0001193125-13-395018.txt : 20131009 0001193125-13-395018.hdr.sgml : 20131009 20131009110433 ACCESSION NUMBER: 0001193125-13-395018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131008 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131009 DATE AS OF CHANGE: 20131009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY BANCORP INC CENTRAL INDEX KEY: 0000812348 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 042498617 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15752 FILM NUMBER: 131142737 BUSINESS ADDRESS: STREET 1: 400 MYSTIC AVENUE CITY: MEDFORD STATE: MA ZIP: 01887 BUSINESS PHONE: 6173934606 MAIL ADDRESS: STREET 1: 400 MYSTIC AVE CITY: MEDFORD STATE: MA ZIP: 01887 8-K 1 d609618d8k.htm FORM 8-K Form 8-K

 

 

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: October 8, 2013

 

 

Century Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Massachusetts   0-15752   04-2498617

(State or other jurisdiction

of incorporation)

  

(Commission

File No.)

  

(IRS Employer

Identification No.)

 

400 Mystic Avenue

Medford, MA

   02155
(Address of principal executive offices)   (Zip Code)

(781) 391-4000

(Registrant’s telephone number, including area code)

 

 

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 2.02 Results of Operations and Financial Condition

The following information is furnished under Item 2.02 - “Results of Operations and Financial Condition” and such information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On October 8, 2013, Century Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing its earnings for the third quarter ended September 30, 2013 and the declaration of a regular quarterly dividend on Century Bancorp Inc.’s Class A and Class B common stock.

 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

99.1    Century Bancorp, Inc. press release dated October 8, 2013

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CENTURY BANCORP, INC.

/s/ William P. Hornby

William P. Hornby, CPA
Chief Financial Officer and Treasurer

Dated: October 9, 2013

EX-99.1 2 d609618dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:    William P. Hornby
   whornby@centurybank.com
Phone:    781-393-4630
Fax:    781-393-4071

CENTURY BANCORP, INC. ANNOUNCES INCREASED YEAR-TO-DATE EARNINGS FOR 2013, UP 5%; ASSET GROWTH OF 8.9% TO RECORD SIZE OF $3.4 BB; REGULAR DIVIDEND DECLARED

Medford, MA, October 8, 2013—Century Bancorp, Inc. (NASDAQ:CNBKA) (www.centurybank.com) (“the Company”) today announced net income of $15,021,000 for the nine months ended September 30, 2013, or $2.70 per Class A share diluted, an increase of 5.3% compared to net income of $14,261,000, or $2.57 per Class A share diluted, for the same period a year ago. Total assets increased 8.9% from $3.1 billion at December 31, 2012 to $3.4 billion at September 30, 2013. For the quarter ended September 30, 2013, net income totaled $5,519,000, or $0.99 per Class A share diluted, a decrease of 2.9% compared to net income of $5,682,000, or $1.02 per Class A share diluted, for the same period a year ago. The decrease in net income was primarily attributable to a decrease in prepayment penalties collected during the quarter ended September 30, 2013 compared to the same period last year.

Net interest income totaled $44.9 million for the nine months ended September 30, 2013 compared to $47.0 million for the same period in 2012. The 4.6% decrease in net interest income for the period is primarily due to $3.0 million of prepayment penalties collected during the first nine months of 2012 compared to $424,000 for the first nine months of 2013. The net interest margin decreased from 2.58% on a fully taxable equivalent basis in 2012 to 2.21% on the same basis for 2013. This was primarily the result of a decrease in asset yields. Also, interest expense decreased primarily as a result of the continued decline in market rates and there was a 13.6% increase in the average balances of earning assets, combined with a similar increase in average deposits.

The provision for loan losses decreased by $1.0 million from $3.3 million for the nine months ended September 30, 2012 to $2.3 million for the nine months ended September 30, 2013, primarily as a result of a lower level of charge-off activity and changes in portfolio composition. The Company capitalized on favorable market conditions for the first nine months ended September 30, 2013 and realized net gains on sales of investments of $2.7 million, as compared to $1.1 million for the same period in 2012. The Company’s effective tax rate decreased from 8.1% in 2012 to 5.6% in 2013 primarily as a result of an increase in tax-exempt income.

 

-more-

At September 30, 2013, total equity was $166.3 million compared to $180.0 million at December 31, 2012. The Company’s equity decreased primarily as a result of an increase in other comprehensive loss, net of taxes, and dividends paid, offset somewhat by earnings. Other comprehensive loss, net of taxes, increased as a result of an increase in unrealized losses on securities available-for-sale and securities transferred from available-for-sale to held-to-maturity. Unrealized losses increased as a result of increases in interest rates. During the third quarter of 2013, $987.0 million of securities available-for-sale with unrealized losses of $25.3 million were transferred to securities held-to-maturity. This was done in response to rising interest rates.

The Company’s leverage ratio stood at 6.54% at September 30, 2013, compared to 6.80% at December 31, 2012. The decrease in the leverage ratio is due to an increase in assets. Book value as of September 30, 2013 was $29.93 per share compared to $32.40 at December 31, 2012.

The Company’s allowance for loan losses was $21.3 million or 1.73% of loans outstanding at September 30, 2013, compared to $19.2 million or 1.73% of loans outstanding at December 31, 2012 and $18.7 million or 1.75% of loans outstanding at September 30, 2012. The increase in the allowance for loan losses was due to the increase in the size and composition of the loan portfolio as well as qualitative factors. Non-performing assets totaled $3.7 million at September 30, 2013, compared to $4.5 million at December 31, 2012 and $5.9 million at September 30, 2012.

The Company’s Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on the Company’s Class A common stock, and 6.00 cents ($0.06) per share on the Company’s Class B common stock. The dividends were declared payable November 15, 2013 to stockholders of record on November 1, 2013.

The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-five full-service branches in the Greater Boston area, offers a full range of Business, Personal and Institutional Services.

Century Bank and Trust Company is a member of the FDIC and is an Equal Housing Lender.

This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.

Century Bancorp, Inc. and Subsidiaries

Consolidated Comparative Statements of Condition (unaudited)

(in thousands)

 

     September 30,
2013		      December 31,
2012		  

Assets

      

Cash and Due From Banks

    $ 66,893       $ 53,646   

Federal Funds Sold and Interest-bearing Deposits In Other Banks

      66,596         98,637   

Short-term Investments

      9,611         17,367   

Securities Available-For-Sale (AFS)

      494,901         1,434,801   

Securities Held-to-Maturity

      1,374,712         275,507   

Federal Home Loan Bank of Boston stock, at cost

      17,692         15,146   

Loans:

      

Commercial & Industrial

      87,468         88,475   

Construction & Land Development

      32,750         38,618   

Commercial Real Estate

      666,166         576,465   

Residential Real Estate

      309,291         281,857   

Consumer and Other

      8,728         7,450   

Home Equity

      126,645         118,923   
  

 

 

     

 

 

  

Total Loans

      1,231,048         1,111,788   

Less: Allowance for Loan Losses

      21,250         19,197   
  

 

 

     

 

 

  

Net Loans

      1,209,798         1,092,591   

Bank Premises and Equipment

      23,355         23,899   

Accrued Interest Receivable

      6,076         5,811   

Goodwill

      2,714         2,714   

Other Assets

      88,735         66,090   
  

 

 

     

 

 

  

Total Assets

    $ 3,361,083       $ 3,086,209   
  

 

 

     

 

 

  

Liabilities

      

Demand Deposits

    $ 475,644       $ 438,429   

Interest Bearing Deposits:

      

Savings and NOW Deposits

      990,637         933,316   

Money Market Accounts

      870,298         653,345   

Time Deposits

      351,550         419,983   
  

 

 

     

 

 

  

Total Interest Bearing Deposits

      2,212,485         2,006,644   
  

 

 

     

 

 

  

Total Deposits

      2,688,129         2,445,073   

Borrowed Funds:

      

Securities Sold Under Agreements to Repurchase

      185,160         191,390   

Other Borrowed Funds

      241,144         195,144   
  

 

 

     

 

 

  

Total Borrowed Funds

      426,304         386,534   

Other Liabilities

      44,247         38,529   

Subordinated Debentures

      36,083         36,083   
  

 

 

     

 

 

  

Total Liabilities

      3,194,763         2,906,219   

Total Stockholders’ Equity

      166,320         179,990   
  

 

 

     

 

 

  

Total Liabilities & Stockholders’ Equity

    $ 3,361,083       $ 3,086,209   
  

 

 

     

 

 

  

Century Bancorp, Inc. and Subsidiaries

Consolidated Comparative Statements of Income (unaudited)

For the Quarter and Nine months ended September 30, 2013 and 2012

(in thousands)

 

     Quarter ended September 30,      Nine months ended September 30,  
     2013      2012      2013      2012  

Interest Income:

            

Loans

    $ 12,856       $ 14,494       $ 36,734       $ 39,114   

Securities Held-to-Maturity

      6,181         1,744         9,120         5,131   

Securities Available-for-Sale

      1,392         5,671         12,580         17,054   

Federal Funds Sold and Interest-bearing Deposits In Other Banks

      120         170         384         457   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Interest Income

      20,549         22,079         58,818         61,756   

Interest Expense:

            

Savings and NOW Deposits

      674         584         1,933         1,671   

Money Market Accounts

      681         581         1,795         1,811   

Time Deposits

      1,089         1,493         3,657         4,774   

Securities Sold Under Agreements to Repurchase

      89         94         268         274   

Other Borrowed Funds and Subordinated Debentures

      2,218         2,107         6,310         6,215   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Interest Expense

      4,751         4,859         13,963         14,745   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net Interest Income

      15,798         17,220         44,855         47,011   

Provision For Loan Losses

      750         1,250         2,250         3,250   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net Interest Income After

            

Provision for Loan Losses

      15,048         15,970         42,605         43,761   

Other Operating Income

            

Service Charges on Deposit Accounts

      2,064         1,977         6,040         5,887   

Lockbox Fees

      736         745         2,346         2,225   

Net Gain on Sales of Investments

      1,001         529         2,665         1,119   

Net Gain on Sales of Loans

      247         166         1,238         296   

Other Income

      726         688         2,140         2,185   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Operating Income

      4,774         4,105         14,429         11,712   

Operating Expenses

            

Salaries and Employee Benefits

      8,858         8,400         25,858         24,732   

Occupancy

      1,240         1,161         3,715         3,459   

Equipment

      554         627         1,746         1,754   

FDIC Assessment

      462         450         1,312         1,302   

Other

      2,881         3,070         8,491         8,712   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Operating Expenses

      13,995         13,708         41,122         39,959   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income Before Income Taxes

      5,827         6,367         15,912         15,514   

Income Tax Expense

      308         685         891         1,253   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net Income

    $ 5,519       $ 5,682       $ 15,021       $ 14,261   
  

 

 

     

 

 

     

 

 

     

 

 

  

Century Bancorp, Inc. and Subsidiaries

Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited)

(in thousands)

 

     September 30,
2013		     September 30,
2012		  

Assets

     

Cash and Due From Banks

    $ 57,997      $ 53,085   

Federal Funds Sold and Interest-Bearing Deposits in Other Banks

      183,057        212,417   

Securities Available-For-Sale (AFS)

      1,165,760        1,240,943   

Securities Held-to-Maturity (HTM)

      596,938        266,686   

Total Loans

      1,165,695        1,019,609   

Less: Allowance for Loan Losses

      20,172        17,748   
  

 

 

    

 

 

  

Net Loans

      1,145,523        1,001,861   

Unrealized (Loss)Gain on Securities AFS and HTM Transfers

      (177 )      17,631   

Bank Premises and Equipment

      23,591        22,490   

Accrued Interest Receivable

      6,139        6,124   

Goodwill

      2,714        2,714   

Other Assets

      78,513        68,339   
  

 

 

    

 

 

  

Total Assets

    $ 3,260,055      $ 2,892,290   
  

 

 

    

 

 

  

Liabilities

     

Demand Deposits

    $ 430,884      $ 385,440   

Interest Bearing Deposits:

     

Savings and NOW Deposits

      1,023,717        845,057   

Money Market Accounts

      769,667        657,614   

Time Deposits

      393,985        413,124   
  

 

 

    

 

 

  

Total Interest Bearing Deposits

      2,187,369        1,915,795   
  

 

 

    

 

 

  

Total Deposits

      2,618,253        2,301,235   

Borrowed Funds:

     

Securities Sold Under Agreements to Repurchase

      202,548        166,941   

Other Borrowed Funds

      186,771        181,620   
  

 

 

    

 

 

  

Total Borrowed Funds

      389,319        348,561   

Other Liabilities

      41,949        37,066   

Subordinated Debentures

      36,083        36,083   
  

 

 

    

 

 

  

Total Liabilities

      3,085,604        2,722,945   

Total Stockholders’ Equity

      174,451        169,345   
  

 

 

    

 

 

  

Total Liabilities & Stockholders’ Equity

    $ 3,260,055      $ 2,892,290   
  

 

 

    

 

 

  

Total Average Earning Assets - QTD

    $ 3,261,825      $ 2,813,626   
  

 

 

    

 

 

  

Total Average Earning Assets - YTD

    $ 3,111,450      $ 2,739,655   
  

 

 

    

 

 

  

Century Bancorp, Inc. and Subsidiaries

Consolidated Selected Key Financial Information (unaudited)

 

(in thousands, except share data)    September 30,
2013		     September 30,
2012		  

Performance Measures:

     

Earnings per average Class A share, diluted, quarter

    $ 0.99      $ 1.02   

Earnings per average Class A share, diluted, year-to-date

    $ 2.70      $ 2.57   

Return on average assets, year-to-date

      0.62 %      0.66 % 

Return on average stockholders’ equity, year-to-date

      11.51 %      11.25 % 

Net interest margin (taxable equivalent), quarter

      2.22 %      2.73 % 

Net interest margin (taxable equivalent), year-to-date

      2.21 %      2.58 % 

Efficiency ratio, year-to-date

      62.5 %      61.8 % 

Book value per share

    $ 29.93      $ 32.10   

Tangible book value per share

    $ 29.44      $ 31.61   

Tangible capital / tangible assets

      4.87 %      5.92 % 

Common Share Data:

     

Average Class A shares outstanding, diluted, quarter

      5,558,031        5,549,810   

Average Class A shares outstanding, diluted, year-to-date

      5,557,783        5,548,133   

Shares outstanding Class A

      3,578,404        3,561,804   

Shares outstanding Class B

      1,978,180        1,986,880   
  

 

 

    

 

 

  

Total shares outstanding at period end

      5,556,584        5,548,684   
  

 

 

    

 

 

  

Asset Quality and Other Data:

     

Allowance for loan losses / loans

      1.73 %      1.75 % 

Nonaccrual loans

    $ 3,745      $ 5,458   

Nonperforming assets

    $ 3,745      $ 5,858   

Loans 90 days past due and still accruing

    $ —        $ —     

Accruing troubled debt restructures

    $ 6,027      $ 2,227   

Net charge-offs, year-to-date

    $ 197      $ 1,166   

Leverage ratio

      6.54 %      6.95 % 

Tier 1 risk weighted capital ratio

      13.79 %      14.44 % 

Total risk weighted capital ratio

      15.04 %      15.69 % 

Total risk weighted assets

    $ 1,615,748      $ 1,421,173   
 GRAPHIC 3 g609618logo1.jpg GRAPHIC begin 644 g609618logo1.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`/P#(`P$1``(1`0,1`?_$`'4``0`#``,``P$````` M```````("0H&!PL!!`4"`0$`````````````````````$```!@("`@(!`P$& M!@,````"`P0%!@TKV!]$>K90K@$X?72Z] MC@HBE:?7VICV]9(68"H)1B)19$H6&?QVNDBHDW!H"E(E#L:1G!I*$TL6!\#( M)<7NK;]29W59I'6[6*J(W]QF4*:9)K"M:2!(^6?KPM>D\MK]F.-^'CS];65C M&?\`''`M\]?OV!.Q#M.W%7Z]7-4^N!=7Q&JY;9MAV%7T6GT7E#&G;#VQAC"- M"6YV')F`\U[EC\D*&`Q-@7XP3A@%@0,8R&TW@.`X#@.`X%)/8'[!/6]UN6H\ M43?,[G[]=C#'V:1NU:U;7CK+'-M1R)#ER84[F_KCV*&-[@Y-XBU&$YCE@\L@ MXLP8`A,!G(6`X#@.`X#@.`X#@.`X#@.!13[!G: M9UXI1_\`L?=[LHJB@BE99:DM@>U+<:ME-E*4)I9I2M+7K!Y.(+,# MDDUV4H2S<9*,'C(>=]TG]5%C]UVY;R);*798 M:VQ-I>WG\W!\]L=S3+!B7*<'X1I$RI4(!I@"B30]3?6;K8T2T_@S97^OVK5- MPAI;T9210[CA++()J_B+*`68ME,ZD21TELD7*<@^0QJUAN,"SG`,!#X#@.'; M369HOU8TS=&\TXK.K*F+:XVB9Y-(*YKV'1FQ;8N)%+3I$Z,[),4:!P99^H.`I;'M@>R0*0"2H7 M)(,P80").`$>`W!>PMVJ3W4SJ6JVP*BDSU3FRVYY%7-]>*HZXJ$$OKEK<8ZR MV99[TSN!>2E:15'VG)+)^1C&!E'.Y8L>!>/`8M=&NV?V#;FL&:Q?5VX-K-LK M(65V\LY+.H+?+=:JU1/*A)A387\=7IU401R1*E0FI&M:\@-3)C%)@BBAJ/J$ M`*_IIVA=LL/N"0.4[W?W,B]OPZ5.39)6E\N6RF1=')2Q.1J-V8W2&G/"9G;3 MFQR2C(.0#1!*+$#)8B_&/CP/01W=W9[0HOZ[NN^Q%71V4K.Q.$GBC,B2FD$)!Y`H>3\D%%_4#`0\X%BCFYG M9UM,[B86JQ=J=K+A4N1)24KK,)4.-,0#G%T69%^`V)D++'F<`/U^E.202 M`L&,8^(!_(*G?6LV=[6>Q7L-CZ.V=Y=GYEK= MKI&U5MW*QO=DO2V/RP_R8QUU7ST$X[PM3R>5J<*U"0"_?"!YQ\BP^`[W@&XNYVBOK0V7O!M'M!!E6U7[BN^>Q[3)AVOFR^V M>QUG/48D;*Q01/\`R2XSD`'EORSJ9>5#OQ'5M/<8Z2MR8D6N*<](@5"+/$'Y M@!G`:>-76GM$U,Z#^U?;7;ZY-LX3N'+'4U779MQ3J?XL2K8W"'*)LJ60Q1+) M')1F)'2Y_ECMC)J`!(%"1,GSCR``/`0^]6?L+["=Q^S%V@NQFWE]7-5T0UKM M&<+8;/)TZ/D8.?"9%7T:9%JMM4#RG-6(Q2,T9`Q8SD`L9SC./U\A^/WG=_>V MFP>],9TLZHK8LZ)QRL9J.KL2BB7=0FEFQEZO#D5'US8R+FG(C'&"1AQQ^VM@ M`#^A>L_)6B$,C\018;5.J_6'9O5_5.*Q_"S`_W9X'5 M/JH]P>EG7['MC]?=NI9_LYBWYO%;%AEP+F%Z>HJK-98Z?'5\*E2B.-SLZL8T MGQ"K;E!B<2,>5*D!AA(\%X-#9G&^_?JEL*T:VI*GMH45XVW;!.&$91F?)6/B/@9\O:;W> M)V\[-7FEZ\78X4V,X2S6Q789:LM9;+@U)D>3`#/#*,$,&,%X\#+ M8"OCCQG]0W+]96L%1=%O3HKL*S&9M8IY&:7=MFMJI",DA._R*Q#8P;(2("==P';G`(Q-R#G0W8K8647A? MBT@`SDZ"`XD+G:%K&C,$(/TD*FH![:E$+.,?D*R`?VBQC@;9/<(W;2:ZZ,57 MHW6ZU.Q2/:1\(_DS2SC_``OV6@:A-:EIS4!,F"`*5ODLR$T(R08\%FHT"LKQ MD/G'`I:]/ZQM':(O"^+2V`N>(1'96>#K?7;6ZMG5N>'&72=)8CX)9)U,,1-+ M2Y*'%Q?)"VLS<+!./DF)`:([("3,BX';ONC[SG3.\:%Z_HFX&XC],L(+SMHD MH9@25UBV`A.;*^:5(/L^LPR*0(*E:'/Q\9Q(L?KY!P.)^OKW(]9O4YUR7VML M]UF;WN/.K5?),OJF.PA^4.UA,S#&D+94[&T3D3;F%,L;2J#7$Q6>N7%FHSEJ M@84YV["G3"TU;6%08EAU9(SS9%,R&H80Y M,1L\%K!B-0MOS\?`"5.#.?EG]0O%]PG8QYN01&+X3D&C+!BO*I1HPD!SC`B,OAY?C&0YX&H_UD.MZ,:.=<];V MA(HBC0[&;:,C9 MI`()Q)6>!N6]5WHY!KS!F#LBVHAV2[XLZ/\`Y6N$%D:'(5=15G(D6<9L9Q;U M8,&(K!L=I4YPCP,.#6QB._N.7&@)#:QP'`C_1BQ[4J(%OO:T>CIAY@DK3*Z8B4M=TB?(_)91KZTS6&I%I@`9\9'AO) M\^//C@6D=37K-ZW=6FQ7_M$1=TYV&M%KAC]$84*7PV.1".PA1)_QDCW*6=M; M'!]7&2)0Q%GMQ9IBO("DBU1C`J_;U&(.&Y'68UK:U7$N:*O M+BKP368_-K*\J$ZMSBTB97I*J:Y1&%"Q,%060/*=0E/R,:=05]IP3`SJ)O1W MJH+E\U?858)K1@SS^.FU]CA#D(GSC^G^8;:*E*`SQ^GS^@6//Z_'^[@:>NM[ MJPI_J^U#D6K6NTSE(WJ7.4PE4EO&1M4<43MVGLE:PL[5*5#:D0IV,PF%MR1& M2VH#`&$!`E_J9&(TT0PI-I+T^]1JKV-K;8J7;3;`7*YP2UV&W7F)SAC@);/8 M3^QR,F5B22M<@;@N9R%X>R`F+?@+YG@$,.<\"^?L[T`;NS+5EYU/DEUS M^D8/+97%W^;N]$,/7?R`D]*0R*)&2B7'Y+#]AAB`L&<_6( M81!`WJ,]>W6SJ,MNS+LKJUK&N>>6#`TE=(7*QV:)-_\`#(]E[3OS\!@S'D*< MS*F2*VU"%0,P7^4I'@(?T&/R'U^Y_P!?ZG^X>85-9\@O:=419E3Q!S@*1V8X MPTSN,R&)+GH^1)43G&7)VCJA&YMCNN5"+5IUP/L*49`:4/X%Y`$>.JKU=P,[@^Q=P8'I+'T1",X9*PU,>6G*%]`#/L,,"*U<^F-HS$Z@L"'RZ_ MKEGUM35&U-C1<)[!$V=)7#>D>VQU=S(3761.S5^^/Z)O&WF+G-:XC2I5)N4P M"3LX,P$^^IOUR]8^IZ_I7L9`[=LVZ9Z^UTX5PQ"L=GB3]N[6YO[HR?Q MU$F-&ZNJ=G*2"&9GP!,,T.,?U,^`AG<_J):X;#[*V!L[]2,3XX1HH1+9E0@8\(Q?MY`2\^4Z0(`A_TXQP-.]U7O0&H%2_ M[DWE8,-I"FHHHBD1%*I2J"RQ*/C>W%!%HHUG*0%#(;DARY40F+$/`""0YQD8 M@`#D6`R@^ROW8:#O?7G;&GE$7C!MC[DV12Q5C3E4O*F>:Q2NXRPS2+S1TD\W MES&>O84YJPAAPC1-A)YB\\Y1]@P%$E"'D*'/6&Z.A;S6PBW8V8BPS=1Z0E(, MPJ*/2$S"'8&V6(XM20V#*4%X)<:T@:T)9SR+'R)<5X2V[_.7A<$L/44``!0` M%%``666`("RP!P````Q@(```'&`A`$./&,8_3&.!_7`U?-"&.3,Y"ES=$$;:R&0J'2]>\N M3ZFCCHLR$(2/QTB3!F?D`?D(5Y3[VJ+.UNMZJZWW6ZBMF=6&RU71&G9G>:3; M('U2RC>$#,ZO\;CC]5T52RX#"H<"\J4Z=P+,#D8`Y$$0P8$&PK&<"Q@6//C. M,9QYQG&?&<><><9QC.,\#YX#@.`X#@.`X%6_;SUIE=K>IN-5UEX/E$-8K&BU MB+I&R0]!-?WLV)(GPEMCSJT+GJ/B_:A.+N6L$(E4`S!R0K^W'G'`SP:U>E+J MU`IHTR;9K:RS+]CC2X`6F5U"X2V4VR2$DG/R+;I&_P")/.9,)N/%^AP&XYN4 M"#CP!0#SYX&RNKZNKNDZ\AU35)#(]7E:U^PH8Q"X5%&U.TQ^.L3:5@I(WMR% M,$)98`X\C&//R,.-$(PP0C!B%D.>)P14:=Y4V MWL<&Q4:".0L$4B#>[RWYPH,16*EN6>;O2*,8Q^YE"-[P'`RMK@\.RQ.W-32A5N;FX*S0DI$+>@3F*EJQ4W_<'N+T^Z^7??*,L$IFE(5")SL=FKZ/57'A-# M7&(0M;SWE00J4[*:LC$S8BY.[S>P']U6'KE;78&6@Q\193`&\)R419&2D1 M9P1!:AV_7IU3S&]43=MWVT;%0TB"1XB%MVDND%H25,L<9D>O5JG-TL=LI6.S M.3O4U=!G$HR$KHJ:B41)`"P@^8C#!!4QZT$UELM['.P.[:=NO9QFZPJ$KN5F MXBFS$^>98XCR[NH5D&4S1.J7+&!LE<GHF-NQ[>?&ZQI&)N4B;XG"I M$VUZU-8GV0E$X5(0K_@0$PY:;D`5D`/F7P):U-( M=Y?:!V0ON3Q3:&W-).J#7Z:CKV&M--+5<=L.[7\)(E:8UX7)EJ$I?(5;(80Z MN`G'*QM84SBC1IT2@\Q0IX$K+Y30SU8=.;YLN"[$WSN':P5OL?)E MLF2Q.6QYHD*EY>AI6A:D1+HVT$/65[F)(B0*EIY;'QI5VR;,5+ZNE_[2[!6;)Y=<#1-[(UBU9L>8.BYRG< MD42M'&HK#5QL@4F_NLA<:V=7M^5$K#CC%'XD?R6(S.2//`^]U2]+>[UWZO:T M[0=@O9)LM#*J:IE%-K8[K#_,96YI'."HUK-+_P!QO&<9PIE4N6(6XK_`.Q4'@8ONCUZ7Z(]4/9;WO7^(#G>.R+E8;K7CL]%X`LD MJM'*')JCV$X5N09$GLS926F`4@!D>!I6DDW'D(,<#A74?U>=EF_&AL]O[:/M M*V^_P![`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`W(0Z4OF-]]/>C"(_J9;>I4>ZK=1'QZ8%NR M]@RF=9E]C62T,BM,[?Q:(10.6V0#:#71``\"`U(0D/4%D85N?T`&2<'W.R_J M0O.[[9ZE^KS6O7V7,O59JNYQB77Q;)KQ%PM+RZ'.BHJ2#?4RA_1/S_+/XDW. MAAZTMNR%0\3`[./`0Y^(6`^S'NFGTBZJ[`@E?J"V6S-HLN( MWHX3]U.M.JMG$DW;P0R!.UP1B/*7='8C`N7-")<]U^[D9)&!U6M``&I\@%A6 ME"4(P)%5)"5OK=:O2?8B\TV-V^Y#LOM]E94-;1]V7K'*;S-]?\/CK!F![1M* MU[6Q^.N,B-7OSLG0X`Z/RQ`C(+"0%,;@-;.N4@O25TI7LGV5@D,J^[)`PIWB M=5S`9*NF,<@[DX9$I*C!4I7HFX;ZY,Z,PLE:H*)"E$L"9@@1A.`&##/#[/=` M=A&ZU$T)ICI/0TJL6$V%9B:=;!SYN>XFR1V/-414)$$#C#R)^D;2N6(#WYY/ M?%N"$Y^"L,R86/(L_'@1[[D.L_<.WM=.K[J$TPIZ4+M1J[6U>3LO?+>ZQ1HC MK&@AP6Z#-[@\-[J]HGEU5I"W!^ESD40E4!/7#1_#`C<9#@+7^WVL-DX+U,3; M4WK=HV13^?2VOXCJ]"XS"'"/L1M>TV$D]F<0)O<4*,_>C)&;4D&?7TN0K$.`F.&%:UJ;QF`!]P1FX"$>,!-/@.` )X#@.`X#@?__9 ` end