FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
------------------------------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------------------- --------------------
Commission File Number 0-10974
-------
FIRST PULASKI NATIONAL CORPORATION
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee 62-1110294
------------------------------------------------------------------------
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
206 South First Street, Pulaski, Tennessee 38478
------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: 615-363-2585
---------------------
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 .
------- -------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by this
report:
Common Stock, $1.00 par value -- 305,633 Shares Outstanding
PAGE 1 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements.
<TABLE>
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY
<CAPTION>
June 30, December 31,
1995 1994
------------ ------------
<S> <C> <C>
ASSETS
------
Cash and due from banks $11,134,967 $8,783,095
Federal funds sold 18,288,597 1,525,929
------------ ------------
Cash and cash equivalents 29,423,564 10,309,024
Securities available for sale 40,372,725 47,012,477
Securities held to maturity 13,253,479 15,446,504
Net loans and leases 144,048,285 134,346,992
Bank premises and equipment 7,311,066 7,035,901
Accrued interest receivable 2,983,028 2,347,930
Prepayments and other assets 2,163,641 2,417,617
Other real estate owned 178,060 185,570
------------ ------------
TOTAL ASSETS $239,733,848 $219,102,015
============ ============
LIABILITIES
-----------
Deposits
Non-interest bearing balances $28,143,286 $26,374,760
Interest bearing balances 179,399,577 163,294,365
------------ ------------
207,542,863 189,669,125
Other borrowed funds 1,118,032 1,160,584
Accrued taxes 156,648 58,434
Accrued interest on deposits 1,399,732 969,657
Accrued profit sharing expense 110,825 111,234
Other liabilities 447,580 83,955
------------ ------------
TOTAL LIABILITIES 210,775,680 192,052,989
------------ ------------
STOCKHOLDERS' EQUITY
--------------------
Common Stock, $1.00 par; authorized 1,800,000
shares; 305,633 and 304,910 shares issued
and outstanding, respectively 305,633 304,910
Capital Surplus 5,812,213 5,720,392
Retained Earnings 22,796,097 21,869,084
Unrealized gains (losses) on securities 44,225 (845,360)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 28,958,168 27,049,026
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $239,733,848 $219,102,015
============ ============
</TABLE>
PAGE 2 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY
<CAPTION>
For Three Months Ended For Six Months Ended
June 30, June 30,
---------------------- ---------------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME:
Loans, including
fees $3,935,317 $3,052,466 $7,457,596 $5,948,503
Investment
securities 774,738 1,037,599 1,674,755 2,002,337
Deposits 0 3,049 0 16,615
Federal funds sold 245,038 102,600 388,302 196,042
---------- ---------- --------- ---------
4,955,093 4,195,714 9,520,653 8,163,497
INTEREST EXPENSE:
Interest on deposits:
NOW accounts 199,019 149,120 319,385 267,945
Savings and MMDA 175,747 203,315 379,916 402,004
Time 1,751,134 1,103,929 3,232,822 2,135,362
Notes payable 16,844 2,933 34,003 5,898
--------- ---------- --------- ---------
2,142,744 1,459,297 3,966,126 2,811,209
--------- ---------- --------- ---------
NET INTEREST INCOME 2,812,349 2,736,417 5,554,527 5,352,288
Loan loss provision 38,185 30,000 79,622 60,000
--------- ---------- --------- ---------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 2,774,164 2,706,417 5,474,905 5,292,288
--------- ---------- --------- ---------
OTHER INCOME:
Service charges on
deposit accounts 364,185 340,271 688,803 681,617
Other service
charges and fees 106,903 119,666 214,967 212,311
Security gains
(losses) 4,300 (92,407) 4,300 (87,139)
Other 158,500 128,700 219,366 141,637
---------- ---------- ---------- ---------
633,888 496,230 1,127,436 948,426
---------- ---------- --------- ---------
PAGE 3 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITED)
For Three Months Ended For Six Months Ended
June 30, June 30,
---------------------- ---------------------
1995 1994 1995 1994
---- ---- ---- ----
OTHER EXPENSES:
Salaries and
employee benefits 1,012,048 885,842 1,955,582 1,753,323
Occupancy, net 185,256 163,149 400,870 320,009
Furniture and
equipment 183,587 107,509 356,806 212,590
Advertising and
public relations 134,759 134,417 262,101 225,412
Other operating 465,156 296,171 915,940 675,346
--------- ---------- --------- ---------
1,980,806 1,587,088 3,891,299 3,186,680
---------- ---------- --------- ---------
Income before
income taxes $1,427,246 $1,615,559 $2,711,042 $3,054,034
Applicable income
taxes 471,178 540,844 944,351 1,060,389
---------- ---------- --------- ---------
NET INCOME $956,068 $1,074,715 $1,766,691 $1,993,645
========== ========== --------- ---------
PER SHARE DATA:
Net income per
share $3.13 $3.57 $5.79 $6.64
Dividends per share $1.50 $1.25 $2.75 $2.50
Number of shares 305,197 300,765 305,083 300,285
========== ========== ========== =========
</TABLE>
PAGE 4 OF 17 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
STOCKHOLDER'S EQUITY
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITE
<CAPTION>
For the Six Months Ended June 30, 1995
Unrealized
Gains/<Losses>
Common Capital Retained on Securities
Stock Surplus Earnings net of Taxes Total
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance,
Dec 31, 1994 $304,910 $5,720,392 $21,869,084 ($845,360) $27,049,026
Net Income 1,766,691 1,766,691
Cash Dividends (839,678) (839,678)
($2.75 per share)
Proceeds from
Issuance of
Additional
Stock 723 91,821 92,544
Change in
unrealized gains
<losses> on
securities,
net of tax 889,585 889,585
------- ---------- ----------- -------- -----------
Balance, June 30,
1995 $305,633 $5,812,213 $22,796,097 $44,225 $28,958,168
========= ========== =========== ========== ===========
</TABLE>
PAGE 5 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITED)
<CAPTION>
For Six Months Ende
June 30,
1995 1994
---- ----
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income $1,766,691 $918,930
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
Provision for loan losses 79,622 30,000
Depreciation of premises and equipment 378,274 104,096
Amortization and accretion of investment
securities, net 214,347 96,908
Security gains, net (4,300) (5,268)
(Increase) in interest receivable (635,099) (209,988)
Increase in prepaid expenses (173,719) (148,232)
Increase in other assets (30,577) (4,490)
Increase in accrued interest payable 430,075 23,917
Increase in accrued taxes 98,213 403,838
Increase (decrease) in other liabilities 377,867 (66,037)
----------- -----------
Net Cash From Operating Activities 2,501,394 1,143,674
Cash Flows for Investing Activities:
Proceeds from maturity of investment
securities 16,808,326 7,404,553
Purchase of investment securities (6,837,739) (15,358,993)
Decrease in interest bearing deposits 250,075 0 0
Net increase in loans (9,795,586) (1,435,024)
Principal payments received under leases 23 11,858
Capital expenditures (653,438) (676,498)
Other real estate acquired, net 7,510 111,375
----------- -----------
Net Cash Used by Investing Activities (220,829) (9,942,729)
Cash Flows From Financing Activities:
Net increase in deposits 17,873,737 11,022,760
Cash dividends paid (839,678) (375,649)
Proceeds from issuance of common stock 92,544 216,640
Borrowings repaid (42,553) (2,082)
----------- -----------
Net Cash From Financing Activities 17,084,050 10,861,669
----------- -----------
Net Increase in Cash and Cash Equivalents 19,364,615 2,062,614
Cash and Cash Equivalents at Beginning of Period 10,058,949 19,727,146
----------- -----------
Cash and Cash Equivalents at End of Period $29,423,564 $21,789,760
=========== ===========
</TABLE>
PAGE 6 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
The interim financial statements furnished under this item reflect
all adjustments which are, in the opinion of management, necessary for
a fair presentation of the results of operations for the interim periods
presented. All such adjustments are of a normal recurring nature.
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations.
The following analysis should be read in conjunction with the
financial statements set forth in Part I, Item 1, immediately preceding
this section.
Reference is made to the report of the registrant on Form 10-KSB
for the year ending December 31, 1994, which report was filed with the
Securities and Exchange Commission on or about March 30, 1995.
(a) Liquidity
Liquidity has been defined as the ability to fund increases in
loan demand or to compensate for decreases in deposits and other
sources of funds, or both. Maintenance of adequate liquidity is an
essential component of the financial planning process. The objective
of asset/liability management is to provide an optimum balance of
safety, liquidity and earnings. The registrant seeks to generate
adequate cash flows to meet its needs without sacrificing income or
taking undue risks.
Marketable investment securities, particularly those of short
maturities, are the principal source of asset liquidity. Securities
maturing in one year or less amounted to $9,505,024 at June 30,
PAGE 7 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
1995, representing 17.7 percent of the investment securities portfolio
as compared to the 26.0 percent level of one year earlier. Other
sources of liquidity include maturing loans and federal funds sold,
which increased 10.4 million since June 1994 due to increased deposits.
The registrant knows of no unusual demands, commitments, or
events which could adversely impact the liquidity of the registrant.
(b) Capital Adequacy
The Federal Reserve Board, the Office of the Comptroller of the
Currency and the FDIC have issued risk-based capital guidelines for
U.S. banking organizations. These guidelines provide a uniform capital
framework that is sensitive to differences in risk profiles among
banking companies.
Under these guidelines, total capital consists of Tier I capital
(core capital, primarily stockholders' equity) and Tier II capital
(supplementary capital, including certain qualifying debt instruments
and the loan loss reserve). Assets are assigned risk weights ranging
from 0 percent to 100 percent depending on the level of credit risk
normally associated with such assets. Off-balance sheet items (such as
commitments to make loans) are also included in assets through the use
of conversion factors established by regulators and are assigned risk
weights in the same manner as on-balance sheet items. By the end of
1992, banking institutions were expected to achieve a Tier I capital to
risk-weighted assets ratio of at least 4.00 percent, a total capital
(Tier I plus Tier II) to total risk-weighted assets ratio of at least
PAGE 8 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
8.00 percent, and a Tier I capital to total assets ratio (leverage
ratio) of at least 3.00 percent. The following table sets out the
appropriate regulatory standards as well as First Pulaski National
Corporation's actual ratios at June 30, 1995 and December 31, 1994.
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
------------ ------------
(in thousands of dollars)
<S> <C> <C>
Tier I Capital to Risk-Weighted Assets:
Tier I capital 28,911 27,894
Risk-weighted assets 157,093 145,033
Tier I capital to risk-weighted assets 18.40% 19.23%
Regulatory requirement 4.00% 4.00%
Total Capital to Risk-Weighted Assets:
Total capital (Tier I plus Tier II) 30,875 29,707
Risk-weighted assets 157,093 145,033
Total capital to risk-weighted assets 19.65% 20.48%
Regulatory requirement 8.00% 8.00%
Tier I Capital to Total Assets (Leverage Ratio)
Tier I capital 28,911 27,894
Total assets 239,734 219,102
Tier I capital to total assets 12.06% 12.73%
Regulatory requirement 3.00% 3.00%
</TABLE>
(c) Results of Operations
Net income of the registrant amounted to $1,766,691 in the first
six months of 1995. This amounted to a decrease of $226,954, or
11.4 percent, compared to the first six months of 1994. The decrease
in net income resulted primarily because of significant increases in
other expenses despite an increase in net interest income, an increase
in other income and a slight decrease in applicable income taxes. The
increase in other expenses was mainly due to the added furniture and
PAGE 9 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
equipment costs, increased costs of advertising and public relations,
increased personnel costs and significant increases in other operating
costs as compared to the same period in 1994. The rise in net interest
income was largely due to an increase in interest earned on loans,
including fees. Other income was up through the first six months of
1995 as compared to the same period last year mainly because of
a slight gain on sale of securities(offsetting a loss through June last
year), an increase in miscellaneous other income and slight increases
in income from service charges on deposit accounts and other fees.
Net interest income, the largest component of earnings for the
registrant, is the difference between income earned on loans and
investments and interest paid on deposits and other sources of funds.
The net interest income of the registrant for the three month period
ending June 30, 1995 increased by $202,239, or 3.8 percent, as
compared to the same period of 1994, reflecting the fact that an
appropriate balance is being maintained between the company's interest
sensitive assets and interest sensitive liabilities to provide yields
appropriate to the risk and liquidity involved.
Income before taxes decreased by $342,992 or 11.2 percent as
compared to the same period from prior year. The decrease in
applicable income taxes was $116,038, or 10.9 percent.
On a per share basis, income was $5.79 per share based on 305,083
shares for the first six months of 1995 as compared to $6.64 per share
on 300,285 shares for the first six months of 1994.
PAGE 10 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
Non-performing assets at December 31, 1994 included $186 thousand
in other real estate owned, $272 thousand in non-accrual loans, and
$161 thousand in loans past due ninety days or more as to interest or
principal payment. Additionally, loans restructured but in compliance
with modified terms amounted to $29 thousand. At June 30, 1995, the
corresponding figures were $178 thousand in other real estate owned,
$226 thousand in non-accrual loans, $446 thousand in loans past due
ninety days or more, and $29 thousand in loans restructured but in
compliance with modified terms. The allowance for loan losses, $2,103
thousand ($2,024 thousand at December 31, 1994), is deemed sufficient
to cover potential losses in the loan portfolio.
On January 1 of 1994, the Company adopted Statement of Financial
Accounting Standards No. 115. As a result of the issuance and
adoption of this statement, management now classifies a majority of the
investment portfolio in the available-for-sale category and reports
these securities at fair value. Management does not anticipate the sale
of a material amount of investment securities classified as available-
for-sale in the forseeable future. However, these securities may be
sold in response to changes in interest rates, changes in prepayment
risk, the need to increase regulatory capital or asset/liability
strategy.
On January 1, 1995, the Company adopted FASB Statements No. 114 and
No. 118, both of which deal with accounting by creditors for impairment
PAGE 11 OF 16 PAGES
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
of loans. Statements No. 114 and No. 118 provide new rules for measuring
impairment losses on loans. As of the second quarter of 1995, the Company
has identified those loans which it deems to be impaired and has computed
allowances which management believes to be sufficient for those loans.
The adoption of these statements had no material effect on the earnings
or financial condition of the Company.
In the opinion of management, the registrant maintains a strong
financial position and is optimistic that trends as reflected in the
Form 10-Q will be sustained.
PAGE 12 OF 16 PAGES
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 1. Legal Proceedings.
The registrant and its subsidiary are involved, from time to time,
in ordinary routine litigation incidental to the banking business.
Neither the registrant nor its subsidiary is involved in any material
pending legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
(a) The annual meeting of the stockholders of the First Pulaski
National Corporation was held on April 20, 1995. All matters subject
to a vote of security holders were furnished to security holders with
sufficient advance notice as required.
(b) At the annual meeting of stockholders on April 20, 1995, the
following Directors were elected to one year terms of membership:
David E. Bagley R. M. Harwell
Johnny Bevill Morris Ed Harwell
James K. Blackburn, IV James Rand Hayes
Wade Boggs William R. Horne
James H. Butler Glen Lamar
Thomas L. Cardin D. Clayton Lee
Joyce F. Chaffin Kenneth R. Lowry
Parmenas Cox Beatrice J. McElroy
Robert M. Curry William A. McNairy
Gregory G. Dugger W. Harwell Murrey
Joe Dunnavant Stephen F. Speer
Charles D. Haney W. E. Walters
W. Gary Harrison Bill Yancey
All Members of the Board are elected to one year terms and the
members listed above constitute the full membership of the Board.
(c) Among matters brought to a vote of stockholders was the
election of Putman and Hancock, Certified Public Accountants, as
external auditors for the ensuing year. Of the 221,969 shares
represented in person or by proxy, the vote was 201,760 for, 0 against,
PAGE 13 OF 16 PAGES
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 4. Submission of Matters to a Vote of Security Holders (Continued)
and 40 abstaining.
Item 6. Exhibits and Reports on Form 8-K.
(a) Following the signature page of this report on Form 10-Q is
an Index of Exhibits listed according to the numbers assigned to such
exhibits as shown on Table II of Regulation S-K.
(b) No Form 8-K Reports were required to be filed during the
second quarter of 1995.
PAGE 14 OF 16 PAGES
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15 (d) 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.
FIRST PULASKI NATIONAL CORPORATION
Date: August 11, 1995 /s/ Robert M. Curry
---------------- ---------------------------------------
Robert M. Curry, Chairman of the Board
and Chief Executive Officer
Date: August 11, 1995 /s/ Glen Lamar
---------------- ---------------------------------------
Glen Lamar, Secretary/Treasurer
PAGE 15 OF 16 PAGES
<PAGE>
INDEX TO EXHIBITS FOR THE FIRST PULASKI NATIONAL CORPORATION
------------------------------------------------------------
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1995
------------------------------------------------
(11) Statement regarding computation of per share earnings
(27) Financial Data Schedules
PAGE 16 OF 16 PAGES
<PAGE>
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS OF
------------------------------------
FIRST PULASKI NATIONAL CORPORATION
----------------------------------
Computation of per share earnings relative to the common capital
stock of First Pulaski National Corporation is calculated by dividing
the net income of the registrant by the weighted average of the then
outstanding shares of common capital stock ($1.00 par value) during
the quarter.
For the quarter ended June 30, 1995, 305,083 shares were used
in the computation; 300,285 shares were used in the computation for the
quarter ended June 30, 1994.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S 10-Q FOR PERIOD ENDING JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND THE NOTES THERETO.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 11,134,967
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 18,288,597
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 40,372,725
<INVESTMENTS-CARRYING> 13,253,479
<INVESTMENTS-MARKET> 13,350,564
<LOANS> 146,151,630
<ALLOWANCE> 2,103,323
<TOTAL-ASSETS> 239,733,848
<DEPOSITS> 207,542,863
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,114,785
<LONG-TERM> 1,118,032
<COMMON> 305,633
0
0
<OTHER-SE> 28,652,535
<TOTAL-LIABILITIES-AND-EQUITY> 239,733,848
<INTEREST-LOAN> 7,457,596
<INTEREST-INVEST> 1,674,755
<INTEREST-OTHER> 388,302
<INTEREST-TOTAL> 9,520,653
<INTEREST-DEPOSIT> 3,932,123
<INTEREST-EXPENSE> 3,966,126
<INTEREST-INCOME-NET> 5,554,527
<LOAN-LOSSES> 79,622
<SECURITIES-GAINS> 4,300
<EXPENSE-OTHER> 3,891,299
<INCOME-PRETAX> 2,711,042
<INCOME-PRE-EXTRAORDINARY> 1,766,691
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,766,691
<EPS-PRIMARY> 5.78
<EPS-DILUTED> 5.78
<YIELD-ACTUAL> 2.96
<LOANS-NON> 226,298
<LOANS-PAST> 454,941
<LOANS-TROUBLED> 28,912
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,023,681
<CHARGE-OFFS> 104,594
<RECOVERIES> 104,614
<ALLOWANCE-CLOSE> 2,103,323
<ALLOWANCE-DOMESTIC> 2,103,323
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
