Earnings
Shares Amount Surplus (Deficit) Total
------ ------ ------- --------- -----
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1999 616,338 $ 6,163 $ 6,112,318 $(110,659) $6,007,822
Net income 0 0 0 58,422 58,422
------- -------- ----------- ----------- ----------
Balance, March 31, 2000 616,338 $ 6,163 $ 6,112,318 $ (52,237) $6,066,244
======= ========= =========== =========== ==========
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- -----------------------------------------
Item 1. Financial Statements (continued)
- -----------------------------------------
<TABLE>
<CAPTION>
FNB Bancshares, Inc.
Unaudited Statements of Cash Flows
From December 31 to March 31
2000 1999
---- -----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 58,422 $ 765
Adjustments to reconcile net income to
net cash provided by operating activities
Provision for loan losses 37,500 39,000
Depreciation 43,496 41,677
Accretion and premium amortization (45) 292
Increase in interest receivable (12,159) (33,337)
Increase (decrease) in interest payable 3,307 (7,983)
(Increase) decrease in other assets 595,958 (88)
Increase (decrease) in other liabilities (20,144) (42,729)
--------- -----------
Net cash used by operating activities 706,335 (2,403)
Cash flows from investing activities:
Purchase securities held to maturity 0 (812,352)
Maturity of securities held to maturity 0 400,000
Maturity of Time Deposits 0 500,000
Net increase in loans made to customers (2,948,079) (2,377,694)
Net increase in premises and equipment (50,495) (448,305)
---------- -----------
Net cash used by investing activities (2,998,574) (2,738,351)
Cash flows from financing activities:
Net increase in demand deposits, interest bearing
transaction accounts and savings accounts 1,332,204 2,835,560
Net increase in time deposits 1,150,564 357,372
Increase in Federal Funds Purchased 370,000 0
Net increase(decrease) in Repurchase Agreements (509,206) (363,394)
---------- ------------
Net cash provided by financing activities 2,343,562 2,829,538
---------- ------------
Net Increase in cash and
cash equivalents 51,323 88,784
---------- -----------
Cash and cash equivalents, beginning of period 1,912,403 3,367,765
---------- -----------
Cash and cash equivalents, end of period $ 1,963,726 $ 3,456,549
========== ===========
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- -------------------------------------------
Item 1. Financial Statements (continued)
- ----------------------------------------
FNB Bancshares, Inc.
Notes to Financial Statements
(Unaudited)
Note 1 - Organization and Basis of Presentation
Organization and Consolidation - FNB Bancshares, Inc. a bank holding company
(the "Company") and its subsidiary, First National Bank of the Carolinas (the
"Bank"), provide banking services to domestic markets principally in Cherokee
County, South Carolina. The Bank commenced operations on October 18, 1996. The
consolidated financial statements include the accounts of the parent company and
its wholly-owned subsidiary after elimination of all significant intercompany
balances and transactions.
Basis of Presentation. The accompanying consolidated financial statements have
been prepared in accordance with the requirements for interim financial
statements and, accordingly, they are condensed and omit disclosures which would
substantially duplicate those contained in the most recent annual report to
shareholders. The financial statements for the interim periods are unaudited
and, in the opinion of management, include all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation. The financial
information as of December 31, 1999 has been derived from audited financial
statements as of that date. For further information, refer to the financial
statements and the notes included in FNB Bancshares, Inc.'s 1999 Annual report.
Item 2. Management's Discussion and Analysis of Financial Condition
The following is a discussion of the Company's financial condition as of March
31, 2000 compared to December 31, 1999, and the results of operations for the
three months ended March 31, 2000 compared to the three months ended March 31,
1999. These comments should be read in conjunction with the Company's condensed
consolidated financial statements and accompanying footnotes appearing in this
report.
This report contains "forward-looking statements" relating to, without
limitation, future economic performance, plans and objectives of management for
future operations, and projections of revenues and other financial items 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. The
words "expect," "anticipate," and "believe," as well as similar expressions, are
intended to identify forward-looking statements. The Company's actual results
may differ materially from the results discussed in the forward-looking
statements, and the Company's operating performance each quarter is subject to
various risks and uncertainties that are discussed in detail in the Company's
filings with the Securities and Exchange Commission, including the "Risk
Factors" section in the Company's Registration Statement on Form S-1
(Registration Number 333-1546) as filed with and declared effective by the
Securities and Exchange Commission.
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- ------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition (continued)
- --------------------------------------------------------------------------------
Results of Operations for the quarter ended March 31, 2000 compared to the
quarter ended March 31, 1999:
Net Interest Income
Net interest income for the three month period ended March 31, 2000 was
$485,197,compared to $370,104 for the three month period ended March 31, 1999.
The interest rate spread was 4.70% at March 31, 2000 and 4.39% at March 31,
1999. The increased income is primarily attributed to growth in the loan
portfolio, as the amount of total loans increased to $30.7 million at March 31,
2000 as compared to $22.6 million at March 31, 1999. The largest component of
interest income was interest on loans, which increased to $706,675 for the three
months ended March 31, 2000 as compared to $514,767 for the three months ended
March 31, 1999. These increases were primarily attributable to growth in the
Bank's loan portfolio. Interest on investment securities increased to $33,973
for the three months ended March 31, 2000 as compared to $31,507 for the three
months ended March 31, 1999. This increase is due primarily to growth in the
investment portfolio from $2,199,251 at March 31, 1999 to $2,349,371 at March
31, 2000. The increases in interest income were partially offset by increases in
interest expense to $270,011 for the three months ended March 31, 2000 as
compared to $202,762 for the three months ended March 31, 1999.
Provision and Allowance for Loan Losses
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain the allowance for possible loan losses
at an adequate level. For the three months ended March 31, 2000, the provision
charged to expense was $37,500 compared to $39,000 charged to expense for the
three months ended March 31, 1999. The loan loss reserve was $395,467 as of
March 31, 2000, or 1.29% of gross loans as compared to $429,049 as of December
31, 1999, or 1.54% of gross loans. The loan portfolio is periodically reviewed
to evaluate the outstanding loans and to measure both the performance of the
portfolio and the adequacy of the allowance for loan losses. This analysis
includes a review of delinquency trends, actual losses, and internal credit
ratings. Management's judgment as to the adequacy of the allowance is based upon
a number of assumptions about future events which it believes to be reasonable,
but which may or may not be accurate. Because of the inherent uncertainty of
assumptions made during the evaluation process, there can be no assurance that
loan losses in future periods will not exceed the allowance for loan losses or
that additional allocations will not be required.
Non-Interest Income
Non-interest income for the three months ended March 31, 2000 was $87,177 as
compared to $112,296 for the three months ended March 31, 1999. Of the amount
for three months ended March 31, 2000; $9,812 was a result of deposit account
service charges, and account maintenance fees; $39,052 was a result of NSF and
overdraft fees; $34,787 was other miscellaneous service charges, and $3,526 was
due to sold loan fees. Of the sold loan fees in 1999, $44,250 was due to the
sale of one large commercial loan. With the exception of the large commercial
loan sale in 1999, the increase in the other fees is attributed to overall
growth of the deposit portfolio.
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- ------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition (continued)
- --------------------------------------------------------------------------------
Non-Interest Expense
Non-Interest Expense for the three month period ended March 31, 2000 was
$444,451 as compared to $442,565 for the three month period ended March 31,
1999. Salaries and employee benefits comprise $214,819 and $193,511 respectively
of this amount. Depreciation of buildings, furniture and equipment accounted for
$43,496 and $41,677 for the three month periods ended March 31, 2000 and March
31, 1999, respectively. The increase in depreciation is due to the Company's new
main office facility, which was occupied in January 1999. Office Supplies
accounted for $14,134 and $12,660 for the three month periods ended March 31,
2000 and March 31, 1999, respectively. Data Processing accounted for $39,270 and
$33,545 for the three month periods ended March 31, 2000 and March 31, 1999,
respectively. The increases in payroll, office supplies and data processing
expenses are attributed to the growth in the number of Bank customers and
customer accounts. Other operating expenses in 1999 included a one time charge
of $45,894 for asset disposal related to moving from the old main office
facility to the new facility in January 1999.
Assets and Liabilities
During the first three months of 2000, total assets increased $2,385,147 or 6.8%
when compared to December 31, 1999. The primary growth in assets was in loans
with an increase of $2,876,997 or 10.3% since December 31, 1999. Total
liabilities increased $2,326,725 or 8.0% when compared to December 31, 1999.
Within the deposit area, savings accounts, which include money market accounts,
increased 3.2%, interest bearing transaction accounts increased 14.0%,
non-interest bearing transaction accounts increased 12.9%, and time deposits
increased 8.1%. However, this significant growth rate is a reflection of the
fact that the Bank is relatively young, it opened for business on October 18,
1996, and the Company does not expect to maintain or duplicate this growth rate.
The Company's management closely monitors and seeks to maintain appropriate
levels of interest earning assets and interest bearing liabilities so that
maturities of assets are such that adequate funds are provided to meet customer
withdrawals and demand. Management expects asset and liability growth to
continue during the coming months, with the growth tapering off to a slower,
more deliberate and controllable pace over the longer term, and believes capital
should continue to be adequate for the next 12 months.
Loans
Balances within the major loan categories as of March 31, 2000 and December 31,
1999 are as follows:
March 31, 2000 December 31, 1999
--------------- -----------------
Commercial and Industrial $ 6,032,948 $ 5,830,787
Real Estate - Construction 657,456 404,305
Real Estate - Other 17,865,399 15,971,529
Installment and consumer credit lines 6,151,352 5,623,537
----------- ------------
$ 30,707,155 $ 27,830,158
=========== ============
Allowance for loan loss, December 31, 1999 $ 429,049
Provision 37,500
Recoveries 2,215
Charge-offs 73,297
Allowance for loan loss, March 31, 2000 $ 395,467
Gross loans outstanding, December 31, 1999 $27,830,158
Gross loans outstanding, March 31, 2000 $ 30,707,155
Allowance for loan losses to loans outstanding, December 31, 1999 1.54%
-----
Allowance for loan losses to loans outstanding, March 31, 2000 1.29%
-----
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- ------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition (continued)
- -------------------------------------------------------------------------------
Deposits
Balances within the major deposit categories as of March 31, 2000 and December
31, 1999 are as follows:
March 31, 2000 December 31, 1999
-------------- -----------------
Non-interest bearing demand deposits $ 5,154,212 $ 4,565,052
Interest bearing demand deposits 4,974,013 4,362,742
Savings deposits 4,267,876 4,136,103
Time deposit $100,000 and over 2,888,027 3,334,148
Other Time Deposits 12,433,604 10,836,919
---------- ----------
$ 29,717,732 $ 27,234,964
========== ==========
Liquidity
Liquidity needs are met by the Company through scheduled maturities of loans and
investments on the asset side and through pricing policies on the liabilities
side for interest-bearing deposit accounts. The level of liquidity is measured
by the loan-to-total borrowed funds ratio which was 98% at March 31, 2000 and
96% at December 31, 1999.
Capital Resources
Total shareholders' equity increased $58,422 to $6,066,244 at March 31, 2000.
The increase is attributable to income for the period.
Bank holding companies and their banking subsidiaries are required by banking
regulators to meet certain minimum levels of capital adequacy which are
expressed in the form of certain ratios. Capital is separated into Tier 1
capital (essentially common shareholders' equity less intangible assets) and
Tier 2 capital (essentially the allowance for loan losses limited to 1.25% of
risk weighted assets). The first two ratios, which are based on the degree of
credit risk in the Company's assets, require the weighting of assets based on
assigned risk factors and include off-balance sheet items such as loan
commitments and stand-by letters of credit. The ratio of Tier 1 capital to
risk-weighted assets must be at least 4% and the ratio of total capital (Tier 1
capital plus Tier 2) to risk-weighted assets must be at least 8%. The capital
leverage ratio supplements the risk-based capital guidelines. The leverage ratio
is Tier 1 capital divided by the adjusted quarterly average total assets. Banks
and bank holding companies are required to maintain a minimum leverage ratio of
3.0%.
The following table summarizes the Company's risk-based capital at March 31,
2000 (in thousands):
Shareholders' equity $ 6,066
Less: intangibles 29
-----
Tier 1 capital $ 6,037
=====
Plus: allowance for loan losses (1) 377
-----
Total Capital $ 6,414
=====
Risk-Weighted assets $ 30,132
Risk based capital ratios
Tier 1 19.84%
Total capital 21.09%
Leverage ratio 16.10%
(1) limited to 1.25% of risk-weighted assets
<PAGE>
PART I - FINANCIAL INFORMATION (continued)
- ------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition (continued)
- -------------------------------------------------------------------------------
THE YEAR 2000
Like many financial institutions, we rely upon computers for conducting our
business and for information systems processing. Industry experts were concerned
that on January 1, 2000, some computers would not be able to interpret the new
year properly, causing computer malfunctions. While we have not experienced any
material computer malfunctions to date, there remains a risk that our computers
will be unable to read or interpret data on Year 2000-sensitive dates, including
October 10, 2000. Our regulators have issued guidelines to require compliance
with Year 2000 issues. In accordance with these guidelines, we have developed
and executed a plan to ensure that our computer and telecommunication systems do
not have these Year 2000 problems. We generally rely on software and hardware
developed by independent third parties for our information systems. We believe
that our internal systems and software, including our network connections, are
programmed to comply with Year 2000 requirements, although there is a risk they
may not be. We incurred approximately $40,000 in expenses in 1999 to implement
our Year 2000 plan. Under our plan, we are continuing to monitor the situation
throughout 2000. Based on information currently available, we believe that we
will not incur significant additional expenses in connection with the Year 2000
issue.
The Year 2000 issue may also negatively affect the business of our customers,
but to date we are not aware of any material Year 2000 issues affecting them. We
include Year 2000 readiness in our lending criteria to minimize risk. However,
this will not eliminate the issue, and any financial difficulties that our
customers experience caused by Year 2000 issues could impair their ability to
repay loans to us.
PART II - OTHER INFORMATION
- ---------------------------
Item 1. Legal Proceedings
- -------------------------
Not Applicable
Item 2. Changes in Securities
- -----------------------------
Not Applicable
Item 3. Defaults Upon Senior Securities
- ---------------------------------------
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
- -----------------------------------------------------------
Not Applicable
Item 5. Other Information
- -------------------------
None.
Item 6. Exhibits and Report on Form 8-K
- ---------------------------------------
(a) Exhibits - None.
(b) Reports on Form 8-K - No reports on Form 8-K were filed during the
quarter ended March 31, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FNB BANCSHARES, INC.
(Registrant)
Date: May 5, 2000 By: /s/ V. Stephen Moss
---------------------------------------
V. Stephen Moss
President and Chief Executive Officer
By: /s/ John W. Hobbs
--------------------------------------
John W. Hobbs
Principal Accounting and Chief
Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 1009162
<NAME> FNB Bancshares
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,963,726
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 2,349,371
<INVESTMENTS-MARKET> 2,314,417
<LOANS> 30,707,155
<ALLOWANCE> 395,467
<TOTAL-ASSETS> 37,580,703
<DEPOSITS> 29,717,732
<SHORT-TERM> 236,975
<LIABILITIES-OTHER> 1,559,752
<LONG-TERM> 0
0
0
<COMMON> 6,163
<OTHER-SE> 6,060,081
<TOTAL-LIABILITIES-AND-EQUITY> 37,580,703
<INTEREST-LOAN> 706,675
<INTEREST-INVEST> 48,533
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 755,208
<INTEREST-DEPOSIT> 250,192
<INTEREST-EXPENSE> 270,011
<INTEREST-INCOME-NET> 485,197
<LOAN-LOSSES> 37,500
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 444,451
<INCOME-PRETAX> 90,423
<INCOME-PRE-EXTRAORDINARY> 90,423
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 58,422
<EPS-BASIC> .09
<EPS-DILUTED> .09
<YIELD-ACTUAL> 8.82
<LOANS-NON> 145,030
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 429,049
<CHARGE-OFFS> 73,297
<RECOVERIES> 2,215
<ALLOWANCE-CLOSE> 395,467
<ALLOWANCE-DOMESTIC> 395,467
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
