John Hancock Closed-End Funds Release Earnings Data

John Hancock Closed-End Funds Release Earnings Data

PR Newswire

BOSTON, Feb. 16, 2018 /PRNewswire/ – The eight John Hancock Closed-End Funds listed in the table below announced earnings1 for the three months ended January 31, 2018. The same data for the comparable three month period ended January 31, 2017 is also available below.


Three Months Ended 1/31/2018


Ticker


Fund Name


Current Fiscal Year End


Net Investment Income


Per Common Share


NAV


Total Managed Assets


Total Net Assets

HPI

Preferred Income Fund

7/31

$10,435,831

$      0.401

$21.20

$   843,982,141

 * 

$    551,482,141

HPF

Preferred Income Fund II

7/31

$  8,502,419

$      0.400

$20.91

$   683,052,991

 * 

$    445,052,991

HPS

Preferred Income Fund III

7/31

$11,165,051

$      0.354

$18.65

$   898,303,068

 * 

$    588,803,068

JHS

Income Securities Trust

10/31

$  2,120,495

$      0.182

$15.20

$   268,329,222

 * 

$    177,029,222

JHI

Investors Trust

10/31

$  2,810,161

$      0.323

$18.49

$   247,918,590

 * 

$    161,018,590

PDT

Premium Dividend Fund

10/31

$11,743,929

$      0.243

$14.95

$1,107,113,888

 * 

$    723,413,888

HTD

Tax-Advantaged Dividend Income Fund

10/31

$13,260,601

$      0.375

$24.41

$1,291,506,329

 * 

$    863,606,329

HTY

Tax-Advantaged Global Shareholder Yield

10/31

$     925,404

$      0.084

$  8.97

$     98,966,172

$      98,966,172


Three Months Ended 1/31/2017


Ticker


Fund Name


Current Fiscal Year End


Net Investment Income


Per Common Share


NAV


Total Managed Assets


Total Net Assets

HPI

Preferred Income Fund

7/31

$10,679,822

$      0.411

$21.51

$   851,700,233

 * 

$559,200,233

HPF

Preferred Income Fund II

7/31

$8,643,131

$      0.407

$21.25

$   689,707,018

 * 

$451,707,018

HPS

Preferred Income Fund III

7/31

$11,630,839

$      0.368

$18.91

$   906,714,576

 * 

$597,214,576

JHS

Income Securities Trust

10/31

$2,245,971

$      0.193

$15.16

$   267,907,119

 * 

$176,607,119

JHI

Investors Trust

10/31

$2,948,521

$      0.339

$18.05

$   244,085,231

 * 

$157,185,231

PDT

Premium Dividend Fund

10/31

$12,365,374

$      0.256

$15.63

$1,138,340,184

 * 

$754,640,184

HTD

Tax-Advantaged Dividend Income Fund

10/31

$13,476,070

$      0.381

$25.34

$1,324,659,606

 * 

$896,759,606

HTY

Tax-Advantaged Global Shareholder Yield

10/31

$947,158

$      0.086

$8.67

$     95,499,684

$95,499,684

*Total managed assets include assets attributable to borrowings under the Committed Facility Agreement or Liquidity Agreement, as applicable.

1 Earnings refer to net investment income, which is comprised of the Fund’s interest and dividend income, less expenses. Earnings presented represent past earnings and there is no guarantee of future results.

Amounts distributed by the Funds may vary from the earnings shown above and will be announced in separate press releases. Up-to-date distribution rate information is available on John Hancock Investments’ web site at www.jhinvestments.com  by clicking on “Closed-End Funds” under the “Daily Prices” tab.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing.

About John Hancock Investments
John Hancock Investments provides asset management services to individuals and institutions through a unique manager-of-managers approach.  A wealth management business of John Hancock Financial, we managed more than $148 billion in assets as of September 30, 2017 across mutual funds, college savings plans, and retirement plans.

About John Hancock Financial and Manulife Financial
John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were over C$1 trillion (US$806 billion) as of September 30, 2017. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, fixed products, mutual funds, 401(k) plans, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.

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SOURCE John Hancock Investments

First Federal of Northern Michigan Bancorp, Inc. Announces Fourth Quarter 2017 Results

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First Federal of Northern Michigan Bancorp, Inc. Announces Fourth Quarter 2017 Results

PR Newswire

ALPENA, Mich., Feb. 16, 2018 /PRNewswire/ – First Federal of Northern Michigan Bancorp, Inc. (OTCQX: FFNM) (the “Company”) reported a consolidated net loss of $682,000, or $0.18 per basic and diluted share, for the quarter ended December 31, 2017 compared to income of $548,000, or $0.15 per basic and diluted share, for the quarter ended December 31, 2016.  The quarterly and year end net earnings above include a reduction of $1.2 million related to the write down of our deferred tax asset (DTA) that resulted from the late December signing of the Tax Cut and Jobs Act.  Absent the tax entry referenced above, our quarterly earnings would have been $518,000, or $0.14 per share.

First Federal Of Northern Michigan Bancorp, Inc. logo (PRNewsFoto/First Federal of Northern Michi)

Consolidated net income for the twelve months ended December 31, 2017 was $624,000, or $0.17 per basic and diluted share, compared to $1.3 million, or $0.35 per basic and diluted share for the twelve months ended December 31, 2016.  Absent the tax entry referenced above, our twelve month earnings would have been $1.8 million, or $0.49 per share.

Michael W. Mahler, Chief Executive Officer of the Company, commented, “We are pleased with the continued momentum of loan growth achieved in 2017, as we recognized an increase, of $4.0 million in net loans during the fourth quarter and $10.1 million for the year. This level of loan growth as resulted in an increase of 9% in interest income year over year. This growth was the result of our efforts to increase market share in our existing markets and was accomplished without relaxing underwriting standards.”

Mahler continued, “The continued improvement to the earnings structure of the balance sheet and the sustained ability to reduce non-interest expenses for the year has allowed us to grow pre-tax, pre-provision income 35% for the quarter and 65% for the year when compared to the prior year period. Embedded in our 2017 results were costs associated with our recently announced plan to merge with Mackinac Financial Corporation along with the one-time costs of selling our branch deposits in Oscoda which closed in early February.  Absent these one-time expenses, our performance was even better. We achieved capital growth, increased our loan to asset ratio to 60%, reduced expenses and improved our prospects for future earnings growth with the moves made in 2017.”

Mahler furthered, “We are excited with the post year end announced merger with and into Mackinac Financial Corporation. Our shareholders, communities and staff will be well served under this business combination. Our present focus is to work through the various approval processes and ready our Bank, customers and staff for the transition set to occur late spring or early summer.” 

Performance Highlights

  • Net loan growth of $4.0 million since September 30, 2017 and $10.1 million since December 31, 2016.
  • Net interest income increased $379,000 to $2.8 million for the three months ended December 31, 2017 when compared the same period in 2016 and increased $993,000 to $10.3 million for the twelve months ended December 31, 2017 when compared to the twelve months ended December 31, 2016.
  • Provision for loan loss was $155,000 for the year ended December 31, 2017 compared to $95,000 for the year ended December 31, 2016.
  • Decreases of $68,000, quarter over quarter, and $105,000, year over year, in the Company’s non-interest income.    
  • Federal income tax expense increased to $1.5 million for the twelve months ended December 31, 2017, primarily related to the signing of the Tax Cuts and Jobs Act. A reduction of the deferred tax asset valuation reserve resulted in no tax expense for the twelve months ended December 31, 2016.
  • Tangible book value per share at December 31, 2017 was $8.67 compared to $8.60 at December 31, 2016.
  • First Federal of Northern Michigan remains “well-capitalized” for regulatory purposes.

Financial Condition

  • Total assets of the Company at December 31, 2017 were $321.2 million, a decrease of $23.7 million, or 6.9%, from total assets of $345.0 million at December 31, 2016.
    • We have experienced an increase in our net loans of $10.1 million:
      • With a $9.5 million increase in our commercial loan portfolio, we have focused our efforts on growing loans organically in and around our market areas.
      • We increased our mortgage loan portfolio $1.1 million as we continue to retain high quality adjustable rate mortgages and 10- and 15-year fixed rate loans in our mortgage portfolio. In addition, the consumer loan portfolio decreased $341,000 during the twelve months ended December 31, 2017. 

 

December 31,

December 31,

2017

2016

Mortgage Loans

$        83,167

$           82,074

Consumer Real Estate

7,059

7,647

Consumer Other

1,604

1,357

Commercial Real Estate

72,114

64,514

Commercial Other

29,392

27,532

Total gross loans

$       193,336

$          183,124

Loan Loss Reserve

(1,833)

(1,685)

Net Loans Receivable

$       191,503

$          181,439

 

    • We experienced a decrease of $1.7 million in our deposits held at other financial institutions during the twelve months ended December 31, 2017.
    • Investments available for sale decreased $29.3 million to $98.8 million as of December 31, 2017 compared to $128.1 million as of December 31, 2016. This decrease is the result of bond sales to fund loan growth and payoff Federal Home Loan Bank advances during the year.
    • Deposits decreased $23.1 million to $270.3 million at December 31, 2017. The balance of our Federal Home Loan Bank advances decreased $869,000 to $16.6 million during the same period.
    • Stockholders’ equity remained at $32.9 million for the twelve months ended December 31, 2017 and December 31, 2016.
      • During 2017, the Company paid $708,000 in shareholder dividends.
      • We experienced an increase of $21,000 in the unrealized loss on available-for-sale securities, net of tax.
      • Partially offsetting these decreases is our reported net income of $624,000 for the year ended December 31, 2017.
    • First Federal of Northern Michigan’s regulatory capital remains at levels in excess of regulatory requirements, as shown in the table below.

 

Regulatory

Minimum to be

 Actual 

 Minimum * 

 Well Capitalized * 

Amount

 Ratio 

Amount

Ratio

Amount

Ratio

Dollars in Thousands

Tier 1 Leverage Capital (tier 1 to quarterly average assets):

$          29,879

9.10%

$            13,132

4.00%

$          16,415

5.00%

Common Equity Tier 1 Risk-based Capital ( core capital to risk-
weighted assets):

$          29,879

15.42%

$              8,720

4.50%

$          12,595

6.50%

Tier 1 Risk-based Capital (tier 1 to risk-weighted assets):

$          29,879

15.42%

$            11,626

6.00%

$          15,502

8.00%

Total Risk-based Capital (risk-based capital to risk-weighted assets):

$          31,712

16.37%

$            15,502

8.00%

$          19,377

10.00%

Tangible Capital (tangible capital to tangible assets):

$          29,879

9.06%

$              6,594

1.50%

$          16,486

N/A

* The minimum required regulatory ratios do not include the conservation buffer that began on January 1, 2016, which will be fully phased in by January 1, 2019.

 

Results of Operations

  • During the three months ended December 31, 2017, interest income increased $374,000 to $3.1 million from $2.7 million for the three months ended December 31, 2016 and increased $936,000 to $11.5 million for the twelve-month period ended December 31, 2017 from $10.6 million for same period in 2016.
    • During the three months ended December 31, 2017, the yield on our interest-earning assets increased 54 basis points to 3.90% from 3.36% as of December 31, 2016. While the yield on our interest-earning assets increased 22 basis points to 3.57% for the twelve months ended December 31, 2017 from 3.35% for the year ended December 31, 2016. These increases are primarily related to the recovery of interest income on a long standing non-accrual loan that was paid off during the fourth quarter of 2017.
  • During the three months ended December 31, 2017, interest expense decreased slightly to $313,000 from $318,000 for the three months ended December 31, 2016 and decreased to $1.2 million, as of December 31, 2017, from $1.3 million for the twelve months ended December 31, 2016.
    • The average cost of our certificates of deposit increased to 1.10% for the three months ended December 31, 2017 from 0.99% during the same period a year earlier. In addition, the cost of these funds increased to 1.04% for the year ended December 31, 2017 from 0.99% for the same period in 2016. The average balance of our certificate of deposits decreased $5.5 million for the twelve months ended December 31, 2017.
    • The cost of our FHLB advances increased 15 basis points from 1.24% for the three months ended December 31, 2016 to 1.39% for the three months ended December 31, 2017. In addition, the cost of these funds increased 4 basis points from 1.34% for the year ended December 31, 2016 to 1.38% for the year ended December 31, 2017. For the twelve months ended December 31, 2017 the average balance of our FHLB advances decreased $5.3 million.
    • Interest-bearing core deposit balances decreased $15.5 million for the year ended December 31, 2017.
    • Net interest margin increased to 3.50% for the three-month period ended December 31, 2017 from 2.96% for the same period in 2016, and increased to 3.19% for the twelve months ended December 31, 2017 from 2.94% for the year in 2016 as a result of the factors mentioned above.
  • For the twelve months ended December 31, 2017, provision for loan loss was $155,000 as compared to $95,000 for same period in 2016.
    • For the twelve-month period ended December 31, 2017, we experienced net charge offs of $7,000 compared to net recoveries of $31,000 for the twelve month period ended December 31, 2016.
  • Non-interest income decreased to $449,000 for the three months ended December 31, 2017 from $517,000 for the three months ended December 31, 2016 with the following period-over-period decreases noted in 2017:
    • Service charges of $27,000.
    • Gain on sale of securities of $34,000.
  • Non-interest income decreased $105,000 to $1.8 million for the twelve months ended December 31, 2017 from $2.0 million for the twelve months ended 2016 with the following activity noted year over year:
    • Mortgage banking income increased $65,000.
    • Gain on sale of securities decreased $98,000.
    • Other income decreased $82,000, primarily related to life insurance proceeds received in 2016.
  • Non-interest expense increased $120,000, to $2.5 million, for the three months ended December 31, 2017 when compared to $2.3 million for the same period one year earlier. The following are increases noted in the quarter over quarter period ended December 31, 2017 and 2016:
    • Compensation and employee benefits of $29,000.
    • Federal Deposit Insurance Corporation (FDIC) premiums of $19,000.
    • Professional services of $69,000, associated with the sale of our Oscoda branch and merger related fees.
  • Non-interest expense remained steady at $9.8 million, for the twelve month periods ended December 31, 2017 and 2016. 

Selected Performance Ratios


Select Performance and Financial Statistics (unaudited):


in thousands (except share data)

For the Three Months Ended
December 31,

For the Twelve Months Ended
December 31,

2017

2016

2017

2016

Net interest margin

3.50%

2.96%

3.19%

2.94%

Average interest rate spread

3.36%

2.82%

3.06%

2.80%

Total non-performing assets *

$            2,558

$            2,375

$               2,558

$               2,375

Total non-performing loans *

$            1,906

$            1,005

$               1,906

$               1,005

Non-performing assets to total assets *

0.80%

0.69%

0.80%

0.69%

Non-performing loans to total loans *

0.99%

0.55%

0.99%

0.55%

Texas ratio * (1) 

8.07%

7.90%

8.07%

7.90%

Classified asset ratio * (2)

25.97%

20.41%

25.97%

20.41%

Allowance for loan losses to total loans *

0.96%

0.92%

0.96%

0.92%

Return on average assets * (3)

0.18%

0.39%

0.18%

0.39%

Return on average equity * (3)

1.83%

3.83%

1.83%

3.83%

Efficiency ratio (4)

76.62%

83.00%

81.57%

88.98%

Dividend payout ratio (basic)

-21.87%

20.45%

95.58%

45.37%

Tangible book value per share *

$              8.67

$              8.60

$                 8.67

$                 8.60

Earnings per share

$            (0.18)

$              0.15

$                 0.17

$                 0.35

Total shares outstanding

3,726,925

3,726,925

3,726,925

3,726,925

*

these are measurements as of a point in time, therefore there is no variation between the three-month and six-month periods.

(1)

Texas Ratio is defined by management as total non-performing assets divided by tangible capital plus loan loss reserves.

(2)

Classified asset ratio is calculated by dividing classified assets (substandard assets plus real estate owned & other repossessed assets) by core capital plus loan loss reserves.

(3)

Annualized.

(4)

Non-interest expense divided by net interest income plus non-interest income, excluding any gains or losses.

Safe Harbor Statement

This news release and other releases and reports issued by the Company may contain “forward-looking statements.” The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company is including this statement for purposes of taking advantage of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

 


First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries


Consolidated Balance Sheet


(in thousands)

December 31, 2017

December 31, 2016

     (Unaudited)


ASSETS

Cash and cash equivalents:

Cash on hand and due from banks

$                       7,862

$                       8,752

Overnight deposits with FHLB

527

55

Total cash and cash equivalents

8,389

8,808

Deposits held in other financial institutions

3,714

5,422

Securities available for sale

98,839

128,134

Securities held to maturity

650

700

Loans held for sale

430

Loans receivable, net of allowance for loan losses of $1,833,403 and

  $1,685,485 as of December 31, 2017 and December 31, 2016, respectively

191,503

181,439

Foreclosed real estate and other repossessed assets

652

1,370

Federal Home Loan Bank stock, at cost

1,636

1,636

Premises and equipment

5,552

5,939

Accrued interest receivable

1,033

1,026

Intangible assets

635

827

Deferred tax asset

1,691

3,314

Originated mortgage servicing rights

418

473

Bank owned life insurance

5,125

4,998

Other assets

980

855

Total assets

$                   321,247

$                   344,940


LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits

$                   270,307

$                   293,428

Advances from Federal Home Loan Bank

16,648

17,517

Accrued expenses and other liabilities

1,350

1,106

Total liabilities

288,305

312,051

Stockholders’ equity:

Common stock ($0.01 par value 20,000,000 shares authorized

 4,034,675 shares issued)

40

40

Additional paid-in capital

28,264

28,264

Retained earnings

8,612

8,538

Treasury stock at cost (307,750 shares)

(2,964)

(2,964)

Accumulated other comprehensive income

(1,010)

(989)

Total stockholders’ equity

32,942

32,889

Total liabilities and stockholders’ equity

$                   321,247

$                   344,940

 

 


First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries


Consolidated Statement of Income and Comprehensive Income


(in thousands)

 For the Three Months

 For the Twelve Months

 Ended December 31,

 Ended December 31,

2017

2016

2017

2016

 (Unaudited)

 (Unaudited)

Interest income:

Interest and fees on loans

$               2,455

$        2,087

$          8,906

$          8,133

Interest and dividends on investments

   Taxable

379

357

1,586

1,339

   Tax-exempt

18

23

78

93

Interest on mortgage-backed securities

219

230

954

1,023

Total interest income

3,071

2,697

11,524

10,588

Interest on deposits

236

236

949

941

Interest on borrowings

77

82

278

343

Total interest expense

313

318

1,227

1,284

Net interest income

2,758

2,379

10,297

9,304

Provision for loan losses

5

3

155

95

Net interest income after provision for loan losses

2,753

2,376

10,142

9,209

Non-interest income:

Service charges and other fees

223

250

959

967

Mortgage banking activities

167

149

565

500

Net gain on sale of securities

1

35

36

134

Net (loss) gain on sale of premises and equipment, real estate owned and other repossessed assets

(10)

34

73

55

Other

68

49

213

295

Total non-interest income

449

517

1,846

1,951

Non-interest expense:

Compensation and employee benefits

1,481

1,452

5,886

5,833

FDIC Insurance Premiums

42

23

170

194

Advertising

38

41

164

184

Occupancy

261

267

1,156

1,172

Amortization of intangible assets

48

54

192

217

Service bureau charges

129

128

517

493

Professional services

195

126

486

462

Collection activity

0

18

39

78

Real estate owned & other repossessed assets

24

12

94

117

Other

247

224

1,112

1,096

Total non-interest expense

2,465

2,345

9,816

9,846

Income before income tax expense

737

548

2,172

1,314

Income tax expense

1,419

1,548

Net (Loss) Income

$                (682)

$           548

$             624

$          1,314

Other Comprehensive Income:

Unrealized gain (loss) on investment securities – available for sale securities – net of tax

80

(2,122)

(44)

(1,080)

Reclassification adjustment for gains (losses) realized in earnings – net of tax

12

(123)

23

(90)

Comprehensive (Loss) Income

$                (588)

$       (1,699)

$             603

$             144

Per share data:

Net Income per share

   Basic

$               (0.18)

$          0.15

$            0.17

$            0.35

   Diluted

(0.18)

0.15

0.17

0.35

Weighted average number of shares outstanding

   Basic

3,726,925

3,726,925

3,726,925

3,726,925

   Including dilutive stock options

3,726,925

3,726,925

3,726,925

3,726,925

Dividends per common share

$                0.04

$          0.03

$            0.16

$            0.16

 

 

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SOURCE First Federal of Northern Michigan Bancorp, Inc.

Banco Hipotecario S.A. reports Fourth Quarter 2017 consolidated results

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Banco Hipotecario S.A. reports Fourth Quarter 2017 consolidated results

PR Newswire

BUENOS AIRES, Argentina, Feb. 16, 2018 /PRNewswire/ — Banco Hipotecario S.A. (BCBA: BHIP) reports Fourth Quarter 2017 consolidated results.

Banco Hipotecario S.A. Logo


Highlights
Executive Summary

  • Total net income for the year was Ps. 1,593.4 million, 159.0% higher than the Ps. 615.3 million of 2016. Net income for the fourth quarter was Ps. 482.2 million, compared to Ps. 486.2 million and Ps. 136.4 million of previous quarter and same quarter of last year, respectively.
  • Net financial margin for the year was Ps. 4,470.6 million, 58.6% higher than the Ps. 2,819.4 million for 2016. Net financial margin for the quarter was Ps. 1,465.2 million, 31.5% higher than the Ps. 1,114.5 million of previous quarter and 88.8% higher than the Ps. 776.0 million of same quarter of last year.
  • Aggregated net income from services was Ps. 4,885.6 million, 25.6% higher than the Ps. 3,888.4 million of 2016. Net income from services for the quarter was Ps. 1,374.4 million, 11.5% higher than the Ps. 1,233.2 million of previous quarter and 20.1% higher than the Ps. 1,144.4 million of same quarter of last year.
  • Loans to the private sector increased 11.7% in the quarter and 32.4% YoY.
  • Deposits increased 5.1% in the quarter and 9.6% YoY while financial indebtedness increased 32.5% in the quarter and 60.0% YoY.
  • On an individual basis, NPL increased from 1.6% in 2016 to 1.8% in 2017. Coverage ratio was 103.3%. On a consolidated basis, NPL increased from 2.7% in 2016 to 3.8% in 2017. Coverage ratio was 85.6%.
  • Equity ratio as of December 31, 2017 was 11.7%, compared to 11.6% of 2016.
  • In the fourth quarter the Bank issued Ps. 6,300.0 million at Badlar + 4.0% bonds due 2022 in the international DCM.

 

Contacts:

Martín Diez

Eliezer Baschkier

Capital Markets

Tel. (54-11) 4347- 5856/5967
Fax (54-11) 4347-5874
Buenos Aires, Argentina
mdiez@hipotecario.com.ar 



baschkier@hipotecario.com.ar

Tomás Godino

CFO

Tel. (54-11) 4347-5759
Buenos Aires, Argentina

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SOURCE Banco Hipotecario S.A.