-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VeCi9LeLuRj8TlZmPnJiSs7b4yT8jXM0Co+oMBMHgJ8aCVBRpQJA66RLQ1pOYNiM J0noelNMZMpI1NSQPqdmuQ== 0000892569-96-002391.txt : 19961118 0000892569-96-002391.hdr.sgml : 19961118 ACCESSION NUMBER: 0000892569-96-002391 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARBOR BANCORP / CENTRAL INDEX KEY: 0000708193 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953764395 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 002-79912 FILM NUMBER: 96664656 BUSINESS ADDRESS: STREET 1: 11 GOLDEN SHORE CITY: LONG BEACH STATE: CA ZIP: 90802 BUSINESS PHONE: 3104911111 MAIL ADDRESS: STREET 1: 11 GOLDEN SHORE STREET 2: P O BOX 2040 CITY: LONG BEACH STATE: CA ZIP: 90802 FORMER COMPANY: FORMER CONFORMED NAME: HARBOR BANCORP / DATE OF NAME CHANGE: 19940520 FORMER COMPANY: FORMER CONFORMED NAME: HARBOR BANCORP DATE OF NAME CHANGE: 19920703 10QSB 1 FORM 10QSB FOR QUARTER ENDED SEPTEMBER 30, 1996 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB [X]QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarter ended September 30, 1996 [ ]TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transitions period from_________to______________ Commission file number 2-79912 HARBOR BANCORP ---------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) California 95-3764395 - ------------------------------- ------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11 Golden Shore Long Beach, CA 90802 ---------------------------------------------------------------- (Address of principal executive offices) (310) 491-1111 ----------------------------------------------------------------- (Issuer's telephone number) Not applicable ---------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter periods 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 ---------- ---------- Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes No Other N/A ------ ------ -------- State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. Common stock, no par value - 1,415,214 shares as of September 30, 1996 2 HARBOR BANCORP AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements (Unaudited) Condensed consolidated balance sheets - September 30, 1996 and December 31, 1995 Condensed consolidated statements of income - three months ended September 30, 1996 and 1995; and nine months ended September 30, 1996 and 1995 Condensed consolidated statements of cash flows nine months ended September 30, 1996 and 1995 Notes to condensed consolidated financial statements - September 30, 1996 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION ITEM 1. Legal Proceedings ITEM 2. Changes in Securities ITEM 3. Defaults Upon Service Securities ITEM 4. Submission of Matter to a Vote of Security Holders ITEM 5. Other Information ITEM 6. Exhibits and Reports on Form 8-K PART III. SIGNATURES 1 3 ITEM I: FINANCIAL INFORMATION HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31, 1996 1995 ------------- ------------ (Unaudited) (000's omitted) ASSETS Cash and due from banks $ 18,093 $ 20,964 Federal funds sold and securities purchased under resale agreements 8,800 5,200 -------- -------- Cash and cash equivalents 26,893 26,164 Time certificates of deposit 495 495 Investment securities: Held to maturity securities (market value of $7,315,562 in 1996 and $10,190,673 in 1995) 7,297 10,187 Available for sale securities 26,766 24,796 Loans 139,366 130,412 Less allowance for loan losses 2,856 3,003 -------- -------- Net loans 136,510 127,409 Bank premises and equipment: Land 159 159 Buildings and improvements 4,246 4,068 Furniture, fixtures and equipment 3,552 3,428 -------- -------- 7,957 7,655 Less accumulated depreciation and amortization 6,040 5,727 -------- -------- 1,917 1,928 Other real estate owned 1,047 516 Accrued interest receivable 1,135 998 Other assets 2,048 2,599 -------- -------- Total assets $204,108 $195,092 ======== ========
(Continued) 2 4 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
September 30, December 31, 1996 1995 ------------ ----------- (Unaudited) (000's omitted) LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Interest bearing $ 98,994 $ 87,201 Noninterest bearing 88,666 92,003 --------- --------- Total deposits 187,660 179,204 Accrued expenses and other liabilities 1,109 1,331 --------- --------- Total liabilities 188,769 180,535 Stockholders' equity: Common stock, no par value; 5,000,000 shares authorized; issued and out- standing, 1,415,214 shares in 1996 and 1,348,021 shares in 1995 13,963 13,258 Retained earnings 1,514 1,382 Net unrealized security losses (138) (83) --------- --------- Total stockholders' equity 15,339 14,557 --------- --------- Total liabilities and stockholders' equity $ 204,108 $ 195,092 ========= =========
See notes to unaudited consolidated financial statements. 3 5 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Nine Months Ended Three Months Ended September 30, September 30, ------------------ ------------------ 1996 1995 1996 1995 ---- ---- ---- ---- (000's omitted, except per share data) Interest income: Interest and fees on loans $ 9,348 $ 8,411 $ 3,249 $ 2,921 Interest on U.S. government and agency obligations 1,104 1,320 346 395 Interest on obligations of states and political subdivisions 11 16 3 10 Interest on other investments 61 67 21 21 Interest on federal funds sold and securities purchased under agreements to resale 600 490 213 291 ------- ------- ------- ------- Total interest income 11,124 10,304 3,832 3,638 Interest expense: Interest on deposits 2,220 1,918 811 686 Interest on mortgage payable -0- 17 -0- 2 Interest on borrowed funds 4 26 -0- -0- ------- ------- ------- ------- Total interest expense 2,224 1,961 811 688 Net interest income 8,900 8,343 3,021 2,950 Provision for loan losses 724 217 280 167 Net interest income after provision for loan losses 8,176 8,126 2,741 2,783 Other operating income: Service charges on deposit accounts 721 645 235 213 Loan servicing fees and other fees and charges 159 174 47 93 Gain on sale of securities 19 54 19 -0- ------- ------- ------- ------- Total other operating income 899 873 301 306
(Continued) 4 6 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Continued)
Nine Months Ended Three Months Ended September 30, September 30, ------------------- ------------------- 1996 1995 1996 1995 ------ ------ ------ ------ (000's omitted, except per share data) Noninterest expense: Salaries, wages and employee benefits 2,785 2,671 933 943 Occupancy expenses 1,637 1,582 537 525 Equipment expenses 310 225 103 71 Data processing expenses 424 460 124 155 Other operating expenses 2,592 2,477 758 886 ------ ------ ------ ------ Total noninterest expense 7,748 7,415 2,455 2,580 ------ ------ ------ ------ Income before taxes based on income 1,327 1,584 587 509 Provision for taxes based on income 489 573 210 139 ------ ------ ------ ------ Net income $ 838 $1,011 $ 377 $ 370 ====== ====== ====== ====== Earnings per share: Basic $ 0.59 $ 0.75 $ 0.27 $ 0.27 ====== ====== ====== ====== Diluted $ 0.58 $ 0.72 $ 0.26 $ 0.26 ====== ====== ====== ======
See notes to unaudited consolidated financial statements. 5 7 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, ---------------------- 1996 1995 ------- ------- (000's omitted) Operating activities: Net income $ 838 $ 1,011 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 371 140 Provision for loan losses 724 217 Increase in interest receivable (137) (240) Increase (decrease) in interest payable (11) 54 Other 283 (360) ------- ------- Net cash provided by operating activities 2,068 822 Investing activities: Proceeds from maturities, sales and calls of investment securities 19,850 25,291 Purchases of investment securities (18,987) (30,951) Net increase in loans (9,825) (11,181) Capital expenditures (302) (140) Other real estate (530) 1,918 ------- ------- Net cash used in investing activities (9,794) (15,063)
(Continued) 6 8 HARBOR BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)
Nine Months Ended September 30, --------------------- 1996 1995 ------- ------- (000's omitted) Financing activities: Net increase in commercial and other demand deposits, savings and money market deposits and certificates of deposit 8,455 26,853 ------- ------- Net cash provided by financing activities 8,455 26,853 Increase in cash and cash equivalents 729 12,612 Cash and cash equivalents at beginning of period 26,164 21,377 ------- ------- Cash and cash equivalents at end of period $26,893 $33,989 ======= =======
See notes to unaudited consolidated financial statements. 7 9 HARBOR BANCORP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 1996 1. Summary of Significant Accounting Policies: Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Rule 10-01 of 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 (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. Certain reclassifications have been made in the 1995 financial statements to conform to the presentations used in 1996. The balance sheet on December 31, 1995 has been derived from the audited financial statements at that date. The accompanying notes are an integral part of these financial statements. Principles of consolidation Harbor Bancorp ("HB") was formed on July 23, 1982. The unaudited condensed consolidated financial statements include all the accounts of HB and its wholly-owned subsidiaries, Harbor Bank and Harbor Bank Properties. All intercompany accounts and transactions have been eliminated. Investment securities The Company adopted Statement of Financial Accounting Standard No. 115 "Accounting for Certain Investments in Debt and Equity Securities" as of January 1, 1994. Investment securities held to maturity are securities which the Company has the ability and intent to hold until maturity. 8 10 Accordingly, these securities are stated at cost adjusted for amortization of premiums and accretion of discounts. Unrealized gains and losses are not reported in the financial statements until realized or until a decline in fair value below cost is deemed to be other than temporary. Available for sale securities include debt securities and mutual funds. These securities are stated at fair value with unrealized gains and losses reflected as a component of stockholders' equity, net of applicable income taxes. Gains and losses are determined on the specific identification method. Impaired loans The Company adopted SFAS No. 114, "Accounting by Creditors for Impairment of a Loan," as amended, effective January 1, 1995. This statement requires that impaired loans be measured based on the present value of expected future cash flows discounted at the loan's effective interest rates or the fair value of the underlying collateral, and specifies alternative methods for which there are credit concerns. For purposes of applying this standard, impaired loans have been defined as all non-accrual loans. The Company's policy for income recognition was not affected by adoption of the standard. The adoption of SFAS No. 114 did not have any effect on the total reserve for credit losses or related provision. Allowance for loan losses The allowance for loan losses represents management's evaluation of the quality of the loan portfolio. The allowance is maintained at a level considered to be adequate for potential loan losses based on management's assessment of various factors affecting the loan portfolio, which includes a review of problem loans, business conditions and the overall quality of the loan portfolio. The allowance is increased by the provision for loan losses charged to operations and reduced by loans charged off to the allowance, net of recoveries. Other Real Estate Other real estate ("ORE") is stated at the lower of cost or fair market value, net of estimated selling costs. Income taxes Income tax expense is the current and deferred tax consequence, of events that have been recognized in the financial statements, as measured by the provisions of enacted tax law. 9 11 Bank premises and equipment Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets which range from 10 to 30 years for buildings and improvement and 3 to 10 years for furniture, fixtures and equipment. Stock Dividend On March 26, 1996, the Bank declared a 5% stock dividend on outstanding shares of 1,348,021 that was paid on April 19, 1996 to shareholders of record as of April 8, 1996. In addition, cash was issued in lieu of fractional shares totaling $2,069. Earnings per share Earnings per share was computed by dividing net income by the following methods. The number of shares used in the diluted earnings per share calculations for the periods ended September 30, 1996 and 1995 were 1,433,603 and 1,403,121 respectively. The number of shares used in the per share calculation for basic earnings per share were 1,415,214 and 1,348,021 respectively. 10 12 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Harbor Bancorp's ("Company") performance during the first nine months of 1996 shows continued stability which is supported by improvement in the local and national economic environment. The purpose of the following discussion is to focus on the above mentioned performance and other information about the Company's financial condition and results of operations which is not otherwise apparent from the consolidated financial statements included in this quarterly report. Reference should be made to those statements and the condensed financial data presented herein for an understanding of the following discussion and analysis. Financial Condition Since December 31, 1995, the Company has experienced an increase in loan volume and cash and cash equivalents which has resulted in total assets of the Company increasing from $195,092,000 at December 31, 1995 to $204,108,000 at September 30, 1996. This increase of $9,016,000 or 4.62%, in total assets occurred primarily in cash and cash equivalents and loans. Cash and cash equivalents increased $729,000, or 2.79% , from $26,164,000 at December 31, 1995 to $26,893,000 at September 30, 1996. Additionally, investment securities decreased 2.63% from $34,983,000 at December 31, 1995 to $34,063,000 at September 30, 1996. Generally, the moderate increase in liquidity is the result of growth in core deposits. Loans increased $8,954,000, or 6.87%, from $130,412,000 at December 31, 1995 to $139,366,000 at September 30, 1996. The increase in loan volume continues to be moderate as a result of the Company's decision to maintain a conservative posture with respect to lending in view of the slowly improving economic environment. Effective January 1, 1994, the Company adopted the provisions of Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". As of September 30, 1996, the bank had $26,766,000 in securities classified as available for sale. Substantially all of the Company's deposits are local, core deposits. The Company does not have any out-of-area brokered deposits included in the deposit base. Total deposits increased $8,456,000, or 4.72%, for the first nine months of 1996. The primary component of this increase is interest bearing deposits which increased $11,793,000, or 13.52%, from $87,201,000 at December 31, 1995 to $98,994,000 at September 30, 1996. 11 13 As a result of the Federal Deposit Insurance Corporation examination at December 31, 1993, the bank and the Federal Deposit Insurance Corporation executed a Memorandum of Understanding ("FDIC Memorandum") dated August 3, 1994, and the Bank and the California State Banking Department executed a Memorandum of Understanding (Department MOU) dated January 31, 1995. Based upon the January 8, 1996, FDIC examination of the Bank as of November 30, 1995, the Bank has been notified that the FDIC Memorandum was removed effective May 22, 1996 and the Department Memorandum was removed effective June 12, 1996. Liquidity and Interest Rate Sensitivity Management The primary functions of asset/liability management are to assure adequate liquidity and maintain an appropriate balance between interest sensitive earning assets and interest bearing liabilities. Liquidity management involves the ability to meet the cash flow requirements of customers who may be either depositors wanting to withdraw funds or borrowers who may need assurance that sufficient funds will be available to meet their credit needs. Interest rate sensitivity management seeks to avoid fluctuating interest margins and to enhance consistent growth of net interest income through periods of changing interest rates. Historically, the overall liquidity of the Company has been enhanced by a significant aggregate amount of core deposits. As described in the analysis of financial condition, the Bank has not relied on large-denomination time deposits. To meet short-term liquidity needs, the Bank has maintained adequate balances in federal funds sold, certificates of deposits with other financial institutions and investment securities having maturities of five years or less. Liquid assets (cash, federal funds sold and securities purchased under agreements to resale, deposits in other financial institutions and investment securities) as a percent of total deposits are 32.7% and 34.4% as of September 30, 1996 and December 31, 1995, respectively. The Bank's goal is to maintain federal funds sold at $7 to $10 million dollars on an average with minimum daily investments monitored closely. Deposits with other institutions and securities purchased under agreements to resale will be maintained as alternative short-term investment products. Interest rate sensitivity varies with different types of 12 14 interest-earning assets and interest-bearing liabilities. Harbor Bank intends to maintain interest-earning assets, comprised primarily of both loans and investments, and interest-bearing liabilities, comprised primarily of deposits, maturing or repricing evenly in order to eliminate any impact from interest rate changes. In this way, both assets and liabilities can be substantially repriced simultaneously with interest rate changes. The impact of inflation on a financial institution differs significantly from that exerted on an industrial concern, primarily because its assets and liabilities consist primarily of monetary items. The relatively low proportion of the Company's fixed assets to total assets reduces both the potential of inflated earnings resulting from understated depreciation charges and the potential of significant understatement of absolute asset values. However, inflation does have a considerable indirect impact on banks, including increased loan demand, as it becomes necessary for producers and consumers to acquire additional funds to maintain the same levels of production, consumption and new investments. Inflation also frequently results in high interest rates which can affect both yields on earning assets and rates paid on deposits and other interest-bearing liabilities. The Company monitors inflation rates to insure that ongoing programs are compatible with fluctuations in inflation and resultant changes in interest rates. Results of Operations The Company reported net income of $838,000, or $0.59 basic earnings per share, for the nine months ended September 30, 1996, compared to net income of $1,011,000, or $0.75 basic earnings per share, for the same period in 1995. For the three months ended September 30, 1996, the Company generated net income of $377,000, or $0.27 basic earnings per share, compared to $370,000, or $0.27 basic earnings per share, for the three months ended September 30, 1995. Net interest income is an effective measurement of how well Management has balanced the Company's interest rate sensitive assets and liabilities as well as optimizing the allocation of resources. Net interest income of $8,900,000, for the nine months ended September 30, 1996, reflects an increase of $557,000, or 6.67%, from $8,343,000 for the same period of 1995. Net interest income of $3,021,000 for the third quarter in 1996 reflects an increase of $71,000, or 2.41%, from $2,950,000 for the same quarter in 1995. Rising interest rates and increased net interests in earning assets are the primary reason for the improvement in net 13 15 interest income. The Company recorded $724,000 in provision for loan losses during the first nine months of 1996 compared to $217,000 for the nine months ended September 30, 1995. During the first nine months of 1996, the Company maintained a strict focus on controlling noninterest expense. The focus on noninterest expense control began with a corporate commitment in 1989 and, today, continues to be emphasized and enforced. As a result of this continued effort, total noninterest expense categories of salaries, wages and employee benefits, occupancy expense, equipment expense and data processing expense increased $218,000 or 4.41%, during the nine months ended September 30, 1996 over the same period in 1995. Primary factors of the increase were the addition of a Chief Credit Officer in Fall 1995 and the re-evaluation of FASB 91 which primarily resulted in smaller salary capitalization per loan. Other operating expense increased $115,000 during the nine months ended September 30, 1996 compared to the same period in 1995 with most of the increase in the area of professional fees analysis. Risk Elements The policy of Harbor Bank is that all loans that are past due for ninety (90) days must be placed on non-accrual status. At September 30, 1996, loans on non-accrual status were $5,920,000, or 4.25%, compared to $6,746,000, or 5.17%, of total loans on non-accrual status at December 31, 1995. Accruing loans which are contractually past due ninety (90) days or more were $86,000 at September 30, 1996 compared to $121,000 at December 31, 1995. At September 30, 1996, the management was not aware of information regarding performing loans which would cause them to have serious doubts as to the ability of the borrowers to comply with loan repayment terms, nor are they aware of any trends which might have a material impact on future operating results. Capital Resources Management seeks to maintain a level of capital adequate to support anticipated asset growth and credit risks and the ensure that the Company is within established regulatory guidelines and industry standards. In 1995, stockholders' equity increased $1,421,497 due to retention of the Company's 1995 net income. The Company's capital plan for 1996 contemplates continued growth in stockholders' equity through the retention of net income. Minimum capital ratios required under the final 1994 risk-based capital regulations are 6.0% for Tier 1 Capital and 8.0% for 14 16 Total Capital. At December 31, 1995 the Company had Tier 1 Capital of 10.31% and Total Capital of 11.56% and at September 30, 1996 the company had Tier 1 Capital of 10.26% and Total Capital of 11.52%. 15 17 HARBOR BANCORP AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 1. Legal Proceedings Due to the nature of their business, the Company, the Bank, and their subsidiaries are subject to legal action threatened or filed which arise from the normal course of their business. Management believes that the eventual outcome of all currently pending legal proceedings against the Bank will not be material to the Company's or the Bank's financial position or results of operations. ITEM 2. Changes in Securities None ITEM 3. Defaults Upon Service Securities None ITEM 4. Submission of Matter to a Vote of Security Holders None ITEM 5. Other Information None ITEM 6. Exhibits and Reports on Form 8-k 27 - Financial Data Schedule 16 18 PART III. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. HARBOR BANCORP Dated: November 12, 1996 /s/ DALLAS E. HAUN ----------------------- -------------------------- DALLAS E. HAUN Vice President Dated: November 12, 1996 /s/ MELISSA LANFRE' ----------------------- -------------------------- MELISSA LANFRE' Vice President & CFO 17 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 U.S. DOLLARS 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 1 18,093 495 8,800 0 26,766 7,297 7,316 139,366 2,856 204,108 187,660 0 1,109 0 13,963 0 0 1,514 204,108 9,348 1,176 600 11,124 2,220 2,224 8,900 724 19 7,748 1,327 1,327 0 0 838 .59 .58 0 5,920 86 0 0 3,003 890 19 2,856 0 0 0
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