Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income for the third quarter of fiscal 2021 of
$11.5 million, an increase of $6.4 million, or 124.7%, as compared
to the same period of the prior fiscal year. The increase was
attributable to increases in net interest income, a decline in
provision for credit losses, an increase in noninterest income, and
a decline in noninterest expense, partially offset by an increase
in provision for income taxes. Preliminary net income was $1.27 per
fully diluted common share for the third quarter of fiscal 2021, an
increase of $.72 as compared to the $.55 per fully diluted common
share reported for the same period of the prior fiscal year.
Highlights for the third quarter of fiscal
2021:
- Annualized return on average assets was 1.71%, while annualized
return on average common equity was 16.9%, as compared to 0.88% and
8.1%, respectively, in the same quarter a year ago, and 1.87% and
18.3%, respectively, in the second quarter of fiscal 2021, the
linked quarter.
- Earnings per common share (diluted) were $1.27, up $.72, or
130.9%, as compared to the same quarter a year ago, and down $.05,
or 3.8%, from the second quarter of fiscal 2021, the linked
quarter.
- Provision for credit losses represented a recovery of $409,000,
all of which was due to a reduction in the Company’s required
allowance for off-balance sheet credit exposure, while the
allowance for credit losses was unchanged aside from net charge
offs of $244,000 recognized during the period. In the same quarter
a year ago, provision for loan losses totaled $2.9 million, and
provision for off-balance sheet credit exposure totaled $300,000.
Nonperforming assets were $9.4 million, or 0.34% of total assets,
at March 31, 2021, as compared to $11.1 million, or 0.42% of total
assets, at December 31, 2020, and $14.9 million, or 0.63% of total
assets, at March 31, 2020, one year prior.
- Net loans increased $13.5 million during the quarter, with
balances of SBA Paycheck Protection Program (PPP) loans growing by
$5.0 million, as new PPP originations slightly outpaced
approximately $42 million in forgiveness payments received during
the quarter.
- Deposit balances increased $103.7 million in the quarter, which
is typically one of our stronger quarters for deposit growth,
attributable in part this year to continued receipt by depositors
of economic impact payments and PPP proceeds. Deposits continued to
migrate away from certificates of deposit and to nonmaturity
accounts, with most growth in transaction accounts.
- Net interest margin for the quarter was 3.68%, up from the
3.63% reported for the year ago period, and down from 3.92%
reported for the second quarter of fiscal 2021, the linked quarter.
Net interest income was increased significantly by accelerated
accretion of deferred origination fees on PPP loans as those loans
were repaid through SBA forgiveness. Discount accretion on acquired
loan portfolios was also increased in the current quarter as
compared to the linked and year ago periods. Margin was negatively
impacted by increased average cash balances.
- Noninterest income was up 40.1% for the quarter, as compared to
the year ago period, and was down 20.9% as compared to the second
quarter of fiscal 2021, the linked quarter. Notable variances
included nonrecurring benefits realized on bank-owned life
insurance recognized during the linked quarter, without comparable
items in the current period, an impairment of mortgage servicing
rights recognized in the same quarter a year ago, and gains on
sales of mortgage loans into the secondary market which were well
above year ago levels, but down from the linked quarter.
- Noninterest expense was down 0.3% for the quarter, as compared
to the year ago period, and was up 3.7% from the second quarter of
fiscal 2021, the linked quarter. To conform with regulatory
accounting requirements discussed below, the Company will be
reporting provision for off-balance sheet credit exposures, which
was a charge of $388,000 in the linked quarter, and a charge of
$300,000 in the year ago period, as a component of its provision
for credit losses beginning with the 2021 fiscal year. The charges
reported in the current fiscal year to date have been reclassified
to provision for credit losses, as well. In the current period, as
noted above, a $409,000 recovery was recognized for off-balance
sheet credit exposure as a negative provision for credit
losses.
Dividend Declared:
The Board of Directors, on April 20, 2021, declared a quarterly
cash dividend on common stock of $0.16, payable May 28, 2021, to
stockholders of record at the close of business on May 14, 2021,
marking the 108th consecutive quarterly dividend since the
inception of the Company. The Board of Directors and management
believe the payment of a quarterly cash dividend enhances
stockholder value and demonstrates our commitment to and confidence
in our future prospects.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, April 27,
2021, at 3:30 p.m., central time. The call will be available live
to interested parties by calling 1-888-339-0709 in the United
States (Canada: 1-855-669-9657, international: 1-412-902-4189).
Participants should ask to be joined into the Southern Missouri
Bancorp (SMBC) call. Telephone playback will be available beginning
one hour following the conclusion of the call through May 10, 2021.
The playback may be accessed by dialing 1-877-344-7529 (Canada:
1-855-669-9658, international: 1-412-317-0088), and using the
conference passcode 10155753.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine
months of fiscal 2021, with total assets of $2.7 billion at March
31, 2021, reflecting an increase of $189.9 million, or 7.5%, as
compared to June 30, 2020. Growth primarily reflected increases in
cash and cash equivalents and available-for-sale (“AFS”)
securities, partially offset by a decrease in net loans
receivable.
Cash equivalents and time deposits were a combined $237.9
million at March 31, 2021, an increase of $182.7 million, or
330.8%, as compared to June 30, 2020. The increase was primarily a
result of rapid deposit growth. AFS securities were $190.4 million
at March 31, 2021, an increase of $13.9 million, or 7.9%, as
compared to June 30, 2020.
Loans, net of the allowance for credit losses (ACL), were $2.1
billion at March 31, 2021, a decrease of $7.0 million, or 0.3%, as
compared to June 30, 2020. Gross loans increased by $3.0 million,
or 0.1%, during the first nine months of the fiscal year, while the
ACL at March 31, 2021, reflected an increase of $10.1 million, as
compared to the balance of our allowance for loan and lease losses
(ALLL) at June 30, 2020. The Company adopted ASU 2016-13, Financial
Instruments – Credit Losses, also known as the current expected
credit loss (“CECL”) standard, effective as of July 1, 2020, the
beginning of our 2021 fiscal year. Adoption resulted in a $9.3
million increase in the ACL, relative to the ALLL as of June 30,
2020, while provisioning in excess of net charge offs during the
first nine months of fiscal 2021 increased the ACL by an additional
$755,000, as compared to July 1, 2020. The increase in loan
balances in the portfolio was primarily attributable to increases
in residential real estate loans, drawn construction loan balances,
and commercial real estate loans, partially offset by decreases in
commercial loans and consumer loans. Residential real estate loans
increased primarily due to growth in 1- to 4-family residential
lending, as well as increases in multifamily loans. Due to its
liquidity position, the Company retained some single-family
residential loans which it typically would have sold on the
secondary market. Commercial real estate loans increased primarily
due to loans secured by owner-occupied nonresidential property.
Commercial loan balances decreased primarily as a result of
forgiveness of PPP loans, which declined by $31.7 million in the
fiscal year to date, but increased by $5.0 million in the quarter
ended March 31, 2021, to stand at $100.5 million. “Second draw” PPP
loans under the program re-opened by the SBA in January 2021, and
funding of these loans more than offset forgiveness payments
received during the March quarter. Management expects continued
growth of second draw loans to be limited as the program draws to a
close in May 2021, and we would expect forgiveness payments to pick
up in the next several quarters for larger balance loans originated
under the first round of activity and for forgiveness payments to
begin to be received for the second round of loans. Loans
anticipated to fund in the next 90 days totaled $145.8 million at
March 31, 2021, as compared to $85.1 million at December 31, 2020,
and $76.6 million at March 31, 2020. The pipeline figures did not
include PPP loans, and the amount of PPP loans that were in process
at March 31, 2021 was immaterial.
Nonperforming loans were $6.8 million, or 0.31% of gross loans,
at March 31, 2021, as compared to $8.7 million, or 0.40% of gross
loans at June 30, 2020, and $11.4 million, or 0.57% of gross loans
at March 31, 2020. Nonperforming assets were $9.4 million, or 0.34%
of total assets, at March 31, 2021, as compared to $11.2 million,
or 0.44% of total assets, at June 30, 2020, and $14.9 million, or
0.63% of total assets, at March 31, 2020. The decrease in
nonperforming loans over the previous twelve months was attributed
primarily to the resolution of certain nonperforming loans acquired
in the November 2018 acquisition of Gideon Bancshares and its
subsidiary, First Commercial Bank (the “Gideon Acquisition”).
Our ACL at March 31, 2021, totaled $35.2 million, representing
1.62% of gross loans and 521.3% of nonperforming loans, as compared
to an ALLL of $25.1 million, representing 1.16% of gross loans and
290.4% of nonperforming loans at June 30, 2020, and an ALLL of
$23.5 million, or 1.18% of gross loans and 205.7% of nonperforming
loans, at March 31, 2020. The ACL at March 31, 2021, also
represented 1.70% of gross loans excluding PPP loans. The Company
has estimated its credit losses as of March 31, 2021, under ASC
320-20, and management believes the allowance for credit losses as
of that date is adequate based on that estimate; however, there
remains significant uncertainty regarding the possible length of
time before economic activity fully recovers from the COVID-19
pandemic, including uncertainty regarding the effectiveness of
recent efforts by the U.S. government and Federal Reserve to
respond to the pandemic and its economic impact. Management
considered the impact of the pandemic on its consumer and business
borrowers, particularly those business borrowers most affected by
efforts to contain the pandemic, most notably including our
borrowers in the hotel industry.
Provisions of the CARES Act and subsequent legislation allow
financial institutions the option to temporarily suspend certain
requirements under U.S. GAAP related to troubled debt
restructurings (TDRs) for certain loans that were otherwise current
and performing prior to the COVID-19 pandemic, but for which
borrowers experienced or expected difficulties due to the impact of
the pandemic. Initially, deferrals under this program were
generally granted for three-month periods, while interest-only
modifications were generally for six-month periods. Some borrowers
were granted additional periods of deferral or interest-only
modifications. The Company did not account for these loans as TDRs.
As of March 31, 2021, loans for which COVID-related payment
deferrals and interest-only payment modifications remained in place
included approximately 18 loans with balances totaling $40.4
million, as compared to approximately 900 loans with balances
totaling $380.2 million with such deferrals or modifications in
place at June 30, 2020. Details by loan type are included in the
table at the conclusion of this document. For borrowers whose
payment terms have not returned to the original terms under their
loan agreement, the Company has generally classified the credit as
a “watch” or “special mention” status credit. Loans remaining under
a COVID-related payment deferral or interest-only modification
which have been placed on watch or special mention status total
$39.5 million. While management considers progress made by our
borrowers in responding to the pandemic to be relatively strong,
and the performance of our loan portfolio to be encouraging to
date, we cannot predict with certainty the difficulties to be faced
in coming months. Communities where our borrowers operate could
experience increases in COVID-19 cases and reductions in business
activity or employee attendance, and borrowers could be required by
local authorities to restrict activity.
Total liabilities were $2.5 billion at March 31, 2021, an
increase of $175.3 million, or 7.7%, as compared to June 30,
2020.
Deposits were $2.4 billion at March 31, 2021, an increase of
$183.9 million, or 8.4%, as compared to June 30, 2020. This
increase primarily reflected an increase in interest-bearing
transaction accounts, noninterest-bearing transaction accounts,
savings accounts, and money market deposit accounts, partially
offset by a decrease in time deposits. The increase included a
$27.0 million increase in public unit funds, and was net of a $13.3
million decrease in brokered deposits. Public unit balances were
$332.2 million at March 31, 2021, while brokered time deposits
totaled $10.0 million, and brokered money market deposits were
$20.1 million. Depositors continue to hold unusually high balances
in the uncertain environment. The average loan-to-deposit ratio for
the third quarter of fiscal 2021 was 92.4%, as compared to 99.9%
for the same period of the prior fiscal year.
FHLB advances were $62.8 million at March 31, 2021, a decrease
of $7.2 million, or 10.3%, as compared to June 30, 2020, as the
Company’s deposit inflows outpaced loan demand or desired
investment portfolio growth. The Company has continued to monitor
the availability of the Federal Reserve’s PPP Lending Facility
(PPPLF), but has not utilized it to date, given our improved
liquidity position and the lack of attractive alternative
investment options.
The Company’s stockholders’ equity was $272.9 million at March
31, 2021, an increase of $14.6 million, or 5.6%, as compared to
March 31, 2020. The increase was attributable primarily to earnings
retained after cash dividends paid, partially offset by the
one-time negative adjustment to retained earnings resulting from
the adoption of the CECL standard and repurchases of the Company’s
common stock. Since re-starting the repurchase program in October
2020, the Company has repurchased 184,384 common shares for $6.0
million through March 31, 2021, at an average price of $32.76.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended March 31, 2021, was $23.1 million, an increase of $3.7
million, or 19.2%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 17.4% increase in
the average balance of interest-earning assets, combined with an
increase in net interest margin to 3.68% in the current three-month
period, from 3.63% in the same period a year ago. As a material
amount of PPP loans were forgiven and therefore repaid ahead of
their scheduled maturity, the Company recognized accelerated
accretion of interest income from deferred origination fees on
these loans. In the current quarter, this component of interest
income totaled $1.2 million, adding 18 basis points to the net
interest margin, with no comparable item in the year ago period. In
the linked quarter, ended December 31, 2020, accelerated accretion
of deferred origination fees on PPP loans totaled $968,000, adding
16 basis points to the net interest margin.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018
acquisition of Southern Missouri Bank of Marshfield, the Gideon
Acquisition, and the May 2020 acquisition of Central Federal
Savings & Loan Association of Rolla (the Central Federal
Acquisition), resulted in $614,000 in net interest income for the
three-month period ended March 31, 2021, as compared to $410,000 in
net interest income for the same period a year ago. The Company
generally expects this component of net interest income will
continue to decline over time, although volatility may occur to the
extent we have periodic resolutions of specific loans. Combined,
these components of net interest income contributed ten basis
points to net interest margin in the three-month period ended March
31, 2021, as compared to a contribution of eight basis points in
the same period of the prior fiscal year, and as compared to the
nine basis point contribution in the linked quarter, ended December
31, 2020, when net interest margin was 3.92%.
The provision for credit losses for the three-month period ended
March 31, 2021, was a recovery of $409,000, as compared to a charge
of $2.9 million in the same period of the prior fiscal year. The
full amount of the recovery in the current period was due to a
reduction in the Company’s required allowance for off-balance sheet
credit exposure, while the allowance for credit losses was
unchanged during the three-month period ended March 31, 2021, aside
from net charge offs of $244,000 recognized during the period. The
Company assesses that the outlook has generally improved as
compared to the quarter ended June 30, 2020. As a percentage of
average loans outstanding, the provision for credit losses in the
current three-month period represented a recovery of 0.08%
(annualized), while the Company recorded net charge offs during the
period of 0.05% (annualized). During the same period of the prior
fiscal year, the provision represented a charge of 0.58%
(annualized), while the Company recorded net charge offs of 0.03%
(annualized). Also in the prior period, a separate provision for
off-balance sheet credit exposure was recognized for $300,000, and
previously classified as noninterest expense, whereas under updated
regulatory accounting guidelines, that figure will be combined with
the provision for credit losses for current fiscal year and going
forward. The charges reported in the current fiscal year to date
have been reclassified to provision for credit losses, as well.
The Company’s noninterest income for the three-month period
ended March 31, 2021, was $4.5 million, an increase of $1.3
million, or 40.1%, as compared to the same period of the prior
fiscal year. In the current period, increases in gains realized on
the sale of residential real estate loans originated for that
purpose, loan servicing income, bank card interchange income, and a
gain on sale of AFS securities were partially offset by decreases
in deposit account service charges and other loan fees. Gains
realized on the sale of residential real estate loans originated
for that purpose increased as origination of these loans was up
180% as compared to the year ago period, while pricing was
improved. Gains declined from the linked quarter, as the Company
chose to retain some mortgage loans that were fully underwritten
for sale on the secondary market, due to its liquidity position.
Loan servicing income increased primarily due to recognition of a
$395,000 impairment charge on mortgage servicing rights in the year
ago period, as well as due to continued high levels of originations
and an increase in the balance of serviced loans. Bank card
interchange income increased due to a 15.5% increase in the number
of bank card transactions and a 30.1% increase in bank card dollar
volume, as compared to the same quarter a year ago. Deposit service
charges decreased primarily due to a reduction in NSF activity.
Noninterest expense for the three-month period ended March 31,
2021, was $13.5 million, a decrease of $41,000, or 0.3%, as
compared to the same period of the prior fiscal year. The decrease
was attributable primarily to the inclusion in the year ago period
of a $300,000 provision for off-balance sheet credit exposure,
which, as noted above, will be combined with the provision for
credit losses for the current fiscal year and going forward.
Additionally, in the year ago period, the Company reported $76,000
in expenses related to the Central Federal Acquisition, with no
comparable charges in the current period. Otherwise, a reduction in
charges related to foreclosed property and a reduction in charges
to amortize core deposit intangibles were offset by increases in
compensation and benefits, occupancy expenses, deposit insurance
premiums, and data processing expense. The increase in compensation
and benefits as compared to the prior year primarily reflected
standard increases in compensation and benefits over the prior
year. Occupancy expenses increased due in part to additional
locations, as well as replacement of some ATMs with ITMs with video
teller capability, and timing differences in maintenance expenses
and purchases of smaller equipment items not capitalized. Deposit
insurance premiums reflected a return to a normalized level of
premiums after the Company benefited from one-time assessment
credits for much of the prior fiscal year. Data processing expenses
increased primarily due to licensing of updated productivity,
mobility, and security software. The efficiency ratio for the
three-month period ended March 31, 2021, was 49.0%, as compared to
59.9% in the same period of the prior fiscal year, with the
improvement attributable primarily to the current period’s
increases in net interest income and noninterest income, while
noninterest expenses were little changed in total.
The income tax provision for the three-month period ended March
31, 2021, was $3.1 million, an increase of $2.0 million, or 174.2%
as compared to the same period of the prior fiscal year, as higher
pre-tax income combined with an increase in the effective tax rate,
to 21.3%, as compared to 18.1% in the same period a year ago. The
higher effective tax rate was attributable primarily to the
significant increase in pre-tax income, without corresponding
increases in tax-advantaged investments.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: potential adverse impacts to the economic conditions in
the Company’s local market areas, other markets where the Company
has lending relationships, or other aspects of the Company’s
business operations or financial markets, generally, resulting from
the ongoing COVID-19 pandemic and any governmental or societal
responses thereto; expected cost savings, synergies and other
benefits from our merger and acquisition activities might not be
realized to the extent anticipated, within the anticipated time
frames, or at all, and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; the strength of
the United States economy in general and the strength of the local
economies in which we conduct operations; fluctuations in interest
rates and in real estate values; monetary and fiscal policies of
the FRB and the U.S. Government and other governmental initiatives
affecting the financial services industry; the risks of lending and
investing activities, including changes in the level and direction
of loan delinquencies and write-offs and changes in estimates of
the adequacy of the allowance for credit losses; our ability to
access cost-effective funding; the timely development of and
acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; fluctuations in real estate values and both
residential and commercial real estate markets, as well as
agricultural business conditions; demand for loans and deposits;
legislative or regulatory changes that adversely affect our
business; changes in accounting principles, policies, or
guidelines; results of regulatory examinations, including the
possibility that a regulator may, among other things, require an
increase in our reserve for loan losses or write-down of assets;
the impact of technological changes; and our success at managing
the risks involved in the foregoing. Any forward-looking statements
are based upon management’s beliefs and assumptions at the time
they are made. We undertake no obligation to publicly update or
revise any forward-looking statements or to update the reasons why
actual results could differ from those contained in such
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking statements discussed might not
occur, and you should not put undue reliance on any forward-looking
statements.
Southern Missouri Bancorp,
Inc.UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
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Summary Balance Sheet
Data as of: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
(dollars in thousands, except per share data) |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
237,873 |
|
$ |
150,496 |
|
$ |
42,850 |
|
$ |
55,219 |
|
$ |
57,078 |
|
Available for sale (AFS)
securities |
|
|
190,409 |
|
|
181,146 |
|
|
175,528 |
|
|
176,524 |
|
|
180,592 |
|
FHLB/FRB membership stock |
|
|
11,181 |
|
|
11,004 |
|
|
11,956 |
|
|
10,753 |
|
|
13,054 |
|
Loans receivable, gross |
|
|
2,170,112 |
|
|
2,156,870 |
|
|
2,185,547 |
|
|
2,167,068 |
|
|
1,991,328 |
|
Allowance for loan losses |
|
|
35,227 |
|
|
35,471 |
|
|
35,084 |
|
|
25,139 |
|
|
23,508 |
|
Loans receivable, net |
|
|
2,134,885 |
|
|
2,121,399 |
|
|
2,150,463 |
|
|
2,141,929 |
|
|
1,967,820 |
|
Bank-owned life insurance |
|
|
43,539 |
|
|
43,268 |
|
|
43,644 |
|
|
43,363 |
|
|
39,095 |
|
Intangible assets |
|
|
21,168 |
|
|
21,453 |
|
|
21,582 |
|
|
21,789 |
|
|
21,573 |
|
Premises and equipment |
|
|
63,908 |
|
|
63,970 |
|
|
64,430 |
|
|
65,106 |
|
|
64,705 |
|
Other assets |
|
|
29,094 |
|
|
30,262 |
|
|
30,281 |
|
|
27,474 |
|
|
30,531 |
|
Total assets |
|
$ |
2,732,057 |
|
$ |
2,622,998 |
|
$ |
2,540,734 |
|
$ |
2,542,157 |
|
$ |
2,374,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,981,345 |
|
$ |
1,927,351 |
|
$ |
1,861,051 |
|
$ |
1,868,799 |
|
$ |
1,738,379 |
|
Noninterest-bearing
deposits |
|
|
387,416 |
|
|
337,736 |
|
|
307,023 |
|
|
316,048 |
|
|
233,268 |
|
FHLB advances |
|
|
62,781 |
|
|
63,286 |
|
|
85,637 |
|
|
70,024 |
|
|
123,361 |
|
Note payable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,000 |
|
Other liabilities |
|
|
12,358 |
|
|
11,743 |
|
|
11,880 |
|
|
13,797 |
|
|
11,469 |
|
Subordinated debt |
|
|
15,218 |
|
|
15,193 |
|
|
15,168 |
|
|
15,142 |
|
|
15,118 |
|
Total liabilities |
|
|
2,459,118 |
|
|
2,355,309 |
|
|
2,280,759 |
|
|
2,283,810 |
|
|
2,124,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
272,939 |
|
|
267,689 |
|
|
259,975 |
|
|
258,347 |
|
|
249,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,732,057 |
|
$ |
2,622,998 |
|
$ |
2,540,734 |
|
$ |
2,542,157 |
|
$ |
2,374,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
9.99 |
% |
|
10.21 |
% |
|
10.23 |
% |
|
10.16 |
% |
|
10.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
8,959,296 |
|
|
9,035,232 |
|
|
9,126,625 |
|
|
9,127,390 |
|
|
9,128,290 |
|
Less: Restricted common shares not vested |
|
|
31,845 |
|
|
25,410 |
|
|
27,260 |
|
|
28,025 |
|
|
28,925 |
|
Common shares for book value
determination |
|
|
8,927,451 |
|
|
9,009,822 |
|
|
9,099,365 |
|
|
9,099,365 |
|
|
9,099,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
30.57 |
|
$ |
29.71 |
|
$ |
28.57 |
|
$ |
28.39 |
|
$ |
27.46 |
|
Closing market price |
|
|
39.42 |
|
|
30.44 |
|
|
23.58 |
|
|
24.30 |
|
|
24.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
(dollars in thousands) |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
6,757 |
|
$ |
8,330 |
|
$ |
8,775 |
|
$ |
8,657 |
|
$ |
11,428 |
|
Accruing loans 90 days or more
past due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total nonperforming loans |
|
|
6,757 |
|
|
8,330 |
|
|
8,775 |
|
|
8,657 |
|
|
11,428 |
|
Other real estate owned
(OREO) |
|
|
2,651 |
|
|
2,707 |
|
|
2,466 |
|
|
2,561 |
|
|
3,401 |
|
Personal property
repossessed |
|
|
— |
|
|
44 |
|
|
9 |
|
|
9 |
|
|
38 |
|
Total nonperforming assets |
|
$ |
9,408 |
|
$ |
11,081 |
|
$ |
11,250 |
|
$ |
11,227 |
|
$ |
14,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.34 |
% |
|
0.42 |
% |
|
0.44 |
% |
|
0.44 |
% |
|
0.63 |
% |
Total nonperforming loans to
gross loans |
|
|
0.31 |
% |
|
0.39 |
% |
|
0.40 |
% |
|
0.40 |
% |
|
0.57 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
521.34 |
% |
|
425.82 |
% |
|
399.82 |
% |
|
290.39 |
% |
|
205.71 |
% |
Allowance for loan losses to
gross loans |
|
|
1.62 |
% |
|
1.64 |
% |
|
1.61 |
% |
|
1.16 |
% |
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
7,092 |
|
$ |
7,897 |
|
$ |
7,923 |
|
$ |
8,580 |
|
$ |
14,196 |
|
(1) Nonperforming troubled debt restructurings
are included with nonaccrual loans or accruing loans 90 days or
more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly Summary
Income Statement Data: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
(dollars in thousands, except
per share data) |
|
2021 |
|
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
70 |
|
|
$ |
48 |
|
$ |
41 |
|
$ |
18 |
|
$ |
33 |
|
AFS securities and membership stock |
|
|
1,025 |
|
|
|
997 |
|
|
1,024 |
|
|
1,146 |
|
|
1,218 |
|
Loans receivable |
|
|
26,005 |
|
|
|
26,826 |
|
|
25,907 |
|
|
26,099 |
|
|
24,969 |
|
Total interest income |
|
|
27,100 |
|
|
|
27,871 |
|
|
26,972 |
|
|
27,263 |
|
|
26,220 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,494 |
|
|
|
3,863 |
|
|
4,390 |
|
|
4,923 |
|
|
6,135 |
|
FHLB advances |
|
|
325 |
|
|
|
347 |
|
|
380 |
|
|
398 |
|
|
439 |
|
Note payable |
|
|
— |
|
|
|
— |
|
|
— |
|
|
11 |
|
|
31 |
|
Subordinated debt |
|
|
132 |
|
|
|
134 |
|
|
138 |
|
|
151 |
|
|
197 |
|
Total interest expense |
|
|
3,951 |
|
|
|
4,344 |
|
|
4,908 |
|
|
5,483 |
|
|
6,802 |
|
Net interest income |
|
|
23,149 |
|
|
|
23,527 |
|
|
22,064 |
|
|
21,780 |
|
|
19,418 |
|
Provision for credit
losses |
|
|
(409 |
) |
|
|
1,000 |
|
|
1,000 |
|
|
1,868 |
|
|
2,850 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account charges and related fees |
|
|
1,275 |
|
|
|
1,360 |
|
|
1,339 |
|
|
1,087 |
|
|
1,538 |
|
Bank card interchange income |
|
|
1,004 |
|
|
|
836 |
|
|
830 |
|
|
954 |
|
|
719 |
|
Loan late charges |
|
|
118 |
|
|
|
138 |
|
|
141 |
|
|
157 |
|
|
149 |
|
Loan servicing fees |
|
|
217 |
|
|
|
368 |
|
|
310 |
|
|
248 |
|
|
(285 |
) |
Other loan fees |
|
|
266 |
|
|
|
305 |
|
|
327 |
|
|
290 |
|
|
370 |
|
Net realized gains on sale of loans |
|
|
853 |
|
|
|
1,390 |
|
|
1,206 |
|
|
977 |
|
|
178 |
|
Net realized gains on AFS securities |
|
|
90 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Earnings on bank owned life insurance |
|
|
270 |
|
|
|
974 |
|
|
280 |
|
|
266 |
|
|
247 |
|
Other noninterest income |
|
|
431 |
|
|
|
349 |
|
|
508 |
|
|
380 |
|
|
313 |
|
Total noninterest income |
|
|
4,524 |
|
|
|
5,720 |
|
|
4,941 |
|
|
4,359 |
|
|
3,229 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
7,739 |
|
|
|
7,545 |
|
|
7,720 |
|
|
7,698 |
|
|
7,521 |
|
Occupancy and equipment, net |
|
|
1,990 |
|
|
|
1,866 |
|
|
1,970 |
|
|
1,887 |
|
|
1,780 |
|
Data processing expense |
|
|
1,253 |
|
|
|
1,175 |
|
|
1,062 |
|
|
2,084 |
|
|
974 |
|
Telecommunications expense |
|
|
317 |
|
|
|
308 |
|
|
315 |
|
|
314 |
|
|
309 |
|
Deposit insurance premiums |
|
|
174 |
|
|
|
218 |
|
|
201 |
|
|
155 |
|
|
— |
|
Legal and professional fees |
|
|
256 |
|
|
|
236 |
|
|
198 |
|
|
318 |
|
|
229 |
|
Advertising |
|
|
240 |
|
|
|
219 |
|
|
230 |
|
|
391 |
|
|
244 |
|
Postage and office supplies |
|
|
198 |
|
|
|
195 |
|
|
193 |
|
|
219 |
|
|
224 |
|
Intangible amortization |
|
|
338 |
|
|
|
338 |
|
|
380 |
|
|
448 |
|
|
441 |
|
Foreclosed property expenses |
|
|
48 |
|
|
|
38 |
|
|
50 |
|
|
636 |
|
|
282 |
|
Provision for off-balance sheet credit exposure |
|
|
— |
|
|
|
— |
|
|
— |
|
|
132 |
|
|
300 |
|
Other noninterest expense |
|
|
975 |
|
|
|
908 |
|
|
953 |
|
|
1,226 |
|
|
1,265 |
|
Total noninterest expense |
|
|
13,528 |
|
|
|
13,046 |
|
|
13,272 |
|
|
15,508 |
|
|
13,569 |
|
Net income before income taxes |
|
|
14,554 |
|
|
|
15,201 |
|
|
12,733 |
|
|
8,763 |
|
|
6,228 |
|
Income taxes |
|
|
3,096 |
|
|
|
3,153 |
|
|
2,747 |
|
|
1,861 |
|
|
1,129 |
|
Net income |
|
|
11,458 |
|
|
|
12,048 |
|
|
9,986 |
|
|
6,902 |
|
|
5,099 |
|
Less: Distributed and
undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to participating securities |
|
|
41 |
|
|
|
34 |
|
|
30 |
|
|
— |
|
|
— |
|
Net income available to common shareholders |
|
$ |
11,417 |
|
|
$ |
12,014 |
|
$ |
9,956 |
|
$ |
6,902 |
|
$ |
5,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.27 |
|
|
$ |
1.33 |
|
$ |
1.09 |
|
$ |
0.76 |
|
$ |
0.55 |
|
Diluted earnings per common
share |
|
|
1.27 |
|
|
|
1.32 |
|
|
1.09 |
|
|
0.76 |
|
|
0.55 |
|
Dividends per common
share |
|
|
0.16 |
|
|
|
0.15 |
|
|
0.15 |
|
|
0.15 |
|
|
0.15 |
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,972,000 |
|
|
|
9,064,000 |
|
|
9,100,000 |
|
|
9,128,000 |
|
|
9,197,000 |
|
Diluted |
|
|
8,976,000 |
|
|
|
9,067,000 |
|
|
9,102,000 |
|
|
9,130,000 |
|
|
9,205,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Average
Balance Sheet Data: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
(dollars in thousands) |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
171,403 |
|
$ |
40,915 |
|
$ |
19,768 |
|
$ |
10,380 |
|
$ |
7,363 |
|
AFS securities and membership
stock |
|
|
197,984 |
|
|
184,828 |
|
|
181,535 |
|
|
188,497 |
|
|
184,389 |
|
Loans receivable, gross |
|
|
2,146,364 |
|
|
2,177,989 |
|
|
2,162,125 |
|
|
2,127,181 |
|
|
1,950,887 |
|
Total interest-earning assets |
|
|
2,515,751 |
|
|
2,403,732 |
|
|
2,363,428 |
|
|
2,326,058 |
|
|
2,142,639 |
|
Other assets |
|
|
170,475 |
|
|
170,158 |
|
|
174,574 |
|
|
194,651 |
|
|
180,981 |
|
Total assets |
|
$ |
2,686,226 |
|
$ |
2,573,890 |
|
$ |
2,538,002 |
|
$ |
2,520,709 |
|
$ |
2,323,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,965,191 |
|
$ |
1,886,883 |
|
$ |
1,865,636 |
|
$ |
1,838,606 |
|
$ |
1,729,327 |
|
FHLB advances |
|
|
63,068 |
|
|
69,991 |
|
|
70,272 |
|
|
83,130 |
|
|
83,916 |
|
Note payable |
|
|
— |
|
|
— |
|
|
— |
|
|
1,187 |
|
|
3,000 |
|
Subordinated debt |
|
|
15,205 |
|
|
15,180 |
|
|
15,155 |
|
|
15,130 |
|
|
15,105 |
|
Total interest-bearing liabilities |
|
|
2,043,464 |
|
|
1,972,054 |
|
|
1,951,063 |
|
|
1,938,053 |
|
|
1,831,348 |
|
Noninterest-bearing
deposits |
|
|
357,746 |
|
|
325,091 |
|
|
316,996 |
|
|
311,555 |
|
|
223,865 |
|
Other noninterest-bearing
liabilities |
|
|
14,563 |
|
|
13,021 |
|
|
14,673 |
|
|
15,937 |
|
|
17,634 |
|
Total liabilities |
|
|
2,415,773 |
|
|
2,310,166 |
|
|
2,282,732 |
|
|
2,265,545 |
|
|
2,072,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
270,453 |
|
|
263,724 |
|
|
255,270 |
|
|
255,164 |
|
|
250,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,686,226 |
|
$ |
2,573,890 |
|
$ |
2,538,002 |
|
$ |
2,520,709 |
|
$ |
2,323,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.71 |
% |
|
1.87 |
% |
|
1.57 |
% |
|
1.10 |
% |
|
0.88 |
% |
Return on average common
stockholders’ equity |
|
|
16.9 |
% |
|
18.3 |
% |
|
15.6 |
% |
|
10.8 |
% |
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.68 |
% |
|
3.92 |
% |
|
3.73 |
% |
|
3.75 |
% |
|
3.63 |
% |
Net interest spread |
|
|
3.54 |
% |
|
3.76 |
% |
|
3.55 |
% |
|
3.56 |
% |
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
49.0 |
% |
|
44.6 |
% |
|
49.1 |
% |
|
59.3 |
% |
|
59.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
As of December 31, 2020 |
Loan portfolio
balances and CARES Act modifications |
|
Balance |
|
Payment |
|
Interest-only |
|
Payment |
|
Interest-only |
(dollars in thousands) |
|
Outstanding |
|
Deferrals |
|
Modifications |
|
Deferrals |
|
Modifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑ to 4‑family residential
loans |
|
$ |
449,378 |
|
$ |
98 |
|
$ |
— |
|
$ |
— |
|
$ |
138 |
Multifamily residential
loans |
|
|
206,422 |
|
|
— |
|
|
10,581 |
|
|
— |
|
|
10,581 |
Total residential loans |
|
|
655,800 |
|
|
98 |
|
|
10,581 |
|
|
— |
|
|
10,719 |
1‑ to 4‑family owner-occupied
construction loans |
|
|
20,733 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
1‑ to 4‑family speculative
construction loans |
|
|
11,161 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Multifamily construction
loans |
|
|
58,915 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Other construction loans |
|
|
31,933 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total construction loan balances drawn |
|
|
122,742 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Agricultural real estate
loans |
|
|
182,009 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Loans for vacant land -
developed, undeveloped, and other purposes |
|
|
52,869 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Owner-occupied commercial real
estate loans to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Churches and nonprofits |
|
|
21,296 |
|
|
— |
|
|
621 |
|
|
— |
|
|
634 |
Non-professional services |
|
|
18,686 |
|
|
— |
|
|
151 |
|
|
— |
|
|
— |
Retail |
|
|
26,306 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Automobile dealerships |
|
|
15,395 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Healthcare providers |
|
|
7,529 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Restaurants |
|
|
47,183 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Convenience stores |
|
|
20,955 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Automotive services |
|
|
6,310 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Manufacturing |
|
|
11,908 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Professional services |
|
|
13,182 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Warehouse/distribution |
|
|
5,235 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Grocery |
|
|
5,366 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Other |
|
|
44,475 |
|
|
— |
|
|
816 |
|
|
— |
|
|
816 |
Total owner-occupied commercial real estate loans |
|
|
243,826 |
|
|
— |
|
|
1,588 |
|
|
— |
|
|
1,450 |
Non-owner-occupied commercial
real estate loans to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care facilities |
|
|
35,283 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Non-professional services |
|
|
12,716 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Retail |
|
|
25,825 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Healthcare providers |
|
|
15,433 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Restaurants |
|
|
45,603 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Convenience stores |
|
|
15,930 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Automotive services |
|
|
5,368 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Hotels |
|
|
85,525 |
|
|
— |
|
|
28,092 |
|
|
— |
|
|
28,092 |
Manufacturing |
|
|
5,106 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Storage units |
|
|
13,942 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Professional services |
|
|
6,870 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Multi-tenant retail |
|
|
73,413 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Warehouse/distribution |
|
|
25,185 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Other |
|
|
52,547 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total non-owner-occupied commercial real estate loans |
|
|
418,746 |
|
|
— |
|
|
28,092 |
|
|
— |
|
|
28,092 |
Total commercial real estate |
|
|
897,450 |
|
|
— |
|
|
29,680 |
|
|
— |
|
|
29,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
As of December 31, 2020 |
Loan portfolio
balances and CARES Act modifications |
|
Balance |
|
Payment |
|
Interest-only |
|
Payment |
|
Interest-only |
(continued, dollars in thousands) |
|
Outstanding |
|
Deferrals |
|
Modifications |
|
Deferrals |
|
Modifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity lines of
credit |
|
|
38,243 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Deposit-secured loans |
|
|
4,298 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
All other consumer loans |
|
|
33,806 |
|
|
29 |
|
|
— |
|
|
— |
|
|
— |
Total consumer loans |
|
|
76,347 |
|
|
29 |
|
|
— |
|
|
— |
|
|
— |
Agricultural production and
equipment loans |
|
|
89,943 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Loans to municipalities or
other public units |
|
|
8,573 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Commercial and industrial
loans to: |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Forestry, fishing, and hunting |
|
|
10,817 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Construction |
|
|
18,045 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Finance and insurance |
|
|
53,505 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Real estate rental and leasing |
|
|
18,020 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Healthcare and social assistance |
|
|
22,649 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Accommodations and food services |
|
|
18,797 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Manufacturing |
|
|
11,277 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Retail trade |
|
|
41,045 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Transportation and warehousing |
|
|
29,676 |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
Professional services |
|
|
3,929 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Administrative support and waste management |
|
|
8,214 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Arts, entertainment, and recreation |
|
|
3,469 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Other commercial loans |
|
|
83,866 |
|
|
— |
|
|
12 |
|
|
— |
|
|
— |
Total commercial and industrial loans |
|
|
323,309 |
|
|
— |
|
|
12 |
|
|
— |
|
|
11 |
Total commercial loans |
|
|
421,825 |
|
|
— |
|
|
12 |
|
|
— |
|
|
11 |
Total gross loans receivable, excluding deferred loan
fees |
|
$ |
2,174,164 |
|
$ |
127 |
|
$ |
40,273 |
|
$ |
— |
|
$ |
40,272 |
Matt Funke, CFO
573-778-1800
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