<PAGE> 1
FORM 10-Q SB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly report Under Section 13 or 15(d)
of the Securities and Exchange Act of 1934
For Quarter Ended: June 30, 1997
-----------------------------
Commission File Number: 0-13086
-----------------------------
FNB FINANCIAL SERVICES CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 56-1382275
- --------------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
incorporation of organization) Identification Number)
202 South Main Street, Reidsville, N.C. 27320
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
910-342-3346
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year,
if changed since last report)
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 and
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
----- -----
1,849,038 common shares were outstanding as of June 30, 1997, with a
par value of $1.00.
<PAGE> 2
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
INDEX
PART I FINANCIAL INFORMATION PAGE NUMBER
Item 1 Financial Statements
Consolidated Balance Sheet
June 30, 1997 and December 31, 1996 1
Consolidated Statement of Income
Three months and six months ended June 30, 1997 and 1996 2
Consolidated Statement of Changes in Shareholders Equity 3
June 30, 1997 and December 30, 1996
Regulatory Capital Ratio Requirement 4
Consolidated Statement of Cash Flows 5 - 6
Six months ended June 30, 1997 and 1996
Notes to Consolidated Financial Statements 7 - 12
Item 2 Management's Discussion and Analysis of Financial 13 - 14
Condition and Results of Operations
PART II OTHER INFORMATION
Item 3 Exhibits and reports on Form 8-K 15
Item 4 Submission of Matters to a Vote of Security Holders 16
2
<PAGE> 3
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Consolidated Balance Sheet
(In thousands)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
-------- --------
<S> <C> <C>
ASSETS
Cash and due from banks 8,857 6,467
Federal funds sold 5,370 0
-------- --------
Total cash and cash equivalents 14,227 6,467
Securities available for sale 41,863 51,929
Other equity securities 740 643
Loans 186,868 144,585
Less: Allowance for loan losses (1,868) (1,638)
-------- --------
Net Loans 185,000 142,947
Property and equipment, net 6,286 4,686
Intangible assets 719 766
Accrued income and other assets 2,483 2,358
-------- --------
Total Assets 251,318 209,796
======== ========
Liabilities and Shareholders Equity
Deposits
Noninterest bearing 26,102 21,914
Interest bearing:
Savings accounts 16,920 17,945
NOW accounts 18,288 18,352
MMI accounts 15,466 13,646
Other time accounts 143,059 107,523
-------- --------
Total deposits 219,835 179,380
Federal funds purchased and securities
sold under repurchase agreements 8,358 8,650
Accrued expenses and other liabilities 1,984 1,380
-------- --------
Total Liabilities 230,177 189,410
Shareholders Equity
Common stock, $1.00 par; authorized
3,000,000 shares; 1,849,038 shares
issued in 1997; 1,383,105 shares
issued in 1996 1,849 1,383
Paid in Capital 2,807 2,728
Net unrealized gain/(loss) on
securities available for sale 172 156
Retained earnings 16,313 16,119
-------- --------
Total Shareholders Equity 21,141 20,386
Total liabilities and
shareholders equity 251,318 209,796
======== ========
</TABLE>
1
<PAGE> 4
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Income
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
INTEREST INCOME 1997 1996 1997 1996
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Interest and fees on loans 4,120 2,980 7,514 5,742
Interest on federal funds sold 29 10 77 16
Interest and dividends on
investments:
U.S. Treasury securities 189 244 361 359
Federal Agency securities 489 419 960 935
State, County and Municipal securities 99 164 202 363
Other securities 13 8 24 31
--------- --------- --------- ---------
Total Interest Income 4,939 3,825 9,138 7,446
INTEREST EXPENSE
Interest on savings deposits 86 100 174 187
Interest on other time deposits 2,107 1,511 3,884 2,925
Interest on federal funds purchased,
borrowed funds, and securities sold
under agreement to repurchase 128 70 229 135
--------- --------- --------- ---------
Total Interest Expense 2,321 1,681 4,287 3,247
Net Interest Income 2,618 2,144 4,851 4,199
Provision for loan losses 150 101 230 202
--------- --------- --------- ---------
Net interest income after loan
loss provision 2,468 2,043 4,621 3,997
NONINTEREST INCOME
Deposit service charge 221 187 416 368
Insurance commissions 0 18 0 36
Net securities gains/(losses) 31 55 32 58
Net gain/(loss) on sale of assets 0 0 0 0
Unrealized gain/(loss) on mortgages 3 20 2 15
Other operating income 92 22 151 49
--------- --------- --------- ---------
Total noninterest income 347 302 601 526
NONINTEREST EXPENSE
Salaries and employee benefits 1,122 868 2,116 1,698
Net occupancy expense 129 84 247 160
Furniture and equipment expense 155 116 280 226
Insurance 15 8 24 17
Printing and supplies 67 46 121 91
Net loss on disposition of asset (7) 0 26 0
Other operating expense 405 351 747 697
--------- --------- --------- ---------
Total noninterest expense 1,886 1,473 3,561 2,889
Income Before Income Taxes 929 872 1,661 1,634
Applicable income taxes 312 269 538 488
--------- --------- --------- ---------
NET INCOME 617 603 1,123 1,146
========= ========= ========= =========
PER SHARE DATA
Net income $ 0.33 $ 0.33 $ 0.61 $ 0.62
Cash dividends $ 0.13 $ 0.11 $ 0.25 $ 0.22
Weighted average shares outstanding 1,848,238 1,839,589 1,846,787 1,837,211
</TABLE>
2
<PAGE> 5
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Changes in Shareholders Equity
(In thousands)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
------- -------
<S> <C> <C>
Common Stock
Balance at beginning of year 1,383 1,098
Stock dividend 462 275
Dividend reinvestment plan 3 0
Exercise of stock options 1 7
Employee stock awards 0 3
------- -------
Balance at end of year 1,849 1,383
Paid in Capital
Balance at beginning of year 2,728 2,580
Dividend reinvestment plan 68 60
Exercise of stock options 10 84
Employee stock awards 1 4
------- -------
Balance at end of year 2,807 2,728
Retained Earnings
Balance at beginning of year 16,119 14,837
Net income for year 1,123 2,410
Cash dividends (461) (848)
Stock dividend (462) (275)
Cash paid for fractional shares (6) (5)
------- -------
Balance at end of year 16,313 16,119
Net unrealized gains/(loss) on
securities held for sale 172 156
Total Shareholders Equity 21,141 20,386
======= =======
</TABLE>
3
<PAGE> 6
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Regulatory Capital Ratio Requirements
<TABLE>
<CAPTION>
Minimum Six Months Ended
Standard June 30, 1997
-------- -------------
<S> <C> <C>
Capital Adequacy - Risk Based
Tier 1 4.0% 10.23%
Total Capital 8.0% 11.20%
Leverage Ratio
Tier 1 4.0% 8.15%
</TABLE>
4
<PAGE> 7
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Cash Flows
(In thousands)
Increase/(Decrease) in Cash and Cash Equivalents:
<TABLE>
<CAPTION>
Six Months Ended
June 30, June 30,
1997 1996
------- -------
<S> <C> <C>
Cash flows from operating activities:
Interest received 9,093 6,769
Fees and commissions 995 686
Interest paid (4,109) (3,210)
Noninterest expense paid (3,356) (2,650)
Proceeds from loans sold 3,371 0
Income taxes paid (519) (727)
------- -------
Net cash provided/(used) by operating activities: 5,475 868
Cash flows from investing activities:
Acquisition, net of cash used 0 537
Proceeds from sale of securities 26,810 18,380
Proceeds from maturity of securities 8,517 3,601
Purchase of securities (24,325) (23,616)
Purchase of asset 0 (342)
Capital expenditure (1,982) (678)
(Increase)/Decrease in other real estate (28) 115
(Increase)/Decrease in overnight investments (5,370) 0
(Increase)/Decrease in net loans (47,388) (19,661)
------- -------
Net cash provided/(used) by investing activities: (43,766) (21,664)
Cash flows from financing activities:
Increase/(Decrease) in DDA, NOW, Savings 5,821 7,090
Increase/(Decrease) in time deposits 35,536 13,581
Increase/(Decrease) in repurchase agreements (292) 1,029
Increase/(Decrease) in long term debt 0 0
Proceeds from stock issuance 84 93
Dividends paid (462) (405)
Purchase of fractional shares (6) (6)
------- -------
Net cash provided/(used) by investing activities: 40,681 21,382
Net Increase/(Decrease) in cash equivalents 2,390 586
Cash and cash equivalents as of January 1 6,467 4,647
------- -------
Cash and cash equivalents as of June 30 8,857 5,233
======= =======
Noncash investing and financing activities none none
</TABLE>
5
<PAGE> 8
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Consolidated Statement of Cash Flows
(In thousands)
Reconciliation of net income to net cash provided by operating activities:
<TABLE>
<CAPTION>
Six Months Ended
June 30, June 30,
1997 1996
------ ------
<S> <C> <C>
Net Income 1,123 1,146
Adjustments to reconcile net income to cash:
Provision for loan loss 230 202
Depreciation 217 188
Accretion and amortization 132 127
(Gain)/Loss on sale of securities (32) (58)
(Gain)/Loss on sale of assets 24 38
(Gain)/Loss on sale mortgages (2) (7)
Proceeds from loans sold 3,371 0
(Increase)/Decrease in interest receivable (259) (303)
(Increase)/Decrease in prepaid expense (135) (17)
(Increase)/Decrease in accrued income (5) (2)
(Increase)/Decrease in miscellaneous assets 204 (122)
Increase/(Decrease) in taxes payable (19) (429)
Increase/(Decrease) in interest payable 178 37
Increase/(Decrease) in accrued expenses 52 7
Increase/(Decrease) in prepaid income 9 11
Increase/(Decrease) in miscellaneous liabilities 387 50
------ ------
Net cash provided by operations 5,475 868
</TABLE>
6
<PAGE> 9
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
for interim information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
Operating results for the three month period are not necessarily
indicative of the results that may be expected for the year ended
December 31, 1997.
2. On April 10, 1997 the Board of Directors declared a one-for-three split
of the common stock in the form of a 33 1/3% stock dividend to
shareholders of record on April 23, 1997 to be issued April 30, 1997.
As a result, $461,790 ($1.00 for each share issued pursuant to the
stock split) was transferred from retained earnings to the common stock
account. Cash was paid in lieu of fractional shares from retained
earnings of $6,098. All per share data in the financial statements have
been adjusted to reflect the split.
7
<PAGE> 10
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
3. Investment Securities
<TABLE>
<CAPTION>
June 30, 1997 December 31, 1996
Amortized Fair Amortized Fair
Cost Value Cost Value
--------------------------- ---------------------------
<S> <C> <C> <C> <C>
Securities available for sale
U.S. Treasury Securities 3,027 3,027 13,075 13,076
U.S. Agency Securities 32,468 32,407 31,906 31,760
State and Political sub-divisions 6,087 6,429 6,693 7,093
------ ------ ------ ------
Total Available for Sale 41,582 41,863 51,674 51,929
====== ====== ====== ======
Other equity securities 740 740 643 643
====== ====== ====== ======
</TABLE>
8
<PAGE> 11
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
4. Loans
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
------- -------
<S> <C> <C>
Loan category
Home equity 16,637 13,516
Commercial / agricultural 105,702 21,350
Credit line / other 1,789 1,095
Simple interest 17,934 15,517
Mortgage loans 44,806 93,107
------- -------
Total Loans * 186,868 144,585
======= =======
</TABLE>
* The Bank has no foreign loan activity.
The Company is currently reviewing all loans based on purpose,
collateral, and other characteristics in determining the most appropriate loan
category placement.
9
<PAGE> 12
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
5. Analysis of Allowance for Loan Loss
<TABLE>
<CAPTION>
Six Months Ended
June 30, June 30,
1997 1996
----- ------
<S> <C> <C>
Balance at beginning of period 1,638 1,258
Charge-offs:
Commercial, financial, agricultural 0 0
Real estate - construction 0 0
Real estate - mortgage 0 0
Consumer 31 29
----- ------
31 29
Recoveries:
Commercial, financial, agricultural 0 0
Real estate - construction 0 0
Real estate - mortgage 0 0
Consumer 31 30
----- ------
31 30
----- ------
Net Charge-Offs 0 (1)
----- ------
Allowance charged to operations 230 202
----- ------
Balance at end of period 1,868 1,461
===== ======
Ratio of net charge-offs during the
period to average loans outstanding
during the period 0.00 0.00
===== ======
Ratio of allowance for loan loss to
month end loans 1.00 1.11
===== ======
</TABLE>
10
<PAGE> 13
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
6. Allocation of Allowance for Loan Loss
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
June 30, 1997 June 30, 1996
------------------------------- -------------------------------
% of Loans in % of Loans in
Balance at end of period Each Category Each Category
applicable to: Allowance to Total Loans Allowance to Total Loans
------------------------------- -------------------------------
<S> <C> <C> <C> <C>
Commercial 1,147 57% 616 47%
Real estate - residential 179 24% 156 33%
Consumer 200 19% 327 20%
Unallocated 301 0% 338 0%
------------------------------- -------------------------------
Total balance sheet allocation 1,827 100% 1,437 100%
================= =================
Off balance sheet commitments 41 24
------------ ------------
Total allocation 1,868 1,461
============ ============
</TABLE>
11
<PAGE> 14
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
7. Nonperforming Assets
<TABLE>
<CAPTION>
June 30, 1997 June 30,
1996
---------------- ------------
<S> <C> <C>
Nonaccrual (1) 1,236 47
Past due 90 days or more 0 0
Other real estate 62 77
Renegotiated trouble debt 0 0
</TABLE>
(1) Other than amounts listed above, there are no other loans which: (a)
represent or result from trends or uncertainties which management
reasonably expects will materially impact future operating results,
liquidity, or capital resources, or (b) represent material credits
about which management is aware of any information which causes
management to have serious doubts as to the ability of such borrowers
to comply with the loan repayment terms.
12
<PAGE> 15
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
Notes to Consolidated Financial Statements
PART 1 - ITEM 2
Management's Analysis of Financial Condition
and Results of Operations
Summary
Net interest income for the quarter ended June 30, 1997 was 2.3% more than the
same quarter last year, while year to date earnings were 2.0% less than 1996.
Earnings this year have been impacted by expenditures in connection with our
aggressive expansion strategy into several new markets.
Interest Income and Interest Expense
Total second quarter interest income increased 29.1% over the same quarter last
year, with a 23.3% improvement in average earning assets. Average loans were up
37.2% during the quarter and income from loans were up 38.2%, as the average
yield increased to 9.49% from 9.41%. Average investment securities declined
9.3%, with proceeds of maturing/sold bonds used to fund loan growth, which
resulted in 5.4% less in securities income. For the full six months this year,
interest income was up 22.7%, on a 20.5% increase in average earning assets.
Total interest expense in the second quarter this year was 38.1% more than the
1996 second quarter, with average interest bearing liabilities up 27.5%, a
continuation of our recent trend of adding relatively larger amounts of higher
paying certificates of deposit and individual retirement accounts. This factor
also accounts for the higher rates paid for time deposits, from 4.28% last year
to 4.70% in 1997. Deposit pricing remains very aggressive to fund the
ever-increasing loan growth. For the six months in 1997, interest expense
increased 32.0%, with average interest bearing liabilities up 25.2%.
Comparable net interest margins were as follows:
Second Quarter, 1997 8.72 % - 4.21 % = 4.51 %
Second Quarter, 1996 8.42 % - 3.80 % = 4.62 %
Year to Date, 1997 8.60 % - 4.16 % = 4.44 %
Year to Date, 1996 8.45 % - 3.84 % = 4.62 %
13
<PAGE> 16
Noninterest Income and Expense
Noninterest income in the second quarter this year was up 14.9% from 1996, with
increased deposit service charges and other operating income exceeding a
reduction in gains from sales of securities, and mortgages. For the full six
months, noninterest income was 14.3% higher than 1996, with variances similar to
those experienced during the quarter.
Noninterest expense was 28.0% higher in the current quarter including 29.3% in
personnel expense and 41.9% in occupancy/equipment costs, with both variances
attributed mainly to our office expansion program. Additionally, printing and
supplies were up 47.2% for the quarter and other operating expenses was 15.9%
higher. Year to date expenses were similar in nature increasing 23.3% over 1996,
in the same category and effect as the quarterly totals.
During the second half, our expectation is that net interest income will
continue to grow as the Company expands, but that noninterest expenses will
begin to stabilize at their present levels, with concurrent increases in net
income.
The provision for loan losses was 48.8% higher for the second quarter and 14.1%
higher for the year to date. The increased levels are necessary solely because
of the much higher loans outstanding; net loan chargeoffs have been practically
non-existent for the last two years.
14
<PAGE> 17
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
PART 2 - ITEM 3
EXHIBITS
27 Financial Data Schedule (for SEC use only).
FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
None.
15
<PAGE> 18
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
PART 2 - ITEM 4
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
FNB Financial Services Corporation Annual Meeting of Shareholders was held April
8, 1997. The proposals voted upon and the results of the voting were as follows:
1. Fix the total number of Directors at eleven.
For Against Abstentions Withheld Broker Non-votes
2. Election of Class I Directors for a three year term.
For Against Abstentions Withheld Broker Non-votes
3. To approve the FNB Financial Services Corporation Equity Omnibus
Compensation Plan.
For Against Abstentions Withheld Broker Non-votes
4. To ratify the selection by the Board of Directors of Cherry, Bekaert &
Holland as the Company's independent auditors for the 1997 fiscal year.
For Against Abstentions Withheld Broker Non-votes
16
<PAGE> 19
FNB FINANCIAL SERVICES CORPORATION
AND SUBSIDIARY
PART 2 - ITEM 4
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Shareholder Vote, 1997.
To fix the number of directors at eleven:
FOR 1,076,016 AGAINST 7,671 ABSTAIN none
Election of Directors:
WITH 1,077,687 WITHOUT 6,000 ABSTAIN none
Authority to vote for the three nominees.
To approve the FNB Financial Services Corporation Equity Omnibus Compensation
Plan:
FOR 753,047 AGAINST 74,862 ABSTAIN 29,420
To ratify the selection by the Board of directors of Cherry, Bekaert & Holland
as the Company's independent auditors for the 1997 fiscal year.
FOR 1,077,061 AGAINST 6,103 ABSTAIN 1,335
17
<PAGE> 20
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.
FNB Financial Services Corporation
Date: 8/12/97 /s/ Ernest J. Sewell
--------------------------------------------------
Ernest J. Sewell
(President & Chief Executive Officer)
Date: 8/12/97 /s/ Robert F. Albright
--------------------------------------------------
Robert F. Albright
(Senior Vice President & Chief Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FNB FINANCIAL SERVICES CORPORATION FOR THE SIX MONTHS
ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 8,857
<INT-BEARING-DEPOSITS> 193,733
<FED-FUNDS-SOLD> 5,370
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 41,863
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 186,868
<ALLOWANCE> (1,868)
<TOTAL-ASSETS> 251,318
<DEPOSITS> 219,835
<SHORT-TERM> 8,358
<LIABILITIES-OTHER> 1,984
<LONG-TERM> 0
0
0
<COMMON> 1,849
<OTHER-SE> 19,292
<TOTAL-LIABILITIES-AND-EQUITY> 251,318
<INTEREST-LOAN> 7,514
<INTEREST-INVEST> 1,547
<INTEREST-OTHER> 77
<INTEREST-TOTAL> 9,138
<INTEREST-DEPOSIT> 4,058
<INTEREST-EXPENSE> 4,287
<INTEREST-INCOME-NET> 4,851
<LOAN-LOSSES> 230
<SECURITIES-GAINS> 32
<EXPENSE-OTHER> 3,561
<INCOME-PRETAX> 1,661
<INCOME-PRE-EXTRAORDINARY> 1,661
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,123
<EPS-PRIMARY> 0.61
<EPS-DILUTED> 0.61
<YIELD-ACTUAL> 8.49
<LOANS-NON> 1,236
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,638
<CHARGE-OFFS> 31
<RECOVERIES> 31
<ALLOWANCE-CLOSE> 1,868
<ALLOWANCE-DOMESTIC> 1,827
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 301
</TABLE>
