News

Arrow Net Income Up 8.4%; Loans Increase 12.3%




Our annualized key profitability ratios continue to remain strong, as measured by a return on average equity (ROE) of 12.08% and a return on average assets (ROA) of 1.08% for the second quarter, compared to 11.98% and 1.07% a year earlier.

Arrow President and CEO Thomas J. Murphy stated, “We’re proud to again report a strong quarter for Arrow, including: loan growth; record highs for equity and assets; and healthy profitability and asset quality ratios. Our approach to community banking and insurance continues to deliver great results in the markets we serve, thanks to the efforts and commitment of our team.”

The following expands upon our second-quarter results:

Net Interest Income: In the second quarter of 2017, our net interest income on a GAAP basis increased 7.1% to $19.2 million, compared to $18.0 million in the comparable quarter of 2016. On a tax-equivalent (non-GAAP) basis, our net interest income increased 6.9%, compared to the second quarter of 2016. Our net interest margin, measured on a tax-equivalent (non-GAAP) basis, decreased slightly to 3.17% from 3.20% in the prior-year quarter.

Loan Growth: Over the 12 months ended June 30, 2017, our total loan balance increased to a record high of $1.9 billion, up $206.1 million, or 12.3%, from a year earlier. Over the six-month period ended June 30, 2017, total loans grew $125.4 million, or 7.2%. During the second quarter of 2017, total loans grew by $67.8 million, or 3.7% as compared to the first quarter of 2017. We experienced growth in all three of our major loan segments: commercial, consumer and residential real estate.

During the second quarter of 2017, our consumer loan portfolio grew $26.8 million, or 4.9%, to $579 million at period-end. This balance exceeded the balance at June 30, 2016 by $70.2 million, or 13.8%. The increase was primarily a result of growth in our indirect automobile lending program, which generated $85.4 million in new originations in the second quarter of 2017. Total outstanding commercial loans increased 2.5% during the second quarter to $568.1 million on June 30, 2017, up $43.8 million, or 8.4%, from the balance at June 30, 2016. Our residential real estate loan portfolio increased $27.1 million, or 3.8%, during the second quarter of 2017 to $731.8 million, up $92.1 million, or 14.4% over the balance at June 30, 2016. We originated approximately $44.6 million of residential real estate loans during the second quarter of 2017, up $6.5 million, or 17.2%, over the comparable 2016 quarter.

Deposit Growth: At June 30, 2017, deposit balances reached $2.2 billion, an increase of $147.7 million, or 7.1%, from the year-earlier level. Noninterest-bearing demand deposits increased $65.1 million, or 17.7%, from the year-earlier level, which had a positive impact on net interest margin. Noninterest-bearing demand deposits represented 19.5% of total deposits at June 30, 2017, a record high and an increase of 9.6% from the June 30, 2016 level. This deposit growth is due, in part, to the strategic expansion of our branch network to the Capital District in recent years.

Assets Under Management and Related Noninterest Income: Assets under trust administration and investment management reached a record high of $1.4 billion at June 30, 2017. Assets under trust administration increased of $105.5 million, or 8.4%, from the balance at June 30, 2016, was primarily due to the performance of the equity markets. The related income from fiduciary activities between the respective six month periods increased $237 thousand, or 6.0% to $4.2 million.

Asset Quality: Asset quality remained strong at June 30, 2017, as measured by our comparatively low levels of nonperforming assets and net charge-offs. Nonperforming assets at June 30, 2017, were $8.8 million, up $0.6 million, or 6.7%, from the year-earlier level, following the 7.1% increase in total assets over the period. The period end total was up $1.6 million, or 21.9%, from the year-end 2016 level as certain categories of our portfolio, particularly automobile loans, continued to experience modest fluctuations in nonperforming loans, which, however, remain at very low levels. Our nonperforming assets remain very low, representing only 0.32% of total assets at period-end, equal to the year-earlier ratio. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.04% for the three-month period ended June 30, 2017, the same ratio as the prior-year quarter.

Our allowance for loan losses was $17.4 million at June 30, 2017, which represented 0.93% of loans outstanding. Our provision for loan losses for the second quarter of 2017 was $422 thousand, down $247 thousand from the provision for the comparable 2016 quarter.

Noninterest Income: Our noninterest income for the three-month period ended June 30, 2017 declined by 1.9% from the comparable 2016 quarter. This decline was partially driven by a write-down in the 2017 period on Other Real Estate Owned of $84 thousand. In addition, net gain on the sale of securities for the second quarter of 2017 decreased by $144 thousand. Due to strategic planning reasons, we did not sell any securities in the second quarter of 2017.

Noninterest Expense: Consistent with the 2016 period, salaries and employee benefits were the largest components of noninterest expense in the second quarter of 2017. Salaries and employee benefits increased 8.0% over the same 2016 quarter primarily as a result of a $409 thousand, or 6.5% increase in the salary expense. The increase in salary increase expense was due in part to staffing expansion and normal increases. Employee benefit expenses increased by $229 thousand or 13.6% primarily due to increases in medical plan claims.

Cash and Stock Dividends: We distributed a cash dividend of $0.25 per share to shareholders in the second quarter of 2017. The cash dividend was 3% higher than the cash dividend paid in the second quarter of 2016 when adjusted for our 3% stock dividend distributed on September 29, 2016.

Capital: Total stockholders’ equity was a record $240.8 million at period-end, up $15.4 million, or 6.8%, above the prior-year amount. This increase matched the 7.1% increase in total assets over the same period. Our capital ratios remained strong in 2017. At June 30, 2017, the Company’s Common Equity Tier 1 Ratio was estimated to be 12.68% and the Total Risk-Based Capital Ratio was estimated to be 14.77%. The capital levels at the Company and both its subsidiary banks continue to significantly exceed the “well capitalized” regulatory standard.

Provision for Income Taxes: The effective income tax rates for the six month periods ended June 30, 2017 and 2016 were 29.2% and 30.8%, respectively. The decrease in the 2017 period relates primarily to current accounting standards for equity compensation under which income tax benefits from stock options exercised in the period reduced our effective tax rate from the prior year period. The year to date impact on earnings per share was less than $0.01. Under the previous accounting standards, the tax benefits would have impacted equity directly.

Industry Recognition: Arrow was again named by Forbes as one of “America’s 50 Most Trustworthy Financial Companies” for its accounting and governance practices in 2017. This is the sixth year Arrow has received a “Most Trustworthy” designation from Forbes.

Both of the Company’s two banking subsidiaries maintained their BauerFinancial, Inc. 5-Star Superior Bank rating. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have continued to earn this designation for the last 41 and 33 quarters, respectively.

——————

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; two property and casualty insurance agencies: Upstate Agency, LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules. Certain non-GAAP financial measures include: tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income – tax equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section “Selected Quarterly Information.”

The information contained in this news release may contain statements that are not historical in nature but rather are based on management’s beliefs, assumptions, expectations, estimates and projections about the future. These statements may be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, and our other filings with the Securities and Exchange Commission.

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts – Unaudited)

 

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016

INTEREST AND DIVIDEND INCOME

Interest and Fees on Loans

$

17,295

$

15,708

$

33,697

$

30,732

Interest on Deposits at Banks

78

34

138

66

Interest and Dividends on Investment Securities:

Fully Taxable

2,013

2,018

4,003

4,105

Exempt from Federal Taxes

1,540

1,477

3,085

2,960

Total Interest and Dividend Income

20,926

19,237

40,923

37,863

INTEREST EXPENSE

Interest-Bearing Checking Accounts

381

311

712

621

Savings Deposits

316

224

607

446

Time Deposits over $250,000

66

49

121

72

Other Time Deposits

233

213

461

446

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

9

10

16

15

Federal Home Loan Bank Advances

506

314

951

623

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

188

163

367

324

Total Interest Expense

1,699

1,284

3,235

2,547

NET INTEREST INCOME

19,227

17,953

37,688

35,316

Provision for Loan Losses

422

669

780

1,070

NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES

18,805

17,284

36,908

34,246

NONINTEREST INCOME

Income From Fiduciary Activities

2,150

2,000

4,168

3,931

Fees for Other Services to Customers

2,413

2,417

4,670

4,654

Insurance Commissions

2,115

2,133

4,313

4,341

Net Gain on Securities Transactions

144

144

Net Gain on Sales of Loans

204

159

250

338

Other Operating Income

175

341

351

662

Total Noninterest Income

7,057

7,194

13,752

14,070

NONINTEREST EXPENSE

Salaries and Employee Benefits

9,084

8,408

18,092

16,530

Occupancy Expenses, Net

2,494

2,335

5,038

4,798

FDIC Assessments

228

314

454

627

Other Operating Expense

3,831

3,827

7,528

7,300

Total Noninterest Expense

15,637

14,884

31,112

29,255

INCOME BEFORE PROVISION FOR INCOME TAXES

10,225

9,594

19,548

19,061

Provision for Income Taxes

3,017

2,947

5,709

5,865

NET INCOME

$

7,208

$

6,647

$

13,839

$

13,196

Average Shares Outstanding 1:

Basic

13,485

13,372

13,485

13,357

Diluted

13,568

13,429

13,581

13,405

Per Common Share:

Basic Earnings

$

0.53

$

0.50

$

1.03

$

0.99

Diluted Earnings

0.53

0.49

1.02

0.98

1 Share and per share data have been restated for the September 29, 2016, 3% stock dividend.

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts – Unaudited)

June 30,
2017

December 31,
2016

June 30,
2016

ASSETS

Cash and Due From Banks

$

39,105

$

43,024

$

46,139

Interest-Bearing Deposits at Banks

26,972

14,331

16,976

Investment Securities:

Available-for-Sale

327,392

346,996

362,929

Held-to-Maturity (Approximate Fair Value of $350,355 at June 30, 2017;
$343,751 at December 31, 2016; and $354,778 at June 30, 2016)

348,018

345,427

343,814

Other Investments

11,035

10,912

9,961

Loans

1,878,632

1,753,268

1,672,490

Allowance for Loan Losses

(17,442)

(17,012)

(16,798)

Net Loans

1,861,190

1,736,256

1,655,692

Premises and Equipment, Net

26,565

26,938

26,775

Goodwill

21,873

21,873

21,873

Other Intangible Assets, Net

2,482

2,696

2,885

Other Assets

57,089

56,789

53,198

Total Assets

$

2,721,721

$

2,605,242

$

2,540,242

LIABILITIES

Noninterest-Bearing Deposits

$

433,480

$

387,280

$

368,378

Interest-Bearing Checking Accounts

905,624

877,988

900,974

Savings Deposits

679,320

651,965

600,513

Time Deposits over $250,000

33,630

32,878

37,297

Other Time Deposits

167,984

166,435

165,223

Total Deposits

2,220,038

2,116,546

2,072,385

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

40,892

35,836

41,497

Federal Home Loan Bank Overnight Advances

122,000

123,000

102,000

Federal Home Loan Bank Term Advances

55,000

55,000

55,000

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000

20,000

20,000

Other Liabilities

23,039

22,008

23,987

Total Liabilities

2,480,969

2,372,390

2,314,869

STOCKHOLDERS’ EQUITY

Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized

Common Stock, $1 Par Value; 20,000,000 Shares Authorized (17,943,201
Shares Issued and Outstanding at June 30, 2017; 17,943,201 at
December 31, 2016 and 17,420,776 at June 30, 2016)

17,943

17,943

17,421

Additional Paid-in Capital

272,187

270,880

252,511

Retained Earnings

35,739

28,644

38,852

Unallocated ESOP Shares (19,466 Shares at June 30, 2017; 19,466 Shares
at December 31, 2016 and 28,671 Shares at June 30, 2016)

(400)

(400)

(850)

Accumulated Other Comprehensive Loss

(6,200)

(6,834)

(4,742)

Treasury Stock, at Cost (4,428,713 Shares at June 30, 2017; 4,441,093
Shares at December 31, 2016 and 4,380,736 Shares at June 30, 2016)

(78,517)

(77,381)

(77,819)

Total Stockholders’ Equity

240,752

232,852

225,373

Total Liabilities and Stockholders’ Equity

$

2,721,721

$

2,605,242

$

2,540,242

Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts – Unaudited)

Quarter Ended

6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

Net Income

7,208

6,631

6,600

6,738

6,647

Transactions Recorded in Net Income (Net of Tax):

Net (Loss) Gain on Securities Transactions

(101)

88

Share and Per Share Data:1

Period End Shares Outstanding

13,495

13,481

13,483

13,426

13,388

Basic Average Shares Outstanding

13,485

13,484

13,441

13,407

13,372

Diluted Average Shares Outstanding

13,568

13,594

13,565

13,497

13,429

Basic Earnings Per Share

$

0.53

$

0.49

$

0.49

$

0.50

$

0.50

Diluted Earnings Per Share

0.53

0.49

0.49

0.50

0.49

Cash Dividend Per Share

0.250

0.250

0.250

0.243

0.243

Selected Quarterly Average Balances:

  Interest-Bearing Deposits at Banks

24,480

23,565

34,731

21,635

22,195

  Investment Securities

684,570

695,615

684,906

696,712

701,526

  Loans

1,842,543

1,781,113

1,726,738

1,680,850

1,649,401

  Deposits

2,206,365

2,161,798

2,160,156

2,063,832

2,082,449

  Other Borrowed Funds

207,270

205,436

157,044

209,946

165,853

  Shareholders’ Equity

239,396

235,257

230,198

228,048

223,234

  Total Assets

2,677,843

2,626,470

2,572,425

2,528,124

2,496,795

Return on Average Assets, annualized

1.08

%

1.02

%

1.02

%

1.06

%

1.07

%

Return on Average Equity, annualized

12.08

%

11.43

%

11.41

%

11.75

%

11.98

%

Return on Tangible Equity, annualized 2

13.45

%

12.76

%

12.77

%

13.18

%

13.47

%

Average Earning Assets

2,551,593

2,500,293

2,446,375

2,399,197

2,373,122

Average Paying Liabilities

2,005,421

1,977,628

1,933,974

1,892,583

1,891,017

Interest Income, Tax-Equivalent3

21,875

20,945

20,709

20,222

20,154

Interest Expense

1,699

1,536

1,404

1,405

1,284

Net Interest Income, Tax-Equivalent3

20,176

19,409

19,305

18,817

18,870

Tax-Equivalent Adjustment3

949

948

939

940

917

Net Interest Margin, annualized 3

3.17

%

3.15

%

3.14

%

3.12

%

3.20

%

Efficiency Ratio Calculation: 4

Noninterest Expense

15,637

15,475

15,272

15,082

14,884

Less: Intangible Asset Amortization

70

71

73

74

74

Net Noninterest Expense

15,567

15,404

15,199

15,008

14,810

Net Interest Income, Tax-Equivalent

20,176

19,409

19,305

18,817

18,870

Noninterest Income

7,057

6,695

6,648

7,114

7,194

Less: Net Securities (Loss) Gain

(166)

144

Net Gross Income

27,233

26,104

26,119

25,931

25,920

Efficiency Ratio

57.16

%

59.01

%

58.19

%

57.88

%

57.14

%

Period-End Capital Information:

Total Stockholders’ Equity (i.e. Book Value)

240,752

236,111

232,852

229,208

225,373

Book Value per Share 1

17.84

17.51

17.27

17.07

16.83

Goodwill and Other Intangible Assets, net

24,355

24,448

24,569

24,675

24,758

Tangible Book Value per Share 1,2

16.04

15.70

15.45

15.23

14.98

Capital Ratios:5

Tier 1 Leverage Ratio

9.35

%

9.37

%

9.47

%

9.44

%

9.37

%

Common Equity Tier 1 Capital Ratio 

12.68

%

12.84

%

12.97

%

12.80

%

12.74

%

Tier 1 Risk-Based Capital Ratio

13.79

%

13.99

%

14.14

%

13.98

%

13.95

%

Total Risk-Based Capital Ratio

14.77

%

14.98

%

15.15

%

14.99

%

14.96

%

Assets Under Trust Administration

  and Investment Management

$

1,356,262

$

1,333,690

$

1,301,408

$

1,284,051

$

1,250,770

Arrow Financial Corporation

Selected Quarterly Information – Continued

(Dollars In Thousands, Except Per Share Amounts – Unaudited)

Footnotes:

1.

Share and Per Share Data have been restated for the September 29, 2016, 3% stock dividend.

2.

Tangible Book Value and Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.

6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

Total Stockholders’ Equity (GAAP)

240,752

236,111

232,852

229,208

225,373

Less: Goodwill and Other Intangible assets, net

24,355

24,448

24,569

24,675

24,758

Tangible Equity (Non-GAAP)

$

216,397

$

211,663

$

208,283

$

204,533

$

200,615

Period End Shares Outstanding

13,495

13,481

13,483

13,426

13,388

Tangible Book Value per Share (Non-GAAP)

$

16.04

$

15.70

$

15.45

$

15.23

$

14.98

3.

Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.

6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

Net Interest Income (GAAP)

19,227

18,461

18,366

17,877

17,953

Add: Tax-Equivalent adjustment (Non-GAAP)

949

948

939

940

917

Net Interest Income – Tax Equivalent (Non-GAAP)

$

20,176

$

19,409

$

19,305

$

18,817

$

18,870

Average Earning Assets

2,551,593

2,500,293

2,446,375

2,399,197

2,373,122

Net Interest Margin (Non-GAAP)*

3.17

%

3.15

%

3.14

%

3.12

%

3.20

%

4.

Financial Institutions often use the “efficiency ratio”, a non-GAAP ratio, as a measure of expense control. We believe the efficiency ratio provides investors with information that is useful in understanding our financial performance. We define our efficiency ratio as the ratio of our noninterest expense to our net gross income (which equals our tax-equivalent net interest income plus noninterest income, as adjusted).

5.

For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below, are estimates based on, and calculated in accordance with, bank regulatory capital rules. All prior quarters reflect actual results. The June 30, 2017 CET1 ratio listed in the tables (i.e., 12.68%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).

6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

Total Risk Weighted Assets

1,802,455

1,747,318

1,707,829

1,690,646

1,662,381

Common Equity Tier 1 Capital

228,586

224,369

221,472

216,382

211,801

Common Equity Tier 1 Ratio

12.68

%

12.84

%

12.97

%

12.80

%

12.74

%

* Quarterly ratios have been annualized

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands – Unaudited)

Quarter Ended:

06/30/2017

12/31/2016

6/30/2016

Loan Portfolio

Commercial Loans

$

126,259

$

105,155

$

106,651

Commercial Real Estate Loans

441,809

431,646

417,612

  Subtotal Commercial Loan Portfolio

568,068

536,801

524,263

Consumer Loans

578,754

537,361

508,538

Residential Real Estate Loans

731,810

679,106

639,689

Total Loans

$

1,878,632

$

1,753,268

$

1,672,490

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Quarter

$

17,216

$

16,975

$

16,287

Loans Charged-off

(305)

(486)

(201)

Less Recoveries of Loans Previously Charged-off

109

40

43

Net Loans Charged-off

(196)

(446)

(158)

Provision for Loan Losses

422

483

669

Allowance for Loan Losses, End of Quarter

$

17,442

$

17,012

$

16,798

Nonperforming Assets

Nonaccrual Loans

$

5,222

$

4,193

$

6,705

Loans Past Due 90 or More Days and Accruing

1,821

1,201

456

Loans Restructured and in Compliance with Modified Terms

101

106

111

Total Nonperforming Loans

7,144

5,500

7,272

Repossessed Assets

90

101

47

Other Real Estate Owned

1,523

1,585

885

Total Nonperforming Assets

$

8,757

$

7,186

$

8,204

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans,

   Quarter-to-date Annualized

0.04

%

0.10

%

0.04

%

Provision for Loan Losses to Average Loans,

  Quarter-to-date Annualized

0.09

%

0.11

%

0.16

%

Allowance for Loan Losses to Period-End Loans

0.93

%

0.97

%

1.00

%

Allowance for Loan Losses to Period-End Nonperforming Loans

244.15

%

309.31

%

231.00

%

Nonperforming Loans to Period-End Loans

0.38

%

0.31

%

0.43

%

Nonperforming Assets to Period-End Assets

0.32

%

0.28

%

0.32

%

Six-Month Period Ended:

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Year

$

17,012

$

16,038

Loans Charged-off

(574)

(417)

Less Recoveries of Loans Previously Charged-off

224

107

Net Loans Charged-off

(350)

(310)

Provision for Loan Losses

780

1,070

Allowance for Loan Losses, End of Period

$

17,442

$

16,798

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans, Annualized

0.04

%

0.04

%

Provision for Loan Losses to Average Loans, Annualized

0.09

%

0.13

%

View original content:http://www.prnewswire.com/news-releases/arrow-net-income-up-84-loans-increase-123-300491654.html

SOURCE Arrow Financial Corporation

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