<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Mark One
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
----------------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
---------- ----------
Commission File Number: 0-18527
First Community Bancorp, Inc.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Georgia 58-1869700
- ------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
827 Joe Frank Harris Parkway, S.E. Cartersville, GA 30120
---------------------------------------------------------------
(Address of principal executive offices)
(770) 382-1495
----------------------------------------
(Issuer's telephone number)
N/A
--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 1, 1996: 415,103
Transitional Small Business Disclosure Format (Check One) Yes No X
--- ---
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
- --------------------------------------------------------------------------------
INDEX
-----
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet - September 30, 1996 .........3
Consolidated Statements of Income - Three Months
Ended September 30, 1996 and 1995 and Nine Months
Ended September 30, 1996 and 1995 .....................4
Consolidated Statements of Cash Flows - Nine Months
Ended September 30, 1996 and 1995 ...............5 and 6
Note to Consolidated Financial Statements ...............7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations ................8-13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K .......................14
Signatures
2
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Assets
- ------
<S> <C>
Cash and due from banks $ 3,785,283
Interest-bearing deposits in banks 1,406,005
Securities available for sale, at fair value 10,059,926
Securities held to maturity, at cost (fair value of $4,413,000) 4,498,842
Loans 54,601,059
Less allowance for loan losses 877,449
------------
Loans, net 53,723,610
Premises and equipment, net 1,692,416
Other assets 1,929,377
------------
$ 77,095,459
============
<CAPTION>
Liabilities and Stockholders' Equity
- ------------------------------------
<S> <C>
Deposits
Noninterest-bearing demand $ 12,842,092
Interest-bearing demand 14,590,610
Savings 4,375,495
Time 32,878,269
------------
Total deposits 64,686,466
Other liabilities 1,600,856
Other borrowings 4,352,700
------------
Total liabilities 70,640,022
------------
Commitments and contingent liabilities
Stockholders' equity
Common stock, par value $1; 10,000,000 shares authorized;
415,103 issued and outstanding 415,103
Capital surplus 3,627,104
Retained earnings 2,449,507
Unrealized losses on securities available for sale, net of taxes (36,277)
------------
Total stockholders' equity 6,455,437
------------
$ 77,095,459
============
</TABLE>
See Note to Consolidated Financial Statements.
3
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 AND
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
1996 1995 1996 1995
---------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $1,567,868 $1,257,871 $4,273,553 $3,449,644
Interest on taxable securities 177,585 196,404 519,346 603,238
Interest on nontaxable securities 17,093 7,406 50,587 22,216
Interest on deposits in banks 19,471 13,472 139,442 84,709
Interest on Federal funds sold - - - 2,041
---------- ---------- ---------- ----------
1,782,017 1,475,153 4,982,928 4,161,848
---------- ---------- ---------- ----------
Interest expense
Interest on deposits 641,381 544,412 1,890,975 1,550,316
Interest on other borrowings 41,422 50,914 86,068 103,383
---------- ---------- ---------- ----------
682,803 595,326 1,977,043 1,653,699
---------- ---------- ---------- ----------
Net interest income 1,099,214 879,827 3,005,885 2,508,149
Provision for loan losses 54,000 48,000 162,000 144,000
---------- ---------- ---------- ----------
Net interest income after provision for
loan losses 1,045,214 831,827 2,843,885 2,364,149
---------- ---------- ---------- ----------
Other income
Service charges on deposit accounts 112,170 109,534 342,679 318,856
Gain on sale of loans - 27,917 - 65,042
Other 42,981 35,927 123,034 84,310
---------- ---------- ---------- ----------
155,151 173,378 465,713 468,208
---------- ---------- ---------- ----------
Other expense
Salaries and employee benefits 410,250 315,585 1,123,363 892,726
Equipment and occupancy expense 99,529 86,820 301,126 248,452
Other operating expenses 183,518 169,696 567,538 550,814
---------- ---------- ---------- ----------
693,297 572,101 1,992,027 1,691,992
---------- ---------- ---------- ----------
Income before income taxes 507,068 433,104 1,317,571 1,140,365
Applicable income taxes 186,824 159,501 479,482 420,700
---------- ---------- ---------- ----------
Net income $ 320,244 $ 273,603 $ 838,089 $ 719,665
========== ========== ========== ==========
Per share of common stock
Net income $ .77 $ .66 $ 2.02 $ 1.73
========== ========== ========== ==========
Dividends $ - $ - $ .3O $ -
========== ========== ========== ==========
</TABLE>
See Note to Consolidated Financial Statements.
4
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 838,089 $ 719,665
---------------- ----------------
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 162,000 144,000
Depreciation 163,544 167,747
Gain on sale of loans - (65,042)
Increase in other assets (122,370) (934,731)
Increase (decrease) in other liabilities (43,260) 333,396
---------------- ----------------
Total adjustments 159,914 (354,630)
---------------- ----------------
Net cash provided by operating activities 998,003 365,035
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in interest-bearing deposits in banks, net 3,300,588 2,660,085
Proceeds from maturities of securities available for sale 2,072,582 3,400,166
Purchases of securities available for sale (6,376,377) (1,524,535)
Proceeds from maturities of securities held to maturity 2,199,615 -
Purchase of securities held to maturity - (182,200)
Proceeds from sale of loans - 1,733,269
Increase in loans, net (12,467,444) (9,834,034)
Purchase of premises and equipment (110,928) (60,223)
---------------- ----------------
Net cash used in investing activities (11,381,964) (3,807,472)
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in deposits, net 8,832,330 1,868,750
Proceeds from borrowings, net 2,947,450 2,059,500
Cash dividends paid (124,531) -
---------------- ----------------
Net cash provided by financing activities 11,655,249 3,928,250
---------------- ----------------
</TABLE>
5
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------------- ----------------
<S> <C> <C>
Net increase in cash and due from banks $ 1,271,288 $ 485,813
Cash and due from banks at beginning of period 2,513,995 2,034,009
---------------- ----------------
Cash and due from banks at end of period $ 3,785,283 $ 2,519,822
================ ================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 1,889,854 $ 1,642,458
Income taxes $ 822,361 $ 184,668
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
Unrealized (gains) losses on securities available for sale $ 51,758 $ (105,843)
================ ================
</TABLE>
See Note to Consolidated Financial Statements.
6
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The consolidated financial information included herein is unaudited;
however, such information reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the interim
periods.
The results of operations for the three and nine month periods ended
September 30, 1996 are not necessarily indicative of the results to
be expected for the full year.
7
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
INTRODUCTION
- ------------
The following is a discussion of the Company's financial condition at September
30, 1996 compared to December 31, 1995 and the results of its operations for the
three and nine months ended September 30, 1996 compared to the three and nine
month periods ended September 30, 1995. These comments should be read in
conjunction with the financial statements and related note appearing elsewhere
in this report.
FINANCIAL CONDITION
- -------------------
<TABLE>
<CAPTION>
September 30, December 31, Increase (Decrease)
---------------------------
1996 1995 Amount Percent
------------- ------------- ------------- ---------
<S> <C> <C> <C> <C>
Total assets $ 77,095,459 $ 64,677,989 $ 12,417,470 19.20 %
Loans 54,601,059 42,123,639 12,477,420 29.62
Securities 14,558,768 12,506,346 2,052,422 16.41
Interest-bearing bank balances 1,406,005 4,706,593 (3,300,588) (70.13)
</TABLE>
Changes in total assets and the major categories of assets are shown in the
table above. The increase in loans is due to a continuing increase in loan
demand throughout the year, and principally in residential construction and
development loans. The increase in the securities portfolio is due to the
purchase of U. S. Government and Government Agency Securities. The decrease in
interest-bearing bank balances is also directly related to the utilization of
funds to finance the growing loan portfolio.
The majority of the loans originated in the nine month period ending September
30, 1996 are primarily short-term maturities of six months to one year or
contain variable interest rates with terms from 1 to 3 years or less. The
following table presents scheduled repricing of the Company's loans at September
30, 1996.
<TABLE>
<CAPTION>
Within 1 to 5 After
1 Year Years 5 Years Total
------------- ------------- ------------- ------------
(Dollars in Thousands)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Variable interest rates $ 24,114 $ 1,288 $ - $ 25,402
Fixed interest rates 13,612 14,846 741 29,199
------------- ------------- ------------- ------------
Total $ 37,726 $ 16,134 $ 741 $ 54,601
============= ============= ============= ============
</TABLE>
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
<TABLE>
<CAPTION>
September 30, December 31, Increase (Decrease)
----------------------------------
1996 1995 Amount Percent
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
Total deposits $ 64,686,466 $ 55,854,136 $ 8,832,330 15.81 %
Other borrowings 4,352,700 1,405,250 2,947,450 209.75
Certificates of deposit over
$100,000 (included in total
deposits above) 8,371,348 6,140,390 2,230,958 36.33
</TABLE>
The $8,832,330 increase in deposits included a $2,230,958 increase in certifi-
cates of deposit over $100,000. The deposit growth has resulted from continuing
growth in the Bartow County and Cartersville areas accompanied by the location
of new retail and other businesses to the area. Competitive rates are paid on
deposits but not above the local market.
The increase in other borrowings was due entirely to an increase in advances
from The Federal Home Bank of Atlanta to fund the continued strong loan demand.
The Company's ratio of loans to deposits at September 30, 1996 was 85.0% as
compared to 75.4% at December 31, 1995 and the increase is primarily due to a
strong increase during 1996 in residential development and construction loan
demand.
Liquidity and Interest Rate Sensitivity
- ---------------------------------------
Liquidity, as defined by net cash, short-term investments and other marketable
investments as a percent of deposits, was 30.53% at September 30, 1996, and is
considered adequate. The Company has an $8,500,000 line of credit with the
Federal Home Loan Bank of which $4,352,700 has been advanced, a $2,500,000
unsecured line of credit with correspondent banks and a $2,000,000 security
repurchase agreement with correspondent banks. These lines are available should
liquidity needs increase.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
The following summarizes the cumulative interest sensitivity position of the
Company at September 30, 1996.
<TABLE>
<CAPTION>
Time Horizon
---------------------------------------------------------
Months
---------------------------------------------------------
0 to 3 0 to 12 0 to 60 Total
------------- ------------- ------------- ------------
(Dollars in Thousands)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest sensitive assets $ 31,520 $ 42,968 $ 68,124 $ 69,768
Interest sensitive liabilities 25,014 43,277 56,197 56,197
Assets less liabilities $ 6,506 $ (308) $ 11,927 $ 13,571
Ratio:
Interest sensitive assets to
interest sensitive liabilities 1.26 0.99 1.21 1.24
</TABLE>
The current interest sensitivity position indicates a close match of interest-
sensitive assets and interest-sensitive liabilities, particularly in the one
year time horizon. Increases or decreases in interest rates should have little
effect on the Company's net interest margin.
Capital Resources
- -----------------
The minimum capital requirements for banks and bank holding companies require
a leverage capital to total assets ratio of at least 3%, core capital to total
assets ratio of at least 4% and total risk-based capital to total adjusted
assets ratio of 8%.
Selected financial information relating to the Company's minimum capital
requirements at September 30, 1996 is as follows:
Percent
-----------
Leverage capital ratio 8.80 %
Core capital ratio 12.12
Risk-based capital ratio 13.03
10
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations For The Three Months Ended September 30, 1996 and 1995
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
September 30, Increase (Decrease)
1996 1995 Amount Percent
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
Total interest income $ 1,782,017 $ 1,475,153 $ 306,864 20.80 %
Total interest expense 682,803 595,326 87,477 14.69
Net interest income 1,099,214 879,827 219,387 24.94
Provision for loan losses 54,000 48,000 6,000 12.50
Other operating income 155,151 173,378 (18,227) (10.51)
Other operating expenses 693,297 572,101 121,196 21.18
Provision for income taxes 186,824 159,501 27,323 17.13
Net income 320,244 273,603 46,641 17.05
</TABLE>
The increase in total interest income was due to the increased volume of
interest-earning assets, principally loans. Total interest expense for the same
period increased as indicated in the above table primarily due to the increase
in deposits and borrowings from the Federal Home Loan Bank. The resulting
increase in net interest income is due primarily to the stated growth in the
loan portfolio rather than an increase in the spread between yields on earning
assets and the cost of interest-bearing liabilities.
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. The provision
for loan losses increased by $6,000 for the three month period ended September
30, 1996 as compared to the same period in 1995 due to the growth in the loan
portfolio. The loan loss reserve as a percentage of total loans was 1.60% and
1.63% at September 30, 1996 and September 30, 1995, respectively. There were no
nonperforming loans at September 30, 1996 and management believes that the
allowance for loan losses is adequate to absorb anticipated loan losses.
The 10.51% decrease in other operating income is the net result of increased
mortgage loan origination fees and decreased gains on the sale of SBA loans.
11
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
The increase in other operating expenses for the three month period ending
September 30, 1996 as compared to the comparable period in 1995 as shown in the
preceding table resulted primarily from the increase in personnel and other
expenses necessary to service an increasing deposit and loan customer base
including additional staffing in the mortgage origination and accounts
receivable factoring and servicing areas.
The increase in income taxes shown in the preceding table resulted primarily
from increased net income before taxes for the three month period ended
September 30, 1996 as compared to the similar period in 1995. The effective tax
rate was 36.85% and 36.83%, respectively, for the three month periods ended
September 30, 1996 and 1995.
Net income for the three month period ended September 30, 1996 as compared to
the same period in 1995 increased $46,641 or 17.05%.
Results of Operations for the Nine Months Ended September 30, 1996 and 1995
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Nine Months Ended
September 30, Increase (Decrease)
1996 1995 Amount Percent
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
Total interest income $ 4,982,928 $ 4,161,848 $ 821,080 19.73 %
Total interest expense 1,977,043 1,653,699 323,344 19.56
Net interest income 3,005,885 2,508,149 497,736 19.84
Provision for loan losses 162,000 144,000 18,000 12.50
Other operating income 465,713 468,208 (2,495) (0.53)
Other operating expenses 1,992,027 1,691,992 300,035 17.73
Provision for income taxes 479,482 420,700 58,782 13.97
Net income 838,089 719,665 118,424 16.46
</TABLE>
12
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
The changes (increases and decreases) in the major components of net income for
the nine month periods ending September 30, 1996 and 1995 are itemized in the
preceding table.
The increase in 1996 and 1995 in total interest income as shown in the preceding
table is due primarily to the increased volume of interest-earning assets,
primarily loans. The increase in interest expense also as shown is due primarily
to the increase in deposits and borrowings from the Federal Home Loan Bank. The
increase in net interest income for the nine month period ended September 30,
1996 as compared to the same period in 1995 is primarily due to the growth in
the loan and investment portfolios rather than an increase in the spread between
yields on earning assets and the cost of interest-bearing liabilities.
The provision for loan losses increased by $18,000 during the nine months ended
September 30, 1996 as compared to the comparable period in 1995 due to the
growth in the loan portfolio.
Other operating income decreased $2,495 or .53% during the nine month period
ending September 30, 1996 as compared to the same period in 1995. This net
decrease in other operating income is the result of increased mortgage loan
origination fees and decreased gains on sales of SBA loans.
The increase in operating expenses for the nine month period ended September 30,
1996 as compared to the comparable period in 1995 as shown in the preceding
table resulted from the increase in personnel and other expenses necessary to
service an increasing deposit and loan customer base including additional
staffing for mortgage loan originations and accounts receivable factoring and
servicing areas.
The increase in income taxes shown in the preceding table resulted primarily
from increased net income before taxes for the nine month period ended September
30, 1996 as compared to the same period in 1995. The effective tax rate was
36.39% and 36.89%, respectively, for the nine month period ended September 30,
1996 and 1995.
Net income after taxes for the nine month period ended September 30, 1996 as
compared to the same period in 1995 increased $118,424 or 16.46%.
13
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
PART II. OTHER INFORMATION
ITEM 6.
(a) Exhibits filed in accordance with Item 601 of Regulation S-K.
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, 1996.
14
<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.
FIRST COMMUNITY BANCORP, INC.
BY:
---------------------------------------
J. Steven Walraven
President and Chief Executive Officer
(Principal Executive Officer)
DATE:
-------------------------------------
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 3,785,283
<INT-BEARING-DEPOSITS> 1,406,005
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 10,059,926
<INVESTMENTS-CARRYING> 4,498,842
<INVESTMENTS-MARKET> 4,413,000
<LOANS> 54,601,059
<ALLOWANCE> 877,449
<TOTAL-ASSETS> 77,095,459
<DEPOSITS> 64,686,466
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,600,856
<LONG-TERM> 4,352,700
0
0
<COMMON> 415,103
<OTHER-SE> 6,040,334
<TOTAL-LIABILITIES-AND-EQUITY> 77,095,459
<INTEREST-LOAN> 4,273,553
<INTEREST-INVEST> 709,375
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 4,982,928
<INTEREST-DEPOSIT> 1,890,975
<INTEREST-EXPENSE> 1,977,043
<INTEREST-INCOME-NET> 3,005,885
<LOAN-LOSSES> 162,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,992,027
<INCOME-PRETAX> 1,317,571
<INCOME-PRE-EXTRAORDINARY> 838,089
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 838,089
<EPS-PRIMARY> 2.02
<EPS-DILUTED> 0
<YIELD-ACTUAL> 6.44
<LOANS-NON> 0
<LOANS-PAST> 86,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 705,000
<CHARGE-OFFS> 60,000
<RECOVERIES> 70,000
<ALLOWANCE-CLOSE> 877,000
<ALLOWANCE-DOMESTIC> 877,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
