Washington
|
001-3365
|
26-0610707
|
||
State or other jurisdiction of
incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
201 Wells Avenue South, Renton, Washington
|
98057
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
|
(17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
|
(17 CFR 240.13e-4 (c))
|
FIRST FINANCIAL NORTHWEST, INC. | |
DATE: July 25, 2011 | By: /s/Kari Stenslie |
Kari Stenslie
|
|
Chief Financial Officer
|
3 |
**For Immediate Release**
|
|
For more information, contact:
Victor Karpiak: (425) 255-4400
Scott Gaspard: (425) 254-2002
|
·
|
On a sequential quarter basis, nonperforming assets decreased $18.4 million or 22.4% from March 31, 2011 and $73.2 million or 53.4% from June 30, 2010 to $63.9 million at June 30, 2011;
|
·
|
On a sequential quarter basis, nonperforming loans decreased $13.2 million or 25.8% from March 31, 2011 and $82.7 million or 68.6% from June 30, 2010 to $37.9 million at June 30, 2011;
|
·
|
Delinquent loans less than 90 days past due decreased $3.1 million to $4.9 million from $8.0 million at March 31, 2011 as a result of our continued emphasis to aggressively manage our delinquent loan portfolio;
|
·
|
Construction/land development loans declined $8.9 million to $34.2 million, a 20.6% decrease from March 31, 2011. This segment of our loan portfolio now represents 4.4% of total loans compared to 5.2% at March 31, 2011 and 9.2% at June 30, 2010;
|
·
|
Sales of other real estate owned (“OREO”) totaled $10.7 million during the quarter with a net gain on sales of $508,000;
|
·
|
Gain on sales of investments during the quarter totaled $751,000;
|
·
|
Net interest margin remained relatively unchanged at 3.07% for the quarter as compared to the quarter ended March 31, 2011 and
|
·
|
The Company’s ratio of tangible equity to tangible assets at June 30, 2011 was 15.6% (1).
|
(1)
|
The tangible equity to tangible assets ratio is the same as the equity to assets ratio under Generally Accepted Accounting Principles (“GAAP”) as the Company has an immaterial amount of intangible assets at June 30, 2011.
|
Three Month
|
One Year
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase
|
Increase
|
||||||||||||||||
2011
|
2011
|
2010
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(In thousands) | ||||||||||||||||||||
One-to-four family residential
|
$ | 57,002 | $ | 56,751 | $ | 51,725 | $ | 251 | $ | 5,277 | ||||||||||
Multifamily
|
2,520 | 2,508 | 2,531 | 12 | (11 | ) | ||||||||||||||
Commercial real estate
|
11,984 | 13,822 | 10,668 | (1,838 | ) | 1,316 | ||||||||||||||
Construction/land development
|
489 | 4,003 | 14,760 | (3,514 | ) | (14,271 | ) | |||||||||||||
Consumer
|
70 | 70 | 99 | - | (29 | ) | ||||||||||||||
Total TDRs
|
$ | 72,065 | $ | 77,154 | $ | 79,783 | $ | (5,089 | ) | $ | (7,718 | ) | ||||||||
Three Month
|
One Year
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase
|
Increase
|
||||||||||||||||
2011
|
2011
|
2010
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(In thousands) | ||||||||||||||||||||
One-to-four family
|
||||||||||||||||||||
residential (1)
|
$ | 13,684 | $ | 15,652 | $ | 48,246 | $ | (1,968 | ) | $ | (34,562 | ) | ||||||||
Multifamily
|
638 | 700 | - | (62 | ) | 638 | ||||||||||||||
Commercial real estate
|
7,882 | 11,104 | 14,657 | (3,222 | ) | (6,775 | ) | |||||||||||||
Construction/land
|
||||||||||||||||||||
development
|
15,679 | 23,485 | 56,995 | (7,806 | ) | (41,316 | ) | |||||||||||||
Consumer
|
45 | 145 | 747 | (100 | ) | (702 | ) | |||||||||||||
Total nonperforming loans
|
$ | 37,928 | $ | 51,086 | $ | 120,645 | $ | (13,158 | ) | (82,717 | ) | |||||||||
OREO
|
25,979 | 31,266 | 16,493 | (5,287 | ) | 9,486 | ||||||||||||||
Total nonperforming assets
|
$ | 63,907 | $ | 82,352 | $ | 137,138 | $ | (18,445 | ) | $ | (73,231 | ) | ||||||||
__________________________ | ||||||||||||||||||||
(1) The majority of these loans are related to our merchant builders rental properties.
|
King
County
|
Pierce
County
|
Snohomish
County
|
Kitsap
County
|
All other
counties
|
Total OREO
|
Percent of
OREO
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$ | 3,188 | $ | 5,450 | $ | 1,110 | $ | 1,218 | $ | 515 | $ | 11,481 | 44.2 | % | ||||||||||||||
Commercial real estate
|
563 | 4,004 | - | 1,292 | 450 | 6,309 | 24.3 | |||||||||||||||||||||
Construction/land development
|
2,725 | 3,099 | - | 202 | 2,163 | 8,189 | 31.5 | |||||||||||||||||||||
Total OREO
|
$ | 6,476 | $ | 12,553 | $ | 1,110 | $ | 2,712 | $ | 3,128 | $ | 25,979 | 100.0 | % |
June 30,
|
December 31,
|
June 30,
|
Six Month
|
One Year
|
||||||||||||||||
Assets
|
2011
|
2010
|
2010
|
Change
|
Change
|
|||||||||||||||
Cash on hand and in banks
|
$ | 4,364 | $ | 7,466 | $ | 7,867 | (41.5 | ) % | (44.5 | ) % | ||||||||||
Interest-bearing deposits
|
184,448 | 90,961 | 122,944 | 102.8 | 50.0 | |||||||||||||||
Investments available for sale
|
141,832 | 164,603 | 142,398 | (13.8 | ) | (0.4 | ) | |||||||||||||
Loans receivable, net of allowance of $16,989, $22,534
|
||||||||||||||||||||
and $29,858
|
752,634 | 856,456 | 971,710 | (12.1 | ) | (22.6 | ) | |||||||||||||
Premises and equipment, net
|
19,328 | 19,829 | 20,272 | (2.5 | ) | (4.7 | ) | |||||||||||||
Federal Home Loan Bank stock, at cost
|
7,413 | 7,413 | 7,413 | - | - | |||||||||||||||
Accrued interest receivable
|
4,132 | 4,686 | 4,813 | (11.8 | ) | (14.1 | ) | |||||||||||||
Federal income tax receivable
|
6,346 | 5,916 | 5,379 | 7.3 | 18.0 | |||||||||||||||
Other real estate owned
|
25,979 | 30,102 | 16,493 | (13.7 | ) | 57.5 | ||||||||||||||
Prepaid expenses and other assets
|
5,044 | 6,226 | 7,350 | (19.0 | ) | (31.4 | ) | |||||||||||||
Total assets
|
$ | 1,151,520 | $ | 1,193,658 | $ | 1,306,639 | (3.5 | ) % | (11.9 | ) % | ||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Interest-bearing deposits
|
$ | 868,270 | $ | 911,526 | $ | 967,402 | (4.7 | ) % | (10.3 | ) % | ||||||||||
Non-interest bearing deposits
|
5,427 | 8,700 | 4,697 | (37.6 | ) | 15.5 | ||||||||||||||
Advances from the Federal Home Loan Bank
|
93,066 | 93,066 | 139,900 | - | (33.5 | ) | ||||||||||||||
Advance payments from borrowers for taxes and insurance
|
1,948 | 2,256 | 2,422 | (13.7 | ) | (19.6 | ) | |||||||||||||
Accrued interest payable
|
217 | 214 | 394 | 1.4 | (44.9 | ) | ||||||||||||||
Other liabilities
|
3,339 | 3,418 | 5,032 | (2.3 | ) | (33.6 | ) | |||||||||||||
Total liabilities
|
972,267 | 1,019,180 | 1,119,847 | (4.6 | ) | (13.2 | ) | |||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized 10,000,000
|
||||||||||||||||||||
shares, no shares issued or outstanding
|
- | - | - | - | - | |||||||||||||||
Common stock, $0.01 par value; authorized 90,000,000
|
||||||||||||||||||||
shares; issued and outstanding 18,805,168 shares at June 30, 2011,
|
||||||||||||||||||||
December 31, 2010 and June 30, 2010
|
188 | 188 | 188 | - | - | |||||||||||||||
Additional paid-in capital
|
188,064 | 187,371 | 186,770 | 0.4 | 0.7 | |||||||||||||||
Retained earnings (accumulated deficit), substantially restricted
|
2,387 | (305 | ) | 11,197 | (882.6 | ) | (78.7 | ) | ||||||||||||
Accumulated other comprehensive income, net of tax
|
1,310 | 484 | 2,462 | 170.7 | (46.8 | ) | ||||||||||||||
Unearned Employee Stock Ownership Plan (ESOP) shares
|
(12,696 | ) | (13,260 | ) | (13,825 | ) | (4.3 | ) | (8.2 | ) | ||||||||||
Total stockholders' equity
|
179,253 | 174,478 | 186,792 | 2.7 | (4.0 | ) | ||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,151,520 | $ | 1,193,658 | $ | 1,306,639 | (3.5 | ) % | (11.9 | ) % | ||||||||||
Quarter Ended
|
Three Month
|
One Year
|
||||||||||||||||||
June 30, 2011
|
March 30, 2011
|
June 30, 2010
|
% Change
|
% Change
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 11,891 | $ | 12,428 | $ | 14,245 | (4.3 | ) % | (16.5 | ) % | ||||||||||
Investments available for sale
|
1,262 | 1,205 | 1,106 | 4.7 | 14.1 | |||||||||||||||
Cash on hand and in banks
|
94 | 76 | 73 | 23.7 | 28.8 | |||||||||||||||
Total interest income
|
$ | 13,247 | $ | 13,709 | $ | 15,424 | (3.4 | ) % | (14.1 | ) % | ||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
4,220 | 4,513 | 6,322 | (6.5 | ) | (33.3 | ) | |||||||||||||
Federal Home Loan Bank advances
|
583 | 576 | 1,035 | 1.2 | (43.7 | ) | ||||||||||||||
Total interest expense
|
$ | 4,803 | $ | 5,089 | $ | 7,357 | (5.6 | ) % | (34.7 | ) % | ||||||||||
Net interest income
|
8,444 | 8,620 | 8,067 | (2.0 | ) | 4.7 | ||||||||||||||
Provision for loan losses
|
1,600 | 1,200 | 26,000 | 33.3 | (93.9 | ) | ||||||||||||||
Net interest income (loss) after
|
||||||||||||||||||||
provision for loan losses
|
$ | 6,844 | $ | 7,420 | $ | (17,933 | ) | (7.8 | ) % | (138.2 | ) % | |||||||||
Noninterest income
|
||||||||||||||||||||
Net gain on sale of investments
|
751 | 511 | - | 47.0 | 100.0 | |||||||||||||||
Other | 75 | 85 | 62 | (11.8 | ) | 21.0 | ||||||||||||||
Total noninterest income
|
$ | 826 | $ | 596 | $ | 62 | 38.6 | % | 1,232.3 | % | ||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
3,214 | 3,289 | 2,892 | (2.3 | ) | 11.1 | ||||||||||||||
Occupancy and equipment
|
395 | 402 | 424 | (1.7 | ) | (6.8 | ) | |||||||||||||
Professional fees
|
502 | 480 | 487 | 4.6 | 3.1 | |||||||||||||||
Data processing
|
183 | 209 | 172 | (12.4 | ) | 6.4 | ||||||||||||||
Gain on sale of OREO property, net
|
(508 | ) | (626 | ) | (14 | ) | (18.8 | ) | 3,528.6 | |||||||||||
OREO market value adjustments
|
289 | 628 | 897 | (54.0 | ) | (67.8 | ) | |||||||||||||
OREO related expenses, net
|
986 | 850 | 708 | 16.0 | 39.3 | |||||||||||||||
FDIC/OTS assessments
|
612 | 710 | 515 | (13.8 | ) | 18.8 | ||||||||||||||
Insurance and bond premiums
|
248 | 247 | 150 | 0.4 | 65.3 | |||||||||||||||
Marketing
|
50 | 61 | 78 | (18.0 | ) | (35.9 | ) | |||||||||||||
Other general and administrative
|
441 | 332 | 701 | 32.8 | (37.1 | ) | ||||||||||||||
Total noninterest expense
|
$ | 6,412 | $ | 6,582 | $ | 7,010 | (2.6 | ) % | (8.5 | ) % | ||||||||||
Income (loss) before provision
|
||||||||||||||||||||
for federal income taxes
|
1,258 | 1,434 | (24,881 | ) | (12.3 | ) | (105.1 | ) | ||||||||||||
Provision for federal income taxes
|
- | - | - | - | - | |||||||||||||||
Net income (loss)
|
$ | 1,258 | $ | 1,434 | $ | (24,881 | ) | (12.3 | ) % | (105.1 | ) % | |||||||||
Basic earnings (loss) per share
|
$ | 0.07 | $ | 0.08 | $ | (1.43 | ) | (12.5 | ) % | (104.9 | ) % | |||||||||
Diluted earnings (loss) per share
|
$ | 0.07 | $ | 0.08 | $ | (1.43 | ) | (12.5 | ) % | (104.9 | ) % |
Six Months Ended
|
||||||||||||
June 30,
|
One Year
|
|||||||||||
2011
|
2010
|
% Change
|
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 24,319 | $ | 28,839 | (15.7 | ) % | ||||||
Investments available for sale
|
2,467 | 2,113 | 16.8 | |||||||||
Federal funds sold and interest-bearing deposits with banks
|
170 | 134 | 26.9 | |||||||||
Total interest income
|
$ | 26,956 | $ | 31,086 | (13.3 | ) % | ||||||
Interest expense
|
||||||||||||
Deposits
|
8,733 | 12,893 | (32.3 | ) | ||||||||
Federal Home Loan Bank advances
|
1,159 | 2,058 | (43.7 | ) | ||||||||
Total interest expense
|
$ | 9,892 | $ | 14,951 | (33.8 | ) % | ||||||
Net interest income
|
17,064 | 16,135 | 5.8 | |||||||||
Provision for loan losses
|
2,800 | 39,000 | (92.8 | ) | ||||||||
Net interest loss after provision for loan losses
|
$ | 14,264 | $ | (22,865 | ) | (162.4 | ) % | |||||
Noninterest income (loss)
|
||||||||||||
Net gain on sale of investments
|
1,262 | - | 100.0 | |||||||||
Other
|
160 | 108 | 48.1 | |||||||||
Total noninterest income (loss)
|
$ | 1,422 | $ | 108 | 1,216.7 | % | ||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
6,503 | 6,081 | 6.9 | |||||||||
Occupancy and equipment
|
797 | 849 | (6.1 | ) | ||||||||
Professional fees
|
982 | 946 | 3.8 | |||||||||
Data processing
|
392 | 342 | 14.6 | |||||||||
Loss (gain) on sale of OREO property, net
|
(1,134 | ) | 423 | (368.1 | ) | |||||||
OREO market value adjustments
|
917 | 3,168 | (71.1 | ) | ||||||||
OREO related expenses, net
|
1,836 | 1,410 | 30.2 | |||||||||
FDIC/OTS assessments
|
1,322 | 1,095 | 20.7 | |||||||||
Insurance and bond premiums
|
495 | 299 | 65.6 | |||||||||
Marketing
|
111 | 121 | (8.3 | ) | ||||||||
Other general and administrative
|
773 | 1,143 | (32.4 | ) | ||||||||
Total noninterest expense
|
$ | 12,994 | $ | 15,877 | (18.2 | ) % | ||||||
Income (loss) before provision (benefit) for federal income taxes
|
(38,634 | ) | (107.0 | ) | ||||||||
Provision (benefit) for federal income taxes
|
- | 3,999 | (100.0 | ) | ||||||||
Net income (loss)
|
$ | 2,692 | $ | (42,633 | ) | (106.3 | ) % | |||||
Basic earnings (loss) per share
|
$ | 0.15 | $ | (2.45 | ) | (106.1 | ) % | |||||
Diluted earnings (loss) per share
|
$ | 0.15 | $ | (2.45 | ) | (106.1 | ) % | |||||
June 30, 2011
|
December 31, 2010
|
|||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
One-to-four family residential: (1)
|
||||||||||||||||||
Permanent
|
$
|
359,846
|
46.4
|
%
|
$
|
393,334
|
44.1
|
%
|
||||||||||
Construction
|
-
|
-
|
5,356
|
0.6
|
||||||||||||||
359,846
|
46.4
|
398,690
|
44.7
|
|||||||||||||||
Multifamily:
|
||||||||||||||||||
Permanent
|
118,012
|
15.2
|
140,762
|
15.8
|
||||||||||||||
Construction
|
2,249
|
0.3
|
4,114
|
0.5
|
||||||||||||||
120,261
|
15.5
|
144,876
|
16.2
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||
|
Permanent
|
223,630
|
28.9
|
237,708
|
26.6
|
|||||||||||||
Construction
|
17,800
|
2.3
|
28,362
|
3.2
|
||||||||||||||
Land
|
3,384
|
0.4
|
6,643
|
0.8
|
||||||||||||||
244,814
|
31.6
|
272,713
|
30.6
|
|||||||||||||||
Construction/land development:
|
||||||||||||||||||
One-to-four family residential
|
13,889
|
1.8
|
26,848
|
3.0
|
||||||||||||||
Multifamily
|
882
|
0.1
|
1,283
|
0.1
|
||||||||||||||
Commercial
|
1,104
|
0.1
|
1,108
|
0.1
|
||||||||||||||
Land development
|
18,355
|
2.4
|
27,262
|
3.1
|
||||||||||||||
34,230
|
4.4
|
56,501
|
6.3
|
|||||||||||||||
Business
|
1,819
|
0.2
|
479
|
0.1
|
||||||||||||||
Consumer
|
13,971
|
1.8
|
19,127
|
2.1
|
||||||||||||||
Total loans
|
774,941
|
100.0
|
%
|
892,386
|
100.0
|
%
|
||||||||||||
Less:
|
||||||||||||||||||
Loans in process (LIP)
|
3,328
|
10,975
|
||||||||||||||||
Deferred loan fees, net
|
1,990
|
2,421
|
||||||||||||||||
Allowance for loan losses
|
16,989
|
22,534
|
||||||||||||||||
Loans receivable, net
|
$
|
752,634
|
$
|
856,456
|
||||||||||||||
(1) Includes $158.0 million and $173.4 million of non-owner occupied loans at June 30, 2011 and December 31, 2010, respectively.
|
At or For the Quarter Ended
|
||||||||||||||||
June 30, 2011
|
March 31, 2011
|
December 31, 2010
|
June 30, 2010
|
|||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||
Performance Ratios:
|
||||||||||||||||
Return (loss) on assets
|
0.43 | % | 0.48 | % | 0.19 | % | (7.50 | ) % | ||||||||
Return (loss) on equity
|
2.80 | 3.25 | 1.28 | (47.06 | ) | |||||||||||
Equity-to-assets ratio
|
15.57 | 14.91 | 14.62 | 14.30 | ||||||||||||
Interest rate spread
|
2.84 | 2.88 | 2.70 | 2.26 | ||||||||||||
Net interest margin
|
3.07 | 3.09 | 2.95 | 2.58 | ||||||||||||
Average interest-earning assets to
|
||||||||||||||||
average interest-bearing liabilities
|
112.93 | 111.55 | 111.77 | 113.65 | ||||||||||||
Efficiency ratio
|
69.17 | 71.42 | 71.48 | 86.23 | ||||||||||||
Noninterest expense as a percent of
|
||||||||||||||||
average total assets
|
2.19 | 2.21 | 2.19 | 2.11 | ||||||||||||
Book value per common share
|
$ | 9.53 | $ | 9.39 | $ | 9.28 | $ | 9.93 | ||||||||
Capital Ratios (1):
|
||||||||||||||||
Tier 1 leverage
|
12.47 | % | 12.13 | % | 11.73 | % | 9.40 | % | ||||||||
Tier 1 risk-based
|
21.55 | 20.03 | 18.38 | 14.49 | ||||||||||||
Total risk-based
|
22.81 | 21.30 | 19.65 | 15.78 | ||||||||||||
Asset Quality Ratios (2):
|
||||||||||||||||
Nonaccrual and 90 days or more past due loans
|
||||||||||||||||
as a percent of total loans
|
4.92 | % | 6.24 | % | 7.14 | % | 12.01 | % | ||||||||
Nonperforming assets as a percent
|
||||||||||||||||
of total assets
|
5.55 | 6.96 | 7.79 | 10.50 | ||||||||||||
Allowance for loan losses as a percent of
|
||||||||||||||||
total loans
|
2.20 | 2.47 | 2.56 | 2.97 | ||||||||||||
Allowance for loan losses as a percent of
|
||||||||||||||||
nonperforming loans
|
44.79 | 39.64 | 35.80 | 24.75 | ||||||||||||
Net charge-offs to average loans
|
||||||||||||||||
receivable, net
|
0.62 | 0.42 | 0.90 | 3.24 | ||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||
Allowance for loan losses, beginning of the quarter
|
$ | 20,250 | $ | 22,534 | $ | 28,400 | $ | 36,479 | ||||||||
Provision
|
1,600 | 1,200 | 2,100 | 26,000 | ||||||||||||
Charge-offs
|
(4,976 | ) | (3,675 | ) | (8,970 | ) | (32,703 | ) | ||||||||
Recoveries
|
115 | 191 | 1,004 | 82 | ||||||||||||
Allowance for loan losses, end of the quarter
|
$ | 16,989 | $ | 20,250 | $ | 22,534 | $ | 29,858 | ||||||||
Nonperforming Assets (2):
|
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Nonperforming loans (3)
|
||||||||||||||||
Nonaccrual loans
|
$ | 31,831 | $ | 39,737 | $ | 46,637 | $ | 87,437 | ||||||||
Nonaccrual troubled debt restructured loans
|
6,097 | 11,349 | 16,299 | 33,208 | ||||||||||||
Total nonperforming loans
|
$ | 37,928 | $ | 51,086 | $ | 62,936 | $ | 120,645 | ||||||||
OREO
|
25,979 | 31,266 | 30,102 | 16,493 | ||||||||||||
Total nonperforming assets
|
$ | 63,907 | $ | 82,352 | $ | 93,038 | $ | 137,138 | ||||||||
Performing troubled debt restructured loans
|
$ | 65,968 | $ | 65,805 | $ | 58,375 | $ | 46,575 | ||||||||
(1) Capital ratios are for First Savings Bank Northwest only.
|
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(2) Loans are reported net of undisbursed funds.
|
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(3) There were no loans 90 days or more past due and still accruing interest.
|
12 |