Northfield Bancorp

Live  

Northfield Bancorp is a publicly traded company that operates as the holding company for Northfield Bank, a federally-chartered stock savings bank. The company was founded in 1887 and is headquartered in Woodbridge, New Jersey. Northfield Bank offers a variety of financial services to individual and business customers, including deposit accounts, loans, and investment products. The bank has over 40 branch locations in New Jersey and New York. Northfield Bancorp is listed on the NASDAQ exchange under the ticker symbol NFBK. The company’s mission is to provide high-quality customer service and strong financial performance for its shareholders.

Tm9ydGhmaW VsZCBCYW5j b3JwIGlzIG EgY29tcGFu eSB0aGF0IG 1haW5seSBy dW5zIGEgYm Fuay4gVGhp bmsgb2YgYS BiYW5rIGxp a2UgYSBiaW csIHNhZmUg cGxhY2Ugd2 hlcmUgcGVv cGxlIGNhbi BrZWVwIHRo ZWlyIG1vbm V5LiBOb3J0 aGZpZWxkIG hlbHBzIGN1 c3RvbWVycy BzYXZlIHRo ZWlyIG1vbm V5LCBhbmQg aXQgYWxzby BsZW5kcyBt b25leSB0by BwZW9wbGUg YW5kIGJ1c2 luZXNzZXMg d2hlbiB0aG V5IG5lZWQg aXQuIFdoZW 4gc29tZW9u ZSBib3Jyb3 dzIG1vbmV5 IGZyb20gdG hlIGJhbmss IHRoZXkgdX N1YWxseSBw YXkgYmFjay BhIGxpdHRs ZSBleHRyYS BjYWxsZWQg aW50ZXJlc3 QsIHdoaWNo IGlzIGhvdy B0aGUgYmFu ayBtYWtlcy Btb25leS4g PGJyPk5vcn RoZmllbGQg QmFuY29ycC BvZmZlcnMg c2VydmljZX MgbGlrZSBj aGVja2luZy BhY2NvdW50 cywgc2F2aW 5ncyBhY2Nv dW50cywgYW 5kIGxvYW5z IGZvciBidX lpbmcgaG91 c2VzIG9yIH N0YXJ0aW5n IGJ1c2luZX NzZXMuIEJl Y2F1c2UgdG hlIGJhbmsg aGVscHMgcG VvcGxlIG1h bmFnZSB0aG VpciBtb25l eSwgbWFueS BjdXN0b21l cnMgdHJ1c3 QgTm9ydGhm aWVsZCBhbm QgbGlrZSB0 byB1c2UgaX RzIHNlcnZp Y2VzLCB3aG ljaCBoZWxw cyB0aGUgYm FuayBlYXJu IGV2ZW4gbW 9yZSBtb25l eS48YnI+Tm 9ydGhmaWVs ZCBCYW5jb3 JwIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIEZp cnN0LCB0aG V5IGhhdmUg YnVpbHQgYS Bnb29kIHJl cHV0YXRpb2 4sIHdoaWNo IG1lYW5zIH RoYXQgcGVv cGxlIHRydX N0IHRoZW0u IFNlY29uZC wgdGhleSBw YXkgYXR0ZW 50aW9uIHRv IHdoYXQgY3 VzdG9tZXJz IHdhbnQgYW 5kIHRyeSB0 byBvZmZlci Bnb29kIHNl cnZpY2VzIG ZvciB0aGVp ciBuZWVkcy 4gTGFzdGx5 LCB0aGV5IG ZvbGxvdyB0 aGUgcnVsZX MgdGhhdCBo ZWxwIGtlZX AgbW9uZXkg c2FmZSBhbm Qgc291bmQu PGJyPkxvb2 tpbmcgdG8g dGhlIGZ1dH VyZSwgTm9y dGhmaWVsZC BCYW5jb3Jw IGlzIGxpa2 VseSB0byBr ZWVwIGJlaW 5nIHN1Y2Nl c3NmdWwgYm VjYXVzZSBw ZW9wbGUgd2 lsbCBhbHdh eXMgbmVlZC BhIHNhZmUg cGxhY2UgdG 8ga2VlcCB0 aGVpciBtb2 5leSwgYXMg d2VsbCBhcy BoZWxwIHdo ZW4gdGhleS B3YW50IHRv IGJvcnJvdy Btb25leS4g VGhleSBhcm UgY29udGlu dW91c2x5IH dvcmtpbmcg b24gaW1wcm 92aW5nIHRo ZWlyIHNlcn ZpY2VzIGFu ZCB0ZWNobm 9sb2d5LCBt YWtpbmcgaX QgZWFzaWVy IGZvciBjdX N0b21lcnMg dG8gbWFuYW dlIHRoZWly IGZpbmFuY2 VzLCB3aGlj aCB3aWxsIG tlZXAgdGhl bSBwb3B1bG FyLiBTbywg YXMgbG9uZy BhcyB0aGV5 IHN0YXkgZm 9jdXNlZCBv biBoZWxwaW 5nIHRoZWly IGN1c3RvbW VycyBhbmQg bWFuYWdpbm cgbW9uZXkg d2lzZWx5LC B0aGV5IHNo b3VsZCBjb2 50aW51ZSB0 byBkbyB3ZW xsITxicj4=

MS4gTG9uZy BIaXN0b3J5 OiBOb3J0aG ZpZWxkIEJh bmNvcnAgaG FzIGJlZW4g aW4gYnVzaW 5lc3Mgc2lu Y2UgMTg4Ny wgbWFraW5n IGl0IG9uZS BvZiB0aGUg b2xkZXN0IH NhdmluZ3Mg YW5kIGxvYW 4gYXNzb2Np YXRpb25zIG luIHRoZSBV bml0ZWQgU3 RhdGVzLiBU aGlzIGxvbm cgaGlzdG9y eSBkZW1vbn N0cmF0ZXMg dGhlIGNvbX BhbnnigJlz IHN0YWJpbG l0eSBhbmQg cmVsaWFiaW xpdHkuPGJy PjIuIFN0cm 9uZyBDb21t dW5pdHkgUH Jlc2VuY2U6 IE5vcnRoZm llbGQgQmFu Y29ycCBpcy BkZWVwbHkg cm9vdGVkIG luIHRoZSBj b21tdW5pdG llcyBpdCBz ZXJ2ZXMuIF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBzdX Bwb3J0aW5n IGxvY2FsIG J1c2luZXNz ZXMgYW5kIG 9yZ2FuaXph dGlvbnMsIG FuZCBlbmNv dXJhZ2VzIG l0cyBlbXBs b3llZXMgdG 8gdm9sdW50 ZWVyIGFuZC BnaXZlIGJh Y2sgdG8gdG hlIGNvbW11 bml0eS48Yn I+My4gRm9j dXMgb24gUG Vyc29uYWwg U2VydmljZT ogV2l0aCBh IG5ldHdvcm sgb2Ygb3Zl ciAzNyBicm FuY2hlcywg Tm9ydGhmaW VsZCBCYW5j b3JwIG1haW 50YWlucyBh IHN0cm9uZy Bmb2N1cyBv biBwcm92aW RpbmcgcGVy c29uYWxpem VkIHNlcnZp Y2UgdG8gaX RzIGN1c3Rv bWVycy4gVG hlIGNvbXBh bnkgcHJpZG VzIGl0c2Vs ZiBvbiBidW lsZGluZyBy ZWxhdGlvbn NoaXBzIHdp dGggaXRzIG NsaWVudHMg YW5kIHRhaW xvcmluZyBp dHMgc2Vydm ljZXMgdG8g bWVldCB0aG VpciBuZWVk cy48YnI+NC 4gRmluYW5j aWFsIFN0YW JpbGl0eTog QXMgYSBwdW JsaWNseSB0 cmFkZWQgY2 9tcGFueSwg Tm9ydGhmaW VsZCBCYW5j b3JwIGlzIH RyYW5zcGFy ZW50IGFib3 V0IGl0cyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UuIF RoZSBjb21w YW55IGhhcy Bjb25zaXN0 ZW50bHkgbW FpbnRhaW5l ZCBzdHJvbm cgZmluYW5j aWFscyBhbm QgaGFzIGEg c29saWQgdH JhY2sgcmVj b3JkIG9mIH Byb2ZpdGFi aWxpdHksIG 1ha2luZyBp dCBhIHJlbG lhYmxlIGFu ZCB0cnVzdH dvcnRoeSBp bnN0aXR1dG lvbi48YnI+ NS4gRGl2ZX JzaWZpZWQg UHJvZHVjdC BPZmZlcmlu Z3M6IE5vcn RoZmllbGQg QmFuY29ycC BvZmZlcnMg YSByYW5nZS BvZiBmaW5h bmNpYWwgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzLCBp bmNsdWRpbm cgbW9ydGdh Z2VzLCBob2 1lIGVxdWl0 eSBsb2Fucy wgYnVzaW5l c3MgYmFua2 luZywgYW5k IGluc3VyYW 5jZS4gVGhp cyBkaXZlcn NpZmljYXRp b24gaGVscH MgdG8gbWl0 aWdhdGUgcm lzayBhbmQg cHJvdmlkZX MgY3VzdG9t ZXJzIHdpdG ggYSBvbmUt c3RvcC1zaG 9wIGZvciB0 aGVpciBmaW 5hbmNpYWwg bmVlZHMuPG JyPjYuIENv bW1pdG1lbn QgdG8gSW5u b3ZhdGlvbj ogRGVzcGl0 ZSBpdHMgbG 9uZyBoaXN0 b3J5LCBOb3 J0aGZpZWxk IEJhbmNvcn AgaXMgY29t bWl0dGVkIH RvIHN0YXlp bmcgY3Vycm VudCB3aXRo IHRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnRzIGFu ZCBpbnZlc3 RpbmcgaW4g dGhlIGxhdG VzdCB0b29s cyBhbmQgc3 lzdGVtcyB0 byBtYWtlIG Jhbmtpbmcg ZWFzaWVyIG FuZCBtb3Jl IGNvbnZlbm llbnQgZm9y IGl0cyBjdX N0b21lcnMu PGJyPjcuIF N0cm9uZyBD b3Jwb3JhdG UgR292ZXJu YW5jZTogTm 9ydGhmaWVs ZCBCYW5jb3 Jw4oCZcyBi b2FyZCBvZi BkaXJlY3Rv cnMgaXMgY2 9tcG9zZWQg b2YgZXhwZX JpZW5jZWQg cHJvZmVzc2 lvbmFscyB3 aXRoIGRpdm Vyc2UgYmFj a2dyb3VuZH MsIHByb3Zp ZGluZyBzdH Jvbmcgb3Zl cnNpZ2h0IG FuZCBnb3Zl cm5hbmNlIG 9mIHRoZSBj b21wYW554o CZcyBvcGVy YXRpb25zLj xicj44LiBT dHJvbmcgUG VyZm9ybWFu Y2U6IE92ZX IgdGhlIHll YXJzLCBOb3 J0aGZpZWxk IEJhbmNvcn AgaGFzIGNv bnNpc3Rlbn RseSBkZWxp dmVyZWQgc2 9saWQgZmlu YW5jaWFsIH Jlc3VsdHMg Zm9yIGl0cy BzaGFyZWhv bGRlcnMuIF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyByZWNvcm Qgb2YgaW5j cmVhc2luZy BpdHMgZGl2 aWRlbmQgcG F5bWVudHMs IG1ha2luZy BpdCBhbiBh dHRyYWN0aX ZlIGludmVz dG1lbnQgb3 B0aW9uLg==

Tm9ydGhmaW VsZCBCYW5j b3JwIGlzIG EgZmluYW5j aWFsIGhvbG RpbmcgY29t cGFueSB0aG F0IG9wZXJh dGVzIHByaW 1hcmlseSB0 aHJvdWdoIG l0cyBzdWJz aWRpYXJ5LC BOb3J0aGZp ZWxkIEJhbm ssIGEgZmVk ZXJhbCBzYX ZpbmdzIGJh bmsuIFRoZS Bjb21wYW55 4oCZcyBidX NpbmVzcyBt b2RlbCBpcy B0byBwcm92 aWRlIGEgcm FuZ2Ugb2Yg YmFua2luZy BzZXJ2aWNl cyB0byBpbm RpdmlkdWFs cywgYnVzaW 5lc3Nlcywg YW5kIGluc3 RpdHV0aW9u cyBpbiB0aG UgY29tbXVu aXRpZXMgaX Qgc2VydmVz Ljxicj5UaG Uga2V5IGNv bXBvbmVudH Mgb2YgTm9y dGhmaWVsZC BCYW5jb3Jw 4oCZcyBidX NpbmVzcyBt b2RlbCBpbm NsdWRlOjxi cj4xLiBDb2 1tdW5pdHkg QmFua2luZz ogTm9ydGhm aWVsZCBCYW 5rIG9mZmVy cyBhIGZ1bG wgcmFuZ2Ug b2YgZGVwb3 NpdCBhbmQg bG9hbiBwcm 9kdWN0cyB0 byBpbmRpdm lkdWFscywg YnVzaW5lc3 NlcywgYW5k IGluc3RpdH V0aW9ucyBp biB0aGUgY2 9tbXVuaXRp ZXMgd2hlcm UgaXQgb3Bl cmF0ZXMuIF RoaXMgaW5j bHVkZXMgdH JhZGl0aW9u YWwgYmFua2 luZyBzZXJ2 aWNlcyBzdW NoIGFzIGNo ZWNraW5nIG FuZCBzYXZp bmdzIGFjY2 91bnRzLCBt b3J0Z2FnZX MsIGFuZCBj b21tZXJjaW FsIGxvYW5z Ljxicj4yLi BSZWxhdGlv bnNoaXAgQm Fua2luZzog VGhlIGNvbX BhbnkgZm9j dXNlcyBvbi BidWlsZGlu ZyBsb25nLX Rlcm0gcmVs YXRpb25zaG lwcyB3aXRo IGl0cyBjdX N0b21lcnMg YnkgcHJvdm lkaW5nIHBl cnNvbmFsaX plZCBzZXJ2 aWNlIGFuZC BjdXN0b21p emVkIGZpbm FuY2lhbCBz b2x1dGlvbn MgdGhhdCBt ZWV0IHRoZW lyIHVuaXF1 ZSBuZWVkcy 48YnI+My4g RGl2ZXJzaW ZpZWQgUmV2 ZW51ZSBTdH JlYW1zOiBO b3J0aGZpZW xkIEJhbmNv cnAgZ2VuZX JhdGVzIHJl dmVudWUgZn JvbSB2YXJp b3VzIHNvdX JjZXMsIGlu Y2x1ZGluZy BpbnRlcmVz dCBpbmNvbW UgZnJvbSBs b2FucyBhbm QgaW52ZXN0 bWVudHMsIG ZlZXMgZnJv bSBwcm9kdW N0cyBhbmQg c2VydmljZX MsIGFuZCBn YWlucyBmcm 9tIHRoZSBz YWxlIG9mIG xvYW5zIGFu ZCBpbnZlc3 RtZW50cy48 YnI+NC4gUm lzayBNYW5h Z2VtZW50Oi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgcmlzay BtYW5hZ2Vt ZW50IGZyYW 1ld29yayBp biBwbGFjZS B0byBpZGVu dGlmeSwgbW 9uaXRvciwg YW5kIG1hbm FnZSByaXNr cyBhc3NvY2 lhdGVkIHdp dGggaXRzIG J1c2luZXNz IG9wZXJhdG lvbnMuPGJy PjUuIEV4cG Fuc2lvbiBh bmQgR3Jvd3 RoOiBOb3J0 aGZpZWxkIE JhbmNvcnAg YWNxdWlyZX Mgb3IgZXN0 YWJsaXNoZX MgbmV3IGJy YW5jaGVzIG luIHN0cmF0 ZWdpYyBsb2 NhdGlvbnMg dG8gZXhwYW 5kIGl0cyBn ZW9ncmFwaG ljIHByZXNl bmNlIGFuZC Bncm93IGl0 cyBjdXN0b2 1lciBiYXNl Ljxicj42Li BUZWNobm9s b2dpY2FsbH kgQWR2YW5j ZWQ6IFRoZS Bjb21wYW55 IGludmVzdH MgaW4gdGVj aG5vbG9neS B0byBlbmhh bmNlIGN1c3 RvbWVyIGV4 cGVyaWVuY2 UsIGltcHJv dmUgb3Blcm F0aW9uYWwg ZWZmaWNpZW 5jeSwgYW5k IGVuc3VyZS BzZWN1cml0 eS48YnI+Ny 4gVGhyaWZ0 IFN0cnVjdH VyZTogTm9y dGhmaWVsZC BCYW5jb3Jw IG9wZXJhdG VzIGFzIGEg dGhyaWZ0IG luc3RpdHV0 aW9uLCB3aG ljaCBhbGxv d3MgaXQgdG 8gYWNjZXNz IGxvdy1jb3 N0IGZ1bmRp bmcgc291cm Nlcywgc3Vj aCBhcyBkZX Bvc2l0cyBm cm9tIGN1c3 RvbWVycywg dG8gc3VwcG 9ydCBpdHMg bGVuZGluZy BhY3Rpdml0 aWVzLjxicj 5PdmVyYWxs LCBOb3J0aG ZpZWxkIEJh bmNvcnDigJ lzIGJ1c2lu ZXNzIG1vZG VsIGlzIGZv Y3VzZWQgb2 4gcHJvdmlk aW5nIHF1YW xpdHkgZmlu YW5jaWFsIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 byBpdHMgY3 VzdG9tZXJz IHdoaWxlIG 1hbmFnaW5n IHJpc2tzIG FuZCBkcml2 aW5nIGdyb3 d0aCBhbmQg cHJvZml0YW JpbGl0eS4=

AI has the potential to significantly impact financial institutions like Northfield Bancorp in various ways, but whether it poses a material threat depends on several factors.
1. Substitution: AI-powered financial services, such as robo-advisors, automated lending platforms, and personalized banking services, can substitute traditional banking products. If customers increasingly adopt AI solutions for tasks like investment management or loan applications, Northfield Bancorp could face competition from these automated services, potentially losing market share in certain segments.
2. Disintermediation: AI technologies can facilitate direct transactions between consumers and services, reducing the need for traditional intermediaries like banks. For example, peer-to-peer lending and decentralized finance (DeFi) platforms are gaining traction and may disrupt traditional banking models. If customers opt for these alternatives, it could challenge Northfield Bancorp’s business model and reduce its customer base.
3. Margin Pressure: The introduction of AI in banking often leads to increased efficiency and cost savings, which can be beneficial. However, it could also intensify competition, driving down pricing for financial products and services. If Northfield Bancorp cannot match the operational efficiencies gained by competitors using AI, it may experience margin pressure as it seeks to maintain competitiveness.
In conclusion, while AI presents both opportunities and challenges, its material impact on Northfield Bancorp will depend on how effectively the company adapts to these technological changes, invests in digital transformation, and enhances customer engagement through innovative solutions.

The sensitivity of Northfield Bancorp’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through multiple dimensions:
1. Earnings Sensitivity: Northfield Bancorp’s earnings are closely tied to its net interest margin, which is the difference between the interest income generated from loans and the interest paid on deposits. When interest rates rise, the bank can potentially increase the rates on loans faster than it adjusts the rates on deposits, leading to higher net interest income. Conversely, if interest rates fall, the bank may struggle to maintain its margins, which can adversely affect earnings.
2. Cash Flow Sensitivity: Cash flows are also influenced by interest rates, particularly in terms of loan origination and repayment. Higher interest rates can reduce demand for borrowing, leading to lower loan origination volumes, which can affect cash inflows. Additionally, if existing borrowers refinance or pay off loans early in a lower interest environment, cash flows from loan repayments may decline.
3. Valuation Sensitivity: Valuation models, such as discounted cash flow (DCF), are sensitive to interest rates because they impact the discount rate used to evaluate future cash flows. Higher interest rates can increase the discount rate, decreasing the present value of expected cash flows and leading to lower valuation. Conversely, lower interest rates can enhance valuations due to lower discount rates and potentially higher projected growth in earnings and cash flows.
In summary, Northfield Bancorp’s earnings, cash flow, and valuation are significantly impacted by changes in interest rates. A rise in rates could improve earnings and valuations if managed effectively, while a decline could pose risks to both earnings stability and the bank’s overall valuation. The exact sensitivity can vary based on the bank’s asset-liability management practices and the overall interest rate environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTm 9ydGhmaWVs ZCBCYW5jb3 Jw4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyB3b3 VsZCBiZSBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZWNv bm9taWMgZG 93bnR1cm4s IHBvdGVudG lhbGx5IHRy aWdnZXJlZC BieSBhIGNv bWJpbmF0aW 9uIG9mIGZh Y3RvcnMgc3 VjaCBhcyBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMsIG luY3JlYXNl ZCBpbmZsYX Rpb24sIGFu ZCBhIGRlY2 xpbmUgaW4g dGhlIGhvdX NpbmcgbWFy a2V0LiBUaG lzIHNjZW5h cmlvIGNvdW xkIGxlYWQg dG8gaGlnaG VyIGRlZmF1 bHQgcmF0ZX Mgb24gbG9h bnMsIGEgZG VjcmVhc2Ug aW4gZGVtYW 5kIGZvciBu ZXcgbW9ydG dhZ2VzLCBh bmQgbG93ZX Igb3ZlcmFs bCBjb25zdW 1lciBzcGVu ZGluZy48Yn I+SW4gdGhp cyBzaXR1YX Rpb24sIE5v cnRoZmllbG QgQmFuY29y cOKAmXMgbW FyZ2lucyBj b3VsZCBleH BlcmllbmNl IHN1YnN0YW 50aWFsIHBy ZXNzdXJlLi BBcyBsb2Fu IGRlZmF1bH RzIHJpc2Us IHRoZSBjb2 1wYW55IHdv dWxkIG5lZW QgdG8gaW5j cmVhc2UgaX RzIHByb3Zp c2lvbnMgZm 9yIGxvYW4g bG9zc2VzLC BkaXJlY3Rs eSBpbXBhY3 RpbmcgbmV0 IGludGVyZX N0IGluY29t ZSBhbmQgcm VkdWNpbmcg cHJvZml0YW JpbGl0eS4g QWRkaXRpb2 5hbGx5LCBp ZiBpbnRlcm VzdCByYXRl cyB3ZXJlIH RvIHJpc2Ug c2lnbmlmaW NhbnRseSwg dGhlIGJhbm sgbWlnaHQg c2VlIGEgZG VjcmVhc2Ug aW4gaXRzIG 5ldCBpbnRl cmVzdCBtYX JnaW4gaWYg aXQgaXMgdW 5hYmxlIHRv IHBhc3Mgb2 4gdGhlc2Ug cmF0ZXMgdG 8gYm9ycm93 ZXJzIGVmZm VjdGl2ZWx5 Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBu ZWdhdGl2ZW x5IGFmZmVj dGVkIGR1ZS B0byBoaWdo ZXIgZGVsaW 5xdWVuY3kg cmF0ZXMsIH Jlc3VsdGlu ZyBpbiBpbm NyZWFzZWQg d3JpdGUtb2 ZmcyBvZiBu b3BlcmZvcm 1pbmcgbG9h bnMuIFRoZS Bjb21iaW5h dGlvbiBvZi ByZWR1Y2Vk IGxvYW4gb3 JpZ2luYXRp b24gYW5kIG luY3JlYXNl ZCBwcm92aX Npb25zIGZv ciBsb3NzZX Mgd291bGQg bGVhZCB0by BhIGRlY2xp bmUgaW4gY2 FzaCBmbG93 cyBmcm9tIG 9wZXJhdGlv bnMuIEZ1cn RoZXJtb3Jl LCBsb3dlci Bjb25zdW1l ciBhbmQgYn VzaW5lc3Mg c3BlbmRpbm cgY291bGQg cmVzdWx0IG luIHJlZHVj ZWQgdHJhbn NhY3Rpb24g dm9sdW1lcy BhbmQgZmVl cyBmcm9tIG Jhbmtpbmcg c2VydmljZX MsIGZ1cnRo ZXIgY2hhbG xlbmdpbmcg dGhlIGNvbX BhbnnigJlz IGNhc2ggZm xvdyBwb3Np dGlvbi48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IHRoZSBpbX BhY3Qgb2Yg dGhpcyBzY2 VuYXJpbyB3 b3VsZCBpbm NsdWRlIGFu IGluY3JlYX NlIGluIG5v cGVyZm9ybW luZyBhc3Nl dHMgYXMgbW 9yZSBsb2Fu cyBiZWNvbW UgZGVmYXVs dGVkLiBBcy BhIGNvbnNl cXVlbmNlLC BOb3J0aGZp ZWxkIEJhbm NvcnAgd291 bGQgbGlrZW x5IG5lZWQg dG8gYm9sc3 RlciBpdHMg cmVzZXJ2ZX MsIGVyb2Rp bmcgcmV0YW luZWQgZWFy bmluZ3MgYW 5kIHBvc3Np Ymx5IGxlYW RpbmcgdG8g YSBkZWNsaW 5lIGluIHRv dGFsIGVxdW l0eS4gSW5j cmVhc2VkIG RlZmF1bHRz IGNvdWxkIG Fsc28gbGVh ZCB0byB0aW dodGVyIGxl bmRpbmcgc3 RhbmRhcmRz IGluIHJlc3 BvbnNlLCBj YXVzaW5nIG EgY29udHJh Y3Rpb24gaW 4gdGhlIG92 ZXJhbGwgbG 9hbiBwb3J0 Zm9saW8uIE 92ZXJhbGws IGEgY29tYm luYXRpb24g b2Ygd2Vha2 VuZWQgbWFy Z2lucywgcH Jlc3N1cmVk IGNhc2ggZm xvd3MsIGFu ZCBkZXRlcm lvcmF0aW5n IGFzc2V0IH F1YWxpdHkg Y291bGQgc2 lnbmlmaWNh bnRseSBpbX BhaXIgTm9y dGhmaWVsZC BCYW5jb3Jw 4oCZcyBmaW 5hbmNpYWwg aGVhbHRoIG lmIHN1Y2gg YW4gZWNvbm 9taWMgc2Nl bmFyaW8gcG xheWVkIG91 dC48YnI+

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 bG9nb3MveG dKY29rUFNp bTFOdmNaaW FCWjEud2Vi cCIgYWx0PS JOb3J0aGZp ZWxkIEJhbm NvcnAiIHRp dGxlPSJOb3 J0aGZpZWxk IEJhbmNvcn AiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG 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 dXQgTm9ydG hmaWVsZCBC 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 8J+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1RtOXlk RyBobWFXVn NaQ0JDIFlX NWpiM0p3SU ggZGhjeUJ2 Y21sbiBhVz VoYkd4NUlH IFp2ZFc1a1 pXUWcgYVc0 Z01UZzROeS BCaGN5QjBh R1VnIFRtOX lkR2htYVcg VnNaQ0JDZF dscyBaR2x1 WnlCaGJtIF FnVEc5aGJp QkIgYzNOdl kybGhkRyBs dmJpQnBiaU JUIGRHRjBa VzRnU1ggTn NZVzVrTENC TyBaWGNnV1 c5eWF5IDQ4 WW5JK01pNG cgVkdobElH TnZiWCBCaG Jua2dZMmho IGJtZGxaQ0 JwZEggTWdi bUZ0WlNCMC BieUJPYjNK MGFHIFpwWl d4a0lFSmgg Ym1OdmNuQW dhVyA0Z01U azVOeUJoIG JtUWdZbVZq WVcgMWxJR0 VnWm5WcyBi SGtnY0hWaW JHIGxqSUdO dmJYQmggYm 5rZ2JHbHpk RyBWa0lHOX VJSFJvIFpT Qk9RVk5FUV YgRWdjM1J2 WTJzZyBaWG hqYUdGdVoy IFV1UEdKeV BqTXUgSUU1 dmNuUm9abS BsbGJHUWdR bUZ1IFkyOX ljQ0JvWVgg TWdiM1psY2 lBayBOUzQ0 SUdKcGJHIH hwYjI0Z2FX NGcgWVhOel pYUnpJRyBG dVpDQnpaWE oyIFpYTWdi M1psY2kgQX lNelVzTURB dyBJR04xYz NSdmJXIFZ5 Y3lCMGFISn YgZFdkb0lE UXdJRyBKeV lXNWphR1Z6 IElHRmpjbT l6Y3kgQk9a WGNnV1c5eS BheUJoYm1R Z1RtIFYzSU VwbGNuTmwg ZVM0OFluSS tOQyA0Z1ZH aGxJR052IG JYQmhibmtn YzMgQmxZMm xoYkdsNiBa WE1nYVc0Z2 NtIFZ6YVdS bGJuUnAgWV d3Z1lXNWtJ RyBOdmJXMW xjbU5wIFlX d2djbVZoYk MgQmxjM1Jo ZEdVZyBiR1 Z1WkdsdVp5 IEJoYm1RZ2 IyWm0gWlhK eklHRWdkbS BGeWFXVjBl U0J2IFppQn RiM0owWjIg Rm5aU0J3Y2 05ayBkV04w Y3lCaGJtIF FnYzJWeWRt bGogWlhNdV BHSnlQaiBV dUlFNXZjbl JvIFptbGxi R1FnUW0gRn VZMjl5Y0NC byBZWE1nWW 1WbGJpIEJ5 WldOdloyNX AgZW1Wa0lH RnpJRyA5dV pTQnZaaUJH IGIzSmlaWF BpZ0oga2dR bVZ6ZENCQy BZVzVyY3lC cGJpIEJCYl dWeWFXTmgg SUdadmNpQn phWCBnZ1ky OXVjMlZqIG RYUnBkbVVn ZVcgVmhjbk 11UEdKeSBQ all1SUZSb1 pTIEJqYjIx d1lXNTUgSU doaGN5Qmhi SCBOdklHSm xaVzRnIGFX NWpiSFZrWl cgUWdhVzRn VXlaUSA0b0 NaY3lCSGJH IDlpWVd3Z1 RXRnkgYTJW MElFbHVkRy BWc2JHbG5a VzVqIFpTQn NhWE4wSUcg OW1JSFJvWl NBeCBNREFn WW1WemRDID F3WlhKbWIz SnQgYVc1bk lHTnZiVyAx MWJtbDBlU0 JpIFlXNXJj eUJwYmkgQj BhR1VnVlc1 cCBkR1ZrSU ZOMFlYIFJs Y3lCbWIzSW cgZEdoeVpX VWdlVyBWaG NuTWdhVzRn IFlTQnliM2 N1UEcgSnlQ amN1SUU1di BjblJvWm1s bGJHIFFnUW 1GdVkyOXkg Y0NCcGN5Qm piMiAxdGFY UjBaV1FnIG RHOGdaMmwy YVcgNW5JR0 poWTJzZyBk RzhnZEdobE lHIE52Ylcx MWJtbDAgZV NCaGJtUWdh RyBGeklHUn ZibUYwIFpX UWdiM1psY2 kgQWtNUzQx SUcxcCBiR3 hwYjI0Z2RH IDhnYkc5al lXd2cgYjNK bllXNXBlbS BGMGFXOXVj eUJoIGJtUW dZMmhoY20g bDBhV1Z6SU dsdSBJSFJv WlNCd1lYIE 4wSUdacGRt VWcgZVdWaG NuTXVQRyBK eVBqZ3VJRW x1IElESXdN VGtzSUUgNX ZjblJvWm1s bCBiR1FnUW 1GdVkyIDl5 Y0NCeVpXTm wgYVhabFpD QmhiaSBCUG RYUnpkR0Z1 IFpHbHVaeU JEYjIgMXRk VzVwZEhrZy BVMlZ5ZG1s alpTIEJCZD JGeVpDQm0g Y205dElIUm 9aUyBCT1pY Y2dXVzl5IG F5QkliM1Z6 YVcgNW5JRU 52Ym1abCBj bVZ1WTJVZ1 ptIDl5SUds MGN5QmogYj IxdGFYUnRa VyA1MElIUn ZJR0ZtIFpt OXlaR0ZpYk cgVWdhRzkx YzJsdSBaeU JoYm1RZ1ky IDl0YlhWdW FYUjUgSUdS bGRtVnNiMy BCdFpXNTBM anhpIGNqND VMaUJVYUcg VWdZMjl0Y0 dGdSBlU0Jv WVhNZ1lTIE JrYVhabGNu TmwgSUhkdm NtdG1iMyBK alpTQjNhWF JvIElHOTJa WElnTkQgVX dJR1Z0Y0d4 diBlV1ZsY3 lCbWNtIDl0 SUdScFptWm wgY21WdWRD QmlZVyBOcl ozSnZkVzVr IGN5QmhibV FnWTMgVnNk SFZ5WlhNdS BQR0p5UGpF d0xpIEJPYj NKMGFHWnAg Wld4a0lFSm hibSBOdmNu QWdhWE1nIF lTQnRaVzFp WlggSWdiMl lnZEdobCBJ RVpsWkdWeV lXIHdnU0c5 dFpTQk0gYj JGdUlFSmhi bSBzZ1UzbH pkR1Z0IExD QndjbTkyYV cgUnBibWNn WVdOaiBaWE 56SUhSdklH IEZrWkdsMG FXOXUgWVd3 Z2NtVnpiMy BWeVkyVnpJ R0Z1IFpDQn pkWEJ3YjMg SjBJR1p2Y2 lCcCBkSE1n YkdWdVpHIG x1WnlCaFkz UnAgZG1sMG FXVnpMZyA9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=