| Loans and Leases |
Note 3 — Loans and Leases
The Board of Directors and management review and approve the Bank’s loan and lease policy and procedures on a regular basis to reflect matters such as regulatory and organizational structure changes, strategic planning revisions, concentrations of credit, loan and lease delinquencies and nonperforming loans and leases, and problem loans and leases.
Real estate loans are loans secured by liens or interest in real estate, to provide purchase, construction, and refinance on real estate properties. Commercial and industrial loans consist of commercial term loans, commercial lines of credit, Small Business Administration (“SBA”) and international loans. Leases receivable include equipment finance agreements, which are typically secured by the business assets being financed. Consumer loans consist of auto loans, personal loans, and home equity lines of credit. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration.
Concentrations of Credit: The majority of the Bank’s loan and lease portfolio consists of commercial real estate loans.
Loans and leases receivable, net
Loans and leases receivable consisted of the following as of the dates indicated:
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
(in thousands)
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
869,302
|
|
|
$
|
906,260
|
|
|
Hospitality
|
|
|
922,288
|
|
|
|
830,679
|
|
|
Other (1)
|
|
|
1,358,432
|
|
|
|
1,449,270
|
|
|
Total commercial property loans
|
|
|
3,150,022
|
|
|
|
3,186,209
|
|
|
Construction
|
|
|
76,455
|
|
|
|
71,583
|
|
|
Residential property
|
|
|
402,028
|
|
|
|
500,563
|
|
|
Total real estate loans
|
|
|
3,628,505
|
|
|
|
3,758,355
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
Commercial term
|
|
|
227,652
|
|
|
|
206,691
|
|
|
Commercial lines of credit
|
|
|
228,033
|
|
|
|
194,032
|
|
|
International loans
|
|
|
28,409
|
|
|
|
29,180
|
|
|
Total commercial and industrial loans
|
|
|
484,093
|
|
|
|
429,903
|
|
|
Leases receivable
|
|
|
483,879
|
|
|
|
398,858
|
|
|
Consumer loans (2)
|
|
|
13,670
|
|
|
|
13,424
|
|
|
Loans and leases receivable
|
|
|
4,610,147
|
|
|
|
4,600,540
|
|
|
Allowance for loan and lease losses
|
|
|
(61,408
|
)
|
|
|
(31,974
|
)
|
|
Loans and leases receivable, net
|
|
$
|
4,548,739
|
|
|
$
|
4,568,566
|
|
|
(1)
|
Includes, among other property types, mixed-use, gas station, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans and leases.
|
|
(2)
|
Consumer loans include home equity lines of credit of $8.2 million and $10.3 million as of December 31, 2019 and 2018, respectively.
|
Accrued interest on loans and leases receivable was $10.0 million and $10.9 million at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, $1.35 billion and $1.10 billion of loans and leases receivable, respectively, were pledged to secure advances from the FHLB.
Loans Held for Sale
The following table details the information on SBA loans held for sale by portfolio segment for the years ended December 31, 2019 and 2018:
|
|
|
Real Estate
|
|
|
Commercial
and Industrial
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
5,194
|
|
|
$
|
4,196
|
|
|
$
|
9,390
|
|
|
Originations
|
|
|
43,001
|
|
|
|
33,764
|
|
|
|
76,765
|
|
|
Sales
|
|
|
(45,251
|
)
|
|
|
(34,865
|
)
|
|
|
(80,116
|
)
|
|
Principal paydowns and amortization
|
|
|
(1
|
)
|
|
|
(18
|
)
|
|
|
(19
|
)
|
|
Balance at end of period
|
|
$
|
2,943
|
|
|
$
|
3,077
|
|
|
$
|
6,020
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
3,746
|
|
|
$
|
2,648
|
|
|
$
|
6,394
|
|
|
Originations
|
|
|
39,243
|
|
|
|
39,903
|
|
|
|
79,146
|
|
|
Sales
|
|
|
(37,790
|
)
|
|
|
(38,161
|
)
|
|
|
(75,951
|
)
|
|
Principal paydowns and amortization
|
|
|
(5
|
)
|
|
|
(194
|
)
|
|
|
(199
|
)
|
|
Balance at end of period
|
|
$
|
5,194
|
|
|
$
|
4,196
|
|
|
$
|
9,390
|
|
Allowance for Loan and Lease Losses
Activity in the allowance for loan and lease losses was as follows for the periods indicated:
|
|
|
As of and for the Year Ended December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
|
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
31,974
|
|
|
$
|
31,043
|
|
|
$
|
32,429
|
|
|
Loans and leases charged off
|
|
|
(4,588
|
)
|
|
|
(7,310
|
)
|
|
|
(5,899
|
)
|
|
Recoveries on loans and leases previously charged off
|
|
|
3,852
|
|
|
|
4,251
|
|
|
|
3,682
|
|
|
Net charge-offs
|
|
|
(736
|
)
|
|
|
(3,059
|
)
|
|
|
(2,217
|
)
|
|
Loan and lease loss provision
|
|
|
30,170
|
|
|
|
3,990
|
|
|
|
831
|
|
|
Balance at end of period
|
|
$
|
61,408
|
|
|
$
|
31,974
|
|
|
$
|
31,043
|
|
The following table details the information on the allowance for loan and lease losses by portfolio segment for the years ended December 31, 2019 and 2018:
|
|
|
Real
Estate
|
|
|
Commercial
and
Industrial
|
|
|
Leases
Receivable
|
|
|
Consumer
|
|
|
Unallocated
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
18,384
|
|
|
$
|
7,162
|
|
|
$
|
6,303
|
|
|
$
|
98
|
|
|
$
|
27
|
|
|
$
|
31,974
|
|
|
Less loans and leases charged off
|
|
|
(131
|
)
|
|
|
(1,293
|
)
|
|
|
(3,162
|
)
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
(4,588
|
)
|
|
Recoveries on loans and leases previously charged off
|
|
|
2,190
|
|
|
|
1,241
|
|
|
|
422
|
|
|
|
0
|
|
|
|
—
|
|
|
|
3,852
|
|
|
Loan and lease loss provision
|
|
|
15,913
|
|
|
|
9,097
|
|
|
|
5,205
|
|
|
|
(17
|
)
|
|
|
(27
|
)
|
|
|
30,170
|
|
|
Ending balance
|
|
$
|
36,355
|
|
|
$
|
16,206
|
|
|
$
|
8,767
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
61,408
|
|
|
Individually evaluated for impairment
|
|
$
|
14,028
|
|
|
$
|
8,885
|
|
|
$
|
2,863
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
25,778
|
|
|
Collectively evaluated for impairment
|
|
$
|
22,327
|
|
|
$
|
7,321
|
|
|
$
|
5,904
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
35,631
|
|
|
Loans and leases receivable
|
|
$
|
3,628,505
|
|
|
$
|
484,093
|
|
|
$
|
483,879
|
|
|
$
|
13,670
|
|
|
$
|
—
|
|
|
$
|
4,610,147
|
|
|
Individually evaluated for impairment
|
|
$
|
43,867
|
|
|
$
|
13,700
|
|
|
$
|
5,902
|
|
|
$
|
1,297
|
|
|
$
|
—
|
|
|
$
|
64,766
|
|
|
Collectively evaluated for impairment
|
|
$
|
3,584,638
|
|
|
$
|
470,393
|
|
|
$
|
477,977
|
|
|
$
|
12,373
|
|
|
$
|
—
|
|
|
$
|
4,545,382
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
17,012
|
|
|
$
|
7,400
|
|
|
$
|
6,279
|
|
|
$
|
122
|
|
|
$
|
230
|
|
|
$
|
31,043
|
|
|
Less loans and leases charged off
|
|
|
(3,897
|
)
|
|
|
(815
|
)
|
|
|
(2,598
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,310
|
)
|
|
Recoveries on loans and leases previously charged off
|
|
|
2,512
|
|
|
|
1,369
|
|
|
|
368
|
|
|
|
2
|
|
|
|
—
|
|
|
|
4,251
|
|
|
Loan and lease loss provision
|
|
|
2,757
|
|
|
|
(792
|
)
|
|
|
2,254
|
|
|
|
(26
|
)
|
|
|
(203
|
)
|
|
|
3,990
|
|
|
Ending balance
|
|
$
|
18,384
|
|
|
$
|
7,162
|
|
|
$
|
6,303
|
|
|
$
|
98
|
|
|
$
|
27
|
|
|
$
|
31,974
|
|
|
Individually evaluated for impairment
|
|
$
|
1
|
|
|
$
|
428
|
|
|
$
|
1,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,812
|
|
|
Collectively evaluated for impairment
|
|
$
|
18,383
|
|
|
$
|
6,734
|
|
|
$
|
4,920
|
|
|
$
|
98
|
|
|
$
|
27
|
|
|
$
|
30,162
|
|
|
Loans and leases receivable
|
|
$
|
3,758,355
|
|
|
$
|
429,903
|
|
|
$
|
398,858
|
|
|
$
|
13,424
|
|
|
$
|
—
|
|
|
$
|
4,600,540
|
|
|
Individually evaluated for impairment
|
|
$
|
14,761
|
|
|
$
|
4,396
|
|
|
$
|
5,129
|
|
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
25,125
|
|
|
Collectively evaluated for impairment
|
|
$
|
3,743,594
|
|
|
$
|
425,507
|
|
|
$
|
393,729
|
|
|
$
|
12,585
|
|
|
$
|
—
|
|
|
$
|
4,575,415
|
|
Loan and Lease Quality Indicators
As part of the on-going monitoring of the quality of our loan and lease portfolio, we utilize an internal loan and lease grading system to identify credit risk and assign an appropriate grade (from 0 to 8) for each and every loan or lease in our loan and lease portfolio. A third-party loan review is required on an annual basis. Additional adjustments are made when determined to be necessary. The loan and lease grade definitions are as follows:
Pass and Pass-Watch: Pass and Pass-Watch loans and leases, grades (0-4), are in compliance with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention,” “Substandard” or “Doubtful.” This category is the strongest level of the Bank’s loan and lease grading system. It consists of all performing loans and leases with no identified credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans.
Special Mention: A Special Mention loan or lease, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans and leases that have significant actual, not potential, weaknesses are considered more severely classified.
Substandard: A Substandard loan or lease, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A loan or lease graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan or lease, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected.
Doubtful: A Doubtful loan or lease, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the loan or lease, and therefore the amount or timing of a possible loss cannot be determined at the current time.
Loss: A loan or lease classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans and leases classified as Loss will be charged off in a timely manner.
As of December 31, 2019 and 2018, the recorded investment in pass/pass-watch, special mention and classified (substandard, doubtful and loss) loans and leases, disaggregated by loan class, were as follows:
|
|
|
Pass/Pass-
Watch
|
|
|
Special
Mention
|
|
|
Classified
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
859,739
|
|
|
$
|
2,835
|
|
|
$
|
6,728
|
|
|
$
|
869,302
|
|
|
Hospitality
|
|
|
915,834
|
|
|
|
939
|
|
|
|
5,515
|
|
|
|
922,288
|
|
|
Other
|
|
|
1,329,817
|
|
|
|
7,807
|
|
|
|
20,809
|
|
|
|
1,358,432
|
|
|
Total commercial property loans
|
|
|
3,105,390
|
|
|
|
11,580
|
|
|
|
33,052
|
|
|
|
3,150,022
|
|
|
Construction
|
|
|
36,956
|
|
|
|
1,613
|
|
|
|
37,886
|
|
|
|
76,455
|
|
|
Residential property
|
|
|
398,737
|
|
|
|
2,512
|
|
|
|
779
|
|
|
|
402,028
|
|
|
Total real estate loans
|
|
|
3,541,082
|
|
|
|
15,705
|
|
|
|
71,718
|
|
|
|
3,628,505
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term
|
|
|
210,026
|
|
|
|
2,139
|
|
|
|
15,487
|
|
|
|
227,652
|
|
|
Commercial lines of credit
|
|
|
222,348
|
|
|
|
5,485
|
|
|
|
200
|
|
|
|
228,033
|
|
|
International loans
|
|
|
25,810
|
|
|
|
2,598
|
|
|
|
—
|
|
|
|
28,409
|
|
|
Total commercial and industrial loans
|
|
|
458,184
|
|
|
|
10,222
|
|
|
|
15,687
|
|
|
|
484,093
|
|
|
Leases receivable
|
|
|
477,977
|
|
|
|
—
|
|
|
|
5,902
|
|
|
|
483,879
|
|
|
Consumer loans
|
|
|
12,247
|
|
|
|
705
|
|
|
|
718
|
|
|
|
13,670
|
|
|
Total loans and leases receivable
|
|
$
|
4,489,491
|
|
|
$
|
26,632
|
|
|
$
|
94,025
|
|
|
$
|
4,610,147
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
901,354
|
|
|
$
|
16
|
|
|
$
|
4,890
|
|
|
$
|
906,260
|
|
|
Hospitality
|
|
|
821,542
|
|
|
|
168
|
|
|
|
8,969
|
|
|
|
830,679
|
|
|
Other
|
|
|
1,441,219
|
|
|
|
2,723
|
|
|
|
5,328
|
|
|
|
1,449,270
|
|
|
Total commercial property loans
|
|
|
3,164,115
|
|
|
|
2,907
|
|
|
|
19,187
|
|
|
|
3,186,209
|
|
|
Construction
|
|
|
71,583
|
|
|
|
—
|
|
|
|
—
|
|
|
|
71,583
|
|
|
Residential property
|
|
|
500,424
|
|
|
|
—
|
|
|
|
139
|
|
|
|
500,563
|
|
|
Total real estate loans
|
|
|
3,736,122
|
|
|
|
2,907
|
|
|
|
19,326
|
|
|
|
3,758,355
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term
|
|
|
197,992
|
|
|
|
4,977
|
|
|
|
3,722
|
|
|
|
206,691
|
|
|
Commercial lines of credit
|
|
|
172,338
|
|
|
|
21,107
|
|
|
|
587
|
|
|
|
194,032
|
|
|
International loans
|
|
|
29,180
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,180
|
|
|
Total commercial and industrial loans
|
|
|
399,510
|
|
|
|
26,084
|
|
|
|
4,309
|
|
|
|
429,903
|
|
|
Leases receivable
|
|
|
393,729
|
|
|
|
—
|
|
|
|
5,129
|
|
|
|
398,858
|
|
|
Consumer loans
|
|
|
12,454
|
|
|
|
191
|
|
|
|
779
|
|
|
|
13,424
|
|
|
Total loans and leases receivable
|
|
$
|
4,541,815
|
|
|
$
|
29,182
|
|
|
$
|
29,543
|
|
|
$
|
4,600,540
|
|
The following is an aging analysis of recorded investment in loans and leases, disaggregated by loan class, as of the dates indicated:
|
|
|
30-59
Days
Past
Due
|
|
|
60-89
Days
Past
Due
|
|
|
90 Days
or More
Past Due
|
|
|
Total
Past
Due
|
|
|
Current
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
6
|
|
|
$
|
132
|
|
|
$
|
111
|
|
|
$
|
249
|
|
|
$
|
869,053
|
|
|
$
|
869,302
|
|
|
Hospitality
|
|
|
907
|
|
|
|
—
|
|
|
|
—
|
|
|
|
907
|
|
|
|
921,381
|
|
|
|
922,288
|
|
|
Other
|
|
|
51
|
|
|
|
—
|
|
|
|
38
|
|
|
|
89
|
|
|
|
1,358,344
|
|
|
|
1,358,432
|
|
|
Total commercial property loans
|
|
|
964
|
|
|
|
132
|
|
|
|
149
|
|
|
|
1,245
|
|
|
|
3,148,778
|
|
|
|
3,150,022
|
|
|
Construction
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76,455
|
|
|
|
76,455
|
|
|
Residential property
|
|
|
540
|
|
|
|
1,627
|
|
|
|
309
|
|
|
|
2,477
|
|
|
|
399,551
|
|
|
|
402,028
|
|
|
Total real estate loans
|
|
|
1,504
|
|
|
|
1,759
|
|
|
|
458
|
|
|
|
3,721
|
|
|
|
3,624,784
|
|
|
|
3,628,505
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term
|
|
|
635
|
|
|
|
133
|
|
|
|
143
|
|
|
|
911
|
|
|
|
226,742
|
|
|
|
227,652
|
|
|
Commercial lines of credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
228,033
|
|
|
|
228,033
|
|
|
International loans
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
28,409
|
|
|
|
28,409
|
|
|
Total commercial and industrial loans
|
|
|
635
|
|
|
|
133
|
|
|
|
143
|
|
|
|
911
|
|
|
|
483,183
|
|
|
|
484,093
|
|
|
Leases receivable
|
|
|
5,358
|
|
|
|
2,138
|
|
|
|
3,493
|
|
|
|
10,990
|
|
|
|
472,889
|
|
|
|
483,879
|
|
|
Consumer loans
|
|
|
—
|
|
|
|
30
|
|
|
|
—
|
|
|
|
30
|
|
|
|
13,639
|
|
|
|
13,670
|
|
|
Total loans and leases receivable
|
|
$
|
7,497
|
|
|
$
|
4,060
|
|
|
$
|
4,094
|
|
|
$
|
15,652
|
|
|
$
|
4,594,496
|
|
|
$
|
4,610,147
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
1,207
|
|
|
$
|
905,053
|
|
|
$
|
906,260
|
|
|
Hospitality
|
|
|
65
|
|
|
|
1,203
|
|
|
|
1,893
|
|
|
|
3,161
|
|
|
|
827,518
|
|
|
|
830,679
|
|
|
Other
|
|
|
816
|
|
|
|
206
|
|
|
|
1,205
|
|
|
|
2,227
|
|
|
|
1,447,043
|
|
|
|
1,449,270
|
|
|
Total commercial property loans
|
|
|
1,102
|
|
|
|
1,409
|
|
|
|
4,084
|
|
|
|
6,595
|
|
|
|
3,179,614
|
|
|
|
3,186,209
|
|
|
Construction
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
71,583
|
|
|
|
71,583
|
|
|
Residential property
|
|
|
3,947
|
|
|
|
273
|
|
|
|
44
|
|
|
|
4,264
|
|
|
|
496,299
|
|
|
|
500,563
|
|
|
Total real estate loans
|
|
|
5,049
|
|
|
|
1,682
|
|
|
|
4,128
|
|
|
|
10,859
|
|
|
|
3,747,496
|
|
|
|
3,758,355
|
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term
|
|
|
334
|
|
|
| |