Exhibit 99.1
Southern First
Reports Results
for Third Quarter of 2013
Greenville, South Carolina,
October 22, 2013
– Southern First Bancshares, Inc. (NASDAQ:
SFST), holding company for Southern First Bank, today announced that
net income available to the common shareholders for the third quarter of 2013 was
$1.2 million, or $0.27 per diluted share, compared to $842 thousand, or $0.19
per diluted share, for the third quarter of 2012. For the nine months ended September
30, 2013, net income to common shareholders was $3.1 million, or $0.71 per
diluted share. In comparison, net income to common shareholders for the nine
months ended September 30, 2012 was $1.8 million, or $0.42 per diluted share.
2013 Third Quarter Operating
Highlights
• Net income to common shareholders increased 46% to $1.2
million during the 3rd quarter of 2013 compared to the prior year
•
Net interest margin for the 3rd quarter of 2013
increased slightly to 3.73% compared to 3.72% in 2012
•
Loan balances increased 11% to $708.0 million at September
30, 2013 compared to $637.7 million in 2012
•
Core deposits increased 6% to $453.0 million at September
30, 2013 compared to $429.2 million in 2012
•
Total revenue improved 9% to $8.4 million during the 3rd
quarter of 2013 compared to $7.7 million in the prior year
•
Nonperforming assets improved to 1.19% at September 30, 2013
compared to 1.43% in 2012
“The third quarter was
an exciting quarter in terms of growth and performance for our company. Our
loan portfolio grew over $20 million during the quarter, and we recorded the
highest level of earnings in our company’s history. I am proud of the
performance of our team and their intense focus on growing client relationships,”
stated Art Seaver, the company’s CEO.
|
|
Quarter Ended
|
|
|
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
|
|
|
2013
|
2013
|
2013
|
2012
|
2012
|
|
Earnings ($ in thousands, except per share data):
|
|
|
|
|
|
|
|
Net
income
|
$
|
1,419
|
1,300
|
961
|
1,133
|
1,226
|
|
Net
income to common shareholder
|
|
1,228
|
1,109
|
784
|
929
|
842
|
|
Earnings
per common share, diluted (1)
|
|
0.27
|
0.25
|
0.18
|
0.21
|
0.19
|
|
Total
revenue, net of gain/loss on investment securities (2)
|
|
8,418
|
8,008
|
7,760
|
7,677
|
7,699
|
|
Net
interest margin (tax-equivalent)(3)
|
|
3.73%
|
3.70%
|
3.69%
|
3.66%
|
3.72%
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
Nonperforming assets as a percentage of total assets
|
|
1.19%
|
0.82%
|
1.07%
|
1.24%
|
1.43%
|
|
Net charge-offs as a percentage of average loans (YTD annualized)
|
|
0.38%
|
0.43%
|
0.52%
|
0.71%
|
0.71%
|
|
Allowance for loan losses as a percentage of total loans
|
|
1.39%
|
1.39%
|
1.41%
|
1.41%
|
1.45%
|
|
Allowance for loan losses as a percentage of nonperforming loans
|
|
115.54%
|
172.48%
|
148.49%
|
111.32%
|
100.49%
|
|
Capital Ratios (4):
|
|
|
|
|
|
|
|
Total
risk-based capital ratio
|
|
12.47%
|
12.56%
|
12.76%
|
12.88%
|
12.97%
|
|
Tier
1 risk-based capital ratio
|
|
11.22%
|
11.31%
|
11.51%
|
11.63%
|
11.72%
|
|
Leverage
ratio
|
|
9.33%
|
9.33%
|
9.46%
|
9.63%
|
9.76%
|
|
Common
equity tier 1 ratio (5)
|
|
7.18%
|
7.16%
|
7.17%
|
7.25%
|
7.14%
|
|
Other
($ in thousands):
|
|
|
|
|
|
|
|
Gross loans
|
$
|
708,033
|
687,482
|
665,244
|
645,949
|
637,659
|
|
Core deposits
|
|
452,970
|
474,296
|
460,237
|
427,936
|
429,183
|
|
Total deposits
|
|
607,052
|
632,072
|
612,394
|
576,299
|
574,439
|
|
Total assets
|
|
849,890
|
839,007
|
821,705
|
797,998
|
780,415
|
|
Average
Balances ($ in thousands):
|
|
|
|
|
|
|
|
Loans
|
$
|
695,524
|
672,930
|
657,616
|
638,198
|
631,238
|
|
Deposits
|
|
629,271
|
614,411
|
586,904
|
580,992
|
561,647
|
|
Assets
|
|
841,886
|
829,059
|
810,197
|
788,882
|
767,791
|
|
Equity
|
|
64,430
|
64,931
|
64,683
|
64,495
|
63,685
|
|
(1) Per share amounts for the 2012 periods have been restated to
reflect the 10% stock dividend in 2013.
|
|
(2)
Total revenue is the sum of net interest income and noninterest income.
|
|
(3)
The tax-equivalent adjustment to net interest income adjusts the yield for
assets earning tax-exempt income to a comparable yield on a taxable basis.
|
|
(4)
September 30, 2013 ratios are preliminary.
|
|
(5)
The common equity tier 1 ratio is calculated as the sum of tier 1 capital
less preferred stock divided by risk-weighted assets.
|
Operating
Results
Net interest
margin for the third quarter of 2013 was 3.73%, compared to 3.70% for the prior
quarter, and 3.72% for the third quarter of 2012. The primary driver of the
increased net interest margin is the $70.4 million growth in loan balances
during the past twelve months, combined with the 34 basis point decrease in the
cost of our interest bearing liabilities.
During the third quarter
of 2013, the company recorded total credit costs of $799 thousand compared to $1.4
million during the third quarter of 2012. The $799 thousand in credit costs
during the third quarter of 2013 related primarily to the provision for loan
losses, combined with expenses of $24 thousand related to the sale and
management of other real estate owned. In addition, loan charge-offs for the third
quarter were $530 thousand, or 0.30% of average loans on an annual basis, and
related primarily to two commercial loans. Comparatively, the company recorded
a loan loss provision of $1.1 million and expenses related to the sale and
management of real estate owned of $267 thousand during the third quarter of
2012. For the nine months ended September 30, 2013, total credit costs were $2.7
million, consisting of a $2.7 million provision for loan losses and expenses of
$30 thousand from the sale and management of other real estate owned. Total
credit costs were $4.3 million during the nine months ended September 30, 2012,
which consisted of a $3.6 million provision for loan losses and $720 thousand
of net loss from the sale and management of other real estate owned. The
company’s allowance for loan losses was $9.8 million, or 1.39% of loans, at September
30, 2013 which provides approximately 116% coverage of nonaccrual loans, compared
to $9.3 million, or 1.45% of loans, at September 30, 2012.
Noninterest income
was $1.1 million and $1.3 million for the three months ended September 30, 2013
and 2012, respectively. For the nine months ended September 30, 2013 and 2012,
noninterest income was $2.8 million and $2.9 million, respectively. The decrease
in noninterest income during the three and nine month periods ended September
30, 2013 relates primarily to a $295,000 gain on sale of investment securities
recognized during the third quarter of 2012, partially offset by increases in
loan fee income and service fees on deposit accounts during 2013. A
significant portion of our loan fee income relates to income derived from
mortgage originations which was $357 thousand and $816 thousand for the three
and nine months ended September 30, 2013, respectively. Comparatively,
mortgage origination income was $328 thousand and $667 thousand for the three
and nine months ended September 30, 2012, respectively.
Noninterest expense
was $5.5 million and $5.0 million for the three months ended September 30, 2013
and 2012, respectively, and $16.0 million and $14.5 million for the nine months
ended September 30, 2013 and 2012, respectively. The increase in noninterest
expense during the 2013 periods relates primarily to increases in salaries and
benefits, occupancy, and data processing and related costs, partially offset by
decreases in costs associated with real estate owned and insurance expenses. Noninterest
expenses for the first nine months of 2013 include costs associated with our
two new retail offices which were opened in December 2012.
Nonperforming
assets decreased to $10.1 million, or 1.19% of total assets, as of September 30,
2013. Comparatively, nonperforming assets were $11.2 million, or 1.43% of
total assets, at September 30, 2012. Of the $10.1 million in total
nonperforming assets as of September 30, 2013, nonperforming loans represent $8.5
million and other real estate owned represents $1.6 million. Comparatively, of
the $11.2 million in total nonperforming assets at September 30, 2012,
nonperforming loans represented $9.2 million and other real estate owned
represented $2.0 million. Classified assets improved to 31% of tier 1 capital plus
the allowance for loan losses at September 30, 2013, compared to 40% at September
30, 2012.
Gross loans
were $708.0 million as of September 30, 2013 compared to $646.0 million at December
31, 2012 and $637.7 million at September 30, 2012. Core deposits, which
exclude out-of-market deposits and time deposits of $100,000 or more, increased
to $453.0 million at September 30, 2013 compared to $427.9 million at December
31, 2012 and $429.2 million as of September 30, 2012.
Shareholders’ equity totaled $64.8 million
as of September 30, 2013, compared to $64.1 million at December 31, 2012 and $63.3
million at September 30, 2012. During the first nine months of 2013, the
Company redeemed a total of $1.0 million of its outstanding preferred stock
from three of its preferred shareholders. As of September 30, 2013, the Company’s
capital ratios continue to exceed the regulatory requirements for a “well
capitalized” institution.
2
Financial
Highlights - Unaudited
|
|
Quarter
Ended
|
3rd
Qtr
|
Nine
Months Ended
|
YTD
|
|
|
September
30
|
2013-2012
|
September
30
|
2013 -
2012
|
|
(in thousands,
except earnings per share)
|
|
2013
|
2012
|
%
Change
|
2013
|
2012
|
%
Change
|
|
Earnings Summary
|
|
|
|
|
|
|
|
|
Interest income
|
$
|
9,100
|
8,790
|
3.5 %
|
26,754
|
25,880
|
3.4 %
|
|
Interest expense
|
|
1,737
|
2,082
|
(16.6)%
|
5,383
|
6,665
|
(19.2)%
|
|
Net interest income
|
|
7,363
|
6,708
|
9.8%
|
21,371
|
19,215
|
11.2 %
|
|
Provision for loan losses
|
|
775
|
1,125
|
(34.0)%
|
2,650
|
3,600
|
(26.4)%
|
|
Noninterest income
|
|
1,055
|
1,286
|
(18.0)%
|
2,815
|
2,865
|
(1.7)%
|
|
Noninterest expense
|
|
5,510
|
5,025
|
9.7%
|
16,040
|
14,459
|
10.9 %
|
|
Income before provision for income taxes
|
|
2,133
|
1,844
|
15.7%
|
5,496
|
4,021
|
36.7 %
|
|
Income tax expense
|
|
714
|
618
|
15.5%
|
1,815
|
1,292
|
40.5 %
|
|
Net income
|
|
1,419
|
1,226
|
15.7%
|
3,681
|
2,729
|
34.9%
|
|
Preferred stock dividends
|
|
191
|
204
|
(6.4)%
|
580
|
636
|
(8.8)%
|
|
Discount accretion
|
|
-
|
180
|
n/m
|
-
|
360
|
n/m
|
|
Redemption of preferred stock
|
|
-
|
-
|
n/m
|
20
|
96
|
n/m
|
|
Net income available to common shareholders
|
$
|
1,228
|
842
|
45.8%
|
3,121
|
1,829
|
70.6%
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares (6)
|
|
4,272
|
4,230
|
1.0 %
|
4,268
|
4,226
|
1.0%
|
|
Diluted weighted average common shares (6)
|
|
4,490
|
4,350
|
3.2 %
|
4,428
|
4,352
|
1.7%
|
|
|
|
|
|
|
|
|
|
Earnings per common share - Basic (6)
|
$
|
0.29
|
0.20
|
45.0 %
|
0.73
|
0.43
|
69.8%
|
|
Earnings per common share - Diluted (6)
|
|
0.27
|
0.19
|
42.1 %
|
0.71
|
0.42
|
69.0%
|
|
|
Quarter Ended
|
3rd
Qtr
|
Quarter Ended
|
|
|
September
30
|
2013-2012
|
June
30
|
March
31
|
December
31
|
|
|
2013
|
2012
|
% Change
|
2013
|
2013
|
2012
|
|
Balance Sheet Highlights
|
|
|
|
|
|
|
|
|
Assets
|
$
|
849,890
|
780,415
|
8.9%
|
839,007
|
821,705
|
797,998
|
|
Investment securities
|
|
77,636
|
71,891
|
8.0%
|
75,599
|
82,708
|
86,016
|
|
Loans
|
|
708,033
|
637,659
|
11.0%
|
687,482
|
665,244
|
645,949
|
|
Allowance for loan losses
|
|
9,816
|
9,254
|
6.1%
|
9,561
|
9,367
|
9,091
|
|
Other real estate owned
|
|
1,579
|
1,976
|
(20.1)%
|
1,310
|
2,522
|
1,719
|
|
Noninterest bearing deposits
|
|
94,588
|
87,403
|
8.2%
|
94,079
|
86,377
|
80,880
|
|
Interest bearing deposits
|
|
512,464
|
487,036
|
5.2%
|
537,993
|
526,017
|
495,419
|
|
Total deposits
|
|
607,052
|
574,439
|
5.7%
|
632,072
|
612,394
|
576,299
|
|
Other borrowings
|
|
157,655
|
124,100
|
27.0%
|
124,100
|
124,100
|
137,290
|
|
Junior subordinated debentures
|
|
13,403
|
13,403
|
-
|
13,403
|
13,403
|
13,403
|
|
Preferred stock
|
|
15,299
|
16,299
|
(6.1)%
|
15,299
|
15,799
|
16,299
|
|
Total shareholders’ equity
|
|
64,776
|
63,287
|
2.4%
|
63,562
|
64,426
|
64,125
|
|
Common Stock
|
|
|
|
|
|
|
|
|
Book value per common share (6)
|
$
|
11.47
|
11.08
|
3.5%
|
11.30
|
11.39
|
11.26
|
|
Stock price (6):
|
|
|
|
|
|
|
|
|
High
|
|
13.63
|
8.65
|
57.6%
|
11.35
|
11.26
|
9.00
|
|
Low
|
|
10.80
|
7.32
|
47.5%
|
10.28
|
8.41
|
7.96
|
|
Period end
|
|
13.20
|
8.15
|
62.0%
|
10.99
|
10.45
|
8.45
|
|
Common shares outstanding (6)
|
|
4,313
|
4,240
|
1.7%
|
4,269
|
4,268
|
4,247
|
|
Other
|
|
|
|
|
|
|
|
|
Return on average assets (7)
|
|
0.67%
|
0.64%
|
4.7 %
|
0.63%
|
0.48%
|
0.57%
|
|
Return on average equity (7)
|
|
8.74%
|
7.66%
|
14.1 %
|
8.03%
|
6.03%
|
6.99%
|
|
Loans to deposits
|
|
116.63%
|
111.01%
|
5.1 %
|
108.77%
|
108.63%
|
112.09%
|
|
Efficiency ratio (8)
|
|
65.16%
|
61.80%
|
5.4 %
|
66.37%
|
67.14%
|
62.98%
|
|
Team
members
|
|
138
|
121
|
14.0 %
|
134
|
131
|
125
|
|
(6) Shares and per share amounts for the 2012 period have been
restated to reflect the 10% stock dividend in 2013.
|
|
(7 Annualized based on
quarterly net income.
|
|
(8) Noninterest
expense divided by the sum of net interest income and noninterest income,
excluding real estate activity and gain on sale of investments.
|
3
Asset quality
measures - Unaudited
|
|
|
Quarter Ended
|
3rd Qtr
|
Quarter Ended |
|
|
|
September 30 |
2013-2012 |
June 30 |
March 31 |
December 31 |
|
(dollars in
thousands) |
|
2013 |
2012 |
%
Change |
2013 |
2013 |
2012 |
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
Owner occupied RE |
$
|
276
|
588
|
(53.1)%
|
292
|
294
|
155
|
|
Non-owner occupied RE |
|
424
|
1,350
|
(68.6)%
|
568
|
1,215
|
1,255
|
|
Construction |
|
938
|
1,005
|
(6.7)%
|
938
|
1,006
|
1,006
|
|
Commercial business |
|
859
|
372
|
130.9 %
|
490
|
202
|
202
|
|
Consumer |
|
|
|
|
|
|
|
|
Real estate |
|
188
|
122
|
54.1 %
|
171
|
116
|
119
|
|
Home equity |
|
274
|
365
|
(24.9)%
|
491
|
575
|
577
|
|
Construction |
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other |
|
4
|
-
|
n/m
|
-
|
-
|
44
|
|
Nonaccruing
troubled debt restructurings |
|
5,533
|
5,407
|
2.3 %
|
2,594
|
2,900
|
4,809
|
|
Total
nonaccrual loans |
|
8,496
|
9,209
|
(7.7)%
|
5,544
|
6,308
|
8,167
|
|
Other
real estate owned |
|
1,579
|
1,976
|
(20.1)%
|
1,310
|
2,522
|
1,719
|
|
Total
nonperforming assets |
$
|
10,075
|
11,185
|
(9.9)%
|
6,854
|
8,830
|
9,886
|
|
Nonperforming
assets as a percentage of: |
|
|
|
|
|
|
|
|
Total assets |
|
1.19%
|
1.43%
|
(16.8)%
|
0.82%
|
1.07%
|
1.24%
|
|
Total loans |
|
1.42%
|
1.75%
|
(18.9)%
|
1.00%
|
1.33%
|
1.53%
|
|
Accruing
troubled debt restructurings |
$
|
6,953
|
8,591
|
(19.1)%
|
9,833
|
8,997
|
9,421
|
|
|
|
Quarter Ended
|
3rd Qtr
|
Nine Months Ended
|
YTD
|
|
|
|
September 30
|
2013-2012
|
September 30
|
2013 – 2012
|
|
|
|
2013
|
2012
|
Change
|
2013
|
2012
|
% Change
|
|
Allowance
for Loan Losses
|
|
|
|
|
|
|
|
|
Balance,
beginning of period
|
$
|
9,561
|
9,131
|
4.7 %
|
9,091
|
8,925
|
1.9 %
|
|
Loans
charged-off
|
|
(530)
|
(1,004)
|
(47.2)%
|
(2,034)
|
(3,291)
|
(38.2)%
|
|
Recoveries
of loans previously charged-off
|
|
10
|
2
|
400.0 %
|
109
|
20
|
445.0%
|
|
Net loans charged-off
|
|
(520)
|
(1,002)
|
(48.1)%
|
(1,925)
|
(3,271)
|
(41.1)%
|
|
Provision
for loan losses
|
|
775
|
1,125
|
(31.1)%
|
2,650
|
3,600
|
(26.4)%
|
|
Balance,
end of period
|
$
|
9,816
|
9,254
|
6.1 %
|
9,816
|
9,254
|
6.1 %
|
|
Allowance
for loan losses to gross loans
|
|
1.39 %
|
1.45 %
|
(4.1)%
|
1.39 %
|
1.45 %
|
(4.1)%
|
|
Allowance
for loan losses to nonaccrual loans
|
|
115.54 %
|
100.49 %
|
15.0 %
|
115.54 %
|
100.49 %
|
15.0 %
|
|
Net
charge-offs to average loans (annualized)
|
|
0.30 %
|
0.63 %
|
(52.4)%
|
0.38 %
|
0.71 %
|
(46.5)%
|
|
AVERAGE YIELD/RATE - Unaudited
|
|
|
|
Quarter
Ended
|
|
|
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
|
|
2013
|
2013
|
2013
|
2012
|
2012
|
|
|
Yield/Rate(9)
|
|
Interest-earning assets
|
|
|
|
|
|
|
Federal funds sold
|
0.26%
|
0.25%
|
0.24%
|
0.27%
|
0.23%
|
|
Investment
securities, taxable
|
2.18%
|
1.95%
|
2.06%
|
2.33%
|
2.19%
|
|
Investment
securities, nontaxable
|
4.25%
|
4.10%
|
4.07%
|
4.19%
|
4.76%
|
|
Loans
|
4.93%
|
5.04%
|
5.10%
|
5.18%
|
5.26%
|
|
Total
interest-earning assets
|
4.60%
|
4.61%
|
4.68%
|
4.75%
|
4.86%
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
NOW accounts
|
0.22%
|
0.26%
|
0.31%
|
0.45%
|
0.55%
|
|
Savings & money
market
|
0.34%
|
0.33%
|
0.28%
|
0.37%
|
0.37%
|
|
Time deposits
|
0.81%
|
0.91%
|
1.09%
|
1.15%
|
1.19%
|
|
Total
interest-bearing deposits
|
0.50%
|
0.55%
|
0.65%
|
0.76%
|
0.79%
|
|
Note payable and
other borrowings
|
3.03%
|
2.99%
|
2.85%
|
3.23%
|
3.35%
|
|
Junior subordinated
debentures
|
2.43%
|
2.60%
|
2.60%
|
2.64%
|
2.79%
|
|
Total
interest-bearing liabilities
|
1.02%
|
1.07%
|
1.16%
|
1.29%
|
1.36%
|
|
Net interest spread
|
3.58%
|
3.54%
|
3.52%
|
3.46%
|
3.50%
|
|
Net interest income (tax equivalent) / margin
|
3.73%
|
3.70%
|
3.69%
|
3.66%
|
3.72%
|
|
(9) Annualized for the respective
three month period.
|
4
About
Southern First Bancshares
Southern First
Bancshares, Inc., Greenville, South Carolina is a registered bank holding
company incorporated under the laws of South Carolina. The Company consists
of Southern First Bank, the 8th largest bank headquartered in South Carolina.
Since 1999 Southern First Bancshares has been providing financial services and
now operates in eight locations in the Greenville, Columbia, and Charleston
markets of South Carolina. Southern First Bancshares has assets of approximately
$850 million and its common stock is traded in the NASDAQ Global Market under
the symbol SFST. More information can be found at www.southernfirst.com.
FORWARD-LOOKING
STATEMENTS
Certain statements in this news release
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, such as statements relating
to future plans and expectations, and are thus prospective. Such
forward-looking statements are identified by words such as “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and
“projects,” as well as similar expressions. Such statements are
subject to risks, uncertainties, and other factors which could cause actual
results to differ materially from future results expressed or implied by such
forward-looking statements. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, any of the
assumptions could prove to be inaccurate. Therefore, we can give no
assurance that the results contemplated in the forward-looking statements will
be realized. The inclusion of this forward-looking information should
not be construed as a representation by our company or any person that the
future events, plans, or expectations contemplated by our company will be
achieved.
The following factors, among others, could
cause actual results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) competitive
pressures among depository and other financial institutions may increase
significantly and have an effect on pricing, spending, third-party
relationships and revenues; (2) the strength of the United States economy in
general and the strength of the local economies in which we conduct operations
may be different than expected resulting in, among other things, a
deterioration in the credit quality or a reduced demand for credit, including
the resultant effect on the company’s loan portfolio and allowance for loan
losses; (3) the rate of delinquencies and amounts of charge-offs, the level of
allowance for loan loss, the rates of loan growth, or adverse changes in asset
quality in our loan portfolio, which may result in increased credit
risk-related losses and expenses; (4) changes in the U.S. legal and regulatory
framework; and (5) adverse conditions in the stock market, the public debt
market and other capital markets (including changes in interest rate
conditions) could have a negative impact on the company. Additional
factors that could cause our results to differ materially from those described
in the forward-looking statements can be found in our reports (such as Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K) filed with the SEC and available at the SEC’s Internet site
(http://www.sec.gov). All subsequent written and oral
forward-looking statements concerning the company or any person acting on its
behalf is expressly qualified in its entirety by the cautionary statements
above. We do not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the date the
forward-looking statements are made.
FINANCIAL CONTACT: MIKE DOWLING 864-679-9070
MEDIA CONTACT: ART SEAVER 864-679-9010
WEB SITE: www.southernfirst.com
5
