Porter Bancorp, Inc. (NASDAQ: PBIB) (“the Company”), parent
company of PBI Bank, today reported unaudited results for the
second quarter of 2017. Net income available to common shareholders
for the second quarter of 2017 was $1.7 million, or $0.27 per basic
and diluted common share, compared with $979,000, or $0.17 per
basic and diluted share, for the second quarter of 2016. Net income
available to common shareholders for the six months ended June 30,
2017, was $3.3 million, or $0.54 per diluted common share, compared
with net income available to common shareholders of $2.4 million,
or $0.43 per diluted share, for the six months ended June 30,
2016.
As compared to the same period in 2016, the Company’s
performance for the quarter and six months ended June 30, 2017,
reflected several positive developments, including:
- Improved net interest income and net
interest margin
- Continued improvement in asset quality
trends and growth in the loan portfolio
- Improved deposit service charges and
interchange fee income
- Continued reductions in non-interest
expenses
- Completion of a $10.0 million senior
debt transaction and capital contribution of $9.0 million to PBI
Bank
Net Interest Income – Net interest income before
provision expense increased to $7.6 million for the second quarter
of 2017, compared with $7.2 million in the second quarter of 2016.
Average loans increased to $654.8 million for the second quarter of
2017, compared with $619.3 million in the second quarter of 2016.
Net interest margin increased to 3.42% in the second quarter of
2017, compared with 3.34% in the second quarter of 2016.
Our yield on earning assets increased to 4.11% in the second
quarter of 2017, compared to 4.03% in the second quarter of 2016.
Our cost of funds was 0.80% in the second quarter of 2017, compared
to 0.79% in the second quarter of 2016.
Loan Loss Provision and Allowance for Loan Losses – There
was no provision for loan losses in the first or second quarter of
2017. Ongoing improvements in asset quality and management’s
assessment of risk in the loan portfolio led to a negative
provision for loan losses of $600,000 for the second quarter of
2016.
The allowance for loan losses to total loans was 1.36% at June
30, 2017, compared to 1.62% at June 30, 2016. The reduced level of
the allowance in 2017 compared to 2016 was primarily driven by
declining charge-off levels, growth in the portfolio, and improving
trends in credit quality. Net loan charge-offs were $82,000 for the
first six months of 2017, compared to $787,000 for the first six
months of 2016. The allowance for loan losses for loans evaluated
collectively for impairment was 1.33% at June 30, 2017, and 1.66%
at June 30, 2016.
Non-performing Assets – Non-performing assets, which
include loans past due 90 days and still accruing, loans on
nonaccrual, and other real estate owned (“OREO”), decreased to
$12.8 million, or 1.34% of total assets at June 30, 2017, compared
with $14.7 million, or 1.56% of total assets at March 31,
2017, and $23.9 million, or 2.61% of total assets at June 30,
2016.
Non-performing loans decreased to $6.5 million, or 0.99% of
total loans at June 30, 2017, compared with $8.1 million, or
1.22% of total loans at March 31, 2017, and decreased from $11.6
million, or 1.86% of total loans at June 30, 2016. The decrease
from the previous quarter was primarily driven by $1.9 million in
principal payments received on nonaccrual loans. OREO at June 30,
2017, decreased to $6.3 million, compared with $6.6 million at
March 31, 2017, and $12.3 million at June 30, 2016. The Company
acquired $40,000 in OREO and sold $320,000 in OREO during the
second quarter of 2017. There were no fair value write-downs
arising from lower marketing prices or new appraisals in the first
six months of 2017, compared with $650,000 in the first six months
of 2016.
The following table details past due loans and non-performing
assets as of:
June 30,
2017
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
(in thousands) Past due loans: 30 – 59 days $ 1,328 $ 972 $ 2,302 $
2,335 $ 2,401 60 – 89 days 765 289 315 273 336 90 days or more — —
— — — Nonaccrual loans 6,509 8,102 9,216
10,099 11,599
Total past due and nonaccrual loans
$
8,602
$
9,363 $ 11,833 $ 12,707 $ 14,336
Loans past due 90 days or more
$
—
$
— $ — $ — $ — Nonaccrual loans 6,509 8,102 9,216 10,099 11,599 OREO
6,318 6,571 6,821 7,098 12,322 Other repossessed assets —
— — — —
Total non-performing Assets
$
12,827
$
14,673 $ 16,037 $ 17,197 $ 23,921
In addition to nonaccrual loans and OREO, loans classified as
Troubled Debt Restructures (TDRs) and on accrual totaled $1.2
million at both June 30, 2017 and March 31, 2017, compared to $13.9
million at June 30, 2016.
Non-interest Income – Non-interest income for the second
quarter of 2017 decreased $45,000 to $1.1 million compared with
$1.2 million for the second quarter of 2016. The decrease from the
second quarter of 2016 was primarily due to reductions in OREO
income of $149,000 as income producing OREO has been sold and no
income was collected in the second quarter of 2017. This reduction
was partially offset by increases in service charges on deposit
accounts and bank card interchange fees of $75,000 and $34,000,
respectively, compared to the second quarter of 2016.
Non-interest Expense – Non-interest expense decreased
$950,000 to $7.0 million for the second quarter of 2017, compared
with $7.9 million for the second quarter of 2016. The decrease from
the second quarter of 2016 was primarily due to a reduction in OREO
expenses of approximately $297,000, a reduction of professional
fees of $251,000, a reduction of litigation and loan collection
expenses of $231,000, and a reduction of FDIC insurance expense of
$136,000.
Capital – On June 30, 2017, the Company entered into a
$10.0 million senior secured loan agreement with a commercial bank.
The loan matures on June 30, 2022. Interest is payable quarterly at
a rate of three-month LIBOR plus 250 basis points through June 30,
2020, at which time quarterly principal payments of $250,000 plus
interest will commence. The loan is secured by a first priority
pledge of 100% of the issued and outstanding stock of PBI Bank. The
Company may prepay any amount due under the promissory note at any
time without premium or penalty.
The Company contributed $9.0 million of the borrowing proceeds
to PBI Bank as Common Equity Tier 1 Capital. The remaining $1.0
million of the borrowing proceeds were retained by the lender in
escrow to service quarterly interest payments.
At June 30, 2017, PBI Bank’s Tier 1 leverage ratio was 7.54%,
compared with 6.37% at March 31, 2017, and its Total risk-based
capital ratio was 11.50% at June 30, 2017, compared with 9.89% at
March 31, 2017, which are below the minimums of 9.0% and 12.0%
required by the Bank’s Consent Order.
At June 30, 2017, Porter Bancorp’s leverage ratio was 5.65%,
compared with 5.43% at March 31, 2017, and its Total risk-based
capital ratio was 10.44%, compared with 10.15% at March 31, 2017.
At June 30, 2017, PBI Bank’s Common equity Tier I risk-based
capital ratio was 9.97%, and Porter Bancorp’s Common equity Tier I
risk-based capital ratio was 5.58%.
Deferred Tax Assets and Liabilities – The Company has a
net deferred tax asset of $52.4 million at June 30, 2017, which is
currently subject to a 100% valuation allowance. Deferred tax
assets and liabilities were due to the following as of:
June 30, December 31,
2017 2016 (in thousands) Deferred tax assets:
Net operating loss carry-forward $ 44,211 $ 42,094 Allowance for
loan losses 3,110 3,139 Other real estate owned write-down 3,366
3,366 Other 3,092 7,607 53,779
56,206 Deferred tax liabilities: FHLB
stock dividends 928 928 Other 485 1,229
1,413 2,157 Net deferred tax assets
before valuation allowance 52,366 54,049
Valuation allowance (52,366 ) (54,049 ) Net
deferred tax asset $ — $ —
Our ability to utilize deferred tax assets depends upon
generating sufficient future levels of taxable income. The
determination to restore a deferred tax asset and eliminate a
valuation allowance depends upon the evaluation of both positive
and negative evidence regarding the likelihood of achieving
sufficient future taxable income levels. We established a valuation
allowance for all deferred tax assets as of December 31, 2011, and
the valuation allowance remains in effect as of June 30, 2017.
Under Section 382 of the Internal Revenue Code, as amended
(“Section 382”), the Company’s net operating loss carryforwards
(“NOLs”) and other deferred tax assets can generally be used to
offset future taxable income and therefore reduce federal income
tax obligations. However, the Company's ability to use its NOLs
would be limited if there was an “ownership change” as defined by
Section 382. This would occur if shareholders owning (or deemed to
own under the tax rules) 5% or more of the Company's voting and
non-voting common shares increase their aggregate ownership of the
Company by more than 50 percentage points over a defined period of
time.
In 2015, the Company took two measures to preserve the value of
its NOLs. First, we adopted a tax benefits preservation plan
designed to reduce the likelihood of an “ownership change”
occurring as a result of purchases and sales of the Company's
common shares. Any shareholder or group that acquires beneficial
ownership of 5% or more of the Company (an “acquiring person”)
could be subject to significant dilution in its holdings if the
Company's Board of Directors does not approve such acquisition.
Existing shareholders holding 5% or more of the Company will not be
considered acquiring persons unless they acquire additional shares,
subject to certain exceptions described in the plan. In addition,
the Board of Directors has the discretion to exempt certain
transactions and certain persons whose acquisition of securities is
determined by the Board not to jeopardize the Company's deferred
tax assets. The rights will expire upon the earlier of (i) June 29,
2018, (ii) the beginning of a taxable year with respect to which
the Board of Directors determines that no tax benefits may be
carried forward, (iii) the repeal or amendment of Section 382 or
any successor statute, if the Board of Directors determines that
the plan is no longer needed to preserve the tax benefits, and (iv)
certain other events as described in the plan.
On September 23, 2015, our shareholders approved an amendment to
the Company’s articles of incorporation to further help protect the
long-term value of the Company’s NOLs. The amendment provides a
means to block transfers of our common shares that could result in
an ownership change under Section 382. The transfer restrictions
will expire on the earlier of (i) September 23, 2018, (ii) the
beginning of a taxable year with respect to which the Board of
Directors determines that no tax benefit may be carried forward,
(iii) the repeal of Section 382 or any successor statute if our
Board determines that the transfer restrictions are no longer
needed to preserve the tax benefits of our NOLs, or (iv) such date
as the Board otherwise determines that the transfer restrictions
are no longer necessary.
Forward-Looking Statements
Statements in this press release relating to Porter Bancorp’s
plans, objectives, expectations or future performance are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “believe,”
“may,” “should,” “anticipate,” “estimate,” “expect,” “intend,”
“objective,” “possible,” “seek,” “plan,” “strive” or similar words,
or negatives of these words, identify forward-looking statements.
These forward-looking statements are based on management’s current
expectations. Porter Bancorp’s actual results in future periods may
differ materially from those indicated by forward-looking
statements due to various risks and uncertainties, including our
ability to reduce our level of higher risk loans such as commercial
real estate and real estate development loans, reduce our level of
non-performing loans and other real estate owned, and increase net
interest income in a low interest rate environment, as well as our
need to increase capital. These and other risks and uncertainties
are described in greater detail under “Risk Factors” in the
Company’s Form 10-K and subsequent periodic reports filed with the
Securities and Exchange Commission. The forward-looking statements
in this press release are made as of the date of the release and
Porter Bancorp does not assume any responsibility to update these
statements.
Additional Information
Unaudited supplemental financial information for the second
quarter ending June 30, 2017, follows.
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
Three Three Three Six Six Months Months Months Months Months
Ended Ended Ended Ended Ended 6/30/17 3/31/17 6/30/16 6/30/17
6/30/16
Income Statement Data Interest income $ 9,134 $ 9,225 $
8,705 $ 18,359 $ 17,890 Interest expense 1,546 1,484
1,509 3,030 3,043 Net interest income 7,588
7,741 7,196 15,329 14,847 Provision (negative provision) for loan
losses — — (600 ) — (1,150 ) Net
interest income after provision 7,588 7,741 7,796 15,329 15,997
Service charges on deposit accounts 548 501 473 1,049 902
Bank card interchange fees 255 213 221 468 423 Other real estate
owned income — — 149 — 405 Bank owned life insurance income 104 102
119 206 215 Gain (loss) on sales and calls of securities, net (5 )
— — (5 ) 203 Other 205 252 190 457
395 Non-interest income 1,107 1,068 1,152 2,175 2,543
Salaries & employee benefits 3,803 3,947 3,857 7,750 7,679
Occupancy and equipment 844 821 808 1,665 1,662 Professional fees
241 303 492 544 877 FDIC insurance 357 342 493 699 1,016 Data
processing expense 318 292 295 610 592 State franchise and deposit
tax 225 225 255 450 510 Other real estate owned expense (3 ) (16 )
294 (19 ) 962 Litigation and loan collection expense 40 3 271 43
353 Other 1,161 1,212 1,171 2,373
2,376 Non-interest expense 6,986 7,129 7,936 14,115 16,027
Income before income taxes 1,709 1,680 1,012 3,389 2,513
Income tax expense — — — — 21
Net income 1,709 1,680 1,012 3,389 2,492 Less: Earnings allocated
to participating securities 42 44 33 88
84 Net income available to common $ 1,667 $ 1,636 $ 979 $
3,301 $ 2,408 Weighted average shares – Basic 6,096,981
6,063,026 5,877,961 6,076,112 5,538,815 Weighted average shares –
Diluted 6,096,981 6,063,026 5,877,961 6,076,112 5,538,815
Basic earnings per common share $ 0.27 $ 0.27 $ 0.17 $ 0.54 $ 0.43
Diluted earnings per common share $ 0.27 $ 0.27 $ 0.17 $ 0.54 $
0.43 Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.00
$ 0.00 $ 0.00
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
Three Three Three Six Six Months Months Months Months Months
Ended Ended Ended Ended Ended 6/30/17 3/31/17 6/30/16 6/30/17
6/30/16
Average Balance Sheet Data Assets $ 941,982 $ 937,616 $
936,000 $ 939,811 $ 936,689 Loans 654,801 649,325 619,253 652,078
619,665 Earning assets 899,393 892,292 876,721 895,862 879,178
Deposits 870,138 853,556 858,849 861,893 861,987 Long-term debt and
advances 29,759 35,956 27,649 32,840 27,841 Interest bearing
liabilities 773,301 767,461 766,712 770,397 773,075 Stockholders’
equity 37,018 33,732 39,214 35,384 36,380
Performance Ratios Return on average assets 0.73 % 0.73 %
0.43 % 0.73 % 0.54 % Return on average equity 18.52 20.20 10.38
19.31 13.78 Yield on average earning assets (tax equivalent) 4.11
4.23 4.03 4.17 4.13 Cost of interest bearing liabilities 0.80 0.78
0.79 0.79 0.79 Net interest margin (tax equivalent) 3.42 3.55 3.34
3.49 3.44 Efficiency ratio 80.30 80.93 95.06 80.62 93.25
Loan Charge-off Data Loans charged-off $ (307 ) $
(326 ) $ (928 ) $ (633 ) $ (1,677 ) Recoveries 226
325 292 551 890 Net recoveries (charge-offs) $
(81 ) $ (1 ) $ (636 ) $ (82 ) $ (787 )
Nonaccrual
Loan Activity Nonaccrual loans at beginning of period $ 8,102 $
9,216 $ 11,119 $ 9,216 $ 14,087 Net principal pay-downs (1,944 )
(1,452 ) (731 ) (3,396 ) (3,443 ) Charge-offs (242 ) (229 ) (344 )
(471 ) (988 ) Loans foreclosed and transferred to OREO (40 ) (100 )
(135 ) (140 ) (576 ) Loans returned to accrual status (63 ) (136 )
(265 ) (199 ) (349 ) Loans placed on nonaccrual during the period
696 803 1,955 1,499 2,868
Nonaccrual loans at end of period $ 6,509 $ 8,102 $ 11,599 $ 6,509
$ 11,599
Troubled Debt Restructurings (TDRs) Accruing
$ 1,235 $ 1,244 $ 13,936 $ 1,235 $ 13,936 Nonaccrual 1,967
3,374 3,453 1,967 3,453 Total $ 3,202 $
4,618 $ 17,389 $ 3,202 $ 17,389
Other Real Estate Owned
(OREO) Activity OREO at beginning of period $ 6,571 $ 6,821 $
17,861 $ 6,821 $ 19,214 Real estate acquired 40 100 135 140 576
Valuation adjustment write-downs — — (150 ) — (650 ) Proceeds from
sales of properties (320 ) (388 ) (5,638 ) (708 ) (6,987 ) Gain
(loss) on sales, net 27 38 114 65
169 OREO at end of period $ 6,318 $ 6,571 $ 12,322 $ 6,318 $
12,322
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of 6/30/17 3/31/17 12/31/16
9/30/16 6/30/16
Assets
Loans $ 654,938 $ 664,183 $ 639,236 $ 621,697 $ 624,136 Allowance
for loan losses (8,885 ) (8,966 ) (8,967 )
(9,489 ) (10,104 ) Net loans 646,053 655,217 630,269
612,208 614,032 Loans held for sale — — — 134 — Securities held to
maturity 41,635 41,752 41,818 41,883 41,948 Securities available
for sale 154,993 156,001 152,790 142,433 143,145 Federal funds sold
& interest bearing deposits 51,413 32,329 56,867 57,578 49,313
Cash and due from financial institutions 9,297 5,456 9,449 6,266
8,289 Premises and equipment 17,164 17,687 17,848 18,481 18,618
Bank owned life insurance 15,033 14,935 14,838 14,741 14,646 FHLB
Stock 7,323 7,323 7,323 7,323 7,323 Other real estate owned 6,318
6,571 6,821 7,098 12,322 Accrued interest receivable and other
assets 5,228 5,083 7,154 7,135
6,916
Total Assets $ 954,457 $ 942,354 $ 945,177 $ 915,280 $
916,552
Liabilities and Equity Certificates of
deposit $ 458,068 $ 470,029 $ 444,639 $ 454,742 $ 461,183 Interest
checking 97,169 104,811 103,876 88,386 90,806 Money market 153,700
122,434 142,497 140,995 135,643 Savings 36,363 36,380
34,518 33,816 34,616 Total interest bearing
deposits 745,300 733,654 725,530 717,939 722,248 Demand deposits
129,518 127,049 124,395 119,005
117,843 Total deposits 874,818 860,703 849,925 836,944 840,091 FHLB
advances 2,158 17,313 22,458 2,619 2,775 Junior subordinated
debentures 23,700 23,925 24,150 24,375 24,600 Senior debt 10,000 —
— — — Accrued interest payable and other liabilities 5,388
4,908 15,911 7,721 7,651 Total
liabilities 916,064 906,849 912,444 871,659 875,117
Preferred stockholders’ equity 2,771 2,771 2,771 2,771 2,771 Common
stockholders’ equity 35,622 32,734 29,962
40,850 38,664 Total stockholders’ equity
38,393 35,505 32,733 43,621 41,435
Total Liabilities and Stockholders’ Equity $ 954,457 $
942,354 $ 945,177 $ 915,280 $ 916,552
Ending shares
outstanding 6,259,864 6,247,520 6,224,533 6,222,994 6,223,661
Book value per common share $ 5.69 $ 5.24 $ 4.81 $ 6.56 $
6.21
Tangible book value per common share 5.69 5.23 4.79
6.53 6.16
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of 6/30/17 3/31/17 12/31/16
9/30/16 6/30/16
Asset Quality
Data Loan 90 days or more past due still on accrual $ — $ — $ —
$ — $ — Nonaccrual loans 6,509 8,102 9,216
10,099 11,599 Total non-performing loans 6,509 8,102
9,216 10,099 11,599 Real estate acquired through foreclosures 6,318
6,571 6,821 7,098 12,322 Other repossessed assets — —
— — — Total non-performing assets $ 12,827 $
14,673 $ 16,037 $ 17,197 $ 23,921 Non-performing loans to
total loans 0.99 % 1.22 % 1.44 % 1.62 % 1.86 % Non-performing
assets to total assets 1.34 1.56 1.70 1.88 2.61 Allowance for loan
losses to non-performing loans 136.50 110.66 97.30 93.96 87.11
Allowance for loans evaluated individually $ 254 $ 332 $ 399
$ 339 $ 146 Loans evaluated individually for impairment 8,273 9,891
15,131 16,214 25,535 Allowance as % of loans evaluated individually
3.07 % 3.36 % 2.64 % 2.09 % 0.57 % Allowance for loans
evaluated collectively $ 8,631 $ 8,634 $ 8,568 $ 9,150 $ 9,958
Loans evaluated collectively for impairment 646,665 654,292 624,105
605,483 598,601 Allowance as % of loans evaluated collectively 1.33
% 1.32 % 1.37 % 1.51 % 1.66 % Allowance for loan losses to
total loans 1.36 % 1.35 % 1.40 % 1.53 % 1.62 %
Loans by
Risk Category Pass $ 610,356 $ 617,361 $ 586,430 $ 551,075 $
547,853 Watch 29,433 26,442 30,431 46,049 50,024 Special Mention
604 492 497 603 622 Substandard 14,545 19,888 21,878 23,970 25,637
Doubtful — — — — —
Total
$ 654,938 $ 664,183 $ 639,236 $ 621,697 $ 624,136
Risk-based Capital Ratios - Company Tier I leverage ratio
5.65 % 5.43 % 5.27 % 6.21 % 5.87 % Common equity Tier I risk-based
capital ratio 5.58 5.29 5.20 6.37 6.11 Tier I risk-based capital
ratio 7.46 7.09 6.99 8.48 8.16 Total risk-based capital ratio 10.44
10.15 10.21 11.57 11.31
Risk-based Capital Ratios – PBI
Bank Tier I leverage ratio 7.54 % 6.37 % 6.24 % 6.97 % 6.65 %
Common equity Tier I risk-based capital ratio 9.97 8.33 8.28 9.53
9.22 Tier I risk-based capital ratio 9.97 8.33 8.28 9.53 9.22 Total
risk-based capital ratio 11.50 9.89 9.88 11.18 10.87
FTE
employees 221 230 238 233 239
Non-GAAP Financial Measures Reconciliation
Tangible book value per common share is a non-GAAP financial
measure derived from GAAP-based amounts. We calculate tangible book
value per common share by excluding the balance of intangible
assets from common stockholders’ equity. We calculate tangible book
value per common share by dividing tangible common equity by common
shares outstanding, as compared to book value per common share,
which we calculate by dividing common stockholders’ equity by
common shares outstanding. We believe this is consistent with bank
regulatory agency treatment, which excludes tangible assets from
the calculation of risk-based capital.
The efficiency ratio is a non-GAAP measure of expense control
relative to revenue from net interest income and fee income. We
calculate the efficiency ratio by dividing total non-interest
expenses as determined under GAAP by net interest income and total
non-interest income, but excluding net gains on the sale of
securities from the calculation. We believe this provides a
reasonable measure of primary banking expenses relative to primary
banking revenue.
As of 6/30/17 3/31/17
12/31/16 9/30/16 6/30/16
Tangible Book Value Per Share (in thousands, except share
and per share data) Common stockholder’s equity $ 35,622 $
32,734 $ 29,962 $ 40,850 $ 38,664 Less: Intangible assets —
42 140 239 337 Tangible common equity
35,622 32,692 29,822 40,611 38,327 Shares outstanding
6,259,864 6,247,520 6,224,533 6,222,994
6,223,661 Tangible book value per common share $ 5.69 $ 5.23 $ 4.79
$ 6.53 $ 6.16 Book value per common share 5.69 5.24 4.81 6.56 6.21
Three Months Ended Six Months Ended 6/30/17 3/31/17
6/30/16 6/30/17 6/30/16
Efficiency Ratio (in thousands)
Net interest income $ 7,588 $ 7,741 $ 7,196 $ 15,329 $
14,847 Non-interest income 1,107 1,068 1,152 2,175 2,543 Less: Net
gain (loss) on securities (5 ) — — (5 )
203 Revenue used for efficiency ratio 8,700
8,809 8,348 17,509 17,187 Non-interest expense
6,986 7,129 7,936 14,115 16,027 Efficiency ratio 80.30 %
80.93 % 95.06 % 80.62 % 93.25 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170726006262/en/
Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
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