0000868671-13-000016.txt : 20130418 0000868671-13-000016.hdr.sgml : 20130418 20130418163840 ACCESSION NUMBER: 0000868671-13-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130418 DATE AS OF CHANGE: 20130418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLACIER BANCORP INC CENTRAL INDEX KEY: 0000868671 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 810519541 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18911 FILM NUMBER: 13769566 BUSINESS ADDRESS: STREET 1: 49 COMMONS LOOP STREET 2: . CITY: KALISPELL STATE: MT ZIP: 59901 BUSINESS PHONE: 4067564200 MAIL ADDRESS: STREET 1: 49 COMMONS LOOP STREET 2: . CITY: KALISPELL STATE: MT ZIP: 59901 8-K 1 gbci-03312013x8k.htm 8-K GBCI-03.31.2013-8K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 8-K
____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 18, 2013 

____________________________________________________________
Glacier Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Montana
000-18911
81-0519541
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

49 Commons Loop, Kalispell, Montana
59901
(Address of principal executive offices)
(Zip Code)

(406) 756-4200
Registrant's telephone number, including area code

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 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 April 18, 2013, the Company issued a press release announcing its financial results for the quarter ended March 31, 2013. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the Exhibit attached hereto is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01. Financial Statements and Exhibits

(a)    Financial statements of businesses acquired - not applicable.

(b)    Pro forma financial information - not applicable.

(d)
Exhibit 99.1 - Press Release dated April 18, 2013, announcing financial results for the quarter ended March 31, 2013.


SIGNATURE

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.
 
 
Glacier Bancorp, Inc.
 
 
(Registrant)
April 18, 2013
 
/s/   MICHAEL J. BLODNICK
(Date)
 
Michael J. Blodnick
President and Chief Executive Officer


 EX-99.1 2 gbci-03312013xex991.htm EXHIBIT GBCI-03.31.2013-Ex99.1




NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACT: Michael J. Blodnick
(406) 751-4701
Ron J. Copher
(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER ENDED MARCH 31, 2013


HIGHLIGHTS:
•
Current quarter net income of $20.8 million, an increase of 27 percent from the prior year first quarter net income of $16.3 million.
•
Current quarter diluted earnings per share of $0.29, an increase of 26 percent from the prior year first quarter diluted earnings per share of $0.23.
•
Announced the acquisition of First State Bank in Wheatland, Wyoming.
•
Announced the acquisition of North Cascades National Bank in Chelan, Washington.
•
The loan portfolio increased $6.4 million, or 76 basis points annualized, during the current quarter.
•
Non-performing assets of $135 million decreased $8.1 million, or 6 percent, from the prior quarter and decreased $79.2 million, or 37 percent, from the prior year first quarter.
•
Current quarter net interest margin, on a tax-equivalent basis, of 3.14 percent, an increase of 9 basis points from the prior quarter net interest margin of 3.05 percent.
•
Dividend declared of $0.14 per share during the quarter.

Results Summary
 
Three Months ended
(Dollars in thousands, except per share data)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
Net income
$
20,768

 
20,758

 
16,333

Diluted earnings per share
$
0.29

 
0.29

 
0.23

Return on average assets (annualized)
1.11
%
 
1.06
%
 
0.91
%
Return on average equity (annualized)
9.20
%
 
9.17
%
 
7.58
%


1


KALISPELL, MONTANA, April 18, 2013 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income for the current quarter of $20.8 million, an increase of $4.4 million, or 27 percent, from the $16.3 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.29 per share, an increase of $0.06, or 26 percent, from the prior year first quarter diluted earnings per share of $0.23. "We had a solid first quarter and good start to the year highlighted by the announcement to acquire First State Bank in Wheatland, WY and North Cascades National Bank headquartered in Chelan, WA.," said Mick Blodnick, President and Chief Executive Officer. "It's exciting to add this type of talent and diversification to our Company," Blodnick said. "Also, for the first time in a number of years we saw positive results in credit quality, loan growth and our net interest margin all in the same quarter. The quarter brought a long awaited reduction in premium amortization and gives us hope that through the course of this year we could benefit from further reductions."

During the first quarter of 2013, the Company announced the signing of a definitive agreement to acquire First State Bank, a community bank based in Wheatland, Wyoming. As of December 31, 2012, First State Bank had total assets of $281 million, gross loans of $179 million and total deposits of $249 million. The transaction is expected to be completed in the second quarter of 2013. The Company also announced the signing of a definitive agreement to acquire North Cascades National Bank, a community bank based in Chelan, Washington. As of December 31, 2012, North Cascades National Bank had total assets of $347 million, gross loans of $219 million and total deposits of $300 million. The transaction is expected to be completed in the third quarter of 2013.

Asset Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
March 31, 2013
 
December 31, 2012
 
March 31, 2012
 
December 31, 2012
 
March 31, 2012
Cash and cash equivalents
$
129,057

 
187,040

 
131,757

 
(57,983
)
 
(2,700
)
Investment securities, available-for-sale
3,658,037

 
3,683,005

 
3,239,019

 
(24,968
)
 
419,018

Loans receivable
 
 
 
 
 
 
 
 
 
Residential real estate
513,784

 
516,467

 
515,405

 
(2,683
)
 
(1,621
)
Commercial
2,307,632

 
2,278,905

 
2,283,488

 
28,727

 
24,144

Consumer and other
582,429

 
602,053

 
634,318

 
(19,624
)
 
(51,889
)
Loans receivable
3,403,845

 
3,397,425

 
3,433,211

 
6,420

 
(29,366
)
Allowance for loan and lease losses
(130,835
)
 
(130,854
)
 
(136,586
)
 
19

 
5,751

Loans receivable, net
3,273,010

 
3,266,571

 
3,296,625

 
6,439

 
(23,615
)
Other assets
549,133

 
610,824

 
574,444

 
(61,691
)
 
(25,311
)
Total assets
$
7,609,237

 
7,747,440

 
7,241,845

 
(138,203
)
 
367,392


Investment securities decreased $25.0 million, or 1 percent, during the current quarter and increased $419 million, or 13 percent, from March 31, 2012. The Company continued to purchase investment securities during the current quarter to offset the slow loan growth, however, the Company purchased investment securities (net of principal paydowns) at a slower pace than in the past several quarters. Additionally, the Company has moderately shifted the mix of investment securities through purchase activity in an effort to lessen the impact of the elevated premium amortization on collateralized mortgage obligation ("CMO") securities. The investment securities purchased during the current quarter included U.S. Agency mortgage-backed securities, U.S. Agency CMO's, corporate and municipal bonds. Investment securities represent 48 percent of total assets at March 31, 2013 and December 31, 2012 versus 45 percent at March 31, 2012.


2


The loan portfolio increased during the current quarter by $6.4 million, or 76 basis points annualized, to a total of $3.404 billion at March  31, 2013. Excluding charge-offs of $3.6 million and loans of $6.7 million transferred to other real estate owned, loans increased $16.7 million from the prior quarter. The loan portfolio decreased $29.4 million, or 86 basis points, from the prior year first quarter. The largest increase was in commercial loans, which increased $28.7 million, or 1.3 percent, over the prior quarter and increased $24.1 million, or 1.1 percent, from the prior year first quarter. The largest decrease was in consumer and other loans which decreased $19.6 million, or 3 percent, from the prior quarter and decreased $51.9 million, or 8 percent, over the prior year first quarter. The decreases in consumer and other loans was primarily attributable to customers paying off home equity lines of credit (HELOC's). Other assets decreased $61.7 million during the current quarter, of which $57.5 million was from the decrease in loans held for sale resulting from a decline in the levels of refinanced residential loans at quarter end.

Credit Quality Summary
 
At or for the Three Months ended
 
At or for the Year ended
 
At or for the Three Months ended
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
Allowance for loan and lease losses
 
 
 
 
 
Balance at beginning of period
$
130,854

 
137,516

 
137,516

Provision for loan losses
2,100

 
21,525

 
8,625

Charge-offs
(3,614
)
 
(34,672
)
 
(11,058
)
Recoveries
1,495

 
6,485

 
1,503

Balance at end of period
$
130,835

 
130,854

 
136,586

Other real estate owned
$
43,975

 
45,115

 
74,337

Accruing loans 90 days or more past due
563

 
1,479

 
9,231

Non-accrual loans
90,856

 
96,933

 
131,026

Total non-performing assets 1
$
135,394

 
143,527

 
214,594

Non-performing assets as a percentage of subsidiary assets
1.79
%
 
1.87
%
 
2.91
%
Allowance for loan and lease losses as a percentage of non-performing loans
143
%
 
133
%
 
97
%
Allowance for loan and lease losses as a percentage of total loans
3.84
%
 
3.85
%
 
3.98
%
Net charge-offs as a percentage of total loans
0.06
%
 
0.83
%
 
0.28
%
Accruing loans 30-89 days past due
$
32,278

 
27,097

 
42,581

__________ 
1 As of March 31, 2013, non-performing assets have not been reduced by U.S. government guarantees of $1.4 million.

In the first quarter of 2013, the Company maintained the positive trend of reducing non-performing assets that was established throughout 2012. Non-performing assets at March 31, 2013 were $135 million, a decrease of $8.1 million, or 6 percent, during the current quarter and a decrease of $79.2 million, or 37 percent, from a year ago. The largest category of non-performing assets was the land, lot and other construction category which was $62.3 million, or 46 percent, of the non-performing assets at March 31, 2013. Included in this category was $28.9 million of land development loans and $17.4 million in unimproved land loans at March 31, 2013. The Company has continued to reduce the land, lot and other construction category over the prior two years and during the current quarter, this category of non-performing assets was further reduced by $4.2 million, or 6 percent. 

The Company's early stage delinquencies (accruing loans 30-89 days past due) of $32.3 million at March 31, 2013 increased $5.2 million, or 19 percent, from the prior quarter and decreased $10.3 million, or 24 percent, from the prior year first quarter early stage delinquencies. "Our goal this year of reducing non-performing assets below

3


$100 million is definitely within reach after the success we recorded in the first quarter," said Blodnick. “We also saw a significant decrease in our credit costs compared to the prior and year ago quarters. The only increase came in early stage delinquencies which was expected and for us is driven each year at this time more by seasonal employment trends due to weather rather than changes in the economy."

At March 31, 2013, the allowance for loan and lease losses ("allowance") was $131 million, a decrease of $19 thousand from the prior quarter and a decrease of $5.8 million from a year ago. The allowance was 3.84 percent of total loans outstanding at March 31, 2013, compared to 3.85 percent at December 31, 2012 and 3.98 percent at March 31, 2012. The allowance was 143 percent of non-performing loans at March 31, 2013, an increase from 133 percent at December 31, 2012 and an increase from 97 percent at March 31, 2012.

Credit Quality Trends and Provision for Loan Losses
(Dollars in thousands)
Provision
for Loan
Losses
 
Net
Charge-Offs
 
ALLL
as a Percent
of Loans
 
Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
 
Non-Performing
Assets to
Total Subsidiary
Assets
First quarter 2013
$
2,100

 
2,119

 
3.84
%
 
0.95
%
 
1.79
%
Fourth quarter 2012
2,275

 
8,081

 
3.85
%
 
0.80
%
 
1.87
%
Third quarter 2012
2,700

 
3,499

 
4.01
%
 
0.83
%
 
2.33
%
Second quarter 2012
7,925

 
7,052

 
3.99
%
 
1.41
%
 
2.69
%
First quarter 2012
8,625

 
9,555

 
3.98
%
 
1.24
%
 
2.91
%
Fourth quarter 2011
8,675

 
9,252

 
3.97
%
 
1.42
%
 
2.92
%
Third quarter 2011
17,175

 
18,877

 
3.92
%
 
0.60
%
 
3.49
%
Second quarter 2011
19,150

 
20,184

 
3.88
%
 
1.14
%
 
3.68
%

Net charged-off loans of $2.1 million during the current quarter decreased $6.0 million, or 74 percent, compared to the prior quarter. Although there has been fluctuation in the amount of charged-off loans the past several quarters, the Company continues to see overall better results as credit trends improve.   The current quarter provision for loan losses was $2.1 million, which decreased $175 thousand compared to the $2.3 million provision for loan losses for the prior quarter and decreased $6.5 million from the first quarter of the prior year. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of provision for loan loss expense. 

Supplemental information regarding credit quality and identification of the Company's loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan.


4


Liability Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
March 31, 2013
 
December 31, 2012
 
March 31, 2012
 
December 31, 2012
 
March 31, 2012
Non-interest bearing deposits
$
1,180,738

 
1,191,933

 
1,039,068

 
(11,195
)
 
141,670

Interest bearing deposits
4,192,477

 
4,172,528

 
3,888,750

 
19,949

 
303,727

Repurchase agreements
312,505

 
289,508

 
259,290

 
22,997

 
53,215

FHLB advances
802,004

 
997,013

 
995,038

 
(195,009
)
 
(193,034
)
Other borrowed funds
10,276

 
10,032

 
10,358

 
244

 
(82
)
Subordinated debentures
125,454

 
125,418

 
125,311

 
36

 
143

Other liabilities
71,503

 
60,059

 
60,033

 
11,444

 
11,470

Total liabilities
$
6,694,957

 
6,846,491

 
6,377,848

 
(151,534
)
 
317,109


The Company's deposits continued to increase and allowed the Company to fund the investment portfolio at lower funding costs. At March 31, 2013, non-interest bearing deposits of $1.181 billion decreased $11.2 million, or 1 percent, since December 31, 2012 and increased $142 million, or 14 percent, since March 31, 2012. Interest bearing deposits of $4.192 billion at March 31, 2013 included $656 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposit and certificate accounts). Interest bearing deposits increased $19.9 million, or 48 basis points, since December 31, 2012 and included an increase of $26.6 million in wholesale deposits. Interest bearing deposits increased $304 million, or 8 percent, from March 31, 2012 and included an increase of $181 million in wholesale deposits. Federal Home Loan Bank ("FHLB") advances decreased $195 million from the prior quarter and decreased $193 million since the prior year first quarter as a result of the decrease in total assets and the decreased need for funding.

Stockholders' Equity Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands, except per share data)
March 31, 2013
 
December 31, 2012
 
March 31, 2012
 
December 31, 2012
 
March 31, 2012
Common equity
$
864,205

 
852,987

 
822,488

 
11,218

 
41,717

Accumulated other comprehensive income
50,075

 
47,962

 
41,509

 
2,113

 
8,566

Total stockholders’ equity
914,280

 
900,949

 
863,997

 
13,331

 
50,283

Goodwill and core deposit intangible, net
(111,788
)
 
(112,274
)
 
(113,832
)
 
486

 
2,044

Tangible stockholders’ equity
$
802,492

 
788,675

 
750,165

 
13,817

 
52,327

Stockholders’ equity to total assets
12.02
%
 
11.63
%
 
11.93
%
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.70
%
 
10.33
%
 
10.52
%
 
 
 
 
Book value per common share
$
12.70

 
12.52

 
12.01

 
0.18

 
0.69

Tangible book value per common share
$
11.14

 
10.96

 
10.43

 
0.18

 
0.71

Market price per share at end of period
$
18.98

 
14.71

 
14.94

 
4.27

 
4.04


Tangible stockholders' equity and tangible book value per share increased $13.8 million and $0.18 per share from the prior quarter, resulting in tangible stockholders' equity to tangible assets of 10.70 percent and tangible book value per share of $11.14 as of March 31, 2013. The increases were from earnings retention and an increase in accumulated other comprehensive income.


5


Cash Dividend
On March 27, 2013, the Company's Board of Directors declared a cash dividend of $0.14 per share, payable April 18, 2013 to shareholders of record on April 9, 2013. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended March 31, 2013 
Compared to December 31, 2012 and March 31, 2012

Revenue Summary
 
Three Months ended
 
 
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
 
Net interest income
 
 
 
 
 
 
 
Interest income
$
57,955

 
59,666

 
67,884

 
 
Interest expense
7,458

 
8,165

 
9,598

 
 
Total net interest income
50,497

 
51,501

 
58,286

 
 
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
11,675

 
12,845

 
11,438

 
 
Gain on sale of loans
9,089

 
9,164

 
6,813

 
 
Loss on sale of investments
(137
)
 
—

 
—

 
 
Other income
2,323

 
3,384

 
2,087

 
 
Total non-interest income
22,950

 
25,393

 
20,338

 
 
 
$
73,447

 
76,894

 
78,624

 
 
Net interest margin (tax-equivalent)
3.14
%
 
3.05
%
 
3.73
%
 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
December 31,
2012
 
March 31,
2012
 
December 31,
2012
 
March 31,
2012
Net interest income
 
 
 
 
 
 
 
Interest income
$
(1,711
)
 
$
(9,929
)
 
(3
)%
 
(15
)%
Interest expense
(707
)
 
(2,140
)
 
(9
)%
 
(22
)%
Total net interest income
(1,004
)
 
(7,789
)
 
(2
)%
 
(13
)%
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
(1,170
)
 
237

 
(9
)%
 
2
 %
Gain on sale of loans
(75
)
 
2,276

 
(1
)%
 
33
 %
Loss on sale of investments
(137
)
 
(137
)
 
n/m

 
n/m

Other income
(1,061
)
 
236

 
(31
)%
 
11
 %
Total non-interest income
(2,443
)
 
2,612

 
(10
)%
 
13
 %
 
$
(3,447
)
 
$
(5,177
)
 
(4
)%
 
(7
)%


6


Net Interest Income
The current quarter net interest income of $50.5 million decreased $1.0 million, or 2 percent, over the prior quarter and decreased $7.8 million, or 13 percent, over the prior year first quarter. The current quarter interest income of $58.0 million decreased $1.7 million, or 3 percent, over the prior quarter as a result of the decrease in interest income on the loan portfolio. Included in the current quarter interest income was $21.4 million of premium amortization (net of discount accretion) on investment securities compared to $23.3 million in the prior quarter. The decrease of $1.9 million in premium amortization (net of discount accretion) on investment securities during the current quarter was the first quarterly decrease in seven quarters. The current quarter interest income decreased $9.9 million, or 15 percent, over the prior year first quarter primarily due to an $8.1 million increase in premium amortization (net of discount accretion) on investment securities coupled with a decrease of $4.2 million in loan interest income from the prior year first quarter. The current quarter decrease in interest expense of $707 thousand, or 9 percent, from the prior quarter and the decrease of $2.1 million, or 22 percent, in interest expense from the prior year first quarter was the result of a decrease in interest rates on deposits and a decrease in the amount of borrowings. The cost of total funding (including non-interest bearing deposits) for the current quarter was 46 basis points compared to 48 basis points for the prior quarter and 61 basis points for the prior year first quarter. 

The current quarter net interest margin as a percentage of earning assets, on a tax-equivalent basis, was 3.14 percent, an increase of 9 basis points from the prior quarter net interest margin of 3.05 percent. The increase in the net interest margin during the current quarter was the first increase in seven quarters and was primarily attributable to the increased yield on the investment securities. Of the 13 basis points increase in yield on the investment securities, 12 basis points was due to the decrease in premium amortization. The premium amortization in the current quarter accounted for a 123 basis points reduction in the net interest margin compared to a 128 basis points reduction in the prior quarter and 79 basis points reduction in the net interest margin in the prior year first quarter. "The welcomed reduction in premium amortization is largely attributable to reduced holdings of U.S. Agency CMO's in favor of increased holdings of investment grade corporate bonds," said Ron Copher, Chief Financial Officer.

Non-interest Income
Non-interest income for the current quarter totaled $23.0 million, a decrease of $2.4 million over the prior quarter and an increase of $2.6 million over the same quarter last year. Service charge fee income decreased $1.2 million, or 9 percent, from the prior quarter as a result of seasonal activity and fewer days in the quarter. Service charge fee income increased $237 thousand, or 2 percent, from the prior year first quarter. Gain on sale of loans of $9.1 million for the current quarter remained at historically high levels, but decreased $75 thousand, or 1 percent, from the prior quarter. Compared to the prior year period, the Company recorded a $2.3 million increase on the gain on sale of loans. Other income of $2.3 million for the current quarter decreased $1.1 million, or 31 percent, from the prior quarter primarily a result of decreases in income related to other real estate owned and gains on the sale of bank assets. Included in other income was operating revenue of $62 thousand from other real estate owned and gains of $664 thousand on the sale of other real estate owned, which totaled $726 thousand for the current quarter compared to $910 thousand for the prior quarter and $528 thousand for the prior year first quarter.


7


Non-interest Expense Summary
 
Three Months ended
 
 
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
 
Compensation and employee benefits
$
24,577

 
24,083

 
23,560

 
 
Occupancy and equipment
5,825

 
6,043

 
5,968

 
 
Advertising and promotions
1,548

 
1,478

 
1,402

 
 
Outsourced data processing
825

 
889

 
846

 
 
Other real estate owned
884

 
3,570

 
6,822

 
 
Federal Deposit Insurance Corporation premiums
1,304

 
1,306

 
1,712

 
 
Core deposit intangibles amortization
486

 
491

 
552

 
 
Other expense
7,985

 
10,148

 
8,183

 
 
Total non-interest expense
$
43,434

 
48,008

 
49,045

 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
December 31,
2012
 
March 31,
2012
 
December 31,
2012
 
March 31,
2012
Compensation and employee benefits
$
494

 
$
1,017

 
2
 %
 
4
 %
Occupancy and equipment
(218
)
 
(143
)
 
(4
)%
 
(2
)%
Advertising and promotions
70

 
146

 
5
 %
 
10
 %
Outsourced data processing
(64
)
 
(21
)
 
(7
)%
 
(2
)%
Other real estate owned
(2,686
)
 
(5,938
)
 
(75
)%
 
(87
)%
Federal Deposit Insurance Corporation premiums
(2
)
 
(408
)
 
—
 %
 
(24
)%
Core deposit intangibles amortization
(5
)
 
(66
)
 
(1
)%
 
(12
)%
Other expense
(2,163
)
 
(198
)
 
(21
)%
 
(2
)%
Total non-interest expense
$
(4,574
)
 
$
(5,611
)
 
(10
)%
 
(11
)%

Non-interest expense of $43.4 million for the current quarter decreased by $4.6 million, or 10 percent, from the prior quarter and decreased by $5.6 million, or 11 percent, from the prior year first quarter primarily driven by the decrease in other real estate owned ("OREO").  OREO expense decreased $2.7 million, or 75 percent, from the prior quarter and decreased $5.9 million, or 87 percent, from the prior year first quarter. The current quarter other real estate owned expense of $884 thousand included $422 thousand of operating expense, $227 thousand of fair value write-downs, and $235 thousand of loss on sale of other real estate owned. Other real estate owned expense will fluctuate as the Company continues to work through non-performing loans and dispose of foreclosed properties. Compensation and employee benefits increased by $494 thousand, or 2 percent, from the prior quarter and increased $1.0 million, or 4 percent, from the prior year first quarter. Other expense decreased by $2.2 million, or 21 percent, from the prior quarter and decreased by $198 thousand, or 2 percent, from the prior year first quarter and was the result of changes in several miscellaneous categories.

Efficiency Ratio
The efficiency ratio for the current quarter was 55 percent compared to 51 percent for the prior year first quarter. Although there was an increase in non-interest income during the current quarter, it was not enough to offset the decrease in net interest income.


8


About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 60 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown; all operating in Montana; as well as Mountain West Bank, Coeur d'Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell, operating in Wyoming; and Bank of the San Juans, Durango, operating in Colorado.

Forward Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about management's plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:
•
the risks associated with lending and potential adverse changes of the credit quality of loans in the Company's portfolio, including as a result of a slow recovery in the housing and real estate markets in its geographic areas;
•
increased loan delinquency rates;
•
the risks presented by a slow economic recovery, which could adversely affect credit quality, loan collateral values, other real estate owned values, investment values, liquidity and capital levels, dividends and loan originations;
•
changes in market interest rates, which could adversely affect the Company's net interest income and profitability;
•
legislative or regulatory changes that adversely affect the Company's business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
•
costs or difficulties related to the completion and integration of acquisitions;
•
the goodwill the Company has recorded in connection with acquisitions could become additionally impaired, which may have an adverse impact on earnings and capital;
•
reduced demand for banking products and services;
•
the risks presented by public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital in the future;
•
competition from other financial services companies in the Company's markets;
•
loss of services from the CEO and senior management team;
•
potential interruption or breach in security of the Company's systems; and
•
the Company's success in managing risks involved in the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

9


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
Assets
 
 
 
 
 
Cash on hand and in banks
$
88,132

 
123,270

 
95,687

Interest bearing cash deposits
40,925

 
63,770

 
36,070

Cash and cash equivalents
129,057

 
187,040

 
131,757

Investment securities, available-for-sale
3,658,037

 
3,683,005

 
3,239,019

Loans held for sale
88,035

 
145,501

 
77,528

Loans receivable
3,403,845

 
3,397,425

 
3,433,211

Allowance for loan and lease losses
(130,835
)
 
(130,854
)
 
(136,586
)
Loans receivable, net
3,273,010

 
3,266,571

 
3,296,625

Premises and equipment, net
159,224

 
158,989

 
158,646

Other real estate owned
43,975

 
45,115

 
74,337

Accrued interest receivable
39,024

 
37,770

 
35,487

Deferred tax asset
17,449

 
20,394

 
24,511

Core deposit intangible, net
5,688

 
6,174

 
7,732

Goodwill
106,100

 
106,100

 
106,100

Non-marketable equity securities
48,812

 
48,812

 
49,699

Other assets
40,826

 
41,969

 
40,404

Total assets
$
7,609,237

 
7,747,440

 
7,241,845

Liabilities
 
 
 
 
 
Non-interest bearing deposits
$
1,180,738

 
1,191,933

 
1,039,068

Interest bearing deposits
4,192,477

 
4,172,528

 
3,888,750

Securities sold under agreements to repurchase
312,505

 
289,508

 
259,290

Federal Home Loan Bank advances
802,004

 
997,013

 
995,038

Other borrowed funds
10,276

 
10,032

 
10,358

Subordinated debentures
125,454

 
125,418

 
125,311

Accrued interest payable
4,095

 
4,675

 
5,318

Other liabilities
67,408

 
55,384

 
54,715

Total liabilities
6,694,957

 
6,846,491

 
6,377,848

Stockholders’ Equity
 
 
 
 
 
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
—

 
—

 
—

Common stock, $0.01 par value per share, 117,187,500 shares authorized
720

 
719

 
719

Paid-in capital
642,285

 
641,737

 
641,647

Retained earnings - substantially restricted
221,200

 
210,531

 
180,122

Accumulated other comprehensive income
50,075

 
47,962

 
41,509

Total stockholders’ equity
914,280

 
900,949

 
863,997

Total liabilities and stockholders’ equity
$
7,609,237

 
7,747,440

 
7,241,845

Number of common stock shares issued and outstanding
72,018,617

 
71,937,222

 
71,915,073



10


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
(Dollars in thousands, except per share data)
March 31,
2013
 
March 31,
2012
Interest Income
 
 
 
Residential real estate loans
$
7,260

 
7,784

Commercial loans
28,632

 
31,041

Consumer and other loans
7,864

 
9,170

Investment securities
14,199

 
19,889

Total interest income
57,955

 
67,884

Interest Expense
 
 
 
Deposits
3,712

 
4,954

Securities sold under agreements to repurchase
227

 
299

Federal Home Loan Bank advances
2,651

 
3,381

Federal funds purchased and other borrowed funds
52

 
62

Subordinated debentures
816

 
902

Total interest expense
7,458

 
9,598

Net Interest Income
50,497

 
58,286

Provision for loan losses
2,100

 
8,625

Net interest income after provision for loan losses
48,397

 
49,661

Non-Interest Income
 
 
 
Service charges and other fees
10,586

 
10,492

Miscellaneous loan fees and charges
1,089

 
946

Gain on sale of loans
9,089

 
6,813

Loss on sale of investments
(137
)
 
—

Other income
2,323

 
2,087

Total non-interest income
22,950

 
20,338

Non-Interest Expense
 
 
 
Compensation and employee benefits
24,577

 
23,560

Occupancy and equipment
5,825

 
5,968

Advertising and promotions
1,548

 
1,402

Outsourced data processing
825

 
846

Other real estate owned
884

 
6,822

Federal Deposit Insurance Corporation premiums
1,304

 
1,712

Core deposit intangibles amortization
486

 
552

Other expense
7,985

 
8,183

Total non-interest expense
43,434

 
49,045

Income Before Income Taxes
27,913

 
20,954

Federal and state income tax expense
7,145

 
4,621

Net Income
$
20,768

 
16,333

Basic earnings per share
$
0.29

 
0.23

Diluted earnings per share
$
0.29

 
0.23

Dividends declared per share
$
0.14

 
0.13

Average outstanding shares - basic
71,965,665

 
71,915,073

Average outstanding shares - diluted
72,013,177

 
71,915,130


11


Glacier Bancorp, Inc.
Average Balance Sheet

 
Three Months ended
 
Three Months ended
 
March 31, 2013
 
March 31, 2012
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
617,852

 
7,260

 
4.70
%
 
$
584,758

 
7,784

 
5.32
%
Commercial loans
2,271,070

 
28,632

 
5.11
%
 
2,290,236

 
31,041

 
5.44
%
Consumer and other loans
587,433

 
7,864

 
5.43
%
 
639,302

 
9,170

 
5.75
%
Total loans 1
3,476,355

 
43,756

 
5.10
%
 
3,514,296

 
47,995

 
5.48
%
Tax-exempt investment securities 2
959,728

 
14,150

 
5.90
%
 
867,621

 
13,955

 
6.43
%
Taxable investment securities 3
2,686,727

 
4,772

 
0.71
%
 
2,382,119

 
10,602

 
1.78
%
Total earning assets
7,122,810

 
62,678

 
3.57
%
 
6,764,036

 
72,552

 
4.30
%
Goodwill and intangibles
112,037

 
 
 
 
 
114,138

 
 
 
 
Non-earning assets
349,000

 
 
 
 
 
358,294

 
 
 
 
Total assets
$
7,583,847

 
 
 
 
 
$
7,236,468

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,141,181

 
—

 
—
%
 
$
1,003,604

 
—

 
—
%
NOW accounts
965,799

 
273

 
0.11
%
 
830,821

 
369

 
0.18
%
Savings accounts
495,975

 
73

 
0.06
%
 
427,129

 
91

 
0.09
%
Money market deposit accounts
997,088

 
514

 
0.21
%
 
874,239

 
600

 
0.28
%
Certificate accounts
1,082,132

 
2,426

 
0.91
%
 
1,071,999

 
3,285

 
1.23
%
Wholesale deposits 4
579,188

 
426

 
0.30
%
 
643,507

 
609

 
0.38
%
FHLB advances
921,652

 
2,651

 
1.17
%
 
1,011,711

 
3,381

 
1.34
%
Repurchase agreements, federal funds purchased and other borrowed funds
427,693

 
1,095

 
1.04
%
 
456,340

 
1,263

 
1.11
%
Total funding liabilities
6,610,708

 
7,458

 
0.46
%
 
6,319,350

 
9,598

 
0.61
%
Other liabilities
57,767

 
 
 
 
 
50,850

 
 
 
 
Total liabilities
6,668,475

 
 
 
 
 
6,370,200

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
720

 
 
 
 
 
719

 
 
 
 
Paid-in capital
641,997

 
 
 
 
 
642,869

 
 
 
 
Retained earnings
220,438

 
 
 
 
 
181,972

 
 
 
 
Accumulated other comprehensive income
52,217

 
 
 
 
 
40,708

 
 
 
 
Total stockholders’ equity
915,372

 
 
 
 
 
866,268

 
 
 
 
Total liabilities and stockholders’ equity
$
7,583,847

 
 
 
 
 
$
7,236,468

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
55,220

 
 
 
 
 
$
62,954

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.11
%
 
 
 
 
 
3.69
%
Net interest margin (tax-equivalent)
 
 
 
 
3.14
%
 
 
 
 
 
3.73
%
__________ 
1 
Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
2
Includes tax effect of $4.3 million and $4.3 million on tax-exempt investment security income for the three months ended March 31, 2013 and 2012, respectively.
3 
Includes tax effect of $381 thousand and $386 thousand on investment security tax credits for the three months ended March 31, 2013 and 2012, respectively.
4 
Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

12


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
 
% Change from
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
December 31,
2012
March 31,
2012
Custom and owner occupied construction
$
36,607

 
40,327

 
38,540

 
(9
)%
 
(5
)%
Pre-sold and spec construction
36,162

 
34,970

 
50,699

 
3
 %
 
(29
)%
Total residential construction
72,769

 
75,297

 
89,239

 
(3
)%
 
(18
)%
Land development
78,524

 
80,132

 
98,315

 
(2
)%
 
(20
)%
Consumer land or lots
100,722

 
104,229

 
118,689

 
(3
)%
 
(15
)%
Unimproved land
49,904

 
53,459

 
61,462

 
(7
)%
 
(19
)%
Developed lots for operative builders
15,713

 
16,675

 
23,910

 
(6
)%
 
(34
)%
Commercial lots
17,717

 
19,654

 
26,228

 
(10
)%
 
(32
)%
Other construction
68,046

 
56,109

 
32,503

 
21
 %
 
109
 %
Total land, lot, and other construction
330,626

 
330,258

 
361,107

 
—
 %
 
(8
)%
Owner occupied
705,232

 
710,161

 
709,979

 
(1
)%
 
(1
)%
Non-owner occupied
466,493

 
452,966

 
445,118

 
3
 %
 
5
 %
Total commercial real estate
1,171,725

 
1,163,127

 
1,155,097

 
1
 %
 
1
 %
Commercial and industrial
428,202

 
420,459

 
399,889

 
2
 %
 
7
 %
1st lien
684,968

 
738,854

 
667,341

 
(7
)%
 
3
 %
Junior lien
79,549

 
82,083

 
92,578

 
(3
)%
 
(14
)%
Total 1-4 family
764,517

 
820,937

 
759,919

 
(7
)%
 
1
 %
Home equity lines of credit
306,606

 
319,779

 
342,693

 
(4
)%
 
(11
)%
Other consumer
109,047

 
109,019

 
107,933

 
—
 %
 
1
 %
Total consumer
415,653

 
428,798

 
450,626

 
(3
)%
 
(8
)%
Agriculture
146,606

 
145,890

 
146,943

 
—
 %
 
—
 %
Other
161,782

 
158,160

 
147,919

 
2
 %
 
9
 %
Loans held for sale
(88,035
)
 
(145,501
)
 
(77,528
)
 
(39
)%
 
14
 %
Total
$
3,403,845

 
3,397,425

 
3,433,211

 
—
 %
 
(1
)%


13


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

 
 
Non-performing Assets, by Loan Type
 
Non-
Accruing
Loans
 
Accruing
Loans 90  Days
or More Past Due
 
Other
Real Estate
Owned
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
March 31,
2013
March 31,
2013
March 31,
2013
Custom and owner occupied construction
$
1,322

 
1,343

 
2,688

 
1,322

 
—

 
—

Pre-sold and spec construction
1,101

 
1,603

 
9,085

 
778

 
—

 
323

Total residential construction
2,423

 
2,946

 
11,773

 
2,100

 
—

 
323

Land development
28,872

 
31,471

 
50,746

 
16,392

 
—

 
12,480

Consumer land or lots
5,800

 
6,459

 
8,271

 
2,862

 
37

 
2,901

Unimproved land
17,407

 
19,121

 
31,891

 
12,963

 
—

 
4,444

Developed lots for operative builders
2,177

 
2,393

 
8,918

 
1,339

 
—

 
838

Commercial lots
2,828

 
1,959

 
2,643

 
327

 
—

 
2,501

Other construction
5,181

 
5,105

 
5,128

 
192

 
—

 
4,989

Total land, lot and other construction
62,265

 
66,508

 
107,597

 
34,075

 
37

 
28,153

Owner occupied
14,097

 
15,662

 
20,818

 
8,850

 
—

 
5,247

Non-owner occupied
4,972

 
4,621

 
3,645

 
3,946

 
—

 
1,026

Total commercial real estate
19,069

 
20,283

 
24,463

 
12,796

 
—

 
6,273

Commercial and industrial
5,727

 
5,970

 
12,818

 
5,640

 
—

 
87

1st lien
23,341

 
25,739

 
29,199

 
18,961

 
172

 
4,208

Junior lien
6,366

 
6,660

 
10,749

 
6,274

 
92

 
—

Total 1-4 family
29,707

 
32,399

 
39,948

 
25,235

 
264

 
4,208

Home equity lines of credit
8,402

 
8,041

 
6,607

 
6,792

 
247

 
1,363

Other consumer
520

 
441

 
307

 
293

 
15

 
212

Total consumer
8,922

 
8,482

 
6,914

 
7,085

 
262

 
1,575

Agriculture
6,213

 
6,686

 
10,738

 
3,110

 
—

 
3,103

Other
1,068

 
253

 
343

 
815

 
—

 
253

Total
$
135,394

 
143,527

 
214,594

 
90,856

 
563

 
43,975



14


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

 
Accruing 30-89 Days Delinquent Loans,  by Loan Type
 
% Change from
 
% Change from
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
December 31,
2012
 
March 31,
2012
Custom and owner occupied construction
$
—

 
5

 
415

 
(100
)%
 
(100
)%
Pre-sold and spec construction
394

 
893

 
303

 
(56
)%
 
30
 %
Total residential construction
394

 
898

 
718

 
(56
)%
 
(45
)%
Land development
1,437

 
191

 
870

 
652
 %
 
65
 %
Consumer land or lots
1,665

 
762

 
3,844

 
119
 %
 
(57
)%
Unimproved land
915

 
422

 
117

 
117
 %
 
682
 %
Developed lots for operative builders
303

 
422

 
253

 
(28
)%
 
20
 %
Commercial lots
—

 
11

 
—

 
(100
)%
 
n/m

Other construction
—

 
—

 
122

 
n/m

 
(100
)%
Total land, lot and other construction
4,320

 
1,808

 
5,206

 
139
 %
 
(17
)%
Owner occupied
5,524

 
5,523

 
12,003

 
—
 %
 
(54
)%
Non-owner occupied
3,825

 
2,802

 
2,116

 
37
 %
 
81
 %
Total commercial real estate
9,349

 
8,325

 
14,119

 
12
 %
 
(34
)%
Commercial and industrial
3,873

 
1,905

 
4,490

 
103
 %
 
(14
)%
1st lien
8,254

 
7,352

 
10,861

 
12
 %
 
(24
)%
Junior lien
625

 
732

 
1,815

 
(15
)%
 
(66
)%
Total 1-4 family
8,879

 
8,084

 
12,676

 
10
 %
 
(30
)%
Home equity lines of credit
1,238

 
4,164

 
2,609

 
(70
)%
 
(53
)%
Other consumer
1,428

 
1,001

 
915

 
43
 %
 
56
 %
Total consumer
2,666

 
5,165

 
3,524

 
(48
)%
 
(24
)%
Agriculture
2,785

 
912

 
1,174

 
205
 %
 
137
 %
Other
12

 
—

 
674

 
n/m

 
(98
)%
Total
$
32,278

 
27,097

 
42,581

 
19
 %
 
(24
)%
__________
n/m - not measurable


15


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

 
Net Charge-Offs (Recoveries), Year-to-Date
Period Ending, By Loan Type
 
Charge-Offs
 
Recoveries
(Dollars in thousands)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
March 31,
2013
March 31,
2013
Custom and owner occupied construction
$
(1
)
 
24

 
—

 
—

 
1

Pre-sold and spec construction
(7
)
 
2,489

 
1,919

 
—

 
7

Total residential construction
(8
)
 
2,513

 
1,919

 
—

 
8

Land development
68

 
3,035

 
1,236

 
205

 
137

Consumer land or lots
(38
)
 
4,003

 
1,195

 
160

 
198

Unimproved land
239

 
636

 
130

 
250

 
11

Developed lots for operative builders
(22
)
 
1,802

 
394

 
22

 
44

Commercial lots
242

 
362

 
(120
)
 
244

 
2

Other construction
(1
)
 
—

 
—

 
—

 
1

Total land, lot and other construction
488

 
9,838

 
2,835

 
881

 
393

Owner occupied
(305
)
 
1,312

 
1,372

 
211

 
516

Non-owner occupied
12

 
597

 
546

 
30

 
18

Total commercial real estate
(293
)
 
1,909

 
1,918

 
241

 
534

Commercial and industrial
575

 
2,651

 
334

 
836

 
261

1st lien
181

 
5,257

 
893

 
232

 
51

Junior lien
71

 
3,464

 
1,176

 
145

 
74

Total 1-4 family
252

 
8,721

 
2,069

 
377

 
125

Home equity lines of credit
1,154

 
2,124

 
346

 
1,185

 
31

Other consumer
(47
)
 
262

 
36

 
91

 
138

Total consumer
1,107

 
2,386

 
382

 
1,276

 
169

Agriculture
3

 
125

 
—

 
3

 
—

Other
(5
)
 
44

 
98

 
—

 
5

Total
$
2,119

 
28,187

 
9,555

 
3,614

 
1,495
















Visit our website at www.glacierbancorp.com

16
 GRAPHIC 3 gbcilogostates.jpg begin 644 gbcilogostates.jpg M_]C_X``02D9)1@`!`@$`2`!(``#_X0OJ17AI9@``34T`*@````@`!P$2``,` M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q M``(````<````<@$R``(````4````CH=I``0````!````I````-``"OR````G M$``*_(```"<0061O8F4@4&AO=&]S:&]P($-3,R!7:6YD;W=S`#(P,#@Z,3$Z M,C0@,3$Z-3,Z,38``````Z`!``,````!``$``*`"``0````!```"BJ`#``0` M```!````3P`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0`` M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```JT```` M`````$@````!````2`````'_V/_@`!!*1DE&``$"``!(`$@``/_M``Q!9&]B M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\, M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`$P"@`P$B``(1`0,1`?_=``0` M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$` M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$% M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B M$P4R@9$4H;%"(\%2T?`S)&+A7U5F9VAI:FML;6YO8G-T=7 M9W>'EZ>WQ__:``P#`0`"$0,1`#\`ZOJ?6L[J?5!T;I+7-KIM#YS<>G%MR;JL<`[K27.Q;,EW]JW^>L_XC%_1,L]-L+' MNQ/K@:"6Y6/ZUUC'P0ZA]U;\DU_R/58__P`+7_SK/UBNU3YF70TU^D7&HY)S/TK;G4U93?U=EU+JWW9/Z#_``=BL;>A"]UF)U>S M'+ZZJG-H?6YNRFNRVJ764W.]M#+G^IO3I1Q&.@,36]2_J_-_S_E;41S`E9]4 M;_J[>KY/^9\[K6=7Q*^IU],=N]:P`[P)K#B'O9599^9=8RFQ]=:&[KN-]K=B MTT9&3Z=@JMNIK+ZF6'_!V6?R-WZ79_-?X19[\3ZN9>18X9[G9=V378VQMPEM MT;\5E54?9W?HJ75U>I3:_9ZGO4,@],IZEDTUY.9BOLR:1=10]C6/LM])YR&[ MMU]=+?5J^V/8^G^V@(XM/FOAUO\`>_>2?O&N@^:Q6_!TBZ=_7L2BO)LS],Q1=UZEF.,A^->T/N;CULAA+WOT;Z99:ZO;O\`9_.+ M-?;]7,MF=6_.-3+\BG)=8YU0:X^G1?3;C;V6,?B[&L]3U&_X.[U/T:;J)Z9B MV4])SCDWCU:\BEFS'#'D"VST&5ULH98RQU-GK5^EZGJVTU_]J:?4(CBTL&[U MW^6NBB.8LU6VFWS7_P!Z[N!U"G.9:ZMKZWT6&FZNP`.:]H:[:=I>SZ+V.]CU MC/\`K?LRK:?LK'>CDG%V-O;Z[R'^EZE.&YC7V<_OJQTWJ'U=Z=B&K'SJOL^X MVL:7L(8+2+/2K](#=6WU?^$L8RSZ?I[%1?C?5ZXY%+^IVMQ8,(![&EV\4MML_,?>ZJQM/[Z!D_6/IV-EY6';O%V)4;G"!#PU@N MYHQK*+-IW4L==7Z39JQ=N-7C76L=D- M?[_Y;T+.'U:R[.&L>W=Z>0[U7_Z:M_H97YE:$8X= M+XMO5_>L>K_IIE]YUX1'YM/[G#+TG^MQ<#IW]?QJKC171DY-C&M=<,>HV>F' M@/K]6/SW-.[97ZCTLOZPX.+?94]ESV8Y`R;ZZRZJDD!\76#^2YKG^GZGI_GK M.SK.AL;D9E'4KZGNJ/K58EC=]_H`T_HF/8[]/^B]'U,9U2EGT]%?AY_46Y=] MN&P;NH8^-8TMM-;6[MX=[FONH]/U/1NH^T5(B.+2Q+;_`)WI_P#0N!1',:U6 M^G:OY<'&W\GZPX>+??7;5=Z>*ZMF1D!K36PVAKJB??ZKOYQOT*DC]8,-N6<9 M]=S0,@8GKEH]/UG`.95+7&SW[OI>FLW.KZ!]IR\VY]E>=CW,N#1Z?JA]+'^C M3B[V['-RJL6S]!99_P!LHS+_`*N8>37G&+[>IVOMIR/3%CF.#6U.J8^MGJU> M]OH5T_SC\JST?YQZ7#BH:2)K_G5_Z,H#F.(Z@1XM/[GJ_P"YX7H%B_\`.?&K MZ?\`;\JI]=?VE^-MK_2&6%X]1W\W[-M3WH>+UK&Z=>[I.2_(NR6/>\V7%A]A M-=OML?8U]E-->4SW[?H4Y'_<>VNH#;OJ_C"G'KRGVMHMMZC7:U]9:ZP`V68V M_P!GN=5E>JRK_1?X5-C&`OB!EJ.$CK'U+IC,1$P]-@V#KZO33IV=?P*ZK;8? M8*[6X]8J;ZAML?6S)K;C>F7>INILW*U@Y@S*C9Z-V.6N+#7>S8Z1&L>[S9[/2>RU6\9_3++*<:OJ]U M^0[(]=H]9I<\L;+L=S:V-9]E=7^E]%C&>I_/,2E''7IXO,A$??NY`56P_B__ MT.]P?^7LO_D_Z)_F/Z;S7_2_^#_]0I5?^*2[_D_^;'T/Z?\`1K_G_P#@?^^> MBOFU)&>XWV'S?L8QL/D^;^7_`%1^A\Z/4L_Y(_G'?TCZ7_:OZ?\`PO\`[_JO M=_,O_P"0>!]/Z/\`-V_SG\G_`-UO77@"2=_C,OVOO&5M]`;O^;VV#.Z>-EW\ MUL]^[^I^9ZZM]1C[;9_R+])G])_G?YNG^=_E?Z+_`(#[,OGQ)+_&5]K[[C1Z M=7_('YO\UQPS^:_]%_\`!^FKVGV;I.S]FQZ;(WS_`*7#_P"3/5]VW_1^I_VL M_9R^=$DC_A*^U^@!'HUQ^QX]%D?:)WQN=_.;_=_[\>HAY.W[-?O_`&-MV6;O M0W>K$-_F?2_2>M_Q?O\`4])>!I(]?TE?:_0>!Z/[*9Z?V'9]HJGUO5Y]"K=M M]?\`2_:=W]`V?HOV=]F]']&A#Z(_Y!Y/PYKX_P"__P#6UX"D@=S\ROM??+OYZ?3_I M-/\`1]O_`+,_^;3[*OGU)+M\ROM?H_J_]*M_Y,_HQ_IG\Y_-YW\[_P!T_P#W M7_:BS6?0_P"\#Z`XX_FA_P"!_N?]U5X$DD/\)7VOO%OH_M%F_P#9V_T;]OI> MKZ'%7]-]+]!Z7TOM/K?]U/\`@EH8'].Q_P#DCZ;OYC^>^C9_1_\`A/W_`/@? M57SNDD=A\VROM?_9_^T0QE!H;W1O.$))30/S```````)```````````!`#A"24T$"@```````0`` M.$))32<0```````*``$``````````CA"24T#]0``````2``O9F8``0!L9F8` M!@```````0`O9F8``0"AF9H`!@```````0`R`````0!:````!@```````0`U M`````0`M````!@```````3A"24T#^```````<```____________________ M_________P/H`````/____________________________\#Z`````#_____ M________________________`^@`````____________________________ M_P/H```X0DE-!`````````(``3A"24T$`@``````!``````X0DE-!#`````` M``(!`3A"24T$+0``````!@`!`````CA"24T$"```````$`````$```)````" M0``````X0DE-!!X```````0`````.$))300:``````-)````!@`````````` M````3P```HH````*`%4`;@!T`&D`=`!L`&4`9``M`#$````!```````````` M``````````````$``````````````HH```!/``````````````````````$` M````````````````````````$`````$```````!N=6QL`````@````9B;W5N M9'-/8FIC`````0```````%)C=#$````$`````%1O<"!L;VYG``````````!, M969T;&]N9P``````````0G1O;6QO;F<```!/`````%)G:'1L;VYG```"B@`` M``9S;&EC97-6;$QS`````4]B:F,````!```````%7!E96YU M;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$````` M``!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<````````` M`$)T;VUL;VYG````3P````!29VAT;&]N9P```HH````#=7)L5$585`````$` M``````!N=6QL5$585`````$```````!-'1415A4`````0``````"6AOD%L M:6=N````!V1E9F%U;'0````)=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T M06QI9VX````'9&5F875L=`````MB9T-O;&]R5'EP965N=6T````115-L:6-E M0D=#;VQO)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>' MEZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12A ML4(CP5+1\#,D8N%R@I)#4Q5C+R MLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?' M_]H`#`,!``(1`Q$`/P#J^I]:SNI]4'1NDMR_P"A=_QW\[7Z M5CW7_6JY[G-QZ<6W)NJQP#NM)<[%LR7?VK?YZS_B,7]$RSTVPL>[$^N!H);E M8_K76,?!#J'W5OR37_(]5C__``M?_.L_6*[5-S0$3CC$``1U_O3_`'G-C/+Q MQRF4O5E]HC]#V^GH_1_JR=3(^LKV66FC%;9BTW''=D6WUT;K6_SK,=E_\[Z? M\I]:TL?J&/DY=^+5+G8[*['/TV%MPA.SLK#LORL09%[F9 M=#37Z1<:CDG,_2MN=35E-_5V74NK?=D_H/\`!V*QMZ$+W68G5[,]E5EGYEUC*;'UUH;NNXWVMV+31D9/IV"J MVZFLOJ98?\'99_(W?I=G\U_A%GOQ/JYEY%CAGN=EW9-=C;&W"6W1OQ6551]G M=^BI=75ZE-K]GJ>]0R#TRGJ6337DYF*^S)I%U%#V-8^RWTGG(;NW7UTM]6K[ M8]CZ?[:`CBT^:^'6_P![]Y)^\:Z#YK%;\'2+IW]>Q**\FQS+2,2]N-8`&R7O M#"S9+Q[/TS%%W7J68XR'XU[0^YN/6R&$O>_1OIEEKJ]N_P!G\XLU]OU/ M5KR*6;,<,>0+;/0976RAEC+'4V>M7Z7J>K;37_VII]0B.+2P;O7?Y:Z*(YBS M5;:;?-?_`'KNX'4*H?5WIV(:L?.J^S[C:QI>PA@M( ML]*OT@-U;?5_X2QC+/I^GL5%^-]7KCD4OZG:W%S+C?92;*A58YVW)?M<*_78 MQOZ-O\[6E`8A*7%$F/Z/S?X7RHR1Y@PAP&I:\?R[_H_,[>3U?$QNH48%N_U; MXAX'L:7;Q2VVS\Q][JK&T_OH&3]8^G8V7E8=N\78E1N<($/#6"YS*"7#U+?3 M.[TU2S-=:QV0U_O_EO0LX? M5K+MRJ`^OU8_/G^>L[.LZ&QN1F M4=2OJ>ZH^M5B6-WW^@#3^B8]COT_Z+T?4QG5*6?3T5^'G]1;EWVX;!NZACXU MC2VTUM;NWAWN:^ZCT_4]&ZC[14B(XM+$MO\`G>G_`-"X%$N M6CT_6<`YE4M<;/?N^EZ:S<8OMZG:^VG(],6.8X-;4ZICZV>K5[V^A73_./R MK/1_G'I<.*AI(FO^=7_HR@.8XCJ!'BT_N>K_`+GA>@6+_P`Y\:OI_P!ORJGU MU_:7XVVO](987CU'?S?LVU/>AXO6L;IU[NDY+\B[)8][S9<6'V$UV^VQ]C7V M4TUY3/?M^A3D?]Q[:Z@-N^K^,*<>O*?:VBVWJ-=K7UEKK`#99C;_`&>YU65Z MK*O]%_A4V,8"^(&6HX2.L?4NF,Q$3#TV#8.OJ]-.G9U_`KJMMA]@KM;CUBIO MJ&VQ];,FMN-Z9=ZFZFSVBK.]$?:79-?I/&^JYH%3VX[6,=[-GL])[+5;QG],LLIQJ^KW7Y#LCUVCUF MESRQLNQW-K8UGV5U?Z7T6,9ZG\\Q*4<=>GB\R$1]^[D!5;#^+__0[W!_Y>R_ M^3_HG^8_IO-?]+_X/_U"E5_XI+O^3_YL?0_I_P!&O^?_`.!_[YZ*^;4D9[C? M8?-^QC&P^3YOY?\`5'Z'SH]2S_DC^<=_2/I?]J_I_P#"_P#O^J]W\R__`)!X M'T_H_P`W;_.?R?\`W6]=>`))W^,R_:^\96WT!N_YO;8,[IXV7?S6SW[OZGYG MKJWU&/MMG_(OTF?TG^=_FZ?YW^5_HO\`@/LR^?$DO\97VOON-'IU?\@?F_S7 M'#/YK_T7_P`'Z:O:?9ND[/V;'ILC?/\`IC7'['CT61]HG?&YW\YO]W_OQZB'D[?LU^_\`8VW99N]#=ZL0W^9] M+])ZW_%^_P!3TEX&DCU_25]K]!X'H_LIGI_8=GVBJ?6]7GT*MVWU_P!+]IW? MT#9^B_9WV;T?T:$/HC_D'D_#FOC_`+__`-;7@*2!W/S*^U]]R_IM_P"0/YH_ MSWTOYV_Z/_=?_P!V?M2L8^W];_Y(W?9;_P";W;(]G],_,^R?]RE\]))?XROM M?H'/C=3'[#C8V/M,[O\`M3_-S^;^[_Z&I\Z/L>//[%XN_GI]/^DT_P!'V_\` MLS_YM/LJ^?4DNWS*^U^C^K_TJW_DS^C'^F?SG\WG?SO_`'3_`/=?]J+-9]#_ M`+P/H#CC^:'_`('^Y_W57@220_PE?:^\6^C^T6;_`-G;_1OV^EZOH<5?TWTO MT'I?2^T^M_W4_P""6A@?T['_`.2/IN_F/Y[Z-G]'_P"$_?\`^!]5?.Z21V'S M;*^U_]DX0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\` M=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P M`"``0P!3`#,````!`#A"24T$!@``````!P`#`0$``0$`_^$/S6AT='`Z+R]N M&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED M/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX@/'@Z>&UP;65T82!X;6QN M#IX;7!T:STB061O8F4@6$U0($-O&UL;G,Z&%P+S$N,"]S5'EP92]297-O=7)C95)E9B,B('AM;&YS.G!H;W1O&UL;G,Z=&EF M9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]T:69F+S$N,"\B('AM;&YS.F5X:68] M(FAT='`Z+R]N&%P.DUO9&EF>41A=&4](C(P,#@M,3$M,C14,3$Z-3,Z,38M M,#4Z,#`B('AA<#I-971A9&%T841A=&4](C(P,#@M,3$M,C14,3$Z-3,Z,38M M,#4Z,#`B('AA<$U-.D1O8W5M96YT240](G5U:60Z-C)!.$8S.$$T,T)!1$0Q M,3A#0T$Y.4,V0S9"14)%,$4B('AA<$U-.DEN&EF.D-O;&]R4W!A8V4] M(C$B(&5X:68Z3F%T:79E1&EG97-T/2(S-C@V-"PT,#DV,"PT,#DV,2PS-S$R M,2PS-S$R,BPT,#DV,BPT,#DV,RPS-S4Q,"PT,#DV-"PS-C@V-RPS-C@V."PS M,S0S-"PS,S0S-RPS-#@U,"PS-#@U,BPS-#@U-2PS-#@U-BPS-S,W-RPS-S,W M."PS-S,W.2PS-S,X,"PS-S,X,2PS-S,X,BPS-S,X,RPS-S,X-"PS-S,X-2PS M-S,X-BPS-S,Y-BPT,30X,RPT,30X-"PT,30X-BPT,30X-RPT,30X."PT,30Y M,BPT,30Y,RPT,30Y-2PT,3&%P34TZ1&5R M:79E9$9R;VT@&UP;65T83X@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`\/WAP86-K970@96YD/2)W(C\^_^(,6$E#0U]04D]&24Q% M``$!```,2$QI;F\"$```;6YT`",`*``M`#(`-P`[ M`$``10!*`$\`5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D` MK@"R`+<`O`#!`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0& M!YD'K`>_!]('Y0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H) M3PED"7D)CPFD";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY M"U$+:0N`"Y@+L`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H- M=`V.#:D-PPW>#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/ M#^P0"1`F$$,081!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02 MA!*C$L,2XQ,#$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56 M%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48 MBABO&-48^AD@&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO: M'`(<*AQ2''LP>%AY`'FH>E!Z^'ND?$Q\^'VD? ME!^_'^H@%2!!(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F M(Y0CPB/P)!\D321\)*LDVB4))3@E:"67)<`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F M0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=& MJT;P1S5'>T?`2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA M3V&B8?5B26*<8O!C0V.78^MD0&249.EE/6629>=F/6:29NAG/6>39^EH/VB6 M:.QI0VF::?%J2&J?:O=K3VNG:_]L5VRO;0AM8&VY;A)N:V[$;QYO>&_1<"MP MAG#@<3IQE7'P,QY*GF)>>=Z1GJE>P1[8WO"?"%\@7SA?4%]H7X!?F)^PG\C?X1_Y8!'@*B! M"H%K@%JX8.AG*&UX<[AY^(!(AIB,Z),XF9 MB?Z*9(K*BS"+EHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2 MXY--D[:4()2*E/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP< MG(F<]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF M&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[`` ML'6PZK%@L=:R2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZ MM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+ MQHM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFENV<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T M],+U4/7>]FWV^_>*^!GXJ/DX^^G25IT#SSK5=XUM MPE=XSYYUJ)$25IUG\>]5(C67"17=H_&,_ M!\JKV\C38'7AQG%EQD1]]*[K'MN$JK[QK6/)\=M:N1%G<>\[GVB=.5?UCW$> M9QG6L[1PL>7?D@=>'>,VO"5]``,^MJ!@B6%KPDQ.G.TX2:SM&MN$J'TY5_6/ M9\9,G3H`)=E39_;>?N(\W4J+U"_R@9MKYWEC;^GM%B?6+TRNT"H]!328=O'E MI5G2LD*Q88E@"Q-K<]M_/:+3^B8HEAD=_P"3OXL^)OQT>G]'D7H/):U0>KRR M]\O>Q9WOIT:X%IE%]Y9UK;E*LJ76:'U> M7B=.6N>?]942(N37_DGZJOU>;6:A2>GRF]\JS0[+PVT;Z^VS2Z\VP1)]+(B: M13^BS.Z\TVU]LKSJQSKKA0L*B7S[7$>8XUUN`!F5UYIHA6D?;EGEQY_3*3TJ M794S[57N=V_GF.'8^F-WBLN@!'LZ1=F5W&6HT?ITOC3P\KRR]\O;1Y;'#L6")/QWT/D+#E(YSC4J+T_3(8CZ;Q6G4GIJ*5! MXSAL@6N<7'G/;7=NK[:=RD*%C45G:+`Z\--I?2IUC3Z;2>FK.\6J[QJB1#?: MJ^QWT7D-2HO3Y;>^7]M=VN!:S^7=%M*.UCRG.NN>\;67"1TR&977FFB%:1]N M4'KQ5YU7+Y]6>%9QM^;S5WE9WC3^/>+TY3^7==EUZ%;4-3WB;3YOVB5QITG6 ME:LVND;^@ZSE"M:&FDP_;7=PKK>I[Q:*5!ZQERKKA?F0&ROM4ZQIWBLNUJ;6 MKTNO]==]"J?09];>?T>G]%GMM0?&.F7JKO$"VH=#J/09W;^>TNE])Z8VYSC* M;WRWW&3.'6LNJWO'G\N_OINL3JQOKK==F5S;7VV9W?F]3HO3H5K15?>++Y]M M`J;]!MJ&%TX,\*SOHD].L:>]BSJOO%N8\RH[Q':MN@RZ\\P^U5]:<)(9_;4# M!$L/#;08GG*WCRV6%9+TR`]5=VD6=*A6M`U0+;2*;T M59B/E&GEH;EN/3VGJWY/H'8`````>.7>$;*9A#RF8`'F<9?#H]L``````.2- ME+P\LN3WP``B92\`"/EV=X=$3*5A]`"BDP[:/,^'1[8N$G"TTQF M, M:F]'R/K>\]&/EKXY)/?=CYZV^F.L(FV8N5MICHJ]\LG+7WP7Y<# M/+?S[9`M7>LN@Q3GX^ZS,TW?T7CG;,)?3TPZ)FN*_?/D3=<HWS>\\+O7,[7%9MF3A/UQV+'79BY:]GIA1],O\?5DY:_# MZ```````````'F0]LV&N`^'T``J]\VFF/A]%SKE@Y8[```#.).\G!ZCZ>@`` M```?#Z5VV9NN/0``````^'T````\C,)?1WX:7O/```?_V@`(`0(``04`[7(W M0T#S_IX'.18O1D_R\!_TT`DQHH1V3UCH[`>P`DM00!X#0Q<-M6.)"5(86H+; M4@]B4DGTKF$<'`DDB(X<4PM.<8(SAQ0((C.$>E&K$,J7BV%I&(05'TKF$<$1G,(Q*%*/I'<4RM/8AI2\,1P M8004I*CZ5S/2N8M"DE#:EGTKF&,X/BB-(6B6D)6AI2\,9P8!R3&<`Q#2E88C MN*;4GX*](YQY_IQPDJ/P0$`KF/%"4-J7C;3Z"ME:!7_;-\SLA-]2PX.J8UTK M`YQII+256`Y3.24DDF-Y:^^)Y2I;@)FN#'%=2F3PWZ]>,K\1"QPKL1]IKSD: M-X637@LY&0&VU@.MD<9%\SG)D;C&O*:1UJ/0R@V'UOF6D%N#YDI\MB+*4XJ>@!7P0?+G>9`^\\')$?PU2_*C,^(MU MY+0%A]94D*1VU_>\_P!.,L=&._>K._M@+`7,9*TL/>$8\DN&P^VO^V;YG9$; MZ$)8=#DMKK0V>%2$%:".,:84YV1O+7WQ/*5/`,F0'>QCRVG6EF2^6QSVH^TR MW.8DA:U3VQQ';ZUR4*4F*VM"9K72N+YDY12([X=24@)B'AR:V5(Q+"BB">') MZ"0!SC0Z$,^8\M*4LJ;6)D@DP?,?4V`)+*,D/^(I$=:@1QVP?+G>9`^^6Z4. MH6EU,ORJ\_FGMDG%,*2A*22XRI'9%<4G&60CL=^\]G?V`\%J>./4-'%3&ADF M5XF0W4(27V3GC,8OI4])E#I]2YD>4GH>"0J/-Z07V58J8VD.K"U,OMI0O[H[ MZ$(*XYSJCX\05MOMA"%%*G7FEI(X.`8F2V!X[.>J:&2I/B&&M"`]*65HE+"I M+K;B(Q`7,=0M+:RE1DMD=Q9G#CQV3CDY`'7PIJ MA4M3;@B+"5S'4+3V17TJ3((+G9$>0A$M04N&M*%3%I6J,Z4*D/H6A"RDMSD$ M>.R,>FH(C.!"YDA"DY7]^2I71A.$?#Q\S@]G2>,"2?@XS@YPTI(^77][KQ)EM!L=G.'L!QT=28XXSI*E*00 M/!5@:)46SRILC/!5@0>5(*>R.<"2HK'#8:4<:^J%-E.!I6$<8E1!<5P73TXI M*B.@\>$K$MDCP58$J2I2%*46E`);)"D%/8?R(2X1@;)#:2E:TDK4V0`RHXEL MG`@D\<-ALG""#G)\)HD$-$A+9.,`@EM0&(3]`@$`\%Q6.G@*!X4V02@IQYLJ M4T%`I;*L4V4CPE8EDG`V3BD$9X*L(X.1BK&D)0+`_$!R0KA;9_.C.Y"QA/\` M[`C\RQRA7W]/*G!REQ'28_TQL?E(_P#6D`*0.$*^Q0Y60E:L:(*0X%):7PKJ M"5@<+1]JA^1?WI\Q`^@!*5#J6H<'D+2EHXK\R%*!6DCJ'Y4.?8@#!W])#:_S M!?2M:AP4<*0$].)'+:`!B1PM(_(GCE8/4ZGK!&,D$)6%!L=04.<]]W^(,423\:2?@00/D#ZI6M7)^8DD'_#&*^I<)*OA_ M_]H`"`$#``$%`.PGC/7=:XDL.C_3B0!.G%S(7W(64F',#H_TQ2@!-G%TY7LJ M45)*2E128N9Q*@1BE!(5/ M9&(E-KP'#,:!2H*"IC23ZYG/7,XA86DS6@?7,XW(;6>PCD+F/!7J9&>M?284 MKQDX[(0V6Y3:SCCB4#US.`@@S&@0><6XE`_<&>42&U=CCR$8)[)*5`A:PD>N M9SUS.-N)6''4H'KF<$QDX#\,^0XVY7K4MMU]#>"8T2I0`3,:4<-!(1-80X5H*2E1!0>4VKA2W6QPXIQY#0=?C.!J0VLVWWUOD] MED]T-EE0;KG^MLG@/OK?6BI)"ZQ:5)2`)OG-_;8>QW[Q;)`F3/&RMCJ;3DUPO/-J,=X'G)OD@'BOF]6/_`*AYT-H' MB2'!4?1FN4EZ6_X3;+*Y"UU)`B2%,KE>5"82ZM=4WQ`64O6?DP8J7C.@I:35 M.$H^"T\VL\FV\L7;' MA2%IDI6VI"F_MM&RINNDAI4J/XZ9<(,BH^ZV^^M\G`(ZN4P6H#_AN.CE M$1P-N@@A^4AKLF^>VT\VL\FV\N M`REUEQM;"Z_SK9)**IY(&(E(4XI02&9"'.R:RE629)<.,>7;=X.(<3(2@<`@ M$2*L\B&^,37/*R'"\$V+#CBQ%D`>GDXUUICPX)Z_1LY+@J\2.I11+K>LB+(3 MB*YY98;+:)$5U;C1_++BNN.A$L#IF9&!#;L5U3KB0M#$=]I:3R,)X"X3Q5Z6 M1GH7U&%#\$6+;KAC0FPV[":*8;#S3DQ)4U7,.-K>;2M*83H5WB15JY]-)&,U MCA/A\I>K%I/I)"LAU_AF2"6X$9QMRP8+B("'FC/;4MNN8<;5V3HJTKB`AKLG MQW''*]"D-V+2G$5S:VTS&`XB)%=;=<;"TNUCB28TDY&K7$JFLJ<;KXCB%Y;] MV08/B8!QDF,EY+S*FU#&_M^?QVS MQDN%YA32F_MQ7U"/J>X]_'U/<1QB,'=^`[QW'N/?WG$]W/(2?KSP?Q'<>X]X[QGX'ZDYWCC#] M1^([^X'N&#./H?KAX).#Z@#C!W#!WCN&'O4.>Q.`\X/KAPY^([QW?AB<'<>X M]ZN__%/R!\`^1^!)^:/\8]_P_P#_V@`(`0$``04`[%*2A*MO,VQUG9X]W'_T MYQQ#:-KVU=FK5_U4:2_%?U?:6+EG_3'76F6]JVQVU7FG5DV4Z\P]'=8?>CO: MKMC-PWCKK;+=S[@2W'!?;0\(>[[!$55RGYD";?U$!Z#8PK!KL??:CL_R[7,: M=;>:QY]F.VYN.MMJB;!2S"E:%) MU:^VO^7:YD*\J)Z^Q:>M$C9M@:D?OFWX-KV>,YJVP_OWW(?>1%RCHC/%:W$;@;;35MH M_)C/Q7VW767(JU+B^XDCV<^?9U]4W8V^EV3<"\J;!WW'_`.IHO]<[ M-[L_1U"ZN4BKT>U]=3N+2VBVM;#8;*+[;OJ:DZ%81YC++;#6T?V"'^DW+^R1 M-.UUZ*SHFOOKK8AA0+Q(7L7_`,ZID:[L"%I<1MO]<#:U(TO:?'3;?VJUGHKJY";;8[1'MJOPJW M29<;8-CMOVBJK*NSV.PE>W$A#&NW4NCL]@_X>KU,:WM)'MY4)8TZ6_&V#?OZ M]J-##NI&UZG"IX7MU,?>@_![@_\`>T'^O>XO_'0'VAK.S-W$+2_[)M=TNHJZ MFFL]AF+]M5>'J.K2(-QV^Y7E4=$F8B]OE6.5/_*]RE*3*CR8FTQYD23"D0OT M7N%"==;:;M7DV-W>)*=?I8-C.FW+%Y7/:/KD9#>_?UZ@C7LAU_5MRL%Z MW0MTD&;LE)`DH6A:.SW!_P"]H/\`7O<;_CZ?51;;6YL.RU^TTO\`LON.RXJO M]N[*(VT2`(FP5TNUD2&(S-;=U=IV;96PY:;R]=LUGNJ/^5[F?J02#%FQ-FBQ MFU-QG6FW6[CV]D)<3K.TLEC2=DDJUG5#2+W:HM;.R;U[;VD?L>Z97FRB:EJ^ MHR#8?Q;7LV349HM*1V:Y6['HIER$Z[M\3(FC[!,O9%S-8:G5M32[356++A=:Q:NA$C5MA=D?Q[; M\&I[1(7JFL?LK>[0KNT?H]2JFZNPU.D7!U>KV*HM=G9D2*32*BUK+"S@Q9\) MO5;YJ6.EYJY]OI2711;BVFMT&X?<]&'8%IH-G'=.N[?*&LZ5^W/WK;SM/J%) M<5MSNM.NRKM/C[#4/[G#F3J?1ZFTK)O9MM!80YVLM/-4'9N%+<65QID29"J= MX@SK"#H\&=7P=HJ&+.LUNANZ^ZG0H\^+8Z#;QW%4.XNIH]%M6).U5Y1/@YJ>HKL5)2E";^@B742SK)E7+Y(R&28;CC;2&WV7<<=::#3S3R? MDKEQ6UMNMNH%M6JGY(M:V-)[77F61ZZ%P9\$!,N*M?REK0VEFUK'UY)E1HK4 M.9&G1O@SU-G*7[C:NDV.ZTT.@@;C6/4U7M51:.J]R=5#3VQ4S-=2[+5W:\ M]XXT?T\VWI=>A4,AB5[JR=ZUR,_NKL6)[A4>UTUX](WO76%L/LR6;6KAVL'5 M:MF7!T.&S<.TMUKE=.>V>J8FM;YKCB[;;Z*HG-^XFL.-S[RANM2J+_7Z'3XF M]:[+L;+<*6OEU&R4ETK;4J>P:L=KJ*^9MMG57FA:YBUE4K]&S.K= MMH[&!&V6GNV?;W:Z:@UO?9-!+I+3;:*E>IMMI;F6[O\`K39M_<>EB)E;73Q8 M]9L]/9A7N3JH9A3(TZ)FU,U@3;3[.VE>VZ%H;[+%AXV-78-SH<=OPF+*:S!A M3:[]R]N=I@OQ]&V`2'764*MOK MM3U*7)A;/J&PR;VO]VUF4C:GW&MF@V+#_N9;39MAKU]/8G;K5)6[OE6_^W:. MQ8WVEZBDA2=^K[*LV&QU2TI-@W_7FI6H*I[FZT>R>%MH^P)6SN50^VSN^OJ, M?VXLUEWVNOY+;EW/L(57MM98LZ_I%5/38UIKY^G;G9;K",>I<5K6[UM;.@Z) M:PI[^JS!_(O<#5'HKF][!.FON6*GUU;MO%E^Y6O._P`:EZU_)-4T6LG)L*[9 M695)O]C9QMD>MY/[5[HW]A-D/WLEN=HUS+9<]P[5N6[64$BH_C>DVR]7GQWO M'8]Q*^=7VUMJ]S1W.V/"@E4;\>.QJ+DNLLJP+;]M=F=]3H>VRFI6SPULK]S( M,FL'\3[4FLVO7J#7C"8\'P?D_3G+N%7S(+/@^#\KZ?(DH=O\(W2U^Y^$*(J_F86[NS1%9]YW0.&4:3N MM*I7%)8T1I*/"B.XXK#N*,JD:3249W&DXKL)VG=`[CRRPRJXJUPPHC24.["B M5QW'%/#*KCN*,HC2:2C5I2)I-/:JT42M,JN*T*(JUAE5QW'%=AO"U9NK(=VK MLM^`HM4QTS'!,K)#YAXU\!;N*[9X>_,X(;TRB59'E&(:M]XXQ&_$+D.Z)5K4 M-8K_`&-0W6X26S"KYSAOPCA?'3O%R"CXCPQ-(VM6@2PXK@5W;"/,51W1'7:? M\"H4:$_%V?5@^4H57RY#*/2?^)I$H[^Q(MCFZLBKS=26X?-V6O&56J`VT-4M M(CYAX^:1?P/-$3\PTL'3"/*,0U:+A;;A'E*)?RG!:NPO]CO*/-$4MPD6Q+9% M?RF1(M>(\Q1>$1PVX.7Y1/2*2[HE$)/;$CSE9:2Z*+*6G_`KS+[I7\BJ7#L> MK!\HFO">48U_H*6W!291&98-15TYE7FZDM4\'S=FJ*3.^)WE*#N9Q<39[)Q? MZ9D?$U2,[S#M>4MD<7$X9BM+1)RTC$G+B;38.GB%&[:)K:6N782N.^)WE%HB M-R>:0[7E%5\"BEF$V[5$5KTE4=^%)E:Q.&0JGGB5 M;M%:].*COB2I_GC1LJG<-R=HG%W'E&E+B57>9LA6L2U*\J^XMCFPEA;'7[GW M6N%?O=?L.'9I!9M\^UQ^SD60U[I_MD4NW_K`KXAE<*%%C0XX/!8-''&J%-%5 M]0M6PKA584IF&5*G'#AJEA428TBOY8TQH\?278-%<%3NWC>DJA315?4+5MUE M,.!P1P*O#CV*8.,=^_P%$1[?EF5VQ)1W2*/41*CJQ4(DN(C@-CCN*'I)(7E% M):1\<'%C;V''<);8CD])+S$1,;)"X:3-D*%-T3CEB*FT7E)+Q#3$19)?G(:( MM%*E"W<-LHB+J-L:.)'?\`=:JXJ^U__]H`"`$#`@8_`,7&&B'3F?\`9^#ZLMC\ MO^X2_I=0JM11_-_!M7W%L?E>_A)I9?AS@4>HJM11_-]_"K*=/+'QE:S..?G% M)JVXI)VR*Q=RQJ])J*K"K=IJ.$HX4.$HX9G::BJ*O2:C45B[BLG:C4:H]JD9 M2MM+I.Z1F=I12*LHI9L,S435[QP<9=B*_*6%TLG1AKF*W0):.OL\_D*/450A M16^0W+3TQ79(E).)2+N(\@O5C:M75%/9*5I1ZNF5/[<#-*UB5;HSD41+F%RD MOXVB;GM\4"BE*7LBCX"2_P"P[YE(O2)O='%\QI8DE;:-R^IA:OZ4#CLD5)%3 MX<]6P?\`4')[3Q3D<99N42EFAK'+<=_/,RRND4>CZD"7)(MEX1T3H0+8Y.C M#1`CR1(ELLO_`-$?E]3]PMEJ%RBDOIL:EHZ@DGE$[KR7*1Y!>K%^&&0^'FT^ M$5=,\@TO"*4M)5"NW82YAGL/F-/O%TFT39,3>JXE0:EOP4*YIE?#(E%ZI%6-QWR)?T MRD';(MFY>T+J-W2]P]0_AF;^>93<6REF*X^@]4A:)'^-I%^8<'JP< M$\T2KTF5W8*4W;TNGK*+)TH:.GA'DB1]6%D\O6^GU?\`W$BC*]/3X#@I'%6\ MY5NZ4A6QTQ*)3]HW^T*B_5*]6.4TQ/TXY!7JV9=#O\!1*?ID9LG.6MWVCDHR MMDQ<+24HQE:45YO]HC75:.2C*V\::U1%)1*Z<6[3NG[1Q0V_F2%&,/\Y1J?M%T M\TR22NE*)647:<%=U(E)1E\.1;%72N'=&V[&4_IRD13\.-8Q=MI;)6R%&*NS M#C)6YA\,\=`I2C*T<9:9&3]2)2D_:%)OX;B.,=1=)681]6%\_E_W,*/46RP7 M+_C5W4=\8_+Z6SU_<8^H^)U?E[.G^Z2;\MD?!B^GU?%+X75_;*2%R_=Z_P"" M5PI]LI3S?#^G^X5DB5?+C+AND?#ZJR_3ZG[0EV'@OL:=FN-.Q7LO#C]D^S3M MUQI]DRA3\+?_V@`(`0$!!C\`\!9B%515F.P`#QG65C=.(&-C8L\HF(J7D1:H MRU^[7^OH(](L^,>VA\O_`#(_0^I_P>TDC!$4$LS&@`&\DZ;"P6*=/!H[[C*1 M_P!+T=9O^QR?J:CR,=S'-&;D==X.N3-2+J$8]I'XG`^\B_M+W/\`@UI97"1( M"SNQH`!XR=-B8A,?3E.WQ&4CO/Z'FIX,V:*,F$XLT`D.Q3)(M$0$Z>"=#'-& M;71A0@C23P.8YHR&1U-""-#&R:1]10<2[A(!]Y'_`&T\#RRL$C0%G<[``-I) MTT725$,(V"=Q<[>DJ-PHOK:,B962R^<@-O\`46W06:09"#M),HK]-;7U#E9$ M0@DF6_E`W6J=J5-%VVZY&9DB&6E;6#;0?&.'BT9L.7FQ`TO`(%?D+!;O"\\S M611@L[4)H!O.S7\?'^IOW=)+&;HY`&1J$5!%0=O@,L\BQ1+VG!(\W(6!W%R!@VT#9X@=#'Q,I9IB"0BAMPWG:O@.1E/RX0:%R"0*^6 MT-37\?'^IOW=+*A)1@&4T(-#M[)XM&-\Q5D!M*%7#`[K;;:UTKK6UA45!!H? MD.W7,RYT@3Q%V"U_-7?JWWT'Y0CD?KLT6Q\R*0#:0'`('RJ>+P`YN2D-=P8\ M1_,G:.K!FJ#Y65U'TF4#2RPNLD;;5="&!_,1ILC(:R%-KO0D`>4V@Z_CX_U- M^[K^/C_4W[NN;B3)/'N+(0:'Y?-T)LR40Q%K0Y!(J?%P@Z_CX_U-^[H(F?%< M=UQ*C];A1H,I!4[01M!'Y)AP\R6.%XUDLJ"`26!MJO9X=>]Y<[SS/(RU*45HD`I MPL+A7TM0XX=#I9HG*2QFY'4T((W M$'4+N:LR*S'RD@'4.,AH,J2DE/&J"ZWZ5FI9LI1)!BA3RSN9VK;=Z*VZB.6X M@AD:Q&IP@@%J<.[LZY>7D1/M!#VM>*&[8]E>+O:,&#D+,ZK<556%%&SQJ!K$ M_`/UVUC^O)]=O#[JAI-F'E_+RQME/]CY^HNILO\`XTLC1*?E45N]5N-?F:6" M1JSX9$35WE/NF^CP?,TTCFB("S'Y!M.@%N=7>S$QAN`)HNSSV[[Z#9>:L4A' M8C2\#Y+V9-8T0E6?&GD"-(H(9!2YF=#7N+YVDAB6V.-0B*/$%%`-=0_%/[!J M#\-/JC6;^=/]--032=199)(U=UYD0H64,PVC3QP9TLC(`7",C4#5MJ0GHZQ\ M0M>8(UCNW5M%*ZS4.YLI@?TM37VV1])/^WJ3'Q9RY@*O'*-C*2`XK;WUUC3N M*/+$CL/E90Q\.1^*_P!8Z5?<9#:`*WKXA^;4$<>+R1"Q(9F#,2VRFP"U=3Y& M6O+DRBI2/>0B@T9J>==X#CX_&J,,7'`W$UH[?ID.E,O:Q92DP&YHSPM3UD-Z MZ5T-R,`RL-Q!V@ZS_P`,?673.JDHE+V`V"NQ:_GTG2L]_;J*8LK'M@?=,?/7 MN>?K(_WG]L:R,UQ<(4+!?*W91?G,=6U,V5+4U8T1%'U(TU[3J`$OD6.JU_2X M;4$>7;+B1@SF1:VM80%C8-N8OW?,U+EJ`9MB0@[KV[-?5[>I*27R'CR,B4DA M0?Y\":+8N8LLX%>6Z6`GR*]S4T(I"RXS/R\J!MP-;2]O=DCUU#_;R?5.O<\E MG6/EL]8R`:K2G:#>74C1Y,R.JDJ[E2HH*\0L7AUC+$QLG8Q2J-S*0=_JMQ:; M\6/]NLF/*>1%A167ED`U)(VW*VHLO%F=KI!&T.ZF M*OB#@U0>CL/_$_TWTTT-/>96Y4%=M"14O\Q1J0H]Q'%D9,I)`KY>\S M-YNN#J`,OD:.B_T/=K)GSE!.(`D##:K,XKS$)'=C/]?\CI_K2_L33]0Z@_NW M2,?;+,=AAQ:QHHLA4A23F&5>.HM9190VG:WG:BE7 M+Y[R/88RH4@4+7=IO)K._"3ZQUB?@'Z[:Q_7D^NW@JI!&ZHV[MAU*%;_`,?& M]A&=XX3[1_IZ/1T,H18@D3&/07'@;YKZR84[)5/:E*^8 MF@RFJG:"-Q!UU#\4_L&H/PT^J-9OYT_TTU#D#.5>99 MTGL*N!:05ON!6K>7P9RKL8Y+A3\I;9H9.5E2&$L$)2=VH3NNW:D;)R*)"0\L M6TR2`^D>YY[:"***H`4#<`/#D?BO]8Z1CA[2H)XW\GKZ][Q%,$X=55+RP<$\ M0MUJ?ISN7QN698U)J$9653;YJM?K(R@:2TLA_$?A7Z/;U[]U$N>4IY(5 M;B7;99@%^85LG#K;6WL-O\G#KW21JSX1";=YC.V(_H[&L_\,?6774, M>=!)#+CA70[B"VA:6;%QHJ[+K;@R#TN+32RL$C059V-``/&2=9,N*"5R9R M(13:;C:I^=K-4FI7&<$_F37(Z=)RLFQFNO,?"*7"Y=>Y]1R)6O4,!S6=&4[/ M&=NHNM23+/*ZD0HNZ,GA>ZOWO=TWXL?[=3#HKNDBJ#-8XCX:\/:*UTBYK%PO M9::8,JU^12_U=&"_F3R-?/(-@+4H%7T%U[KE92I/LN2C-;7SR@:SYVE="&1@ M"K#:"#N(\*_@)]9])^+)^W6/_N!]1]9>)DCA;()1QVD8(EKKJQF,>1$;H9EW M.IV7KZ+=Y=8?^)_IOK$F452.4A_DN7A^KK(Z?(P3(>3FQUV7BT*57TEMU4[M M3=,AD#RQ*&#J058_>(I\Z/AT\^0XCAC%SNQH`-/[CD"4Q]M:%6`/CM<*UO@Q MO;I(HD]WZ=!PXV*NP`#O/3>_@POP(OJ+KI_J2?M3 M0(-"-H(V$'2=-ZHXBZO&+<+//WGDAG_G_7[<4;=I$56INJ!3312J'C<%70[0 M0=A!TTO275XCM&/(;67T4?LLOKZ*1XLRCQV.*'Z+ZK)"L5=[S2#^SS&T\\F4 M99I5M=$%L=*U\?&VH7PL226.&*QGX0"22_#XCL]K3OUK#;D+&2BR496GS>ELJ22&Z7'?8I8[ MVC8=F[S=&.&&=%\8BE`4_0?5V2JXZMVI)G#-]%"[-\[4>&\[9(A%$=A1K?$F M\]GNZR\N#`EY4TA9+B@-/E%^H;XVB<(%:-Z!@0+=M"VLK+Q\&0P2,+"Q0$VJ MJ5I?Z.EC3WE40!54.E`!L`[6M^5_F+^]K"28,LJPH)`W:#`<5U=9&9'@2&&2 M*BNZOVBG469!@R$1FC+5!?&>TC72R%&C M+"IC>@8?(U"W@9[2UH)M7:33Q+J65<"2V1V85*5HQ+>?K^'R/\P?]S0$F*Y/ MG2R+0?I+G4DL[B3,F`#%>RJC;8M>UM[6H,;"Q)),6"K,X*@-(WDJW<76.,[" M5\PK=,9!Q!B>SL/=UD)!A(DQC;E/&.(-3AMV^=J/(EP9/=I`8\@`H>$[FI=W M'UDXV-$TTTP"(B4WU!JUQ7AV:G;-Q)(HYH[%?A*@@W<5K:EQV^LR&"-I9I8FC1$I4EA:.T5\NDGR\*1(61HR_"0"U*%J-V>'49QX6ES8G M'*LIV6^T#%BO#I\?+P9?<9R#4%#8^Z^E_98=O7NV'"TTS2H;5IL"U))N*ZR/ M?<1XDFC`5S:5JIK1K6\.5U%U#X4TI=9@PJ"YK8RGBJ-8$ZQI>'^F2W4>9D9*XDD1NC6/VC5'G[DM\[4F+C$<\,KJI-`UIK9I\W-B M./&L;1A&(+.6(\2D\*V^#IXKL+2$CQ5`3P+G9ZE<`&L<9V&4C_I?7T$0!54` M*HV``;@-\NJC>-0$FI,:$D^J- M%Y&"(O:9B`!^5D,$A@+#F,QW6Q]K\@-+(L:DT!8DJ,?U*W@:;*E M2"%>U)(P11\YJ:CR\2038THNCE7-<#(;1>>`<0X?R/ MXF+?3MKO\F_5DLR1N14*S`&GEH=!T8.C"JLIJ"/D(\'.S\F/&C\1D8+7U5[3 M_-T"-Q_(&9UK+5\2&2N)B;$B&W@:8M]M+K^(BH#;VUW^3?JOO,5-O?7Q;_'H M(L\908.>>U$UQ"I(?[K38N4M#OCD'9=?$Z'6/^&GU1IX9XUEA<4>-P&4CR,K; M-0P3T3I_7T)QSN`=9)$A'TE:+_$CT<2`_P#B=,:-LMO+D9`;D1>M'"CR-^+K M`>>S$BECC$,,25>21D7ACBB%\DC:FP87>'/@%964 M8E.:T<,C#:2#3A[EO&[V)I.NQ,^3BS`C'$:-5G'#RY"1;!Q\+.10TLJW"+%O2[*XNQR;]9D$#R19&`"-HI$4=ZQQ74TR3320PN$9T M@D8<0[=;>%/Q+/0UC]1;)!QD-[/&>\Q[W?TD1CNLL,JAXY%-593M#*1J;!S8UDAE4KQ`$J2*" M1*]ET[K:ZY\#=2C1<_&=Y<28J+KMB\Q6[7:Y3_@RZ@P^K8\*Q?#0EOC95NDE ME=K3,*<4>,$D]>2S65\0=4B,&5UB9FZ8PQW8>[)["+DO&C+S9OM);>/C30P9 MS+%D7'&G9D9VX'U!666+'RG,>+F2Q.F/(RFTK'.ZV[_ M`#M0]/S9V&7,1;&B,Y"MV7:T=G9W>/60ZS3^S?9_ M>:R\U<]\;ILR-#)E(K"2)B0MM@%]VW73\J7,FDP"K)CS3(QFD(9^&Q;K=WLU M;N:Q^G1S2+D92AH#)$Z(Y85")(RVLWJ\&IL-VEGR,9.;EICQ/+R8_P"\G*"U M%VZ9>F9:Y#(H=U4,"H;8+@X7P9>)GL7Z)TF_EX-2(Y&1^2&F4?:727OQ>IJ# MEX\6+DXLL"RJ/;99IL%FER,V-#+-CXT;3/'&-IDEY8]FNN MHYN#(F5CA`4:FU)%=-ZN+HY%KKI.7U&<00,3)C:&0H1=>BR#CX?-UD02Y3L^,0LI2-R+KK#&-FUD[VI!-+)+R`AR3!$ M\HA$GV7O#(+8K_-;CU%U/)RE7#R`IQW`+&2\7(L4:B]V8>CK!R(<>7&+8["5 M)XC#(6Y4W&R-Q-P6<>I\5GER)<1;\P8T3S"!?.G:,6IJ/-P9EGQI15)%W;-A M'HLOF^".#W:+DF+FF*Q;2_(9N992V^[BUAOD0(\@SL1`Y4%K'F5'CN[5CJ_$ MNH>@08LO+B5_>#'#(;`JUC3'@B2^5:_>(G*U(L\DDC0!&RA#$\G)$GV?O-J^ MQN\Q^/72.H8Y62*7(5H9P-O+>-GV$\05J+I>DP3.,PK6,21/&L@`N]DTBK=P M\7I^#X@Q>HLTG49)$CZ)EK+;'C486\:L%QZ(U\S?YFNE]%QL6+J>;E8JRRY' M.**M@"RY$M(I/8NWV;+]IYFFP^I0I(DR4EC[:AB*$QLZCL]Q[===^!.J1IS@ M6EPYV475`M656I=L7E3)_B:AZ+U7'A$?P[)-+*C*MTLCMRXTD%.**!A(S^?[ M#69\49L:+)U+(.-T6%(KY6A@')5L:&-6=I)V5G9U^[LUE9\,YC@P21F"96C: M*@K[1&V^+4N)$DM)\:2:)S=XN8+9$XUU*O4'D4OEL?9Q/(%#)&%, MCHMB5M\Z_6%)F]3FQ,>:1Y;VX-8N)G3NN1D!.7'8SM: MQMYCD"WUM9&%AR.,K&%TD,T;Q-:#;>%E"G3L9I6Q(Y>1)G)#(V.)?[OGJMOT M=8HP&;.?*E6-6C1^6%N43-?;[21%;AABX]8TTSRB3-8IB8O*D]XD8&RBXQ43 M=KSEUDC'E9)\*OO>-*C1S1V]J^)Q=XN[J:=)II(87"-(D,C#B';K;PI^)9Z& MHLS$D$N-.H>*0;BI\&-F]1#3)BES%B**F61K;5/H+;Q:.3DQN`-D42JUB+XD M04UU"]2O%%O!'B?R^'+(C<@S2;0I\]ODT.B]=CD.-NP\TJ;X&W+5J?9?S]2* M.MUB*MP\=!2NI!9%ZMT+VLD91TD4,[-(H#*K M-PVS+;_=ZAPYQ)D==ZC.F?F*D;.S.];RW+6U5B7EPZ^%OB"*&7(Z;TY8H\U% MC>Z%T,;2EX2M_P#5^[TO7>GACTG"QQ[SG6LL;$1NIC0L%YC<:]GS-?&3S1RJ MN:LK8ET4@YH8SJO+!3BN::+Z>LG"2&7WS&F#S0&-PX4RA[K&6K+9Q<.NAY&% MTXY,V$887R!U:S75\K/?(=,N%3!E28\B&1:HW-:. M.)>4EJ^9KXFQ9894R+!#Y&-(\,V9-`\C8;%@S M.D!"^U>-KHV]#7Q$>3D9.?EK?@ZM*W+2/'62L?;6--32YF+[IFXL M[XV3""2H=*$VU];73\/%CDGR()6EF2*-WM5EHI9E4KQ:Z!\4+%)E=$A0(SI& MQ,;!G62Z.EZMQW\2_=ZR^H10SR8D^((HV,,HN9DBL#!DNC62WMR:$/NC846# MFB[I6-BLD4,=&]M+.5+23-(S)V_F:^'.H8J3-AXZKSY3#*H2K$K?>@MV'7Q$ M8P\2]0QYBI=F3-[G(H!( M:1P4A,@'==&L_P`./6#A]+DZS+[>/318B6OTI5FQ0 MN\)"MKH/\'6=U&12_6>JPPLL0WG'@M,4"W=Z=1)D-YTD^NC_``]A8TLG6X9E M23$Y3J\=@D1Y)"RA8XVO7CU\,!Q)*.FQQ1YLZH[(K>5I`MO%VM?$V7*KIBY$ M$@AF,;V.5LN"&SB[#:ZUT^:*6/-E=Q'CM%(';F*BQVK9Q7GH1]"NZC MU*=E2"&..1E4L0O-R#:O*CC[37-KK/&Z@&DQLPHSQN+^8(PZ!N*QK.7 M_P`O77WR8)8?_:R*.GXI1C(P4W7YHB+^REMVND]2Z.KOA8,2OF9MC(@H9'Y5SA;I+7LLUUZ29"<;/-,5I(FLD* MO?PEUM[MVOB;I,.&V`H;F+!CXS.^8>8.9D9.3:]JOKX3ZOCX\V3T_ MI`2/-BY3BV1#&[FUE%ZL$MYJ>SUTWJL"3M@C%M,O(EV7K,JFSEWV7O;?;KXE MP>NQR1RY@9\:4QLZY`]KPQ.JM>TG-7AU)G)T\SS/.H>W^G6%\32022]*DC$4\L2&3EFQX&O5*MV61]=/P.D M7Y,*9465FY(1UBCB@/.L,DBI=++(J(D::@ZAEQ2^YRXHC26.-Y*L59.$1*[- MQ\.OB3I<&$V`KKSEA@Q6:7,-RL\V5.5>Q1'[3AY?KZ^'\+#BGDR<5TY\8AEJ M+4=9&!LM=;SW==#ZA&LC84,"K-D+%(44N)2@=K/^:GJZRX\)K"_4+F*&Y<@M=:^)UVVMKIGQ3TA+LV. M1<:5`"0Q:JP7A>Z]SPO\S73&Z7(S9'686P\^?:PY\NW*F;S>%N='^#KH&/A8 M21P1CW9>JF$Y#XT?`C+!&OWKIQ<6OBG!ZMB9F1[[,AD58764P%WYF4;8[$>- M9.?9;KJ&)#E/U'X9Q<9VBS7C:D;O;;#!5;[V;AEABX/0UU;I\D,JYTN4ICQS M%)>P8PLK*MGDAD^AKH&%CQ2R9<+1\V!8I"Z&UVU\,9>.))<;%*29 M$JQ2%45GC8%^#AX5UU.=TD7"R<=L9)Q&X5GLB5U22VV[V:D\Z2C*Y:V[1CI&\7M+.&Z;AU\*]1Z==D](PY![>$&06H8:5L[UL3_/UT;X MJ:*9^A%!&9C%(.53FH7DB9>;&GM5E5[./75OB:%6CZ''$RG**,JRM9&K*]H[U*\R,T=:]Y&VT;7(Z2T;XT;N'>-Q*3+7VQEEJ[//?]K>U_A_;^ M3CS]6F"XT$BE(I9!'`TI(Y)E5K5E=7^Q1^_W/R(L:.?'Q?AQXR>K32$K-8#= M*B,>!(Y(N!G]?2F0_#['SUOU'R+>1:.592 MVRG!9;PVV]G^3V_R$L<,G*F=&6.6E;6(HKT]%M9O2^JXG2<[*:24/U27,QEX GW/$V3?\`^2C1OYJWZQ-I&8M+84+"U7X?RO__9 ` end