x |
QUARTERLY
REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
¨ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT
|
Ohio
|
34-1405357
|
|
(State
or other jurisdiction of
|
(IRS
Employer Identification No.)
|
|
incorporation
or organization)
|
Item
1 Consolidated Condensed Balance Sheets
|
3
|
Consolidated
Condensed Statements of Income
|
4
|
Consolidated
Condensed Statements of Comprehensive Income
|
5
|
Consolidated
Condensed Statements of Cash Flows
|
6
|
Notes
to Consolidated Condensed Financial Statements
|
8
|
Item
2 Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
19
|
|
|
Item
3 Quantitative and Qualitative Disclosures About Market
Risk
|
28
|
Item
4 Controls and Procedures
|
28
|
PART
II - OTHER INFORMATION
|
|
Item
1 Legal Proceedings
|
29
|
Item
1A Risk Factors
|
29
|
Item
2 Unregistered Sales of Equity Securities and Use of
Proceeds
|
29
|
Item
3 Defaults Upon Senior Securities
|
30
|
Item
4 Submission of Matters to a Vote of Security Holders
|
30
|
Item
5 Other Information
|
30
|
Item
6 Exhibits
|
30
|
SIGNATURES
|
31
|
September 30
|
December
31,
|
||||||
2008
|
2007
|
||||||
(Unaudited)
|
|||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
6,755
|
$
|
4,678
|
|||
Interest-bearing
demand deposits
|
17,552
|
7,646
|
|||||
Federal
funds sold
|
20,189
|
—
|
|||||
Cash
and cash equivalents
|
44,496
|
12,324
|
|||||
Available-for-sale
securities
|
128,779
|
165,324
|
|||||
Held-to-maturity
securities
|
15,768
|
16,142
|
|||||
Loans,
net of allowance for loan losses of $2,965 and $2,447 at September
30,
2008 and December 31, 2007, respectively
|
236,785
|
232,197
|
|||||
Premises
and equipment
|
7,054
|
7,077
|
|||||
Federal
Home Loan Bank stock
|
4,746
|
4,624
|
|||||
Foreclosed
assets held for sale, net
|
620
|
525
|
|||||
Accrued
interest receivable
|
3,030
|
3,146
|
|||||
Deferred
federal income taxes
|
750
|
180
|
|||||
Bank-owned
life insurance
|
9,465
|
9,296
|
|||||
Other
assets
|
1,686
|
535
|
|||||
Total
assets
|
$
|
453,179
|
$
|
451,370
|
|||
Liabilities
|
|||||||
Deposits
|
|||||||
Demand
|
$
|
149,566
|
$
|
146,057
|
|||
Savings
|
39,301
|
27,816
|
|||||
Time
|
161,135
|
156,615
|
|||||
Total
deposits
|
350,002
|
330,488
|
|||||
Short-term
borrowings
|
8,098
|
19,609
|
|||||
Federal
Home Loan Bank advances
|
55,871
|
58,926
|
|||||
Trade
date security purchases
|
—
|
3,000
|
|||||
Subordinated
debentures
|
4,000
|
4,000
|
|||||
Interest
payable and other liabilities
|
2,933
|
1,460
|
|||||
Total
liabilities
|
420,904
|
417,483
|
|||||
Commitments
and Contingencies
|
—
|
—
|
|||||
Stockholders’
Equity
|
|||||||
Preferred
stock, no par value, authorized 2,000,000 shares; no shares issued
|
—
|
—
|
|||||
Common
stock, $1 par value; authorized 10,000,000 shares; issued September
30,
2008 – 5,190,304 shares and December 31, 2007 – 5,178,869
shares
|
5,190
|
5,179
|
|||||
Additional
paid-in capital
|
26,326
|
28,048
|
|||||
Retained
earnings
|
8,958
|
7,112
|
|||||
Stock
held by deferred compensation plan; 128,542 and 108,322 shares
at
September 30, 2008 and December 31, 2007, respectively
|
(1,259
|
)
|
(1,051
|
)
|
|||
Unearned
ESOP compensation
|
(2,931
|
)
|
(2,931
|
)
|
|||
Accumulated
other comprehensive loss
|
(2,350
|
)
|
(500
|
)
|
|||
Treasury
stock, at cost
|
|
||||||
September
30, 2008 – 159,809 shares, December 31, 2007 – 190,266
shares
|
(1,659
|
)
|
(1,970
|
)
|
|||
Total
stockholders’ equity
|
32,275
|
33,887
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
453,179
|
$
|
451,370
|
Three
months ended
|
Nine
months ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(Unaudited)
|
|||||||||||||
Interest
and dividend income
|
|||||||||||||
Loans,
including fees
|
$
|
4,363
|
$
|
4,395
|
$
|
13,045
|
$
|
13,450
|
|||||
Taxable
securities
|
1,446
|
1,709
|
4,866
|
4,553
|
|||||||||
Non-taxable
securities
|
445
|
459
|
1,341
|
1,382
|
|||||||||
Federal
funds sold
|
—
|
28
|
9
|
125
|
|||||||||
Dividends
on Federal Home Loan Bank stock and other
|
65
|
82
|
199
|
237
|
|||||||||
Total
interest and dividend income
|
6,319
|
6,673
|
19,460
|
19,747
|
|||||||||
Interest
expense
|
|||||||||||||
Deposits
|
|||||||||||||
Demand
|
325
|
1,075
|
1,418
|
2,869
|
|||||||||
Savings
|
42
|
34
|
107
|
94
|
|||||||||
Time
|
1,412
|
2,062
|
4,650
|
6,108
|
|||||||||
Borrowings
|
568
|
636
|
1,832
|
1,818
|
|||||||||
Total
interest expense
|
2,347
|
3,807
|
8,007
|
10,889
|
|||||||||
Net
interest income
|
3,972
|
2,866
|
11,453
|
8,858
|
|||||||||
Provision
for loan losses
|
324
|
283
|
887
|
657
|
|||||||||
Net
interest income after provision for loan losses
|
3,648
|
2,583
|
10,566
|
8,201
|
|||||||||
Noninterest
income
|
|||||||||||||
Service
charges on deposit accounts
|
516
|
481
|
1,518
|
1,336
|
|||||||||
Realized
(losses) gains on sales of securities
|
(14
|
)
|
—
|
(14
|
)
|
1
|
|||||||
Realized
gains on sales of loans
|
23
|
13
|
82
|
9
|
|||||||||
Realized
gains on sales of other real estate and repossessed assets
|
9
|
56
|
12
|
120
|
|||||||||
Other
income
|
204
|
235
|
654
|
765
|
|||||||||
Total
noninterest income
|
738
|
785
|
2,252
|
2,231
|
|||||||||
Noninterest
expense
|
|||||||||||||
Salaries
and employee benefits
|
1,782
|
1,701
|
4,869
|
4,606
|
|||||||||
Occupancy
and equipment
|
323
|
305
|
984
|
909
|
|||||||||
Professional
services
|
270
|
153
|
642
|
457
|
|||||||||
Insurance
|
111
|
98
|
319
|
272
|
|||||||||
Franchise
and other taxes
|
72
|
104
|
310
|
271
|
|||||||||
Advertising
|
106
|
92
|
280
|
277
|
|||||||||
Stationery
and office supplies
|
91
|
72
|
242
|
192
|
|||||||||
Provision
for losses on foreclosed real estate
|
—
|
—
|
155
|
—
|
|||||||||
Other
expenses
|
495
|
480
|
1,428
|
1,353
|
|||||||||
Total
noninterest expense
|
3,250
|
3,005
|
9,229
|
8,337
|
|||||||||
Income
before federal income taxes (credits)
|
1,136
|
363
|
3,589
|
2,095
|
|||||||||
Federal
income taxes (credits)
|
239
|
(29
|
)
|
764
|
221
|
||||||||
Net
income
|
$
|
897
|
$
|
392
|
$
|
2,825
|
$
|
1,874
|
|||||
EARNINGS
PER COMMON SHARE
|
|||||||||||||
Basic
|
$
|
0.20
|
$
|
0.09
|
$
|
0.62
|
$
|
0.41
|
|||||
Diluted
|
$
|
0.20
|
$
|
0.09
|
$
|
0.62
|
$
|
0.41
|
|||||
DIVIDENDS
PER COMMON SHARE
|
$
|
0.14
|
$
|
0.13
|
$
|
0.40
|
$
|
0.39
|
Three
months ended
|
Nine
months ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(Unaudited)
|
|||||||||||||
Net
income
|
$
|
897
|
$
|
392
|
$
|
2,825
|
$
|
1,874
|
|||||
Other
comprehensive income (loss), net of tax:
|
|||||||||||||
Unrealized
holding (losses) gains on securities during the
|
|||||||||||||
period,
net of taxes (benefits) of $(272), $936,
|
|||||||||||||
$(958)
and $(8) for each respective period
|
(528
|
)
|
1,817
|
(1,859
|
)
|
(16
|
)
|
||||||
Reclassification
adjustment for realized (gains) losses
|
|||||||||||||
included
in income, net of taxes of $5 for both the three
|
|||||||||||||
and
nine months periods ended September 30, 2008
|
9
|
—
|
9
|
(1
|
)
|
||||||||
Amortization
of prior service costs and actuarial
|
|||||||||||||
losses,
net of tax effects of $4
|
—
|
—
|
10
|
||||||||||
Comprehensive
income
|
$
|
378
|
$
|
2,209
|
$
|
975
|
$
|
1,867
|
|||||
Accumulated
comprehensive loss
|
$
|
(2,350
|
)
|
$
|
(1,919
|
)
|
$
|
(2,350
|
)
|
$
|
(1,919
|
)
|
2008
|
2007
|
||||||
Operating
Activities
|
|||||||
Net
income
|
$
|
2,825
|
$
|
1,874
|
|||
Items
not requiring (providing) cash
|
|||||||
Depreciation
and amortization
|
420
|
350
|
|||||
Provision
for loan losses
|
887
|
657
|
|||||
Provision
for losses on foreclosed assets
|
155
|
—
|
|||||
Increase
in value of bank-owned life insurance
|
(169
|
)
|
(221
|
)
|
|||
Federal
Home Loan Bank stock dividends
|
(122
|
)
|
(68
|
)
|
|||
Realized
gain on sales of securities
|
—
|
(1
|
)
|
||||
Losses
on called securities
|
14
|
||||||
Amortization
of premiums and discounts on securities, net
|
50
|
86
|
|||||
Realized
gains on sales of loans
|
(109
|
)
|
(4
|
)
|
|||
Realized
gain on sale of repossessed assets
|
(12
|
)
|
(117
|
)
|
|||
Deferred
income taxes
|
510
|
—
|
|||||
Amortization
of mortgage servicing rights
|
60
|
54
|
|||||
Net
change in accrued interest receivable and other assets
|
(720
|
)
|
(1,273
|
)
|
|||
Net
change in accrued expenses and other liabilities
|
(2,025
|
)
|
(60
|
)
|
|||
Net
cash provided by operating activities
|
1,764
|
1,277
|
|||||
Investing
Activities
|
|||||||
Securities
available for sale:
|
|||||||
Sales,
maturities, prepayments and calls
|
76,722
|
12,185
|
|||||
Purchases
|
(42,452
|
)
|
(38,420
|
)
|
|||
Securities
held to maturity:
|
|||||||
Maturities,
prepayments and calls
|
400
|
1,160
|
|||||
Trade
date securities purchase
|
—
|
(2,886
|
)
|
||||
Net
change in loans
|
(5,327
|
)
|
4,150
|
||||
Purchases
of premises and equipment
|
(396
|
)
|
(178
|
)
|
|||
Net
cash received from branch acquisition
|
30,929
|
—
|
|||||
Proceeds
from sale of real estate owned
|
12
|
835
|
|||||
Net
cash provided by (used in) investing activities
|
59,888
|
(23,154
|
)
|
2008
|
2007
|
||||||
Financing
Activities
|
|||||||
Net
change in deposits
|
$
|
(12,826
|
)
|
$
|
19,682
|
||
Net
change in borrowings
|
(15,046
|
)
|
3,382
|
||||
Treasury
stock (purchased) issued
|
311
|
(745
|
)
|
||||
Proceeds
from issuance of common stock
|
93
|
350
|
|||||
Cash
dividends paid on common stock
|
(2,012
|
)
|
(1,960
|
)
|
|||
Net
cash (used in) provided by financing activities
|
(29,480
|
)
|
20,709
|
||||
Increase
(Decrease) in Cash and Cash Equivalents
|
32,172
|
(1,168
|
)
|
||||
Cash
and Cash Equivalents, Beginning of Period
|
12,324
|
14,554
|
|||||
Cash
and Cash Equivalents, End of Period
|
$
|
44,496
|
$
|
13,386
|
|||
Supplemental
Cash Flows Information
|
|||||||
Interest
paid on deposits and borrowings
|
$
|
7,715
|
$
|
10,097
|
|||
Federal
income taxes paid
|
$
|
750
|
$
|
246
|
|||
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities
|
|||||||
Transfers
from loans to real estate and other repossessed assets
|
$
|
427
|
$
|
743
|
|||
Unrealized
losses on securities designated as available for sale, net of related
tax
effects
|
$
|
(1,859
|
)
|
$
|
(16
|
)
|
|
Recognition
of mortgage servicing rights
|
$
|
41
|
$
|
86
|
Note
1:
|
Summary
of Significant Accounting
Policies
|
September
30,
|
|||||||
2008
|
2007
|
||||||
(In
thousands)
|
|||||||
Beginning
balance
|
$
|
439
|
$
|
403
|
|||
Recognition
of mortgage servicing rights on sale of loans
|
41
|
86
|
|||||
Amortization
during the period
|
(62
|
)
|
(54
|
)
|
|||
Net
carrying value
|
$
|
418
|
$
|
435
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Basic
|
|||||||||||||
Net
income (In thousands)
|
$
|
897
|
$
|
392
|
$
|
2,825
|
$
|
1,874
|
|||||
Weighted
average common shares outstanding
|
4,593,728
|
4,579,381
|
4,581,958
|
4,564,741
|
|||||||||
Basic
earnings per common share
|
$
|
0.20
|
$
|
0.09
|
$
|
0.62
|
$
|
0.41
|
|||||
Diluted
|
|||||||||||||
Net
income (In thousands)
|
$
|
897
|
$
|
392
|
$
|
2,825
|
$
|
1,874
|
|||||
Weighted
average common shares outstanding for basic earnings per common
share
|
4,593,728
|
4,579,381
|
4,581,958
|
4,564,741
|
|||||||||
Add:
Dilutive effects of assumed exercise of stock options
|
197
|
2,074
|
197
|
2,024
|
|||||||||
Average
shares and dilutive potential common shares
|
4,593,925
|
4,581,455
|
4,582,155
|
4,566,765
|
|||||||||
Diluted
earnings per common share
|
$
|
0.20
|
$
|
0.09
|
$
|
0.62
|
$
|
0.41
|
|||||
Number
of stock options not considered in computing diluted earnings per
share
due to antidilutive nature
|
29,040
|
12,100
|
29,040
|
12,100
|
|||||||||
Weighted-average
exercise price of anti-dilutive stock options
|
$
|
10.98
|
$
|
9.83
|
$
|
10.98
|
$
|
9.83
|
2008
|
2007
|
||||||||||||
Shares
|
Weighted-
Average
Exercise Price
|
Shares
|
Weighted-
Average
Exercise Price
|
||||||||||
Outstanding
at January 1,
|
55,528
|
$
|
10.34
|
69,488
|
$
|
10.73
|
|||||||
Granted
|
—
|
—
|
—
|
—
|
|||||||||
Exercised
|
—
|
—
|
—
|
—
|
|||||||||
Forfeited
|
—
|
—
|
(13,960
|
)
|
12.00
|
||||||||
Outstanding
at end of period
|
55,528
|
$
|
10.34
|
55,528
|
$
|
10.34
|
|||||||
|
|||||||||||||
Options
exercisable at period-end
|
—
|
$
|
—
|
—
|
$
|
—
|
Note
2:
|
Allowance
for Loan Losses
|
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(In
thousands)
|
|||||||||||||
Beginning
balance
|
$
|
2,870
|
$
|
2,188
|
$
|
2,447
|
$
|
2,345
|
|||||
Provision
for loan losses
|
324
|
283
|
887
|
657
|
|||||||||
Loans
charged-off
|
(270
|
)
|
(313
|
)
|
(534
|
)
|
(966
|
)
|
|||||
Recoveries
of previous charge-offs
|
41
|
60
|
165
|
182
|
|||||||||
Ending
balance
|
$
|
2,965
|
$
|
2,218
|
$
|
2,965
|
$
|
2,218
|
Note
3:
|
Benefit
Plans
|
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(In
thousands)
|
|||||||||||||
Service
cost
|
$
|
59
|
$
|
65
|
$
|
177
|
$
|
195
|
|||||
Interest
cost
|
45
|
46
|
135
|
138
|
|||||||||
Expected
return on assets
|
(59
|
)
|
(54
|
)
|
(177
|
)
|
(162
|
)
|
|||||
Amortization
of prior service cost, transition liability, net gain and plan amendment
|
15
|
15
|
45
|
45
|
|||||||||
|
|||||||||||||
Pension
expense
|
$
|
60
|
$
|
72
|
$
|
180
|
$
|
216
|
Note
4:
|
Off-Balance
Sheet Activities
|
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Commitments
to extend credit
|
$
|
43,669
|
$
|
44,692
|
|||
Standby
letters of credit
|
795
|
565
|
Note
5:
|
Fair
Value Measurements
|
Level 1 |
Quoted
prices in active markets for identical assets or
liabilities
|
Level 2 |
Observable
inputs other than Level 1 prices, such as quoted prices for similar
assets
or liabilities; quoted prices in markets that are not active; or
other
inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or
liabilities
|
Level 3 |
Unobservable
inputs that are supported by little or no market activity and that
are
significant to the fair value of the assets or
liabilities
|
Fair
Value Measurements Using
|
|||||||||||||
Fair
Value
|
Quoted
Prices
in
Active
Markets
for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
||||||||||
(In
thousands)
|
|||||||||||||
Available-for-sale
securities
|
$
|
128,779
|
$
|
—
|
$
|
128,779
|
$
|
—
|
Fair
Value Measurements Using
|
|||||||||||||
Fair
Value
|
Quoted
Prices
in
Active
Markets
for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
||||||||||
(In
thousands)
|
|||||||||||||
Impaired
loans
|
$
|
1,533
|
$
|
—
|
$
|
—
|
$
|
1,533
|
United
Bancorp, Inc.
|
|
ITEM
2
|
Management’s
Discussion and Analysis of Financial
|
Condition
and Results of
Operations
|
Total
|
Tier
1
|
Tier
1
|
||||||||
Capital
To
|
Capital
To
|
Capital
To
|
||||||||
Risk-Weighted
|
Risk-Weighted
|
Average
|
||||||||
Assets
|
Assets
|
Assets
|
||||||||
Well
capitalized
|
10.00
|
%
|
6.00
|
%
|
5.00
|
%
|
||||
Adequately
capitalized
|
8.00
|
%
|
4.00
|
%
|
4.00
|
%
|
||||
Undercapitalized
|
6.00
|
%
|
3.00
|
%
|
3.00
|
%
|
September
30,
|
||||
2008
|
||||
(Unaudited)
|
||||
(Dollars
in thousands)
|
||||
Tier
1 capital
|
$
|
40,100
|
||
Total
risk-based capital
|
43,065
|
|||
Risk-weighted
assets
|
275,258
|
|||
Average
total assets
|
434,524
|
|||
|
||||
Total
risk-based capital ratio
|
15.65
|
%
|
||
Tier
1 risk-based capital ratio
|
14.57
|
%
|
||
Tier
1 capital to average assets
|
9.23
|
%
|
Period
|
(a)
Total
Number of
Shares
(or Units)
Purchased
|
(b)
Average
Price Paid
Per
Share (or Unit)
|
(c)
Total
Number of
Shares
(or Units)
Purchased
as Part
Of
Publicly
Announced
Plans
Or
Programs
|
(d)
Maximum
Number or
Approximate
Dollar
Value)
of Shares (or
Units)
that May Yet Be
Purchased
Under the
Plans
or Programs
|
|||||||||
Month
#1
7/1/2008
to
7/30/2008
|
—
|
—
|
—
|
$
|
882,320
|
||||||||
Month
#2
8/1/2008
to
8/31/2008
|
—
|
—
|
—
|
$
|
882,320
|
||||||||
Month
#3
9/1/2008
to
9/30/2008
|
—
|
—
|
—
|
$
|
882,320
|
EX-3.1
|
Amended
Articles of Incorporation of United
|
|
Bancorp,
Inc. (1)
|
||
EX-3.2
|
Amended
Code of Regulations of United Bancorp, Inc. (2)
|
|
EX-4.0
|
Instruments
Defining the Rights of Security Holders
|
|
(See
Exhibits 3.1 and 3.2)
|
||
EX
10.0
|
Purchase
and Assumption Agreement dated September 18, 2008(3)
|
|
EX
31.1
|
Rule
13a-14(a) Certification – CEO
|
|
EX
31.2
|
Rule
13a-14(a) Certification – CFO
|
|
EX
32.1
|
Section
1350 Certification – CEO
|
|
EX
32.2
|
Section
1350 Certification – CFO
|
|
(1)
|
Incorporated
by reference to Appendix B to the registrant’s Definitive Proxy Statement
filed with the Securities and Exchange Commission on March 14,
2001.
|
|
(2)
|
Incorporated
by reference to Appendix C to the registrant’s Definitive Proxy Statement
filed with the Securities and Exchange Commission on March 14,
2001.
|
|
(3)
|
Incorporated
by reference to Exhibit 2 to registrant’s Form 8-K filed with the
Securities and Exchange Commission on September 24,
2008
|
/s/United
Bancorp, Inc.
|
||
Date:
November 12, 2008
|
By:
|
/s/James
W. Everson
|
James
W. Everson
|
||
Chairman,
President and Chief
Executive
Officer
|
||
Date:
November 12, 2008
|
By:
|
/s/Randall
M. Greenwood
|
Randall
M. Greenwood
|
||
Senior
Vice President, Chief Financial
Officer
and Treasurer
|
Exhibit No.
|
Description
|
||
3.1
|
Amended
Articles of Incorporation of United Bancorp, Inc.
|
||
incorporated
by reference to Appendix B to the registrant’s Definitive Proxy Statement
filed with the Securities and Exchange Commission on March 14,
2001.
|
|||
3.2
|
Amended
Code of Regulations of United Bancorp, Inc.
|
||
incorporated
by reference to Appendix C to the registrant’s Definitive Proxy Statement
filed with the Securities and Exchange Commission on March 14,
2001.
|
|||
4.0
|
Instruments
Defining the Rights of Security Holders (See Exhibits 3.1 and
3.2)
|
||
10.0
|
Purchase
and Assumption Agreement dated September 18, 2008
|
||
31.1
|
Rule
13a-14(a) Certification – Principal Executive
Officer
|
||
31.2
|
Rule
13a-14(a) Certification – Principal Financial
Officer
|
||
32.1
|
Certification
pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section
906 of
The Sarbanes-Oxley act of 2002.
|
||
32.2
|
Certification
pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section
906 of
The Sarbanes-Oxley Act of
2002.
|