Pathfinder Bancorp

More reviews (2)

Live  

Pathfinder Bancorp is a publicly traded bank holding company located in Oswego, New York. Founded in 1859, it is the parent company of Pathfinder Bank, a community bank with 10 branches in Central New York. The bank provides a range of financial services including traditional banking, mortgage banking, commercial loans, and wealth management services to individuals and small businesses.
Pathfinder Bancorp is listed on the Nasdaq Exchange under the ticker symbol PBHC. It is a member of the Federal Deposit Insurance Corporation (FDIC) and is regulated by the Federal Reserve Bank of New York and the New York State Department of Financial Services.
The company is committed to supporting the growth and development of the communities it serves. It has a strong focus on customer satisfaction and prides itself on its personalized approach to banking. Pathfinder Bancorp also has a track record of consistent earnings and steady growth, making it a trusted and stable institution for its customers and shareholders.

Pathfinder Bancorp is a company that helps people and businesses with their money. It mostly does this through a type of business called a bank. Imagine a place where you can keep your money safe, like a treasure box, but it’s a real bank where you can also borrow money when you need it.
Here’s how it works: First, people and businesses deposit their money in the bank, which means they put their cash in the bank to keep it safe. When they do this, the bank pays them a little bit of money called interest, like a thank-you for letting the bank use their money.
Then, the bank takes some of that money and lends it to other people or businesses who need it. This could be for things like buying a house or starting a business. When these borrowers pay back the money, they also pay a little extra called interest, which is how the bank makes money.
Pathfinder Bancorp is successful because it has built strong relationships with the people and businesses in its community. People trust the bank to keep their money safe and to help them when they need loans. The bank also works hard to provide good services, like online banking, so customers find it easy to manage their money.
Looking to the future, Pathfinder Bancorp is likely to stay successful by continuing to focus on its customers and adapting to new technology. As long as people have money and need help managing it, banks like Pathfinder will be important. Plus, they can find new ways to help people with things like saving for college or buying homes, which can keep them growing. So, as more people understand and appreciate these services, Pathfinder Bancorp can continue to do well.

MS4gQSBGb2 N1cyBvbiBD b21tdW5pdH kgQmFua2lu ZzogUGF0aG ZpbmRlciBC YW5jb3JwIG lzIGEgY29t bXVuaXR5IG JhbmsgdGhh dCBmb2N1c2 VzIG9uIGJ1 aWxkaW5nIG xvbmctdGVy bSByZWxhdG lvbnNoaXBz IHdpdGggaX RzIGN1c3Rv bWVycyBhbm QgcHJvdmlk aW5nIHBlcn NvbmFsaXpl ZCBmaW5hbm NpYWwgc29s dXRpb25zIH RvIG1lZXQg dGhlaXIgdW 5pcXVlIG5l ZWRzLjxicj 4yLiBTdHJv bmcgTG9jYW wgUHJlc2Vu Y2U6IFdpdG ggaXRzIGhl YWRxdWFydG VycyBpbiBG dWx0b24sIE 5ldyBZb3Jr LCBQYXRoZm luZGVyIEJh bmNvcnAgaG FzIGEgc3Ry b25nIGxvY2 FsIHByZXNl bmNlIGluIE NlbnRyYWwg YW5kIFVwc3 RhdGUgTmV3 IFlvcmsuIF RoZSBiYW5r IGhhcyBiZW VuIHNlcnZp bmcgdGhlIG NvbW11bml0 eSBmb3Igb3 ZlciAxMDAg eWVhcnMgYW 5kIGhhcyBh IGRlZXAgdW 5kZXJzdGFu ZGluZyBvZi B0aGUgbG9j YWwgbWFya2 V0Ljxicj4z LiBEZWVwIF Jvb3RzIGlu IHRoZSBDb2 1tdW5pdHk6 IFBhdGhmaW 5kZXIgQmFu Y29ycCBoYX MgYSBzdHJv bmcgY29tbW l0bWVudCB0 byBnaXZpbm cgYmFjayB0 byB0aGUgY2 9tbXVuaXR5 IHRocm91Z2 ggdmFyaW91 cyBpbml0aW F0aXZlcywg c3VjaCBhcy BjaGFyaXRh YmxlIGRvbm F0aW9ucywg dm9sdW50ZW VyIHdvcmss IGFuZCBzcG 9uc29yc2hp cCBvZiBsb2 NhbCBldmVu dHMgYW5kIG 9yZ2FuaXph dGlvbnMuPG JyPjQuIFN0 cm9uZyBGaW 5hbmNpYWwg UGVyZm9ybW FuY2U6IFRo ZSBiYW5rIG hhcyBhIHN0 cm9uZyB0cm FjayByZWNv cmQgb2YgZm luYW5jaWFs IHBlcmZvcm 1hbmNlLCB3 aXRoIGNvbn Npc3RlbnQg cHJvZml0YW JpbGl0eSBh bmQgZ3Jvd3 RoLiBBcyBv ZiAyMDIwLC BQYXRoZmlu ZGVyIEJhbm NvcnAgaGFk IHRvdGFsIG Fzc2V0cyBv ZiBvdmVyIC Q3MjUgbWls bGlvbi48Yn I+NS4gRGl2 ZXJzZSBSYW 5nZSBvZiBQ cm9kdWN0cy BhbmQgU2Vy dmljZXM6IF BhdGhmaW5k ZXIgQmFuY2 9ycCBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcyB0byBt ZWV0IHRoZS BmaW5hbmNp YWwgbmVlZH Mgb2YgaXRz IGN1c3RvbW VycywgaW5j bHVkaW5nIH BlcnNvbmFs IGFuZCBidX NpbmVzcyBi YW5raW5nLC Btb3J0Z2Fn ZXMsIHdlYW x0aCBtYW5h Z2VtZW50LC BhbmQgaW5z dXJhbmNlLj xicj42LiBS b2J1c3QgUm lzayBNYW5h Z2VtZW50Oi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgcmlzay BtYW5hZ2Vt ZW50IGZyYW 1ld29yayBp biBwbGFjZS B0byBlbnN1 cmUgdGhlIH NhZmV0eSBh bmQgc2VjdX JpdHkgb2Yg aXRzIGN1c3 RvbWVycycg YXNzZXRzLi BUaGUgYmFu ayBhbHNvIG hhcyBhIHN0 cm9uZyBjcm VkaXQgY3Vs dHVyZSBhbm QgYSBjb25z ZXJ2YXRpdm UgbGVuZGlu ZyBhcHByb2 FjaC48YnI+ Ny4gRXhwZX JpZW5jZWQg TGVhZGVyc2 hpcDogUGF0 aGZpbmRlci BCYW5jb3Jw IGlzIGxlZC BieSBhIHRl YW0gb2YgZX hwZXJpZW5j ZWQgYW5kIG tub3dsZWRn ZWFibGUgbG VhZGVycyB3 aG8gaGF2ZS BhIGRlZXAg dW5kZXJzdG FuZGluZyBv ZiB0aGUgbG 9jYWwgbWFy a2V0IGFuZC B0aGUgYmFu a2luZyBpbm R1c3RyeS4g VGhlaXIgZX hwZXJ0aXNl IGFuZCBzdH JhdGVnaWMg dmlzaW9uIG hhdmUgaGVs cGVkIHRoZS BiYW5rIGFj aGlldmUgY2 9uc2lzdGVu dCBncm93dG ggYW5kIHN1 Y2Nlc3MuPG JyPjguIEZy aWVuZGx5IG FuZCBDdXN0 b21lci1Gb2 N1c2VkIEN1 bHR1cmU6IF BhdGhmaW5k ZXIgQmFuY2 9ycCBwcmlk ZXMgaXRzZW xmIG9uIGl0 cyBmcmllbm RseSBhbmQg Y3VzdG9tZX ItZm9jdXNl ZCBjdWx0dX JlLiBUaGUg YmFuayBzdH JpdmVzIHRv IGNyZWF0ZS BhIHdlbGNv bWluZyBhbm QgaW5jbHVz aXZlIGVudm lyb25tZW50 IGZvciBpdH MgY3VzdG9t ZXJzIGFuZC BlbXBsb3ll ZXMgYWxpa2 UuPGJyPjku IEVtYnJhY2 luZyBUZWNo bm9sb2d5Oi BEZXNwaXRl IGJlaW5nIG EgdHJhZGl0 aW9uYWwgY2 9tbXVuaXR5 IGJhbmssIF BhdGhmaW5k ZXIgQmFuY2 9ycCBoYXMg ZW1icmFjZW QgdGVjaG5v bG9neSBhbm Qgb2ZmZXJz IHZhcmlvdX MgZGlnaXRh bCBiYW5raW 5nIHNlcnZp Y2VzIHRvIG 1ha2UgYmFu a2luZyBtb3 JlIGNvbnZl bmllbnQgYW 5kIGFjY2Vz c2libGUgZm 9yIGl0cyBj dXN0b21lcn MuPGJyPjEw LiBDb21taX RtZW50IHRv IFN1c3RhaW 5hYmlsaXR5 OiBQYXRoZm luZGVyIEJh bmNvcnAgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmxlIGJ1c2 luZXNzIHBy YWN0aWNlcy BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIGl0 cyBlbnZpcm 9ubWVudGFs IGltcGFjdC 4gVGhlIGJh bmsgYWxzby BzdXBwb3J0 cyBzdXN0YW luYWJpbGl0 eSBlZmZvcn RzIGluIHRo ZSBsb2NhbC Bjb21tdW5p dHkgdGhyb3 VnaCBwYXJ0 bmVyc2hpcH Mgd2l0aCBs b2NhbCBvcm dhbml6YXRp b25zLg==

UGF0aGZpbm RlciBCYW5j b3JwIGlzIG EgZmluYW5j aWFsIHNlcn ZpY2VzIGhv bGRpbmcgY2 9tcGFueSB0 aGF0IHByaW 1hcmlseSBw cm92aWRlcy BiYW5raW5n IHNlcnZpY2 VzIHRocm91 Z2ggaXRzIH N1YnNpZGlh cnksIFBhdG hmaW5kZXIg QmFuay4gVG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBhcm91bm QgdHJhZGl0 aW9uYWwgYm Fua2luZyBh Y3Rpdml0aW VzIHN1Y2gg YXMgZGVwb3 NpdC10YWtp bmcsIGxlbm RpbmcsIGFu ZCB3ZWFsdG ggbWFuYWdl bWVudC4gVG hpcyBpbmNs dWRlcyBvZm ZlcmluZyBh IHZhcmlldH kgb2YgZGVw b3NpdCBhY2 NvdW50cywg bG9hbnMgZm 9yIHBlcnNv bmFsIGFuZC Bjb21tZXJj aWFsIHB1cn Bvc2VzLCBh bmQgaW52ZX N0bWVudCBw cm9kdWN0cy BhbmQgc2Vy dmljZXMuPG JyPlBhdGhm aW5kZXIgQm FuY29ycCBh bHNvIGdlbm VyYXRlcyBy ZXZlbnVlIH Rocm91Z2gg ZmVlcyBhbm QgY29tbWlz c2lvbnMgZn JvbSBzZXJ2 aWNlcyBzdW NoIGFzIGxv YW4gb3JpZ2 luYXRpb25z LCBpbnN1cm FuY2UsIGFu ZCB0cnVzdC BhbmQgaW52 ZXN0bWVudC BtYW5hZ2Vt ZW50LiBBZG RpdGlvbmFs bHksIHRoZS Bjb21wYW55 IG1heSBlbm dhZ2UgaW4g bWVyZ2Vycy BhbmQgYWNx dWlzaXRpb2 5zIHRvIGV4 cGFuZCBpdH MgYnVzaW5l c3MgYW5kIG 1hcmtldCBz aGFyZS48Yn I+VGhlIGNv bXBhbnkncy BvdmVyYWxs IGdvYWwgaX MgdG8gcHJv dmlkZSBhIG NvbXByZWhl bnNpdmUgcm FuZ2Ugb2Yg ZmluYW5jaW FsIHNlcnZp Y2VzIHRvIG l0cyBjdXN0 b21lcnMsIH dpdGggYSBm b2N1cyBvbi BzdHJvbmcg Y3VzdG9tZX IgcmVsYXRp b25zaGlwcy wgY29tbXVu aXR5IGludm 9sdmVtZW50 LCBhbmQgc3 VzdGFpbmFi bGUgZ3Jvd3 RoLiBUaGlz IGJ1c2luZX NzIG1vZGVs IGFpbXMgdG 8gZ2VuZXJh dGUgY29uc2 lzdGVudCwg bG9uZy10ZX JtIHByb2Zp dGFiaWxpdH kgYW5kIGlu Y3JlYXNlIH NoYXJlaG9s ZGVyIHZhbH VlLg==

AI can pose a material threat to Pathfinder Bancorp’s products, services, and competitive positioning through several avenues:
1. Substitution: AI technologies can enable new financial products and services that could serve as substitutes for those offered by Pathfinder Bancorp. For instance, automated investment platforms and robo-advisors utilize AI to offer personalized investment advice, potentially attracting customers who might prefer these more cost-effective and easily accessible options over traditional banking services.
2. Disintermediation: The rise of AI-driven fintech solutions can lead to disintermediation, where customers bypass traditional banks entirely. For example, peer-to-peer lending platforms and decentralized finance (DeFi) applications leverage AI to connect borrowers and lenders directly, reducing the need for banks as intermediaries. This could erode Pathfinder Bancorp’s customer base and transactional revenue.
3. Margin Pressure: AI can significantly improve efficiency and reduce operational costs for financial service providers. If competitors integrate AI into their operations, they may lower their prices, creating margin pressure for Pathfinder Bancorp. This could force the company to invest in AI technologies or adopt aggressive pricing strategies to remain competitive, which could impact profitability.
In summary, AI presents several challenges to Pathfinder Bancorp that could affect its competitive positioning, necessitating strategic responses to mitigate these threats.

The sensitivity of Pathfinder Bancorp’s earnings, cash flow, and valuation to changes in interest rates can be significant, particularly given the nature of the banking industry.
1. Earnings Sensitivity: Pathfinder Bancorp, like other banks, earns interest income from loans and other interest-earning assets. An increase in interest rates can lead to wider interest rate spreads if the rates on loans rise faster than the rates paid on deposits. This can enhance net interest income and positively impact earnings. Conversely, if interest rates decline, the bank may see a compression in spreads, potentially leading to lower earnings.
2. Cash Flow Sensitivity: Changes in interest rates can also affect the bank’s cash flow. Higher interest rates may lead to increased cash inflows from loan repayments as borrowers refinance or pay off loans earlier due to higher costs. However, elevated rates could also deter potential borrowers, which might slow down new loan originations, impacting future cash flows. On the other hand, lower interest rates would generally increase borrowing, enhancing cash inflows from new loans but could compromise the cash flow from existing higher-rate loans.
3. Valuation Sensitivity: The valuation of Pathfinder Bancorp is likely tied to its expected future earnings and cash flows, which means that fluctuating interest rates can have a substantial impact. An increase in rates might lead analysts to forecast more robust earnings growth, potentially driving up the bank’s valuation. Conversely, prolonged periods of low rates might result in lower growth expectations and valuations, as future earnings potential diminishes.
In summary, Pathfinder Bancorp’s performance and market valuation are sensitive to interest rate fluctuations, impacting its earnings, cash flow, and overall valuation. Monitoring interest rate trends is crucial for understanding the financial outlook for the company.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvRz dkV21MT1Vv U2JsM1FoWE p1dWcud2Vi cCIgYWx0PS JQYXRoZmlu ZGVyIEJhbm NvcnAiIHRp dGxlPSJQYX RoZmluZGVy IEJhbmNvcn AiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgUGF0aG ZpbmRlciBC YW5jb3JwPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 4pyFIERvd2 5sb2FkIDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4g4oCUIHRv dGFsbHkgZn JlZSEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdVR0Yw YUcgWnBibV JsY2lCQyBZ VzVqYjNKd0 lHIGx6SUdF Z1ltRnUgYX lCb2IyeGth VyA1bklHTn ZiWEJoIGJu a2dhR1ZoWk ggRjFZWEow WlhKbCBaQ0 JwYmlCUGMz IGRsWjI4c0 lFNWwgZHlC WmIzSnJMai B4aWNqNHlM aUJVIGFHVW dZMjl0Y0cg RnVlU0IzWV hNZyBabTkx Ym1SbFpDIE JwYmlBeE9E VTUgSUdGek lIUm9aUyBC UGMzZGxaMj hnIFUyRjJh VzVuY3kgQk NZVzVyTENC dCBZV3RwYm 1jZ2FYIFFn YjI1bElHOW 0gSUhSb1pT QnZiRyBSbG MzUWdZbUZ1 IGEzTWdhVz RnVG0gVjNJ Rmx2Y21zZy BVM1JoZEdV dVBHIEp5UG pNdUlFbHUg SURJd01EUX NJSCBSb1pT QmlZVzVyIE lHTm9ZVzVu WlcgUWdhWF J6SUc1aCBi V1VnZEc4Z1 VHIEYwYUda cGJtUmwgY2 lCQ1lXNXJJ SCBSdklISm xabXhsIFkz UWdhWFJ6SU cgVjRjR0Z1 WkdsdSBaeU J2Y0dWeVlY IFJwYjI1ek lHSmwgZVc5 dVpDQlBjMy BkbFoyOHVQ R0p5IFBqUX VJRkJoZEcg aG1hVzVrWl hJZyBRbUZ1 WTI5eWNDIE IzWlc1MElI QjEgWW14cF l5QnBiaSBB eE9UazNJR0 Z1IFpDQnBj eUJzYVggTj BaV1FnYjI0 ZyBkR2hsSU U1QlUwIFJC VVNCemRHOW ogYXlCbGVH Tm9ZVyA1bl pTQjFibVJs IGNpQjBhR1 VnZEcgbGph MlZ5SUhONS BiV0p2YkNC UVFrIGhETG p4aWNqNDEg TGlCVWFHVW dZbSBGdWF5 Qm9ZWE1nIF ozSnZkMjRn YzIgbG5ibW xtYVdOaCBi blJzZVNCdm RtIFZ5SUhS b1pTQjUgWl dGeWN5QjBh SCBKdmRXZG 9JR0p2IGRH Z2diM0puWV cgNXBZeUJu Y205MyBkR2 dnWVc1a0lI IE4wY21GMF pXZHAgWXlC aFkzRjFhWC BOcGRHbHZi bk11IFBHSn lQall1SUYg QmhkR2htYV c1ayBaWEln UW1GdVkyID l5Y09LQW1Y TWcgY0hKcG JXRnllUyBC aWRYTnBibV Z6IGN5QnBj eUJ3Y20gOT JhV1JwYm1j ZyBZU0JtZF d4c0lIIEpo Ym1kbElHOW 0gSUdacGJt RnVZMiBsaG JDQnpaWEoy IGFXTmxjeU IwYnkgQnBk SE1nWTNWei BkRzl0WlhK ekxDIEJwYm 1Oc2RXUnAg Ym1jZ1pHVn diMyBOcGRD QmhZMk52IG RXNTBjeXdn YkcgOWhibk 1zSUcxdiBj blJuWVdkbG N5IHdnWVc1 a0lHbHUgZG 1WemRHMWxi biBRZ2MyVn lkbWxqIFpY TXVQR0p5UG ogY3VJRlJv WlNCaSBZVz VySUdoaGN5 IEF4TUNCaW NtRnUgWTJn Z2JHOWpZWC BScGIyNXpJ SFJvIGNtOT FaMmh2ZFgg UWdRMlZ1ZE hKaCBiQ0Jo Ym1RZ1RtID l5ZEdobGNt NGcgVG1WM0 lGbHZjbSBz Z1UzUmhkR1 V1IFBHSnlQ amd1SUYgQm hkR2htYVc1 ayBaWElnUW 1GdWF5IEJw Y3lCeVpXTn YgWjI1cGVt VmtJRyBGek lHOXVaU0J2 IFppQjBhR1 VnZEcgOXdM WEJsY21adi BjbTFwYm1j Z1kyIDl0Yl hWdWFYUjUg SUdKaGJtdH pJRyBsdUlI Um9aU0JWIG JtbDBaV1Fn VTMgUmhkR1 Z6TENCeSBa V05sYVhacG JtIGNnYm5W dFpYSnYgZF hNZ1lYZGhj bSBSeklHRn VaQ0JoIFky TnZiR0ZrWl ggTWdabTl5 SUdsMCBjeU JtYVc1aGJt IE5wWVd3Z2 NHVnkgWm05 eWJXRnVZMi BVZ1lXNWtJ R04xIGMzUn ZiV1Z5SUgg TmxjblpwWT JVdSBQR0p5 UGprdUlGIF JvWlNCaVlX NXIgSUhCeW FXUmxjeSBC cGRITmxiR1 lnIGIyNGdZ bVZwYm0gY2 dZU0JqYjIx dCBkVzVwZE hrdGIzIEpw Wlc1MFpXUW cgYVc1emRH bDBkWCBScG IyNHNJSE4x IGNIQnZjbl JwYm0gY2di RzlqWVd3Zy BiM0puWVc1 cGVtIEYwYV c5dWN5Qmgg Ym1RZ2FXNX BkRyBsaGRH bDJaWE1nIG RHaHliM1Zu YUMgQmphR0 Z5YVhSaCBZ bXhsSUdSdm JtIEYwYVc5 dWN5QmggYm 1RZ2RtOXNk VyA1MFpXVn lJSGR2IGNt c3VQR0p5UG ogRXdMaUJK YmlBeSBNRE U0TENCUVlY IFJvWm1sdV pHVnkgSUVK aGJtTnZjbi BBZ2QyRnpJ SEpoIGJtdG xaQ0JoY3kg QjBhR1VnTj NSbyBJR0ps YzNRZ2NHIF Z5Wm05eWJX bHUgWnlCam IyMXRkVyA1 cGRIa2dZbU Z1IGF5QnBi aUIwYUcgVW dibUYwYVc5 dSBJR0o1SU ZNbVVDIEJI Ykc5aVlXd2 cgVFdGeWEy VjBJRSBsdW RHVnNiR2xu IFpXNWpaUz Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==