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 (Date of earliest event reported): April 30, 2012
TriCo Bancshares
(Exact name of registrant as specified in its charter)
California | 0-10661 | 94-2792841 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) |
(I.R.S. Employer Identification No.) | ||
63 Constitution Drive, Chico, California |
95973 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (530) 898-0300
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 (see General Instruction A.2. below):
¨ | 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 8.01: Other Events
On April 30, 2012, TriCo Bancshares announced its quarterly earnings for the quarter ended March 31, 2012. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01: Financial Statements and Exhibits
(d) Exhibits
99.1 | Press release dated April 30, 2012 |
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.
TRICO BANCSHARES | ||||||||
Date: May 4, 2012 | /s/ Thomas J. Reddish |
|||||||
Thomas J. Reddish, Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit 99.1
PRESS RELEASE |
Contact: Richard P. Smith | |||||
For Immediate Release |
President & CEO (530) 898-0300 |
TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS
CHICO, Calif. (April 30, 2012) TriCo Bancshares (NASDAQ: TCBK) (the Company), parent company of Tri Counties Bank (the Bank), today announced a $1,131,000 (40.4%) increase in earnings from $2,800,000 for the three months ended March 31, 2011 to $3,931,000 for the three months ended March 31, 2012. Diluted earnings per share for the three months ended March 31, 2012 were $0.25 compared to diluted earnings per share of $0.17 for the three months ended March 31, 2011.
Total assets of the Company increased $337,170,000 (15.4%) to $2,532,908,000 at March 31, 2012 from $2,195,738,000 at March 31, 2011. Total loans of the Company increased $123,425,000 (8.9%) to $1,511,085,000 at March 31, 2012 from $1,387,660,000 at March 31, 2011. The increase in loans is due to $167,484,000 of loans acquired in the acquisition of the banking operations of Citizens Bank of Northern California (Citizens) on September 23, 2011 that was partially offset by charge offs and net loan payoffs. Total deposits of the Company increased $309,834,000 (16.7%) to $2,169,746,000 at March 31, 2012 from $1,859,912,000 at March 31, 2011. The increase in deposits is mainly due to $239,899,000 of deposits acquired in the Citizens acquisition.
The following is a summary of the components of Companys consolidated net income for the periods indicated:
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in thousands) | 2012 | 2011 | $ Change | % Change | ||||||||||||
Net Interest Income |
$ | 25,036 | $ | 21,704 | $ | 3,332 | 15.4 | % | ||||||||
Provision for loan losses |
(3,996 | ) | (7,001 | ) | 3,005 | (42.9 | %) | |||||||||
Noninterest income |
8,265 | 9,350 | (1,085 | ) | (11.6 | %) | ||||||||||
Noninterest expense |
(22,915 | ) | (19,671 | ) | (3,244 | ) | 16.5 | % | ||||||||
Provision for income taxes |
(2,459 | ) | (1,582 | ) | (877 | ) | 55.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ | 3,931 | $ | 2,800 | $ | 1,131 | 40.4 | % | ||||||||
|
|
|
|
|
|
|
|
Included in the Companys results for the three month period ended March 31, 2012 is the acquisition by Tri Counties Bank of the banking operations of Citizens Bank of Northern California, Nevada City, California from the FDIC under a whole bank purchase and assumption agreement without loss sharing on September 23, 2011. The assets acquired and liabilities assumed in the Citizens acquisition have been accounted for under the acquisition method of accounting (formerly the purchase method). Loans acquired through the Citizens acquisition are classified as Purchased Not Credit Impaired (PNCI), Purchased Credit Impaired cash basis (PCI cash basis), or Purchased Credit Impaired other (PCI other). Loans not acquired in an acquisition or otherwise purchased are classified as originated. Further details regarding interest income from loans, including fair value discount accretion, may be found under the heading Supplemental Loan Interest Income Data in the Consolidated Financial Data table at the end of this announcement.
The following table shows the components of net interest income and net interest margin on a fully tax-equivalent (FTE) basis for the periods indicated:
ANALYSIS OF CHANGE IN NET INTEREST MARGIN ON EARNING ASSETS
(unaudited, in thousands)
Three Months Ended | ||||||||||||||||||||||||
March 31, 2012 | March 31, 2011 | |||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||||||||||||||
Assets |
||||||||||||||||||||||||
Earning assets |
||||||||||||||||||||||||
Loans |
$ | 1,527,536 | $ | 24,929 | 6.53 | % | $ | 1,396,331 | $ | 21,722 | 6.22 | % | ||||||||||||
Investments taxable |
224,737 | 1,759 | 3.13 | % | 276,497 | 2,381 | 3.44 | % | ||||||||||||||||
Investments nontaxable |
9,561 | 173 | 7.24 | % | 12,063 | 223 | 7.38 | % | ||||||||||||||||
Federal funds sold |
573,008 | 368 | 0.26 | % | 339,394 | 191 | 0.23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total earning assets |
2,334,842 | 27,229 | 4.66 | % | 2,024,285 | 24,517 | 4.84 | % | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Other assets, net |
179,699 | 165,078 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets |
$ | 2,514,541 | $ | 2,189,363 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Liabilities and shareholders equity |
||||||||||||||||||||||||
Interest-bearing |
||||||||||||||||||||||||
Demand deposits |
$ | 439,786 | 217 | 0.20 | % | $ | 402,267 | 349 | 0.35 | % | ||||||||||||||
Savings deposits |
790,590 | 297 | 0.15 | % | 592,084 | 367 | 0.25 | % | ||||||||||||||||
Time deposits |
402,985 | 670 | 0.67 | % | 432,166 | 1,111 | 1.03 | % | ||||||||||||||||
Other borrowings |
70,104 | 606 | 3.46 | % | 59,223 | 593 | 4.01 | % | ||||||||||||||||
Trust preferred securities |
41,238 | 338 | 3.28 | % | 41,238 | 310 | 3.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing liabilities |
1,744,703 | 2,128 | 0.49 | % | 1,526,978 | 2,730 | 0.72 | % | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Noninterest-bearing deposits |
515,851 | 425,089 | ||||||||||||||||||||||
Other liabilities |
33,621 | 33,761 | ||||||||||||||||||||||
Shareholders equity |
220,366 | 203,535 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,514,541 | $ | 2,189,363 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest rate spread |
4.17 | % | 4.12 | % | ||||||||||||||||||||
Net interest income/net interest margin (FTE) |
25,101 | 4.30 | % | 21,787 | 4.31 | % | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
FTE adjustment |
(65 | ) | (83 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income (not FTE) |
$ | 25,036 | $ | 21,704 | ||||||||||||||||||||
|
|
|
|
Net interest income (FTE) during the first quarter of 2012 increased $3,314,000 (15.2%) from the same period in 2011 to $25,101,000. The increase in net interest income (FTE) was due to a $131,205,000 (9.4%) increase in average balance of loans and a 31 basis point increase in average yield on loans, both of which are mainly due to the Citizens acquisition in September 2011. Also contributing to the increase in net interest margin during this first quarter of 2012 was a 17 basis point decrease in the cost of deposits from 0.39% during the three months ended March 31, 2011 to 0.22% during the three months ended March 31, 2012. Despite these positive factors noted above, the Companys ability to deploy excess deposits into some interest-earning asset other than short-term low-yield interest-earning cash at the Federal Reserve Bank has been limited. This limitation is the result of weak loan demand and investment yields that have been unattractive given their interest rate risk profile.
The Company provided $3,996,000 for loan losses in the first quarter of 2012 versus $5,429,000 in the fourth quarter of 2011 and $7,001,000 in the first quarter of 2011. In accordance with industry guidance, related to real estate 1-4 family junior lien mortgages, issued by bank regulators during the first quarter of 2012, $6,541,000 of performing junior liens were reclassified from a Pass rating to a rating of Special Mention due to concerns regarding the performance of the associated priority liens. This reclassification resulted in additional provisions for loan losses of $1,596,000.
The allowance for loan losses decreased $462,000 from $45,914,000 at December 31, 2011 to $45,452,000 at March 31, 2012. The decreases in provision for loan losses and in the allowance for loan and lease losses during the first quarter of 2012 were primarily the result of a decrease in nonperforming loans that was partially offset by the increased provision related to real estate 1-4 family junior lien mortgages noted above.
The following table presents the key components of noninterest income for the periods indicated:
Three months ended March 31, |
||||||||||||||||
(in thousands) | 2012 | 2011 | $ Change | % Change | ||||||||||||
Service charges on deposit accounts |
$ | 3,527 | $ | 3,430 | $ | 97 | 2.8 | % | ||||||||
ATM fees and interchange |
1,819 | 1,645 | 174 | 10.6 | % | |||||||||||
Other service fees |
603 | 406 | 197 | 48.5 | % | |||||||||||
Mortgage banking service fees |
372 | 361 | 11 | 3.0 | % | |||||||||||
Change in value of mortgage servicing rights |
(369 | ) | (60 | ) | (309 | ) | 515.0 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total service charges and fees |
5,952 | 5,782 | 170 | 2.9 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gain on sale of loans |
1,650 | 725 | 925 | 127.6 | % | |||||||||||
Commission on NDIP |
819 | 360 | 459 | 127.5 | % | |||||||||||
Increase in cash value of life insurance |
450 | 450 | | 0.0 | % | |||||||||||
Change in indemnification asset |
(353 | ) | 1,692 | (2,045 | ) | (120.9 | %) | |||||||||
(Loss) gain on sale of foreclosed assets |
(358 | ) | 200 | (558 | ) | (279.0 | %) | |||||||||
Other noninterest income |
105 | 141 | (36 | ) | (25.5 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other noninterest income |
$ | 2,313 | $ | 3,568 | (1,255 | ) | (35.2 | %) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest income |
$ | 8,265 | $ | 9,350 | ($ | 1,085 | ) | (11.6 | %) | |||||||
|
|
|
|
|
|
|
|
Noninterest income decreased $1,085,000 (11.6%) to $8,265,000 in the three months ended March 31, 2012 when compared to the three months ended March 31, 2011. The decrease in noninterest income was primarily due to a $2,045,000 decrease in change in indemnification asset to a negative $353,000, and a $558,000 decrease in gain on sale of foreclosed assets, that were partially offset by a $925,000 increase in gain on sale of loans, and a $459,000 increase in commissions on sale of nondeposit investment products (NDIP). The decrease in change in indemnification offset is further offset by a reduced provision for loan losses and increased interest income related to covered loans, and is related to improved credit metrics of covered loans. The increase in gain on sale of loans is due to increased residential real estate loan refinance activity and our focus to service that activity. The increase in commissions on sale of NDIP is due to our application of additional resources in that area.
Salary and benefit expenses increased $1,969,000 (18.2%) to $12,762,000 during the three months ended March 31, 2012 compared to the three months ended March 31, 2011. Base salaries increased $1,155,000 (16.5%) to $8,159,000 during the three months ended March 31, 2012. The increase in base salaries was mainly due to a 9.1% increase in average full time equivalent staff to 731 and annual merit increases when compared to the three months ended March 31, 2011. The increase in full time equivalent staff is mainly due to Citizens acquisition on September 23, 2011. Incentive and commission related salary expenses increased $459,000 (50.1%) to $1,375,000 during three months ended March 31, 2012 due primarily to increases in production related incentives and incentives tied to net income. Benefits expense, including retirement, medical and workers compensation insurance, and taxes, increased $355,000 (12.4%) to $3,228,000 during the three months ended March 31, 2012 primarily due to the increase in average full time equivalent staff noted above.
Other noninterest expenses increased $1,275,000 (14.4%) to $10,153,000 during the three months ended March 31, 2012 when compared to the three months ended March 31, 2011. Changes in the various categories of other noninterest expense are reflected in the table below. The changes are indicative of the Citizens acquisition, and the economic environment which has led to increases, or fluctuations, in professional loan collection expenses, provision for foreclosed asset losses, and foreclosed asset expenses.
The following table presents the key components of the Companys noninterest expense for the periods indicated:
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in thousands) | 2012 | 2011 | $ Change | % Change | ||||||||||||
Salaries |
$ | 8,159 | $ | 7,004 | $ | 1,155 | 16.5 | % | ||||||||
Commissions and incentives |
1,375 | 916 | 459 | 50.1 | % | |||||||||||
Employee benefits |
3,228 | 2,873 | 355 | 12.4 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total salaries and benefits expense |
12,762 | 10,793 | 1,969 | 18.2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Occupancy |
1,716 | 1,460 | 256 | 17.5 | % | |||||||||||
Equipment |
1,117 | 921 | 196 | 21.3 | % | |||||||||||
Change in reserve for unfunded commitments |
(190 | ) | 50 | (240 | ) | |||||||||||
Data processing and software |
1,429 | 852 | 577 | 67.7 | % | |||||||||||
Telecommunications |
555 | 406 | 149 | 36.7 | % | |||||||||||
ATM network charges |
567 | 482 | 85 | 17.6 | % | |||||||||||
Professional fees |
423 | 287 | 136 | 47.4 | % | |||||||||||
Advertising and marketing |
498 | 432 | 66 | 15.3 | % | |||||||||||
Postage |
256 | 216 | 40 | 18.5 | % | |||||||||||
Courier service |
189 | 208 | (19 | ) | (9.1 | %) | ||||||||||
Intangible amortization |
53 | 85 | (32 | ) | (37.6 | %) | ||||||||||
Operational losses |
116 | 109 | 7 | 6.4 | % | |||||||||||
Provision for foreclosed asset losses |
83 | 449 | (366 | ) | (81.5 | %) | ||||||||||
Foreclosed asset expense |
525 | 167 | 358 | 214.4 | % | |||||||||||
Assessments |
606 | 867 | (261 | ) | (30.1 | %) | ||||||||||
Other |
2,210 | 1,887 | 323 | 17.1 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other noninterest expense |
10,153 | 8,878 | 1,275 | 14.4 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest expense |
$ | 22,915 | $ | 19,671 | $ | 3,244 | 16.5 | % | ||||||||
|
|
|
|
|
|
|
|
In addition to the historical information contained herein, this press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Companys actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, interest rate fluctuations, economic conditions in the Companys primary market area, demand for loans, regulatory and accounting changes, loan losses, expenses, rates charged on loans and earned on securities investments, rates paid on deposits, competition effects, fee and other noninterest income earned as well as other factors detailed in the Companys reports filed with the Securities and Exchange Commission which are incorporated herein by reference, including the Form 10-K for the year ended December 31, 2011. These reports and this entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Companys business. Any forward-looking statement may turn out to be wrong and cannot be guaranteed. The Company does not intend to update any of the forward-looking statements after the date of this release.
TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 37-year history in the banking industry. It operates 41 traditional branch locations and 27 in-store branch locations in 23 California counties. Tri Counties Bank offers financial services and provides a diversified line of products and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 76 ATMs and a 24-hour, seven days-a-week telephone customer service center. Brokerage services are provided by the Banks investment services affiliate, Raymond James Financial Services, Inc. For further information please visit the Tri Counties Bank web site at http://www.tricountiesbank.com.
TRICO BANCSHARES CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except share data)
Three months ended | ||||||||||||||||||||
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
||||||||||||||||
Statement of Income Data |
||||||||||||||||||||
Interest income |
$ | 27,164 | $ | 29,609 | $ | 24,472 | $ | 24,467 | $ | 24,434 | ||||||||||
Interest expense |
2,128 | 2,329 | 2,465 | 2,714 | 2,730 | |||||||||||||||
Net interest income |
25,036 | 27,280 | 22,007 | 21,753 | 21,704 | |||||||||||||||
Provision for loan losses |
3,996 | 5,429 | 5,069 | 5,561 | 7,001 | |||||||||||||||
Noninterest income: |
||||||||||||||||||||
Service charges and fees |
5,952 | 6,457 | 5,584 | 6,121 | 5,782 | |||||||||||||||
Other income |
2,313 | 4,032 | 9,139 | 2,130 | 3,568 | |||||||||||||||
Total noninterest income |
8,265 | 10,489 | 14,723 | 8,251 | 9,350 | |||||||||||||||
Noninterest expense: |
||||||||||||||||||||
Base salaries net of deferred loan origination costs |
8,159 | 8,071 | 7,478 | 7,198 | 7,004 | |||||||||||||||
Incentive compensation expense |
1,375 | 188 | 1,850 | 783 | 916 | |||||||||||||||
Employee benefits and other compensation expense |
3,228 | 2,506 | 2,602 | 2,734 | 2,873 | |||||||||||||||
Total salaries and benefits expense |
12,762 | 10,765 | 11,930 | 10,715 | 10,793 | |||||||||||||||
Other noninterest expense |
10,153 | 11,311 | 8,943 | 9,380 | 8,878 | |||||||||||||||
Total noninterest expense |
22,915 | 22,076 | 20,873 | 20,095 | 19,671 | |||||||||||||||
Income before taxes |
6,390 | 10,264 | 10,788 | 4,348 | 4,382 | |||||||||||||||
Net income |
$ | 3,931 | $ | 6,549 | $ | 6,470 | $ | 2,771 | $ | 2,800 | ||||||||||
Share Data |
||||||||||||||||||||
Basic earnings per share |
$ | 0.25 | $ | 0.41 | $ | 0.40 | $ | 0.17 | $ | 0.18 | ||||||||||
Diluted earnings per share |
$ | 0.25 | $ | 0.41 | $ | 0.40 | $ | 0.17 | $ | 0.17 | ||||||||||
Book value per common share |
$ | 13.71 | $ | 13.55 | $ | 13.19 | $ | 12.82 | $ | 12.72 | ||||||||||
Tangible book value per common share |
$ | 12.66 | $ | 12.49 | $ | 12.14 | $ | 11.82 | $ | 11.71 | ||||||||||
Shares outstanding |
15,978,958 | 15,978,958 | 15,978,958 | 15,978,958 | 15,860,138 | |||||||||||||||
Weighted average shares |
15,978,958 | 15,978,958 | 15,978,958 | 15,922,228 | 15,860,138 | |||||||||||||||
Weighted average diluted shares |
16,042,765 | 16,015,312 | 16,006,358 | 15,953,572 | 16,023,589 | |||||||||||||||
Credit Quality |
||||||||||||||||||||
Nonperforming originated loans |
$ | 70,764 | $ | 75,775 | $ | 74,324 | $ | 73,720 | $ | 71,053 | ||||||||||
Total nonperforming loans |
82,575 | 85,731 | 85,067 | 73,720 | 71,053 | |||||||||||||||
Guaranteed portion of nonperforming loans |
218 | 3,061 | 3,287 | 3,496 | 3,736 | |||||||||||||||
Foreclosed assets, net of allowance |
14,789 | 16,332 | 17,870 | 9,337 | 8,983 | |||||||||||||||
Loans charged-off |
4,922 | 5,340 | 4,428 | 5,230 | 7,049 | |||||||||||||||
Loans recovered |
464 | 525 | 697 | 407 | 701 | |||||||||||||||
Selected Financial Ratios |
||||||||||||||||||||
Return on average total assets |
0.63 | % | 1.04 | % | 1.17 | % | 0.51 | % | 0.51 | % | ||||||||||
Return on average equity |
7.14 | % | 12.19 | % | 12.41 | % | 5.39 | % | 5.50 | % | ||||||||||
Average yield on loans |
6.53 | % | 6.94 | % | 6.24 | % | 6.24 | % | 6.22 | % | ||||||||||
Average yield on interest-earning assets |
4.66 | % | 5.12 | % | 4.82 | % | 4.84 | % | 4.84 | % | ||||||||||
Average rate on interest-bearing liabilities |
0.49 | % | 0.53 | % | 0.64 | % | 0.71 | % | 0.72 | % | ||||||||||
Net interest margin (fully tax-equivalent) |
4.30 | % | 4.71 | % | 4.34 | % | 4.31 | % | 4.31 | % | ||||||||||
Supplemental Loan Interest Income Data: |
||||||||||||||||||||
Discount accretion PCI cash basis loans |
18 | 418 | 28 | | | |||||||||||||||
Discount accretion PCI other loans |
776 | 949 | 223 | 185 | 136 | |||||||||||||||
Discount accretion PNCI loans |
1,286 | 1,738 | | | | |||||||||||||||
Regular interest Purchased loans |
3,420 | 3,651 | 978 | 872 | 835 | |||||||||||||||
All other loan interest income |
19,429 | 20,491 | 20,758 | 20,678 | 20,751 | |||||||||||||||
Total loan interest income |
24,929 | 27,247 | 21,987 | 21,735 | 21,722 |
TRICO BANCSHARES CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands)
Three months ended | ||||||||||||||||||||
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
||||||||||||||||
Balance Sheet Data |
||||||||||||||||||||
Cash and due from banks |
$ | 681,760 | $ | 637,275 | $ | 522,636 | $ | 391,054 | $ | 406,294 | ||||||||||
Securities, available-for-sale |
212,157 | 229,223 | 257,300 | 264,992 | 279,824 | |||||||||||||||
Federal Home Loan Bank Stock |
10,508 | 10,610 | 11,124 | 9,199 | 9,133 | |||||||||||||||
Loans held for sale |
5,869 | 10,219 | 10,872 | 4,379 | 2,834 | |||||||||||||||
Loans: |
||||||||||||||||||||
Commercial loans |
129,906 | 139,131 | 154,257 | 140,531 | 131,242 | |||||||||||||||
Consumer loans |
419,539 | 406,330 | 400,627 | 382,864 | 388,142 | |||||||||||||||
Real estate mortgage loans |
924,336 | 965,922 | 978,492 | 828,757 | 823,563 | |||||||||||||||
Real estate construction loans |
37,304 | 39,649 | 42,251 | 43,910 | 44,713 | |||||||||||||||
Total loans, gross |
1,511,085 | 1,551,032 | 1,575,627 | 1,396,062 | 1,387,660 | |||||||||||||||
Allowance for loan losses |
(45,452 | ) | (45,914 | ) | (45,300 | ) | (43,962 | ) | (43,224 | ) | ||||||||||
Foreclosed assets |
14,789 | 16,332 | 17,870 | 9,337 | 8,983 | |||||||||||||||
Premises and equipment |
19,814 | 19,893 | 19,717 | 20,142 | 18,552 | |||||||||||||||
Cash value of life insurance |
50,853 | 50,403 | 51,891 | 51,441 | 50,991 | |||||||||||||||
Goodwill |
15,519 | 15,519 | 15,519 | 15,519 | 15,519 | |||||||||||||||
Intangible assets |
1,248 | 1,301 | 1,353 | 475 | 495 | |||||||||||||||
Mortgage servicing rights |
4,784 | 4,603 | 4,238 | 4,818 | 4,808 | |||||||||||||||
FDIC indemnification asset |
3,405 | 4,405 | 4,473 | 4,545 | 6,689 | |||||||||||||||
Accrued interest receivable |
7,095 | 7,312 | 7,397 | 6,549 | 6,941 | |||||||||||||||
Other assets |
39,474 | 43,384 | 33,750 | 41,634 | 40,239 | |||||||||||||||
Total assets |
2,532,908 | 2,555,597 | 2,488,467 | 2,176,184 | 2,195,738 | |||||||||||||||
Deposits: |
||||||||||||||||||||
Noninterest-bearing demand deposits |
564,143 | 541,276 | 469,630 | 419,391 | 427,116 | |||||||||||||||
Interest-bearing demand deposits |
488,573 | 431,565 | 425,281 | 401,040 | 406,060 | |||||||||||||||
Savings deposits |
724,449 | 797,182 | 788,276 | 618,413 | 608,582 | |||||||||||||||
Time certificates |
392,581 | 420,513 | 437,036 | 397,887 | 418,154 | |||||||||||||||
Total deposits |
2,169,746 | 2,190,536 | 2,120,223 | 1,836,731 | 1,859,912 | |||||||||||||||
Accrued interest payable |
1,587 | 1,674 | 1,815 | 1,865 | 2,044 | |||||||||||||||
Reserve for unfunded commitments |
2,550 | 2,740 | 2,640 | 2,640 | 2,690 | |||||||||||||||
Other liabilities |
29,675 | 30,427 | 28,808 | 29,561 | 30,262 | |||||||||||||||
Other borrowings |
69,074 | 72,541 | 82,919 | 59,234 | 57,781 | |||||||||||||||
Junior subordinated debt |
41,238 | 41,238 | 41,238 | 41,238 | 41,238 | |||||||||||||||
Total liabilities |
2,313,870 | 2,339,156 | 2,277,643 | 1,971,269 | 1,993,927 | |||||||||||||||
Total shareholders equity |
219,038 | 216,441 | 210,824 | 204,915 | 201,811 | |||||||||||||||
Accumulated other comprehensive gain |
3,658 | 3,811 | 3,468 | 2,644 | 1,086 | |||||||||||||||
Average loans |
1,527,536 | 1,570,648 | 1,410,151 | 1,393,989 | 1,396,331 | |||||||||||||||
Average interest-earning assets |
2,334,842 | 2,320,205 | 2,037,348 | 2,028,429 | 2,024,285 | |||||||||||||||
Average total assets |
2,514,541 | 2,513,634 | 2,207,800 | 2,192,651 | 2,189,363 | |||||||||||||||
Average deposits |
2,149,212 | 2,149,422 | 1,865,399 | 1,852,800 | 1,851,606 | |||||||||||||||
Average total equity |
$ | 220,366 | $ | 214,979 | $ | 208,560 | $ | 205,763 | $ | 203,535 | ||||||||||
Total risk based capital ratio |
14.3 | % | 13.9 | % | 13.5 | % | 14.6 | % | 14.5 | % | ||||||||||
Tier 1 capital ratio |
13.0 | % | 12.7 | % | 12.2 | % | 13.3 | % | 13.2 | % | ||||||||||
Tier 1 leverage ratio |
9.5 | % | 9.5 | % | 10.5 | % | 10.4 | % | 10.3 | % | ||||||||||
Tangible capital ratio |
8.0 | % | 7.9 | % | 7.8 | % | 8.7 | % | 8.5 | % |
!)YZL@TT>+R!W$VE`HR[@C-ZV?J*NHMVJGJH= MNH0Y05X`!'\_02P\/W%;D7E7W-$Q3$S:F/,-4&)-><_9B7;IG84*ALUB@JW9 MN'9?IA;58A*="/*Y'V$^U5RJ4Z+=0H@QV;E,X$.'+-<-0-C.QJ;L52RT[CG)V9;1;*=+KM%&"LC M"2)T1:.5&:PF4;F.!!^Z(ZAT%A]L)\D'B=P?L8V :B[[B?:U@;'5VB M4*/,NRQULI&+JQ7;#').$A]MT5K+1JJ93E'M.!0'TUZ"8C=YS';"]C47@Z9W M&92D:C'[BJ,MD;%2S6LR,O\`7*H@V@'1WRQ6HZL3^Q9F@@0_J/N#^0>@Q"P\ M@SB<>8)?[AW&ZFL1%&:V61I["+EVCIK>K#8HR/;R;EA7Z4G\Q-ODQ:.2]K@R M:343`8ON`("'0>#V(>0]L/Y&=SR.UK;A%YK=6QQ5[#:6]CNE'CZS6EV5:(52 M1(11.Q2CT@G24**(G2(*FNF@:#T$4;;>3XE8W]NS;X,P*%W- *@DZ*\^4^Z<)?0_NZ_\`I=`Y7%+1ZD1&N(WVTHH\:S6CP*4$DDX\S5,[ M4"E'0$TR-A+H'V`'00<;T?(YXL-D-PD, -1N_O:+&``,!3F$@#]N MG03H;(>3_9!R'PCJ2VK9TK-\F8MDD^L%!=*#!Y$K;=;3128J<@)'X(D[B@=9 MN+AN0QBE,H!A`.@W]Z!8KRZ_P:,@?OWP/^U#KH$K_& GG#/FZ:YN MZ=0UMIMVJ$,$9#NYV;LML?9-Q+,LJW!Q;7L!S*.HN">+$!11%+M0,`G`=`$& M\E/,GXKR2AVJ5-W1+117?M%E?[N*X10[3N`!=A'FNWN`;3403%3N'\NO033[ M!^7'8=R3LG@;7 !DW M=NE573UPFDF1-(YS*'```1'H%XLH>7-Q#X\DI"(@[+G'*+IG]U!_0\7HK5U^ M;N+ZH3$[9(94$^TPZ#\N(ZAIIT'A:;YB7%#8IAO%V")W)4MNY5112F9+&( M1J!U5`3,I(&C;>H[:MDBCW&.5)3T#X=`Q'M7W@[;-Z^,&.8=L&7*EENB.U/E M7,C6WY57L'*%(!G$+8XA8$I.#EFIM2G1<)$[A*(D$Y=#"$?6Z/GSXS-G6;[I MMWSSF>5J^4Z`K'(V>#:U"5E$6*LK&-)AD4KUL/LJBHP?)G]/AW=!WF;.=SB\ MP!AO'6:,@;FZO],RQC^!R;C^D5TOZQ9/L%3LC!*2BG(TV-64<1#E9JN411?J MM3%$=/CT$73'S'.*)U8`C'%=W/,(11R*);$KB^!4(0AA`J;IQ&(W8SI)'N]3 M=ICG*4-0*(^G0,2[3-Y6VK?)BEEF?:]E:MY5HCEQ]/>O81P)9&O3)$B*N(&R MP[@J4A"3#4#_`'DEB`!@#N3, @R]@ORO.)?.- MOK-#2M.:, 8FGR,:Q9!,0UBFP'W'C@A>\R1`#NU'T^ M`3Q;@]S>`=J>+I/-&XG*U0Q)C*)*A\U:K?)%8M%5G6@M&41;V8M M3-T_;N#?U1%NGZ>H^OIT'W4'S`.)*VNV["?5W#X_<.7/L_-V'%K!U#()&413 M(X<2,3;'BR1/[43Y<>TI!'U'0!#Q7D^YNQIN0X$&V=,.V-&W8QR=ES;W:Z M98VZ#ALE+P 1_D':C96;K.-(YK7729"ZE (?'KY_%PEGS?E%VU.8B#RAX MO25@7@E%(>Y*7G+'#'*B8IQ[3>P81$HAH'QZ#P50\Q7BAGY5*.GX?_3K@=TV03`=1.5-30/LZ!B/:MO!VU[V,8L\O[7\N M5/+E%<*@S=R-:?`J\@I4$BJK0MBB5BI2,)+-NX2G1<)$UT$2"8OWA"/O=#SZ M\9>SS-]UV\9WS1*5C*>/EX]O:(-M4)6418K2<:UEFA"O6P^TJ)V+U,XZ?#NT MZ#J]P/D)<5>W#&6.LEW7<6QL(Y3H58R93L?X]C?UPR6[IUOC4Y6#DI.M-':" M$"LNU4+W-WKINX3..@D]!$`R=Q?\Q&USEH3SBZVRPV4(N/P1(T=C97&2JW'5 MQ62+D!.V+02\4WCYJ:*;L)3W7OD.<#)B9/U-W=!CG>]Y`?L(M#R@9 QWA6(1R-::XL8A#E3G@;R49"1JP]X@9([WWDS%$%"%$.@CFJ_F,\ M4DS,HQLW`[EZJP<'*F2;=XTA)%FBJ==-,AGJ#"XG=(-@3,8YU"E4$@%T[?74 M`8?VI;T=L&][':64MKF9*?ERI`9%"25KD@4\I7I!5$JHQ=DA%P1E(212U$HD M72*4QBF[#'`->@R1F_.^'-MF-;%F'/.1ZIBG&-40(O/W.XRB47#L`4,)4404 M/W+.WBY@$$T$"*+J:#VD'0>@7$REY>O$IC^??5^MOL\94/'OA:J3M,QJR3JS MU$I#C\[%RDY98UX]2$Y2E*`M4Q$#"/IIH(=52?,)XEK,Z396!'1EEG0HIN MIC%D8_B2("5#M +9G>1@C)'L1CCV)K4RE-%BA\_\`-C8WB;3VP+_O3_'3UZ!83S1=VLUC MS:QM^VDUF9=Q2^?;Z^N][:MSB0DW0<:HE,VBEC$$#>S^NDC'KG#7M."`%$!` M1Z"N`8U:SR<6^G(VN3LA"QHE"1EV,0_=1;`3CH4'K]!N=JU$PCZ=YR]!.CP3 M;_(_`N9+5LFW"/G4]L `;2!/K^'\G7/'LDHEWBBX6JT\]BB M.T#&*45&[M%L55,VFAB'`0U`0Z"??(^XV5XNN&/#NT##D@YJVYWDWCG&Y+ PS@I@!;B)JEIGF<@ M_@ZW/3+")2^8E7L3#R$@TCF^NGO/W#1NJDU2U_[2ABAT#"WBU[L;)MKY9\.T M9&6.QH6YZ.L&%+]'K*G!@NJK#2-II3\[?W")FDV-M@F[9!40,=--\L4`^^/0 M6X'YM?7^CH%_N9C@.QYS#W/$%YMFXFXX,F,15J8JS!&O4.&N["9CYJ2^J.%7 M:,E8ZZJV=)KE(!#$4,`%`?0=?0*JS>QMS2VC;L<_;9T+0>Z(83R3/T)"V*QQ M(A:?1AU2$2DE8LCEX5BHX(H`F3!50"#J`&'H&Y=JWAU-MRNV';ON)_YVEZLI MG?!^+ /DFD0EP^B!(?K6@+XL6,Q['O>VF*G9W=H:Z=!T?F44/ M^ZMUQ38P^HC,?W<;;\E4/ZN9`&HROZH*8>KWU$6Q3J`W%]].]T4P,;L[M-1T MUZ"$GBFX(]WO+E6[O?<(6C%-!QAC:VDH5BN>3K%*HD2LRD/'V12*C*[7(B>L M#KMBIA!7W?ETVPG5$ON`8#:`[APS>,]8>+G=-$;J+9NAB,G32K73UZ17:0 M[C(A4MF8LT0?$GI-\1\)V:Z*FA/EB@8F@B.HZ`%:=%?XF8W]^K/]OT^@M.O( M[WYWG8MQ-IN,2S+JN98W"/*1@NL66-<&;2U5A)VL/9R[V&,4*`BF\&MP2L:F M )#BMS'R[[FY##-%M;"E5RKP:M\R_E*PI.I8E7KR[T6 MJ*J,>B87 (;MVV_++B$V0Q! 9ON6 M1+972XDGYFE,:HYK=\N3!#'M9=/(1O/RJ4BC"O9`9)8"./\`=MQT_(`(&[%= MF6Y#EPWHQ6$:99SSN4,F.+!?\D90R#*2$DG"5Z/507M=ZM3\0>RTB9-P_01( M0A5%%7#A(@`!1$2@X?:O"!J26.W9Z5OQL3S+"4:JLP;V?#\;'T!]+BBC[4>[ M>Q=LD;!'1J:P'U=$0 %+7[>@@%\NO\&G M('[]\#?M0ZZ"ORX7^+)YRX[K9S;BCEAMAN,J6*9S+5BM:D`K9WZD+!VJGU9: M-A8@KN/;N)19U<45">\X12]M(^I]=`$&P'1`=>P_0).8UR#N$XP-\3>QP MDA(TG.FU/-4I7+,TBI!9!M)/:-9EX.XU5RY3*" $,^*NX071*06R9S%4[@`I@UZ\0[ L3\G:V M,Y(%QMN'QQ:XNU5%MJ=))['%%VB*@%*8Z:_:)M"@'0:? M>35Z ,7:8ENRPY MN)M.9:]6KC6*IDJLW2EQ5:>Q,?:E%HV-M,/(0\M(HND`GC-VR[95,ADP<%,0 MY_O``>C\-'<5;*/R`9*VZ)2ZXTC..'IZ=>5]9^8K`EEQN4)IG.LHX5`3/+!& MG4;'4*43@V,(#Z?`(_?)0Y`+MO5Y*\R4\++)*86VR6.1PIC.G$D%#PK"8IZQ MXK(5E48)+*,AL,U<4'B*BX`*@-&R"0Z=I@Z"63C9\0"8W/[;<=;A-T^Y"P83 M?Y2@6=OJ^+J+1XZQS,?5)MDF[@G=KFIV7BDXV7=(*E6,T0;K@1,Q0%4!U#H) M`*]X5F+*#D.DY#IF^^^NE*5>ZC;VD#8\+5X$G*%;G8^968K3,?>1."KD6780 MX--`[O4!TU$(Z/-'S+D-]NEVQ;>W#^7:XPHF(75UCHLJAD8*=MEAD4HUU-*- M2.#INY2(81_RY%#D***;@Q2B('-T&(>!KQY-JW*=M8LN?LM;FK=7[E'9$G*6 MIBW&Z%=-(U%C"IM%6 R9VP M41A-TVX"&?F,F*;YS"4Z723(4X"H460_(@H*A/N@/N!V_'U^'0>D\A;:[#[* M_'`H>U:OVR2O4)@W(.W&A1EMF8UM$2 QS)PZ;-%U"F^\4BABA] M@]`CAQ)\6^3.6O ?W/5MO5TY/ MY<12:+,_UP7DCQHNP`IU@4!44_O`F`_ $/MM09))2V^3,LD_**@KO&F**=&-U0,H84P39'M4B='L3$"C MJL?N$!'TUT`(S>73Q3ZOL$V:Y#W;8.W-V[*AL3&A)"Y4"]4>'@CO*O(R[6)D M9B"G(67>@#V'^>(NHW71*FJW3.)5`.!2'#6GQ$=RM]Q3R@L<)QTU+CC7<'C: MWQ-LJB#D?I#FR55B2;JED7:*J>T1W$^VY2%0@>X=-QVCJ`!H&GODQ_C1;P_S MR]%_AY6>@V+XXO%WWI.VYR$*``3\@30YLVIW?Q:>+3>%-X\W&(9-SIOOM^&L*T* M;CJPI6%,8/H6#RJ[M=H@Q^I.GSYV2H3#TK5T \X9?EFRUHG:?K-FB42P>NVQK);K!*]^A5W290`# MK*G`H:B#7F>?"@PF.*IQ?;GNLR.3,,5!O'5=89)KE?6IENGV[(1:Q,H[BG+= M]6&LD[)I\PF5W[(F#N*)0$P`IGQ;;W\\\1O(A6)`\K,P$!#Y31Q)N6QH95V> M%M-2;V8*]:6CN,U*BK+0QB*.8QY[9E$52%,74AC%,#(?FQ9VO+RW;)\'Q$Q* MIX@DZ%<,O+)1[I9.MVVRR4VT@XMR]*BK\K++P$1%@JU$Y3>P61.8H_V@]!'C MP!<"&V+E@PSEC*68=S%BJ-IH]S:U)KBC':,&:QQ+!9E\ZA:;(I,F.L9I,B4Z M;0B"0DT2.)S@;M*(3]2GA2[(7+!=")W0[@HN0.4`;OW$13Y))`0$!$3LA*S! M;4OII[A>@FH8\-]!9<0\QQ&AFRW*4.6J:52-F$:M#EMB#5+(\7D7YDM:"3&) M46%W&`UT%P!?;.)OB&@@HQYN9Y8VZC901U[H0Y,$Y#-%"8I`1%T>\QGU7VQ* M/>*GW6_?W?`.W3TZ!O\`X3,$X+J7$3LHJ]-I%4<5;(NVRAV_(#5Q"QSQO;+E MD2KM9C(ZMA(X;'+*G>6&2=MU`6`X"B0"?U0TZ!$_R?\`AFJ/'AF2F[H]L]?+ M6MM.?I][%O*;&D4"-Q-EIHV4F5(>''W#G;5BTQ[==VQ2T*1FJW51*/:9,I0A M+WL7Z(W1[E,2Y53DDSR.<<6[=TLE32JJ8K. (]\[] M?7L4#41'41#:^NX"R'S'\N5;VW4)PZAJ\9Y5,/A,M42NX[&N#]O-/BZA9K&Q M2$3M4FZC2L/'S4AQ['$G)$*;4RPZA;![4-CVV+9;@RO[>L`8FJ-/QY#Q",=) MMTH=FYDKD[%I\K)3UUE'::[ZSS @2M\X M?_\`,?'M^[/86^5]W3O]CW@[^W73N]>@L"N@4]\QA0Y>*J&(4YBD5W#XW!0H";M4`J M4L W4?77H-(_+K_!HR!^_?`_[4.N@5W\+7 M\3[-O^2S(/\`&'!W06?O04LO.81-/ERW\D3(4A1W`60XE(4"E[SLXTYS:%T` M3'.83"/VB8>@L?I[E&P=Q0\,FT#/>7F,A;)N A#G$I1!3:S^6;S";D;J]A-J^&<>5,?F2. M&%3QKB.6S!8&T20ZJ21I=:PHV8XG<@ 6:+NIP_8X/;A=*J5MD:=>;<:K3D&M=5 ^K.MH-G(1)3+ID^\`D.'P]. M@U:\73\9C;9^BLB?LJ[Z#S/DU?C2;O\`](X^_AQ5^@LE^!C\(#8#_EUHO_#B M]!J5Y4_X*NY3_P`5X3_BO5N@2%\3$1+S.XB,4PE,&'-P@E$/00$,9RP@(#]@ M@/KT$,6[%()S?AN6;RAU7I9C=QF5&2.HJH*[L)#,=C(\,HN4P+"JN"QM3@(& MU-KKKT%WCA)FWC\,8B8-$@0:L<84)FV1`1$$F[:JQ***8"81$>Q,@!J/KZ=! MD_H%N?(>X0'_`"P8FI%[PI+P-8W38,;SJ=+_`%A,9G!9(JTT5NO(4*9E2'`D M.Y^H,47#)\HFL5`Y3D$H$5,/05J]EQ]R/\2V;%'4G&[@-H&68)P5LE9X%Y/5 M9I))"J8R23.SP3@:]8XU\5OW>R"ZQ%$A^^30=!!E#CM\Q? OPL?Q.,[?Y*KY_&;!G06>O04L'.-^+;OV]?_W[8_AK_P"Q MQ@:>OYN@L2<< O#I*E;-R"8"'-H405QMOEI ,J. M.,32V8;,6(266(F:74L*5F.=59-5/WW"3=LB"A/N%(`B`ABK>AR6>1AN!VFY M=Q_N@PQ9XO;C;Z [N^S\O03*!Y>/+AZ?\`\OX7T_=9D_U_^O\`PZ!7?/F$;NL+2->HN^:L1FY_&8 M.FK)_D2,:1U1S-7HP3H-_F@6B6;6N7(K!$3JJ@];`_=&*`?-`(Z]`^DVY.MF MSW8=( .$RZ]IRG$%MO,YV?2V3MI6#]W-8B%)*0VZ7ES4KRY13.JK&XZR4"; 5,>I@F!GQ;MBSMN\0UC%!#^Q>3?T52/U]"F3=&*80*(B`4R"[Z2* M#)HNNL08054&*8B!#,#&>*NUBIF(`&`WSBACZB(B!A].@L#_``I-IZ`5_=IO MBL< [1,`CH80Z!R'?1NX MQOL8VIYEW/93F&L57,9U&0D6*"ZZ"3JP6ERB9G5:Q$(K'(+Z7G)M5%%)!,#* M'`3"!1`H]!6A>-_@B_<@7- TH%((E"USZ`Z"E4YN(Q]# 1,HR6;N4S:'162,0P`)1#H$R?.$,4^8>/0Y# M%.0^,<_&(.,7;;F&OL74C&X7RM3T[@FV2.H6*KM]H[ MV(1GW@@42)LF]ACV+,3"(""KY/0!`1$`@)\3GDKP%L>W.YCQ1N5O,1C"@[C: MM7V-8R'9G36+I]=OE6D'+EJUM\Z[52;PD9.1CLZ"+I42MTW)2@J8A3=P!9*# MO+VD`Q&3' 1F(>+;J"V`/[,ZG8`! MIIT%MYQ,8,E]MG&QLNPM/H$:SE-P-3CS#,B1T3,Y.S-U;>^9+I*A[B;QDYGS M)+@/K[Q#=!$QY=?X-.0/W[X&_:AUT"G7A\96QCB3DJRW,Y3R%3, MP,7(NY:=F7GM]B+9JBJJ M/HE?5!(01 M4E"Q:C)LH)1[3+@/KZZ]`TWY7V.[1A+;9Q%X4?.I-2*H.$9Z(E4E4S$9%MT9 M#4]JX%4PD`"R#=-1=(I=0$4P'TZ"0;PF%<&I; LMPF1;E"IK%.BK^K&0[&\R#3W;=7O$54U*_8VIB*E-]X M0U]!U``M*N*SF'V4;O\`9]A6?+N`Q92 _9 M;QQ2['/QQI>#@K3 LI*,LB%:MT&F5PU%)X)3N?FTXYV#53_>I&26 M3#00,`@`]!55>2OM'X_MH>]"I5783.5YO&VJC/;!EW%-1LX6NLXHMR4L1I$1 M\2]%Y(+Q!9^+[USQBKA51J*/?J4BQ2@&=*?,7M_XEF88VRBY&H0>_P!Q\VQU M[H&]D(I[,N)&Q%:"*A@%/]:7+H3:`4`.(^@CZ]!ESPL?Q.,[?Y*KY_&;!G06 M>O04K_.-^+;OU_?]8_\`W*,Z"6WGK>64.+S@BCRG<_J<;;5-/%4^X_R?ZRE: MP**"@E[^SYGZ6=0`'MU[=?7[.@F*\) ,+XVXL]YU/OF6*#3K9D MC`=[JU#K$_;(B+G[I/R<8JV90M;B'#PC^8?.EQT*FBF?X:C\.@KSO%M_&9VX M_H/)'[)N^@\7Y,?XT6\/],43^'E8Z"Q9\=#\&_95^[I7\W_S5[T$0OFDX0F+ M?L9V_P";XB,6D6^(<[D@;&NW;'6-#0&0ZQ+()RKM `-W%CQ[0(/-R57L&.[YDYM!I4YM;:XD]9OH&8LDXT M%E6OJ,:L4S=5=PDW66+V#][M$0L0VN2]C[ZO_K6RN>V%U6`[`&?0EL8JQ`"H M"9DP^H$4%M]\JQ!#[WJ!@_+T&/9'=+QHPT]$U:4SGLSC;-.2,7$0D"\NN(&\ MO*RLVL5O#QL='J/"NG;Z3<&`C=),ACJG'0H"/0;.W;-&%<0O*[7,AY-QQC9] M/-'0U2$M=J@*JO+,8<6K=Y]#82;QD=VVC!=(D/[!1*E[A`'34.@_+9XO`^X" MI2=7MS/%N8*2]3.VE(:;)6;I!&!TV.0?=;.OGVR"QVYQ$B@`50OQ*("&H!5] M^41LSXY]HNY#%*>QB3J5:LU[K4M*9DPE1;,-FK=$=M7*:4%/MTU'THM6'-J( M98RD<=<=!2]Y,B::I"]!Z/9C+W=UXIG,5#RYG(T2)W![37%*!0#?+%EY3 -[R%Q>1\33M MECZS%3SV3P;FE&/<.*/EC'#]P)UZ)?DDDDX=Y(GCR@UF(I?M[E4OF&X%[4CD M!YCC@\EWC\W^T:/HN;[57=K^>)6,1@+-CG*LFU9T*UOY)N=B\-2+@^,$:_BG MP]YS-7XH+-D3E( ,99@X=,Y)HNV;E,FNDJH10H@8#"`Z]!8P<1'(9QY<1O"EMO?9\S MK4(S(5[B;9F&>Q#2Y*.N&59BSVJP/6+:/;U2+>F592*M<@&)S@_49E(7XC_5 M[@59Y/>5_>)Y`>Y7'FW+`^,;+%XJ"VBPPAMYJYEI:?L4R],D@-TR4_::,G\F MV;E$XG$J%MP,8-#=YS!8&\&7$K6>)O:0VQ_*N(FR;A +(!V; MF?0;*(PM*@G1TDW"]7I#1RJD@8_JN[7 [F; M+O2V./*5+6#)K=J]S'B:VS9ZR^7M$5'(,/UMI\J9B\:23B?0;I@Y9KG1$BI. M],X%^YT"_%,\7'FMGY-K7DL95JFM#)'$DE9,O(Q%?:$(8H"FJJP;OE$S'[]2 ME(B.H`/V]`T=SD\#&\KDAIW'=!X3LF(8N1VM;=7V+LE*7FU2\ PI3![8E'NU'0`8:Z"LN8^(%R: M-\P-+ZI>-M/TA#)K>VG2+>[$+L8M*UEF#`"7ZI`47/R0:]G=IW_=[OMZ"Q5R M_MVQON)V[VS;;FVO,[;CO(6/DZ) W0!ZP7.43-9&,D&Z;MDX*` M'0 I`V9ZBD(][MJHT(8`#^Q`=>@T7B?%TYGY5^UC381@HLCHQDQ?2V38UM& M-BD2.?5TLF1P9-,_9VAH0WWA`--.@=T\>SB(SIQU[1MQF!=YS+%UJ6SY=T92 M0JE3FUKK7E:@O45JU*PL\Z?Q,8W=*/DUS%.F1(R?:(Z&'X]!`!R.>'!F1GDF MT9!XY;W2[!B^P23V78X3RK//:_9Z&DN8[I6%@+B+.296B);J*>TR3=$1=E2( M`*K*FT$0B`:^+AS,OW;2)4P/`-D%G:30'+[(T42+:@=8$@=+G*544FB6O<8Q M2"($]=/LZ!D'A]\2=;;OEZE;E>0:Z4S(-GQY+1MGHV!:$)YRC-K7%K)O&$O? M;#*L6Y+2VC'92J-V3=N@A[Z0'5,H7M*`/&%``````*4```*```%````````` M`#H(8.?'87G/DAX[K?MCV[*4M/)LODS%]PCPOL^XK5=4C*A.J/I=-67:Q ++S,V>69Q#K"E5B".#B`2EFR;&MH=IH` M!WNG":#U5$!U^)4S=`T3PN>*A"[-,L4W=7O?O%8RWF*A+IS>.,1TM%5[BZE6 MCV%D"V.RRLNR0=7B:A3'!6-*1!JS;K&!8Z2BR21B!,US><1];Y<]K9@QI8SWG#EY?-%7D0SGE62D;*05F;-1(] BUCI&!,VJ#@$U@*84].@0 M#5\8'FWQ% M", M:I#&G#)IR`I)OEB-^X$Q*<=2AOCPO>-/OQX^^07$&Z+,]LP5*8^HK&V-YEG3 M;;-2D^HI-PBT Y,=U9>`9V^W3<984B0M1AH-T#]FUKC]!$3.X\XE[53:D$!]/7H&\.,C;7 M>]GNPK:YMFR:\@G]]PUB>M4BT/*T[7?03B6B&H(.5(QVY;M%W#4Q@^Z8R9!' M\G08+YL]D>6.0[CMS!M6PE(52+R+>IO'4C#O+K(NHNO)HU2\0MCD2NWK-F_7 M2448QYRIZ)&`3B`#H'0+D<%_CA[YN-WD0Q[NGSE:L'R^.JQ0LJ5N2:TBV34K M81D;E47<#$"W8/:['(*-RNW/N@ L["8>FBX:+AI$7ZX MMX\W80RJ)1,8NI@UZ!D+R-.#C>5R?Y'V[Y*VL6/%K<^(L (D$7L;(-(B6:F222CS`)%`(/<(>O0*@2_C"W(]EZV0KW N M5DUY^2/9'%^R(9LBX*#IDRK;%FW9(/G+8A@17#))G$IC)G#4.@;3Y$N$)2 M]<--4XO-AY*M6"TB]XSL<7)Y+F%XY*=&O3S^;NMGL %R1^*YR&[M=].Y[ Y[ M?&5&S%E"7N57:6.Y3S&<0BWS=HDBE)M&]8=H-W0&;CJ!5#A\/7H)[=UG`Y_S MG\0>U[8_DBX0=,W([6J%7/[O,D1`NI>I,+]%1"T1,1LF3V6K^5J%A8*BBH`% M(HD<"+%#N('0):N/&`YM<1W.0;T3'\,9VQ7!NWNF-LO%CV$BW]P#I+-GZ2<1 M(^R.A3B11,HD,'J&H=!O'B7P^>1/,%:O%VW29]H%-N@4RPR6/JB%MG T>,M[299TRW3 @\]S#^,I MOWWY\AF?MTV'[?@>-QYDU_675?96^W3D98$4XBJ0\*Y*_9-:X^01,+R/.)>U M4VI!`?3X=`V3Q,[4,C;(-@&W?;!EE[79'(&*JF>#L3RJ/%Y"`6=B^ IDB#K]G0;6;D-O&*-U^#LE;=\WU=I;\7Y6K#ZK6F%=%*!Q;N@* MHTDXUP)3'CYN$D$DGC%TGHHV=H)JD$#%#H*Z3>3X:V]''MUG9'9MDK'.=,4J MN7CR#C,@39J%DZ&CA.7Y.*D2)Q;RNV61*43=[AL9D0P``@D`ZZ!'L'C% 11,.XPE M`#!ZCT">,]XOO-C69-6*;XLA9LA$R*?4:SEUN[BE1,*A>Q-PJ1D NIR4M>P/FZXZV4,]=N':.)]PN\/`J*L*U]L#)Q\'D:J7*3^LJ*K M]P$!]&,@2)H!EC_U@"&V0XA,C,WKILTWM<4DHV06.FC(->3?9R@W>IE$0*NB MD^RNT=IIJ`&H`HFF<-?4`Z#=/;3P/80O4['O-TW,[Q1X*J1E$?K$?4]Z6",H M9&(D8$3G^08M[W&4\PD2$Q0,K+`/<`:%$OKT#X'#GM'X3]HOS=*X^<^[8MQ^ M?',(*ETR36<_X GYOYOAZ_T=!ST!T!T!T!T!T!T!T!T!T!T!T'__V3\_ ` end