UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10- QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _________
Commission file number 0-12510
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MARATHON BANCORP
- ------------------------------------------------------
(Exact name of registrant as specified in its charter)
California
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95-3770539
- ----------
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification
No.)
11150 West Olympic Boulevard, Los Angeles, CA 90064
- ------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 996-9100
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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 period 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 ____
---
As of May 1, 2001, there were 3,849,819 shares of no par Common Stock
issued and outstanding.
Consolidated Statements of Financial Condition
Marathon Bancorp and Subsidiary
MARCH 31, December 31,
ASSETS 2001 2000
----------------- ---------------------
Cash and Due From Banks. . . . . . . . . . . . . . . . . . . . . $ 3,810,000 $ 3,675,000
Federal Funds Sold . . . . . . . . . . . . . . . . . . . . . . . 5,365,000 7,265,000
----------------- ---------------------
TOTAL CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . 9,175,000 10,940,000
Interest-Bearing Deposit With Financial Institution. . . . . . . 100,000 -
Investment Securities
Securities Available for Sale . . . . . . . . . . . . . . . . 10,984,000 9,333,000
Securities Held to Maturity . . . . . . . . . . . . . . . . . 11,656,000 15,207,000
----------------- ---------------------
TOTAL INVESTMENT SECURITIES . . . . . . . . . . . . . . . 22,640,000 24,540,000
Federal Home Loan Bank and Federal Reserve Bank Stock, at cost . 406,000 375,000
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,092,000 52,872,000
Less Allowance for Credit Losses. . . . . . . . . . . . . . . ( 1,072,000) ( 1,066,000)
----------------- ---------------------
NET LOANS. . . . . . . . . . . . . . . . . . . . . . . . 54,020,000 51,806,000
Premises and Equipment . . . . . . . . . . . . . . . . . . . . . 250,000 263,000
Cash Surrender Value of Life Insurance . . . . . . . . . . . . . 3,712,000 3,667,000
Accrued Interest and Other Assets. . . . . . . . . . . . . . . . 1,312,000 1,325,000
----------------- ---------------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . $ 91,615,000 $ 92,916,000
================= =====================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-Bearing Demand. . . . . . . . . . . . . . . . . . $ 27,217,000 $ 29,900,000
Interest-Bearing Demand . . . . . . . . . . . . . . . . . . . 3,241,000 3,579,000
Money Market and Savings. . . . . . . . . . . . . . . . . . . 26,255,000 27,228,000
Time Deposits Under $100,000. . . . . . . . . . . . . . . . . 7,997,000 6,703,000
Time Deposits $100,000 and Over . . . . . . . . . . . . . . . 15,160,000 12,475,000
----------------- ---------------------
TOTAL DEPOSITS . . . . . . . . . . . . . . . . . . . . . 79,870,000 79,885,000
Accrued Interest and Other Liabilities . . . . . . . . . . . . . 885,000 776,000
Federal Home Loan Bank Advance . . . . . . . . . . . . . . . . . - 1,800,000
----------------- ---------------------
TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . . 80,755,000 82,461,000
Shareholders' Equity
Preferred Shares - No Par Value, 1,000,000 Shares Authorized,
No Shares Issued and Outstanding . . . . . . . . . . . . . - -
Common Shares - No Par Value, 9,000,000 Shares Authorized,
Issued and Outstanding: 3,849,819 in 2001 and 3,838,019 at
December 31, 2000 . . . . . . . . . . . . . . . . . . . . 13,706,000 13,675,000
Accumulated Deficit . . . . . . . . . . . . . . . . . . . . . ( 2,962,000) ( 3,215,000)
Accumulated Other Comprehensive Income - Net Unrealized
Gains (Losses) on Securities Available for Sale . . . . . 116,000 ( 5,000)
----------------- ---------------------
TOTAL SHAREHOLDERS' EQUITY . . . . . . . . . . . . . . . 10,860,000 10,455,000
----------------- ---------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY . . . . . . . $ 91,615,000 $ 92,916,000
================= =====================
Consolidated Statements of Operations
Marathon Bancorp and Subsidiary
Three Months Ending
2001 2000
---------------- ----------------
INTEREST INCOME
Interest and Fees on Loans. . . . . . . . . . . . . $ 1,262,000 $ 1,143,000
Interest on Investment Securities - Taxable . . . . 393,000 284,000
Other Interest Income . . . . . . . . . . . . . . . 82,000 88,000
---------------- ----------------
TOTAL INTEREST INCOME . . . . . . . . . . . . . . 1,737,000 1,515,000
INTEREST EXPENSE
Interest on Demand Deposits . . . . . . . . . . . . 8,000 8,000
Interest on Money Market and Savings. . . . . . . . 245,000 242,000
Interest on Time Deposits . . . . . . . . . . . . . 327,000 239,000
Other Interest Expense. . . . . . . . . . . . . . . 2,000 1,000
---------------- ----------------
TOTAL INTEREST EXPENSE. . . . . . . . . . . . . . 582,000 490,000
---------------- ----------------
NET INTEREST INCOME . . . . . . . . . . . . . . . . . . 1,155,000 1,025,000
Provision for Credit Losses . . . . . . . . . . . . . . - 30,000
---------------- ----------------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES. . . . . . . . . . . . . 1,155,000 995,000
NONINTEREST INCOME
Service Charges and Fees on Deposits. . . . . . . . 85,000 62,000
Dividends on Cash Surrender Value of Life Insurance 51,000 43,000
Gain on Sale of Securities. . . . . . . . . . . . . 4,000 -
Other Noninterest Income. . . . . . . . . . . . . . 47,000 24,000
---------------- ----------------
TOTAL NONINTEREST INCOME. . . . . . . . . . . . . 187,000 129,000
NONINTEREST EXPENSE
Salaries and Employee Benefits. . . . . . . . . . . 587,000 501,000
Occupancy Expenses. . . . . . . . . . . . . . . . . 140,000 137,000
Furniture and Equipment . . . . . . . . . . . . . . 24,000 27,000
Professional Services . . . . . . . . . . . . . . . 30,000 23,000
Business Promotion. . . . . . . . . . . . . . . . . 16,000 16,000
Stationery and Supplies . . . . . . . . . . . . . . 10,000 13,000
Data Processing Services. . . . . . . . . . . . . . 71,000 73,000
Customer Related Expenses . . . . . . . . . . . . . 84,000 74,000
Insurance and Assessments . . . . . . . . . . . . . 35,000 37,000
Legal Fees and Costs. . . . . . . . . . . . . . . . 25,000 12,000
Other Expenses. . . . . . . . . . . . . . . . . . . 69,000 68,000
---------------- ----------------
TOTAL NONINTEREST EXPENSE . . . . . . . . . . . . 1,091,000 981,000
GAIN (LOSS) BEFORE INCOME TAXES . . . . . . . . . . . . 251,000 143,000
Income Tax Benefit . . . . . . . . . . . . . . . . . ( 2,000) ( 2,000)
---------------- ----------------
NET INCOME. . . . . . . . . . . . . . . . . . . . . . . $ 253,000 $ 145,000
================ ================
Per Share Data:
Net Income - Basic . . . . . . . . . . . . . . . . $ 0.07 $ 0.04
Net Income - Diluted . . . . . . . . . . . . . . . $ 0.07 $ 0.04
Consolidated Statements of Cash Flows
Marathon Bancorp and Subsidiary
Three Months Ended March 31,
2001 2000
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OPERATING ACTIVITIES
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 253,000 $ 145,000
Adjustments to Reconcile Net Loss to Net Cash Provided
by Operating Activities:
Depreciation and Amortization . . . . . . . . . . . . . . . . 29,000 30,000
Provision for Credit Losses . . . . . . . . . . . . . . . . . - 30,000
Net Amortization of Premiums and Discounts
on Investment Securities . . . . . . . . . . . . . . . . . ( 45,000) 83,000
Net Change in Deferred Loan Origination Fees. . . . . . . . . ( 68,000) 55,000
Net Increase in Cash Surrender Value of Life Insurance. . . . ( 45,000) ( 37,000)
Net Change in Accrued Interest, Other Assets
and Other Liabilities . . . . . . . . . . . . . . . . . . 122,000 ( 84,000)
----------------- -----------------
NET CASH PROVIDED BY OPERATING ACTIVITIES. . . . . . . . . . . 246,000 222,000
INVESTING ACTIVITIES
Net Change in Interest-Bearing Deposits with Financial Institutions ( 100,000) -
Purchases of Available for Sale Securities . . . . . . . . . . . . ( 8,503,000) ( 3,492,000)
Purchases of Held to Maturity Securities. . . . . . . . . . . . . . ( 1,730,000) -
Proceeds from Maturities of Available for Sale Securities . . . . . 7,500,000 6,052,000
Proceeds from Maturities of Held to Maturity Securities . . . . . . 4,799,000 -
Purchase of Federal Home Loan & Federal Reserve Bank Stock. . . . . ( 31,000) -
Net Change in Loans . . . . . . . . . . . . . . . . . . . . . . . . ( 2,146,000) ( 4,674,000)
Purchase of Life Insurance. . . . . . . . . . . . . . . . . . . . . - ( 1,935,000)
Purchases of Furniture, Fixtures and Equipment. . . . . . . . . . . ( 16,000) ( 11,000)
----------------- -----------------
NET CASH (USED) BY INVESTING ACTIVITIES. . . . . . . . . . . . ( 227,000) ( 4,060,000)
FINANCING ACTIVITIES
Net Change in Demand Deposits, Money Market and Savings . . . . . . ( 3,994,000) 4,476,000
Net Change in Time Deposits . . . . . . . . . . . . . . . . . . . . 3,979,000 3,503,000
Net Change in Federal Home Loan Bank Advance. . . . . . . . . . . . ( 1,800,000) ( 1,875,000)
Proceeds from Exercise of Stock Options . . . . . . . . . . . . . . 31,000 18,000
----------------- -----------------
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES . . . . . . . ( 1,784,000) 6,122,000
----------------- -----------------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . ( 1,765,000) 2,284,000
Cash and Cash Equivalents at Beginning of Year. . . . . . . . . . . 10,940,000 8,891,000
----------------- -----------------
CASH AND CASH EQUIVALENTS AT END OF YEAR . . . . . . . . . . . . . . . $ 9,175,000 $ 11,175,000
================= =================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 704,000 $ 570,000
Income Taxes Paid . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,000 $ 4,000
Consolidated Statement of Equity
Marathon Bancorp and Subsidiary
Accumulated
Other
Common shares Comprehensive Accumulated Comprehensive
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Shares Amount Income Deficit Income Total
------------- -------------- ------------ --------------- ---------------- -----------
BALANCE, JANUARY 1, 2001. 3,838,019 $ 13,675,000 $ ( 3,215,000) $( 5,000) $10,455,000
Exercise of Stock Options. 11,800 31,000 31,000
COMPREHENSIVE INCOME:
Net Income 253,000 253,000 253,000
Net Changes in Unrealized
Gain (Loss) on Available
for Sale Securities 121,000 121,000 121,000
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TOTAL COMPREHENSIVE INCOME $ 374,000
============
BALANCE, MARCH 31, 2001 . 3,841,819 $ 13,706,000 $ ( 2,962,000) $ 116,000 $10,860,000
============= ============== =============== ================ ===========
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION AND MANAGEMENT REPRESENTATIONS
The unaudited consolidated financial statements have been prepared in accordance
with the instructions to Form 10-QSB and, therefore, do not include all
footnotes normally required for complete financial disclosure. While the
Company believes that the disclosures presented are sufficient to make the
information not misleading, reference may be made to the consolidated financial
statements and notes thereto included in the Company's 2000 Annual Report on
Form 10-KSB.
The accompanying consolidated statements of financial condition and the related
consolidated statements of operations and cash flows reflect, in the opinion of
management, all material adjustments necessary for fair presentation of the
Company's financial position as of March 31, 2001 and December 31, 2000, results
of operations and changes in cash flows for the three-month period ended March
31, 2001 and 2000. The results of operations for the three-month period ended
March 31, 2001 are not necessarily indicative of what the results of operations
will be for the full year ending December 31, 2001.
(2) EARNINGS PER SHARE (EPS)
Basic EPS excludes dilution and is computed by dividing income available to
common stockholders by the weighted-average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur if
securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared
in the earnings of the entity.
Accordingly, the weighted average number of shares used to compute the basic net
income per share were 3,842,123 and 3,833,327 respectively for the three-month
period ended March 31, 2001 and March 31, 2000. The weighted average number of
shares used to compute the diluted net income per share were 3,850,065 and
3,833,327 respectively for the three-month period ended March 31, 2001 and March
31, 2000, and did not change the earnings per share calculation.
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following discussion is intended to provide additional information about
Marathon Bancorp (the Company), its financial condition and results of
operations, which is not otherwise apparent from the consolidated financial
statements. Since Marathon National Bank (the Bank) represents a substantial
portion of the Company's activities and investments, the following relates
primarily to the financial condition and operations of the Bank. It should be
read in conjunction with the Company's 2000 Annual Report on Form 10-KSB.
FINANCIAL HIGHLIGHTS OVERVIEW
The first quarter of 2001 was a very profitable one for our Company. We earned
$253,000 in net income which translated to per share earnings of $0.07 compared
to $0.04 earned in the first quarter of 2000. This represented an increase of
74% in net income. The book value per share has increased to $2.82 compared to
$2.73 per share at December 31, 2000.
The Company had an increase in the return on assets to 1.11% compared to the
.69% earned in the first quarter of 2000 and the return on equity increased to
9.64% compared to 6.32% earned in the first quarter last year.
RESULTS OF OPERATIONS
Net Interest Income
Net interest income for the first quarter increased over the same period last
year. Net interest income was $1,155,000 for the first quarter of 2001 compared
to $1,025,000 for the first quarter of 2000. This was achieved by an increase
in interest earned from interest and fees on loans and from interest earned on
the investment portfolio. Interest and fees on loans increased due to an
increase in average loans from $51.2 million in the first quarter of 2000 to
$53.7 million for the first quarter of 2001. The change in volume more than
offset the decline in yield on the loan portfolio caused by the decline in prime
rate brought on by the Federal Reserve Bank's actions to decrease rates. Since
yearend, the Federal Reserve Bank has decreased the fed funds target rate and
the discount rate by 150 basis points.
Interest income generated by the investment portfolio increased $109,000 or 39%
due to an increase in both volume and yield. Investments made during 2000
increased the overall yield on the portfolio from 5.80% in the first quarter of
2000 to 6.36% for the first quarter of 2001. With calls and maturities in the
portfolio during this quarter and the rest of the year, the yield will decline
as new purchases of securities will be at reduced yields.
Interest expense increased from $490,000 in the first quarter of 2000 to
$582,000 for the first quarter of 2001, an increase of 19%. The increase in
cost is a result of an increase in the average volume of time certificates of
deposit and an increase in the interest rates paid on the time certificates.
The average cost of interest-bearing deposits for the first quarter of 2001 was
4.44% compared to 4.13% for the first quarter of 2000. The average cost of the
time certificates for the first quarter of 2001 was 5.89% versus the 5.50% for
the same period last year. While interest rates have declined, the average
maturity on time certificates is six-months and we will see the effects of the
declining rates in the second and third quarters.
Noninterest Income
Noninterest income increased from $129,000 at March 31, 2000 to $187,000 at
March 31, 2001, an increase of $58,000 or 45%. The increase was generated
mainly from the service charges and fees on deposit accounts, which gained
$23,000 or 37%. The service charges rose due to increased income generated from
analyzed business checking accounts. The increase in other noninterest income
came from noninterest fees generated from loan related services. Dividends on
life insurance rose $8,000 or 19% over that reported for the first quarter of
2000.
Noninterest Expense
Noninterest expenses were up when compared to the first quarter of 2000. The
increase was $110,000 or 11% and came from increased legal fees, employee costs
and customer related expenses.
Legal fees and costs have increased versus the same period last year with the
legal services needed to complete foreclosure proceedings on a real estate loan.
Salaries and employee benefits increased from additional insurance and other
benefit accruals as well as salary increases for 2001. Customer related
expenses were up for courier, check printing and data processing costs paid that
are assessed to the analyzed business checking accounts. Furniture, equipment,
data processing, office supplies, and insurance costs all decreased for the
first quarter of 2001 compared to the first quarter of 2000.
Provision for Credit Losses:
Loans classified by the Bank as substandard or doubtful increased from
$2,173,000 at December 31, 2000 to $2,213,000 at March 31, 2001. Nonperforming
loans, which consist of loans past due over 90 days plus loans on nonaccural,
totaled $1,056,000 at March 31, 2001 compared to $1,000,000 at December 31,
2000. The Company continued to have no other real estate owned.
During the first quarter, the Bank recorded no charge-offs while collecting
recoveries on loans charged off of $6,000. The net change to the reserve for
credit losses was $6,000. Based upon these factors and management's assessment
of the overall quality of the loan portfolio, its internal migration analysis
and economic conditions they felt the current level of the reserve for credit
losses was adequate at March 31, 2001.
ASSETS AND LIABILITIES
The March 31, 2001 balance sheet shows that total assets declined from December
31, 2000 by $1.3 million or 1% but the average assets for the first quarter of
2001 were $92.1 million compared to the average of $90.6 million for the fourth
quarter of 2000 an increase of 2%. Loans increased from yearend by 4% and the
average outstanding increased as well with increases in commercial and real
estate construction lending.
The investment portfolios overall size did not change significantly but the
composition of the portfolio did. Expecting that a number of the Company's
callable U.S. agency securities would be called we had added to the portfolio
early in the quarter with more non-callable corporate and mortgaged-backed
securities. During the quarter we purchased $10.2 million in securities while
maturities and calls were $12.3 million. Our repositioning of the portfolio
should keep our yield fairly constant through the rest of the year.
During the first quarter of 2001 we did have our non-interest demand deposits
decrease while the interest-bearing deposits increased. The time certificates
of deposit showed the largest increase both in certificates under $100,000 and
over $100,000. This increased our cost of funds during the quarter. The start
of the second quarter has seen this trend reverse and we have had certificates
of deposit decrease and demand deposits increase.
LIQUIDITY AND CAPITAL
Asset/Liability Management
The Company's Asset/Liability Committee is responsible for managing the risks
associated with changing interest rates and their impact on earnings, as well
as, the liquidity needs of the Company.
Management monitors its liquidity position continuously in relation to trends in
loans and deposits, and
relates the data to short and long term expectations. In order to serve
customers effectively, funds must be available to meet their credit needs as
well as their withdrawals of deposited funds. Assets that are normally
considered liquid are federal funds sold, available for sale investment
securities, cash and due from banks, and securities purchased under agreements
to resell. The ratio of liquid assets to deposits was 25% as of March 31, 2001
and the loan to deposit ratio was 69%.
Interest rate risk management focuses on the maturity and repricing of interest
earning assets in relationship to the interest bearing liabilities that fund
them. Net interest income can be vulnerable to fluctuations arising from a
change in the general level of interest rates to the extent that the average
yield on earning assets responds differently to such a change than does the
average cost of funds.
The Company measures interest rate sensitivity by distributing the maturities
and repricing periods of assets and supporting funding liabilities into interest
sensitivity periods, summarizing interest rate risk in terms of the resulting
interest sensitivity gaps. A positive gap indicates that more interest
sensitive assets than interest sensitive liabilities will be repriced during a
specified period, while a negative gap indicates the opposite condition.
It is the Bank's policy to maintain an adequate balance of rate sensitive assets
to rate sensitive liabilities. Due to the fact that the Bank has a large
portfolio of noninterest bearing demand deposits the Company has historically
been asset sensitive with a positive gap. The Company is asset sensitive and
has been able to decrease its asset sensitivity during the last twelve-month
period by an increase in the investment portfolio and a lengthening of
maturities. The Company's cumulative gap as a percent of total assets at March
31, 2001 was 18.8%
Capital
Shareholder's equity increased $405,000 from December 31, 2000 to the end of the
first quarter. The change in net unrealized gain/loss on securities
available-for-sale amounted to $121,000 of this increase. Besides net income
the exercise of stock options provided $31,000 in additional capital.
The Bank is required to meet certain minimum risk-based capital guidelines and
leverage ratios promulgated by the bank regulatory authorities. The risk based
capital standards establish capital requirements that are more sensitive to risk
differences between various assets, consider off balance sheet activities in
assessing capital adequacy, and minimize the disincentives to holding liquid,
low risk assets. The leverage ratio consists of tangible Tier 1 capital divided
by average total assets.
The adequately capitalized risk-based capital ratio required by the federal
regulators is 8.0 percent and the well-capitalized ratio is 10.0 percent. The
Tier I capital to risk-weighted assets required by the federal regulators is 4.0
percent and 6.0 percent to be well-capitalized. At March 31, 2001 the risk
based capital ratio of the Company was 15.4 percent and the Bank's was 15.3
percent. The Tier 1 capital leverage ratio for the Company was 14.2 percent and
for the Bank was 14.0 percent.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
On March 22, 2001, proxy materials for 2001 Annual Meeting of
Shareholders were mailed to all shareholders of record as of March 12, 2001.
The meeting took place on April 16, 2001. Shareholders were asked to vote on the
matters shown below. Of the total 3,849,819 shares outstanding and entitled to
vote 2,801,812 shares were represented either in person or by properly executed
proxies. The results of the voting on the matters are shown below:
Matter 1. Election of Directors. To elect seven (7) persons to the board
of directors to serve until the 2002annual meeting of Shareholders and until
their successors are elected and have been qualified.
For Withhold Authority for
Robert J. Abernethy 2,194,369 607,443
Craig C. Collette . 2,744,978 56,834
Frank Jobe, M.D.. . 2,194,369 607,443
C. Thomas Mallos. . 2,612,513 189,299
Robert Oltman . . . 2,634,281 167,531
Ann Pappas. . . . . 2,612,981 188,831
Nick Patsaouras . . 2,406,789 395,023
Matter 2. Other Business. There was none.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MARATHON BANCORP
Date: May 10, 2001 Craig D. Collette
-------------------
Craig D. Collette
President and Chief
Executive Officer
Howard J. Stanke
------------------
Howard J. Stanke
Executive Vice President
Chief Financial Officer