-----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, RszUZG/Pw7WdUSwYngTmcVGOJ5UqDWLolT/xpbQwzMNv4zfN/wxxMqjQgzOeypv9 rX+Kd4nGf7Jh4FWB3TsCug== 0000034782-96-000019.txt : 19961120 0000034782-96-000019.hdr.sgml : 19961120 ACCESSION NUMBER: 0000034782-96-000019 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961115 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1ST SOURCE CORP CENTRAL INDEX KEY: 0000034782 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351068133 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06233 FILM NUMBER: 96667065 BUSINESS ADDRESS: STREET 1: 100 N MICHIGAN ST CITY: SOUTH BEND STATE: IN ZIP: 46601 BUSINESS PHONE: 2192352702 MAIL ADDRESS: STREET 1: P O BOX 1602 STREET 2: P O BOX 1602 CITY: SOUTH BEND STATE: IN ZIP: 46634 FORMER COMPANY: FORMER CONFORMED NAME: FBT BANCORP INC DATE OF NAME CHANGE: 19820818 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 1996 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 0-5907 1st SOURCE CORPORATION (Exact name of registrant as specified in its charter) INDIANA 35-1068133 (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 North Michigan Street South Bend, Indiana 46601 (Address of principal executive offices) (Zip Code) (219) 235-2702 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last last report.) 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 reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Number of shares of common stock outstanding as of September 30, 1996 - 12,481,700 shares. PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Page Consolidated statements of financial condition -- 3 September 30, 1996, and December 31, 1995 Consolidated statements of income -- 4 three months and nine months ended September 30, 1996 and 1995 Consolidated statements of cash flows -- 5 nine months ended September 30, 1996 and 1995 Notes to the Consolidated Financial Statement 6 -2-
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION 1st Source Corporation and Subsidiaries (Dollars in thousands) September 30, December 31, 1996 1995 ASSETS Cash and due from banks $98,911 $94,517 Interest bearing deposits with other banks 6,046 2,946 Investment securities: Securities available-for-sale, at fair value (amortized cost of $283,362 and $270,621 at September 30, 1996 and December 31, 1995) 281,309 270,290 Securities held-to-maturity, at amortized cost (fair value of $126,426 and $132,383 at September 30, 1996 and December 31, 1995) 122,198 126,085 Total Investment Securities 403,507 396,375 Loans - net of unearned discount 1,407,391 1,259,415 Reserve for loan losses (29,540) (27,470) Net Loans 1,377,851 1,231,945 Premises and equipment 26,114 23,383 Other assets 64,455 50,091 Total Assets $1,976,884 $1,799,257 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest bearing $190,835 $190,045 Interest bearing 1,357,409 1,251,704 Total Deposits 1,548,244 1,441,749 Federal funds purchased and securities sold under agreements to repurchase 129,335 101,166 Other short-term borrowings 78,333 51,813 Other liabilities 35,302 30,109 Long-term debt 19,613 21,819 Total Liabilities 1,810,827 1,646,656 Shareholders' equity: Common stock-no par value 5,700 5,429 Capital surplus 69,947 56,337 Retained earnings 97,491 96,952 Less cost of common stock in treasury (6,563) (6,497) Unrealized appreciation (depreciation) of investment securities, net (518) 380 Total Shareholders' Equity 166,057 152,601 Total Liabilities and Shareholders' Equity $1,976,884 $1,799,257
-3-
CONSOLIDATED STATEMENTS OF INCOME 1st Source Corporation and Subsidiaries (Dollars in thousands, except per share amounts) Three Months Ended September 30 Nine Months Ended September 30 1996 1995 1996 1995 Interest Income: Loans, including fees $ 32,080 $ 28,729 $ 92,326 $ 82,081 Investment securities: Taxable 3,726 3,699 11,294 11,347 Tax-exempt 2,040 1,902 6,064 5,655 Other 195 441 469 910 Total Interest Income 38,041 34,771 110,153 99,993 Interest Expense: Deposits 16,429 14,654 47,454 41,296 Short-term borrowings 2,005 1,909 5,783 4,874 Long-term debt 347 445 1,032 1,437 Total Interest Expense 18,781 17,008 54,269 47,607 Net Interest Income 19,260 17,763 55,884 52,386 Provision for Loan Losses 1,431 1,059 3,833 2,200 Net Interest Income After Provision for Loan Losses 17,829 16,704 52,051 50,186 Other Income: Trust fees 1,574 1,724 5,030 5,098 Service charges on deposit accounts 1,272 1,298 3,626 3,729 Mortgage servicing fees, commission income and other 4,420 2,029 9,838 5,453 Investment securities and other gains (losses) 0 (16) 127 (160) Total Other Income 7,266 5,035 18,621 14,120 Other Expense: Salaries and employee benefits 9,406 8,509 26,969 24,844 Net occupancy expense 1,211 947 3,527 2,717 Furniture and equipment expense 1,510 1,359 4,167 4,164 Insurance expense 135 46 380 1,764 Other 3,552 2,516 9,290 7,416 Total Other Expense 15,814 13,377 44,333 40,905 Income Before Income Taxes 9,281 8,362 26,339 23,401 Income taxes 3,258 2,929 9,169 8,002 Net Income $ 6,023 $ 5,433 $ 17,170 $ 15,399 Per Common Share: Net Income $ 0.47 $ 0.42 $ 1.34 $ 1.20 Dividends $ 0.080 $ 0.070 $ 0.240 $ 0.210 Weighted Average Common Shares Outstanding 12,778,698 12,860,989 12,788,159 12,827,388 The computation of per share data gives retroactive recognition to a 5 percent stock dividend declared on January 22, 1996.
-4-
CONSOLIDATED STATEMENTS OF CASH FLOWS 1st Source Corporation and Subsidiaries (Dollars in thousands) Nine Months Ended September 30 1996 1995 Operating Activities: Net income $ 17,170 $ 15,399 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 3,833 2,200 Depreciation of premises and equipment 2,902 1,818 Amortization of investment security premiums and accretion of discounts, net 552 703 Deferred income taxes (26) (1,017) Realized investment securities (gains) losses (127) 160 Increase in interest receivable (574) (1,625) Increase in interest payable 5,869 8,198 Other (14,122) (903) Net Cash Provided by Operating Activities 15,477 24,933 Investing Activities: Proceeds from sales and maturities of investment securities 76,432 56,833 Purchases of investment securities (85,710) (79,047) Net increase in short-term investments (3,100) (5,135) Loans sold or participated to others 109,141 48,385 Net increase in loans made to customers and principal collections on loans (257,177) (139,989) Principal payments received under leases 4,759 1,488 Purchase of assets to be leased (6,250) (6,069) Purchases of premises and equipment (4,494) (3,056) Other 699 (195) Net Cash Used in Investing Activities (165,700) (126,785) Financing Activities: Net increase (decrease) in demand deposits, NOW accounts and savings accounts 657 (44,171) Net increase in certificates of deposit 105,838 110,560 Net increase in short-term borrowings 54,690 38,467 New Long-Term Debt 140 - Payments on long-term debt (2,346) (6,237) Acquisition of treasury stock (1,349) (1,184) Cash dividends (3,000) 2,638 Other (13) (12) Net Cash Provided by Financing Activities 154,617 94,785 Increase in Cash and Cash Equivalents 4,394 (7,067) Cash and Cash Equivalents, Beginning of Year 94,517 79,226 Cash and Cash Equivalents, End of Period $ 98,911 $ 72,159
-5- Notes to the Consolidated Financial Statements 1. The unaudited consolidated condensed financial statements have been prepared in accordance with the insturctions for Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods for which this report is submitted. 2. 1st Source adopted Statement of Financial Accounting Standards No. 122, "Accounting for Mortgage Servicing Rights" (SFAS No. 122) on January 1, 1996. The new standard requires mortgage banking enterprises to recognize as separate assets the rights to service mortgage loans for others, however those mortgage servicing rights are acquired. SFAS 122 also requires that mortgage banking enterprises assess capitalized mortgage servicing rights based on the fair value of those rights on a disaggregated basis. As of September 30, 1996, 1st Source has capital- ized $1,119,000 of originated mortgage servicing rights. The adoption of SFAS No. 122 has had no material impact on the financial statements. 3. 1st Source adopted Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation" (SFAS No. 123) on January 1, 1996. This Statement requires the fair value of stock options and other stock-based compensation issued to employees to either be included as compensation expense in the statement of income, or the pro forma effect on net income and earnings per share of such statements. 1st Source adopted SFAS No. 123 on a disclosure basis only and, accordingly, the adoption of this Statement will not have a material impact on the Company's financial position. 4. 1st Source will adopt Financial Accounting Standard No. 125 (SFAS 125), "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities," as of January 1, 1997. SFAS 125 requires that after a transfer of financial assets, an entity must recognize the financial and servicing assets controlled and liabilities incurred and dereognize financial assets and liabilities in which control is surrendered or when debt is extinguished. The impact on 1st Source's financial position and results of operations is not expected to be material. -6- PART I. ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis should be read in conjunction with the Company's consolidated condensed financial statements and the financial and statistical data appearing elsewhere in this report. The amounts shown in this analysis have been adjusted to reflect tax-exempt income on a tax equivalent basis using a 40.525% rate. 1st Source has entered into two off-balance sheet interest rate swaps as part of its interest rate risk management strategy. The swaps are being used to hedge against the company's Prime floating rate loans. The notional amount of the first swap as of September 30, 1996, is $28 million. It has a maturity date of January, 2002, and has a current fair value of $(774,000). The second swap also has a notional amount of $28 million as of September 30, 1996. It has a maturity date of March, 2001, and has a fair value of $(453,000). The Company pays a variable interest rate (one-month LIBOR) on each swap and receives a fixed rate. The interest rate swaps are the most efficient means of protecting the bank net interest rate margin in a declining interest rate environment. Conversely, if interest rates increase, the increased contri- bution to net interest income from on-balance sheet assets will substantially offset any negative impact on net interest income from these swap transactions. -7- COMPARISON OF THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 1996 AND 1995 Net income for the three-month and nine-month periods ended September 30, 1996, was $6,023,000 and $17,170,000, respectively, compared to $5,433,000 and $15,399,000 for the equivalent periods in 1995. The primary reasons for the increase were an increase in net interest income and a strong increase in other income offset by an increase in the provision for loan losses and only a modest increase in other expense. Net income per share increased to $0.47 and $1.34, respectively, for the three-month and nine-month periods ended September 30, 1996, from $0.42 and $1.20 in 1995. Return on average equity was 14.45% for the nine months ended September 30, 1996, compared to 14.70% in 1995. The return on total average assets was 1.23% for the nine months ended September 30, 1996, compared to 1.24% in 1995. NET INTEREST INCOME The taxable equivalent net interest income for the three-month period ended September 30, 1996, was $20,199,000, an increase of 8.08% over the same period in 1995, resulting in a net yield of 4.47% compared to 4.62% in 1995. The fully taxable equivalent net interest income for the nine-month period ended September 30, 1996, was $58,719,000, an increase of 6.31% over 1995, resulting in a net yield of 4.50% compared to 4.77% in 1995. Total average earning assets increased 11.92% and 12.55%, respectively, for the three-month and nine-month periods ended September 30, 1996, over the comparative periods in 1995. Total average investment securities increased 6.23% and 7.52%, respectively, for the three-month and nine-month periods due to an increase in municipal securities, while a 15.52% and 15.34% increase for the three-month and nine-month periods for average loans occurred primarily in transportation and equipment loans. The taxable equivalent yields on total average earning assets were 8.63% and 8.82% for the three-month period ended September 30, 1996, and 1995, and 8.66% and 8.88% for the nine-month period ended September 30, 1996, and 1995. Average deposits increased 13.31% and 11.86%, respectively, for the three- month and nine-month periods over the same periods from 1995. The cost rate on average interest-bearing funds was 4.84% and 4.93% for the three-month periods ended September 30, 1996, and 1995, and 4.86% and 4.81% for the nine- month periods ended September 30, 1996, and 1995. The majority of the growth in deposits from last year has occurred in time deposits of $100 thousand and over and time deposits less than one year. The following table sets forth consolidated information regarding average balances and rates. -8-
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST RATES AND INTEREST DIFFERENTIAL (Dollars in thousands) Three months ended September 30, 1996 1995 Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS: Interest bearing deposits $ 3,032 $ 41 5.38% $ 1,109 $ 8 2.76% Investment securities: Taxable 248,113 3,726 5.97% 242,767 3,698 6.04% Tax exempt 146,919 2,952 7.99% 130,841 2,797 8.48% Net loans 1,387,767 32,106 9.20% 1,201,305 28,761 9.50% Other investments 11,248 154 5.45% 29,596 433 5.81% Total Earning Assets 1,797,079 38,980 8.63% 1,605,618 35,697 8.82% Cash and due from banks 77,921 70,841 Reserve for loan losses (29,089) (26,237) Other assets 85,396 70,561 Total $1,931,307 $1,720,783 LIABILITIES AND SHAREHOLDERS' EQUITY: Interest bearing deposits $1,365,301 16,249 4.73% $1,199,022 14,654 4.85% Short-term borrowings 159,505 2,004 5.00% 147,952 1,909 5.12% Long-term debt 19,694 347 7.02% 22,035 445 8.02% Total Interest Bearing Liabilities 1,544,500 18,781 4.84% 1,369,009 17,008 4.93% Noninterest bearing deposits 189,725 173,366 Other liabilities 34,353 31,978 Shareholders' equity 162,729 146,430 Total $1,931,307 $1,720,783 Net Interest Income $20,199 $18,689 Net Yield on Earning Assets on a Taxable Equivalent Basis 4.47% 4.62% Nine months ended September 30, 1996 1995 Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS: Interest bearing deposits $ 2,875 $ 111 5.16% $ 1,004 $ 19 2.58% Investment securities Taxable 248,788 11,294 6.06% 242,446 11,347 6.26% Tax exempt 145,068 8,798 8.10% 125,518 8,376 8.92% Net loans 1,336,250 92,428 9.24% 1,158,569 82,212 9.49% Other Investments 8,877 358 5.39% 20,128 890 5.91% Total Earning Assets 1,741,857 112,989 8.66% 1,547,665 102,844 8.88% Cash and due from banks 74,576 72,724 Reserve for loan losses (28,245) (25,388) Other assets 78,425 69,377 Total $1,866,613 $1,664,378 LIABILITIES AND SHAREHOLDERS' EQUITY: Interest bearing deposits $1,318,707 47,454 4.81% $1,171,554 41,296 4.71% Short-term borrowings 152,067 5,783 5.08% 128,230 4,874 5.08% Long-term debt 20,180 1,033 6.83% 23,789 1,438 8.08% Total Interest Bearing Liabilities 1,490,954 54,270 4.86% 1,323,573 47,608 4.81% Noninterest bearing deposits 184,146 171,968 Other liabilities 32,745 28,808 Shareholders' equity 158,768 140,029 Total $1,866,613 $1,664,378 Net Interest Income $58,719 $55,236 Net Yield on Earning Assets on a Taxable Equivalent Basis 4.50% 4.77% Interest income includes the effects of taxable equivalent adjustments, using a 40.525% rate for 1996 and 1995. Tax equivalent adjustments for the three-month periods were $912 in 1996 and $895 in 1995, and for the nine-month periods were $2,733 in 1996 and $2,721 in 1995. Loan income includes fees on loans for the three-month periods of $810 in 1996 and $684 in 1995, and for the nine-month periods of $2,284 in 1996 and $2,096 in 1995. Loan income also includes the effects of taxable equivalent adjustments, using a 40.525% rate for 1996 and 1995. The tax equivalent adjustments for the three-month periods were $27 in 1996 and $31 in 1995, and for the nine-month periods were $102 in 1996 and $130 in 1995. For purposes of this computation, nonaccruing loans are included in the daily average loan amounts outstanding.
-9- PROVISION FOR LOAN LOSSES The provision for loan losses for the three-month period ended September 30, 1996, and 1995, was $1,431,000 and $1,059,000, respectively, and was $3,833,000 and $2,200,000 for the nine-month periods ended September 30, 1996, and 1995. Net Charge-Offs of $431,000 have been recorded for the three-month period ended September 30, 1996, compared to $941,000 of Net Recoveries for the same period in 1995. Year-to-date Net Charge-Offs of $1,763,000 have been recorded in 1996, compared to Net Recoveries of $1,664,000 through September 1995. The reserve for loan losses was $29,540,000 or 2.10% of net loans at September 30, 1996, compared to $27,470,000 or 2.18% of net loans at December 31, 1995. Nonperforming assets at September 30, 1996, were $8,265,000 compared to $6,584,000 at December 31, 1995, an increase of 25.53%. At September 30, 1996, nonperforming assets were .59% of net loans compared to .52% at December 31, 1995. It is management's opinion that the reserve for loan losses is adequate to absorb anticipated losses in the loan portfolio as of September 30, 1996. OTHER INCOME Other income for the three-month periods ended September 30, 1996, and 1995 was $7,266,000 and $5,035,000, respectively, and for the nine-month periods was $18,621,000 in 1996 and $14,120,000 in 1995. Trust fees decreased 1.33%, service charges on deposit accounts decreased 2.76% and other mortgage servicing fees, commission income and other income increased 80.41% over the same period in 1995. The significant increases in the last category were attributed primarily to increases in mortgage servicing, salable loan fees, equipment rental and securitization income. Investment Securities and other gains for the nine-month period ended September 30, 1996, were $127,000 compared to losses of $160,000 in 1995. The net gains in 1996 and the net losses in 1995 were primarily due to adjustments made to the carrying value of certain partnership investments. OTHER EXPENSE Other expense for the three-month period ended September 30, 1996, was $15,814,000, an increase of 18.22% over the same period in 1995 and was $44,333,000 for the nine-month period ended September 30, 1996, an increase of 8.38% over 1995. For the nine-month period ended September 30, 1996, salaries and employee benefits increased 8.55%, net occupancy expense increased 29.81%, insurance expense decreased 78.46%, business development and marketing expense increased 13.45%, and miscellaneous other expenses increased 28.41% over the same period in 1995. The increase in net occupancy expense is due to the loss of a major tenant in our corporate headquarters building. The decrease in insurance expense reflects an FDIC assessment factor of 0% for 1996. Business development and marketing expense has increased due to new branches being opened in 1996. The increase in miscellaneous expense is due to depreciation of leased equipment. -10- INCOME TAXES The provision for income taxes for the three-month and nine-month periods ended September 30, 1996, was $3,258,000 and $9,169,000, respectively, compared to $2,929,000 and $8,002,00 for the comparable periods in 1995. The provision for income taxes for the nine months ended September 30, 1996, and 1995, is at a rate which management believes approximates the effective rate for the year. The increase was due to increased taxable income in 1996. CAPITAL RESOURCES The banking regulators have established guidelines for leverage capital requirements, expressed in terms of Tier 1 or core capital as a percentage of average assets, to measure the soundness of a financial institution. These guidelines require all banks to maintain a minimum leverage capital ratio of 4.00% for adequately capitalized banks and 5.00% for well-capitalized banks. 1st Source's leverage capital ratio was 8.75% at September 30, 1996. The Federal Reserve Board has also approved final risk-based capital guidelines for U.S. banking organiza-tions. The guidelines established a conceptual framework calling for risk weights to be assigned to on and off- balance sheet items in arriving at risk-adjusted total assets, with the resulting ratio compared to a minimum standard to determine whether a bank has adequate capital. The minimum standard risk-based capital ratios effective in 1996 are 4.00% for adequately capitalized banks and 6.00% for well-capitalized banks for Tier 1 risk-based capital and 8.00% and 10.00%, respectively, for total risk-based capital. 1st Source's Tier 1 risk-based capital ratio on September 30, 1996, was 11.08% and the total risk-based capital ratio was 12.60%. LIQUIDITY AND INTEREST RATE SENSITIVITY Asset and liability management includes the management of interest rate sensitivity and the maintenance of an adequate liquidity position. The purpose of liquidity management is to match the sources and uses of funds to anticipated customers' deposits and withdrawals, to anticipate borrowing requirements and to provide for cash flow needs of 1st Source. The purpose of interest rate sensitivity management is to stabilize net interest income during periods of changing interest rates. Close attention is given to various interest sensitivity gaps and interest spreads. Maturities of rate sensitive assets are carefully maintained relative to the maturities of rate sensitive liabilities and interest rate forecasts. At September 30, 1996, the consolidated statement of financial condition was rate sensitive by $92,172,000 more liabilities than assets scheduled to reprice within one year or 91.12%. Management adjusts the composition of its assets and liabilities to manage the interest rate sensitivity gap based upon its expectations of interest rate fluctuations. -11- PART II. OTHER INFORMATION ITEM 1. Legal Proceedings. None ITEM 2. Changes in Securities. None ITEM 3. Defaults Upon Senior Securities. None ITEM 4. None ITEM 5. Other Information. None ITEM 6. Exhibits and Reports on Form 8-K. None -12- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 1st Source Corporation ___________________ DATE November 14, 1996 Christopher J. Murhpy III /s/ (Signature) Christopher J. Murphy III, President DATE November 14, 1996 Larry E. Lentych /s/ (Signature) Larry E. Lentych, Treasurer (Chief Accounting and Financial Officer) -13- EX-27 2
9 1000 9-MOS DEC-31-1995 SEP-30-1996 98911 6046 0 0 281309 122198 126426 1407391 29540 1976884 1548244 207668 35302 19613 5700 0 0 160357 1976884 92326 17827 0 110153 47454 54269 55884 3833 127 44333 26339 17170 0 0 17170 1.34 1.34 4.50 6078 420 0 0 27470 2775 1012 29540 10303 0 19237
-----END PRIVACY-ENHANCED MESSAGE-----