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 June 30, 1997
or
_____Transition Report under Section 13 or 15 (d) of the Securities Exchange
Act of 1934
For the transition period from__________________ to __________________.
Commission File No. 33-69326
CNB HOLDINGS, INC.
(Exact name of the registrant as specified in its charter)
Virginia 54-1663340
(State of Incorporation) (I.R.S. Employer Identification No.)
P.O. Box 1060, 900 Memorial Drive, Pulaski, Virginia 24301
(Address of principal executive offices)
(540) 994-0831
(Issuer's telephone number, including area code)
_________________________________________________________________
(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 CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
546,399 shares of common stock, $5.00 par value per share (the "Common
Stock"), issued and outstanding as of July 10, 1997.
Transitional Small Business Disclosure Format (check one):Yes No X
Page 1 of 12. There are no Exhibits
_____________________________________________________________________________
CNB Holdings, Inc.
Form 10-QSB
Table of Contents
_____________________________________________________________________________
PART I. FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL INFORMATION
The financial statements of CNB Holdings, Inc. (the "Company") are set
forth in the following pages.
Consolidated Balance Sheets as of June 30, 1997 and
December 31,1996............................................................3
Consolidated Statements of Operations for the Six Months
Ended June 30, 1997 and 1996................................................4
Consolidated Statements of Operations for the Three Months
Ended June 30, 1997 and 1996................................................5
Consolidated Statements of Stockholders' Equity for the
Periods Ended June 30, 1997 and December 31, 1996...........................6
Consolidated Statements of Cash Flows for the Six Months
Ended June 30, 1997 and 1996................................................7
Consolidated Statements of Cash Flows for the Three Months
Ended June 30, 1997 and 1996................................................8
Notes to Consolidated Financial Statements...................................9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS............................................10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings..................................................12
Item 2. Changes in Securities..............................................12
Item 3. Defaults Upon Senior Securities....................................12
Item 4. Submission of Matters to a Vote of Security Holders................12
Item 5. Other Information..................................................12
Item 6. Exhibits and Reports on Form 8-K...................................12
SIGNATURES..................................................................13
All schedules have been omitted because they are inapplicable or the
required information is provided in the financial statements, including the
notes thereto.
2
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Balance Sheets
June 30, 1997 and December 31, 1996
________________________________________________________________________________
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
____________ ____________
(Unaudited)
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,511,754 $ 1,188,999
Federal funds sold 1,458,000 402,000
Investment securities available for sale 14,386,819 11,312,764
Loans, net of allowance for loan losses
of $215,000 in 1997 and $155,000 in 1996 17,599,938 12,722,865
Property and equipment, net 1,554,325 1,408,596
Accrued income 267,415 261,548
Other assets 141,762 120,551
___________ ___________
Total assets 37,920,013 27,417,323
___________ ___________
Liabilities
Demand deposits 2,925,249 2,629,100
Interest-bearing demand deposits 9,999,641 8,266,172
Savings deposits 3,670,032 2,339,408
Large denomination time deposits 7,485,363 3,079,169
Other time deposits 10,541,637 7,726,853
___________ ___________
Total deposits 34,621,922 24,040,702
Accrued interest payable 70,307 36,612
Other liabilities 57,394 16,488
___________ ___________
Total liabilities 34,749,623 24,093,802
___________ ___________
Commitments and contingencies
STOCKHOLDERS'EQUITY:
Preferred stock, $1 par value; 1,000,000 shares
authorized; none outstanding - -
Common stock, $5 par value; 10,000,000 shares
authorized; 546,399 shares outstanding in 1997
and 437,225 shares outstanding in 1996 2,731,995 2,186,125
Surplus 1,609,748 2,156,782
Retained deficit (1,113,874) (962,723)
Unrealized appreciation (depreciation) on
investment securities available for sale (57,479) (56,663)
___________ ___________
Total stockholders' equity 3,170,390 3,323,521
___________ ___________
Total liabilities and stockholders'
equity $ 37,920,013 $ 27,417,323
___________ ___________
</TABLE>
See Notes to Consolidated Financial Statements 3
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Operations
For the six months ended June 30, 1997 and 1996 (Unaudited)
________________________________________________________________________________
<TABLE>
<CAPTION>
Six Months
Ended
June 30,
_____________
1997 1996
____ ____
<S> <C> <C>
INTEREST INCOME:
Loans and fees on loans $ 691,527 $ 395,832
Interest on securities available for sale 357,277 235,117
Federal funds sold 14,695 23,474
_________ _________
Total interest income 1,063,499 654,423
INTEREST EXPENSE:
Deposits 580,224 347,164
Federal funds purchased 10,184 -
_________ _________
Total interest expense 590,408 347,164
_________ _________
Net interest income 473,091 307,259
PROVISION FOR CREDIT LOSSES 80,636 68,081
_________ _________
Net interest income after provision
for credit losses 392,455 239,178
_________ _________
OTHER INCOME:
Service charges on deposit accounts 49,705 38,662
Securities gains (losses) (1,249) 17,354
Other income 18,714 11,314
_________ _________
Total other income 67,170 67,330
OTHER EXPENSE:
Salaries and employee benefits 279,458 173,632
Occupancy expense 33,407 37,385
Equipment expense 40,232 30,996
Other expense 257,679 181,538
_________ _________
Total other expense 610,776 423,551
_________ _________
Net loss $ (151,151) $ (117,043)
_________ _________
NET LOSS PER SHARE $ (.28) $ (.21)
_________ _________
WEIGHTED AVERAGE SHARES OUTSTANDING 546,497 546,531
_________ _________
</TABLE>
See Notes to Consolidated Financial Statements 4
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Operations
For the three months ended June 30, 1997 and 1996 (unaudited)
________________________________________________________________________________
<TABLE>
<CAPTION> Three Months
Ended
June 30,
____________
1997 1996
____ ____
<S> <C> <C>
INTEREST INCOME:
Loans and fees on loans $ 383,440 $ 220,150
Interest on securities
available for sale 184,548 125,466
Federal funds sold 11,019 7,499
___________ __________
Total interest income 579,007 353,115
INTEREST EXPENSE:
Deposits 320,131 185,029
Federal funds purchased 7,557 -
___________ __________
Total interest expense 327,688 185,029
___________ __________
Net interest income 251,319 168,086
PROVISION FOR CREDIT LOSSES 62,023 40,759
___________ ___________
Net interest income after
provision for credit losses 189,296 127,327
___________ ___________
OTHER INCOME:
Service charges on deposit accounts 29,082 22,493
Securities gains (losses) (1,249) 8,003
Other income 8,812 5,310
___________ ___________
Total other income 36,645 35,806
OTHER EXPENSE:
Salaries and employee benefits 140,642 88,049
Occupancy expense 17,062 12,627
Equipment expense 21,379 14,547
Other expense 146,418 92,280
___________ ___________
Total other expense 325,501 207,503
___________ ___________
Net Loss $ (99,560) $ (44,370)
___________ ___________
NET LOSS PER SHARE $ (.18) $ (.08)
___________ ___________
WEIGHTED AVERAGE SHARES OUTSTANDING 546,483 546,531
___________ ___________
</TABLE>
See Notes to Consolidated Financial Statements 5
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statement of Stockholders' Equity
For the year ended December 31, 1996 and the six months ended June 30,1997
________________________________________________________________________________
<TABLE>
<CAPTION>
UNREALIZED TOTAL
RETAINED APPRECIATION STOCK-
COMMON STOCK EARNINGS (DEPRECIATION) HOLDERS
SHARES AMOUNT SURPLUS (DEFICIT) SECURITIES EQUITY
______ ______ _______ _________ _____________ ________
<S> <C> <C> <C> <C> <C> <C>
December 31, 1995 437,042 $2,185,210 $2,155,867 $(777,078) $ 58,803 $3,622,802
Net loss - - - (185,645) - (185,645)
Common stock issued 183 915 915 - - 1,830
Net change in unrealized
depreciation on investment
securities available
for sale - - - - (115,466) (115,466)
_______ _________ _________ ________ _______ _________
December 31, 1996 437,225 2,186,125 2,156,782 (962,723) (56,663) 3,323,521
Stock dividend 109,306 546,530 (546,530) - - -
Redemption of fractional
shares (132) (660) (504) - -
(1,164)
Net loss - - - (151,151) - (151,151)
Net change in unrealized
depreciation on investment
securities available
for sale - - - - (816) (816)
_______ _________ _________ ________ _______ _________
June 30, 1997 546,399 $2,731,995 $1,609,748$(1,113,874)$(57,479) $3,170,390
_______ _________ _________ ________ _______ _________
</TABLE>
See Notes to Consolidated Financial Statements 6
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the six months ended June 30, 1997 and 1996 (Unaudited)
________________________________________________________________________________
<TABLE>
<CAPTION>
Six Months
Ended
June 30,
1997 1996
____ ____
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (151,151) $ (117,043)
Adjustments to reconcile net loss
to net cash used by operations:
Depreciation and amortization 52,222 42,508
Provision for credit losses 80,636 68,081
Net (gain) loss on sale of securities 1,249 (17,354)
Accretion of discount on securities, net (14,743) (5,018)
Changes in assets and liabilities:
Accrued interest receivable (5,867) (113,845)
Other assets 2,287 2,944
Accrued interest payable 33,695 25,591
Other liabilities 40,906 (3,312)
___________ ___________
Net cash used by operating activities 39,234 (117,448)
___________ ___________
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in federal
funds sold (1,056,000) 694,000
Purchases of securities available for sale (4,534,878) (7,484,255)
Maturities of securities available for sale 1,111,044 400,000
Sales of securities available for sale 362,457 2,311,443
Net increase in loans (5,000,009) (3,065,991)
Purchases of properties and equipment (179,149) (131,078)
___________ ___________
Net cash used in investing activities (9,296,535) (7,275,881)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of common stock (1,164) ---
Net increase in demand, NOW,
and savings deposits 3,360,242 2,398,781
Net increase in time deposits 7,220,978 6,049,784
___________ ___________
Net cash provided by financing activities 10,580,056 8,448,565
___________ ___________
Net increase in cash and cash equivalents 1,322,755 1,055,236
CASH AND CASH EQUIVALENTS, BEGINNING 1,188,999 1,143,478
___________ ___________
CASH AND CASH EQUIVALENTS, ENDING $ 2,511,754 $ 2,198,714
___________ ___________
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 556,713 $ 321,573
___________ __________
Income taxes paid $ --- $ ---
___________ __________
</TABLE>
See Notes to Consolidated Financial Statements 7
CNB HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the three months ended June 30, 1997 and 1996 (Unaudited)
________________________________________________________________________________
<TABLE>
<CAPTION> Three Months
Ended
June 30,
1997 1996
____ ____
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (99,560) $ (44,370)
Adjustments to reconcile net loss
to net cash used by operations:
Depreciation and ammortization 26,111 21,253
Provision for credit losses 62,023 40,759
Net gains on sale of securities 1,249 (8,003)
Accretion of discount on securities,net (11,988) (1,713)
Changes in assets and liabilities:
Accrued interest receivable (12,484) (51,375)
Other assets 26,224 9,011
Accrued interest payable 24,948 8,991
Other liabilities 32,330 (8,552)
____________ ____________
Net cash used by operating activities $ 48,853 $ (33,999)
____________ ____________
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in federal
funds sold (1,458,000) 237,000
Purchases of securities available for sale (4,534,878) (2,649,365)
Maturities of securities available for sale 841,456 ---
Sales of securities available for sale 362,457 1,056,125
Net increase in loans (3,396,103) (1,397,895)
Purchases of properties and equipment (139,679) (23,266)
____________ ____________
Net cash used in investing activities (8,324,747) (2,777,401)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of common stock (1,164) ---
Net decrease in federal funds purchased (1,172,000) ---
Net increase in demand, NOW,
and savings deposits 4,152,057 1,595,824
Net increase in time deposits 5,913,870 2,458,296
____________ ____________
Net cash provided by financing activities 8,892,763 4,054,120
____________ ____________
Net increase (decrease) in cash and cash
equivalents 616,869 1,242,720
CASH AND CASH EQUIVALENTS, BEGINNING 1,894,885 955,994
____________ ____________
CASH AND CASH EQUIVALENTS, ENDING $ 2,511,754 $ 2,198,714
____________ ____________
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 302,740 $ 176,038
____________ ____________
Income taxes paid $ --- $ ---
____________ ____________
</TABLE>
See Notes to Consolidated Financial Statements 8
CNB HOLDINGS, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
________________________________________________________________________________
Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
BASIS OF PRESENTATION:
The consolidated financial statements as of June 30, 1997 and for the
periods ended June 30, 1997 and 1996 included herein, have been prepared by
CNB holdings, Inc., without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. In the opinion of management, the
information furnished in the interim consolidated financial statements reflects
all adjustments necessary to present fairly the Company's consolidated fi-
nancial position, results of operations, changes in stockholders' equity and
cash flows for such interim periods. Management believes that all interim
period adjustments are of a normal recurring nature. These consolidated fi-
nancial statements should be read in conjunction with the Company's audited
financial statements and the notes thereto as of December 31, 1996, included
in the Company's Annual Report on Form 10-KSB for the fiscal year ended
December 31, 1996.
CNB Holdings, Inc. (the Company) is a bank holding company incorporated
under the laws of Virginia on April 29, 1993. From March 8, 1993 (date of
inception) through August 28, 1994 the Company's activities consisted of
organizational items. On August 29, 1994, the Company's wholly owned subsidi-
ary, Community National Bank (the Bank), was chartered as an FDIC insured
National Banking Association under the laws of the United States and the Bank
opened for business in Pulaski, Virginia. Accordingly, as of August 29, 1994,
the Company was no longer in the development stage.
The accounting and reporting policies of the Company and the Bank follow
generally accepted accounting principles and general practices within the
financial services industry.
NOTE 2. COMMITMENTS AND CONTINGENCIES
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
Standby letters of credit are conditional commitments issued by the Bank
to guarantee the performance of a customer to a third party. Those guarantees
are primarily issued to support public and private borrowing arrangements. The
credit risk involved in issuing letters of credit is essentially the same as
that involved in extending other loan facilities to customers. Collateral held
varies as specified above and is required in instances which the Bank deems
necessary.
9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANACIAL CONDITION
AND RESULTS OF OPERATIONS.
The Company had a net loss of $165,017 (or $.30 per share, based on
546,497 weighted average shares of Common Stock outstanding during the period)
for the six months ended June 30, 1997, compared with a loss of $117,043
(or $.21 per share, based on 546,531 weighted average shares of Common Stock
outstanding during the period) for the six months ended June 30, 1996.
Community National Bank, the Company's banking subsidiary (the "Bank"),
commenced operations on August 29, 1994 (the "Opening Date"), pursuant to an
approval from the Office of Comptroller of the Currency (the "OCC"). Prior to
that time, the Company and the Bank had no operations and their activities
consisted primarily of organizing the Company and the Bank and securing the
approvals necessary for the Bank to begin conducting business. The Company's
losses in the six months ending June 30, 1997 reflect six months of solid
growth in deposits and earning assets for the Bank. Net interest income after
provision for credit losses is approximately 63% of the Bank's overhead and
other expenses. Until the Bank's earning assets grow to a level sufficient
to generate substantial interest income which, combined with other income of
the Bank, exceeds other Bank expenses, the Company and the Bank will likely
experience net losses.
Management of the Company and the Bank continues to aggressively market
its loans in the local community, and seek high earning investment assets and
deposits to provide the foundation for continued growth. While management is
anxious to see the bank profitable on an operational basis, it recognizes that
sacrificing loan and investment quality for quantity in order to post an
operating profit earlier is contrary to the long-term profitability of the
Company and the best interests of its shareholders. For this reason, the
Company's credit standards will likely constrain the rate at which it increases
its investment in loans and other higher returning assets.
During the first quarter of 1996, the bank held ribbon cutting and
building dedication ceremonies to celebrate the opening of the attractive new
brick colonial-style structure which offers the bank much needed office space,
2 additional drive-through lanes, a drive-through automated teller machine and
night depository, and safe deposit boxes. During the second quarter of 1997
the Bank announced plans to open its first branch in downtown Pulaski and
began originating home mortgage loans for placement in the secondary market.
At June 30, 1997, the Company had total assets of approximately $37.9
million compared to $27.4 million at December 31, 1996. Total assets had a
positive increase of $10 million, or 38% since year end 1996. At June 30,
1997, assets were comprised principally of loans and investment securities.
Net loans increased $4.9 million, or 38%, to approximately $17.6 million at
June 30, 1997, as the Bank experienced loan growth in almost all categories.
Investment securities increased $3.1 million, or 27%, as management continued
to invest deposits flowing into the Bank in temporary investments until they
could be invested in loans and other higher yielding investments. As loan
demand develops, the bank will be able to invest more of its funds into higher
yielding loans and less in investment securities.
10
The Company's liabilities at June 30,1997 were $34.6 million compared to
$24 million at December 31, 1996. These liabilities consisted almost entirely
of deposits for both periods, which posted increases in all categories during
the first half of 1997. Interest-bearing demand deposits increased $1.7 million
or 21% to $10 million, and time deposits increased $7 million, or 67%, to
$18 million. At June 30, 1997, about $2.9 million, or 8%, of total deposits
were noninterest-bearing compared to $2.6 million, or 11%, at December 31,
1996. Interest-bearing demand deposits were 29% of total deposits at June 30,
1997, compared to 34% at December 31, 1996. The Bank offers competitive
interest rates in its local market and has been successful at attracting
depositors.
At June 30, 1997 and December 31, 1996, the Company had stockholders'
equity of approximately $3.2 million and $3.3 million, respectively. The
Company's first six months of 1997 resulted in an operating loss of $151,151.
During the second quarter of 1997, the Company's Board of Directors
declared a 5 for 4 stock split in the form of a stock dividend. For purposes
of presenting loss per share, this stock dividend has been given retroactive
treatment for all periods presented.
Management of the Company believes that the Bank has sufficient capital
to fund its activities during the initial stages of operation and until the
bank begins to generate profits on an operating basis, but there can be no
assurance that this will be the case. Management has not identified any
additional sources of capital for the Company or the Bank should they be
needed. At June 30, 1997, the Bank was in compliance with all regulatory
capital requirements. Management believes that the Bank has sufficient
liquidity on a short-term basis to meet any funding needs it may have, and
expects that its long term liquidity needs can be achieved through deposit
growth, however there can be no assurance that such growth will develop.
11
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no matters pending legal proceedings to which the Company or any
of its subsidiaries is a party or of which any of their property is subject.
ITEM 2. CHANGES IN SECURITIES
(a) Not applicable.
(b) Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on 8-K
None.
12
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CNB HOLDINGS, INC.
Date: August 12, 1997 By: Hiawatha Nicely, Jr.
Signature
President & Chief Executive Officer
13
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CNB
HOLDINGS, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET AT JUNE 30, 1997
AND THE CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE
30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 2,511,754
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,458,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 14,386,819
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 17,599,938
<ALLOWANCE> (215,000)
<TOTAL-ASSETS> 37,920,013
<DEPOSITS> 34,621,922
<SHORT-TERM> 0
<LIABILITIES-OTHER> 127,701
<LONG-TERM> 0
0
0
<COMMON> 2,731,995
<OTHER-SE> 438,395
<TOTAL-LIABILITIES-AND-EQUITY> 37,920,013
<INTEREST-LOAN> 691,527
<INTEREST-INVEST> 357,277
<INTEREST-OTHER> 14,695
<INTEREST-TOTAL> 1,063,499
<INTEREST-DEPOSIT> 580,224
<INTEREST-EXPENSE> 590,408
<INTEREST-INCOME-NET> 473,191
<LOAN-LOSSES> 80,636
<SECURITIES-GAINS> (1,249)
<EXPENSE-OTHER> 610,776
<INCOME-PRETAX> (151,151)
<INCOME-PRE-EXTRAORDINARY> (151,151)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (151,151)
<EPS-PRIMARY> (.28)
<EPS-DILUTED> (.28)
<YIELD-ACTUAL> 3.52
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 155,000
<CHARGE-OFFS> 31,988
<RECOVERIES> 11,352
<ALLOWANCE-CLOSE> 215,000
<ALLOWANCE-DOMESTIC> 215,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
