Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Federal Home Loan Bank of Seattle Announces 2014 Unaudited Preliminary Financial Highlights

SEATTLE–(BUSINESS WIRE)–

Today, the Federal Home Loan Bank of Seattle (Seattle Bank) announced preliminary financial highlights for the year ended December 31, 2014, reporting $60.2 million of net income, compared to $61.4 million in 2013, and an increase in its retained earnings balance to $346.4 million as of December 31, 2014, from $287.1 million as of December 31, 2013.

Based on the bank’s fourth quarter 2014 financial results, the Seattle Bank’s Board of Directors declared a $0.025 per share cash dividend, to be paid on February 23, 2015. Dividends will be paid based on average Class A and Class B stock outstanding during fourth quarter 2014. In addition, the bank announced that it will repurchase up to $100 million of excess capital stock during first quarter 2015. The Seattle Bank repurchased $396.9 million of excess capital stock during the year ended December 31, 2014.

Based on its 2014 net income, the bank will contribute $6.9 million to its Affordable Housing Program (AHP) for awards in 2015.

“Our 2014 results build on our significant progress in returning the Seattle Bank to financial health. We are pleased to have strengthened our capital position, continued to repurchase and pay dividends on our stock, and as a result of our 2014 earnings, contributed nearly $7 million to our Affordable Housing Program,” said Seattle Bank President and CEO Michael L. Wilson. “Although we have grown our advances with certain segments of our membership, changes in our industry and membership continue to constrain our ability to prosper as a stand-alone Federal Home Loan Bank without relying on investments as a source of income. Our proposed merger with the Federal Home Loan Bank of Des Moines offers an opportunity to create a Federal Home Loan Bank cooperative with a more diverse membership and greater economies of scale—and well-positioned to meet member needs now and for years to come.”

Key features of the Seattle Bank’s operating results for the year ended December 31, 2014, included:

Higher net interest income. Net interest income after provision (benefit) for credit losses for the year ended December 31, 2014, increased to $146.3 million from $138.5 million for 2013, primarily due to increased interest income on investments and lower cost of funding, partially offset by lower interest income on mortgage loans held for portfolio and advances. The changes in interest income on investments and advances were primarily yield driven. In addition, lower prepayment fees on advances contributed to a decrease in interest income. The change in interest income on mortgage loans held for portfolio was primarily driven by the continued decline in the average balances outstanding during the year ended December 31, 2014, as the remaining mortgage loans in the portfolio continued to pay down. Lower non-interest income (loss). Non-interest income decreased by $8.7 million for the year ended December 31, 2014, compared to the previous year. Non-interest income (loss) was negatively impacted by higher credit-related losses on other-than-temporarily impaired private-label mortgage-backed securities and lower gains on early debt extinguishments during the year ended December 31, 2014, compared to the previous year. Higher other non-interest expense. The Seattle Bank’s other non-interest expense increased by $374,000 for the year ended December 31, 2014, compared to 2013, primarily due to an increase in operating expenses from $5.7 million of merger-related costs for the year ended December 31, 2014, partially offset by a decrease in other expenses, including the impact of a one-time $4.0 million write-off of software in 2013 without similar activity in 2014.

Other Financial Information

Total assets decreased to $35.1 billion as of December 31, 2014, from $35.9 billion as of December 31, 2013, primarily due to a decrease in advances and mortgage loans outstanding. Advances outstanding decreased to $10.3 billion as of December 31, 2014, from $10.9 billion as of December 31, 2013, primarily due to the maturity of advances with Bank of America, N.A., in the first quarter of 2014, partially offset by an increase in advances with various members during the remainder of 2014. Mandatorily redeemable capital stock decreased by $293.2 million as of December 31, 2014, compared to December 31, 2013, primarily due to the Seattle Bank’s quarterly repurchases of excess capital stock during 2014, partially offset by a redemption request resulting from a merger between two member banks. Accumulated other comprehensive income (loss) improved to a gain of $1.6 million as of December 31, 2014, from a loss of $71.8 million as of December 31, 2013, primarily due to improvements in the market values of the bank’s available-for-sale securities including those previously determined to be other-than-temporarily-impaired. Total capital increased to $1.2 billion as of December 31, 2014, from $1.1 billion as of December 31, 2013. The Seattle Bank paid cash dividends (including interest on mandatorily redeemable capital stock) totaling $2.6 million during the year ended December 31, 2014. During the six months ended December 31, 2013, the Seattle Bank paid cash dividends of $1.4 million. No cash dividends were paid during the first half of 2013.

Unaudited Selected Financial Data ($ in thousands)

Selected Statements of Condition Data As of December 31, 2014 As of December 31, 2013 Advances $ 10,313,691 $ 10,935,294 Investments (1) 24,046,403 22,545,976 Mortgage loans held for portfolio, net 647,179 797,620 Total assets 35,129,197 35,870,314 Consolidated obligations 31,790,607 32,402,896 Mandatorily redeemable capital stock 1,454,473 1,747,690 Total capital stock 858,083 922,977 Retained earnings 346,375 287,090 Accumulated other comprehensive income (loss) 1,552 (71,768 ) Total capital (2) 1,206,010 1,138,299 For the Years Ended December 31, Selected Statements of Income Data 2014 2013 Net interest income $ 146,860 $ 137,334 Provision (benefit) for credit losses 584 (1,149 ) Net interest income after provision (benefit) for credit losses 146,276 138,483 Non-interest income (loss): Other-than-temporary impairment credit loss (4,840 ) (1,837 ) Derivatives and hedging activities 4,211 4,774 Other non-interest income (3) 1,707 6,867 Other non-interest expense 80,288 79,914 Total assessments 6,877 6,927 Net income $ 60,189 $ 61,446 Selected Performance Measures As of December 31, 2014 As of December 31, 2013 Regulatory capital (4) $ 2,658,931 $ 2,957,757 Risk-based capital surplus (5) $ 1,375,172 $ 1,483,070 Regulatory capital-to-assets ratio 7.57 % 8.25 % Leverage capital-to-assets ratio 11.24 % 12.21 % Market value of equity (MVE) to par value of capital stock (PVCS) ratio 114.29 % 107.67 % Return on PVCS vs. one-month London Interbank Offered Rate (LIBOR): Return on PVCS (6) 2.38 % 2.26 % Average annual one-month LIBOR 0.16 % 0.19 % Core mission activity (CMA) assets to consolidated obligations (7) 40.90 % 41.51 % (1) Consists of securities purchased under agreements to resell, federal funds sold, available-for-sale securities, and held-to-maturity securities. (2) Excludes mandatorily redeemable capital stock, which totaled $1.5 billion and $1.7 billion as of December 31, 2014 and 2013. (3) Depending upon activity within the period, may include the following: gain (loss) on sale of available-for-sale or held-to-maturity securities, gain (loss) on financial instruments held under fair value option, gain (loss) on early extinguishments of consolidated obligations, service fees, and other non-interest income. (4) Includes total capital stock, retained earnings, and mandatorily redeemable capital stock. (5) Defined as the excess of the bank’s permanent capital (which consists of Class B capital stock, including Class B capital stock classified as mandatorily redeemable, and retained earnings) over its risk-based capital requirement. (6) Return on PVCS is computed as net income divided by average PVCS, for the year. (7) Defined as advances, acquired member assets (such as mortgage loans), and certain housing finance agency obligations as a percentage of consolidated obligations.

The Seattle Bank expects to file its 2014 annual report on Form 10-K with the Securities and Exchange Commission (SEC) on or around March 16, 2015.

Proposed Merger with the Des Moines Bank

On September 25, 2014, the Seattle Bank and the Federal Home Loan Bank of Des Moines (Des Moines Bank) entered into a definitive agreement to merge the two banks (the Merger Agreement). Further, by letter dated December 19, 2014, the banks received approval of their merger application submitted to the Federal Housing Finance Agency (FHFA). Following receipt of the FHFA’s approval, on January 12, 2015, the banks distributed the Joint Merger Disclosure Statement and voting materials to their members seeking ratification of the Merger Agreement by the members of both banks through a voting process that is expected to be completed by February 23, 2015. Material details of the Merger Agreement and the Joint Merger Disclosure Statement are included in the banks’ related Form 8-K filings with the SEC and should be reviewed in connection with consideration of the proposed merger. If a majority of the votes cast by members of each of the banks are cast for ratification of the Merger Agreement and all other conditions set out in the Merger Agreement are satisfied, the merger is expected to become effective on May 31, 2015.

The proposed merger between the Seattle Bank and the Des Moines Bank will not impact the Seattle Bank’s 2015 offering of AHP. In the event that the proposed merger is finalized during 2015, the Seattle Bank’s allocation of AHP funding and the program’s requirements will continue to be governed by the Seattle Bank’s 2015 AHP Implementation Plan.

Consent Arrangement

The Seattle Bank continues to address the requirements of the Consent Order issued by the FHFA, effective November 22, 2013 (collectively, with related understandings with the FHFA, the Amended Consent Arrangement), which superseded the previous Consent Order and related understandings put in place in October 2010 (2010 Consent Arrangement). In addition to continued compliance with the terms of the plans and policies adopted and implemented to address the 2010 Consent Arrangement, the Amended Consent Arrangement requires Board of Directors’ monitoring for compliance with the terms of such plans and policies, development and implementation of a plan acceptable to the FHFA to increase advances and other CMA assets as a percentage of the bank’s consolidated obligations, and securing non-objection from the FHFA prior to repurchasing or redeeming any excess capital stock or paying dividends on the bank’s capital stock. With FHFA non-objection, the Seattle Bank has repurchased up to $25 million of excess capital stock on a quarterly basis since the third quarter of 2012 and paid modest quarterly dividends to its shareholders based on the bank’s quarterly net income since July 2013. In addition to the four quarterly repurchases of up to $25 million of excess capital stock, with FHFA non-objection, during 2014, the Seattle Bank redeemed an additional $299.6 million of excess capital stock on which the redemption waiting periods had been satisfied and repurchased $2.3 million of excess Class B stock that had been purchased by members on or after October 27, 2010, for activity purposes. The FHFA reviews the bank’s requests to repurchase and pay dividends on its capital stock on a quarterly basis.

About the Seattle Bank

The Seattle Bank is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. The Seattle Bank’s funding and financial services enable our member institutions to provide their customers with greater access to mortgages, commercial loans, and funding for affordable housing and economic development.

The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, and Wyoming, the U.S. territories of American Samoa and Guam, and the Commonwealth of the Northern Mariana Islands. Members include commercial banks, credit unions, thrifts, industrial loan corporations, insurance companies, and non-depository community development financial institutions.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including preliminary highlights of financial statements and information as of and for the year ended December 31, 2014, and on which the Seattle Bank’s external auditor has not completed its audit, and information regarding a proposed merger with the Des Moines Bank. Forward-looking statements are subject to known and unknown risks and uncertainties. Actual financial performance and condition for the year ended December 31, 2014, and other actions or transactions, including those relating to the ability of the Seattle Bank and the Des Moines Bank to obtain member approvals relating to the proposed merger, the completion of the proposed merger, the Amended Consent Arrangement, and payments of dividends and repurchases of capital stock, may differ materially from those expected or implied in forward-looking statements because of many factors. Such factors may include, but are not limited to, finalization of the financial statements, regulatory and legislative actions and approvals (including those of the FHFA relating to the stock repurchases and dividends and acceptance of final merger documentation), changes in general economic and market conditions (including effects on, among other things, U.S. debt obligations and mortgage-related securities), demand for advances, changes in the bank’s membership profile or the withdrawal of one or more large members, shifts in demand for the bank’s products and consolidated obligations, business and capital plan and policy adjustments and amendments, competitive pressure from other Federal Home Loan Banks and alternative funding sources, the Seattle Bank’s ability to meet adequate capital levels, accounting adjustments or requirements (including changes in assumptions and estimates used in the bank’s financial models), interest-rate volatility, changes in projected business volumes, the bank’s ability to appropriately manage its cost of funds, changes in the bank’s management and Board of Directors, and hedging and asset-liability management activities. Additional factors are discussed in the Seattle Bank’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings made with the SEC. The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.

Members of the Seattle Bank have been provided the Joint Merger Disclosure Statement in connection with the merger. Members are urged to read the disclosures therein.

FinanceInvestment & Company Informationcapital stockinterest incomeSeattleFederal Home Loan Bank Contact:

Federal Home Loan Bank of Seattle

Connie Waks, 206-340-2305

cwaks@fhlbsea.com […]

Weak economy set to spur Reserve Bank cash rate cut on Tuesday

Concern about deteriorating economic growth lies behind the Reserve Bank’s determination to cut interest rates, a move most likely at its first board meeting for the year on Tuesday.

A cut in the bank’s cash rate from 2.5 per cent to 2 per cent would bring the standard discounted home loan rate below 5 per cent, knocking $53 off the cost of servicing a $350,000 loan.

Although the latest official figures show Australia’s unemployment rate falling, the Reserve Bank’s preferred measure shows it continuing to climb.

The bank averages the unemployment rate for each quarter and compares it with the average for the previous quarter.

Board members will be told on Tuesday that over the past year the average unemployment rate has climbed from 5.9 per cent to 6 per cent to 6.1 per cent to 6.2 per cent. The averages mean that abstracted from monthly “noise” there has been no let up in the pace at which unemployment is climbing.

The board will be told economic growth figures released since it last met show the annualised pace of growth slipping from 3.6 per cent to 1.6 per cent in the space of six months.

The bank’s previous forecast of rising economic growth published in November is now regarded as out of date and will be revised when new forecasts are issued on Friday.

No lift in business confidence

Board members will be told that neither consumer nor business confidence has lifted since the budget, as would be needed for economic growth to climb back to its long-term trend.

Retail sales are solid but not spectacular, maintained by discounting and weighed down by low wage growth and rising unemployment.

Inflation provides no impediment to cutting rates. The headline rate is now just 1.7 per cent after the collapse in oil prices. Importantly, the bank expects lower oil prices to continue to weigh down on inflation as they feed through into a myriad other prices, something it did not expect late last year when it looked as if the collapse in the oil price would be less severe.

Rather than focusing on the unexpectedly high rate of so-called underlying inflation in the December quarter, the bank is paying special attention to the rate of inflation on so called “non-tradables” – products that are not internationally traded, which is well down on where it was a year ago, reflecting low wage growth and weak consumer demand.

“Tradables” inflation, the rate on products that are internationally traded, is now negative despite the lower dollar.

The bank is minded to cut its cash rate despite doubts about its effectiveness in boosting the economy. It is concerned that another cut may simply reignite the investor housing market and it fears it could fail in its objective of encouraging businesses and consumers to borrow and spend more. While a boost to the economy from the budget would be preferable, it isn’t likely.

Another impediment is the statement the bank released after its December board meeting, saying “the most prudent course is likely to be a period of stability in interest rates”.

The bank believes that enough has changed since December to release it from the commitment. The oil price has collapsed, economic growth has weakened, and the steam has gone out of inflation.

It believes that if it is clear it has to cut rates, there is little point in waiting. And it is also concerned that if it doesn’t cut when it is clear it should, the Australian dollar will head back up after dropping.

Canada has just cut its cash rate to 0.75 per cent. Denmark has just cut its rate to minus 0.5 per cent. The United States is keeping its rate at 0.25 per cent. An Australian cash rate maintained at 2.5 per cent in the face of these moves would give the dollar support the bank would prefer it not to have.

The final decision will up be made by the nine members of the board, including the newly appointed treasury secretary John Fraser, who will meet in Sydney on Tuesday.

If they decide to keep the cash rate at 2.5 per cent in the face of recent developments, they are likely to indicate they intend to cut it soon, in March. But it is more likely that they will cut on Tuesday.

Peter Martin is economics editor of The Age.

Twitter: @1petermartin

The story Weak economy set to spur Reserve Bank cash rate cut on Tuesday first appeared on The Sydney Morning Herald.

[…]

Cash America Announces Dividend Increase and Declares Quarterly Dividend

FORT WORTH, Texas–(BUSINESS WIRE)–

Cash America International, Inc. (CSH) reported today that the Board of Directors, at its regularly scheduled quarterly meeting, increased the cash dividend amount to $0.05 (5 cents) per share on common stock outstanding. The newly declared dividend represents a 43% increase in the Company’s previous quarterly dividend of $0.035 (3.5 cents) per share paid each quarter since the first quarter of 2007. The Company has consistently paid a quarterly dividend since 1989. The dividend will be paid at the close of business on February 25, 2015 to shareholders of record on February 11, 2015.

Commenting on the board’s decision, Daniel R. Feehan, President and Chief Executive Officer said, “We are pleased to provide our shareholders with this increase in our quarterly cash dividend, which demonstrates our efforts to provide shareholders with a regular cash return based on the healthy cash flow generating capability of their Company.”

In a separate release today, the Company also announced that the board of directors approved a new open market share repurchase authorization for up to 4 million shares of the Company’s common stock. See the separate press release for additional details.

About the Company

As of December 31, 2014 Cash America International, Inc. (the “Company”) operated 943 total locations offering specialty financial services to consumers, which included the following:

859 lending locations in 21 states in the United States primarily under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” and “Cashland;” and 84 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 12 states in the United States under the name “Mr. Payroll.”

For additional information regarding Cash America International, Inc. visit its website located at www.cashamerica.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements about the business, financial condition, operations and prospects of the Company. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation: the effect of, compliance with or changes in domestic pawn, consumer credit, tax and other laws and governmental rules and regulations applicable to the Company’s business or changes in the interpretation or enforcement thereof; the regulatory and examination authority of the Consumer Financial Protection Bureau, including the effect of and compliance with a consent order the Company entered into with the Consumer Financial Protection Bureau in November 2013; risks related to the separation of the Company and Enova International, Inc.; a claim relating to the terms of the Company’s 5.75% senior notes; the actions of third parties who provide, acquire or offer products and services to, from or for the Company; public and regulatory perception of the Company’s business, including its consumer loan business and its business practices; the effect of any current or future litigation proceedings or any judicial decisions or rule-making that affect the Company, its products or its arbitration agreements; fluctuations, including a sustained decrease, in the price of gold or deterioration in economic conditions; a prolonged interruption in the Company’s operations of its facilities, systems and business functions, including its information technology and other business systems; changes in demand for the Company’s services and changes in competition; impairment risk related to the Company’s goodwill and intangible assets; the Company’s ability to attract and retain qualified executive officers; the ability of the Company to open new locations in accordance with its plans or to successfully integrate newly acquired businesses into the Company’s operations; interest rate fluctuations; changes in the capital markets, including the debt and equity markets; changes in the Company’s ability to satisfy its debt obligations or to refinance existing debt obligations or obtain new capital to finance growth; security breaches, cyber-attacks or fraudulent activity; acts of God, war or terrorism, pandemics and other events; the effect of any of such changes on the Company’s business or the markets in which it operates; and other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release.

FinanceInvestment & Company InformationCompany Contact:

Cash America International, Inc.

Thomas A. Bessant, Jr., 817-335-1100

[…]

Redwood Capital Bancorp Reports Record Profitability — Cash Dividend Declared

EUREKA, Calif., Jan. 28, 2015 (GLOBE NEWSWIRE) — REDWOOD CAPITAL BANCORP (RWCB.OB), the only locally owned and operated community bank holding company in Humboldt County, announced unaudited financial results for the three and twelve month periods ended December 31, 2014. The community bank holding company reported record annual profits and reaffirmed its ongoing quarterly cash dividends.

President and CEO John Dalby stated, “We continue to be pleased with the core earnings performance of the company, the low level of nonperforming assets relative to our peers and the growth within our local loan portfolio during this persistently challenging economic environment. Likewise, we remain proud of our dedicated staff who continually contribute to the growth and profitability of our organization. In 2014, Redwood Capital Bank was again awarded a 5-Star rating from Bauer Financial, one of the most well-known and respected financial rating agencies within the banking trade, as well as being ranked the Best Bank to Work for in California and #8 nationally by American Banker. These results and accolades suggest that our focus on putting local deposits to work by making loans to our local business, mortgage and consumer customers is building toward sustainable growth and positive earnings trends for the future.”

Total assets as of December 31, 2014 were $280.1 million, an increase of 2% over the September 30, 2014 figure and a 11% change from the December 31, 2013 reported figures. Total deposits stood at $251.8 million as of December 31, 2014, 2% greater than the September 30, 2014 figures and 11% higher than the December 31, 2013 numbers. The company again reported strong loan growth for the quarter and year. Total loans as of December 31, 2014, net of unearned income, were $205.2 million, an increase of 3% over the prior quarter and 17% over the year ended December 31, 2013.

Consolidated net interest income for the three and twelve months ended December 31, 2014 totaled $2,618,000 and $9,947,000, respectively. In comparison, there was virtually no change in consolidated net interest income from the previous quarter while the year ended December 31, 2014 is up a strong 11% over the year ended December 31, 2013. The company also reported net income for the fourth quarter of 2014 of $447,000, while record earnings for the year ended December 31, 2014 were reported as $2,011,000. The earnings represented a 29% decrease over the September 30, 2014 quarter and a strong increase of 8% over the year ended December 31, 2013. The fluctuations in net income during the fourth quarter are attributed to higher credit related costs and lower non-interest income results.

Additionally, the Board of Directors declared a quarterly cash dividend of $.06 per share, payable on February 6, 2015 to shareholders of record at the close of business on January 26, 2015. The dividend is equivalent to an annual rate of $0.24 per share or 2.44%, based upon a market price of $9.85 per common share. Since December 31, 2011, the rise in the company’s stock price, combined with dividends, has generated a total return of over 80%.

“We are very pleased with the opportunity to enhance shareholder value by deploying excess capital in a sound manner consistent with the desire of our Board of Directors and our shareholders at large. We continue to be a well-capitalized organization with the ability to take advantage of strategic opportunities as they arise. The entire Redwood Capital Bank team is excited about the opportunities before us in 2015,” Dalby concluded.

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Fred Moore, CFO, at (707) 444-9840, or stop by our headquarters and main office at 402 “G” Street, Eureka, CA 95501.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Redwood Capital Bancorp Selected Consolidated Financial Results – Unaudited (In Thousands – except share data)

Period Ended %
12/31/2014 9/30/2014 Change

Balance Sheet Data (at period end)

Total assets $280,134 $273,665 2% Total deposits 251,812 245,835 2% Total loans (net) 205,182 200,024 3% Common equity 17,478 17,134 2% Common shares outstanding 1,861,411 1,861,411 0%

Summary of Operations (Current Quarter)

Interest income 2,779 2,772 0% Interest expense 161 159 2% Net Interest Income 2,618 2,613 0% Non-interest income 291 363 -20% Non-interest expense 2,061 1,911 8% Net Income before provision 848 1,065 -20% Provision for loan losses 138 50 175% Income before taxes 710 1,015 -30% Income taxes 263 382 -31% Net Income 447 633 -29% Earnings per share (fully diluted) $0.24 $0.34 -29% Book value per common share $9.39 $9.20 2.0%

Period Ended %
12/31/2014 12/31/2013 Change

Balance Sheet Data (at period end)

Total assets $280,134 $253,003 11% Total deposits 251,812 227,449 11% Total loans (net) 205,182 175,305 17% Common equity 17,478 15,124 16% Common shares outstanding 1,861,411 1,809,882 3%

Summary of Operations (Current Quarter)

Interest income 2,779 2,494 11% Interest expense 161 168 -4% Net Interest Income 2,618 2,326 13% Non-interest income 291 338 -14% Non-interest expense 2,061 1,799 15% Net Income before provision 848 865 -2% Provision for loan losses 138 150 -8% Income before taxes 710 715 -1% Income taxes 263 276 5% Net Income 447 439 2% Earnings per share (fully diluted) $0.24 $0.24 -1% Book value per common share $9.40 $8.37 12%

Summary of Operations (Year to Date)

Interest income 10,575 9,765 8% Interest expense 629 808 -22% Net Interest Income 9,947 8,957 11% Non-interest income 1,221 1,573 -22% Non-interest expense 7,693 7,078 9% Net Income before provision 3,475 3,452 1% Provision for loan losses 438 425 3% Income before taxes 3,038 3,027 0% Income taxes 1,027 1,158 -11% Net Income 2,011 1,869 8% Earnings per share (fully diluted) $1.08 $1.03 5% Book value per common share $9.39 $8.37 12% Banking & BudgetingInvestment & Company Informationbank holding company Contact:


[…]

Mike Ashley tightens grip on Rangers with £10m loan

In return for the money – which will be paid to Rangers in two £5million tranches – Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

As well as that, Rangers will transfer 26 per cent of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51 per cent and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley.

Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

Ashley has now strengthened his grasp on the money streams entering the club, but the balance of power could yet swing away from him in the coming weeks if Dave King succeeds in routing the board at the general meeting he has called.

In a lengthy 7am statement to the Stock Exchange, the board said: “The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.

“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

“The Facility is structured in two separate interest free tranches. £5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.

“All rights and security associated with the MASH facility will be cancelled.

“The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26 per cent of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

“The second tranche of £5million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

Chill winds: Rangers are in financial trouble

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.

“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.

“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”

Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”

[…]

Rangers agree £10m loan from Sports Direct

Thumbnail

Sport Soccer Scottish Soccer

Rangers agree £10m loan from Sports Direct

Updated: Tuesday, 27 Jan 2015 10:45 | Comments

Comments Rangers are badly in need of funds & agreed the deal with Newcastle United owner Mike Ashley’s Sports Direct firm

The cash-strapped Rangers board has agreed a £10 million emergency loan deal with Mike Ashley’s Sports Direct firm.

Without the injection of fresh funding, the Ibrox outfit would not have been able to cover pay checks due to be delivered on Thursday.

The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks – but not Ibrox.

The move spells the end of attempts by the Three Bears – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted.

It was their promise to match Ashley’s deal whilst demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement.

In return for the money – which will be paid to Rangers in two £5 million tranches – Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

As well as that, Rangers will transfer 26% of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51% and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley.

Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

In a lengthy 7am statement to the Stock Exchange, the board said: “The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.

“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

“The Facility is structured in two separate interest free tranches. £5 million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.

“All rights and security associated with the MASH facility will be cancelled.

“The Club will transfer 26% of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

“The second tranche of £5 million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.

“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.

“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”

Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”

[…]

Gers agree £10m Sports Direct loan

The cash-strapped Rangers board has agreed a £10million emergency loan deal with Mike Ashley’s Sports Direct firm, it has announced to the Stock Exchange.

Without the injection of fresh funding, the Ibrox outfit would not have been able to cover pay checks due to be delivered on Thursday.

The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks – but not Ibrox.

The move spells the end of attempts by the Three Bears – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted.

It was their promise to match Ashley’s deal whilst demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement.

In return for the money – which will be paid to Rangers in two £5million tranches – Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

As well as that, Rangers will transfer 26 per cent of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51 per cent and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley.

Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

In a lengthy 7am statement to the Stock Exchange, the board said: “The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.

“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

“The Facility is structured in two separate interest free tranches. £5 million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.

“All rights and security associated with the MASH facility will be cancelled.

“The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26 per cent of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

“The second tranche of £5million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.

“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.

“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”

Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”

Ashley has now strengthened his grasp on the money streams entering the club, but the balance of power could yet swing away from him in the coming weeks if Dave King succeeds in routing the board at the general meeting he has called.

[…]

Rangers agree to £10m Sports Direct loan

The cash-strapped Rangers board has agreed a £10m emergency loan deal with Mike Ashley’s Sports Direct firm, the Scottish soccer club told the London Stock Exchange today.

Without the injection of fresh funding, the Ibrox outfit would not have been able to cover pay checks due to be delivered on Thursday.

The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the club’s registered trademarks – but not Ibrox.

The move spells the end of attempts by the Three Bears – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted.

It was their promise to match Ashley’s deal while demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement.

In return for the money – which will be paid to Rangers in two £5m tranches – Ashley will be able to nominate two more directors to the board.

His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

[…]

HFF, Inc. Declares Special Cash Dividend for Shareholders of Record as of February 2, 2015

PITTSBURGH–(BUSINESS WIRE)–

HFF, Inc. (NYSE:HF or the Company) announced today that its Board of Directors has declared a special cash dividend of $1.80 per Common Share, payable February 13, 2015 to shareholders of record on February 2, 2015. The aggregate dividend payment will total approximately $67.8 million based on the number of shares of Class A Common Stock currently outstanding. This follows special cash dividends paid in December 2012 and February 2014 of $1.52 per share and $1.83 per share, or approximately $56.3 million and $68.2 million, respectively. When paid in February 2015, the combined special cash dividends paid by the Company since December 2012 will total approximately $192.3 million.

Business Comments

“Due to the extraordinary effort expended by the entire HFF Team during 2014 and the strong cash position resulting from such passion and dedication in satisfying our customers’ capital markets objectives, we are pleased to announce our Board of Directors has declared its third special cash dividend in the amount of $1.80 per Class A Common Share,” said Mark D. Gibson, the Company’s chief executive officer.

“As we have continually communicated to our shareholders and the market, we believe in three guiding principles relative to managing our cash position and returning capital to our shareholders. These three guiding principles are to 1) maintain sufficient working capital to operate the HFF platform commensurate with a ‘best in class’ real estate capital markets service firm, 2) maintain sufficient cash reserves to not only survive a downturn such as during 2008 and 2009, but also to thrive in such a downturn given the significant opportunities for growth generally afforded well-capitalized firms in difficult times, and 3) maintain sufficient cash reserves to grow our business pursuant to our strategic initiatives and to take advantage of unexpected opportunities as they arise. We have clearly demonstrated our commitment to returning capital to shareholders once we have satisfied our three guiding principles, as evidenced by the payment of $192.3 million to our shareholders through the three special dividends since December 2012,” said Mr. Gibson.

“As we stated in previous releases, if, in the future, we find ourselves in a similar position and can fully satisfy the three guiding principles outlined above, it would be our current intention to recommend to our Board of Directors to return capital to our shareholders in some amount depending on the competitive position of the Company and other strategic options that might be available to the Company, as well as the macro and micro economic conditions and the legal and regulatory environment at that time. Therefore, it is important to note that future special dividends, if declared, may vary in timing and amount as it relates to previous dividend payments,” said Mr. Gibson.

About HFF, Inc.

Through its subsidiaries, Holliday Fenoglio Fowler, L.P. and HFF Securities L.P., the Company operates out of 23 offices nationwide and is one of the leading providers of commercial real estate and capital markets services, by transaction volume, to the U.S. commercial real estate industry. The Company offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales and commercial loan servicing.

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: (1) general economic conditions and commercial real estate market conditions, including the recent conditions in the global markets and, in particular, the U.S. debt markets; (2) the Company’s ability to retain and attract transaction professionals; (3) the Company’s ability to retain its business philosophy and partnership culture; (4) competitive pressures; (5) the Company’s ability to integrate and sustain its growth; and (6) other factors discussed in the Company’s public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K.

Additional information concerning factors that may influence HFF, Inc.’s financial information is discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in the Company’s most recent Annual Report on Form 10-K, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such information and filings are available publicly and may be obtained from the Company’s web site at www.hfflp.com or upon request from the HFF, Inc. Investor Relations Department at investorrelations@hfflp.com.

HFF, Inc. Contact:

HFF, Inc.

Mark D. Gibson,

214-265-0880

Chief Executive Officer

mgibson@hfflp.com

or

Gregory R. Conley,

412-281-8714

Chief Financial Officer

gconley@hfflp.com

or

Myra F. Moren,

713-852-3500

Director, Investor Relations

mmoren@hfflp.com […]

IRRRB Loan Guaranty program gets cash infusion

EVELETH — The Iron Range Resources & Rehabilitation Board’s Loan Guaranty program for local businesses has received a $350,000 infusion from the agency’s Business Development Project Fund.

The program, which is an initiative of outgoing Commissioner Tony Sertich to provide more financial help for existing Iron Range small businesses, provides loan guarantees of up to $75,000 under certain guidelines.

An online service is needed to view this article in its entirety. You need an online service to view this article in its entirety.

Have an online subscription?

Login Now

Need an online subscription?

Subscribe Already a Print Subscriber?

Login

Need an account? Create one now.

Choose an online service.

1 Online Only Subscription $75.00 for 365 days $50.00 for 182 days $10.95 for 28 days To become a new online only subscriber, and have your payment automatically charged every four weeks, please choose this option. By doing so, you will first proceed to a registration form. Upon completion of the registration form you will then continue by completing the subscription form. For assistance please call (218) 262-1011. Thank you.Please note – If you have already registered during a previous visit to this web site go to directly to the login button at the top right and then proceed to the subscription form. 2 Online Only Subscription- Auto Renew $6.95 for 28 days To become a new online only subscriber, and have your payment automatically charged every four weeks, please choose this option. By doing so, you will first proceed to a registration form. Upon completion of the registration form you will then continue by completing the subscription form. For assistance please call (218) 262-1011. Thank you.Please note – If you have already registered during a previous visit to this web site go to directly to the login button at the top right and then proceed to the subscription form. 3 Print & Online Subscription – Subscribe or Renew $200.00 for 365 days $155.00 for 280 days $78.00 for 140 days $39.00 for 70 days To become a new print and online subscriber, please choose this option. By doing so, you will first proceed to a registration form. Upon completion of the registration form you will then continue by completing the subscription form. For assistance please call (218) 262-1011. Thank you.Please note – If you have already registered during a previous visit to this web site go to directly to the login button at the top right and then proceed to the subscription form

Current print subscribers

1 Print Subscribers Add Online Access If you are a current print subscriber and would like to add Online Access to your subscription package, please choose this option. By doing so, you will first proceed to a registration form. lease note, you must provide a current Account Number for your subscription. Enter your account number including the leading “0”: 0123456. For assistance please call (218) 262-1011. Thank you.Please note – If you have already registered during a previous visit to this web site go to directly to the login button at the top right and then proceed to the subscription form. Back

Need an account? Create one now.

kAm%96 x### q@2C5 4C62E65 E96 AC@8C2> H:E9 S` >:==:@? 😕 a_“] xE 92D 96=A65 EC:886C ad =@42= 32?< =@2?D @7 >@C6 E92? Sa >:==:@? E@ ad 3FD:?6DD6D]k^Am

kAm~7 E96 ad =@2?D F?56C E96 AC@8C2>[ @?=J @?6 92D 72:=65] %96 286?4J =@DE Saf[hf_ 😕 2 Sdd[hd_ =@2? E@ r:2@ @7 $:56 {2<6 x?4][ H9:49 4=@D65 :ED r:2@ #FDE:4 xE2=:2? C6DE2FC2?E 😕 $:56 {2<6 2E E96 6?5 @7 a_`b] %96 =@2? H2D >256 3J $64FC:EJ $E2E6 q2?< @7 w:33:?8]k^Am

kAmpD @7 s64] `a[ E96C6 H6C6 DE:== `h 8F2C2?E665 =@2?D DE:== 😕 A=246 H:E9 E96 E@E2= =@2? A@CE7@=:@ @7 S`[db`[cgh H:E9 2 8F2C2?EJ 6IA@DFC6 @7 Shdh[“a]k^Am

kAm%96C6 H2D @?=J Sc_[ggg DE:== 2G2:=23=6 😕 E96 AC@8C2> H96? E96 286?4J 3@2C5 >6E @? s64] `g]k^Am

kAm“(6 4@?E:?F6 E@ C646:G6 :?BF:C:6D] x C64@>>6?5 C642A:E2=:K:?8 E9:D AC@8C2> H:E9 2? 255:E:@?2= Sbd_[___[” $6CE:49 D2:5 😕 2 7F?5:?8 C6BF6DE E@ E96 3@2C5]k^Am

kAmw6C6 2C6 E96 D:I =@2?D E92E 92G6 2=C625J 366? A2:5 @77 @C 42?46==65ik^Am

kAm• pJDE2 (2E6C[ x?4][ Sb_[___ E9C@F89 #6AF3=:4 q2?<]k^Am </p>

kAm• p>AE6<[ x?4][ Sd_[___ E9C@F89 u:CDE }2E:@?2= q2?< @7 qF9=]k^Am </p>

kAm• !C6>:6C !=2DE:4D[ x?4][ S“c[he_ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9]k^Am

kAm• r96C:D9[ {{r[ Sb_[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9]k^Am

kAm• #J2?’D #FDE:4 #2:=:?8D[ Sc_[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9]k^Am

kAm• #2A:5 #6?E2= U2>Aj $FAA=J[ S`c_[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9]k^Am

kAmw6C6 2C6 E96 `h =@2?D DE:== H:E9 x###q 8F2C2?EJ 6IA@DFC6[ E96 32?<[ E@E2= =@2? 2?5 E96 2>@F?E @7 E92E 6IA@DFC6ik^Am

kAm• y!y t?8:?66C:?8 x?4][ S`d_[___ =@2? E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 Sfd[___ 6IA@DFC6]k^Am

kAm• pJDE2 (2E6C[ x?4][ Sa_[___ =@2? E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 S`d[___ 6IA@DFC6]k^Am

kAm• {6?4: t?E6CAC:D6D[ x?4][ S`fd[___ =@2? E9C@F89 uC2?5D6? q2?< U2>Aj %CFDE H:E9 Sfa[___ 6IA@DFC6]k^Am

kAm• z|sp[ x?4][ S`__[___ =@2? E9C@F89 (@@5=2?5 q2?< H:E9 Sfd[___ 6IA@DFC6]k^Am

kAm• !2CC< !2G:?8[ x?4][ Se_[___ =@2? E9C@F89 u:CDE }2E:@?2= q2?< @7 qF9= H:E9 Saf[hec 6IA@DFC6]k^Am

kAm• !FC6 sC:G6?[ {{r[ S`__[___ =@2? E9C@F89 E96 }@CE9=2?5 u@F?52E:@? H:E9 Sdb[cdb 6IA@DFC6]k^Am

kAm• s2G:5 p] ~=D@? {@88:?8[ Sad[___ =@2? E9C@F89 u:CDE $E2E6 q2?< @7 q:87@C< H:E9 S`g[fd_ 6IA@DFC6]k^Am

kAm• %6<r2C |6E2=[ {{r[ S`__[___ =@2? E9C@F89 E96 t?EC6AC6?6FC uF?5 H:E9 Sd_[`b_ 6IA@DFC6]k^Am </p>

kAm• $F==:G2? r2?5J U2>Aj $FAA=J[ S`a[___ =@2? E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 Sd[`ga 6IA@DFC6]k^Am

kAm• pEC:F> #6DE2FC2?E[ x?4][ S`d[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 Sg[bff 6IA@DFC6]k^Am

kAm• |}$E2C %649?@=@8:6D[ x?4][ S`d_[___ E9C@F89 (@@5=2?5 q2?< H:E9 Sfd[___ 6IA@DFC6]k^Am

kAm• vFJ6C’D r@C?6C $E@C6[ S`__[___ E9C@F89 u:CDE }2E:@?2= q2?< @7 s66CH@@5 H:E9 Sfc[bec 6IA@DFC6]k^Am

kAm• $A64ECF> w@FD:?8[ S`__[___ E9C@F89 }@CE96C? $E2E6 q2?< @7 pD9=2?5 H:E9 Sfd[___ 6IA@DFC6]k^Am

kAm• s6C6< vFDE27D@?[ s]s]$][ Sgd[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 Seb[fd_ 6IA@DFC6]k^Am

kAm• $:=G6C {2<6 u=@C2=[ S`g[___ E9C@F89 }@CE96C? $E2E6 q2?< @7 ‘:C8:?:2 H:E9 S`b[d__ 6IA@DFC6]k^Am </p>

kAm• v2E6H2J $E@C6[ {{r[ Sfc[gb_ E9C@F89 E96 t?EC6AC6?6FC uF?5 H:E9 Sde[`ab 6IA@DFC6]k^Am

kAm• r2DE=6 s2?86C qC6H:?8[ S`d_[___ E9C@F89 %96 {2<6 q2?< H:E9 Sfd[___ 6IA@DFC6]k^Am </p>

kAm• }zv %C2?DA@CE2E:@?[ Sed[___ E9C@F89 p>6C:42? q2?< @7 E96 }@CE9 H:E9 Scg[fd_ 6IA@DFC6]k^Am

kAm• }68=6J !C@A6CE:6D[ {{r[ Sgg[fc_ E9C@F89 }@CE962DE t?EC6AC6?6FC uF?5 H:E9 Scg[___ 6IA@DFC6]k^Am

[…]