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Altabancorp™ Reports Second Quarter 2021 Financial Results

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Altabancorp (Nasdaq: ALTA) reported a net income of $12.7 million for Q2 2021, up from $9.4 million in Q1 2021 and $10.3 million in Q2 2020. Diluted EPS rose to $0.67, compared to $0.50 and $0.55 in prior periods. For the first half of 2021, net income was $22.1 million. Total deposits surged to $3.16 billion, a 20.8% increase year-over-year. The company declared a dividend of $0.17 per share, continuing a 50-year trend. Loan growth was strong, with loans held for investment rising to $1.87 billion, while non-performing loans remained stable at $7.2 million.

Positive
  • Net income increased to $12.7 million for Q2 2021, a 35% QoQ improvement.
  • Diluted EPS rose to $0.67 from $0.50 in Q1 2021.
  • Total deposits increased by 20.8% year-over-year to $3.16 billion.
  • Loan growth surged by $212 million, or 12.8%, to $1.87 billion.
  • The company declared a quarterly dividend of $0.17 per share.
Negative
  • Non-interest income decreased by 13.47% to $5.3 million in Q2 2021.
  • Net interest income decreased by 1.91% to $25.3 million, primarily due to narrowing net interest margins.
  • Noninterest expense increased to $18.9 million, influenced by merger-related costs.

Altabancorp (Nasdaq: ALTA) (the “Company” or “ALTA”), the parent company of Altabank, reported net income of $12.7 million for the second quarter of 2021, compared with $9.4 million for the first quarter of 2021, and $10.3 million for the second quarter of 2020. Diluted earnings per common share were $0.67 for the second quarter of 2021, compared with $0.50 for the first quarter of 2021, and $0.55 for the second quarter of 2020. For the six months ended June 30, 2021 net income was $22.1 million, or $1.16 per diluted common share, compared with $21.1 million, or $1.11 per diluted common share, for the same period a year earlier.

Annualized return on average assets was 1.44% for the second quarter of 2021, compared with 1.13% for the first quarter of 2021, and 1.52% for the second quarter of 2020. Annualized return on average equity was 14.12% for the second quarter of 2021 compared with 10.30% for the first quarter of 2021, and 12.06% for the second quarter of 2020. For the six months ended June 30, 2021, return on average assets was 1.29% and return on average equity was 12.20% compared with 1.65% and 12.55% for the same respective measures a year earlier.

The Board of Directors declared a quarterly dividend payment of $0.17 per common share. The dividend will be payable on August 16, 2021 to shareholders of record as of August 9, 2021. The dividend payout ratio for earnings for the second quarter of 2021 was 25.9%. This continues the over 50-year trend of paying dividends by the Company.

“We are pleased to have achieved strong loan growth and solid financial performance for the first half of 2021,” said Len Williams, President and Chief Executive Officer of Altabancorp. “Loans held for investment has grown $178 million, or 21% on an annualized basis. Our unfunded commitments, which is primarily from our construction lending activities, have grown $160 million, or 46.75% on an annualized basis; and our loan pipeline has also significantly increased over the same period.”

Mr. Williams continued, “For the past couple of years, we have completed several initiatives to improve the overall credit quality of our loan portfolio, including lowering our overall loan concentrations both in terms of product type and asset class; tightening of our overall underwriting standards; improving our sales and credit processes; and enhancing technology in the commercial lending space. With these initiatives substantially complete, our existing and recently hired commercial lenders have the tools and processes in place to aggressively and safely grow our loan book. Our loan growth for the first half of 2021 reflects the success of these initiatives. In addition, Utah has one of the strongest economies in the nation and we have significant liquidity that provides us with the flexibility to grow our loan portfolio.”

COVID-19 Pandemic and Utah Economy

The State of Utah has developed a COVID-19 Transmission Index (“Transmission Index”), which categorizes levels of transmission as High, Moderate, or Low. Each county receives a rating every week. The Company’s COVID-19 pandemic response plan monitors the State’s Transmission Index and takes into account local mandates and guidance. The Governor of Utah signed a bill lifting the statewide mask mandate on April 10, 2021. The Company has reopened all of its branch lobbies. The Company has also brought some of its operational teams back to its facilities. The Company anticipates that some of its staff will remain working from home for the foreseeable future.

The Company is fortunate to operate in a region that appears to be weathering the COVID-19 pandemic well economically. The Utah economy has performed better than the nation as a whole during the pandemic with an unemployment rate of 2.7% at the end of June 2021 compared with 5.9% for the nation for the same period. Utah experienced a 6.4% year-over-year increase in total jobs at June 30, 2021 compared with 5.7% for the nation for the same period. The Company expects that the Utah economy will continue to perform better than most states in the U.S.

Small Business Administration Paycheck Protection Program (“SBA PPP”)

Under the first round of the SBA PPP loan program, the Company funded 333 loans, totaling $84.6 million. The Company has filed 274 forgiveness applications, (approximately 82%) with the SBA, totaling $69.3 million and has received loan forgiveness on 267 loans, totaling $66.1 million, or 80% of all SBA PPP loans funded. To date, the Company has not received a denial on any loan forgiveness application submitted to the SBA. Under the second round of the SBA PPP loan program, the Company has funded 221 loans, totaling $31.8 million. Total SBA PPP loans declined $13.1 million, or 21.62%, to $47.5 million at June 30, 2021, compared with $60.6 million at December 31, 2020.

Loan Accommodations

The Company offered a loan deferment relief program of up to six months to clients impacted by the COVID-19 pandemic. Under rare circumstances, loans will be re-evaluated at the end of the deferral period. To qualify for a second loan deferral, the Company will require a full re-underwriting of the credit.

The Company offered temporary loan payment relief to 445 businesses and 118 individuals totaling approximately $345 million to address cash flow challenges for those impacted by the COVID-19 pandemic. The deferral period has ended for all 563 clients. We entered into another loan payment deferment agreement with six clients, who had an initial loan payment deferment agreement. Total dollars outstanding for these clients is $19.0 million. There are six other clients with outstanding balances totaling $1.4 million, who have not made a subsequent loan payment for 30 days or greater, after their payment deferment agreement expired. We have charged-off $0.1 million on these six accounts. Since these loans were performing loans that were current on their payments prior to the COVID-19 pandemic, these modifications are not considered to be troubled debt restructurings pursuant to applicable accounting and regulatory guidance.

Loan Credit Quality Trends

Non-performing loans were $7.2 million at June 30, 2021, compared with $6.4 million at June 30, 2020. Non-performing loans to total loans were 0.39% at June 30, 2021, compared with 0.39% at June 30, 2020. Non-performing assets were also $7.2 million at June 30, 2021, compared with $6.4 million at June 30, 2020. Non-performing assets to total assets were 0.20% at June 30, 2021, compared with 0.21% at June 30, 2020.

Allowance for Credit Losses

The allowance for credit losses declined by $7.7 million, or 18.1%, to $35.0 million at June 30, 2021, compared with $42.7 million the same period a year ago. The decline is due to a $5.0 million recapture of provision for credit losses in the second quarter of 2021 with the remaining $2.7 million the result of net charge-offs recorded over the past four quarters. The allowance for credit losses to loans held for investment was 1.87% at June 30, 2021, compared with 2.57% at June 30, 2020.

Loans

Loans held for investment grew $212 million, or 12.8%, to $1.87 billion at June 30, 2021, compared with $1.66 billion at June 30, 2020. Year-to-date average loans increased $106 million, or 6.3%, to $1.79 billion for the six months ended June 30, 2021, compared with $1.69 billion for the same period a year ago. The Company expects that overall loan growth will be in the low-double digits for all of 2021.

Deposits and Liabilities

Total deposits increased $543 million, or 20.8%, to $3.16 billion at June 30, 2021, compared with $2.61 billion at June 30, 2020. Non-interest bearing deposits increased, $160 million, or 16.2%, to $1.1 billion at June 30, 2021, compared with $985 million for the same period a year earlier. Interest bearing deposits increased $384 million, or 23.6%, to $2.01 billion at June 30, 2021, compared with $1.63 billion for the same period a year ago. Non-interest-bearing deposits to total deposits were 36.3% as of June 30, 2021, compared with 37.7% as of June 30, 2020.

Shareholders’ Equity

Shareholders’ equity increased by $20.5 million, or 5.9%, to $371 million at June 30, 2021, compared with $350 million at June 30, 2020. The increase is primarily the result of $33.6 million, or 13.3%, in retained earnings offset by accumulated other comprehensive income declining $14.6 million to a $3.4 million unrealized loss at June 30, 2021, compared with unrealized income of $11.2 million at June 30, 2020 resulting from the impact that higher interest rates have on the fair value of investment securities held for sale.

The Company’s leverage capital ratio was 9.84% at June 30, 2021, compared with 11.68% at June 30, 2020. The total risk-based capital ratio was 18.18% at June 30, 2021, compared with 19.20% at June 30, 2020.

Net Interest Income and Margin

For the three months ended June 30, 2021, net interest income decreased $0.5 million, or 1.91%, to $25.3 million, compared with $25.8 million for the same period a year earlier. The decrease is primarily the result of net interest margins narrowing 99 basis points to 2.97% for the same comparable periods. The narrowing of net interest margins is primarily the result of the Federal Reserve reducing benchmark rates to almost zero and an increase in the average amount of lower yielding cash and investment securities held by the Company stemming from average core deposits increasing $797 million, or 33.78%, for the same respective periods. Average interest earning assets increased $804 million, or 30.72%, to $3.42 billion for the same comparable periods. The percentage of average loans to total average interest earning assets decreased to 53.97% for the three months ended June 30, 2021 compared with 64.75% for the same period a year earlier.

Yield on interest earning assets declined 107 basis points to 3.14% for the three months ended June 30, 2021 compared with 4.21% for the same period a year earlier. The decline in yield on interest earning assets is primarily the result of the average amount of cash and investment securities held by the Company increasing $650 million, or 70.74%, to $1.57 billion for the same comparable periods with the yield on cash and investment securities declining 57 basis points to 1.06% for the second quarter of 2021 compared with 1.63% for the same comparable periods. This decline is primarily the result of yield on investment securities declining 105 basis points to 1.09% for the same comparable periods as prepayment rates on mortgage-backed securities remained elevated in the second quarter of 2021.

In addition, the yield on loans declined 71 basis points to 4.90% for the second quarter of 2021 compared with 5.61% for the same comparable periods. Average loans outstanding increased $152 million for the second quarter of 2021, or 8.95%, to $1.85 billion for the same comparable periods.

For the three months ended June 30, 2021, total cost of interest bearing liabilities decreased 14 basis points to 0.29%, compared with 0.43% for the same period a year earlier and the total cost of funds decreased 8 basis points to 0.19%, compared with 0.27% for the same period a year ago.

For the three months ended June 30, 2021, acquisition accounting adjustments, including the accretion of loan discounts and fair value amortization on time deposits, added three basis points to net interest margin.

For the six months ended June 30, 2021, net interest income decreased $4.1 million, or 7.76%, to $48.9 million, compared with $53.0 million for the same period a year earlier. The decrease is primarily the result of net interest margins narrowing 141 basis points to 2.94% for the same comparable periods. The narrowing of net interest margins is primarily the result of the Federal Reserve reducing benchmark rates to almost zero and an increase in the average amount of lower yielding cash and investment securities held by the Company stemming from average core deposits increasing $866 million, or 39.25%, for the same respective periods. Average interest earning assets increased $903 million, or 36.85%, to $3.35 billion for the same comparable periods. The percentage of average loans to total average interest earning assets decreased to 53.45% for the six months ended June 30, 2021 compared with 68.82% for the same period a year earlier.

Yield on interest earning assets declined 154 basis points to 3.12% for the six months ended June 30, 2021 compared with 4.66% for the same period a year earlier. The decline in yield on interest earning assets is primarily the result of the average amount of cash and investment securities held by the Company increasing $796 million, or 105%, to $1.56 billion for the same comparable periods with the yield on cash and investment securities declining 52 basis points to 0.42% for the six months ended June 30, 2021 compared with 0.94% for the same comparable periods. This decline is primarily the result of yield on investment securities declining 141 basis points to 0.89% for the same comparable periods as prepayment rates on mortgage-backed securities remained elevated for the six months ended June 30, 2021.

In addition, the yield on loans declined 80 basis points to 5.11% for the six months ended 2021 compared with 5.91% for the same comparable periods. Average loans outstanding increased $106 million, or 6.28%, to $1.79 billion for the same comparable periods.

For the six months ended June 30, 2021, total cost of interest bearing liabilities decreased 23 basis points to 0.30%, compared with 0.53% for the same period a year earlier and the total cost of funds decreased 14 basis points to 0.20%, compared with 0.34% for the same period a year ago.

For the six months ended June 30, 2021, acquisition accounting adjustments, including the accretion of loan discounts and fair value amortization on time deposits, added four basis points to net interest margin.

Provision for Credit Losses

The Company recorded a recapture of provision for credit losses of $5.0 million for the second quarter of 2021 compared with the recording of provision for credit losses of $2.1 million for the same period a year ago. For the six months ended June 30, 2021, the Company recorded a recapture of provision for credit losses of $5.0 million compared with the recording of provision for credit losses of $2.8 million for the same period a year earlier. The recapture of provision for credit losses is primarily the result of lower qualitative factors applied in the Company’s current expected credit losses model as forecasted economic indicators have improved and the negative effects of the COVID-19 pandemic have abated. The provision for credit losses recorded during the first half a year ago reflected the deterioration in forecasted economic indicators and the economic outlook resulting from the negative effects of the COVID-19 pandemic.

The Company incurred net recoveries of $0.3 million for the three months ended June 30, 2021, compared with net charge-offs of $0.7 million for the same period a year ago. For the six months ended June 30, 2021, the Company incurred net recoveries of $0.1 million compared with net charge-offs $1.0 million for the same period a year earlier.

Noninterest Income

Noninterest income decreased $0.8 million, or 13.47%, to $5.3 million for the three months ended June 30, 2021, compared with $6.1 million the same period a year ago. The decrease was primarily due to the Company recording a $1.4 million gain on sale of $127 million in investment securities during the second quarter of 2020 and a $0.6 million decline in mortgage banking income as mortgage loans sold declined $26.0 million, or 34.0%, to $50.6 million for the second quarter of 2021 compared with the same period a year earlier.

For the six months ended June 30, 2021, noninterest income increased $0.8 million, or 8.30% to $10.7 million compared with the same period a year ago. The increase is the result of $1.2 million higher other operating income, $0.7 million in higher card processing income, and $0.4 million in higher mortgage banking income even as mortgage loans sold decreased $14.3 million, or 11.3%, to $112 million compared with the same respective period a year earlier as margins on loans sold improved.

Noninterest Expense

Noninterest expense was $18.9 million for the three months ended June 30, 2021 compared with $16.3 million for the same period a year earlier. For the six months ended June 30, 2021, noninterest expense was $35.4 million compared with $32.4 million for the same period a year ago. The Company’s efficiency ratio was 61.64% for the three months ended June 30, 2021 compared with 51.01% for the same period a year ago. For the six months ended June 30, 2021, the Company’s efficiency ratio was 59.43% compared with 51.60% for the same period a year earlier.

Noninterest expense for both the three and six months ended June 30, 2021 was impacted by the Company recording $2.2 million in costs associated with merger-related activities. The Company expects to continue to record additional merger-related costs until the closing of the sale to Glacier Bancorp, Inc. in the fourth quarter.

The increase in noninterest expense for the three and six months ended June 30, 2021 was also the result of higher data processing expenses due to technology investments made by the Company. Additionally, the Company recorded higher FDIC insurance premiums in 2021 compared with 2020 as the Company was able to apply the small bank assessment credits in 2020.

Lastly, the increase in noninterest expense was also the result of higher salaries and employee benefits due to higher incentive payments paid for net loan growth and mortgage loan originations.

Income Tax Provision

The Company recorded income tax expense of $4.0 million for the three months ended June 30, 2021 compared with $3.2 million for the same period a year earlier due primarily to higher income. For the three months ended June 30, 2021, the effective tax rate was 24.11%, compared with 23.59% for the same period a year ago.

For the six months ended June 30, 2021, income tax expense was $7.0 million compared with $6.6 million for the same period a year earlier due primarily to higher income. For the six months ended June 30, 2020, the effective tax rate was 24.10% compared with 23.73% for the same period a year ago.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding the Company’s expectations for its financial performance, certain plans, expectations, goals, projections, and statements about the benefits of the proposed business combination between the Company and Glacier Bancorp, Inc. (GBCI) and the expected timing of completion of the transaction, the Company’s ability to respond to negative effects of the COVID-19 pandemic, the Company’s ability to grow its loan portfolio, expected trends in asset quality, the Company’s ability to grow and the effects of expanding its mortgage banking operations, and the Company’s ability to improve its operating leverage in response to low overall interest rates. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, the duration and impact of the COVID-19 pandemic, natural disasters, general economic conditions, economic uncertainty in the United States, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting the Company's operations, pricing, products and services. These and other important factors are detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Additional Information and Where to Find It

As previously disclosed in the Company’s Form 8-K filed on May 19, 2021, subject to certain customary closing conditions, the Company is to be acquired by Glacier Bancorp, Inc. (GBCI). This communication may be considered as being made in respect of the proposed business combination involving the Company and Glacier Bancorp, Inc. In connection with the proposed transaction, GBCI has filed with the SEC a Registration Statement on Form S-4 that included a preliminary proxy statement of the Company and that will also constitute a prospectus of GBCI. The preliminary proxy statement/prospectus and this communication are not offers to sell GBCI securities, are not soliciting an offer to buy GBCI securities in any state where the offer and sale is not permitted and are not a solicitation of any vote or approval. The definitive proxy statement/prospectus will be mailed to shareholders of the Company.

THE COMPANY AND GBCI URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. Copies of documents filed with the SEC by the Company (when they become available) may be obtained free of charge on the Company’s website at www.altabancorp.com or by directing a written request to Altabancorp, 1 East Main Street, American Fork, Utah 84003, ATTN: Corporate Secretary. Copies of documents filed with the SEC by GBCI (when they become available) may be obtained free of charge on GBCI’s website at www.glacierbancorp.com or by directing a written request to Glacier Bancorp, Inc., 49 Commons Loop, Kalispell, Montana 59901, ATTN: Corporate Secretary.

Participants in the Solicitation

Each of the Company, GBCI and their respective directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding these persons who may, under the rules of the SEC, be considered participants in the solicitation of the Company’s shareholders in connection with the proposed transaction and information regarding the identity of the participants and their direct or indirect interests in the transaction, by security holdings or otherwise, will be set forth in the proxy statement/prospectus described above when filed with the SEC. Additional information regarding the Company’s executive officers and directors is included in the Company’s Amendment No. 1 to its Annual Report on Form 10-K, which was filed with the SEC on April 29, 2021. Additional information regarding GBCI’s executive officers and directors is included in GBCI’s definitive proxy statement, which was filed with the SEC on March 16, 2021. You can obtain free copies of these documents using the information in the paragraph immediately above.

About Altabancorp

Altabancorp (Nasdaq: ALTA) is the bank holding company for Altabank, a full-service bank, providing loans, deposit and cash management services to businesses and individuals through 25 branch locations from Preston, Idaho to St. George, Utah. Altabank is the largest community bank in Utah with total assets of $3.5 billion. Our clients have direct access to bankers and decision-makers, who work with clients to understand their specific needs and offer customized financial solutions. Altabank has been serving communities in Utah and southern Idaho for more than 100 years. More information about Altabank is available at www.altabank.com. More information about Altabancorp is available at www.altabancorp.com.

ALTABANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

(Dollars in thousands, except share and per share amounts)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

22,573

 

 

$

22,814

 

 

$

23,649

 

 

$

45,387

 

 

$

49,574

 

Interest and dividends on investments

 

 

4,190

 

 

 

2,330

 

 

 

3,753

 

 

 

6,520

 

 

 

7,212

 

Total interest income

 

 

26,763

 

 

 

25,144

 

 

 

27,402

 

 

 

51,907

 

 

 

56,786

 

Interest expense

 

 

1,466

 

 

 

1,546

 

 

 

1,613

 

 

 

3,012

 

 

 

3,776

 

Net interest income

 

 

25,297

 

 

 

23,598

 

 

 

25,789

 

 

 

48,895

 

 

 

53,010

 

(Recapture) / provision for credit losses

 

 

(5,000

)

 

 

-

 

 

 

2,100

 

 

 

(5,000

)

 

 

2,750

 

Net interest income after provision for credit losses

 

 

30,297

 

 

 

23,598

 

 

 

23,689

 

 

 

53,895

 

 

 

50,260

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking

 

 

2,404

 

 

 

2,781

 

 

 

3,036

 

 

 

5,185

 

 

 

4,746

 

Card processing

 

 

1,211

 

 

 

1,071

 

 

 

917

 

 

 

2,282

 

 

 

1,624

 

Service charges on deposit accounts

 

 

651

 

 

 

692

 

 

 

763

 

 

 

1,343

 

 

 

1,543

 

Net gain on sale of investment securities

 

 

-

 

 

 

206

 

 

 

1,441

 

 

 

206

 

 

 

1,441

 

Other

 

 

1,026

 

 

 

632

 

 

 

(41

)

 

 

1,658

 

 

 

502

 

Total non-interest income

 

 

5,292

 

 

 

5,382

 

 

 

6,116

 

 

 

10,674

 

 

 

9,856

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

10,707

 

 

 

11,087

 

 

 

10,786

 

 

 

21,794

 

 

 

21,630

 

Occupancy, equipment and depreciation

 

 

1,209

 

 

 

1,195

 

 

 

831

 

 

 

2,404

 

 

 

2,370

 

Data processing

 

 

2,434

 

 

 

1,849

 

 

 

2,383

 

 

 

4,283

 

 

 

3,519

 

Marketing and advertising

 

 

330

 

 

 

306

 

 

 

339

 

 

 

636

 

 

 

771

 

FDIC premiums

 

 

247

 

 

 

226

 

 

 

165

 

 

 

473

 

 

 

165

 

Acquisition-related costs

 

 

2,215

 

 

 

-

 

 

 

-

 

 

 

2,215

 

 

 

-

 

Other

 

 

1,713

 

 

 

1,882

 

 

 

1,771

 

 

 

3,595

 

 

 

3,981

 

Total non-interest expense

 

 

18,855

 

 

 

16,545

 

 

 

16,275

 

 

 

35,400

 

 

 

32,436

 

Income before income tax expense

 

 

16,734

 

 

 

12,435

 

 

 

13,530

 

 

 

29,169

 

 

 

27,680

 

Income tax expense

 

 

4,034

 

 

 

2,997

 

 

 

3,192

 

 

 

7,031

 

 

 

6,569

 

Net income

 

$

12,700

 

 

$

9,438

 

 

$

10,338

 

 

$

22,138

 

 

$

21,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

0.50

 

 

$

0.55

 

 

$

1.17

 

 

$

1.12

 

Diluted

 

$

0.67

 

 

$

0.50

 

 

$

0.55

 

 

$

1.16

 

 

$

1.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,876,688

 

 

 

18,864,497

 

 

 

18,789,561

 

 

 

18,870,626

 

 

 

18,837,209

 

Diluted

 

 

19,036,575

 

 

 

19,019,682

 

 

 

18,932,511

 

 

 

19,028,175

 

 

 

18,985,319

 

ALTABANCORP

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

June 30,

 

(Dollars in thousands, except share amounts)

 

2021

 

 

2021

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

35,446

 

 

$

33,254

 

 

$

39,312

 

 

$

47,088

 

Interest-bearing deposits

 

 

27,045

 

 

 

77,378

 

 

 

197,769

 

 

 

275,920

 

Federal funds sold

 

 

838

 

 

 

910

 

 

 

2,793

 

 

 

829

 

Total cash and cash equivalents

 

 

63,329

 

 

 

111,542

 

 

 

239,874

 

 

 

323,837

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale, at fair value

 

 

1,491,707

 

 

 

1,500,491

 

 

 

1,320,393

 

 

 

973,457

 

Non-marketable equity securities

 

 

4,042

 

 

 

4,042

 

 

 

2,890

 

 

 

2,890

 

Loans held for sale

 

 

6,672

 

 

 

8,293

 

 

 

14,152

 

 

 

26,648

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

 

1,873,685

 

 

 

1,796,961

 

 

 

1,695,496

 

 

 

1,661,634

 

Allowance for credit losses

 

 

(34,958

)

 

 

(41,013

)

 

 

(41,236

)

 

 

(42,683

)

Total loans held for investment, net

 

 

1,838,727

 

 

 

1,755,948

 

 

 

1,654,260

 

 

 

1,618,951

 

Premises and equipment, net

 

 

34,821

 

 

 

35,625

 

 

 

36,060

 

 

 

37,709

 

Goodwill

 

 

25,673

 

 

 

25,673

 

 

 

25,673

 

 

 

25,673

 

Bank-owned life insurance

 

 

43,234

 

 

 

42,978

 

 

 

42,720

 

 

 

27,330

 

Deferred income tax assets

 

 

11,787

 

 

 

16,814

 

 

 

7,389

 

 

 

8,586

 

Accrued interest receivable

 

 

9,537

 

 

 

10,454

 

 

 

11,336

 

 

 

11,682

 

Other intangibles

 

 

4,831

 

 

 

4,389

 

 

 

4,451

 

 

 

4,311

 

Other real estate owned

 

-

 

 

-

 

 

-

 

 

-

 

Other assets

 

 

6,445

 

 

 

5,549

 

 

 

7,030

 

 

 

4,571

 

Total assets

 

$

3,540,805

 

 

$

3,521,798

 

 

$

3,366,228

 

 

$

3,065,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing deposits

 

$

1,145,009

 

 

$

1,104,995

 

 

$

1,039,844

 

 

$

985,455

 

Interest-bearing deposits

 

 

2,011,698

 

 

 

2,053,991

 

 

 

1,876,464

 

 

 

1,627,884

 

Total deposits

 

 

3,156,707

 

 

 

3,158,986

 

 

 

2,916,308

 

 

 

2,613,339

 

Short-term borrowings

 

 

-

 

 

 

-

 

 

 

64,554

 

 

 

83,490

 

Accrued interest payable

 

 

325

 

 

 

339

 

 

 

616

 

 

 

408

 

Other liabilities

 

 

13,142

 

 

 

12,602

 

 

 

13,612

 

 

 

18,278

 

Total liabilities

 

 

3,170,174

 

 

 

3,171,927

 

 

 

2,995,090

 

 

 

2,715,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares, $0.01 par value

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Common shares, $0.01 par value

 

 

189

 

 

 

189

 

 

 

188

 

 

 

188

 

Additional paid-in capital

 

 

88,209

 

 

 

87,843

 

 

 

87,574

 

 

 

86,721

 

Retained earnings

 

 

285,633

 

 

 

275,765

 

 

 

269,157

 

 

 

252,032

 

Accumulated other comprehensive income/(loss)

 

 

(3,400

)

 

 

(13,926

)

 

 

14,219

 

 

 

11,189

 

Total shareholders’ equity

 

 

370,631

 

 

 

349,871

 

 

 

371,138

 

 

 

350,130

 

Total liabilities and shareholders’ equity

 

$

3,540,805

 

 

$

3,521,798

 

 

$

3,366,228

 

 

$

3,065,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

18,880,610

 

 

 

18,873,921

 

 

 

18,828,522

 

 

 

18,793,217

 

ALTABANCORP

SUMMARY FINANCIAL INFORMATION

 

 

 

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

June 30,

 

(Dollars in thousands, except share amounts)

 

2021

 

 

2021

 

 

2020

 

 

2020

 

Selected Balance Sheet Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

19.63

 

 

$

18.54

 

 

$

19.71

 

 

$

18.63

 

Tangible book value per share

 

$

18.01

 

 

$

16.94

 

 

$

18.11

 

 

$

17.04

 

Non-performing loans to total loans

 

 

0.39

%

 

 

0.42

%

 

 

0.54

%

 

 

0.39

%

Non-performing assets to total assets

 

 

0.20

%

 

 

0.21

%

 

 

0.27

%

 

 

0.21

%

Allowance for credit losses to loans held for investment

 

 

1.87

%

 

 

2.28

%

 

 

2.43

%

 

 

2.57

%

Loans to deposits

 

 

58.46

%

 

 

55.85

%

 

 

57.21

%

 

 

62.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans

 

$

7,232

 

 

$

7,332

 

 

$

9,064

 

 

$

6,388

 

Non-performing assets

 

$

7,232

 

 

$

7,332

 

 

$

9,064

 

 

$

6,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage capital (1)

 

 

9.84

%

 

 

10.06

%

 

 

10.47

%

 

 

11.68

%

Total risk-based capital (1)

 

 

18.17

%

 

 

18.41

%

 

 

19.17

%

 

 

19.20

%

Average equity to average assets

 

 

10.18

%

 

 

10.94

%

 

 

11.15

%

 

 

12.57

%

Tangible common equity to tangible assets (2)

 

 

9.69

%

 

 

9.16

%

 

 

10.27

%

 

 

10.55

%

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Selected Financial Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.67

 

 

$

0.50

 

 

$

0.55

 

 

$

1.17

 

 

$

1.12

 

Diluted earnings per share

 

$

0.67

 

 

$

0.50

 

 

$

0.55

 

 

$

1.16

 

 

$

1.11

 

Net interest margin (3)

 

 

2.97

%

 

 

2.91

%

 

 

3.96

%

 

 

2.94

%

 

 

4.35

%

Efficiency ratio

 

 

61.64

%

 

 

57.09

%

 

 

51.01

%

 

 

59.43

%

 

 

51.60

%

Non-interest income to average assets

 

 

0.60

%

 

 

0.64

%

 

 

0.90

%

 

 

0.62

%

 

 

0.77

%

Non-interest expense to average assets

 

 

2.13

%

 

 

1.98

%

 

 

2.39

%

 

 

2.06

%

 

 

2.54

%

Annualized return on average assets

 

 

1.44

%

 

 

1.13

%

 

 

1.52

%

 

 

1.29

%

 

 

1.65

%

Annualized return on average equity

 

 

14.12

%

 

 

10.30

%

 

 

12.06

%

 

 

12.20

%

 

 

12.55

%

Net (recoveries) / charge-offs

 

$

(326

)

 

$

223

 

 

$

670

 

 

$

(103

)

 

$

959

 

Annualized net (recoveries) / charge-offs to average loans

 

 

-0.07

%

 

 

0.05

%

 

 

0.16

%

 

 

-0.01

%

 

 

0.11

%

  (1)

Tier 1 leverage capital and Total risk-based capital as of June 30, 2021 are estimates.

  (2)

Represents the sum of total shareholders’ equity less intangible assets all divided by the sum of total assets less intangible assets. Intangible assets were $30.5 million, $30.1 million, $30.1 million, and $30.0 million at June 30, 2021, March 31, 2021, December 31, 2020, and June 30, 2020, respectively.

  (3)

Net interest margin is defined as annualized net interest income divided by average earning assets.

ALTABANCORP

SELECTED AVERAGE BALANCES AND YIELDS

 

 

 

Three Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

(Dollars in thousands, except footnotes)

 

Average

Balance

 

 

Interest

Income/

Expense

 

 

Average

Yield/

Rate

 

 

Average

Balance

 

 

Interest

Income/

Expense

 

 

Average

Yield/

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning deposits in other banks and federal funds sold

 

$

45,977

 

 

$

10

 

 

 

0.09

%

 

$

228,032

 

 

$

52

 

 

 

0.09

%

Securities: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

 

1,491,313

 

 

 

3,988

 

 

 

1.07

%

 

 

645,720

 

 

 

3,452

 

 

 

2.15

%

Non-taxable securities (2)

 

 

32,504

 

 

 

169

 

 

 

2.08

%

 

 

45,670

 

 

 

229

 

 

 

2.02

%

Total securities

 

 

1,523,817

 

 

 

4,157

 

 

 

1.09

%

 

 

691,390

 

 

 

3,681

 

 

 

2.14

%

Loans (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate term

 

 

1,075,930

 

 

 

12,915

 

 

 

4.81

%

 

 

945,680

 

 

 

13,165

 

 

 

5.60

%

Construction and land development

 

 

268,706

 

 

 

4,079

 

 

 

6.09

%

 

 

257,561

 

 

 

4,157

 

 

 

6.49

%

Commercial and industrial

 

 

232,431

 

 

 

2,944

 

 

 

5.08

%

 

 

303,809

 

 

 

3,885

 

 

 

5.14

%

Residential and home equity

 

 

259,546

 

 

 

2,479

 

 

 

3.83

%

 

 

175,837

 

 

 

2,235

 

 

 

5.11

%

Consumer and other

 

 

9,287

 

 

 

156

 

 

 

6.73

%

 

 

11,306

 

 

 

207

 

 

 

7.38

%

Total loans

 

 

1,845,900

 

 

 

22,573

 

 

 

4.90

%

 

 

1,694,193

 

 

 

23,649

 

 

 

5.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-marketable equity securities

 

 

4,653

 

 

 

23

 

 

 

2.01

%

 

 

2,890

 

 

 

20

 

 

 

2.79

%

Total interest-earning assets

 

 

3,420,347

 

 

 

26,763

 

 

 

3.14

%

 

 

2,616,505

 

 

 

27,402

 

 

 

4.21

%

Allowance for credit losses

 

 

(41,061

)

 

 

 

 

 

 

 

 

 

 

(42,213

)

 

 

 

 

 

 

 

 

Non-interest earning assets

 

 

164,602

 

 

 

 

 

 

 

 

 

 

 

167,969

 

 

 

 

 

 

 

 

 

Total average assets

 

$

3,543,888

 

 

 

 

 

 

 

 

 

 

$

2,742,261

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings accounts

 

$

1,224,887

 

 

 

602

 

 

 

0.20

%

 

$

911,270

 

 

 

539

 

 

 

0.24

%

Money market accounts

 

 

662,375

 

 

 

478

 

 

 

0.29

%

 

 

416,458

 

 

 

505

 

 

 

0.49

%

Certificates of deposit

 

 

152,193

 

 

 

375

 

 

 

0.99

%

 

 

173,383

 

 

 

569

 

 

 

1.32

%

Total interest-bearing deposits

 

 

2,039,455

 

 

 

1,455

 

 

 

0.29

%

 

 

1,501,111

 

 

 

1,613

 

 

 

0.43

%

Short-term borrowings

 

 

15,257

 

 

 

11

 

 

 

0.28

%

 

 

24,410

 

 

 

-

 

 

 

0.00

%

Total interest-bearing liabilities

 

 

2,054,712

 

 

 

1,466

 

 

 

0.29

%

 

 

1,525,521

 

 

 

1,613

 

 

 

0.43

%

Non-interest bearing deposits

 

 

1,117,396

 

 

 

 

 

 

 

 

 

 

 

858,566

 

 

 

 

 

 

 

 

 

Total funding

 

 

3,172,108

 

 

 

1,466

 

 

 

0.19

%

 

 

2,384,087

 

 

 

1,613

 

 

 

0.27

%

Other non-interest bearing liabilities

 

 

11,040

 

 

 

 

 

 

 

 

 

 

 

13,490

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

360,740

 

 

 

 

 

 

 

 

 

 

 

344,684

 

 

 

 

 

 

 

 

 

Total average liabilities and shareholders’ equity

 

$

3,543,888

 

 

 

 

 

 

 

 

 

 

$

2,742,261

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

25,297

 

 

 

 

 

 

 

 

 

 

$

25,789

 

 

 

 

 

Interest rate spread

 

 

 

 

 

 

 

 

 

 

2.85

%

 

 

 

 

 

 

 

 

 

 

3.79

%

Net interest margin

 

 

 

 

 

 

 

 

 

 

2.97

%

 

 

 

 

 

 

 

 

 

 

3.96

%

  (1)

Excludes average unrealized losses of $9.7 million and unrealized gains of $11.5 million for the three months ended June 30, 2021 and 2020, respectively.

  (2)

Does not include tax effect on tax-exempt investment security income of $56,000 and $76,000 for the three months ended June 30, 2021 and 2020, respectively.

  (3)

Loan interest income includes loan fees of $1.7 million for both three months ended June 30, 2021 and 2020, respectively.

ALTABANCORP

SELECTED AVERAGE BALANCES AND YIELDS

 

 

 

Six Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

(Dollars in thousands, except footnotes)

 

Average

Balance

 

 

Interest

Income/

Expense

 

 

Average

Yield/

Rate

 

 

Average

Balance

 

 

Interest

Income/

Expense

 

 

Average

Yield/

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning deposits in other banks and federal funds sold

 

$

103,916

 

 

$

37

 

 

 

0.07

%

 

$

165,566

 

 

$

368

 

 

 

0.45

%

Securities: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

 

1,419,696

 

 

 

6,091

 

 

 

0.87

%

 

 

547,457

 

 

 

6,320

 

 

 

2.32

%

Non-taxable securities (2)

 

 

33,592

 

 

 

346

 

 

 

2.08

%

 

 

48,093

 

 

 

482

 

 

 

2.02

%

Total securities

 

 

1,453,288

 

 

 

6,437

 

 

 

0.89

%

 

 

595,550

 

 

 

6,802

 

 

 

2.30

%

Loans (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate term

 

 

1,050,352

 

 

 

25,675

 

 

 

4.93

%

 

 

940,716

 

 

 

26,632

 

 

 

5.69

%

Construction and land development

 

 

258,296

 

 

 

7,899

 

 

 

6.17

%

 

 

267,641

 

 

 

9,181

 

 

 

6.90

%

Commercial and industrial

 

 

235,819

 

 

 

6,798

 

 

 

5.81

%

 

 

291,543

 

 

 

8,791

 

 

 

6.06

%

Residential and home equity

 

 

238,557

 

 

 

4,686

 

 

 

3.96

%

 

 

173,302

 

 

 

4,521

 

 

 

5.25

%

Consumer and other

 

 

9,225

 

 

 

329

 

 

 

7.21

%

 

 

13,208

 

 

 

449

 

 

 

6.84

%

Total loans

 

 

1,792,249

 

 

 

45,387

 

 

 

5.11

%

 

 

1,686,410

 

 

 

49,574

 

 

 

5.91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-marketable equity securities

 

 

3,839

 

 

 

46

 

 

 

2.39

%

 

 

2,764

 

 

 

42

 

 

 

3.04

%

Total interest-earning assets

 

 

3,353,292

 

 

 

51,907

 

 

 

3.12

%

 

 

2,450,290

 

 

 

56,786

 

 

 

4.66

%

Allowance for credit losses

 

 

(41,233

)

 

 

 

 

 

 

 

 

 

 

(42,174

)

 

 

 

 

 

 

 

 

Non-interest earning assets

 

 

157,973

 

 

 

 

 

 

 

 

 

 

 

163,773

 

 

 

 

 

 

 

 

 

Total average assets

 

$

3,470,032

 

 

 

 

 

 

 

 

 

 

$

2,571,889

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings accounts

 

$

1,177,881

 

 

 

1,171

 

 

 

0.20

%

 

$

871,676

 

 

 

1,318

 

 

 

0.30

%

Money market accounts

 

 

665,217

 

 

 

1,002

 

 

 

0.30

%

 

 

384,289

 

 

 

1,316

 

 

 

0.69

%

Certificates of deposit

 

 

156,581

 

 

 

802

 

 

 

1.03

%

 

 

171,525

 

 

 

1,142

 

 

 

1.34

%

Total interest-bearing deposits

 

 

1,999,679

 

 

 

2,975

 

 

 

0.30

%

 

 

1,427,490

 

 

 

3,776

 

 

 

0.53

%

Short-term borrowings

 

 

20,564

 

 

 

37

 

 

 

0.36

%

 

 

12,205

 

 

 

-

 

 

 

0.00

%

Total interest-bearing liabilities

 

 

2,020,243

 

 

 

3,012

 

 

 

0.30

%

 

 

1,439,695

 

 

 

3,776

 

 

 

0.53

%

Non-interest bearing deposits

 

 

1,073,010

 

 

 

 

 

 

 

 

 

 

 

779,173

 

 

 

 

 

 

 

 

 

Total funding

 

 

3,093,253

 

 

 

3,012

 

 

 

0.20

%

 

 

2,218,868

 

 

 

3,776

 

 

 

0.34

%

Other non-interest bearing liabilities

 

 

10,716

 

 

 

 

 

 

 

 

 

 

 

14,684

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

366,063

 

 

 

 

 

 

 

 

 

 

 

338,337

 

 

 

 

 

 

 

 

 

Total average liabilities and shareholders’ equity

 

$

3,470,032

 

 

 

 

 

 

 

 

 

 

$

2,571,889

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

48,895

 

 

 

 

 

 

 

 

 

 

$

53,010

 

 

 

 

 

Interest rate spread

 

 

 

 

 

 

 

 

 

 

2.82

%

 

 

 

 

 

 

 

 

 

 

4.13

%

Net interest margin

 

 

 

 

 

 

 

 

 

 

2.94

%

 

 

 

 

 

 

 

 

 

 

4.35

%

  (1)

Excludes average unrealized gains of $1.6 million and $7.3 million for the six months ended June 30, 2021 and 2020, respectively.

  (2)

Does not include tax effect on tax-exempt investment security income of $115,000 and $161,000 for the six months ended June 30, 2021 and 2020, respectively.

  (3)

Loan interest income includes loan fees of $4.0 million and $3.2 million for the six months ended June 30, 2021 and 2020, respectively.

 

FAQ

What were Altabancorp's earnings for Q2 2021?

Altabancorp reported a net income of $12.7 million for Q2 2021.

How much did Altabancorp's diluted EPS increase in Q2 2021?

Diluted EPS increased to $0.67 in Q2 2021, up from $0.50 in Q1 2021.

What is the total deposit amount for Altabancorp as of June 30, 2021?

Total deposits for Altabancorp reached $3.16 billion on June 30, 2021.

What is the loan growth rate for Altabancorp in Q2 2021?

Altabancorp experienced a loan growth of $212 million, or 12.8%, to $1.87 billion.

When will Altabancorp's dividend be paid?

The dividend of $0.17 per share will be payable on August 16, 2021.

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