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, 1997
------------------------------------------
[ ] 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 -- 1,534,486 Shares Outstanding
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements.
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY
June 30, December 31,
ASSETS 1997 1996
------ ------------ ------------
<S> <C> <C>
Cash and due from banks $13,038,145 $8,411,810
Federal funds sold 12,382,875 8,491,655
------------ ------------
Cash and cash equivalents 25,421,020 16,903,465
Securities available for sale 43,457,811 43,757,815
Securities held to maturity 19,458,033 19,689,343
Net loans and leases 163,002,229 155,522,625
Bank premises and equipment 7,331,758 7,151,876
Accrued interest receivable 3,301,244 3,401,339
Prepayments and other assets 1,310,530 2,147,073
Other real estate owned 62,477 218,901
------------ ------------
TOTAL ASSETS $263,345,102 $248,792,437
============ ============
LIABILITIES
-----------
Deposits
Non-interest bearing balances $34,833,143 $30,479,710
Interest bearing balances 190,361,640 182,206,625
------------ ------------
225,194,783 212,686,335
Other borrowed funds 2,276,530 1,846,814
Accrued taxes 257,792 113,041
Accrued interest on deposits 1,933,273 1,684,906
Accrued profit sharing expense 122,061 158,699
Other liabilities 431,396 415,240
------------ ------------
TOTAL LIABILITIES 230,215,835 216,905,035
------------ ------------
STOCKHOLDERS' EQUITY
--------------------
Common Stock, $1.00 par; authorized
10,000,000 shares; 1,534,486 and 1,532,220
shares issued and outstanding, respectively 1,534,486 1,532,220
Capital Surplus 5,956,644 5,895,046
Retained Earnings 25,495,787 24,278,237
Unrealized gains on securities 142,350 181,899
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 33,129,267 31,887,402
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $263,345,102 $248,792,437
============ ============
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY
For Three Months Ended For Six Months Ended
June 30, June 30,
---------------------- ----------------------
1997 1996 1997 1996
---- ---- ---- ----
INTEREST INCOME:
<S> <C> <C> <C> <C>
Loans, including
fees $4,421,416 $4,297,459 $8,644,092 $8,515,927
Investment
securities 954,401 923,600 1,888,330 1,782,353
Deposits 0 0 0 1,823
Federal funds sold 201,463 134,778 338,518 287,571
---------- ---------- ---------- ----------
5,577,280 5,355,837 10,870,940 10,587,674
INTEREST EXPENSE:
Interest on deposits:
NOW accounts 92,094 99,688 185,961 207,593
Savings and MMDA 179,952 183,696 355,579 378,921
Time 1,988,507 1,891,667 3,896,522 3,784,913
Borrowed funds 32,480 29,905 60,859 52,478
---------- ---------- ---------- ----------
2,293,033 2,204,956 4,498,921 4,423,905
---------- ---------- ---------- ----------
NET INTEREST INCOME 3,284,247 3,150,881 6,372,019 6,163,769
Loan loss provision 105,000 153,000 180,000 253,000
---------- ---------- ---------- ----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 3,179,247 2,997,881 6,192,019 5,910,769
---------- ---------- ---------- ----------
OTHER INCOME:
Service charges on
deposit accounts 409,575 380,374 789,569 720,687
Other service
charges and fees 81,241 77,286 173,917 168,588
Security gains
(losses) (24,253) (100,293) (30,816) (100,616)
Other 211,094 142,587 227,476 170,675
---------- ---------- ---------- ----------
677,657 499,954 1,160,146 959,334
---------- ---------- ---------- ----------
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITED)
For Three Months Ended For Six Months Ended
June 30, June 30,
---------------------- ----------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
OTHER EXPENSES:
Salaries and
employee benefits 1,084,398 1,039,669 2,121,794 2,058,738
Occupancy, net 180,463 204,416 366,241 418,256
Furniture and
equipment 174,577 186,970 344,100 359,073
Advertising and
public relations 109,634 99,158 240,208 191,578
Other operating 396,469 354,553 717,179 666,118
---------- ---------- ---------- ----------
1,945,541 1,884,766 3,789,522 3,693,763
---------- ---------- ---------- ----------
Income before
income taxes $1,911,363 $1,613,069 $3,562,643 $3,176,340
Applicable income
taxes 640,369 572,788 1,241,054 1,148,277
---------- ---------- ---------- ----------
NET INCOME $1,270,994 $1,040,281 $2,321,589 $2,028,063
========== ========== ========== ==========
PER SHARE DATA:
Net income per
share $0.83 $0.69 $1.51 $1.33
Dividends per share $0.36 $0.32 $0.72 $0.64
Number of shares 1,533,328 1,515,845 1,532,798 1,519,350
========== ========== ========== ==========
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
<CAPTION>
STATEMENT OF STOCKHOLDER'S EQUITY
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITED)
For the Six Months Ended June 30, 1997
Unrealized
Gains/<Losses>
Common Capital Retained on Securities Total
Stock Surplus Earnings Net of Taxes
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, December 31,
1996 $1,532,220 $5,895,046 $24,278,237 $181,899 $31,887,402
Net Income 2,321,589 2,321,589
Cash Dividends
($0.72 per share) (1,104,039) (1,104,039)
Common Stock Issued 2,266 61,598 63,864
Change in unrealized
gains <losses> on
securities, net of tax (39,549) (39,549)
---------- ---------- ----------- ----------- -----------
Balance,
June 30, 1997 $1,534,486 $5,956,644 $25,495,787 $142,350 $33,129,267
========== ========== =========== =========== ===========
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARY (UNAUDITED)
For Six Months Ended
June 30,
1997 1996
---- ----
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income $2,321,589 $2,028,063
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
Provision for loan losses 180,000 253,000
Depreciation of premises and equipment 349,197 354,822
Amortization and accretion of investment
securities, net 104,892 120,657
Security (gains) losses, net 30,816 100,616
Gains from sale of other real estate (18,947) (3,166)
Increase in interest receivable 100,023 (97,397)
Increase in prepaid expenses (39,629) (80,329)
Increase (decrease) in other assets 18,716 (31,929)
Increase (decrease) in accrued interest payable 272,597 (59,672)
Increase in accrued taxes 144,750 114,118
Increase (decrease) in other liabilities (35,906) (58,828)
----------- -----------
Net Cash From Operating Activities 3,428,098 2,639,955
Cash Flows for Investing Activities:
Proceeds from maturity of investment
securities 18,466,613 7,734,325
Proceeds from sale of investment securities 1,500,000 11,967,501
Proceeds from sale of other real estate 175,372 17,166
Purchase of investment securities (18,753,029) (24,097,106)
Decrease in interest bearing deposits 0 100,000
Net increase in loans (7,668,411) (7,433,310)
Principal payments received under leases 0 0
Capital expenditures (529,079) (280,276)
Other real estate acquired, net 0 2,800
----------- -----------
Net Cash Used by Investing Activities (6,808,534) (11,988,900)
Cash Flows From Financing Activities:
Net increase in deposits 12,508,449 6,977,284
Cash dividends paid (1,104,039) (970,137)
Proceeds from issuance of common stock 63,864 103,450
Payments to repurchase shares 0 (761,484)
Proceeds from borrowings 500,000 670,809
Borrowings repaid (70,284) (70,088)
----------- -----------
Net Cash From Financing Activities 11,897,990 5,949,834
----------- -----------
Net Increase in Cash and Cash Equivalents 8,517,554 (3,399,111)
Cash and Cash Equivalents at Beginning of Period 16,903,466 18,999,167
----------- ------------
Cash and Cash Equivalents at End of Period $25,421,020 $15,600,056
=========== ============
</TABLE>
<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-K
for the year ending December 31, 1996, which report was filed with the
Securities and Exchange Commission on or about March 30, 1997.
(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. Cash and cash equivalents increased $8,517.6
thousand as of the end of the second quarter in 1997 due to an excess
of deposit growth over loan demand and management's decision to delay
investment activity due to the current interest rate environment.
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
Marketable investment securities, particularly those of short
maturities, are the principal source of asset liquidity. Securities
maturing in one year or less amounted to $11,216,579 at June 30,
1997, representing 17.8 percent of the investment securities portfolio
as compared to the 23.8 percent level of one year earlier. Management
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.
Other sources of liquidity include maturing loans and federal funds
sold.
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 frame-
work that is sensitive to differences in risk profiles among banks.
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
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
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. Banking
institutions are expected to maintain 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 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, 1997 and December 31, 1996.
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
------------ ------------
(in thousands of dollars)
<S> <C> <C>
Tier I Capital to Risk-Weighted Assets:
Tier I capital 32,984 31,703
Risk-weighted assets 182,094 172,614
Tier I capital to risk-weighted assets 18.11% 18.37%
Regulatory requirement 4.00% 4.00%
Total Capital to Risk-Weighted Assets:
Total capital (Tier I plus Tier II) 35,263 33,863
Risk-weighted assets 182,094 172,614
Total capital to risk-weighted assets 19.37% 19.62%
Regulatory requirement 8.00% 8.00%
Tier I Capital to Total Assets (Leverage Ratio)
Tier I capital 32,984 31,703
Total assets 263,345 248,792
Tier I capital to total assets 12.53% 12.74%
Regulatory requirement 3.00% 3.00%
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
Effective April 18, 1996, the Board of Directors declared a five-
for-one stock split of the common stock effected in the form of a stock
dividend to shareholders of record on July 1, 1996. The aggregate par
value of the additional shares($1,214,072) was transferred from
retained earnings to the common stock account.
(c) Results of Operations
Net income of the registrant was $2,321,589 in the first six
months of 1997. This amounted to an increase of $293,526, or 14.5
percent, compared to the first six months of 1996. Net income was
higher, as compared to the same period last year, largely due to
increased net interest income. Net interest income increased mainly
because of significant growth in income earned on investment securities
and loans, including fees. This growth more than offset the rise in
interest expense, which resulted primarily from an increase in interest
paid on time deposits over the six months ended June 1996. Other income
for the first six months showed an increase from the same period last
year primarily due to an increase in other service charges, fees and
miscellaneous income. However, this was moderately offset by the
increase in total other expenses which was primarily the result of
increased advertising and public relations and other operating costs.
Salaries and employee benefits were slightly higher than in June 1996.
Net interest income, the largest component of earnings for the
registrant, is the difference between income earned on loans and
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
investments and interest paid on deposits and other sources of funds.
The net interest income of the registrant for the six month period
ending June 30, 1997 increased by $208,250, or 3.4 percent, as
compared to the same period in 1996, 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 increased by $386,303 or 12.2 percent as
compared to the same period from the prior year. The increase in
applicable income taxes was $92,777, or 8.1 percent.
On a per share basis, net income was $1.51 per share based on
1,532,798 shares for the first six months of 1997 as compared to $1.33
per share on 1,519,350 shares for the first six months of 1996. All
per share figures have been restated to reflect the increased number of
common shares resulting from the 1996 stock split.
Non-performing assets at December 31, 1996 included $218.9 thousand
in other real estate owned, $449.5 thousand in non-accrual loans, and
$190.7 thousand in loans past due ninety days or more as to interest or
principal payment. Additionally, there were no restructured loans at
year-end. At June 30, 1997, the corresponding figures were $62.5
thousand in other real estate owned, $543.2 thousand in non-accrual
loans, 223.3 thousand in loans past due ninety days or more, and no loans
restructured. The Company has identified those loans which it deems to
be impaired and has computed allowances which management believes to be
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
sufficient for those loans. Although there was a slight increase in
nonaccrual loans from December 31, 1996, the allowance for loan losses
totaling $2,537.8 thousand is deemed sufficient by management to cover
potential losses in the loan portfolio.
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>
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 17, 1997. 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 17, 1997, 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 Bill Yancey
W. Gary Harrison
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
adoption of the First Pulaski National Corporation 1997 Stock Option
Plan. Of the 1,252,110 shares represented in person or by proxy, the
vote was 1,228,960 for, 2,050 against, and 21,100 abstaining.
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 4. Submission of Matters to a Vote of Security Holders (Continued)
Also brought to a vote was the election of Putman and Hancock,
Certified Public Accountants, as external auditors for the ensuing
year. This matter was also passed with votes of 1,249,700 for, 1,560
against, and 850 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 1997.
<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 14, 1997 /s/ Robert M. Curry
---------------- ---------------------------------------
Robert M. Curry, Chairman of the Board
and Chief Executive Officer
Date: August 14, 1997 /s/ Glen Lamar
---------------- ---------------------------------------
Glen Lamar, Secretary/Treasurer
<PAGE>
INDEX TO EXHIBITS FOR THE FIRST PULASKI NATIONAL CORPORATION
------------------------------------------------------------
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1997
------------------------------------------------
(11) Statement regarding computation of per share earnings
(27) Financial Data Schedules
<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, 1997, 1,532,798 shares were used
in the computation; 1,519,350 shares were used in the computation for
the quarter ended June 30, 1996. These per share figures have been
restated to reflect the increased number of common shares resulting
from the 1996 stock split.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S 10-Q FOR PERIOD ENDING JUNE 30, 1997 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-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 13,038,145
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 12,382,875
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 43,457,811
<INVESTMENTS-CARRYING> 19,458,033
<INVESTMENTS-MARKET> 19,539,676
<LOANS> 165,539,999
<ALLOWANCE> 2,537,770
<TOTAL-ASSETS> 263,345,102
<DEPOSITS> 225,194,783
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,744,522
<LONG-TERM> 2,276,530
0
0
<COMMON> 1,534,486
<OTHER-SE> 31,594,781
<TOTAL-LIABILITIES-AND-EQUITY> 263,345,102
<INTEREST-LOAN> 8,644,092
<INTEREST-INVEST> 1,888,330
<INTEREST-OTHER> 338,518
<INTEREST-TOTAL> 10,870,940
<INTEREST-DEPOSIT> 4,438,062
<INTEREST-EXPENSE> 4,498,921
<INTEREST-INCOME-NET> 6,372,019
<LOAN-LOSSES> 180,000
<SECURITIES-GAINS> (30,816)
<EXPENSE-OTHER> 3,789,522
<INCOME-PRETAX> 3,562,643
<INCOME-PRE-EXTRAORDINARY> 2,321,589
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,321,589
<EPS-PRIMARY> 1.51
<EPS-DILUTED> 1.51
<YIELD-ACTUAL> 2.67
<LOANS-NON> 543,184
<LOANS-PAST> 223,271
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,380,700
<CHARGE-OFFS> 289,425
<RECOVERIES> 266,495
<ALLOWANCE-CLOSE> 2,537,770
<ALLOWANCE-DOMESTIC> 2,537,770
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
