Exhibit 99.1

 

LOGO

Bank of the James Announces Second Quarter, First Half 2019

Financial Results

Commercial Loan Growth, Robust Mortgage Origination, Expanded Market Presence

LYNCHBURG, Va., July 19, 2019

— Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (Greater Lynchburg MSA), and the Charlottesville, Harrisonburg, and Roanoke, Virginia markets, today announced unaudited results for the three months and six months ended June 30, 2019.

Net income for the three months ended June 30, 2019 was $1.38 million or $0.31 per diluted share, compared with $1.30 million or $0.30 per diluted share for the three months ended June 30, 2018. Net income for the six months ended June 30, 2019 was $2.61 million or $0.60 per diluted share, compared with $2.42 million or $0.55 per diluted share for the six months ended June 30, 2018.

Robert R. Chapman III, President and CEO, commented: “Steady growth in earnings, loans, assets and the Company’s book value reflects the outstanding work by our entire banking team. Our core Region 2000 market continues to generate strong results, and we have been very encouraged by the consistent commercial loan growth, mortgage originations and deposit expansion in our Charlottesville, Harrisonburg and Roanoke markets.

“In June, 2019, we opened our second full-service banking locations in Charlottesville and Roanoke — an expansion reflecting the positive reception and success in these markets. We are on-track to establish a new office in Rustburg, Virginia this year, and will soon expand our presence in Lexington, Virginia, extending our footprint in the Shenandoah Valley to serve Buena Vista, Lexington and the Rockbridge County community.

“As anticipated, our expansion resulted in increased operating expenses, including increased investment in personnel, equipment and facilities. It was particularly encouraging that even with higher operating costs, our Company reported higher year-over-year earnings that reflected increasing productivity of our established team and assets.”

Highlights

 

   

Loans receivable, net of the allowance for loan losses, were a Company-record $551.97 million at June 30, 2019, increasing by more than $21 million during the first six months of 2019 from $530.02 million at December 31, 2018.

 

   

Commercial lending growth was highlighted by expanded commercial real estate (CRE) lending throughout the Company’s served markets. Non-owner-occupied real estate loans were $185.72 million at June 30, 2019, up 8% compared with a year earlier. Total construction loans increased 17% year-over-year.

 

   

Total interest income in the second quarter of 2019 rose 10% compared with a year earlier, and increased 14% in the first half of 2019 compared with the first half of 2018, primarily as a result of loan growth.

 

   

Strong residential mortgage origination, which generates income from gains on loan sales to the secondary market, contributed significantly to increased total noninterest income, which was $1.66 million in the second quarter of 2019, up 15% from $1.44 million in the second quarter of 2018. Income from mortgage activity and fees from corporate treasury services contributed to total noninterest income of $2.88 million in the first half of 2019, up from $2.63 million in the first half of 2018.

 

   

Reflecting the Company’s emphasis on growing its deposit base, total deposits rose to $617.18 million at June 30, 2019, compared with $612.04 million at December 31, 2018 and $596.07 million at June 30, 2018. Core deposits (noninterest-bearing demand, NOW, savings and money market accounts) comprised approximately 70% of the Company’s total deposits.


   

Total assets rose to a Company-record $690.10 million at June 30, 2019, with strong asset quality.

 

   

New full-service offices opened in Charlottesville and Roanoke, the Company’s second full-service branches in both markets.

 

   

Total stockholders’ equity increased by more than $4 million to $59.25 million at June 30, 2019 from December 31, 2018. Tangible book value per share rose to $13.53, compared to $12.59 at December 31, 2018 and $12.00 at June 30, 2018.

Second Quarter, First Half of 2019 Operational Review

Total interest income was $7.39 million in the second quarter of 2019, up from $6.73 million a year earlier, reflecting loan growth and adjustable rate loans that repriced to reflect rising interest rates. Income from lending represented 92% of total interest income. Interest expense increased year-over-year, which reflected a larger deposit base and rate increases in demand and time deposits. Rates paid on total interest-bearing deposits in the second quarter of 2019 were 0.90% compared with 0.69% a year earlier.

Net interest income after provision for loan losses was $6.04 million for the three months ended June 30, 2019, compared with $5.49 million for the same period a year earlier. Commercial lending growth and modest loan yield increases contributed to the net interest margin of 3.82% in the second quarter of 2019 compared with 3.74% in the second quarter of 2018.

For the six months of 2019, total interest income rose nearly 14% to $14.62 million at June 30, 2019 from $12.88 million at June 30, 2018. Total interest expense increased year-over-year, reflecting a larger deposit base and rate increases on interest-bearing deposits. For the six months of 2019, net interest income after the provision for loan losses was $11.96 million, up 11% from $10.80 million for the six months of 2018. The net interest margin was 3.87% for the six months ended June 30, 2019 compared with 3.69% for the six months ended June 30, 2018.

J. Todd Scruggs, Executive Vice President and CFO, commented: “We have generally been satisfied with the stability of the net interest margin and interest rate spread. Even with higher interest expense, net interest income has demonstrated solid year-over-year growth driven by income from lending and supported by sound loan quality that has led to consistently low provisions for loan losses.”

Noninterest income, including gains from the sale of residential mortgages to the secondary market, revenue contributions from BOTJ Investment Services, and income from the Bank’s line of treasury management services for commercial customers was $1.66 million in the second quarter of 2019 compared with $1.44 million in the second quarter of 2018. In the first half of 2019, noninterest income rose to $2.88 million compared with $2.63 million in the first half of 2018.

Noninterest expense for the three months and six months ended June 30, 2019 increased, primarily reflecting increased personnel expenses and higher occupancy and equipment costs related to previously noted market expansion.

In the second quarter of 2019, Return on Average Assets (ROAA) was 0.80% and Return on Average Equity (ROAE) was 9.47%. In the first half of 2019, ROAA was 0.77% and ROAE was 9.11%. For both periods, ROAA was up slightly from a year earlier, and ROAE was down slightly from a year earlier. The Company’s efficiency ratio was higher in both periods compared to a year earlier, primarily reflecting the addition of personnel and facilities and an increase in variable compensation related to increased production in the mortgage and investment divisions.

Balance Sheet Review: Steady Growth, Sound Quality

Total assets were $690.10 million at June 30, 2019. The primary driver of balance sheet growth continues to be deposits used to fund loans held for investment, net of the allowance for loan losses, which totaled $551.97 million at June 30, 2019. Loans held-for-sale were $4.44 million, primarily reflecting strong residential mortgage activity. Fair value of securities available-for-sale was $53.82 million compared with $52.73 million at December 31, 2018.

Commercial lending continued to lead the Company’s loan portfolio growth, with stable year-over-year commercial & industrial lending, 4.5% growth in real estate lending and a 17% increase in construction lending.

 

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“The heart of successful commercial lending, particularly with small and midsize businesses, comes from building and maintaining relationships, providing expert advice, and offering customized financial solutions to every client,” explained Michael A. Syrek, Executive Vice President and Chief Loan Officer. “By building partnerships with clients, we are flexible and responsive to their needs.

“Commercial clients often have changing needs based on seasonality, project opportunity, and operating capital requirements. A focus on partnering with clients, communicating frequently, and offering a range of services and options enhances client retention and earns us referrals.”

The Company’s loan portfolio continued to provide balanced performance and year-over-year growth. Non-owner occupied commercial real estate (primarily commercial and investment property), was $185.72 million at June 30, 2019 compared with $171.67 million a year earlier. Owner-occupied commercial real estate was $156.43 million at June 30, 2019, up from $155.88 million at June 30, 2018. Total construction loans, led by non 1-4 family construction growth of 89%, was $25.16 million, up 17% from $21.44 million a year earlier. Consumer and home equity loans were similar to a year ago.

Total deposits at June 30, 2019 were $617.18 million, up from $612.04 million at December 31, 2018, led by expanded core deposits, which comprised 70% of total deposits. Interest-bearing demand deposits were $342.38 million at June 30, 2019 compared with $331.30 million at December 31, 2018. Noninterest bearing demand deposits were $88.90 million at June 30, 2019 compared with $91.36 million at December 31, 2018.

Asset quality remained strong, with a ratio of nonperforming loans to total loans of 0.63% at June 30, 2019, compared to 0.55% at December 31, 2018 and 0.60% at June 30, 2018. The allowance for loan losses to total loans was 0.85% at June 30, 2019, representing slight decreases from December 31, 2018 and June 30, 2018. During the quarter, the Company added modestly to its loan loss reserve, primarily to keep pace with loan growth. Based on continuing loan quality, the Company’s allowance for loan losses to nonperforming loans was 136% at June 30, 2019 compared to 156% at December 31, 2018.

Chapman noted: “We believe our longstanding trend of maintaining strong asset quality while consistently growing commercial loans and originating quality residential mortgage loans makes a strong statement about the credit policies and procedures in place. It also speaks to strong judgment of our people involved in determining creditworthiness, and their commitment to analyzing every borrower and situation. Strong loan quality has greatly contributed to quality earnings and maximizing shareholder value.”

As noted in the highlights, total stockholders’ equity and tangible book value per share increased at June 30, 2019. Retained earnings increased to $18.61 million at June 30, 2019 from $16.52 million at December 31, 2018. The Bank’s regulatory capital ratios continued to exceed accepted regulatory standards for a well-capitalized institution.

About the Company

Bank of the James, a wholly owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, and Roanoke. The bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or

 

3


otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, and changes in the value of real estate securing loans made by Bank of the James (the “Bank”), a subsidiary of the Company. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission and previously filed by the Bank (as predecessor of the Company) with the Federal Reserve Board.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

tscruggs@bankofthejames.com

FINANCIAL STATEMENTS FOLLOW

 

4


Bank of the James Financial Group, Inc. and Subsidiaries

Dollar amounts in thousands, except per share data

unaudited

 

Selected Data:

   Three
months
ending
Jun 30,
2019
     Three
months
ending
Jun 30,
2018
     Change     Year
to
date
Jun 30,
2019
     Year
to
date
Jun 30,
2018
     Change  

Interest income

   $ 7,390      $ 6,725        9.89   $ 14,624      $ 12,880        13.54

Interest expense

     1,238        922        34.27     2,342        1,746        34.14

Net interest income

     6,152        5,803        6.01     12,282        11,134        10.31

Provision for loan losses

     116        315        (63.17 )%      326        337        (3.26 )% 

Noninterest income

     1,659        1,441        15.13     2,878        2,627        9.55

Noninterest expense

     5,975        5,306        12.61     11,574        10,403        11.26

Income taxes

     343        323        6.19     649        598        8.53

Net income

     1,377        1,300        5.92     2,611        2,423        7.76

Weighted average shares outstanding — basic

     4,378,436        4,378,436        —         4,378,436        4,378,436        —    

Weighted average shares outstanding — diluted

     4,383,021        4,378,436        4,585       4,381,994        4,378,481        3,513  

Basic net income per share

   $ 0.31      $ 0.30      $ 0.01     $ 0.60      $ 0.55      $ 0.05  

Fully diluted net income per share

   $ 0.31      $ 0.30      $ 0.01     $ 0.60      $ 0.55      $ 0.05  

Balance Sheet at

period end:

   Jun 30,
2019
     Dec 31,
2018
     Change     Jun 30,
2018
     Dec 31,
2017
     Change  

Loans, net

   $ 551,974      $ 530,016        4.14   $ 523,730      $ 491,022        6.66

Loans held for sale

     4,443        1,670        166.05     5,815        2,626        121.44

Total securities

     57,512        56,427        1.92     57,394        61,025        (5.95 )% 

Total deposits

     617,184        612,043        0.84     596,068        567,493        5.04

Stockholders’ equity

     59,249        55,143        7.45     52,524        51,665        1.66

Total assets

     690,095        674,897        2.25     655,866        626,341        4.71

Shares outstanding

     4,378,436        4,378,436        —         4,378,436        4,378,436        —    

Book value per share

   $ 13.53      $ 12.59      $ 0.94     $ 12.00      $ 11.80      $ 0.20  

Daily averages:

   Three
months
ending
Jun 30,
2019
     Three
months
ending
Jun 30,
2018
     Change     Year
to
date
Jun 30,
2019
     Year
to
date
Jun 30,
2018
     Change  

Loans, net

   $ 542,162      $ 518,972        4.47   $ 537,763      $ 505,794        6.32

Loans held for sale

     3,948        3,706        6.53     2,981        3,076        (3.09 )% 

Total securities

     58,214        60,959        (4.50 )%      58,624        61,811        (5.16 )% 

Total deposits

     622,390        597,379        4.19     618,240        584,104        5.84

Stockholders’ equity

     58,295        53,913        8.13     57,809        53,383        8.29

Interest earning assets

     645,406        622,956        3.60     640,362        608,485        5.24

Interest bearing liabilities

     535,364        504,581        6.10     530,953        476,569        11.41

Total assets

     690,637        660,578        4.55     684,419        645,290        6.06

 

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Financial Ratios:

   Three
months
ending
Jun 30,
2019
    Three
months
ending
Jun 30,
2018
    Change     Year
to
date
Jun 30,
2019
    Year
to
date
Jun 30,
2018
    Change  

Return on average assets

     0.80     0.79     0.01       0.77     0.76     0.01  

Return on average equity

     9.47     9.67     (0.20     9.11     9.15     (0.04

Net interest margin

     3.82     3.74     0.08       3.87     3.69     0.18  

Efficiency ratio

     76.49     73.25     3.24       76.35     75.60     0.75  

Average equity to average assets

     8.44     8.16     0.28       8.45     8.27     0.18  

Allowance for loan losses:

   Three
months
ending
Jun 30,
2019
    Three
months
ending
Jun 30,
2018
    Change     Year
to
date
Jun 30,
2019
    Year
to
date
Jun 30,
2018
    Change  

Beginning balance

   $ 4,673     $ 4,671       0.04   $ 4,581     $ 4,752       (3.60 )% 

Provision for losses

     116       315       (63.17 )%      326       337       (3.26 )% 

Charge-offs

     (86     (315     (72.70 )%      (219     (555     (60.54 )% 

Recoveries

     21       17       23.53     36       154       (76.62 )% 

Ending balance

     4,724       4,688       0.77     4,724       4,688       0.77

Nonperforming assets:

   Jun 30,
2019
    Dec 31,
2018
    Change     Jun 30,
2018
    Dec 31,
2017
    Change  

Total nonperforming loans

   $ 3,485     $ 2,939       18.58   $ 3,195     $ 4,308       (25.84 )% 

Other real estate owned

     2,413       2,431       (0.74 )%      2,585       2,650       (2.45 )% 

Total nonperforming assets

     5,898       5,370       9.83     5,780       6,958       (16.93 )% 

Troubled debt restructurings — (performing portion)

     418       424       (1.42 )%      432       440       (1.82 )% 

Asset quality ratios:

   Jun 30,
2019
    Dec 31,
2018
    Change     Jun 30,
2018
    Dec 31,
2017
    Change  

Nonperforming loans to total loans

     0.63     0.55     0.08       0.60     0.87     (0.27

Allowance for loan losses to total loans

     0.85     0.86     (0.01     0.89     0.96     (0.07

Allowance for loan losses to nonperforming loans

     135.55     155.87     (20.32     146.73     110.31     36.42  

 

6


Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollar amounts in thousands, except per share amounts)

 

Assets

   (unaudited)
6/30/2019
    12/31/2018  

Cash and due from banks

   $ 24,543     $ 26,725  

Federal funds sold

     7,587       23,600  
  

 

 

   

 

 

 

Total cash and cash equivalents

     32,130       50,325  
  

 

 

   

 

 

 

Securities held-to-maturity (fair value of $3,774 in 2019 and $3,515 in 2018)

     3,694       3,700  

Securities available-for-sale, at fair value

     53,818       52,727  

Restricted stock, at cost

     1,506       1,462  

Loans, net of allowance for loan losses of $4,724 in 2019 and $4,581 in 2018

     551,974       530,016  

Loans held for sale

     4,443       1,670  

Premises and equipment, net

     15,664       13,233  

Software, net

     212       193  

Interest receivable

     1,761       1,742  

Cash value — bank owned life insurance

     13,526       13,359  

Other real estate owned

     2,413       2,431  

Income taxes receivable

     454       1,102  

Deferred tax asset, net

     1,232       1,755  

Other assets

     7,268       1,182  
  

 

 

   

 

 

 

Total assets

   $ 690,095     $ 674,897  
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Deposits

    

Noninterest bearing demand

     88,897       91,356  

NOW, money market and savings

     342,384       331,298  

Time

     185,903       189,389  
  

 

 

   

 

 

 

Total deposits

     617,184       612,043  

Capital notes

     5,000       5,000  

Interest payable

     159       127  

Other liabilities

     8,503       2,584  
  

 

 

   

 

 

 

Total liabilities

   $ 630,846     $ 619,754  
  

 

 

   

 

 

 

Stockholders’ equity

    

Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,378,436 as of June 30, 2019 and December 31, 2018

     9,370       9,370  

Additional paid-in-capital

     31,548       31,495  

Accumulated other comprehensive loss

     (275     (2,243

Retained earnings

     18,606       16,521  
  

 

 

   

 

 

 

Total stockholders’ equity

   $ 59,249     $ 55,143  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 690,095     $ 674,897  
  

 

 

   

 

 

 

 

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Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Statements of Income

(dollar amounts in thousands, except per share amounts)

(unaudited)

 

     For the Three Months
Ended June 30,
     For the Six Months
Ended June 30,
 
     2019      2018      2019      2018  

Interest Income

           

Loans

   $ 6,816      $ 6,195      $ 13,470      $ 11,869  

Securities

           

US Government and agency obligations

     184        186        369        384  

Mortgage backed securities

     56        66        117        134  

Municipals

     81        83        162        165  

Dividends

     33        23        51        31  

Other (Corporates)

     24        24        47        47  

Interest bearing deposits

     74        56        165        91  

Federal Funds sold

     122        92        243        159  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

     7,390        6,725        14,624        12,880  
  

 

 

    

 

 

    

 

 

    

 

 

 

Interest Expense

           

Deposits

           

NOW, money market savings

     362        231        668        423  

Time Deposits

     750        543        1,418        1,044  

Brokered time deposits

     76        82        156        162  

FHLB borrowings

     —          16        —          17  

Capital notes

     50        50        100        100  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     1,238        922        2,342        1,746  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income

     6,152        5,803        12,282        11,134  

Provision for loan losses

     116        315        326        337  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income after provision for loan losses

     6,036        5,488        11,956        10,797  
  

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest income

           

Gains on sale of loans held for sale

     1,075        873        1,766        1,493  

Service charges, fees and commissions

     461        465        900        929  

Increase in cash value of life insurance

     84        85        167        169  

Other

     39        18        45        36  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest income

     1,659        1,441        2,878        2,627  
  

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest expenses

           

Salaries and employee benefits

     3,153        2,832        6,081        5,545  

Occupancy

     417        360        838        755  

Equipment

     536        398        994        777  

Supplies

     142        140        304        289  

Professional, data processing, and other outside expense

     859        837        1,674        1,652  

Marketing

     276        187        421        327  

Credit expense

     156        112        283        237  

Other real estate expenses

     1        86        140        126  

FDIC insurance expense

     94        99        188        200  

Other

     341        255        651        495  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expenses

     5,975        5,306        11,574        10,403  
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     1,720        1,623        3,260        3,021  

Income tax expense

     343        323        649        598  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Income

   $ 1,377      $ 1,300      $ 2,611      $ 2,423  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average shares outstanding — basic

     4,378,436        4,378,436        4,378,436        4,378,436  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average shares outstanding — diluted

     4,383,021        4,378,436        4,381,994        4,378,481  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income per common share — basic

   $ 0.31      $ 0.30      $ 0.60      $ 0.55  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income per common share — diluted

   $ 0.31      $ 0.30      $ 0.60      $ 0.55  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

8

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