SOUTHERN FIRST BANCSHARES INC - FORM 8-K - EX-99.1 - EARNINGS PRESS RELEASE FOR PERIOD ENDED DECEMBER 31, 2019 - January 28, 2020

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8-K - CURRENT REPORT - SOUTHERN FIRST BANCSHARES INCsfb35772715-8k.htm

Exhibit 99.1

Southern First Reports 2019 Financial Results

Greenville, South Carolina, January 28, 2020 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period and year ended December 31, 2019.

2019 Fourth Quarter Highlights
● Net income improved to $7.2 million, a 24.5% increase over Q4 2018 
● Diluted EPS improved to $0.92 per share, a 22.7% increase over Q4 2018 
● Efficiency ratio of 51.9% for Q4 2019, compared to 56.3% for Q4 2018
● Total loans increased 15.9% to $1.94 billion at Q4 2019, compared to $1.68 billion at Q4 2018
● Total deposits increased 13.8% to $1.88 billion at Q4 2019, compared to $1.65 billion at Q4 2018 
● Total core deposits increased 15.5% to $1.66 billion at Q4 2019, compared to $1.43 billion at Q4 2018 

“I am proud of our Southern First team and our accomplishments in 2019 with record earnings of $27.9 million and significant growth in both loans and core deposits,” stated Art Seaver, the Company’s Chief Executive Officer. “Our team continues to focus on building client relationships in each of our markets and providing a unique client experience.”

Quarter Ended
December 31 September 30 June 30

March 31

December 31

2019 2019 2019 2019 2018
Earnings ($ in thousands, except per share data):
Net income available to common shareholders      $     7,198      7,412      7,239      6,009      5,783
Earnings per common share, diluted 0.92 0.95 0.93 0.78 0.75
Total revenue(1) 21,136 21,675 20,629 18,812 18,473
Net interest margin (tax-equivalent)(2) 3.41 % 3.36 % 3.43 % 3.52 % 3.59 %
Return on average assets(3) 1.32 % 1.37 % 1.43 % 1.28 % 1.24 %
Return on average equity(3) 14.18 % 15.20 % 15.72 % 13.74 % 13.46 %
Efficiency ratio(4) 51.92 % 52.98 % 55.11 % 56.60 % 56.25 %
Noninterest expense to average assets (3) 2.01 % 2.12 % 2.24 % 2.26 % 2.23 %
Balance Sheet ($ in thousands):
Total Loans(5) $ 1,943,525 1,838,427 1,809,355 1,733,964 1,677,332
Total deposits 1,876,124 1,899,295 1,854,008 1,758,235 1,648,136
Core deposits(6) 1,656,005 1,690,294 1,619,722 1,527,755 1,434,125
Total assets 2,267,195 2,201,626 2,116,044 2,014,426 1,900,614
Loans to deposits 103.59 % 96.80 % 97.59 % 98.62 % 101.77 %
Holding Company Capital Ratios(7):
Total risk-based capital ratio 13.73 % 13.63 % 12.31 % 12.43 % 12.49 %
Tier 1 risk-based capital ratio 11.63 % 11.51 % 11.40 % 11.48 % 11.53 %
Leverage ratio 10.10 % 9.82 % 9.95 % 10.17 % 10.14 %
Common equity tier 1 ratio(8) 10.94 % 10.80 % 10.67 % 10.72 % 10.73 %
Tangible common equity(9) 9.08 % 9.02 % 8.97 % 8.99 % 9.15 %
Asset Quality Ratios:
Nonperforming assets as a percentage of total assets 0.30 % 0.32 % 0.27 % 0.30 % 0.31 %
Net charge-offs as a percentage of average loans(5) (YTD annualized) 0.08 % 0.09 % 0.03 % 0.00 % 0.11 %
Allowance for loan losses as a percentage of loans(5) 0.86 % 0.86 % 0.89 % 0.93 % 0.94 %
Allowance for loan losses as a percentage of nonaccrual loans 244.95 %          225.50 % 277.91 % 265.35 %         270.36 %
[Footnotes to table located on page 6]

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INCOME STATEMENTS - Unaudited
         
  Quarter Ended Twelve months Ended
  Dec 31 Sept 30   June 30   Mar 31   Dec 31 Dec 31
(in thousands, except per share data)  2019 2019   2019   2019   2018 2019       2018
Interest income
Loans       $       23,124          22,817       22,098       20,889       20,405       88,928    73,718
Investment securities 438 576 539 549 517 2,102 1,801
Federal funds sold 334 663 451 174 157 1,622 1,138
Total interest income 23,896    24,056    23,088    21,612    21,079 92,652    76,657
Interest expense    
Deposits 5,771 6,409 6,175 5,375 4,645 23,730 14,836
Borrowings 492 368 374 419 437 1,653 1,669
Total interest expense   6,263    6,777    6,549    5,794    5,082      25,383    16,505
Net interest income   17,633 17,279 16,539 15,818 15,997    67,269 60,152
Provision for loan losses   1,050    650    300    300    600      2,300    1,900
Net interest income after provision for loan losses 16,583 16,629 16,239 15,518 15,397 64,969 58,252
Noninterest income    
Mortgage banking income 2,181 3,055 2,830 1,857 1,233 9,923 5,544
Service fees on deposit accounts 260 271 265 265 271 1,061     1,040
ATM and debit card income 441 464 443 380 404 1,728 1,490
Income from bank owned life insurance 281 282 222 216 217 1,001 879
Gain on sale of securities, net 719 2 3 3 - 727 -
Loss on extinguishment of debt (1,496 ) - - - - (1,496 ) -
Other income 1,117 322 327 273 351 2,039 1,248
Total noninterest income 3,503 4,396 4,090 2,994 2,476 14,983 10,201
Noninterest expense
Compensation and benefits 7,175 7,668 7,399 6,783 6,753 29,025 25,561
Occupancy 1,429 1,416 1,343 1,339 1,286 5,527 5,049
Outside service and data processing costs 1,109 1,073 1,045 960 902 4,187 3,302
Insurance 70 145 280 318 298 813 1,284
Professional fees 447 399 414 439 365 1,699 1,574
Marketing 208 237 236 260 204 941 856
Other 535 546 651 549 583 2,281 2,137
Total noninterest expenses 10,973    11,484    11,368    10,648    10,391 44,473    39,763
Income before provision for income taxes 9,113    9,541    8,961   7,864   7,482 35,479     28,690
Income tax expense 1,915    2,129    1,722    1,855    1,699 7,621    6,401
Net income available to common shareholders $ 7,198    7,412    7,239    6,009    5,783 27,858    22,289
   
Earnings per common share – Basic $ 0.94    0.98    0.97    0.81    0.78 3.70    3.02
Earnings per common share – Diluted 0.92    0.95    0.93    0.78    0.75      3.58    2.88
Basic weighted average common shares 7,608    7,548    7,496    7,459    7,428 7,528    7,384
Diluted weighted average common shares 7,811    7,781    7,756    7,742    7,726      7,773    7,737

Net income for the fourth quarter of 2019 was $7.2 million, a 24.5% increase over the fourth quarter of 2018. For the twelve months ended December 31, 2019, net income was $27.9 million, an increase of 25.0% over the twelve months ended December 31, 2018. Net interest income increased 10.2% for the fourth quarter of 2019 compared to the fourth quarter of 2018 and 11.8% for the year ended 2019 as compared to the year ended 2018. The increase in net interest income was driven by growth in interest-earning assets, partially offset by growth in interest-bearing deposits.

Noninterest income increased $1.0 million, or 41.5%, during the three months ended December 31, 2019 compared to the three months ended December 31, 2018, and increased $4.8 million, or 46.9%, for the twelve months ended December 31, 2019 compared to the twelve months ended December 31, 2018. The increase for both the three- and twelve-month periods was driven by higher mortgage banking income as a result of additional mortgage executives and the favorable mortgage rate environment. In addition, during the fourth quarter of 2019 we sold our Health Savings Account (“HSA”) deposit accounts, totaling $6.2 million, and recognized a gain of $745,000 which is included in other noninterest income. We also sold $30.3 million of investment securities for a gain of $718,000 and paid off $25.0 million of Federal Home Loan Bank (“FHLB”) advances, incurring a prepayment penalty of $1.5 million in the fourth quarter of 2019.

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Noninterest expense increased $582 thousand, or 5.6%, for the fourth quarter of 2019 compared to the fourth quarter of 2018, and increased $4.7 million, or 11.8%, for the year ended 2019 compared to the year ended 2018. The increase in noninterest expense for both the three- and twelve-month periods related primarily to increases in compensation and benefits, occupancy, and data processing and related costs as we continue to expand our footprint in South Carolina, North Carolina, and Georgia. Included in noninterest expense are mortgage banking expenses of $1.7 million and $6.4 million for the three and twelve months ended December 31, 2019, respectively, and $942 thousand and $4.2 million for the three and twelve months ended December 31, 2018, respectively.

Our effective tax rate was 21.0% and 22.7% for the three-month periods ended December 31, 2019 and 2018, respectively, and 21.5% and 22.3% for the year ended December 31, 2019 and December 31, 2018, respectively.

NET INTEREST INCOME AND MARGIN - Unaudited
   
For the Three Months Ended
December 31, 2019 September 30, 2019 December 31, 2018
Average     Income/     Yield/ Average     Income/ Yield/ Average Income/    Yield/
(dollars in thousands) Balance Expense Rate(3) Balance Expense Rate(3) Balance Expense Rate(3)
Interest-earning assets
Federal funds sold and interest-bearing deposits $    72,563 $    334 1.83 %     $    111,169     $    663      2.37 %     $    28,291     $    157 2.20 %
Investment securities, taxable 69,712 417 2.37 % 83,183 538 2.57 % 70,059 476 2.70 %
Investment securities, nontaxable(2) 3,249 27 3.33 % 5,097 51 3.94 % 5,401 53 3.91 %
Loans(10) 1,908,067 23,124 4.81 % 1,840,450 22,817 4.92 % 1,666,274 20,405 4.89 %
Total interest-earning assets 2,053,591 23,902 4.62 % 2,039,899 24,069 4.68 % 1,770,025 21,091 4.73 %
Noninterest-earning assets 115,686 109,395 80,204
Total assets $ 2,169,277     $ 2,149,294         $ 1,850,229
Interest-bearing liabilities
NOW accounts $ 221,248 169 0.30 % $ 215,125 159 0.29 % $ 228,042 86 0.15 %
Savings & money market 927,734 3,799 1.62 % 899,407 4,106 1.81 % 722,720 2,767 1.52 %
Time deposits 326,615 1,803 2.19 % 374,200 2,144 2.27 % 355,223 1,792 2.00 %
Total interest-bearing deposits 1,475,597 5,771 1.55 % 1,488,732 6,409 1.71 % 1,305,985 4,645 1.41 %
FHLB advances and other borrowings 6,420 46 2.78 % 25,037 218 3.45 % 35,063 284 3.21 %
Subordinated debentures 35,896 446 4.93 % 13,642 150 4.36 % 13,403 153 4.53 %
Total interest-bearing liabilities 1,517,913 6,263 1.64 % 1,527,411 6,777 1.76 % 1,354,451 5,082 1.49 %
Noninterest-bearing liabilities 450,025 428,444 325,370
Shareholders’ equity 201,339 193,439 170,408
Total liabilities and shareholders’ equity $ 2,169,277     $ 2,149,294     $ 1,850,229
Net interest spread     2.98 %     2.92 % 3.24 %
Net interest income (tax equivalent) / margin $ 17,639 3.41 %     $ 17,292 3.36 %     $ 16,009 3.59 %
Less: tax-equivalent adjustment(2)    6 13 12
Net interest income $ 17,633     $ 17,279     $ 15,997

Net interest income was $17.6 million for the fourth quarter of 2019, a $354,000 increase from the third quarter of 2019 and a $1.6 million increase from the fourth quarter of 2018. The increase in net interest income as compared to the third quarter of 2019 resulted primarily from the growth in our loan portfolio and lower costing deposit balances, partially offset by a reduction in cash and investment securities. Net interest income in comparison to the prior year quarter increased primarily due to loan growth but was partially offset by growth in interest-bearing deposits. Our net interest margin, on a tax-equivalent basis, was 3.41% for the fourth quarter of 2019, a five basis point increase from 3.36% for the third quarter of 2019 and an 18 basis point decrease from 3.59% for the fourth quarter of 2018. Our average interest-earning assets increased by $13.7 million during the fourth quarter of 2019 for interest income of $23.9 million, or a yield of 4.62%, while our average interest-bearing liabilities decreased by $9.5 million for interest expense of $6.3 million, or a cost of 1.64%. While our average loans grew by $67.6 million, our average federal funds sold and interest-bearing deposits decreased by $38.6 million, and our average investment securities decreased by $15.3 million during the fourth quarter, and the yield on interest-earning assets declined by six basis points from the third quarter of 2019. In addition, our average interest-bearing liabilities, which consist primarily of interest-bearing deposits, decreased by $9.5 million, and the total cost of funds declined 12 basis points in the fourth quarter of 2019. The decrease in average interest-bearing deposits was driven by an expected reduction in two large client deposit accounts.

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BALANCE SHEETS - Unaudited
         
  Ending Balance
        December 31       September 30       June 30       March 31       December 31
(in thousands, except per share data) 2019 2019 2019 2019 2018
Assets
Cash and cash equivalents:
Cash and due from banks $      19,196 44,349 12,220 16,853 17,434
Federal funds sold 89,256    19,215    64,520    75,207    35,882
Interest-bearing deposits with banks 19,364 70,959 40,044 25,246 19,557   
Total cash and cash equivalents 127,816 134,523 116,784 117,306 72,873
Investment securities:
Investment securities available for sale 67,694 89,427 75,252 73,300 74,905
Other investments 6,948 3,307 3,311 3,309 4,121
Total investment securities 74,642    92,734    78,563    76,609    79,026
Mortgage loans held for sale 27,046 40,630 24,509 9,393 9,241
Loans (5) 1,943,525 1,838,427 1,809,355 1,733,964 1,677,332
Less allowance for loan losses (16,642 ) (15,848 ) (16,144 ) (16,051 ) (15,762 )
Loans, net 1,926,883 1,822,579 1,793,211 1,717,913 1,661,570
Bank owned life insurance 40,011 39,730 39,448 34,226 34,010
Property and equipment, net 58,478 54,846 48,262 47,262 32,430
Deferred income taxes 4,275 8,970 7,049 3,877 4,020
Other assets 8,044 7,614 8,218 7,840 7,444
Total assets $ 2,267,195 2,201,626 2,116,044 2,014,426 1,900,614
Liabilities
Deposits   $ 1,876,124    1,899,295    1,854,008    1,758,235    1,648,136   
Federal Home Loan Bank advances 110,000    25,000    25,000    25,000    50,000   
Subordinated debentures   35,890    35,887        13,403        13,403        13,403   
Other liabilities 39,321 42,950 33,779 36,602 15,159
Total liabilities 2,061,335 2,003,132 1,926,190 1,833,240 1,726,698
Shareholders’ equity
Preferred stock - $.01 par value; 10,000,000 shares authorized - - - - -
Common Stock - $.01 par value; 10,000,000 shares authorized 77 76 76 75 75
Nonvested restricted stock (803 ) (919 ) (887 ) (993 ) (741 )
Additional paid-in capital 106,152 105,378 104,354 103,600 102,625
Accumulated other comprehensive income (loss) (298 ) 424 188 (379 ) (917 )
Retained earnings 100,732 93,535 86,123 78,883 72,874
Total shareholders’ equity 205,860 198,494 189,854     181,186     173,916
Total liabilities and shareholders’ equity   $ 2,267,195    2,201,626    2,116,044     2,014,426     1,900,614
Common Stock  
Book value per common share $ 26.83 26.05 25.12 24.14 23.29
Stock price:
High 44.32    41.69    39.16    39.10    39.00   
Low 37.94    36.27    33.97    31.63    30.26   
Period end 42.49    39.85    39.16    33.87    32.07   
Common shares outstanding 7,673 7,619 7,558 7,506 7,466

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ASSET QUALITY MEASURES - Unaudited
                                 
Quarter Ended
      December 31       September 30       June 30       March 31       December 31
(dollars in thousands) 2019 2019 2019 2019 2018
Nonperforming Assets            
Commercial    
Owner occupied RE $      - - - - -
Non-owner occupied RE 188 1,963 372 403 210
Construction - - - - -
Commercial business 235 198 65 72 81
Consumer
Real estate 1,829 1,637 1,710 1,840 1,980
Home equity 431 467 442 1,249 1,006
Construction - - - - -
Other - - - - 12
Nonaccruing troubled debt restructurings 4,111 2,763 3,220 2,485 2,541
Total nonaccrual loans 6,794 7,028 5,809 6,049 5,830
Other real estate owned - - - - -
Total nonperforming assets $ 6,794 7,028 5,809 6,049 5,830
Nonperforming assets as a percentage of:
Total assets 0.30 % 0.32 % 0.27 % 0.30 % 0.31 %
Total loans 0.35 % 0.38 % 0.32 % 0.35 % 0.35 %
Accruing troubled debt restructurings $ 5,219 5,791 6,935 6,839 6,742
 
  Quarter Ended
  December 31 September 30 June 30 March 31 December 31
(dollars in thousands)  2019 2019 2019 2019 2018
Allowance for Loan Losses
Balance, beginning of period $ 15,848 16,144 16,051 15,762     16,140
Loans charged-off (275 ) (963 ) (237 ) (41 ) (987 )
Recoveries of loans previously charged-off 19 17 30 30     9
Net loans charged-off (256 ) (946 ) (207 ) (11 ) (978 )
Provision for loan losses 1,050 650 300 300     600
Balance, end of period $ 16,642 15,848 16,144 16,051     15,762
Allowance for loan losses to gross loans 0.86 % 0.86 % 0.89 % 0.93 % 0.94 %
Allowance for loan losses to nonaccrual loans 244.95 % 225.50 % 277.91 % 265.35 % 270.36 %
Net charge-offs to average loans QTD (annualized) 0.06 % 0.21 % 0.06 % 0.00 % 0.23 %

Total nonperforming assets decreased by $234 thousand to $6.8 million, which represents 0.30% of total assets, a decrease of two basis points compared to September 30, 2019. The decrease in nonperforming assets was primarily a result of $1.5 million of nonaccrual loans removed or charged-off in the fourth quarter, partially offset by $1.3 million of loans added to nonaccrual status. The allowance for loan losses as a percentage of nonaccrual loans was 245.0% at December 31, 2019, compared to 225.5% at September 30, 2019 and 270.4% at December 31, 2018.

At December 31, 2019, the allowance for loan losses was $16.6 million, or 0.86% of total loans compared to $15.8 million, or 0.86% of total loans at September 30, 2019 and $15.8 million, or 0.94% of total loans at December 31, 2018. Net charge-offs were $256,000, or 0.06% on an annualized basis, for the fourth quarter of 2019 compared to $946,000, or 0.21% of net charge-offs, annualized, for the third quarter of 2019. Net charge-offs were $978,000 for the fourth quarter of 2018, or 0.23% on an annualized basis.

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LOAN COMPOSITION - Unaudited
 
Quarter Ended
      December 31       September 30       June 30       March 31       December 31
(dollars in thousands) 2019 2019 2019 2019 2018
Commercial
Owner occupied RE $     407,851    392,896    390,727    386,256    367,018   
Non-owner occupied RE 501,878    481,865    455,346    423,953    404,296   
Construction 80,486    75,710    85,065    80,561    84,411   
Business 308,123    290,154    292,564    281,502    272,980   
Total commercial loans 1,298,338    1,240,625    1,223,702    1,172,272    1,128,705   
Consumer
Real estate 398,245    346,512    342,100    330,538    320,943   
Home equity   179,738    174,611    170,861    167,146    165,937   
Construction 41,471    49,548    46,247    39,838    37,925   
Other 25,733    27,131    26,445    24,170    23,822   
Total consumer loans 645,187 597,802 585,653    561,692    548,627   
Total gross loans, net of deferred fees       1,943,525    1,838,427    1,809,355    1,733,964    1,677,332   
Less—allowance for loan losses (16,642 ) (15,848 ) (16,144 ) (16,051 ) (15,762 )
Total loans, net $ 1,926,883    1,822,579    1,793,211    1,717,913    1,661,570   
 
DEPOSIT COMPOSITION - Unaudited
 
Quarter Ended
December 31 September 30 June 30 March 31 December 31
(dollars in thousands) 2019 2019 2019 2019 2018
Non-interest bearing $ 397,331    414,704    368,906    359,754    346,570   
Interest bearing:
NOW accounts 228,680    230,676    229,109    211,613    186,795   
Money market accounts 898,923    891,784    857,478    791,490    730,765   
Savings 16,258    15,912    15,180    15,451    15,486   
Time, less than $100,000 47,941    55,501    59,382    61,331    63,073   
Time and out-of-market deposits, $100,000 and over 286,991 290,718 323,953 318,596 305,447
Total deposits $ 1,876,124    1,899,295    1,854,008    1,758,235    1,648,136   

ABOUT SOUTHERN FIRST BANCSHARES
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company’s wholly-owned subsidiary, Southern First Bank, is the third largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has assets of approximately $2.3 billion and its common stock is traded in the NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.
____________________

Footnotes to tables:
(1) Total revenue is the sum of net interest income and noninterest income.
(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.
(3) Annualized for the respective three-month period.
(4) Noninterest expense divided by the sum of net interest income and noninterest income.
(5) Excludes mortgage loans held for sale.
(6) Excludes out of market deposits and time deposits greater than $250,000.
(7) December 31, 2019 ratios are preliminary.
(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.
(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.
(10) Includes mortgage loans held for sale.

FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

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The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the United States legal and regulatory framework; and (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.  

 

FINANCIAL CONTACT: MIKE DOWLING  864-679-9070

MEDIA CONTACT: ART SEAVER  864-679-9010

WEB SITE: www.southernfirst.com

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SOUTHERN FIRST BANCSHARES INC Reports