EXHIBIT 99.1
Harrington West Announces September 2006 Quarter Earnings,
Double-Digit Loan Growth, Margin Improvement, and Declares Regular
Quarterly Dividend of 12.5 Cents Per Share
SOLVANG, Calif.--(BUSINESS WIRE)--Oct. 25, 2006--Harrington West
Financial Group, Inc. (Nasdaq:HWFG), the holding company for Los
Padres Bank, FSB (LPB) and its division, Harrington Bank, with $1.1
billion in assets, today announced that it earned net income of $2.1
million or 38 cents per share on a fully diluted basis in the
September 2006 quarter compared to $2.1 million and 37 cents per share
earned in the same period a year ago. For the first nine months of
2006, HWFG earned net income of $6.3 million, or $1.13 per share on a
fully diluted basis, compared to $6.3 million or $1.12 per share in
the same period in 2005. Net income in the September 2006 quarter was
positively affected by a favorable tax audit ruling from the
California Franchise Tax Board, confirming the apportionment of income
to states in which HWFG operates, thus adding $255 thousand to net
income in the quarter that had been reserved pending the outcome of
the audit. HWFG expects its combined tax rate to normalize to
approximately 37.5% in future quarters. Return on average equity was
12.81% in the September 2006 quarter and 13.27% for the first nine
months of 2006. Based upon the earnings performance, HWFG's Board of
Directors declared a regular quarterly dividend of 12.5 cents per
share payable on November 10, 2006 to holders of record on November 3,
2006.
The September 2006 quarter was highlighted by the following
developments and results:
1. Net loan balances increased 14.1% or $92.1 million from
September 30, 2005 to September 30, 2006, and by 3.8% or $27.1 million
in the September 2006 quarter to $743.3 million.
2. In the September 2006 quarter, average non-interest bearing
deposits were up 3.3% to $47.9 million, while the ending balance of
these deposits was up 12.9% to $54.1 million. Overall deposits
declined by $2.7 million to $708.5 million in the September 2006
quarter, due primarily to management's decision not to match
certificate of deposit promotions of other financial institutions
above its borrowing cost.
3. The net interest margin expanded 3 bps in the September 2006
quarter over the June 2006 quarter and by 5 bps over the comparable
September 2005 quarter.
4. Credit quality of the loan portfolio remained favorable with
$101 thousand of non-performing loans in the September 2006 quarter
versus none and $20 thousand in the June 2006 and September 2005
quarters, respectively.
5. The investment securities portfolio, which consists of
available for sale and held to maturity securities, declined $5.9
million to $320.7 million in the quarter and is now $70.5 million less
than a year ago, as HWFG deploys its capital in loans rather than
investments in the tight spread environment.
6. Book value per share was $12.08 at September 30, 2006, compared
with $10.85 at September 30, 2005, rising 11.3% over the period.
7. The previously announced HWFG share repurchase program of
200,000 shares remains in effect. No shares have been repurchased
under the program.
Strategy and Financial Performance
HWFG's core strategy is to organically grow loans, deposits,
banking offices, and banking fee income on a controlled basis in the
markets of the Central Coast of California, the Phoenix metro, and the
Kansas City metro. Management has extensive knowledge of and banking
experience in these markets, which have favorable demographic and
growth characteristics. HWFG seeks to grow the core banking franchise
of loans and deposits at high single to low double-digit levels on an
annual basis through its expansion of deposit gathering offices,
adding lenders and business developers, and emphasizing its
diversified product menu and relationship banking approach. HWFG's
management also has significant expertise in managing mortgage
investments and interest rate risk and seeks to maintain banking risks
at a low level. Controlling operating costs congruent with its
expansion plans is also a key variable to HWFG's strategic plan.
Together, these long term strategies are expected to improve earnings
and build franchise and shareholder values.
HWFG demonstrated favorable progress in growing its loan portfolio
at a double-digit annualized increase of 15.1% in the September
quarter. Loan demand remained robust across HWFG's diversified loan
product offerings in multiple markets, with lower loan payoff activity
in the higher rate environment. Asset quality, too, was generally
favorable with $101 thousand of non-performing loans at September 30,
2006. HWFG added $200 thousand to its reserve for loan losses based on
the portfolio mix and growth of loans in the quarter. HWFG completed
the sale of its real estate owned on October 24, 2006 for the net book
value of $1.1 million, with an expected loss of $9 thousand at
closing.
HWFG Net Loan Growth and Mix
- ----------------------------------------------------------------------
(Dollars in millions)
- ----------------------------------------------------------------------
September 30, December 31, September 30,
2006 2005 2005
- ----------------------------------------------------------------------
Loan Type % of % of % of
Total Total Total Total Total Total
- ----------------------------------------------------------------------
Commercial Real Estate $260.5 34.7% $253.2 37.2% $260.7 39.5%
- ----------------------------------------------------------------------
Multi-family Real
Estate 78.7 10.5% 80.9 11.9% 76.0 11.5%
- ----------------------------------------------------------------------
Construction (1) 106.9 14.2% 70.9 10.4% 55.5 8.4%
- ----------------------------------------------------------------------
Single-family Real
Estate 115.1 15.3% 115.9 17.0% 109.0 16.5%
- ----------------------------------------------------------------------
Commercial and
Industrial Loans 112.1 14.9% 96.5 14.2% 94.3 14.3%
- ----------------------------------------------------------------------
Land Acquisition and
Development 50.5 6.7% 36.1 5.3% 34.5 5.2%
- ----------------------------------------------------------------------
Consumer Loans 25.7 3.4% 26.7 3.9% 28.1 4.3%
- ----------------------------------------------------------------------
Other Loans (2) 2.2 0.3% 1.3 0.2% 1.3 0.2%
- ----------------------------------------------------------------------
Total Gross Loans $751.70 100.0% $681.50 100.0% $659.40 100.0%
- ----------------------------------------------------------------------
Allowance, Deferred
Fees & Discounts/
Premiums (8.4) (8.6) (8.2)
- ----------------------------------------------------------------------
Net Loans Receivable $743.30 $672.90 $651.20
- ----------------------------------------------------------------------
(1) Includes loans collateralized by residential, commercial and land
properties.
(2) Includes loans collateralized by deposits and consumer line of
credit loans.
Although non-interest bearing deposits grew by $6.2 million, or
12.9% in the quarter, overall deposits declined as HWFG would not
match the certificate of deposit rates offered by competition that
exceeded its comparable cost of borrowing. As such, total deposits
declined $2.7 million in the September quarter, but were $36.8 million
or 5.5% over September 30, 2005.
The net interest margin expanded for the third consecutive quarter
to 2.88%, increasing 3 bps from the June quarter 2006. The mix change
from HWFG's loan growth and the reduction of the investment portfolio
are increasing HWFG's net interest margin, offset somewhat by the lag
in the re-pricing of some floating rate loans (lagging PRIME and cost
of funds) and the pressure on deposit cost from competition increasing
deposit rates more than general market rates. As a result of the net
interest margin expansion and loan growth offsetting the reduction in
the investment portfolio, net interest income was $7.7 million in the
September 2006 quarter versus $7.6 million in the September 2005
quarter, growing 1.9%. For the first nine months of 2006, net interest
income was $23.2 million compared to $22.6 million in the comparable
period in 2005, growing 2.6%, in line with the growth in average
interest earning assets.
Banking fee and other income was $931 thousand in the September
2006 quarter as compared to $1,194 thousand and $1,159 thousand in the
June 2006 and September 2005 quarters, respectively. After adjusting
for a one-time recovery of $295 thousand in the June 2006 quarter,
banking fee and other income sources continued to grow in the
September 2006 quarter, increasing $32 thousand over the prior
quarter. The $295 thousand was the result of a recovery of back rents
and leasehold improvements from a tenant in the Metcalf, KS banking
office. However, banking fee income was lower by $228 thousand in the
September 2006 over the comparable quarter in 2005 due to lower
prepayment penalty fees. Prepayment penalty fees declined $207
thousand from the September 2005 to the September 2006 quarter due to
higher market rates and fewer loan prepayments.
Banking Fee and Other Income
- ----------------------------------------------------------------------
(Dollars in thousands)
- ----------------------------------------------------------------------
September September September September
Banking Fee 2006 2005 % 2006 2005 %
Type Quarter Quarter Change YTD YTD Change
- ----------------------------------------------------------------------
Mortgage
Brokerage
Fee,
Prepayment
Penalties &
Other Loan
Fees $176 $409 -57.0% $551 $1,040 -47.0%
- ----------------------------------------------------------------------
Deposit, Other
Retail
Banking Fees
& Other Fee
Income 356 334 6.6% 1,302 967 34.6%
- ----------------------------------------------------------------------
Harrington
Wealth
Management
Fees 214 183 16.9% 618 536 15.3%
- ----------------------------------------------------------------------
BOLI Income,
net 185 233 -20.6% 567 448 26.6%
- ----------------------------------------------------------------------
Total Banking
Fee and Other
Income $931 $1,159 -19.7% $3,038 $2,991 1.6%
- ----------------------------------------------------------------------
Investment portfolio net gains were $150 thousand in the quarter
and emanated totally from the tightening of spreads on HWFG's
remaining total rate of return swap portfolio held in its trading
portfolio. These swaps profit from a tightening of general spreads to
comparable LIBOR rates and were entered into partially as a hedge
against narrowing security and loan spreads on commercial real estate
and residential loans. With the extreme tightening of credit spreads
over the last 2 years, HWFG has reduced the notional amount of these
swaps from over $160 million to $10 million at September 30, 2006.
Management believes that spreads have tightened to an extent that the
risk/return tradeoff is not favorable for holding many of these
positions.
Operating expenses were $5.5 million in the September 2006
quarter, virtually unchanged from the June 2006 quarter and compared
to $5.4 million in the September 2005 quarter. Operating expenses have
increased largely from the expansion of new banking offices in HWFG's
markets and the increase in general corporate and health care
benefits. In August, HWFG successfully opened its third Harrington
Bank office in the Kansas City metro, representing its 16th office
across all markets. HWFG plans to open three new offices in the
Phoenix metro market over the next 18 to 24 months in Surprise,
Arizona, the Deer Valley Airpark in Phoenix, Arizona, and in Gilbert,
Arizona, bringing its Phoenix metro offices to five locations. The
Company recently reached definitive contract terms to acquire a 55
thousand square foot parcel at Lindsay and Warner Roads in Gilbert,
Arizona, for $1.0 million. It is also investigating opportunities in
its California markets to fill-in its market presence.
Closing Comments
In commenting on the results and developments in September 2006
quarter, Craig J. Cerny, Chairman and CEO of HWFG, stated: "We are
pleased to have continued to grow our loan portfolio at double digit
rates, while asset quality remains favorable. Our net interest margin
also expanded for the third straight quarter despite a very
competitive marketplace for deposits and tight spreads on financial
assets. We are also pleased with our core, non-costing deposit
development in the quarter, although overall deposits did decline due
to our not matching certificate of deposit rates of our competitors
that are above our cost of borrowing. We remain focused on building
out our market franchises and the related loans, core deposits, and
fee income sources, utilizing our capital efficiently, and controlling
operating expenses, in an effort to improve profitability and
shareholder value."
Harrington West Financial Group, Inc. is a $1.1 billion,
diversified, financial institution holding company for Los Padres Bank
and its division Harrington Bank. HWFG operates 16 full service
banking offices on the central coast of California, Scottsdale,
Arizona, and the Kansas City metro. The Company also owns Harrington
Wealth Management Company, a trust and investment management company
with $161 million in assets under management or custody.
This Release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act. All of the statements
contained in the Release, other than statements of historical fact,
should be considered forward-looking statements, including, but not
limited to, those concerning (i) the Company's strategies, objectives
and plans for expansion of its operations, products and services, and
growth of its portfolio of loans, investments and deposits, (ii) the
Company's beliefs and expectations regarding actions that may be taken
by regulatory authorities having oversight of the operation, (iii) the
Company's beliefs as to the adequacy of its existing and anticipated
allowances for loan and real estate losses, (iv) the Company's beliefs
and expectations concerning future operating results and (v) other
factors referenced in the Company's filings with the Securities and
Exchange Commission. Although the Company believes the expectations
reflected in those forward-looking statements are reasonable, it can
give no assurance that those expectations will prove to have been
correct. Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof and
are not intended to give any assurance as to future results. The
Company undertakes no obligation to publicly release any revisions to
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Consolidated Financial Data -- Harrington West Financial Group, Inc.
(unaudited)
Quarter ended Year-to-date
(In thousands, except Sep. 30, Sep. 30, Sep. 30, Sep. 30,
per share data) 2006 2005 2006 2005
- ---------------------- ----------- ----------- ----------- -----------
Interest income $18,978 $15,847 $54,846 $45,318
Interest expense 11,275 8,285 31,642 22,712
----------- ----------- ----------- -----------
Net interest income 7,703 7,562 23,204 22,606
Provision for loan
losses 200 - 490 350
----------- ----------- ----------- -----------
Net interest income
after provision for
loan losses 7,503 7,562 22,714 22,256
Non-interest income:
Income (loss) from
trading assets 150 89 370 872
Other gain (loss) (26) (7) (28) (13)
Banking fee & other
income 931 1,159 3,038 2,991
----------- ----------- ----------- -----------
Non-interest income 1,055 1,241 3,380 3,850
Non-interest expense 5,543 5,379 16,487 15,727
----------- ----------- ----------- -----------
Income before income
taxes 3,015 3,424 9,607 10,379
Provision for income
taxes 913 1,326 3,332 4,095
----------- ----------- ----------- -----------
Net income $2,102 $2,098 $6,275 $6,284
=========== =========== =========== ===========
Quarter ended Year-to-date
Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Per share:
Net income - basic $0.39 $0.39 $1.15 $1.18
Net income - diluted $0.38 $0.37 $1.13 $1.12
Weighted average
shares used in Basic
EPS calculation 5,448,820 5,364,077 5,435,238 5,338,935
Weighted average
shares used in
Diluted EPS
calculation 5,585,527 5,649,134 5,563,214 5,626,599
Cash dividends $0.13 $0.13 $0.13 $0.11
Book value at period-
end $12.08 $10.85 $12.08 $10.85
Tangible Book Value at
period end $10.89 $9.61 $10.89 $9.61
Ending shares 5,449,593 5,364,498 5,449,593 5,364,498
Financial ratios
Return on average
assets 0.73% 0.75% 0.74% 0.76%
Return on average
equity 12.81% 14.86% 13.27% 15.45%
Average equity to
average assets
(leverage ratio) 5.73% 5.03% 5.55% 4.93%
Net interest margin 2.88% 2.83% 2.86% 2.83%
Efficiency ratio 64.20% 61.68% 62.83% 61.44%
Period averages
Total assets $1,135,802 $1,113,282 $1,138,069 $1,103,378
Securities and trading
assets $329,143 $399,818 $358,064 $411,519
Total loans, net of
allowance $730,840 $641,446 $704,447 $628,943
Total earning assets $1,085,258 $1,067,568 $1,089,296 $1,066,040
Total deposits $704,644 $662,787 $691,109 $584,573
Total equity $65,102 $56,002 $63,211 $54,384
Quarter Ended
------------------------------------
Sep. 30, Jun. 30, Mar. 31,
(In thousands, except per share
data) 2006 2006 2006
- --------------------------------- ------------------------------------
Interest income $18,978 $18,207 $17,664
Interest expense 11,275 10,510 9,858
------------------------------------
Net interest income 7,703 7,697 7,806
Provision for loan losses 200 150 140
------------------------------------
Net interest income after
provision for loan losses 7,503 7,547 7,666
Non-interest income:
Gain/loss on sale of AFS - (147) (466)
Income (loss) from trading
assets 150 113 721
Other gain (loss) (26) 2 (4)
Banking fee & other income 931 1,194 915
------------------------------------
Non-interest income 1,055 1,162 1,166
Non-interest expense 5,543 5,560 5,392
------------------------------------
Income before income taxes 3,015 3,149 3,440
Provision for income taxes 913 1,076 1,342
------------------------------------
Net income $2,102 $2,073 $2,098
====================================
Per share:
Net income - basic $0.39 $0.38 $0.39
Net income - diluted $0.38 $0.37 $0.38
Weighted average shares used in
Basic EPS calculation 5,448,820 5,446,100 5,410,370
Weighted average shares used in
Diluted EPS calculation 5,585,527 5,588,019 5,564,236
Cash dividends per share $0.13 $0.13 $0.13
Book value at period-end $12.08 $11.87 $11.51
Tangible Book value at period-end $10.89 $10.67 $10.29
Ending shares 5,449,593 5,447,643 5,418,843
Financial ratios
Return on average assets 0.73% 0.73% 0.74%
Return on average equity 12.81% 13.04% 14.02%
Average equity to average assets
(leverage ratio) 5.73% 5.64% 5.29%
Net interest margin 2.88% 2.85% 2.83%
Efficiency ratio 64.20% 62.54% 61.83%
Period averages
Total assets $1,135,802 $1,131,525 $1,147,547
Securities and trading assets $329,143 $357,127 $388,578
Total loans, net of allowance $730,840 $697,804 $684,183
Total earning assets $1,085,258 $1,082,200 $1,100,599
Total deposits $704,644 $694,226 $674,124
Total equity $65,102 $63,781 $60,700
Quarter Ended
-------------------------
(In thousands, except per share data) Dec. 31, Sep. 30,
2005 2005
- ----------------------------------------------------------------------
Interest income $16,738 $15,847
Interest expense 9,186 8,285
-------------------------
Net interest income 7,552 7,562
Provision for loan losses 85 -
-------------------------
Net interest income after provision for loan
losses 7,467 7,562
Non-interest income:
Gain/loss on sale of AFS 150 275
Income (loss) from trading assets (86) (186)
Other gain (loss) (2) (7)
Banking fee & other income 957 1,159
-------------------------
Non-interest income 1,019 1,241
Non-interest expense 5,349 5,379
-------------------------
Income before income taxes 3,137 3,424
Provision for income taxes 1,085 1,326
-------------------------
Net income $2,052 $2,098
=========================
Per share:
Net income - basic $0.38 $0.39
Net income - diluted $0.36 $0.37
Weighted average shares used in Basic EPS
calculation 5,373,936 5,364,077
Weighted average shares used in Diluted EPS
calculation 5,642,716 5,649,134
Cash dividends per share $0.13 $0.12
Book value at period-end $11.06 $10.85
Tangible Book value at period-end $9.82 $9.61
Ending shares 5,384,843 5,364,498
Financial ratios
Return on average assets 0.72% 0.75%
Return on average equity 13.76% 14.68%
Average equity to average assets (leverage
ratio) 5.23% 5.03%
Net interest margin 2.81% 2.83%
Efficiency ratio 62.86% 61.68%
Period averages
Total assets $1,132,138 $1,113,282
Securities and trading assets $400,823 $399,818
Total loans, net of allowance $659,093 $641,446
Total earning assets $1,086,463 $1,067,568
Total deposits $672,020 $662,787
Total equity $59,181 $56,002
Quarter Ended
-------------------------------------------------------
(In thousands, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
except per 2006 2006 2006 2005 2005
share data)
- ----------------------------------------------------------------------
Balance sheet
at period-end
Cash and due
from banks $16,181 $16,508 $18,540 $19,312 $18,314
Investments and
fed funds sold 321,512 327,329 367,127 388,407 391,671
Loans, before
allowance for
loan losses 749,144 721,790 689,668 678,551 656,822
Allowance for
loan losses (5,845) (5,614) (5,800) (5,661) (5,576)
Goodwill and
core deposit
intangibles 6,494 6,557 6,620 6,683 6,686
Other assets 58,715 58,983 57,898 52,895 53,730
-------------------------------------------------------
Total assets $1,146,201 $1,125,553 $1,134,053 $1,140,187 $1,121,647
=======================================================
Interest
bearing
deposits $654,342 $663,168 $645,390 $619,213 $622,961
Non-interest
bearing
deposits 54,117 47,954 51,373 49,932 48,741
Other
borrowings 364,662 343,856 369,908 403,787 377,939
Other
liabilities 7,225 5,898 5,024 7,681 13,783
Shareholders'
equity 65,855 64,677 62,358 59,574 58,223
-------------------------------------------------------
Total
liabilities
and
shareholders'
equity $1,146,201 $1,125,553 $1,134,053 $1,140,187 $1,121,647
=======================================================
Asset quality
and capital -
at period-end
Non-accrual
loans $- $- $- $- $20
Loans past due
90 days or
more 101 - 466 - -
Other real
estate owned 1,071 1,021 1,050 - -
-------------------------------------------------------
Total non
performing
assets $1,172 $1,021 $1,516 $- $20
=======================================================
Allowance for
losses to
loans 0.78% 0.78% 0.84% 0.83% 0.85%
Non-accrual
loans to total
loans 0.00% 0.00% 0.00% 0.00% 0.00%
Non-performing
assets total
assets 0.10% 0.09% 0.13% 0.00% 0.00%
Three months ended
(In thousands) September 30, 2006
----------------------------
Balance Income Rate
(6)
----------------------------
Interest earning assets:
Loans receivable (1) $730,840 $14,317 7.82%
FHLB stock 14,806 205 5.49%
Securities and trading account assets
(2) 329,143 4,384 5.33%
Cash and cash equivalents (3) 10,469 72 2.73%
----------- --------
Total interest earning assets 1,085,258 18,978 6.98%
--------
Non-interest-earning assets 50,544
-----------
Total assets $1,135,802
===========
Interest bearing liabilities:
Deposits:
NOW and money market accounts $89,650 $506 2.24%
Passbook accounts and certificates
of deposit 567,142 6,360 4.45%
Total deposits 656,792 6,866 4.15%
FHLB advances (4) 274,185 3,425 4.96%
Reverse repurchase agreements 59,439 447 2.94%
Other borrowings (5) 25,774 537 8.15%
----------- --------
Total interest-bearing
liabilities 1,016,190 11,275 4.38%
--------
Non-interest-bearing deposits 47,852
Non-interest-bearing liabilities 6,658
-----------
Total liabilities 1,070,700
Stockholders' equity 65,102
-----------
Total liabilities and stockholders'
equity $1,135,802
===========
Net interest-earning assets (liabilities) $69,068
===========
Net interest income/interest rate spread $7,703 2.60%
======== =======
Net interest margin 2.88%
=======
Ratio of average interest-earning assets
to average interest-bearing liabilities 106.80%
Three months ended
(In thousands) September 30, 2005
----------------------------
Balance Income Rate
(6)
----------------------------
Interest earning assets:
Loans receivable (1) $641,446 $11,122 6.94%
FHLB stock 16,502 180 4.36%
Securities and trading account assets
(2) 399,818 4,500 4.50%
Cash and cash equivalents (3) 9,802 45 1.84%
----------- --------
Total interest earning assets 1,067,568 15,847 5.94%
--------
Non-interest-earning assets 45,714
-----------
Total assets $1,113,282
===========
Interest bearing liabilities:
Deposits:
NOW and money market accounts $123,596 $543 1.76%
Passbook accounts and certificates
of deposit 491,668 3,687 3.00%
Total deposits 615,264 4,230 2.75%
FHLB advances (4) 301,848 3,197 4.24%
Reverse repurchase agreements 60,023 451 3.01%
Other borrowings (5) 25,774 407 6.32%
----------- --------
Total interest-bearing
liabilities 1,002,909 8,285 3.30%
--------
Non-interest-bearing deposits 47,523
Non-interest-bearing liabilities 6,848
-----------
Total liabilities 1,057,280
Stockholders' equity 56,002
-----------
Total liabilities and stockholders'
equity $1,113,282
===========
Net interest-earning assets (liabilities) $64,659
===========
Net interest income/interest rate spread $7,562 2.64%
======== =======
Net interest margin 2.83%
=======
Ratio of average interest-earning assets
to average interest-bearing liabilities 106.45%
1) Balance includes non-accrual loans. Income includes fees earned on
loans originated and accretion of deferred loan fees.
2) Consists of securities classified as available for sale, held to
maturity and trading account assets.
3) Consists of cash and due from banks and Federal funds sold.
4) Interest on FHLB advances is net of hedging costs. Hedging costs
include interest income and expense and ineffectiveness adjustments
for cash flow hedges. The Company uses pay-fixed, receive floating
LIBOR swaps to hedge the short term repricing characteristics of the
floating FHLB advances.
5) Consists of other debt and a note payable under a revolving line of
credit.
6) Annualized.
CONTACT: Harrington West Financial Group, Inc.
Craig J. Cerny 480-596-6555
For share transfer information:
Lisa F. Watkins 805-688-6644