þ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Maryland
|
52-1726127
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
employer identification no.)
|
200
Westgate Circle, Suite 200
Annapolis,
Maryland
|
21401
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PART
I – FINANCIAL INFORMATION
|
Page
|
|
Item
1.
|
Financial
Statements
|
|
Consolidated
Statements of Financial Condition (Unaudited) as of June 30, 2009 and
December 31, 2008
|
1
|
|
Consolidated
Statements of Operations (Unaudited) for the Three Months and Six Months
Ended June 30, 2009 and 2008
|
2
|
|
Consolidated
Statements of Cash Flows (Unaudited) for the Six Months Ended June 30,
2009 and 2008
|
3
|
|
Notes
to Consolidated Financial Statements (Unaudited)
|
5
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
14
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
25
|
Item
4.
|
Controls
and Procedures
|
25
|
PART
II – OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
26
|
Item
1A.
|
Risk
Factors
|
26
|
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
26
|
Item
3.
|
Defaults
Upon Senior Securities
|
26
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
27
|
Item
5.
|
Other
Information
|
28
|
Item
6.
|
Exhibits
|
28
|
SIGNATURES
|
29
|
June
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ | 26,375 | $ | 14,082 | ||||
Interest
bearing deposits in other banks
|
350 | 271 | ||||||
Federal
funds sold
|
40,000 | 17,952 | ||||||
Cash
and cash equivalents
|
66,725 | 32,305 | ||||||
Investment
securities held to maturity
|
1,237 | 1,345 | ||||||
Loans
held for sale
|
3,924 | 453 | ||||||
Loans
receivable, net of allowance for loan losses of
|
||||||||
$28,931
and $14,813, respectively
|
863,541 | 896,006 | ||||||
Premises
and equipment, net
|
29,685 | 30,267 | ||||||
Federal
Home Loan Bank of Atlanta stock at cost
|
8,609 | 8,694 | ||||||
Accrued
interest receivable and other assets
|
28,272 | 18,581 | ||||||
Total
assets
|
$ | 1,001,993 | $ | 987,651 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities
|
||||||||
Deposits
|
$ | 712,384 | $ | 683,866 | ||||
Long-term
borrowings
|
146,000 | 153,000 | ||||||
Subordinated
debentures
|
24,119 | 24,119 | ||||||
Accrued
interest payable and other liabilities
|
5,287 | 2,999 | ||||||
Total
liabilities
|
887,790 | 863,984 | ||||||
Stockholders’ Equity
|
||||||||
Preferred
stock, $0.01 par value, 1,000,000 shares authorized;
|
||||||||
Preferred
stock series “A”, 437,500 shares issued and outstanding
|
4 | 4 | ||||||
Preferred
stock series “B”, 23,393 shares issued and
outstanding
|
- | - | ||||||
Common
stock, $0.01 par value, 20,000,000 shares authorized;
|
||||||||
10,066,679
shares issued and outstanding
|
101 | 101 | ||||||
Additional
paid-in capital
|
73,721 | 73,522 | ||||||
Retained
earnings
|
40,377 | 50,040 | ||||||
Total
stockholders' equity
|
114,203 | 123,667 | ||||||
Total
liabilities and stockholders' equity
|
$ | 1,001,993 | $ | 987,651 |
For
the Three Months Ended
|
For
the Six Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans,
including fees
|
$ | 12,846 | $ | 15,486 | $ | 26,482 | $ | 32,361 | ||||||||
Securities,
taxable
|
16 | 17 | 32 | 39 | ||||||||||||
Other
|
11 | 238 | (25 | ) | 492 | |||||||||||
Total
interest income
|
12,873 | 15,741 | 26,489 | 32,892 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
5,231 | 6,496 | 10,824 | 13,667 | ||||||||||||
Short-term
borrowings
|
- | - | 12 | 37 | ||||||||||||
Long-term
borrowings and subordinated debentures
|
1,646 | 1,867 | 3,252 | 3,893 | ||||||||||||
Total
interest expense
|
6,877 | 8,363 | 14,088 | 17,597 | ||||||||||||
Net
interest income
|
5,996 | 7,378 | 12,401 | 15,295 | ||||||||||||
Provision
for loan losses
|
12,501 | 750 | 17,035 | 1,500 | ||||||||||||
Net
interest income (loss) after provision for loan losses
|
(6,505 | ) | 6,628 | (4,634 | ) | 13,795 | ||||||||||
Non-interest Income
|
||||||||||||||||
Real
estate commissions
|
193 | 302 | 411 | 378 | ||||||||||||
Real
estate management fees
|
163 | 194 | 320 | 347 | ||||||||||||
Mortgage
banking activities
|
154 | 113 | 204 | 289 | ||||||||||||
Other
|
219 | 243 | 410 | 358 | ||||||||||||
Total
non-interest income
|
729 | 852 | 1,345 | 1,372 | ||||||||||||
Non-Interest Expenses
|
||||||||||||||||
Compensation
and related expenses
|
2,340 | 2,487 | 4,664 | 4,753 | ||||||||||||
Occupancy
|
335 | 407 | 642 | 816 | ||||||||||||
Foreclosed
real estate expenses, net
|
1,040 | 269 | 1,666 | 394 | ||||||||||||
Legal
fees
|
254 | 87 | 423 | 236 | ||||||||||||
FDIC
assessments and regulatory expense
|
486 | 52 | 540 | 105 | ||||||||||||
Other
|
1,253 | 1,432 | 2,319 | 2,516 | ||||||||||||
Total
non-interest expenses
|
5,708 | 4,734 | 10,254 | 8,820 | ||||||||||||
Income
(loss) before income tax provision (benefit)
|
(11,484 | ) | 2,746 | (13,543 | ) | 6,347 | ||||||||||
Income
tax provision (benefit)
|
(4,611 | ) | 1,125 | (5,325 | ) | 2,591 | ||||||||||
Net
income (loss)
|
$ | (6,873 | ) | $ | 1,621 | $ | (8,218 | ) | $ | 3,756 | ||||||
Amortization
of discount on preferred stock
|
67 | - | 135 | - | ||||||||||||
Dividends
on preferred stock
|
362 | - | 705 | - | ||||||||||||
Net
income (loss) available to common stockholders
|
$ | (7,302 | ) | $ | 1,621 | $ | (9,058 | ) | $ | 3,756 | ||||||
Basic
earnings (loss) per share
|
$ | (.73 | ) | $ | .16 | $ | (.90 | ) | $ | .37 | ||||||
Diluted
earnings (loss) per share
|
$ | (.73 | ) | $ | .16 | $ | (.90 | ) | $ | .37 | ||||||
Common
stock dividends declared per share
|
$ | .03 | $ | .06 | $ | .06 | $ | .12 | ||||||||
For
the Six Months Ended
June
30,
|
||||||||
2009
|
2008
|
|||||||
Cash Flows from Operating
Activities
|
||||||||
Net
income (loss)
|
$ | (8,218 | ) | $ | 3,756 | |||
Adjustments
to reconcile net income (loss) to net
|
||||||||
cash
provided by operating activities:
|
||||||||
Amortization
of deferred loan fees
|
(1,085 | ) | (1,478 | ) | ||||
Net
amortization of premiums and
|
||||||||
discounts
|
2 | 2 | ||||||
Provision
for loan losses
|
17,035 | 1,500 | ||||||
Provision
for depreciation
|
638 | 680 | ||||||
Gain
on sale of loans
|
(204 | ) | (198 | ) | ||||
Loss
on sale of foreclosed real estate
|
91 | - | ||||||
Proceeds
from loans sold to others
|
19,701 | 14,237 | ||||||
Loans
originated for sale
|
(22,968 | ) | (14,421 | ) | ||||
Stock-based
compensation expense
|
63 | 64 | ||||||
(Increase)
decrease in net deferred tax asset
|
(6,814 | ) | 449 | |||||
(Increase)
decrease in accrued interest receivable
|
||||||||
and
other assets
|
369 | (2,671 | ) | |||||
Increase
in accrued interest payable and other
liabilities
|
2,288 | 2,338 | ||||||
Net
cash provided by operating activities
|
898 | 4,258 | ||||||
Cash Flows from Investing
Activities
|
||||||||
Proceeds
from maturing investment securities
|
- | 1,000 | ||||||
Principal
collected on mortgage-backed securities
|
106 | 17 | ||||||
Net
decrease in loans
|
8,999 | 8,311 | ||||||
Proceeds
from sale of foreclosed real estate
|
4,179 | 3,048 | ||||||
Investment
in premises and equipment
|
(80 | ) | (193 | ) | ||||
Proceeds
from disposal of premises and equipment
|
24 | - | ||||||
Net
redemption of Federal Home Loan Bank
|
||||||||
of
Atlanta stock
|
85 | 1,028 | ||||||
Net
cash provided by investing activities
|
13,313 | 13,211 | ||||||
For
the Six Months Ended
June
30,
|
||||||||
2009
|
2008
|
|||||||
Cash Flows from Financing
Activities
|
||||||||
Net
increase in deposits
|
28,518 | 18,103 | ||||||
Decrease
in short-term borrowings
|
- | (15,000 | ) | |||||
Additional
borrowed funds, long term
|
- | 25,000 | ||||||
Repayment
of borrowed funds, long-term
|
(7,000 | ) | (35,000 | ) | ||||
Common
stock dividend paid
|
(604 | ) | (1,208 | ) | ||||
Series
A preferred stock dividend paid
|
(140 | ) | - | |||||
Series
B preferred stock dividend paid
|
(565 | ) | - | |||||
Net
cash provided by (used in) financing activities
|
20,209 | (8,105 | ) |
Increase
in cash and cash equivalents
|
34,420 | 9,364 | ||||||
Cash
and cash equivalents at beginning of year
|
32,305 | 11,266 | ||||||
Cash
and cash equivalents at end of period
|
$ | 66,725 | $ | 20,630 | ||||
Supplemental
disclosure of cash flows information:
|
||||||||
Cash
paid during period for:
|
||||||||
Interest
|
$ | 14,307 | $ | 17,924 | ||||
Income
taxes
|
$ | 2,458 | $ | 3,359 | ||||
Transfer
of loans to foreclosed real estate
|
$ | 7,425 | $ | 7,110 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Common
shares – weighted average (basic)
|
10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | ||||||||||||
Common
share equivalents – weighted average
|
- | - | - | - | ||||||||||||
Common
shares – diluted
|
10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 |
Actual
|
Actual
|
To
Be Well Capitalized Under
|
||||||||||
at June 30, 2009
|
at December 31, 2008
|
Prompt Corrective
Provisions
|
||||||||||
Tangible
(1)
|
12.4 | % | 13.5 | % | N/A | |||||||
Tier
I Capital (2)
|
15.7 | % | 16.9 | % | 6.0 | % | ||||||
Core
(1)
|
12.4 | % | 13.5 | % | 5.0 | % | ||||||
Total
Capital (2)
|
16.9 | % | 18.1 | % | 10.0 | % |
2009
|
||||||||
Weighted
Average
|
||||||||
Exercise
Price
|
||||||||
Shares
|
Per
Share
|
|||||||
Outstanding
at beginning of year
|
114,950 | $ | 15.87 | |||||
Options
granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Forfeited
|
(1,210 | ) | $ | 15.62 | ||||
Outstanding
at period end
|
113,740 | $ | 15.87 | |||||
Exercisable
at period end
|
78,852 | $ | 15.86 |
Weighted
Average Remaining
|
Weighted
Average
|
||
Range
of Exercise Prices
|
Number
Outstanding
|
Contractual
Life
|
Exercise
Price
|
$15.62
|
66,752
|
1.64
|
$15.62
|
$17.18
|
12,100
|
1.64
|
$17.18
|
$15.62-$17.18
|
78,852
|
1.64
|
$15.86
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized Losses
|
Fair
Value
|
|||||||||||||
(dollars
in thousands)
|
||||||||||||||||
June 30, 2009:
|
||||||||||||||||
Residential
mortgage backed securities
|
$ | 1,237 | $ | 12 | $ | 19 | $ | 1,230 | ||||||||
December 31, 2008:
|
||||||||||||||||
Residential
mortgage backed securities
|
$ | 1,345 | $ | 11 | $ | 27 | $ | 1,329 |
Less
than 12 months
|
12
Months or More
|
Total
|
||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
|||||||||||||||
June 30, 2009:
|
(dollars
in thousands)
|
|||||||||||||||||||
Mortgage
backed securities
|
$ | - | $ | - | $ | 266 | $ | 19 | $ | 266 | $ | 19 | ||||||||
December 31, 2008:
|
||||||||||||||||||||
Mortgage
backed securities
|
$ | - | $ | - | $ | 1,151 | $ | 27 | $ | 1,151 | $ | 27 |
Fair
Value Measurement at June 30, 2009 Using
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Loans
accounted for under SFAS 114
|
$ | 42,874 | - | - | $ | 42,874 | ||||||||||
Foreclosed
real estate
|
8,116 | - | - | 8,116 |
Fair
Value Measurement at December 31, 2008 Using
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Loans
accounted for under SFAS 114
|
$ | 32,054 | - | - | $ | 32,054 | ||||||||||
Foreclosed
real estate
|
6,317 | - | - | 6,317 |
Impaired Loans
|
Foreclosed Real Estate
|
|||||||
Balance
at December 31, 2008
|
$ | 32,054 | $ | 6,317 | ||||
Transfer
to foreclosed real estate
|
(6,606 | ) | 7,425 | |||||
Additions
|
36,185 | 51 | ||||||
Additional
reserves
|
(7,679 | ) | (1,407 | ) | ||||
Paid
off/sold
|
(11,080 | ) | (4,270 | ) | ||||
Balance
at June 30, 2009
|
$ | 42,874 | $ | 8,116 |
June
30, 2009
|
December
31, 2008
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
(dollars
in thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 66,725 | $ | 66,725 | $ | 32,305 | $ | 32,305 | ||||||||
Investment
securities
|
1,237 | 1,230 | 1,345 | 1,329 | ||||||||||||
FHLB
stock
|
8,609 | 8,609 | 8,694 | 8,694 | ||||||||||||
Loans
held for sale
|
3,924 | 3,924 | 453 | 453 | ||||||||||||
Loans
receivable, net
|
863,541 | 894,986 | 896,006 | 899,991 | ||||||||||||
Accrued
interest receivable
|
3,687 | 3,687 | 4,363 | 4,363 | ||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
$ | 712,384 | $ | 716,287 | $ | 683,866 | $ | 687,067 | ||||||||
FHLB
advances
|
146,000 | 139,521 | 153,000 | 151,142 | ||||||||||||
Subordinated
debentures
|
24,119 | 24,119 | 24,119 | 24,119 | ||||||||||||
Accrued
interest payable
|
901 | 901 | 1,120 | 1,120 | ||||||||||||
Off Balance Sheet
Commitments
|
$ | - | $ | - | $ | - | $ | - |
June
30,
2009
|
Number
of loans
|
December
31, 2008
|
Number
of loans
|
|||||||||||||
Loans
accounted for on a non-accrual basis:
|
||||||||||||||||
Mortgage
loans:
|
||||||||||||||||
Residential
- consumer
|
$ | 46,578 | 88 | $ | 30,769 | 73 | ||||||||||
Residential
- builder
|
23,291 | 52 | 20,970 | 45 | ||||||||||||
Commercial
|
5,685 | 8 | 3,047 | 11 | ||||||||||||
Non-mortgage
loans:
|
||||||||||||||||
Consumer
|
13 | 4 | 9 | 2 | ||||||||||||
Commercial
loans
|
1,940 | 5 | - | - | ||||||||||||
Total
non-accrual loans
|
$ | 77,507 | 157 | $ | 54,795 | 131 | ||||||||||
Accruing
loans greater than 90 days past due
|
$ | - | $ | - | ||||||||||||
Foreclosed
real-estate
|
$ | 8,116 | $ | 6,317 | ||||||||||||
Total
non-performing assets
|
$ | 85,623 | $ | 61,112 | ||||||||||||
Total
troubled debt restructurings
|
$ | 27,699 | 44 | $ | 2,142 | 3 | ||||||||||
Total
non-accrual loans to net loans
|
9.0 | % | 6.1 | % | ||||||||||||
Allowance
for loan losses
|
$ | 28,931 | $ | 14,813 | ||||||||||||
Allowance
to total loans
|
3.2 | % | 1.6 | % | ||||||||||||
Allowance
for loan losses to total non-performing loans,
|
||||||||||||||||
including
loans contractually past due 90 days or more
|
37.3 | % | 27.0 | % | ||||||||||||
Total
non-accrual and accruing loans greater than
|
||||||||||||||||
90
days past due to total assets
|
7.7 | % | 5.5 | % | ||||||||||||
Total
non-performing assets to total assets
|
8.5 | % | 6.2 | % |
Impaired
loans at December 31, 2008
|
$69,836
|
Added
to impaired loans
|
71,510
|
Gross
loans transferred to foreclosed real estate
|
(9,244)
|
Paid
off prior to foreclosure
|
(10,781)
|
Impaired
loans at June 30, 2009
|
$121,321
|
Foreclosed
real estate at December 31, 2008
|
$
6,317
|
Transferred
from impaired loans, net of charge-offs of $1,819
|
7,425
|
Property
improvements
|
51
|
Property
sold
|
(4,270)
|
Additional
write downs
|
(1,407)
|
Foreclosed
real estate at June 30, 2009
|
$
8,116
|
Principal
Amount
|
Rate
|
Maturity
|
|||
$ 21,000
|
2.940%
to 4.996%
|
2009
|
|||
10,000
|
5.000%
|
2010
|
|||
-
|
-
|
2011
|
|||
-
|
-
|
2012
|
|||
-
|
-
|
2013
|
|||
115,000
|
2.579%
to 4.340%
|
Thereafter
|
|||
$
146,000
|
Six
Months Ended June 30, 2009
|
Six
Months Ended June 30, 2008
|
|||||||||||
Average
Volume
|
Interest
|
Yield/Cost
|
Average
Volume
|
Interest
|
Yield/Cost
|
|||||||
(dollars
in thousands)
|
||||||||||||
ASSETS
|
||||||||||||
Loans
(1)
|
$896,803
|
$26,482
|
5.91%
|
$890,441
|
$32,361
|
7.27%
|
||||||
Mortgage-backed
securities(2)
|
1,259
|
32
|
5.08%
|
1,372
|
39
|
5.69%
|
||||||
Other
interest-earning assets (3)
|
22,995
|
(25)
|
(0.22%)
|
21,368
|
492
|
4.61%
|
||||||
Total
interest-earning assets
|
921,057
|
26,489
|
5.75%
|
913,181
|
32,892
|
7.20%
|
||||||
Non-interest
earning assets
|
61,787
|
49,294
|
||||||||||
Total
assets
|
$982,844
|
$962,475
|
||||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||
Savings
and checking deposits
|
$163,098
|
1,689
|
2.07%
|
$120,031
|
973
|
1.62%
|
||||||
Certificates
of deposit
|
521,650
|
9,135
|
3.50%
|
544,915
|
12,694
|
4.66%
|
||||||
Borrowings
|
148,333
|
3,264
|
4.40%
|
175,000
|
3,930
|
4.49%
|
||||||
Total
interest-bearing liabilities
|
833,081
|
14,088
|
3.38%
|
839,946
|
17,597
|
4.19%
|
||||||
Non-interest
bearing liabilities
|
28,684
|
25,343
|
||||||||||
Stockholders'
equity
|
121,079
|
97,186
|
||||||||||
Total
liabilities and stockholders’ equity
|
$982,844
|
$962,475
|
||||||||||
Net
interest income and interest rate spread
|
$12,401
|
2.37%
|
$15,295
|
3.01%
|
||||||||
Net
interest margin
|
2.69%
|
3.35%
|
||||||||||
Average
interest-earning assets to average interest-bearing
liabilities
|
110.56%
|
108.72%
|
(1)
|
Non-accrual
loans are included in the average balances and in the computation of
yields.
|
(2)
|
The
Company does not have any tax-exempt
securities.
|
(3)
|
Other
interest-earning assets includes interest-bearing deposits in other banks,
federal funds sold and FHLB stock
investments.
|
Financial
Instruments Whose Contract
|
Contract
Amount At
|
|
Amounts
Represent Credit Risk
|
June
30, 2009
|
|
Standby
letters of credit
|
$11,485
|
|
Home
equity lines of credit
|
20,883
|
|
Unadvanced
construction commitments
|
47,400
|
|
Mortgage
loan commitments
|
2,236
|
|
Lines
of credit
|
28,117
|
|
Loans
sold with limited repurchase
|
||
provisions
|
15,997
|
Votes
For
|
Votes
Against
|
Votes
Withheld
|
|
Alan
J. Hyatt
|
7,414,893
|
0
|
353,488
|
Melvin
E. Meekins, Jr.
|
7,415,143
|
0
|
353,238
|
Keith
Stock*
|
7,281,352
|
0
|
487,029
|
Votes
For
|
Votes
Against
|
Votes
Withheld
|
|
John
A. Lamon, III
|
7,615,071
|
0
|
153,310
|
Konrad
M. Wayson
|
7,609,045
|
0
|
159,336
|
Votes
For
|
Votes
Against
|
Votes
Abstain
|
Broker
Non-votes
|
|
Appointment
of Beard Miller Company LLP as independent auditor
|
7,482,682
|
210,908
|
74,791
|
Votes
For
|
Votes
Against
|
Votes
Abstain
|
Broker
Non-votes
|
|
Approval of
Executive Compensation
|
7,031,768
|
596,695
|
139,918
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act
of 2002
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act
of 2002
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350 as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
SEVERN
BANCORP, INC.
|
||
August 13, 2009
|
_Alan
J. Hyatt___________________________
|
|
Alan
J. Hyatt, Chairman of the Board, President and Chief Executive
Officer
|
||
(Principal
Executive Officer)
|
||
August 13, 2009
|
_Thomas
G. Bevivino______________________
|
|
Thomas
G. Bevivino, Executive Vice President and Chief Financial
Officer
|
||
(Principal
Financial
Officer)
|