LOANS AND ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2014 |
Receivables [Abstract] | ' |
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' |
5. LOANS AND ALLOWANCE FOR LOAN LOSSES |
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Loans consisted of the following amounts: |
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| | June 30, | | | December 31, | | | | | | | | | | | | | | | | | | | | | |
| | 2014 | | | 2013 | | | | | | | | | | | | | | | | | | | | | |
| | (In thousands) | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 286,009 | | | $ | 264,476 | | | | | | | | | | | | | | | | | | | | | |
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | 213,078 | | | | 198,686 | | | | | | | | | | | | | | | | | | | | | |
Home equity | | | 36,866 | | | | 35,371 | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 147,623 | | | | 135,555 | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 1,503 | | | | 2,572 | | | | | | | | | | | | | | | | | | | | | |
Total Loans | | | 685,079 | | | | 636,660 | | | | | | | | | | | | | | | | | | | | | |
Unearned premiums and deferred loan fees and costs, net | | | 989 | | | | 767 | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | (8,017 | ) | | | (7,459 | ) | | | | | | | | | | | | | | | | | | | | |
| | $ | 678,051 | | | $ | 629,968 | | | | | | | | | | | | | | | | | | | | | |
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During the six months ended June 30, 2014 and 2013, we purchased residential real estate loans aggregating $21.6 million and $28.5 million, respectively. |
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We have transferred a portion of our originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in our accompanying unaudited consolidated balance sheets. We share ratably with our participating lenders in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. We continue to service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. At June 30, 2014 and December 31, 2013, we serviced loans for participants aggregating $18.2 million and $14.3 million, respectively. |
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Loans are recorded at the principal amount outstanding, adjusted for charge-offs, unearned premiums and deferred loan fees and costs. Interest on loans is calculated using the effective yield method on daily balances of the principal amount outstanding and is credited to income on the accrual basis to the extent it is deemed collectable. Our general policy is to discontinue the accrual of interest when principal or interest payments are delinquent 90 days or more based on the contractual terms of the loan, or earlier if the loan is considered impaired. Any unpaid amounts previously accrued on these loans are reversed from income. Subsequent cash receipts are applied to the outstanding principal balance or to interest income if, in the judgment of management, collection of the principal balance is not in question. Loans are returned to accrual status when they become current as to both principal and interest and perform in accordance with contractual terms for a period of at least six months, reducing the concern as to the collectability of principal and interest. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income over the estimated average lives of the related loans. |
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The allowance for loan losses is established through provisions for loan losses charged to expense. Loans are charged-off against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. |
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The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated, and unallocated components, as further described below. |
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General component |
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The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate (includes one-to-four family and home equity), commercial real estate, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: trends in delinquencies and nonperforming loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; and national and local economic trends and industry conditions. There were no changes in our policies or methodology pertaining to the general component of the allowance for loan losses during the periods presented for disclosure. |
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The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: |
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Residential real estate – We require private mortgage insurance for all loans originated with a loan-to-value ratio greater than 80% and we do not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Home equity loans are secured by first or second mortgages on one-to-four family owner occupied properties. |
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Commercial real estate – Loans in this segment are primarily income-producing investment properties and owner occupied commercial properties throughout New England. The underlying cash flows generated by the properties or operations can be adversely impacted by a downturn in the economy due to increased vacancy rates or diminished cash flows, which in turn, would have an effect on the credit quality in this segment. Management obtains financial information annually and continually monitors the cash flows of these loans. |
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Commercial and industrial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. |
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Consumer loans – Loans in this segment are secured or unsecured and repayment is dependent on the credit quality of the individual borrower. |
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Allocated component |
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The allocated component relates to loans that are classified as impaired. Impaired loans are identified by analysis of loan performance, internal credit ratings and watch list loans that management believes are subject to a higher risk of loss. Impairment is measured on a loan by loan basis for commercial real estate and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. |
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A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. |
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Unallocated component |
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An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
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An analysis of changes in the allowance for loan losses by segment for the periods ended June 30, 2014 and 2013 is as follows: |
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| | Commercial Real Estate | | | Residential Real Estate | | | Commercial and Industrial | | | Consumer | | | Unallocated | | | Total | | | | | |
| | (In thousands) | | | | | |
Three Months Ended | | | | | | | |
Balance at March 31, 2013 | | $ | 3,289 | | | $ | 1,722 | | | $ | 2,077 | | | $ | 11 | | | $ | 466 | | | $ | 7,565 | | | | | |
Provision (credit) | | | (45 | ) | | | 85 | | | | 9 | | | | 9 | | | | (128 | ) | | | (70 | ) | | | | |
Charge-offs | | | — | | | | — | | | | (56 | ) | | | (10 | ) | | | — | | | | (66 | ) | | | | |
Recoveries | | | — | | | | — | | | | 42 | | | | 2 | | | | — | | | | 44 | | | | | |
Balance at June 30, 2013 | | $ | 3,244 | | | $ | 1,807 | | | $ | 2,072 | | | $ | 12 | | | $ | 338 | | | $ | 7,473 | | | | | |
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Balance at March 31, 2014 | | $ | 3,689 | | | $ | 1,812 | | | $ | 2,049 | | | $ | 13 | | | $ | 4 | | | $ | 7,567 | | | | | |
Provision (credit) | | | 209 | | | | 36 | | | | 202 | | | | 8 | | | | (5 | ) | | | 450 | | | | | |
Charge-offs | | | — | | | | — | | | | — | | | | (13 | ) | | | — | | | | (13 | ) | | | | |
Recoveries | | | — | | | | — | | | | 7 | | | | 6 | | | | — | | | | 13 | | | | | |
Balance at June 30, 2014 | | $ | 3,898 | | | $ | 1,848 | | | $ | 2,258 | | | $ | 14 | | | $ | (1 | ) | | $ | 8,017 | | | | | |
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Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2012 | | $ | 3,406 | | | $ | 1,746 | | | $ | 2,167 | | | $ | 13 | | | $ | 462 | | | $ | 7,794 | | | | | |
Provision (credit) | | | (297 | ) | | | 118 | | | | (12 | ) | | | 10 | | | | (124 | ) | | | (305 | ) | | | | |
Charge-offs | | | (20 | ) | | | (57 | ) | | | (129 | ) | | | (14 | ) | | | — | | | | (220 | ) | | | | |
Recoveries | | | 155 | | | | — | | | | 46 | | | | 3 | | | | — | | | | 204 | | | | | |
Balance at June 30, 2013 | | $ | 3,244 | | | $ | 1,807 | | | $ | 2,072 | | | $ | 12 | | | $ | 338 | | | $ | 7,473 | | | | | |
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Balance at December 31, 2013 | | $ | 3,549 | | | $ | 1,707 | | | $ | 2,192 | | | $ | 13 | | | $ | (2 | ) | | $ | 7,459 | | | | | |
Provision (credit) | | | 349 | | | | 155 | | | | 30 | | | | 15 | | | | 1 | | | | 550 | | | | | |
Charge-offs | | | — | | | | (15 | ) | | | (74 | ) | | | (23 | ) | | | — | | | | (112 | ) | | | | |
Recoveries | | | — | | | | 1 | | | | 110 | | | | 9 | | | | — | | | | 120 | | | | | |
Balance at June 30, 2014 | | $ | 3,898 | | | $ | 1,848 | | | $ | 2,258 | | | $ | 14 | | | $ | (1 | ) | | $ | 8,017 | | | | | |
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Further information pertaining to the allowance for loan losses by segment at June 30, 2014 and December 31, 2013 follows: |
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| | Commercial Real Estate | | | Residential Real Estate | | | Commercial and Industrial | | | Consumer | | | Unallocated | | | Total | | | | | |
| | (In thousands) | | | | | |
30-Jun-14 | | | | | | | | | | | | | | | | | | | | | | |
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Amount of allowance for loans individually evaluated and deemed impaired | | $ | 9 | | | $ | — | | | $ | 10 | | | $ | — | | | $ | — | | | $ | 19 | | | | | |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | | | 3,889 | | | | 1,848 | | | | 2,248 | | | | 14 | | | | (1 | ) | | | 7,998 | | | | | |
Total allowance for loan losses | | $ | 3,898 | | | $ | 1,848 | | | $ | 2,258 | | | $ | 14 | | | $ | (1 | ) | | $ | 8,017 | | | | | |
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Loans individually evaluated and deemed impaired | | $ | 14,746 | | | $ | 209 | | | $ | 1,704 | | | $ | — | | | $ | — | | | $ | 16,659 | | | | | |
Loans collectively or individually evaluated and not deemed impaired | | | 271,263 | | | | 249,735 | | | | 145,919 | | | | 1,503 | | | | — | | | | 668,420 | | | | | |
Total loans | | $ | 286,009 | | | $ | 249,944 | | | $ | 147,623 | | | $ | 1,503 | | | $ | — | | | $ | 685,079 | | | | | |
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31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Amount of allowance for loans individually evaluated and deemed impaired | | $ | 82 | | | $ | — | | | $ | 15 | | | $ | — | | | $ | — | | | $ | 97 | | | | | |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | | | 3,467 | | | | 1,707 | | | | 2,177 | | | | 13 | | | | (2 | ) | | | 7,362 | | | | | |
Total allowance for loan losses | | $ | 3,549 | | | $ | 1,707 | | | $ | 2,192 | | | $ | 13 | | | $ | (2 | ) | | $ | 7,459 | | | | | |
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Loans individually evaluated and deemed impaired | | $ | 14,962 | | | $ | 234 | | | $ | 1,352 | | | $ | — | | | $ | — | | | $ | 16,548 | | | | | |
Loans collectively or individually evaluated and not deemed impaired | | | 249,514 | | | | 233,823 | | | | 134,203 | | | | 2,572 | | | | — | | | | 620,112 | | | | | |
Total loans | | $ | 264,476 | | | $ | 234,057 | | | $ | 135,555 | | | $ | 2,572 | | | $ | — | | | $ | 636,660 | | | | | |
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The following is a summary of past due and non-accrual loans by class at June 30, 2014 and December 31, 2013: |
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| | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater than 90 Days Past Due | | | Total Past Due | | | Past Due 90 Days or More and Still Accruing | | | Loans on Non-Accrual | | | | | |
| | (In thousands) | | | | | |
30-Jun-14 | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 3,050 | | | $ | 322 | | | $ | 517 | | | $ | 3,889 | | | $ | — | | | $ | 1,284 | | | | | |
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | 1,524 | | | | 285 | | | | 585 | | | | 2,394 | | | | — | | | | 1,023 | | | | | |
Home equity | | | 79 | | | | 128 | | | | 22 | | | | 229 | | | | — | | | | 22 | | | | | |
Commercial and industrial | | | 106 | | | | 14 | | | | 346 | | | | 466 | | | | — | | | | 894 | | | | | |
Consumer | | | 27 | | | | 4 | | | | 2 | | | | 33 | | | | — | | | | 2 | | | | | |
Total | | $ | 4,786 | | | $ | 753 | | | $ | 1,472 | | | $ | 7,011 | | | $ | — | | | $ | 3,225 | | | | | |
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31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 430 | | | $ | 146 | | | $ | 793 | | | $ | 1,369 | | | $ | — | | | $ | 1,449 | | | | | |
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | 1,004 | | | | 325 | | | | 311 | | | | 1,640 | | | | — | | | | 712 | | | | | |
Home equity | | | 217 | | | | — | | | | 2 | | | | 219 | | | | — | | | | 38 | | | | | |
Commercial and industrial | | | 516 | | | | 780 | | | | 140 | | | | 1,436 | | | | — | | | | 386 | | | | | |
Consumer | | | 25 | | | | 16 | | | | 1 | | | | 42 | | | | — | | | | 1 | | | | | |
Total | | $ | 2,192 | | | $ | 1,267 | | | $ | 1,247 | | | $ | 4,706 | | | $ | — | | | $ | 2,586 | | | | | |
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The following is a summary of impaired loans by class at June 30, 2014 and December 31, 2013: |
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| | | | | | | | | | | Three Months Ended | | | Six Months Ended | |
| | At June 30, 2014 | | | 30-Jun-14 | | | 30-Jun-14 | |
| | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | Average Recorded Investment | | | Interest Income Recognized | |
| | (In thousands) | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 1,402 | | | $ | 1,738 | | | $ | — | | | $ | 1,417 | | | $ | — | | | $ | 1,429 | | | | — | |
Residential real estate | | | 209 | | | | 304 | | | | — | | | | 211 | | | | — | | | | 217 | | | | — | |
Commercial and industrial | | | 749 | | | | 782 | | | | — | | | | 758 | | | | — | | | | 667 | | | | — | |
Total | | | 2,360 | | | | 2,824 | | | | — | | | | 2,386 | | | | — | | | | 2,313 | | | | — | |
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Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 13,344 | | | | 13,344 | | | | 9 | | | | 13,386 | | | | 143 | | | | 13,428 | | | | 286 | |
Commercial and industrial | | | 955 | | | | 955 | | | | 10 | | | | 958 | | | | 10 | | | | 961 | | | | 20 | |
Total | | | 14,299 | | | | 14,299 | | | | 19 | | | | 14,344 | | | | 153 | | | | 14,389 | | | | 306 | |
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Total impaired loans | | $ | 16,659 | | | $ | 17,123 | | | $ | 19 | | | $ | 16,730 | | | $ | 153 | | | $ | 16,702 | | | $ | 306 | |
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| | | | | | | | | | | Three Months Ended | | | Six Months Ended | |
| | At December 31, 2013 | | | 30-Jun-13 | | | 30-Jun-13 | |
| | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | Average Recorded Investment | | | Interest Income Recognized | |
| | (In thousands) | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 1,449 | | | $ | 1,756 | | | $ | — | | | $ | 1,513 | | | $ | — | | | $ | 1,528 | | | | — | |
Residential real estate | | | 234 | | | | 306 | | | | — | | | | 243 | | | | — | | | | 258 | | | | — | |
Commercial and industrial | | | 385 | | | | 487 | | | | — | | | | 416 | | | | — | | | | 404 | | | | — | |
Total | | | 2,068 | | | | 2,549 | | | | — | | | | 2,172 | | | | — | | | | 2,190 | | | | — | |
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Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 13,513 | | | | 13,513 | | | | 82 | | | | 13,719 | | | | 146 | | | | 13,760 | | | | 293 | |
Commercial and industrial | | | 967 | | | | 967 | | | | 15 | | | | 982 | | | | 10 | | | | 985 | | | | 21 | |
Total | | | 14,480 | | | | 14,480 | | | | 97 | | | | 14,701 | | | | 156 | | | | 14,745 | | | | 314 | |
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Total impaired loans | | $ | 16,548 | | | $ | 17,029 | | | $ | 97 | | | $ | 16,873 | | | $ | 156 | | | $ | 16,935 | | | $ | 314 | |
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All interest income recognized for impaired loans was recognized on the accrual basis during the three and six months ended June 30, 2014 and 2013. |
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We may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). These concessions could include a reduction in the interest rate on the loan, payment extensions, postponement or forgiveness of principal, forbearance or other actions intended to maximize collection. All TDRs are initially classified as impaired. |
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When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. |
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Nonperforming TDRs are shown as nonperforming assets. No loans were modified as a TDR during the three and six months ended June 30, 2014 and 2013. |
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A default occurs when a loan is 30 days or more past due and is within 12 months of restructuring. No TDRs defaulted during the three and six months ended June 30, 2014 and 2013. |
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As of June 30, 2014, we have committed to lend an additional $140,000 to one customer with outstanding loans that are classified as TDRs. This loan will be used to provide working capital and has a maturity of 90 days. There were no charge-offs on TDRs during the three and six months ended June 30, 2014. There were $0 and $36,000 in charge-offs on TDRs during the three and six months ended June 30, 2013. |
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Credit Quality Information |
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We utilize an eight-grade internal loan rating system for commercial real estate and commercial and industrial loans. Performing residential real estate, home equity and consumer loans are grouped with “Pass” rated loans. Nonperforming residential real estate, home equity and consumer loans are monitored individually for impairment and risk rated as “Substandard.” |
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Loans rated 1 – 3 are considered “Pass” rated loans with low to average risk. |
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Loans rated 4 are considered “Pass Watch,” which represent loans to borrowers with declining earnings, losses, or strained cash flow. |
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Loans rated 5 are considered “Special Mention.” These loans exhibit potential credit weaknesses or downward trends and are being closely monitored by us. |
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Loans rated 6 are considered “Substandard.” Generally, a loan is considered substandard if the borrower exhibits a well-defined weakness that may be inadequately protected by the current net worth and cash flow capacity to pay the current debt. |
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Loans rated 7 are considered “Doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable and that a partial loss of principal is likely. |
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Loans rated 8 are considered uncollectible and of such little value that their continuance as loans is not warranted. |
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On an annual basis, or more often if needed, we formally review the ratings on all commercial real estate and commercial and industrial loans. Construction loans are reported within commercial real estate loans and total $27.7 million and $23.4 million at June 30, 2014 and December 31, 2013, respectively. We engage an independent third party to review a significant portion of loans within these segments on a semi-annual basis. We use the results of these reviews as part of our annual review process. |
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The following table presents our loans by risk rating at June 30, 2014 and December 31, 2013: |
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| | Commercial Real Estate | | | Residential 1-4 Family | | | Home Equity | | | Commercial and Industrial | | | Consumer | | | Total | | | | | |
| | (In thousands) | | | | | |
30-Jun-14 | | | | | | | | | | | | | | | | | | | | | | |
Loans rated 1 – 3 | | $ | 234,292 | | | $ | 212,055 | | | $ | 36,844 | | | $ | 126,710 | | | $ | 1,501 | | | $ | 611,402 | | | | | |
Loans rated 4 | | | 42,209 | | | | — | | | | — | | | | 9,021 | | | | — | | | | 51,230 | | | | | |
Loans rated 5 | | | 1,626 | | | | — | | | | — | | | | 781 | | | | — | | | | 2,407 | | | | | |
Loans rated 6 | | | 7,882 | | | | 1,023 | | | | 22 | | | | 11,111 | | | | 2 | | | | 20,040 | | | | | |
| | $ | 286,009 | | | $ | 213,078 | | | $ | 36,866 | | | $ | 147,623 | | | $ | 1,503 | | | $ | 685,079 | | | | | |
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31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans rated 1 – 3 | | $ | 213,985 | | | $ | 197,974 | | | $ | 35,333 | | | $ | 108,671 | | | $ | 2,571 | | | $ | 558,534 | | | | | |
Loans rated 4 | | | 41,459 | | | | — | | | | — | | | | 15,722 | | | | — | | | | 57,181 | | | | | |
Loans rated 5 | | | 1,972 | | | | — | | | | — | | | | 3,509 | | | | — | | | | 5,481 | | | | | |
Loans rated 6 | | | 7,060 | | | | 712 | | | | 38 | | | | 7,653 | | | | 1 | | | | 15,464 | | | | | |
| | $ | 264,476 | | | $ | 198,686 | | | $ | 35,371 | | | $ | 135,555 | | | $ | 2,572 | | | $ | 636,660 | | | | | |
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