<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(mark one)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For quarterly period ended September 30, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-18539
EVANS BANCORP, INC.
(Exact name of registrant as specified in its charter)
New York 16-1332767
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14 -16 North Main Street, Angola, New York 14006
(Address of principal executive offices)
(Zip Code)
(716) 549-1000
(Issuer's telephone number)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report.)
Indicate by check (x) whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
Common Stock, $.50 Par Value--1,698,950 shares as of October 31, 1998
<PAGE> 2
INDEX
EVANS BANCORP, INC. AND SUBSIDIARY
<TABLE>
<CAPTION>
PAGE
<S> <C> <C>
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated balance sheets--September 30, 1998 and
December 31, 1997 1
Consolidated statements of income--Three months
ended September 30, 1998 and 1997 2
Consolidated statements of income--Nine months 3
ended September 30, 1998 and 1997
Consolidated statements of cash flows--Nine months 4
ended September 30, 1998 and 1997
Notes to consolidated financial statements--
September 30, 1998 and 1997 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II. OTHER INFORMATION 8
Item 1. Legal Proceedings
Item 2. Changes In Securities
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES 9
</TABLE>
<PAGE> 3
PART I - FINANCIAL INFORMATION PAGE 1
ITEM I - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
September 30, 1998 and December 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1998 1997
------------- ------------
<S> <C> <C>
Cash and due from banks $ 5,211,469 $ 5,821,532
Federal Funds sold 0 4,515,000
Securities:
Classified as available-for-sale, at fair value 41,296,213 33,822,334
Classified as held-to-maturity, at amortized cost 5,625,814 6,578,040
Loans, net 108,448,168 101,627,427
Premises and equipment, net 3,914,014 3,827,672
Other assets 2,817,309 2,350,158
------------- ------------
$ 167,312,987 $158,542,163
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Demand $ 24,869,755 $ 21,680,839
NOW and money market accounts 7,541,976 7,093,959
Regular savings 48,130,600 44,264,697
Time Deposits, $100,000 and over 22,588,341 22,873,379
Other time accounts 39,747,131 42,478,453
------------- ------------
142,877,803 138,391,327
Short Term Borrowing 2,000,000 0
Dividend Payable 339,790 0
Other liabilities 3,972,229 3,111,536
------------- ------------
149,189,822 141,502,863
------------- ------------
STOCKHOLDERS' EQUITY
Common Stock, $.50 par value; 10,000,000
shares authorized; 1,698,950 issued and outstanding 849,475 849,475
Surplus 10,990,720 10,990,720
Retained earnings 5,872,108 4,985,249
Treasury Stock (174,645) 0
Unrealized gains on available for sale securities 585,507 213,856
------------- ------------
18,123,165 17,039,300
------------- ------------
$ 167,312,987 $158,542,163
============= ============
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 4
PART I - FINANCIAL INFORMATION PAGE 2
ITEM I - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months ended September 30, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
1998 1997
----------- ----------
<S> <C> <C>
INTEREST INCOME
Loans $ 2,369,670 $2,216,758
Federal funds sold 24,375 26,428
Securities:
Taxable 318,942 343,602
Non-taxable 282,552 249,015
----------- ----------
2,995,539 2,835,803
INTEREST EXPENSE
Deposits 1,196,915 1,142,744
Short Term Borrowing 36,627 4,309
----------- ----------
NET INTEREST INCOME 1,761,997 1,688,750
PROVISION FOR CREDIT LOSSES 30,000 15,000
----------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 1,731,997 1,673,750
----------- ----------
NON-INTEREST INCOME:
Service charges 180,681 169,866
Other 99,375 70,577
(Losses)/Gains on Securities Transactions (8,791) 1,990
----------- ----------
271,265 242,433
----------- ----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 676,878 637,514
Occupancy 191,247 188,002
Supplies 23,628 25,332
Repairs and maintenance 46,166 43,634
Advertising and public relations 26,129 35,452
Professional services 71,939 88,232
FDIC assessments 4,178 4,074
Other 242,070 227,165
----------- ----------
1,282,235 1,249,405
----------- ----------
Income before income taxes 721,027 666,778
----------- ----------
PROVISION FOR INCOME TAXES 207,400 186,925
----------- ----------
NET INCOME $ 513,627 $ 479,853
=========== ==========
NET INCOME PER COMMON SHARE $ 0.30 $ 0.28
=========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 1,698,950 1,698,950
=========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 5
PART I - FINANCIAL INFORMATION PAGE 3
ITEM I - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months ended September 30, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1998 1997
----------- ------------
<S> <C> <C>
INTEREST INCOME
Loans $ 7,067,297 $ 6,492,576
Federal funds sold 64,632 97,651
Securities:
Taxable 965,569 1,097,298
Non-taxable 808,094 668,801
----------- -----------
8,905,592 8,356,326
INTEREST EXPENSE
Deposits 3,584,941 3,406,777
Short Term Borrowing 85,124 6,668
----------- -----------
NET INTEREST INCOME 5,235,527 4,942,881
PROVISION FOR CREDIT LOSSES 90,000 45,000
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 5,145,527 4,897,881
----------- -----------
NON-INTEREST INCOME:
Service charges 528,711 498,623
Other 236,724 172,672
Losses on Securities Transactions (5,483) (7,750)
----------- -----------
759,952 663,545
----------- -----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 2,002,930 1,890,647
Occupancy 571,740 570,024
Supplies 83,141 67,903
Repairs and maintenance 138,801 116,972
Advertising and public relations 87,931 92,389
Professional services 204,325 202,561
FDIC assessments 12,472 11,200
Other 686,569 669,391
----------- -----------
3,787,909 3,621,087
----------- -----------
Income before income taxes 2,117,570 1,940,339
----------- -----------
PROVISION FOR INCOME TAXES 602,100 591,725
----------- -----------
NET INCOME $ 1,515,470 $ 1,348,614
=========== ===========
NET INCOME PER COMMON SHARE $ 0.89 $ 0.79
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 1,698,950 1,698,950
=========== ===========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 6
PAGE 4
ITEM I - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1998 1997
------------ ------------
<S> <C> <C>
OPERATING ACTIVITIES
Interest received $ 8,506,687 $ 7,953,798
Fees and commissions received 834,464 725,455
Interest paid (3,520,598) (3,341,151)
Cash paid to suppliers and employees (3,575,827) (3,482,480)
Income taxes paid (583,365) (608,750)
------------ ------------
Net cash provided by operating
activities 1,661,361 1,246,872
------------ ------------
INVESTING ACTIVITIES
Available for sale securities
Purchases (27,144,110) (20,390,722)
Proceeds from sales 14,084,899 14,641,489
Proceeds from maturities 6,741,195 407,731
Held to maturity securities
Purchases (1,879,869) (2,261,519)
Proceeds from maturities 2,274,951 1,607,944
Additions to bank premises and equipment (351,121) (509,822)
Increase in loans, net of repayments (9,849,161) (7,444,229)
Proceeds from sales of loans 2,961,820 1,726,206
------------ ------------
Net cash used in investing activities (13,161,396) (12,222,922)
------------ ------------
FINANCING ACTIVITIES
Increase in deposits 4,486,477 12,571,553
Short term borrowing 2,351,962 0
Treasury Stock (174,645) 0
Cash Dividends Paid (288,822) (169,895)
------------ ------------
Net cash provided by financing
activities 6,374,972 12,401,658
------------ ------------
Net (decrease)/increase in cash and cash
equivalents (5,125,063) 1,425,608
Cash and cash equivalents, January 1 10,336,532 7,112,231
------------ ------------
Cash and cash equivalents, September 30 $ 5,211,469 $ 8,537,839
============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 7
PART I - FINANCIAL INFORMATION PAGE 5
ITEM I - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1998 1997
----------- -----------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Net income $ 1,515,470 $ 1,348,614
----------- -----------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 229,661 259,441
Provision for credit losses 90,000 45,000
Gain on sale of assets (17,917) (15,076)
Changes in:
Accrued interest payable 123,823 72,294
Accrued interest receivable (280,458) (357,620)
Other liabilities 141,966 40,954
Other assets (141,184) (146,735)
----------- -----------
Total adjustments 145,891 (101,742)
----------- -----------
NET CASH PROVIDED BY
OPERATING ACTIVITIES $ 1,661,361 $ 1,246,872
=========== ===========
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION:
Net unrealized gain on available for sale securities $ 861,038 $ 179,137
=========== ===========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 8
PART I - FINANCIAL INFORMATION PAGE 6
ITEM 1 - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 1998 AND 1997
(UNAUDITED)
1. GENERAL
The accounting and reporting policies followed by Evans Bancorp, Inc., a
bank holding company, and its subsidiary, Evans National Bank, in the
preparation of the accompanying interim financial statements conform
with generally accepted accounting principles and with general practice
within the banking industry.
The accompanying financial statements are unaudited. In the opinion of
management, all adjustments necessary for a fair presentation of
financial position and results of operations for the interim periods
have been made. Such adjustments are of a normal recurring nature.
The results of operations for the nine month period ended September 30,
1998 are not necessarily indicative of the results to be expected for
the full year.
2. SECURITIES
Securities which the Bank has the ability and intent to hold to maturity
are stated at cost, plus discounts accrued and less premiums amortized.
Securities which the Bank has identified as available for sale are
stated at fair value.
3. ALLOWANCE FOR CREDIT LOSSES
The provision for credit losses is based on management's evaluation of
the relative risks inherent in the loan portfolio and, on an annual
basis, generally exceeds the amount of net loan losses charged against
the allowance.
4. INCOME TAXES
Provision for deferred income taxes are made as a result of timing
differences between financial and taxable income. These differences
relate principally to directors deferred compensation, pension premiums
payable, allowance for loan losses and deferred loan origination
expenses.
5. PER SHARE DATA
The per share of common stock information is based upon the weighted
average number of shares outstanding during each period, retroactively
adjusted for stock dividends and stock splits. The Company adopted
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings
per Share," during the fourth quarter of 1997. Only basic earnings per
share is disclosed because the Company does not have any dilutive
securities or other contracts to issue common stock or convert to common
stock.
<PAGE> 9
PART I - FINANCIAL INFORMATION PAGE 7
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
MATERIAL CHANGES IN FINANCIAL CONDITION
Total deposits increased 3.24% over the first nine months of 1998. This
compares to an increase of 10.18% over the first nine months of 1997. An
increasingly competitive market for time deposits during 1998 contributed to the
decline in deposit growth over the first nine months of 1997. Demand deposits,
NOW account deposits and regular savings deposits have increased 14.71%, 6.32%
and 8.73% respectively. Time deposits greater than $100 thousand decreased 1.25%
and other time accounts decreased 6.43% over the first nine months of 1998,
whereas these categories increased 26.04% and 3.30% over the first nine months
of 1997 respectively. Due to the decline in new deposit growth in 1998, the Bank
has begun to utilize its benefit of being a member of the Federal Home Loan Bank
as a funding source by purchasing $2 million in short term borrowing.
Total net loans outstanding of $108.4 million have increased 6.71% since
December 31, 1997. Loan demand has been strong for the past two years, with net
loans increasing 6.18% over the first nine months of 1997. Growth in the first
nine months of 1998 has largely been concentrated in the commercial sector of
the portfolio, particularly in commercial mortgages. Consumer loan growth
remains concentrated in fixed and variable rate home equity products. A total of
$1 million of student loans were sold to SLMA in the first nine months of 1998
and $1.9 million in residential mortgages were sold to FNMA in the first nine
months of 1998.
The investment portfolio increased 16.14% between December 31, 1997 and
September 30, 1998 versus an increase of 17.19% over the same time period last
year. The Bank continues to concentrate investments in US government and agency
securities and tax-advantaged municipal bonds.
During this quarter, the Company repurchased 3,881 shares of stock to be
made available for sale to the Dividend Reinvestment Plan.
The annualized return on average assets ("ROAA") at September 30, 1998
was 1.25%. The ROAA at December 31, 1997 was 1.19%. The Bank's annualized return
on average equity at September 30, 1998 was 11.63% versus 11.05% at December 31,
1997. The capital to assets ratio at September 30, 1998 was 10.86% compared to
10.95% at year-end 1997. Total assets have increased $8.8 million or 5.5% since
December 31, 1997.
MATERIAL CHANGES IN THE RESULTS OF OPERATIONS
Net interest income for the nine month period ending September 30, 1998
increased 5.92% over the same nine month period in 1997. Interest income on
loans and investments increased 6.57% whereas interest expense on deposits and
short-term borrowings increased 7.52%. The Bank's year-to-date net interest
margin was 4.65% at September 30, 1998. At September 30, 1997 the year-to-date
net interest margin was 4.69%. The year-to-date yield on total earning assets at
September 30, 1998 was 8.19%, down .10% from 8.29% a year ago. Yields on US
treasury securities and municipal bonds have been computed on a tax-equivalent
basis. Comparatively, the year-to-date cost of funds on interest-bearing deposit
balances at September 30, 1998 was 4.12% increasing slightly .02% from 4.10%
through September 30, 1997. The increase can be attributed to an increase in
the volume of the Bank's more expensive products, including the tiered rate
Premium savings introduced in May 1997 which now constitutes nearly 6% of total
cost funds.
The year-to-date provision for credit losses was $90 thousand through
September 30, 1998, compared to $45 thousand set aside for potential credit
losses through the first nine months of 1997. Management has increased the
provision due to the substantial increase in the volume of the loan portfolio,
particularly in the commercial sector, over the past two years. Management
believes the portfolio continues to be of good quality.
Net operating expenses increased 4.61% over the first nine months of
1998 versus an increase of .80% over the first nine months of 1997. Annual
salary adjustments and an increase in the number of full-time equivalent
employees contributed to a 5.94% increase in salary and benefit expense.
Net income through September 30, 1998 of $1,515,470 reflects an increase
of 12.37% over the first nine months of 1997. The effective combined tax rate
for the first nine months of 1998 was 28.4% compared to 30.5% for the first nine
months of 1997. The lower rate for 1998 demonstrates the impact of increasing
the Bank's investment in tax-advantaged municipal bonds and the benefit realized
from a favorable deferred tax position.
<PAGE> 10
Year 2000 PAGE 8
The Company is aware of the issues associated with the arrival of the
Millennium (year 2000) and the significant challenge it presents. The "Year
2000" problem centers around the world's computer systems and a common
programming practice that condenses a century date to just two digits, i.e."98"
to represent 1998, to conserve computer storage space. As a result, these
systems may interpret "00" as 1900 rather 2000, causing potential data
corruption or system failure.
The Company is addressing the Year 2000 issue by completing a five-phase
approach recommended by the Federal Financial Institutions Examination Council
and following guidelines provided us by our regulatory authorities, who monitor
our progress periodically. The five phases are: Awareness-define the year 2000
problems, obtain executive level support, establish a project team and develop
an overall strategy; Assessment-assess the size and complexity by identifying
affected areas of our business, identify required resources and develop a
comprehensive plan; Renovation-initiate code enhancements and required hardware
and software upgrades, monitor progress of third party vendors; Validation-test
incremental changes to hardware and software components as well as connections
with other systems; Implementation-certification of systems as year 2000
complaint and development of contingency plans. To date, the first four
recommended phases are essentially complete, with only the implementation phase
remaining and all mission-critical systems having been renovated or replaced.
Testing is planned for completion by December 31, 1998. Quality reviews will be
conducted throughout 1999 and the year 2000 to ensure proper functioning of our
system.
Contingency plans are being designed to provide, if necessary, for
business continuation, and our validation effort will be well underway by year
end. Completion is planned during the first quarter of 1999. The Company
believes, however, that due to the widespread nature of potential Year 2000
issues, the contingency planning process is an ongoing one which will require
further modifications as the Company obtains additional information,
specifically regarding third party Year 2000 readiness. Expenses associated with
Year 2000 compliance are not expected to have a material impact on the financial
condition of the Company. Expenses are projected to be approximately $45
thousand, the majority of which will be charged in 1999.
The Company cannot provide assurance that failure of third parties to
address the Year 2000 issue will not have an adverse impact on the Company. To
combat their uncertainties, the Company is assessing critical suppliers and
customers to ascertain their readiness. The Company believes that, with the
implementation of the Year 2000 initiatives as scheduled, the possibility of
significant interruptions of normal operations should be reduced.
The preceding "Year 2000" discussion contains various statements which
represent the Company's beliefs or expectations regarding future events. All
forward-looking statements involve a number of risks and uncertainties that
could cause the actual results to differ materially from the projected results.
Factors that may cause the differences include, but are not limited to, the
actions of governmental agencies or other third parties with respect to Year
2000 problems.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings - None to report.
ITEM 2. Changes in Securities - None to report
ITEM 3. Defaults upon Senior Securities - None to report.
ITEM 4. Submission of Matters To a Vote of Security Holders--none to
report.
ITEM 5. Other Information:
On September 22, 1998, the Board of Directors declared a cash
dividend of $.20 per share payable on October 6,1998 to
shareholders of record on September 22, 1998.
ITEM 6. Exhibits and Reports on Form 8-K - None to Report.
The following Exhibits are filed as part of this Report:
<TABLE>
<CAPTION>
Exhibit No. Description Page
<S> <C> <C>
27 Financial Data Schedule 10
</TABLE>
<PAGE> 11
PAGE 9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.
Evans Bancorp, Inc.
DATE
November 13, 1998 /s/Richard M. Craig
---------------------------------------
Richard M. Craig
President and Chief Executive Officer
DATE
November 13, 1998 /s/James Tilley
---------------------------------------
James Tilley
Senior Vice President
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM EVANS
BANCORP INC. BALANCE SHEET AND STATEMENTS OF INCOME (UNAUDITED) AS OF SEPTEMBER
30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000842518
<NAME> EVANS BANCORP INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 5,211,469
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 41,296,213
<INVESTMENTS-CARRYING> 5,625,814
<INVESTMENTS-MARKET> 0
<LOANS> 108,448,168
<ALLOWANCE> (717,912)
<TOTAL-ASSETS> 167,312,987
<DEPOSITS> 142,877,803
<SHORT-TERM> 2,000,000
<LIABILITIES-OTHER> 4,312,019
<LONG-TERM> 0
0
0
<COMMON> 849,475
<OTHER-SE> 17,273,689
<TOTAL-LIABILITIES-AND-EQUITY> 167,312,987
<INTEREST-LOAN> 7,067,297
<INTEREST-INVEST> 1,773,663
<INTEREST-OTHER> 64,632
<INTEREST-TOTAL> 8,905,592
<INTEREST-DEPOSIT> 3,584,941
<INTEREST-EXPENSE> 3,670,065
<INTEREST-INCOME-NET> 5,235,527
<LOAN-LOSSES> 90,000
<SECURITIES-GAINS> (5,483)
<EXPENSE-OTHER> 3,787,909
<INCOME-PRETAX> 2,117,570
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,515,470
<EPS-PRIMARY> .89
<EPS-DILUTED> 0
<YIELD-ACTUAL> 8.19
<LOANS-NON> 825,075
<LOANS-PAST> 628,538
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 609,539
<CHARGE-OFFS> 21,060
<RECOVERIES> 39,433
<ALLOWANCE-CLOSE> 717,912
<ALLOWANCE-DOMESTIC> 90,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
