QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
_____________
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended March 31, 1996
or
[ ] 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 2-78658
INTRUST Financial Corporation
-----------------------------
(Exact name of registrant as specified in its charter)
Kansas 48-0937376
------ ----------
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification Number)
105 North Main Street 67201
Box One -----
Wichita, Kansas (Zip Code)
---------------
(Address of principal
executive offices) (316) 383-1111
--------------
(Registrant's
telephone number)
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. X Yes No
At April 7, 1996, there were 2,342,600 shares of the registrant's common
stock, par value $5 per share, outstanding.
<PAGE>
Part 1. Financial Information
INTRUST Financial Corporation
Consolidated Condensed Balance Sheets
(Unaudited)
(Dollars in thousands except per share data)
March 31, December 31,
Assets 1996 1995
- ----------------------------------------------------------------------------
Cash and cash equivalents:
Cash and due from banks $ 82,633 $ 102,963
Federal funds sold and securities purchased
under agreements to resell 126,475 112,020
- ----------------------------------------------------------------------------
Total cash and cash equivalents 209,108 214,983
- ----------------------------------------------------------------------------
Investment securities:
Held-to maturity (market value, $350,536
for 1996 and $321,141 for 1995) 347,911 315,430
Available-for-sale, at market 1,899 1,923
Equity, at cost 2,915 2,893
- ----------------------------------------------------------------------------
Total investment securities 352,725 320,246
- ----------------------------------------------------------------------------
Loans, net of unearned discount 1,058,404 1,063,277
Less: Allowance for loan losses 25,826 25,892
- ----------------------------------------------------------------------------
Net loans 1,032,578 1,037,385
- ----------------------------------------------------------------------------
Land, buildings and equipment, net 28,064 28,684
Other assets 65,937 65,686
- ----------------------------------------------------------------------------
Total assets $1,688,412 $1,666,984
- --------------------------------------------------==========================
Liabilities and Stockholders' Equity
- ----------------------------------------------------------------------------
Deposits $1,374,603 $1,367,141
Short-term borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 116,883 107,775
Other 8,489 10,038
- ----------------------------------------------------------------------------
Total short-term borrowings 125,372 117,813
- ----------------------------------------------------------------------------
Accounts payable and accrued liabilities 18,516 14,703
Notes payable 20,310 20,310
Convertible capital notes 11,825 11,854
- ----------------------------------------------------------------------------
Total liabilities 1,550,626 1,531,821
- ----------------------------------------------------------------------------
Stockholders' equity:
Common stock, $5 par value; 10,000,000 shares
authorized, 2,400,000 shares issued 12,000 12,000
Capital surplus 12,000 12,000
Retained earnings 117,508 114,235
Treasury stock, at cost (71,880 shares in
1996 and 61,770 shares in 1995) (3,782) (3,156)
Unrealized securities gains, net of tax 60 84
- ----------------------------------------------------------------------------
Total stockholders' equity 137,786 135,163
- ----------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,688,412 $1,666,984
- --------------------------------------------------==========================
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Condensed Statements of Income
(Unaudited - Dollars In Thousands Except per Share Data)
Three Months Ended
March 31,
------------------
1996 1995
- ---------------------------------------------------------------------------
Interest income:
Loans $25,930 $24,529
Investment securities 5,176 4,199
Federal funds sold and securities purchased under
agreements to resell, and other 1,889 1,165
- ---------------------------------------------------------------------------
Total interest income 32,995 29,893
- ---------------------------------------------------------------------------
Interest expense:
Deposits 11,767 10,403
Federal funds purchased and securities sold under
agreement to repurchase 1,659 998
Convertible capital notes 269 270
Other borrowings 429 699
- ---------------------------------------------------------------------------
Total interest expense 14,124 12,370
- ---------------------------------------------------------------------------
Net interest income 18,871 17,523
Provision for loan losses 4,015 2,281
- ---------------------------------------------------------------------------
Net interest income after provision for loan losses 14,856 15,242
- ---------------------------------------------------------------------------
Noninterest income:
Service charges on deposit accounts 2,247 2,235
Trust department fees 1,396 1,469
Credit card fees 2,689 2,655
Other service charges, fees and income 1,996 1,880
- ---------------------------------------------------------------------------
Total noninterest income 8,328 8,239
- ---------------------------------------------------------------------------
Noninterest expenses:
Salaries and employee benefits 7,810 7,510
Net occupancy and equipment expense 2,086 2,072
Data processing expense 856 1,141
Supplies 450 813
Deposit insurance assessment 85 709
Postage and dispatch 597 678
Advertising and promotional activities 1,260 835
Goodwill amortization 399 399
Other 3,259 3,138
- ---------------------------------------------------------------------------
Total noninterest expenses 16,802 17,295
- ---------------------------------------------------------------------------
Income before provision for income taxes 6,382 6,186
Provision for income taxes 2,525 2,340
- ---------------------------------------------------------------------------
Net income $ 3,857 $ 3,846
- -----------------------------------------------------------================
Per share data:
Net income - assuming no dilution $1.65 $1.63
Net income - assuming full dilution $1.48 $1.46
Cash Dividends $0.25 $0.25
The accompanying notes are an integral part of these
consolidated financial statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands of dollars)
Three Months Ended
March 31,
------------------
1996 1995
- ---------------------------------------------------------------------------
Cash provided (absorbed) by operating activities:
Net Income $3,857 $ 3,846
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 4,015 2,281
Provision for depreciation and amortization 1,734 1,722
Amortization of premium and accretion of discount on
investment securities 104 304
Changes in assets and liabilities:
Loans held for sale 2,118 129
Prepaid expenses and other assets (237) (2,031)
Income taxes 2,467 2,323
Interest receivable (596) (195)
Interest payable 1,948 2,509
Other liabilities (603) (99)
Other 13 (68)
- ---------------------------------------------------------------------------
Net cash provided by operating activities 14,820 10,721
- ---------------------------------------------------------------------------
Cash provided (absorbed) by investing activities:
Purchase of investment securities (71,385) (71,114)
Investment securities matured or called 38,781 46,611
Net (increase) decrease in loans (2,189) 28,944
Purchases of land, buildings and equipment (531) (693)
Proceeds from sale of equipment 4 2
Proceeds from sale of other real estate and
repossessions 915 600
Other (71) (47)
- ---------------------------------------------------------------------------
Net cash provided (absorbed) by investing activities (34,476) 4,303
- ---------------------------------------------------------------------------
Cash provided (absorbed) by financing activities:
Net increase in deposits 7,462 25,271
Net increase in short-term borrowings 7,559 9,603
Retirement of convertible capital notes (29) 0
Cash dividends (585) (590)
Purchase of treasury stock (626) (978)
- ---------------------------------------------------------------------------
Net cash provided by financing activities 13,781 33,306
- ---------------------------------------------------------------------------
Increase (Decrease) in cash and cash equivalents (5,875) 48,330
Cash and cash equivalents at beginning of period 214,983 114,889
- ---------------------------------------------------------------------------
Cash and cash equivalents at end of period $209,108 $163,219
- ----------------------------------------------------------=================
Supplemental disclosures
Interest paid $12,176 $9,861
Income tax paid $58 $ 17
The accompanying notes are an integral part of these
consolidated financial statements.
<PAGE>
INTRUST Financial Corporation
Notes to Consolidated Financial Statements
(Unaudited)
1. PRINCIPLES OF CONSOLIDATION AND PRESENTATION
The accompanying consolidated financial statements include the accounts of
INTRUST Financial Corporation and subsidiaries. All significant
intercompany accounts and transactions have been eliminated. In the
opinion of management, the consolidated financial statements reflect all
normal recurring adjustments necessary for a fair presentation of the
financial position and results of operations for the periods presented.
The significant accounting policies followed in the preparation of the
quarterly financial statements are the same as those disclosed in the 1995
INTRUST Financial Corporation Annual Report on Form 10-K. Reference is
made to the "Notes to Consolidated Financial Statements" under Item 8 of
the 1995 Form 10-K for additional disclosure.
2. LOANS
As of May 6, 1996, Paul Seymour, Jr., a director of the Company was indebted to
INTRUST Bank, N.A. in the principal amount of $4,610,595 and $254,197 for
personal and business loans, respectively. Petitions under Chapter 11 of the
United States Bankruptcy Code were filed in December 1990 in the United States
Bankruptcy Court for the District of Kansas by Paul A. Seymour, Jr., an
individual and by Arrowhead Petroleum, Inc., a corporation. Mr. Seymour's
personal bankruptcy was dismissed December 27, 1995. Arrowhead's bankruptcy was
dismissed March 20, 1996. The personal loans of Mr. Seymour are not included in
nonperforming loans since payments are current and the loans are fully
collateralized. The business loans are included in the nonperforming loans total
since interest payments are past due.
3. ALLOWANCE FOR LOAN LOSSES
The following is a summary of the allowance for loan losses for the three
months ended March 31, 1996 and 1995 (in thousands):
1996 1995
------- -------
Balance, January 1 $25,892 $19,886
-
Additions:
Provision for loan losses 4,015 2,281
------- -------
29,907 22,167
Deductions:
Loans charged off 4,830 2,448
Less recoveries on loans
previously charged off 749 784
Net loan losses 4,081 1,664
------- -------
Balance, March 31 $25,826 $20,503
======= =======
The Company adopted Statement of Financial Accounting Standards ("SFAS") No.
114, "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118
"Accounting by Creditors for Impairment of a Loan - Income Recognition and
Disclosures," as of January 1, 1995. SFAS No. 114 requires that certain impaired
loans be measured based on the present value of expected future cash flows
discounted at the loan's original effective interest rate. As a practical
expedient, impairment may be measured based on the loan's observable market
price or the fair value of the collateral if the loan is collateral dependent.
When the measure of the impaired loan is less than the recorded investment in
the loan, the impairment is recorded through a valuation allowance.
The Company had previously measured the allowance for loan losses using methods
similar to those prescribed in SFAS No. 114. As a result of adopting these
statements, no additional allowance for loan losses was required as of January
1, 1995.
Less than 1% of the Company's total loan portfolio meet the criteria defined in
SFAS Nos. 114 and 118 for classification as an impaired loan. The Company
maintained a valuation allowance of $342,000 at March 31, 1996 related to loans
considered impaired. Interest income on this classification of loans has been
recorded by the Company in a manner consistent with its income recognition
policies on other loans. Such amount of interest income is not material to the
Company's financial statements.
4. EARNINGS PER SHARE CALCULATIONS
Net income per share, assuming no dilution, is computed based upon the
weighted average number of shares outstanding. Net income per share,
assuming full dilution, is computed based upon the assumption that the 9%
convertible subordinated capital notes had been converted into common stock
as of the beginning of each respective period presented with related
adjustments to interest and income tax expense. The weighted average
number of shares outstanding for the three months ended March 31, 1996 and
1995 were 2,332,267 and 2,352,496 respectively.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Unaudited consolidated net income of INTRUST Financial Corporation for the three
months ended March 31, 1996 was $3,857,000, essentially unchanged from the same
period of the prior year. While quarterly earnings were flat when compared to
1995, the Company was able to achieve a modest increase in earnings per share
even though it's 1996 first quarter provision for loan losses increased 76%, or
$1,734,000, over that recognized during the first quarter of 1995.
NET INTEREST INCOME. First quarter net interest income amounts have increased
$1,348,000, or 7.7% over the comparable 1995 period. This increase is
principally volume related. Average interest-earning assets in the first quarter
have increased 9.1% over the comparable period of 1995, with the December, 1995
acquisition of the First National Bank of Ottawa accounting for approximately
2.9% of this total increase.
The Company's interest spread during the first quarter has continued to
experience modest compression. Yields on average interest-earning assets have
increased 9 basis points over first quarter 1995 levels, while the funding costs
of interest-bearing liabilities have increased 19 basis points. The Company
continues to experience competitive pricing pressures on both its loan and
deposit products. In addition, customers continue to move funds out of
non-interest bearing products into interest-bearing instruments. Non-interest
bearing deposits totaled 20.5% of total deposits in the first quarter of 1995,
compared to 19.7% in 1996. While total asset growth has been good, loan growth
has progressed at a somewhat slower pace. The year-over-year increase in total
loans has been 2.4%, with loans comprising 68% of average interest-earning
assets during the first quarter of 1996, as compared to 73% during the
comparable period of 1995.
Loans, as a percentage of deposits, were 77% at March 31, 1996 compared to
77.8% at December 31, 1995.
PROVISION FOR LOAN LOSSES. The provision for loan losses for the three month
period ended March 31, 1996 was $4,015,000 compared to a provision of $2,281,000
for the corresponding period of the preceding year. As noted in previous
filings, the Company's loan loss provision has been impacted by losses arising
from national credit card solicitation programs entered into in 1993 and 1994.
Losses on these accounts have significantly exceeded the Company's previous
experience in credit card lending. Net credit card charge-offs during the first
quarter of 1996 totaled $4,100,000 as compared to 1995 losses during a similar
period of $1,833,000. The Company does not foresee a substantial decline in the
level of net credit card charge-offs in 1996, and does not believe that 1996's
provision for loan losses will be reduced significantly from 1995 amounts.
Summary of Loan Loss Experience
March 31,
1996 1995
- ---------------------------------------------------------------------------
Amount of loans at period-end $1,058,689 $1,026,603
- -----------------------------------------------------======================
YTD Average loans outstanding $1,049,532 $1,025,193
- -----------------------------------------------------======================
Beginning balance of allowance for loan losses $25,892 $19,886
Loans charged-off
Commercial, Financial and Agricultural 51 28
Real Estate-Mortgage 0 134
Credit Card 4,375 2,077
Installment 404 210
- ---------------------------------------------------------------------------
Total loans charged off 4,830 2,449
- ---------------------------------------------------------------------------
Recoveries on charge-offs
Commercial, Financial and Agricultural 396 476
Real Estate-Mortgage 5 5
Credit Card 275 244
Installment 73 60
- ---------------------------------------------------------------------------
Total recoveries 749 785
- ---------------------------------------------------------------------------
Net loans charged off 4,081 1,664
Provision charged to expense 4,015 2,281
- ---------------------------------------------------------------------------
Ending balance of allowance for loan losses $25,826 $20,503
- --------------------------------------------------------===================
Net charge-offs/average loans 0.39% 0.16%
- --------------------------------------------------------===================
Allowance for loan losses/loans at period-end 2.44% 2.00%
- --------------------------------------------------------===================
The accompanying table summarizes, by type, the Company's outstanding loans.
Installment loans are principally comprised of loans secured by automobiles.
March 31, 1996 December 31, 1995
- -----------------------------------------------------------------------------
Percent Percent
of of
Amount Total Amount Total
- -----------------------------------------------------------------------------
Commercial, Financial and
Agricultural $ 410,006 38.7% $ 416,428 39.2%
Real Estate-Construction 30,734 2.9 25,491 2.4
Real Estate-Mortgage 193,322 18.3 189,375 17.8
Installment, excluding credit card 260,469 24.6 259,047 24.3
Credit card 164,158 15.5 173,270 16.3
- -----------------------------------------------------------------------------
Total $1,058,689 100.0% $1,063,611 100.0%
- ---------------------------------------======================================
Loans considered risk elements, as presented in the following table, totaled
.96% of total loans at March 31, 1996 compared to .88% at December 31, 1995.
During 1995, the Company substantially increased its allowance for loan losses,
in recognition of the increasing level of credit card charge-offs. While the
Company expects the rate of increase in credit card charge-offs to moderate, it
is expected that charge-offs will continue at historically high levels through
1996. As a result, the Company's allowance for loan losses at March 31, 1996 was
little-changed from 12/31/95. The allowance for loan losses at both March 31,
1996 and December 31, 1995 was 2.4% of total loans (net of unearned discount).
Management will continue to actively review the activity in its loan portfolio
to ensure that the provision for loan losses and resultant allowance for loan
losses remain adequate to appropriately address the credit risk existing in the
portfolio.
March 31, December 31,
1996 1995
- --------------------------------------------------------------------------
Loan Categories
Nonaccrual Loans $ 5,499 $3,988
Past Due 90 days or more 4,648 5,383
Restructured Loans 0 0
- --------------------------------------------------------------------------
Total $10,147 $9,371
- --------------------------------------------------========================
LIQUIDITY AND CAPITAL RESOURCES. Consolidated liquidity remained strong at March
31, 1996. The average maturity of United States government and agency securities
in the investment portfolio was 1 year and 11 months, and the average maturity
of municipal securities was 4 years and 7 months.
The Company has thoroughly reviewed its investment security portfolio and has
determined that at March 31, 1996, it has the ability and intent to hold all
securities in the portfolio that have been classified as held-to-maturity. The
Company believes the regularly scheduled maturities of those securities
presently held in its investment portfolio, along with other funding
alternatives, such as the securitization of credit card receivables, provide
sufficient liquidity to meet depositors' needs and make available lendable funds
within its service area.
The Company's capital position substantially exceeds regulatory capital
requirements. The Company must maintain a minimum ratio of total capital to
risk-weighted assets of 8%, of which at least 4% must qualify as Tier 1 capital.
At March 31, 1996, the Company's total capital to risk-weighted assets ratio was
10.88% and its Tier 1 capital to risk-weighted assets ratio was 9.04%.
In addition to the aforementioned regulatory requirements, each of the Company's
subsidiary banks met all capital ratios required at the individual bank level.
OTHER INCOME AND OTHER EXPENSE. Noninterest income increased $89,000 or 1.1%
over prior year levels. Service charges on deposit accounts recognized during
the quarter ended March 31, 1996 have not changed appreciably from the same
period of 1995, as there have not been significant year-over-year changes in the
volumes of those accounts that typically carry a service charge. Other sources
of noninterest income have experienced little change as trust assets under
management and credit card volumes have not grown substantially, resulting in no
growth in trust fee revenue or credit card fees. It is anticipated that credit
card fee income will continue to decline as competitive pressures result in
reductions in annual fee income.
Noninterest expenses have declined 2.8%, or $493,000 from the comparable first
quarter prior year period. Reductions in data processing expense, supplies costs
and deposit insurance assessment exceeded increases in salaries and employee
benefits and advertising and promotional activities.
First quarter employment expenses increased $300,000, or 4%, over those of
the comparable period in 1995. $180,000 of this increase is attributable
to staffing costs at new locations. At March 31, 1996 the Company had 875
full-time equivalent employees, compared to 883 at March 31, 1995.
Occupancy and equipment expenses did not change significantly from levels
recognized during the corresponding period of 1995. As noted in previous
filings, the Company anticipated that its conversion to another data
processor, when combined with certain technology investments, would result
in lesser data processing expense in 1996. First quarter results are
consistent with that projection. During 1995, the Company paid $1,638,000
in deposit insurance assessment. That amount could be reduced
substantially in 1996, depending on the outcome of legislative action on
the recapitalization of the Savings Association Insurance Fund (SAIF). At
present assessment levels, the Company's 1996 deposit insurance costs would
probably be approximately $350,000. However, should Congress elect to
impose a special one-time assessment to recapitalize SAIF, the Company
anticipates it could incur a charge of between $800,000 and $900,000.
Prospective assessments depend on the Congressional resolution of the
funding of the deposit insurance funds and underlying debt instruments.
Advertising and promotional activities have increased in 1996, as the
Company has engaged in a new media campaign, and has also done some limited test
marketing of credit card products.
NEW ACCOUNTING STANDARDS. Statement of Financial Accounting Standards No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of" is effective for fiscal years beginning after
December 15, 1995. The Company adopted this Statement in 1995.
Statement of Financial Accounting Standards No. 122, "Accounting for
Mortgage Servicing Rights" amends Statement of Financial Accounting
Standards No. 65, "Accounting for Certain Mortgage Banking Activities" to
eliminate the accounting distinction between purchased mortgage servicing
rights and originated mortgage servicing rights. The provisions of
Statement No. 122 are effective for fiscal years beginning after December
15, 1995. The adoption of Statement No. 122 did not have a material impact
on its financial statements.
Statement of Financial Accounting Standards No. 123, "Accounting for
Stock-based Compensation", establishes financial accounting and reporting
standards for stock-based employee compensation and is effective for
transactions entered into in fiscal years that begin after December 15,
1995. The Company has elected to measure compensation costs for its stock
option plan using the intrinsic value based method of accounting prescribed
by APB Opinion No. 25, "Accounting for Stock Issued to Employees".
<PAGE>
PART 2. OTHER INFORMATION
Item 6(b). Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No. Description
27 Financial Data Schedule
(b) There were no reports on Form 8-K filed during the
quarter for which this report is filed.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
INTRUST Financial Corporation
Date: May 14, 1996 By: /s/ C.Q. Chandler IV
C. Q. Chandler IV --------------------
President
(Principal Executive Officer)
Date: May 14, 1996 By: /s/ Jay L. Smith
Jay L. Smith ----------------
Chief Financial Officer
(Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Number Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 82,633
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 126,475
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,899
<INVESTMENTS-CARRYING> 350,826
<INVESTMENTS-MARKET> 355,350
<LOANS> 1,032,578
<ALLOWANCE> 25,826
<TOTAL-ASSETS> 1,688,412
<DEPOSITS> 1,374,603
<SHORT-TERM> 125,372
<LIABILITIES-OTHER> 18,516
<LONG-TERM> 32,135
0
0
<COMMON> 12,000
<OTHER-SE> 125,786
<TOTAL-LIABILITIES-AND-EQUITY> 1,688,412
<INTEREST-LOAN> 25,930
<INTEREST-INVEST> 5,176
<INTEREST-OTHER> 1,889
<INTEREST-TOTAL> 32,995
<INTEREST-DEPOSIT> 11,767
<INTEREST-EXPENSE> 14,124
<INTEREST-INCOME-NET> 18,871
<LOAN-LOSSES> 4,015
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 16,802
<INCOME-PRETAX> 6,382
<INCOME-PRE-EXTRAORDINARY> 3,857
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,857
<EPS-PRIMARY> 1.65
<EPS-DILUTED> 1.48
<YIELD-ACTUAL> 0.00
<LOANS-NON> 5,499
<LOANS-PAST> 4,648
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 25,892
<CHARGE-OFFS> 4,830
<RECOVERIES> 749
<ALLOWANCE-CLOSE> 25,826
<ALLOWANCE-DOMESTIC> 25,826
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
