American Bancorp (ABNC) 10-Q 2004 Q1 Quarterly report

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended March 31, 2004

Commission File Number 0-11928

AMERICAN BANCORP, INC.

(Exact name of registrant as specified in its charter)

LOUISIANA	72-0951347
(State or other jurisdiction of incorporation or organization)	(I R S Employer I. D. Number)

321 EAST LANDRY STREET, OPELOUSAS, LA	70570
(Address of principal executive office)	(Zip Code)

(337) 948-3056

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, address, fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     YES [X] NO [   ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common stock, $5 Par Value—115,987 shares as of April 30, 2004

TABLE OF CONTENTS

BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF INCOME
		CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
PART II. OTHER INFORMATION
	ITEM 1. LEGAL PROCEEDINGS
	ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
INDEX TO EXHIBITS
Certification Pursuant to Section 302
Certification Pursuant to Section 302
Certification Pursuant to Section 18 USC Sec. 1350
Certification Pursuant to Section 18 USC Sec. 1350
Disclosure of Approval by Audit Committee
Disclosure on Controls Pursuant to USC Sec. 1350
Disclosure on Controls Pursuant to USC Sec. 1350

AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEETS
(In Thousands)

	March 31, 2004			Dec. 31, 2003
	(Unaudited)			(Note 1)
ASSETS
Cash on deposit with subsidiary	$	25		$	9
Investment in subsidiary		14,476			14,055
Due from subsidiary		77			6
TOTAL ASSETS	$	14,578		$	14,070
LIABILITIES
Accrued income tax payable	$	71		$	1
Other liabilities		—			—
TOTAL LIABILITIES	$	71		$	1
SHAREHOLDERS’ EQUITY
Common stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares; 115,987 and 115,987 shares outstanding, respectively	$	600		$	600
Surplus		2,150			2,150
Retained earnings		11,318			11,087
Treasury stock, 4,013 and 4,013 shares at cost, respectively		(263	)		(263	)
Net unrealized gain (loss) on securities available for sale, net of tax		702			495
TOTAL SHAREHOLDERS’ EQUITY	$	14,507		$	14,069
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	14,578		$	14,070

See Notes to Consolidated Financial Statements.

AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)

	March 31, 2004			Dec. 31, 2003
	(Unaudited)			(Note 1)
ASSETS
Cash and due from banks	$	5,133		$	5,199
Federal funds sold		9,825			9,125
Total cash and cash equivalents	$	14,958		$	14,324
Securities held to maturity		1,600			1,600
Securities available for sale		45,065			42,607
Loans — net of allowance for loan losses		37,301			39,305
Bank premises and equipment		1,820			1,827
Other real estate		—			—
Accrued interest receivable		447			512
Other assets		772			683
TOTAL ASSETS	$	101,963		$	100,858
LIABILITIES
Deposits:
Non-interest bearing demand deposits	$	32,550		$	29,747
Interest bearing deposits:
NOW accounts		12,725			16,866
Money market accounts		4,129			3,460
Savings		14,202			12,499
Time deposits $100,000 or more		9,326			9,285
Other time deposits		13,492			13,772
Total deposits	$	86,424		$	85,629
Accrued interest payable		42			50
Other liabilities		990			1,110
TOTAL LIABILITIES	$	87,456		$	86,789
SHAREHOLDERS’ EQUITY
Common stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares; 115,987 and 115,987 shares outstanding, respectively	$	600		$	600
Surplus		2,150			2,150
Retained earnings		11,318			11,087
Treasury stock, 4,013 and 4,013 shares at cost, respectively		(263	)		(263	)
Unrealized gain (loss) on securities available for sale, net of tax		702			495
TOTAL SHAREHOLDERS’ EQUITY	$	14,507		$	14,069
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	101,963		$	100,858

See Notes to Consolidated Financial Statements.

AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
STATEMENTS OF INCOME
(Unaudited)
(In Thousands )

	Three Months Ended
	March 31,
	2004		2003
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary	$	50	$	—
OPERATING EXPENSES
Directors fees		4		3
Other expenses		30		0
TOTAL EXPENSES		34		3
Earnings before income tax and equity in undistributed earnings of subsidiary		16		(3	)
Provision for income taxes		—		—
Earnings before equity in undistributed earnings of subsidiary		16		(3	)
Equity in undistributed earnings of subsidiary		215		330
Net Income	$	231	$	327

See Notes to Consolidated Financial Statements.

AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)

	Three Months Ended
	March 31,
					INCREASE
	2004		2003		(DECREASE)
INTEREST INCOME:
Interest and fees on loans	$	664	$	722	$	(58	)
Interest on investment securities:
Taxable		245		289		(44	)
Tax-exempt		144		122		22
Other interest		26		29		(3	)
TOTAL INTEREST INCOME		1,079		1,162		(83	)
INTEREST EXPENSE:
Interest on deposits		149		199		(50	)
Interest on short-term borrowings		—		—		—
TOTAL INTEREST EXPENSE		149		199		(50	)
NET INTEREST INCOME		930		963		(33	)
Provision for possible loan losses		11		11		—
Net interest income after provision for possible loan losses		919		952		(33	)
NON-INTEREST INCOME:
Service charges on deposit accounts		125		133		(8	)
Investment securities gains (losses)		—		—		—
Other		28		35		(7	)
TOTAL NON-INTEREST INCOME		153		168		(15	)
NON-INTEREST EXPENSE:
Salaries and employee benefits		395		387		8
Net occupancy expense		152		145		7
Net cost of operation of O.R.E.O.		—		—		—
Other		239		228		11
TOTAL NON-INTEREST EXPENSE		786		760		26
INCOME BEFORE INCOME TAXES		286		360		(74	)
Provision for income taxes		55		83		(28	)
NET INCOME	$	231	$	277	$	(46	)
Net income per share of common stock	$	1.99	$	2.39	$	(0.40	)

See Notes to Consolidated Financial Statements

AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three Month Periods Ended March 31, 2004 & 2003
(Unaudited)
(In Thousands)

							ACCUMULATED
							OTHER
	COMMON				RETAINED		COMPREHENSIVE			TREASURY			COMPREHENSIVE
	STOCK		SURPLUS		EARNINGS		INCOME			STOCK			INCOME			TOTAL
Balance December 31, 2002	$	600	$	2,150	$	10,343	$	784			($245	)	$	0		$	13,632
Comprehensive income:
Net income (loss)		—		—		277		—			—			277			277
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on securities available for sale		—		—		—		(107	)		—			(107	)		(107	)
Total comprehensive income		—		—		—		—			—		$	170
Purchase of treasury stock		—		—		—		—			(14	)					(14	)
Dividends paid		—		—		0		—			—						0
Balance , March 31, 2003	$	600	$	2,150	$	10,620	$	677			($259	)				$	13,788
Balance December 31, 2003	$	600	$	2,150	$	11,087	$	495			($263	)	$	0		$	14,069
Comprehensive income:
Net income (loss)		—		—		231		—			—			231			231
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on securities available for sale		—		—		—		207			—			207			207
Total comprehensive income		—		—		—		—			—		$	438
Purchase of treasury stock		—		—		—		—			—						—
Dividends paid		—		—		—		—			—						—
Balance , March 31, 2004	$	600	$	2,150	$	11,318	$	702			($263	)				$	14,507

See Notes to Consolidated Financial Statements

AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)

	Three Months Ended March 31,
	2004			2003
OPERATING ACTIVITIES
Net income	$	231		$	277
Adjustments to reconcile net income to net cash provided by operating activities:
Discount accretion, net of premium amortization on investment securities		(76	)		(55	)
Depreciation of property and equipment		50			43
Amortization of computer software		12			12
Provision for loan loss		11			11
(Gain) loss on disposal of assets		—			—
(Increase) decrease in assets:
Other real estate owned		—			—
Accrued interest receivable		65			52
Other assets		(29	)		(59	)
Increase (decrease) in liabilities:
Accrued interest payable		(7	)		(15	)
Other liabilities		(227	)		(326	)
Net cash provided by (used in) operating activities	$	30		$	(60	)
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks	$	—		$	—
Proceeds from sales & maturities of securities available for sale		4,539			8,232
Proceeds from sales & maturities of securities held to maturity		—			—
Purchases of securities available for sale		(6,609	)		(4,173	)
Purchases of securities held to maturity		—			—
Decrease in loans		1,993			658
Purchases of property & equipment		(127	)		(19	)
Other		12			(2	)
Net cash provided by (used in) investing activities	$	(192	)	$	4,696
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction accounts and savings	$	1,035		$	(2,697	)
Increase (decrease) in time deposits		(239	)		(444	)
Dividends paid		—			—
Purchase of treasury stock		—			(14	)
Net cash provided by (used in) financing activities	$	796		$	(3,155	)
Increase in cash and cash equivalents	$	634		$	1,481
Cash and cash equivalents at beginning of year		14,324			17,274
Cash and cash equivalents at end of period	$	14,958		$	18,755
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense	$	157		$	214
Income taxes	$	—		$	—

See Notes to Consolidated Financial Statements

     AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2004

NOTE 1 — A BASIS OF PRESENTATION

     The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted principles of accounting for instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2004 are not necessarily indicative of the results that may be expected for the year ended December 31, 2004.

     The balance sheet at December 31, 2003 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

     For further information, refer to the consolidated financial statements and footnotes thereto included in American Bancorp, Inc.’s annual report on Form 10-K for the year ended December 31, 2003.

NOTE 2 — IMPAIRED LOANS

     In accordance with Statement of Financial Accounting Standards (SFAS) No.114, interest payments received on impaired loans are applied to principal if there is doubt as to the collectibility of the principal; otherwise, these receipts are recorded as interest income.

     As it relates to in-substance foreclosures, SFAS No. 114 requires that a creditor continue to follow loan classification on the balance sheet unless the creditor receives physical possession of the collateral. The Company had no in-substance foreclosures in foreclosed assets to transfer to nonperforming loans and no related reserve for losses to transfer to the reserve for possible loan losses.

NOTE 3 — RELATED PARTIES

     Directors, executive officers, and 10% shareholders and their related interests had loans outstanding totaling $1,394,000 at March 31, 2004.

NOTE 4- EARNING PER SHARE

     The earnings per share computations are based on weighted average number of shares outstanding during each quarter of 115,987 and 116,079 for the quarters ended March 31, 2004 and 2003, respectively.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Management’s Discussion presents a review of the major factors and trends affecting the performance of the Company and its bank subsidiary and should be read in conjunction with the accompanying consolidated financial statements and notes.

OVERVIEW

     The Company reported net income of $231,000 for the first three months of 2004 compared to $277,000 for the same period of 2003. On a per share basis, the net income was $1.99 for the first three months of 2004 compared to $2.39 for the same period of 2003. The Company recorded a provision for possible loan losses of $11,000 for the three months ended both March 31, 2004 and 2003. Net interest income decreased 3.4% to $930,000 for the first three months of 2004 compared to $963,000 for the same period of 2003.

     Total assets were $101,963,000 at March 31, 2004, an increase of $1,105,000 from December 31, 2003. Loans decreased by $2,004,000 or 5.1% from $39,305,000 at December 31, 2003 to $37,301,000 at March 31, 2004. Deposits increased by $795,000 or 0.9% from $85,629,000 at December 31, 2003 to $86,424,000 at March 31, 2004.

RESULTS OF OPERATIONS

     NET INTEREST INCOME. Net interest income for the three months ended March 31, 2004 totaled $930,000, an $33,000 decrease from the same period in 2003. The greatest contributing factors to this decrease were decreases in the yields on loans and investment securities, which were partially offset by decreases in the interest paid on interest- bearing deposits and increases in the average balances of investment securities. The overall effect of volume and rate changes on net interest income during the three month period ended March 31, 2004 was unfavorable.

     PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for possible loan losses of $11,000 for the first three months of both 2004 and 2003. As a percentage of outstanding loans, the allowance for possible loan losses was 1.77% and 1.67% at March 31, 2004 and December 31, 2003, respectively. The provision is determined by the level of net chargeoffs, the size of the loan portfolio, the level of nonperforming loans, anticipated economic conditions, and review of financial condition of specific customers.

     NONINTEREST INCOME. For the first three months of 2004 noninterest income decreased $15,000 or 8.9% compared to the same period of 2003.

Other noninterest income decreased by $7,000 or 20.0% compared to the same period of 2003. This decrease resulted from small decreases in several different components of other noninterest income for the first quarter of 2004.

There were no securities gains in the three month periods ended March 31, 2004 and 2003.

     NONINTEREST EXPENSE. For the first three months of 2004, noninterest expense increased $26,000 or 3.4% compared to the same period in 2003.

Salaries and employee benefits, the largest component of noninterest expense, increased by $8,000 or 2.1% for the first three months of 2004 as compared to the same period in 2003. This increase was attributed to adjustments to accruals for deferred compensation, an increase in employee compensation and a decrease in the cost of employee benefits.

Net occupancy expense also increased by $7,000 or 4.8% for the first three months of 2004 as compared to the same period in 2003.

     INCOME TAXES. The Company recorded provisions for income taxes of $55,000 for the three month period ended March 31, 2004 as compared to $83,000 for the same period of 2003.

FINANCIAL CONDITION

     LOANS. Loans were $37,301,000 at March 31, 2004; down by $2,004,000 or 5.1% from December 31, 2003.

TABLE I — COMPOSITION OF LOAN PORTFOLIO (In thousands)

	March 31, 2004		Dec. 31, 2003
Commercial, financial and agricultural loans	$	7,695	$	8,873
Real estate construction loans		900		936
Real estate mortgage loans		23,489		24,101
Consumer loans		5,888		6,061
TOTAL LOANS	$	37,972	$	39,971
Allowance for possible loan losses		671		667
	$	37,301	$	39,304

     SECURITIES HELD TO MATURITY. Securities held to maturity were $1,600,000 at March 31, 2004; unchanged from December 31, 2003.

     SECURITIES AVAILABLE FOR SALE. Securities available for sale were $45,065,000 at March 31, 2004; which is up by $2,458,000 or 5.8% from December 31, 2003.

TABLE II — INVESTMENT SECURITIES (In thousands)

A comparison of the book values and the estimated market values of investment securities is as follows:

			March 31, 2004
	HELD TO MATURITY				AVAILABLE FOR SALE
	AMORTIZED		MARKET		AMORTIZED		MARKET
	COST		VALUE		COST		VALUE
U.S. Treasury	$	1,600	$	1,605	$	—	$	—
U.S. Government Agencies		0		0		18,860		19,056
Mortgaged-backed securities		0		0		10,602		10,735
State & Political Subdivisions		0		0		14,356		15,090
Equity securities		0		0		184		184
TOTAL	$	1,600	$	1,605	$	44,002	$	45,065

			December 31, 2003
	HELD TO MATURITY				AVAILABLE FOR SALE
��	AMORTIZED		MARKET		AMORTIZED		MARKET
	COST		VALUE		COST		VALUE
U.S. Treasury	$	1,600	$	1,614	$	—	$	—
U.S. Government Agencies		—		—		17,414		17,415
Mortgaged-backed securities		—		—		9,202		9,286
State & Political Subdivisions		—		—		15,056		15,722
Equity securities		—		—		184		184
TOTAL	$	1,600	$	1,614	$	41,856	$	42,607

TABLE III — NONPERFORMING ASSETS

Nonperforming assets include nonaccrual loans, loans which are contractually 90 days or more past due, restructured loans, and foreclosed assets. Restructured loans are loans which, due to a deteriorated financial condition of the borrower, have a below market yield. Interest payments received on nonperforming loans are applied to reduce principal if there is doubt as to the collectibility of the principal; otherwise, these receipts are recorded as interest income. Certain nonperforming loans that are current as to principal and interest payments are classified as nonperforming because there is a question concerning full collectibility of both principal and interest.

Nonperforming assets totaled $0 and $12,000 at March 31, 2004 and December 31, 2003, respectively.

The composition of nonperforming assets is illustrated below:

Nonperforming loans: (In thousands)	March 31, 2004		Dec. 31, 2003
Loans on nonaccrual	$	—	$	12
Restructured loans which are not on nonaccrual		—		—
Total nonperforming loans		—		12
Other real estate and repossessed assets received in complete or partial satisfaction of loan obligations		—		—
TOTAL NONPERFORMING ASSETS	$	—	$	12
Loans past due 90 days or more as to principal or interest, but which are not on nonaccrual	$	18	$	—

TABLE IV — ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In thousands)

	March 31, 2004			Dec. 31, 2003
Beginning balance	$	667		$	627
Chargeoffs:
Commercial, financial and agricultural loans		(5	)		—
Real estate construction loans		—			—
Real estate mortgage loans		—			(1	)
Installment loans to individuals		(2	)		(6	)
Total chargeoffs		(7	)		(7	)
Recoveries:
Commercial, financial and agricultural loans		—			—
Real estate construction loans		—			—
Real estate mortgage loans		—			—
Installment loans to individuals		—			5
Total recoveries		—			5
Net (chargeoffs) recoveries		(7	)		(2	)
Provision charged against income		11			42
Balance at end of period	$	671		$	667
Ratio of net (chargeoffs) recoveries during the period to average loans outstanding during the period		-0.018	%		0.00	%

The present level of the allowance for loan losses is considered adequate to absorb future potential loan losses. In making this determination, management considered asset quality, the level of net loan chargeoffs, as well as current economic conditions and market trends.

TABLE V — ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
        (In thousands)

The allowance for possible loan losses has been allocated according to the amounts deemed to be reasonably necessary to provide for the possibility of losses being incurred within the following categories of loans.

	March 31, 2004					December 31, 2003
			% OF LOANS					% OF LOANS
			TO TOTAL					TO TOTAL
	AMOUNT		LOANS			AMOUNT		LOANS
Commercial, financial and agricultural loans	$	161		20	%	$	166		22	%
Real estate construction loans		11		2	%		11		2	%
Real estate mortgage loans		270		62	%		266		61	%
Consumer loans		229		16	%		224		15	%
	$	671		100	%	$	667		100	%

     DEPOSITS. As of March 31, 2004 total deposits have decreased by $795,000 or 0.9% from December 31, 2003. Noninterest-bearing deposits increased by $2,803,000 or 9.4% from December 31, 2003 to March 31, 2004. Interest-bearing deposits decreased by $2,008,000 or 3.6% from December 31, 2003 to March 31, 2004.

     CAPITAL. Shareholders’ equity totaled $ 14,507,000 at March 31, 2004, compared to $14,069,000 at December 31, 2003. The increase resulted from net income during the current quarter and an increase in unrealized gains in the market value of securities available for sale. Risk-based capital and leverage ratios for the Company and the bank subsidiary exceed the ratios required for the designation as a “well-capitalized” institution under regulatory guidelines.

TABLE VI — CAPITAL RATIOS

AMERICAN BANK & TRUST COMPANY	March 31, 2004			Dec. 31, 2003
(Bank subsidiary)
Risk-based capital:
Tier 1 risk-based capital ratio		29.78	%		28.36	%
Total risk-based capital ratio		31.03	%		29.61	%
Leverage ratio		13.75	%		13.97	%

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     In the normal course of business, the bank becomes involved in legal proceedings. It is the opinion of management that the resulting liability, if any, for pending litigation is negligible.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Executive Officer
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Financial Officer
32.1	Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
32.2	Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer
32.3	Disclosure of approval by the Company’s Audit Committee for the performance of non-audit services by the Company’s Independent Auditors
32.4	Disclosure on controls pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
32.5	Disclosure on controls pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer

     (b) Reports on Form 8-K

                NONE

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized to sign on behalf of the registrant.

	AMERICAN BANCORP, INC.
	(Registrant)
May 6, 2004	/s/ Salvador L. Diesi, Sr.
DATE	Salvador L. Diesi, Sr. Chairman of the Board and President
May 6, 2004	/s/ Ronald J. Lashute
DATE	Ronald J. Lashute Secretary and Treasurer Chief Executive Officer

INDEX TO EXHIBITS

EXHIBIT
NUMBER		DESCRIPTION
	31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Executive Officer
	31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Financial Officer
	32.1	Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
	32.2	Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer
	32.3	Disclosure of approval by the Company’s Audit Committee for the performance of non-audit services by the Company’s Independent Auditors pursuant to U.S.C. Section 1350
	32.4	Disclosure on controls pursuant to U.S.C. Section 1350 by the Company’s Principal Executive Officer
	32.5	Disclosure on controls pursuant to U.S.C. Section 1350 by the Company’s Principal Financial Officer