000-50667 | 82-0499463 | |||||||
(Commission File Number) | IRS Employer Identification No. |
99.1 | Press Release dated October 25, 2012 announcing financial results for the quarter ended September 30, 2012. |
CONTACT: | Curt Hecker, CEO | |
Intermountain Community Bancorp | ||
(208) 263-0505 | curt.hecker@panhandlebank.com | |
Doug Wright, Executive Vice President & CFO | ||
Intermountain Community Bancorp | ||
(509) 363-2635 | doug.wright@intermountainbank.com |
▪ | Interest expense continued to drop, totaling $1.26 million for the third quarter, compared to $1.32 million in the second quarter of 2012 and $1.80 million in the third quarter of 2011. The Company's cost of interest bearing liabilities totaled 0.59% for the quarter, down from 0.64% in the second quarter and 0.83% in the third quarter of 2011. |
▪ | Demand, NOW and money market balances increased by $17.4 million, or 3.4% during the quarter, and deposits to local customers now comprise 97.4% of total deposits. |
▪ | Nonperforming assets (NPAs) dropped to 1.17% of total assets at September 30, 2012 from 1.23% at June 30, 2012 and 1.91% at September 30, 2011, as the Company continued to reduce problem assets. |
▪ | Loan delinquencies (30 days past due and over) continue to remain very low, at 0.21% of total loans compared to 0.25% in the second quarter and 0.30% in the third quarter of 2011. |
• | Operating expenses were stable from the prior quarter and down $1.6 million from the third quarter of 2011, as the Company continues its long-term effort to boost efficiency in a tough revenue environment. |
▪ | The Company's community-centric outreach initiative, “Powered by Community” continues to develop partnerships focused on economic advancement, education and job-readiness, and small business enhancement. The Bank remains deeply committed to assisting its communities through volunteerism, seed grants and sponsorship of far-reaching initiatives throughout its regional markets. |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 9/30/2012 | % of total | 6/30/2012 | % of total | 9/30/2011 | % of total | |||||||||||
Commercial loans | $ | 115,203 | 22.5 | % | $ | 115,481 | 22.2 | % | $ | 114,616 | 21.2 | % | |||||
Commercial real estate | 174,965 | 34.2 | % | 182,045 | 35.0 | % | 169,189 | 31.3 | % | ||||||||
Commercial construction | 2,573 | 0.5 | % | 3,496 | 0.7 | % | 17,153 | 3.2 | % | ||||||||
Land and land development | 33,814 | 6.6 | % | 32,271 | 6.2 | % | 43,603 | 8.1 | % | ||||||||
Agriculture | 87,851 | 17.2 | % | 91,983 | 17.7 | % | 82,879 | 15.4 | % | ||||||||
Multifamily | 17,849 | 3.5 | % | 18,325 | 3.5 | % | 26,902 | 5.0 | % | ||||||||
Residential real estate | 59,367 | 11.6 | % | 58,580 | 11.3 | % | 62,152 | 11.5 | % | ||||||||
Residential construction | 532 | 0.1 | % | 160 | — | % | 2,974 | 0.6 | % | ||||||||
Consumer | 9,724 | 1.9 | % | 10,120 | 1.9 | % | 12,157 | 2.3 | % | ||||||||
Municipal | 9,827 | 1.9 | % | 8,138 | 1.5 | % | 8,085 | 1.4 | % | ||||||||
Total loans receivable | $ | 511,705 | 100.0 | % | $ | 520,599 | 100.0 | % | $ | 539,710 | 100.0 | % | |||||
Allowance for loan losses | (9,088 | ) | (10,233 | ) | (14,367 | ) | |||||||||||
Net deferred origination costs | 235 | 318 | 135 | ||||||||||||||
Loans receivable, net | $ | 502,852 | $ | 510,684 | $ | 525,478 | |||||||||||
LOAN PORTFOLIO BY LOCATION September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | North Idaho - Eastern Washington | Magic Valley Idaho | Greater Boise Area | E. Oregon, SW Idaho, excluding Boise | Other | Total | % of Loan type to total loans | |||||||||||||
Commercial loans | $ | 86,308 | $ | 4,828 | $ | 6,982 | $ | 14,448 | $ | 2,637 | $ | 115,203 | 22.5 | % | ||||||
Commercial real estate | 111,324 | 12,209 | 10,646 | 18,230 | 22,556 | 174,965 | 34.2 | % | ||||||||||||
Commercial construction | 558 | — | 1,506 | — | 509 | 2,573 | 0.5 | % | ||||||||||||
Land and land development | 22,373 | 1,962 | 6,988 | 1,455 | 1,036 | 33,814 | 6.6 | % | ||||||||||||
Agriculture | 1,859 | 4,252 | 16,384 | 62,030 | 3,326 | 87,851 | 17.2 | % | ||||||||||||
Multifamily | 10,869 | 152 | 6,798 | 30 | — | 17,849 | 3.5 | % | ||||||||||||
Residential real estate | 41,164 | 3,894 | 3,410 | 7,137 | 3,762 | 59,367 | 11.6 | % | ||||||||||||
Residential construction | 179 | — | 102 | 251 | — | 532 | 0.1 | % | ||||||||||||
Consumer | 5,675 | 1,070 | 547 | 2,116 | 316 | 9,724 | 1.9 | % | ||||||||||||
Municipal | 8,415 | 1,412 | — | — | — | 9,827 | 1.9 | % | ||||||||||||
Total | $ | 288,724 | $ | 29,779 | $ | 53,363 | $ | 105,697 | $ | 34,142 | $ | 511,705 | 100.0 | % | ||||||
Percent of total loans in geographic area | 56.4 | % | 5.8 | % | 10.4 | % | 20.7 | % | 6.7 | % | 100.0 | % |
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 9/30/2012 | % of total | 6/30/2012 | % of total | 9/30/2011 | % of total | ||||||||||||||
Commercial loans | $ | 3,400 | 30.2 | % | $ | 4,283 | 36.1 | % | $ | 3,729 | 21.0 | % | ||||||||
Commercial real estate | 1,021 | 9.1 | % | 682 | 5.7 | % | 4,312 | 24.4 | % | |||||||||||
Commercial construction | — | — | % | — | — | % | 45 | 0.3 | % | |||||||||||
Land and land development | 6,204 | 55.0 | % | 6,364 | 53.7 | % | 8,472 | 47.8 | % | |||||||||||
Agriculture | 26 | 0.2 | % | 34 | 0.3 | % | 404 | 2.3 | % | |||||||||||
Multifamily | — | — | % | — | — | % | — | — | % | |||||||||||
Residential real estate | 609 | 5.4 | % | 479 | 4.0 | % | 601 | 3.4 | % | |||||||||||
Residential construction | — | — | % | — | — | % | 18 | 0.1 | % | |||||||||||
Consumer | 12 | 0.1 | % | 20 | 0.2 | % | 126 | 0.7 | % | |||||||||||
Total NPA by Categories | $ | 11,272 | 100.0 | % | $ | 11,862 | 100.0 | % | $ | 17,707 | 100.0 | % |
DEPOSITS | |||||||||||||||
(Dollars in thousands) | 9/30/2012 | % of total | 6/30/2012 | % of total | 9/30/2011 | % of total | |||||||||
Non-interest bearing demand accounts | $ | 224,024 | 30.6 | % | $ | 193,278 | 26.6 | % | $ | 183,160 | 24.4 | % | |||
Interest bearing demand accounts | 89,941 | 12.3 | % | — | — | % | — | — | % | ||||||
NOW | — | — | % | 105,128 | 14.5 | % | 112,213 | 15.0 | % | ||||||
Money market accounts | 216,767 | 29.6 | % | 214,975 | 29.6 | % | 208,720 | 27.8 | % | ||||||
Savings & IRA accounts | 74,315 | 10.2 | % | 73,803 | 10.2 | % | 73,986 | 9.9 | % | ||||||
Certificates of deposit (CDs) | 47,509 | 6.5 | % | 50,185 | 6.9 | % | 64,565 | 8.6 | % | ||||||
Jumbo CDs | 59,433 | 8.1 | % | 60,524 | 8.3 | % | 62,394 | 8.3 | % | ||||||
Brokered CDs | 18,994 | 2.6 | % | 26,667 | 3.7 | % | 37,000 | 4.9 | % | ||||||
CDARS CDs to local customers | 601 | 0.1 | % | 1,449 | 0.2 | % | 7,946 | 1.1 | % | ||||||
Total Deposits | $ | 731,584 | 100.0 | % | $ | 726,009 | 100.0 | % | $ | 749,984 | 100.0 | % | |||
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
9/30/2012 | 6/30/2012 | 9/30/2011 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 45,015 | $ | 39,871 | $ | 84,599 | |||||
Non-interest bearing and vault | 15,516 | 18,934 | 13,483 | ||||||||
Restricted cash | 12,710 | 12,464 | 2,975 | ||||||||
Available-for-sale securities, at fair value | 290,311 | 285,095 | 193,209 | ||||||||
Held-to-maturity securities, at amortized cost | 14,843 | 14,990 | 21,670 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,290 | 2,310 | 2,310 | ||||||||
Loans held for sale | 5,070 | 4,083 | 2,352 | ||||||||
Loans receivable, net | 502,852 | 510,684 | 525,478 | ||||||||
Accrued interest receivable | 4,542 | 4,522 | 4,052 | ||||||||
Office properties and equipment, net | 36,031 | 36,530 | 38,309 | ||||||||
Bank-owned life insurance | 9,387 | 9,301 | 9,034 | ||||||||
Other intangibles | 101 | 130 | 218 | ||||||||
Other real estate owned (“OREO”) | 5,636 | 5,267 | 7,378 | ||||||||
Prepaid expenses and other assets | 18,488 | 18,903 | 21,456 | ||||||||
Total assets | $ | 962,792 | $ | 963,084 | $ | 926,523 | |||||
LIABILITIES | |||||||||||
Deposits | $ | 731,584 | $ | 726,009 | $ | 749,985 | |||||
Securities sold subject to repurchase agreements | 56,989 | 65,458 | 57,122 | ||||||||
Advances from Federal Home Loan Bank | 29,000 | 29,000 | 29,000 | ||||||||
Unexercised stock warrant liability | 899 | 850 | — | ||||||||
Cashier checks issued and payable | 266 | 282 | 404 | ||||||||
Accrued interest payable | 2,124 | 1,979 | 1,575 | ||||||||
Other borrowings | 16,527 | 16,527 | 16,527 | ||||||||
Accrued expenses and other liabilities | 11,819 | 11,326 | 11,327 | ||||||||
Total liabilities | 849,208 | 851,431 | 865,940 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock - voting shares | 96,330 | 96,290 | 78,868 | ||||||||
Common stock - non-voting shares | 31,941 | 31,941 | |||||||||
Preferred stock, Series A | 26,430 | 26,335 | 26,059 | ||||||||
Accumulated other comprehensive income (1) | 3,724 | 2,272 | 2,383 | ||||||||
Accumulated deficit | (44,841 | ) | (45,185 | ) | (46,727 | ) | |||||
Total stockholders' equity | 113,584 | 111,653 | 60,583 | ||||||||
Total liabilities and stockholders' equity | $ | 962,792 | $ | 963,084 | $ | 926,523 | |||||
Book value per common share, excluding preferred stock | $ | 1.35 | $ | 1.32 | $ | 4.11 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 1.35 | $ | 1.32 | $ | 4.08 | |||||
Shares outstanding at end of period | 64,419,862 | 64,419,862 | 8,409,840 | ||||||||
Stockholders' Equity to Total Assets | 11.80 | % | 11.59 | % | 6.54 | % | |||||
Tangible Stockholders' Equity to Tangible Assets (3) | 11.79 | % | 11.58 | % | 6.52 | % | |||||
Tangible Common Equity to Tangible Assets | 9.04 | % | 8.85 | % | 3.7 | % | |||||
(1) Net of deferred income taxes (2) Amount represents common stockholders' equity less net goodwill and other intangible assets divided by total common shares outstanding. (3) Amount represents stockholders' equity less net goodwill and other intangible assets divided by assets less net goodwill and other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
9/30/2012 | 6/30/2012 | 9/30/2011 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 7,031 | $ | 7,054 | $ | 8,224 | ||||||
Investments | 1,896 | 2,072 | 2,385 | |||||||||
Total interest income | 8,927 | 9,126 | 10,609 | |||||||||
Interest expense: | ||||||||||||
Deposits | 736 | 744 | 1,158 | |||||||||
Borrowings | 522 | 571 | 643 | |||||||||
Total interest expense | 1,258 | 1,315 | 1,801 | |||||||||
Net interest income | 7,669 | 7,811 | 8,808 | |||||||||
Provision for losses on loans | (1,154 | ) | (1,575 | ) | (2,239 | ) | ||||||
Net interest income after provision for losses on loans | 6,515 | 6,236 | 6,569 | |||||||||
Other income (expense): | ||||||||||||
Fees and service charges | 1,702 | 1,619 | 1,692 | |||||||||
Loan related fee income | 686 | 659 | 524 | |||||||||
Net gain on sale of securities | — | — | 12 | |||||||||
Net gain (loss) on sale of other assets | (7 | ) | 18 | 3 | ||||||||
Other-than-temporary impairment on investments | (34 | ) | (52 | ) | (81 | ) | ||||||
Bank-owned life insurance | 86 | 87 | 88 | |||||||||
Fair value adjustment on cash flow hedge | (6 | ) | 90 | — | ||||||||
Unexercised warrant liability fair value adjustment | (49 | ) | 158 | — | ||||||||
Other income | 174 | 189 | 245 | |||||||||
Total other income, net | 2,552 | 2,768 | 2,483 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 4,103 | 3,871 | 4,779 | |||||||||
Occupancy expense | 1,648 | 1,623 | 1,685 | |||||||||
FDIC assessment | 306 | 308 | 317 | |||||||||
OREO operations | 39 | 120 | 735 | |||||||||
Other expenses | 2,146 | 2,300 | 735 | |||||||||
Total operating expenses | 8,242 | 8,222 | 9,812 | |||||||||
Income (loss) before income tax benefit | 825 | 782 | (760 | ) | ||||||||
Income tax (provision) benefit | — | — | — | |||||||||
Net income (loss) | 825 | 782 | (760 | ) | ||||||||
Preferred stock dividend | 482 | 481 | 457 | |||||||||
Net Income (loss) applicable to common stockholders | $ | 343 | $ | 301 | $ | (1,217 | ) | |||||
Income (loss) per share - basic | 0.01 | 0.01 | (0.14 | ) | ||||||||
Income (loss) per share - diluted | 0.01 | 0.01 | (0.14 | ) | ||||||||
Weighted-average common shares outstanding - basic (1) | 64,419,862 | 59,013,211 | 8,409,840 | |||||||||
Weighted-average common shares outstanding - diluted (2) | 64,582,277 | 59,191,877 | 8,409,840 | |||||||||
(1) Includes the weighted average number of non-voting common shares that were outstanding at September 30, 2012. | ||||||||||||
(2) Includes the weighted average number of non-voting common shares that would be outstanding if the 1,700,000 in warrants issued in the January 2012 private offering are exercised directly for non-voting common shares. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
Nine Months Ended | ||||||||
9/30/2012 | 9/30/2011 | |||||||
(Dollars in thousands, except per share amounts) | ||||||||
Interest income: | ||||||||
Loans | $ | 21,157 | $ | 24,990 | ||||
Investments | 6,016 | 6,897 | ||||||
Total interest income | 27,173 | 31,887 | ||||||
Interest expense: | ||||||||
Deposits | 2,302 | 3,540 | ||||||
Borrowings | 1,769 | 1,843 | ||||||
Total interest expense | 4,071 | 5,383 | ||||||
Net interest income | 23,102 | 26,504 | ||||||
Provision for losses on loans | (3,688 | ) | (6,584 | ) | ||||
Net interest income after provision for losses on loans | 19,414 | 19,920 | ||||||
Other income (expense): | ||||||||
Fees and service charges | 4,946 | 5,226 | ||||||
Loan related fee income | 1,927 | 1,644 | ||||||
Net gain on sale of securities | 585 | 12 | ||||||
Net gain (loss) on sale of other assets | 15 | (44 | ) | |||||
Other-than-temporary impairment on investments | (357 | ) | (81 | ) | ||||
Bank-owned life insurance | 260 | 269 | ||||||
Fair value adjustment on cash flow hedge | (300 | ) | — | |||||
Unexercised warrant liability fair value adjustment | 108 | — | ||||||
Other income | 572 | 854 | ||||||
Total other income, net | 7,756 | 7,880 | ||||||
Operating expenses: | ||||||||
Salaries and employee benefits | 12,110 | 14,612 | ||||||
Occupancy expense | 4,955 | 5,181 | ||||||
FDIC assessment | 927 | 1,093 | ||||||
OREO operations | 263 | 1,361 | ||||||
Other expenses | 6,507 | 6,917 | ||||||
Total operating expenses | 24,762 | 33,673 | ||||||
Income (loss) before income tax benefit | 2,408 | (1,364 | ) | |||||
Income tax (provision) benefit | — | — | ||||||
Net income (loss) | 2,408 | (1,364 | ) | |||||
Preferred stock dividend | 1,430 | 1,348 | ||||||
Net Income (loss) applicable to common stockholders | $ | 978 | $ | (2,712 | ) | |||
Income (loss) per share - basic | 0.02 | (0.32 | ) | |||||
Income (loss) per share - diluted | 0.02 | (0.32 | ) | |||||
Weighted-average common shares outstanding - basic (1) | 55,934,875 | 8,405,422 | ||||||
Weighted-average common shares outstanding - diluted (2) | 56,100,262 | 8,405,422 | ||||||
(1) Includes the weighted average number of non-voting common shares. | ||||||||
(2) Includes the weighted average number of non-voting common shares that would be outstanding if the 1,700,000 in warrants issued in the January 2012 private offering are exercised directly for non-voting common shares. |
INTERMOUNTAIN COMMUNITY BANCORP KEY PERFORMANCE RATIOS | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
9/30/2012 | 6/30/2012 | 9/30/2011 | 9/30/2012 | 9/30/2011 | |||||||
Net Interest Spread: | |||||||||||
Yield on Loan Portfolio | 5.38 | % | 5.48 | % | 5.91 | % | 5.48 | % | 5.98 | % | |
Yield on Investments & Cash | 2.10 | % | 2.46 | % | 3.25 | % | 2.30 | % | 2.90 | % | |
Yield on Interest-Earning Assets | 4.04 | % | 4.28 | % | 4.99 | % | 4.19 | % | 4.87 | % | |
Cost of Deposits | 0.40 | % | 0.41 | % | 0.62 | % | 0.43 | % | 0.63 | % | |
Cost of Advances | 2.21 | % | 2.21 | % | 2.12 | % | 2.21 | % | 2.11 | % | |
Cost of Borrowings | 1.74 | % | 2.17 | % | 2.14 | % | 2.10 | % | 1.67 | % | |
Cost of Interest-Bearing Liabilities | 0.59 | % | 0.64 | % | 0.83 | % | 0.65 | % | 0.81 | % | |
Net Interest Spread | 3.45 | % | 3.65 | % | 4.16 | % | 3.55 | % | 4.06 | % | |
Net Interest Margin | 3.47 | % | 3.67 | % | 4.14 | % | 3.57 | % | 4.04 | % | |
Performance Ratios: | |||||||||||
Return on Average Assets | 0.34 | % | 0.33 | % | -0.32 | % | 0.34 | % | -0.19 | % | |
Return on Average Common Stockholders' Equity | 1.58 | % | 1.82 | % | -14.00 | % | 2.04 | % | -10.68 | % | |
Return on Average Common Tangible Equity (1) | 1.58 | % | 1.82 | % | -14.09 | % | 2.05 | % | -10.76 | % | |
Operating Efficiency | 80.64 | % | 77.72 | % | 86.90 | % | 80.24 | % | 84.82 | % | |
Noninterest Expense to Average Assets | 3.41 | % | 3.44 | % | 4.13 | % | 3.46 | % | 4.03 | % | |
(1) Average common tangible equity is average common stockholders' equity less average net goodwill and other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP LOAN AND REGULATORY CAPITAL DATA | ||||||||||
9/30/2012 | 6/30/2012 | 9/30/2011 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | 1.79 | % | 2.16 | % | 1.20 | % | ||||
Loan Loss Allowance to Total Loans | 1.78 | % | 1.96 | % | 2.66 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | — | $ | — | $ | — | ||||
Nonaccrual Loans | 5,636 | 6,595 | 10,329 | |||||||
Total Nonperforming Loans | 5,636 | 6,595 | 10,329 | |||||||
OREO | 5,636 | 5,267 | 7,378 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 11,272 | $ | 11,862 | $ | 17,707 | ||||
Troubled Debt Restructured Loans | 2,873 | 5,237 | 5,651 | |||||||
NPA to Total Assets | 1.17 | % | 1.23 | % | 1.91 | % | ||||
NPA to Net Loans Receivable | 2.24 | % | 2.32 | % | 3.37 | % | ||||
NPA to Estimated Risk Based Capital | 9.16 | % | 9.72 | % | 24.18 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 9.20 | % | 9.74 | % | 23.69 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.21 | % | 0.25 | % | 0.30 | % | ||||
Regulatory Capital (Estimated) | ||||||||||
Total capital (to risk-weighted assets): | ||||||||||
The Company | 20.45 | % | 20.14 | % | 11.73 | % | ||||
Panhandle State Bank | 18.88 | % | 18.43 | % | 12.72 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 19.20 | % | 18.88 | % | 10.47 | % | ||||
Panhandle State Bank | 17.63 | % | 17.19 | % | 11.45 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 11.98 | % | 12.13 | % | 7.06 | % | ||||
Panhandle State Bank | 11.12 | % | 11.17 | % | 7.74 | % | ||||
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