0000868671-14-000022.txt : 20141024 0000868671-14-000022.hdr.sgml : 20141024 20141023181357 ACCESSION NUMBER: 0000868671-14-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141024 DATE AS OF CHANGE: 20141023 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: 141170756 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-09302014x8k.htm 8-K GBCI-09.30.2014-8K


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 23, 2014 

____________________________________________________________
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 23, 2014, the Company issued a press release announcing its financial results for the quarter ended September 30, 2014. 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 23, 2014, announcing financial results for the quarter ended September 30, 2014.


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 23, 2014
 
/s/   MICHAEL J. BLODNICK
(Date)
 
Michael J. Blodnick
President and Chief Executive Officer


 EX-99.1 2 gbci-09302014xex991.htm EXHIBIT GBCI-09.30.2014-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, 2014

HIGHLIGHTS:
•
All time record net income of $29.3 million for the current quarter, an increase of 2 percent from the prior quarter net income of $28.7 million and an increase of 14 percent from the prior year third quarter net income of $25.6 million.
•
Current quarter diluted earnings per share of $0.40, an increase of 14 percent from the prior year third quarter diluted earnings per share of $0.35.
•
Excluding the acquisition, the loan portfolio increased $118 million, or 11 percent annualized, during the current quarter and increased $321 million, or 8 percent, from the prior year third quarter.
•
Excluding the acquisition, non-interest bearing deposits increased $51.0 million, or 3 percent, during the current quarter and increased $119 million, or 8 percent, from the prior year third quarter.
•
Current quarter net charged-off loans of $364 thousand for the current quarter decreased $1.7 million from the prior year third quarter net charged-off loans of $2.0 million. Net charged-off loans for the the nine months of the current year was 0.03 percent of total loans.
•
Dividend declared of $0.17 per share during the current quarter. The dividend was the 118th consecutive quarterly dividend declared by the Company.
•
Completed the acquisition of FNBR Holding Corporation and its subsidiary, First National Bank of the Rockies, a community bank based in Grand Junction, Colorado.

Results Summary
 
Three Months ended
 
Nine Months ended
(Dollars in thousands, except per share data)
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Sep 30,
2013
 
Sep 30,
2014
 
Sep 30,
2013
Net income
$
29,294

 
28,677

 
26,730

 
25,628

 
84,701

 
69,098

Diluted earnings per share
$
0.40

 
0.38

 
0.36

 
0.35

 
1.14

 
0.95

Return on average assets (annualized)
1.46
%
 
1.47
%
 
1.39
%
 
1.27
%
 
1.44
%
 
1.19
%
Return on average equity (annualized)
11.30
%
 
11.45
%
 
11.04
%
 
10.85
%
 
11.27
%
 
9.96
%

1



KALISPELL, MONTANA, October 23, 2014 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $29.3 million for the current quarter, an increase of $3.7 million, or 14 percent, from the $25.6 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.40 per share, an increase of $0.05, or 14 percent, from the prior year third quarter diluted earnings per share of $0.35. Included in the current quarter non-interest expense was $1.4 million of one-time expenses and included in the current quarter non-interest income was a one-time bargain purchase gain of $680 thousand from the FNBR Holding Corporation acquisition. “It was another strong quarter driven by a nice increase to top-line revenue,” said Mick Blodnick, President and Chief Executive Officer. “As we continue to change the mix of our balance sheet by increasing loans and decreasing investments, revenue in the form of interest income has clearly improved. Hopefully this trend continues,” Blodnick said.

Net income for the nine months ended September 30, 2014 was $84.7 million, an increase of $15.6 million, or 23 percent, from the $69.1 million of net income for the same period the prior year. Diluted earnings per share for the first nine months of the current year was $1.14 per share, an increase of $0.19, or 20 percent, from the diluted earnings per share in the prior year first nine months.

On August 31, 2014, the Company completed the acquisition of FNBR Holding Corporation, and its subsidiary, First National Bank of the Rockies (“FNBR”) which has ten community banking offices in Grand Junction, Steamboat Springs, Meeker, Rangely, Craig, Hayden, and Oak Creek, Colorado. The branches of FNBR have been combined with an existing division of Glacier Bank and operate under the name “Bank of the San Juans, division of Glacier Bank.” Cash of $16.7 million was paid and 555,732 shares of the Company’s common stock were issued in the acquisition. The Company incurred $525 thousand of legal and professional expenses in connection with the acquisition during 2014. A bargain purchase gain of $680 thousand resulted from the acquisition which was based on the estimated fair value of the assets acquired and liabilities assumed. The Company’s results of operations and financial condition include the acquisition of FNBR from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands)
August 31,
2014
Total assets
$
349,167

Investment securities
157,018

Loans receivable
137,488

Non-interest bearing deposits
80,037

Interest bearing deposits
229,604



2


Asset Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
Cash and cash equivalents
$
282,097

 
202,358

 
155,657

 
254,684

 
79,739

 
126,440

 
27,413

Investment securities, available-for-sale
2,398,196

 
2,559,411

 
3,222,829

 
3,318,953

 
(161,215
)
 
(824,633
)
 
(920,757
)
Investment securities, held-to-maturity
482,757

 
483,557

 
—

 
—

 
(800
)
 
482,757

 
482,757

Total investment securities
2,880,953

 
3,042,968

 
3,222,829

 
3,318,953

 
(162,015
)
 
(341,876
)
 
(438,000
)
Loans receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
603,806

 
587,340

 
577,589

 
583,817

 
16,466

 
26,217

 
19,989

Commercial
3,248,529

 
3,023,915

 
2,901,283

 
2,828,287

 
224,614

 
347,246

 
420,242

Consumer and other
606,764

 
592,024

 
583,966

 
588,995

 
14,740

 
22,798

 
17,769

Loans receivable
4,459,099

 
4,203,279

 
4,062,838

 
4,001,099

 
255,820

 
396,261

 
458,000

Allowance for loan and lease losses
(130,632
)
 
(130,636
)
 
(130,351
)
 
(130,765
)
 
4

 
(281
)
 
133

Loans receivable, net
4,328,467

 
4,072,643

 
3,932,487

 
3,870,334

 
255,824

 
395,980

 
458,133

Other assets
618,293

 
572,125

 
573,377

 
603,959

 
46,168

 
44,916

 
14,334

Total assets
$
8,109,810

 
7,890,094

 
7,884,350

 
8,047,930

 
219,716

 
225,460

 
61,880


Total investment securities decreased $162 million, or 5 percent, during the current quarter and decreased $438 million, or 13 percent, from September 30, 2013 as the Company continued to reduce the overall size of the investment portfolio. At September 30, 2014, investment securities represented 36 percent of total assets, down from 39 percent at the previous quarter and 41 percent at September 30, 2013.

Excluding the loans receivable from the acquisition of FNBR, the loan portfolio increased by $118 million, or 11 percent annualized, during the current quarter with improvement in all loan categories. “For the second consecutive quarter we produced double digit loan growth on an annualized basis,” Blodnick said. “Currently our loan growth has exceeded our expectations for the year, now we have to continue to work hard and try to maintain this trend through the rest of 2014,” Blodnick said. Excluding the acquisition, the largest dollar and percentage increase was in commercial loans which increased $107 million, or 4 percent, during the current quarter which was attributable to increases in loan production and seasonal draws on construction lines. Excluding the loans receivable from the acquisition, the loan portfolio increased $258 million, or 6 percent, since December 31, 2013 of which $230 million came from growth in commercial loans.


3


Credit Quality Summary
 
At or for the Nine Months ended
 
At or for the Six Months ended
 
At or for the Year ended
 
At or for the Nine Months ended
(Dollars in thousands)
September 30,
2014
 
June 30,
2014
 
December 31,
2013
 
September 30,
2013
Allowance for loan and lease losses
 
 
 
 
 
 
 
Balance at beginning of period
$
130,351

 
130,351

 
130,854

 
130,854

Provision for loan losses
1,721

 
1,361

 
6,887

 
5,085

Charge-offs
(5,567
)
 
(3,324
)
 
(13,643
)
 
(8,962
)
Recoveries
4,127

 
2,248

 
6,253

 
3,788

Balance at end of period
$
130,632

 
130,636

 
130,351

 
130,765

Other real estate owned
$
28,374

 
26,338

 
26,860

 
36,531

Accruing loans 90 days or more past due
1,617

 
980

 
604

 
174

Non-accrual loans
68,149

 
75,147

 
81,956

 
88,293

Total non-performing assets 1
$
98,140

 
102,465

 
109,420

 
124,998

Non-performing assets as a percentage of subsidiary assets
1.21
%
 
1.30
%
 
1.39
%
 
1.56
%
Allowance for loan and lease losses as a percentage of non-performing loans
187
%
 
172
%
 
158
%
 
148
%
Allowance for loan and lease losses as a percentage of total loans
2.93
%
 
3.11
%
 
3.21
%
 
3.27
%
Net charge-offs as a percentage of total loans
0.03
%
 
0.03
%
 
0.18
%
 
0.13
%
Accruing loans 30-89 days past due
$
17,570

 
18,592

 
32,116

 
26,401

Accruing troubled debt restructurings
$
74,376

 
73,981

 
81,110

 
86,850

Non-accrual troubled debt restructurings
$
37,482

 
35,786

 
42,461

 
40,917

__________ 
1 As of September 30, 2014, non-performing assets have not been reduced by U.S. government guarantees of $3.4 million.

Non-performing assets at September 30, 2014 were $98.1 million and included $5.7 million from the FNBR acquisition. Excluding the acquisition, non-performing assets at September 30, 2014 were $92.5 million, a decrease of $10.0 million, or 10 percent, during the current quarter and a decrease of $32.5 million, or 26 percent, from a year ago. Land, lot and other construction loans (i.e., regulatory classification) continues to be the largest category and, excluding the acquisition, was $47.5 million, or 51 percent, of the non-performing assets at September 30, 2014. The Company has continued to make progress by reducing this category the past few years and, excluding the acquisition, the category decreased $1.6 million, or 3 percent, from the prior quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $17.6 million at September 30, 2014 decreased $1.0 million, or 5 percent, from the prior quarter and decreased $8.8 million, or 33 percent, from the prior year third quarter.

The allowance for loan and lease losses (“allowance”) was $131 million at September 30, 2014 and remained stable compared to the prior quarter and year ago periods. The allowance was 2.93 percent of total loans outstanding at September 30, 2014 compared to 3.11 percent at June 30, 2014 and 3.27 percent for the same quarter last year. Excluding the FNBR acquisition, the allowance was 3.02 percent of total loans outstanding at September 30, 2014, with the decrease from the prior quarter primarily reflecting the growth in the loan portfolio.


4


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 2014
$
360

 
$
364

 
2.93
%
 
0.39
%
 
1.21
%
Second quarter 2014
239

 
332

 
3.11
%
 
0.44
%
 
1.30
%
First quarter 2014
1,122

 
744

 
3.20
%
 
1.05
%
 
1.37
%
Fourth quarter 2013
1,802

 
2,216

 
3.21
%
 
0.79
%
 
1.39
%
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
%

Net charged-off loans for the current quarter remained stable from the prior quarter and decreased $1.7 million, or 82 percent, from the prior year third quarter. The current quarter provision for loan losses of $360 thousand increased $121 thousand from the prior quarter and decreased $1.5 million 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.

Liability Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
Non-interest bearing deposits
$
1,595,971

 
1,464,938

 
1,374,419

 
1,397,401

 
131,033

 
221,552

 
198,570

Interest bearing deposits
4,510,840

 
4,280,898

 
4,205,548

 
4,215,479

 
229,942

 
305,292

 
295,361

Repurchase agreements
367,213

 
315,240

 
313,394

 
314,313

 
51,973

 
53,819

 
52,900

FHLB advances
366,866

 
607,305

 
840,182

 
967,382

 
(240,439
)
 
(473,316
)
 
(600,516
)
Other borrowed funds
7,351

 
7,367

 
8,387

 
8,466

 
(16
)
 
(1,036
)
 
(1,115
)
Subordinated debentures
125,669

 
125,633

 
125,562

 
125,526

 
36

 
107

 
143

Other liabilities
95,420

 
78,698

 
53,608

 
71,556

 
16,722

 
41,812

 
23,864

Total liabilities
$
7,069,330

 
6,880,079

 
6,921,100

 
7,100,123

 
189,251

 
148,230

 
(30,793
)

Excluding the FNBR acquisition, non-interest bearing deposits at September 30, 2014 increased $51.0 million, or 3 percent, during the current quarter, and increased $119 million, or 8 percent, from September 30, 2013. Excluding the acquisition, interest bearing deposits were unchanged from the prior quarter and increased $65.8 million, or 2 percent, from the prior year. In addition to the increase in deposit balances, the Company has benefited from a higher than expected increase in the number of checking accounts during the current year. Interest bearing deposits of $4.511 billion at September 30, 2014 included $196 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposits and certificate accounts). Federal Home Loan Bank (“FHLB”) advances of $367 million at September 30, 2014 decreased $240 million, or 40 percent, during the current quarter and

5


decreased $601 million, or 62 percent, from September 30, 2013 as the need for borrowings continued to decrease concurrent with the increase in deposits.

Stockholders’ Equity Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands, except per share data)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
Common equity
$
1,017,805

 
985,809

 
953,605

 
937,824

 
31,996

 
64,200

 
79,981

Accumulated other comprehensive income
22,675

 
24,206

 
9,645

 
9,983

 
(1,531
)
 
13,030

 
12,692

Total stockholders’ equity
1,040,480

 
1,010,015

 
963,250

 
947,807

 
30,465

 
77,230

 
92,673

Goodwill and core deposit intangible, net
(141,323
)
 
(137,815
)
 
(139,218
)
 
(139,934
)
 
(3,508
)
 
(2,105
)
 
(1,389
)
Tangible stockholders’ equity
$
899,157

 
872,200

 
824,032

 
807,873

 
26,957

 
75,125

 
91,284

Stockholders’ equity to total assets
12.83
%
 
12.80
%
 
12.22
%
 
11.78
%
 
 
 
 
 
 
Tangible stockholders’ equity to total tangible assets
11.28
%
 
11.25
%
 
10.64
%
 
10.22
%
 
 
 
 
 
 
Book value per common share
$
13.87

 
13.56

 
12.95

 
12.76

 
0.31

 
0.92

 
1.11

Tangible book value per common share
$
11.98

 
11.71

 
11.08

 
10.87

 
0.27

 
0.90

 
1.11

Market price per share at end of period
$
25.86

 
28.38

 
29.79

 
24.68

 
(2.52
)
 
(3.93
)
 
1.18


Tangible stockholders’ equity of $899 million at September 30, 2014 increased $27.0 million, or 3 percent, from the prior quarter as a result of $15.1 million of Company stock issued in connection with the acquisition of FNBR and earnings retention. Tangible stockholders’ equity increased $91.3 million from a year ago as the result of earnings retention, stock issued in connection with the acquisition, and an increase in accumulated other comprehensive income. Tangible book value per common share of $11.98 increased $0.27 per share from the prior quarter and increased $1.11 per share from the prior year third quarter.

Cash Dividend
On September 25, 2014, the Company’s Board of Directors declared a cash dividend of $0.17 per share during the current quarter. The dividend is payable October 16, 2014 to shareholders of record on October 7, 2014. The dividend was the 118th consecutive quarterly dividend declared by the Company and future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.


6


Operating Results for Three Months Ended September 30, 2014 
Compared to June 30, 2014, March 31, 2014 and September 30, 2013

Revenue Summary
 
Three Months ended
 
$ Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Sep 30,
2013
 
Jun 30,
2014
 
Mar 31,
2014
 
Sep 30,
2013
Net interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
75,690

 
73,963

 
74,087

 
69,531

 
1,727

 
1,603

 
6,159

Interest expense
6,430

 
6,528

 
6,640

 
7,186

 
(98
)
 
(210
)
 
(756
)
Total net interest income
69,260

 
67,435

 
67,447

 
62,345

 
1,825

 
1,813

 
6,915

Non-interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
15,661

 
14,747

 
13,248

 
15,119

 
914

 
2,413

 
542

Gain on sale of loans
6,000

 
4,778

 
3,595

 
7,021

 
1,222

 
2,405

 
(1,021
)
Loss on sale of investments
(61
)
 
(48
)
 
(51
)
 
(403
)
 
(13
)
 
(10
)
 
342

Other income
2,832

 
3,027

 
2,596

 
2,136

 
(195
)
 
236

 
696

Total non-interest income
24,432

 
22,504

 
19,388

 
23,873

 
1,928

 
5,044

 
559

 
$
93,692

 
89,939

 
86,835

 
86,218

 
3,753

 
6,857

 
7,474

Net interest margin (tax-equivalent)
3.99
%
 
3.99
%
 
4.02
%
 
3.56
%
 
 
 
 
 
 

Net Interest Income
Current quarter net interest income of $69.3 million increased $1.8 million during the current quarter. The current quarter interest income of $75.7 million increased $1.7 million, or 2 percent, from the prior quarter. The current quarter increase in interest income was primarily driven by a greater volume of commercial loans which more than offset the reduction in interest income from the investment portfolio.

The current quarter’s interest income increased $6.2 million, or 9 percent, over the prior year third quarter and was primarily attributable to higher interest income on the investment portfolio and commercial loans. Interest income of $22.8 million on investment securities increased $3.3 million, or 17 percent, over the prior year third quarter as a result of a higher yielding mix of investment securities coupled with a reduction of premium amortization (net of discount accretion) on the investment portfolio (“premium amortization”). The current quarter interest income of $37.4 million on commercial loans increased $3.1 million, or 9 percent, over the prior year third quarter as a result of an increased volume of commercial loans.

The current quarter interest expense of $6.4 million decreased $98 thousand, or 2 percent, from the prior quarter and decreased $756 thousand, or 11 percent, from the prior year third quarter. The decrease in interest expense from the prior quarter and the prior year third quarter was the result of decreases in deposit interest rates and in the volume of borrowings. The cost of total funding (including non-interest bearing deposits) for the current quarter was 37 basis points compared to 39 basis points in the prior quarter and 41 basis points for the prior year third quarter. 

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current and prior quarter was 3.99 percent. The 2 basis points decrease in the current quarter yield on earning assets was offset by a 2 basis points decrease in cost of funds.


7


The Company’s current quarter net interest margin increased 43 basis points from the prior year third quarter net interest margin of 3.56 percent, such increase was primarily driven by the increased yield on the investment portfolio combined with a significant shift in earning assets to the higher yielding loan portfolio. “The Bank divisions continued focus on increasing the number of checking accounts along with growth in deposit balances at reduced rates has helped maintain the net interest margin at 4.00 percent for the first nine months of the year,” said Ron Copher, Chief Financial Officer. 

Non-interest Income
Non-interest income for the current quarter totaled $24.4 million, an increase of $1.9 million over the prior quarter and an increase of $559 thousand over the same quarter last year. The Company continued to benefit from the increased number of deposit accounts which was reflected in the $914 thousand, or 6 percent, increase in service charge fee income from the prior quarter and the $542 thousand, or 4 percent, increase from the prior year third quarter, respectively. Gain of $6.0 million on the sale of residential loans in the current quarter was an increase of $1.2 million, or 26 percent, from the prior quarter. Gain on the sale of the residential loans in the current quarter decreased $1.0 million, or 15 percent, from the prior year third quarter as a result of the reduction in refinance activity. Included in other income was operating revenue of $38 thousand from other real estate owned (“OREO”) and gain of $368 thousand from the sale of OREO, a combined total of $406 thousand for the current quarter compared to $615 thousand for the prior quarter and $433 thousand for the prior year third quarter.

Non-interest Expense Summary
 
Three Months ended
 
$ Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Sep 30,
2013
 
Jun 30,
2014
 
Mar 31,
2014
 
Sep 30,
2013
Compensation and employee benefits
$
30,142

 
28,988

 
28,634

 
27,469

 
1,154

 
1,508

 
2,673

Occupancy and equipment
6,961

 
6,733

 
6,613

 
6,421

 
228

 
348

 
540

Advertising and promotions
2,141

 
1,948

 
1,777

 
1,897

 
193

 
364

 
244

Outsourced data processing
1,472

 
2,032

 
1,288

 
1,232

 
(560
)
 
184

 
240

Other real estate owned
602

 
566

 
507

 
1,049

 
36

 
95

 
(447
)
Regulatory assessments and insurance
1,435

 
1,028

 
1,592

 
1,677

 
407

 
(157
)
 
(242
)
Core deposit intangibles amortization
692

 
693

 
710

 
693

 
(1
)
 
(18
)
 
(1
)
Other expense
10,793

 
10,685

 
8,949

 
9,930

 
108

 
1,844

 
863

Total non-interest expense
$
54,238

 
52,673

 
50,070

 
50,368

 
1,565

 
4,168

 
3,870


Compensation and employee benefits increased by $1.2 million, or 4 percent, from the prior quarter due to the increased number of employees from the FNBR acquisition and additional benefit costs. Compensation and employee benefits increased by $2.7 million from the prior year third quarter because of the increased number of employees from the FNBR acquisition and the North Cascades Bank acquisition at July 31, 2013 along with additional benefit costs and salary increases. Occupancy and equipment expense increased $540 thousand, or 8 percent, from the prior year third quarter as a result of increases in equipment expense related to the Company’s expansion of information and technology infrastructure. Advertising and promotion expense increased $193 thousand, or 10 percent, compared to the prior quarter and increased $244 thousand, or 13 percent, from the prior year third quarter primarily from the FNBR acquisition and recent marketing promotions at a number of the Bank divisions. Outsourced data processing expense decreased $560 thousand, or 28 percent, from the prior quarter as a result of conversion related expenses in the second quarter of 2014. Outsourced data processing expense increased $240 thousand, or 19 percent, from the prior year third quarter because of the acquired banks’ outsourced data processing expense and from an increase in technology infrastructure. The current quarter OREO expense of $602 thousand included $362 thousand of operating expense, $65 thousand of fair value write-downs, and $175 thousand

8


of loss on sale of OREO. OREO expense may fluctuate as the Company continues to work through non-performing assets and dispose of foreclosed properties.

Efficiency Ratio
The efficiency ratio for the current quarter and the prior year third quarter was 54 percent. The increases in non-interest expense were more than offset by the increases in net interest income resulting in a comparable efficiency ratio.

Operating Results for Nine Months ended September 30, 2014
Compared to September 30, 2013

Revenue Summary
 
Nine Months ended
 
 
 
 
(Dollars in thousands)
September 30,
2014
 
September 30,
2013
 
$ Change
 
% Change
Net interest income
 
 
 
 
 
 
 
Interest income
$
223,740

 
$
189,637

 
$
34,103

 
18
 %
Interest expense
19,598

 
21,829

 
(2,231
)
 
(10
)%
Total net interest income
204,142

 
167,808

 
36,334

 
22
 %
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
43,656

 
39,765

 
3,891

 
10
 %
Gain on sale of loans
14,373

 
23,582

 
(9,209
)
 
(39
)%
Loss on sale of investments
(160
)
 
(299
)
 
139

 
(46
)%
Other income
8,455

 
6,997

 
1,458

 
21
 %
Total non-interest income
66,324

 
70,045

 
(3,721
)
 
(5
)%
 
$
270,466

 
$
237,853

 
$
32,613

 
14
 %
Net interest margin (tax-equivalent)
4.00
%
 
3.34
%
 
 
 
 

Net Interest Income
Net interest income for the first nine months of the current year was $204 million, an increase of $36.3 million, or 22 percent, over the same period last year. Interest income for the first nine months of the current year increased $34.1 million, or 18 percent, from the prior year first nine months and was principally due to the decrease in premium amortization on investment securities and increased income from commercial loans. Interest income benefited from a reduction by $33.8 million in premium amortization on investment securities during the first nine months of the current year compared the same period last year. Current year interest income on commercial loans increased $14.9 million, or 16 percent, from the first nine months of the prior year and was primarily the result of an increased volume of commercial loans.

Interest expense for the first nine months of the current year decreased $2.2 million, or 10 percent, from the prior year first nine months and was primarily attributable to the decreases in interest rates on certificate of deposits and lower volume of borrowings. The funding cost (including non-interest bearing deposits) for the first nine months of 2014 was 39 basis points compared to 43 basis points for the first nine months of 2013. 

9



The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2014 was 4.00 percent, a 66 basis points increase from the net interest margin of 3.34 percent for the first nine months of 2013. The increase in the net interest margin was due to the increased yield on the investment portfolio combined with the shift in earning assets to the higher yielding loan portfolio. The premium amortization for the first nine months of 2014 accounted for a 42 basis points reduction in the net interest margin, which was a decrease of 61 basis points compared to the 103 basis points reduction in the net interest margin for the same period last year. 

Non-interest Income
Non-interest income of $66.3 million for the first nine months of 2014 decreased $3.7 million, or 5 percent, over the same period last year. Gain of $14.4 million on the sale of residential loans for the first nine months of 2014 decreased $9.2 million, or 39 percent, from the first nine months of 2013 as a consequence of the slowdown in refinance activity. Service charges and other fees of $43.7 million for the first nine months of 2014 increased $3.9 million, or 10 percent, from the same period last year. Included in other income was operating revenue of $136 thousand from OREO and gain of $1.7 million from the sale of OREO, which combined totaled $1.8 million for the first nine months of 2014 compared to $1.9 million for the same period in the prior year.

Non-interest Expense Summary
 
Nine Months ended
 
 
 
 
(Dollars in thousands)
September 30,
2014
 
September 30,
2013
 
$ Change
 
% Change
Compensation and employee benefits
$
87,764

 
$
76,963

 
$
10,801

 
14
 %
Occupancy and equipment
20,307

 
18,152

 
2,155

 
12
 %
Advertising and promotions
5,866

 
5,066

 
800

 
16
 %
Outsourced data processing
4,792

 
2,870

 
1,922

 
67
 %
Other real estate owned
1,675

 
4,901

 
(3,226
)
 
(66
)%
Regulatory assessments and insurance
4,055

 
4,843

 
(788
)
 
(16
)%
Core deposit intangibles amortization
2,095

 
1,684

 
411

 
24
 %
Other expense
30,427

 
27,804

 
2,623

 
9
 %
Total non-interest expense
$
156,981

 
$
142,283

 
$
14,698

 
10
 %

Compensation and employee benefits for the first nine months of 2014 increased $10.8 million, or 14 percent, from the same period last year due to the increased number of employees from the acquired banks, additional benefit costs and annual salary increases. Occupancy and equipment expense increased $2.2 million, or 12 percent, as a result of the acquisitions and increases in equipment expense related to additional information and technology infrastructure. Outsourced data processing expense increased $1.9 million, or 67 percent, from the prior year first nine months as a result of the acquired banks outsourced data processing expense, conversion related expenses and general increases in data processing expense. OREO expense of $1.7 million in the first nine months of 2014 decreased $3.2 million, or 66 percent, from the same period last year. OREO expense for the first nine months of 2014 included $1.1 million of operating expenses, $217 thousand of fair value write-downs, and $383 thousand of loss on sale of OREO. Other expense for the first nine months of 2014 increased by $2.6 million, or 9 percent, from the first nine months of the prior year primarily from debit card expenses and other deposit account related charges.


10


Provision for loan losses
The provision for loan losses was $1.7 million for the first nine months of 2014, a decrease of $3.4 million, or 66 percent, from the same period in the prior year. Net charged-off loans during the first nine months of 2014 was $1.4 million, a decrease of $3.7 million from the first nine months of 2013.

Efficiency Ratio
The efficiency ratio was 54 percent for the first nine months of 2014 and 55 percent for the first nine months of 2013. The improvement in the efficiency ratio resulted from net interest income outpacing the increase in non-interest expense and the decrease in non-interest income.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 79 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, each 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, OREO 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;

11


•
consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions which may have greater resources could change the competitive landscape;
•
dependence on the CEO, the senior management team and the Presidents of the Bank divisions;
•
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.

12


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

(Dollars in thousands, except per share data)
September 30,
2014
 
June 30,
2014
 
December 31,
2013
 
September 30,
2013
Assets
 
 
 
 
 
 
 
Cash on hand and in banks
$
109,947

 
130,114

 
109,995

 
130,285

Federal funds sold
488

 
2,852

 
10,527

 
23,135

Interest bearing cash deposits
171,662

 
69,392

 
35,135

 
101,264

Cash and cash equivalents
282,097

 
202,358

 
155,657

 
254,684

Investment securities, available-for-sale
2,398,196

 
2,559,411

 
3,222,829

 
3,318,953

Investment securities, held-to-maturity
482,757

 
483,557

 
—

 
—

Total investment securities
2,880,953

 
3,042,968

 
3,222,829

 
3,318,953

Loans held for sale
65,598

 
56,021

 
46,738

 
61,505

Loans receivable
4,459,099

 
4,203,279

 
4,062,838

 
4,001,099

Allowance for loan and lease losses
(130,632
)
 
(130,636
)
 
(130,351
)
 
(130,765
)
Loans receivable, net
4,328,467

 
4,072,643

 
3,932,487

 
3,870,334

Premises and equipment, net
178,509

 
167,741

 
167,671

 
168,633

Other real estate owned
28,374

 
26,338

 
26,860

 
36,531

Accrued interest receivable
42,981

 
41,765

 
41,898

 
44,261

Deferred tax asset
44,452

 
34,505

 
43,549

 
47,957

Core deposit intangible, net
11,617

 
8,109

 
9,512

 
10,228

Goodwill
129,706

 
129,706

 
129,706

 
129,706

Non-marketable equity securities
52,868

 
52,715

 
52,192

 
52,192

Other assets
64,188

 
55,225

 
55,251

 
52,946

Total assets
$
8,109,810

 
7,890,094

 
7,884,350

 
8,047,930

Liabilities
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,595,971

 
1,464,938

 
1,374,419

 
1,397,401

Interest bearing deposits
4,510,840

 
4,280,898

 
4,205,548

 
4,215,479

Securities sold under agreements to repurchase
367,213

 
315,240

 
313,394

 
314,313

Federal Home Loan Bank advances
366,866

 
607,305

 
840,182

 
967,382

Other borrowed funds
7,351

 
7,367

 
8,387

 
8,466

Subordinated debentures
125,669

 
125,633

 
125,562

 
125,526

Accrued interest payable
3,058

 
3,163

 
3,505

 
3,568

Other liabilities
92,362

 
75,535

 
50,103

 
67,988

Total liabilities
7,069,330

 
6,880,079

 
6,921,100

 
7,100,123

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
750

 
745

 
744

 
743

Paid-in capital
707,821

 
692,343

 
690,918

 
689,751

Retained earnings - substantially restricted
309,234

 
292,721

 
261,943

 
247,330

Accumulated other comprehensive income
22,675

 
24,206

 
9,645

 
9,983

Total stockholders’ equity
1,040,480

 
1,010,015

 
963,250

 
947,807

Total liabilities and stockholders’ equity
$
8,109,810

 
7,890,094

 
7,884,350

 
8,047,930

Number of common stock shares issued and outstanding
75,024,092

 
74,467,908

 
74,373,296

 
74,307,951



13


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
 
Nine Months ended
(Dollars in thousands, except per share data)
September 30,
2014
 
June 30,
2014
 
September 30,
2013
 
September 30,
2014
 
September 30,
2013
Interest Income
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
7,950

 
7,220

 
7,320

 
22,257

 
21,606

Commercial loans
37,387

 
35,267

 
34,291

 
107,696

 
92,788

Consumer and other loans
7,559

 
7,583

 
8,447

 
22,785

 
24,220

Investment securities
22,794

 
23,893

 
19,473

 
71,002

 
51,023

Total interest income
75,690

 
73,963

 
69,531

 
223,740

 
189,637

Interest Expense
 
 
 
 
 
 
 
 
 
Deposits
3,027

 
3,061

 
3,398

 
9,177

 
10,584

Securities sold under agreements to repurchase
225

 
192

 
209

 
627

 
646

Federal Home Loan Bank advances
2,356

 
2,447

 
2,730

 
7,317

 
8,029

Federal funds purchased and other borrowed funds
34

 
48

 
54

 
135

 
160

Subordinated debentures
788

 
780

 
795

 
2,342

 
2,410

Total interest expense
6,430

 
6,528

 
7,186

 
19,598

 
21,829

Net Interest Income
69,260

 
67,435

 
62,345

 
204,142

 
167,808

Provision for loan losses
360

 
239

 
1,907

 
1,721

 
5,085

Net interest income after provision for loan losses
68,900

 
67,196

 
60,438

 
202,421

 
162,723

Non-Interest Income
 
 
 
 
 
 
 
 
 
Service charges and other fees
14,319

 
13,547

 
13,711

 
40,085

 
36,115

Miscellaneous loan fees and charges
1,342

 
1,200

 
1,408

 
3,571

 
3,650

Gain on sale of loans
6,000

 
4,778

 
7,021

 
14,373

 
23,582

Loss on sale of investments
(61
)
 
(48
)
 
(403
)
 
(160
)
 
(299
)
Other income
2,832

 
3,027

 
2,136

 
8,455

 
6,997

Total non-interest income
24,432

 
22,504

 
23,873

 
66,324

 
70,045

Non-Interest Expense
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
30,142

 
28,988

 
27,469

 
87,764

 
76,963

Occupancy and equipment
6,961

 
6,733

 
6,421

 
20,307

 
18,152

Advertising and promotions
2,141

 
1,948

 
1,897

 
5,866

 
5,066

Outsourced data processing
1,472

 
2,032

 
1,232

 
4,792

 
2,870

Other real estate owned
602

 
566

 
1,049

 
1,675

 
4,901

Regulatory assessments and insurance
1,435

 
1,028

 
1,677

 
4,055

 
4,843

Core deposit intangibles amortization
692

 
693

 
693

 
2,095

 
1,684

Other expense
10,793

 
10,685

 
9,930

 
30,427

 
27,804

Total non-interest expense
54,238

 
52,673

 
50,368

 
156,981

 
142,283

Income Before Income Taxes
39,094

 
37,027

 
33,943

 
111,764

 
90,485

Federal and state income tax expense
9,800

 
8,350

 
8,315

 
27,063

 
21,387

Net Income
$
29,294

 
28,677

 
25,628

 
84,701

 
69,098

Basic earnings per share
$
0.40

 
0.38

 
0.35

 
1.14

 
0.95

Diluted earnings per share
$
0.40

 
0.38

 
0.35

 
1.14

 
0.95

Dividends declared per share
$
0.17

 
0.17

 
0.15

 
0.50

 
0.44

Average outstanding shares - basic
74,631,317

 
74,467,576

 
73,945,523

 
74,512,806

 
72,804,321

Average outstanding shares - diluted
74,676,124

 
74,499,660

 
74,021,871

 
74,554,263

 
72,869,475


14


Glacier Bancorp, Inc.
Average Balance Sheet

 
Three Months ended
 
Nine Months ended
 
September 30, 2014
 
September 30, 2014
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
653,633

 
$
7,950

 
4.87
%
 
$
627,790

 
$
22,257

 
4.73
%
Commercial loans
3,087,020

 
37,387

 
4.80
%
 
2,968,681

 
107,696

 
4.85
%
Consumer and other loans
592,904

 
7,559

 
5.06
%
 
583,279

 
22,785

 
5.22
%
Total loans 1
4,333,557

 
52,896

 
4.84
%
 
4,179,750

 
152,738

 
4.89
%
Tax-exempt investment securities 2
1,203,419

 
16,920

 
5.62
%
 
1,197,604

 
50,577

 
5.63
%
Taxable investment securities 3
1,910,212

 
11,438

 
2.40
%
 
2,002,557

 
37,061

 
2.47
%
Total earning assets
7,447,188

 
81,254

 
4.33
%
 
7,379,911

 
240,376

 
4.35
%
Goodwill and intangibles
137,605

 
 
 
 
 
138,226

 
 
 
 
Non-earning assets
352,991

 
 
 
 
 
335,064

 
 
 
 
Total assets
$
7,937,784

 
 
 
 
 
$
7,853,201

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,506,748

 
—

 
—
%
 
$
1,408,661

 
—

 
—
%
NOW accounts
1,131,401

 
264

 
0.09
%
 
1,107,643

 
868

 
0.10
%
Savings accounts
673,823

 
89

 
0.05
%
 
645,990

 
250

 
0.05
%
Money market deposit accounts
1,221,917

 
593

 
0.19
%
 
1,200,899

 
1,813

 
0.20
%
Certificate accounts
1,137,852

 
1,948

 
0.68
%
 
1,136,490

 
5,903

 
0.69
%
Wholesale deposits 4
222,603

 
133

 
0.24
%
 
191,228

 
343

 
0.24
%
FHLB advances
488,487

 
2,356

 
1.89
%
 
659,141

 
7,317

 
1.46
%
Repurchase agreements, federal funds purchased and other borrowed funds
459,299

 
1,047

 
0.90
%
 
442,507

 
3,104

 
0.94
%
Total funding liabilities
6,842,130

 
6,430

 
0.37
%
 
6,792,559

 
19,598

 
0.39
%
Other liabilities
66,960

 
 
 
 
 
55,382

 
 
 
 
Total liabilities
6,909,090

 
 
 
 
 
6,847,941

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
746

 
 
 
 
 
745

 
 
 
 
Paid-in capital
697,407

 
 
 
 
 
693,751

 
 
 
 
Retained earnings
306,200

 
 
 
 
 
290,464

 
 
 
 
Accumulated other comprehensive income
24,341

 
 
 
 
 
20,300

 
 
 
 
Total stockholders’ equity
1,028,694

 
 
 
 
 
1,005,260

 
 
 
 
Total liabilities and stockholders’ equity
$
7,937,784

 
 
 
 
 
$
7,853,201

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
74,824

 
 
 
 
 
$
220,778

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.96
%
 
 
 
 
 
3.96
%
Net interest margin (tax-equivalent)
 
 
 
 
3.99
%
 
 
 
 
 
4.00
%
__________ 
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 $5.2 million and $15.5 million on tax-exempt investment security income for the three and nine months ended September 30, 2014.
3 
Includes tax effect of $372 thousand and $1.1 million on investment security tax credits for the three and nine months ended September 30, 2014.
4 
Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

15


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
Custom and owner occupied construction
$
59,121

 
$
51,497

 
$
50,352

 
$
40,187

 
15
 %
 
17
 %
 
47
 %
Pre-sold and spec construction
44,085

 
34,114

 
34,217

 
38,702

 
29
 %
 
29
 %
 
14
 %
Total residential construction
103,206

 
85,611

 
84,569

 
78,889

 
21
 %
 
22
 %
 
31
 %
Land development
88,507

 
81,589

 
73,132

 
75,282

 
8
 %
 
21
 %
 
18
 %
Consumer land or lots
99,003

 
101,042

 
109,175

 
111,331

 
(2
)%
 
(9
)%
 
(11
)%
Unimproved land
66,684

 
51,457

 
50,422

 
51,986

 
30
 %
 
32
 %
 
28
 %
Developed lots for operative builders
15,471

 
15,123

 
15,951

 
15,082

 
2
 %
 
(3
)%
 
3
 %
Commercial lots
16,050

 
17,238

 
12,585

 
15,707

 
(7
)%
 
28
 %
 
2
 %
Other construction
149,207

 
112,081

 
103,807

 
99,868

 
33
 %
 
44
 %
 
49
 %
Total land, lot, and other construction
434,922

 
378,530

 
365,072

 
369,256

 
15
 %
 
19
 %
 
18
 %
Owner occupied
834,742

 
816,859

 
811,479

 
815,401

 
2
 %
 
3
 %
 
2
 %
Non-owner occupied
658,429

 
617,693

 
588,114

 
541,688

 
7
 %
 
12
 %
 
22
 %
Total commercial real estate
1,493,171

 
1,434,552

 
1,399,593

 
1,357,089

 
4
 %
 
7
 %
 
10
 %
Commercial and industrial
573,617

 
549,143

 
523,354

 
528,792

 
4
 %
 
10
 %
 
8
 %
Agriculture
317,506

 
288,555

 
279,959

 
283,801

 
10
 %
 
13
 %
 
12
 %
1st lien
782,116

 
757,954

 
733,406

 
738,842

 
3
 %
 
7
 %
 
6
 %
Junior lien
71,678

 
73,130

 
73,348

 
76,277

 
(2
)%
 
(2
)%
 
(6
)%
Total 1-4 family
853,794

 
831,084

 
806,754

 
815,119

 
3
 %
 
6
 %
 
5
 %
Multifamily residential
168,760

 
152,169

 
123,154

 
113,880

 
11
 %
 
37
 %
 
48
 %
Home equity lines of credit
322,442

 
309,282

 
298,119

 
298,935

 
4
 %
 
8
 %
 
8
 %
Other consumer
139,045

 
134,414

 
130,758

 
128,374

 
3
 %
 
6
 %
 
8
 %
Total consumer
461,487

 
443,696

 
428,877

 
427,309

 
4
 %
 
8
 %
 
8
 %
Other
118,234

 
95,960

 
98,244

 
88,469

 
23
 %
 
20
 %
 
34
 %
Total loans receivable, including loans held for sale
4,524,697

 
4,259,300

 
4,109,576

 
4,062,604

 
6
 %
 
10
 %
 
11
 %
Less loans held for sale 1
(65,598
)
 
(56,021
)
 
(46,738
)
 
(61,505
)
 
17
 %
 
40
 %
 
7
 %
Total loans receivable
$
4,459,099

 
$
4,203,279

 
$
4,062,838

 
$
4,001,099

 
6
 %
 
10
 %
 
11
 %
_______
1 Loans held for sale are primarily 1st lien 1-4 family loans.


16


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

 
 
Non-performing Assets, by Loan Type
 
Non-
Accrual
Loans
 
Accruing
Loans 90  Days or  More Past  Due
 
Other
Real Estate
Owned
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Sep 30,
2014
Sep 30,
2014
Sep 30,
2014
Custom and owner occupied construction
$
1,164

 
1,196

 
1,248

 
1,270

 
1,164

 
—

 
—

Pre-sold and spec construction
222

 
609

 
828

 
1,157

 
222

 
—

 
—

Total residential construction
1,386

 
1,805

 
2,076

 
2,427

 
1,386

 
—

 
—

Land development
24,803

 
23,718

 
25,062

 
25,834

 
16,037

 
—

 
8,766

Consumer land or lots
3,451

 
2,804

 
2,588

 
3,500

 
2,008

 
—

 
1,443

Unimproved land
13,659

 
12,421

 
13,630

 
14,977

 
11,233

 
—

 
2,426

Developed lots for operative builders
1,672

 
2,186

 
2,215

 
2,284

 
988

 
—

 
684

Commercial lots
2,697

 
2,787

 
2,899

 
2,978

 
271

 
—

 
2,426

Other construction
5,154

 
5,156

 
5,167

 
5,776

 
165

 
—

 
4,989

Total land, lot and other construction
51,436

 
49,072

 
51,561

 
55,349

 
30,702

 
—

 
20,734

Owner occupied
14,913

 
14,595

 
14,270

 
19,224

 
13,044

 
95

 
1,774

Non-owner occupied
3,768

 
3,956

 
4,301

 
5,453

 
1,790

 
272

 
1,706

Total commercial real estate
18,681

 
18,551

 
18,571

 
24,677

 
14,834

 
367

 
3,480

Commercial and industrial
4,833

 
5,850

 
6,400

 
7,452

 
4,307

 
320

 
206

Agriculture
3,430

 
3,506

 
3,529

 
2,488

 
2,491

 
11

 
928

1st lien
13,236

 
17,240

 
17,630

 
20,959

 
10,441

 
787

 
2,008

Junior lien
481

 
1,146

 
4,767

 
5,648

 
389

 
92

 
—

Total 1-4 family
13,717

 
18,386

 
22,397

 
26,607

 
10,830

 
879

 
2,008

Multifamily residential
450

 
729

 
—

 
—

 
—

 
—

 
450

Home equity lines of credit
3,985

 
4,289

 
4,544

 
5,599

 
3,400

 
17

 
568

Other consumer
222

 
277

 
342

 
399

 
199

 
23

 
—

Total consumer
4,207

 
4,566

 
4,886

 
5,998

 
3,599

 
40

 
568

Total
$
98,140

 
102,465

 
109,420

 
124,998

 
68,149

 
1,617

 
28,374



17


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

 
Accruing 30-89 Days Delinquent Loans,  by Loan Type
 
% Change from
(Dollars in thousands)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
Custom and owner occupied construction
$
—

 
$
—

 
$
202

 
$
—

 
n/m

 
(100
)%
 
n/m

Pre-sold and spec construction
179

 
144

 
—

 
772

 
24
 %
 
n/m

 
(77
)%
Total residential construction
179

 
144

 
202

 
772

 
24
 %
 
(11
)%
 
(77
)%
Land development
—

 
—

 
—

 
917

 
n/m

 
n/m

 
(100
)%
Consumer land or lots
62

 
267

 
1,716

 
504

 
(77
)%
 
(96
)%
 
(88
)%
Unimproved land
1,177

 
899

 
615

 
311

 
31
 %
 
91
 %
 
278
 %
Developed lots for operative builders
21

 
—

 
8

 
9

 
n/m

 
163
 %
 
133
 %
Commercial lots
106

 
—

 
—

 
68

 
n/m

 
n/m

 
56
 %
Other construction
660

 
—

 
—

 
—

 
n/m

 
n/m

 
n/m

Total land, lot and other construction
2,026

 
1,166

 
2,339

 
1,809

 
74
 %
 
(13
)%
 
12
 %
Owner occupied
4,341

 
6,125

 
5,321

 
7,261

 
(29
)%
 
(18
)%
 
(40
)%
Non-owner occupied
266

 
1,665

 
2,338

 
2,509

 
(84
)%
 
(89
)%
 
(89
)%
Total commercial real estate
4,607

 
7,790

 
7,659

 
9,770

 
(41
)%
 
(40
)%
 
(53
)%
Commercial and industrial
3,376

 
2,528

 
3,542

 
4,176

 
34
 %
 
(5
)%
 
(19
)%
Agriculture
152

 
497

 
1,366

 
725

 
(69
)%
 
(89
)%
 
(79
)%
1st lien
3,738

 
2,408

 
12,386

 
5,142

 
55
 %
 
(70
)%
 
(27
)%
Junior lien
275

 
536

 
482

 
881

 
(49
)%
 
(43
)%
 
(69
)%
Total 1-4 family
4,013

 
2,944

 
12,868

 
6,023

 
36
 %
 
(69
)%
 
(33
)%
Multifamily Residential
684

 
689

 
1,075

 
226

 
(1
)%
 
(36
)%
 
203
 %
Home equity lines of credit
1,725

 
1,839

 
1,999

 
1,770

 
(6
)%
 
(14
)%
 
(3
)%
Other consumer
789

 
938

 
1,066

 
1,130

 
(16
)%
 
(26
)%
 
(30
)%
Total consumer
2,514

 
2,777

 
3,065

 
2,900

 
(9
)%
 
(18
)%
 
(13
)%
Other
19

 
57

 
—

 
—

 
(67
)%
 
n/m

 
n/m

Total
$
17,570

 
$
18,592

 
$
32,116

 
$
26,401

 
(5
)%
 
(45
)%
 
(33
)%
_______
n/m - not measurable


18


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)
Sep 30,
2014
 
Jun 30,
2014
 
Dec 31,
2013
 
Sep 30,
2013
 
Sep 30,
2014
Sep 30,
2014
Custom and owner occupied construction
$
—

 
—

 
(51
)
 
(1
)
 
—

 
—

Pre-sold and spec construction
(58
)
 
(39
)
 
(10
)
 
128

 
—

 
58

Total residential construction
(58
)
 
(39
)
 
(61
)
 
127

 
—

 
58

Land development
(319
)
 
(333
)
 
(383
)
 
(97
)
 
148

 
467

Consumer land or lots
69

 
97

 
843

 
486

 
325

 
256

Unimproved land
(186
)
 
(126
)
 
715

 
435

 
25

 
211

Developed lots for operative builders
(125
)
 
(117
)
 
(81
)
 
(36
)
 
13

 
138

Commercial lots
(5
)
 
(3
)
 
248

 
250

 
—

 
5

Other construction
—

 
—

 
(473
)
 
(130
)
 
—

 
—

Total land, lot and other construction
(566
)
 
(482
)
 
869

 
908

 
511

 
1,077

Owner occupied
201

 
(7
)
 
350

 
271

 
487

 
286

Non-owner occupied
(44
)
 
(184
)
 
397

 
375

 
201

 
245

Total commercial real estate
157

 
(191
)
 
747

 
646

 
688

 
531

Commercial and industrial
932

 
1,343

 
3,096

 
1,382

 
2,146

 
1,214

Agriculture
(1
)
 
—

 
53

 
21

 
—

 
1

1st lien
207

 
298

 
681

 
347

 
698

 
491

Junior lien
199

 
91

 
106

 
145

 
491

 
292

Total 1-4 family
406

 
389

 
787

 
492

 
1,189

 
783

Multifamily residential
138

 
1

 
(39
)
 
(31
)
 
160

 
22

Home equity lines of credit
222

 
(120
)
 
1,606

 
1,516

 
500

 
278

Other consumer
210

 
175

 
324

 
109

 
373

 
163

Total consumer
432

 
55

 
1,930

 
1,625

 
873

 
441

Other
—

 
—

 
8

 
4

 
—

 
—

Total
$
1,440

 
1,076

 
7,390

 
5,174

 
5,567

 
4,127














Visit our website at www.glacierbancorp.com

19
 GRAPHIC 3 gbcilogostatesa02a01.jpg begin 644 gbcilogostatesa02a01.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