[PULASKI FINANCIAL CORP. LOGO APPEARS HERE]
PULASKI FINANCIAL REPORTS STRONG CORE BANKING RESULTS,
LARGELY OFFSET BY INCREASED LOAN LOSS PROVISION
o Loans receivable increase 5% during quarter on growth in commercial
real estate and commercial and industrial loans
o Core deposits increase 8% during quarter on growth in retail checking
account balances
o Net interest income up 11% for quarter on strong growth in average
loans and core deposits
o Mortgage revenues up 40% for quarter on widened gross sales margins
o Provision for loan losses totals $4.7 million for quarter versus net
charge-offs of $1.8 million resulting in reserve build of $2.9 million
and ratio of allowance to total loans of 1.35%
o Diluted EPS is $0.06 for quarter compared with $0.27 for last year's
quarter
o Bank maintains "well-capitalized" regulatory status including 7.65%
Tier 1 leverage capital ratio and 10.26% total risk-based capital ratio
at December 31, 2008
ST. LOUIS, January 20, 2009 -- Pulaski Financial Corp. (Nasdaq Global Select:
PULB) today announced net income for the first fiscal quarter ended December 31,
2008 of $566,000, or $0.06 per diluted share, compared with net income of $2.7
million, or $0.27 per diluted share, for the same quarter a year ago. Results
for the 2008 quarter were negatively impacted by a $4.7 million provision for
loan losses, which included a $1.2 million provision related to one restructured
commercial loan.
Gary Douglass, President and Chief Executive Officer commented, "It is likely
that the December 2008 quarter will go down as one of the worst quarters in
history for U.S. banks in terms of reported net losses. These record losses were
driven largely by significantly increased loan loss provisions necessitated by
an ever-worsening economy. While we believe that we have prudently underwritten
our loan portfolio, we are not immune to the negative impact that the economy
has had on our borrowers as we also recorded a substantially higher provision
for loan losses this quarter. However, unlike many other banks, a significant
portion of the increased provision over the amount recorded in our September
2008 quarter was isolated to a single commercial credit that continues to
perform under its restructured terms, and we continued to operate profitably
while numerous other banks reported large net losses. We were able to accomplish
this on the strength of the core operating results of our three major divisions,
commercial, retail and mortgage, which delivered meaningful growth in average
loans, core deposits, net interest income and mortgage revenues during the
quarter."
NET INTEREST INCOME INCREASES ON STRONG CORE DEPOSIT AND COMMERCIAL LOAN GROWTH
Net interest income rose $912,000, or 11%, to $9.1 million for the first quarter
of fiscal 2009 compared with $8.2 million for the same period a year ago.
Results for the quarter were driven by growth in the average balance of loans
receivable, which increased $127.4 million to $1.12 billion compared with the
same period a year ago. Commercial real estate and commercial and industrial
loans accounted for substantially all of this growth.
The net interest margin was 2.96% for the three months ended December 31, 2008
compared with 3.04% for the quarter ended September 30, 2008 and 3.02% for the
comparable quarter a year ago. The Company's net interest margin was negatively
impacted during the quarter by the rapid decline in market interest rates. While
the Company saw a decline in interest rates on its prime adjusting commercial
and home equity loans and on its short-term wholesale borrowings, interest rates
paid on its retail deposits did not fall as quickly due to strong competition
for deposits. However, the continued maturity of prime-adjusting loans and
fixed-rate deposits coupled with improved pricing on new commercial loan
originations should benefit the Company's net interest margin in future periods.
Growth in core deposits, which have traditionally been the Company's lowest-cost
funding source, continues to be one of the Company's primary strategic
objectives. This strategy has yielded continued success as core deposits, which
include checking, money market and passbook accounts, rose 8%, or $35.8 million,
from September 30, 2008 to $465.9 million at December 31, 2008. Non-interest
bearing deposits increased $30.5 million, or 40%, during the quarter to $106.9
million. The Company's newest banking locations in Richmond Heights, Clayton,
and downtown St. Louis, all of which opened in 2007, had combined deposits
totaling $86.2 million at December 31, 2008. This growth was well ahead of
management's projections. Also contributing to the Company's overall deposit
growth was an increase in CDARS time deposits, which offer the bank's customers
the ability to receive FDIC insurance on deposits up to $50 million. CDARS
deposits increased $22.9 million from September 30, 2008 to $146.9 million at
December 31, 2008.
Douglass observed, "We have been successful in growing our core deposits by
offering convenient products at reasonable rates, and by capitalizing on our
strong reputation and high level of customer service. We continue to resist the
temptation to `chase deposits' and have not pursued the irrational pricing
strategies offered by many banks in our market area as the result of fierce
competition for deposits. Pulaski Bank remains a source of strength within the
St. Louis community and, as local depositors have become increasingly concerned
over the safety of their deposits, we have benefited from our reputation for
quality and conservatism."
CONTINUED GROWTH IN MORTGAGE REVENUES BOLSTERS NON-INTEREST INCOME
Non-interest income rose 11% to $3.3 million for the quarter compared with $3.0
million in the same period last year due primarily to strong growth in mortgage
revenues. Mortgage revenues rose 40% to $1.5 million for the quarter ended
December 31, 2008 compared with $1.1 million for the comparable period last
year, while the volume of loans sold declined 10% to $255.5 million in the
December 2008 quarter compared with $284.0 million in last year's quarter.
The increased mortgage revenues resulted from higher gross sales margins and
improved operating efficiency during the quarter.
Douglass noted, "We were pleased with yet another quarter of growth in our
mortgage revenues. This operation has been a consistent source of revenue in
this difficult economic environment. However, our first fiscal quarter results
did not fully benefit from the impact of the increased mortgage loan application
volume we began to see in late November, which approached record levels. Our
mortgage loan closings in December 2008 were $157 million, which represented a
146% increase over our November 2008 volume. In addition, we had $304.7 million
of mortgage loan applications in process at December 31, 2008 compared with
$152.4 million at September 30, 2008 and $131.7 million at December 31, 2007. We
are optimistic that we will reap the benefits of this increased mortgage lending
activity in our second fiscal quarter and, assuming mortgage interest rates
remain low, through the remainder of fiscal 2009."
NON-INTEREST EXPENSE
Total non-interest expense increased $593,000, or 9%, to $6.9 million for the
quarter ended December 31, 2008 compared with $6.3 million for the same period a
year ago, due to a $321,000 increase in compensation expense in the current
quarter and the absence of gains on derivative financial instruments of $122,000
that were recognized as a recovery in the quarter ended December 31, 2007. The
increase in compensation expense was mainly the result of decreased loan
origination volume during the quarter resulting in a lower level of such expense
that was capitalized as loan origination costs. The Company also began to
experience benefits from a more disciplined line-item budget accountability
process, which resulted in lower advertising, professional services and postage,
document delivery and office supplies expense.
ASSET QUALITY
Non-performing loans increased $21.7 million during the quarter to $42.4 million
at December 31, 2008, primarily as the result of a $16.2 million increase in
troubled debt restructurings. The increase in troubled debt restructurings was
due to management's decision to proactively modify loan repayment terms with
borrowers who were experiencing financial difficulties in the current economic
climate with the belief that these actions would maximize the bank's recoveries
on these loans. The restructured terms of the loans generally included a
reduction of the interest rates and the addition of past due interest to the
principal balance of the loans. Many of these borrowers were current at the time
of the modification and show strong intent and ability to repay their
obligations under the modified terms. At December 31, 2008, $20.8 million, or
92%, of the total restructured loans were performing as agreed under the
modified terms of the loans.
While these modifications were generally targeted at residential mortgage loan
customers, the Company also restructured a $7.8 million commercial real estate
loan made to a St. Louis-based customer, which was collateralized by a strip
shopping center in Naples, Florida. The Company's lending practices generally
limit lending outside of its two primary market areas, St. Louis and Kansas
City. However, management has had a long, successful relationship with this
borrower. While the borrower had been paid current under the previous loan terms
and remains current under the restructured terms, management determined it was
necessary to temporarily reduce the interest rate and defer principal payments
while the borrower attempts to secure additional tenants in the property.
However, after considering the values of the borrower's personal guarantees and
the underlying collateral, the Company recorded a $1.2 million provision for
loan loss related to this loan during the December 2008 quarter.
Douglass commented, "Substantially all of our residential borrowers live in the
St. Louis and Kansas City communities that we serve. We are working with many of
our troubled borrowers to help them manage through this difficult economic
period. The level of loans we restructured during the quarter was unprecedented.
However, we feel the current economy warrants proactive measures and we believe
these steps will help stave off foreclosures, maximize the bank's recoveries on
these loans and ultimately allow more families to remain in their homes while we
work through this severe economic downturn."
Also contributing to the rise in non-performing assets was a $5.5 million
increase in loans past due 90 days or more. The balance of such loans at
December 31, 2008 included $9.2 million in first mortgage loans past due, $4.1
million in second mortgage and home equity loans past due and $6.3 million in
commercial loans past due. The ratio of the allowance for loan losses to
non-performing loans declined to 37.0% at December 31, 2008 compared with 61.8%
at September 30, 2008 as the result of the significant increase in
non-performing loans. Management believes the decline in this coverage ratio is
appropriate due to a change in the mix of non-performing loans during the
quarter, specifically increased troubled debt restructurings that were
performing under their restructured terms and residential first mortgage loans.
At December 31, 2008, 46% of total non-performing loans were residential first
mortgage loans, which carry a lower level of inherent risk than other types of
loans in the Company's portfolio, especially compared to second mortgage loans
and home equity lines of credit where the Company often does not own or service
the first mortgage loan.
The provision for loan losses for the three months ended December 31, 2008 was
$4.7 million compared with $2.8 million for the quarter ended September 30, 2008
and $1.0 million for the same quarter a year ago. The provision in the
current-year period included the addition of $1.4 million in specific reserves
related to two loans collateralized by commercial real estate. The increased
provision was due to the increase in the level of non-performing loans, net
charge-offs and growth in performing commercial loans, which carry a higher
level of inherent risk than residential loans. The ratio of the allowance for
loan losses to total loans increased to 1.35% at December 31, 2008 compared with
1.16% at September 30, 2008.
Net charge-offs for the quarter ended December 31, 2008 totaled $1.8 million, or
0.64% of average loans on an annualized basis, compared with $2.0 million, or
0.73% of average loans on an annualized basis, for the quarter ended September
30, 2008 and $302,000, or 0.12% of average loans on an annualized basis, for the
December 2007 quarter. Net charge-offs in the December 2008 quarter included
$666,000 in residential first mortgages, $471,000 in residential second
mortgages and $598,000 in home equity loans.
Real estate acquired in settlement of loans declined to $2.6 million at December
31, 2008 compared with $3.5 million at September 30, 2008. Real estate
foreclosure losses and expense was $342,000 for the quarter ended December 31,
2008 compared with $870,000 for the quarter ended September 30, 2008 and
$229,000 for the same quarter last year. Real estate foreclosure losses and
expense include realized losses on the final disposition of foreclosed
properties, additional write-downs for declines in the fair market values of
properties subsequent to foreclosure, and expenses incurred in connection with
maintaining the properties until they are sold.
OUTLOOK
Douglass commented, "Our focus for 2009 will continue to be on providing
valuable community banking services and products to our customers. We will work
with our troubled borrowers and manage our asset quality to help control the
level of our credit-related costs. We will insist on appropriate market rates on
loan renewals and new loan originations while resisting the irrational deposit
pricing mentality that exists in today's market as we continue to concentrate on
improving our net interest margin. We believe the in-process implementation of
our cost management culture, which measures spending productivity and insists on
line-item budget accountability from our managers, will help us improve our
operating efficiency."
Douglass continued, "We believe 2009 will likely be another challenging year for
the entire banking industry. As credit losses increase in financial institutions
across the nation, we realize that, despite our conservative underwriting
practices, we are not immune to the negative impact that the economy has had on
our borrowers. We are diligently watching to see how the various government
initiatives will curtail the length and depth of the current economic recession
and the national mortgage crisis, including the current oversupply of housing
and the resulting declines in property values. However, based upon the
expectation of continued strong operating performance in our three major
divisions that resulted in meaningful growth in commercial loans, core deposits,
net interest income and mortgage revenues during the December quarter, we are
optimistic about our core operating results for the balance of 2009. This
performance capability should be further enhanced by our ability to leverage the
capital infusion from the U.S. Treasury we received on January 16, 2009. And
finally, with the Federal Reserve's actions taken in November 2008 to lower
mortgage interest rates, which have resulted in a sharp increase in refinance
activity, we are optimistic that the increased volume we saw in December will
continue and will benefit our mortgage revenues for the balance of fiscal 2009."
CONFERENCE CALL TOMORROW
Pulaski Financial's management will discuss first quarter results and other
developments tomorrow, January 21, during a conference call beginning at 11 a.m.
EST (10 a.m. CST). The call also will be simultaneously webcast and archived for
three months at:http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=4044240.
Participants in the conference call may dial 877-473-3757 a few minutes before
start time. The call also will be available for replay until February 4, 2009 at
800-642-1687 or 706-645-9291.
ABOUT PULASKI FINANCIAL
Pulaski Financial Corp., operating in its 87th year through its subsidiary,
Pulaski Bank, serves customers throughout the St. Louis metropolitan area. The
bank offers a full line of quality retail and commercial banking products
through 12 full-service branch offices in St. Louis and three loan production
offices in Kansas City and the St. Louis metropolitan area. The Company's
website can be accessed at www.pulaskibankstl.com.
This news release may contain forward-looking statements about Pulaski Financial
Corp., which the Company intends to be covered under the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995. Statements
that are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking statements
cover, among other things, anticipated future revenue and expenses and the
future plans and prospects of the Company. These statements often include the
words "may," "could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "potentially," "probably,"
"projects," "outlook" or similar expressions. You are cautioned that
forward-looking statements involve uncertainties, and important factors could
cause actual results to differ materially from those anticipated, including
changes in general business and economic conditions, changes in interest rates,
legal and regulatory developments, increased competition from both banks and
non-banks, changes in customer behavior and preferences, and effects of critical
accounting policies and judgments. For discussion of these and other risks that
may cause actual results to differ from expectations, refer to our Annual Report
on Form 10-K for the year ended September 30, 2008 on file with the SEC,
including the sections entitled "Risk Factors." These risks and uncertainties
should be considered in evaluating forward-looking statements and undue reliance
should not be placed on such statements. Forward-looking statements speak only
as of the date they are made, and the Company undertakes no obligation to update
them in light of new information or future events.
PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
SELECTED BALANCE SHEET DATA DECEMBER 31, SEPTEMBER 30,
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 2008 2008
-------------- ------------
Total assets $ 1,363,158 $ 1,304,150
Loans receivable, net 1,141,329 1,088,737
Allowance for loan losses 15,664 12,762
Loans held for sale, net 79,302 71,966
Investment securities (includes equity securities) 4,641 733
FHLB stock 9,861 10,896
Mortgage-backed & related securities 27,067 25,925
Cash and cash equivalents 23,918 29,078
Deposits 1,001,935 915,311
Federal Reserve borrowings 143,000 40,000
FHLB advances 96,400 210,600
Subordinated debentures 19,589 19,589
Stockholders' equity 82,453 82,361
Book value per share $8.05 $8.06
ASSET QUALITY RATIOS
Nonperforming loans as a percent of total loans 3.66% 1.88%
Nonperforming assets as a percent of total assets 3.31% 1.87%
Allowance for loan losses as a percent of total loans 1.35% 1.16%
Allowance for loan losses as a percent of nonperforming loans 36.97% 61.76%
THREE MONTHS
SELECTED OPERATING DATA ENDED DECEMBER 31,
-----------------------------------
(DOLLARS IN THOUSANDS) 2008 2007
------------- ------------
Interest income $ 16,835 $ 19,370
Interest expense 7,721 11,169
------------- ------------
Net interest income 9,114 8,201
Provision for loan losses 4,692 1,032
------------- ------------
Net interest income after provision for loan losses 4,422 7,169
------------- ------------
Retail banking fees 967 1,028
Mortgage revenues 1,550 1,108
Investment brokerage revenues 261 215
Gain on sale of securities 243 54
Other 293 574
------------- ------------
Total non-interest income 3,314 2,979
------------- ------------
Compensation expense 3,342 3,021
Occupancy, equipment and data processing expense 1,781 1,597
Advertising 286 340
Professional services 261 283
Real estate foreclosure losses and expenses, net 342 229
Gain on derivative financial instruments - (122)
FDIC deposit insurance premium 199 233
Other 662 700
------------- ------------
Total non-interest expense 6,873 6,281
------------- ------------
Income before income taxes 863 3,867
Income tax expense 297 1,135
------------- ------------
Net income $ 566 $ 2,732
============= ============
ANNUALIZED PERFORMANCE RATIOS
Return on average assets 0.17% 0.94%
Return on average equity 2.66% 12.88%
Interest rate spread 2.74% 2.65%
Net interest margin 2.96% 3.02%
SHARE DATA
Weighted average shares outstanding - basic 10,114,506 9,780,132
Weighted average shares outstanding - diluted 10,274,626 10,186,789
Basic earnings per share $ 0.06 $ 0.28
Diluted earnings per share $ 0.06 $ 0.27
Dividends per share $ 0.095 $ 0.090
PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS, Continued
(UNAUDITED)
LOANS RECEIVABLE DECEMBER 31, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2008 2008
-------------- ------------
Real estate mortgage:
Residential first mortgages $ 265,876 $ 253,132
Residential second mortgages 82,439 86,349
Multi-family residential 31,631 32,547
Commercial real estate 281,217 261,166
------------- ------------
Total real estate mortgage 661,163 633,194
------------- ------------
Real estate construction and development:
One to four family residential 32,082 34,511
Multi-family residential 9,789 9,607
Commercial real estate 62,309 55,264
------------- ------------
Total real estate construction and development 104,180 99,382
------------- ------------
Commercial & Industrial loans 154,581 137,688
Equity line of credit 229,461 225,357
Consumer and installment 6,712 6,896
------------- ------------
1,156,097 1,102,517
------------- ------------
Add (less):
Deferred loan costs 5,242 5,205
Loans in process (4,346) (6,223)
Allowance for loan losses (15,664) (12,762)
------------- ------------
(14,768) (13,780)
------------- ------------
Total $ 1,141,329 $1,088,737
============= ============
Weighted average rate at end of period 5.34% 6.02%
============= ============
DECEMBER 31, 2008 SEPTEMBER 30, 2008
---------------------- --------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
DEPOSITS INTEREST INTEREST
(DOLLARS IN THOUSANDS) BALANCE RATE BALANCE RATE
--------------------------------------------
Demand Deposit Accounts:
Noninterest-bearing checking $ 106,929 0.00% $ 76,404 0.00%
Interest-bearing checking 206,143 1.71% 178,698 2.51%
Money market 127,856 0.92% 149,141 2.12%
Passbook savings accounts 24,963 0.19% 25,829 0.32%
-------------- ------------
Total demand deposit accounts 465,891 1.02% 430,072 1.80%
-------------- ------------
Certificates of Deposit: (1)
$100,000 or less 302,611 2.94% 264,245 3.32%
Greater than $100,000 233,433 3.37% 220,994 3.52%
-------------- ------------
Total certificates of deposit 536,044 3.13% 485,239 3.41%
-------------- ------------
Total deposits $ 1,001,935 2.15% $ 915,311 2.65%
============== ============
(1) Includes brokered deposits $ 152,630 3.53% $ 128,937 3.85%
============== ============
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
NONPERFORMING ASSETS DECEMBER 31, SEPTEMBER 30,
(IN THOUSANDS) 2008 2008
-------------- ------------
Non-accrual loans:
Residential real estate first mortgages $ 4,330 $ 5,904
Residential real estate second mortgages 628 752
Commercial and multi-family 1,514 1,125
Real estate-construction and development 1,089 133
Commercial and industrial 3,119 341
Home equity 3,028 1,695
Other 223 160
-------------- ------------
Total non-accrual loans 13,931 10,110
-------------- ------------
Accruing loans past due 90 days or more:
Residential real estate first mortgages 4,909 2,543
Residential real estate second mortgages - -
Commercial and multi-family - 231
Real estate-construction and development 557 -
Home equity 436 1,468
Other - 7
-------------- ------------
Total accruing loans past due 90 days or more 5,902 4,249
-------------- ------------
Troubled debt restructured:
Current:
Residential real estate first mortgages 9,480 3,801
Residential real estate second mortgages 1,156 659
Commercial and multi-family 7,897 -
Commercial and industrial 1,361 537
Home equity 903 -
-------------- ------------
Total current restructured loans 20,797 4,997
-------------- ------------
Past due:
Residential real estate first mortgages 652 1,184
Residential real estate second mortgages 12 11
Commercial and industrial 1,020 -
Home equity 55 112
-------------- ------------
Total past due restructured loans 1,739 1,307
-------------- ------------
Total restructured loans 22,536 6,304
-------------- ------------
Total non-performing loans 42,369 20,663
-------------- ------------
Real estate acquired in settlement of loans:
Residential real estate 2,505 3,519
Commercial real estate 104 -
-------------- ------------
Total real estate acquired in settlement of loans 2,609 3,519
-------------- ------------
Other nonperforming assets 92 237
-------------- ------------
Total non-performing assets $ 45,070 $ 24,419
============== ============
THREE MONTHS
ENDED DECEMBER 31,
ALLOWANCE FOR LOAN LOSSES -----------------------------------
(IN THOUSANDS) 2008 2007
-------------- ------------
Allowance for loan losses, beginning of period $ 12,762 $ 10,421
Provision charged to expense 4,692 1,032
Loans charged off, net:
Residential real estate first mortgages (666) (101)
Residential real estate second mortgages (471) (134)
Commercial and multi-family 14 -
Real estate-construction and development (8) -
Commercial and industrial (24) -
Home equity (598) (21)
Other (37) (46)
-------------- ------------
Total loans charged off, net (1,790) (302)
-------------- ------------
Allowance for loan losses, end of period $ 15,664 $ 11,151
============== ============
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(UNAUDITED)
THREE MONTHS ENDED
-------------------------------------------------------------------------------
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------------------------- -----------------------------------
(DOLLARS IN THOUSANDS) INTEREST AVERAGE INTEREST AVERAGE
AVERAGE AND YIELD/ AVERAGE AND YIELD/
BALANCE DIVIDENDS COST BALANCE DIVIDENDS COST
----------------------------------- -----------------------------------
Interest-earning assets:
Loans receivable $ 1,121,838 $15,685 5.59% $ 994,423 $ 18,215 7.33%
Loans available for sale 50,739 666 5.25% 51,511 727 5.64%
Other interest-earning assets 57,223 483 3.38% 39,313 428 4.35%
----------------------- --------------------------
Total interest-earning assets 1,229,800 16,834 5.48% 1,085,247 19,370 7.14%
--------- -------------
Noninterest-earning assets 83,458 76,327
-------------- -------------
Total assets $ 1,313,258 $ 1,161,574
============== =============
Interest-bearing liabilities:
Deposits $ 872,969 $ 6,123 2.81% $ 762,448 $ 8,202 4.30%
Borrowed money 254,592 1,598 2.51% 233,572 2,967 5.08%
----------------------- --------------------------
Total interest-bearing liabilities 1,127,561 7,721 2.74% 996,020 11,169 4.49%
--------- -------------
Noninterest-bearing deposits 87,028 59,688
Noninterest-bearing liabilities 13,520 21,018
Stockholders' equity 85,149 84,848
-------------- -------------
Total liabilities and stockholders' equity $ 1,313,258 $ 1,161,574
============== =============
Net interest income $ 9,113 $ 8,201
========= =============
Interest rate spread 2.74% 2.65%
Net interest margin 2.96% 3.02%
FOR ADDITIONAL INFORMATION CONTACT:
Ramsey Hamadi
Chief Financial Officer
Pulaski Financial Corp.
(314) 878-2210 Ext. 3825