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Southern Missouri Bancorp Reports Preliminary Results for Second Quarter of Fiscal 2023; Declares Quarterly Dividend of $0.21 Per Common Share; Conference Call Scheduled for Tuesday, January 31, at 9:30am Central Time

Poplar Bluff, Missouri, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2023 of $11.7 million, a decrease of $321,000, or 2.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes. Preliminary net income was $1.26 per fully diluted common share for the second quarter of fiscal 2023, a decrease of $.09 as compared to the $1.35 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the second quarter of fiscal 2023:

  • Earnings per common share (diluted) were $1.26, down $.09, or 6.7%, as compared to the same quarter a year ago, and up $0.22, or 21.2% from the first quarter of fiscal 2023, the linked quarter.

  • Annualized return on average assets was 1.35%, while annualized return on average common equity was 14.2%, as compared to 1.69% and 16.1%, respectively, in the same quarter a year ago, and 1.16% and 11.7%, respectively, in the first quarter of fiscal 2023, the linked quarter.

  • Net interest margin for the quarter was 3.45%, as compared to 3.77% reported for the year ago period, and 3.65% reported for the first quarter of fiscal 2023, the linked quarter. Net interest income increased $3.2 million, or 12.7% compared to the same quarter a year ago, and decreased $257,000 from the first quarter of fiscal 2023, the linked quarter.

  • The provision for credit losses (“PCL”) was $1.1 million in the quarter, as compared to no PCL in the same period of the prior fiscal year, and a decrease of $3.9 million as compared to a PCL charge of $5.1 million in the first quarter of fiscal 2023, the linked quarter. The decreased level of the provision as compared to the linked quarter was attributable to reduced loan growth.

  • Noninterest income was up 3.2% for the quarter, as compared to the year ago period, and down 1.1% as compared to the first quarter of fiscal 2023, the linked quarter.

  • Noninterest expense was up 17.0% for the quarter, as compared to the year ago period, and up 4.2% from the first quarter of fiscal 2023, the linked quarter. In the current quarter, charges attributable to merger and acquisition activity accounted for most of the increase as compared to the linked quarter, totaling $608,000 as compared to $169,000 in the first quarter of fiscal 2023, the linked quarter.

  • Nonperforming assets were $6.6 million, or 0.19% of total assets, at December 31, 2022, as compared to $4.8 million, or 0.16% of total assets, at December 31, 2021, and $6.3 million, or 0.20% of total assets, at June 30, 2022.

  • Gross loan balances as of December 31, 2022, increased by $18.4 million as compared to September 30, 2022, and by $603.9 million as compared December 31, 2021. The merger with Fortune Financial Corporation (“Fortune”), completed in February 2022, contributed $201 million to loan growth over the trailing twelve-month period. Deposit balances increased by $154.8 million as compared to September 30, 2022, and by $453.5 million as compared to December 31, 2021. The Fortune merger contributed $218.3 million to deposit growth over the trailing twelve-month period.

Dividend Declared:

The Board of Directors, on January 24, 2023, declared a quarterly cash dividend on common stock of $0.21, payable February 28, 2023, to stockholders of record at the close of business on February 15, 2023, marking the 115th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Other News:

As noted in a current report on Form 8-K filed January 20, 2023, the Company announced the completion of the merger with Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) which was the parent company of Citizens Bank and Trust Company, which has become a subsidiary of Southern Missouri effective with the closing of the merger. In late February 2023, the Company is planning to merge Citizens Bank and Trust Company with and into Southern Bank, coincident to the scheduled data systems conversion.

At December 31, 2022, Citizens reported total consolidated assets of $973 million, including loans, net, of $463 million, and deposits of $838 million. On a pro forma basis, the combined entity will hold assets of approximately $4.4 billion, including loans, net, of $3.4 billion, and deposits of $3.8 billion. The Company issued approximately 2,080,000 shares in connection with the merger with Citizens.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Tuesday, January 31, 2023, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-844-200-6205 in the United States, or 1-929-526-1599 from all other locations. Participants should use participant access code 571325. Telephone playback will be available beginning one hour following the conclusion of the call through February 5, 2023. The playback may be accessed in the United States by dialing 1-866-813-9403, or +44-204-525-0658 from all other locations, and using the conference passcode 620575.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first six months of fiscal 2023, with total assets of $3.5 billion at December 31, 2022, reflecting an increase of $235.8 million, or 7.3%, as compared to June 30, 2022. Growth primarily reflected an increase in net loans receivable, partially offset by a decrease in cash and cash equivalents.

Cash equivalents and time deposits were a combined $55.1 million at December 31, 2022, a decrease of $36.4 million, or 39.8%, as compared to June 30, 2022. The decrease was primarily a result of loan growth outpacing deposit growth during the period. AFS securities were $231.4 million at December 31, 2022, down $4.0 million, or 1.7%, as compared to June 30, 2022.

Loans, net of the allowance for credit losses (ACL), were $3.0 billion at December 31, 2022, an increase of $271.3 million, or 10.1%, as compared to June 30, 2022. Gross loans increased by $275.6 million, while the ACL attributable to outstanding loan balances increased $4.3 million, or 12.9%, as compared to June 30, 2022. The increase in loan balances was attributable to growth in residential and commercial real estate loans, drawn construction loan balances, commercial loans, and a modest contribution from consumer loans. Residential real estate loan balances increased primarily due to growth in multi-family loans. Commercial real estate balances increased primarily from an increase in loans secured by nonresidential structures, along with modest growth in loans secured by farmland. Construction loan balances increased due primarily to draws on nonowner-occupied nonresidential real estate and multifamily residential real estate construction loans. The increase in commercial loans was attributable to agricultural and commercial and industrial loans. Total remaining PPP balances at December 31, 2022, were $888,000, while unrecognized deferred fee income on these loans was immaterial.

Loans anticipated to fund in the next 90 days totaled $121.6 million at December 31, 2022, as compared to $229.6 million at September 30, 2022, and $158.2 million at December 31, 2021.

Nonperforming loans (“NPLs”) were $4.8 million, or 0.16% of gross loans, at December 31, 2022, as compared to $4.1 million, or 0.15% of gross loans at June 30, 2022. Nonperforming assets (“NPAs”) were $6.6 million, or 0.19% of total assets, at December 31, 2022, as compared to $6.3 million, or 0.20% of total assets, at June 30, 2022. The increase in NPAs was attributable to the increase in NPLs, which were, in turn, due primarily to an increase in residential real estate and commercial NPLs, partially offset by a decrease in commercial real estate NPLs .

Our ACL at December 31, 2022, totaled $37.5 million, representing 1.25% of gross loans and 783% of nonperforming loans, as compared to an ACL of $33.2 million, representing 1.22% of gross loans and 806% of nonperforming loans at June 30, 2022. The Company has estimated its expected credit losses as of December 31, 2022, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. There remains, however, significant uncertainty as economic activity recovers from the COVID-19 pandemic and the Federal Reserve withdraws accommodative monetary policy that was put into effect to respond to the pandemic and its economic impact. Management continues to closely monitor borrowers most affected by mitigation efforts, most notably including our borrowers in the hotel industry.

Total liabilities were $3.1 billion at December 31, 2022, an increase of $219.6 million, or 7.6%, as compared to June 30, 2022.

Deposits were $3.0 billion at December 31, 2022, an increase of $190.7 million, or 6.8%, as compared to June 30, 2022. The deposit portfolio saw fiscal year-to-date increases in certificates of deposit, interest-bearing transaction accounts, money market deposit accounts, and noninterest bearing transaction accounts, partially offset by decreases savings accounts. CD growth was attributable in large part to the use of brokered CDs to fund asset growth, accounting for $89.3 million of the total $139.9 million growth in CD balances. Public unit balances totaled $521 million at December 31, 2022, an increase of $47.9 million compared to June 30, 2022, and as compared to $417.8 million at December 31, 2021. The average loan-to-deposit ratio for the second quarter of fiscal 2023 was 103.1%, as compared to 93.6% for the same period of the prior fiscal year.

FHLB advances were $61.5 million at December 31, 2022, an increase of $23.5 million, or 62.0%, as compared to June 30, 2022, as the Company’s loan growth outpaced deposit growth. The increase in FHLB advances was inclusive of $28.5 million in overnight borrowings, reflecting recent loan demand, and was down from $190.0 million borrowed overnight at September 30, 2022, as the Company utilized brokered CD funding in the current quarter to reduce its overnight position.

The Company’s stockholders’ equity was $337.0 million at December 31, 2022, an increase of $16.2 million, or 5.1%, as compared to June 30, 2022. The increase was attributable primarily to earnings retained after cash dividends paid, partially offset by a $1.3 million reduction in accumulated other comprehensive income as the market value of the Company’s investments declined due to increases in market interest rates.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended December 31, 2022, was $28.3 million, an increase of $3.2 million, or 12.7%, as compared to the same period of the prior fiscal year. The increase was attributable to a 23.2% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin to 3.45% in the current three-month period, from 3.77% in the same period a year ago. As PPP loan forgiveness declined, the Company’s accretion of interest income from deferred origination fees on these loans was reduced to $35,000 in the current quarter, which impacted net interest margin by less than one basis point, as compared to $890,000 in the same quarter a year ago, which added 13 basis points to the net interest margin in that period. In the linked quarter, ended September 30, 2022, accelerated recognition of deferred PPP origination fees totaled $37,000, adding less than one basis point to the net interest margin. Future accretion of deferred origination fees on PPP loans will be immaterial.

Loan discount accretion and deposit premium amortization related to the Company’s August 2014 acquisition of Peoples Bank of the Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018 acquisition of Southern Missouri Bank of Marshfield, the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, and the February 2022 merger of Fortune with the Company resulted in $493,000 in net interest income for the three-month period ended December 31, 2022, as compared to $381,000 in net interest income for the same period a year ago. Combined, this component of net interest income contributed six basis points to net interest margin in the three-month period ended December 31, 2022, unchanged from the same period of the prior fiscal year, and as compared to a seven basis point contribution in the linked quarter, ended September 30, 2022, when net interest margin was 3.65%.

The Company recorded a PCL of $1.1 million in the three-month period ended December 31, 2022, as compared to no provision in the same period of the prior fiscal year. The Company assesses the economic outlook has modestly deteriorated as compared to the assessment as of June 30, 2022. Projections for GDP growth and unemployment, key drivers in the Company’s ACL model, have weakened. As a percentage of average loans outstanding, the Company recorded net charge offs of four basis points (annualized) during the current period, compared to less than one basis point (annualized) during the same period of the prior fiscal year.

The Company’s noninterest income for the three-month period ended December 31, 2022, was $5.5 million, an increase $171,000, or 3.2%, as compared to the same period of the prior fiscal year. In the current quarter, increases in other loan fees, bank card interchange income, deposit account service charges, loan servicing fees, and other income were partially offset by a decrease in gains realized on the sale of residential real estate loans originated for that purpose. The increase in other income was attributable to a gain on the sale of fixed assets of $317,000 as the Company sold previously acquired properties not currently being utilized as banking facilities. This increase was partially offset by the inclusion in the year ago period of a non-recurring benefit of $278,000 recognized on the Company’s exit from a renewable energy tax credit partnership. Origination of residential real estate loans for sale on the secondary market was down 73.7% as compared to the year ago period, as both refinancing and purchase activity declined due to the increase in market interest rates, resulting in a decrease to both gains on sale of these loans and recognition of new mortgage servicing rights, partially offset by income from the servicing and gain on sale of the guaranty portion of government-guaranteed loans.

Noninterest expense for the three-month period ended December 31, 2022, was $17.6 million, an increase of $2.6 million, or 17.0%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to compensation and benefits, legal and professional fees, occupancy expenses, data processing expenses, deposit insurance premiums, and other noninterest expenses, and were partially offset by decreases in foreclosed property expenses and advertising. Charges related to merger and acquisition activities totaled $608,000 in the current period, reflected primarily in legal and professional fees, and, to a lesser extent, data processing fees. In the year ago period, similar charges totaled $205,000. The increase in compensation and benefits as compared to the prior year period primarily reflected increases in salaries and wages over the prior year, increased headcount resulting from the Fortune merger, and a trend increase in legacy employee headcount. Occupancy expenses increased primarily due to facilities added through the Fortune merger, and other equipment purchases. Other noninterest expenses increased due to miscellaneous merger-related expenses, expenses related to loan originations, deposit operations, and employee travel and training.

The efficiency ratio for the three-month period ended December 31, 2022, was 52.3%, as compared to 49.7% in the same period of the prior fiscal year, with the change attributable primarily to the current period’s increase in noninterest expense, partially offset by increases in net interest income and noninterest income.

The income tax provision for the three-month period ended December 31, 2022, was $3.3 million relatively unchanged as compared to the same period of the prior fiscal year.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, generally, resulting from the continuing COVID-19 pandemic and any governmental or societal responses thereto; expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values and both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for loan losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

                 
Summary Balance Sheet Data as of:    Dec. 31,    Sep. 30,    June 30,    Mar. 31,    Dec. 31, 
(dollars in thousands, except per share data) 2022 2022 2022 2022 2021 
                 
Cash equivalents and time deposits $55,143 $49,736 $91,560 $253,412 $185,483 
Available for sale (AFS) securities  231,389  235,116  235,394  226,391  206,583 
FHLB/FRB membership stock  12,821  19,290  11,683  11,116  10,152 
Loans receivable, gross  2,995,019  2,976,609  2,719,391  2,612,747  2,391,114 
Allowance for credit losses  37,483  37,418  33,193  33,641  32,529 
Loans receivable, net  2,957,536  2,939,191  2,686,198  2,579,106  2,358,585 
Bank-owned life insurance  49,074  49,024  48,705  48,387  44,382 
Intangible assets  34,632  35,075  35,463  35,568  21,157 
Premises and equipment  67,453  70,550  71,347  72,253  65,074 
Other assets  42,542  46,861  34,432  37,785  27,647 
Total assets $3,450,590 $3,444,843 $3,214,782 $3,264,018 $2,919,063 
                 
Interest-bearing deposits $2,558,154 $2,433,780 $2,388,145 $2,407,462 $2,147,842 
Noninterest-bearing deposits  447,621  417,233  426,930  447,444  404,410 
FHLB advances  61,489  224,973  37,957  42,941  36,512 
Other liabilities  23,267  19,389  17,923  17,971  13,394 
Subordinated debt  23,080  23,068  23,055  23,043  15,294 
Total liabilities  3,113,611  3,118,443  2,894,010  2,938,861  2,617,452 
                 
Total stockholders’ equity  336,979  326,400  320,772  325,157  301,611 
                 
Total liabilities and stockholders’ equity $3,450,590 $3,444,843 $3,214,782 $3,264,018 $2,919,063 
                 
Equity to assets ratio  9.77%   9.48%   9.98%   9.96%   10.33%
                 
Common shares outstanding  9,229,151  9,229,151  9,227,111  9,332,698  8,887,166 
Less: Restricted common shares not vested  41,270  41,270  39,230  39,230  39,920 
Common shares for book value determination  9,187,881  9,187,881  9,187,881  9,293,468  8,847,246 
                 
Book value per common share $36.68 $35.53 $34.91 $34.99 $34.09 
Closing market price  45.83  51.03  45.26  49.95  52.17 


                 
Nonperforming asset data as of:    Dec. 31,    Sep. 30,    June 30,    Mar. 31,    Dec. 31, 
(dollars in thousands) 2022 2022 2021 2021 2021 
                 
Nonaccrual loans $4,459 $3,598 $4,118 $3,882 $2,963 
Accruing loans 90 days or more past due  331  301       
Total nonperforming loans  4,790  3,899  4,118  3,882  2,963 
Other real estate owned (OREO)  1,830  1,830  2,180  3,199  1,776 
Personal property repossessed  25    11    14 
Total nonperforming assets $6,645 $5,729 $6,309 $7,081 $4,753 
                 
Total nonperforming assets to total assets  0.19%   0.17%   0.20%   0.22%   0.16%  
Total nonperforming loans to gross loans  0.16%   0.13%   0.15%   0.15%   0.12%  
Allowance for loan losses to nonperforming loans  782.53%   959.68%   806.05%   866.59%   1,097.84%  
Allowance for loan losses to gross loans  1.25%   1.26%   1.22%   1.29%   1.36%  
                 
Performing troubled debt restructurings (1) $30,250 $30,220 $30,606 $6,417 $6,387 

(1)   Nonperforming troubled debt restructurings are included with nonaccrual loans or accruing loans 90 days or more past due.

                
  For the three-month period ended
Quarterly Summary Income Statement Data: Dec. 31,    Sep. 30,    June 30,    Mar. 31,    Dec. 31,
(dollars in thousands, except per share data)    2022 2022  2021 2021 2021
                
Interest income:                    
Cash equivalents $67 $162  $198 $109 $70
AFS securities and membership stock  1,791  1,655   1,494  1,170  1,165
Loans receivable  36,993  33,180   29,880  27,060  26,861
Total interest income  38,851  34,997   31,572  28,339  28,096
Interest expense:               
Deposits  8,594  5,761   3,395  2,871  2,739
FHLB advances  1,657  438   180  167  169
Subordinated debt  349  290   239  187  130
Total interest expense  10,600  6,489   3,814  3,225  3,038
Net interest income  28,251  28,508   27,758  25,114  25,058
Provision for credit losses  1,138  5,056   240  1,552  
Noninterest income:               
Deposit account charges and related fees  1,713  1,777   1,706  1,560  1,623
Bank card interchange income  1,079  1,018   1,272  1,025  976
Loan late charges  119  122   139  135  172
Loan servicing fees  257  312   442  170  180
Other loan fees  612  882   813  606  500
Net realized gains on sale of loans  127  292   664  204  362
Earnings on bank owned life insurance  319  318   314  291  282
Other noninterest income  1,230  793   1,149  913  1,190
Total noninterest income  5,456  5,514   6,499  4,904  5,285
Noninterest expense:               
Compensation and benefits  9,793  9,752   9,867  9,223  8,323
Occupancy and equipment, net  2,442  2,447   2,538  2,399  2,198
Data processing expense  1,430  1,445   1,495  1,935  1,297
Telecommunications expense  347  331   327  308  318
Deposit insurance premiums  263  215   207  178  180
Legal and professional fees  852  411   431  341  356
Advertising  216  449   579  312  276
Postage and office supplies  235  213   240  202  186
Intangible amortization  402  402   402  363  338
Foreclosed property expenses (gains)  35  (41)  74  115  302
Other noninterest expense  1,623  1,296   1,171  1,381  1,296
Total noninterest expense  17,638  16,920   17,331  16,757  15,070
Net income before income taxes  14,931  12,046   16,686  11,709  15,273
Income taxes  3,267  2,443   3,602  2,358  3,288
Net income  11,664  9,603   13,084  9,351  11,985
Less: Distributed and undistributed earnings allocated               
to participating securities  52  43   55  40  54
Net income available to common shareholders $11,612 $9,560  $13,029 $9,311 $11,931
                
Basic earnings per common share $1.26 $1.04  $1.41 $1.03 $1.35
Diluted earnings per common share  1.26  1.04   1.41  1.03  1.35
Dividends per common share  0.21  0.21   0.20  0.20  0.20
Average common shares outstanding:               
Basic  9,188,000  9,188,000   9,241,000  9,021,000  8,847,000
Diluted  9,210,000  9,210,000   9,252,000  9,044,000  8,869,000


                 
  For the three-month period ended 
Quarterly Average Balance Sheet Data: Dec. 31,    Sep. 30,    June 30,    Mar. 31,    Dec. 31, 
(dollars in thousands)    2022 2022 2021 2021 2021 
                 
Interest-bearing cash equivalents $5,026 $28,192 $101,938 $199,754 $126,445 
AFS securities and membership stock  275,058  272,391  264,141  226,944  217,456 
Loans receivable, gross  2,993,152  2,824,286  2,663,640  2,461,365  2,312,140 
Total interest-earning assets  3,273,236  3,124,869  3,029,719  2,888,063  2,656,041 
Other assets  179,585  188,584  194,956  188,549  174,647 
Total assets $3,452,821 $3,313,453 $3,224,675 $3,076,612 $2,830,688 
                 
Interest-bearing deposits $2,464,093 $2,433,935 $2,384,767 $2,274,287 $2,071,562 
FHLB advances  186,098  83,265  40,804  39,114  39,019 
Subordinated debt  23,074  23,061  23,049  19,170  15,281 
Total interest-bearing liabilities  2,673,265  2,540,261  2,448,620  2,332,571  2,125,862 
Noninterest-bearing deposits  439,114  432,959  439,437  421,898  398,175 
Other noninterest-bearing liabilities  11,165  13,283  14,046  8,345  9,756 
Total liabilities  3,123,544  2,986,503  2,902,103  2,762,814  2,533,793 
                 
Total stockholders’ equity  329,277  326,950  322,572  313,798  296,895 
                 
Total liabilities and stockholders’ equity $3,452,821 $3,313,453 $3,224,675 $3,076,612 $2,830,688 
                 
Return on average assets  1.35%   1.16%   1.62%   1.22%   1.69%
Return on average common stockholders’ equity  14.2%   11.7%   16.2%   11.9%   16.1%
                 
Net interest margin  3.45%   3.65%   3.66%   3.48%   3.77%
Net interest spread  3.16%   3.46%   3.55%   3.37%   3.66%
                 
Efficiency ratio  52.3%   49.7%   50.6%   55.8%   49.7%


Lora Daves, CFO
573-778-1800

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