U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996
Commission File Number 33-67254
COMMERCIAL BANKSHARES, INC.
(Exact name of Registrant as specified in its charter)
FLORIDA 65-0050176
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1550 S.W. 57th Avenue, Miami, Florida 33144
(Address of principal executive offices) (Zip Code)
(305) 267-1200
(Registrant's Telephone Number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
CLASS OUTSTANDING AT August 8, 1996
COMMON STOCK, $.08 PAR VALUE 3,193,810 SHARES
<PAGE>
T A B L E O F C O N T E N T S
PART I Item 1. Financial Statements 1
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 7
PART II Item 6. Exhibits and Reports on Form 8-K 11
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
COMMERCIAL BANKSHARES, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 1996, and December 31, 1995
(In Thousands, Except Share Data)
(Unaudited)
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
Assets:
Cash and due from banks $ 14,160 $ 13,148
Federal funds sold 5,222 7,399
Total cash and cash equivalents 19,382 20,547
Investment securities available for sale
(at aggregate fair value) 83,642 86,081
Investment securities held to maturity
(aggregate market value of $126,172
in 1996 and $194,758 in 1995) 126,306 137,322
Loans, net 104,834 88,568
Premises and equipment, net 10,221 10,438
Accrued interest receivable 2,821 3,114
Goodwill 1,240 7,478
Other assets 3,540 369
Total assets $351,986 $353,917
Liabilities and stockholders' equity:
Deposits:
Demand 52,405 48,995
Savings 26,220 27,903
Interest-bearing checking 44,539 51,882
Money market accounts 39,438 39,970
Time 124,877 131,164
Total deposits 287,479 299,914
Securities sold under agreements to repurchase 25,917 13,238
Accounts payable and accrued liabilities 1,455 1,541
Accrued interest payable 666 813
Total liabilities 315,517 315,506
Stockholders' equity:
Common stock, $.08 par value, 6,250,000
authorized shares, 3,193,810 issued and
outstanding (3,189,810 in 1995) 256 255
Additional paid-in surplus 28,625 28,583
Retained earnings 6,117 8,594
Unrealized holding gain on securities
available for sale, net of tax 1,471 979
Total stockholders' equity 36,469 38,411
Total liabilities and stockholders' equity $351,986 $353,917
<FN>
See accompanying notes<PAGE>
</TABLE>
<TABLE>
COMMERCIAL BANKSHARES, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
for the three months ended June 30, 1996 and 1995
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
Interest income:
Interest and fees on loans $ 2,307 $ 1,735
Interest on investment securities 3,373 3,973
Interest on federal funds sold 126 102
Total interest income 5,806 5,810
Interest expense:
Interest on deposits 2,134 2,594
Interest on securities sold under
agreements to repurchase 268 139
Total interest expense 2,402 2,733
Net interest income 3,404 3,077
Provision for loan losses 230 -
Net interest income after provision for loan losses 3,174 3,077
Other income:
Service charges on deposit accounts 418 425
Other fees and service charges 114 74
Security gains 217 -
Total other income 749 499
Other expenses:
Salaries and employee benefits 1,396 1,280
Occupancy expense 263 259
Professional fees 61 61
Furniture and equipment expense 205 189
Data processing 94 160
FDIC Insurance 86 164
Amortization of goodwill 156 152
Charge for goodwill impairment 5,926 -
Other 556 381
Total other expenses 8,743 2,646
Income (loss) before income taxes (4,820) 930
Provision for (benefit from) income taxes (1,898) 237
Net Income (Loss) ($2,922) $ 693
Earnings (loss) per common
and common equivalent share ($.91) $.22
Weighted average number of shares and common
equivalent shares 3,214,056 3,208,067
<FN>
See accompanying notes
<PAGE>
</TABLE>
<TABLE>
COMMERCIAL BANKSHARES, INC., AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
for the six months ended June 30, 1996 and 1995
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
Interest income:
Interest and fees on loans $ 4 420 $ 3,403
Interest on investment securities 6,807 7 848
Interest on federal funds sold 307 298
Total interest income 11,534 11,549
Interest expense:
Interest on deposits 4,377 4,986
Interest on securities sold under
agreements to repurchase 451 261
Total interest expense 4,828 5,247
Net interest income 6,706 6,302
Provision for loan losses 230 -
Net interest income after provision for loan losses 6,476 6,302
Other income:
Service charges on deposit accounts 793 808
Other fees and service charges 210 162
Security gains 217 4
Total other income 1,220 974
Other expenses:
Salaries and employee benefits 2,781 2,504
Occupancy expense 526 532
Professional fees 130 121
Furniture and equipment expense 407 375
Data processing 285 283
FDIC Insurance 186 327
Amortization of goodwill 312 305
Charge for goodwill impairment 5,926 -
Other 929 908
Total other expenses 11,482 5,355
Income (loss) before income taxes (3,786) 1,921
Provision for (benefit from) income taxes (1,630) 492
Net Income (Loss) ($2,156) $1,429
Earnings (loss) per common
and common equivalent share ($.67) $.45
Weighted average number of shares and common
equivalent shares 3,213,521 3,207,246
<FN>
See accompanying notes<PAGE>
</TABLE>
<TABLE>
COMMERCIAL BANKSHARES, INC., AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1996 and 1995
(In Thousands)
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) ($ 2,156) $ 1,429
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Provision for loan losses 230 -
Impairment charge 5,926 -
Depreciation, amortization, and accretion, net 668 (326)
Gain on sale of investment securities (217) (4)
Change in accrued interest receivable 293 (1,217)
Change in accrued interest payable (147) 136
Change in accounts payable and accrued liabilities 97 (902)
Other, net (3,222) 512
Net cash provided by (used in) operating
activities 1,472 (372)
Cash flows from investing activities:
Proceeds from maturities of investment securities
held to maturity 20,990 4,532
Proceeds from maturities of investment securities
available for sale 17,000 -
Proceeds from sales of investment securities
available for sale 13,181 47,867
Purchases of investment securities available
for sale (27,112) (44,603)
Purchases of investment securities held
to maturity (10,061) (22,139)
Net change in loans (16,467) (2,213)
Purchases of premises and equipment (134) (1,240)
Net cash used in investing activities (2,603) (17,796)
Cash flows from financing activities:
Net change in demand, savings, interest-bearing
checking, money market, and time deposit accts (12,435) (1,471)
Net change in securities sold under agreements
to repurchase 12,679 46
Dividends paid (321) -
Proceeds from issuance of stock 43 -
Net cash provided by (used in) financing
activities (34) (1,425)
Decrease in cash and cash equivalents (1,165) (19,593)
Cash and cash equivalents at beginning of period 20,547 44,458
Cash and cash equivalents at end of period $ 19,382 $ 24,865
Supplemental disclosures:
Interest paid $ 779 $ 1,014
Income taxes paid $ 550 $ 571
<FN>
See accompanying notes<PAGE>
</TABLE>
COMMERCIAL BANKSHARES, INC., AND SUBSIDIARY
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited consolidated financial statements, which are for
interim periods, do not include all disclosures provided in the annual
consolidated financial statements. These financial statements and the footnotes
thereto should be read in conjunction with the annual financial statements for
the years ended December 31, 1995 and 1994, for Commercial Bankshares, Inc. (the
"Company").
All material intercompany balances and transactions have been eliminated.
2. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments necessary for a fair
presentation of the financial statements. The results of operations for the
three- and six-month periods ended June 30, 1996, are not necessarily indicative
of the results to be expected for the full year.
3. CHARGE FOR GOODWILL IMPAIRMENT
On October 28, 1994, the Company acquired five branches of the former Carteret
Federal Savings Bank (the "Carteret Branches") from the Resolution Trust
Corporation ("RTC"). The Company purchased $437,000 of assets, assumed $114
million of deposits, and received cash of approximately $107 million, net of a
"premium" paid of approximately $6.7 million. This premium was recorded as
goodwill as of the date of the acquisition. The Company's policy is to amortize
goodwill on a straight line basis over 15 years and to periodically evaluate
whether events or circumstances have occurred that would result in impairment in
the value or life of goodwill, based on historical and future earnings and cash
flow projections.
Since the date of acquisition, the Carteret Branches have not performed to
levels anticipated at the time of the acquisition, primarily reflecting: (1)
significant deposit attrition; (2) fixed operating expenses in excess of planned
levels; and (3) a low percentage of interest-earning assets invested in loans.
The Company's initial bid price of $6.7 million was based on the deposit base of
the Carteret Branches of $131 million. This deposit base, which consisted
principally of certificates of deposit, has steadily decreased to a level of
$81 million as of June 30, 1996. The operating expenses related to the
Carteret Branches have also exceeded plan levels, specifically in the areas
of data processing (reflecting the unexpected costs of conversion), per-
sonnel, and advertising (reflecting the costs associated with attempting to
limit deposit attrition). Finally, branch profitability has also been
adversely impacted by the Company's low percentage of interest-earning assets
invested in loans (23% of average deposits) versus investment securities (74% of
average deposits). The funds acquired from the RTC were not immediately
needed to fund loans; thus the new monies were invested in lower-yielding
securities.
During the second quarter of 1996 and as a result of the conditions described
above, the Company determined that goodwill associated with the Carteret
Branches was totally impaired, thus necessitating a full write-off of the
remaining balance of approximately $5.9 million. In determining the impair-
ment, management evaluated recoverability of goodwill based on forecasts of
earnings and cash flows, relative to the Carteret Branches, over the expected
remaining benefit period of 14 years. These forecasts, which represent
management's best estimate of the future, project continued losses and
negative cash flows through 1999 and aggregate undiscounted positive cash
flows of approximately $1.1 million. The Company measured impairment based
on discounted cash flows, using a discount rate reflecting the Company's
long-term risk-free rate of return.
4. PER SHARE DATA
Earnings per share have been computed by dividing net income by the weighted
average number of common shares and dilutive common share equivalents outstand-
ing. Common share equivalents for 1996 and 1995 include the effect of all
outstanding stock options, using the treasury stock method.
5. NEWLY ISSUED ACCOUNTING STANDARDS
Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation," became effective for years beginning after December 15, 1995.
This pronouncement encourages, but does not require, companies to recognize
compensation expense for grants of stock, stock options, and other equity
instruments to employees based on the new fair value accounting rules.
Additional disclosures are required under the new pronouncement, regardless of
which method is used to measure compensation. Company management has decided
not to adopt the new fair value rules; therefore FAS 123 will have no impact
on the financial statements.
6. EXCHANGE OF STOCK IN PRIME BANK
During the second quarter, as the result of a merger, the Company's common stock
in Prime Bank was exchanged for common stock of SouthTrust Corporation, result-
ing in a write-up of the investment, per Financial Accounting Standards No. 115,
"Accounting for Certain Investments in Debt and Equity Securities," to
$1,998,000. The investment is categorized as "available for sale"; therefore,
fluctuations in the market value are recorded as unrealized gains/losses in a
separate component of stockholders' equity. The effect on stockholders' equity
of the SouthTrust/Prime Bank merger was an increase of $1.52 million, net of
tax.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company's net loss reported for the quarter ended June 30, 1996, was
approximately $2,922,000 or $.91 per share, compared to net income reported for
the quarter ended June 30, 1995, of approximately $693,000 or $.22 per share.
The loss for the second quarter of 1996 is related to a one-time non-cash charge
of $3.73 million, net of tax, for the impairment of goodwill. During the second
quarter, the Company evaluated the appropriateness of continuing to carry
goodwill from the 1994 acquisition of five branches of Carteret Federal Savings
from the Resolution Trust Corporation. These branches have experienced
significant deposit attrition and have been unable to earn reasonable returns.
After analysis, including undiscounted cash flows for each branch over the
remaining life of the asset, and discounted cash flows using the company's risk-
free rate of return, management concluded that the carrying value of the good-
will could not be justified. Therefore, goodwill of $5.93 million was
charged to income and eliminated from the Company's balance sheet. Refer to
Note 3 to the consolidated condensed financial statements for additional
information regarding the goodwill impairment charge.
The Company's net interest income before the allowance for loan losses increased
by $327,000 or 10.6% in June 1996 from the corresponding quarter in 1995.
Growth in the loan portfolio resulted in an improved interest spread, thus con-
tributing to the rise in net interest income. The net interest margin in-
creased from 3.87% for the second quarter of 1995 to 4.51% for the correspon-
ding quarter in 1996, or 64 basis points.
FDIC insurance expense decreased for the second quarter of 1996 from the same
period in 1995 by $78,000 or 48%. This decrease was a result of an adjustment
to the FDIC insurance premium rate in September 1995, when the Bank Insurance
Fund (BIF) became fully funded. The current BIF premium is a flat annual fee of
$2,000; the premium for the second quarter of 1995 was $.0575 per $100 in
deposits. Premiums for the Savings Association Insurance Fund (SAIF) were
unchanged from the second quarter of 1995 to the second quarter of 1996, at
$.0575 per $100 in deposits.
Company management continually reviews and evaluates the allowance for loan
losses. Based on the nature of the loan portfolio and prevailing economic
factors, the Company believes that the allowance for loan losses at June 30,
1996, was sufficient to absorb potential losses in the loan portfolio. In
evaluating the adequacy of the allowance for loan losses, management considers
the results of its methodology, along with other factors such as the amount of
non-performing loans and the economic conditions affecting the Company's markets
and customers.
<PAGE>
The following table sets forth an analysis of the activity in the Company's
allowance for loan losses for the periods indicated:
<TABLE>
<CAPTION>
At June 30 At December 31
1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Average net loans
outstanding during
the period $96,388 $75,163 $65,694 $50,937 $48,005 $43,514
Total net loans at
period end $104,834 $88,568 $70,594 $55,416 $51,178 $46,527
Beginning balance
of allowance for
loan losses $ 1,199 $ 1,305 $ 1,002 $ 1,003 $ 968 $ 997
Loans charged-off:
Commercial & financial 55 182 26 39 487 369
Real estate mortgage 63 60 52 166 53 145
Credit cards - 5 2 1 83 5
Installment & and other 12 54 28 16 10 27
Total loans charged-off 130 301 108 222 633 546
Recoveries of loans
previously charged-off:
Commercial & financial 2 95 365 46 16 130
Real estate mortgage 2 - 1 27 8 15
Credit cards - 9 8 9 29 21
Installment and other 2 11 34 15 21 39
Total recoveries 6 115 408 97 74 205
Net loans charged-off
(recoveries) 124 186 (300) 125 559 341
Provisions for loan losses 230 80 3 124 532 312
Addition to reserve for
acquired loans - - - - 62 -
Balance at period end $ 1,305 $ 1,199 $ 1,305 $ 1,002 $ 1,003 $ 968
Net charge-offs
(recoveries) during
period to average
net loans .13% .25% (.46%) .25% 1.16% .78%
Allowance as a percentage of
non-performing loans 237.27% 261.79% 247.16% 177.03% 87.60% 83.23%
</TABLE>
The allowance for loan losses was approximately $1,305,000 (or 1.23% of total
loans) at June 30, 1996, as compared with $1,199,000 (or 1.34% of total loans)
at year end 1995. The Company actively pursues collection of past due loans.
There are no known loan industry concentrations. Virtually all loans are within
the Company's markets in Dade and Broward counties.
<PAGE>
The Company's non-performing assets are presented for the dates indicated below:
<TABLE>
<CAPTION>
At June 30 At December 31
1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Non-accrual loans:
Commercial & financial $ 30 $ - $ - $ - $ - $ -
Real estate mortgage 62 458 528 566 1,058 984
Total non-accrual loans 92 458 528 566 1,058 984
Accruing loans
contractually past due
90 days or more - - - - 87 179
Total non-performing
loans 92 458 528 566 1,145 1,163
Other real estate owned 458 - - 197 242 325
Total non-performing
assets $ 550 $ 458 $ 528 $ 763 $1,387 $1,488
Total non-performing
assets to total assets .16% .13% .15% .29% .51% .96%
</TABLE>
The Company had three non-accrual loans of $91,850 at June 30, 1996. No
interest income was recognized on the non-accrual loans to date in 1996 or in
1995. If these loans were on full accrual, additional interest income of
approximately $4,400 and $56,000 would have been recorded during 1996 and 1995,
respectively. One property with a value of $458,244 was held in other real
estate owned at June 30, 1996.
Based on these factors and the status of the loan portfolio, management believes
the allowance for loan losses is adequate.
LIQUIDITY AND CAPITAL RESOURCES
The source of the Company's liquidity is funds generated by the operations of
Commercial Bank of Florida ("the Bank"), its totally owned subsidiary. For
banks, liquidity represents the ability to meet both loan commitments and
withdrawals of deposited funds. Funds to meet these needs can be obtained by
converting liquid assets to cash or by attracting new deposits or other sources
of funding. Many factors affect a bank's ability to meet liquidity needs. The
Bank's principal sources of funds are deposits, repurchase agreements, payments
on loans, paydowns and maturities on investments and investments available for
sale, and capital contributions by the Company. The available-for-sale
investment security portfolio is $83.6 million. Gross loans at June 30, 1996,
of $106.1 million increased by $16.3 million, or 18.2% over the year-end 1995
level.
Cash and cash equivalents decreased from $20.5 million at December 31, 1995, to
$19.4 million at June 30, 1996. This decrease was primarily a result of the
increase in the loan portfolio.
In accordance with risk based capital guidelines issued by the Federal Reserve
Board, the Company is required to maintain a minimum ratio of total capital to
weighted risk assets of 8%. Additionally, all member banks must maintain "core"
or "Tier 1" capital of at least 3% of total assets ("leverage ratio"). Member
banks operating at or near the 3% capital level are expected to have well
diversified risks, including no undue interest rate risk exposure, excellent
control systems, good earnings, high asset quality, high liquidity, and well
managed on- and off-balance sheet activities, and in general be considered
strong banking organizations with a composite 1 rating under the CAMEL rating
system of banks. For all but the most highly rated banks meeting the above
conditions, the minimum leverage ratio is to be 3% plus an additional 100 to 200
basis points. The Tier 1 Capital, Total Capital, and Leverage Ratios of the
Company were 21.72%, 22.56%, and 9.59%, respectively, as of June 30, 1996.
Note 6 to the Financial Statements discusses the effect on the Company's
stockholders' equity of the exchange of common stock in Prime Bank for common
stock in SouthTrust Corporation resulting from a merger of those corporations.<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 11. Statement re computation of earnings per share.
All other exhibits are omitted because they are not applicable.
(b) Reports on Form 8-K. No report on Form 8-K was filed during the quarter
ended June 30, 1996.
<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.
Commercial Bankshares, Inc.
(Registrant)
/s/ Barbara E. Reed
Senior Vice President &
Treasurer
Date: August 8, 1996
<PAGE>
Exhibit 11
COMPUTATION OF EARNINGS (LOSS)
PER COMMON AND COMMON EQUIVALENT SHARE
The computation of earnings (loss) per common and common equivalent share is as
follows:
<TABLE>
<CAPTION>
Three Months Ended
June 30,
1996 1995
<S> <C> <C>
Net income (loss)(in thousands) ($2,922) $ 693
Weighted average number of shares and
equivalent shares:
Weighted average shares outstanding..... 3,192,244 3,179,810
Common stock equivalents from potential
dilutive exercise of stock options.... 21,812 28,257
Total shares included in computation of
earnings per share.................... 3,214,056 3,208,067
Earnings (loss) per common and common equivalent
share: ($.91) $.22
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1996 1995
<S> <C> <C>
Net income (loss)(in thousands) ($2,156) $1,429
Weighted average number of shares and
equivalent shares:
Weighted average shares outstanding..... 3,191,398 3,179,810
Common stock equivalents from potential
dilutive exercise of stock options.... 22,123 27,436
Total shares included in computation of
earnings per share.................... 3,213,521 3,207,246
Earnings (loss) per common and common equivalent share: ($.67) $.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 13,810
<INT-BEARING-DEPOSITS> 350
<FED-FUNDS-SOLD> 5,222
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 83,642
<INVESTMENTS-CARRYING> 126,306
<INVESTMENTS-MARKET> 126,172
<LOANS> 106,139
<ALLOWANCE> 1,305
<TOTAL-ASSETS> 351,986
<DEPOSITS> 287,479
<SHORT-TERM> 25,917
<LIABILITIES-OTHER> 2,121
<LONG-TERM> 0
0
0
<COMMON> 256
<OTHER-SE> 36,213
<TOTAL-LIABILITIES-AND-EQUITY> 351,986
<INTEREST-LOAN> 4,420
<INTEREST-INVEST> 6,807
<INTEREST-OTHER> 307
<INTEREST-TOTAL> 11,534
<INTEREST-DEPOSIT> 4,377
<INTEREST-EXPENSE> 4,828
<INTEREST-INCOME-NET> 6,706
<LOAN-LOSSES> 230
<SECURITIES-GAINS> 217
<EXPENSE-OTHER> 11,482
<INCOME-PRETAX> (3,786)
<INCOME-PRE-EXTRAORDINARY> (2,156)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,156)
<EPS-PRIMARY> (.67)
<EPS-DILUTED> (.67)
<YIELD-ACTUAL> 4.20
<LOANS-NON> 92
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,199
<CHARGE-OFFS> 130
<RECOVERIES> 6
<ALLOWANCE-CLOSE> 1,305
<ALLOWANCE-DOMESTIC> 1,305
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
