UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

 

(Mark One)

[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 2003

OR

[    ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]



For the transition period from __________ to __________


Commission File No. 0-27404

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

Capital Accumulation Plan for
Employees of PFF Bank & Trust

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:


PFF Bancorp, Inc.
350 South Garey Avenue
Pomona, California  91766

 


 

 

CAPITAL ACCUMULATION PLAN FOR
EMPLOYEES OF PFF BANK & TRUST

Independent Auditors' Report
and
Financial Statements

(Part III 3(a) of IRS Form 5500 Schedule H)

(EIN: 95-1114932 and PN: 002)



For the Years Ended

December 31, 2003 and 2002

 



CAPITAL ACCUMULATION PLAN FOR
EMPLOYEES OF PFF BANK & TRUST

 

Table of Contents

Page

Independent Auditors' Report

1

 

Financial Statements:

 

        Statements of Net Assets Available for Benefits

2

 

        Statements of Changes in Net Assets Available for Benefits

3

 

        Notes to Financial Statements (1 to 8)

4

 

Supplemental Schedules:

 

        Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes

10

 

        Schedule H, Line 4j -- Schedule of Reportable Transactions

12

 

 


 

 

INDEPENDENT AUDITORS' REPORT

 

To the Employee Compensation and Benefits Committee
Capital Accumulation Plan for Employees of PFF Bank & Trust

We have audited the accompanying statement of net assets available for benefits of the Capital Accumulation Plan for Employees of PFF Bank & Trust as of December 31, 2003 and the related statement of changes in net assets available for benefits for the year then ended.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Capital Accumulation Plan for Employees of PFF Bank & Trust as of December 31, 2002 were audited by other auditors whose report dated May 30, 2003, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Capital Accumulation Plan for the Employees of PFF Bank & Trust as of December 31, 2003 and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedules, Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes, and Schedule H, Line 4j -- Schedule of Reportable Transactions, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  These supplemental schedules are the responsibility of the Plan's management.  These supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

June 21, 2004              /s/ Scott, Bankhead & Co.                                                                               Page 1



 

 

CAPITAL ACCUMULATION PLAN FOR
EMPLOYEES OF PFF BANK & TRUST

Statements of Net Assets Available for Benefits
December 31, 2003 and 2002

 

                                                                Assets

2003

2002

Investments:

   Cash and cash equivalents                                            

$  

9,637

    

2,295

   Mutual funds

18,106,643

     

13,203,811

   Common stock

8,527,725

    

4,369,375

   Loans to participants

776,767

    

593,213

        Total investments at fair value

27,420,772

   

18,168,694

Receivables:

   Employer's contribution

--

--

   Employees' contribution

--

--

--

--

        Total assets    

$

27,420,772

18,168,694

 

                                                           Liabilities

Refundable employee contributions

--

--

  

Net assets available for benefits:                                     

$

27,420,772

18,168,694



See accompanying independent auditors' report and notes to financial statements                                            Page 2 


 


CAPITAL ACCUMULATION PLAN FOR
EMPLOYEES OF PFF BANK & TRUST

Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 2003 and 2002

 

2003

2002

Additions to net assets attributed to:

  Net appreciation in fair value of investments                    

$

5,457,681

--

  Interest and dividends

508,571

513,663

  Contributions by employer

784,925

685,592

  Contributions by employees

1,935,810

1,532,581

  Employee rollover contributions

1,375,691

--

 

                       Total additions

10,062,678

2,731,836

 

Deductions from net assets attributed to:

  Net depreciation in fair value of investments

--

(1,546,853

)

  Benefits paid to participants

(807,000

)

(1,275,712

)

  Administrative expenses

(3,600

)

(1,550

)

   

                      Total deductions

(810,600

)

(2,824,115

)

 

                     Net increase (decrease)

9,252,078

(92,279

)

   

Net assets available for benefits:

 

  Beginning of year

18,168,694

18,260,973

 

  End of Year

$

27,420,772

18,168,694


See accompanying independent auditors' report and notes to financial statements                                                     Page 3 


 

 



CAPITAL ACCUMULATION PLAN FOR
EMPLOYEES OF PFF BANK & TRUST

Notes to Financial Statements
December 31, 2003 and 2002

(1)  Description of Plan

      The following description of the Capital Accumulation Plan for Employees of PFF Bank & Trust (the
      Plan), provides only general information.  Participants should refer to the Plan agreement for a more
      complete description of the Plan's provisions.

      (a)    General

            
The Plan is a defined contribution plan covering all eligible employees of PFF Bank & Trust and its
             subsidiaries and affiliates (the Bank or Plan Sponsor).  Employees become eligible for participation
             in the Plan upon their date of hire.  In order to become a participant, each eligible employee authorizes
             contributions by filing a 401(k) enrollment/change of status election.  The Plan is subject to the
             provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

            The Plan was amended to provide that employees are eligible to participate in the Plan on their first day
            of
  hire, the definition of cash compensation used by the Plan was modified and the Plan was modified
            to allow the employer matching contributions to be determined in accordance with the basic safe
            harbor match formula, which are 100% vested.  The eligibility period for receiving these
            matching contributions is one year of service.  Participants must complete 1,000 hours of service in a 
            twelve-month period to share in the employer's discretionary contributions.

   (b)    Contributions

            Effective January 1, 2002, the Plan is referred to as a "safe harbor 401(k) plan."  The Bank makes safe
            harbor matching contributions equal to 100% of participant salary deferrals that do not exceed 3% of
            compensation, plus 50% of participant salary deferrals in excess of 3% and up to 5% of
            compensation.  The safe harbor matching contribution is fully vested and is referred to as a Safe Harbor
            Contribution.  The Bank may contribute out of its income and/or accumulated earned surplus an amount
            equal to a specified percentage of the tax-deferred contribution of the participants or a profit sharing
            contribution with the amount to be determined by the board of directors.  Effective January 1, 2002,
            participants can contribute up to 100% of their compensation, not to exceed the IRS limit of $12,000 in
            a calendar year for 2003, which increased from $11,000 for 2002.  In addition, the Plan permits
            participants who reach age 50 or older by December 31 of the plan year to contribute an additional
            amount of their annual compensation as a catch-up contribution as provided by the Economic Growth
            and Tax Relief Reconciliation Act (EGTRRA).


See accompanying independent auditors' report                                                                                                                         Page 4 

CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST

Notes to Financial Statements
December 31, 2003 and 2002

             Forfeitures of matching contributions are used to reduce the Bank's matching contributions.  No
             profit sharing contribution was made for either 2003 or 2002.

     (c)    Participant Accounts

             Each participant's account is credited with the participant's contribution and allocation of (a) the
             Bank's contributions and (b) Plan earnings.  Allocations other than the Bank's matching contributions
             are based on participant earnings or account balances, as defined.  The benefit to which a participant is
            entitled is the benefit that can be provided from the participant's vested account.

     (d)  Vesting

            Employee contributions and the earnings as a result of each participant's contributions are 100%
            vested and nonforfeitable.  The Bank's safe harbor contributions are also 100% vested and
            nonforfeitable.  Matching contributions made prior to January 1, 2002 and any future discretionary
            matching contributions and any future profit sharing contributions vest at the rate of 20% after one year
            of service and 20% each year thereafter until 100% vesting is reached after five years of service.  In
            addition, a participant becomes 100% vested on the participant's attaining age 65, or on the
            participant's death or total and permanent disablement.

    (e)   Participant Loans

            Participants may borrow from their fund accounts a minimum of $1,000 and up to a maximum equal
            to the lesser of $50,000 reduced by the highest outstanding loan balance during the preceding 12
            months or 50% of their vested account balance.  Loan repayments are to be made over a period not to
            exceed 5 years, except loans for the purchase of a primary residence in which case payment may
            exceed 5 years.  The loans are secured by the balance in the participant's account and bear interest at a
            rate of Wall Street Journal Prime plus 1%.  Participants pay a $100 origination fee for each loan
            advanced to them.



See accompanying independent auditors' report                                                                                                                         Page 5 


CAPITAL ACCUMULATION PLAN 
EMPLOYEES OF PFF BANK & TRUST
Notes to Financial Statements
December 31, 2003 and 2002

     (f)      Payment of Benefits

              On termination of service, a participant may elect to receive a lump-sum amount equal to the vested
               ba
lance of his or her account.

      (g)    Forfeited Accounts

              At December 31, 2003 there were no forfeited nonvested accounts.  For the years ended December
              31, 2003 and 2002, $2,046 and $15,715 of forfeitures, respectively, were used to reduce employer 
              contributions.


(2)            Summary of Significant Accounting Policies

       (a)    Basis of Presentation

               The accompanying financial statements have been prepared on the accrual basis of accounting. 

       (b)   Trust Fund Managed by Investment Advisory Committee

              Under the terms of the Plan, the assets of the Plan are placed in trust (the Trust), and are held under 
              the trusteeship of PFF Bank & Trust's Trust and Investment Services Department (PFF Trust). 
              Assets are managed under the direction of the Employee Compensation and Benefits Committee of
              the Banks board of directors (the Committee).  The Committee has delegated certain of its ordinary
              management and investment responsibilities to certain members of the Bank's Executive Committee
              and the Human Resources Director.  Committee members are appointed for an indefinite term by the
              Bank's board of directors.  The Committee has full discretionary authority to administer the Plan and
              the trust agreement.

              The investments and changes therein of these trust funds have been reported by PFF Trust as having
              been determined through the use of fair market values based upon quotations obtained from national
              securities exchanges or latest bid prices.  Security transactions are accounted for on a trade-date
              basis.  Realized gains and losses on the sale of investments are computed using the average cost
              method.  Participant loans are valued at their outstanding balance which approximates fair value.



See accompanying independent auditors' report                                                                                                                         Page 6 




CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST
Notes to Financial Statements
December 31, 2003 and 2002

 

     (c)         Disclosure about Fair Value of Financial Instruments

                   Substantially all of the Plan's financial instruments are carried at fair value or amounts
                   approximating fair value

     (d)        Use of Estimates

                 The preparation of financial statements in conformity with accounting principles generally accepted 
                 in the United States of America requires the Plan Administrator to make estimates and
                 assumptions   that affect the reported amounts of assets and liabilities and changes therein, and
                 disclosure of contingent assets and liabilities.  Accordingly, actual results may differ from those
                 estimates.

      (e)       Administrative Expenses

                 All administrative expenses of the Plan were paid directly by the Bank in 2003 and 2002, except
                  for participants loan origination fees.

(3)            Investments

                The following table presents the fair value of those investments at December 31, 2003 with those
                that represent 5% or more of the Plan's net assets separately identified.

Cost

Fair
Value

                PFF Bancorp, Inc. Common Stock  *

$

3,733,441

8,527,725

                PIMCO Renaissance Fund

1,390,569

1,758,297

                Federated Capital Preservation Fund

5,982,276

5,982,276

                Federated Stock Trust Fund

1,617,087

1,650,611

                Federated Max-Cap Index Fund

2,118,314

2,065,165

                Janus Balanced Fund

1,741,562

1,798,320

               Other investments individually less than 5% of net assets

4,599,063

5,638,378

               Total Investments

$

21,182,312

27,420,772


* Denotes a party in interest

See accompanying independent auditors' report                                                                                                                         Page 7 




Notes to Financial Statements
December 31, 2003 and 2002

 

The following table presents the fair value of those investments at December 31, 2002 with those that represent 5% or more of the Plan's net assets separately identified.

 

Cost

Fair
Value

PFF Bancorp, Inc. Common Stock *

$

1,517,221

4,369,375

Federated Capital Preservation Fund

5,211,211

5,211,211

Federated Stock Trust Fund

1,661,437

1,268,132

Federated Max-Cap Index Fund

2,090,608

 

1,522,622

Janus Balanced Fund

1,482,749

 

1,322,863

Other investments individually less than 5% of net assets

5,113,039

4,474,491

Total Investments

$

17,076,265

18,168,694

* Denotes a party in interest

For the Plan years ended December 31, 2003 and 2002, the Plan's investments 
(including investments bought, sold and held during the year) appreciated (depreciated) in value by the following:

Net Change in Fair Value

2003

2002

Common stock

$

3,247,746

454,925

Mutual funds

2,209,935

(2,001,778

)

$

5,457,681

(1,546,853

)

 

(4)      Allocation of Plan Assets

           Employee contributions are allocated to various funds based on the elections made by each participant. 
           Net income or loss of each fund is allocated on the basis of the proportionate asset balance of each
           participant as of the previous valuation date after adjustment for withdrawals, distributions, and other
           additions or subtractions that may be appropriate.  Earnings are allocated on the basis of current shares
           held in each participant's account and the accounts are valued daily.


See accompanying independent auditors' report                                                                                                                         Page 8 


 

 

CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST
Notes to Financial Statements
December 31, 2003 and 2002

   (5)     Plan Termination

            Although the Bank has not expressed any intent to terminate the Plan, it may do so at any time
            subject  to the provisions of ERISA.  In the event the Plan is terminated, all participants become 100%
            vested in their account balances.

  (6)       Federal Income Taxes

             The Plan obtained its latest determination letter on July 24, 1995, in which the Internal Revenue
             Service stated that the Plan, as then designed, was in compliance with the applicable requirements of
             the Internal Revenue Code.  The plan administrator and the plan's tax counsel believe that the Plan is
             currently designed and being operated in compliance with the applicable requirements of the Internal
             Revenue Code.  Therefore, no provision for income taxes has been included in the Plan's financial    
             statements.

  (7)       Related Part Transactions

             The Plan held 235,073 and 139,820 shares (195,748 shares as restated to reflect a 40% stock 
             dividend  effective August 15, 2003 and paid September 5, 2003) of common stock of PFF Bancorp,
             Inc. at December 31, 2003 and 2002, respectively.  In addition, the Bank was Trustee of all assets of
             the Plan.

   (8)       Reclassifications

               Certain reclassifications have been made to the prior years' financial statements to conform to the
               current year presentation. These reclassifications had no effect on previously reported changes in
               net assets available for plan benefits or net assets available for plan benefits.


See accompanying independent auditors' report                                                                                                                         Page 9 


 



CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes
(Part IV 4i of IRS Form 5500 Schedule H)
(EIN: 95-1114932 and PN: 002)
For the Year Ended December 31, 2003

 

 

(a)


(b)
Identity of issue,
borrower,
Lessor, or similar party

(c)
Description of investment 
including maturity date,
 rate of interest, collateral
par, or maturity value

 


(d)
Cost




(e)
Current Value

*

PFF Bancorp, Inc

Common Stock 235,073 shares

$

3,733,441

8,527,725

Federated Capital Preservation Fund

Mutual Fund 598,228 units

5,982,276

5,982,276

Federated Intermediate Income Fund

Mutual Fund 98,413 units

  1,004,558

1,013,652

Federated Max-Cap Index Fund

Mutual Fund 91,908 units

2,118,314

2,065,165

Federated Stock Trust Fund

Mutual Fund 48,165 units

1,617,087

1,650,611

Federated Total Return Bond Fund

Mutual Fund 25,368 units

263,344

274,994

Federated Managed Conservative 
      Growth Portfolio


Mutual Fund 15,190 units

152,944

161,928

Federated Managed Moderate
      Growth Portfolio


Mutual Fund 16,080 units

155,218

184,602

Federated Managed Growth Portfolio

Mutual Fund 12,519 units

130,941

147,972

Federated Growth Strategies Fund

Mutual Fund 7,591 units

178,012

199,413

Value Line Emerging Opportunity
     Fund


Mutual Fund 28,669 units


558,757


646,763

Alger MidCap growth Fund

Mutual Fund 58,342 units

803,116

891,466

PIMCO Renaissance Fund

Mutual Fund 76,315 units

1,390,569

1,758,297

Alliance Balanced Shares

Mutual Fund 33,913 units

487,201

537,523

Janus Worldwide Fund

Mutual Fund 20,072 units

855,335

793,661

Janus Balanced Fund

Mutual Fund 90,187 units

1,741,562

1,798,320

Federated Prime Obligation Fund

Money Market 9,897 units

9,637

9,637


Participants loans

99 loans with interest rates ranging from 5.25% to 10.50%

--

776,767

                                                             Total
$


21,182,312

27,420,772

* Denotes a party in interest.

See accompanying independent auditors' report                                                                                                                         Page 10 




CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes
(Part IV 4i of IRS Form 5500 Schedule H)
(EIN: 95-1114932 and PN: 002)
For the Year Ended December 31, 2002

 

 

 

 

 

(a)

 

 



  (b)
Identity of issue, borrower,
lessor,or similar party







(c)
Description of investment including maturity date, rate of interest, collateral, 
par, or maturity value

 

 

 



(d)
Cost

 

 




(e)
Current Value

*
PFF Bancorp
Common Stock, 139,820 shares (195,748 shares as restated to reflect a 40% stock dividend effective August 15, 2003 and paid September 5, 2003)



1,517,221



4,369,375

Federated Capital
      Preservation Fund


Mutual Fund 521,121 units


5,211,211


5,211,211

Federated Intermediate
       Income Fund


Mutual Fund 72,001 units


712,385


735,130

Federated Max-Cap Index
     Fund


Mutual Fund 85,589 units


2,090,608


1,522,622

Federated Stock Trust
    Fund


Mutual Fund 46,657 units


1,661,437


1,268,132

Federated Managed
     Income Portfolio


Mutual Fund 19,641 units


201,336


198,964

Federated Managed
     Conservative Growth
      Portfolio



Mutual Fund 8,532 units



86,541



81,135

Federated Managed
   Moderate Growth Portfolio


Mutual Fund 9,378 units


106,165


90,500

Federated Managed Growth
    Portfolio


Mutual Fund 10,158 units


119,070


95,791

Federated Growth Strategies
     Fund


Mutual Fund 5,673 units


137,817


106,201

Berger Small company
     Growth


Mutual Fund 287,761 units


919,236


466,173

Alger MidCap growth Fund

Mutual Fund 43,741 units

608,393

458,843

PIMCO Renaissance Fund

Mutual Fund 48,101 units

909,880

699,390

Alliance Balanced Shares

Mutual Fund 25,743 units

371,780

339,299

Janus Worldwide Fund

Mutual Fund 18,909 units

938,141

607,557

Janus Balanced Fund

Mutual Fund 73,986 units

1,482,749

1,322,863

Federated Prime Obligation
     Fund


Money Market 2,295 units


2,295


2,295


Participants loans

87 loans with interest rates ranging from 5.25% to 10.50%


--


593,213

                                                                              Total
$

17,076,265

18,168,694

* Denotes a party in interest.


See accompanying independent auditors' report                                                                                                                         Page 11 


 



CAPITAL ACCUMULATION PLAN FOR 
EMPLOYEES OF PFF BANK & TRUST
Schedule H, Line 4j - Schedule of Reportable Transactions
(Part IV 4j of IRS Form 5500 Schedule H)
(EIN: 95-1114932 and PN: 002)
For the Year Ended December 31, 2003

 


(a)Identity of Party  Involved

 

(b) Description of Asset

 

(c) Purchase Price

 

(d) Selling Price

 

(e) Lease Rental

 

(f) Expense Incurred With Transaction

 

(g) Cost of Asset

 

(h) Current Value of Asset on Transaction Date

 

(i) Net gain or (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Federated Capital Preservation Fund

 


Mutual Fund (134 purchases)

 

$

 

2,248,713

 

 

--

 

 

$  --

 

 

$  --

 

$

 

2,248,713

 

$

 

2,248,713

 

 

$ --

 


Federated Capital Preservation Fund

 


Mutual Fund (209 sales)

 

 

--

 

 

$1,708,500

 

 

--

 

 

--

 

 

1,708,649

 

 

1,708,500

 

 

(149)

 

 

Federated Intermediate Fund

 


Mutual Fund (115 purchases)

 

 

704,031

 

 

--

 

 

--

 

 

--

 

 

704,031

 

 

704,031

 

 

--

 

 

Federated Intermediate Fund

 


Mutual Fund (69 Sales)

 

 

--

 

 

478,825

 

 

--

 

 

--

 

 

464,077

 

 

478,825

 

 

14,748

 

 

Janus Balanced Fund

 

Mutual Fund (90 Purchases)

 

 

638,758

 

 

--

 

 

--

 

 

--

 

 

638,758

 

 

638,758

 

 

--

 

 

Janus Balanced Fund

 


Mutual Fund (80 Sales)

 

 

--

 

 

362,234

 

 

--

 

 

--

 

 

413,538

 

 

362,234

 

 

(51,304)

 


Federated Prime Obligation Fund

 


Mutual Fund (104 Purchases)

 

 

2,999,190

 

 

--

 

 

--

 

 

--

 

 

2,999,190

 

 

2,999,190

 

 

--

 


Federated Prime Obligation Fund

 


Mutual Fund (102 Sales)

 

 

--

 

 

2,912,518

 

 

--

 

 

--

 

 

2,912,518

 

 

2,912,518

 

 

--

 

 

*PFF Bancorp

 


Common Stock (98 Purchases)

 

 

993,547

 

 

--

 

 

--

 

 

2,778

 

 

993,547

 

 

993,547

 

 

--

 

 

*PFF Bancorp

 


Common Stock (98 Sales)

 

 

--

 

 

1,522,840

 

 

--

 

 

4,188

 

 

241,368

 

 

1,522,840

 

 

1,281,472


* Denotes a party in interest



See accompanying independent auditors' report                                                                                                                         Page 12 





REQUIRED INFORMATION

I.  Financial Statements.

Financial statements and schedule prepared in accordance with the financial reporting requirements of the Employee Retirement  Income Security Act of 1974, together with independent auditors' report thereon.

Exhibits:
Independent Auditors Consent.


                                                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.

PFF Bank & Trust,

Capital Accumulation Plan for
Employees of PFF Bank & Trust

 

Dated:  June 25, 2004

                                                    By

/s/ Gregory C. Talbott

Gregory C. Talbott

Executive Vice President, Chief Financial Officer and Treasurer