<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 25049
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 1998
-----------------------------------------
OR
[ ] 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 0-22734
-------
KS BANCORP, INC.
----------------
(Exact name of registrant as specified in its charter)
North Carolina 56-1842707
-------------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
207 West Second Street
P. O. Box 219
Kenly, North Carolina 27542
---------------------------
(Address of principal executive office) (Zip code)
(919)-284-4157
--------------
(Registrant's telephone number)
N/A
---
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check X whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities and 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
--- ---
As of May 11, 1998 there were issued and outstanding 888,533 shares of the
Registrant's common stock, no par value.
<PAGE>
KS Bancorp, Inc. and Subsidiary
CONTENTS
PART I - FINANCIAL INFORMATION Pages
-----
Item 1. Condensed Financial Statements
Consolidated statements of financial condition at March 31,
1998 (Unaudited) and December 31, 1997 1-2
Consolidated statements of income for the three months ended
March 31, 1998 and March 31, 1997 (Unaudited) 3
Consolidated statements of comprehensive income for the
three months ended March 31, 1998 and March 31, 1997
(Unaudited) 4
Consolidated statements of cash flows for the three months
ended March 31, 1998 and March 31, 1997 (Unaudited) 5-6
Notes to consolidated financial statements 7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-11
Item 3. Quantitative and Qualitative Disclosures About Market Risk 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 2. Changes in Securities and Use of Proceeds 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
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 1998 and December 31, 1997
<TABLE>
<CAPTION>
March 31, December 31,
Assets 1998 1997
- ---------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
Cash and short-term cash investments:
Interest-bearing 12,891,504 $ 4,781,687
Noninterest-bearing 658,781 851,102
Investment securities:
Held to maturity, at cost 2,590,895 3,104,261
Available for sale, at fair value 6,589,174 6,427,784
FHLB stock and other nonmarketable equity securities 883,000 790,300
Loans receivable, net 97,067,491 95,002,402
Accrued interest receivable 697,744 689,427
Property and equipment, net 2,154,954 2,133,715
Real estate acquired in settlement of loans 33,086 -
Refundable income taxes - 78,066
Prepaid expenses and other assets 162,774 118,887
------------ ------------
Total Assets $123,729,403 $113,977,631
============ ============
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
March 31, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1998 1997
- -----------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
Liabilities:
Deposits $ 99,675,119 $ 90,313,658
Advances from Federal Home Loan Bank 8,000,000 8,000,000
Accounts payable and accrued expenses 277,786 302,876
Advance payments by borrowers for taxes and insurance 53,937 48,446
Deferred income taxes 762,480 706,566
Income taxes payable 129,077 -
--------------------------------
Total liabilities 108,898,399 99,371,546
--------------------------------
Stockholders' equity:
Preferred stock, no par value, authorized 5,000,000 shares;
none issued - -
Common stock, no par value, authorized 20,000,000 shares;
issued and outstanding 888,533 in 1998 and 885,356 in 1997 - -
Additional paid-in capital 5,247,425 5,225,975
Note receivable, ESOP (234,000) (234,000)
Accumulated other comprehensive income, unrealized gain
on securities available for sale, net of tax effect 815,793 716,197
Retained earnings, substantially restricted 9,001,786 8,897,913
--------------------------------
Total stockholders' equity 14,831,004 14,606,085
--------------------------------
Total liabilities and stockholders' equity $ 123,729,403 $ 113,977,631
================================
</TABLE>
See Notes to Consolidated Financial Statements.
2
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Interest and dividend income:
Loans $ 2,158,032 $ 1,856,363
Investment securities 122,694 122,721
Mortgage-backed securities 19,785 24,861
Interest-bearing deposits 105,765 32,412
----------------------------
Total interest income 2,406,276 2,036,357
Interest expense:
Deposits 1,204,283 1,017,192
Borrowings 121,573 58,536
----------------------------
Total interest expense 1,325,856 1,075,728
----------------------------
Net interest income 1,080,420 960,629
Provision for loan losses 14,500 -
----------------------------
Net interest income after provision for loan losses 1,065,920 960,629
Other income 56,664 41,139
----------------------------
1,122,584 1,001,768
----------------------------
Noninterest expense:
Compensation and employee benefits 392,405 285,411
Occupancy 26,392 23,611
Equipment maintenance and expense 28,816 13,958
Data processing and outside service fees 63,483 42,412
Insurance 23,866 17,727
Other 125,482 105,757
----------------------------
660,444 488,876
----------------------------
Income before income taxes 462,140 512,892
----------------------------
Income taxes:
Current 192,304 196,217
Deferred (5,128) 3,834
----------------------------
187,176 200,051
----------------------------
Net income $ 274,964 $ 312,841
============================
Basic earnings per share $ 0.32 $ 0.37
============================
Diluted earnings per share $ 0.29 $ 0.34
============================
Dividends per share $ 0.20 $ 0.11
============================
</TABLE>
See Notes to Consolidated Financial Statements.
3
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Net income $ 274,964 $ 312,841
Other comprehensive income, net of tax:
Unrealized holding gains (losses) on available for sale
securities arising during the period 99,596 (18,186)
-------------------------
Comprehensive income 374,560 294,655
=========================
</TABLE>
See Notes to Consolidated Financial Statements.
4
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net income $ 274,964 $ 312,841
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 21,466 20,326
Amortization of net premiums (discounts) 671
Loss on sale of investment securities - 5,994
Gain on sale of real estate acquired in settlement of loans - (89)
Deferred income taxes (5,128) 3,834
Provision for loan losses 14,500 -
ESOP compensation expense credited to paid-in capital 21,450 10,238
Changes in assets and liabilities:
(Increase) decrease in:
Accrued interest receivable (8,317) (61,674)
Prepaid expenses and other assets (43,887) (37,689)
Refundable income taxes 78,066 149,558
Increase (decrease) in:
Accrued expenses and other liabilities (25,090) (27,876)
Income taxes payable 129,077 68,371
---------------------------
Net cash provided by operating activities 457,772 443,834
---------------------------
Cash Flows From Investing Activities
Proceeds from sales or maturity of available for sale securities 500,000 1,994,006
Proceeds from maturity of held to maturity securities 511,943 1,007,336
Purchase of available for sale securities (500,000) (2,811,616)
Purchase of nonmarketable equity securities (92,700) -
Net change in loans receivable (2,112,675) (3,601,771)
Proceeds from sale of real estate acquired in settlement of loans - 65,803
Proceeds from sale of property and equipment - 16,750
Purchase of property and equipment (42,705) (107,748)
---------------------------
Net cash used in investing activities (1,736,137) (3,437,240)
---------------------------
</TABLE>
5
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three months ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cash Flows From Financing Activities
Net increase in deposits $ 9,361,461 $ (335,842)
Increase (decrease) in advance payments by borrowers
for taxes and insurance 5,491 8,076
Cash dividends paid (171,091) (95,980)
-------------------------------
Net cash provided by (used in ) financing activities 9,195,861 (423,746)
-------------------------------
Net increase (decrease) in cash and cash equivalents 7,917,496 (3,417,152)
Cash and cash equivalents:
Beginning 5,632,789 6,160,236
-------------------------------
Ending $ 13,550,285 $ 2,743,084
===============================
Cash and cash equivalents:
Interest-bearing $ 12,891,504 $ 2,307,393
Noninterest-bearing 658,781 435,691
-------------------------------
$ 13,550,285 $ 2,743,084
===============================
Supplemental Disclosures of Cash Flow Information
Cash payments (refunds) for:
Interest $ 1,319,784 $ 1,071,012
===============================
Supplemental Disclosures of Noncash Investing and Financial
Activities:
Transfer from loans to real estate acquired in settlement
of loans $ 33,086 $ -
===============================
Change in unrealized gain (loss) on available for sale
securities, net of tax effect $ 99,596 $ (18,186)
===============================
</TABLE>
See Notes to Consolidated Financial Statements.
6
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Note 1. Basis of Presentation
The accompanying unaudited consolidated financial statements (except for the
statement of financial condition at December 31, 1997, which is audited) have
been prepared in accordance with generally accepted accounting principles for
interim financial information, with the instructions to Form 10-Q and Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (none of which were
other than normal recurring accruals) necessary for a fair presentation of the
financial position and results of operations for the periods presented have been
included. The results of operations for the three month period ended March 31,
1998 are not necessarily indicative of the results of operations that may be
expected for the year ended December 31, 1998.
The accounting policies followed are as set forth in Note 1 of the Notes to
Consolidated Financial Statements in the 1997 KS Bancorp, Inc. annual report.
During the three month period, the Bank adopted Statement of Financial
Accounting Standard ("SFAS") No. 130, "Reporting Comprehensive Income." This
statement was adopted effective January 1, 1998 as explained in Note 4 below.
Note 2 Allowance for Loan Losses
The Bank's allowance for loan losses increased by the related provision charged
to operations of $14,500 during the three month period ended March 31, 1998.
There was no additional provision recorded during the same period in 1997. The
Bank did not incur any loan charge-offs or recoveries during these periods. The
allowance at March 31, 1998 was $339,867 and the Bank's ratio of nonperforming
assets to total assets was .28%.
7
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Note 3 Earnings Per Share (EPS)
The Bank adopted Statement of Financial Accounting Standard (SFAS) No. 128
during the year ended December 31, 1997. This statement requires dual
presentation of basic and diluted EPS with a reconciliation of the numerator and
denominator of the EPS computations. Basic earnings per share amounts are based
on the weighted average shares of common stock outstanding. Diluted earnings per
share assume the conversion, exercise or issuance of all potential common stock
instruments such as options, warrants and convertible securities, unless the
effect is to reduce a loss or increase earnings per share. Accordingly, this
presentation has been adopted for all periods presented. There were no
adjustments required to net income for all periods presented in the computation
of diluted earnings per share. The basic and diluted weighted average shares
outstanding for the three month periods are as follows:
1998 1997
----------------------
Weighted average outstanding shares used for basic EPS 856,550 853,151
Plus incremental shares from assumed issuance
of stock options 101,885 79,332
----------------------
Weighted average outstanding shares used for diluted EPS 958,435 932,483
======================
Note 4 Adoption of SFAS Statement No. 130
The Financial Accounting Standards Board has issued SFAS No. 130, "Reporting
Comprehensive Income", which the Bank was required to adopt as of January 1,
1998. The Statement requires the classification of items of other comprehensive
income by their nature in a financial statement and to display the accumulated
balance of other comprehensive income separately from retained earnings and
additional paid-in capital in the equity section of the balance sheet. Other
comprehensive income refers to revenues, expenses, gains and losses that under
generally accepted accounting principles are included in comprehensive income
but excluded from net income, and are therefore included in changes in equity.
Other comprehensive income includes all such changes in equity other than those
resulting from investments by owners and distributions to owners.
SFAS No. 130 does not require a specific format for displaying comprehensive
income and its components in a financial statement, other than it must be
displayed with the same prominence as other financial statements that constitute
a full set of financial statements. The Bank has elected to display
comprehensive income in a separate statement of comprehensive income that begins
with net income. The only item of other comprehensive income that the Bank
currently has is associated with changes in unrealized gains and losses on
securities classified as available for sale.
8
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
- --------------------------------------------------------------------------------
The following discussion and analysis is intended to assist readers in
understanding the results of operations and changes in financial position for
the quarter ended March 31, 1998 of KS Bancorp, Inc. (the Corporation) and its
wholly owned subsidiary, Kenly Savings Bank, SSB (the Bank). This overview
should be read in conjunction with the consolidated financial statements.
Overview of First Quarter Results
Total assets increased by $9.8 million during the three month period ended March
31, 1998 primarily as a result of an increase in the Bank's cash and loan
portfolio which was funded primarily through increased deposits of $9.4 million.
Earnings for the period totaled approximately $275,000.
Mortgage loans increased by $2.1 million during the three month period ended
March 31, 1998, primarily as a result of an increase in loan originations during
the quarter brought about by a continued strong loan demand in the Bank's
primary lending areas. The Bank originated these loans for its portfolio.
Investment securities and short-term interest-bearing deposits, increased by
approximately $7.9 million during the first quarter and amounted to $23 million
at March 31, 1998. The market value of the Corporation's available for sale
securities increased by approximately $161,000 during the quarter, primarily as
a result of movements in market interest rates. At March 31, 1998, the
Corporation's available for sale portfolio had securities with unrealized gains
of approximately $1,315,000. During the quarter, the Corporation received
proceeds from sales and maturities of investments totaling $1.1 million, and
purchased investments totaling $0.5 million. Proceeds from sales and maturities
in excess of purchases helped to fund the Bank's increased mortgage loan
activity during the quarter.
Deposits increased by approximately $9.4 million during the first quarter and
amounted to $99.7 million at March 31, 1998. This increase was primarily the
result of a new branch opened during the end of the 1997 year which is now in
full operation.
The Corporation's return on assets for the three month periods ended March 31,
1998 and 1997 on an annualized basis was 0.89% and 1.24%, respectively. The
Corporation's return on equity for the three month periods ended March 31, 1998
and 1997 on an annualized basis was 7.42% and 9.05%, respectively.
During the first quarter, the Corporation paid a cash dividend of $ .20 a share,
amounting to approximately $171,000. At March 31, 1998, the Corporation and the
Bank's capital was significantly in excess of regulatory capital requirements.
9
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Net income for the three month periods ended March 31, 1998 and 1997 was
$274,964 ($.32 per share) and $312,841 ($.37 per share), respectively. Net
interest income for the three month period ended March 31, 1998 was
approximately $120,000 higher than the comparable period of 1997. The increase
in net interest income is primarily attributable to a small increase in the
interest rate spread in effect during the periods, and a change in the mix of
interest-earning assets favoring loans receivable instead of investment
securities. The yield on loans receivable is typically higher than the yield on
investment securities.
Noninterest expense increased by approximately $172,000 during the three month
period ended March 31, 1998 versus the comparable period in 1997. The primary
reason for the overall increase was due to increased levels of compensation and
other expenses associated with the operations of the new loan production office
in Knightdale opened during the third quarter of 1997 and a full-service branch
in Garner opened during the fourth quarter, 1997.
Asset Quality
Nonperforming assets, which consist of nonaccrual loans and real estate acquired
through foreclosure, amounted to approximately $352,000 and $533,000 at March
31, 1998 and December 31, 1997, respectively. The ratio of nonperforming assets
to total assets at March 31, 1998 and December 31, 1997 was .28% and ..41%,
respectively. Based on management's analysis of the adequacy of its allowances
at March 31, 1998, a provision for loan losses was made of $14,500 during the
three months ended March 31, 1998. Provisions which are charged to operations,
and the resulting loan loss allowances are amounts the Bank's management
believes will be adequate to absorb losses on existing loans that may become
uncollectible. Loans are charged off against the allowance when management
believes that collectibility is unlikely. The evaluation to increase or decrease
the provision and resulting allowances is based both on prior loan loss
experience and other factors, such as changes in the nature and volume of the
loan portfolio, overall portfolio quality, and current economic conditions.
The allowance for loan losses amounted to approximately $339,000 at March 31,
1998 and is considered adequate by management to absorb existing losses, either
known or as yet undetected.
Liquidity
The term "liquidity" generally refers to an organization's ability to generate
adequate amounts of funds to meet its needs for cash. More specifically for
financial institutions, liquidity ensures that adequate funds are available to
meet deposit withdrawals, fund loan and capital expenditure commitments,
maintain reserve requirements, pay operating expenses, and provide funds for
debt service and other institutional commitments. Funds are primarily provided
through financial resources from operating activities, expansion of the deposit
base, borrowings, through the sale or maturity of investments, or maintenance of
shorter term interest-bearing deposits.
10
<PAGE>
KS BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
The Bank is required by regulations to maintain liquid assets, essentially cash,
short-term interest bearing deposits, substantially all investments, and
mortgage-backed securities, of at least 10% of total assets. A substantial
portion of the Bank's investment portfolio is classified as available for sale,
and liquidation of such portfolio, if need be, would not have accounting
implications on the Corporation's equity under SFAS No. 115. The Bank exceeded
such requirements at March 31, 1998 and management believes that the Bank's
liquidity is adequate to fund all outstanding commitments and other anticipated
cash needs.
Capital Resources and Adequacy
KS Bancorp, Inc's stockholders' equity was $14.8 million, or 11.99% of total
assets at March 31, 1998. As a state chartered stock savings bank, the Bank is
required to meet three separate capital standards as established by the Federal
Deposit Insurance Corporation and an additional capital requirement established
by the State Administrator of the Savings Institutions Division. The Bank was
substantially in excess of all such capital requirements at March 31, 1998.
Quantitative and Qualitative Disclosures About Market Risk
The Bank has not experienced any substantive change in it's portfolio risk
during the 3 month period ended March 31, 1998.
11
<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not engaged in any material legal proceedings at the
present time. From time to time, the Bank is a party to legal
proceedings within the normal course of business wherein it enforces
its security interest in loans made by it, and other matters of a like
kind.
Item 2. Changes in Securities and Use of Proceeds
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information Not applicable
Item 6. Exhibits and Reports on Form 8-K
(a) 27 - Financial Data Schedule
(b) No reports on Form 8-K were filed for the period covered.
12
<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.
KS Bancorp, Inc.
Dated 5-15-98 By: /s/ Harold T. Keen
------------------- ------------------------
Harold T. Keen
President and CEO
Dated 5-15-98 By: /s/ Helen B. Pollock
------------------- ------------------------
Helen B. Pollock
Treasurer
13
<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.
KS Bancorp, Inc.
Dated By: /s/ Harold T. Keen
------------------- ------------------------
Harold T. Keen
President and CEO
Dated By: /s/ Helen B. Pollock
------------------- ------------------------
Helen B. Pollock
Treasurer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 658,781
<INT-BEARING-DEPOSITS> 12,891,504
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,589,174
<INVESTMENTS-CARRYING> 3,473,895
<INVESTMENTS-MARKET> 3,520,548
<LOANS> 97,067,491
<ALLOWANCE> 339,867
<TOTAL-ASSETS> 123,729,403
<DEPOSITS> 99,675,119
<SHORT-TERM> 8,000,000
<LIABILITIES-OTHER> 1,223,280
<LONG-TERM> 0
0
0
<COMMON> 0
<OTHER-SE> 14,831,004
<TOTAL-LIABILITIES-AND-EQUITY> 123,729,403
<INTEREST-LOAN> 2,158,032
<INTEREST-INVEST> 122,694
<INTEREST-OTHER> 125,550
<INTEREST-TOTAL> 2,406,276
<INTEREST-DEPOSIT> 1,204,283
<INTEREST-EXPENSE> 1,325,856
<INTEREST-INCOME-NET> 1,080,420
<LOAN-LOSSES> 14,500
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 660,444
<INCOME-PRETAX> 462,140
<INCOME-PRE-EXTRAORDINARY> 462,140
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 274,964
<EPS-PRIMARY> 0.32
<EPS-DILUTED> 0.29
<YIELD-ACTUAL> 3.58
<LOANS-NON> 318,463
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 325,367
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 339,867
<ALLOWANCE-DOMESTIC> 339,867
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
