|By Marketwired .||
|February 11, 2013 10:19 AM EST||
STURGIS, MI -- (Marketwire) -- 02/11/13 -- Sturgis Bancorp, Inc. (OTCBB: STBI) announced a net income of $1.9 million for 2012, and net income of $345,000 for the fourth quarter of 2012, Eric L. Eishen, President and CEO, announced today.
Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Inc. and Oak Mortgage, LLC. Sturgis Bancorp provides a full array of trust, commercial and consumer banking services from 11 banking centers in Sturgis, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank.
Key Highlights for 2012:
- Net income for 2012 increased to $1.9 million, or $0.92 per share, compared to net income of $501,000, or $0.25 per share, in 2011.
- The Bank further increased capital ratios, exceeding "well-capitalized" requirements and ending 2012 with Tier 1 capital at 8.82% and 12.48% of average assets and risk-weighted assets, respectively. Total capital at December 31, 2012 was 13.75% of risk-weighted assets.
- Net interest income decreased $137,000.
- Provision for loan losses decreased by $1.1 million to $545,000.
- Realized gain on sale of securities was $0, compared to $536,000 in 2011.
- Total deposits increased 0.1% to $235.0 million, including $7.3 million decrease in interest-bearing deposits.
- Brokered certificates of deposit and other jumbo certificates decreased by $1.6 million and $3.4 million, respectively.
- Loans charged off, net of recoveries, decreased to $1.3 million in 2012 from $2.4 million in 2011. The allowance for loan losses decreased to 2.02% of loans from 2.28% at the end of 2011.
Nonaccrual loans decreased to $7.2 million, or 2.83% of gross loans on December 31, 2012. Nonaccrual loans peaked in June 2011 at $14.5 million, and were reduced to $10.5 million at December 31, 2011.
President and CEO Eishen stated: "I am pleased to announce earnings for 2012. They are up significantly from the last few years and are returning to more normal levels. Credit quality is improving and the interest margin is stable. Mortgage banking activity has been a strong part of the Bank's historical earnings streams. Sturgis Bank & Trust Company and its wholly-owned subsidiary Oak Mortgage continue to dominate our home market in St. Joseph County Michigan. Since the Bank retains 100% of the mortgage servicing, we are building additional relationships while maintaining existing relationships in our market. This provides the opportunity to provide other financial services to our customers. Another wholly-owned subsidiary had a very successful year as well. Oakleaf Financial Services returned to more normal earnings levels, partially due to the positive performance of the stock market. Many of the accounts managed are fee based relationships and this provides a much more stable income stream to the Bank. The Bank has also continued to decrease its reliance on non-core funding sources, with consistent growth of core deposits. All of these factors have made your Bank more valuable at the end of 2012."
Year 2012 vs. 2011 - Net income for the year ended December 31, 2012 increased to $1.9 million, or $0.92 per share from net income of $501,000, or $0.25 per share, for 2011. Net interest income decreased 1.4% to $9.6 million, from $9.8 million for 2011. The decrease in net interest income is primarily due to the decrease in average earning assets to $276.4 million in 2012 from $307.0 million in 2011. The tax equivalent net interest margin increased to 3.52% in 2012 from 3.22% in 2011. The decrease in assets was used to fund planned reductions in deposit liabilities and borrowings, especially in the second half of 2011.
Noninterest income was $4.7 million for 2012, compared to $4.5 million for 2011. The Company realized no gains on sales of available-for-sale securities in 2012, compared to $536,000 in 2011. Mortgage banking activities increased $460,000 to $1.2 million, as proceeds from loan sales increased to $47.6 million from $24.4 million in 2011. Commission income from Oakleaf Financial Services, a Bank-owned subsidiary, increased $359,000 to $1.5 million in 2012.
Noninterest expense decreased $947,000 for 2012, compared to 2011. The largest component of noninterest expense is salaries and employee benefits, which decreased $406,000, or 6.1%, to $6.3 million in 2012. Real estate owned expense also decreased $259,000 to $745,000. The early extinguishment of repurchase agreements incurred a one-time prepayment penalty of $195,000 in 2011.
The Company provided $545,000 to the allowance for loan losses in 2012, compared to $1.6 million in 2011. Net charge-offs were $1.3 million in 2012, compared to $2.4 million in 2011. The net activity in the ALLL decreased the total allowance to 2.02% of gross loans at December 31, 2012, compared to 2.28% of gross loans at December 31, 2011.
Total assets increased to $317.0 million at December 31, 2012 from $314.3 million at December 31, 2011, primarily in interest-earning deposits in banks. Loans decreased $3.5 million from 2011. Closed-end residential mortgage loans increased, while net decreases were realized in home equity lines of credit, commercial and construction loans.
Noninterest-bearing deposits increased to $41.3 million at December 31, 2012 from $33.6 million at December 31, 2011. Interest-bearing deposits decreased to $193.7 million at December 31, 2012 from $201.0 million at December 31, 2011. The decrease in interest-bearing deposits includes $1.6 million in brokered deposits and $3.4 million in non-brokered certificates of deposit with balances of $100,000 and greater. Despite the decrease in balances, the number of checking accounts increased throughout 2012, as the Bank continues to expand its customer base.
The Company paid no cash dividends in 2012, compared to $0.03 per common share, totaling $60,000, in 2011. Total equity was $26.9 million at December 31, 2012, compared to $24.9 million at December 31, 2011. Book value per share increased to $13.21 at December 31, 2012 from $12.34 at December 31, 2011.
Mr. Eishen added, "The question on cash dividend is occasionally raised with me and I am asked when the Bancorp may return to paying a cash dividend. As a reminder to past shareholders, the Company has paid special dividends during very good performance years and has also redeemed approximately 1,100,000 shares over the past several years. These actions have been beneficial to the long-term value of your Bancorp Stock, and have also resulted in the distribution of equity. My answer to anyone asking this question is that I will recommend cash dividends once the expectations of our Regulatory examiners is clear. It was a surprise to the industry when Basel III was to be applied to even the smallest banks in our Nation. This is an international capital standard and it is my understanding that it would only be applied to internationally significant banks. I was not alone in this expectation. In addition to this, it is apparent that the Regulators are interested in having capital levels that far exceed 'well capitalized' under the regulatory framework for corrective action. The bottom line is that the banking industry does not have a clear definition of what is expected. There have been suggestions that Tier One Capital should be at least 10.0%. Without the repurchase of shares, our Bank would be significantly above this level. We have operated the Bank under the premise that capital is scarce and must be properly managed. In years we did not see reasonable growth potential and could not leverage excess equity safely, we repurchased shares with the intention of returning excess equity to investors. There are many banks that did not follow that business model and they no longer exist. They leveraged capital by aggressively lending in areas they did not fully understand. Bank investors can easily identify these banks and, in hindsight, can see the error they made. While we have not been unscathed by the crisis, we have made it through the most difficult economic times witnessed in recent memory and remained profitable through most of the crisis."
During the worst part of the national financial crisis, the Company began including expanded ratios for the Bank's asset quality in quarterly press releases. Because the Company believes these ratios remain meaningful and relevant to investors, the Company has elected to continue providing them.
Percentage of Percentage of Gross Loans at Total Assets at December 31, December 31, Past due and still accruing: 2012 2011 2012 2011 -------- -------- -------- -------- Past due one month 0.66% 0.53% 0.53% 0.43% Past due two months 0.23% 0.18% 0.19% 0.15% Past due three or more months 0.08% 0.14% 0.06% 0.12% Nonaccrual loans 2.83% 4.07% 2.26% 3.34% Real Estate Owned 0.49% 0.81% 0.39% 0.66%
Fourth Quarter of 2012 vs. 2011 - Net income for the quarter ended December 31, 2012 decreased to $345,000, or $0.17 per share, from $560,000, or $0.28 per share, for the fourth quarter of 2011. The primary component of the decrease is higher provision for loan losses.
Net interest income decreased $23,000, with both quarters rounded at $2.4 million. The decrease is primarily due to reductions in average interest-earning assets. The tax-equivalent net interest margin decreased to 3.48% in 2012 from 3.49% in the last quarter of 2011.
Noninterest income was $1.3 million in the fourth quarter of 2012, compared to $957,000 for the fourth quarter of 2011. The largest component of this increase was mortgage banking income, which increased $222,000 to $369,000. Commissions from Oakleaf Financial Services also increased $140,000 to $415,000.
Noninterest expense increased $103,000, or 3.7%, primarily due to $81,000 increase in real estate owned expenses.
Net charge-offs for the fourth quarter of 2012 were $827,000, compared to $404,000 a year ago. The Company provided $491,000 for loan losses in the fourth quarter of 2012, compared to ($91,000) in the fourth quarter of 2011.
This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.
For additional information, visit our website at www.sturgisbank.com.
CONSOLIDATED BALANCE SHEETS December 31, 2012 and 2011 (Amounts in thousands, except share and per share data) 2012 2011 --------- --------- ASSETS Cash and due from banks $ 10,237 $ 7,297 Other short-term investments 9,611 15,443 --------- --------- Total cash and cash equivalents 19,848 22,740 Interest-earning deposits in banks 12,196 4,760 Securities - Available for sale 1,242 265 Federal Home Loan Bank stock, at cost 4,064 4,064 Loans held for sale 2,261 986 Loans, net of allowance of $5,138 and $5,875 248,520 252,001 Premises and equipment, net 7,044 7,855 Goodwill 5,109 5,109 Originated mortgage servicing rights 1,273 1,279 Real estate owned 1,252 2,082 Bank-owned life insurance 9,259 8,976 Accrued interest receivable 1,328 1,191 Prepaid FDIC assessment 414 814 Other assets 3,235 2,136 --------- --------- Total assets $ 317,045 $ 314,258 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $ 41,261 $ 33,642 Interest-bearing 193,662 200,957 --------- --------- Total deposits 234,923 234,599 Federal Home Loan Bank advances and other borrowings 52,440 52,575 Accrued interest payable 333 344 Other liabilities 2,425 1,830 --------- --------- Total liabilities 290,121 289,348 Stockholders' equity Preferred stock - $1 par value: authorized - 1,000,000 shares issued and outstanding - 0 shares Common stock - $1 par value: authorized - 9,000,000 shares issued and outstanding 2,038,395 shares at December 31, 2012 and 2,019,235 at December 31, 2011 2,038 2,019 Additional paid-in capital 6,979 6,881 Retained earnings 17,953 16,087 Accumulated other comprehensive income (loss) (46) (77) --------- --------- Total stockholders' equity 26,924 24,910 --------- --------- Total liabilities and stockholders' equity $ 317,045 $ 314,258 ========= ========= CONSOLIDATED STATEMENTS OF INCOME Years ended December 31, 2012 and 2011 (Amounts in thousands, except share and per share data) 2012 2011 --------- --------- Interest income Loans $ 12,362 $ 12,736 Investment securities: Taxable 131 916 Tax-exempt 36 41 Dividends 150 124 --------- --------- Total interest income 12,679 13,817 Interest expense Deposits 1,341 2,273 Borrowed funds 1,694 1,763 --------- --------- Total interest expense 3,035 4,036 --------- --------- Net interest income 9,644 9,781 Provision for loan losses 545 1,608 --------- --------- Net interest income after provision for loan losses 9,099 8,173 Noninterest income: Service charges and other fees 1,344 1,379 Investment brokerage commission income 1,542 1,183 Mortgage banking activities 1,219 759 Trust fee income 310 322 Increase in value of bank owned life insurance 282 280 Gain on sale of securities - 536 Gain (loss) on sale of real estate owned (24) 19 Other income 55 68 --------- --------- Total noninterest income 4,728 4,546 Noninterest expenses: Salaries and employee benefits 6,257 6,663 Occupancy and equipment 1,422 1,436 Data processing 707 690 Professional services 369 469 Real estate owned expense 745 1,004 Advertising 109 126 FDIC premiums 418 389 Prepayment penalty on early debt extinguishment - 195 Other 1,441 1,443 --------- --------- Total noninterest expenses 11,468 12,415 --------- --------- Income (loss) before income tax expense (benefit) 2,359 304 Provision for income tax 494 (197) --------- --------- Net income (loss) $ 1,865 $ 501 ========= ========= Earnings per share $ 0.92 $ 0.25 Dividends declared per share $ - $ 0. 03 Key Ratios: Return on average equity 7.18% 2.11% Return on average assets 0.59% 0.14% Net interest margin (tax equivalent) 3.52% 3.22% Efficiency ratio 79.80% 86.66% CONSOLIDATED STATEMENTS OF INCOME Three months ended December 31, 2012 and 2011 (Amounts in thousands, except share and per share data) 2012 2011 --------- --------- Interest income Loans $ 3,049 $ 3,204 Investment securities: Taxable 43 45 Tax-exempt 9 4 Dividends 38 34 --------- --------- Total interest income 3,139 3,287 Interest expense Deposits 309 429 Borrowed funds 421 426 --------- --------- Total interest expense 730 855 --------- --------- Net interest income 2,409 2,432 Provision for loan losses 491 (91) --------- --------- Net interest income after provision for loan losses 1,918 2,523 Noninterest income: Service charges and other fees 328 330 Investment brokerage commission income 415 275 Mortgage banking activities 369 147 Trust fee income 82 67 Increase in value of bank owned life insurance 72 72 Gain (loss) on sale of real estate owned 27 54 Other income 18 12 --------- --------- Total noninterest income 1,311 957 Noninterest expenses: Salaries and employee benefits 1,565 1,521 Occupancy and equipment 347 343 Data processing 175 176 Professional services 77 108 Real estate owned expense 207 126 Advertising 33 29 FDIC premiums 104 105 Other 386 383 --------- --------- Total noninterest expenses 2,894 2,791 --------- --------- Income (loss) before income tax expense (benefit) 335 689 Provision for income tax (10) 129 --------- --------- Net income (loss) $ 345 $ 560 ========= ========= Earnings per share $ 0.17 $ 0. 28 Dividends declared per share $ - $ - Key Ratios: Return on average equity 5.11% 8.94% Return on average assets 0.44% 0.70% Net interest margin (tax equivalent) 3.48% 3.49% Efficiency ratio 77.79% 82.37%
President & CEO
Brian P. Hoggatt
P: 269 651-9345
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Nov. 26, 2014 11:45 PM EST Reads: 1,629
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
Nov. 26, 2014 11:30 PM EST Reads: 1,472
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
Nov. 26, 2014 09:00 PM EST Reads: 1,563
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
Nov. 26, 2014 07:00 PM EST Reads: 1,397
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
Nov. 26, 2014 06:00 PM EST Reads: 1,508
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 26, 2014 05:45 PM EST Reads: 1,402
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Nov. 26, 2014 04:00 PM EST Reads: 1,570
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
Nov. 26, 2014 03:45 PM EST Reads: 1,528
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Nov. 26, 2014 02:00 PM EST Reads: 1,874
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
Nov. 25, 2014 09:30 PM EST Reads: 1,906
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Nov. 25, 2014 09:30 PM EST Reads: 1,959
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Nov. 25, 2014 07:00 PM EST Reads: 1,836
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
Nov. 25, 2014 04:30 PM EST Reads: 1,768
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Nov. 24, 2014 07:00 PM EST Reads: 2,111
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
Nov. 24, 2014 12:00 PM EST Reads: 1,846
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Nov. 24, 2014 11:00 AM EST Reads: 2,217
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
Nov. 24, 2014 09:00 AM EST Reads: 2,072
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Nov. 23, 2014 07:30 PM EST Reads: 2,210
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 23, 2014 12:00 PM EST Reads: 2,158
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Nov. 23, 2014 07:45 AM EST Reads: 2,247