Form 8-K HOPFED BANCORP INC For: Apr 29

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2016

 

 

HOPFED BANCORP, INC.

(Exact name of Registrant as Specified in Charter)

 

 

 

Delaware		0-23667		61-1322555
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

4155 Lafayette Road, Hopkinsville, Kentucky 42240

(Address of Principal Executive Offices)

(270) 885-1171

Registrant’s telephone number, including area code

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

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Item 2.02

Results of Operations and Financial Condition

On April 29, 2016, the Registrant announced its results of operations for the three month period ended March 31, 2016.

A copy of the press release, dated April 29, 2016 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits.

 

(c)

Exhibits

99.1		Press release dated April 29, 2016 – furnished pursuant to Item 2.02 as part of this Current Report on Form 8-K and is not deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of Section 18.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

		HOPFED BANCORP, INC.
Dated: April 29, 2016						By:		/s/ John E. Peck
						John E. Peck
						President and Chief Executive Officer

Exhibit 99.1

NEWS

 

FOR IMMEDIATE RELEASE		CONTACT:		John E. Peck
				President and CEO
				(270) 885-1171

HOPFED BANCORP, INC. REPORTS FIRST QUARTER RESULTS

HOPKINSVILLE, Ky. (April 29, 2016) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three month period ended March 31, 2016. For the three month period ended March 31, 2016, the Company’s net income was $509,000, or $0.08 per share basic and diluted, compared to net income of $1.4 million, or $0.20 per share, basic and diluted, for the three month period ended March 31, 2015. In the three month period ended March 31, 2015, the Company recovered $830,000 in previously non-accrual interest income on an investment. The recovery of non-accrual interest added $0.08 per share to the Company’s earnings per share for the three month period ended March 31, 2015.

Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s non-performing loans declined by $2.4 million, to $5.0 million, at March 31, 2016, as compared $7.4 million at December 31, 2015.”

“During the three month period ended March 31, 2016, the Company had $64.4 million in time deposits mature that carried a weighted average cost of 2.52%. The Company successfully reduced the effective cost of these deposits while maintaining an adequate level of liquidity. At March 31, 2016, time deposits totaled $285.3 million, as compared to $314.7 million at December 31, 2015. Despite a significant decline in time deposits during the three month period ended March 31, 2016, total deposits declined by only $14.5 million as compared to December 31, 2016. For the three month period ended March 31, 2016, total interest expense was $1.4 million, as compared to $1.6 million and $1.7 million for the three month periods ended March 31, 2015, and December 31, 2015, respectively, Mr. Peck concluded.”

Financial Highlights

 

•

The Company purchased 75,657 shares of its common stock in the quarter at a weighted average price of $11.92 per share. At March 31, 2016, the Company holds 1,161,545 shares in treasury stock with a weighted average cost of $12.37 per share.

 

•

At March 31, 2016, the Company’s tangible book value was $14.17 per share and tangible common equity ratio was 10.01%. The Company’s tangible book value and common equity ratio computations do not include 535,671 unallocated shares of common stock held by the Company’s ESOP.

 

•

The Bank’s Tier 1 Leverage Ratio, Common Equity Tier 1 Capital Ratio and Total Risk Based Capital Ratio at March 31, 2016, were 10.46%, 16.36% and 17.45%, respectively. The Company’s Tier 1 Leverage Ratio, Common Equity Tier 1 Capital Ratio and Total Risk Based Capital Ratio at March 31, 2016, were 10.75%, 16.76% and 17.85%, respectively.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

Asset Quality

At March 31, 2016, the Company’s level of non-accrual loans totaled $5.0 million, as compared to $7.4 million at December 31, 2015. A summary of non-accrual loans at March 31, 2016, and December 31, 2015, is as follows:

 

		March 31 2016				December 31, 2015
		(Dollars in Thousands)
One-to-four family mortgages		$	198				2,234
Home equity line of credit			74				48
Multi-family			1,926				1,968
Land			1,515				1,553
Non-residential real estate			28				247
Farmland			166				166
Consumer loans			—				8
Commercial loans			1,122				1,198
Total non-accrual loans		$	5,029				7,422

At March 31, 2016, non-accrual loans plus other real estate owned totaled $6.5 million, or 0.73% of assets, as compared to $9.2 million, or 1.02% of total assets, at December 31, 2015. A summary of the activity in other real estate owned for the three month period ended March 31, 2016, is as follows:

 

		Activity During 2016
		Balance 12/31/2015				Foreclosures				Sale Proceeds				Reduction In Values				Gain (Loss) on Sale				Balance 3/31/2016
		(Dollars in Thousands)
One-to-four family mortgages		$	55				—				—				—				—			$	55
Land			943				—				—				—				—				943
Non-residential real estate			738				—				(270	)			—				(9	)			459
Consumer			—				12				(12	)			—				—				—
Total		$	1,736				12				(282	)			—				(9	)		$	1,457

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

Asset Quality (continued)

 

At March 31, 2016, the Company’s level of loans classified as substandard was $27.5 million as compared to $28.1 million at December 31, 2015. At March 31, 2016, the Company’s classified loan to risk based capital ratio was 27.3%. The Company’s specific reserve for impaired loans was $765,000 at March 31, 2016, and $630,000 at December 31, 2015. A summary of the level of classified loans, net of unearned fees, at March 31, 2016, is as follows:

 

March 31, 2016						Special				Impaired Loans												Specific Reserve for				Reserve for Performing
		Pass				Mention				Substandard				Doubtful				Total				Impairment				Loans
										(Dollars in Thousands)
One-to-four family mortgages			143,020				102				2,814				—				145,936				255				964
Home equity line of credit			32,027				23				220				—				32,270				—				238
Junior liens			1,573				34				16				—				1,623				—				8
Multi-family			26,278				—				3,033				—				29,311				201				116
Construction			36,074				—				—				—				36,074				—				451
Land			11,657				40				10,571				—				22,268				108				1,205
Non-residential real estate			137,470				2,737				8,084				—				148,291				118				949
Farmland			40,949				—				572				—				41,521				—				564
Consumer loans			20,503				—				284				—				20,787				69				271
Commercial loans			80,630				311				1,868				—				82,809				14				632
Total			530,181				3,247				27,462				—				560,890				765				5,398

Net Interest Income

For the three month period ended March 31, 2016, the Company’s net interest income was $6.7 million, compared to $7.6 million for the three month periods ended March 31, 2015, and $6.3 million at December 31, 2015, respectively. For the three month period ended March 31, 2016, the Company’s net interest margin was 3.39%, as compared to 3.21% for the three month period ended December 31, 2015, and 3.78% for the three month period ended March 31, 2015. In the three month period ended March 31, 2015, the Company’s net interest margin included the receipt of past due investment interest of $830,000, adding an additional 0.40% to the Company’s net interest margin during the three month period ended March 31, 2015.

For the three month period ended March 31, 2016, and March 31, 2015, interest income on loans was $6.5 million and $6.3 million, respectively. For the three month period ended March 31, 2016, the average yield on loans was 4.62%, compared to 4.65% for the three month period ended March 31, 2015, and 4.59% for the three month period ended December 31, 2015. In the three month period ended March 31, 2016, interest income on loans was aided by the reduction in non-accrual loans, which added approximately $80,000 to interest income on loans during the three month period ended March 31, 2016.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

Net Interest Income (continued)

 

For the three month period ended March 31, 2016, interest expense was $1.4 million, declining $267,000 and $228,000 as compared to the three month periods ended December 31, 2015, and March 31, 2015, respectively. For the three month period ended March 31, 2016, the decline the Company’s interest expense on deposits was largely the result of $64.4 million of long term time deposits maturing during the quarter. As a result of these maturities, the average cost of retail time deposits declined from 1.19% for the three month period ended December 31, 2015, to 0.97% for the three month period ended March 31, 2016. For the three month period ending March 31, 2016, the average cost of interest bearing liabilities was 0.83%, as compared to 0.98% and 0.94% for the three month periods ended December 31, 2015, and March 31, 2015, respectively.

For the three months ended March 31, 2016, the Company’s average balance of funds borrowed from the FHLB was $13.6 million and our weighted average cost was 2.15%. For the three month period ended March 31, 2015, the average balance of FHLB borrowings was $23.2 million and our weighted average cost was 1.19%. In March of 2016, the Company had a $4.0 million FHLB borrowing mature at 5.34%. For the three month period ending March 31, 2016, the cost of the Company’s trust preferred security was 3.65%, compared to 7.22% and 7.14% for the three month periods ended December 31, 2015, and March 31, 2015, respectively. The decline in the cost of the trust preferred security is the result of a maturity of an interest rate swap. The interest expense of the trust preferred securities is equal to 3.10% above Three Month London Interbank Offered Rate (“Libor”).

Non-interest Income

Non-interest income for the three month periods ended March 31, 2016, was $2.0 million, as compared to $1.9 million for the three month periods ended December 31, 2015, and March 31, 2015, respectively. For the three month period ended March 31, 2016, service charge income declined by $64,000 and $37,000, respectively, as compared to the three month periods ended December 31, 2015, and March 31, 2015. For the three month period ended March 31, 2016, the Company’s income on the origination of mortgage loans was $368,000, as compared to $310,000 and $177, 000 during the three month periods December 31, 2015, and March 31, 2015, respectively.

The Company recognized net gains on the sale of securities of $291,000, $139,000, and $366,000 for the three month periods ended March 31, 2016, December 31, 2015, and March 31, 2015, respectively. For the three month period ended March 31, 2016, the sale of securities was accomplished to fund the reduction in retail time deposits, which declined by $29.5 million at March 31, 2016, as compared to December 31, 2015.

Non-interest Expense

On a linked quarter basis, the Company’s non-interest expenses increased by $555,000. On a linked quarter basis, salaries and benefits increased by $326,000 due to end of year salary increases, additional payroll taxes resulting from the beginning of a new year and seasonal vacation accruals. On a linked quarter basis, changes in vacation accruals accounted for $199,500 of the increase in salary and benefits expense.

For the three month period ended March 31, 2016, non-interest expenses increased by $213,000 as compared to the three month period ended March 31, 2015. At March 31, 2016, the Company’s compensation and benefits expense declined by $196,000 as compared to March 31, 2015. For the three month period ended March 31, 2016, other operating expenses were $733,000, as compared to $432,000 for the three month period ended March 31, 2015.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

Balance Sheet

At March 31, 2016, consolidated assets were $885.8 million, a decline of $17.4 million as compared to December 31, 2015. For the three month period ended March 31, 2016, the Company experienced a $29.5 million decrease in time deposits, a $4.0 million decrease in FHLB borrowings, a $12.5 million decrease in cash balances, and a $1.6 million decline in net loan balances. For the three month period ended March 31, 2016, the Company’s interest bearing checking accounts increased by $13.0 million, to $216.8 million.

The Company

Prior to June 5, 2013, HopFed Bancorp, Inc. was a federally chartered savings and loan holding company with Heritage Bank as its wholly owned thrift subsidiary. On June 5, 2013, Heritage Bank’s legal name was changed to Heritage Bank USA, Inc. and its charter was converted to a Kentucky state chartered commercial bank with the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation as its regulators. Also on June 5, 2013, HopFed Bancorp, Inc. became a non-member federally chartered commercial bank holding company regulated by the Federal Reserve Board. HopFed Bancorp, Inc. is the holding company for Heritage Bank USA, Inc. headquartered in Hopkinsville, Kentucky. The Bank has eighteen offices in western Kentucky and middle Tennessee and a loan production office in Nashville, Tennessee. The Company has two additional operating divisions including Heritage Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, and Pleasant View, Tennessee, which offers a broad line of financial services. Heritage Mortgage Services of Clarksville, Tennessee, offers long term fixed rate 1- 4 family mortgages loans that are originated for the secondary market in all communities in the Company’s general market area. The Bank offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank USA, Inc. may be found on its website www.bankwithheritage.com.

Forward-Looking Information

Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risk, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition and the demand for the Company’s products and services, and other factors as set forth in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

HOPFED BANCORP, INC.

Consolidated Balance Sheets

(Dollars in thousands)

 

		March 31, 2016				December 31, 2015
		(unaudited)
Assets
Cash and due from banks		$	27,393				46,926
Interest-earning deposits			14,798				7,772
Cash and cash equivalents			42,191				54,698
Federal Home Loan Bank stock, at cost			4,428				4,428
Securities available for sale			237,829				237,177
Loans held for sale			1,339				2,792
Loans receivable, net of allowance for loan losses of $6,163 at March 31, 2016, and $5,700 at December 31, 2015			554,727				556,349
Accrued interest receivable			3,871				4,139
Real estate and other assets owned			1,457				1,736
Bank owned life insurance			10,403				10,319
Premises and equipment, net			23,975				24,034
Deferred tax assets			1,857				2,642
Other assets			3,753				4,840
Total assets		$	885,830				903,154
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing accounts		$	127,067				125,070
Interest-bearing accounts
Interest-bearing checking accounts			216,817				203,779
Savings and money market accounts			95,906				95,893
Other time deposits			285,163				314,664
Total deposits			724,953				739,406
Advances from Federal Home Loan Bank			11,000				15,000
Repurchase agreements			46,940				45,770
Subordinated debentures			10,310				10,310
Advances from borrowers for taxes and insurance			754				614
Dividends payable			286				287
Accrued expenses and other liabilities			2,819				4,137
Total liabilities			797,062				815,524

 

This information is preliminary and based on company data available at the time of the presentation.

 

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HFBC Reports First Quarter Results

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April 29, 2016

HOPFED BANCORP, INC.

Consolidated Balance Sheets, Continued

(Dollars in thousands)

 

		March 31, 2016				December 31, 2015
		(unaudited)
Stockholders’ equity
Preferred stock, par value $0.01 per share; authorized 500,000 shares; no shares issued and outstanding at March 31, 2016, and December 31, 2015			—				—
Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,962,308 issued and 6,800,763 outstanding at March 31, 2016, and 7,951,699 issued and 6,865,811 outstanding at December 31, 2015			80				79
Additional paid-in-capital			58,618				58,604
Retained earnings			47,382				47,124
Treasury stock- common (at cost, 1,161,545 shares at March 31, 2016, and 1,085,888 shares at December 31, 2015)			(14,372	)			(13,471	)
Unearned ESOP Shares (at cost, 535,671 shares at March 31, 2016, and 546,413 shares at December 31, 2015)			(7,039	)			(7,180	)
Accumulated other comprehensive income, net of taxes			4,099				2,474
Total stockholders’ equity			88,768				87,630
Total liabilities and stockholders’ equity		$	885,830				903,154

This information is preliminary and based on company data available at the time of the presentation.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

HOPFED BANCORP, INC.

Consolidated Condensed Statements of Income

(Dollars in thousands)

Unaudited

 

		For the Three Month Periods Ended March 31,
		2016				2015
Interest and dividend income:
Loans receivable		$	6,465				6,290
Investment in securities, taxable			1,247				2,448
Nontaxable securities available for sale			353				453
Interest-earning deposits			16				4
Total interest and dividend income			8,081				9,195
Interest expense:
Deposits			1,095				1,260
Advances from Federal Home Loan Bank			73				69
Repurchase agreements			143				120
Subordinated debentures			94				184
Total interest expense			1,405				1,633
Net interest income			6,676				7,562
Provision for loan losses			458				215
Net interest income after provision for loan losses			6,218				7,347
Non-interest income:
Service charges			677				714
Merchant card income			291				270
Mortgage origination revenue			368				177
Gain on sale of securities			291				366
Income from bank owned life insurance			84				71
Financial services commission			133				159
Other operating income			176				156
Total non-interest income			2,020				1,913

 

This information is preliminary and based on company data available at the time of the presentation.

 

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HFBC Reports First Quarter Results

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April 29, 2016

HOPFED BANCORP, INC.

Consolidated Condensed Statements of Income, Continued

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

(Unaudited)

 

		For the Three Month Periods Ended March 31,
		2016				2015
Non-interest expenses:
Salaries and benefits		$	3,988				4,184
Occupancy expense			787				738
Data processing expense			727				692
State deposit tax			248				248
Intangible amortization expense			—				16
Professional services expense			335				329
Deposit insurance and examination expense			173				117
Advertising expense			320				306
Postage and communications expense			155				132
Supplies expense			149				146
Loss (gain) on sale of real estate owned			9				(7	)
Real estate owned expenses			59				137
Other operating expenses			733				432
Total non-interest expense			7,683				7,470
Income before income tax expense			555				1,790
Income tax expense (benefit)			46				435
Net income		$	509				1,355
Net income per share:
Basic		$	0.08			$	0.20
Fully diluted		$	0.08			$	0.20
Dividend per share		$	0.04			$	0.04
Weighted average shares outstanding - basic			6,297,755				6,732,456
Weighted average shares outstanding - diluted			6,297,755				6,732,456

This information is preliminary and based on company data available at the time of the presentation.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

HOPFED BANCORP, INC.

Selected Financial Data

(Dollars in thousands)

 

		For the Three Months Ended
		3/31/2016				12/31/2015				Change from Prior Quarter
Interest and dividend income:
Loans receivable			6,465				6,405				60
Investment in securities, taxable			1,247				1,196				51
Nontaxable securities available for sale			353				384				(31	)
Interest-earning deposits			16				11				5
Total interest and dividend income			8,081				7,996				85
Interest expense:
Deposits			1,095				1,280				(185	)
Advances from Federal Home Loan Bank			73				83				(10	)
Repurchase agreements			143				123				20
Subordinated debentures			94				186				(92	)
Total interest expense			1,405				1,672				(267	)
Net interest income			6,676				6,324				352
Provision for loan losses			458				291				167
Net interest income after
provision for loan losses			6,218				6,033				185
Non-interest income:
Service charges			677				741				(64	)
Merchant card income			291				288				3
Mortgage origination revenue			368				310				58
Gain on sale of securities			291				139				152
Income from bank owned life insurance			84				83				1
Financial services commission			133				146				(13	)
Other operating income			176				178				(2	)
Total non-interest income			2,020				1,885				135

This information is preliminary and based on company data available at the time of the presentation

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

HOPFED BANCORP, INC.

Selected Financial Data

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

 

		For the Three Months Ended
		3/31/2016				12/31/2015				Change from Prior Quarter
Non-interest expenses:
Salaries and benefits		$	3,988				3,662				326
Occupancy expense			787				799				(12	)
Data processing expense			727				710				17
State deposit tax			248				259				(11	)
Intangible amortization expense			—				1				(1	)
Professional services expense			335				329				6
Deposit insurance and examination expense			173				183				(10	)
Advertising expense			320				319				1
Postage and communications expense			155				149				6
Supplies expense			149				163				(14	)
Loss on disposal of equipment			—				1				(1	)
Loss on real estate owned			9				—				9
Real estate owned expense (refund)			59				105				(46	)
Other operating expenses			733				448				285
Total non-interest expense			7,683				7,128				555
Income (loss) before income tax expense (benefit)			555				790				(235	)
Income tax expense (benefit)			46				134				(88	)
Net income (loss)			509				656				(147	)
Net income (loss) per share to common stockholders
Basic		$	0.08			$	0.10				(0.02	)
Fully diluted		$	0.08			$	0.10				(0.02	)
Dividend per share		$	0.04			$	0.04
Weighted average shares outstanding - basic			6,297,755				6,328,324
Weighted average shares outstanding - diluted			6,297,755				6,328,324

This information is preliminary and based on company data available at the time of the presentation.

 

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HFBC Reports First Quarter Results

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April 29, 2016

 

HOPFED BANCORP, INC.

Selected Financial Data

The table below adjusts tax-free investment income for the three month periods ended March 31, 2016, and March 31, 2015, by $174,000 and $224,000, respectively; for a tax equivalent rate using a cost of funds rate of 0.83% for the three month period ended March 31, 2016, and 0.95% for the three month period ended March 31, 2015. The table adjusts tax-free loan income by $5,000 for three month periods ended March 31, 2016, and $1,000 for the three month period ended March 31, 2015, respectively, for a tax equivalent rate using the same cost of funds rate:

 

		Average Balance 3/31/2016				Income and Expense 3/31/2016				Average Rates 3/31/2016				Average Balance 3/31/2015				Income and Expense 3/31/2015				Average Rates 3/31/2015
						(Table Amounts in Thousands, Except Percentages)
Loans		$	560,544				6,470				4.62	%		$	541,097				6,291				4.65	%
Investments AFS taxable			197,761				1,247				2.52	%			220,302				2,448				4.44	%
Investment AFS tax free			42,098				527				5.01	%			57,628				677				4.70	%
Federal funds			9,491				16				0.67	%			5,984				4				0.27	%
Total interest earning assets			809,894				8,260				4.08	%			825,011				9,420				4.57	%
Other assets			85,874												77,419
Total assets		$	895,768											$	902,430
Retail time deposits			264,308				640				0.97	%			292,401				845				1.16	%
Brokered deposits			35,986				99				1.10	%			35,358				96				1.09	%
Interest bearing checking			213,336				311				0.58	%			191,604				269				0.56	%
Saving / MMDA			97,391				45				0.18	%			99,701				50				0.20	%
FHLB borrowings			13,593				73				2.15	%			23,167				69				1.19	%
Repurchase agreements			43,744				143				1.31	%			42,525				120				1.13	%
Subordinated debentures			10,310				94				3.65	%			10,310				184				7.14	%
Total interest bearing liabilities			678,668				1,405				0.83	%			695,066				1,633				0.94	%
Non-interest bearing deposits			122,926												111,869
Other liabilities			4,706												2,778
Stockholders’ equity			89,468												92,717
Total liabilities and stockholders’ equity		$	895,768											$	902,430
Net change in interest earning assets and interest bearing liabilities							6,855				3.25	%							7,787				3.63	%
Net yield on interest earning assets							3.39	%											3.78	%

This information is preliminary and based on company data available at the time of the presentation.

 

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