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BNC Bancorp Announces Net Income for Second Quarter 2009
PR Newswire
Aug 10, 2009
THOMASVILLE, N.C., Aug. 10 /PRNewswire-FirstCall/ -- BNC Bancorp (Nasdaq: BNCN) today reported earnings for the second quarter of 2009. For the second quarter, net income totaled $1.4 million, an increase of 56% from the $915,000 earned in the second quarter of 2008. Results for the second quarter of 2009 include a $750,000 charge as part of the special deposit insurance assessment levied on all banks by the FDIC.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030917/BNCLOGO)
For the second quarter, net income available to common shareholders totaled $934,000, or $0.13 per diluted common share, compared to net income available to shareholders of $876,000, or $0.12 per diluted common share, for the first quarter of 2009, and net income available to common shareholders of $915,000, or $0.12 per diluted common share, for the second quarter of 2008.
For the first half of 2009, net income available to common shareholders totaled $1.8 million, or $0.25 per diluted common share, as compared to the first half of 2008 that resulted in net income available to shareholders of $2.6 million, or $.35 per diluted share. As noted, FDIC assessments increased by $1.1 million in the first half of 2009 compared to the first half of 2008. Additionally, the Company reported dividends and accretion on preferred stock in the amount of $987,000 in the first half of 2009.
Total assets as of June 30, 2009 were $1.6 billion, an increase of 32% compared with $1.2 billion as of June 30, 2008. Total loans on June 30, 2009 were $1.0 billion, an increase of 2% from the $999.2 million reported as of June 30, 2008. Investment securities increased $355.6 million, or 378%, when compared to the $94.2 million outstanding at June 30, 2008. Deposits increased 44% over the same one-year period. During the first quarter of 2009, management negotiated a $250 million money market funding arrangement which carries a fixed effective cost of 2.95% over the five year period.
Commenting on the results, W. Swope Montgomery, Jr., President and CEO, noted, "We are pleased with the results for the quarter, especially the continued growth in reported and recurring earnings, the improvement in our net interest margin, and the stability of our asset quality in this challenging credit environment."
Mr. Montgomery continued, "Recurring earnings available to common shareholders were $0.20 per diluted share when adjusted for the $750,000 special assessment from the FDIC and the write-off of $119,000 of a correspondent bank's stock, which represents a significant increase from the $0.12, $0.07, and $0.12, reported for the first quarter of 2009, and the fourth and second quarters of 2008, respectively."
Provision for Loan Losses and Asset Quality
The provision for credit losses was $3.0 million in the second quarter of 2009, compared with $1.2 million in the second quarter of 2008 and $3.0 million in the first quarter of 2009. Net charge-offs of loans during the recent quarter were $2.4 million, compared to $1.7 million for the first quarter of 2009 and $892,000 for the second quarter of 2008. Expressed as an annualized percentage of average loans outstanding, net charge-offs were 0.98% and 0.70% in the second and first quarter of 2009, respectively, and 0.36% in 2008's second quarter. Non-performing assets (NPA) as a percentage of total assets at June 30, 2009 were at 1.18%, an increase from the 1.12% at March 31, 2009 and 0.89% at June 30, 2008. The allowance for loan and lease losses at June 30, 2009 increased $2.6 million, or 21%, from levels a year ago and $563,000, or 4% from the first quarter of 2009. The allowance for loan and lease losses of $15.1 million is 1.48% of total loans outstanding at June 30, 2009, up from the 1.44% of total loans outstanding for the first quarter of 2009, and up from the 1.25% reported at June 30, 2008. Total loans more than 30 days past due increased to $8.8 million at June 30, 2009 from $3.3 million at March 31, 2009, primarily as the result of two credits totaling $4.8 million.
Mr. Montgomery noted that, "Non-performing assets to total assets have remained relatively stable in the range of 1.12% to 1.18% over the first half of 2009. This ratio compares very favorably to our Federal Reserve district, state and national peers, and while we have been aggressively moving these assets through our system, as indicated previously, we would expect to see an increase in non-performers as this challenging credit market lingers. We experienced a significant increase in 30-89 day past dues compared to the first quarter, primarily the result of two relationships totaling $4.8 million, both of which have since been paid current. Excluding these two relationships, past due statistics have continued to trend upward slightly, but still well below peer comparisons."
Montgomery continued, "We have included additional tabular information this quarter that provides greater transparency into the mix and stratification within certain classifications of our loan portfolio. It is important to note that we have made significant strides in the reduction of our Construction and Acquisition & Development (A&D) portfolios over the past year. At the end of the second quarter of 2009, we have reduced our residential and commercial construction portfolios by over 34% from year ago levels, and have reduced speculative 1-4 family construction loans with balances above $400,000 to $13.5 million. The total exposure in the residential and construction portfolio, which also includes undrawn commitments, has been worked down by over $81.0 million over the past twelve months. Our Builder Participation Program continues to attract qualified buyers, and has been responsible for financing over $18 million of our residential construction portfolio into permanent mortgages."
"Residential and Commercial A&D continues to be the area of our portfolio that is being most affected by the current economic downturn. Over the past year we have reduced outstanding balances 10.5%, or $6.5 million. As apparent in the tables, the three largest A&D loans in the portfolio are all less than $6 million each, of which two remain viable projects, with the third in a workout situation. The remaining A&D exposure is diversified across our market area, with the largest single credit outside of the three mentioned above currently at $3.5 million, and the largest multi-credit exposure within any one city at $6.3 million in Winston-Salem," said Mr. Montgomery.
Net interest income on a fully taxable equivalent (FTE) basis was $12.7 million for the second quarter of 2009, compared to $11.4 million for first quarter of 2009 and $8.6 million for the second quarter of 2008. The increase in net interest income in the second quarter 2009 is primarily due to average investment securities increasing to $461.6 million compared to $448.8 million for the first quarter of 2009 and $91.1 million for the second quarter of 2008. The second quarter 2009 net interest margin on a fully taxable equivalent basis was 3.39%, compared to 3.11% and 3.19% for the first quarter of 2009 and second quarter of 2008, respectively.
In July, the Board of Directors declared a $0.05 per share quarterly dividend, payable August 28, 2009 to shareholders of record on August 14, 2009.
BNC Bancorp is the parent company of Bank of North Carolina, a $1.6 billion commercial bank that provides a complete line of banking and financial services to individuals and businesses through full-service banking offices located in the cities of Thomasville, High Point, Salisbury, Greensboro, Archdale, Lexington, Kernersville, Harrisburg, Welcome and Oak Ridge, North Carolina. In addition, the Bank operates limited service banking offices in Winston-Salem and Mooresville, North Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's is current on its preferred dividend payments to the United States Treasury and its stock is quoted in the Nasdaq Capital Market under the symbol "BNCN."
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States. BNC Bancorp's management uses these "non-GAAP" measures such as "core" or "recurring" earnings in their analysis of the Company's performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges in the current period. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
From time to time, we make written and oral forward-looking statements within the meaning of certain securities laws, including in this press release, in other filings with the U.S. Securities and Exchange Commission, in reports to shareholders and in other communications. These forward-looking statements include, among others, statements with respect to our objectives for 2009 and beyond, and the medium and long terms strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the North Carolina economy and real estate markets in general and the strength of the local economies and real estate markets within North Carolina in which we conduct operations; the economic conditions in the United States and the relative strength and stability of other financial institutions; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Board of Governors of the Federal Reserve System in the United States; judicial decisions; the effects of competition in the markets in which we operate; inflation; the timely development and introduction of new products and services in receptive markets; the impact of changes in the laws and regulations regulating financial services (including banking, insurance and securities); changes in tax laws; technological changes; our ability to complete strategic acquisitions and to integrate acquisitions; judicial or regulatory proceedings; changes in consumer spending and saving habits; the possible impact on our businesses of international conflicts and other developments including those relating to the war on terrorism; and our anticipation of and success in managing the risks implicated by the foregoing.
QUARTERLY PERFORMANCE SUMMARY
BNC BANCORP
(Dollars in thousands, except per share data)
(Unaudited) For the Three Months Ended
----------------------------
June 30, 2009 June 30, 2008 % Change
------------- ------------- --------
SUMMARY STATEMENTS OF OPERATIONS
Interest income $19,848 $17,182 15.5%
Interest expense 8,264 8,983 (8.0)
Net interest income 11,584 8,199 41.3
Provision for loan losses 3,000 1,150 160.9
Net interest income after
provision for loan losses 8,584 7,049 21.8
Noninterest income 1,210 1,625 (25.5)
Noninterest expense 8,494 7,675 10.7
Income before income tax expense 1,300 999 30.1
Provision for income taxes (130) 84 (254.8)
Net income 1,430 915 56.3
Preferred stock dividends 496 - (100.0)
Net income available to common
shareholders 934 915 2.1
PER SHARE DATA
Earnings per share, basic $0.13 $0.13 0.0%
Earnings per share, diluted 0.13 0.12 8.3
Book value per share 16.87 11.76 43.4
Tangible book value per share 9.12 7.93 15.0
Weighted average common shares
outstanding:
Basic 7,339,809 7,299,672
Diluted 7,345,069 7,410,722
PERFORMANCE RATIOS
Return on average assets 0.23% 0.31%
Return on average common equity 3.92% 4.20%
Return on average tangible
common equity 5.55% 6.20%
Net yield on earning assets (taxable
equivalent) 3.39% 3.19%
Average equity to average assets 5.91% 7.29%
Allowance for loan losses as a
% of total loans 1.48% 1.25%
Non-performing assets to total
assets, end of period 1.18% 0.89%
Ratio of net charge-offs to average
loans, annualized 0.98% 0.36%
QUARTERLY PERFORMANCE SUMMARY
BNC BANCORP
(Dollars in thousands, except per share data)
(Unaudited) For the Six Months Ended
---------------------------
June 30, 2009 June 30, 2008 % Change
------------- ------------- --------
SUMMARY STATEMENTS OF OPERATIONS
Interest income $39,389 $35,584 10.7%
Interest expense 17,390 19,193 (9.4)
Net interest income 21,999 16,391 34.2
Provision for loan losses 6,000 1,875 220.0
Net interest income after provision
for loan losses 15,999 14,516 10.2
Noninterest income 2,428 3,000 (19.1)
Noninterest expense 15,880 14,121 12.5
Income before income tax expense 2,547 3,395 (25.0)
Provision for income taxes (250) 780 (132.1)
Net income 2,797 2,615 7.0
Preferred stock dividends 987 - (100.0)
Net income available to common
shareholders 1,810 2,615 (30.8)
PER SHARE DATA
Earnings per share, basic $0.25 $0.36 (30.6)%
Earnings per share, diluted $0.25 $0.35 (28.6)
Weighted average common shares
outstanding:
Basic 7,339,337 7,289,160
Diluted 7,344,314 7,416,912
PERFORMANCE RATIOS
Return on average assets 0.23% 0.45%
Return on average common equity 3.90% 6.05%
Return on average tangible common
equity 5.59% 8.95%
Net yield on earning assets (taxable
equivalent) 3.24% 3.24%
Average equity to average assets 5.80% 7.36%
Allowance for loan losses as a % of
total loans 1.48% 1.25%
Non-performing assets to total
assets, end of period 1.18% 0.89%
Ratio of net charge-offs to average
loans, annualized 0.83% 0.25%
QUARTERLY PERFORMANCE SUMMARY
BNC BANCORP
(Dollars in thousands, except per share data)
(Unaudited) For the Three Months Ended
----------------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30, Dec 31,
2009 2009 2008 2008 2008 2007
-------- --------- ------- -------- -------- -------
SUMMARY STATEMENTS
OF OPERATIONS
Interest
income $19,848 $19,541 $18,041 $17,409 $17,182 $19,262
Interest
expense 8,264 9,126 9,340 8,893 8,983 11,003
Net interest
income 11,584 10,415 8,701 8,516 8,199 8,259
Provision for
loan losses 3,000 3,000 2,700 2,500 1,150 750
Net interest
income after
provision for
loan losses 8,584 7,415 6,001 6,016 7,049 7,509
Noninterest
income 1,210 1,218 1,323 1,328 1,625 1,483
Noninterest
expense 8,494 7,386 6,945 6,716 7,675 6,839
Income before
income tax
expense 1,300 1,247 379 628 999 2,153
Provision for
income taxes (130) (120) (247) (119) 84 600
Net income 1,430 1,367 626 747 915 1,553
Preferred stock
dividends 496 491 143 - - -
Net income
available to
common
shareholders 934 876 483 747 915 1,553
Net interest
income, as
reported $11,584 $10,415 $8,701 $8,516 $8,199 $8,259
Tax-equivalent
adjustment 1,134 970 548 424 421 360
Net interest
income, tax-
equivalent 12,718 11,385 9,249 8,940 8,620 8,619
PER SHARE DATA
Earnings per
share, basic $0.13 $0.12 $0.07 $0.10 $0.13 $0.22
Earnings per
share,
diluted 0.13 0.12 0.07 0.10 0.12 0.22
Weighted average
common shares
outstanding:
Basic 7,339,809 7,338,860 7,354,164 7,357,677 7,299,672 6,914,320
Diluted 7,345,069 7,343,529 7,367,906 7,402,167 7,410,722 7,097,902
PERFORMANCE RATIOS
Return on
average
assets 0.23% 0.35% 0.19% 0.25% 0.31% 0.56%
Return on
average common
equity 3.92% 4.63% 2.91% 3.45% 4.20% 7.61%
Return on
average
tangible common
equity 5.55% 6.03% 4.33% 5.10% 6.20% 11.70%
Net yield on
earning assets
(taxable
equivalent) 3.39% 3.11% 3.02% 3.19% 3.19% 3.37%
Average equity
to average
assets 5.91% 7.51% 6.43% 7.14% 7.29% 7.29%
Non-performing
assets to total
assets, end of
period 1.18% 1.12% 1.17% 0.89% 0.89% 0.54%
Ratio of net
charge-offs to
average loans,
annualized 0.98% 0.70% 1.31% 0.46% 0.36% 0.26%
QUARTERLY PERFORMANCE SUMMARY
BNC BANCORP
(Dollars in thousands)
(Unaudited) As of
---------------------------
June 30, 2009 June 30, 2008 % Change
------------- ------------- --------
End of period balances
Total loans $1,015,115 $999,207 1.6%
Allowance for loan losses 15,067 12,455 21.0
Loans, net of allowance for
loan losses 1,000,048 986,752 1.4
Securities, available for sale 449,794 94,175 377.6
Total Assets 1,599,863 1,213,817 31.8
Deposits:
Noninterest-bearing deposits 62,929 67,969 (7.4)
Interest-bearing demand and savings 479,218 191,287 150.5
CD's and other time deposits 800,281 670,070 19.4
Total deposits 1,342,428 929,326 44.5
Borrowed Funds 125,008 191,849 (34.8)
Total interest-bearing liabilities 1,404,507 1,053,206 33.4
Shareholders' Equity 123,818 86,145 43.7
As of
-------------------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30, Dec 31,
2009 2009 2008 2008 2008 2007
-------- --------- --------- --------- -------- -------
SELECTED BALANCE
SHEET DATA
End of period
balances
Total
loans $1,015,115 $1,004,814 $1,007,788 $1,006,866 $999,207 $932,562
Allowance
for loan
losses 15,067 14,504 13,210 13,894 12,455 11,784
Loans, net
of allowance
for loan
losses 1,000,048 990,310 994,578 992,972 986,752 920,778
Securities,
available
for sale 449,794 454,768 416,564 107,372 94,175 86,683
Total
Assets 1,599,863 1,590,532 1,572,876 1,262,581 1,213,817 1,130,112
Deposits:
Noninterest-
bearing
deposits 62,929 60,465 61,927 64,880 67,969 67,552
Interest-
bearing
demand and
savings 479,218 451,453 183,310 183,370 191,287 216,896
CD's and
other time
deposits 800,281 774,682 900,776 776,978 670,070 570,682
Total
Deposits 1,342,428 1,286,600 1,146,013 1,025,228 929,326 855,130
Borrowed
Funds 125,008 167,767 299,856 146,306 191,849 182,641
Total interest-
bearing
liabil-
ities 1,404,507 1,393,902 1,383,942 1,106,654 1,053,206 970,219
Shareholders'
Equity 123,818 118,023 120,680 84,885 86,145 86,392
QUARTERLY PERFORMANCE SUMMARY
BNC BANCORP
(Dollars in thousands)
(Unaudited)
For the Three Month Period Ended
----------------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30, Dec 31,
2009 2009 2008 2008 2008 2007
-------- --------- ------- -------- -------- -------
SELECTED BALANCE
SHEET DATA
Quarterly average
balances
Loans, net of
allowance for
loan losses $998,214 $993,306 $998,644 $992,383 $982,923 $909,571
Securities,
available for
sale 461,578 448,808 197,878 105,804 91,068 81,632
Total earning
assets 1,502,674 1,484,754 1,222,102 1,110,553 1,085,176 1,008,427
Total Assets 1,619,859 1,594,331 1,328,919 1,219,177 1,200,266 1,109,313
Deposits:
Noninterest-
bearing
deposits 66,940 63,362 72,586 69,599 70,805 68,992
Interest-
bearing demand
and savings 464,048 320,930 173,218 181,599 197,135 215,630
CD's and
other time
deposits 798,282 861,504 822,048 721,192 658,980 590,648
Total
Deposits 1,329,270 1,245,796 1,067,852 972,390 926,920 875,270
Borrowed Funds 149,312 222,520 169,431 154,906 180,267 149,254
Total interest-
bearing
liabilities 1,411,642 1,404,954 1,164,697 1,057,697 1,036,382 955,532
Shareholders'
Equity 124,865 119,787 85,447 87,024 87,518 80,919
BNC Bancorp
Loan Mix and Stratification Statistics for Select Classifications- End
of Period Balances
(Dollars in millions)
(Unaudited) As of
------------------
June 30, June 30,
2009 2008 % Change
--------------------------- -------- -------- --------
Construction, A&D, and Land $248.9 $301.7 (17.5)%
--------------------------- ------ ------ -----
Residential Construction 63.2 92.5 (31.7)
Presold 18.4 22.2 (17.1)
Speculative 44.8 70.3 (36.3)
Loan size - Over $400,000 13.5 25.2 (46.4)
Loan size - $200,000 to $400,000 11.8 26.5 (55.5)
Loan size - under $200,000 19.5 18.6 4.8
Commercial Construction 34.3 55.3 (38.0)
Loan size - $3 million to $5 million 6.5 23.8 (72.7)
Loan size - $1 million to $3 million 18.9 12.1 56.2
Loan size - under $1 million 8.9 19.4 (54.1)
Residential and Commercial A&D 55.6 62.1 (10.5)
Loan size - $5 million to $6 million 17.3 11.1 55.9
Loan size - $3 million to $5 million 9.8 12.1 (19.0)
Loan size - $1 million to $3 million 22.1 28.1 (21.4)
Loan size - under $1 million 6.4 10.8 (40.7)
Land 95.8 91.8 4.4
Residential Buildable Lots 33.5 28.2 18.8
Commercial Buildable Lots 17.9 17.9 0.0
Land held for development 30.0 30.1 (0.3)
Raw and Agricultural Land 14.4 15.6 (7.7)
---------------------- ------ ------ ----
Commercial Real Estate $391.0 $344.2 13.6%
---------------------- ------ ------ ----
Multi-Family 28.0 10.5 166.7
Churches 13.1 13.3 (1.5)
Retail 250.2 221.5 13.0
Owner Occupied 72.8 66.9 8.8
Investment 177.4 154.6 14.8
Loan size - $5 million to $6 million 20.2 12.3 64.2
Loan size - $3 million to $5 million 26.7 20.2 32.2
Loan size - $1 million to $3 million 67.5 60.8 11.0
Loan size - under $1 million 62.9 61.3 2.6
Industrial 94.1 93.3 0.9
Owner Occupied 34.0 35.4 (4.0)
Investment 60.1 57.9 3.8
Loan size - $5 million to $6 million 5.1 5.1 0.0
Loan size - $3 million to $5 million 3.4 3.5 (2.9)
Loan size - $1 million to $3 million 24.6 22.9 7.4
Loan size - under $1 million 27.0 26.4 2.3
Other 5.6 5.6 0.0
BNC Bancorp
Loan Mix and Stratification Statistics for Select Classifications- End
of Period Balances
(Dollars in millions)
(Unaudited) As of
--------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30,
2009 2009 2008 2008 2008
------------------ -------- --------- ------- -------- --------
Construction, A&D,
and Land $248.9 $250.4 $306.7 $306.2 $301.7
------------------ ------ ------ ------ ------ ------
Residential Construction 63.2 73.1 78.9 89.3 92.5
Presold 18.4 19.4 20.2 19.2 22.2
Speculative 44.8 53.7 58.7 70.1 70.3
Loan size - Over $400,000 13.5 16.1 18.6 25.3 25.2
Loan size - $200,000 to
$400,000 11.8 24.8 24.6 26.6 26.5
Loan size - under $200,000 19.5 12.8 15.5 18.2 18.6
Commercial Construction 34.3 30.9 73.7 65.8 55.3
Loan size - $3 million to
$5 million 6.5 3.6 40.9 31.8 23.8
Loan size - $1 million to
$3 million 18.9 16.8 15.6 19.6 12.1
Loan size - under $1 million 8.9 10.5 17.2 14.4 19.4
Residential and Commercial A&D 55.6 63.4 70.7 66.0 62.1
Loan size - $5 million to
$6 million 17.3 17.0 16.8 11.7 11.1
Loan size - $3 million to
$5 million 9.8 6.6 7.5 12.3 12.1
Loan size - $1 million to
$3 million 22.1 31.4 36.0 31.3 28.1
Loan size - under $1 million 6.4 8.4 10.4 10.7 10.8
Land 95.8 83.0 83.7 85.1 91.8
Residential Buildable Lots 33.5 25.7 25.6 26.6 28.2
Commercial Buildable Lots 17.9 17.3 15.1 13.8 17.9
Land held for development 30.0 25.6 28.3 30.0 30.1
Raw and Agricultural Land 14.4 14.4 14.7 14.7 15.6
---------------------- ------ ------ ------ ------ ------
Commercial Real Estate $391.0 $391.6 $349.7 $340.2 $344.2
---------------------- ------ ------ ------ ------ ------
Multi-Family 28.0 26.4 11.3 10.8 10.5
Churches 13.1 12.8 13.0 13.4 13.3
Retail 250.2 253.1 225.9 217.7 221.5
Owner Occupied 72.8 73.3 71.3 66.8 66.9
Investment 177.4 179.8 154.6 150.9 154.6
Loan size - $5 million to
$6 million 20.2 20.3 12.0 12.1 12.3
Loan size - $3 million to
$5 million 26.7 30.2 22.0 19.1 20.2
Loan size - $1 million to
$3 million 67.5 69.0 63.5 59.4 60.8
Loan size - under
$1 million 62.9 60.3 57.1 60.3 61.3
Industrial 94.1 93.7 93.8 93.0 93.3
Owner Occupied 34.0 35.0 35.2 34.5 35.4
Investment 60.1 58.7 58.7 58.5 57.9
Loan size - $5 million to
$6 million 5.1 5.1 5.1 5.1 5.1
Loan size - $3 million to
$5 million 3.4 3.4 3.4 3.5 3.5
Loan size - $1 million to
$3 million 24.6 22.7 22.8 22.9 22.9
Loan size - under
$1 million 27.0 27.5 27.4 27.0 26.4
Other 5.6 5.6 5.7 5.3 5.6
SOURCE BNC Bancorp
Copyright (2009) PR Newswire. All Rights Reserved.
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