-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EyTwPdzO4rrCUBJQwSfPurN+G7c1qLNnuJ44obqnoHTLsMGMRMbXrMdPoAnKp+6n S4jE4EBhXtOp6m8wTfqLSA== 0001072613-03-000100.txt : 20030127 0001072613-03-000100.hdr.sgml : 20030127 20030127153010 ACCESSION NUMBER: 0001072613-03-000100 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030123 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BANKING SYSTEM INC CENTRAL INDEX KEY: 0000887343 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911422237 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20288 FILM NUMBER: 03525855 BUSINESS ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 BUSINESS PHONE: 2533051900 MAIL ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 8-K 1 form8-k_11695.txt COLUMBIA BANKING SYSTEM, INC. 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 (Date of earliest event reported): January 23, 2003 ---------------- COLUMBIA BANKING SYSTEM, INC. ----------------------------- (Exact name of registrant as specified in its charter) Washington ---------- (State or other jurisdiction of incorporation) 0-20288 91-1422237 ------- ---------- (Commission File Number) IRS Employer Identification No. 1301 A Street Tacoma, WA 98402 ---------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (253) 305-1900 -------------- ================================================================================ Item 5. OTHER EVENTS On January 23, 2003, we issued a press release announcing our fourth quarter and fiscal year 2002 financial results. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial statements. - not applicable (b) Pro forma financial information. - not applicable (c) Exhibits. 99.1 Press Release dated January 23, 2003 announcing Fourth Quarter and Fiscal Year 2002 Financial Results. 1 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. Dated: January 27, 2003 COLUMBIA BANKING SYSTEM, INC. By: /s/ William T. Weyerhaeuser ---------------------------- William T. Weyerhaeuser Chief Executive Officer 2 EX-99.1 3 exhibit99-1_11695.txt PRESS RELEASE DATED JANUARY 23, 2003 EXHIBIT 99.1 ------------ FOR IMMEDIATE RELEASE --------------------- January 23, 2003 Contacts: Melanie Dressel, President & Chief Operating Officer (253) 305-1911 Gary R. Schminkey, Executive Vice President and Chief Financial Officer (253) 305-1966 COLUMBIA BANKING SYSTEM REPORTS FULL YEAR 2002 EARNINGS AND 41% INCREASE IN 4TH QUARTER 2002 EARNINGS HIGHLIGHTS: o Fourth quarter earnings $4.5 million, up 41% from the 4th quarter 2001 and 21% from 3rd quarter 2002. o Earnings for the year $10.9 million, down 13% compared with the prior year. o Diluted 4th quarter earnings per share of $0.33, up 38% from the 4th quarter 2001 and 18% from 3rd quarter 2002. o Diluted earnings per share for the year $0.82, down 10% from last year. o Allowance for loan losses increased to 1.63% of total loans, up from 1.26% at year-end 2001. o Total noninterest income up 15%; total noninterest expense up 5% compared with 2001. o ROE and ROA improve to 13.74% and 1.06%, respectively, in 4th quarter 2002. o Efficiency ratio improves to 61.66% in 4th quarter 2002; 66.17% for full year 2002. TACOMA, WASHINGTON---Columbia Banking System, Inc. (Nasdaq: COLB) today announced earnings for the fourth quarter and full year ended December 31, 2002. Net income for the fourth quarter was $4.5 million, an increase of 41% from $3.2 million in the fourth quarter of 2001. On a diluted per share basis, net income for the fourth quarter was $0.33, up 38% from $0.24 in 2001. Return on average assets and return on average equity for the 4th quarter 2002 were 1.06% and 13.74%, respectively, compared to 0.87% and 10.38%, respectively, for last year. Net income for the year 2002 decreased 13% to $10.9 million compared with net income of $12.5 million in 2001, primarily resulting from a $10 million increase in the provision for loan losses for the year 2002. On a diluted per share basis, net income for 2002 was $0.82 per share compared with $0.91 per share in 2001, a decrease of 10%. Return on average assets and return on average equity were 0.68% and 8.77%, respectively, compared to 0.86% and 10.39%, respectively, for last year. William T. Weyerhaeuser, Chairman of the Board, stated, "We are pleased that the efforts we began in the second quarter of 2002 led to the increase in profitability we saw in Columbia's fourth quarter results. During a challenging economic environment and after a disappointing first quarter, we focused on our core business processes, asset quality and maintaining our commitment to exceptional customer service." At December 31, 2002, Columbia's total assets were $1.7 billion, an increase of 13% from $1.5 billion at year-end 2001. Total loans were $1.2 billion at year-end 2002, unchanged from year-end 2001. Total deposits increased 14% from December 31, 2001, ending the year at $1.5 billion. Core deposits increased $134 million, or 16%, for the year 2002 compared with 2001. Average core deposits increased to 65% of average total deposits in 2002, compared to 56% of average total deposits in 2001. Melanie Dressel, President and Chief Executive Officer of Columbia Bank commented, "Our focus has been to improve profitability and credit quality. The ongoing refinements of our credit and operational processes have contributed to our enhanced profitability the latter part of the year." "Our customers are at the center of everything we do," Ms. Dressel continued. "We are striving to provide the best possible customer service while still being compensated for the higher quality of service we deliver. While this process is not yet complete, our goal has been to make the most of our branch infrastructure by improving operational efficiency while generating increased revenue." YEAR 2002 OPERATING RESULTS NET INTEREST INCOME Net interest income increased $6.1 million, or 10%, in 2002 compared with a decrease of $63,000 in 2001. The increase in 2002 net interest income was the result of stable interest rates and increased core deposits. Decreases in net interest income in 2001 were largely due to a rapidly declining interest rate environment. The Company's net interest margin increased to 4.50% in 2002, compared with 4.36% in 2001. The net interest margin remained relatively consistent throughout 2002, at 4.54% in the first and second quarters, and 4.52% in the third quarter. Net interest margin decreased to 4.42% in the fourth quarter, primarily as a result of a 50 basis point decrease in the federal funds target rate. 2 Average interest-earning assets increased to $1.45 billion, or 8%, during 2002, compared with $1.34 billion for the year 2001. The average yield on interest-earning assets decreased to 6.42% in 2002 from 7.81% in 2001, or 139 basis points. Average interest-bearing liabilities increased 10% to $1.21 billion, and the cost of average interest-bearing liabilities decreased 190 basis points to 2.31% from 4.21% in the year 2001. NONPERFORMING ASSETS AND LOAN LOSS PROVISION The Company's provision for loan losses was $15.8 million for 2002, compared with $5.8 million for 2001. For the years ended December 31, 2002 and 2001, net loan charge-offs amounted to $11.3 and $9.9 million, respectively. The 2002 charge-offs included $5.3 million in connection with the now concluded problem credit relationship with a single borrower, initially reported in early 2001. This charge-off represents a write-down related to a commercial property that was subsequently transferred to Real Estate Owned and later sold in fourth quarter 2002. During 2002, the allowance for loan losses balance had a net increase of $4.4 million to $19.2 million as compared to year-end 2001. The allowance for loan losses as a percentage of loans (excluding loans held for sale at each date) improved to 1.63% at December 31, 2002 as compared to 1.26% of loans at December 31, 2001. At year-end 2002, the allowance for loan losses to nonperforming loans was 112% compared to 80% at December 31, 2001. Ms. Dressel said, "In light of the uncertain economic times, we are committed to prudent coverage in our allowance for loan losses." NONINTEREST INCOME Total noninterest income increased $2.6 million, or 15%, in 2002. Total noninterest income, excluding the gain on sale of securities, increased $3.7 million, or 24%, in 2002. The increases in noninterest income during the fourth quarter and full year 2002 were in residential mortgage loan originations resulting from the effect of lower long-term interest rates, service charges and other fees resulting from the growth in core deposits, and merchant services income. In accordance with the Company's ongoing investment strategy, management monitors market conditions and seeks to realize gains on its securities portfolio as market conditions allow. Treasury activity in 2002 contributed $610,000 toward noninterest income from gain on sales of securities, compared to $1.7 million in 2001. 3 NONINTEREST EXPENSE Total noninterest expense increased $2.7 million, or 5%, for the year ending December 31, 2002, compared with the same period last year. Total noninterest expense, excluding gains on Real Estate Owned, increased $4.0 million, or 8%, for the year ending December 31, 2002, compared with the same period last year. The Company's emphasis on expense control is reflected in the small increase of $182,000, or 1%, for the fourth quarter of 2002, compared with the fourth quarter of 2001. The increases for the year 2002 were primarily due to personnel and occupancy costs associated with the Company's expansion in the major metropolitan areas of King and Pierce counties, which occurred principally in the first quarter of 2002. The Company's efficiency ratio improved to 66.2% for 2002 compared with 68.9% percent for 2001. Ms. Dressel noted, " We are pleased with the improving trend to our efficiency ratio, which was 69.8% in the first quarter of 2002, 69.7% for the 2nd quarter, 63.5% for the 3rd quarter and 61.7% for the last quarter of the year." BRANCH NETWORK Ms. Dressel said, "During the first quarter of 2002, we opened our long-awaited Redmond branch and our 2nd & Columbia office in downtown Seattle; both of these new branches have exceeded our expectations in terms of loan and deposits. In the second quarter, we opened 104th & Canyon as a satellite branch to our Summit office, and relocated our Fife branch to a more visible and accessible location. Our second Gig Harbor location opened in August 2002, with a storefront facility within the busy downtown core, bringing us to 36 branches in 5 counties." Ms. Dressel noted, "While we have no new branches planned for 2003, we have not abandoned our growth aspirations. We are focusing Columbia's efforts on increasing market share in all of our communities. During the fourth quarter we implemented an information system that will allow us to more effectively market to our existing customer base as well. Our mission has not changed. We want to be the community bank in every community we serve." 4 Columbia Banking System, Inc. is a Tacoma-based bank holding company whose wholly owned bank subsidiary is Columbia Bank, a Washington state-chartered full-service commercial bank with 36 banking offices in Pierce, King, Cowlitz, Kitsap and Thurston counties. Columbia's stock trades on the Nasdaq Stock MarketSM under the symbol COLB. Columbia Banking System's Annual Meeting of Shareholders will be held at 1:00 PST on April 23, 2003 at the Sheraton Tacoma Hotel, 1320 Broadway Plaza, Tacoma, Washington. ### Note Regarding Forward Looking Statements This news release includes forward looking statements, which management believes are a benefit to shareholders. These forward looking statements describe Columbia's management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia's style of banking and the strength of the local economy. The words "will," "believe," "expect," "should," and "anticipate" and words of similar construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia's filings with the SEC, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) local and national general and economic conditions, including the impact of the events of September 11, 2001, are less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which Columbia is engaged. 5 Columbia Banking System, Inc. Financial Statistics Unaudited (in thousands, except per share amounts)
Three Months Ended Twelve Months Ended December 31, December 31, 2002 2001 2002 2001 ---- ---- ---- ---- EARNINGS - -------- Net interest income $ 16,587 $ 14,595 $ 64,289 $ 58,205 Provision for loan loss 2,700 2,750 15,780 5,800 Noninterest income 5,858 6,113 20,050 17,451 Noninterest expense 13,335 13,153 53,653 50,954 Net income 4,472 3,169 10,885 12,513 PER SHARE* - ---------- Net income (basic)* $ 0.34 $ 0.24 $ 0.83 $ 0.92 Net income (diluted)* 0.33 0.24 0.82 0.91 AVERAGES - -------- Total assets $1,668,848 $1,450,488 $1,601,061 $1,460,263 Interest-earning assets 1,518,118 1,321,857 1,454,714 1,343,410 Loans 1,186,886 1,195,795 1,183,922 1,218,906 Securities 280,358 102,581 246,995 100,343 Deposits 1,454,955 1,286,222 1,360,968 1,281,748 Core deposits 951,165 785,505 885,008 718,262 Shareholders' Equity 129,137 121,133 124,096 120,403 FINANCIAL RATIOS - ---------------- Return on average assets 1.06% 0.87% 0.68% 0.86% Return on average equity 13.74 10.38 8.77 10.39 Net interest margin 4.42 4.42 4.50 4.36 Efficiency ratio 61.66 68.88 66.17 68.92 Average equity to average assets 7.74 8.35 7.75 8.25 December 31 December 31 PERIOD END 2002 2001 - ---------- ---- ---- Total assets $1,699,613 $1,498,294 Loans 1,175,853 1,170,633 Allowance for loan losses 19,171 14,734 Deposits 1,487,153 1,306,750 Core deposits 980,709 846,546 Shareholders' equity 132,384 118,966 Book value per share* 9.95 9.01 NONPERFORMING ASSETS - -------------------- Nonaccrual loans $ 16,918 $ 17,635 Restructured loans 187 716 Personal property owned 916 Real estate owned 130 197 ---------- ---------- Total nonperforming assets $ 18,151 $ 18,548 Nonperforming loans to period-end loans 1.45% 1.57% Nonperforming assets to period-end assets 1.07 1.24 Allowance for loan losses to period-end loans 1.63 1.26 Allowance for loan losses to nonperforming loans 112.08 80.29 Net loan charge-offs $ 11,343(1) $ 9,857(2)
* Per share amounts have been retroactively adjusted for the 5% stock dividend announced April 2, 2002. (1) For the twelve months ended December 31, 2002. (2) For the year ended December 31, 2001. 6 Columbia Banking System, Inc. Quarterly Financial Statistics Unaudited (in thousands, except per share amounts)
Three Months Ended ---------------------------------------------------------------------------- Dec 31 Sept 30 June 30 Mar 31 Dec 31 2002 2002 2002 2002 2001 ---- ---- ---- ---- ---- EARNINGS - -------- Net interest income $ 16,587 $ 16,219 $ 15,927 $ 15,556 $ 14,595 Provision for loan loss 2,700 4,035 1,980 7,065 2,750 Noninterest income 5,858 5,508 4,617 4,067 6,113 Noninterest expense 13,335 12,473 14,152 13,693 13,153 Net income (loss) 4,472 3,687 3,154 (428) 3,169 PER SHARE* - ---------- Net income (loss) [basic]* 0.34 0.28 0.24 (0.03) 0.24 Net income (loss) [diluted]* 0.33 0.28 0.24 (0.03) 0.24 AVERAGES - -------- Total assets 1,668,848 1,607,831 1,578,889 1,547,266 1,450,488 Interest-earning assets 1,518,118 1,451,499 1,430,752 1,416,947 1,321,857 Loans 1,186,886 1,178,493 1,176,788 1,193,656 1,195,795 Securities 280,358 242,844 251,125 212,956 102,581 Deposits 1,454,955 1,378,396 1,317,080 1,291,455 1,286,222 Core deposits 951,165 893,548 858,297 835,658 785,505 Shareholders' Equity 129,137 125,421 120,324 121,402 121,133 FINANCIAL RATIOS - ---------------- Return on average assets 1.06% 0.91% 0.80% (0.11)% 0.87% Return on average equity 13.74% 11.66% 10.51% (1.43)% 10.38% Net interest margin 4.42% 4.52% 4.54% 4.54% 4.42% Efficiency ratio 61.66% 63.52% 69.68% 69.78% 68.88% Average equity to average assets 7.74% 7.80% 7.62% 7.85% 8.35% PERIOD END - ---------- Total assets 1,699,613 1,661,370 1,590,862 1,593,698 1,498,294 Loans 1,175,853 1,167,633 1,160,847 1,171,192 1,170,633 Allowance for loan losses 19,171 18,426 15,767 15,226 14,734 Deposits 1,487,153 1,437,728 1,346,199 1,309,765 1,306,750 Core deposits 980,709 945,502 881,013 857,870 846,546 Shareholders' equity 132,384 127,699 122,990 117,980 118,966 Book value per share* 9.95 9.63 9.27 8.90 9.01 NONPERFORMING ASSETS - -------------------- Nonaccrual loans 16,918 15,027 15,956 23,849 17,635 Restructured loans 187 425 425 425 716 Personal property owned 916 1,148 1,275 Real estate owned 130 4,681 6,668 276 197 ----------- ----------- ----------- ----------- ----------- Total nonperforming assets 18,151 21,281 24,324 24,550 18,548 Nonperforming loans to period-end loans 1.45% 1.32% 1.41% 2.07% 1.57% Nonperforming assets to period-end assets 1.07% 1.28% 1.53% 1.54% 1.24% Allowance for loan losses to period-end loans 1.63% 1.58% 1.36% 1.30% 1.26% Allowance for loan losses to nonperforming loans 112.08% 119.25% 96.25% 62.73% 80.29% Net loan charge-offs 1,955 1,376 1,439 6,573 1,413
* Per share amounts have been retroactively adjusted for the 5% stock dividend announced April 2, 2002. 7 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS Columbia Banking System, Inc. Unaudited
Three Months Ended Twelve Months Ended December 31, December 31, (in thousands except per share) 2002 2001 2002 2001 - ------------------------------------------------------------------------------------------------------------------------- INTEREST INCOME Loans $ 19,619 $ 21,623 $ 80,003 $ 97,650 Securities available for sale 3,250 1,370 11,606 5,596 Securities held to maturity 50 63 214 265 Deposits with banks 188 118 372 1,061 - ------------------------------------------------------------------------------------------------------------------------- Total interest income 23,107 23,174 92,195 104,572 INTEREST EXPENSE Deposits 5,906 8,165 24,740 43,763 Federal Home Loan Bank advances 313 51 1,945 1,690 Trust preferred obligations 301 363 1,221 635 Other borrowings 279 - ------------------------------------------------------------------------------------------------------------------------- Total interest expense 6,520 8,579 27,906 46,367 - ------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 16,587 14,595 64,289 58,205 Provision for loan losses 2,700 2,750 15,780 5,800 - ------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 13,887 11,845 48,509 52,405 NONINTEREST INCOME Service charges and other fees 2,518 1,968 8,783 7,182 Mortgage banking 1,352 880 3,411 2,652 Merchant services fees 1,161 1,195 4,852 4,453 Gain on sale of investment securities, net 193 1,613 610 1,720 Bank owned life insurance (BOLI) 358 233 1,294 429 Other 276 224 1,100 1,015 - ------------------------------------------------------------------------------------------------------------------------- Total noninterest income 5,858 6,113 20,050 17,451 NONINTEREST EXPENSE Compensation and employee benefits 6,980 6,903 28,964 26,826 Occupancy 2,142 1,990 8,249 7,563 Merchant processing 508 465 2,015 1,852 Advertising and promotion 231 410 1,867 1,763 Data processing 414 500 1,792 1,921 Legal and professional services 1,043 439 2,382 1,592 Taxes, licenses & fees 490 502 1,777 2,060 Gains on, and net cost of, real estate owned (372) 7 (1,565) (307) Other 1,899 1,937 8,172 7,684 - ------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 13,335 13,153 53,653 50,954 Income before income taxes 6,410 4,805 14,906 18,902 Provision for income taxes 1,938 1,636 4,021 6,389 - ------------------------------------------------------------------------------------------------------------------------- NET INCOME $ 4,472 $ 3,169 $ 10,885 $ 12,513 ========================================================================================================================= NET INCOME PER COMMON SHARE: Basic $ 0.34 $ 0.24 $ 0.83 $ 0.92 Diluted 0.33 0.24 0.82 0.91 Average number of common shares outstanding 13,187 13,168 13,165 13,538 Average number of diluted common shares outstanding 13,353 13,368 13,318 13,721
8 CONSOLIDATED CONDENSED BALANCE SHEETS Columbia Banking System, Inc. Unaudited (in thousands)
December 31, December 31, 2002 2001 - --------------------------------------------------------------------------------------------------------- ASSETS Cash and due from banks $ 67,058 $ 57,628 Interest-earning deposits with banks 18,425 9,361 - --------------------------------------------------------------------------------------------------------- Total cash and cash equivalents 85,483 66,989 Securities available for sale at fair value (amortized cost of $320,499 and $145,550 respectively) 321,513 144,465 Securities held to maturity (fair value of $6,412 and $8,024 respectively) 6,192 7,856 Federal Home Loan Bank stock 9,707 9,141 Loans held for sale 22,102 29,364 Loans, net of unearned income of ($2,625) and ($2,894) respectively 1,175,853 1,170,633 Less: allowance for loan losses 19,171 14,734 - --------------------------------------------------------------------------------------------------------- Loans, net 1,156,682 1,155,899 Interest receivable 6,710 6,405 Premises and equipment, net 52,921 52,297 Real estate owned 130 197 Other 38,173 25,681 - --------------------------------------------------------------------------------------------------------- Total Assets $1,699,613 $1,498,294 ========================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 299,862 $ 242,971 Interest-bearing 1,187,291 1,063,779 - --------------------------------------------------------------------------------------------------------- Total deposits 1,487,153 1,306,750 Federal Home Loan Bank advances 46,470 40,000 Trust preferred obligations 21,433 21,367 Other liabilities 12,173 11,211 - --------------------------------------------------------------------------------------------------------- Total liabilities 1,567,229 1,379,328 Shareholders' equity: Preferred stock (no par value) Authorized, 2 million shares; none outstanding December 31, December 31, Common stock (no par value) 2002 2001 ---- ---- Authorized shares 60,032 60,032 Issued and outstanding 13,310 13,207 111,028 101,892 Retained earnings 20,696 17,779 Accumulated other comprehensive income (loss) - Unrealized gains (losses) on securities available for sale, net of tax 660 (705) - --------------------------------------------------------------------------------------------------------- Total shareholders' equity 132,384 118,966 - --------------------------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $1,699,613 $1,498,294 =========================================================================================================
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