<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 the period ended March 31, 1996
SOUTHERN CRESCENT FINANCIAL CORP
(Exact name of registrant as specified in its charter)
Georgia 58-1845038
- ------------------------ -----------------
(State of Incorporation) I.R.S. Employer Id. No.
1585 Southlake Parkway, Morrow, Georgia 30260
- --------------------------------------- -------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(404)-968-6868
- --------------
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 TWELVE MONTHS AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.
YES X NO
----- -----
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF MARCH 31, 1996.
CLASS OUTSTANDING
----- -----------
Common Stock $1 par value 803,867
<PAGE>
FORM 10-Q PAGE 2
SOUTHERN CRESCENT FINANCIAL CORP
PART I Financial Information
- ------
Item 1: Financial Statements
- -------
Financial Statements: The following consolidated financial statements have not
- ---------------------
been audited or reported upon by the Southern Crescent Financial Corp's (the
"Company's") Independent Certified Public Accountants nor have such financial
statements been reviewed by them. These financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations. The
consolidated financial statements furnished herein reflect all adjustments,
consisting only of normal recurring accruals, which are, in the opinion of
management, necessary for a fair statement of the results of the periods for
which they are presented. Such results, however, are not necessarily indicative
of the results to be expected for the full year.
These consolidated financial statements should be read in conjunction with
the December 31, 1995 financial statements and notes thereto, and the Report of
the Independent Certified Public Accountants, included in the Company's Form 10-
K Annual Report dated December 31, 1995, as filed with the Securities and
Exchange Commission.
<PAGE>
FORM 10-Q PAGE 3
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ ------------
<S> <C> <C>
Cash and due from banks $ 8,445,446 $ 7,504,913
Federal funds sold 3,550,000 6,740,000
Interest-bearing deposits in banks 99,000 99,000
Investment securities available for sale 26,475,463 25,566,236
Loans, less allowance for loan losses of $1,287,879
and $1,273,091, respectively 76,338,428 71,793,982
Premises and equipment 5,124,092 5,215,272
Accrued interest receivable and other assets 4,289,165 2,638,738
------------ -----------
$124,321,594 $119,558,141
============ ============
</TABLE>
<PAGE>
FORM 10-Q PAGE 4
LIABILITIES
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------- ------------
<S> <C> <C>
Deposits
Non-interest bearing demand 14,408,080 $14,873,708
Interest bearing demand 29,728,220 29,072,134
Savings 4,224,287 4,440,957
Certificates of deposit, $100,000 and over 14,596,283 15,339,696
Other certificates of deposit 47,383,472 43,211,159
----------- ------------
Total deposits 110,360,342 106,937,654
Securities sold under repurchase agreements 1,276,667 1,577,784
Accrued interest payable and other liabilities 3,391,327 1,946,607
----------- ------------
Total liabilities 115,028,336 110,462,045
</TABLE>
STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
<S> <C> <C>
Preferred stock, $1 par value; authorized
10,000,000 shares; no shares outstanding - -
Common stock, $1 par value; authorized
10,000,000 shares; 803,867 shares issued
at March 31, 1995 and December 31, 1994 803,867 803,867
Paid-in capital 7,229,475 7,229,475
Net unrealized appreciation (deprecation) on
securities available for sale, net of tax (24,324) 34,647
Retained earnings (accumulated deficit) 1,330,954 1,074,821
------------ ------------
9,339,972 9,142,810
Less treasury stock at cost, 5,128 shares (46,714) (46,714)
------------ ------------
9,293,258 9,096,096
------------ ------------
$124,321,594 $119,558,141
============ ============
</TABLE>
<PAGE>
FORM 10-Q PAGE 5
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
Quarter ended
-----------------------
March 31, March 31,
1996 1995
---------- -----------
<S> <C> <C>
Interest income
Interest and fees on loans 1,991,438 $1,502,970
Interest and dividends
on investments 358,529 437,911
Interest on federal funds sold 89,540 52,925
--------- ----------
2,439,507 1,993,806
---------- ----------
Interest expense
Interest on certificates of deposit
of $100,000 or more 198,094 124,122
Interest on other deposits 930,660 730,478
--------- ----------
1,128,754 854,600
---------- ---------
Net interest income before provision
for loan losses 1,310,753 1,139,206
Provision for loan losses - -
---------- ---------
Net interest income 1,310,753 1,139,206
Other income
Service charges on deposit
accounts 182,975 193,553
Other operating income 81,477 71,953
--------- ----------
264,452 265,506
--------- ----------
</TABLE>
(Continued)
<PAGE>
FORM 10-Q PAGE 6
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
CONSOLIDATED STATEMENTS OF EARNINGS - CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
Quarter ended
-----------------------
March 31, March 31,
1996 1995
---------- ----------
<S> <C> <C>
Operating expenses
Salaries and employee benefits 634,579 566,125
Occupancy expenses 199,713 205,428
Other operating expenses 346,770 373,032
---------- ----------
1,181,062 1,144,585
---------- ----------
Earnings before income taxes 394,143 260,127
Income taxes
Current 122,069 54,459
Deferred 15,941 36,306
---------- ----------
138,010 90,765
---------- ----------
NET EARNINGS $ 256,133 $169,362
========== ==========
Earnings per common share:
Primary $ .31 $ .21
Fully diluted .31 .20
Weighted average common
shares outstanding:
Primary 837,513 803,867
Fully diluted 837,513 832,503
</TABLE>
<PAGE>
FORM 10-Q PAGE 7
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the quarter ended March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Retained
Unrealized earnings
Common Paid-in appreciation (accumulated Treasury
stock capital on securities deficit) stock Total
------ --------- ------------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1995 $803,867 $7,229,475 $ 34,647 $1,074,821 $(46,714) $9,096,096
Net earnings for the quarter - - - 256,133 - 256,133
Change in unrealized loss on
securities available for sale - - (58,971) - - -
-------- ---------- -------- ---------- -------- ----------
Balance, March 31, 1996 $803,867 $7,229,475 $(24,324) $1,330,954 $(46,714) $9,293,258
======== ========== ======== ========== ======== ==========
</TABLE>
<PAGE>
FORM 10-Q PAGE 8
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Quarter ended
--------------------------
March 31, March 31,
1996 1995
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 256,133 $ 169,362
Adjustments to reconcile net earning
to net cash used by operating activities:
Depreciation and amortization 93,818 105,970
Deferred income tax expense 15,941 36,306
Change in assets and liabilities:
Accrued interest receivable and other assets (1,650,950) (1,615,273)
Accrued interest payable and other liabilities 1,424,779 1,486,782
----------- -----------
Net cash provided by operating activities 139,721 183,147
Cash flows from investing activities:
Maturities of interest-bearing deposits in banks - 393,000
Purchases of investment securities (7,094,753) (2,029,000)
Proceeds from sales of investment securities 2,358,825 -
Proceeds from maturities of investment securities 3,785,000 73,766
Net investment from issuance and collection
of loans made to customers (4,544,446) (3,065,138)
Capital expenditures (5,385) (13,426)
Decrease in federal funds sold 3,190,000 2,030,000
----------- -----------
Net cash used in investing activities (2,310,759) (2,610,798)
----------- ----------
Cash flows from financing activities:
Net increase in deposits 3,422,688 5,737,667
Net increase (decrease) in securities sold
under repurchase agreements (301,117) 198,311
----------- -----------
Net cash provided by financing activities 3,121,571 5,935,978
----------- -----------
Net increase in cash and due from banks 950,533 3,508,327
Cash and due from banks at beginning of period 7,504,913 5,433,371
----------- -----------
Cash and due from banks at end of period $ 8,455,446 $ 8,941,698
=========== ===========
</TABLE>
<PAGE>
FORM 10-Q PAGE 9
Southern Crescent Financial Corp
and its wholly-owned subsidiary,
Southern Crescent Bank
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the quarter ended March 31, 1996
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies consistently applied, except as
otherwise disclosed, in the preparation of the accompanying consolidated
financial statements follows.
1. Nature of Operations
--------------------
The Company's operations are conducted by its wholly-owned subsidiary, Southern
Crescent Bank (the "Bank"). The Bank is engaged in the commercial banking
business in the southern metropolitan Atlanta area. The Bank's business
consists primarily of attracting deposits from the general public and, with
these and other funds, making real estate loans, consumer loans, business loans,
residential and commercial construction loans and other investments.
Investments of the Bank include obligations of federal, state and local
governments as well as mortgage backed securities.
2. Principles of Consolidation
---------------------------
The consolidated financial statements include the accounts of Southern Crescent
Financial Corp (the "Company") and its wholly-owned subsidiary, Southern
Crescent Bank. All significant intercompany transactions and accounts have been
eliminated.
During 1993, the Company acquired Southside Bank and Trust Company ("Southside")
as described in Note K. Immediately thereafter, the Company's wholly owned
subsidiary, Clayton National Bank, was merged into Southside and Southside's
name was changed to Southern Crescent Bank.
3. Investment Securities
---------------------
The Company's investments have been classified from the date of adoption forward
among the following three categories and accounted for based on such
classifications:
Securities to be held to maturity - debt securities that the Company has the
- ---------------------------------
positive intent and ability to hold to maturity are reported at amortized cost.
Trading securities - debt and equity securities that are bought and held
- ------------------
principally for the purpose of selling them in the near term are reported at
fair value, with unrealized gains and losses included currently in income.
Securities available for sale - debt and equity securities classified as neither
- -----------------------------
held to maturity nor trading securities are reported at fair value, with
unrealized gains and losses excluded from income and reported as a separate
component of stockholders' equity.
<PAGE>
FORM 10Q PAGE 10
Southern Crescent Financial Corp
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
For the quarter ended March 31, 1996
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
3. Investment Securities - Continued
---------------------------------
Declines in the fair value of individual held to maturity and available for sale
securities below their cost that are other than temporary would be accounted for
through a write-down of the individual securities. No securities required such
a write-down during the quarter ended March 31, 1996.
Market values of state, county and municipal securities are influenced by their
partial exemption from federal taxation. Accordingly, changes in taxation of
income from these securities could have an effect on their fair value.
Unrealized holding gains and losses, net of income tax, on securities available
for sale are reported as a net amount in a separate component of stockholders'
equity until realized. Gains and losses on the sale of securities available for
sale are determined using the specific identification method.
4. Loans and Allowance for Loan Losses
-----------------------------------
Loans are stated at the amount of unpaid principal, reduced by net unearned loan
origination fees. Fees for loan origination and commitments and related
origination costs are deferred and recognized as an interest income yield
adjustment over the terms of the loans using the interest method. Interest
income on commercial, amortized and consumer loans is primarily recognized based
on the principal amounts outstanding.
The allowance for loan losses is maintained at a level adequate to absorb
probable losses. Provisions for loan losses and recoveries on loans previously
charged off are added to the allowance, while loans deemed to be uncollectible
are charged to the allowance. The balance in the allowance for loan losses is
based on management's analysis of the loan portfolio and loan commitments. It
reflects an estimated amount which, in management's judgment, is adequate to
provide for potential loan losses after giving consideration to the character of
the loan portfolio, current economic conditions, past loan loss experience,
specific problem loans, adequacy of the underlying collateral and other factors.
<PAGE>
FORM 10Q PAGE 11
Southern Crescent Financial Corp
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
For the quarter ended March 31, 1996
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
4. Loans and Allowance for Loan Losses - Continued
-----------------------------------------------
Impaired loans are measured based upon the present value of expected future cash
flows discounted at the loan's effective interest rate or, as a practical
expedient, at the loans observable market price or the fair value of the
collateral if the loan is collateral dependent. A loan is defined as impaired
when, based on current information and events, it is probable that a creditor
will be unable to collect all amounts due according to the contractual terms of
the loan agreement. Cash receipts on impaired loans are recognized as interest
income or principal repayment as received.
The Company extends credit to customers primarily in the southern portion of the
metropolitan Atlanta, Georgia area. A substantial portion of the Company's
loans are secured by real estate and business assets located in this area.
Accordingly, the collectibility and collateral value of a substantial portion of
the Company's loans are dependent on the economy in this area. Because
management's estimate of the allowance for loan losses is dependent upon the
economy in this area, it is reasonably possible that a change in the allowance
for loan losses and the provision for loan loss expense could occur in the near
term due to changes in local economic conditions.
5. Premises and Equipment
----------------------
Premises and equipment are stated at cost less accumulated depreciation.
Depreciation is provided in amounts sufficient to relate the cost of depreciable
assets to operations over their estimated service lives, principally on a
straight-line basis.
6. Securities Sold Under Agreements to Repurchase
----------------------------------------------
Securities sold under agreements to repurchase generally mature within one to
four days from the transaction date.
<PAGE>
FORM 10Q PAGE 12
Southern Crescent Financial Corp
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
For the quarter ended March 31, 1996
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
7. Income Taxes
------------
Deferred income taxes are provided for the temporary differences between the
financial reporting basis and the income tax basis of the Company's assets and
liabilities at tax rates in effect when the differences become payable.
Deferred tax assets are recorded for future tax effects of temporary differences
subject to a valuation allowance if it is more likely than not that some of the
future benefits will not be recognized.
NOTE B - LOANS
Loans at March 31, 1996 and December 31, 1995 are summarized as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ -------------
<S> <C> <C>
Commercial $52,136,764 $50,143,952
Real estate construction 14,942,137 12,526,573
Loans to individuals 10,785,409 10,641,437
----------- -----------
Total loans 77,864,310 73,311,962
Less unearned discount and loan fees (238,003) (244,889)
----------- -----------
77,626,307 73,067,073
Less allowance for loan losses (1,287,879) (1,273,091)
----------- -----------
Net loans $76,338,428 $71,793,982
=========== ===========
</TABLE>
At March 31, 1996 and December 31, 1995, there were $315,199 and $391,443,
respectively, of loans outstanding for which the accrual of interest had been
suspended or reduced.
NOTE C - REGULATORY CAPITAL REQUIREMENTS
As of March 31, 1996, the Bank's risk-based capital ratios exceeded minimum
regulatory requirements.
<PAGE>
FORM 10-Q PAGE 13
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations
SOUTHERN CRESCENT FINANCIAL CORP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Southern Crescent Financial Corp (the "Company") was incorporated under the laws
of the State of Georgia on April 27, 1989, for the purpose of becoming a bank
holding company. The Company completed its initial offering in March of 1990
after selling a total of 600,000 shares and raising $6,000,000. The Company's
subsidiary bank, Clayton National Bank (the "Bank") opened for business on March
8, 1990.
The Company acquired all of the outstanding stock of Southside Bank and Trust in
1993. Southside Bank and Trust operated two locations in south Fulton County.
The two offices of Southside operate along with the Morrow office of the Bank as
full service facilities. The Bank changed its name to Southern Crescent Bank,
converted to a State chartered institution and surrendered its National charter
on November 12, 1993.
The Company reported net earnings for the first quarter of $256,133, or $.31 per
common share, compared with $169,362 or $.21 per share, for the comparable
period in 1995. These increased earnings are attributable principally to the
increased volume of earnings assets in 1996, as compared to 1995. Net interest
income was up by $171,547 (a 15% increase) for the first quarter of 1996 over
1995. Almost all of this increase over the comparable period in 1995 was volume
related, as net interest income as a percentage of interest income for the first
quarter of 1996, was relatively comparable to that same ratio in the comparable
prior quarter (54% and 57%, respectively).
The growth in interest margins, on a dollar basis, is due in part to the
Company's stated objective of increasing the loan to deposit ratio. Interest
margins, on a percentage basis, have remained stable. The ratio of net loans to
deposits increased from 67% at December 31, 1995 to 69% at March 31, 1996.
The Company's substantial increase in net interest income was partially offset
by an increase in operating expenses for the three month period ended March 31,
1996 of $36,477 or 3.19%, over the comparable period in 1995. These additional
operating expenses were comprised primarily of normal wage and benefit cost
increases.
The provision for income taxes in the first quarter of 1996 of $138,010, or 35%
of pre-tax income, was similar to the provision in the comparable quarter in
1995.
The allowance for loan losses totaled $1,287,879, or 1.66% of loans, at March
31, 1996, as compared to $1,273,091, or 1.74% of loans, at December 31, 1995.
Loans on nonaccrual status were down by 55% at March 31, 1996, from December 31,
1995.
<PAGE>
FORM 10-Q PAGE 14
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations
SOUTHERN CRESCENT FINANCIAL CORP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS - Continued
The Company's total stockholders' equity was $9,293,258, or 7.5% of total assets
at March 31, 1996, as compared to $9,096,096, or 7.6% of total assets at
December 31, 1995. The Company's ratios of Tier 1 capital to risk based assets,
total capital to risk based assets, and Tier 1 capital to total assets exceeded
regulatory requirements at March 31, 1996.
On March 28, 1996, the Bank entered into a contract to purchase a one acre
parcel in the City limits of McDonough, Georgia for the purpose of locating a
full service banking facility on the site. The Bank is currently in the process
of applying for permission to construct the facility with the Georgia Department
of Banking and Finance as well as the FDIC. Effective July 1, 1996, Georgia
banks will be allowed to cross county lines with some limitations.
<PAGE>
FORM 10-Q PAGE 15
Part II: Other Information
Item 6(a) Exhibits
Exhibit 11 - statement regarding computation of per-share
earnings
Signatures
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, whereunto duly authorized.
SOUTHERN CRESCENT FINANCIAL CORP
/s/ CHARLES M. BUCKNER
-------------------------------
DATE Charles M. Buckner
(PRINCIPAL FINANCIAL
OFFICER)
/s/ LEONARD MORELAND
-------------------------------
DATE Leonard Moreland
(PRINCIPAL ACCOUNTING
OFFICER)
<PAGE>
EXHIBIT 11
STATEMENTS OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Quarter ended
---------------------
March 31, March 31,
1996 1995
---------- ---------
<S> <C> <C>
Weighted average shares
outstanding
Primary 837,513 803,867
======== ========
Fully diluted 837,513 832,503
======== ========
Earnings per common share
Primary $ .31 $ .21
======== ========
Fully diluted $ .31 $ .20
======== ========
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1996 JAN-01-1995
<PERIOD-END> MAR-31-1996 MAR-31-1995
<CASH> 8,445,446 7,504,913
<INT-BEARING-DEPOSITS> 99,000 99,000
<FED-FUNDS-SOLD> 3,550,000 6,740,000
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 26,475,463 25,566,236
<INVESTMENTS-CARRYING> 0 0
<INVESTMENTS-MARKET> 0 0
<LOANS> 77,626,307 73,067,073
<ALLOWANCE> 1,287,879 1,273,091
<TOTAL-ASSETS> 124,321,594 119,558,141
<DEPOSITS> 110,360,342 106,937,654
<SHORT-TERM> 1,276,667 1,577,784
<LIABILITIES-OTHER> 3,391,327 1,946,607
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 803,867 803,867
<OTHER-SE> 8,489,391 8,292,229
<TOTAL-LIABILITIES-AND-EQUITY> 124,321,594 119,558,141
<INTEREST-LOAN> 1,991,438 1,502,970
<INTEREST-INVEST> 358,529 437,911
<INTEREST-OTHER> 89,540 52,925
<INTEREST-TOTAL> 2,439,507 1,993,806
<INTEREST-DEPOSIT> 1,128,754 854,600
<INTEREST-EXPENSE> 1,128,754 854,600
<INTEREST-INCOME-NET> 1,310,753 1,139,206
<LOAN-LOSSES> 0 0
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 1,181,062 1,144,585
<INCOME-PRETAX> 394,143 260,127
<INCOME-PRE-EXTRAORDINARY> 256,133 169,362
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 256,133 169,362
<EPS-PRIMARY> .31 .21
<EPS-DILUTED> .31 .20
<YIELD-ACTUAL> 9.04 8.66
<LOANS-NON> 315,000 391,443
<LOANS-PAST> 0 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 1,273,091 1,326,428
<CHARGE-OFFS> 33,599 52,012
<RECOVERIES> 48,387 67,363
<ALLOWANCE-CLOSE> 1,287,879 1,341,779
<ALLOWANCE-DOMESTIC> 1,287,879 1,341,779
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
