MainStreet Bancshares, Inc. Reports Good Earnings Trend
FAIRFAX, Va., Jan. 23, 2019 /PRNewswire/ -- MainStreet Bancshares, Inc. (OTCQX: MNSB) (the "Company") reported a strong quarter-on-quarter earnings trend. Fully adjusted earnings per share for both common and diluted shares was $0.45 for the fourth quarter of 2018, compared to $0.14 for both common and diluted shares for the same period in 2017. For the three months ended December 31, 2018 the Company produced a 1.36% return on average assets and 12.15% on average equity, compared to 0.41% and 4.76% consecutively for the fourth quarter of 2017.
The Company reported net income of $9.2 million for year-end December 31, 2018, an increase of 137.2%, as compared to net income of $3.9 million for year-end December 31, 2017. Fully adjusted earnings per share for both common and diluted shares was $1.38 during the twelve months of 2018, compared to $0.81 for fully adjusted common and diluted shares for the same period in 2017. For year-end December 31, 2018 the Company produced a 0.97% return on average assets and 10.38% on average equity, compared to 0.60% and 7.45% consecutively for year-end 2017.
Net interest income, the Company's primary source of revenue, was $8.9 million for the fourth quarter of 2018, up 45.1% from $6.2 million for the same period in 2017. The net interest margin was 3.41% for year-end December 31, 2018 as compared to the 3.48% for year-end December 31, 2017.
Loan loss provisions of $3.1 million were necessary to balance the strong net loan growth for 2018. Asset quality remains solid with non-performing assets to total assets at 0.18% as of December 31, 2018, down from 0.25% as of December 31, 2017. Net charge-offs decreased $159,000 from December 31, 2017 to $1,000 for year-end December 31, 2018.
Fee income of $3.2 million was up 42% from December 31, 2017, due primarily to an increase in deposit account and third party payment service fees, and interest rate swap fees related to loan transactions. Both sources are expected to continue in a directionally consistent manner going forward.
Total assets were $1.1 billion at December 31, 2018, as compared to $808.0 million at December 31, 2017, an increase of 36.2%. Capital levels for the Company remain strong.
As of December 31, 2018, the Company's fully adjusted tangible book value per share was $14.83, up 18.0% from $12.57 as of December 31, 2017. According to OTCQX, there were 384 trades during the quarter for a total of 181,807 shares traded or $3,464,197. The closing share price was $17.06, for a market cap of $139.5 million.
QUOTES: "We were very excited to achieve a 1.05% Return on Average Assets at the Bank level for 2018 and 0.97% at the Company level," says Chris Brockett, President of MainStreet Bancshares, Inc. and MainStreet Bank. "The Leesburg branch had a great first year of deposit growth. Loan opportunities remain strong and we continue to expand the Business Banking Team in our efforts to grow relationships and core deposits."
"We focused on improving fee income in order to close the gap on earnings," says Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "In addition, our earning assets are responding well to the increasing interest rate environment. A key focus going forward is to replace marginal cost wholesale deposits with core deposits in order to improve the net interest margin."
ABOUT MAINSTREET BANK: MainStreet operates six branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg and Clarendon. In addition, MainStreet has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®. With robust and easy-to-use online business banking technology, MainStreet has "put our bank" in well over 1,000 businesses in the Metropolitan area.
MainStreet has a full complement of payment system services for third party payment providers. MainStreet has a nationally known market leader and a highly experienced team ready to help payment providers create a solution perfect for their needs.
MainStreet has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction and commercial real estate. MainStreet also works with the SBA to offer 7A and 504 lending solutions. From mobile banking and Apple Pay to instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.
MainStreet Bank was the first community bank in the Washington, DC Metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.
This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our annual reports. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.
Contact:
Jeff W. Dick
(703) 481-4567
UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION | |||||
(Unaudited) | |||||
(In thousands, except share data) | |||||
12/31/18 | 9/30/18 | 6/30/18 | 3/31/18 | 12/31/17 | |
ASSETS | |||||
Cash and cash equivalents | |||||
Cash and due from banks | $ 27,886 | $ 38,634 | $ 27,163 | $ 21,597 | $ 37,493 |
Federal funds sold | 30,190 | 21,739 | 4,104 | 5,316 | ― |
Total cash and cash equivalents | 58,076 | 60,373 | 31,267 | 26,913 | 37,493 |
Investment securities available for sale, at fair value | 55,979 | 79,489 | 20,806 | 47,009 | 51,314 |
Investment securities held to maturity, at carrying value | 26,178 | 26,221 | 27,422 | 27,469 | 27,517 |
Restricted equity securities, at cost | 5,894 | 4,209 | 4,737 | 5,545 | 4,241 |
Loans, net of allowance for loan losses of $8,831, $8,327 | |||||
$7,731, $6,334, and $5,705, consecutively | 917,125 | 850,822 | 815,875 | 702,700 | 654,339 |
Premises and equipment, net | 14,222 | 14,414 | 14,660 | 14,568 | 13,965 |
Accrued interest and other receivables | 5,148 | 4,919 | 4,695 | 3,938 | 3,849 |
Bank owned life insurance | 14,064 | 13,957 | 13,851 | 13,743 | 13,637 |
Other assets | 3,927 | 2,577 | 2,842 | 1,794 | 1,596 |
Total Assets | $ 1,100,613 | $ 1,056,981 | $ 936,155 | $ 843,679 | $ 807,951 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Liabilities: | |||||
Non-interest bearing deposits | $ 211,749 | $ 191,986 | $ 179,827 | $ 164,795 | $ 171,572 |
Interest-bearing DDA deposits | 60,588 | 59,295 | 60,389 | 54,097 | 48,432 |
Savings and NOW deposits | 51,371 | 52,602 | 48,659 | 49,935 | 47,855 |
Money market deposits | 138,153 | 109,498 | 118,194 | 118,532 | 82,828 |
Other time deposits | 458,276 | 476,511 | 394,433 | 303,575 | 316,968 |
Total deposits | 920,137 | 889,892 | 801,502 | 690,934 | 667,655 |
Federal Home Loan Bank advances and other borrowings | 40,000 | 30,000 | 45,117 | 64,129 | 53,780 |
Subordinated debt | 14,776 | 14,769 | 14,762 | 14,755 | 14,747 |
Other liabilities | 4,449 | 2,785 | 2,617 | 3,298 | 2,968 |
Total Liabilities | 979,362 | 937,446 | 863,998 | 773,116 | 739,150 |
Stockholders' Equity: | |||||
Common stock, par value $4 per share, authorized 10,000,000 shares; issued and outstanding, 8,177,978 at 12/31/2018 including 133,869 unvested shares, 8,179,871 at 9/30/2018 including 142,457 unvested shares, 5,810,498 shares at 6/30/2018 including 144,626 unvested shares, 5,533,605 shares at 3/31/2018 including 138,853 unvested shares, 5,471,892 at 12/31/2017 including 111,358 unvested shares. | 32,177 | 32,177 | 22,691 | 21,579 | 21,442 |
Capital surplus | 74,256 | 76,427 | 40,731 | 35,769 | 35,693 |
Retained earnings | 15,185 | 11,371 | 9,020 | 13,368 | 11,682 |
Accumulated other comprehensive loss | (367) | (440) | (285) | (153) | (16) |
Total Stockholders' Equity | 121,251 | 119,535 | 72,157 | 70,563 | 68,801 |
Total Liabilities and Stockholders' Equity | $ 1,100,613 | $ 1,056,981 | $ 936,155 | $ 843,679 | $ 807,951 |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except share and per share data) | |||||||||||
Year-to-Date | Three Months Ended | ||||||||||
12/31/18 | 12/31/17 | 12/31/18 | 9/30/18 | 6/30/18 | 3/31/18 | 12/31/17 | |||||
INTEREST INCOME: | |||||||||||
Interest and fees on loans | $ 41,270 | $ 25,081 | $ 12,244 | $ 11,061 | $ 9,649 | $ 8,316 | $ 7,437 | ||||
Interest on investment securities | 1,470 | 1,576 | 381 | 341 | 407 | 341 | 343 | ||||
Interest on federal funds sold | 1,095 | 297 | 457 | 423 | 115 | 100 | 122 | ||||
Total interest income | 43,835 | 26,954 | 13,082 | 11,825 | 10,171 | 8,757 | 7,902 | ||||
INTEREST EXPENSE: | |||||||||||
Interest on interest bearing DDA deposits | 900 | 194 | 269 | 245 | 222 | 164 | 70 | ||||
Interest on savings and NOW deposits | 251 | 182 | 77 | 65 | 63 | 46 | 42 | ||||
Interest on money market deposits | 1,708 | 565 | 598 | 432 | 414 | 264 | 151 | ||||
Interest on other time deposits | 8,065 | 3,114 | 2,784 | 2,677 | 1,513 | 1,091 | 1,109 | ||||
Interest on Federal Home Loan Bank advances and other borrowings |
776 |
452 |
188 |
199 |
210 |
179 |
141 | ||||
Interest on subordinated debt | 966 | 964 | 244 | 243 | 241 | 238 | 239 | ||||
Total interest expense | 12,666 | 5,471 | 4,160 | 3,861 | 2,663 | 1,982 | 1,752 | ||||
|
Net interest income |
31,169 |
21,483 |
8,922 |
7,964 |
7,508 |
6,775 |
6,150 | ||||
Provision for loan losses | 3,126 | 1,885 | 496 | 600 | 1,395 | 635 | 715 | ||||
Net interest income after provision for loan losses |
28,043 |
19,598 |
8,426 |
7,364 |
6,113 |
6,140 |
5,435 | ||||
OTHER INCOME: | |||||||||||
Deposit account service charges | 1,103 | 836 | 311 | 320 | 259 | 213 | 221 | ||||
Bank owned life insurance income | 427 | 435 | 107 | 105 | 109 | 106 | 111 | ||||
Other fee income | 1,708 | 1,006 | 1,044 | 261 | 215 | 189 | 174 | ||||
Total other income | 3,238 | 2,277 | 1,462 | 686 | 583 | 508 | 506 | ||||
OTHER EXPENSES: | |||||||||||
Salaries and employee benefits | 11,845 | 9,652 | 3,267 | 3,018 | 2,811 | 2,749 | 2,400 | ||||
Furniture and equipment expenses | 1,859 | 1,272 | 534 | 493 | 451 | 381 | 347 | ||||
Advertising and marketing | 614 | 264 | 146 | 171 | 141 | 156 | 127 | ||||
Occupancy expenses | 736 | 605 | 220 | 206 | 159 | 151 | 143 | ||||
Outside services | 839 | 663 | 164 | 239 | 240 | 196 | 209 | ||||
Administrative expenses | 575 | 448 | 142 | 161 | 155 | 118 | 145 | ||||
Other operating expenses | 3,510 | 2,754 | 900 | 872 | 912 | 826 | 838 | ||||
Total other expenses | 19,978 | 15,658 | 5,373 | 5,160 | 4,869 | 4,577 | 4,209 | ||||
|
INCOME BEFORE INCOME TAXES |
11,303 |
6,217 |
4,515 |
2,890 |
1,827 |
2,071 |
1,732 | ||||
Income tax expense | 2,094 | 2,335 | 846 | 539 | 324 | 385 | 971 | ||||
NET INCOME | $ 9,209 | $ 3,882 | $ 3,669 | $ 2,351 | $ 1,503 | $ 1,686 | $ 761 | ||||
Net income per common share, basic and diluted (1) | $ 1.38 | $ 0.81 | $ 0.45 | $ 0.35 | $ 0.26 | $ 0.29 | $ 0.14 | ||||
Weighted average number of shares, basic and diluted (1) | 6,652,979 | 4,778,748 | 8,178,888 | 6,788,868 | 5,810,383 | 5,806,246 | 5,496,112 | ||||
(1) All share and per share amounts for 2018 and 2017 reflect the effect of the 5% stock dividend on April 30, 2018. | |||||||||||
UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
December 31, 2018 | September 30, 2018 | December 31, 2017 | Percentage Change | |||||
$ Amount | % of Total | $ Amount | % of Total | $ Amount | % of Total | Last 3 Mos | Last 12 Mos | |
LOANS: | ||||||||
Construction and land development loans | $ 183,551 | 19.8% | $ 162,233 | 18.9% | $ 103,592 | 15.7% | 13.1% | 77.2% |
Residential real estate loans | 149,628 | 16.2% | 124,906 | 14.5% | 125,795 | 19.1% | 19.8% | 18.9% |
Commercial real estate loans | 377,760 | 40.7% | 343,923 | 40.0% | 250,335 | 37.9% | 9.8% | 50.9% |
Commercial industrial loans | 114,221 | 12.3% | 125,011 | 14.5% | 90,152 | 13.6% | -8.6% | 26.7% |
Consumer loans | 102,277 | 11.0% | 104,067 | 12.1% | 90,759 | 13.7% | -1.7% | 12.7% |
Total Gross Loans | $ 927,437 | 100.0% | $ 860,140 | 100.0% | $ 660,633 | 100.0% | 7.8% | 40.4% |
Less: Allowance for loan losses | (8,831) | (8,327) | (5,705) | |||||
Net deferred loan fees | (1,481) | (991) | (589) | |||||
Net Loans | $ 917,125 | $ 850,822 | $ 654,339 | |||||
DEPOSITS: | ||||||||
Non-interest bearing demand deposits | $ 211,749 | 23.0% | $ 191,986 | 21.6% | $ 171,572 | 25.7% | 10.3% | 23.4% |
Interest-bearing demand deposits: | ||||||||
Demand deposits | 60,588 | 6.6% | 59,295 | 6.7% | 48,432 | 7.3% | 2.2% | 25.1% |
Savings and NOW deposits | 51,371 | 5.6% | 52,602 | 5.9% | 47,855 | 7.2% | -2.3% | 7.3% |
Money market accounts | 138,152 | 15.0% | 109,498 | 12.3% | 82,828 | 12.4% | 26.2% | 66.8% |
Certificates of deposit | ||||||||
$100,000 or more | 348,225 | 37.8% | 379,355 | 42.6% | 243,322 | 36.4% | -8.2% | 43.1% |
Less than $100,000 | 110,052 | 12.0% | 97,156 | 10.9% | 73,646 | 11.0% | 13.3% | 49.4% |
Total Deposits | $ 920,137 | 100.0% | $ 889,892 | 100.0% | $ 667,655 | 100.0% | 3.4% | 37.8% |
BORROWINGS: | ||||||||
Federal funds purchased | $ ― | 0.0% | $ ― | 0.0% | $ 5,638 | 8.2% | 0.0% | -100.0% |
Federal Home Loan Bank advances | 40,000 | 73.0% | 30,000 | 67.0% | 48,142 | 70.3% | 33.3% | -16.9% |
Subordinated debt | 14,776 | 27.0% | 14,769 | 33.0% | 14,748 | 21.5% | 0.0% | 0.2% |
Total Borrowings | $ 54,776 | 100.0% | $ 44,769 | 100.0% | $ 68,528 | 100.0% | 22.4% | -20.1% |
Total Deposits and Borrowings | $ 974,913 | $ 934,661 | $ 736,183 | 4.3% | 32.4% | |||
Core customer funding sources (1) | $ 586,001 | 60.1% | $ 569,842 | 61.0% | $ 430,485 | 58.9% | 2.8% | 36.1% |
Brokered and listing service sources (2) | 334,136 | 34.3% | 320,050 | 34.2% | 237,170 | 32.5% | 4.4% | 40.9% |
Federal Home Loan Bank Advances | 40,000 | 4.1% | 30,000 | 3.2% | 48,142 | 6.6% | 33.3% | -16.9% |
Subordinated debt (3) | 14,776 | 1.5% | 14,769 | 1.6% | 14,748 | 2.0% | 0.0% | 0.2% |
Total Funding Sources | $ 974,913 | 100.0% | $ 934,661 | 100.0% | $ 730,545 | 100.0% | 4.3% | 33.5% |
(1) Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts. | ||||||||
(2) Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts. | ||||||||
(3) Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank. | ||||||||
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | |||||||
(Unaudited) | |||||||
(000's except percentages) | |||||||
Twelve Months Ended December 31, 2018 | Twelve Months Ended December 31, 2017 | ||||||
Average Balance | Interest Income/ Expense | Average Yields/ Rate (annualized) | Average Balance | Interest Income/ Expense | Average Yields/ Rate (annualized) | ||
ASSETS: | |||||||
Interest earning assets: | |||||||
Loans (1) | $ 795,130 | $ 41,270 | 5.19% | $ 531,271 | $ 25,081 | 4.72% | |
Investment securities | 55,219 | 1,471 | 2.66% | 54,564 | 1,576 | 2.89% | |
Federal funds and interest - | |||||||
bearing deposits | 63,536 | 1,095 | 1.72% | 31,535 | 297 | 0.94% | |
Total interest earning assets | $ 913,885 | $ 43,836 | 4.80% | $ 617,370 | $ 26,954 | 4.37% | |
Other assets | 35,159 | 27,292 | |||||
Total assets | $ 949,044 | $ 644,662 | |||||
Liabilities and Stockholders' Equity: | |||||||
Interest-bearing liabilities: | |||||||
Interest-bearing demand deposits | $ 57,357 | $ 900 | 1.57% | $ 28,484 | $ 194 | 0.68% | |
Money market deposit accounts | 115,846 | 1,708 | 1.47% | 76,732 | 565 | 0.74% | |
Savings and NOW deposits | 50,509 | 251 | 0.50% | 45,777 | 182 | 0.40% | |
Time deposits | 401,259 | 8,065 | 2.01% | 249,715 | 3,114 | 1.25% | |
Total interest-bearing deposits | 624,971 | 10,924 | 1.75% | $ 400,708 | $ 4,055 | 1.01% | |
Federal funds and repos purchased | 463 | 12 | 2.59% | 185 | 3 | 1.62% | |
Subordinated debt | 14,762 | 966 | 6.54% | 14,691 | 964 | 6.56% | |
FHLB borrowings | 39,042 | 764 | 1.96% | 42,371 | 449 | 1.06% | |
Total interest-bearing liabilities | $ 679,238 | $ 12,666 | 1.86% | $ 457,955 | $ 5,471 | 1.19% | |
Demand deposits and other liabilities | 181,098 | 134,603 | |||||
Total liabilities | $ 860,336 | 592,558 | |||||
Stockholders' Equity | 88,708 | 52,104 | |||||
Total Liabilities and Stockholders' Equity | $ 949,044 | $ 644,662 | |||||
Interest Rate Spread | 2.94% | 3.18% | |||||
Net Interest Income and Margin | $ 31,170 | 3.41% | $ 21,483 | 3.48% | |||
(1) Includes loans classified as non-accrual. | |||||||
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | |||||
At or For Three Months Ended | At or For Twelve Months Ended | ||||
December 31, | December 31, | ||||
2018 | 2017 | 2018 | 2017 | ||
Per share Data and Shares Outstanding (1) | |||||
Earnings per share – (basic and diluted) | $ 0.45 | $ 0.14 | $ 1.38 | $ 0.81 | |
Tangible book value per share | $ 14.83 | $ 12.57 | $ 14.83 | $ 12.57 | |
Weighted average common shares (basic and diluted) | 8,178,888 | 5,496,112 | 6,652,979 | 4,778,748 | |
Common shares outstanding at end of period | 8,177,978 | 5,471,892 | 8,177,978 | 5,471,892 | |
Performance Ratios | |||||
Return on average assets (annualized) | 1.36% | 0.41% | 0.97% | 0.60% | |
Return on average equity (annualized) | 12.15% | 4.76% | 10.38% | 7.45% | |
Yield on earning assets (annualized) | 5.03% | 4.42% | 4.80% | 4.37% | |
Cost of interest bearing liabilities (annualized) | 2.19% | 1.35% | 1.86% | 1.19% | |
Net interest spread | 2.83% | 3.06% | 2.94% | 3.18% | |
Net interest margin (annualized) | 3.43% | 3.44% | 3.41% | 3.48% | |
Noninterest income as a percentage of average assets (annualized) | 0.54% | 0.27% | 0.34% | 0.35% | |
Noninterest expense to average assets (annualized) | 2.00% | 2.26% | 2.11% | 2.43% | |
Efficiency ratio | 51.75% | 63.28% | 58.07% | 65.90% | |
Asset Quality | |||||
Loans 30-89 days past due to total gross loans | 0.01% | 0.03% | 0.01% | 0.03% | |
Loans 90 days past due to total gross loans | 0.00% | 0.00% | 0.00% | 0.00% | |
Non-accrual loans to total gross loans | 0.21% | 0.31% | 0.21% | 0.31% | |
Other real estate owned | - | - | - | - | |
Non-performing assets | $ 1,939 | $ 2,030 | $ 1,939 | $ 2,030 | |
Non-performing assets to total assets | 0.18% | 0.25% | 0.18% | 0.25% | |
Allowance for loan losses to total gross loans | 0.95% | 0.86% | 0.95% | 0.86% | |
Allowance for loan losses to non-performing loans | 4.53 | 2.79 | 4.53 | 2.79 | |
Net loan charge-offs | $ 1 | $ 160 | $ 1 | $ 160 | |
Net charge-offs to average loans (annualized) | 0.00% | 0.03% | 0.00% | 0.03% | |
Troubled debt restructurings (total) | |||||
Performing in accordance with modified terms | $ 1,510 | $ 1,542 | $ 1,510 | $ 1,542 | |
Not performing in accordance with modified terms | $ 1,939 | $ 1,939 | $ 1,939 | $ 1,939 | |
Regulatory Capital Ratios (Bank only) | |||||
Total risk-based capital ratio | 13.75% | 11.43% | 13.75% | 11.43% | |
Tier 1 risk-based capital ratio | 12.90% | 10.65% | 12.90% | 10.65% | |
Leverage ratio | 12.41% | 10.42% | 12.41% | 10.42% | |
Common equity tier 1 ratio | 12.90% | 10.65% | 12.90% | 10.65% | |
Other information | |||||
Closing stock price | $ 17.06 | $ 16.69 | $ 17.06 | $ 16.69 | |
Tangible equity / tangible assets | 11.02% | 8.52% | 11.02% | 8.52% | |
Average tangible equity / average tangible assets | 11.22% | 8.45% | 9.35% | 8.08% | |
Number of full time equivalent employees | 110 | 96 | 110 | 96 | |
# Full service branch offices | 6 | 5 | 6 | 5 | |
(1) Amounts for all periods presented are adjusted to reflect a 5% stock dividend effective April 9, 2018 | |||||
SOURCE MainStreet Bancshares, Inc.
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