<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the period ended September 30, 1997
Commission File Number: 000-20739
EAGLE BANCGROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
37-1353957
(IRS Employer Identification No.
301 Fairway Drive, Bloomington, IL 61701
(309) 663-6345
(Address, including zip code, and telephone number, including area code,
of principal executive offices)
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 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 __
As of November 11, 1997, there were 1,189,905 shares of the Registrant's
Common Stock, par value $.01 per share, outstanding.
-page 1-
</PAGE>
<PAGE>
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements.
<TABLE>
<CAPTION>
Eagle BancGroup, Inc.
Consolidated Statements of Condition
(amounts in thousands)
September 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
Cash on hand and in other institutions 1,280 1,487
Fed funds sold and overnight deposits 1,375 5,573
Investment securities 13,762 16,438
Mortgage backed securities 26,568 37,445
Loans receivable, net 124,159 106,641
Real estate owned 652 652
Premises and equipment 2,854 2,889
Other assets 1,510 1,541
Total Assets 172,160 172,666
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits 131,740 133,995
FHLB advances 18,750 15,300
Other liabilities 1,269 1,230
Total Liabilities 151,759 150,525
Capital stock 13 13
Paid in capital 12,244 12,215
Retained earnings 9,992 10,250
Treasury stock (1,676) -
Unrealized loss on investments-net of tax (172) (337)
Total Stockholders' Equity 20,401 22,141
Total Liabilities and
Stockholders' Equity 172,160 172,666
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
See accompanying notes.
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</PAGE>
<PAGE>
<TABLE>
<CAPTION>
Eagle BancGroup, Inc.
Consolidated Statements of Income
(amounts in thousands except per share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans 2,447 1,982 7,003 5,575
Interest on investment securities
and temporary investments 296 284 851 744
Interest on mortgage-backed
securities 391 553 1,394 1,763
Total Interest Income 3,134 2,819 9,248 8,082
Interest expense:
Interest on deposits:
Passbook 145 142 440 434
MMDA and NOW 55 43 144 139
Certificates of deposit 1,570 1,648 4,714 5,068
Interest on borrowings 315 47 790 58
Total Interest Expense 2,085 1,880 6,088 5,699
Net Interest Income 1,049 939 3,160 2,383
Provision for loan losses 60 103 180 138
Net Interest Income After Provision
For Loan Losses 989 836 2,980 2,245
Non-interest income:
Gains on loans sold 52 (6) 83 14
Other 104 62 333 232
Total Non-Interest Income 156 56 416 246
Non-interest expense:
Salaries and employee benefits 546 474 1,538 1,246
Net occupancy expense 148 139 418 407
Federal deposit insurance premium 20 971 46 1,149
Data processing expense 107 61 249 184
Other 168 114 541 445
Total Non-Interest Expense 989 1,759 2,792 3,431
Income(Loss) Before Fed Income Tax 156 (867) 604 (940)
Federal income tax expense (benefit) 52 (277) 204 (300)
Net Income (Loss) 104 (590) 400 (640)
Per Share Data:
Earnings Per Share 0.09 (0.49) 0.33 (0.53)
Dividends Per Share 0.00 0.00 0.00 0.00
</TABLE>
See accompanying notes.
-page 3-
</PAGE>
<PAGE>
<TABLE>
<CAPTION>
Eagle BancGroup, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
For the Nine Months
Ended September 30,
1997 1996
<S> <C> <C>
Operating Activities:
Net income (loss) 400 (640)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Provision for loan loss 180 138
Provision for depreciation 213 218
Amortization of premiums and discounts on
investments 15 69
Net (gain) loss on sale of securities (58) (7)
Purchase of FHLB stock (333) (35)
Proceeds from sale of mortgage loans
originated for sale 10,461 5,269
Loans receivable originated-for-sale (10,995) (3,205)
Increase in accrued interest receivable (28) (47)
Increase in accrued interest payable 3 58
Compensation expense related to incentive plans 210 -
Increase in other assets (51) (364)
Increase in other liabilities 32 761
Net Cash Provided by Operating Activities 49 2,215
Investing Activities:
Proceeds from sale of investment securities 6,181 4,545
Purchases of investment securities (3,089) (10,984)
Purchases of mortgage-backed securities (5,946) (4,340)
Proceeds from sale of mortgage-backed securities 13,992 5,582
Principal collected on mortgage-backed securities 2,893 4,678
Principal collected on loans receivable 28,512 25,352
Loans receivable originated (45,502) (43,659)
Purchases of premises and equipment (178) (50)
Net purchases of real estate owned - (9)
Net Cash Used by Investing Activities (3,137) (18,885)
Financing Activities:
Net change in savings, demand and NOW accounts 980 (34)
Net change in certificate accounts (3,231) (6,281)
Net change in short-term borrowings 3,450 8,000
Purchase of treasury stock (1,676) -
Purchase of MDRP shares (840) -
Proceeds from sale of capital stock - 11,335
Net Cash Provided by Financing Activities (1,317) 13,020
Net decrease in cash and cash equivalents (4,405) (3,650)
Cash and cash equivalents at beginning of period 7,060 3,900
Cash and Cash Equivalents at End of Period 2,655 250
</TABLE>
See accompanying notes.
-page 4-
</PAGE>
<PAGE>
Eagle BancGroup, Inc.
Notes to Consolidated Financial Statements
1. Basis of Presentation
The unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and therefore
do not include all information and disclosures required by
generally accepted accounting principles for complete
financial statements. All adjustments which are, in the
opinion of management, necessary for a fair presentation
of the results for the periods reported, consisting only of
normal recurring adjustments, have been included in the
accompanying consolidated financial statements.
Operating results for the six months ended June 30, 1997
are not necessarily indicative of the results that may be
expected for the year ended December 31, 1997. For
further information, refer to the consolidated financial
statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year
ended December 31, 1996.
2. Conversion
In June, 1996, First Federal Savings and Loan ('First
Federal') converted from a federally-chartered mutual
savings association to federally-chartered capital stock
savings association and issued all of its common stock to
Eagle BancGroup, Inc. (the 'Company') in exchange for
$6,200,000. The Company sold 1,302,705 shares of
common stock in a subscription offering simultaneous to
the charter conversion using a portion of the net proceeds
to purchase the stock of First Federal, now a wholly-
owned subsidiary of the Company.
3. Earnings Per Share and Dividends
There were 1,121,083 and 1,081,528 average shares
outstanding for the nine and three months ended September
30, 1997, respectively. Average shares outstanding
includes ESOP and incentive plan shares to the extent such
shares have been earned. At September 30, 1997, there
were 1,197,905 actual shares outstanding. For 1997
earnings per share calculations, 84,671 shares were added
to the average share amounts to reflect the shares that
could be issued if all options awarded to date under the
Company's 1996 Stock Option Plan, as approved by
stockholders in February, 1997, were exercised. Per share
amounts for the three and nine months ended September
30, 1996 are based on 1,200,264 average shares
outstanding, which includes ESOP shares to the extent
such shares were earned, following completion of the
Company's subscription stock offering in June, 1996.
In February, 1997, the Financial Accounting Standards
Board issued Statement No. 128, 'Earnings Per Share',
which is required to be adopted on December 31, 1997.
At that time, the Company will be required to change the
method currently used to compute earnings per share and
to restate all prior periods. Under the new requirements
for calculating primary earnings per share, the dilutive
effect of stock options will be excluded. The impact is
expected to result in an increase in primary earnings per
share, which will be referred to as 'Basic Earnings Per
Share,' for the three and nine months ended September 30,
1997 of $.01 and $.03 per share, respectively. The impact
of Statement 128 on the calculation of fully diluted
earnings per share for these periods is not expected to be
material.
The Company has not yet paid any dividends.
-page 5-
</PAGE>
<PAGE>
Eagle BancGroup, Inc.
Item 2. Management's Discussion and Analysis
RESULTS OF OPERATIONS
GENERAL: In the three months ended September 30, 1997, Eagle BancGroup, Inc.
(the 'Company'), had net income of $104,000, or $.09 per share, compared to a
net loss of $590,000, or $(.49) per share, in the three months ended September
30, 1996. In the nine months ended September 30, the Company had net income
of $400,000, or $.33 per share, in 1997 compared to a net loss of $640,000, or
$(.53) per share, in 1996. In both the three and nine months ended September
30, net income increased in 1997 over 1996 due to the SAIF recapitalization
special assessment, which reduced net income $600,000 in 1996, and increased
net interest income, which was the result of higher interest rate spreads and
net interest margins in 1997 than 1996.
NET INTEREST INCOME: In the third quarter, net interest income increased to
$1,049,000in 1997 from $939,000 in 1996 and in the first nine months, net
interest income increased to $3,160,000 in 1997 from $2,383,000 in 1996.
Interest income was $3,134,000 and $2,819,000 and interest expense was
$2,085,000 and $1,880,000 in the third quarter of 1997 and 1996, respectively.
In the nine months ended September 30, interest income was $9,248,000 and
$8,082,000 and interest expense was $6,088,000 and $5,699,000 in 1997 and
1996, respectively.
The interest rate spread, the difference between the rate earned on average
interest earning assets and the rate paid on average interest bearing
liabilities, increased to 1.96% in the third quarter of 1997 from 1.64% for the
same period in 1996. The interest rate margin, net interest income divided by
average interest earning assets, increased to 2.47% in the third quarter of
1997 from 2.38% in the third quarter of 1996. The interest rate spread
increased in 1997 from 1996 due to both an increase in the yield on average
interest earning assets, to 7.37% in 1997 from 7.14% in 1996, and a decrease in
the cost of average interest bearing liabilities, to 5.41% in 1997 from 5.50%
in 1996. The increase in the yield on average interest earning assets was
due to an increase in average loans receivable, primarily residential real
estate loans, in total and as a percentage of average earning assets. Average
loans receivable were $121,948,000, or 72% of average interest earning assets,
in the third quarter of 1997 compared to $100,375,000, or 64% of average
interest earning assets, in the third quarter of 1996. The decrease in the
cost of average interest bearing liabilities was due to the lower cost of
average certificates of deposit in 1997 than 1996.
The net interest margin increased in the third quarter of 1997 from the same
period in 1996 due to the increase in the interest rate spread. Average
interest earning assets were $168,721,000 and $156,985,000 while average
interest bearing liabilities were $152,880,000 and $136,058,000 in the third
quarter of 1997 and 1996, respectively. The Company was able to fund loan
demand in 1996 with proceeds from the subscription stock sale completed in
June, 1996. With loan demand remaining strong in 1997, the Company has used
FHLB advances as a funding source. The average balance of FHLB advances
increased to $21,220,000 in the third quarter of 1997 from $2,224,000 in the
same period in 1996.
In the nine months ended September 30, the interest rate spread increased to
1.99% in 1997 from 1.64% in 1996 and the net interest margin increased to
2.54% in 1997 from 2.11% in 1996. As in the third quarter, the increase in
the interest rate spread in the first nine months of 1997 from the same period
in 1996 was due to the higher yield on average interest earning assets and
lower cost of average interest bearing liabilities in 1997 than 1996. Through
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</PAGE>
<PAGE>
September 30, the yield on average interest earning assets was 7.43% in 1997
and 7.15% in 1996 while the cost of average interest earning assets was 5.44%
in 1997 and 5.52% in 1996. Average loans receivable increased to $116,475,000
through September 30, 1997 from $94,474,000 through September 30, 1996. As a
percentage of average interest earning assets, loans receivable were 70% in
1997 compared to 63% in 1996. Through September 30, 1997, the yield on
average loans was 8.04% while the yield on average investments and other
earning assets was 6.02%. With higher yielding loans comprising a greater
share of average interest earning assets in 1997 than 1996, the yield on
average interest earning assets increased.
The cost of average interest bearing liabilities declined due to a decrease in
the cost of average certificates of deposit, from 5.99% in the first nine
months of 1996 to 5.90% in the first nine months of 1997. Average
certificates of deposit decreased to $106,836,000 in the first nine months of
1997 from $112,960,000 in the same period in 1996. Average borrowed funds
increased to $17,868,000 the first nine months of 1997 from $1,221,000 in the
same period in 1996. The cost of average borrowed funds was 5.91% in the
first nine months of 1997 compared to 5.50% in the same period in 1996.
At September 30, 1997, all loans contractually past due 90 days or more were
classified as non-accrual. Interest income is recognized only upon cash
receipt and no interest income is accrued on such loans. In the first nine
months of 1997, cash interest payments of $23,000 were included in interest
income. Additional interest income of $12,000 would have accrued had the
loans not been 90 days or more past due.
PROVISION FOR LOAN LOSS: In the third quarter, the provision for loan loss
was $60,000 in 1997 compared to $103,000 in 1996. In the first nine months,
the provision for loan loss was $180,000 in 1997 compared to $138,000 in 1996.
In each period, the provision for loan loss was determined as the amount
necessary to maintain the allowance for loan losses at a level deemed adequate
to absorb estimated future losses inherent in the loan portfolio. At September
30, 1997, the allowance for loan losses was $910,000, or .73% of total loans,
compared to $923,000, or .86% of total loans, at December 31, 1996.
Non-performing loans, consisting entirely of non-accrual loans, were $378,000,
or .30% of total loans, at September 30, 1997. In the first nine months of
1997, loans totaling $201,000 were charged against the allowance for loan
losses while $8,000 was added to the allowance for loan losses due to
recoveries of loan previously charged off.
NON-INTEREST INCOME: In the first nine months of 1997, non-interest income
increased to $416,000 from $246,000 in the same period in 1996 primarily due
to increased gains on sales of loans and securities. Gains of $83,000 were
realized on sales of $10,500,000 of loans in the first nine months of 1997
compared to gains of $14,000 on sales of $5,300,000 in the first nine months of
1996. Gains on securities sold increased to $58,000 in the first nine months
of 1997 from $7,000 in the same period in 1996. In May, 1997, over $8,000,000
of securities were sold for gains of $58,000 with the proceeds used to fund
loan originations. In addition, loan fees increased to $167,000 from $139,000
and other non-interest income increased to $94,000 from $73,000 comparing the
first nine months of 1997 to the same period in 1996. The increase in loan
fees was primarily due to increased late charges while the increase in other
non-interest income was due to higher deposit account service fees.
In the third quarter, non-interest income increased to $156,000 in 1997 from
$56,000 in 1996. Gains on loans sold were $52,000 in third quarter of 1997
compared to losses on loans sold of $6,000 in the same period in 1996. Loan
fees increased to $61,000 in the third quarter of 1997 compared to $43,000 in
the same period in 1996 due to increased loans servicing income. Other
non-interest income increased to $42,000 in the third quarter of 1997 from
$16,000 in the same period in 1996 due to increased deposit account fees and
higher discount brokerage commission income.
-page 6-
</PAGE>
<PAGE>
NON-INTEREST EXPENSE: Non-interest expense decreased in the first nine months
and the third quarter of 1997 from the same periods in 1996 due to the $875,000
SAIF recapitalization special assessment incurred in 1996. Net of the special
assessment, non-interest expense was $884,000 in the third quarter of 1996
compared to $989,000 in the third quarter of 1997. The increase in 1997 over
the net 1996 expense amount related primarily to salaries and employee benefits
which increased to $546,000 in the third quarter of 1997 from $474,000 in the
third quarter of 1996 due to staff increases, including a new member of senior
management, and expenses related to employee and director benefit plans
implemented since the stock conversion. Data processing expense increased to
$107,000 in the third quarter of 1997 from $61,000 in the same period in 1996
due to deconversion and other expenses related to the change in data
providers by the Company's thrift subsidiary during the quarter. Professional
fees increased to $57,000 in the third quarter of 1997 from $25,000 in the same
period in 1996 due to corporate fees and expenses not previously incurred by
the Company. Partially offsetting the expense increases was regular federal
deposit insurance expense which decreased to $20,000 in the third quarter of
1997 from $96,000 in the same period in 1996 due to the premium rate
reduction that followed the special assessment.
Non-interest expense was $2,792,000 in the first nine months of 1997 compared
to $3,431,000 in the same period in 1996. Net of the special assessment,
non-interest expense in the first nine months of 1996 was $2,556,000.
Comparing the first nine months of 1997 to the same period in 1996, salaries
and employee benefits increased to $1,538,000 in 1997 from $1,246,000 in 1996,
professional fees increased to $192,000 in 1997 from $81,000 in 1996 and data
processing expense increased to $249,000 in 1997 from $184,000 in 1996. These
increases were all for the same reasons previously noted. Regular federal
deposit insurance expense decreased to $46,000 in the first nine months of
1997 from $274,000 in the same period in 1996 due to the premium rate
reduction. As a percentage of average assets, non-interest expense was 2.16%
in the first nine months of 1997 and 2.18% (net of the special assessment) in
the first nine months of 1996.
INCOME TAX EXPENSE: The provision for income taxes was $204,000 in the first
nine months of 1997 compared to a benefit for income taxes of $300,000 in the
same period in 1996. In the third quarter, the provision for income taxes was
$52,000 in 1997 compared to a benefit for income taxes of $277,000 in 1996. In
both periods, the increase in net income before tax resulted in the increase in
the provision for income taxes. The effective tax rate was 34% for 1997
compared to an effective benefit rate of 35% for 1996.
FINANCIAL CONDITION
At September 30, 1997 total assets were $172,160,000 compared to $172,666,000
at December 31, 1996. Net loans receivable increased to $124,159,000 at
September 30, 1997 from $106,541,000 at year-end, 1996 as loan originations
and participations purchased were $56,500,000 in the first nine months of
1997. Investment and mortgage-backed securities decreased from $53,883,000
at December 31, 1996 to $40,330,000 at September 30, 1997 due primarily to
securities sold in 1997. Funds generated from the decrease in securities were
used to originate loans. Deposits decreased from $133,995,000 at December 31,
1996 to $131,740,000 at September 30, 1997 while FHLB advances increased from
$15,300,000 at December 31, 1996 to $18,750,000 at September 30, 1997.
Stockholders' equity decreased to $20,401,000, or 11.9% of total assets, at
September 30, 1997 from $22,141,000, or 12.8% of total assets, at December 31,
1996. Purchases of treasury stock and incentive plan stock resulted in the
decrease in total equity. Net income in the first nine months of 1997 and a
-page 8-
</PAGE>
<PAGE>
decrease in the unrealized loss on investments, net of tax, partially offset
thereduction in total equity related to the stock purchases. Book value per
share was $17.03 at September 30, 1997 and $17.00 at December 31, 1996.
Savings institutions are required to maintain minimum capital levels as
measuredby three ratios: Risk-based capital to risk weighted assets of 8.00%;
Core capital to tangible assets ratio of 3.00%; and Tangible core capital to
tangible assets ratio of 1.5%. At September 30, 1997, the Company's thrift
subsidiary had ratios of 17.31%, 9.88% and 9.88%, respectively. At December
31,1996, these ratios were 18.29%, 9.66% and 9.66%, respectively.
Savings institutions are also required to maintain a minimum 5% liquidity ratio
measured as the ratio of cash, cash equivalents, short-term investments and
certain long-term investments to deposits and certain borrowed funds. The
Company's thrift subsidiary had liquidity ratios of 10.92% and 12.04% at
September 30, 1997 and December 31, 1996, respectively.
At September 31, 1997, funds committed for loan originations and loans in
process totaled $3,559,000 and unused lines of credit totaled $3,310,000.
Funds to meet these commitments are available from scheduled principal and
interest payments on loans, mortgage-backed and investment securities as well as
new deposits and borrowed funds. Funds are invested primarily in residential
and commercial mortgage loans, indirect automobile loans and mortgage-backed
securities and are also available for deposit interest payments, maturities
and withdrawals.
-page 9-
</PAGE>
<PAGE>
Eagle BancGroup, Inc.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
The following exhibits are included herein:
(27) - Financial Data Schedule
Eagle BancGroup, Inc. did not file any reports on Form 8-K during the three
months ended September 30, 1997.
Eagle BancGroup, Inc. did file a report on Form 8-K dated October 17, 1997.
Under Item 4 of the report, Eagle disclosed that McGladrey & Pullen, LLP had
been chosen to be certifying accountant for Eagle commencing with the December
31, 1997 financial statements. The decision by Eagle's Board of Directors
completed a formal review of Eagle's audit and tax work. Ernst & Young LLP was
dismissed as the Eagle's certifying accountant as a result of the decision.
The December 31, 1995 and December 31, 1996 financial statements prepared by
Eagle did not contain an adverse opinion or a disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope or accounting
principles by Ernst & Young LLP, Eagle's certifying accountant for each period.
In either year and in the subsequent interim period through October 17, 1997,
there were no disagreements regarding any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure between the Ernst & Young LLP and Eagle.
-page 10-
</PAGE>
<PAGE>
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.
EAGLE BANCGROUP, INC.
/s/ Gerald A. Bradley
DATE: November 13, 1997 ---------------------
GERALD A. BRADLEY
Chairman of the Board
/s/ Donald L. Fernandes
DATE: November 13, 1997 -----------------------
DONALD L. FRNANDES
President and Chief
Executive Officer
-Page 11-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 1280
<INT-BEARING-DEPOSITS> 1375
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 40330
<INVESTMENTS-CARRYING> 40330
<INVESTMENTS-MARKET> 40330
<LOANS> 125069
<ALLOWANCE> 910
<TOTAL-ASSETS> 172160
<DEPOSITS> 131740
<SHORT-TERM> 13750
<LIABILITIES-OTHER> 1269
<LONG-TERM> 5000
0
0
<COMMON> 13
<OTHER-SE> 20388
<TOTAL-LIABILITIES-AND-EQUITY> 172160
<INTEREST-LOAN> 2447
<INTEREST-INVEST> 667
<INTEREST-OTHER> 20
<INTEREST-TOTAL> 3134
<INTEREST-DEPOSIT> 1770
<INTEREST-EXPENSE> 2085
<INTEREST-INCOME-NET> 1049
<LOAN-LOSSES> 60
<SECURITIES-GAINS> (4)
<EXPENSE-OTHER> 989
<INCOME-PRETAX> 156
<INCOME-PRE-EXTRAORDINARY> 156
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 104
<EPS-PRIMARY> .09
<EPS-DILUTED> .09
<YIELD-ACTUAL> 2.47
<LOANS-NON> 378
<LOANS-PAST> 378
<LOANS-TROUBLED> 1522
<LOANS-PROBLEM> 56
<ALLOWANCE-OPEN> 924
<CHARGE-OFFS> 81
<RECOVERIES> 7
<ALLOWANCE-CLOSE> 910
<ALLOWANCE-DOMESTIC> 910
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
