(NASDAQ:HBNC) – Horizon Bancorp today announced its unaudited financial results for the three-month period ended March 31, 2011.

SUMMARY:
  • Horizon’s first quarter 2011 net income was $2.8 million or $.74 diluted earnings per share, a 54.4% increase in net income from the same period in 2010 and the highest first quarter net income in the Company’s history.
  • Total deposits grew to over $1.0 billion at March 31, 2011, a $15.9 million increase from December 31, 2010.
  • Borrowings decreased by $36.4 million in the first quarter of 2011 from December 31, 2010.
  • Net interest income after provisions for loan losses was $9.5 million compared with $7.3 million in the prior year’s first quarter.
  • Total loans decreased during the first quarter as the balance of mortgage warehouse loans decreased $74.7 million from December 31, 2010 as a result of an increase in long term mortgage interest rates.
  • Commercial loans were $335.8 million, up 8% from the first quarter 2010.
  • Residential mortgage loans of $164.2 million at March 31, 2011 rose 21% compared with first quarter 2010, partially reflecting loans acquired in the American Trust acquisition.
  • Investment securities increased during the first quarter of 2011 as excess cash was invested.
  • The Company’s mortgage servicing asset recovered $701,000 of impairment during the first quarter of 2011 as mortgage loan refinancing activity slowed.
  • The provision for loan losses decreased to $1.5 million for the first quarter of 2011 compared to $2.7 million for the fourth quarter of 2010.
  • Horizon’s capital ratios continue to be above the regulatory standards for well-capitalized banks.

Craig M. Dwight, President and CEO, stated: “Generating the highest first quarter net income in the Company’s history was a significant accomplishment for Horizon and we believe underscores our strict attention to expense control, our ability to generate new banking relationships, and the value of our balanced revenue mix. We continue to gain market share, particularly in commercial banking, as small businesses look to migrate from larger banks. The dramatic reduction in our provision for loan losses represents an encouraging trend we feel can continue in an improving economic environment.”

Mr. Dwight also noted that while market-related declines in mortgage warehousing contributed to a decline in total loans and a decrease in the net interest margin from fourth quarter 2010, growth in categories like commercial lending and reduced interest expense provided overall balance. “Our business model worked exactly as it should,” explained Dwight.

“As we pursue opportunities to grow organically and through potential acquisitions, we’re confident we can apply this strategy of a balanced revenue mix to a significantly larger organization.”

Performance Highlights:

Net income for the first quarter of 2011 was $2.8 million or $.74 diluted earnings per share. This compares to $1.8 million or $.44 diluted earnings per share for the same quarter of the prior year. This represents a 54.4% increase from the same period of the prior year and the highest first quarter net income in the Company’s history.

Diluted earnings per share were reduced by $.08 for the three months ending March 31, 2011 and $.11 for the three months ending March 31, 2010 due to the preferred stock dividends and the accretion of the discount on the preferred stock. The reduction in the first quarter of 2011 from the impact of the preferred stock dividend and the accretion of the discount on the preferred stock was due to the repayment of $6.25 million of US Treasury’s Capital Purchase Plan capital during the fourth quarter of 2010.

Net interest income increased $514,000 for the three-month period ending March 31, 2011 compared to the same time period for the prior year. This increase was due to a higher average balance of interest earning assets and a slight increase in the net interest margin. The net interest margin increased to 3.57% for the three months ending March 31, 2011 compared to 3.55% for the same period in the prior year. The net interest margin decreased in the first quarter of 2011 from 4.01% during the fourth quarter of 2010 due to the reduction in interest earning assets, primarily due to the decline in mortgage warehouse volume, which caused a corresponding increase in average federal funds sold during the quarter at lower yields.

“We anticipate periods in which the mortgage warehousing business will create fluctuations in our total loans and margins,” explained Dwight. “In 12 years, we have never experienced a loss in our mortgage warehousing business. It continues to provide many benefits, and as we grow our core business, we anticipate mortgage volume fluctuations will have less impact on the Bank’s results, as evidenced by our first quarter’s results.”

The residential mortgage loan activity during the first quarter of 2011 generated $533,000 of income from the gain on sale of mortgage loans, down $849,000 from the same period in 2010 and down $1.5 million from the fourth quarter of 2010. This decrease during the first quarter was offset by a reduction in commissions paid to mortgage loan originators and $701,000 of impairment recovered on the Company’s mortgage servicing asset. In addition, Horizon incurred a gain on the sale of securities of $274,000 during the first quarter of 2011 as the result of an analysis that determined that market conditions provided the opportunity to add gains to capital without negatively impacting long-term earnings.

The provision for loan losses was $1.5 million for the three months ending March 31, 2011, which was approximately $1.7 million less than the provision for the same period of the prior year. The 2011 first quarter provision was $1.2 million less than the 2010 fourth quarter provision and was the lowest quarterly provision for the Company since the second quarter of 2008.

The ratio of allowance for loan losses to total loans increased to 2.34% from 2.11% as of March 31, 2011 and December 31, 2010, respectively. This increase was due to a slight increase in Horizon’s loan and lease loss reserve and an overall decline in total loan balances. Horizon’s net loans charged off decreased during the first quarter of 2011 to $1.5 million compared to $1.6 million during the fourth quarter of 2010 and $3.1 million during the first quarter of 2010.

Non-performing loans totaled $22.1 million on March 31, 2011, up slightly from $21.4 million on December 31, 2010, and up from $16.3 million on March 31, 2010. As a percentage of total loans non-performing loans were 2.71% on March 31, 2011, up from 2.38% on December 31, 2010. This increase was primarily due to a decrease in total loans. Horizon’s 30 to 89 day loan delinquencies were 0.85% and 0.66% of total loans at March 31, 2011 and December 31, 2010, respectively.

The increase of non-performing loans from the prior quarter was due to higher non-performing commercial loans, partially offset by lower non-performing real estate and consumer loans. Non-performing commercial loans increased from $8.1 million on December 31, 2010 to $9.4 million on March 31, 2011. The increase was due to the addition of eleven non-performing loans with a book value of $1.6 million as of March 31, 2011, partially offset by principal pay downs of $148,000, charge-offs totaling $49,000, and one loan with a balance of $45,000 moved to OREO during the quarter. Real estate non-performing loans decreased from $9.3 million on December 31, 2010 to $8.7 million on March 31, 2011. Consumer non-performing loans decreased from $4.0 million on December 31, 2010 to $3.9 million on March 31, 2011.

Real estate and installment non-performing loans on March 31, 2011 included $1.8 million and $2.0 million, respectively, of loans in bankruptcy. This compares to $1.8 million and $2.3 million on December 31, 2010. These loans are not considered troubled debt restructures (TDR’s) while they are going through bankruptcy, a process that can take six to eighteen months. This is the first decline in this category the Company has experienced in recent years as borrowers are coming out of bankruptcy and after six months of performance are being moved back to performing status. The Company’s experience with bankrupt loans has demonstrated that some debtors continue to make payments during the bankruptcy process, many reaffirm their obligations to the Company when they come out of bankruptcy, and some loans are discharged or restructured by the court. The Company has been accumulating historical data on the performance of loans going through the bankruptcy process and utilizes that data in the calculation of the allowance for loan losses. There were two non-performing loans to commercial borrowers in bankruptcy on March 31, 2011 totaling $120,000.

TDR’s are also included in the non-performing loans total. TDR’s increased from $4.4 million on December 31, 2010 to $4.7 million on March 31, 2011. Of these, $4.0 million were real estate loans, $563,000 were commercial loans, and $173,000 were installment loans. The increase was primarily due to the addition of two mortgage loans during the quarter totaling $362,000. Only $682,000 of TDR’s were on non-accrual as of March 31, 2011.

Non-accrual loans totaled $17.4 million on March 31, 2011, up from $16.7 million on December 31, 2010, and $14.9 million on March 31, 2010. On March 31, 2011, non-accrual commercial loans to hotel owners totaled $4.4 million and to home builders and land developers were $1.3 million.

Other Real Estate Owned (OREO) totaled $2.3 million on March 31, 2011, down from $2.7 million on December 31, 2010, but up from $2.2 million on March 31, 2010. During the quarter, seven properties with a book value of $913,000 as of December 31, 2010 were sold. Seven properties with a book value of $537,000 on March 31, 2011 were transferred into OREO during the quarter.

On March 31, 2011, OREO was comprised of 17 properties. Of these, five totaling $1.4 million were commercial properties and twelve totaling $914,000 were residential properties. One property with a book value of $1.0 million is under contract to sell with a closing date scheduled in the third quarter. Four other properties with a book value of $235,000 are under contract and are expected to close in April, 2011.

Total other expenses were $704,000 higher in the first quarter of 2011 compared to the first quarter of 2010. Salaries and employee benefits increased $563,000 compared to the same quarter in 2010. This increase is the result of additional payroll expense from the consolidation of the American Trust & Savings Bank transaction that closed at the end of the second quarter of 2010, the expansion into Portage, Michigan, and annual merit pay increases. Salaries and employee benefits decreased $756,000 compared to the fourth quarter of 2010 primarily due to lower commissions paid to mortgage loan originators and lower bonus accruals.

Dwight concluded: “We are maximizing the value of our continuing investment in facilities, technology, and revenue-generating personnel. We continue to believe that there is an excellent opportunity for Horizon to capitalize on consolidation in the banking industry and will therefore actively examine value-creating opportunities to expand, whether through organic means or acquisitions accretive to earnings.”

Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern Indiana and Southwest Michigan. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.accesshorizon.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.

Statements in this press release which express “belief,” “intention,” “expectation,” and similar expressions, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by, and information currently available to, such management. Such statements are inherently uncertain and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those contemplated by the forward-looking statements. Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
         
HORIZON BANCORP
Financial Highlights
(Dollars in thousands except share and per share data and ratios, Unaudited)
 
March 31 December 31 September 30 June 30 March 31
2011   2010   2010   2010   2010
Balance sheet:
Total assets $ 1,382,390 $ 1,400,919 $ 1,485,058 $ 1,464,415 $ 1,301,660
Investment securities 445,988 391,939 397,694 410,284 368,752
Commercial loans 335,758 330,018 329,230 326,401 310,664
Mortgage warehouse loans 49,034 123,743 193,848 156,915 96,327
Residential mortgage loans 164,240 162,435 165,234 168,238 135,475
Installment loans 260,525 266,681 270,503 271,241 266,954
Earning assets 1,274,171 1,307,313 1,387,594 1,360,488 1,200,043
Non-interest bearing deposit accounts 111,155 107,606 105,376 99,291 91,482
Interest bearing transaction accounts 508,953 508,953 506,031 529,612 423,315
Time deposits 381,301 368,939 388,076 394,092 358,725
Borrowings 224,358 260,741 318,516 282,137 273,235
Subordinated debentures 30,607 30,584 30,562 30,539 27,837
Common stockholders' equity 97,802 94,066 95,686 92,127 91,371
Total stockholders’ equity 116,060 112,283 120,112 116,512 115,716
 
Income statement: Three months ended
Net interest income $ 11,067 $ 13,075 $ 12,620 $ 11,368 $ 10,553
Provision for loan losses 1,548 2,664 2,657 3,000 3,233
Other income 4,314 4,961 5,648 4,923 4,374
Other expenses 10,258 11,576 11,257 10,184 9,554
Income tax expense 810 926 1,075 592 349
Net income 2,765 2,870 3,279 2,515 1,791
Preferred stock dividend (276 ) (349 ) (353 ) (352 ) (352 )
Net income available to common shareholders 2,489 2,521 2,926 2,163 1,439
 
Per share data:
Basic earnings per share $ 0.76 $ 0.77 $ 0.89 $ 0.66 $ 0.44
Diluted earnings per share 0.74 0.75 0.88 0.65 0.44
Cash dividends declared per common share 0.17 0.17 0.17 0.17 0.17
Book value per common share 29.76 28.68 29.17 28.10 27.88
Tangible book value per common share 27.17 26.04 26.50 25.39 25.70
Market value - high $ 29.19 $ 26.99 $ 22.60 $ 22.81 $ 19.50
Market value - low $ 26.20 $ 21.89 $ 21.15 $ 19.48 $ 16.44
Weighted average shares outstanding - Basic 3,283,143 3,280,331 3,279,201 3,278,392 3,270,217
Weighted average shares outstanding - Diluted 3,383,175 3,362,118 3,336,634 3,333,768 3,293,192
 
Key ratios:
Return on average assets 0.80 % 0.79 % 0.90 % 0.75 % 0.54 %
Return on average common stockholders' equity 10.55 10.22 12.12 9.33 6.34
Net interest margin 3.57 4.01 3.84 3.78 3.55
Loan loss reserve to total loans 2.34 2.11 1.85 1.77 1.97
Non-performing loans to loans 2.71 2.38 2.22 2.26 2.00
Average equity to average assets 8.14 8.22 8.32 8.67 8.73
Bank only capital ratios:
Tier 1 capital to average assets 8.83 8.60 8.53 8.92 8.83
Tier 1 capital to risk weighted assets 13.56 12.70 11.69 11.89 12.96
Total capital to risk weighted assets 14.79 13.96 12.94 13.15 14.22
 
Loan data:
30 to 89 days delinquent $ 6,948 $ 5,907 $ 9,084 $ 8,637 $ 10,926
90 days and greater delinquent - accruing interest 57 358 833 77 345
Trouble debt restructures - accruing interest 4,014 4,119 3,445 3,414 1,183
Trouble debt restructures - non-accrual 682 278 463 - -
Non-accrual loans   17,359       16,673       16,939       17,682       14,862  
Total non-performing loans 22,112 21,428 21,680 21,173 16,390
 
         
HORIZON BANCORP
 
Allocation of the Allowance for Loan and Lease Losses

(Dollars in Thousands, Unaudited)
 
March 31 December 31 September 30 June 30 March 31
2011   2010   2010   2010   2010
Commercial $ 8,609 $ 7,554 $ 7,029 $ 6,204 $ 6,010
Real estate 2,357 2,379 1,957 1,536 1,444
Mortgage warehousing 1,421 1,435 1,441 1,362 1,390
Consumer 6,703 7,696 7,603 7,441 7,276
Unallocated   -     -     -     -     -
Total $ 19,090   $ 19,064   $ 18,030   $ 16,543   $ 16,120
 
Net Charge-offs

(Dollars in Thousands, Unaudited)
 
Three months ended
March 31   December 31   September 30   June 30   March 31
2011   2010   2010   2010   2010
Commercial $ 59 $ 426 $ 485 $ 884 $ 1,832
Real estate 82 128 86 288 309
Mortgage warehousing - - - - -
Consumer   1,380     1,076     599     1,406     986
Total $ 1,521   $ 1,630   $ 1,170   $ 2,578   $ 3,127
         
Total Non-performing Loans

(Dollars in Thousands, Unaudited)
 
 
March 31 December 31 September 30 June 30 March 31
2011   2010   2010   2010   2010
Commercial $ 9,428 $ 8,082 $ 8,855 $ 9,805 $ 7,024
Real estate 8,744 9,326 8,467 8,021 6,217
Mortgage warehousing - - - - -
Consumer   3,940     4,020     4,358     3,347     3,149
Total $ 22,112   $ 21,428   $ 21,680   $ 21,173   $ 16,390
         
Other Real Estate Owned and Repossessed Assets

(Dollars in Thousands, Unaudited)
 
March 31 December 31 September 30 June 30 March 31
2011   2010   2010   2010   2010
Commercial $ 1,443 $ 1,622 $ 2,751 $ 623 $ 494
Real estate 839 1,042 1,283 2,160 1,581
Mortgage warehousing - - - - -
Consumer   8     -     107     70     101
Total $ 2,290   $ 2,664   $ 4,141   $ 2,853   $ 2,176
         
HORIZON BANCORP
 
Loan Portfolio Detail
 
Non- Percent Specific Percent of
Loan Performing of Reserves on Non - Non-performing
March 31, 2011 (Unaudited) Balance   Loans Loans Performing Loans Loans
Owner occupied real estate $ 125,749 $ 2,291 1.82 % $ 374 16.32 %
Non owner occupied real estate 139,367 6,102 4.38 % 665 10.90 %
Residential development 10,520 390 3.71 % 125 32.05 %
Commercial and industrial   60,122       645 1.07 %   326 50.54 %
Total commercial 335,758 9,428 2.81 % 1,490 15.80 %
 
Residential mortgage (1) 160,715 7,954 4.95 % 880 11.06 %
Residential construction 8,487 790 9.31 % - 0.00 %
Mortgage warehouse   49,034       - 0.00 %   - 0.00 %
Total real estate 218,236 8,744 4.01 % 880 10.06 %
 
Direct installment 23,814 235 0.99 % 1,206 513.19 %
Indirect installment 123,373 1,211 0.98 % - 0.00 %
Home equity   113,338       2,494 2.20 %   - 0.00 %
Total consumer 260,525 3,940 1.51 % 1,206 30.61 %
       
Total loans 814,519 22,112 2.71 % 3,576 16.17 %
Allowance for loan losses   (19,090 )      
Net loans $ 795,429     $ 22,112 2.78 % $ 3,576
(1) Residential mortgage total includes Held for Sale mortgage loans
 
Non- Percent Specific Percent of
Loan Performing of Reserves on Non - Non-performing
December 31, 2010 Balance   Loans Loans Performing Loans Loans
Owner occupied real estate $ 125,909 $ 1,042 0.83 % $ 385 36.95 %
Non owner occupied real estate 137,073 6,329 4.62 % 665 10.51 %
Residential development 8,694 266 3.06 % 142 53.38 %
Commercial and industrial   58,342       445 0.76 %   265 59.55 %
Total commercial 330,018 8,082 2.45 % 1,457 18.03 %
 
Residential mortgage (1) 173,800 9,326 5.37 % 969 10.39 %
Residential construction 7,468 - 0.00 % - 0.00 %
Mortgage warehouse   123,743       - 0.00 %   - 0.00 %
Total real estate 305,011 9,326 3.06 % 969 10.39 %
 
Direct installment 25,058 287 1.15 % 976 340.07 %
Indirect installment 128,129 1,431 1.12 % - 0.00 %
Home equity   113,494       2,302 2.03 %   - 0.00 %
Total consumer 266,681 4,020 1.51 % 976 24.28 %
       
Total loans 901,710 21,428 2.38 % 3,402 15.88 %
Allowance for loan losses   (19,064 )      
Net loans $ 882,646     $ 21,428 2.43 % $ 3,402
(1) Residential mortgage total includes Held for Sale mortgage loans
     
HORIZON BANCORP AND SUBSIDIARIES
Average Balance Sheets

(Dollar Amounts in Thousands, Unaudited)
 
Three Months Ended Three Months Ended
March 31, 2011 March 31, 2010
Average     Average Average     Average
Balance   Interest   Rate Balance   Interest   Rate
 
ASSETS
Interest-earning assets
Federal funds sold $ 63,220 $ 39 0.25 % $ 68,209 $ 12 0.07 %
Interest-earning deposits 3,180 1 0.13 % 4,857 5 0.42 %
Investment securities - taxable 301,613 2,460 3.31 % 253,848 2,429 3.88 %
Investment securities - non-taxable (1) 114,294 1,043 5.07 % 112,275 1,081 5.28 %
Loans receivable (2)   820,388       11,888 5.88 %   811,350       12,605 6.31 %
Total interest-earning assets (1) 1,302,695 15,431 4.93 % 1,250,539 16,132 5.36 %
 
Noninterest-earning assets
Cash and due from banks 14,596 13,852
Allowance for loan losses (19,062 ) (16,001 )
Other assets   100,475     84,904  
 
$ 1,398,704   $ 1,333,294  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities
Interest-bearing deposits $ 903,487 $ 2,337 1.05 % $ 828,838 $ 2,763 1.35 %
Borrowings 227,472 1,577 2.81 % 269,349 2,443 3.68 %
Subordinated debentures   34,946       450 5.22 %   27,837       373 5.43 %
Total interest-bearing liabilities 1,165,905 4,364 1.52 % 1,126,024 5,579 2.01 %
 
Noninterest-bearing liabilities
Demand deposits 109,543 82,659
Accrued interest payable and
other liabilities 9,382 8,156
Shareholders' equity   113,874     116,455  
 
$ 1,398,704   $ 1,333,294  
 
Net interest income/spread $ 11,067 3.41 % $ 10,553 3.35 %
 
Net interest income as a percent
of average interest earning assets (1) 3.57 % 3.55 %

(1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities. The average rate is presented on a tax equivalent basis.

(2) Includes fees on loans. The inclusion of loan fees does not have a material effect on the average interest rate.

   
HORIZON BANCORP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

(Dollar Amounts in Thousands)
 
March 31 December 31
2011 2010
(Unaudited)    
Assets
Cash and due from banks $ 31,409 $ 15,683
Investment securities, available for sale 435,356 382,344
Investment securities, held to maturity 10,632 9,595
Loans held for sale 4,962 18,833
Loans, net of allowance for loan losses of $19,090 and $19,064 790,467 863,813
Premises and equipment 34,710 34,194
Federal Reserve and Federal Home Loan Bank stock 13,664 13,664
Goodwill 5,910 5,910
Other intangible assets 2,628 2,741
Interest receivable 6,633 6,519
Cash value life insurance 27,400 27,195
Other assets   18,619     20,428
Total assets $ 1,382,390   $ 1,400,919
Liabilities
Deposits
Non-interest bearing $ 111,155 $ 107,606
Interest bearing   890,254     877,892
Total deposits 1,001,409 985,498
Borrowings 224,358 260,741
Subordinated debentures 30,607 30,584
Interest payable 786 781
Other liabilities   9,170     11,032
Total liabilities   1,266,330     1,288,636
Commitments and contingent liabilities
Stockholders’ Equity
Preferred stock, no par value, $1,000 liquidation value
Authorized, 1,000,000 shares
Issued 18,750 and 25,000 shares 18,258 18,217
Common stock, $.2222 stated value
Authorized, 22,500,000 shares
Issued, 3,329,576 and 3,300,659 shares 1,123 1,122
Additional paid-in capital 10,446 10,356
Retained earnings 82,169 80,240
Accumulated other comprehensive income   4,064     2,348
Total stockholders’ equity   116,060     112,283
Total liabilities and stockholders’ equity $ 1,382,390   $ 1,400,919
 
HORIZON BANCORP AND SUBSIDIARIES
Condensed Consolidated Statements of Income

(Dollar Amounts in Thousands, Except Per Share Data)
 
Three Months Ended March 31
2011   2010
(Unaudited)   (Unaudited)
Interest Income
Loans receivable $ 11,888 $ 12,605
Investment securities
Taxable 2,500 2,446
Tax exempt   1,043       1,081  
Total interest income   15,431       16,132  
Interest Expense
Deposits 2,337 2,763
Borrowed funds 1,577 2,443
Subordinated debentures   450       373  
Total interest expense   4,364       5,579  
Net Interest Income 11,067 10,553
Provision for loan losses   1,548       3,233  
Net Interest Income after Provision for Loan Losses   9,519       7,320  
Other Income
Service charges on deposit accounts 795 865
Wire transfer fees 108 140
Interchange fees 545 454
Fiduciary activities 963 995
Gain (loss) on sale of securities 274 -
Gain on sale of mortgage loans 533 1,382
Mortgage servicing income net of impairment 764 65
Increase in cash surrender value of bank owned life insurance 205 156
Other income   127       317  
Total other income   4,314       4,374  
Other Expenses
Salaries and employee benefits 5,361 4,798
Net occupancy expenses 1,081 1,062
Data processing 407 402
Professional fees 349 471
Outside services and consultants 381 365
Loan expense 762 750
FDIC insurance expense 387 388
Other losses 31 27
Other expenses   1,499       1,291  
Total other expenses   10,258       9,554  
Income Before Income Tax 3,575 2,140
Income tax expense   810       349  
Net Income 2,765 1,791
Preferred stock dividend and discount accretion   (276 )     (352 )
Net Income Available to Common Shareholders $ 2,489     $ 1,439  
Basic Earnings Per Share $ 0.76 $ 0.44
Diluted Earnings Per Share 0.74 0.44

Copyright Business Wire 2010

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