<PAGE>
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended ........... September 30, 1995
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE EXCHANGE ACT
Commission file number ...........33-14610
TARA BANKSHARES CORPORATION
GEORGIA 58-1736696
6375 Highway 85, P.O. Box 775
Riverdale, Georgia 30274
Issuer's telephone number, including area code: (770) 996-8272
------------------------------
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
At November 9, 1995, there were 448,003 shares of the registrant's
Common Stock, $10.00 par value, outstanding.
<PAGE>
TARA BANKSHARES CORPORATION
AND SUBSIDIARY
FORM 10-QSB
Index
Part I. Financial Information
Page No.
--------
Item 1.Consolidated balance sheets........................... 3
Consolidated statements of income..................... 4
Consolidated statements of cash flows................. 5
Notes to consolidated financial statements............ 6
Item 2.Management's discussion and analysis or
plan of operation............................... 7
Part II. Other Information
Item 6.Exhibits and Reports on Form 8-K...................... 11
Signatures..................................................... 12
2
<PAGE>
PART I. Financial Information
ITEM 1. TARA BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 1995 and December 31, 1994
(unaudited)
- -----------------------------------------------------------------------------------------------------------------------------------
1995 1994
------ ------
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,043,031 1,811,144
Federal funds sold 3,900,000 2,720,000
Securities available-for-sale, at fair value 9,660,608 10,404,340
Securities held-to-maturity, at cost (approximate fair
value of $9,624,619 and $3,060,262, respectively) 9,577,347 3,183,693
Loans 32,299,026 34,075,994
----------- ----------
Less allowance for loan losses 1,187,717 1,281,947
----------- ----------
Loans, net 31,111,309 32,794,047
Premises and equipment, net 2,081,972 2,157,333
Other assets 1,224,532 1,276,569
----------- ----------
Total assets $ 59,598,799 54,347,126
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits:
Noninterest-bearing $ 11,662,201 10,614,675
Interest-bearing 12,964,628 13,082,705
Savings deposits 2,598,901 2,749,428
Certificates of deposit, $100,000 and over 7,730,431 4,704,893
Certificates of deposit, other 19,081,346 18,427,579
----------- ----------
Total deposits 54,037,507 49,579,280
Subordinated convertible debentures 1,500,000 1,500,000
Other liabilities 337,550 281,722
----------- ----------
Total liabilities 55,875,057 51,361,002
----------- ----------
Stockholders' equity:
Common stock, $10 par value, authorized 2,000,000
shares; issued and outstanding 448,003 shares 4,480,030 4,480,030
Additional paid-in capital 2,663,598 2,663,598
Accumulated deficit (3,156,385) (3,743,932)
Net unrealized loss on securities available-for-sale (263,501) (413,572)
----------- ----------
Total stockholders' equity 3,723,742 2,986,124
----------- ----------
Total liabilities and stockholders' equity $ 59,598,799 54,347,126
=========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
TARA BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
[CAPTION]
<TABLE>
Nine months ended Three months ended
September 30 September 30
1995 1994 1995 1994
------ ------ ------ ------
<S> <C> <C> <C> <C>
Interest income:
Loans, including fees $ 2,524,652 2,320,556 832,731 825,426
Federal funds sold 112,771 71,346 37,749 27,374
Interest-bearing deposits in other
financial institutions - 1,798 - -
Investment securities - taxable 765,854 582,078 288,393 204,691
--------- --------- --------- ---------
Total interest income 3,403,277 2,975,778 1,158,873 1,057,491
--------- --------- --------- ---------
Interest expense:
Deposits 1,344,173 1,030,992 489,957 343,514
Federal funds purchased 482 - - -
Securities sold under agreements
to repurchase - 37,048 - 12,473
Subordinated convertible debentures 124,297 98,143 42,501 35,884
--------- --------- --------- ---------
Total interest expense 1,468,952 1,166,183 532,458 391,871
--------- --------- --------- ---------
Net interest income 1,934,325 1,809,595 626,415 665,620
--------- --------- --------- ---------
Provision for loan losses - - - -
--------- --------- --------- ---------
Net interest income after
provision for loan losses 1,934,325 1,809,595 626,415 665,620
--------- --------- --------- ---------
Other Income:
Service charges on deposit account 297,570 382,661 92,415 118,130
Insurance commissions 2,529 2,721 671 901
Gains(losses) on sales of investment
securities available-for-sale - 17,747 - (13,393)
Other operating income 76,618 80,357 36,687 23,469
--------- --------- --------- ---------
Total other income 376,717 483,486 129,773 129,107
--------- --------- --------- ---------
Other expenses:
Salaries and employee benefits 744,860 949,953 223,434 294,525
Net occupancy 141,538 154,507 46,812 54,767
Furniture and equipment 110,096 117,320 30,948 35,644
Other operating expenses 727,001 867,117 206,784 291,196
--------- --------- --------- ---------
Total other expenses 1,723,495 2,088,897 507,978 676,132
--------- --------- --------- ---------
Net income $ 587,547 204,184 248,210 118,595
========= ========= ========= =========
Net income per share based on average
outstanding shares of 448,003 and $ 1.31 0.46 0.55 0.26
========= ========= ========= =========
diluted shares of 698,003 $ 1.02 0.43 0.42 0.22
========= ========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE>
TARA BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, 1995 and 1994
(unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
----------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 587,547 204,184
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 105,010 121,675
Amortization and (accretion), net - 1,870
Net (gains) loss on sale of other real estate (19,109) 207
Gains on sales of investment securitie available-for-sale - (17,747)
Provision for other real estate losses 65,000 169,500
Changes in other assets and liabilities:
Increase in other assets (419,963) (62,935)
increase in other liabilities 55,829 58,847
--------- ---------
Net cash provided by operating activities 374,314 475,601
--------- ---------
Cash flows from investing activities:
Purchases of securities available-for-sale - (9,479,714)
Proceeds from sales of securities available-for-sale - 9,526,967
Proceeds from maturities of securities available-for-sale 1,393,833 3,385,725
Purchases of securities held-to-maturity (8,201,380) (3,239,569)
Proceeds from maturities of securities held-to-maturity 1,307,695 -
Net decrease in loans 1,622,738 208,577
Purchases of premises and equipment (29,649) (77,449)
Proceeds from sales of other real estate 486,109 205,998
--------- ---------
Net cash (used in) provided by investing activities (3,420,654) 530,535
--------- ---------
Cash flows from financing activities:
Net increase in demand deposits and savings accounts 778,922 1,189,152
Maturities of certificates of deposit, net of deposits accepted 3,679,305 (2,369,379)
Net increase in securities sold under agreements to repurchase - 10,000
Proceeds from subordinated convertible debentures - 8,041
--------- ---------
Net cash provided by (used in) financing activities 4,458,227 (1,162,186)
--------- ---------
Net increase (decrease) in cash and cash equivalents 1,411,887 (156,050)
Cash and cash equivalents at beginning of period 4,531,144 5,367,439
--------- ---------
Cash and cash equivalents at end of period $ 5,943,031 5,211,389
--------- ---------
Supplemental disclosures of cash paid during the period for:
Interest, net of amounts capitalized $ 1,414,083 1,149,952
========= =========
Income taxes $ - -
========= =========
Supplemental information on non cash investing activities:
Unrealized (gains) losses on securities available-for-sale $ (150,070) 472,339
========= =========
Other real estate obtained through foreclosure $ 60,000 392,000
========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE>
TARA BANKSHARES CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 1995 and 1994
(Unaudited)
(1) MANAGEMENT'S OPINION
--------------------
The accompanying consolidated financial statements reflect the accounts of
Tara Bankshares Corporation ("Company") and its wholly-owned subsidiary, Tara
State Bank ("Bank"). The financial statements for September 30, 1995 and 1994
are unaudited; however, in the opinion of management, all adjustments,
consisting of normal accruals, necessary for a fair presentation of the
financial position, results of operations, and cash flows for the three- and
nine-month periods then ended have been included.
(2) MANAGEMENT'S OPINION
--------------------
On January 1, 1995, the Company adopted Statements of Financial Accounting
Standard ("SFAS") No.114, "Accounting by Creditors for Impairment of a Loan" and
No.118, "Accounting by Creditors for Impairment of a Loan - Income Recognition
and Disclosures." SFAS No.114 generally requires impaired loans to be measured
on the present value of expected future cash flows discounted at the loan's
effective interest rate, at the loan's observable market price or at the fair
value of the collateral if the loan is collateral dependent. A loan is impaired
when it is probable the creditor will be unable to collect all contractual
principal and interest payments due in accordance with terms of the loan
agreement. The adoption of these statements did not have a material effect on
the Company's consolidated financial statements.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
- -------
OF OPERATION FOR THE THREE- AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 1995 and 1994
- -------------------------------------------------------------------------------
The following is a discussion of the Company's financial condition at
September 30, 1995 compared to December 31, 1994, and the results of its
operations for the three- and nine-month periods ended September 30, 1995
compared to the three- and nine-month periods ended September 30, 1994. These
comments should be read in conjunction with the financial statements and related
notes appearing elsewhere in this report.
FINANCIAL CONDITION
- -------------------
During the first nine months of 1995, total assets increased $5,251,673 or
9.66% as compared to amounts at December 31, 1994. The majority of this increase
was in federal funds sold and securities. Loans decreased with the payout of
several large loans. Deposits increased and loans decreased and, therefore the
Company increased its investments and federal funds sold.
During the first nine months of 1995, other assets decreased $52,037 or
4.08% as compared to amounts at December 31, 1994. The majority of this decrease
was in other real estate owned which decreased $472,000 which was offset by an
increase in cash value life insurance which increased $300,000 and interest
receivable which increased $90,118.
As of September 30, 1995, deposits increased $4,458,227 or 8.99% as
compared to December 31, 1994. Noninterest-bearing deposits increased $1,047,526
and interest-bearing deposits increased $3,140,701. The increase was due to the
planned introduction of a new product called "Bonus Banking" and increased
marketing efforts. Included in the interest-bearing deposits were certificates
of deposit of $100,000 or more totaling $7,730,431.
LIQUIDITY
- ---------
Liquidity, as defined by net cash, short-term investments and other
marketable assets as a percent of deposits was 43.80% at September 30, 1995. The
federal funds sold position, investment securities portfolio, federal funds
lines with correspondent banks, and loan repayments should provide liquidity as
deposits mature. Management believes the ratio is adequate in the event of a
deposit decline. Management knows of no demands, commitments, or events that
will result in or that are reasonably likely to result in the Company's
liquidity increasing or decreasing in any material way.
The following summarizes the interest sensitivity position of the Company
at September 30, 1995:
<TABLE>
<CAPTION>
TIME HORIZON
-----------------------------------------------
3 MONTHS 12 MONTHS 24 MONTHS 36 MONTHS
-------- --------- --------- ---------
(AMOUNTS IN THOUSANDS)
<S> <C> <C> <C> <C>
INTEREST SENSITIVE ASSETS $26,041 36,390 45,832 51,761
INTEREST SENSITIVE LIABILITIES 23,065 37,654 39,803 40,657
------- ------ ------ ------
ASSETS LESS LIABILITIES $ 2,976 (1,264) 6,029 11,104
======= ====== ====== ======
RATIO 1.13 0.97 1.15 1.27
==== ==== ==== ====
</TABLE>
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
OF OPERATION, CONTINUED
If interest rates rise, the ratios indicate that profits may be positively
impacted. If interest rates were to fall sharply, the ratios indicate that
profits may be negatively impacted. Management is monitoring this position and
is making more fixed-rate loans for periods up to one year rather than
variable-rate loans to further reduce the asset sensitivity so that earnings
fluctuations are less susceptible to increases or decreases in interest rates.
CAPITAL RESOURCES
- -----------------
With operating profits and unrealized gains on investment securities, the
Company's capital ratios have improved, as measured by its average stockholders'
equity to average assets ratio which was 5.89% and 5.58% for the quarters ended
September 30, 1995 and 1994, respectively, and its ratio of stockholders' equity
to assets which was 6.25% and 5.49% at September 30, 1995 and December 31, 1994,
respectively.
At September 30, 1995, the Bank's regulatory capital and the required
minimum amounts under existing regulations follows:
REGULATORY REQUIRED
CAPITAL MINIMUM EXCESS
% AMOUNT % AMOUNT % AMOUNT
---------------- --------------- ----------------
CAPITAL
TIER 1 LEVERAGE 9.0% 5,256 5.5% 3,208 3.51% 2,048
TIER 1 RISK-BASED 14.1% 5,256 4.0% 1,491 10.10% 3,765
TOTAL RISK-BASED 15.4% 5,731 8.0% 2,982 7.37% 2,749
Regulatory authorities have proposed an interest rate risk component to
minimum required regulatory capital which has not yet been finalized. Such
requirement, if implemented, will likely increase the level of minimum required
regulatory capital in the future. The effects to the Company for such an
increase are not presently determinable.
On March 27, 1992, the Bank entered into the terms of a Memorandum of
Understanding (the "MOU") with the Federal Deposit Insurance Corporation to take
certain corrective actions, which if not performed could result in further
regulatory sanctions. After continued improvement in the Bank's overall
performance, the MOU was removed on August 2, 1995.
All capital expenditures planned for 1995 are only for renovation and
equipment purchases.
RESULTS OF OPERATIONS
- ---------------------
The following highlights some of the more significant fluctuations during
the three- and nine-month periods ended September 30, 1995 as compared to the
comparable periods in 1994.
8
<PAGE>
MANAGEMENT's DISCUSSION AND ANALYSIS OR PLAN
OF OPERATION, CONTINUED
INTEREST INCOME
- ---------------
Total interest income for the three- and nine-month periods ended September
30, 1995 increased $101,382 or 9.59% for the three-month period and increased
$427,499 or 14.37% for the nine-month period from the comparable periods in
1994. Increased volume of average interest-earning assets accounted for $19,252
of the change in interest income in the three-month period and $2,277 in the
nine-month period, while increased rates on these assets accounted for $82,130
of the change in interest income in the three-month period and $425,222 in the
nine-month period.
INTEREST EXPENSE
- ----------------
Total interest expense for the three- and nine-month periods ended
September 30, 1995 increased $140,587 or 35.88% and $302,769 or 25.96%,
respectively, from the comparable periods in 1994. Increased volume of average
interest-bearing liabilities accounted for $8,770 of the change in interest
expense in the three-month period and $358,302 in the nine-month period, while
increased rates paid on these average interest-bearing liabilities accounted for
$131,817 of the change in the three-month period and decreased rates accounted
for $55,533 in the nine-month period.
NET INTEREST INCOME
- -------------------
Net interest income for the three- and nine-month periods ended September
30, 1995 decreased $39,205 or 5.89% but increased $124,730 or 6.89% from the
comparable periods in 1994. Volume accounted for $10,482 of the change in net
interest income for the three-month period and ($356,025) for the nine-month
period, while rates accounted for ($49,687) of the change in net interest income
for the three-month period and $480,755 for the nine-month period. The interest
margin of 5.00% and rate spread relationship of 4.10% for 1995 have increased
slightly. The change in net interest margin was due in large part to the
increase in the interest rates on interest-bearing assets during the first nine
months of 1995.
ASSET QUALITY
- -------------
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain an adequate allowance for loan losses.
It is based on the growth of the loan portfolio, the amount of net loan losses
incurred, and management's estimate of potential future loan losses based on an
evaluation of loan portfolio risks and certain economic factors. No provision
for loan losses was recorded for the three- and nine-month periods ended
September 30, 1995 and 1994. No provision was necessary due to decreases in the
loan portfolio in 1995 and reduced loan charge-offs. Net charge-offs of loans
for the three-month and nine-month periods ended September 30, 1995 amounted to
$109,799 and $94,230 compared to $29,435 and $234,837 for the comparable periods
in 1994.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
OF OPERATION, CONTINUED
The following table summarizes nonperforming loans and allowance for loan
losses data as of September 30, 1995 and December 31, 1994:
NON-PERFORMING LOANS
--------------------
SEPTEMBER, 1995 DECEMBER, 1994
--------------- -------------
NONACCRUAL LOANS $ 668,000 374,448
PAST-DUE LOANS GREATER THAN 90 DAYS - 7,433
RESTRUCTURED LOANS 588,000 448,000
---------- ----------
TOTAL NONPERFORMING LOANS $1,256,000 829,881
========== ==========
POTENTIAL PROBLEM LOANS $ 263,000 81,809
========== ==========
ALLOWANCE FOR LOAN LOSSES
-------------------------
BALANCE, DECEMBER 31, 1994 $1,281,947
CHARGEOFFS (400,300)
RECOVERIES 306,070
PROVISION FOR LOAN LOSSES -
----------
BALANCE, SEPTEMBER 30, 1995 $1,187,717
==========
RATIOS
------
NONPERFORMING LOANS/TOTAL LOANS 3.89% 2.44%
NONPERFORMING LOANS/ALLOWANCE FOR LOAN LOSSES 105.75% 64.74%
ALLOWANCE FOR LOAN LOSSES/TOTAL LOANS 3.68% 3.76%
The increase in nonaccrual loans is primarily due to management's
continuing efforts to identify, monitor, and work out problem loans before they
become a loss. The nonaccrual loans should be restructured in the fourth
quarter. Restructured loans increased due to the workout of certain credits.
The potential problem loans represent loans that are presently performing;
however, management has serious doubts concerning the ability of the respective
borrowers to meet contractual repayment terms. The increase in the potential
problem loans was a result of one large credit becoming delinquent.
OTHER INCOME
- ------------
Other income increased $666 or .52% but decreased $106,769 or 22.08% for
the three- and nine-month periods ended September 30, 1995 from the comparable
periods in 1994. Service charges as a result of a reduction of overdrafts, and
fewer insufficient funds charges accounted for the majority of the change in
other income for the three- and nine-month periods, respectively, from the
comparable periods in 1994. Insurance commissions decreased $230 and $192 for
the three- and nine-month periods, respectively, from the same periods in 1994.
The gain in securities in 1994 was the result of management's repositioning the
portfolio in light of rising rates.
10
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
OF OPERATION, CONTINUED
OTHER EXPENSES
- --------------
Other expenses for the three- and nine-month periods ended September 30, 1995
decreased $168,154 or 24.87% and $365,402 or 17.49% from the comparable periods
in 1994. Lower salaries and employee benefits as a result of a reduction in
personnel accounted for a decrease of $71,091 and $205,093 for the three- and
nine-month periods.
NET INCOME
- ----------
Net income for the three- and nine-month periods ended September 30, 1995
increased $129,615 and $383,363 from the comparable periods in The 1994.
increase is the result of an increase in the net interest income and a
reduction in overhead.
RETURN ON EQUITY AND ASSETS
- ---------------------------
The following table presents the return on equity and assets as of
September 30, 1995:
Return on assets 1.03%
Return on equity 17.51%
Dividend payout ratio -
Equity to assets ratio 5.89%
PART II. OTHER INFORMATION
- -------- -----------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
- ------- ---------------------------------
(a) Exhibits filed in accordance with Item 601 of Regulation S-B.
27. Financial Data Schedule.
(b) The Company has not filed any reports on Form 8-K with the Securities and
Exchange Commission during the three months ended September 30, 1995.
11
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized .
TARA BANKSHARES CORPORATION
Date: 11/09/95 /s/ Chuck M. Barnes
--------------------------- -------------------------------------
Charles M. Barnes, President
(Chief Executive Officer)
Date: 11/09/95 /s/ Steve T. Warren
--------------------------- -------------------------------------
Steve T. Warren, Senior Vice President
(Chief Financial and Accounting Officer)
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994
<PERIOD-START> JAN-01-1995 JAN-01-1994
<PERIOD-END> SEP-30-1995 SEP-30-1994
<CASH> 2,043,031 2,581,389
<INT-BEARING-DEPOSITS> 0 0
<FED-FUNDS-SOLD> 3,900,000 2,630,000
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 9,660,608 9,899,782
<INVESTMENTS-CARRYING> 9,577,347 3,366,934
<INVESTMENTS-MARKET> 9,624,619 3,293,931
<LOANS> 32,299,026 34,754,016
<ALLOWANCE> 1,187,717 1,253,507
<TOTAL-ASSETS> 59,598,799 55,851,093
<DEPOSITS> 54,037,507 50,161,484
<SHORT-TERM> 0 686,360
<LIABILITIES-OTHER> 337,550 485,078
<LONG-TERM> 1,500,000 1,500,000
<COMMON> 4,480,030 4,480,030
0 0
0 0
<OTHER-SE> (756,288) (1,461,859)
<TOTAL-LIABILITIES-AND-EQUITY> 59,598,799 55,851,093
<INTEREST-LOAN> 2,524,652 2,320,556
<INTEREST-INVEST> 765,854 582,078
<INTEREST-OTHER> 112,771 73,144
<INTEREST-TOTAL> 3,403,277 2,975,778
<INTEREST-DEPOSIT> 1,344,173 1,030,992
<INTEREST-EXPENSE> 1,468,952 1,166,183
<INTEREST-INCOME-NET> 1,943,325 1,809,595
<LOAN-LOSSES> 0 0
<SECURITIES-GAINS> 0 17,747
<EXPENSE-OTHER> 1,723,495 2,088,897
<INCOME-PRETAX> 587,547 204,184
<INCOME-PRE-EXTRAORDINARY> 587,547 204,184
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 587,547 204,184
<EPS-PRIMARY> 1.31 1.31
<EPS-DILUTED> 1.02 .43
<YIELD-ACTUAL> 5.20 4.97
<LOANS-NON> 668,000 441,000
<LOANS-PAST> 0 82,000
<LOANS-TROUBLED> 588,000 447,000
<LOANS-PROBLEM> 263,000 447,000
<ALLOWANCE-OPEN> 1,281,947 1,488,344
<CHARGE-OFFS> 400,300 502,750
<RECOVERIES> 306,070 267,913
<ALLOWANCE-CLOSE> 1,187,717 1,253,508
<ALLOWANCE-DOMESTIC> 0 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
