Market Overview

Macatawa Bank Corporation Reports Second Quarter 2017 Results

Share:

HOLLAND, Mich., July 27, 2017 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) today announced its results for the second quarter of 2017, reflecting continued strong financial performance.

  Net income of $4.8 million in second quarter 2017, up 27% from $3.7 million in second quarter 2016
  Continued trend of increased revenue on reduced expenses
      Net interest income up $1.1 million for second quarter 2017 compared to second quarter 2016
      Net interest margin up 16 basis points from second quarter 2016 
      Noninterest expense down $678,000, or 6%, in second quarter 2017 compared to second quarter 2016
  Reduced other real estate owned by $7.0 million, or 50%, compared to second quarter 2016
  Core deposit balances up by $104.9 million, nearly 8%, from a year ago
  Past due loans remained at very low levels - only 0.07% of total loans at end of second quarter 2017
  Favorable loan collection results – ten consecutive quarters of net recoveries

Macatawa reported net income of $4.8 million, or $0.14 per diluted share, in the second quarter 2017 compared to $3.7 million, or $0.11 per diluted share, in the second quarter 2016.  For the first six months of 2017, Macatawa reported net income of $9.2 million, or $0.27 per diluted share, compared to $7.2 million, or $0.21 per diluted share, for the same period in 2016.

"We are pleased to report strong performance for the second quarter of 2017," said Ronald L. Haan, President and CEO of the Company.  "Operating performance continues to improve, asset quality remains strong, capital levels are high, and the number of customer relationships continues to expand.  Our long term strategy of driving profitable growth through consistent increases in quality business loans, while maintaining a disciplined approach to managing expenses remains the same." 

Mr. Haan concluded:  "Earnings improvement has been driven primarily by improvement in net interest income, which has benefited from the combination of our strong core deposit funding base, growth in average balances of business loans, and the recent increases in short term interest rates.  We remain well positioned to benefit from future rate increases, and expect the favorable trends we experienced in the first half of this year to continue as we look to the remainder of 2017."

Operating Results
Net interest income for the second quarter 2017 totaled $12.7 million, an increase of $122,000 from the first quarter 2017 and an increase of $1.1 million from the second quarter 2016.  Net interest margin was 3.24 percent, down 2 basis points from the first quarter 2017, and up 16 basis points from the second quarter 2016.  Net interest income for the first quarter 2017 benefitted from a payoff of a loan that had been on nonaccrual, resulting in recognition of $267,000 in interest income that had been deferred.

Average interest earning assets for the second quarter 2017 increased $15.1 million from the first quarter 2017 and were up $63.3 million from the second quarter 2016. 

Non-interest income increased $247,000 in the second quarter 2017 compared to the first quarter 2017 and decreased $58,000 from the second quarter 2017.  These fluctuations were primarily driven by gains on sales of mortgage loans.  Gains on sales of mortgage loans in the second quarter 2017 were up $48,000 compared to the first quarter 2017 and down $96,000 from the second quarter 2016.  The Bank originated $16.7 million in loans for sale in the second quarter 2017 compared to $17.0 million in loans for sale in the first quarter 2017 and $19.0 million in loans for sale in the second quarter 2016.

Non-interest expense was $10.8 million for the second quarter 2017, compared to $10.9 million for the first quarter 2017 and $11.5 million for the second quarter 2016.  The largest fluctuations in non-interest expense related to salaries and benefit expenses and costs associated with the administration and disposition of problem loans and non-performing assets.  Salaries and benefit expenses were up $154,000 compared to the first quarter 2017 and were down $15,000 compared to the second quarter 2016.  The increase over the first quarter of 2017 related primarily to annual performance adjustments to salaries awarded at the beginning of the second quarter of this year.  The decrease from the second quarter of last year was primarily due to lower medical benefit expenses from lower actual claims experienced in the current quarter.  Nonperforming asset expenses decreased $253,000 compared to the first quarter 2017 and decreased $618,000 compared to the second quarter 2016 due to continued reductions in the level of foreclosed properties and net gains realized on sales of such properties in 2017.  During the second quarter 2017, the Bank sold its largest individual foreclosed property at a net gain of $68,000.  Total realized gains for the first six months of 2017 amounted to $470,000.  Other categories of non-interest expense were relatively flat compared to the first quarter 2017 and the second quarter 2016. 

Federal income tax expense was $2.1 million for the second quarter 2017 compared to $2.0 million for the first quarter 2017 and $1.7 million for the second quarter 2016.  The effective tax rate was 30.9% for the second quarter 2017, compared to 30.6% for the first quarter 2017 and 31.0% for the second quarter 2016. 

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, the reduction in historical loan loss ratios, and net loan recoveries experienced in the second quarter 2017, a negative provision for loan losses of $500,000 was recorded in the second quarter 2017.  Net loan recoveries for the second quarter 2017 were $374,000, compared to first quarter 2017 net loan recoveries of $234,000 and second quarter 2016 net loan recoveries of $580,000.  The Company has experienced net loan recoveries in each of the past ten quarters, and in fifteen of the past sixteen quarters. Total loans past due on payments by 30 days or more amounted to $815,000 at June 30, 2017, down 44 percent from $1.4 million at December 31, 2016 and down 17 percent from $979,000 at June 30, 2016.  Delinquency as a percentage of total loans was 0.07 percent at June 30, 2017.

The allowance for loan losses of $16.6 million was 1.32 percent of total loans at June 30, 2017, compared to 1.32 percent of total loans at December 31, 2016, and 1.40 percent at June 30, 2016.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 2,473 percent as of June 30, 2017, compared to 5,564 percent at December 31, 2016, and 4,845 percent at June 30, 2016. 

At June 30, 2017, the Company's nonperforming loans had declined to $670,000, representing 0.05 percent of total loans.  This compares to $300,000 (0.02 percent of total loans) at December 31, 2016 and $350,000 (0.03 percent of total loans) at June 30, 2016.  Other real estate owned and repossessed assets were $7.1 million at June 30, 2017, compared to $12.3 million at December 31, 2016 and $14.1 million at June 30, 2016. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $6.6 million, or 46 percent, from June 30, 2016 to June 30, 2017.

A break-down of non-performing loans is shown in the table below.

                     
Dollars in 000s   Jun 30,
2017
  Mar 31,
2017
  Dec 31,
2016
  Sept 30,
2016
  Jun 30,
2016
                             
Commercial Real Estate   $ 436   $ 252   $ 183   $ 192   $ 291
Commercial and Industrial     6     127     36     9     26
Total Commercial Loans     442     379     219     201     317
Residential Mortgage Loans     206     2     58     2     2
Consumer Loans     22     20     23     30     31
Total Non-Performing Loans   $ 670   $ 401   $ 300   $ 233   $ 350
                               

Total non-performing assets were $7.8 million, or 0.44 percent of total assets, at June 30, 2017.  A break-down of non-performing assets is shown in the table below.

                     
Dollars in 000s   Jun 30,
2017
  Mar 31,
2017
  Dec 31,
2016
  Sept 30,
2016
  Jun30,
2016
                             
Non-Performing Loans   $ 670   $ 401   $ 300   $ 233   $ 350
Other Repossessed Assets     ---     ---     ---     ---     ---
Other Real Estate Owned     7,097     12,074     12,253     13,110     14,066
Total Non-Performing Assets   $ 7,767   $ 12,475   $ 12,553   $ 13,343   $ 14,416
                               

Balance Sheet, Liquidity and Capital
Total assets were $1.76 billion at June 30, 2017, an increase of $18.1 million from $1.74 billion at December 31, 2016 and an increase of $92.5 million from $1.67 billion at June 30, 2016.  Year end assets typically increase due to year end seasonal inflow of business and municipal deposits.   Total loans were $1.25 billion at June 30, 2017, a decrease of $29.5 million from $1.28 billion at December 31, 2016 and an increase of $39.5 million from $1.21 billion at June 30, 2016.

Commercial loans increased by $55.3 million from June 30, 2016 to June 30, 2017, partially offset by a decrease of $15.8 million in our residential mortgage and consumer loan portfolios.  Commercial real estate loans increased by $1.2 million while commercial and industrial loans increased by $54.2 million during the same period. 

Commercial loan production volume was down compared to the first quarter of 2017, but stable as compared to the second quarter of 2016.  The following table shows a breakout of the Bank's commercial loan activity:

                     
Dollars in 000s   2nd Qtr
2017
  1st Qtr
2017
  4th Qtr
2016
  3rd Qtr
2016
  2nd Qtr
2016
                             
Commerical loans originated   $ 33,435     $ 60,356     $ 78,398     $ 61,112     $ 34,892  
Repayments of commercial loans     (30,090 )     (58,600 )     (40,768 )     (35,869 )     (21,389 )
Change in undist.–available credit     (15,706 )     (6,960 )     6,523       3,494       164  
Net change in commercial loans   $ (12,361 )   $ (5,204 )   $ 44,153     $ 28,737     $ 13,667  
                                         

The composition of the commercial loan portfolio is shown in the table below:

                     
Dollars in 000s   Jun 30,
2017
  Mar 31,
2017
  Dec 31,
2016
  Sept 30,
2016
  Jun 30,
2016
                             
Construction and Development   $ 82,317   $ 78,910   $ 79,596   $ 76,077   $ 74,339
Other Commercial Real Estate     432,223     429,898     438,385     423,991     439,036
Commercial Loans Secured by Real Estate     514,540     508,808     517,981     500,068     513,375
Commercial and Industrial     435,218     453,311     449,342     423,102     381,058
Total Commercial Loans   $ 949,758   $ 962,119   $ 967,323   $ 923,170   $ 894,433
                               
Residential Developer Loans (a)   $ 21,244   $ 24,662   $ 26,003   $ 26,890   $ 29,771
                               
(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate.
 

Total deposits were $1.46 billion at June 30, 2017, up $11.3 million from $1.45 billion at December 31, 2016 and were up $104.9 million, or 7.7 percent, from $1.36 billion at June 30, 2016.  The increase in total deposits from December 31, 2016 was primarily in interest-bearing checking (up $1.8 million), money market deposits (up $17.4 million), savings (up $7.7 million) and certificates of deposit (up $4.0 million), partially offset by decreases in noninterest checking account balances (down $19.7 million).  The balances of noninterest checking accounts typically are higher at the end of the year as certain businesses and municipal customers have a year-end seasonal increase in their noninterest-bearing checking balances.  The Bank continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

The Bank's risk-based regulatory capital ratios were higher at June 30, 2017 compared to June 30, 2016 and December 31, 2016 due to earnings growth, and continue to be at levels comfortably above those required to be categorized as "well capitalized" under applicable regulatory capital guidelines.  As such, the Bank was categorized as "well capitalized" at June 30, 2017.

About Macatawa Bank
Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities from a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.  The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience and superior financial products. Macatawa Bank has been recognized for the past five consecutive years as "West Michigan's 101 Best and Brightest Companies to Work For". For more information, visit www.macatawabank.com.

CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions.  Forward-looking statements are identifiable by words or phrases such as "believe," "expect," "may," "should," "will," "intend," "continue," "improving," "additional," "focus," "forward," "future," "efforts," "strategy," "momentum," "positioned," and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These statements include, among others, statements related to trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, and future net interest margin.  All statements with references to future time periods are forward-looking.  Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, reduce non-performing asset expenses, utilize our deferred tax asset, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured.  The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2016.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

 
MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands except per share information)
                             
            Quarterly   Six Months ended
            2nd Qtr   1st Qtr   2nd Qtr   June 30,
EARNINGS SUMMARY             2017       2017       2016       2017       2016  
Total interest income           $ 14,042     $ 13,848     $ 12,873     $ 27,890     $ 25,881  
Total interest expense             1,337       1,265       1,265       2,602       2,535  
Net interest income             12,705       12,583       11,608       25,288       23,346  
Provision for loan losses             (500 )     (500 )     (750 )     (1,000 )     (850 )
Net interest income after provision for loan losses             13,205       13,083       12,358       26,288       24,196  
                             
NON-INTEREST INCOME                            
Deposit service charges             1,110       1,060       1,112       2,170       2,159  
Net gains on mortgage loans             476       428       572       904       1,060  
Trust fees             833       778       788       1,611       1,496  
Other             2,059       1,965       2,064       4,024       4,429  
Total non-interest income             4,478       4,231       4,536       8,709       9,144  
                             
NON-INTEREST EXPENSE                            
Salaries and benefits             6,153       5,999       6,168       12,152       12,355  
Occupancy             991       1,026       901       2,017       1,883  
Furniture and equipment             750       732       839       1,482       1,704  
FDIC assessment             134       136       220       270       472  
Problem asset costs, including losses             (158 )     95       460       (63 )     871  
Other             2,922       2,900       2,882       5,821       5,736  
Total non-interest expense             10,792       10,888       11,470       21,679       23,021  
Income before income tax             6,891       6,426       5,424       13,318       10,319  
Income tax expense             2,129       1,966       1,679       4,095       3,079  
Net income           $ 4,762     $ 4,460     $ 3,745     $ 9,223     $ 7,240  
                             
Basic earnings per common share           $ 0.14     $ 0.13     $ 0.11     $ 0.27     $ 0.21  
Diluted earnings per common share           $ 0.14     $ 0.13     $ 0.11     $ 0.27     $ 0.21  
Return on average assets             1.11 %     1.05 %     0.91 %     1.08 %     0.87 %
Return on average equity             11.32 %     10.86 %     9.56 %     11.09 %     9.31 %
Net interest margin (fully taxable equivalent)             3.24 %     3.26 %     3.08 %     3.25 %     3.09 %
Efficiency ratio             62.81 %     64.76 %     71.05 %     63.77 %     70.86 %
                             
BALANCE SHEET DATA                    June 30,   March 31,   June 30,
Assets                     2017       2017       2016  
Cash and due from banks                   $ 31,165     $ 30,631     $ 30,045  
Federal funds sold and other short-term investments                     114,104       83,118       94,888  
Securities available for sale                     184,761       184,605       173,580  
Securities held to maturity                     68,818       68,473       49,373  
Federal Home Loan Bank Stock                     11,558       11,558       11,558  
Loans held for sale                     3,184       2,767       1,138  
Total loans                     1,251,355       1,266,128       1,211,844  
Less allowance for loan loss                     16,570       16,696       16,959  
Net loans                     1,234,785       1,249,432       1,194,885  
Premises and equipment, net                     48,626       49,832       50,639  
Bank-owned life insurance                     39,781       39,524       28,942  
Other real estate owned                     7,097       12,074       14,066  
Other assets                     15,184       16,839       17,433  
                             
Total Assets                   $ 1,759,063     $ 1,748,853     $ 1,666,547  
                             
Liabilities and Shareholders' Equity                            
Noninterest-bearing deposits                   $ 481,769     $ 466,415     $ 451,644  
Interest-bearing deposits                     978,221       966,731       903,434  
Total deposits                     1,459,990       1,433,146       1,355,078  
Other borrowed funds                     82,785       102,785       104,840  
Long-term debt                     41,238       41,238       41,238  
Other liabilities                     4,875       5,539       6,929  
Total Liabilities                     1,588,888       1,582,708       1,508,085  
                             
Shareholders' equity                     170,175       166,145       158,462  
                             
Total Liabilities and Shareholders' Equity                   $ 1,759,063     $ 1,748,853     $ 1,666,547  
                             
                             
MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)
                             
    Quarterly   Year to Date
                             
    2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr        
      2017       2017       2016       2016       2016       2017       2016  
EARNINGS SUMMARY                            
Net interest income   $ 12,705     $ 12,583     $ 12,292     $ 11,902     $ 11,608     $ 25,288     $ 23,346  
Provision for loan losses     (500 )     (500 )     (250 )     (250 )     (750 )     (1,000 )     (850 )
Total non-interest income     4,478       4,231       4,856       5,075       4,536       8,709       9,144  
Total non-interest expense     10,792       10,888       11,488       11,273       11,470       21,679       23,021  
Federal income tax expense     2,129       1,966       1,802       1,350       1,679       4,095       3,079  
Net income   $ 4,762     $ 4,460     $ 4,108     $ 4,604     $ 3,745     $ 9,223     $ 7,240  
                             
Basic earnings per common share   $ 0.14     $ 0.13     $ 0.12     $ 0.14     $ 0.11     $ 0.27     $ 0.21  
Diluted earnings per common share   $ 0.14     $ 0.13     $ 0.12     $ 0.14     $ 0.11     $ 0.27     $ 0.21  
                             
MARKET DATA                            
Book value per common share   $ 5.01     $ 4.89     $ 4.78     $ 4.78     $ 4.67     $ 5.01     $ 4.67  
Tangible book value per common share   $ 5.01     $ 4.89     $ 4.78     $ 4.78     $ 4.67     $ 5.01     $ 4.67  
Market value per common share   $ 9.54     $ 9.88     $ 10.41     $ 7.99     $ 7.42     $ 9.54     $ 7.42  
Average basic common shares     33,942,318       33,941,010       33,920,535       33,921,599       33,922,506       33,941,668       33,923,810  
Average diluted common shares     33,948,127       33,948,584       33,923,371       33,921,599       33,922,506       33,948,371       33,923,810  
Period end common shares     33,938,486       33,944,788       33,940,788       33,920,740       33,922,289       33,938,486       33,922,289  
                             
PERFORMANCE RATIOS                            
Return on average assets     1.11 %     1.05 %     0.97 %     1.10 %     0.91 %     1.08 %     0.87 %
Return on average equity     11.32 %     10.86 %     10.08 %     11.50 %     9.56 %     11.09 %     9.31 %
Net interest margin (fully taxable equivalent)     3.24 %     3.26 %     3.17 %     3.08 %     3.08 %     3.25 %     3.09 %
Efficiency ratio     62.81 %     64.76 %     66.99 %     66.40 %     71.05 %     63.77 %     70.86 %
Full-time equivalent employees (period end)     344       338       342       337       343       344       343  
                             
ASSET QUALITY                            
Gross charge-offs   $ 139     $ 26     $ 47     $ 46     $ 36     $ 165     $ 112  
Net charge-offs   $ (374 )   $ (234 )   $ (364 )   $ (138 )   $ (580 )   $ (608 )   $ (728 )
Net charge-offs to average loans (annualized)     -0.12 %     -0.07 %     -0.12 %     -0.05 %     -0.19 %     -0.10 %     -0.12 %
Nonperforming loans   $ 670     $ 401     $ 300     $ 233     $ 350     $ 670     $ 350  
Other real estate and repossessed assets   $ 7,097     $ 12,074     $ 12,253     $ 13,110     $ 14,066     $ 7,097     $ 14,066  
Nonperforming loans to total loans     0.05 %     0.03 %     0.02 %     0.02 %     0.03 %     0.05 %     0.03 %
Nonperforming assets to total assets     0.44 %     0.71 %     0.72 %     0.81 %     0.87 %     0.44 %     0.87 %
Allowance for loan losses   $ 16,570     $ 16,696     $ 16,962     $ 16,847     $ 16,959     $ 16,570     $ 16,959  
Allowance for loan losses to total loans     1.32 %     1.32 %     1.32 %     1.36 %     1.40 %     1.32 %     1.40 %
Allowance for loan losses to nonperforming loans     2473.13 %     4163.34 %     5654.00 %     7230.47 %     4845.43 %     2473.13 %     4845.43 %
                             
CAPITAL                            
Average equity to average assets     9.76 %     9.63 %     9.62 %     9.53 %     9.47 %     9.76 %     9.37 %
Common equity tier 1 to risk weighted assets (Consolidated)     11.60 %     11.28 %     11.03 %     11.30 %     11.14 %     11.60 %     11.14 %
Tier 1 capital to average assets (Consolidated)     12.21 %     12.11 %     12.01 %     11.97 %     11.93 %     12.21 %     11.93 %
Total capital to risk-weighted assets (Consolidated)     15.45 %     15.12 %     14.88 %     15.30 %     15.18 %     15.45 %     15.18 %
Common equity tier 1 to risk weighted assets (Bank)     13.89 %     13.60 %     13.35 %     13.71 %     13.59 %     13.89 %     13.59 %
Tier 1 capital to average assets (Bank)     11.87 %     11.79 %     11.69 %     11.64 %     11.61 %     11.87 %     11.61 %
Total capital to risk-weighted assets (Bank)     15.02 %     14.73 %     14.49 %     14.90 %     14.80 %     15.02 %     14.80 %
Tangible common equity to assets     9.70 %     9.51 %     9.33 %     9.82 %     9.52 %     9.70 %     9.52 %
                                                         
END OF PERIOD BALANCES                                                        
Total portfolio loans   $ 1,251,355     $ 1,266,128     $ 1,280,812     $ 1,236,395     $ 1,211,844     $ 1,251,355     $ 1,211,844  
Earning assets     1,633,383       1,617,331       1,612,533       1,514,797       1,539,877       1,633,383       1,539,877  
Total assets     1,759,063       1,748,853       1,741,013       1,653,686       1,666,547       1,759,063       1,666,547  
Deposits     1,459,990       1,433,146       1,448,724       1,358,627       1,355,078       1,459,990       1,355,078  
Total shareholders' equity     170,175       166,145       162,239       162,245       158,462       170,175       158,462  
                             
AVERAGE BALANCES                            
Total portfolio loans   $ 1,260,051     $ 1,264,835     $ 1,245,093     $ 1,215,953     $ 1,212,836     $ 1,262,430     $ 1,207,759  
Earning assets     1,594,849       1,579,758       1,566,238       1,555,550       1,531,535       1,587,345       1,535,351  
Total assets     1,723,575       1,706,643       1,696,007       1,680,097       1,654,325       1,715,156       1,658,958  
Deposits     1,419,775       1,397,596       1,401,186       1,377,462       1,346,703       1,408,747       1,356,292  
Total shareholders' equity     168,240       164,317       163,092       160,196       156,664       166,289       155,454  
                             


Contact:
Jon Swets, CFO
616-494-7645

Primary Logo

View Comments and Join the Discussion!
 

Partner Center