0000868671-13-000033.txt : 20131024 0000868671-13-000033.hdr.sgml : 20131024 20131024164841 ACCESSION NUMBER: 0000868671-13-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131024 DATE AS OF CHANGE: 20131024 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: 131168591 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-09302013x8k.htm 8-K GBCI-09.30.2013-8K


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) October 24, 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 October 24, 2013, the Company issued a press release announcing its financial results for the quarter ended September 30, 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 October 24, 2013, announcing financial results for the quarter ended September 30, 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)
October 24, 2013
 
/s/   MICHAEL J. BLODNICK
(Date)
 
Michael J. Blodnick
President and Chief Executive Officer


 EX-99.1 2 gbci-09302013xex991.htm EXHIBIT GBCI-09.30.2013-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 SEPTEMBER 30, 2013


HIGHLIGHTS:
•
All time record net income for the current quarter of $25.6 million, an increase of 32 percent from the prior year third quarter net income of $19.4 million.
•
Current quarter diluted earnings per share of $0.35, an increase of 30 percent from the prior year third quarter diluted earnings per share of $0.27.
•
Completed the acquisition of North Cascades Bancshares, Inc., and its subsidiary, North Cascades National Bank in Chelan, Washington.
•
Excluding the acquisition, the loan portfolio increased $112 million, or 12 percent annualized.
•
Current quarter net interest margin, on a tax-equivalent basis, of 3.56 percent, an increase of 26 basis points from the prior quarter net interest margin of 3.30 percent.
•
Interest income for the current quarter of $69.5 million, an increase of 12 percent from the prior quarter interest income of $62.2 million.
•
Service charges and other fee income of $13.7 million, an increase of 16 percent from the prior quarter service charges and other fee income of $11.8 million.

Results Summary
 
Three Months ended
 
Nine Months ended
(Dollars in thousands, except per share data)
September 30,
2013
 
June 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Net income
$
25,628

 
22,702

 
19,444

 
69,098

 
54,758

Diluted earnings per share
$
0.35

 
0.31

 
0.27

 
0.95

 
0.76

Return on average assets (annualized)
1.27
%
 
1.17
%
 
1.03
%
 
1.19
%
 
0.99
%
Return on average equity (annualized)
10.85
%
 
9.78
%
 
8.68
%
 
9.96
%
 
8.32
%


1


KALISPELL, MONTANA, October 24, 2013 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $25.6 million for the current quarter, an increase of $6.2 million, or 32 percent, from the $19.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.35 per share, an increase of $0.08, or 30 percent, from the prior year third quarter diluted earnings per share of $0.27. “We had a good quarter in just about every aspect of the operation, topped off with the completion of our purchase of North Cascades Bancshares, Inc.,” said Mick Blodnick President and Chief Executive Officer. “Loan growth for the second consecutive quarter was stronger than expected, we improved our net interest margin substantially during the quarter and credit trends and costs both moved in a positive direction. These results were all the more gratifying considering today’s challenging operating environment,” Blodnick said.

Net income for the nine months ended September 30, 2013 was $69.1 million, an increase of $14.3 million, or 26 percent, from the $54.8 million of net income for the prior year first nine months. Diluted earnings per share for the first nine months of the current year was $0.95 per share, an increase of $0.19, or 25 percent, from the diluted earnings per share in the prior year first nine months.

On July 31, 2013, the Company completed the acquisition of North Cascades Bancshares, Inc. (“NCBI”), and its subsidiary, North Cascades National Bank which has community bank offices in Brewster, Chelan, East Wenatchee, Grand Coulee, Okanogan, Omak, Twisp, Waterville, and Wenatchee, Washington. North Cascades National Bank operates as a division of Glacier Bank under the name “North Cascades Bank, division of Glacier Bank.” Cash of $13.8 million and 687,876 shares of the Company’s common stock were issued in the acquisition which resulted in $10.2 million of goodwill. As a result of the NCBI acquisition and the Wheatland Bankshares, Inc. (“Wheatland”) acquisition on May 31, 2013, the Company incurred $335 thousand of legal and professional expenses in connection with the acquisitions in the current quarter and $1.1 million in the nine months ended September 30, 2013. The Company’s results of operations and financial condition include the acquisition of NCBI and the acquisition of Wheatland from the acquisition dates. The following table provides information on the fair value of selected classifications of assets and liabilities acquired:

 
NCBI
 
Wheatland
 
 
(Dollars in thousands)
July 31,
2013
 
May 31,
2013
 
Total
Total assets
$
330,028

 
$
300,541

 
$
630,569

Investment securities, available-for-sale
48,058

 
75,643

 
123,701

Loans receivable
215,986

 
171,199

 
387,185

Non-interest bearing deposits
76,105

 
30,758

 
106,863

Interest bearing deposits
218,875

 
224,439

 
443,314

Federal Home Loan Bank advances
—

 
5,467

 
5,467



2


Asset Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
December 31,
2012
 
September 30,
2012
Cash and cash equivalents
$
254,684

 
187,040

 
172,399

 
67,644

 
82,285

Investment securities, available-for-sale
3,318,953

 
3,683,005

 
3,586,355

 
(364,052
)
 
(267,402
)
Loans receivable
 
 
 
 
 
 
 
 
 
Residential real estate
583,817

 
516,467

 
528,177

 
67,350

 
55,640

Commercial
2,828,287

 
2,278,905

 
2,272,959

 
549,382

 
555,328

Consumer and other
588,995

 
602,053

 
606,958

 
(13,058
)
 
(17,963
)
Loans receivable
4,001,099

 
3,397,425

 
3,408,094

 
603,674

 
593,005

Allowance for loan and lease losses
(130,765
)
 
(130,854
)
 
(136,660
)
 
89

 
5,895

Loans receivable, net
3,870,334

 
3,266,571

 
3,271,434

 
603,763

 
598,900

Other assets
603,959

 
610,824

 
602,017

 
(6,865
)
 
1,942

Total assets
$
8,047,930

 
7,747,440

 
7,632,205

 
300,490

 
415,725


Investment securities decreased $402 million, or 11 percent, during the current quarter and decreased $364 million, or 10 percent, from December 31, 2012 as the Company implemented a strategy to reduce the overall size of this portfolio. The Company continued to purchase investment securities during the current quarter, although at a much slower pace. With the growth in the loan portfolio it affords the Company the opportunity to retain higher yielding assets than what the Company could achieve with investment securities. At September 31, 2013, investment securities represented 41 percent of total assets, down from 48 percent at December 31, 2012 and 47 percent at September 30, 2012.

An encouraging trend over the last three quarters has been the organic loan growth. Excluding the loans receivable from acquisitions, the loan portfolio increased $111.7 million, or 3 percent, during the current quarter and increased $205.8 million, or 6 percent, from the prior year third quarter with increases in both the commercial real estate and commercial and industrial loan categories. Excluding the acquisitions, the largest dollar increase was in commercial loans, which increased $98.8 million, or 4 percent, from the prior quarter and increased $226.5 million, or 10 percent, from the prior year third quarter. Included in the $98.8 current quarter increase in commercial loans was an increase of $63.9 million of commercial real estate loans and $34.9 million increase in commercial and industrial loans. Excluding the acquisitions, residential real estate loans increased $22.8 million, or 4 percent, from the prior quarter and increased $13.3 million, or 3 percent, from the prior year third quarter. The decreases in consumer and other loans was primarily attributable to customers paying off home equity lines of credit as they refinanced their first mortgage.


3


Credit Quality Summary
 
At or for the Nine Months ended
 
At or for the Year ended
 
At or for the Nine Months ended
(Dollars in thousands)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
Allowance for loan and lease losses
 
 
 
 
 
Balance at beginning of period
$
130,854

 
137,516

 
137,516

Provision for loan losses
5,085

 
21,525

 
19,250

Charge-offs
(8,962
)
 
(34,672
)
 
(24,789
)
Recoveries
3,788

 
6,485

 
4,683

Balance at end of period
$
130,765

 
130,854

 
136,660

Other real estate owned
$
36,531

 
45,115

 
57,650

Accruing loans 90 days or more past due
174

 
1,479

 
3,271

Non-accrual loans
88,293

 
96,933

 
115,856

Total non-performing assets 1
$
124,998

 
143,527

 
176,777

Non-performing assets as a percentage of subsidiary assets
1.56
%
 
1.87
%
 
2.33
%
Allowance for loan and lease losses as a percentage of non-performing loans
148
%
 
133
%
 
115
%
Allowance for loan and lease losses as a percentage of total loans
3.27
%
 
3.85
%
 
4.01
%
Net charge-offs as a percentage of total loans
0.13
%
 
0.83
%
 
0.59
%
Accruing loans 30-89 days past due
$
26,401

 
27,097

 
28,434

__________ 
1 As of September 30, 2013, non-performing assets have not been reduced by U.S. government guarantees of $4.0 million.

During the first nine months of 2013, the Company continued to diligently and methodically reduce non-performing assets. Non-performing assets at September 30, 2013 were $125 million, a decrease of $5.5 million, or 4 percent, during the current quarter and a decrease of $51.8 million, or 29 percent, from a year ago. The largest category of non-performing assets was the land, lot and other construction category which was $55.3 million, or 44 percent, of the non-performing assets at September 30, 2013. Included in this category was $25.8 million of land development loans and $15.0 million in unimproved land loans at September 30, 2013. The Company has continued to reduce the land, lot and other construction category over the prior two years. The Company’s early stage delinquencies (accruing loans 30-89 days past due) of 26.4 million at September 30, 2013 increased $4.3 million, or 20 percent, from the prior quarter and decreased $2.0 million, or 7 percent, from the prior year third quarter early stage delinquencies.

“We continued to make good progress in improving our overall asset quality and that was again evident this quarter as non-performing assets declined further, delinquencies remained at low levels and net charge-offs through the third quarter were far better than our expectations and in line with our historical averages before the credit downturn,” said Blodnick.

4


At September 30, 2013, the allowance for loan and lease losses (“allowance”) was $131 million, a decrease of $89 thousand, or less than 1 percent, from December 31, 2012 and a decrease of $5.9 million, or 4 percent, from a year ago. The allowance was 3.27 percent of total loans outstanding at September 30, 2013, a decrease of 58 basis points from 3.85 percent at December 31, 2012. Excluding the acquired banks, the allowance was 3.60 percent of total loans outstanding at September 30, 2013, a 33 basis points increase from the 3.27 allowance percentage at September 30, 2013. Such difference was primarily attributable to no allowance carried over from the acquisitions as result of the acquired loans being recorded at fair value. The allowance was 148 percent of non-performing loans at September 30, 2013, an increase from 133 percent at December 31, 2012 and an increase from 115 percent at September 30, 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
Third quarter 2013
$
1,907

 
2,025

 
3.27
%
 
0.66
%
 
1.56
%
Second quarter 2013
1,078

 
1,030

 
3.56
%
 
0.60
%
 
1.64
%
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
%

Net charged-off loans of $2.0 million during the current quarter increased $995 thousand, or 97 percent, compared to the prior quarter and decreased $1.5 million, or 42 percent, from the prior year third quarter. The current quarter provision for loan losses of $1.9 million increased $829 thousand from the prior quarter and decreased $793 thousand from the prior year third quarter. 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.


5


Liability Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
December 31,
2012
 
September 30,
2012
Non-interest bearing deposits
$
1,397,401

 
1,191,933

 
1,180,066

 
205,468

 
217,335

Interest bearing deposits
4,215,479

 
4,172,528

 
4,023,031

 
42,951

 
192,448

Repurchase agreements
314,313

 
289,508

 
414,836

 
24,805

 
(100,523
)
FHLB advances
967,382

 
997,013

 
917,021

 
(29,631
)
 
50,361

Other borrowed funds
8,466

 
10,032

 
10,152

 
(1,566
)
 
(1,686
)
Subordinated debentures
125,526

 
125,418

 
125,382

 
108

 
144

Other liabilities
71,556

 
60,059

 
71,560

 
11,497

 
(4
)
Total liabilities
$
7,100,123

 
6,846,491

 
6,742,048

 
253,632

 
358,075


Excluding the acquisitions, non-interest bearing deposits at September 30, 2013 increased $85.2 million, or 7 percent, during the current quarter and increased $111 million, or 9 percent, since September 30, 2012. Interest bearing deposits of $4.215 billion at September 30, 2013 included $328 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposit and certificate accounts). Excluding the acquisitions, interest bearing deposits at September 30, 2013 decreased $125 million, or 3 percent, during the current quarter and included a decrease of $44 million in wholesale deposits. Excluding the acquisition, interest bearing deposits at September 30, 2013 decreased $252 million, or 6 percent, from September 30, 2012 primarily the result of a decrease of $417 million in wholesale deposits.

Repurchase agreements of $314 million at September 30, 2013 decreased $100 million, or 24 percent, from the prior year third quarter and was primarily a result of a decrease of $107 million in wholesale repurchase agreements. Federal Home Loan Bank (“FHLB”) advances have remained relatively stable compared to the prior year end and the prior year third quarter and will fluctuate as necessary as the need for funding changes.

Stockholders’ Equity Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands, except per share data)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
December 31,
2012
 
September 30,
2012
Common equity
$
937,824

 
852,987

 
842,301

 
84,837

 
95,523

Accumulated other comprehensive income
9,983

 
47,962

 
47,856

 
(37,979
)
 
(37,873
)
Total stockholders’ equity
947,807

 
900,949

 
890,157

 
46,858

 
57,650

Goodwill and core deposit intangible, net
(139,934
)
 
(112,274
)
 
(112,765
)
 
(27,660
)
 
(27,169
)
Tangible stockholders’ equity
$
807,873

 
788,675

 
777,392

 
19,198

 
30,481

Stockholders’ equity to total assets
11.78
%
 
11.63
%
 
11.66
%
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.22
%
 
10.33
%
 
10.34
%
 
 
 
 
Book value per common share
$
12.76

 
12.52

 
12.37

 
0.24

 
0.39

Tangible book value per common share
$
10.87

 
10.96

 
10.81

 
(0.09
)
 
0.06

Market price per share at end of period
$
24.68

 
14.71

 
15.59

 
9.97

 
9.09



6


Tangible stockholders’ equity of $808 million increased $19.2 million, or 2 percent, from the prior year end as a result of Company stock issued in connection with the acquisitions and an increase in earnings retention which was offset by the decrease in accumulated other comprehensive income. Tangible book value per common share of $10.87 decreased $0.09 per share from the prior year end as a result of the increased Company stock issued in the acquisitions.

Cash Dividend
On September 26, 2013, the Company’s Board of Directors declared a cash dividend of $0.15 per share, payable October 17, 2013 to shareholders of record on October 8, 2013. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.


7


Operating Results for Three Months Ended September 30, 2013 
Compared to June 30, 2013 and September 30, 2012

Revenue Summary
 
Three Months ended
 
 
(Dollars in thousands)
September 30,
2013
 
June 30,
2013
 
September 30,
2012
 
 
Net interest income
 
 
 
 
 
 
 
Interest income
$
69,531

 
62,151

 
62,015

 
 
Interest expense
7,186

 
7,185

 
8,907

 
 
Total net interest income
62,345

 
54,966

 
53,108

 
 
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
15,119

 
12,971

 
13,019

 
 
Gain on sale of loans
7,021

 
7,472

 
8,728

 
 
(Loss) gain on sale of investments
(403
)
 
241

 
—

 
 
Other income
2,136

 
2,538

 
2,227

 
 
Total non-interest income
23,873

 
23,222

 
23,974

 
 
 
$
86,218

 
78,188

 
77,082

 
 
Net interest margin (tax-equivalent)
3.56
%
 
3.30
%
 
3.24
%
 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
June 30,
2013
 
September 30,
2012
 
June 30,
2013
 
September 30,
2012
Net interest income
 
 
 
 
 
 
 
Interest income
$
7,380

 
$
7,516

 
12
 %
 
12
 %
Interest expense
1

 
(1,721
)
 
—
 %
 
(19
)%
Total net interest income
7,379

 
9,237

 
13
 %
 
17
 %
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
2,148

 
2,100

 
17
 %
 
16
 %
Gain on sale of loans
(451
)
 
(1,707
)
 
(6
)%
 
(20
)%
(Loss) gain on sale of investments
(644
)
 
(403
)
 
(267
)%
 
n/m

Other income
(402
)
 
(91
)
 
(16
)%
 
(4
)%
Total non-interest income
651

 
(101
)
 
3
 %
 
—
 %
 
$
8,030

 
$
9,136

 
10
 %
 
12
 %
_______
n/m - not measurable

8


Net Interest Income
The current quarter interest income of $69.5 million increased $7.4 million, or 12 percent, over the prior quarter primarily as a result of the increase in interest income on commercial loans and the increase in interest income on the investment portfolio. The $4.4 million, or 15 percent, increase in commercial loan interest income from the prior quarter was driven by an increased volume of commercial loans during the current quarter. The current quarter increase in interest income on the investment portfolio was primarily a result of a decrease in premium amortization (net of discount accretion) on the investment securities (“premium amortization”). The Company experienced a decrease in premium amortization for a third consecutive quarter, compared to significant increases experienced during the preceding seven quarters. Included in the current quarter’s interest income was $15.2 million of premium amortization on investment securities compared to $18.4 million in the prior quarter. The current quarter decrease in premium amortization on investment securities was $3.2 million compared to a decrease of $3.0 million in premium amortization in the prior quarter.

The current quarter interest income of $69.5 million increased $7.5 million, or 12 percent, over the prior year third quarter and was also driven by the increase in interest income on the commercial loans and the increase in interest income on the investment portfolio. The current quarter interest income on commercial loans of $34.3 million increased $4.0 million, or 13 percent, over the prior year third quarter as a result of increased volume of commercial loans. The current quarter interest income on investment securities of $19.5 million increased $4.3 million, or 28 percent, over the prior year third quarter of which $4.3 million was attributable to the decrease in premium amortization.

The current quarter interest expense of $7.2 million was unchanged from the prior quarter and decreased $1.7 million, or 19 percent, from the prior year third quarter. The decrease in interest expense from the prior year third quarter was a result of decreases in borrowing and deposit interest rates. The cost of total funding (including non-interest bearing deposits) for the current quarter was 41 basis points compared to 43 basis points for the prior quarter and 54 basis points for the prior year third quarter. 

The current quarter net interest margin as a percentage of earning assets, on a tax-equivalent basis, was 3.56 percent, an increase of 26 basis points from the prior quarter net interest margin of 3.30 percent. The increase in the net interest margin was driven by an increased yield on the investment securities and a shift in the earning assets from investment securities to the higher yielding loan portfolio. The current quarter increase in the investment securities yield was primarily attributable to a decrease in the premium amortization which was consistent with the prior quarter. Of the 33 basis points increase in yield on the investment securities during the current quarter, 28 basis points was due to the decrease in premium amortization. The premium amortization in the current quarter accounted for a 82 basis points reduction in the net interest margin compared to a 103 basis points reduction in the prior quarter and 111 basis points reduction in the net interest margin in the prior year third quarter. “The Bank’s continued focus on quality loan growth was significant to the improvement in net interest income and the net interest margin,” said Ron Copher, Chief Financial Officer.  “The reduction in premium amortization combined with the changing mix of the earning assets should trend well for the remainder of 2013.”


9


Non-interest Income
Non-interest income for the current quarter totaled $23.9 million, an increase of $651 thousand over the prior quarter and a decrease of $101 thousand over the same quarter last year. Service charge fee income increased $2.1 million, or 17 percent, from the prior quarter and increased $2.1 million, or 16 percent, from the prior year third quarter which was driven by increases in deposit accounts and changes in internal deposit processing. Gain of $7.0 million on the sale of loans for the current quarter decreased $451 thousand, or 6 percent, from the prior quarter and decreased $1.7 million, or 20 percent, from the prior year third quarter. As expected, the Company experienced a slowdown in refinance activity as mortgage rates moved up significantly in the third quarter. The decrease in gain on sale of loans was more than offset by the decrease in premium amortization on investment securities, both of which were attributable to the continuing slowdown of refinance activity. Other income of $2.1 million for the current quarter decreased $402 thousand, or 16 percent, from the prior quarter primarily as a result of a decrease in income related to other real estate owned (“OREO”). Included in other income was operating revenue of $92 thousand from OREO and gain of $341 thousand on the sales of OREO, which totaled $433 thousand for the current quarter compared to $715 thousand for the prior quarter and $531 thousand for the prior year third quarter.

Non-interest Expense Summary
 
Three Months ended
 
 
(Dollars in thousands)
September 30,
2013
 
June 30,
2013
 
September 30,
2012
 
 
Compensation and employee benefits
$
27,469

 
24,917

 
24,046

 
 
Occupancy and equipment
6,421

 
5,906

 
6,001

 
 
Advertising and promotions
1,897

 
1,621

 
1,820

 
 
Outsourced data processing
1,232

 
813

 
801

 
 
Other real estate owned
1,049

 
2,968

 
6,373

 
 
Federal Deposit Insurance Corporation premiums
1,331

 
1,154

 
1,767

 
 
Core deposit intangibles amortization
693

 
505

 
532

 
 
Other expense
10,276

 
10,597

 
8,838

 
 
Total non-interest expense
$
50,368

 
48,481

 
50,178

 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
June 30,
2013
 
September 30,
2012
 
June 30,
2013
 
September 30,
2012
Compensation and employee benefits
$
2,552

 
$
3,423

 
10
 %
 
14
 %
Occupancy and equipment
515

 
420

 
9
 %
 
7
 %
Advertising and promotions
276

 
77

 
17
 %
 
4
 %
Outsourced data processing
419

 
431

 
52
 %
 
54
 %
Other real estate owned
(1,919
)
 
(5,324
)
 
(65
)%
 
(84
)%
Federal Deposit Insurance Corporation premiums
177

 
(436
)
 
15
 %
 
(25
)%
Core deposit intangibles amortization
188

 
161

 
37
 %
 
30
 %
Other expense
(321
)
 
1,438

 
(3
)%
 
16
 %
Total non-interest expense
$
1,887

 
$
190

 
4
 %
 
—
 %

Non-interest expense of $50.4 million for the current quarter increased by $1.9 million, or 4 percent, from the prior quarter and increased by $190 thousand, or 38 basis points, from the prior year third quarter. Compensation and employee benefits increased by $2.6 million, or 10 percent, from the prior quarter and increased $3.4 million, or 14 percent, from the prior year third quarter primarily as a result of the acquisitions. Outsourced data processing

10


expense increased $419 thousand, or 52 percent, from the prior quarter and increased $431 thousand, or 54 percent, from the prior year third quarter again as a result of the acquired banks’ outsourced data processing expense. OREO expense decreased $1.9 million, or 65 percent, from the prior quarter and decreased $5.3 million, or 84 percent, from the prior year third quarter. The current quarter OREO expense of $1.0 million included $418 thousand of operating expense, $394 thousand of fair value write-downs, and $237 thousand of loss on sale of OREO. OREO expense will fluctuate as the Company continues to work through non-performing loans and dispose of foreclosed properties. Other expense increased by $1.4 million, or 16 percent, over the prior year third quarter primarily from legal and professional expenses associated with the acquisitions and other miscellaneous expense.

Efficiency Ratio
The efficiency ratio for the current quarter was 54 percent compared to 55 percent for the prior year third quarter. The decrease in the efficiency ratio was primarily driven by the increase in net interest income which exceeded the increase non-interest expense.

Operating Results for Nine Months ended September 30, 2013
Compared to September 30, 2012

Revenue Summary
 
Nine Months ended
 
 
 
 
(Dollars in thousands)
September 30,
2013
 
September 30,
2012
 
$ Change
 
% Change
Net interest income
 
 
 
 
 
 
 
Interest income
$
189,637

 
$
194,091

 
$
(4,454
)
 
(2
)%
Interest expense
21,829

 
27,549

 
(5,720
)
 
(21
)%
Total net interest income
167,808

 
166,542

 
1,266

 
1
 %
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
39,765

 
36,861

 
2,904

 
8
 %
Gain on sale of loans
23,582

 
23,063

 
519

 
2
 %
Loss on sale of investments
(299
)
 
—

 
(299
)
 
n/m

Other income
6,997

 
6,179

 
818

 
13
 %
Total non-interest income
70,045

 
66,103

 
3,942

 
6
 %
 
$
237,853

 
$
232,645

 
$
5,208

 
2
 %
Net interest margin (tax-equivalent)
3.34
%
 
3.48
%
 
 
 
 
_______
n/m - not measurable


11


Net Interest Income
Net interest income for the first nine months of the current year increased $1.3 million, or 1 percent, over the same period last year. Interest income for the first nine months of the current year decreased $4.5 million, or 2 percent, from the prior year first nine months and was principally due to the increase in premium amortization on investment securities earlier this year and the reduction of yields on the loan portfolio. Interest income was reduced by $55.0 million in premium amortization on investment securities during the first nine months of the current year which was an increase of $6.3 million from the first nine months of the prior year. Such decrease in interest income were partially offset by an increased volume in commercial loans and investment securities.

Interest expense for the first nine months of the current year decreased $5.7 million, or 21 percent, from the prior year first nine months and was primarily attributable to the decreases in interest rates on interest bearing deposits and borrowings.  The funding cost (including non-interest bearing deposits) for the first nine months of 2013 was 43 basis points compared to 57 basis points for the first nine months of 2012. 

The net interest margin, on a tax-equivalent basis, for the first nine months of 2013 was 3.34 percent, a 14 basis points reduction from the net interest margin of 3.48 percent for the first nine months of 2012. The reduction was a result of lower yields on loans and higher premium amortization on investment securities, both of which outpaced the reduction in funding cost. The premium amortization for the first nine months of 2013 accounted for a 103 basis points reduction in the net interest margin, which was an increase of 8 basis points compared to the 95 basis points reduction in the net interest margin for the same period last year. 

Non-interest Income
Non-interest income of $70.0 million for the first nine months of 2013 increased $3.9 million, or 6 percent, over the same period last year. Gains of $23.6 million on the sale of loans for the first nine months of 2013 increased $519 thousand, or 2 percent, from the first nine months of 2012. Other income for the first nine months of 2013 increased $818 thousand, or 13 percent, over the first nine months of 2012. Included in other income was operating revenue of $247 thousand from OREO and gains of $1.6 million on the sale of OREO, which totaled $1.9 million for the first nine months of 2013 compared to $1.5 million for the same period in the prior year.

Non-interest Expense Summary
 
Nine Months ended
 
 
 
 
(Dollars in thousands)
September 30,
2013
 
September 30,
2012
 
$ Change
 
% Change
Compensation and employee benefits
$
76,963

 
71,290

 
5,673

 
8
 %
Occupancy and equipment
18,152

 
17,794

 
358

 
2
 %
Advertising and promotions
5,066

 
4,935

 
131

 
3
 %
Outsourced data processing
2,870

 
2,435

 
435

 
18
 %
Other real estate owned
4,901

 
15,394

 
(10,493
)
 
(68
)%
Federal Deposit Insurance Corporation premiums
3,789

 
4,779

 
(990
)
 
(21
)%
Core deposit intangibles amortization
1,684

 
1,619

 
65

 
4
 %
Other expense
28,858

 
27,167

 
1,691

 
6
 %
Total non-interest expense
$
142,283

 
145,413

 
(3,130
)
 
(2
)%


12


Compensation and employee benefits for the first nine months of 2013 increased $5.7 million, or 8 percent, from the same period last year. OREO expense of $4.9 million in the first nine months of 2013 decreased $10.5 million, or 68 percent, from the first nine months of the prior year. Outsourced data processing expense increased $435 thousand, or 18 percent, from the prior year first nine months as a result of the acquired banks outsourced data processing expense. The OREO expense for the first nine months of 2013 included $2.0 million of operating expenses, $2.4 million of fair value write-downs, and $538 thousand of loss on sale of OREO. Other expense for the first nine months of 2013 increased by $1.7 million, or 6 percent, from the first nine months of the prior year and was principally attributable to the legal and professional expenses associated with the acquisitions.

Provision for loan losses
The provision for loan losses was $5.1 million for the first nine months of 2013, a decrease of $14.2 million, or 74 percent, from the same period in the prior year. Net charged-off loans during the first nine months of 2013 was $5.2 million, a decrease of $14.9 million from the first nine months of 2012.

Efficiency Ratio
The efficiency ratio was 55 percent for the first nine months of 2013 and 53 percent for the first nine months of 2012. Although there was an increase in non-interest income and net interest income during the first nine months of the current year over the prior year, it was not enough to offset the increase in non-interest expense, excluding OREO expense, resulting in the increased efficiency ratio.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 72 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 and First State Bank, Wheatland, operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; 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;

13


•
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.

14


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

(Dollars in thousands, except per share data)
September 30,
2013
 
June 30,
2013
 
December 31,
2012
 
September 30,
2012
Assets
 
 
 
 
 
 
 
Cash on hand and in banks
$
130,285

 
105,272

 
123,270

 
98,772

Interest bearing cash deposits and federal funds sold
124,399

 
27,184

 
63,770

 
73,627

Cash and cash equivalents
254,684

 
132,456

 
187,040

 
172,399

Investment securities, available-for-sale
3,318,953

 
3,721,377

 
3,683,005

 
3,586,355

Loans held for sale
61,505

 
95,495

 
145,501

 
118,986

Loans receivable
4,001,099

 
3,673,456

 
3,397,425

 
3,408,094

Allowance for loan and lease losses
(130,765
)
 
(130,883
)
 
(130,854
)
 
(136,660
)
Loans receivable, net
3,870,334

 
3,542,573

 
3,266,571

 
3,271,434

Premises and equipment, net
168,633

 
161,918

 
158,989

 
159,386

Other real estate owned
36,531

 
40,713

 
45,115

 
57,650

Accrued interest receivable
44,261

 
43,593

 
37,770

 
39,359

Deferred tax asset
47,957

 
35,115

 
20,394

 
20,462

Core deposit intangible, net
10,228

 
7,262

 
6,174

 
6,665

Goodwill
129,706

 
119,509

 
106,100

 
106,100

Non-marketable equity securities
52,192

 
49,752

 
48,812

 
50,363

Other assets
52,946

 
47,053

 
41,969

 
43,046

Total assets
$
8,047,930

 
7,996,816

 
7,747,440

 
7,632,205

Liabilities
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,397,401

 
1,236,104

 
1,191,933

 
1,180,066

Interest bearing deposits
4,215,479

 
4,122,093

 
4,172,528

 
4,023,031

Securities sold under agreements to repurchase
314,313

 
300,024

 
289,508

 
414,836

Federal Home Loan Bank advances
967,382

 
1,217,445

 
997,013

 
917,021

Other borrowed funds
8,466

 
8,489

 
10,032

 
10,152

Subordinated debentures
125,526

 
125,490

 
125,418

 
125,382

Accrued interest payable
3,568

 
3,824

 
4,675

 
4,654

Other liabilities
67,988

 
54,345

 
55,384

 
66,906

Total liabilities
7,100,123

 
7,067,814

 
6,846,491

 
6,742,048

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
743

 
736

 
719

 
719

Paid-in capital
689,751

 
672,035

 
641,737

 
641,737

Retained earnings - substantially restricted
247,330

 
232,849

 
210,531

 
199,845

Accumulated other comprehensive income
9,983

 
23,382

 
47,962

 
47,856

Total stockholders’ equity
947,807

 
929,002

 
900,949

 
890,157

Total liabilities and stockholders’ equity
$
8,047,930

 
7,996,816

 
7,747,440

 
7,632,205

Number of common stock shares issued and outstanding
74,307,951

 
73,564,900

 
71,937,222

 
71,937,222



15


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
 
Nine Months ended
(Dollars in thousands, except per share data)
September 30,
2013
 
June 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Interest Income
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
7,320

 
7,026

 
7,740

 
21,606

 
23,019

Commercial loans
34,291

 
29,865

 
30,293

 
92,788

 
91,764

Consumer and other loans
8,447

 
7,909

 
8,826

 
24,220

 
26,809

Investment securities
19,473

 
17,351

 
15,156

 
51,023

 
52,499

Total interest income
69,531

 
62,151

 
62,015

 
189,637

 
194,091

Interest Expense
 
 
 
 
 
 
 
 
 
Deposits
3,398

 
3,474

 
4,485

 
10,584

 
14,048

Securities sold under agreements to repurchase
209

 
210

 
395

 
646

 
997

Federal Home Loan Bank advances
2,730

 
2,648

 
3,116

 
8,029

 
9,715

Federal funds purchased and other borrowed funds
54

 
54

 
53

 
160

 
176

Subordinated debentures
795

 
799

 
858

 
2,410

 
2,613

Total interest expense
7,186

 
7,185

 
8,907

 
21,829

 
27,549

Net Interest Income
62,345

 
54,966

 
53,108

 
167,808

 
166,542

Provision for loan losses
1,907

 
1,078

 
2,700

 
5,085

 
19,250

Net interest income after provision for loan losses
60,438

 
53,888

 
50,408

 
162,723

 
147,292

Non-Interest Income
 
 
 
 
 
 
 
 
 
Service charges and other fees
13,711

 
11,818

 
11,939

 
36,115

 
33,722

Miscellaneous loan fees and charges
1,408

 
1,153

 
1,080

 
3,650

 
3,139

Gain on sale of loans
7,021

 
7,472

 
8,728

 
23,582

 
23,063

(Loss) gain on sale of investments
(403
)
 
241

 
—

 
(299
)
 
—

Other income
2,136

 
2,538

 
2,227

 
6,997

 
6,179

Total non-interest income
23,873

 
23,222

 
23,974

 
70,045

 
66,103

Non-Interest Expense
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
27,469

 
24,917

 
24,046

 
76,963

 
71,290

Occupancy and equipment
6,421

 
5,906

 
6,001

 
18,152

 
17,794

Advertising and promotions
1,897

 
1,621

 
1,820

 
5,066

 
4,935

Outsourced data processing
1,232

 
813

 
801

 
2,870

 
2,435

Other real estate owned
1,049

 
2,968

 
6,373

 
4,901

 
15,394

Federal Deposit Insurance Corporation premiums
1,331

 
1,154

 
1,767

 
3,789

 
4,779

Core deposit intangibles amortization
693

 
505

 
532

 
1,684

 
1,619

Other expense
10,276

 
10,597

 
8,838

 
28,858

 
27,167

Total non-interest expense
50,368

 
48,481

 
50,178

 
142,283

 
145,413

Income Before Income Taxes
33,943

 
28,629

 
24,204

 
90,485

 
67,982

Federal and state income tax expense
8,315

 
5,927

 
4,760

 
21,387

 
13,224

Net Income
$
25,628

 
22,702

 
19,444

 
69,098

 
54,758

Basic earnings per share
$
0.35

 
0.31

 
0.27

 
0.95

 
0.76

Diluted earnings per share
$
0.35

 
0.31

 
0.27

 
0.95

 
0.76

Dividends declared per share
$
0.15

 
0.15

 
0.13

 
0.44

 
0.39

Average outstanding shares - basic
73,945,523

 
72,480,019

 
71,933,141

 
72,804,321

 
71,925,664

Average outstanding shares - diluted
74,021,871

 
72,548,172

 
71,973,985

 
72,869,475

 
71,925,761


16


Glacier Bancorp, Inc.
Average Balance Sheet

 
Three Months ended
 
Nine Months ended
 
September 30, 2013
 
September 30, 2013
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
635,337

 
7,320

 
4.61
%
 
$
615,974

 
21,606

 
4.68
%
Commercial loans
2,696,655

 
34,291

 
5.04
%
 
2,451,211

 
92,788

 
5.06
%
Consumer and other loans
592,023

 
8,447

 
5.66
%
 
589,078

 
24,220

 
5.50
%
Total loans 1
3,924,015

 
50,058

 
5.06
%
 
3,656,263

 
138,614

 
5.07
%
Tax-exempt investment securities 2
1,110,211

 
15,978

 
5.76
%
 
1,032,296

 
45,357

 
5.86
%
Taxable investment securities 3
2,506,432

 
8,780

 
1.40
%
 
2,629,107

 
20,726

 
1.05
%
Total earning assets
7,540,658

 
74,816

 
3.94
%
 
7,317,666

 
204,697

 
3.74
%
Goodwill and intangibles
132,872

 
 
 
 
 
120,498

 
 
 
 
Non-earning assets
320,623

 
 
 
 
 
339,495

 
 
 
 
Total assets
$
7,994,153

 
 
 
 
 
$
7,777,659

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,298,559

 
—

 
—
%
 
$
1,206,170

 
—

 
—
%
NOW accounts
1,008,108

 
325

 
0.13
%
 
981,261

 
884

 
0.12
%
Savings accounts
559,382

 
69

 
0.05
%
 
523,298

 
200

 
0.05
%
Money market deposit accounts
1,136,420

 
570

 
0.20
%
 
1,044,797

 
1,581

 
0.20
%
Certificate accounts
1,130,511

 
2,227

 
0.78
%
 
1,111,127

 
6,945

 
0.84
%
Wholesale deposits 4
318,697

 
207

 
0.26
%
 
482,520

 
974

 
0.27
%
FHLB advances
1,121,049

 
2,730

 
0.97
%
 
1,015,597

 
8,029

 
1.06
%
Repurchase agreements, federal funds purchased and other borrowed funds
430,838

 
1,058

 
0.97
%
 
427,604

 
3,216

 
1.01
%
Total funding liabilities
7,003,564

 
7,186

 
0.41
%
 
6,792,374

 
21,829

 
0.43
%
Other liabilities
53,628

 
 
 
 
 
57,301

 
 
 
 
Total liabilities
7,057,192

 
 
 
 
 
6,849,675

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
740

 
 
 
 
 
729

 
 
 
 
Paid-in capital
683,618

 
 
 
 
 
659,337

 
 
 
 
Retained earnings
246,085

 
 
 
 
 
233,303

 
 
 
 
Accumulated other comprehensive income
6,518

 
 
 
 
 
34,615

 
 
 
 
Total stockholders’ equity
936,961

 
 
 
 
 
927,984

 
 
 
 
Total liabilities and stockholders’ equity
$
7,994,153

 
 
 
 
 
$
7,777,659

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
67,630

 
 
 
 
 
$
182,868

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.53
%
 
 
 
 
 
3.31
%
Net interest margin (tax-equivalent)
 
 
 
 
3.56
%
 
 
 
 
 
3.34
%
__________ 
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 $4.9 million and $13.9 million on tax-exempt investment security income for the three and nine months ended September 30, 2013, respectively.
3 
Includes tax effect of $381 thousand and $1,141 thousand on investment security tax credits for the three and nine months ended September 30, 2013, respectively.
4 
Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

17


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
 
% Change from
(Dollars in thousands)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
December 31,
2012
September 30,
2012
Custom and owner occupied construction
$
40,187

 
40,327

 
39,937

 
—
 %
 
1
 %
Pre-sold and spec construction
38,702

 
34,970

 
46,149

 
11
 %
 
(16
)%
Total residential construction
78,889

 
75,297

 
86,086

 
5
 %
 
(8
)%
Land development
75,282

 
80,132

 
88,272

 
(6
)%
 
(15
)%
Consumer land or lots
111,331

 
104,229

 
109,648

 
7
 %
 
2
 %
Unimproved land
51,986

 
53,459

 
54,988

 
(3
)%
 
(5
)%
Developed lots for operative builders
15,082

 
16,675

 
19,943

 
(10
)%
 
(24
)%
Commercial lots
15,707

 
19,654

 
21,674

 
(20
)%
 
(28
)%
Other construction
99,868

 
56,109

 
37,981

 
78
 %
 
163
 %
Total land, lot, and other construction
369,256

 
330,258

 
332,506

 
12
 %
 
11
 %
Owner occupied
815,401

 
710,161

 
703,253

 
15
 %
 
16
 %
Non-owner occupied
541,688

 
452,966

 
450,402

 
20
 %
 
20
 %
Total commercial real estate
1,357,089

 
1,163,127

 
1,153,655

 
17
 %
 
18
 %
Commercial and industrial
528,792

 
420,459

 
401,717

 
26
 %
 
32
 %
Agriculture
283,801

 
145,890

 
157,587

 
95
 %
 
80
 %
1st lien
738,842

 
738,854

 
719,030

 
—
 %
 
3
 %
Junior lien
76,277

 
82,083

 
84,687

 
(7
)%
 
(10
)%
Total 1-4 family
815,119

 
820,937

 
803,717

 
(1
)%
 
1
 %
Multifamily residential
113,880

 
93,328

 
95,766

 
22
 %
 
19
 %
Home equity lines of credit
298,935

 
319,779

 
326,878

 
(7
)%
 
(9
)%
Other consumer
128,374

 
109,019

 
108,069

 
18
 %
 
19
 %
Total consumer
427,309

 
428,798

 
434,947

 
—
 %
 
(2
)%
Other
88,469

 
64,832

 
61,099

 
36
 %
 
45
 %
Total loans receivable, including loans held for sale
4,062,604

 
3,542,926

 
3,527,080

 
15
 %
 
15
 %
Loans held for sale 1
(61,505
)
 
(145,501
)
 
(118,986
)
 
(58
)%
 
(48
)%
Total
$
4,001,099

 
3,397,425

 
3,408,094

 
18
 %
 
17
 %
_______
1 Loans held for sale are primarily 1st lien 1-4 family loans.


18


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)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
September 30,
2013
September 30,
2013
September 30,
2013
Custom and owner occupied construction
$
1,270

 
1,343

 
2,468

 
1,270

 
—

 
—

Pre-sold and spec construction
1,157

 
1,603

 
5,993

 
409

 
—

 
748

Total residential construction
2,427

 
2,946

 
8,461

 
1,679

 
—

 
748

Land development
25,834

 
31,471

 
38,295

 
15,029

 
—

 
10,805

Consumer land or lots
3,500

 
6,459

 
9,332

 
1,993

 
—

 
1,507

Unimproved land
14,977

 
19,121

 
25,369

 
13,150

 
—

 
1,827

Developed lots for operative builders
2,284

 
2,393

 
6,471

 
1,547

 
—

 
737

Commercial lots
2,978

 
1,959

 
2,002

 
309

 
—

 
2,669

Other construction
5,776

 
5,105

 
5,111

 
523

 
—

 
5,253

Total land, lot and other construction
55,349

 
66,508

 
86,580

 
32,551

 
—

 
22,798

Owner occupied
19,224

 
15,662

 
15,845

 
13,908

 
—

 
5,316

Non-owner occupied
5,453

 
4,621

 
3,929

 
2,883

 
83

 
2,487

Total commercial real estate
24,677

 
20,283

 
19,774

 
16,791

 
83

 
7,803

Commercial and industrial
7,452

 
5,970

 
7,060

 
7,408

 
35

 
9

Agriculture
2,488

 
6,686

 
6,894

 
1,785

 
—

 
703

1st lien
20,959

 
25,739

 
30,578

 
17,167

 
6

 
3,786

Junior lien
5,648

 
6,660

 
9,213

 
5,497

 
48

 
103

Total 1-4 family
26,607

 
32,399

 
39,791

 
22,664

 
54

 
3,889

Multifamily residential
—

 
253

 
253

 
—

 
—

 
—

Home equity lines of credit
5,599

 
8,041

 
7,502

 
5,151

 
—

 
448

Other consumer
399

 
441

 
462

 
264

 
2

 
133

Total consumer
5,998

 
8,482

 
7,964

 
5,415

 
2

 
581

Total
$
124,998

 
143,527

 
176,777

 
88,293

 
174

 
36,531



19


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)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
December 31,
2012
 
September 30,
2012
Custom and owner occupied construction
$
—

 
5

 
852

 
(100
)%
 
(100
)%
Pre-sold and spec construction
772

 
893

 
—

 
(14
)%
 
n/m

Total residential construction
772

 
898

 
852

 
(14
)%
 
(9
)%
Land development
917

 
191

 
774

 
380
 %
 
18
 %
Consumer land or lots
504

 
762

 
850

 
(34
)%
 
(41
)%
Unimproved land
311

 
422

 
1,126

 
(26
)%
 
(72
)%
Developed lots for operative builders
9

 
422

 
129

 
(98
)%
 
(93
)%
Commercial lots
68

 
11

 
—

 
518
 %
 
n/m

Total land, lot and other construction
1,809

 
1,808

 
2,879

 
—
 %
 
(37
)%
Owner occupied
7,261

 
5,523

 
6,849

 
31
 %
 
6
 %
Non-owner occupied
2,509

 
2,802

 
4,927

 
(10
)%
 
(49
)%
Total commercial real estate
9,770

 
8,325

 
11,776

 
17
 %
 
(17
)%
Commercial and industrial
4,176

 
1,905

 
2,803

 
119
 %
 
49
 %
Agriculture
725

 
912

 
345

 
(21
)%
 
110
 %
1st lien
5,142

 
7,352

 
4,462

 
(30
)%
 
15
 %
Junior lien
881

 
732

 
750

 
20
 %
 
17
 %
Total 1-4 family
6,023

 
8,084

 
5,212

 
(25
)%
 
16
 %
Multifamily Residential
226

 
—

 
191

 
n/m

 
18
 %
Home equity lines of credit
1,770

 
4,164

 
3,433

 
(57
)%
 
(48
)%
Other consumer
1,130

 
1,001

 
943

 
13
 %
 
20
 %
Total consumer
2,900

 
5,165

 
4,376

 
(44
)%
 
(34
)%
Total
$
26,401

 
27,097

 
28,434

 
(3
)%
 
(7
)%
_______
n/m - not measurable


20


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)
September 30,
2013
 
December 31,
2012
 
September 30,
2012
 
September 30,
2013
September 30,
2013
Custom and owner occupied construction
$
(1
)
 
24

 
24

 
—

 
1

Pre-sold and spec construction
128

 
2,489

 
2,516

 
187

 
59

Total residential construction
127

 
2,513

 
2,540

 
187

 
60

Land development
(97
)
 
3,035

 
2,654

 
247

 
344

Consumer land or lots
486

 
4,003

 
2,537

 
838

 
352

Unimproved land
435

 
636

 
543

 
466

 
31

Developed lots for operative builders
(36
)
 
1,802

 
1,257

 
74

 
110

Commercial lots
250

 
362

 
41

 
254

 
4

Other construction
(130
)
 
—

 
—

 
—

 
130

Total land, lot and other construction
908

 
9,838

 
7,032

 
1,879

 
971

Owner occupied
271

 
1,312

 
1,254

 
1,124

 
853

Non-owner occupied
375

 
597

 
232

 
471

 
96

Total commercial real estate
646

 
1,909

 
1,486

 
1,595

 
949

Commercial and industrial
1,382

 
2,651

 
1,790

 
2,319

 
937

Agriculture
21

 
125

 
95

 
21

 
—

1st lien
347

 
5,257

 
2,864

 
511

 
164

Junior lien
145

 
3,464

 
2,668

 
288

 
143

Total 1-4 family
492

 
8,721

 
5,532

 
799

 
307

Multifamily residential
(31
)
 
43

 
86

 
—

 
31

Home equity lines of credit
1,516

 
2,124

 
1,412

 
1,702

 
186

Other consumer
109

 
262

 
133

 
453

 
344

Total consumer
1,625

 
2,386

 
1,545

 
2,155

 
530

Other
4

 
1

 
—

 
7

 
3

Total
$
5,174

 
28,187

 
20,106

 
8,962

 
3,788















Visit our website at www.glacierbancorp.com

21
 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=$F8B]OE6.5/_*]RE*3*CR8FTQYD23"D0OT M7N%"==;:;M7DV-W>)*=?I8-C.FW+%Y7/:/KD9#>_?UZ@C7LAU_5MRL%Z MW0MTD&;LE)`DH6A:.SW!_P"]H/\`7O<;_CZ?51;;6YL.RU^TTO\`LON.RXJO M]N[*(VT2`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`K39M_<>EB)E;73Q8 M]9L]/9A7N3JH9A3(TZ)FU,U@3;3[.VE>VZ%H;[+%AXV-78-SH<=OPF+*:S!A M3:[]R]N=I@OQ]&V`2'764*MOK MM3U*7)A;/J&PR;VO]VUF4C:GW&MF@V+#_N9;39MAKU]/8G;K5)6[OE6_^W:. MQ8WVEZBDA2=^K[*LV&QU2TI-@W_7FI6H*I[FZT>R>%MH^P)6SN50^VSN^OJ, M?VXLUEWVNOY+;EW/L(57MM98LZ_I%5/38UIKY^G;G9;K",>I<5K6[UM;.@Z) M:PI[^JS!_(O<#5'HKF][!.FON6*GUU;MO%E^Y6O._P`:EZU_)-4T6LG)L*[9 M695)O]C9QMD>MY/[5[HW]A-D/WLEN=HUS+9<]P[5N6[64$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