0000908834-12-000189.txt : 20120510 0000908834-12-000189.hdr.sgml : 20120510 20120510121839 ACCESSION NUMBER: 0000908834-12-000189 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120510 DATE AS OF CHANGE: 20120510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LSB FINANCIAL CORP CENTRAL INDEX KEY: 0000930405 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351934975 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25070 FILM NUMBER: 12828881 BUSINESS ADDRESS: STREET 1: 101 MAIN ST CITY: LAFAYETTE STATE: IN ZIP: 47902 BUSINESS PHONE: 7657421064 MAIL ADDRESS: STREET 1: PO BOX 1628 CITY: LAFAYETTE STATE: IN ZIP: 47902-1628 8-K 1 lsb_8k0508.htm lsb_8k0508.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
 
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)   May 8, 2012
 
 
LSB Financial Corp.
(Exact Name of Registrant as Specified in Its Charter)
     
     
Indiana
0-25070
35-1934975
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
   
   
101 Main Street, Lafayette, Indiana
47901
(Address of Principal Executive Offices)
(Zip Code)
 
 
(765) 742-1064
(Registrant’s Telephone Number, Including Area Code)
 
 
 
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 

 

Item 2.02  Results of Operations and Financial Condition.
 
On May 8, 2012, LSB Financial Corp. issued a press release reporting its results of operations and financial condition for the quarter ended March 31, 2012.
 
A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by this reference. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
 
 
Item 9.01  Financial Statements and Exhibits.
 
 
(d)  Exhibits
 
       
 
Exhibit No.
 
Description
 
99.1
 
Press Release issued May 8, 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 hereto duly authorized.

 
Date: May 10, 2012
LSB Financial Corp.
     
     
 
By:
/s/ Mary Jo David
   
Mary Jo David, Treasurer
(Principal Financial and Accounting Officer)


 
 

 
EXHIBIT INDEX
 

Exhibit Number
 
Exhibit Description
 
Location
         
99.1
 
Press Release, dated May 8, 2012
 
Attached

EX-99.1 2 lsb_8k0508ex.htm lsb_8k0508ex.htm
Exhibit 99.1
 
 
 
 
101 Main St.
P.O. Box 1628
Lafayette, IN 47902
(765) 742-1064

www.LSBANK.com
lsbmail@LSBANK.com

FOR IMMEDIATE RELEASE
For further information contact:
 
Randolph F. Williams
 
President/CEO
 
(765) 742-1064
 
Fax: (765) 429-5932

 
LSB Financial Corp. Announces First Quarter Results
 
May 8, 2012, Lafayette, IN - LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported quarterly earnings of $595,000 or $0.38 diluted earnings per share compared to $205,000 or $0.13 diluted earnings per share a year earlier.  The major contributor to the bank’s performance was a $576,000 decrease in the provision for loan losses, a 49% improvement over last year.  In addition, the gain on the sale of mortgage loans increased $242,000 in the first quarter on the sale of $14 million loans.   Interest income totaled $4.2 million while interest expense continues to fall reaching $910,000 for the first quarter of 2012 compared to $1.1 million for the same period in 2011.  Randolph F. Williams, president and CEO stated, “The core performance of the bank is solid.  The 4.12% net interest margin for this quarter continues to be very favorable.”
 
A positive factor this quarter was the loan loss provision of $600,000 in the first quarter, compared to a provision of $1,176,000 in the same quarter last year.  While we had charge offs of $631,000 this quarter, again primarily because of low appraisal results, we believe the $5.3 million loan loss reserve is adequate for any probable losses in our portfolio.  At quarter end, non-performing assets totaled $12.8 million or 3.44% of total assets, compared to $13.8 million or 3.79%, at the end of 2011.  Williams continued, “We believe it is important as we continue to work with our borrowers that we also prudently set aside reserves.  The $12.8 million of non-performing assets includes $5.8 million loans where the borrower has been able to resume payments but because of regulatory guidelines must remain categorized as non-performing for at least six months to show a pattern of performance.  This quarter we were able to upgrade several loans from this status and expect to see more progress in the coming quarters.  The loan loss reserve now stands at 41.5% of the non-performing assets.  The level of OREO (other real estate owned) is $599,000, an improvement from $1.7 million at year-end.”
 
The bank continues to maintain a strong capital base with a capital-to-asset ratio at March 31, 2012 of 9.90% and a risk-based capital ratio of 15.01%, both of which are well above the current definition of “well-capitalized” as defined by the bank regulators.  Once the new capital requirements mandated under the Dodd-Frank Act become known, we will be better able to set our longer term capital targets.
 
The closing market price of LSB stock on May 7, 2012 was $16.96 per share as reported by the Nasdaq Global Market.

 
 

 
 
LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
 
 
Selected balance sheet data:
 
Three months ended
March 31, 2012
   
Year ended
December 31, 2011
 
             
Cash and due from banks
  $ 34,735     $ 18,552  
Interest bearing deposits
    2,669       3,156  
Interest bearing Time Deposits
    745       0  
Securities available-for-sale
    16,335       13,845  
Loans held for sale
    2,368       3,120  
Net portfolio loans
    293,127       302,510  
Allowance for loan losses
    5,305       5,331  
Premises and equipment, net
    6,132       6,146  
Federal Home Loan Bank stock, at cost
    3,185       3,185  
Bank owned life insurance
    6,474       6,434  
Other assets
    5,785       7,342  
Total assets
    371,555       364,290  
                 
Deposits
    314,627       308,433  
Advances from Federal Home Loan Bank
    18,000       18,000  
Other liabilities
    2,148       1,683  
Total liabilities
    334,775       328,116  
                 
Shareholders’ equity
    36,780       36,174  
Book value per share
  $ 23.64     $ 23.26  
Equity / assets
    9.90 %     9.93 %
Total shares outstanding
    1,555,972       1,555,222  
                 
Asset quality data:
               
Total non-accruing loans
  $ 12,195     $ 12,059  
Non-accruing loans 90 or more days past due
    6,382       6,764  
Loans past due 90 days still on accrual
    ---       ---  
Non-accruing loans less than 90 days past due
    5,811       5,295  
Other real estate / assets owned
    599       1,746  
Total non-performing assets
    12,794       13,805  
Non-performing loans / total loans
    4.13 %     3.95 %
Non-performing assets / total assets
    3.44 %     3.79 %
Allowance for loan losses / non-performing loans
    43.50 %     44.21 %
Allowance for loan losses / non-performing assets
    41.46 %     38.62 %
Allowance for loan losses / total loans
    1.80 %     1.74 %
Loans charged off (quarter-to-date and year-to-date, respectively)
  $ 631     $ 5,440  
Recoveries on loans previously charged off
    5       67  

   
Three months ended March 31,
 
Selected operating data:
 
2012
   
2011
 
                 
Total interest income
  $ 4,194     $ 4,475  
Total interest expense
    910       1,111  
Net interest income
    3,284       3,364  
Provision for loan losses
    600       1,176  
Net interest income after provision for loan losses
    2,684       2,188  
Non-interest income:
               
Deposit account service charges
    325       292  
Gain on sale of mortgage loans
    406       164  
Net (loss) on sale of real estate owned
    (83 )     (24 )
Other non-interest income
    260       260  
Total non-interest income
    908       692  
Non-interest expense:
               
Salaries and benefits
    1,519       1,410  
Occupancy and equipment, net
    318       329  
Computer service
    148       142  
Advertising
    88       58  
Other
    587       650  
Total non-interest expense
    2,660       2,589  
Income before income taxes
    932       291  
Income tax expense
    337       86  
Net income
    595       205  
Other comprehensive income (loss)
    (19 )     22  
Comprehensive income
  $ 576     $ 227  
                 
Weighted average number of diluted shares
    1,555,337       1,556,240  
Diluted earnings per share
  $ 0.38     $ 0.13  
                 
Return on average equity
    6.51 %     2.29 %
Return on average assets
    0.65 %     0.22 %
Average earning assets
  $ 318,984     $ 339,878  
Net interest margin
    4.12 %     3.96 %
Efficiency ratio
    74.05 %     89.90 %
 
GRAPHIC 3 lsb_logo1.jpg begin 644 lsb_logo1.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_ MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!D`,0#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HKYB_::_;!^`/[(G@J7QM\% MK>5)QH7A^-GU'Q;XMO(54G3_``OX:_N( M+KP_X3-Q#L@V>H:I83@FW\6S+MQPXO,,+@U^]G>=K^RIVG42Z.4;KE3NM M9-7NFKGSV<<3Y3DD4L77Y\1*'/#!T%&IB9*Z2;@Y1C3B]?>JRBG;W>:S1_8E M\1_B_P#"WX0:5_;GQ2^(?@KX=Z/A\:IXV\3:1X8L'*!%;O1)T+#:C1:FRR9#1%T#,/X%O&_P`0_'?Q'\07OB?XB>-_$_CCQ+J# M/+=ZYXNUS5?$6L3(S%\2ZCJMS=W3(I9@%:38H)"J!P./3R,@*WS.O&,@LIX) MZ=#7S]7B*O*_L*%.FNGM7*J]&K.T'2M=)W7-+5[NUG^>XSQ+QTI-8#+\-1@F MK/%3J8B;6FZI2P\8O=-)SMTDUJ_[W['_`(+G?\$XKN98I_C!K^F(S*OVB_\` MAA\26A"L<>8PT[PMJ$P4=2OD^;C_`)9\BOFC]MS_`(.%?V9_V<8/@C_PH33; M+]JC4/BAXJU'3_$>F>%O$EYX2U#P5X;T:708;FZN--USPG<:I<^(M/"!X;B"MSI8J%/V=GK1A M)3O;W4^>I)--JS>C5[Z]*R[Q(QGUA+-,-AOJOLZK-I88Y#'(%61#(@;8X1G4.I.U@KNH8$*S#! M,U?YW/[)_P#P5%_:_P#V2;S2]/\`"7Q(U#QG\/;.6$3?##XE3W?BSPI):JQ6 M2VT5[VY_MKPD0CO)$WAC5=,MWN=DFH6E_&&A?^P_]@C_`(*C?`;]N728=$TB M=OA]\:+&P^TZ]\)O$E];RZE,L$>Z\U+P9JD<5M!XNT*WVN\\T%O9ZQIT8$FK MZ/8V\MI!C\3_`($:>?"FFI-HL/VZ[\1:MXRT_P`* MWEO-_P`)#H\ED=+UN^?48;Z*>P2X@$LD?[N1LSQHSH8W9%9HR0QC8J"R%E)4 ME22I*D@D9!Q7\T7[!063_@X0_P""K@#X7_;A_X*!_"']AC0 MO`:^,=!\;_$WXH_%WQ&W@_X.?`_X5:.GB'XF?$KQ(OV-9;?1-*EFMH8M,L9= M2TV+5-5GF*V\VHV%G:6VH:E>VEA/\FW'_!4?]I?X9Z1+\0_VH/\`@EE^T;\% M_@C:J;W5_B9X.^)/PN^/&I>$M`Q'+-XG\;?#;P1-8^--`T/1[-I-0\43PV>J M7&@V4$\DEM=/#+%'\I_\%C_AI^V#\+/VQ?V-/^"D'[,7P1U#]I;2/V;^'?\`@Y^_9YL[ZW\(?M1?L@_M)_`RZU`M8ZNEQINA>+=. ML`Q2"Y_M"PUL?#[Q#/81OY\5TEIX>OKO9'L^PS/(T:`'ZM?"/_@I/!^T=^RY MJ?[4G[,_[./Q3^.V@P?%_P`8_#31/!/AC7?`WAWQ=XC\/^$-6O-.?XCV2^/M M9\*:;:Z1J=M!9ZC:^'KN\3Q.D>IVUFVGO>QW,,/RK^SS_P`%N?$'[5>C^*O$ M'P"_X)R_M:_$?1O!'BF;P3XLO-(UOX+63:%XJMK2"^N=$O;37_'^C7B7MO:W M,,DRK`T<9?RWD6160?5O_!)KPC^S'X6_94>\_9!^*%C\4O@3XZ^+'Q4^)/A* MXM-(?0G\#KXX\43ZU)\,KS1KG9J>FW/@2*>VT(6VM6>G:LUI!:W5S80IEZZ/LWVT:7-&TG]G7=G=ARMP``#]OO`?_!7KX0W'Q_\ M!?LQ?M$_`W]H;]CGXO\`Q4EM[3X967[0'A7PW:>#_B%JMW/#8VFC>$?'/@GQ M7XNT34=3N]4GBTFVCN6L;:759[+2OM2ZKJ-C83_57[:OQ=_:$^$7P;U/6_V9 M?@1JWQV^*-^+BQT;3K2^T6WT;PN&M]__``DWB#3;_6=*UKQ%;6CLJVGA[PS' M M'XJVVM?M@^#=8^#GQ.^,NK:GXA\%7=OX)^#_`(=O;74-,$U_=>"M-T:RU+7O M$.G/=ZQKBR6FG7-[H=GI>N_V&+@HAP"-HQD=L#UJ*D93A*,9NFY*RG&SE&^[ M7,FKVVNGJ95Z6]@^)F@:QX;O;2Q25_L]IH>AZE8Z?;: M9X?M0[1Z=9:)9P:/!$Y^R(%D+-\VDRR8%;I93_9GB738[PV<\L?E&^TF^3RM1T74XTR+?5= M(N[+4K5L/;W4;#-?Q:?\%4?^"0NO_L9?:/C1\$9=8\:?LYWNH)#JMO?YO?%' MPIO;^?RK2QUZYAB4:KX1NKJ2*RTCQ2\<-Q:7D]KHVO))>366K:S\=F.3U\.I M5X59XF#=YRFKU8WM[TW>TEWDK6TNDM3\4XEX*QV7JKF&'KSS&@Y2J8B4U)XN MFG[TZM1.4_:P3?OU(R3C>\H**NOP\,>[EV+,3DD<#Z`#^'_9Z>QHV,.`V$ZX M_B[$@-V4X^Z,`=?:DW%H]T9!;;A3C(S@?I_2H8IW9',B'?&#N`&-QXX7CIQP M>^1TKPSX+D=K]>W_``;EC81RK-GMN8D9]QW'M3D>>/.UUY'.5SCZ=@OH.WK5 M,WJJNYHI1\RJ`1AB6&>!W'''/-30SB;=A&7:=IW8!R`"1@9Z9'>@EQ:U:_%& MC#<-+B.2-@W=\@`X(^Z`,C/O@XX-=)X.\9>)_`OB?1/&'A'7=4\,^*?#6I6^ ML:!XAT2\N--U+2=0L9!);7MI>6SQS13QMT9&`="T<@9'93Q[*&QDD8]"0?S% M.1I"OEGG9E@W0%0O1N,LWOTP#]"=4UHXNZ:=FGW7FNCZ/8<9.,E)2<))J49Q M;4H2B[J47%IIII6:::>J=S^\C_@DQ_P5`TO]M7P2_P`-_B9`](CG MUV&%+;3[#XD>'H)$ME\:^';"!$BMKV!G@A\6:-`B0V%]<0ZCIT<>E:C'9Z9^ MT`.0#ZC-?Y=7P8^+OCSX!_$_P1\7OAMK=QH/C'P-K5KK.B7T;2/;F6)MEU8Z MA:J\27FD:I8/7=G*/+G9:_T3BI8N@K1]M;1NK"3Y:UE9WA.UY29]24445[9]T%%?GG^V'_P4J^" M'[#=]='XY_#_`/:*C\(66FZ'J%Y\5/!GP1\6^+?A+8W'B&]N-/T[1-1^(EE' M%X9T_P`0R7<$*M&_9/_`."C M.K^&M7TFTU[2=?TO]AWXVZAH^IZ'?VD=_8ZOI^I6>BSV=YIE[8RQ7MI?6TTM MKSU>4W2Z@EYIUU#=6$L,-S:E`9HU#"O4/V._ MVV_@=^W+X-\<^//@/?>([_P]\/OB1KWPMU^7Q+X>OO#=Y_PDOA^UTZ_GEM+. M^'FS:7>Z;J^FW]A*>80QO)&I\N&1\L`%-=Q371 M'4HZJZ-PRNH92.N"I!!YYY%`'\:7[$W_``4*_8W\$_\`!9S_`(*/?M%>-_CM MX1\+_!SXL^#_``YHGPX\>ZK:Z_!I'BV]T1OAU8W<6EI'H\MXZ`Z!J,L4\]I! M#<0VQN(&,4L9;Z2_X+,?\%GOV,/&'[#GQ9^!G[-_QCTKXS?%+XY:7:>`K6Q\ M':5XBDTWPUX;O-6TZ[\5Z]XBU?4]&T[3[2,Z%:7^D:;I]O=W&JW>K:G9R?81 MIMOJ%W;?U(MIVGO]^PLV[_-:P-SZ\H:KMHFBL>6T^T)YY/6$]3R:` M/YU/VPOVF?BQ^S#_`,%1_P!ECQYX/^&?Q2^,OPHT+]@7Q!J/[0G@?X7VE[X@ MUSP]\,[KXD6&GW7Q,L/"*7$4&MWO@[Q)'X0N+R"V@EU.?P_)K$-L8D\^XM_J M;XP?\%-??"#6_#USXE\:>(_.@>%O# MR_"GQ!H,?B`:S=N39I!J>D:?%:3L)KR\L;>-[N+]D_LUOYPN/L\/GB+R!/Y4 M?G"$-O$(DV[_`"@X#>7NV;ANQGFO*7^`/P-E\6_\)]+\'?A?)XZ$OG_\)I)X M"\+/XL\[S1/YW_"1MI1UCS?.`F$GVS>)1OSNYH`_GR_X(?V?A[_@GG^P%\2_ MC=^UEJUE^R]\*/CS^T;X@^(/PI\._%?4IM$N?#W@G5_#>B:-X.M-3@U$?;K; MQ#XCM?"^HRV&GS6YO]5T32=(U6/STU&$+\F?\&^O[>G['?P"^$'[6MA\?M7>*/'?A/2O'FOPZ%J.L>%=6\,^'X[35[6VN4#-;OJZ;8:G:*ZRBVU"SM[VW$J`A)!#36'_`,(%X&/7P9X3/_HOK&HZ?I M&FV5_JTBE)-3O+6R@@N;^1&9V5[N:-YV#,S`R89F.2?F;QC^U?\`LS?!7]HG MX0_LDZ_KUAX4^,OQYTK6_$7P[\):;X4U5;#6;/0H;TW,]]K.DZ.^@Z5PU_P MIXPT/4_#?B30]3@%Q8:MHFL6DECJ6GW<.5WP75K+)$X#*P#91E8!AUE?">N_ M\%(OV2/"_P"T+X:_95\3>.O%WASX[^,_%,W@WP;X/U[X*_'/1]*\6Z];LJSQ M>&?B!J7PUMOASKNG1,RH^O:7XKNM!$C)%_:7F.BE2BI)QDKI[I[/U$TI)QDD MXM---733T::>C36C3T:T>A^;>@_\&X'[%MA/*/ M!VBZ9;6LLSO;6QBA\"7FI326L)2$W#ZN/.*-(T2%R@[^Z_X-Y_V`+BV\B+_A M=-C(?^7RU^(ML]TI``#J+[PW>VA;.6(>T=20!MV[E;]T%.Y0<8R`<>F1G''' M%+7#_9>76M]3H?."?YGBKAO(8JW]DX)K^_1C-_?/F?KKV[(_EN^,'_!NA^S> MNJ6'AOX6_M7^+/`GC;Q#'?7/A;PE\4K/P=XTN]?&FQ1SWZZ5::*_P\U:XM[* M)A+>7=E8ZHVGQR+)-"ZE5;\2/VM/^"37[8G['$.H^(_%W@JW^(/PUMFDGG^) MOPPGNO$OA[3H%XHXEC\^]UG18=$6>6.WM]9NI6P?OWXL:] MK_[9W_!S[\*O!VCZK>R>$?V6-1\-V?V_3;F>.#3[/X*^#-1^*'BB*[6WEC"1 MW_Q3UR]\$:G&<1WL=S#97:R0L8C_`&B26\4T+03QQRQO&8Y$=0R.C+M=6#`A ME=258-D,I(.037-B,CP-9/V<'0F_MTV[7225X2;BUW2Y7V:NSR,QX%R+&P:H M49X"KJU4P\YN%[IVE0J2E3Y=-J?LY:_%L?Y3BL&`([C/<>GKZYX_^O37D\O! M)&"<%2,[AD<#@\^A]:_LY_X*4_\`!#;P!\9++7/C%^R5I.B?#;XNJESJ6L?# M6U^S:-\//B',"\]P=*MRJ6/@GQ9=NP6":T^R>%-3N`HU6STNYN;OQ`O\='B_ MP)XM\#^*=9\&^,O#>N>&_%GAW4KC1M9\/:QIUS8ZMIFJ6DWV>:SNK&XB2XAN M5F`54,>YPR-'N616;Y3&X&M@JBA43E&;?).,7RRT3MU:GK\+UTTO<_(L[X6CBY1?,8$+9<><1L<_*K#D$XP M!@<<<8]>GO\`T%_\$!_VO9?@_P#M"ZG^S1XHU58/`?[0`67PU''[G9'YVHZQ8>$[974Q[)?Q8T[]FG]HS5-.34]+^ M`'QLU/2WC>6/4;#X6>.+JR>%>3.EW!H3P/"H4_OD(M*_M"QNM.U;1=>T+4+;5=)N9K.[BAN8KBTO;:"Y1 M)8UW>6N00>9PM:K@\11K\LXJ,US*491YH/2<;M;N$G9/K9VTTY\LQ&,R7,,) MF"H5HQI5(\_/3G3C5HSM&M3NTDU.FVEKO:2V/]3)3E5/J`?THKQ/]GKXSZ)\ M?/@;\)_C-X?B6+2_B3X#\->+(K59=_\`9USJNEV\^HZ3(S@.9]'U$W>EW(;Y MEN+256)*DT5^A1J0E&,E.-I14DW**NI)-.UUNFF?TI3J4ZM.G4IRBX5(1G"2 M:LX3BI1:UV<9)KR/S$_X.%"B?\$E?VH'8(,7?P-.XCYAC]H?X3GY3@DG'&.X M)%?,G@O_`(*Z?"6R\!?\$NOV9_V??%_BFX^*_P`2_'O[*GPE^(MAX@^"_P`0 M?#.D6OPWM?#V@:#\1;:TU_XF^!_#VAZO<7UX]EINEZQX%O=<&UYM2LM4BM1; MW%S[7_P<0_$'P!8?\$POVB?`.I>,/#%KXUUZ^^"2:/X0N-=TV+Q-J.SXX_#S M6GEL-">Y&IW<<>DZ+JVH/)!;.B66G7MPS"*WE9?>OA[\'OA7^V3^R]_P3MN_ M#'Q/\)/J/[-&I_LG_M!6-UH,>D>-+X7_`(!^']M;GPC>FRUJTG\-KX@M[O4- M/NKV8W#VLMDV[2;V6U*0W_G?YZ+]$6=7K?[,/QO\!_MC?M-?M2?L\Z-\&[;7 M/C3^S[\`O!.F'XCWWB.ST36/B9\._'OB\>,-5\:VWA#2IM;%F_PJU'PUI7A[ M5+*>[N9]^U>_L]-LH@#->7UQ%:VL665`9;B9DBC#.ZH MI=U!9E49)`K^>W_@A%X^\$75Y_P4]F@\7>&YEU/_`(*.?'GQ18"'6+"3[5X: MU1[:ZT[7[<).3+HU[!:WK[;_,#H_@/_`,%*OV\_ MC3^T[^U'^Q/;_L[?`&+X\?`+4/"EN/B#8^-?'Z_`+0]$U.UU6]UKQ/XQU.[T M*7QKJ]Y<1S^$+3P3X%\/Z+I.J^(+W4O$<^I:YH.D^%[_`%$?0?P2_;<_:>\) M?MVZ3^P1^VGX,^"T?C+XD_"C5_C#\$_BO^SX_C33_!/BO2?#USJD6N^$?$'A M3XA7^MZ]H_B6PM-$UG5'N[77KJP-OI\*"W8:G!+!\L_\$S/&_@F\_P""LW_! M:B6#Q-X>F?5_'/[-$6B>3JMA*^J-I/ASXB:7K"Z9Y/^#@K_@G"3XGT%5LOV;?C]97CG5K$);7NH>%OB]; M6-E6-DB0N5!0'UE\4OVZ_B]XN_;X\2?\`!/#]FBV^ M$_@KXE>!?A%I?Q?\5?$GX^>&?B)XS\/:K8ZLFD3QZ!X$\#^`-7\#KJW]F66O M:/<:UXBU_P")_AR*.[O)]+T?0M7N-*U"9.@_9;_;1^..O?MD?&']@O\`:G\& M_#*S^,OPZ^%.A?'7PG\1O@E<>(;7X<^/_ACK.M:;X;GFN?"7C*_UKQ/X+\3: M7K>KV%M-I<_B;Q+:WD9OIK>\CM;&UO=8^+M+_:-_:&_;L_X*(_M8?LI^`/C' MI'[&_P`-?V5-/\,>&_%?BSP=X*\%:]^T]\:;;7CBZ?8Z5#9W*(`?HO^T!_P4S_:^_9=_;E^ M$'[*GQ&_9S^%GQ"\.?M#'XD7?P3U'X-^./%%WX\UZWTB/Q#;?#_1/&-IXS\. M>'_#/@[5KO6(/#"^/M;2[UGPIX5\/7^M^(H-2UY+6MWXY?M]?MU?L1^+/ M@7XQ_;)^"W[,]W^S;\;OC'X9^"NIZ_\``/Q[\2M5\=_!KQ'XWBO+CP_J7BM_ M'?A70](\9Z#:0Z;J9U&_T+2/#TEPFFS.EM8W-UIMA>>)?M'_`!&\+>,/^"X_ M_!(+7+B:TT=M2^`7[1?B";1-%C':1>,+ MB\N(O.D0M';68DEN98PX@@+&79&Q8`'W1^W-_P`%`+C]F;QQ\$OV&?'7]NC]JG]@71/`/Q4_;L@_9!U+X,^,?&_A MOP%KC?`[Q1\1?"GQ+\(W_B.9()=>\.^&/B?_`&I:?%[0?#&XZAXIM-#O?"/B M73_#D5YXCM]&O(=/N-/'R7^UIXBT;X$?\'`/[#W[0OQ7OK72_@K\6/V7O%'P M+\$?$#6)DA\+>'/BI#>_$NX72)-5EB%CILVN1>-O#&FVERUSYES)XP;S733H M9GC_`$E_X*3>)?V4--\`?!J']HKX(^&?VDO%&N?';X<^&OV??@[J0T]_$'B/ MXK>)_$&G:#!?>'X[Z.7;8^'=%U&_\0>*9KBVN-'_`+!TR>#5891<6L3@'SU\ M9?VM_C#\(O\`@H_^R+\"_C1^RI^SQJEC^T7XN^+_`(<^`7[0GAKQ[JWB?XE> M#O!?A&PCN=7&K:3XC^$>@3^%/$>LZ/JWAG^W_#_ACQ=JWA^8:I=6T?B'4ELF M:7V?]I_]O?Q;X%_;-^#'_!/OX%Z#\.O^&@/C'\--:^+-AXN^->H>,;#X:Z=X M;TF3Q,D.A:1IO@;0-5UKQ9XUU&V\$>,M7&F7NM>!]!L-'T"267Q+=:I?6.CR M_'7_``4NUO1T_P""M7_!$&"75+.%[?QK^U(\L4MU$CP-J?A/X9V&E%XY"&7^ MT]0LY+&Q9E'VZY@DM[8R2HZ+TGQI_:3^./[1/_!4C7_V#?V>?$/PM_9QU3X) M_`_3_B7XW_::\3_#7P[\5/C7?Z5XLM_"%U/X.^!VC^*)H/#VCV#VWC'1AX@U M/6;/788KJTU"Z?3GCL;:QU<`^E_A%^VS\>O#7[;6D?L)_M=?#GX9:9XZ^(WP MKUKXN?!GXK?`_7O$-UX$\8:-X8NY[;Q'X9U_PAXRM6\3>$_$^G0V=[J<:'I7PZ^#G_!P!\`?#MI\?_B?^T/XO\`?LE_&'4?C3\0/BSXZL M/%>N:9XH;P]\1M:'@ZTL],L=`\(^!K?0O"PL]=_X0KPOX?T+3=+@UR/4;N*> M_P!1OKH^T_MP?&_P=\>_VTO^#>3XU^&H=2T+PU\6?&7Q4^)/A[1O%BZ;8>*+ M#P]\0?!GP*U?PTFN6&G:EJME::E=0WMO;F"TU+4(&OM]K;75RZ$D`_I=7[J_ M[H]NWI7->-O%>D^!/!WBOQOK]TECH7@[PYK7BC6[Z7'EV>D:!IUQJNIW4F?X M+>RM)YG]%0UTJ$,JE2",#ITZ5^0O_!=KX\2_`+_@F%^TIJUC>BSUSXD^']/^ M"FAKO,!)?%U\I7#8LSM93\R@'X=_\`!M%X4US] MH3]KW]O7]O/QG;;M:UF_N="M;R<-,DGB/XW^.=3^)WCB*RE8#RY-'A\+^'[; MY02MEKJ1*41BI_M`K\$_^#;[X$?\*=_X)E?#_P`67=H;/6OC[XU\<_XY4 M_P!)%G/J47@;PT6EP"]K=^&O!.EZQ8H!M2'5RPRTCLW[V4`(0",$`CT(R*\D M/P(^#[_$R3XS3?#3P+/\5Y-+L]%;XAS^&-(F\7KIEAYPM+2+7I;1M1A6))WA M\R&>.62V2VM9I)+>SM(H?7**32=KI.SNKI.S5[-7V>KU6NK,YTJ=3E]I",^2 M2G'F2?+);22>BDNDMU=V:&A0`!@<`=A7B/QJ_9M^!7[1.AMX=^-GPK\%_$C2 MS$\4`\3:+:W>HZ9YGWYM"UI$BUK0+M@64WFBZA876UW43!9'#>X44I0C.+C* M*E%Z--)IKL[WO>UG?<*M*G6IRI5J<*M.:M.G4BIPG'M*,DU)/JFG<\"_9S_9 MV\$_LP?"G1_@Q\.+K79/`7AG5/$M]X5T_P`0ZF=8O/#^G>)O$&H^)I_#]MJ< MD,5Y=Z5INIZM?KI3:B]WJ,%C)#:W5]>O!]HD*]]HI1IPC%1C"*C%)122LDK) M)=DDDDNB2[$T\/1I4X4J=.,*=.,80A%6C"$4HQC%=%%))+HE8^:OBI^QG^R/ M\=/%9\=?&K]F3X#?%OQF=.L]'_X2KXD_"?P/XV\0+I.G&9K'2TU?Q'H>HWZ: M?9O*2XG=(PTLA;HO@]^S%^SE^SU+KT_P`!?@3\(O@O+XI32X_$ MS?"SX=^$_`1\0QZ(=0.CIK7_``C&DZ9_:::6VK:HVGK>^<+-M1OC;B,W4_F> MYT59L&=7.F:C9Z MQIQU'1=7M[O3[PV&K:?8:G9F>!S;7]G;74)2:"-U^:-`_P"";W[`OA.]OM1\ M+?L=?LY>&K_4_#_B/PIJ%YH/PC\%:1=7OAKQ?H=]X9\4Z%.O`_P"Q M]^S_`.$?&/A+6M,\1^&/$OA[X:^&])UC0=>T6\BO])U?2KVSL8IK._TZ]@BN MK2XA97@GC21"&4$8^L_\$L?^"<_B'6=5\1:Y^QC^S[JNO:YJ=]K.L:Q>_#O0 MY]1U+5M3NI;W4-1O+IK?S9[N\NYI;BXF=B\LTCNQ+,37WU10!\&?&O\`X)A_ ML&?M$^--(^(GQA_9K\"^+?&^B:=I.CVOB5)O$/AS4KS2="MH;'1],UZ3PIK6 MA)XHT_3;"WAT^TL_$D>JVT.GQ)8+']C40U=\(/"D>KS7.ICPQX MFT[6=!^WWNH77]G^=J-\]Q]S4UW5%+.0JC&2>@R0!^I`H`^`O%W_``3`_P"" M='B;Q%XB\>^-?V1?@1J_B;Q'K6K^*O$WBK6O!UA-J>J:WK-_<:KK.LZGJ4Q\ MQ[J]U"[N+VZN9)!F::20E'_`EAJTMAIGB>31/#_@_3(M(\.^&XY[2\N$LK71-*@@L;.T8HT5M'&AR`*_ M'[X"G6_^"XO[7G[1?C#XO^)_$\W_``3G_99\>GX5?#+X$^&/$.L^&?"?Q[\> M6#W377CKXGW?AZ]T^\\3:3%8V5GXEMM!N+J".SLO$WA/3;=(H(O%A\3?H#^T M%_P26^!^B_#[Q%XW_81T"#]C/]J+PCX"[/5]?TZR>;2_" M/Q&\+VMPWA#QOX-\2W4,6EZ[!XHT+5;B&*Z-_!*9(I8+H`^T=0_87_8^UWX$ M6O[,^H_L^_#2_P#@)8WU_J>E_#.;0(6\/:-J^I7MYJ-YK.A#<+[0M;:^U"_N M8=9T>\LM4M9+RY^RW<*S2*W&?`7_`()J?L1?LS^-K/XD?!SX#Z)H'CW2K"XT MK0_%VO\`B3QQ\0]?\-:9=PM;7.G^%=1^(WB?Q9<>%K6XM7DM)X_#[Z;YUI-/ M:RE[>:6-_FK_`()F_&?PM\"O^"1G[-'Q:_:7^(%GX"TGP[\,M2U/QSXP^)>K MS:?+;7=SXY\3!(M2NM9?^T+O6;R:>WLK'356YU74[V6WL=/MKJZG@BD]&TW_ M`(*Y_L:3R:#>^)-7^,/PR\"^++ZTT[PI\8?B[^SQ\F?8_ MBGXU\!Z/X0L;74O-22RU'7-2TC3IH2)1=A&4L`=1XW_X).?\$ZOB3XT\2_$7 MQU^RC\-?$_CCQAXEUKQAXE\3:F/$+ZGJWB;Q#JESK6LZO/)%KD21W-_JEW#]#^'O@#Q#X M4\8?$+X>^)]$\!^&K)M.T+P?-XF\`>+/#6OZSX>TNQDFM;/3M*XNE MBV?:[HS=K^T?_P`%!_V2?V2#H,O[07Q4?P%IOB?2K76=!U]/`GQ+\7>&=0L+ MV>6VM)!XF\"^#/$WA^UFNI89/LMG>ZG;WMS"%NH+=[66*9^7UO\`X*9?L?>' M_%.F>&-1^(^J_9]0U7PQX?N?'=G\.?B?J'PD\,^)O&@TS_A%O"WCCXO6'@NY M^&O@7Q-JSZSI,!T'Q;XHT?4]-N=1LK36;;3KJY@AD`,?QG_P2?\`^"?GCKPK M\-?!FK?LY>&]+T'X277B&[\$)X*U_P`:?#W5K,^,+6.R\90:SXD\#>)/#WB/ MQ9:>,;:*.+Q9;^*]6UJ/Q&%)U<7;22F2OXK_`."2'_!./QQXB/BSQ3^RC\.] M5\09MO(U$W/BJS-@EDD4=E!I5KIWB&TLM'M;*.&%+*TTJVL[6T6)!;PQ!1C3 M@_X*F_L(2_$'QG\++SX_Z#X?\>?#O1_%/B'QKHGC+PWX^\#P>']!\&S26_B# M5[G7?&/A'0_#T]C;W,?V>SGLM5N4UF9XH]$;47FA62M\*/\`@JG^PW\9/BAH M?P:\*?&&YTCXB^*T:7P9X?\`B1\.OBC\)6\=0[W2&3P/J'Q.\%^$M*\6M>%" MVGV^AWUY=:BGS6,%P`Q`!]R^!_!/ACX;^#_#7@'P7I:Z)X2\'Z)IOASPWHZ7 M-[>)IFBZ1:16.G6*76HW%W?7"6MI!%"LMW=7%Q($WS322%F/\D'_``=8?%W6 MM=LOV.OV0/"1EO\`6/'?C;7?BCJ6AVW-Q=W]K%:?#GX<1",*6E_M/4/%7CB" M!<@"XL5(#,%,?]A`((!'((!!]CTK^)/XT>;^WC_P<[_#CP(X_M?P/^RYK/A& MTEC&%M+^%'PQ\#?#ZRD@C\M)XO"7AK3=#^U%88OM5O+;^8OWH_-0H7'3E0^7+MFN+==>^&'B M*-KB-&@59;64RD7L!?\`I=\5>)-$\&^&?$/B[Q+?VVE>'/"VBZGXAU[5+V18 M;/3=&T:RFU'4[^ZE?Y(K>SLK>:XFD;Y4CC9CP*_+3]I?_@EU_P`)U^T5#^V? M^R3\==>_9`_:QDTI-"\7^,=#\+:7XZ^'/Q>T&*"T@72?BM\--4NM+L==G>'3 MM.MAK-OJ,$\::?IU]/8W^KZ3HVH:;QOC3]A/]OS]J?0A\,/VSOVWO`,?P#U" M:"'X@_#+]EKX,ZC\,M?^,'A])(I+KPCXO^)?B?QAXBUGP_X8U<1&T\0:9X6T MJ&36],GNM.FO;:"=C0!^<_[;?[0FA?MR_M._\$)7U/PQXJ\,?LP_M$_$/Q;\ M;I?AS\1K73X&\3>(_"-QX;'P[M_&.F:=JFL>'=1+VES%-IVF)?7\-QI'CZ:& MZ6==1:V']''[3_@/P-\2_P!FWXX^`OB+ING:CX%\4?"?QQI7B2VU&*![2+3) MO#E^TE\&GC=+:YTMTCU*QOE43:?>VEO?6[Q7%O%(OS]^UM_P3Q^#G[4OP<^% MWPOM+G4O@YKW[/>M^&/%O[-GQ*^'4-G:>(_@AXJ\$VUE9^%;GPS;7,3V=WX? ML[73=/LK_P`,7)BM+^TT_3Y(+C3]6TS2=6T_Y]^)7['O_!1S]H/X>:K^S]\: M_P!MCX*Z!\&?$FE3>&?B!XS^!G[.GB3PA\>?B5X/OT%GK_AZ[U7Q/\7?%7P_ M\!OXHTQKBRUG4_"_A6[$<-S<6UAIUO:3/`0#\([?X@>//B/_`,&H?Q#N/']S M>:E-X0UCP5X$\&ZQJ;23WMYX)\,?MF?"W3_#L7VJ=I&FM/#L,EQX/TP*0EKI M7A^UT\!OLCL_[OZ?_P`$Q/V_VY%XXUOQ#XAUKQ1.4MM:N-5U:ZU#3]8TV M\DDF;._:X_X)5>(?CG^R7X8_80^`?Q^\+_LQ?LHZ'X1\(^&M5\#GX$'XL>+- M?NO!OC*P\=:?J9\(_#OB>^\>:%X'_B'XC^$GCS0?^">VH>-_AK\4/"L=O>:IX%\= M^'?BS\9I-)U6YT+4/^)/XLT"^L[C4?#WBOPAK0&F^)?"VMZQI,DUE-(_#XFM]%NOBCKGC+Q[XQN[#3EM9[R+4=!\-L^G7-MJ5]#9?V;?BRUFS`/US M^"7B77O&7P<^%7B[Q3$+?Q-XH^'/@CQ#XAMEMVM1;:WK7AG2]2U6W%LP5K?R M+^YN(O)89CV[#RM?PJ?LZ_M:?#;_`()9_P#!<+_@H%\0_P!L70/'%M9^,M=^ M/^E>&]7\/>'U\0ZND?Q*^,OASXI^#M?AL[J\TV670_%/@JSC,&H6TDLB-J%C M#)"L+7>$X[?[-X6T29;RXTZ&>X1[Z='18_,?VBOV#_V/ M?VM-0TC5_P!HS]GKX;_%?6]!@2TTC7_$>B*GB*QL(YVNETR+Q#IDMAK;:3]I M>2X;29+]]->:6>1K4M/,7`.=_8/_`&]_@?\`\%$/@]J7QK^`UOXTL?#&C>,M M6\!ZSIGCW1+/0?$.F>(M(L=)U66":VTW5=STVWMTN=1O719+[4;KSKZ]E42W5Q-)\U>GT`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'YG^(?^"37[)WB;XUC]HO M5-5_:7/QO@@OK#3OB9:_M<_M(6?B_0]#U"ZU.ZN/"_A[7+?XE)J&@>$%?6-2 MBM_"FDW%IX?MK6\N+2#3TMYI8W_2BTMDL[2ULXY+B9+2WAMDEN[B:[NI4@C6 M)9+F[N'DN+JX<*&FN)Y'FFD+22NSLS$HH`L4444`%%%%`!1110`4444`%%%% $`'__V3\_ ` end