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) January 26, 2015
CSB Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Ohio | 0-21714 | 34-1687530 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
91 North Clay Street, P.O. Box 232, Millersburg, Ohio |
44654 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code (330) 674-9015
Not Applicable
(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 communication 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
On January 26, 2015, CSB Bancorp, Inc. issued a press release announcing its earnings for the three month period ended December 31, 2014. A copy of this press release and related financial tables are furnished herein as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press release and Quarterly Report for CSB Bancorp, Inc. for the quarter ended December 31, 2014.
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 hereunto duly authorized.
CSB Bancorp, Inc. | ||||||
By: | /s/ Paula J. Meiler | |||||
Paula J. Meiler | ||||||
Date: January 26, 2015 | Senior Vice President and Chief Financial Officer |
Exhibit 99.1
CSB BANCORP, INC. REPORTS FOURTH QUARTER EARNINGS
Fourth Quarter Highlights
Quarter Ended December 31, 2014 |
Quarter Ended December 31, 2013 |
|||||||
Diluted earnings per share |
$ | 0.53 | $ | 0.45 | ||||
Net Income |
$ | 1,439,000 | $ | 1,224,000 | ||||
Return on average common equity |
9.99 | % | 9.19 | % | ||||
Return on average assets |
0.92 | % | 0.82 | % |
Millersburg, Ohio January 26, 2015 CSB Bancorp, Inc. (CSBB) today announced fourth quarter 2014 net income of $1,439,000 or $.53 per basic and diluted share, as compared to $1,224,000 or $.45 per basic and diluted share for the same period in 2013.
Annualized returns on average common equity (ROE) and average assets (ROA) for the quarter were 9.99% and 0.92%, respectively, compared with 9.19% and 0.82% for the fourth quarter of 2013.
For the full year of 2014, the Company reported net income of $5.9 million or $2.15 per basic and diluted share, as compared to $5.2 million or $1.91 per basic and diluted share in 2013. Full year ROE and ROA were 10.60% and 0.97%, respectively, compared to 9.93% and 0.90% in 2013.
Eddie Steiner, President and CEO commented, Economic conditions for businesses and households continue to improve across the markets we serve. Loan demand softened in our commercial markets during the most recent quarter, with loan growth increases continuing within retail loan products. The very low interest rate environment continues to affect margins on earning assets. All things considered, we are pleased with the progress in our financial results for the quarter and the year as a whole.
Revenue, on a fully-taxable equivalent basis, totaled $6.1 million during the quarter, a 2% increase from the prior-year fourth quarter. Net interest income improved by $65 thousand as
compared to fourth quarter 2013, while other income increased $37 thousand attributable primarily to an increase in debit card interchange fees. Full year revenue of $24.5 million reflects a $954 thousand, or a 4%, increase as compared to full year 2013.
Non-interest expense amounted to $3.8 million during the quarter, a decrease of $205 thousand or 5% from fourth quarter 2013. The Companys fourth quarter efficiency ratio amounted to 61.3% as compared to 65.7% for the same quarter in the prior year. For the full year ended December 31, 2014, non-interest expense increased $234 thousand or 2% versus 2013, with the majority of the change attributable to increases in other expenses which were partially offset by a decrease in the new Ohio Financial Institutions tax that replaced the Ohio Franchise tax.
Net interest margin amounted to 3.43% for the quarter compared to 3.55% for the prior years fourth quarter. The margin decrease resulted from recognition of a purchase discount on a loan that paid off early in December 2013 resulting in a 0.13% favorable margin impact in the prior year quarter that did not recur during fourth quarter 2014. The net interest margin amounted to 3.56% for the full year in 2014 as compared to 3.51% for the prior full year. The margin increase on a year over year basis can be attributed to decreased interest rates on all liabilities and increased average loan and investment volumes.
Federal income tax provision totaled $637 thousand in fourth quarter 2014, compared to $520 thousand for the same quarter in 2013 reflecting an effective tax rate of 31% for current quarter versus 30% for the fourth quarter in 2013.
Average total assets during the quarter amounted to $622 million, an increase of $27 million or 5% above the same quarter of the prior year. Average loan balances of $409 million were $33 million or 9% above prior year fourth quarter, while average securities balances of $144 million decreased $2.9 million or 2% as compared to fourth quarter 2013.
Average commercial loan balances for the quarter, including commercial real estate, increased $27 million or 11% above year ago levels. Average residential mortgage balances increased by $9 million or 13% over the prior years quarter. The increase of mortgage balances was the result of the bank originating and retaining some 15 year fixed rate mortgages. Average home equity balances decreased $919 thousand or 2%, and average consumer credit balances increased $1 million or 14% versus the same quarter of the prior year.
Nonperforming assets totaled $3.9 million or 0.96% of total loans plus other real estate, a decrease from the $4.7 million or 1.14% of total loans plus other real estate at September 30, 2014. During first quarter 2014 a $2.9 million commercial relationship was placed on nonaccrual with an assigned specific reserve. The aforementioned commercial relationship was charged-down to estimated secured value during fourth quarter 2014. The charge-down of this single commercial relationship accounts for the reduction in nonperforming assets during the quarter. Delinquent loan balances as of December 31, 2014 amounted to 1.30% of total loans as compared to 1.26% at December 31, 2013.
Net loan charge-offs during fourth quarter 2014, as explained above, were $992 thousand compared to fourth quarter 2013 net loan charge-offs of $202 thousand. Net charge-offs for the twelve month period in 2014 amounted to 0.33% as compared to 0.09% of average loans for the twelve month period in 2013.
The Company funded $185 thousand in loan loss provision during the fourth quarter and the allowance for loan losses amounted to 1.07% of total loans on December 31, 2014. The ratio of the allowance for loan losses to nonperforming loans stood at 110.9% at December 31, 2014.
Average deposit balances grew by $17 million, or 4%, from the prior years fourth quarter. Average deposit balances for fourth quarter 2014 totaled $497 million. Within the deposit category, average noninterest-bearing account balances for the fourth quarter increased by $18 million, or 15% above the same period in the prior year. Average interest-bearing checking, money market and traditional savings balances increased $12 million or 5% from year ago levels, while average time deposit balances decreased $12 million or 9% during the year. In addition to the changes in average deposit balances, the average balance of securities sold under repurchase agreement during the fourth quarter grew by $2 million or 4% above the average for the same period in the prior year. The repurchase agreements, while considered short-term borrowings, are primarily tied to overnight customer sweep accounts.
Shareholders equity totaled $57.1 million on December 31, 2014 with 2.7 million common shares outstanding. The tangible equity to assets ratio amounted to 8.5% on December 31, 2014, as compared to 7.9% on December 31, 2013. The Company declared a common dividend of $.19 per share during the quarter. Based on the December 31, 2014 closing stock price of $22.00 per share, the Companys annual dividend yield approximates 3.5%.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $622 million as of December 31, 2014. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas and Stark counties and Trust offices located in Millersburg and Wooster, Ohio.
Forward-Looking Statement
This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Companys business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Companys periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.
Contact Information:
Paula J. Meiler, SVP & CFO
330-763-2873
paula.meiler@csb1.com
CSB BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands except per share data)
Quarters | ||||||||||||||||||||||||||||
EARNINGS |
2014 4th Qtr |
2014 3rd Qtr |
2014 2nd Qtr |
2014 1st Qtr |
2013 4th Qtr |
2014 12 months |
2013 12 months |
|||||||||||||||||||||
Net interest income FTE (a) |
$ | 5,060 | $ | 5,068 | $ | 5,115 | $ | 4,969 | $ | 5,000 | $ | 20,212 | $ | 19,190 | ||||||||||||||
Provision for loan losses |
185 | 123 | 150 | 185 | 210 | 643 | 840 | |||||||||||||||||||||
Other income |
1,061 | 1,077 | 1,159 | 953 | 1,024 | 4,250 | 4,318 | |||||||||||||||||||||
Other expenses |
3,787 | 3,770 | 3,848 | 3,677 | 3,992 | 15,082 | 14,848 | |||||||||||||||||||||
FTE adjustment (a) |
73 | 71 | 70 | 71 | 78 | 285 | 307 | |||||||||||||||||||||
Net income |
1,439 | 1,507 | 1,522 | 1,416 | 1,224 | 5,884 | 5,240 | |||||||||||||||||||||
Diluted earnings per share |
0.53 | 0.55 | 0.55 | 0.52 | 0.45 | 2.15 | 1.91 | |||||||||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||||||||||
Return on average assets (ROA) |
0.92 | % | 0.98 | % | 1.02 | % | 0.97 | % | 0.82 | % | 0.97 | % | 0.90 | % | ||||||||||||||
Return on average common equity (ROE) |
9.99 | % | 10.64 | % | 11.09 | % | 10.70 | % | 9.19 | % | 10.60 | % | 9.93 | % | ||||||||||||||
Net interest margin FTE (a) |
3.43 | % | 3.53 | % | 3.66 | % | 3.63 | % | 3.55 | % | 3.56 | % | 3.51 | % | ||||||||||||||
Efficiency ratio |
61.34 | % | 60.81 | % | 62.14 | % | 61.55 | % | 65.70 | % | 61.46 | % | 63.01 | % | ||||||||||||||
Number of full-time equivalent employees |
167 | 168 | 161 | 160 | 157 | |||||||||||||||||||||||
MARKET DATA |
||||||||||||||||||||||||||||
Book value/common share |
$ | 20.97 | $ | 20.55 | $ | 20.18 | $ | 19.69 | $ | 19.15 | ||||||||||||||||||
Period-end common share mkt value |
22.00 | 20.01 | 20.23 | 19.67 | 19.00 | |||||||||||||||||||||||
Market as a % of book |
104.91 | % | 97.37 | % | 100.25 | % | 99.90 | % | 99.22 | % | ||||||||||||||||||
Price-to-earnings ratio |
10.23 | 9.67 | 9.97 | 10.19 | 9.90 | |||||||||||||||||||||||
Cash dividends/common share |
$ | 0.19 | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.74 | $ | 0.72 | ||||||||||||||
Common stock dividend payout ratio |
35.85 | % | 34.55 | % | 32.72 | % | 34.62 | % | 37.50 | % | 34.42 | % | 37.70 | % | ||||||||||||||
Average basic common shares |
2,738,869 | 2,737,927 | 2,737,085 | 2,736,634 | 2,736,634 | 2,737,636 | 2,736,473 | |||||||||||||||||||||
Average diluted common shares |
2,741,033 | 2,739,721 | 2,739,968 | 2,739,542 | 2,738,411 | 2,739,078 | 2,738,477 | |||||||||||||||||||||
Period end common shares outstanding |
2,739,405 | 2,738,355 | 2,737,085 | 2,736,634 | 2,736,634 | |||||||||||||||||||||||
Common shares repurchased |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Common stock market capitalization |
$ | 60,267 | $ | 54,794 | $ | 55,371 | $ | 53,830 | $ | 51,996 | ||||||||||||||||||
ASSET QUALITY |
||||||||||||||||||||||||||||
Gross charge-offs |
$ | 1,033 | $ | 9 | $ | 163 | $ | 217 | $ | 226 | $ | 1,422 | $ | 428 | ||||||||||||||
Net (recoveries) charge-offs |
992 | (2 | ) | 152 | 205 | 202 | 1,347 | 335 | ||||||||||||||||||||
Allowance for loan losses |
4,381 | 5,188 | 5,063 | 5,065 | 5,085 | |||||||||||||||||||||||
Nonperforming assets (NPAs) |
3,949 | 4,682 | 5,031 | 5,291 | 3,270 | |||||||||||||||||||||||
Net charge-off/average loans ratio |
0.96 | % | 0.00 | % | 0.15 | % | 0.21 | % | 0.21 | % | 0.33 | % | 0.09 | % | ||||||||||||||
Allowance for loan losses/period-end loans |
1.07 | 1.27 | 1.23 | 1.24 | 1.34 | |||||||||||||||||||||||
NPAs/loans and other real estate |
0.96 | 1.14 | 1.22 | 1.30 | 0.86 | |||||||||||||||||||||||
Allowance for loan losses/nonperforming loans |
110.94 | 110.81 | 100.64 | 95.72 | 155.50 | |||||||||||||||||||||||
CAPITAL & LIQUIDITY |
||||||||||||||||||||||||||||
Period-end tangible equity to assets |
8.46 | % | 8.40 | % | 8.26 | % | 8.12 | % | 7.94 | % | ||||||||||||||||||
Average equity to assets |
9.19 | 9.25 | 9.20 | 9.08 | 8.89 | |||||||||||||||||||||||
Average equity to loans |
13.97 | 13.79 | 13.39 | 13.55 | 14.05 | |||||||||||||||||||||||
Average loans to deposits |
82.37 | 84.73 | 87.67 | 84.17 | 78.50 | |||||||||||||||||||||||
AVERAGE BALANCES |
||||||||||||||||||||||||||||
Assets |
$ | 621,536 | $ | 607,445 | $ | 598,093 | $ | 590,977 | $ | 594,736 | $ | 604,605 | $ | 581,150 | ||||||||||||||
Earning assets |
584,536 | 570,319 | 561,063 | 555,492 | 558,155 | 567,940 | 546,112 | |||||||||||||||||||||
Loans |
409,113 | 407,571 | 411,016 | 396,028 | 376,164 | 405,973 | 374,821 | |||||||||||||||||||||
Deposits |
496,670 | 481,017 | 468,838 | 470,487 | 479,174 | 479,330 | 468,395 | |||||||||||||||||||||
Shareholders equity |
57,134 | 56,203 | 55,052 | 53,681 | 52,861 | 55,529 | 52,787 | |||||||||||||||||||||
ENDING BALANCES |
||||||||||||||||||||||||||||
Assets |
$ | 620,981 | $ | 610,982 | $ | 608,892 | $ | 601,978 | $ | 596,465 | ||||||||||||||||||
Earning assets |
582,629 | 573,701 | 564,348 | 559,657 | 557,482 | |||||||||||||||||||||||
Loans |
410,903 | 409,908 | 411,930 | 407,770 | 379,125 | |||||||||||||||||||||||
Deposits |
500,075 | 486,521 | 483,672 | 466,573 | 480,933 | |||||||||||||||||||||||
Shareholders equity |
57,450 | 56,270 | 55,239 | 53,879 | 52,411 |
NOTES:
(a) - Net Interest income on a fully tax-equivalent (FTE) basis restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. generally accepted accounting principles.
CSB BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
dollars in thousands, except per share data
December 31, 2014 |
December 31, 2013 |
|||||||
ASSETS |
||||||||
Cash and cash equivalents |
||||||||
Cash and due from banks |
$ | 15,310 | $ | 15,777 | ||||
Interest-earning deposits in other banks |
28,613 | 26,822 | ||||||
|
|
|
|
|||||
Total cash and cash equivalents |
43,923 | 42,599 | ||||||
Securities |
||||||||
Available-for-sale, at fair-value |
100,108 | 101,722 | ||||||
Held-to-maturity |
38,316 | 44,350 | ||||||
Restricted stock, at cost |
4,614 | 5,463 | ||||||
|
|
|
|
|||||
Total securities |
143,038 | 151,535 | ||||||
Loans held for sale |
75 | | ||||||
Loans |
410,903 | 379,125 | ||||||
Less allowance for loan losses |
4,381 | 5,085 | ||||||
|
|
|
|
|||||
Net loans |
406,522 | 374,040 | ||||||
Goodwill and core deposit intangible |
5,357 | 5,487 | ||||||
Bank owned life insurance |
9,815 | 9,551 | ||||||
Premises and equipment, net |
8,286 | 8,690 | ||||||
Accrued interest receivable and other assets |
3,965 | 4,563 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | 620,981 | $ | 596,465 | ||||
|
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|
|
|||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Liabilities |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ | 139,251 | $ | 120,325 | ||||
Interest-bearing |
360,824 | 360,608 | ||||||
|
|
|
|
|||||
Total deposits |
500,075 | 480,933 | ||||||
Short-term borrowings |
46,627 | 48,671 | ||||||
Other borrowings |
14,953 | 12,459 | ||||||
Accrued interest payable and other liabilities |
1,876 | 1,991 | ||||||
|
|
|
|
|||||
Total liabilities |
563,531 | 544,054 | ||||||
|
|
|
|
|||||
Shareholders equity |
||||||||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares in 2014 and 2013 |
18,629 | 18,629 | ||||||
Additional paid-in capital |
9,884 | 9,964 | ||||||
Retained earnings |
34,090 | 30,232 | ||||||
Treasury stock at cost - 241,197 shares in 2014 and 243,968 in 2013 |
(4,871 | ) | (4,958 | ) | ||||
Accumulated other comprehensive loss |
(282 | ) | (1,456 | ) | ||||
|
|
|
|
|||||
Total shareholders equity |
57,450 | 52,411 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 620,981 | $ | 596,465 | ||||
|
|
|
|
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
dollars in thousands, except per share data
Quarter ended December 31, |
Year ended December 31, |
|||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest and dividend income: |
||||||||||||||||
Loans, including fees |
$ | 4,585 | $ | 4,542 | $ | 18,290 | $ | 17,963 | ||||||||
Taxable securities |
675 | 736 | 2,857 | 2,572 | ||||||||||||
Nontaxable securities |
121 | 128 | 466 | 513 | ||||||||||||
Other |
20 | 24 | 43 | 90 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest and dividend income |
5,401 | 5,430 | 21,656 | 21,138 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest expense: |
||||||||||||||||
Deposits |
282 | 374 | 1,166 | 1,720 | ||||||||||||
Other |
132 | 134 | 563 | 535 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense |
414 | 508 | 1,729 | 2,255 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
4,987 | 4,922 | 19,927 | 18,883 | ||||||||||||
Provision for loan losses |
185 | 210 | 643 | 840 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income after provision for loan losses |
4,802 | 4,712 | 19,284 | 18,043 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Noninterest income |
||||||||||||||||
Service charges on deposits accounts |
332 | 348 | 1,269 | 1,349 | ||||||||||||
Trust services |
193 | 186 | 811 | 826 | ||||||||||||
Debit card interchange fees |
242 | 213 | 910 | 779 | ||||||||||||
Gain on sale of loans |
53 | 64 | 198 | 347 | ||||||||||||
Gain on sale of securities |
| | 133 | 159 | ||||||||||||
Other |
241 | 213 | 929 | 858 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest income |
1,061 | 1,024 | 4,250 | 4,318 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Noninterest expenses |
||||||||||||||||
Salaries and employee benefits |
2,068 | 2,142 | 8,321 | 8,261 | ||||||||||||
Occupancy expense |
252 | 267 | 1,014 | 1,026 | ||||||||||||
Equipment expense |
166 | 195 | 715 | 719 | ||||||||||||
Franchise tax expense |
42 | 141 | 361 | 581 | ||||||||||||
Professional and director fees |
197 | 163 | 725 | 628 | ||||||||||||
Federal deposit insurance |
90 | 97 | 358 | 359 | ||||||||||||
Amortization of intangible assets |
32 | 34 | 129 | 135 | ||||||||||||
Other expenses |
940 | 953 | 3,459 | 3,139 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest expenses |
3,787 | 3,992 | 15,082 | 14,848 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income tax |
2,076 | 1,744 | 8,452 | 7,513 | ||||||||||||
Federal income tax provision |
637 | 520 | 2,568 | 2,273 | ||||||||||||
|
|
|
|
|
|
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|
|||||||||
Net income |
$ | 1,439 | $ | 1,224 | $ | 5,884 | $ | 5,240 | ||||||||
|
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|
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|||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.53 | $ | 0.45 | $ | 2.15 | $ | 1.91 | ||||||||
|
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Diluted |
$ | 0.53 | $ | 0.45 | $ | 2.15 | $ | 1.91 | ||||||||
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