SOURCE: American National Bankshares Inc.

American National Bankshares Inc.

October 21, 2009 18:44 ET

American National Bankshares Inc. Reports Third Quarter 2009 Earnings

DANVILLE, VA--(Marketwire - October 21, 2009) - American National Bankshares Inc. (NASDAQ: AMNB)

--  Q3 net income of $2.2 million and diluted EPS of $0.35 per share
--  Q3 net interest margin 3.91%
--  Average shareholders' equity of $103 million represents 12.77% of assets
    

American National Bankshares Inc. (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced third quarter 2009 net income of $2,167,000 compared to $2,224,000 for the same quarter in 2008, a 2.6% decline. Basic earnings per share were $0.36 for the 2009 quarter, unchanged from the 2008 quarter. Diluted earnings per share were $0.35 for the 2009 quarter compared to $0.36 for the 2008 quarter. This net income produced returns on average assets and average equity of 1.07% and 8.38%, respectively. For the quarter, return on tangible equity was 11.30%.

Net income for the nine month period of 2009 was $4,641,000 compared to $6,338,000 for the comparable period of 2008, a 26.8% decline. Earnings per share, basic and diluted, were $0.76 for the 2009 period compared to $1.04, basic and diluted, for the 2008 period. Earnings for the 2009 period were adversely impacted by a first quarter $1.2 million pre-tax charge writing down other real estate owned and increased FDIC premiums and a special assessment.

Financial Performance and Overview

"Our third quarter net income was almost $2.2 million, down less than 3% from the same quarter a year ago," stated Charles H. Majors, President and Chief Executive Officer. "While we are not satisfied with these earnings, we are encouraged that American National continues to be solidly profitable and maintains its position as a well capitalized community bank.

"We believe that our primary corporate mission is to build shareholder value and that, over time, the primary driver of that process is the quality and consistency of our earnings. We think our shareholders are seeing the fruits of that strategy more than most of our peers. Our market price at the end of the quarter was 127% of book value. Our total shareholder return for the twelve months ended June 30, 2009 was sixth highest among publicly traded bank holding companies.

"During the third quarter, compared to the prior year quarter, we experienced decreases in service charge income and trust income and increased costs of deposit insurance. However, we were pleased, and somewhat surprised, that we did not have another special FDIC assessment comparable to the second quarter charge of $360,000. Further, our secondary market mortgage operation showed significant gains and net interest income improved over 2%.

"Businesses and consumers are continuing to deleverage their balance sheets. This macroeconomic trend is reflected in a 5.6% decline in our loan portfolio since year-end. These are difficult times, but we are optimistic that the business cycle will improve and, when that occurs, we will be prepared to resume quality growth in earning assets and profitability."

Capital

American National's capital ratios are among the highest in its peer group. At September 30, 2009, average shareholders' equity was 12.77% of average assets.

Credit Quality Measurements

Nonperforming assets ($3.1 million of non-accrual loans and $4.6 million of foreclosed real estate) were significantly below industry averages and represented 0.95% of total assets at September 30, 2009, compared to 0.91% at December 31, 2008. The allowance for loan losses was $8.3 million or 1.53% of loans at September 30, 2009 compared to 1.37% at December 31, 2008.

Net Interest Income

Net interest income increased to $7,000,000 in the third quarter of 2009 from $6,856,000 in the third quarter of 2008, an increase of 2.1%. Net interest income has been adversely impacted by historically low market interest rates. The Bank has mitigated the environment by reducing the cost of its interest bearing liabilities. The Company's net interest margin has improved one basis point (0.01%) in the third quarter 2009 compared to the same quarter in 2008, though for the nine month period the margin declined eight basis points (0.08%).

Noninterest Income

Noninterest income totaled $2,119,000 in the third quarter of 2009, compared with $2,062,000 in the third quarter of 2008, a 2.8% increase. Noninterest income continued to be negatively impacted by the market-related declines in trust and brokerage income. However, increases in secondary market mortgage income and smaller increases in other categories offset that negative impact.

Noninterest Expense

Noninterest expense totaled $5,598,000 in the third quarter of 2009, compared to $5,485,000 in the third quarter of 2008, a 2.1% increase. The major factor impacting noninterest expense was deposit insurance costs. During the third quarter the Bank incurred costs of $203,000 compared to $47,000 for the prior year quarter, over a 300% increase. For the nine month period FDIC costs increased $896,000, over a 1000% increase over the prior year. These increases were due primarily to industry-wide conditions which resulted in increased FDIC costs for all member banks.

About American National

American National Bankshares Inc. is a bank holding company with assets of $810 million. Headquartered in Danville, Virginia, it is the holding company of American National Bank and Trust Company, a community bank serving Southern and Central Virginia and the northern portion of Central North Carolina with nineteen banking offices. The Bank also manages an additional $423 million of assets in its Trust and Investment Services Division. Additional information is available on the Bank's website at www.amnb.com. The shares of American National Bankshares Inc. are traded on the NASDAQ Global Select Market under the symbol "AMNB."

Forward-Looking Statements

This press release may contain "forward-looking statements," within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-K report and other documents filed with the Securities and Exchange Commission. American National Bankshares Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

            American National Bankshares Inc. and Subsidiaries
                        Consolidated Balance Sheets
          (Dollars in thousands, except share and per share data)
                                Unaudited


                                                      September 30
                                              ----------------------------
ASSETS                                            2009           2008
                                              -------------  -------------

Cash and due from banks                       $      17,451  $      25,136
Interest-bearing deposits in other banks              8,892          8,050

Securities available for sale, at fair value        181,953        134,114
Securities held to maturity                           6,540          7,133
                                              -------------  -------------
      Total securities                              188,493        141,247
                                              -------------  -------------

Loans held for sale                                   3,840          2,269

Loans                                               539,188        576,598
  Less allowance for loan losses                     (8,260)        (8,083)
                                              -------------  -------------
      Net Loans                                     530,928        568,515
                                              -------------  -------------

Premises and equipment, net                          19,390         16,459
Other real estate owned                               4,558            707
Goodwill                                             22,468         22,468
Core deposit intangibles, net                         1,792          2,169
Accrued interest receivable and other assets         12,534         13,625
                                              -------------  -------------

      Total assets                            $     810,346  $     800,645
                                              =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
   Demand deposits -- noninterest-bearing     $     105,100  $     102,065
   Demand deposits -- interest-bearing               92,012        107,228
   Money market deposits                             71,424         56,574
   Savings deposits                                  62,420         59,563
   Time deposits                                    265,339        263,627
                                              -------------  -------------
      Total deposits                                596,295        589,057

   Short-term borrowings:
      Customer repurchase agreements                 71,339         44,951
      Other short-term borrowings                     4,000         25,920
   Long-term borrowings                               8,675         13,825
   Trust preferred capital notes                     20,619         20,619
   Accrued interest payable and other
    liabilities                                       4,513          3,559
                                              -------------  -------------
      Total liabilities                             705,441        697,931
                                              -------------  -------------

Shareholders' equity:
   Common stock, $1 par, 10,000,000 shares
    authorized, 6,107,327 shares outstanding
    at September 30, 2009 and 6,090,804
    shares outstanding at September 30, 2008          6,107          6,091
   Capital in excess of par value                    26,900         26,439
   Retained earnings                                 71,445         70,962
   Accumulated other comprehensive income
    (loss), net                                         453           (778)
                                              -------------  -------------
      Total shareholders' equity                    104,905        102,714
                                              -------------  -------------

      Total liabilities and shareholders'
       equity                                 $     810,346  $     800,645
                                              =============  =============




            American National Bankshares Inc. and Subsidiaries
                    Consolidated Statements of Income
          (Dollars in thousands, except share and per share data)
                                Unaudited


                                 Three Months Ended    Nine Months Ended
                                    September 30           September 30
                                --------------------  --------------------
                                  2009       2008       2009       2008
                                ---------- ---------  ---------  ---------
Interest and Dividend Income:
  Interest and fees on loans    $    7,666 $   8,916  $  23,617  $  27,347
  Interest and dividends on
   securities:
    Taxable                          1,241     1,179      3,594      3,644
    Tax-exempt                         434       388      1,236      1,240
    Dividends                           27        41         70        191
  Other interest income                 96        75        287        225
                                ---------- ---------  ---------  ---------
      Total interest and
       dividend income               9,464    10,599     28,804     32,647
                                ---------- ---------  ---------  ---------

Interest Expense:
  Interest on deposits               1,921     2,845      6,628      9,543
  Interest on short-term
   borrowings                          135       429        548      1,340
  Interest on long-term
   borrowings                           65       126        276        423
  Interest on trust preferred
   capital notes                       343       343      1,030      1,030
                                ---------- ---------  ---------  ---------
      Total interest expense         2,464     3,743      8,482     12,336
                                ---------- ---------  ---------  ---------

Net Interest Income                  7,000     6,856     20,322     20,311
  Provision for loan losses            492       280      1,334      1,020
                                ---------- ---------  ---------  ---------

Net Interest Income After
 Provision for Loan Losses           6,508     6,576     18,988     19,291
                                ---------- ---------  ---------  ---------

Noninterest Income:
  Trust fees                           813       901      2,338      2,697
  Service charges on deposit
   accounts                            536       603      1,549      1,769
  Other fees and commissions           257       193        750        622
  Mortgage banking income              361       238      1,215        633
  Brokerage fees                        23       126        153        370
  Securities gains (losses),
   net                                   1       (87)         2       (195)
  Impairment of securities               -         -          -       (255)
  Net loss on foreclosed real
   estate                                -         -     (1,222)        (7)
  Other                                128        88        321        404
                                ---------- ---------  ---------  ---------
    Total noninterest income         2,119     2,062      5,106      6,038
                                ---------- ---------  ---------  ---------

Noninterest Expense:
  Salaries                           2,471     2,466      7,734      7,416
  Employee benefits                    806       688      2,451      2,212
  Occupancy and equipment              704       684      2,174      2,120
  FDIC assessment                      203        47        984         88
  Bank franchise tax                   160       172        483        522
  Core deposit intangible
   amortization                         94        94        283        283
  Other                              1,160     1,334      3,685      3,936
                                ---------- ---------  ---------  ---------
    Total noninterest expense        5,598     5,485     17,794     16,577
                                ---------- ---------  ---------  ---------

  Income Before Income Taxes         3,029     3,153      6,300      8,752
  Income Taxes                         862       929      1,659      2,414
                                ---------- ---------  ---------  ---------
    Net Income                  $    2,167 $   2,224  $   4,641  $   6,338
                                ========== =========  =========  =========

Net Income Per Common Share:
    Basic                       $     0.36 $    0.36  $    0.76  $    1.04
    Diluted                     $     0.35 $    0.36  $    0.76  $    1.04
 Average Common Shares
  Outstanding:
    Basic                        6,104,505 6,093,851  6,094,261  6,099,933
    Diluted                      6,111,913 6,100,089  6,098,221  6,109,947



American National Bankshares Inc. and Subsidiaries
Financial Highlights


(In thousands,
 except share, ratio
 and nonfinancial
 data, unaudited)     3rd Qtr    2nd Qtr    3rd Qtr      YTD        YTD
                       2009       2009       2008       2009       2008
                     ---------  ---------  ---------  ---------  ---------
EARNINGS
Interest income      $   9,464  $   9,690  $  10,599  $  28,804  $  32,647
Interest expense         2,464      2,781      3,743      8,482     12,336
Net interest income      7,000      6,909      6,856     20,322     20,311
Provision for loan
 losses                    492        492        280      1,334      1,020
Noninterest income       2,119      2,253      2,062      5,106      6,038
Noninterest expense      5,598      6,321      5,485     17,794     16,577
Income taxes               862        643        929      1,659      2,414
Net income               2,167      1,706      2,224      4,641      6,338

PER COMMON SHARE
Earnings per share -
 basic               $    0.36  $    0.28  $    0.36  $    0.76  $    1.04
Earnings per share -
 diluted                  0.35       0.28       0.36       0.76       1.04
Cash dividends
 declared                 0.23       0.23       0.23       0.69       0.69
Book value per share     17.18      16.82      16.86      17.18      16.86
Book value per share
 - tangible (a)          13.20      12.83      12.82      13.20      12.82
Closing market price     21.82      19.25      18.00      21.82      18.00

FINANCIAL RATIOS
Return on average
 assets                   1.07%      0.84%      1.13%      0.77%      1.08%
Return on average
 equity                   8.38       6.63       8.72       6.00       8.26
Return on average
 tangible equity (b)     11.30       9.05      11.84       8.22      11.25
Average equity to
 average assets          12.77      12.66      12.97      12.74      13.02
Net interest margin,
 taxable equivalent       3.91       3.84       3.90       3.79       3.87
Efficiency ratio         59.77      66.98      59.51      65.07      60.33
Effective tax rate       28.46      27.37      29.46      26.33      27.58

PERIOD-END BALANCES
Securities           $ 188,493  $ 151,418  $ 141,247  $ 188,493  $ 141,247
Loans held for sale      3,840     10,408      2,269      3,840      2,269
Loans                  539,188    557,042    576,598    539,188    576,598
Goodwill and other
 intangibles            24,260     24,354     24,637     24,260     24,637
Assets                 810,346    811,483    800,645    810,346    800,645
Assets - tangible
 (a)                   786,086    787,129    776,008    786,086    776,008
Deposits               596,295    615,231    589,057    596,295    589,057
Customer repurchase
 agreements             71,339     59,437     44,951     71,339     44,951
Other short-term
 borrowings              4,000          -     25,920      4,000     25,920
Long-term borrowings    29,294     29,331     34,444     29,294     34,444
Shareholders' equity   104,905    102,618    102,714    104,905    102,714
Shareholders' equity
 - tangible (a)         80,645     78,264     78,077     80,645     78,077

AVERAGE BALANCES
Securities           $ 159,314  $ 147,576  $ 141,697  $ 148,415  $ 147,863
Loans held for sale      6,540      7,787      1,986      5,788      1,936
Loans                  547,075    562,654    572,196    559,938    563,667
Interest-earning
 assets                741,194    744,899    724,368    740,399    722,619
Goodwill and other
 intangibles            24,314     24,406     24,695     24,408     24,781
Assets                 810,064    812,404    786,804    808,761    785,372
Assets - tangible
 (a)                   785,750    787,998    762,109    784,353    760,591
Interest-bearing
 deposits              503,793    513,876    480,133    509,470    480,806
Deposits               606,134    612,134    577,263    607,440    578,922
Customer repurchase
 agreements             65,341     60,876     51,038     60,790     53,069
Other short-term
 borrowings                460      1,553     17,589      1,355     11,808
Long-term borrowings    29,325     30,460     34,474     31,376     34,195
Shareholders' equity   103,411    102,862    102,052    103,060    102,290
Shareholders' equity
 - tangible (a)         79,097     78,456     77,357     78,652     77,509

CAPITAL
Average shares
 outstanding - basic 6,104,505  6,096,034  6,093,851  6,094,261  6,099,933
Average shares
 outstanding -
 diluted             6,111,913  6,097,047  6,100,089  6,098,221  6,109,947
Shares repurchased           -          -      7,850      7,600     39,050
Average price of
 shares repurchased  $       -  $       -  $   17.42  $   15.92  $   20.16

ALLOWANCE FOR LOAN
 LOSSES
Beginning balance    $   7,934  $   7,836  $   7,932  $   7,824  $   7,395
Provision for loan
 losses                    492        492        280      1,334      1,020
Charge-offs               (318)      (422)      (179)    (1,116)      (552)
Recoveries                 152         28         50        218        220
                     ---------  ---------  ---------  ---------  ---------
Ending balance       $   8,260  $   7,934  $   8,083  $   8,260  $   8,083

LOANS
Construction and
 land development    $  46,175  $  50,930  $  65,826  $  46,175  $  65,826
Commercial real
 estate                209,470    210,832    208,046    209,470    208,046
Residential real
 estate                126,392    128,835    139,683    126,392    139,683
Home equity             62,519     61,818     55,665     62,519     55,665
Commercial and
 industrial             87,226     96,978     99,139     87,226     99,139
Consumer                 7,406      7,649      8,239      7,406      8,239
                     ---------  ---------  ---------  ---------  ---------
Total                $ 539,188  $ 557,042  $ 576,598  $ 539,188  $ 576,598

NONPERFORMING ASSETS
 AT PERIOD-END
Nonperforming loans:
    90 days past due $       -  $       -  $       -  $       -  $       -
    Nonaccrual           3,106      2,745      6,674      3,106      6,674
Foreclosed real
 estate                  4,558      4,033        707      4,558        707
                     ---------  ---------  ---------  ---------  ---------
Nonperforming assets $   7,664  $   6,778  $   7,381  $   7,664  $   7,381

ASSET QUALITY RATIOS
Annualized net
 chargeoffs to
 average loans            0.12%      0.28%      0.09%      0.21%      0.08%
Nonperforming assets
 to total assets          0.95       0.84       0.92       0.95       0.92
Nonperforming loans
 to total loans           0.58       0.49       1.16       0.58       1.16
Allowance for loan
 losses to total
 loans                    1.53       1.42       1.40       1.53       1.40
Allowance for loan
 losses to
 nonperforming
 loans                  265.94     289.03     121.11     265.94     121.11

OTHER DATA
Fiduciary assets at
 period-end (c)      $ 354,860  $ 333,754  $ 368,341  $ 354,860  $ 368,341
Retail brokerage
 assets at
 period-end (c)      $  63,893  $  89,016  $  91,026  $  63,893  $  91,026
Number full
 time-time
 equivalent
 employees (d)             246        255        258        246        258
Number of full
 service offices            19         19         20         19         20
Number of loan
 production offices          2          2          1          2          1
Number of ATM's             24         24         23         24         23

Notes:

 (a) - Excludes goodwill and other intangible assets
 (b) - Excludes amortization expense, net of tax, of intangible assets
 (c) - Market value
 (d) - Average for quarter
 N/A - Percentage change is not applicable or not meaningful



                       Net Interest Income Analysis
          For the Three Months Ended September 30, 2009 and 2008
                       (in thousands, except rates)


                                         Interest
                  Average Balance     Income/Expense        Yield/Rate
                ------------------- ------------------- ------------------

                  2009      2008      2009      2008      2009      2008
                --------- --------- --------- --------- --------  --------
Loans:
  Commercial    $  85,894 $  94,575 $   1,027 $   1,423     4.78%     6.02%
  Real estate     460,253   471,162     6,508     7,323     5.66      6.22
  Consumer          7,468     8,445       158       192     8.46      9.09
                --------- --------- --------- --------- --------  --------
    Total loans   553,615   574,182     7,693     8,938     5.56      6.23
                --------- --------- --------- --------- --------  --------

Securities:
  Federal
   agencies and
   GSE             56,706    43,543       538       534     3.80      4.91
  Mortgage-backed
   & CMO's         37,609    48,000       506       607     5.38      5.06
  State and
   municipal       56,665    44,104       798       602     5.63      5.46
  Other             8,334     6,050        80        54     3.84      3.57
                --------- --------- --------- --------- --------  --------
    Total
     securities   159,314   141,697     1,922     1,797     4.83      5.07
                --------- --------- --------- --------- --------  --------

Deposits in
 other banks       28,265     8,489        96        75     1.36      3.53
                --------- --------- --------- --------- --------  --------

  Total
   interest-
   earning
   assets         741,194   724,368     9,711    10,810     5.24      5.97
                                    --------- --------- --------  --------

Non-earning
 assets            68,870    62,436
                --------- ---------

    Total
     assets     $ 810,064 $ 786,804
                ========= =========

Deposits:
  Demand        $  94,869 $ 110,230        31       215     0.13      0.78
  Money market     76,416    54,642       107       246     0.56      1.80
  Savings          62,985    60,499        38        76     0.24      0.50
  Time            269,523   254,762     1,745     2,308     2.59      3.62
                --------- --------- --------- --------- --------  --------
    Total
     deposits     503,793   480,133     1,921     2,845     1.53      2.37

Customer
 repurchase
 agreements        65,341    51,038       134       313     0.82      2.45
Other
 short-term
 borrowings           460    17,589         1       116     0.87      2.64
Long-term
 borrowings        29,325    34,474       408       469     5.57      5.44
                --------- --------- --------- --------- --------  --------

  Total
   interest-
   bearing
   liabilities    598,919   583,234     2,464     3,743     1.65      2.57
                                    --------- --------- --------  --------

Noninterest
 bearing demand
 deposits         102,341    97,130
Other
 liabilities        5,393     4,388
Shareholders'
 equity           103,411   102,052
                --------- ---------
    Total
     liabilities
     and
     shareholders'
     equity     $ 810,064 $ 786,804
                ========= =========

Interest rate
 spread                                                     3.59%     3.40%
                                                        ========  ========
Net interest
 margin                                                     3.91%     3.90%
                                                        ========  ========
Net interest
 income
 (taxable
 equivalent
 basis)                                 7,247     7,067
Less: Taxable
 equivalent
 adjustment                               247       211
                                    --------- ---------
Net interest
 income                             $   7,000 $   6,856
                                    ========= =========



                       Net Interest Income Analysis
          For the Nine Months Ended September 30, 2009 and 2008
                       (in thousands, except rates)

                                         Interest
                  Average Balance     Income/Expense        Yield/Rate
                ------------------- ------------------- ------------------

                  2009      2008      2009      2008      2009      2008
                --------- --------- --------- --------- --------  --------
Loans:
  Commercial    $  91,193 $  90,301 $   3,227 $   4,219     4.72%     6.23%
  Real estate     466,787   466,346    19,956    22,580     5.70      6.46
  Consumer          7,746     8,956       511       606     8.80      9.02
                --------- --------- --------- --------- --------  --------
    Total loans   565,726   565,603    23,694    27,405     5.58      6.46
                --------- --------- --------- --------- --------  --------

Securities:
  Federal
   agencies and
   GSE             49,606    46,428     1,584     1,682     4.26      4.83
  Mortgage-backed
   & CMO's         41,158    48,588     1,618     1,852     5.24      5.08
  State and
   municipal       50,439    46,376     2,133     1,910     5.64      5.49
  Other             7,212     6,471       185       243     3.42      5.01
                --------- --------- --------- --------- --------  --------
    Total
     securities   148,415   147,863     5,520     5,687     4.96      5.13
                --------- --------- --------- --------- --------  --------

Deposits in
 other banks       26,258     9,153       287       225     1.46      3.28
                --------- --------- --------- --------- --------  --------

  Total
   interest-
   earning
   assets         740,399   722,619    29,501    33,317     5.31      6.15
                                    --------- --------- --------  --------

Non-earning
 assets            68,362    62,753
                --------- ---------

    Total
     assets     $ 808,761 $ 785,372
                ========= =========

Deposits:
  Demand        $  99,860 $ 108,463       263       600     0.35      0.74
  Money market     73,112    52,365       453       779     0.83      1.98
  Savings          62,284    62,107       115       276     0.25      0.59
  Time            274,214   257,871     5,797     7,888     2.82      4.08
                --------- --------- --------- --------- --------  --------
    Total
     deposits     509,470   480,806     6,628     9,543     1.73      2.65

Customer
 repurchase
 agreements        60,790    53,069       543     1,103     1.19      2.77
Other
 short-term
 borrowings         1,355    11,808         5       237     0.49      2.68
Long-term
 borrowings        31,376    34,195     1,306     1,453     5.55      5.67
                --------- --------- --------- --------- --------  --------

  Total
   interest-
   bearing
   liabilites     602,991   579,878     8,482    12,336     1.88      2.84
                                    --------- --------- --------  --------

Noninterest
 bearing demand
 deposits          97,970    98,116
Other
 liabilities        4,740     5,088
Shareholders'
 equity           103,060   102,290
                --------- ---------
    Total
     liabilities
     and
     share-
     holders'
     equity     $ 808,761 $ 785,372
                ========= =========

Interest rate
 spread                                                     3.43%     3.31%
Net interest
 margin                                                     3.79%     3.87%
                                                        ========  ========
Net interest
 income
 (taxable
 equivalent
 basis)                                21,019    20,981
Less: Taxable
 equivalent
 adjustment                               697       670
                                    --------- ---------
Net interest
 income                             $  20,322 $  20,311
                                    ========= =========