SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934 For the quarter ended March 31, 2000
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934 For the transition period from _______________ to
_________________.
Commission File Number 0-25933
SOUTHCOAST FINANCIAL CORPORATION
(Exact Name of Small Business Issuer as Specified in its Charter)
South Carolina 58-2384011
(State of Incorporation) (I.R.S. Employer Identification Number)
530 Johnnie Dodds Boulevard, Mt. Pleasant, SC 29464
(Address of Principal Executive Offices)
(843) 884-0504
(Issuer's Telephone Number)
Check whether the issuer (1) has 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 periods that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
[X] Yes [ ] No
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: Common Stock - No Par
Value: 1,047,987 Shares Outstanding on March 31, 2000.
Transitional Small Business Disclosure Format (Check one):
[ ] Yes [X] No
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. Financial Statements
SOUTHCOAST FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(Unaudited)
March 31, December 31,
2000 1999
---- ----
ASSETS
<S> <C> <C>
Cash and due from banks ......................................................... $ 4,403,754 $ 1,786,411
Federal funds sold .............................................................. 2,250,000 1,310,000
Investment securities available for sale ........................................ 3,103,474 3,121,049
Loans, net of allowance of $865,000 and $835,000 ................................ 49,356,130 43,153,421
Property and equipment - net .................................................... 4,768,376 4,513,284
Other assets .................................................................... 1,662,475 1,364,381
------------ ------------
Total assets ................................................................ $ 65,544,209 $ 55,248,546
============ ============
LIABILITIES
Deposits
Noninterest-bearing ........................................................... $ 6,242,950 $ 5,667,155
Interest bearing .............................................................. 39,642,075 32,577,797
------------ ------------
Total deposits .............................................................. 45,885,025 38,244,952
Federal Home Loan Bank borrowings ............................................... 9,299,904 6,899,904
Other liabilities ............................................................... 612,935 382,892
------------ ------------
Total liabilities ........................................................... 55,797,864 45,527,748
------------ ------------
SHAREHOLDERS' EQUITY
Common stock (no par value; 20,000,000 shares authorized;
1,047,987 shares outstanding at March 31,2000 and
December 31, 1999) ............................................................ 10,520,053 10,520,053
Retained deficit ................................................................ (677,000) (714,147)
Accumulated other comprehensive income (loss) ................................... (96,708) (85,108)
------------ ------------
Total shareholders' equity .................................................. 9,746,345 9,720,798
------------ ------------
Total liabilities and shareholders' equity .................................. $ 65,544,209 $ 55,248,546
============ ============
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
SOUTHCOAST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three months Three months
ended ended
March 31,2000 March 31, 1999
------------- --------------
INTEREST INCOME
<S> <C> <C>
Loans, including fees .......................................................... $ 1,169,769 $ 366,146
Investment securities .......................................................... 57,743 47,143
Federal funds sold ............................................................. 16,664 48,748
----------- -----------
Total interest income ...................................................... 1,244,176 462,037
INTEREST EXPENSE
Deposits and borrowings ........................................................ 602,718 139,542
----------- -----------
Net interest income ........................................................ 641,458 322,495
PROVISION FOR POSSIBLE LOAN LOSSES ................................................ 30,000 225,000
----------- -----------
Net interest income after provision for loan losses ........................ 611,458 97,495
----------- -----------
NONINTEREST INCOME
Service fees on deposit accounts ............................................... 42,709 18,277
Fees on loans sold ............................................................. 12,109 15,170
Other .......................................................................... 33,216 24,610
----------- -----------
Total non interest income .................................................. 88,034 58,057
----------- -----------
NONINTEREST EXPENSES
Salaries and employee benefits ................................................. 408,107 252,153
Occupancy ...................................................................... 31,655 13,984
Furniture and equipment ........................................................ 66,753 32,577
Advertising and public relations ............................................... 15,194 17,623
Professional fees .............................................................. 14,688 15,715
Travel and entertainment ....................................................... 26,177 15,041
Telephone, postage and supplies ................................................ 42,975 23,057
Other operating ................................................................ 37,659 8,998
----------- -----------
Total noninterest expenses ................................................. 643,208 379,148
----------- -----------
Income [loss) before income taxes .......................................... 56,284 (223,596)
INCOME TAX (BENEFIT) ............................................................. 19,137 (75,996)
----------- -----------
Net income (loss) .......................................................... $ 37,147 $ (147,600)
=========== ===========
NET INCOME (LOSS) PER COMMON SHARE ............................................... $ .04 $ (0.14)
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING ............................................... 1,047,987 1,047,987
=========== ===========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
SOUTHCOAST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Accumulated Total
Common stock other share-
-------------------- Paid-in Retained comprehensive holders'
Shares Amount capital deficit income (loss) equity
------ ------ ------- ------- ------------- ------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, JANUARY 1, 1999 ............... 1,047,987 $ 5,239,935 $ 5,280,118 $ (451,147) $ 5,678 $ 10,074,584
Net loss ........................... - - - (147,600) - (147,600)
Other comprehensive income, net
of tax:
Unrealized holding losses on
securities available for sale - - - - (18,388) (18,388)
------------
Comprehensive income (loss) ........ - - - - - 165,988)
BALANCE, MARCH 31,1999 ................. 1,047,987 5,239,935 5,280,118 (598,747) (12,710) $ 9,908,596
============ ============ ============ =========== ============ ============
BALANCE, JANUARY 1, 2000 ............... 1,047,987 10,520,053 (714,147) (85,108) 9,720,798
Net income - ....................... - - - 37,147 37,147
Other comprehensive income, net
of tax:
Unrealized holding losses on
securities available for sale - - - - (11,600) (11,600)
------------
Comprehensive income (loss) ........ - - - - - 25,547
------------ ------------ ------------ ----------- ------------ ------------
BALANCE, March 31, 2000 ................ 1,047,987 $ 10,520,053 $ - $ (677,000) $ (96,708) $ 9,746,345
============ ============ ============ =========== ============ ============
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
SOUTHCOAST FINANCIAL CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months ended March 31
(Unaudited)
<TABLE>
<CAPTION>
OPERATING ACTIVITIES 2000 1999
---- ----
<S> <C> <C>
Net income (loss) ............................................................... $ 37,147 $ (147,600)
Adjustments to reconcile net income
(loss) to net Cash provided by operating activities:
Income tax (benefit) .......................................................... 19,137 (75,996)
Provision for possible loan losses ........................................... 30,000 225,000
Depreciation and amortization ................................................. 71,948 25,563
Increase in other assets ...................................................... (311,256) (94,737)
Increase in other liabilities ................................................. 230,043 101,073
------------ ------------
Net cash provided by operating activities ................................. 39,872 33,303
------------ ------------
INVESTING ACTIVITIES
Increase in federal funds sold .................................................. (940,000) (920,000)
Purchase of investment securities available for sale ............................ - (516,153)
Net increase in loans ........................................................... (6,232,709) (7,165,339)
Purchase of property and equipment .............................................. (327,040) (995,368)
------------ ------------
Net cash used for investing activities .................................... (7,499,749) (9,596,860)
------------ ------------
FINANCING ACTIVITIES
Increase in Federal Home Loan Bank borrowing .................................... 2,400,000 50,000
Net increase in deposits ........................................................ 7,640,073 9,723,582
------------ ------------
Net cash provided by financing activities ................................. 10,040,073 9,773,582
------------ ------------
Increase in cash and due from banks ....................................... 2,617,343 210,025
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD ....................................... 1,786,411 1,211,451
------------ ------------
CASH AND DUE FROM BANKS, END OF PERIOD ............................................. $ 4,403,754 $ 1,421,476
============ ============
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
SOUTHCOAST FINANCIAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and item 310 (b) of
Regulation S-B of the Securities and Exchange Commission. Accordingly they do
not include all information and footnotes required by generally accepted
accounting principles for complete financial statements. However, in the opinion
of management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included.
NOTE 2 - ORGANIZATION
Southcoast Financial Corporation (the "Company") is a South Carolina
corporation organized in 1999 for the purpose of being a holding company for
Southcoast Community Bank (the "Bank"). On April 29, 1999, pursuant to a Plan of
Exchange approved by the shareholders, all of the outstanding shares of capital
stock of the Bank were exchanged for shares of common stock of the Company. The
Company presently engages in no business other than that of owning the Bank and
has no employees. The results for the period ending March 31,1999, reflect the
previous filing of Southcoast Community Bank.
NOTE 3 - NET INCOME (LOSS) PER SHARE
Net income per share is computed on the basis of the weighted average
number of common shares outstanding in accordance with Statement of Financial
Accounting Standards No. 128, "Earnings per Share". The Company does not have
any instruments which are dilutive; therefore, only basic net income per share
of common stock is presented.
In March, 1999, the Company declared an eleven-for-ten stock split of
the Company's common stock. The weighted average number of shares and all other
share data have been restated for all periods presented to reflect this stock
split.
6
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The following discussion and analysis should be read in conjunction
with the financial statements and related notes appearing in the Form 10-KSB of
Southcoast Financial Corporation. It will concentrate on the three months of
operations ending March 31, 2000, compared to the quarter ending March 31, 1999.
Results of operations for the period ending March 31, 2000 are not necessarily
indicative of the results to be attained for any other period. Statements
included in Management's Discussion and Analysis which are not historical in
nature and intended to be, and are hereby identified as "forward looking
statements" for purposes of the safe harbor provided by section 21E of the
Securities Exchange Act of 1934, as amended. The Company cautions readers that
forward looking statements including without limitation, those relating to the
Company's new offices, future business prospects, revenues, working capital,
liquidity, capital needs, interest costs, and income, are subject to certain
risks and uncertainties that could cause actual results to differ from those
indicated in the forward looking statements, due to several important factors
herein identified, among others, and other risks and factors identified from
time to time in the Company's reports filed with the Securities and Exchange
Commission.
NET INTEREST INCOME
Net interest income is the difference between the interest earned on interest
earning assets and the interest paid for funds acquired to support those assets.
Net interest income, the principal source of the Company's earnings, was
$641,458 for the three months ended March 31, 2000, compared to $322,495 for the
three months ended March 31, 1999.
Changes that affect net interest income are changes in the average rate earned
on interest earning assets, changes in the average rate paid on interest bearing
liabilities, and changes in the volume of interest earning assets and interest
bearing liabilities.
Average earning assets for the quarter ending March 31,2000 increased to $52.1
million or 143 percent from the $21.4 million reported for the quarter ending
March 31,1999. The increase was mainly attributable to the increase in loans
supported by a $31.4 million increase in interest bearing liabilities which
resulted from favorable economic conditions in the Charleston, South Carolina
market, the opening of the bank's first branch in the third quarter of 1999, and
the Company's marketing efforts.
The following table represents changes in the Company's net interest income
which are primarily a result of changes in volume and rates of its interest
earning assets and interest bearing liabilities. The increase in net interest
income is due to increased volume of earning assets and interest bearing
liabilities coupled with a 15 basis point increase in the Company's net interest
spread. The net interest spread is the difference between the yield on earning
assets minus the average rate of interest bearing liabilities.
7
<PAGE>
<TABLE>
<CAPTION>
Three months ended Three months ended
March 31, 2000 March 31, 1999
-------------- --------------
Average Income/ Yield/ Average Income/ Yield/
ASSETS balance expense rate balance expense rate
------- ------- ---- ------- ------- ----
<S> <C> <C> <C> <C> <C> <C>
Federal funds sold ...................... $ 1,144,157 $ 16,664 5.83% $ 4,170,408 $ 48,748 4.68%
Investments ............................. 3,467,473 57,743 6.66 3,367,041 47,143 5.60
----------- ----------- ----------- -----------
Total investments and
federal funds sold ................... 4,611,630 74,407 6.45 7,537,449 95,891 5.09
Loans ................................... 47,441,062 1,169,769 9.86 13,865,838 366,146 10.56
----------- ----------- ----------- -----------
Total earning assets .................... 52,052,692 1,244,176 9.56 21,403,287 462,037 8.63
----------- -----------
Other assets ............................ 6,841,285 2,078,417
----------- -----------
Total assets ............................ $58,893,977 $23,481,704
=========== ===========
LIABILITIES
Interest bearing deposits ............... $35,967,769 $ 497,892 5.54 $11,076,050 $ 133,328 4.82
FHLB advances ........................... 6,947,208 104,826 6.04 438,925 6,214 5.66
----------- ----------- ----------- -----------
Total interest bearing
liabilities .......................... 42,914,977 602,718 5.62 11,514,975 139,542 4.85
Non-interest bearing
liabilities .......................... 6,130,649 1,903,790
----------- ----------- ----------- -----------
Total liabilities ....................... 49,045,626 602,718 4.92 13,418,765 139,542 4.16
Equity .................................. 9,848,351 10,062,939
----------- -----------
Total liabilities and
Equity ............................... $58,893,977 $23,481,704
=========== ===========
Net interest income/
margin ............................... $ 641,458 4.93 $ 322,495 6.03
=========== ===========
Net interest spread ..................... 3.94 3.79
</TABLE>
As reflected above, for the three months ended March 31, 2000 the average yield
on earning assets amounts amounted to 9.56 percent, while the average cost of
interest-bearing liabilities was 5.62 percent. For the three months ended March
31, 1999 the average yield on earning assets was 8.63 percent and the average
cost of interest-bearing liabilities was 4.85 percent. The increase in the yield
on earning assets is attributable to the increased volume of loans, which give
the Company a greater return than the other types of earning assets. The net
interest margin is computed by subtracting interest expense from interest income
and dividing the resulting figure by average interest-earning assets. The net
interest margin for the three months ended March 31, 2000 was 4.93 percent
compared to 6.03 percent for the three months ended March 31, 1999. The decrease
in the net-interest margin is attributable to the increase in interest bearing
liabilities which resulted in an increase in the cost of total liabilities to
support earning assets. The cost of total liabilities was 4.92 percent for the
three months ended March 31, 2000 compared to 4.16 percent for the three months
ended March 31, 1999.
The following table represents changes in the Company's net interest income
which are primarily a result of changes in the volume and rates of its
interest-earning assets and interest-bearing liabilities.
8
<PAGE>
Analysis of Changes in Net Interest Income
<TABLE>
<CAPTION>
For the three months ended March 31, 2000
versus three months ended March 31, 1999
Volume Rate Net change
------ ---- ----------
<S> <C> <C> <C>
Federal funds sold ............................................... $ (35,407) $ 3,323 $ (32,084)
Investments ...................................................... 1,406 9,194 10,600
--------- --------- ---------
Total investments and federal funds sold ......................... (34,001) 12,517 (21,484)
Total loans ...................................................... 886,386 (82,763) 803,623
--------- --------- ---------
Total earning assets ............................................. 852,385 (70,246) 782,139
Total interest-bearing liabilities ............................... 392,037 71,139 463,176
--------- --------- ---------
Net interest income .............................................. $ 460,348 $(141,385) $ 318,963
========= ========= =========
</TABLE>
RESULTS OF OPERATIONS
The Company's net income for the three months ended March 31, 2000 was $37,147
or $.04 per share, compared to a loss of $147,600 or $.14 per share, for the
three months ended March 31,1999. The amount of the Company's provision for loan
losses in the quarter was $30,000 which was substantially less than the amount
of the provision in the first quarter of 1999. Since opening the bank in July
1998, management has sought to have an allowance for loan losses that was
adequate to cover the level of loss that management believed to be inherent in
the portfolio as a whole taking into account the relative size of the allowance
and the size of the Company's largest loans. In the third quarter of 1999,
management concluded that the allowance for loan losses was large enough to
allow for the risk of loss of one or two of the Company's largest loan while
maintaining a reserve allowance for the loan portfolio as a whole. Consequently,
the Company started in third quarter of 1999 making quarterly provisions that
were less than in prior quarters. As of March 31,2000, the reserve for loan
losses as a percent of total loans was 1.72%.
Non-interest income for the three months ended March 31, 2000 was $88,034,
compared to $58,057 for the three months ended March 31, 1999.
Non-interest expenses for the three months ended March 31, 2000 were $643,208,
compared to $379,148 for the three months ended March 31,1999. The increase of
$264,060 is mainly attributable to an increases in salaries and benefits,
occupancy cost and furniture and equipment expenses. These increases primarily
relate to expenses associated with the preparation of and opening of the bank's
first two branches and increase in administrative staff to support the growth.
LIQUIDITY
Liquidity is the ability to meet current and future obligations through
liquidation or maturity of existing assets or the acquisition of liabilities.
The Company manages both assets and liabilities to achieve appropriate levels of
liquidity. Cash and short-term investments are the Company's primary sources of
asset liquidity. These funds provide a cushion against short-term fluctuations
in cash flow from both deposits and loans. The investment portfolio is the
Company's principal source of secondary asset liquidity. However, the
availability of this source of funds is influenced by market conditions.
Individual and commercial deposits and borrowings from the Federal Home Loan
Bank are the Company's primary source of funds for credit activities. The
Company also has a $3 million line of credit with the Bankers Bank of Atlanta.
Management believes that the Company's liquidity sources are adequate to meet
its operating needs.
9
<PAGE>
LOANS
Commercial financial and agricultural loans made up 26 percent of the total loan
portfolio as of March 31, 2000, totaling $13.0 million. Loans secured by real
estate for construction and land development totaled $2.7 million or 6 percent
of the total loan portfolio while all other loans secured by real estate totaled
$32.3 million or 64 percent of the total loan portfolio as of March 31, 2000.
Installment loans and other consumer loans to individuals comprised $2.2 or 4
percent of the total loan portfolio. The allowance for loan losses was 1.72
percent of loans as of March 31, 2000 compared to 1.90 percent as of December
31, 1999. In management's opinion, the allowance for loan losses is adequate. At
March 31, the Company had no loans that were 90 days or more past due or
non-accruing.
CAPITAL RESOURCES
The capital base for the Company increased by $25,547 for the first three months
of 2000, due to operating income and unrealized losses on available for sale
securities. On March 17, 2000, the Company announced plans to repurchase up to
100,000 shares of its common stock. Any repurchase will have the effect of
reducing the Company's equity capital by the amount paid. The Company's equity
to asset ratio was 14.9 percent as of March 31, 2000 compared to 17.6 percent as
of December 31, 1999.
The Federal Deposit Insurance Corporation has established risk-based capital
requirements for banks. As of March 31, 2000, the Company's subsidiary bank
exceeds the capital requirement levels that are to be maintained.
Capital Ratios
<TABLE>
<CAPTION>
Well Capitalized Adequately Capitalized
Actual Requirement Requirement
------ ----------- -----------
Amount Ratio Amount Ratio Amount Ratio
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Total capital to risk weighted assets .............. $10,376 24.48% $ 4,238 10.00% $ 3,390 8.00%
Tier 1 capital to risk weighted assets ............. 9,846 23.23 2,503 6.00 1,695 4.00
Tier 1 capital to average assets ................... 9,846 16.72 2,945 5.00 2,356 4.00
</TABLE>
IMPACT OF INFLATION
Unlike most industrial companies, the assets and liabilities of financial
institutions such as the Company are primarily monetary in nature. Therefore,
interest rates have a more significant impact on the Company's performance than
do the effects of changes in the general rate of inflation and changes in
prices. In addition, interest rates do not necessarily move in the same
magnitude as the prices of goods and services. As discussed previously,
management seeks to manage the relationships between interest sensitive assets
and liabilities in order to protect against wide rate fluctuations, including
those resulting from inflation.
10
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K.
a) Exhibits
Exhibit No.
From Item 601 of
Regulation S-B Description
-------------- -----------
27 Financial Data Schedule
b) Reports on form 8-K. None.
11
<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.
Southcoast Financial Corporation
--------------------------------
Registrant
May 15, 2000 s/L. Wayne Pearson
Date:--------------- By:----------------------------------------------
L. Wayne Pearson
President and Chief Executive Officer
May 15, 2000 s/Robert M. Scott
Date:--------------- By:----------------------------------------------
Robert M. Scott
Executive Vice President and Chief Financial
Officer
12
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
27 Financial Data Schedule
13
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited Consolidated Balance Sheet at March 31, 2000 and the unaudited
Consolidated Statement of Income for the three months ended March 31, 2000 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-2000
<CASH> 1,948
<INT-BEARING-DEPOSITS> 2,456
<FED-FUNDS-SOLD> 2,250
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,103
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 50,221
<ALLOWANCE> 865
<TOTAL-ASSETS> 65,544
<DEPOSITS> 45,885
<SHORT-TERM> 4,500
<LIABILITIES-OTHER> 612
<LONG-TERM> 4,800
0
0
<COMMON> 10,520
<OTHER-SE> (774)
<TOTAL-LIABILITIES-AND-EQUITY> 65,544
<INTEREST-LOAN> 1,170
<INTEREST-INVEST> 58
<INTEREST-OTHER> 17
<INTEREST-TOTAL> 1,244
<INTEREST-DEPOSIT> 498
<INTEREST-EXPENSE> 603
<INTEREST-INCOME-NET> 641
<LOAN-LOSSES> 30
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 643
<INCOME-PRETAX> 56
<INCOME-PRE-EXTRAORDINARY> 37
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 37
<EPS-BASIC> 0.04
<EPS-DILUTED> 0.04
<YIELD-ACTUAL> 4.56
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 835
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 865
<ALLOWANCE-DOMESTIC> 865
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
