UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 30, 2013
Exact Name of Registrant |
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Commission |
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I.R.S. Employer |
as Specified in Its Charter |
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File Number |
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Identification No. |
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Hawaiian Electric Industries, Inc. |
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1-8503 |
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99-0208097 |
State of Hawaii
(State or other jurisdiction of incorporation)
1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813
(Address of principal executive offices and zip code)
Registrants telephone number, including area code:
(808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI)
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] 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))
Item 7.01 Regulation FD Disclosure.
On July 30, 2013, HEI issued a news release, American Savings Bank Reports Second Quarter 2013 Earnings. This news release is furnished as HEI Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
HEI Exhibit 99 News release, dated July 30, 2013, American Savings Bank Reports Second Quarter 2013 Earnings
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.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
(Registrant)
/s/ James A. Ajello |
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James A. Ajello |
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Executive Vice President, |
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Chief Financial Officer and Treasurer |
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(Principal Financial Officer of HEI) |
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Date: July 30, 2013 |
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Exhibit 99
July 30, 2013
Contact: |
Shelee M.T. Kimura |
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Manager, Investor Relations & |
Telephone: (808) 543-7384 |
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Strategic Planning |
E-mail: skimura@hei.com |
AMERICAN SAVINGS BANK REPORTS SECOND QUARTER 2013 EARNINGS
Net Income of $15.9 Million
Bank Continues to Deliver Solid Results
HONOLULU American Savings Bank, F.S.B. (American), a wholly-owned indirect subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) today reported net income for the second quarter of 2013 of $15.9 million, compared to $14.2 million in both the first (or linked) quarter of 2013 and in the second quarter of 2012.
American delivered solid results in the second quarter as good loan growth helped us offset the continued pressure of the low interest rate environment. We experienced very low credit costs in the quarter thanks to good risk management systems and the positive trends in the Hawaii economy. We also achieved another strategic objective, reaching agreement for the sale of our credit card portfolio coupled with the introduction of a new, more competitive offering for our customers, said Richard Wacker, president and chief executive officer of American.
Second quarter 2013 net income was $1.8 million higher than the linked quarter primarily driven by (after-tax):
· $2 million lower provision for loan losses, $1 million of which related to the planned third quarter sale of Americans credit card portfolio; and
· $1 million higher gains on sales of investment securities.
These were largely offset by (after-tax):
· $1 million lower mortgage banking income as a larger proportion of new residential mortgages were added to the portfolio rather than sold; and
· $1 million higher noninterest expense.
Hawaiian Electric Industries, Inc.
July 30, 2013
Compared to the same quarter of 2012, the $1.7 million net income increase was primarily driven by (after-tax):
· $2 million lower provision for loan losses (as discussed above); and
· $1 million higher gains on sales of investment securities.
These were offset by $1 million (after-tax) higher noninterest expense primarily due to targeted staffing and information technology (IT) expense increases.
Net interest margin (NIM) was 3.79% in the second quarter of 2013 compared to 3.78% in the linked quarter and 3.97% in the second quarter of 2012. Loan growth, particularly in residential mortgages, and higher fees associated with the prepayment of some large commercial loans in the quarter offset the continued decline in stated rates that totaled five basis points compared to the linked quarter. The decline in net interest margin compared to the prior year quarter was primarily attributable to lower yields on interest-earning assets as loans continued to re-price down in the low interest rate environment.
Provision for loan losses (pretax) was a net credit of $1.0 million in the second quarter of 2013 compared to net charges of $1.9 million in the linked quarter and $2.4 million in the second quarter of 2012. In the second quarter of 2013, American released $1 million (pretax) of reserves in connection with the agreement to sell its credit card portfolio, a transaction that is expected to close in the third quarter. No additional provision expense was incurred: increases in the reserve for loan growth and charge-offs were offset by approximately $3 million (pretax) of reversals associated with specific commercial loan paydowns, recoveries of previously charged off consumer loans, and the ongoing improvement in the quality of the banks loan portfolio. The second quarter 2013 net charge-off ratio improved to 0.08% from 0.12% in the linked quarter and 0.19% in the prior year quarter.
Non-interest expense (pretax) was $39.8 million in the second quarter of 2013 compared to $38.7 million in the linked quarter and $37.6 million in the second quarter of 2012. The increase from the linked quarter is primarily attributable to the timing of marketing expenses and additional reserves on unfunded commercial lines of credit. The increase from the prior year quarter is largely due to the targeted staffing increases to support increased business volumes, IT and risk management capabilities, as well as increasing employee benefit expenses.
In the second quarter and year-to-date 2013, loans grew by $108 million and $173 million, respectively. This quarters loan growth was primarily driven by residential mortgages as
Hawaiian Electric Industries, Inc.
July 30, 2013
American allocated more of its continued strong production to the portfolio. Year-to-date annualized loan growth was 9.1%.
Total deposits were $4.3 billion at June 30, 2013, down $36 million from March 31, 2013, primarily due to the decreases in commercial deposits and certificates of deposit. Average cost of funds remained low at 0.22% for the second quarter 2013, consistent with the linked quarter and down 5 basis points from the same period last year.
Overall, return on average equity and return on average assets were strong at 12.6% and 1.25%, respectively, in the quarter. Americans solid results enabled it to pay dividends of $10 million to HEI in the quarter while maintaining healthy capital levels leverage ratio of 9.3% and total risk-based capital ratio of 12.5% at June 30, 2013.
HEI EARNINGS RELEASE, WEBCAST AND TELECONFERENCE
Concurrent with Americans regulatory filing 30 days after the end of the quarter, American announced its second quarter 2013 financial results today. Please note that these reported results relate only to American and are not necessarily indicative of HEIs consolidated financial results for the second quarter of 2013.
HEI plans to announce its second quarter 2013 consolidated financial results on Thursday, August 8, 2013 and will conduct a webcast and teleconference call to review second quarter 2013 consolidated earnings, including Americans earnings, on Thursday, August 8, 2013, at 11:00 a.m. Hawaii time (5:00 p.m. Eastern time). The event can be accessed through HEIs website at www.hei.com or by dialing (877) 415-3186, passcode: 97287517 for the teleconference call. The presentation for the webcast will be on HEIs website under the headings Investor Relations, News & Events and Presentations & Webcasts. HEI and Hawaiian Electric Company, Inc. (HECO) intend to continue to use HEIs website, www.hei.com, as a means of disclosing material information, as well as other important information. Such disclosures will be included on HEIs website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEIs website, in addition to following HEIs, HECOs and Americans press releases, HEIs and HECOs Securities and Exchange Commission (SEC) filings and HEIs public conference calls and webcasts. Also, at the Investor Relations section of HEIs website, investors may sign up to
Hawaiian Electric Industries, Inc.
July 30, 2013
receive e-mail alerts (based on each investors selected preferences). The information on HEIs website is not incorporated by reference in this document or in HEIs and HECOs SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEIs and HECOs SEC filings.
An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through August 22, 2013, by dialing (888) 286-8010, passcode: 60955453.
HEI supplies power to approximately 450,000 customers or 95% of Hawaiis population through its electric utilities, HECO, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaiis largest financial institutions.
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements, which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as expects, anticipates, intends, plans, believes, predicts, estimates or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the Forward-Looking Statements and Risk Factors discussions (which are incorporated by reference herein) set forth in HEIs Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and HEIs subsequent periodic reports that discuss important factors that could cause HEIs results to differ materially from those anticipated in such statements. These forward-
Hawaiian Electric Industries, Inc.
July 30, 2013
looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, HECO, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
###
American Savings Bank, F.S.B. |
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STATEMENTS OF INCOME DATA |
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(Unaudited) |
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Three months ended |
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Six months ended | |||||||||
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June 30, |
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March 31, |
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June 30, |
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June 30 | |||||
(in thousands) |
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2013 |
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2013 |
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2012 |
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2013 |
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2012 | |||
Interest income |
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Interest and fees on loans |
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$ |
43,624 |
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$ |
42,603 |
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$ |
44,473 |
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$ 86,227 |
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$ 89,361 |
Interest on investment and mortgage-related securities |
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3,234 |
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3,464 |
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3,297 |
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6,698 |
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7,102 | |||
Total interest income |
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46,858 |
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46,067 |
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47,770 |
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92,925 |
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96,463 | |||
Interest expense |
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Interest on deposit liabilities |
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1,296 |
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1,312 |
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1,696 |
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2,608 |
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3,475 | |||
Interest on other borrowings |
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1,178 |
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1,164 |
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1,214 |
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2,342 |
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2,475 | |||
Total interest expense |
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2,474 |
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2,476 |
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2,910 |
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4,950 |
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5,950 | |||
Net interest income |
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44,384 |
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43,591 |
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44,860 |
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87,975 |
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90,513 | |||
Provision (credit) for loan losses |
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(959) |
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1,858 |
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2,378 |
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899 |
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5,924 | |||
Net interest income after provision (credit) for loan losses |
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45,343 |
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41,733 |
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42,482 |
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87,076 |
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84,589 | |||
Noninterest income |
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Fees from other financial services |
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7,996 |
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7,643 |
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7,463 |
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15,639 |
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14,800 | |||
Fee income on deposit liabilities |
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4,433 |
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4,314 |
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4,322 |
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8,747 |
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8,600 | |||
Fee income on other financial products |
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1,780 |
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1,794 |
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1,532 |
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3,574 |
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3,081 | |||
Mortgage banking income |
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2,003 |
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3,346 |
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2,185 |
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5,349 |
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4,220 | |||
Gain on sale of securities |
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1,226 |
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- |
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134 |
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1,226 |
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134 | |||
Other income |
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1,731 |
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1,592 |
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1,315 |
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3,323 |
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2,675 | |||
Total noninterest income |
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19,169 |
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18,689 |
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16,951 |
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37,858 |
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33,510 | |||
Noninterest expense |
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Compensation and employee benefits |
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20,063 |
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20,088 |
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18,696 |
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40,151 |
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37,342 | |||
Occupancy |
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4,219 |
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4,123 |
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4,241 |
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8,342 |
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8,466 | |||
Data processing |
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2,827 |
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2,987 |
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2,489 |
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5,814 |
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4,600 | |||
Services |
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2,328 |
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2,103 |
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2,221 |
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4,431 |
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4,004 | |||
Equipment |
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1,870 |
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1,774 |
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1,807 |
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3,644 |
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3,537 | |||
Other expense |
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8,500 |
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7,595 |
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8,106 |
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16,095 |
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14,813 | |||
Total noninterest expense |
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39,807 |
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38,670 |
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37,560 |
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78,477 |
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72,762 | |||
Income before income taxes |
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24,705 |
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21,752 |
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21,873 |
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46,457 |
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45,337 | |||
Income taxes |
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8,786 |
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7,597 |
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7,684 |
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16,383 |
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15,271 | |||
Net income |
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$ |
15,919 |
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$ |
14,155 |
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$ |
14,189 |
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$ 30,074 |
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$ 30,066 |
Comprehensive income |
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$ |
7,340 |
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$ |
15,484 |
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$ |
15,456 |
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$ 22,824 |
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$ 31,355 |
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OTHER BANK INFORMATION (annualized %, except as of period end) |
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Return on average assets |
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1.25 |
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1.12 |
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1.15 |
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1.19 |
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1.22 | |||
Return on average equity |
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12.56 |
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11.28 |
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11.35 |
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11.93 |
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12.11 | |||
Return on average tangible common equity |
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15.00 |
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13.49 |
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13.58 |
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14.25 |
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14.50 | |||
Net interest margin |
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3.79 |
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3.78 |
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3.97 |
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3.79 |
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4.01 | |||
Net charge-offs to average loans outstanding |
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0.08 |
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0.12 |
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0.19 |
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0.10 |
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0.24 | |||
Efficiency ratio |
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62 |
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61 |
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60 |
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62 |
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58 | |||
As of period end |
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Nonperforming assets to loans outstanding and real estate owned * |
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1.56 |
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1.89 |
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1.84 |
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Allowance for loan losses to loans outstanding |
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1.04 |
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1.11 |
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1.06 |
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Tier-1 leverage ratio * |
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9.3 |
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9.1 |
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9.2 |
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Total risk-based capital ratio * |
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12.5 |
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12.8 |
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12.8 |
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Tangible common equity to total assets |
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8.42 |
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8.38 |
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8.58 |
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Dividend paid to HEI (via ASHI) ($ in millions) |
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10 |
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10 |
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10 |
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20 |
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20 | |||
* Regulatory basis |
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This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEIs Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEIs Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the
full year.
American Savings Bank, F.S.B. |
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BALANCE SHEETS DATA |
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(Unaudited) |
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June 30, |
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December 31, |
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(in thousands) |
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2013 |
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2012 |
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Assets |
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Cash and cash equivalents |
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$ |
143,912 |
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$ |
184,430 |
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Available-for-sale investment and mortgage-related securities |
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560,172 |
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671,358 |
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Investment in stock of Federal Home Loan Bank of Seattle |
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94,281 |
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96,022 |
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Loans receivable held for investment |
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3,953,634 |
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3,779,218 |
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Allowance for loan losses |
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(41,004 |
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(41,985 |
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Loans receivable held for investment, net |
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3,912,630 |
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3,737,233 |
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Loans held for sale, at lower of cost or fair value |
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34,073 |
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26,005 |
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Other |
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241,513 |
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244,435 |
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Goodwill |
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82,190 |
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82,190 |
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Total assets |
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$ |
5,068,771 |
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$ |
5,041,673 |
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Liabilities and shareholders equity |
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Deposit liabilitiesnoninterest-bearing |
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$ |
1,168,937 |
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$ |
1,164,308 |
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Deposit liabilitiesinterest-bearing |
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3,107,306 |
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3,065,608 |
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Other borrowings |
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187,884 |
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195,926 |
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Other |
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102,516 |
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117,752 |
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Total liabilities |
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4,566,643 |
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4,543,594 |
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Common stock |
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334,937 |
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333,712 |
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Retained earnings |
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189,837 |
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179,763 |
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Accumulated other comprehensive loss, net of tax benefits |
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(22,646 |
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(15,396 |
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Total shareholders equity |
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502,128 |
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498,079 |
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Total liabilities and shareholders equity |
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$ |
5,068,771 |
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$ |
5,041,673 |
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This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEIs Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEIs Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
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