<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended ............................................... March 31, 1995
Commission file number ................................................. 0-13653
THE PEOPLES BANCTRUST COMPANY, INC.
(Exact name of registrant as specified in its charter)
Alabama ............................................................. 63-0896239
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
310 Broad Street (Address of principal executive offices)
Selma, Alabama
36701
(334) 875-1000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter time 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
----- -----
As of the close of business on May 3, 1995, 1,743,838 shares of registrant's
Common Stock, par value $.10 per share, were outstanding.
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC.
AND SUBSIDIARY
Notes to Consolidated Financial Statements (Unaudited)
Accounting Policies:
1. The accompanying unaudited consolidated financial statements of The Peoples
BancTrust Company, Inc. (the "Company") and its subsidiary, The Peoples
Bank and Trust Company, have been prepared in accordance with generally
accepted accounting principles for interim information and with the
instructions to Form 10-Q and Article 10 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. All 1995 interim amounts are subject to year-end audit, and the
results of operations for the interim periods herein are not necessarily
indicative of the results that may be expected for the year ended December
31, 1995. For further information refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on
Form 10-K for the year ended December 31, 1994.
(1)
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, Dec.31,
1995 1994
---------- ---------
(Unaudited)
(In thousands)
<S> <C> <C>
ASSETS:
Cash and due from banks....................... $ 14,695 $ 20,048
Federal funds sold and securities
purchased under agreements to resell........ 5,340 3,134
-------- --------
Total cash and cash equivalents............. 20,035 23,182
Investment securities (market value of
$25,527 and $26,143 respectively)........... 26,135 27,187
Securities available for sale................. 74,742 75,808
Loans, net of unearned income................. 166,284 162,979
Allowance for loan losses..................... (1,927) (2,040)
-------- --------
Net loans..................................... 164,357 160,939
Premises and equipment........................ 5,784 5,718
Other assets.................................. 7,799 8,852
-------- --------
Total assets................................ $298,852 $301,686
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Noninterest-bearing deposits.................. $ 41,376 $ 47,734
Interest-bearing deposits..................... 222,848 215,887
-------- --------
Total deposits.............................. 264,224 263,621
Federal funds purchased and securities
sold under agreement to repurchase.......... 1,463 6,855
Other borrowed funds.......................... 422 438
Other liabilities............................. 3,483 3,142
-------- --------
Total liabilities.......................... 269,592 274,056
Common stock.................................. 178 178 *
Additional paid-in capital.................... 7,060 7,060 *
Treasury stock................................ (480) (480)
Retained earnings............................. 23,944 23,500
Net unrealized loss on securities available
for sale.................................... (1,442) (2,628)
-------- --------
Total stockholders' equity.................. 29,260 27,630
-------- --------
Total liabilities and stockholders' equity.. $298,852 $301,686
======== ========
</TABLE>
* Restated to give retroactive recognition to a two-for-one stock split effected
in the form of a one hundred percent stock dividend declared January 28, 1995.
See Notes to the Unaudited Consolidated Financial Statements.
(2)
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------
1995 1994
----------- -----------
(In thousands, except
share and per share data)
<S> <C> <C>
Interest and fees on loans............. $ 4,036 $ 3,002
Interest and dividends on
investment securities................ 1,424 1,383
Other interest income.................. 63 58
--------- ---------
Total interest income.................. 5,523 4,443
Interest on deposits................... 2,525 1,776
Interest on short-term borrowed funds.. 54 21
--------- ---------
Total interest expense................. 2,579 1,797
--------- ---------
Net interest income.................... 2,944 2,646
Provision for loan losses.............. 93 84
--------- ---------
Net interest income after
provision for loan losses............ 2,851 2,562
Net securities gains................... 73
Other income........................... 715 718
Other expense.......................... 2,718 2,617
--------- ---------
Income before income taxes............. 848 736
Provision for income taxes............. 195 238
Minority interest in earnings.......... 3
--------- ---------
Net income............................. $ 653 $ 495
========= =========
Weighted average number of shares
outstanding.......................... 1,482,262 1,743,838*
========= =========
Net income per share................... $ .44 $ .29 *
========= =========
Dividends per share.................... $ .12 $ .12 *
========= =========
</TABLE>
* Restated to give retroactive recognition to a two-for-one stock split
effected in the form of a one hundred percent stock dividend declared January
28, 1995.
See Notes to the Unaudited Condensed Consolidated Financial Statements.
(3)
<PAGE>
THE PEOPLES BANCTRUST COMPANY, INC., SELMA, ALABAMA
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
3 Months Ended
March 31,
--------------------
1995 1994
------ ------
(In thousands)
<S> <C> <C>
Net cash provided (used) by operating activities........ $ 2,269 $ (63)
Cash flows from investing activities:
Proceeds from sales of investment securities.......... 64
Proceeds from maturities and calls of investment
securities.......................................... 1,000 4,659
Proceeds from sales of securities available for sale.. 391 5,875
Proceeds from maturities and calls of securities
available for sale.................................. 2,928 2,988
Purchases of investment securities.................... (7,106)
Purchases of securities available for sale............ (818) (9,771)
Net increase in loans................................. (3,726) (777)
Purchases of bank premises and equipment.............. (253) (311)
Proceeds from sale of equipment....................... 12
Proceeds from sale of other real estate............... 75
------- -------
Net cash used in investing activities............... (402) (4,368)
Cash flows from financing activities:
Net increase in deposits............................ 603 3,121
Net decrease in borrowed funds...................... (5,408) (5,799)
Dividends paid...................................... (209) (209)
------- -------
Net cash used by financing activities............. (5,014) (2,887)
------- -------
Net decrease in cash and cash equivalents............... (3,147) (7,318)
Cash and cash equivalents at beginning of period........ 23,182 24,696
------- -------
Cash and cash equivalents at end of period.............. $20,035 $17,378
======= =======
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest............................................ $ 2,239 $ 1,694
Taxes (refunds)..................................... (110) 480
</TABLE>
See Notes to the Unaudited Consolidated Financial Statements.
(4)
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
On January 28, 1995, the Board of Directors of The Peoples BancTrust Company,
Inc. (the "Company") declared a two-for-one stock split of its Common Stock
which was effected in the form of a 100% stock dividend to all stockholders of
record as of February 25, 1995. The split was distributed on March 15, 1995.
All share and per share amounts have been adjusted to reflect this split.
FINANCIAL CONDITION
Total consolidated assets of the Company and its subsidiary, The Peoples Bank
and Trust Company ("the Bank"), totaled $298,852,000 at March 31, 1995, a
decrease of $2,834,000 from the December 31, 1994 total of $301,686,000.
Earning assets increased, however, during the first quarter of 1995 from
$269,107,000 at December 31, 1994 to $272,501,000 at March 31, 1995.
Investments
The Company's total securities portfolio decreased during the first quarter of
1995 from $102,995,000 at December 31, 1994 to $100,877,000. The total
securities portfolio at March 31, 1995 included securities with an aggregate
market value of $74,742,000 classified by management as "available for sale."
At December 31, 1994, securities available for sale totaled $75,808,000. The
write-down of securities available for sale to market value as required by SFAS
115 decreased from $3,699,000 at December 31, 1994 to $2,183,000 at March 31,
1995. Securities classified as "held to maturity" totaled $26,135,000 at March
31, 1995 compared to $27,187,000 at December 31, 1994.
During the first quarter of 1995, the Company had purchases of securities
totaling $818,000 and sales totaling $455,000. The decrease in the total
securities portfolio since December 31, 1994 was due primarily to maturing
investments. Proceeds from these maturing investments were used primarily to
fund a growth in the loan portfolio.
Loans
Loans, net of unearned interest, increased $3,305,000 since December 31, 1994 to
$166,284,000 at March 31, 1995. The greater loan demand was funded primarily by
the decrease in the investment securities portfolio.
Personal loans reflected the largest growth during the quarter, increasing
$1,526,000 from $59,751,000 at December 31, 1994 to $61,277,000 at March 31,
1995. The growth in the volume of
(5)
<PAGE>
personal loans is due primarily to an increase in automobile financing.
Automobile loans increased $1,240,000 during the first quarter of 1995 and
accounted for 81% of the growth in personal loans.
Real estate loans increased $1,320,000 since year end 1994 to $51,405,000 at
March 31, 1995. Since December 31, 1994, real estate construction loans
increased $482,000 to $2,938,000 at March 31, 1995, while residential loans
increased $324,000 to $26,878,000. Overdrafts on demand deposit accounts
increased $683,000 since December 31, 1994 to $1,279,000 at March 31, 1995.
Business loans decreased $291,000 during the first quarter of 1995 to
$48,486,000 at March 31, 1995. Credit line loans, primarily home equity lines
of credit, decreased slightly from $3,770,000 at December 31, 1994 to $2,552,000
at March 31, 1995.
Allowance for Loan Losses
In making loans, the Company recognizes the fact that credit losses will be
experienced and that the risk of loss will vary with, among other things, the
type of loan being made, the credit-worthiness of the borrower over the term of
the loan, and, in case of a secured loan, the quality of the security for the
loan. The allowance for loan losses is maintained at a level believed adequate
by management to absorb potential losses in the Company's loan portfolio.
Management's determination of the adequacy of the allowance is based, among
other things, on estimates of the historical loan loss experience, evaluation of
economic conditions in general and in various sectors of the Company's customer
base, and periodic reviews of loan portfolio quality by the Company's personnel,
and other relevant factors. General reserves will be provided for loans where
the ultimate collection is considered questionable by management after reviewing
the current status of loans which are contractually past due, structurally
deficient or economically depreciating, and considering the net realizable value
of the security of the loan or guarantees, if applicable. Management continues
to monitor the Company's asset quality and will charge off loans against the
allowance for loan losses when appropriate or provide specific loss reserves
when necessary. Although management believes it uses the best information
available to make determinations with respect to the allowance for loan losses,
future adjustments may be necessary if economic conditions differ substantially
from the economic conditions in the assumptions used to make the initial
determinations. In addition, there can be no assurance that regulators, in
reviewing the Company's loan portfolio, will not request the Company to increase
significantly its allowance for loan losses, thereby negatively impacting the
Company's financial condition and earnings.
(6)
<PAGE>
The allowance for loan losses at March 31, 1995 was $1,927,000 compared to
$2,040,000 at December 31, 1994. The ratio of allowance to total loans at March
31, 1995 was 1.16% and was 1.25% at December 31, 1994. At its current level,
the allowance for loan losses exceeds the minimum required by regulatory
authorities. The amount of loans determined by management that require special
attention due to potential weaknesses decreased from $6,500,000 at December 31,
1994 to $5,393,000 at March 31, 1995. Non-accruing loans, however, increased
$1,113,000 from $1,348,000 at December 31, 1994 to $2,461,000 at March 31, 1995.
The increase was due primarily to one line of credit totaling approximately
$1,000,000 which was placed on non-accrual status during the first quarter of
1995. The Small Business Administration, however, guarantees approximately 80%
of this line of credit. The resulting ratio of the allowance for loan losses to
non-accruing loans at March 31, 1995 was 78.3% compared to 151.3% at December
31, 1994.
Deposits
Total deposits of the Company increased $603,000 since December 31, 1994 to
$264,224,000 at March 31, 1995. Total interest-bearing deposits of the Company,
however, increased $6,961,000, or 3.2%, during the first quarter of 1995 to
$222,848,000. This increase appears to be primarily the result of a shift in
funds as the volume of non-interest bearing deposits decreased $6,538,000 since
December 31, 1994 to $41,376,000 at March 31, 1995. Time deposits increased
$9,432,000, or 8.2%, during the first quarter of 1995 to $125,013,000. The
volume of regular savings deposits grew slightly from $31,658,000 at year end
1994 to $32,126,000 at March 31, 1995. Interest-bearing demand accounts
decreased $2,939,000 to $65,709,000 during the first quarter of 1995.
Stockholders' Equity
Total stockholders' equity at March 31, 1995 was $29,260,000 compared to
$27,630,000 at year end. Undistributed earnings of the Company through March
31, 1995 contributed $444,000 to stockholders' equity. A decrease in the
unrealized loss on securities available for sale required by SFAS 115, net of
the income tax effect, from $2,628,000 at year end 1994 to $1,442,000 at March
31, 1995 added $1,187,000 back to stockholders' equity.
(7)
<PAGE>
Risk-based capital regulations require all bank holding companies and banks to
achieve and maintain a minimum total capital to total risk-weighted assets ratio
of 8.00%, at least half of which must be in the form of Tier 1, or core, capital
(consisting of stockholders' equity less goodwill). The following table
indicates that the Company's Tier 1 capital ratio and total capital ratio at
March 31, 1995 were 15.60% and 16.65%, respectively. The Company maintained, at
March 31, 1995, a leverage ratio of Tier 1 capital to total assets of 9.54%
compared to the minimum regulatory requirement of 3.00% required of the
strongest companies and banks. All other companies and banks are expected to
maintain a ratio of 1% to 2% above the state minimum of 3.00%. In addition, the
table indicates that the ratios of the Company's subsidiary bank also well-
exceed the minimum requirements of the regulation.
RISK-BASED CAPITAL RATIOS & LEVERAGE RATIOS AS OF MARCH 31, 1995
<TABLE>
<CAPTION>
The Company The Bank
---------------- ----------------
(Dollars in thousands)
<S> <C> <C> <C> <C>
RISK-BASED CAPITAL RATIOS
Tier 1 Capital..................... $ 28,476 15.60% $ 29,364 16.10%
Tier 1 Capital - Minimum Required.. 7,303 4.00 7,294 4.00
-------- ----- -------- -----
Excess............................. $ 21,173 11.60% $ 22,070 12.10%
======== ===== ======== =====
Total Capital...................... $ 30,403 16.65% $ 31,236 17.13%
Total Capital - Minimum Required... 14,606 8.00 14,588 8.00
-------- ----- -------- -----
Excess............................. $ 15,797 8.65% $ 16,648 9.13%
======== ===== ======== =====
Net risk-weighted assets........... $182,581 $182,354
======== ========
LEVERAGE RATIOS
Total Tier 1 Capital............... $ 28,476 9.54% $ 29,364 9.89%
Minimum Leverage Requirement....... 8,955 3.00 8,910 3.00
-------- ----- -------- -----
Excess............................. $ 19,521 6.54% $ 20,454 6.89%
======== ===== ======== =====
Average Total Assets,
net of all goodwill.............. $298,499 $297,013
======== ========
</TABLE>
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1995 COMPARED TO
THREE MONTHS ENDED MARCH 31, 1994
The Company's profitability, like that of many financial institutions, is
dependent to a large extent upon its net interest income, which is the
difference between its interest income on interest-earning assets, such as loans
and investments, and its interest expense on interest-bearing liabilities, such
as deposits and borrowings. Interest sensitivity is one measure of the
vulnerability of earnings to changes in the general level of interest rates.
Whenever interest-earning assets reprice to market
(8)
<PAGE>
interest rates at a different pace than interest-bearing liabilities, net
interest income performance will be affected favorably or unfavorably during
periods of changes in general interest rates. Management is unable to predict
future changes in market rates of interest and their impact on the Company's
profitability. Management believes, however, that the Company's current rate
sensitivity position is well matched, indicating the assumption of minimal
interest rate risk.
Interest income for the first quarter of 1995 was $5,523,000 compared to
$4,443,000 for the same quarter of 1994. Average earning assets grew from
$250,460,000 for the first quarter of 1994 to $270,672,000 for the first quarter
of 1995.
The average volume of the Company's securities portfolio, including securities
classified as available for sale, decreased from $112,555,000 at March 31, 1994
to $101,840,000 at March 31, 1995. Funds from maturing investments were
reinvested primarily in higher yielding loans. Interest income on securities,
however, reflected an increase of $41,000, or 3.0%, between the quarters as
average yields increased from 4.99% to 5.59%.
Interest income on loans for the first quarter of 1995 totaled $4,036,000
compared to interest income on loans for the first quarter of 1994 of
$3,002,000. Stronger loan demand occurring between the quarters increased the
average volume of loans for the first quarter of 1995 to $164,160,000, a 20.7%
growth from the 1994 first quarter average of $135,999,000. Average yields on
loans increased between the quarters from 8.83% to 9.86%.
Interest income from business loans totaled $1,167,000 at March 31, 1995
compared to $771,000 at March 31, 1994. This increase was the result of both an
increase in volume and interest rates. The average volume of business loans
increased $7,310,000, or 17.7%, between the quarters while yields increased from
7.48% to 9.61%.
Personal loan interest income increased from $1,239,000 for the quarter ended
March 31, 1994 to $1,575,000 for the same quarter in 1995. Growth in
automobile financing was primarily responsible for an increase in the average
volume of personal loans from $46,956,000 for the first quarter of 1994 to
$60,191,000 for the first quarter of 1995. Yields on personal loans decreased
slightly between the quarters from 10.55% to 10.47%.
An increase in the average volume of real estate loans from $43,895,000 at March
31, 1994 to $50,966,000 at March 31, 1995, coupled with an increase in yields
from 8.23% to 9.24% during the same period, caused interest income on real
estate loans to grow from $903,000 to $1,177,000.
Interest expense on deposits for the first quarter of 1995 was $2,525,000
compared to $1,776,000 for the same period in 1994. The
(9)
<PAGE>
average volume of interest bearing deposits increased $15,811,000, or 7.7%, to
$220,658,000 between the quarters. The increase appears to be primarily the
result of a shift in funds from non-interest bearing deposits into interest
bearing deposit accounts. An increase in the average cost of the deposits from
3.47% for the first quarter of 1994 to 4.58% for the first quarter of 1995 also
contributed to the higher interest expense on deposits.
The resulting net interest income for the quarter ended March 31, 1995 was
$2,944,000 compared to $2,646,000 for the same quarter in 1994, an 11.3%
increase.
The provision for loan losses replaces reductions to the allowance for loan
losses caused by actual charge-offs and to establish adequate reserves for the
growth of the loan portfolio. The Company's provision for loan losses for the
quarter ended March 31, 1995 was $93,000 compared to $84,000 for the same
quarter in 1994.
Non-interest income for the first three months of 1995, excluding gains on the
sale of investment securities, totaled $715,000 as compared to $718,000 in 1994.
Quarterly income from deposit service charges increased $54,000 from $474,000
for the first quarter of 1994 to $528,000 for the same quarter of 1995. Credit
life commissions for the first quarter of 1995 declined $21,000 compared to the
first quarter of 1994 although loan volume increased. Credit life commissions
through March 31, 1995 totaled $8,000 compared to $29,000 through March 31,
1994. In addition, the Company recognized a loss of $17,000 during the first
quarter of 1995, primarily on the sale of data processing equipment.
Through March 31, 1995 no gains or losses on the sale of investment securities
were recognized. For the quarter ended March 31, 1994, however, the Company
recorded gains totaling $73,000.
Non-interest expenses increased $101,000 from $2,617,000 for the first quarter
of 1994 to $2,718,000 for 1995. During the second quarter of 1994, the Company
acquired the deposits of one branch of a failed thrift institution.
Amortization expense of the premium paid by the Company to acquire these
deposits totaled $26,000 for the first quarter of 1995, whereas through March
31, 1994 no amortization expense had been recorded. Computer expense increased
from $53,000 for the quarter ended March 31, 1994 to $75,000 for the same
quarter in 1995. This increase was primarily due to lease payments on new
computer equipment installed during the third quarter of 1994. In addition, the
expense of automations hardware and software increased $16,000 from $20,000 at
March 31, 1994 to $36,000 at March 31, 1995.
Income before taxes for the quarter ended March 31, 1995 was $848,000 compared
to $736,000 at March 31, 1994. The income tax provision for the first quarter
of 1995 decreased $43,000 to $195,000 compared to $238,000 for the same quarter
of 1994. The
(10)
<PAGE>
resulting net income for the first quarter of 1995 totaled $653,000 compared to
$495,000 for the same quarter in 1994. Income per share for 1995 was $.44
compared to $.29 for 1994. The income per share for the first quarter of 1994
has been restated to reflect the effect of a two-for-one stock split effected in
the form of a one hundred percent stock dividend to all shareholders of record
as of February 25, 1995, the ex-dividend date, and which was distributed on
March 15, 1995.
(11)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
The Peoples BancTrust Company, Inc.
(Registrant)
/s/ Richard P. Morthland
- -------------------------------------------
Richard P. Morthland, President
/s/ Virginia L. Sellers
- -------------------------------------------
Virginia L. Sellers, Treasurer
DATE: May 11, 1995
(12)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 14,695
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 5,340
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 74,742
<INVESTMENTS-CARRYING> 26,135
<INVESTMENTS-MARKET> 25,527
<LOANS> 166,284
<ALLOWANCE> 1,927
<TOTAL-ASSETS> 298,852
<DEPOSITS> 264,224
<SHORT-TERM> 1,463
<LIABILITIES-OTHER> 3,483
<LONG-TERM> 422
<COMMON> 178
0
0
<OTHER-SE> 29,082
<TOTAL-LIABILITIES-AND-EQUITY> 298,852
<INTEREST-LOAN> 4,036
<INTEREST-INVEST> 1,424
<INTEREST-OTHER> 63
<INTEREST-TOTAL> 5,523
<INTEREST-DEPOSIT> 2,525
<INTEREST-EXPENSE> 2,579
<INTEREST-INCOME-NET> 2,944
<LOAN-LOSSES> 93
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,718
<INCOME-PRETAX> 848
<INCOME-PRE-EXTRAORDINARY> 848
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 653
<EPS-PRIMARY> .44
<EPS-DILUTED> .44
<YIELD-ACTUAL> 4.35
<LOANS-NON> 2,461
<LOANS-PAST> 9
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5,393
<ALLOWANCE-OPEN> 2,040
<CHARGE-OFFS> 364
<RECOVERIES> 157
<ALLOWANCE-CLOSE> 1,927
<ALLOWANCE-DOMESTIC> 1,927
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
