-----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, WeDwOAQyO1kjsvWhCj2+4kTWP9WXdDYJ4lFGgdb2NNyLhLkSTzUyvGfT1Wt/yTpW qn32PX8K7lb6MOroTZiRow== 0001046386-00-000069.txt : 20000515 0001046386-00-000069.hdr.sgml : 20000515 ACCESSION NUMBER: 0001046386-00-000069 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGANSPORT FINANCIAL CORP CENTRAL INDEX KEY: 0000939928 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351945736 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25910 FILM NUMBER: 627927 BUSINESS ADDRESS: STREET 1: 723 E BROADWAY STREET 2: PO BOX 569 CITY: LOGANSPORT STATE: IN ZIP: 46947 BUSINESS PHONE: 2197223855 MAIL ADDRESS: STREET 1: 723 EAST BROADWAY STREET 2: P O BOX 569 CITY: LOGANSPORT STATE: IN ZIP: 46947 10-Q 1 QUARTERLY FINANCIAL STATEMENTS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000 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: 0-25910 LOGANSPORT FINANCIAL CORP. (Exact name of registrant specified in its charter) Indiana 35-1945736 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 723 East Broadway P.O. Box 569 Logansport, Indiana 46947 (Address of principal executive offices including Zip Code) (219) 722-3855 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] The number of shares of the Registrant's common stock, without par value, as of May 1, 2000 was 1,083,510. -1- Logansport Financial Corp. Form 10-Q Index Page No. PART 1. FINANCIAL INFORMATION Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of March 31, 2000 and December 31, 1999 Consolidated Statements of Earnings for the three months ended March 31, 2000 and 1999 Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2000 and 1999 Consolidated Statements of Cash Flows for the three months ended March 31, 2000 and 1999 Notes to Consolidated Condensed Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings 15 Item 6. Exhibits and Reports of Form 8-K 15 SIGNATURES -2- LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Financial Condition (In thousands, except share data) March 31, December 31, 2000 1999 ASSETS Cash and due from banks $ 779 $ 1,336 Interest-bearing deposits in other financial institutions 7,937 3,810 ------- ------- Cash and cash equivalents 8,716 5,146 Investment securities available for sale-at market 10,290 8,539 Mortgage-backed securities available for sale-at market 5,646 5,898 Loans receivable-net 93,482 90,900 Office premises and equipment-at depreciated cost 1,897 1,902 Federal Home Loan Bank stock - at cost 1,423 1,273 Investment in real estate partnership 1,480 1,485 Accrued interest receivable on loans 400 416 Accrued interest receivable on mortgage-backed securities 45 47 Accrued interest receivable on investments 177 115 Prepaid expenses and other assets 34 45 Cash surrender value of life insurance 1,195 1,184 Prepaid income tax - 46 Deferred income tax asset 474 472 ------- ------- Total assets $125,259 $117,468 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 81,048 $ 76,011 Advances from the Federal Home Loan Bank 26,000 23,000 Notes payable 1,237 1,307 Accrued interest and other liabilities 1,019 1,004 Accrued income taxes 65 - ------- ------- Total liabilities 109,369 101,322 Shareholders' equity Common stock 5,515 5,979 Retained earnings-restricted 10,922 10,734 Less shares acquired by stock benefit plan (205) (239) Accumulated comprehensive loss, unrealized losses on securities designated As available for sale, net of related tax effects (342) (328) ------- ------- Total shareholders' equity 15,890 16,146 ------- ------- Total liabilities and shareholders' equity $125,259 $117,468 ======= =======
-3- LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Earnings (In thousands, except share data) Three months ended March 31, 2000 1999 Interest income Loans $1,865 $1,486 Mortgage-backed securities 98 112 Investment securities 163 73 Interest-bearing deposits and other 83 59 ----- ----- Total interest income 2,209 1,730 Interest expense Deposits 909 773 Borrowings 334 102 ----- ----- Total interest expense 1,243 875 ----- ----- Net interest income 966 855 Provision for losses on loans 71 41 ----- ----- Net interest income after provision for losses on loans 895 814 Other income Service charges on deposit accounts 32 30 Loss on equity investment (26) - Other operating 44 36 ----- ----- Total other income 50 66 General, administrative and other expense Employee compensation and benefits 296 219 Occupancy and equipment 45 32 Federal deposit insurance premiums 4 10 Data processing 39 36 Other operating 103 129 ----- ----- Total general, administrative and other expense 487 426 ----- ----- Earnings before income taxes 458 454 Income tax expense 151 172 ----- ----- NET EARNINGS $ 307 $ 282 ===== ===== Other comprehensive loss, net of tax unrealized losses on securities (14) (65) ----- ----- COMPREHENSIVE INCOME $ 293 $ 217 ===== ===== EARNINGS PER SHARE Basic (based on net earnings) $0.28 $0.24 ==== ==== Diluted (based on net earnings) $0.28 $0.23 ==== ====
-4- LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Shareholders' Equity (In thousands, except share data) Three months ended March 31, 2000 1999 Balance at January 1 $16,146 $16,488 Purchase of shares (464) - Amortization of stock benefit plan 34 33 Cash dividends of $.11 per share in 2000 and $.11 in 1999 (119) (132) Unrealized losses on securities designated as available for sale, net of related tax effects (14) (65) Net earnings 307 282 ------ ------ Balance at March 31 $15,890 $16,606 ====== ====== Accumulated other comprehensive income (losses) $ (342) $ 90 ====== ======
-5- LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Cash Flows (In thousands) Three months ended March 31, 2000 1999 Cash flows from operating activities: Net earnings for the period $ 307 $ 282 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 27 14 Amortization of premiums on investments and mortgage-backed securities 12 34 Amortization expense of stock benefit plan 34 33 Provision for losses on loans 71 41 Loss on equity investment 26 - Increase (decrease) in cash, due to changes in: Accrued interest receivable on loans 16 2 Accrued interest receivable on mortgage-backed securities 2 9 Accrued interest receivable on investments (62) (30) Prepaid expenses and other assets 11 (5) Accrued interest and other liabilities 15 (230) Federal income taxes Current 111 121 Deferred 6 - ------ ----- Net cash provided by operating activities 576 271 Cash flows provided by (used in) investing activities: Purchase of investment securities (1,779) (800) Maturities/calls of investment securities - 100 Purchase of Federal Home Loan Bank stock (150) (56) Principal repayments on mortgage-backed securities 246 655 Loan disbursements (10,832) (8,744) Investment in real estate partnership (21) (21) Principal repayments on loans 8,179 5,350 Purchases and additions to office premises and equipment (22) (287) Increase in cash surrender value of life insurance policy (11) (11) ------ ----- Net cash used in investing activities (4,390) (3,814)
-6- LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Cash Flows (In thousands) Three months ended March 31, 2000 1999 Cash provided by (used in) financing activities: Net increase in deposit accounts $5,037 $ 822 Proceeds from Federal Home Loan Bank advances 5,000 3,000 Repayment of Federal Home Loan Bank advances (2,000) - Repayment of note payable (70) (68) Purchase of shares (464) - Dividends on common stock (119) (132) ----- ----- Net cash provided by financing activities 7,384 3,622 ----- ----- Net increase in cash and cash equivalents 3,570 79 Cash and cash equivalents, beginning of period 5,146 4,328 ----- ----- Cash and cash equivalents, end of period $8,716 $4,407 ===== ===== Supplemental disclosure of cash flow information: Cash paid during the year for: Interest on deposits and borrowings $1,210 $ 865 ===== ===== Income taxes $ 35 $ 50 ===== ===== Dividends payable at end of period $ 119 $ 132 ===== =====
-7- NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS NOTE A: Basis of Presentation The unaudited interim consolidated condensed financial statements include the accounts of Logansport Financial Corp. (the "Company") and its subsidiary, Logansport Savings Bank, FSB, (the "Bank"). The unaudited interim consolidated condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and disclosures required by generally accepted accounting principles for complete financial statements. Accordingly, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 1999. In the opinion of management, the financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of March 31, 2000, results of operations for the three month periods ended March 31, 2000 and 1999 and cash flows for the three month periods ended March 31, 2000 and 1999. NOTE B: Earnings Per Share and Dividends Per Share Basic earnings per share is computed based upon the weighted-average shares outstanding during the period. Weighted-average common shares outstanding totaled 1,112,829 and 1,198,710 for the three month periods ended March 31, 2000 and 1999, respectively. Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares issued under the Company's stock option plan. Weighted-average common shares deemed outstanding for purposes of computing diluted earnings per share totaled 1,112,829 and 1,223,706 for the three months ended March 31, 2000 and 1999, respectively. Incremental shares related to the assumed exercise of stock options included in the computation of diluted earnings per share totaled 24,996 for the three month period ended March 31, 1999. Options to purchase 125,915 shares of common stock with a weighted-average exercise price of $10.59 were outstanding at March 31, 2000, but were excluded from the computation of common share equivalents because their exercise prices were greater than the average market price of the common shares. A cash dividend of $.11 per common share was declared on March 1, 2000, payable on April 10, 2000, to stockholders of record as of March 20, 2000. -8- NOTE C: Recent Accounting Pronouncements In June 1998, the Financial Accounting Standards Board (the "FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133 "Accounting for Derivative Instruments and Hedging Activities" which requires entities to recognize all derivatives in their financial statements as either assets or liabilities measured at fair value. SFAS No. 133 also specifies new methods of accounting for hedging transactions, prescribes the items and transactions that may be hedged, and specifies detailed criteria to be met to qualify for hedge accounting. The definition of a derivative financial instrument is complex, but in general, it is an instrument with one or more underlyings, such as an interest rate or foreign exchange rate, that is applied to a notional amount, such as an amount of currency, to determine the settlement amount(s). It generally requires no significant initial investment and can be settled net or by delivery of an asset that is readily convertible to cash. SFAS No. 133 applies to derivatives embedded in other contracts, unless the underlying of the embedded derivative is clearly and closely related to the host contract. SFAS No. 133, as amended by SFAS No. 137, is effective for fiscal years beginning after June 15, 2000. On adoption, entities are permitted to transfer held-to-maturity debt securities to the available-for-sale or trading category without calling into question their intent to hold other debt securities to maturity in the future. SFAS No. 133 is not expected to have a material impact on the Company's financial position or results of operations. The foregoing discussion of the effects of recent accounting pronouncements contains forward-looking statements that involve risks and uncertainties. Changes in economic circumstances or interest rates could cause the effects of the accounting pronouncements to differ from management's foregoing assessment. -9- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Forward Looking Statements In addition to historical information contained herein, the following discussion contains forward-looking statements that involve risks and uncertainties. Economic circumstances, the Company's operations and the Company's actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences are discussed herein but also include changes in the economy and interest rates in the nation and the Company's market area generally. Some of the forward-looking statements included herein are the statements regarding management's determination of the amount and adequacy of the allowance for losses on loans and the effect of certain recent accounting pronouncements. Financial Condition Total assets were $125.3 million at March 31, 2000 compared to $117.5 million at December 31, 1999, an increase of $7.8 million or 6.6%. This increase was funded from an additional $3.0 million FHLB advance and a growth in deposits of $5.0 million. Cash and cash equivalents increased approximately $3.6 million, from $5.1 million at December 31, 1999 to $8.7 million at March 31, 2000. Cash and cash equivalents were high at March 31, 2000 in anticipation of repayment of a $3.0 million FHLB advance due in early April. Funding to repay this advance was obtained in late March in order to secure a lower rate. The growth in assets was reinvested in loans which increased by $2.6 million and investment and mortgage-backed securities which increased by $1.5 million. Net loans increased $2.6 million, or 2.8%, from $90.9 million at December 31, 1999 to $93.5 million at March 31, 2000. The increase resulted from loan originations of $10.8 million for the quarter, which were partially offset by principal repayments of $8.2 million. Deposits were $81.0 million at March 31, 2000 compared to $76.0 million at December 31, 1999, an increase of $5.0 million in the first three months of 2000. Borrowings consisted of $26.0 million of FHLB advances and a $1.2 million note payable related to an equity investment in low income housing. Shareholders' equity was $15.9 million at March 31, 2000 and $16.1 million at December 31, 1999. The payment of dividends, repurchase of stock, and an increase in the unrealized loss on securities available for sale resulted in a decrease in equity of approximately $200,000. Equity was increased by earnings and the amortization of the stock benefit plan. -10- Results of Operations Comparison of the Three Months Ended March 31, 2000 and March 31, 1999 Net earnings for the Company for the three months ended March 31, 2000 totaled $307,000 compared with $282,000 for three months ended March 31, 1999. This was an increase of $25,000 or 8.9%. Net interest income increased $111,000 while general, administrative and other expense increased $61,000 and taxes decreased $21,000 due to the availability of low income housing tax credits. The major contributor to the increase in net interest income was the growth in the loan portfolio the past calendar year. Loans totaled $93.5 million at March 31, 2000 compared to $76.4 million at March 31, 1999. However, the impact of such growth was partially offset by a corresponding increase in deposits and advances and a decrease in the net interest margin. The provision for loan losses was $71,000 for the three months ended March 31, 2000 and $41,000 for the three months ended March 31, 1999. No properties were in real estate owned for the quarter ended March 31, 2000 or March 31, 1999. Non-performing loans decreased to $304,000 or 0.32% of loans at March 31, 2000 from $666,000, or 0.72% of loans at December 31, 1999. Loan loss reserves amounted to $510,000 or .54% of total loans at March 31, 2000 compared to $440,000 or 0.47% at December 31, 1999. Other income amounted to $50,000 for the three months ended March 31, 2000, a decrease of $16,000, or 24.2%, from the comparable quarter in 1999. The decrease was due primarily to a $26,000 pre-tax loss from an equity investment in a low income housing tax credit investment. Service charges on deposit accounts increased by $2,000 and other operating income increased by $8,000. Total general, administrative and other expense increased $61,000 or 14.3% in the period ending March 31, 2000 compared to March 31, 1999. Employee compensation and benefits increased $77,000, or 35.2%, as a result of salary increases and additional personnel compared to a year ago and a one time charge of $38,000 due to the retirement of personnel. Data processing fees increased $3,000, or 8.3%, due to loan and deposit growth and occupancy and equipment expense increased $13,000, or 40.6%, due primarily to increased depreciation related to the purchase of new equipment and the completion of the new banking facility. Other operating expenses decreased $26,000, or 20.2%, compared to the quarter ended March 31, 1999, which had a one time non-recurring charge of $35,000 related to deposit operations. This charge was partially recovered in the fourth quarter of 1999. The Company's effective tax rate for the three months ended March 31, 2000 was 33.0% and was 37.9% for the three months ending March 31, 1999. -11- Capital Resources Pursuant to OTS capital regulations, savings associations must currently meet a 1.5% tangible capital requirement, a 4% leverage ratio (or core capital) requirement, and total risk-based capital to risk-weighted assets ratio of 8%. At March 31, 2000, the Bank's tangible capital ratio was 12.37%, its leverage ratio was 12.37%, and its risk-based capital to risk-weighted assets ratio was 21.27%. Therefore, the Bank's capital significantly exceeded all of the capital requirements currently in effect. The following table provides the minimum regulatory capital requirements and the Bank's capital ratios as of March 31, 2000. Capital Standard Required Bank's Excess - ---------------- -------- ------ ------ Tangible (1.5%) $1,880,000 $15,503,000 $13,623,000 Core (4.0%) 5,013,000 15,503,000 10,490,000 Risk-based (8.0%) 6,022,000 16,013,000 9,991,000 Liquidity The standard measure of liquidity for savings associations is the ratio of cash and eligible investments to a certain percentage of net withdrawable savings accounts and borrowings due within one year. The minimum required ratio is currently set by the Office of Thrift Supervision at 4%. At March 31, 2000 the Bank's regulatory liquidity ratio was 23.2%. -12- Item 3. Quantitative and Qualitative Disclosures About Market Risk The Bank, like other savings associations, is subject to interest rate risk to the degree that its interest-bearing liabilities, primarily deposits with short and medium-term maturities, mature or reprice at different rates than its interest-earning assets. Management of the Bank believes it is critical to manage the relationship between interest rates and the effect on the Bank's net portfolio value ("NPV"). Generally, NPV is the discounted present value of the difference between incoming cash flows on interest-earning and other assets and outgoing cash flows on interest-bearing liabilities. Management of the Bank's assets and liabilities is done within the context of the marketplace, regulatory limitations and within limits established by the Board of Directors on the amount of change in NPV which is acceptable given certain interest rate changes. The Office of Thrift Supervision ("OTS") issued a regulation, effective January 1, 1994, which uses a net market value methodology to measure the interest rate risk exposure of thrift institutions. Under OTS regulations, an institution's "normal" level of interest rate risk in the event of an assumed change in interest rates, is a decrease in the institution's NPV in an amount not exceeding 2% of the present value of its assets. Thrift institutions with over $300 million in assets or less than a 12% risk-based capital ratio are required to file OTS Schedule CMR. Data from schedule CMR is used by the OTS to calculate changes in NPV (and the related "normal" level of interest rate risk based upon certain interest rate changes (discussed below). Institutions which do not meet either of the filing requirements are not required to file OTS Schedule CMR, but may do so voluntarily. The Bank does not currently meet either of these requirements, but it does voluntarily file Schedule CMR. Presented below, as of December 31, 1999, the latest available date, is an analysis performed by the OTS of the Bank's interest rate risk as measured by changes in NPV for instantaneous and sustained parallel shifts in the yield curve, in 100 basis point increments, up and down 300 basis points and in accordance with OTS regulations. As illustrated in the table, The Bank's NPV is more sensitive to rising rates than declining rates. This occurs principally because, as rates rise, the market value of the Bank's investments, adjustable-rate mortgage loans (many of which have maximum per year adjustments of 1%), fixed-rate loans and mortgage-backed securities declines due to the rate increase. The value of the Bank's deposits and borrowings change in approximately the same proportion in rising and falling rate scenarios.
Change Net Portfolio Value NPV as % of PV of Assets In Rates $ Amount $ Change % Change NPV Ratio Change (Dollars in thousands) +300bp $11,061 $(5,372) (33)% 10.08% -391bp +200bp 13,080 (3,352) (20)% 11.63% -236bp +100bp 14,924 (1,509) (9)% 12.96% - 103bp 0bp 16,433 13.99% - -100bp 17,344 912 6% 14.54% + 55bp - -200bp 17,694 1,261 8% 14.67% +69bp - -300bp 18,067 1,634 10% 14.82% +83bp
-13- Interest Rate Risk Measures: 200 Basis Point (bp) Rate Shock Pre-shock NPV Ratio: NPV as % of PV of Assets 13.99 % Exposure Measure: Post-Shock NPV Ratio 11.63 % Sensitivity Measure: Change in NPV Ratio (236 bp) As with any method of measuring interest rate risk, certain shortcomings are inherent in the method of analysis presented in the foregoing table. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. Also, the interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates. Additionally, certain assets, such as adjustable-rate loans, have features which restrict changes in interest rates on a short-term basis and over the life of the asset. Further, in the event of a change in interest rates, expected rates of prepayments on loans and early withdrawals from certificates could likely deviate significantly from those assumed in calculating the table. -14- Part II. OTHER INFORMATION Item 1. Legal Proceedings Neither the Bank nor the Company were, during the three-month period ended March 31, 2000, or are as of the date hereof involved in any legal proceeding of a material nature. From time to time, the Bank is a party to legal proceedings wherein it enforces its security interests in connection with its mortgage and other loans. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. The following exhibits are attached to this report on Form 10-Q: 3.1 The Articles of Incorporation of the Registrant are incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (Registration No. 33-89788). 3.2 The Code of By-Laws of the Registrant is incorporated by reference to Exhibit 3.2 to the Form 10-Q for the period ended June 30, 1997, filed with the Commission on August 13, 1997. 27.1 Financial Data Schedule for the three month period ended March 31, 2000. (b) Reports on Form 8-K. The Registrant filed one report on Form 8-K during the fiscal quarter ended March 31, 2000. The Form 8-K was filed on January 28, 2000, and reported the retirement of Mr. Williams as president and the appointment of Mr. Wihebrink as his successor. -15- Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on behalf of the undersigned thereto duly authorized. Logansport Financial Corp. Date: May 11, 2000 By: /s/ David G. Wihebrink ----------------------- ---------------------- David G. Wihebrink, President and Chief Executive Officer Date: May 11, 2000 By: /s/ Dottye Robeson ----------------------- ------------------ Dottye Robeson, Secretary and Treasurer -16- EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 779 7,937 0 0 15,936 0 0 93,482 511 125,259 81,048 0 2,321 26,000 0 0 5,515 10,375 125,259 1,865 261 83 2,209 909 1,243 966 71 0 487 458 307 0 0 307 .28 .28 3.31 304 0 0 0 440 0 0 511 0 0 511
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