RIVERHEAD, N.Y.--(BUSINESS WIRE)--

Suffolk Bancorp (the “Company”) (NYSE:SCNB), parent company of Suffolk County National Bank (the “Bank”), today reported net income of $5.5 million, or $0.46 per diluted common share, for the third quarter of 2016 compared to $4.9 million, or $0.42 per diluted common share, a year ago. For the nine months ended September 30, 2016, the Company recorded net income of $16.1 million, or $1.35 per diluted common share, versus $14.1 million, or $1.19 per diluted common share for the comparable 2015 year-to-date period. Excluding merger-related charges, net non-accrual interest received and other real estate owned (“OREO”) related expenses incurred in 2016, core net income was $5.9 million and $16.5 million in the third quarter and September year-to-date periods, respectively.

The 11.2% increase in third quarter 2016 earnings versus the comparable 2015 period resulted from a $1.0 million increase in net interest income and a $700 thousand reduction in the provision for loan losses. Partially offsetting these improvements was a $105 thousand decline in non-interest income, a $799 thousand increase in total operating expenses and a higher effective tax rate (27.9% versus 27.5%) in 2016 when compared to the third quarter of 2015. Based upon consideration of many factors, including credit risk grades and economic conditions, in its evaluation of the various classes of the loan portfolio, the Company recorded in total a $350 thousand credit to the provision for loan losses in 2016.

President & CEO Howard C. Bluver stated: “I am very pleased to report an outstanding third quarter. While we continue to make significant progress toward ensuring a smooth and successful integration in connection with the pending merger with People’s United Financial, it is gratifying to see that our continuing Company-wide focus on high quality execution resulted in strong financial performance during the quarter.

“First, our deposit businesses had an excellent third quarter. While linked-quarter deposit levels reflected the end of summer seasonality that is inherent in many of our markets, particularly in the Hamptons on the east end of Long Island, year over year growth in deposit levels was strong. Total deposits at September 30, 2016 were $1.94 billion, compared to $1.80 billion at September 30, 2015, an increase of $148 million, or 8.3%. Even more impressive, 44% of this deposit growth came from increases in non-interest bearing demand deposits, which grew $66 million in the last year, from $801 million on September 30, 2015 to $867 million on September 30, 2016, an 8.2% increase. On September 30, 2016, 45% of our total deposits were demand deposits, resulting in an extraordinarily low cost of funds of 19 basis points during the third quarter and an attractive net interest margin of 3.72% for the quarter.

“Our attractive funding profile continues to prove that the core deposit franchise we have built over 126 years is unique in our marketplace and gives us a significant competitive advantage. At the end of the third quarter, core deposits, consisting of demand, N.O.W., savings and money market accounts, represented 89% of total deposits. The ability to establish new customer relationships, provide superior customer service and focus on low funding costs is a top priority for both our retail and lending teams, and is something we have benefitted from throughout all interest rate cycles over many decades. Our community-oriented culture and devotion to the highest levels of customer service align perfectly with People’s United. Protecting and enhancing this culture, and the low funding costs that come with it, will be the highest priority after the closing of the merger.

“Second, results in our lending businesses were strong on a year over year basis. Total loans at September 30, 2016 were $1.71 billion, compared to $1.56 billion at September 30, 2015, an increase of $151 million, or 9.7%. While total loans did decrease $19.1 million on a linked quarter basis as a result of our previously announced decision to temporarily pull back from the commercial real estate lending markets, I am pleased to report that, following implementation of enhanced risk management processes, we have reentered certain commercial real estate markets and are building a strong and diversified loan pipeline for the future.

“Third, credit quality continues to be strong in all categories. Total non-accrual loans at September 30, 2016 were $6.3 million, or 0.37% of total loans, compared to $6.9 million, or 0.40% of total loans, at June 30, 2016. All other key credit metrics remain solid and reflect our steadfast commitment to a strong and highly disciplined credit culture. Early delinquencies (30-89 days past due), which we manage aggressively as a harbinger of future credit issues, remain extremely low at $2.0 million, or 0.12% of total loans, at September 30, 2016. Given the continuous improvement we have seen in our credit profile, we believe we are well reserved. Our allowance for loan losses at September 30, 2016 was $20.5 million, or 1.20% of total loans and 324% of total non-accrual loans.

“Finally, we continue to be vigilant in controlling operating expenses and maintaining an attractive efficiency ratio. Total operating expenses in the third quarter were $13.5 million, resulting in an efficiency ratio of 63.7%. However, excluding $644 thousand in non-recurring merger related charges during the quarter, operating expenses were $12.8 million, or 3.7% lower than the $13.3 million in operating expenses incurred in the second quarter of this year and only 1.2% above the comparable 2015 quarter. This allowed us to achieve an attractive core operating efficiency ratio during the third quarter of 60.8%, compared to 61.8% in the comparable quarter a year ago. We also generated attractive returns for shareholders in the third quarter. Including non-recurring merger related charges, ROA and ROE during the third quarter were 0.99% and 10.21%, respectively. However, excluding the merger charges, net non-accrual interest received and OREO related expenses, core ROA and ROE during the quarter were 1.07% and 11.01%, respectively. Our proven ability to increase operating leverage by balancing the need for investment to generate revenue with expense saves in other areas will be a major priority after we close the merger with People’s United.”

Performance and Other Highlights

• Asset Quality – Total non-accrual loans were $6.3 million or 0.37% of loans outstanding at September 30, 2016 versus $5.5 million or 0.33% of loans outstanding at December 31, 2015 and $7.5 million or 0.48% of total loans outstanding at September 30, 2015. Total accruing loans delinquent 30 days or more were $2.0 million or 0.12% of loans outstanding at September 30, 2016 compared to $1.0 million or 0.06% of loans outstanding at December 31 and September 30, 2015. The Company recorded net loan charge-offs of $150 thousand in the third quarter of 2016 versus net loan recoveries of $35 thousand in the second quarter of 2016 and net loan charge-offs of $86 thousand in the third quarter of 2015. The allowance for loan losses totaled $20.5 million at September 30, 2016 versus $20.7 million at December 31, 2015 and $20.3 million at September 30, 2015, representing 1.20%, 1.24% and 1.30% of total loans, respectively, at such dates. The allowance for loan losses as a percentage of non-accrual loans was 324%, 374% and 271% at September 30, 2016, December 31, 2015 and September 30, 2015, respectively. The Company held OREO amounting to $650 thousand at September 30, 2016. The Company held no OREO at December 31 and September 30, 2015.
• Capital Strength – The Company’s capital ratios continue to exceed all regulatory requirements, including the individual minimum capital requirements that the OCC established for the Bank. The Company’s tier 1 leverage ratio was 10.04% at September 30, 2016 versus 9.77% at December 31, 2015 and 9.95% at September 30, 2015. The Company’s tier 1 risk-based capital ratio was 12.73% at September 30, 2016 versus 11.68% at December 31, 2015 and 11.98% at September 30, 2015. The Company’s total risk-based capital ratio was 13.93% at September 30, 2016 as compared to 12.89% at December 31, 2015 and 13.21% at September 30, 2015. The Company’s total stockholders’ equity to total assets ratio and the Company’s tangible common equity to tangible assets ratio (“TCE ratio”) were 9.77% and 9.66%, respectively, at September 30, 2016 versus 9.10% and 8.98%, respectively, at December 31, 2015 and 9.51% and 9.38%, respectively, at September 30, 2015. The ratio of total stockholders’ equity to total assets is the most comparable U.S. GAAP measure to the non-GAAP TCE ratio presented herein.
• Core Deposits – Core deposits, consisting of demand, N.O.W., savings and money market accounts, totaled $1.72 billion at September 30, 2016 versus $1.56 billion at both December 31, 2015 and September 30, 2015. Core deposits represented 89%, 87% and 87% of total deposits at September 30, 2016, December 31, 2015 and September 30, 2015, respectively. Demand deposits were $867 million at September 30, 2016, reflecting increases of 10.1% and 8.2% from $788 million and $801 million at December 31, 2015 and September 30, 2015, respectively. Demand deposits represented 45%, 44% and 45% of total deposits at September 30, 2016, December 31, 2015 and September 30, 2015, respectively.
• Loans – Loans outstanding at September 30, 2016 increased by $151 million, or 9.7%, to $1.71 billion when compared to September 30, 2015 and increased by $44 million, or 2.7%, when compared to December 31, 2015.
• Net Interest Margin – Net interest margin was 3.72% in the third quarter of 2016 versus 3.87% in the second quarter of 2016 and 3.89% in the third quarter of 2015. Adjusting for the impact of net non-accrual interest received in each period, the Company’s core net interest margin was 3.71% in the third quarter of 2016 as compared to 3.86% in the second quarter of 2016 and 3.85% in the third quarter of 2015. The average cost of funds was 0.19% in the third quarter of 2016 versus 0.20% in the second quarter of 2016 and 0.18% in the third quarter of 2015.
• Performance Ratios – Return on average assets and return on average common stockholders’ equity were 0.99% and 10.21%, respectively, in the third quarter of 2016 versus 1.05% and 11.23%, respectively, in the second quarter of 2016, and 0.97% and 10.15%, respectively, in the third quarter of 2015.

Earnings Summary for the Quarter Ended September 30, 2016

The Company recorded net income of $5.5 million during the third quarter of 2016 versus $4.9 million in the comparable quarter a year ago. The 11.2% improvement in third quarter 2016 net income resulted from a $1.0 million increase in net interest income and a $700 thousand reduction in the provision for loan losses. The Company recorded a $350 thousand credit to the provision for loan losses in the third quarter of 2016. Partially offsetting these positive factors was a $105 thousand decline in non-interest income, a $799 thousand increase in total operating expenses and an increase in the effective tax rate to 27.9% in 2016 from 27.5% a year ago.

The $1.0 million or 5.8% improvement in third quarter 2016 net interest income resulted from a $185 million (10.0%) increase in average total interest-earning assets. Partially offsetting the earning asset growth was a 17 basis point decline in the Company’s net interest margin to 3.72% in 2016 from 3.89% in 2015. The Company’s third quarter 2016 average total interest-earning asset yield was 3.90% versus 4.06% in the comparable 2015 quarterly period. The decrease in the interest-earning asset yield in 2016 resulted from a four basis point decline in the average loan yield to 4.14% in 2016 along with a shift in the average asset mix to a greater percentage of Fed funds sold, securities purchased under agreements to resell and interest-bearing deposits due from banks (short-term investments) in 2016. Average loans increased by $196 million (13.0%) versus third quarter 2015. The average securities portfolio decreased by $102 million to $229 million in the third quarter of 2016 versus the comparable 2015 period. The average yield on the investment portfolio was 3.54% in 2016 versus 3.62% a year ago. At September 30, 2016, mortgage-backed securities, at 45%, made up the largest component of the Company’s investment portfolio. The available for sale securities portfolio had an unrealized pre-tax gain of $4.2 million and the entire securities portfolio had an estimated weighted average life of 3.3 years at September 30, 2016. Average short-term investments grew by $92 million in 2016 at an average yield of 0.51%.

The Company’s average cost of total interest-bearing liabilities increased by two basis points to 0.34% in the third quarter of 2016 versus 0.32% in the comparable 2015 quarter. The Company’s total cost of funds, among the lowest in the industry, was 0.19% in the third quarter of 2016 versus 0.18% a year ago. Average core deposits increased $209 million (13.8%) to $1.7 billion during the third quarter of 2016 versus the third quarter of 2015, with average demand deposits representing 44% of third quarter 2016 average total deposits. Total deposits increased by $148 million or 8.3% to $1.9 billion at September 30, 2016 versus the comparable 2015 date. Core deposit balances, which represented 89% of total deposits at September 30, 2016, grew by $165 million or 10.6% during the same period. Average borrowings decreased by $28 million (64.9%) during the third quarter of 2016 compared to 2015. Total borrowings at September 30, 2016 were $15 million versus $50 million at the comparable 2015 date.

Non-interest income decreased by $105 thousand in the third quarter of 2016 versus the comparable 2015 period. This reduction was principally due to a decrease in net gain on the sales of portfolio loans (down $370 thousand) in the third quarter of 2016 coupled with a decline in service charges on deposits (down $226 thousand). Partially offsetting these variances was an increase in the net gain on the sale of securities available for sale (up $390 thousand).

Total operating expenses increased by $799 thousand or 6.3% in the third quarter of 2016 versus 2015 principally the result of $644 thousand of merger-related expenses incurred in 2016. Excluding these merger-related costs, operating expenses increased by $155 thousand or 1.2% when compared to the third quarter of 2015. Growth in employee compensation and benefits of $538 thousand, FDIC assessment expense of $77 thousand and equipment expense of $84 thousand were the primary reasons for the increase in operating expenses in 2016. Partially offsetting these increases were reductions in 2016 data processing costs and consulting and professional services expenses of $350 thousand and $133 thousand, respectively, versus the comparable 2015 period. The increase in employee compensation and benefits expense in 2016 resulted principally from a higher deferred expense credit in 2015 due to last year’s increased third quarter loan production. The improvement in data processing costs resulted from lower core systems expenses in 2016 resulting from the recent conversion to Fiserv. The Company’s operating efficiency ratio was 63.7% in the third quarter of 2016 versus 61.2% a year ago. Excluding merger-related expenses, net non-accrual interest received and OREO related expenses, the Company’s core operating efficiency ratio improved to 60.8% in 2016 from 61.8% in 2015.

The Company recorded a $350 thousand credit to the provision for loan losses in the third quarter of 2016 versus a $350 thousand provision taken in 2015.

The Company recorded income tax expense of $2.1 million in the third quarter of 2016 resulting in an effective tax rate of 27.9% versus an income tax expense of $1.9 million and an effective tax rate of 27.5% in the comparable period a year ago.

Earnings Summary for the Nine Months Ended September 30, 2016

The Company recorded net income of $16.1 million during the first nine months of 2016 versus $14.1 million in the comparable 2015 period. The improvement in 2016 net income resulted principally from a $4.0 million increase in net interest income in the September year-to-date 2016 period, partially offset by a $113 thousand reduction in non-interest income, a $988 thousand increase in total operating expenses and an increase in the Company’s effective tax rate in 2016. Excluding merger-related expenses incurred in 2016, total operating expenses increased by $344 thousand or 0.9% versus 2015.

The $4.0 million or 7.8% improvement in September year-to-date 2016 net interest income resulted from a $234 million increase in average total interest-earning assets, offset in part by a 22 basis point contraction of the Company’s net interest margin to 3.80% in 2016 from 4.02% in 2015. The Company’s September year-to-date 2016 average total interest-earning asset yield was 4.00% versus 4.19% in the comparable 2015 year-to-date period. A lower average yield on the Company’s loan portfolio in the first nine months of 2016 versus the comparable 2015 period, down 18 basis points to 4.17%, was the primary driver of the reduction in the interest-earning asset yield. Excluding the impact of net non-accrual interest received in each year-to-date period, the Company’s core net interest margin was 3.76% in 2016 versus 3.93% in 2015. The Company’s average loan portfolio increased by $276 million (19.2%) versus September year-to-date 2015 while the average securities portfolio decreased by $79 million (22.8%) to $267 million in the same period. The average yield on the investment portfolio was 3.59% in 2016 versus 3.74% a year ago.

The Company’s average cost of total interest-bearing liabilities increased by five basis points to 0.35% in the first nine months of 2016 versus 0.30% in the comparable 2015 period. The Company’s total cost of funds increased by four basis points to 0.21% in the first nine months of 2016 versus 2015. Average core deposits increased by $236 million (16.5%) to $1.7 billion during the first nine months of 2016 versus the comparable 2015 period, with average demand deposits representing 43% of year-to-date 2016 average total deposits. Average total deposits increased by $232 million or 14.0% to $1.9 billion during the first nine months of 2016 versus 2015. Average core deposit balances represented 88% of average total deposits during the same period.

The Company recorded a $100 thousand credit to the provision for loan losses during the first nine months of 2016 versus a provision of $600 thousand a year ago.

Total operating expenses increased by $988 thousand (2.5%) in the first nine months of 2016 versus 2015 principally due to $644 thousand in merger-related expenses coupled with growth in other operating expenses (up $598 thousand) and employee compensation and benefits (up $564 thousand), offset in part by a $1.0 million reduction in data processing costs. The Company’s operating efficiency ratio improved to 61.6% in the first nine months of 2016 from 63.5% a year ago. Excluding merger-related costs, net non-accrual interest received and OREO related expenses, the Company’s core operating efficiency ratio improved to 60.7% in 2016 versus 64.8% a year ago.

The Company recorded income tax expense of $6.3 million in the September year-to-date 2016 period resulting in an effective tax rate of 28.0% versus income tax expense of $4.7 million and an effective tax rate of 25.0% in the comparable period a year ago.

Asset Quality

Non-accrual loans totaled $6.3 million or 0.37% of loans outstanding at September 30, 2016 versus $5.5 million or 0.33% of loans outstanding at December 31, 2015 and $7.5 million or 0.48% of total loans outstanding at September 30, 2015. The allowance for loan losses as a percentage of total non-accrual loans amounted to 324%, 374% and 271% at September 30, 2016, December 31, 2015 and September 30, 2015, respectively. Total accruing loans delinquent 30 days or more amounted to $2.0 million or 0.12% of loans outstanding at September 30, 2016 compared to $1.0 million or 0.06% of loans outstanding at December 31 and September 30, 2015.

Total criticized and classified loans were $33 million at September 30, 2016 versus $21 million at December 31, 2015 and $29 million at September 30, 2015. Criticized loans are those loans that are not classified but require some degree of heightened monitoring. Classified loans were $15 million at September 30, 2016 as compared to $12 million at December 31, 2015 and $15 million at September 30, 2015. The allowance for loan losses as a percentage of total classified loans was 135%, 170% and 133%, respectively, at the same dates.

At September 30, 2016, the Company had $12 million in troubled debt restructurings (“TDRs”), primarily consisting of commercial and industrial loans, commercial real estate loans, residential mortgages and home equity loans totaling $3 million, $3 million, $5 million and $1 million, respectively. The Company had TDRs amounting to $12 million and $13 million at December 31, 2015 and September 30, 2015, respectively.

At September 30, 2016, the Company’s allowance for loan losses amounted to $20.5 million or 1.20% of period-end total loans outstanding. The allowance as a percentage of loans outstanding was 1.24% at December 31, 2015 and 1.30% at September 30, 2015. The Company recorded net loan charge-offs of $150 thousand in the third quarter of 2016 versus net loan recoveries of $35 thousand in the second quarter of 2016 and net loan charge-offs of $86 thousand in the third quarter of 2015. As a percentage of average total loans outstanding, these net amounts represented, on an annualized basis, 0.03% for the third quarter of 2016, (0.01%) for the second quarter of 2016 and 0.02% for the third quarter of 2015.

The Company held OREO amounting to $650 thousand at September 30, 2016. The Company held no OREO at December 31 and September 30, 2015.

Capital

Total stockholders’ equity was $215 million at September 30, 2016 compared to $197 million at December 31 and September 30, 2015. The increase in stockholders’ equity versus September 30, 2015 was due principally to net income recorded during the last twelve months, net of dividends paid. The Company’s return on average common stockholders’ equity was 10.21% and 10.45% for the three and nine months ended September 30, 2016 versus 10.15% and 9.95%, respectively, for the comparable 2015 periods. Excluding merger-related expenses, net non-accrual interest received and OREO related expenses, the Company’s 2016 core return on average common stockholders’ equity was 11.01% and 10.71%, respectively, for the three and nine-month periods ended September 30, 2016.

The Bank’s tier 1 leverage, common equity tier 1 risk-based, tier 1 risk-based and total risk-based capital ratios were 9.94%, 12.61%, 12.61% and 13.81%, respectively, at September 30, 2016. Each of these ratios exceeds the regulatory guidelines for a “well capitalized” institution, the highest regulatory capital category.

The Company’s capital ratios also exceeded all regulatory requirements, including the individual minimum capital requirements that the OCC established for the Bank, at September 30, 2016. The Company’s total stockholders’ equity to total assets ratio and the Company’s TCE ratio were 9.77% and 9.66%, respectively, at September 30, 2016 versus 9.10% and 8.98%, respectively, at December 31, 2015 and 9.51% and 9.38%, respectively, at September 30, 2015. The ratio of total stockholders’ equity to total assets is the most comparable U.S. GAAP measure to the non-GAAP TCE ratio presented herein.

Corporate Information

Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank, a full service commercial bank headquartered in Riverhead, New York and Suffolk Bancorp’s wholly owned subsidiary. Organized in 1890, the Bank has 27 branch offices in Nassau, Suffolk and Queens Counties, New York. For more information about the Bank and its products and services, please visit www.scnb.com.

Non-GAAP Disclosure

This discussion includes non-GAAP financial measures of the Company’s TCE ratio, tangible common equity, tangible assets, core net income, core fully taxable equivalent (“FTE”) net interest income, core FTE net interest margin, core operating expenses, core non-interest income, core FTE non-interest income, core returns on average assets and stockholders’ equity and core operating efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other financial institutions.

With respect to the calculations of core net income, core FTE net interest income and core FTE net interest margin for the periods presented in this discussion, reconciliations to the most comparable U.S. GAAP measures are provided in the following tables. Such reconciliations for the TCE ratio, tangible common equity, tangible assets, core operating expenses, core non-interest income, core FTE non-interest income, core returns on average assets and stockholders’ equity and core operating efficiency ratio are provided elsewhere herein.

Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995

Certain statements contained in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These can include remarks about the Company, the proposed merger with People’s United Financial, Inc. (“People’s United”), the banking industry, the economy in general, expectations of the business environment in which the Company operates, projections of future performance, and potential future credit experience. These remarks are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified, that are beyond the Company’s control and that could cause future results to vary materially from the Company’s historical performance or from current expectations. These remarks may be identified by such forward-looking statements as “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” or similar statements or variations of such terms. Factors that could affect the Company include particularly, but are not limited to: the ability to obtain regulatory approvals and meet other closing conditions to the merger with People’s United, including the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger; difficulties and delays in integrating the Company’s business or fully realizing cost savings and other benefits of the merger; business disruption following the merger; increased capital requirements mandated by the Company’s regulators, including the individual minimum capital requirements that the OCC established for the Bank; the Bank’s temporary limitation on the growth of its commercial real estate (“CRE”) portfolio and the potentially adverse impact thereof on the Company’s overall business, financial condition and results of operation due to the importance of the Bank’s CRE business to the Company’s overall business, financial condition and results of operation; any failure by the Bank to comply with the individual minimum capital ratios (including as a result of increases to the Bank’s allowance for loan losses), which may result in regulatory enforcement actions; the duration of the Bank’s limitation on the growth of its CRE portfolio, and the potentially adverse impact thereof on the Company’s overall business, financial condition and results of operation; the cost of compliance and significant amount of time required of management to comply with regulatory requirements; results of changes in law, regulations or regulatory practices; the Company’s ability to raise capital; competitive factors, including price competition; changes in interest rates; increases or decreases in retail and commercial economic activity in the Company’s market area; variations in the ability and propensity of consumers and businesses to borrow, repay, or deposit money, or to use other banking and financial services; the Company’s ability to attract and retain key management and staff; any failure by the Company to maintain effective internal control over financial reporting; larger-than-expected losses from the sale of assets; and the potential that net charge-offs are higher than expected or for increases in our provision for loan losses. Further, it could take the Company longer than anticipated to implement its strategic plans to increase revenue and manage non-interest expense, or it may not be possible to implement those plans at all. Finally, new and unanticipated legislation, regulation, or accounting standards may require the Company to change its practices in ways that materially change the results of operations. We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document. For more information, see the risk factors described in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Financial Highlights Follow

View source version on businesswire.com: http://www.businesswire.com/news/home/20161027005115/en/