Blue Foundry Bancorp Reports First Quarter 2023 Results

RUTHERFORD, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023, compared to net income of $562 thousand, or $0.02 per diluted common share, for the three months ended December 31, 2022, and a net income of $553 thousand, or $0.02 per diluted share, for the three months ended March 31, 2022.

“Last week the Board approved the Company’s second stock repurchase program, authorizing the repurchase of up to 5% of the outstanding shares at the conclusion of the initial stock repurchase program,” said James D. Nesci, President and Chief Executive Officer. “We are pleased to be able to continue to return value to shareholders and we believe the program represents a prudent use of capital.”

Mr. Nesci continued, “While the banking industry has been challenged by recent events, we believe Blue Foundry is well positioned with strong capital, access to liquidity, and a low percentage of uninsured deposits to customers. Additionally, we can provide over $100 million in FDIC insurance coverage through products we offer.”

“Our first quarter performance largely reflects the impact that the competitive rate environment has had on our funding. We executed an interest rate swap program during the quarter that helped us manage funding costs while allowing us to prudently grow our lending portfolio through the organic origination of commercial loans with strong credit metrics. We also continue to remain focused on expense management initiatives to mitigate top line pressures.”

Highlights for the first quarter of 2023:

• Total loans grew by $40.9 million, or 2.7%, compared to the linked quarter.
• Loan originations totaled $64.6 million for the quarter.
• Deposits declined $44.3 million, or 3.4%, compared to the linked quarter.
• Non-interest expense, excluding the provision for commitments and letters of credit in the prior period, increased $585 thousand or 4.5% sequentially, driven by expenses related to the stockholder-approved equity awards, the absence of a technology services credit, and increased legal fees.
• Interest income for the quarter was $18.8 million, an increase of $1.3 million, or 7.2%, compared to the prior quarter.
• Interest expense for the quarter was $6.9 million, an increase of $2.2 million, or 48.4%, compared to the prior quarter.
• Net interest margin was 2.42%, a 20 basis point decrease from the prior quarter due to the competitive rate environment.
• Tangible book value per share was $14.06.
• 871 thousand shares were repurchased at a weighted average cost of $10.71.
  

Lending Franchise

The Company continues to diversify its lending franchise by focusing on growing the commercial portfolio. During the first quarter of 2023, total loans increased by $40.9 million primarily due to strong growth within the Company’s non-residential real estate, multifamily, commercial and industrial, and construction portfolios.

The details of the loan portfolio are below:

	March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022				March 31, 2022
	(In thousands)
Residential one-to-four family	$	592,809			$	597,254			$	594,795			$	593,563			$	583,524
Multifamily		695,207				690,690				680,181				580,060				518,192
Non-residential real estate		239,844				216,061				185,147				211,429				187,168
Construction and land		28,141				17,799				12,792				20,762				18,439
Junior liens		19,644				18,631				16,778				16,537				18,178
Commercial and industrial (1)		10,357				4,653				4,705				5,875				15,948
Consumer and other		58				39				39				47				37
Total loans		1,586,060				1,545,127				1,494,437				1,428,273				1,341,486
Allowance for credit losses		(14,153	)			(13,400	)			(13,600	)			(14,050	)			(13,465	)
Loans receivable, net	$	1,571,907			$	1,531,727			$	1,480,837			$	1,414,223			$	1,328,021

(1) The commercial and industrial portfolio includes Paycheck Protection Program loans, net of deferred fees, totaling $8.1 million at March 31, 2022, the only period in which the balance was material.

Retail Banking Franchise

As of March 31, 2023, deposits totaled $1.24 billion, a decrease of $44.3 million, or 3.4%, from December 31, 2022. While the Company continues to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products, the rate environment in the northern New Jersey market has intensified competition for deposits. The reduction in core deposits was partially offset by an increase of $6.7 million in time deposits. As of March 31, 2023, the deposit portfolio contains approximately 14% of uninsured deposits to third-party customers.

The details of deposits are below:

	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
	(In thousands)
Non-interest bearing deposits	$	32,518		$	37,907		$	48,097		$	43,655		$	39,742
NOW and demand accounts		427,281			410,937			396,873			464,157			431,167
Savings		361,871			423,758			455,979			358,166			367,177
Core deposits		821,670			872,602			900,949			865,978			838,086
Time deposits		422,911			416,260			365,548			430,696			444,936
Total deposits	$	1,244,581		$	1,288,862		$	1,266,497		$	1,296,674		$	1,283,022

Financial Performance Overview:

First quarter of 2023 compared to the first quarter of 2022

Net interest income compared to the first quarter of 2022:

• Net interest income was $11.9 million, in both quarters.
• Net interest margin decreased by 20 basis points to 2.42%.
• Yield on average interest-earning assets increased 84 basis points to 3.82%, while the cost of average interest-bearing liabilities increased 129 basis points to 1.77%.
• Average loans increased by $272.4 million and average interest-bearing liabilities increased by $177.2 million.

Non-interest expense compared to the first quarter of 2022:

• Non-interest expense was $13.7 million, an increase of $441 thousand, driven by higher compensation and benefits expense, partially offset by expense management initiatives across advertising and professional services.
• Compensation and employee benefits increased $787 thousand primarily due to equity based compensation expense.
• Since the adoption of the current expected credit loss (CECL) methodology on January 1, 2023, the provision for commitments and letters of credit is recorded in the provision for credit losses. This expense was previously recorded in non-interest expense. During the first quarter of 2022, the Company recorded a $170 thousand release of its provision for commitments and letters of credit.
  

Income tax expense compared to the first quarter of 2022:

• The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets.
• The Company did not record a tax benefit for the loss incurred during the current quarter due to the full valuation allowance required on its deferred tax assets. The prior year first quarter effective tax rate of 8.1% was a result of the taxable income produced during the prior year quarter, partially offset by the ability to utilize a portion of the net operating losses that were fully reserved.

Balance Sheet Summary:

March 31, 2023 compared to December 31, 2022

Cash and cash equivalents:

• Cash and cash equivalents increased $16.4 million compared to December 31, 2022 as the Company maintained cash on hand ahead of anticipated loan closings.
  

Securities available-for-sale:

• Securities available-for-sale decreased $5.2 million to $309.1 million due to an improvement in the unrealized position of the portfolio, as well as due to amortization and payoffs.
• Unrealized losses improved by $4.0 million to a net loss of $32.1 million.

Total loans:

• Total loans held for investment increased $40.9 million to $1.59 billion.
• Non-residential real estate loans increased $23.8 million, construction and land loans increased $10.3 million, commercial and industrial increased $5.7 million, and multifamily loans increased $4.5 million.
• Originations totaled $64.6 million, including originations of $26.0 million in non-residential real estate loans, $10.3 million in multifamily loans, and $9.2 million in construction loans. In addition, $6.8 million of conforming residential mortgages in New Jersey were purchased during the period.
  

Deposits:

• Deposits totaled $1.24 billion, a decrease of $44.3 million from December 31, 2022, largely a result of the competitive rate environment.
• Core deposits represented 66.0% of total deposits, compared to 67.7% at December 31, 2022 and 65.3% at March 31, 2022.
• Uninsured deposits to third party customers were $180 million, or 14% of total deposits, at the end of the first quarter.
  

Borrowings:

• FHLB borrowings increased by $112.0 million to $422.5 million to support loan growth and replace deposit attrition.
• The Company executed $100 million of hedges on interest rates with maturities ranging from three to five years. The Company’s hedging program aims to reduce the Company’s sensitivity to interest rate by locking in spread.
• As of March 31, 2023, the Company had $303.4 million of borrowing capacity at FHLB and $32.5 million of other unsecured lines of credit.
  

Capital:

• Shareholders’ equity decreased by $8.0 million to $385.7 million. The decrease was primarily driven by the $9.3 million cost of shares repurchased, partially offset by stock-based compensation activity.
• Tangible equity to tangible assets was 18.33% and tangible common equity per share outstanding was $14.06.
• The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.
  

Asset quality:

• The Company adopted the CECL methodology for calculating credit losses effective January 1, 2023. The adoption increased the reserve on loans by $660 thousand, decreased the reserve for commitments and letters of credit by $811 thousand, and established a $170 thousand reserve on held-to-maturity securities, resulting in a net decrease of $18 thousand in retained earnings. As of March 31, 2023, the Allowance for Credit Losses (“ACL”) as a percentage of gross loans was 0.89%.
• The Company recorded a net release of provision for credit losses of $23 thousand for the quarter ended March 31, 2023, driven by a reduction in commitments at quarter end, partially offset by growth in our commercial portfolios.
• Non-performing loans totaled $7.5 million, or 0.47% of total loans compared to $7.8 million, or 0.50% of total loans at December 31, 2022, and $10.5 million, or 0.78% of total loans at March 31, 2022.
• Net charge-offs were $3 thousand for the quarter ended March 31, 2023.

About Blue Foundry

Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Morris, Passaic and Somerset counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

Conference Call Information

A conference call covering Blue Foundry’s first quarter 2023 earnings announcement will be held today, Wednesday, April 26, 2023 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-844-200-6205 (toll free), 1-646-904-5544 (local) or +1-929-526-1599 (international) and use access code 053322. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

Contact:
James D. Nesci
President and Chief Executive Officer
BlueFoundryBank.com
jnesci@bluefoundrybank.com
201-972-8900

Forward Looking Statements

Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. 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: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Financial Condition
	March 31, 2023			December 31, 2022			September 30, 2022
	(unaudited)			(audited)			(unaudited)
	(Dollars in Thousands)
ASSETS
Cash and cash equivalents	$	57,621		$	41,182		$	57,324
Securities available for sale, at fair value		309,083			314,248			321,320
Securities held to maturity		33,472			33,705			30,749
Other investments		21,070			16,069			15,432
Loans held-for-sale		2,552			—			—
Loans, net		1,571,907			1,531,727			1,480,837
Interest and dividends receivable		7,375			6,893			6,431
Premises and equipment, net		30,839			29,825			29,992
Right-of-use assets		26,320			25,906			25,537
Bank owned life insurance		21,688			21,576			22,012
Other assets		19,128			22,207			22,284
Total assets	$	2,101,055		$	2,043,338		$	2,011,918
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits	$	1,244,581		$	1,288,862		$	1,266,497
Advances from the Federal Home Loan Bank		422,500			310,500			295,500
Advances by borrowers for taxes and insurance		9,695			9,302			10,926
Lease liabilities		27,799			27,324			26,875
Other liabilities		10,787			13,632			14,782
Total liabilities		1,715,362			1,649,620			1,614,580
Shareholders’ equity		385,693			393,718			397,338
Total liabilities and shareholders’ equity	$	2,101,055		$	2,043,338		$	2,011,918

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Operations (Dollars in Thousands Except Per Share Data) (Unaudited)
	Three months ended
	March 31, 2023				December 31, 2022				March 31, 2022
	(Dollars in thousands)
Interest income:
Loans	$	15,569			$	14,487			$	11,656
Taxable investment income		3,152				2,970				1,817
Non-taxable investment income		111				112				121
Total interest income		18,832				17,569				13,594
Interest expense:
Deposits		4,154				2,482				882
Borrowed funds		2,737				2,160				773
Total interest expense		6,891				4,642				1,655
Net interest income		11,941				12,927				11,939
Release of provision for credit losses		(23	)			(224	)			(952	)
Net interest income after provision for credit losses		11,964				13,151				12,891
Non-interest income:
Fees and service charges		262				341				800
Gain on sale of loans		135				—				—
Other income		87				103				127
Total non-interest income		484				444				927
Non-interest expense:
Compensation and employee benefits		7,847				7,620				7,060
Occupancy and equipment		1,982				1,909				1,881
Data processing		1,601				1,324				1,478
Advertising		72				68				519
Professional services		980				838				1,291
Release of provision for commitments and letters of credit		—				(203	)			(170	)
Federal deposit insurance		105				105				78
Other		1,070				1,208				1,079
Total non-interest expense		13,657				12,869				13,216
(Loss) income before income tax expense		(1,209	)			726				602
Income tax expense		—				164				49
Net (loss) income	$	(1,209	)		$	562			$	553
Basic (loss) earnings per share	$	(0.05	)		$	0.02			$	0.02
Diluted (loss) earnings per share	$	(0.05	)		$	0.02			$	0.02
Weighted average shares outstanding-basic		25,374,653				25,713,534				26,343,508
Weighted average shares outstanding-diluted		25,885,826				26,013,015				26,343,508

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Financial Highlights (Dollars in Thousands Except Per Share Data) (Unaudited)
	Three months ended
	March 31, 2023				December 31, 2022				September 30, 2022			June 30, 2022			March 31, 2022
Performance Ratios (%):
(Loss) return on average assets		(0.24	)			0.11				0.25			0.01			0.12
(Loss) return on average equity		(1.25	)			0.56				1.20			0.04			0.52
Interest rate spread (1)		2.05				2.35				2.68			2.71			2.50
Net interest margin (2)		2.42				2.62				2.84			2.83			2.62
Efficiency ratio (non-GAAP) (3)		109.92				97.76				92.37			96.13			104.04
Average interest-earning assets to average interest-bearing liabilities		126.39				128.30				130.30			131.52			131.77
Tangible equity to tangible assets (4)		18.33				19.24				19.72			20.97			21.68
Book value per share (5)	$	14.08			$	14.30			$	14.11		$	14.46		$	14.73
Tangible book value per share (5)	$	14.06			$	14.28			$	14.09		$	14.43		$	14.72
Asset Quality:
Non-performing loans	$	7,481			$	7,767			$	8,409		$	9,998		$	10,482
Real estate owned, net	$	—			$	—			$	—		$	—		$	—
Non-performing assets	$	7,481			$	7,767			$	8,409		$	9,998		$	10,482
Allowance for credit losses to total loans (%)		0.89				0.87				0.91			0.98			1.00
Allowance for credit losses to non-performing loans (%)		189.18				172.52				161.73			140.53			128.46
Non-performing loans to total loans (%)		0.47				0.50				0.56			0.70			0.78
Non-performing assets to total assets (%)		0.36				0.38				0.42			0.51			0.54
Net charge-offs to average outstanding loans during the period (%)		—				(0.01	)			0.01			—			—

(1)	Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(2)	Net interest margin represents net interest income divided by average interest-earning assets.
(3)	Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
(4)	Tangible equity equals $384.9 million, which exclude intangible assets ($781 thousand of capitalized software). Tangible assets equal $2.10 billion and exclude intangible assets.
(5)	Per share metrics computed using 27,385,482 total shares outstanding.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income (Dollars in Thousands) (Unaudited)
	Three Months Ended,
	March 31, 2023									December 31, 2022									March 31, 2022
	Average Balance			Interest			Average Yield/Cost			Average Balance			Interest			Average Yield/Cost			Average Balance			Interest			Average Yield/Cost
	(Dollars in thousands)
Assets:
Loans (1)	$	1,553,118		$	15,569		4.07	%		$	1,511,941		$	14,487		3.80	%		$	1,280,678		$	11,656		3.69	%
Mortgage-backed securities		179,604			982		2.22	%			187,213			1,092		2.31	%			171,912			722		1.70	%
Other investment securities		199,069			1,512		3.08	%			200,013			1,425		2.83	%			198,736			1,020		2.08	%
FHLB stock		20,141			308		6.20	%			17,225			216		4.96	%			9,942			116		4.73	%
Cash and cash equivalents		46,530			461		4.02	%			44,718			349		3.10	%			188,706			80		0.17	%
Total interest-earning assets		1,998,462			18,832		3.82	%			1,961,110			17,569		3.55	%			1,849,974			13,594		2.98	%
Non-interest earning assets		55,942									52,258									77,445
Total assets	$	2,054,404								$	2,013,368								$	1,927,419
Liabilities and shareholders' equity:
NOW, savings, and money market deposits	$	805,392			2,010		1.01	%		$	848,199			1,636		0.77	%		$	760,369			235		0.13	%
Time deposits		416,238			2,144		2.09	%			356,377			846		0.94	%			458,109			647		0.57	%
Interest-bearing deposits		1,221,630			4,154		1.38	%			1,204,576			2,482		0.82	%			1,218,478			882		0.29	%
FHLB advances		359,511			2,737		3.09	%			323,903			2,160		2.65	%			185,500			773		1.69	%
Total interest-bearing liabilities		1,581,141			6,891		1.77	%			1,528,479			4,642		1.20	%			1,403,978			1,655		0.48	%
Non-interest bearing deposits		34,879									42,144									42,402
Non-interest bearing other		44,850									47,746									48,273
Total liabilities		1,660,870									1,618,369									1,494,653
Total shareholders' equity		393,534									394,999									432,766
Total liabilities and shareholders' equity	$	2,054,404								$	2,013,368								$	1,927,419
Net interest income				$	11,941								$	12,927								$	11,939
Net interest rate spread (2)							2.05	%								2.35	%								2.50	%
Net interest margin (3)							2.42	%								2.62	%								2.62	%

(1)	Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans.
(2)	Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3)	Net interest margin represents net interest income divided by average interest-earning assets.

BLUE FOUNDRY BANCORP AND SUBSIDIARY
Adjusted Pre-Provision Net Revenue (Non-GAAP)
(Dollars in Thousands Except Per Share Data) (Unaudited)

This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Blue Foundry's performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry's financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Net income, as presented in the Consolidated Statements of Operations, includes the provision for loan losses, provision for commitments and letters of credit, and income tax expense, while pre-provision net revenue does not.

	Three months ended
	March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022				March 31, 2022
	(Dollars in thousands)
Pre-provision net revenue (PPNR) and efficiency ratio, as adjusted:
Net interest income	$	11,941			$	12,927			$	13,815			$	13,162			$	11,939
Other income		484				444				799				494				927
Operating expenses, as reported		13,657				12,869				13,669				13,019				13,216
Less: Provision for commitments and letters of credit		—				(203	)			170				(108	)			(170	)
Operating expenses, as adjusted		13,657				13,072				13,499				13,127				13,386
Pre-provision net revenue (loss), as adjusted	$	(1,232	)		$	299			$	1,115			$	529			$	(520	)
Efficiency ratio, as adjusted		109.9	%			97.8	%			92.4	%			96.1	%			104.0	%
Core deposits:
Total deposits	$	1,244,581			$	1,288,862			$	1,266,497			$	1,296,674			$	1,283,022
Less: time deposits		422,911				416,260				365,548				430,696				444,936
Core deposits	$	821,670			$	872,602			$	900,949			$	865,978			$	838,086
Core deposits to total deposits		66.0	%			67.7	%			71.1	%			66.8	%			65.3	%
Tangible equity:
Shareholders’ equity	$	385,693			$	393,718			$	397,338			$	412,293			$	420,214
Less: intangible assets		781				798				760				630				452
Tangible equity	$	384,912			$	392,920			$	396,578			$	411,663			$	419,762
Tangible book value per share:
Tangible equity	$	384,912			$	392,920			$	396,578			$	411,663			$	419,762
Shares outstanding		27,385,482				27,523,219				28,155,292				28,522,500				28,522,500
Tangible book value per share	$	14.06			$	14.28			$	14.09			$	14.43				14.72