Home Bancorp Announces 2009 Fourth Quarter and Annual Results

Jan 27, 2010, 06:00 ET from Home Bancorp, Inc.

LAFAYETTE, La., Jan. 27 /PRNewswire-FirstCall/ -- Home Bancorp, Inc. (Nasdaq: HBCP) (the "Company"), the holding company for Home Bank (www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana (the "Bank"), announced net income of $4.7 million for 2009, an increase of $2.0 million, or 72%, compared to 2008.  Net income for the fourth quarter of 2009 was $22,000, an increase of $821,000, or 103%, compared to the fourth quarter of 2008.  

"During 2009, Home Bank remained focused on growing our commercial loan portfolio and core deposit base," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "I am pleased with the strong growth we achieved in both areas.  I am especially pleased we were able to grow commercial loans while maintaining exceptional loan quality."

Baton Rouge Expansion Proceeds

Home Bank began construction on its third full-service branch in Baton Rouge during the third quarter of 2009.  The new branch, which is expected to open in March 2010, will serve as the Bank's Baton Rouge headquarters.  

"We are very excited about the upcoming opening of our Baton Rouge headquarters location," added Mr. Bordelon.  "Our recruiting success over the past two years has allowed us to quickly gain traction in this market.  As our new Baton Rouge customers have already discovered, we offer an extraordinary alternative to the large, out-of-state banks that have dominated the area."

Loans

Loans totaled $336.6 million at December 31, 2009, an increase of $1.1 million, or 0.3%, from December 31, 2008, and a decrease of $3.6 million, or 1%, from September 30, 2009.  The Company's loan mix continued to change in 2009 as commercial loan balances increased, while one-to four- family mortgage loan balances decreased. The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.  

December 31,

December 31,

Increase (Decrease)

(dollars in thousands)

2009

2008

Amount

Percent

Real estate loans:

    One- to four-family first mortgage

$ 120,044   

$ 138,173   

$(18,129)  

(13)%

    Home equity loans and lines

24,678   

23,127   

1,551   

7   

    Commercial real estate

97,513   

84,096   

13,417   

16   

    Construction and land

35,364   

35,399   

(35)  

-   

    Multi-family residential

4,089   

7,142   

(3,053)  

(43)  

       Total real estate loans

281,688   

287,937   

(6,249)  

(2)  

Other loans:

    Commercial

38,340   

34,434   

3,906   

11   

    Consumer

16,619   

13,197   

3,422   

26   

       Total other loans

54,959   

47,631   

7,328   

15   

       Total loans

$ 336,647   

$ 335,568   

$    1,079   

-   

Commercial real estate loan growth during 2009 was primarily driven by loans on owner-occupied office buildings in the Bank's market areas.  Non-real-estate commercial loan growth in 2009 relates primarily to equipment and accounts receivable financing provided to businesses in the Bank's market areas.  Consumer loan growth in 2009 relates primarily to mobile home loans.  One- to four-family first mortgage loans paid down during the year as customers took advantage of attractive refinance rates.  The Company sells the majority of its conforming mortgage loan originations in the secondary market and recognizes the associated fee income rather than assume the interest rate risk associated with these longer term assets.  

Net loan charge-offs for 2009 were $119,000, or 0.04%, of average loans, compared to $167,000, or 0.05%, of average loans in 2008.  Non-performing assets totaled $1.7 million, or 0.32% of total assets at December 31, 2009, compared to $1.5 million and $2.7 million at December 31, 2008 and September 30, 2009, respectively.  The Company recorded a $156,000 provision for loan losses during the fourth quarter of 2009, compared to $298,000 during the fourth quarter of 2008 and $287,000 in the third quarter of 2009.  

As of December 31, 2009, the allowance for loan losses as a percentage of total loans was 1.00%, compared to 0.78% at December 31, 2008 and 0.96% at September 30, 2009.

Investment Securities Portfolio

The Company's investment securities portfolio totaled $119.9 million at December 31, 2009, an increase of $1.5 million, or 1%, from December 31, 2008, and an increase of $3.4 million, or 3%, from September 30, 2009.  At December 31, 2009, the Company had a net unrealized loss position on its investment securities portfolio of $133,000, compared to net unrealized losses of $8.0 million and $2.7 million at December 31, 2008 and September 30, 2009, respectively.  The unrealized loss relates primarily to the Company's non-agency mortgage-backed securities holdings, which amounted to $39.7 million, or 8% of total assets at December 31, 2009.  

Due to increasing delinquencies and defaults in the mortgage loans underlying certain non-agency mortgage-backed securities we own, the Company recorded other-than-temporary impairment ("OTTI") charges of $1.9 million and $2.8 million during the fourth quarters of 2009 and 2008, respectively.  Based on management's review of the remaining investment portfolio, no other declines in the market value of the Company's investment securities are deemed to be other than temporary at December 31, 2009.  The amortized cost of this portfolio decreased from $51.1 million at December 31, 2008 to $39.7 million at December 31, 2009 primarily as a result of principal paydowns and the $1.9 million OTTI charge.    

The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of December 31, 2009 (dollars in thousands).  

Collateral

Tranche

S&P Rating

Amortized

Cost

Unrealized

Gain/(Loss)

Prime

Super senior

AAA

$  10,189 

$        130 

Prime

Senior

AAA (1)

18,743 

(1,462)

Prime

Senior

Below investment grade

3,113 

Prime

Senior support

Below investment grade

2,719 

(545)

Alt -A

Super senior

Below investment grade

2,202 

Alt-A

Senior

AAA

771 

23 

Alt-A

Senior

Below investment grade (2)

1,774 

Alt-A

Senior support

Below investment grade

196 

Total non-agency mortgage-backed securities

$  39,707 

$ (1,854)

(1) Includes one security with an amortized cost of $1.9 million and an unrealized loss of $56,000 not rated

     by S&P.  This security is rated "Aaa" by Moody's.

(2) This security is not rated by S&P.  This security is rated "Caa2" by Moody's.  

The Company holds no Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) preferred stock, equity securities, corporate bonds, trust preferred securities, hedge fund investments, collateralized debt obligations or structured investment vehicles.

Cash Invested at Other ATM Locations

During 2009, the Bank elected to terminate contracts with various counterparties to provide cash for counterparty ATMs.  As a result, all remaining cash invested at other ATM locations was returned to the Bank during the fourth quarter.  The balance of cash invested at other ATM locations totaled $24.2 million at December 31, 2008 and $8.8 million at September 30, 2009.    

Deposits

Deposits totaled $371.6 million at December 31, 2009, an increase of $17.4 million, or 5%, from December 31, 2008, and a decrease of $5.0 million, or 1%, from September 30, 2009.  The Company remains focused on growing its core deposit base (i.e., checking, savings and money market accounts), which increased $19.3 million, or 10%, during 2009.  

The following table sets forth the composition of the Company's deposits as of the dates indicated.

December 31,

December 31,

Increase (Decrease)

(dollars in thousands)

2009

2008

Amount

Percent

Demand deposit

$   66,956   

$   67,047   

$      (91)  

- %

Savings

21,009   

19,741   

1,268   

6   

Money market

80,810   

68,850   

11,960   

17   

NOW

48,384   

42,200   

6,184   

15   

Certificates of deposit

154,434   

156,307   

(1,873)  

(1)  

       Total deposits

$ 371,593   

$ 354,145   

$ 17,448   

5%

Net Interest Income

Net interest income for the fourth quarter of 2009 totaled $5.5 million, a decrease of $83,000, or 2%, compared to the fourth quarter of 2008.  Net interest income for 2009 totaled $23.6 million, an increase of $4.9 million, or 26%, compared to 2008.   The Company's net interest margin was 4.40% for the fourth quarter of 2009, 21 basis points lower than the same quarter a year ago and 43 basis points lower than the third quarter of 2009.  

Average interest-earning assets totaled $496.5 million for the quarter ended December 31, 2009, an increase of 3% and a decrease of 1% compared to the quarters ended December 31, 2008 and September 30, 2009, respectively.  The average yield on interest-earning assets for the quarter ended December 31, 2009 was 5.60%, a decrease of 46 and 49 basis points compared to the quarters ended December 31, 2008 and September 30, 2009, respectively.  The average yield on interest-earning assets has decreased primarily due to lower yields earned on the investment portfolio and the Company's relatively high cash position during the fourth quarter of 2009.

Average interest-bearing liabilities totaled $327.9 million for the quarter ended December 31, 2009, an increase of 6% and a decrease of 0.2% compared to the quarters ended December 31, 2008 and September 30, 2009, respectively. The average rate paid on interest-bearing liabilities for the quarter ended December 31, 2009 was 1.79%, a decrease of 45 and 9 basis points compared to the quarters ended December 31, 2008 and September 30, 2009, respectively.  The average rate paid on interest-bearing liabilities decreased primarily due to lower market rates.

Noninterest Income

Noninterest income includes the impact of OTTI charges of $1.9 million and $2.8 million for the fourth quarters of 2009 and 2008, respectively.  Excluding the impact of OTTI charges, noninterest income for the fourth quarter of 2009 was $1.1 million, an increase of $256,000, or 31%, compared to the same quarter a year ago.  Excluding the impact of OTTI charges, noninterest income for 2009 totaled $4.0 million, an increase of $759,000, or 24%, compared to 2008.  The primary reasons for the non-GAAP (generally accepted accounting principles) increases in noninterest income compared to the same periods last year were higher levels of service fees and charges and gains on the sale of mortgage loans.  

Noninterest income for the fourth quarter of 2009 on a GAAP basis was a negative $813,000, compared to a negative $2.0 million for the same quarter a year ago.  Noninterest income for 2009 on a GAAP basis totaled $2.1 million, an increase of $1.7 million, or 428%, compared to 2008.  

The following table sets forth a reconciliation of reported noninterest income to non-GAAP basis noninterest income.

For the Three Months

Ended December 31,

For the Year Ended

December 31,

(dollars in thousands)

2009

2008

2009

2008

Reported noninterest income

$   (813)

$ (2,013)

$ 2,102 

$    398 

Add: OTTI charge

1,888 

2,833 

1,888 

2,833 

Non-GAAP noninterest income

$ 1,075 

$     820 

$ 3,990 

$ 3,231 

Noninterest Expense

Noninterest expense for the fourth quarter of 2009 totaled $4.5 million, a decrease of $231,000, or 5%, compared to the fourth quarter of 2008.  Noninterest expense for 2009 totaled $17.8 million, an increase of $3.1 million, or 21%, from 2008.  The fourth quarter of 2008 includes an $867,000 charge related to a shortfall in cash invested at other ATM locations.  Excluding the ATM charge, noninterest expense increased $636,000, or 17%, for the fourth quarter of 2009 compared to the same quarter a year ago and $3.9 million, or 28%, for 2009 compared to 2008.

The primary reason for the increase in noninterest expense from 2008 to 2009 was higher compensation and benefits expense. Compensation and benefits expense has increased primarily due to three factors:  1) the Bank's expansion into Baton Rouge, where two full-service banking offices were opened during the second half of 2008; 2) the employee stock ownership plan ("ESOP"), which commenced during the fourth quarter of 2008; and 3) award grants under the stock option and recognition and retention plans approved by the Company's shareholders in May 2009.  Other increases in noninterest expense were the result of higher professional and other fees due to the increased cost of operating as a public company, including the Louisiana bank shares tax.  Also, the FDIC increased the base insurance premium assessment on deposits in addition to its special assessment of $200,000 in 2009.  

The following table sets forth a reconciliation of reported noninterest expense to non-GAAP basis noninterest expense.

For the Three Months

Ended December 31,

For the Year Ended

December 31,

(dollars in thousands)

2009

2008

2009

2008

Reported noninterest expense

$ 4,491 

$ 4,722 

$ 17,808 

$ 14,735 

Less: ATM charge

(867)

(867)

Non-GAAP noninterest expense

$ 4,491 

$ 3,855 

$ 17,808 

$ 13,868 

This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes the impact of charges for the other-than-temporary impairment of investment securities and a shortage in cash invested at other ATM locations.  Management believes the presentation of this non-GAAP financial information provides useful information that may be helpful in understanding the Company's operating results. This non-GAAP financial information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies.

This news release contains certain forwardlooking statements. Forwardlooking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."

Forwardlooking statements, by their nature, are subject to risks and uncertainties.  A number of factors many of which are beyond our control could cause actual conditions, events or results to differ significantly from those described in the forwardlooking statements.  Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2008, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forwardlooking statements speak only as of the date they are made.  We do not undertake to update forwardlooking statements to reflect circumstances or events that occur after the date the forwardlooking statements are made or to reflect the occurrence of unanticipated events.

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION

AND RELATED INFORMATION

December 31,

December 31,

%

September 30,

2009

2008

Change

2009

Assets

Cash and cash equivalents

$   25,709,597   

$   20,150,248   

28   

%

$   37,352,620   

Interest-bearing deposits in banks

3,529,000   

1,685,000   

109   

3,150,000   

Cash invested at other ATM locations

-   

24,243,780   

-   

8,802,596   

Securities available for sale, at fair value

106,752,131   

114,235,261   

(7)  

105,049,877   

Securities held to maturity

13,098,847   

4,089,466   

220   

11,372,044   

Mortgage loans held for sale

719,350   

996,600   

(28)  

2,060,453   

Loans, net of unearned income

336,647,292   

335,568,071   

-   

340,222,334   

Allowance for loan losses

(3,351,688)  

(2,605,889)  

29   

(3,271,926)  

Loans, net

333,295,604   

332,962,182   

-   

336,950,408   

Office properties and equipment, net

16,186,690   

15,325,997   

6   

15,309,879   

Cash surrender value of bank-owned life insurance

15,262,645   

5,268,817   

190   

5,461,662   

Accrued interest receivable and other assets

10,081,885   

9,439,637   

7   

7,900,029   

Total Assets

$ 524,635,749   

$ 528,396,988   

(1)  

%

$ 533,409,568   

Liabilities

Deposits

$ 371,592,747   

$ 354,145,105   

5   

%

$ 376,635,513   

Federal Home Loan Bank advances

16,773,802   

44,420,795   

(62)  

19,879,026   

Accrued interest payable and other liabilities

3,519,896   

2,868,362   

23   

4,302,342   

Total Liabilities

391,886,445   

401,434,262   

(2)  

400,816,881   

Shareholders' Equity

Common stock

$          89,270   

$          89,270   

-   

%

$          89,270   

Additional paid-in capital

88,072,884   

87,182,281   

1   

87,714,515   

Treasury stock

(1,848,862)  

-   

-   

-   

Common stock acquired by benefit plans

(10,913,470)  

(7,052,230)  

55   

(10,841,597)  

Retained earnings

57,437,444   

52,055,071   

10   

57,415,818   

Accumulated other comprehensive loss

(87,962)  

(5,311,666)  

98   

(1,785,319)  

Total Shareholders' Equity

132,749,304   

126,962,726   

5   

132,592,687   

Total Liabilities and Shareholders' Equity

$ 524,635,749   

$ 528,396,988   

(1)  

%

$ 533,409,568   

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

AND RELATED INFORMATION

For The Three Months Ended

For The Year Ended

December 31,

%

December 31,

%

2009

2008

Change

2009

2008

Change

Interest Income

Loans, including fees

$   5,586,544   

$   5,534,213   

1   

%

$ 22,321,209   

$ 21,790,163   

2   

%

Investment securities

1,357,827   

1,478,963   

(8)  

6,569,756   

4,283,960   

53   

Other investments and deposits

45,342   

317,715   

(86)  

1,005,353   

1,354,627   

(26)  

Total interest income

6,989,713   

7,330,891   

(5)  

29,896,318   

27,428,750   

9   

Interest Expense

Deposits

1,309,249   

1,575,505   

(17)  

%

5,529,181   

7,903,313   

(30)  

%

Federal Home Loan Bank advances

168,156   

160,495   

5   

807,499   

843,937   

(4)  

Total interest expense

1,477,405   

1,736,000   

(15)  

6,336,680   

8,747,250   

(28)  

Net interest income

5,512,308   

5,594,891   

(2)  

23,559,638   

18,681,500   

26   

Provision for loan losses

155,670   

297,775   

(48)  

864,880   

459,212   

88   

Net interest income after provision for loan losses

5,356,638   

5,297,116   

1   

22,694,758   

18,222,288   

25   

.

.

Noninterest Income

Service fees and charges

478,977   

412,763   

16   

%

1,849,746   

1,668,757   

11   

%

Bank card fees

269,176   

250,911   

7   

1,089,811   

933,788   

17   

Gain on sale of loans, net

190,511   

61,903   

208   

610,952   

254,456   

140   

Income from bank-owned life insurance

99,280   

67,345   

47   

292,125   

262,202   

11   

Net gain (loss) on sale of real estate owned, net

18,873   

(12,448)  

252   

18,873   

(23,727)  

180   

Other-than-temporary impairment of securities

(1,888,381)  

(2,832,920)  

33   

(1,888,381)  

(2,832,920)  

33   

Other income

18,453   

39,141   

(53)  

128,733   

135,617   

(5)  

Total noninterest income

(813,111)  

(2,013,305)  

60   

2,101,859   

398,173   

428   

Noninterest Expense

Compensation and benefits

3,038,901   

2,378,386   

28   

%

10,827,537   

8,834,026   

23   

%

Occupancy

324,609   

320,589   

1   

1,296,592   

1,207,675   

7   

Marketing and advertising

180,479   

198,147   

(9)  

633,530   

607,550   

4   

Data processing and communication

353,406   

352,752   

-   

1,402,290   

1,370,101   

2   

Professional fees

167,499   

175,208   

(4)  

896,552   

410,377   

118   

ATM losses

-   

867,389   

-   

-   

867,389   

-   

Franchise and shares taxes

(69,061)  

-   

-   

609,689   

-   

-   

Regulatory fees

105,580   

41,409   

155   

596,305   

154,407   

286   

Other expenses

389,340   

388,117   

-   

1,545,253   

1,283,492   

20   

Total noninterest expense

4,490,753   

4,721,997   

(5)  

17,807,748   

14,735,017   

21   

Income (loss) before income tax expense (benefit)

52,774   

(1,438,186)  

104   

6,988,869   

3,885,444   

80   

Income tax expense (benefit)

31,148   

(639,089)  

105   

2,309,268   

1,169,852   

97   

Net income (loss)

$        21,626   

$     (799,097)  

103   

%

$   4,679,601   

$   2,715,592   

72   

%

Earnings (loss) per share - basic

$                -   

$           (0.10)  

-   

$            0.58   

$            1.32   

(1)  

Earnings (loss) per share - diluted

$                -   

$           (0.10)  

-   

$            0.58   

$            1.32   

(1)  

(1) Basic weighted average common shares outstanding totaled 8,031,317 and 2,053,925 for the years ended December 31, 2009 and 2008, respectively.  Diluted weighted

     average common shares outstanding totaled 8,052,087 and 2,053,925 for the same periods. The Company completed its initial public offering of common stock in October

     2008. Hence, the weighted average common shares outstanding during 2008 is lower than it would have been had the shares been outstanding for a full year.

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION

For The Three Months Ended

For The Three  

December 31,

%  

Months Ended

%  

2009

2008

Change

September 30, 2009

Change

(dollars in thousands except per share data)

EARNINGS DATA

Total interest income

$            6,990   

$            7,331   

(5)  

$                       7,636   

(8)  

%

Total interest expense

1,478   

1,736   

(15)  

1,558   

(5)  

Net interest income

5,512   

5,595   

(2)  

6,078   

(9)  

Provision for loan losses

156   

298   

(48)  

287   

(46)  

Total noninterest income

(813)  

(2,013)  

60   

949   

(186)  

Total noninterest expense

4,490   

4,722   

(5)  

4,669   

(4)  

Income tax expense (benefit)

31   

(639)  

105   

574   

(95)  

Net income (loss)

$                 22   

$              (799)  

103   

$                       1,497   

(99)  

Earnings (loss) per share - diluted

$                    -   

$             (0.10)  

-   

$                         0.17   

-   

AVERAGE BALANCE SHEET DATA

Total assets

$        530,914   

$        502,886   

6   

%

$                   529,462   

-   

%

Total interest-earning assets

496,500   

482,702   

3   

499,469   

(1)  

Loans

340,937   

329,145   

4   

343,618   

(1)  

Interest-bearing deposits

309,012   

284,154   

9   

307,660   

-   

Interest-bearing liabilities

327,872   

308,045   

6   

328,469   

-   

Total deposits

375,236   

367,935   

2   

373,430   

-   

Total shareholders' equity

132,495   

106,814   

24   

131,643   

1   

SELECTED RATIOS (1)

Return on average assets

0.02   

%

(0.64)  

%

103   

%

1.13   

%

(98)  

%

Return on average total equity

0.07   

(2.99)  

102   

4.55   

(98)  

Efficiency ratio (2)

95.56   

131.84   

(28)  

66.43   

44   

Average shareholders' equity to average assets

24.96   

21.24   

18   

24.86   

-   

Core capital ratio (3) (4)

20.24   

19.10   

6   

19.86   

2   

Net interest margin (5)

4.40   

4.61   

(5)  

4.83   

(9)  

December 31,

December 31,

%

September 30,

%

2009

2008

Change

2009

Change

ASSET QUALITY (3) (6)

Nonaccrual loans

$            1,279   

$            1,427   

(10)  

%

$                       2,716   

(53)  

%

Accruing loans past due 90 days and over

-   

-   

-   

-   

-   

Total nonperforming loans

1,279   

1,427   

(10)  

2,716   

(53)  

Other real estate owned

417   

37   

1,027   

-   

-   

Total nonperforming assets

$            1,696   

$            1,464   

16   

$                       2,716   

(38)  

Nonperforming assets to total assets

0.32   

%

0.28   

%

14   

%

0.51   

%

(37)  

%

Nonperforming loans to total assets

0.24   

0.27   

(11)  

0.51   

(53)  

Nonperforming loans to total loans

0.38   

0.43   

(12)  

0.80   

(53)  

Allowance for loan losses to nonperforming assets

197.7   

178.0   

11   

120.5   

64   

Allowance for loan losses to nonperforming loans

262.2   

182.6   

44   

120.5   

118   

Allowance for loan losses to total loans

1.00   

0.78   

28   

0.96   

4   

Year-to-date loan charge-offs

$               141   

$               212   

(33)  

%

$                            58   

143   

%

Year-to-date loan recoveries

22   

45   

(51)  

15   

47   

Year-to-date net loan charge-offs

119   

167   

(29)  

43   

177   

Annualized YTD net loan charge-offs to total loans

0.04   

%

0.05   

%

(20)  

%

0.02   

%

100   

%

(1)  With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods.

(2)  The efficiency ratio represents noninterest expense as a percentage of total revenues.  Total revenues is the sum of net

       interest income and noninterest income.

(3)  Asset quality and capital ratios are end of period ratios.

(4)  Capital ratios are for Home Bank only.

(5)  Net interest margin represents net interest income as a percentage of average interest-earning assets.

(6)  Nonperforming loans consist of nonaccruing loans and loans 90 days or more past due.  Nonperforming assets consist of

      nonperforming loans and repossessed assets.  It is our policy to cease accruing interest on all loans 90 days or more past

      due.  Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure.

SOURCE Home Bancorp, Inc.



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