Independent Bank Corporation Reports 2017 Third Quarter Results

GRAND RAPIDS, Mich., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported third quarter 2017 net income of $6.9 million, or $0.32 per diluted share, versus net income of $6.4 million, or $0.30 per diluted share, in the prior-year period.  The increase in third quarter 2017 results as compared to 2016 primarily reflects an increase in net interest income that was partially offset by increases in the provision for loan losses and in non-interest and income tax expenses and a decrease in non-interest income.

For the nine months ended Sept. 30, 2017, the Company reported net income of $18.8 million, or $0.87 per diluted share, compared to net income of $16.9 million, or $0.78 per diluted share, in the prior-year period.  The increase in 2017 year-to-date results as compared to 2016 is primarily due to increases in net interest income and non-interest income that were partially offset by increases in the provision for loan losses as well as in non-interest and income tax expenses.

Third quarter 2017 highlights include:
  • A year-over-year increase in quarterly net interest income of $2.9 million, or 14.6%;
  • A year-over-year increase in quarterly net income and diluted earnings per share of 7.6% and 6.7%, respectively;
  • Continued improvement in asset quality metrics with a $0.4 million, or 3.2%, decline in non-performing assets;
  • Total portfolio loan net growth of $125.4 million, or 27.5% annualized;
  • A 2.0% increase in tangible book value per share to $12.47 at Sept. 30, 2017 from $12.22 at June 30, 2017; and
  • The payment of a ten cent per share dividend on common stock on Aug. 15, 2017.

The third quarter of 2017 included a $0.57 million ($0.02 per diluted share, after tax) decline in the fair value of capitalized mortgage loan servicing rights due to price.  The third quarter of 2016 included a $0.62 million ($0.02 per diluted share, after tax) recovery of previously recorded impairment charges on capitalized mortgage loan servicing rights.

William B. ("Brad") Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: "Excluding the after-tax, two cent per diluted share, charge related to a decline in price of our capitalized mortgage loan servicing rights, our  third quarter 2017 results met our expectations and included a provision for loan losses expense of $0.6 million.  Strong loan origination activity led to significant loan growth and increased net interest income. We were also pleased with the sequential quarterly growth in our net interest margin which rose to 3.66%.  Reflecting both these excellent operating results, as well as our strong capital position, we recently announced a 20% increase in the quarterly cash dividend on our common stock to 12 cents per share effective Nov. 15, 2017.  As we look ahead to the remainder of 2017 and beyond, we are focused on building on the momentum generated in the first nine months of 2017."

Operating Results

The Company's net interest income totaled $22.9 million during the third quarter of 2017, an increase of $2.9 million, or 14.6%, from the comparable year-ago period, and up $1.4 million, or 6.6%, from the second quarter of 2017.  The Company's tax equivalent net interest income as a percent of average interest-earning assets (the "net interest margin") was 3.66% during the third quarter of 2017, compared to 3.51% in the year-ago period, and 3.60% in the second quarter of 2017.  The year-over-year quarterly increase in net interest income is due to increases in both average interest-earning assets and in the net interest margin.  Average interest-earning assets were $2.52 billion in the third quarter of 2017, compared to $2.29 billion in the year ago quarter and $2.42 billion in the second quarter of 2017. 

For the first nine months of 2017, net interest income totaled $65.9 million, an increase of $6.5 million, or 10.9%, from the comparable year ago period.  The Company's net interest margin for the first nine months of 2017 was 3.65% compared to 3.55% in 2016.  The increase in net interest income for the first nine months of 2017 is due to increases in both average interest-earning assets and in the net interest margin.

Non-interest income totaled $10.3 million and $31.1 million, respectively, for the third quarter and first nine months of 2017, compared to $11.7 million and $29.1 million in the respective comparable year ago periods.  The year-over-year quarterly decrease was primarily due to a decline in net revenues from the Company's mortgage banking activities (net gains on mortgage loans and net mortgage loan servicing income).  The year-to-date increase in 2017 compared to 2016 was primarily due to growth in revenues from the Company's mortgage banking activities (net gains on mortgage loans and net mortgage loan servicing income). In addition, both service charges on deposit accounts and interchange income grew during the first nine months of 2017 compared to 2016.                                                                                                                                 Net gains on mortgage loans were $3.0 million in the third quarter of 2017, compared to $3.6 million in the year-ago quarter.  For the first nine months of 2017, net gains on mortgage loans totaled $8.9 million compared to $7.7 million in 2016.  Mortgage loan origination and sales volumes have increased in 2017 primarily due to the expansion of the Company's mortgage banking operations (opening additional loan production offices) that principally occurred in the last quarter of 2016 and first quarter of 2017.  The quarterly comparative decline in net gains on mortgage loans reflects a lower loan sales margin due to competitive factors as well as fair value adjustments related to the mortgage loan pipeline (primarily mortgage loan origination commitments).

Mortgage loan servicing generated income of $0.001 million and $0.9 million in the third quarters of 2017 and 2016, respectively. For the first nine months of 2017, mortgage loan servicing generated income of $0.7 million as compared to a loss of $0.5 million in 2016. This activity is summarized in the following table:
    Three Months Ended   Nine Months Ended
    9/30/2017 9/30/2016 9/30/2017 9/30/2016
Mortgage loan servicing:  (Dollars in thousands) 
  Revenue, net $     1,091   $     1,037   $     3,253   $     3,087  
  Fair value change due to price   (572 )     --     (1,075 )     --  
  Fair value change due to pay-downs   (518 )     --     (1,510 )     --  
  Amortization     --     (799 )     --     (2,065 )
  Impairment (charge) recovery     --       620       --     (1,476 )
Total $     1   $     858   $     668   $   (454 )
                         

Effective on Jan. 1, 2017, the Company adopted the fair value accounting method for capitalized mortgage loan servicing rights.

Non-interest expenses totaled $22.6 million in the third quarter of 2017, compared to $22.5 million in the year-ago period.  For the first nine months of 2017, non-interest expenses totaled $68.9 million versus $65.5 million in 2016.  These year-over-year increases in non-interest expenses were primarily due to increases in compensation and employee benefits largely related to the aforementioned expansion of the Company's mortgage banking operations.

The Company recorded an income tax expense of $3.2 million and $8.4 million in the third quarter and first nine months of 2017, respectively.  This compares to an income tax expense of $3.0 million and $7.5 million in the third quarter and first nine months of 2016, respectively.  The year-to-date 2016 income tax expense was reduced by a credit of approximately $0.3 million due to the adoption of ASU 2016-09 in the second quarter of that year.      

Asset Quality

Commenting on asset quality, President and CEO Kessel added: "We continue to make progress in further improving asset quality, as evidenced by declines in non-performing loans and assets.  In addition, thirty- to eighty-nine day delinquency rates at Sept. 30, 2017 were 0.06% for commercial loans and 0.48% for mortgage and consumer loans.  These early stage delinquency rates continue to be well-managed."

A breakdown of non-performing loans (1) by loan type is as follows:
Loan Type   9/30/2017  12/31/2016  9/30/2016 
  (Dollars in thousands)
Commercial $   788     $   5,163     $   3,386  
Consumer/installment   525       907       732  
Mortgage   7,097       7,294       6,679  
Payment plan receivables   --       --       4  
  Total $   8,410     $ 13,364     $ 10,801  
Ratio of non-performing loans to total portfolio loans   0.43 %     0.83 %     0.67 %
Ratio of non-performing assets to total assets   0.38 %     0.72 %     0.62 %
Ratio of the allowance for loan losses to non-performing loans   255.39 %     151.41 %     204.08 %

  (1) Excludes loans that are classified as "troubled debt restructured" that are still performing.

Non-performing loans have declined $5.0 million, or 37.1%, from Dec. 31, 2016.  This decline primarily reflects the pay-off or liquidation of non-performing commercial loans.  Other real estate and repossessed assets totaled $2.2 million at Sept. 30, 2017, compared to $5.0 million at Dec. 31, 2016. 

The provision for loan losses was an expense of $0.6 million and a credit of $0.2 million in the third quarters of 2017 and 2016, respectively.  The provision for loan losses was an expense of $0.8 million and a credit of $1.4 million in the first nine months of 2017 and 2016, respectively. The level of the provision for loan losses in each period reflects the Company's overall assessment of the allowance for loan losses, taking into consideration factors such as loan growth, loan mix, levels of non-performing and classified loans and loan net charge-offs.  The Company recorded loan net recoveries of $0.3 million (0.07% annualized of average loans) and loan net charge-offs of $0.5 million (0.12% annualized of average loans) in the third quarters of 2017 and 2016, respectively.  For the first nine months of 2017 and 2016, the Company recorded loan net recoveries of $0.4 million (0.03% annualized of average loans) and $0.9 million (0.08% of average loans), respectively.  The year-to-date change in 2017 is due primarily to a decline in recoveries of previously charged-off commercial loans.  At Sept. 30, 2017, the allowance for loan losses totaled $21.5 million, or 1.11% of portfolio loans, compared to $20.2 million, or 1.26% of portfolio loans, at Dec. 31, 2016.

Balance Sheet, Liquidity and Capital

Total assets were $2.75 billion at Sept. 30, 2017, an increase of $204.5 million from Dec. 31, 2016.  Loans, excluding loans held for sale, were $1.94 billion at Sept. 30, 2017, compared to $1.61 billion at Dec. 31, 2016. 

Deposits totaled $2.34 billion at Sept. 30, 2017, an increase of $118.0 million from Dec. 31, 2016.  The increase in deposits is primarily due to growth in checking, savings and brokered deposit account balances that was partially offset by a decline in time deposits. 

Cash and cash equivalents totaled $47.6 million at Sept. 30, 2017, versus $83.2 million at Dec. 31, 2016. Securities available for sale totaled $548.9 million at Sept. 30, 2017, versus $610.6 million at Dec. 31, 2016.

Total shareholders' equity was $267.7 million at Sept. 30, 2017, or 9.72% of total assets.  Tangible common equity totaled $266.0 million at Sept. 30, 2017, or $12.47 per share.  The Company's wholly owned subsidiary, Independent Bank, remains significantly above "well capitalized" for regulatory purposes with the following ratios:
       
 Regulatory Capital Ratios  9/30/2017  12/31/2016 Well Capitalized Minimum
             
Tier 1 capital to average total assets  9.67 %  9.90 % 5.00 %
Tier 1 common equity to risk-weighted assets 12.76 % 13.87 % 6.50 %
Tier 1 capital to risk-weighted assets 12.76 % 13.87 % 8.00 %
Total capital to risk-weighted assets 13.87 % 15.02 % 10.00 %
             

Share Repurchase Plan

As previously announced, on Jan. 23, 2017, the Board of Directors of the Company authorized a share repurchase plan.  Under the terms of the 2017 share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock.    The repurchase plan is authorized to last through Dec. 31, 2017.  Thus far in 2017, the Company has not repurchased any shares.

Earnings Conference Call

Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, Oct. 26, 2017.

To participate in the live conference call, please dial 1-866-200-8394. Also the conference call will be accessible through an audio webcast with user-controlled slides via the following event site/URL:  http://services.choruscall.com/links/ibcp171026.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10112463). The replay will be available through Nov. 2, 2017.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $2.8 billion.  Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary.  This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance.  Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves. 

For more information, please visit our Web site at:  IndependentBank.com.

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Independent Bank Corporation or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Independent Bank Corporation's management based on information known to Independent Bank Corporation's management as of the date of this news release and do not purport to speak as of any other date. Forward looking statements may include descriptions of plans and objectives of Independent Bank Corporation's management for future or past operations, products or services, and forecasts of Independent Bank Corporation's revenue, earnings or other measures of economic performance, including statements about profitability, business lines and subsidiaries, and estimates of credit trends. Such statements reflect the view of Independent Bank Corporation's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Independent Bank Corporation's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in capital and credit markets; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; any future acquisitions or divestitures; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Independent Bank Corporation's customers; the implementation of Independent Bank Corporation's strategies and business models; Independent Bank Corporation's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Independent Bank Corporation's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events; changes in accounting standards and the critical nature of Independent Bank Corporation's accounting policies. Independent Bank Corporation cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" in Independent Bank Corporation's Annual Report on Form 10-K for the year ended December 31, 2016. Forward-looking statements speak only as of the date they are made. Independent Bank Corporation does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward looking statements are made. For any forward-looking statements made in this news release or in any documents, Independent Bank Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 
   
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES  
Consolidated Statements of Financial Condition  
    September 30,   December 31,  
      2017       2016    
    (unaudited)  
    (In thousands, except share  
    amounts)  
Assets  
Cash and due from banks    $   31,998     $   35,238    
Interest bearing deposits        15,605         47,956    
  Cash and Cash Equivalents       47,603         83,194    
Interest bearing deposits - time       3,489         5,591    
Trading securities       347         410    
Securities available for sale        548,865         610,616    
Federal Home Loan Bank and Federal Reserve Bank stock, at cost        15,543         15,543    
Loans held for sale, carried at fair value        47,611         35,946    
Payment plan receivables and other assets held for sale       -          33,360    
Loans          
  Commercial        837,250         804,017    
  Mortgage        781,346         538,615    
  Installment        318,498         265,616    
  Total Loans        1,937,094         1,608,248    
  Allowance for loan losses        (21,478 )       (20,234 )  
  Net Loans        1,915,616         1,588,014    
Other real estate and repossessed assets       2,150         5,004    
Property and equipment, net        38,774         40,175    
Bank-owned life insurance        54,286         54,033    
Deferred tax assets, net       22,433         32,818    
Capitalized mortgage loan servicing rights       14,675         13,671    
Other intangibles        1,673         1,932    
Accrued income and other assets        40,381         28,643    
  Total Assets    $   2,753,446     $   2,548,950    
           
Liabilities and Shareholders' Equity  
Deposits          
  Non-interest bearing    $   753,555     $   717,472    
  Savings and interest-bearing checking       1,040,974         1,015,724    
  Reciprocal       49,078         38,657    
  Time       412,601         453,866    
  Brokered time       87,553         -     
  Total Deposits        2,343,761         2,225,719    
Other borrowings        75,849         9,433    
Subordinated debentures        35,569         35,569    
Other liabilities held for sale       -          718    
Accrued expenses and other liabilities        30,557         28,531    
  Total Liabilities        2,485,736         2,299,970    
           
Shareholders' Equity          
  Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding       -         -    
  Common stock, no par value, 500,000,000 shares authorized; issued and outstanding:           
    21,332,317 shares at September 30, 2017 and 21,258,092 shares at December 31, 2016       324,607         323,745    
  Accumulated deficit       (53,240 )       (65,657 )  
  Accumulated other comprehensive loss       (3,657 )       (9,108 )  
  Total Shareholders' Equity        267,710         248,980    
  Total Liabilities and Shareholders' Equity    $   2,753,446     $   2,548,950    
           

 
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES  
Consolidated Statements of Operations  
                       
    Three Months Ended   Nine Months Ended  
    September 30,   June 30,   September 30,   September 30,  
      2017     2017       2016       2017     2016    
    (unaudited)  
Interest Income   (In thousands, except per share amounts)  
  Interest and fees on loans    $   21,831   $   19,949     $   18,597     $   61,638   $   55,361    
  Interest on securities                       
  Taxable        2,765       2,781       2,537         8,300       7,261    
  Tax-exempt        512       511       330         1,478       860    
  Other investments        263       292       281         867       884    
  Total Interest Income        25,371     23,533       21,745         72,283     64,366    
Interest Expense                      
  Deposits        1,833       1,478       1,254         4,754       3,520    
  Other borrowings        626       563       493         1,659       1,455    
  Total Interest Expense        2,459     2,041       1,747         6,413     4,975    
  Net Interest Income        22,912     21,492       19,998         65,870     59,391    
Provision for loan losses        582     583       (175 )       806       (1,439 )  
  Net Interest Income After Provision for Loan Losses        22,330     20,909       20,173         65,064     60,830    
Non-interest Income                      
  Service charges on deposit accounts        3,281       3,175       3,281         9,465       9,164    
  Interchange income        1,942       2,005       1,943         5,869       5,797    
  Net gains (losses) on assets                      
  Mortgage loans        2,971       3,344       3,556         8,886       7,727    
  Securities        69       (34 )     (45 )       62       302    
  Mortgage loan servicing, net        1       (158 )     858         668       (454 )  
  Other       2,040       2,114       2,115         6,139       6,561    
  Total Non-interest Income      10,304     10,446       11,708       31,089     29,097    
Non-Interest Expense                      
  Compensation and employee benefits        13,577       13,380       13,031         41,104     36,912    
  Occupancy, net        1,970       1,920       1,919         6,032     5,982    
  Data processing       1,796       1,937       1,971         5,670     6,008    
  Furniture, fixtures and equipment        961       1,005       990         2,943     2,939    
  Communications       685       678       670         2,046     2,280    
  Loan and collection       481       670       568         1,564       1,964    
  Advertising       526       519       455         1,551       1,410    
  Legal and professional       550       389       420         1,376     1,178    
  Interchange expense       294       292       276         869     809    
  FDIC deposit insurance       208       202       187         608     852    
  Credit card and bank service fees       105       136       203         432     588    
  Net losses on other real estate and                       
    repossessed assets       30       91       263         132     98    
  Other       1,433       1,542       1,576         4,619     4,449    
  Total Non-interest Expense        22,616     22,761       22,529         68,946     65,469    
  Income Before Income Tax       10,018     8,594       9,352         27,207     24,458    
Income tax expense        3,159     2,663       2,979         8,443       7,547    
  Net Income   $   6,859   $   5,931     $   6,373     $   18,764   $   16,911    
Net Income Per Common Share                      
  Basic   $   0.32   $   0.28     $   0.30     $   0.88   $   0.79    
  Diluted   $   0.32   $   0.27     $   0.30     $   0.87   $   0.78    
                       

 
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES  
Selected Financial Data  
                       
  September 30,   June 30,   March 31,   December 31,   September 30,    
    2017     2017     2017       2016     2016      
  (unaudited)    
  (Dollars in thousands except per share data)  
Three Months Ended                      
  Net interest income $   22,912   $   21,492   $   21,466     $   20,250   $   19,998      
  Provision for loan losses     582       583       (359 )       130       (175 )    
  Non-interest income     10,304       10,446       10,339         13,201       11,708      
  Non-interest expense     22,616       22,761       23,569         24,878       22,529      
  Income before income tax     10,018       8,594       8,595         8,443       9,352      
  Income tax expense     3,159       2,663       2,621         2,588       2,979      
  Net income  $   6,859   $   5,931   $   5,974     $   5,855   $   6,373      
                       
  Basic earnings per share $   0.32   $   0.28   $   0.28     $   0.28   $   0.30      
  Diluted earnings per share     0.32       0.27       0.28         0.27       0.30      
  Cash dividend per share     0.10       0.10       0.10         0.10       0.08      
                       
  Average shares outstanding     21,334,247       21,331,363       21,308,396         21,248,343       21,232,252      
  Average diluted shares outstanding     21,651,963       21,646,941       21,638,768         21,587,283       21,548,647      
                       
  Performance Ratios                      
  Return on average assets     1.01 %     0.92 %     0.95   %     0.91 %     1.02   %  
  Return on average common equity     10.27       9.15       9.63         9.29       10.20      
  Efficiency ratio (1)     67.38       70.29       73.29         74.19       70.25      
                       
  As a Percent of Average Interest-Earning Assets (1)                    
  Interest income     4.05 %     3.94 %     4.02   %     3.77 %     3.81   %  
  Interest expense     0.39       0.34       0.33         0.32       0.30      
  Net interest income     3.66       3.60       3.69         3.45       3.51      
                       
  Average Balances                      
  Loans $   1,911,635   $   1,782,953   $   1,690,003     $   1,655,222   $   1,616,681      
  Securities available for sale     565,546       592,594       599,451         605,781       593,013      
  Total earning assets     2,522,060       2,423,283       2,371,705         2,365,517       2,294,644      
  Total assets     2,697,362       2,598,605       2,559,487         2,549,108       2,482,002      
  Deposits     2,315,806       2,239,605       2,233,853         2,223,446       2,158,987      
  Interest bearing liabilities     1,664,734       1,595,984       1,574,306         1,547,856       1,499,932      
  Shareholders' equity     265,074       260,095       251,566         250,735       248,678      
                       
End of Period                      
  Capital                      
  Tangible common equity ratio     9.67 %     9.79 %     9.78   %     9.70 %     9.81   %
  Average equity to average assets     9.83       10.01       9.83         9.84       10.02      
  Tangible book value per share $   12.47   $   12.22   $   11.89     $   11.62   $   11.72      
  Total shares outstanding     21,332,317       21,334,740       21,327,796         21,258,092       21,227,974      
                       
  Selected Balances                      
  Loans $   1,937,094   $   1,811,677   $   1,670,747     $   1,608,248   $   1,607,354      
  Securities available for sale     548,865       583,725       608,964         610,616       603,112      
  Total earning assets     2,568,554       2,486,518       2,411,369         2,355,703       2,347,072      
  Total assets     2,753,446       2,665,367       2,596,482         2,548,950       2,538,319      
  Deposits     2,343,761       2,246,219       2,263,059         2,225,719       2,206,960      
  Interest bearing liabilities     1,701,624       1,646,599       1,597,417         1,553,249       1,528,890      
  Shareholders' equity     267,710       262,453       255,475         248,980       250,902      
                       
(1)  Presented on a fully tax equivalent basis assuming a marginal tax rate of 35%            
             

Contact:                

William B. Kessel, President and CEO, 616.447.3933Robert N. Shuster, Chief Financial Officer, 616.522.1765 

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