MOUNT LAUREL, N.J., May 2, 2016 /PRNewswire/ --
First Quarter Highlights:
- Fifth consecutive profitable quarter, with net income of $0.8 million, or $0.04 per diluted share, for the quarter ended March 31, 2016.
- Average annualized commercial loan growth of 13% in the quarter.
- Net interest margin increased by 10 basis points to 2.91% in the quarter as average cash fell by $129 million compared to the fourth quarter of 2015.
- Ongoing expense management as quarterly non-interest expense fell further to $16.5 million, compared to $16.6 million for the fourth quarter of 2015.
- Strong foundation in place with total risk-based capital ratio of 20.7% and leverage capital ratio of 13.0%.
- No provision for loan losses in first quarter as asset quality remains strong. Non-performing assets of $3.9 million represent 0.2% of total assets at March 31, 2016.
Sun Bancorp, Inc. (NASDAQ: SNBC), (the "Company"), the holding company for Sun National Bank (the "Bank"), today reported net income of $0.8 million, or $0.04 per diluted share, for the quarter ended March 31, 2016, compared to net income of $1.6 million, or $0.08 per diluted share, for the quarter ended December 31, 2015 and net income of $2.8 million, or $0.15 per diluted share, for the quarter ended March 31, 2015.
"In the first quarter, we announced the termination of our long standing regulatory order and successfully transitioned from a major restructuring phase to a more normalized operating environment," said Thomas M. O'Brien, President & CEO. "This transition is evidenced by the generation of positive net income from operations and the appearance of the initial signs of the successful execution of our revised business strategy. Our strategic focus on doing a few things well is leading to growth in our Commercial Real Estate and Commercial and Industrial lending relationships and is improving our retail deposit relationships. This is our fifth consecutive quarter of positive earnings. We feel that this quarter has delivered on our commitment to improve the quality of earnings in 2016."
Discussion of Results:
Balance Sheet
Total assets decreased to $2.17 billion at March 31, 2016, as compared to $2.21 billion at December 31, 2015 due primarily to a decrease in cash and cash equivalents. Cash and cash equivalents decreased to $136.2 million at March 31, 2016 as compared to $204.3 million at December 31, 2015. The decrease in cash and cash equivalents during the first quarter was primarily due to deposit reductions as well as entering into some loan participations.
Net loans held-for-investment totaled $1.56 billion at March 31, 2016, as compared to $1.53 billion at December 31, 2015. The increase in net loans held-for-investment during the first quarter was due to commercial loan originations of $80.2 million and the agreement to enter into $21.2 million in multifamily loan participations, offset by pay downs of commercial and industrial and consumer loans. Non-owner occupied commercial real estate loan growth totaled approximately $42 million in the quarter, or 27% annualized, while consumer loans fell by approximately $13 million, or 13% annualized, compared to the fourth quarter of 2015, in accordance with our strategic plan.
"We saw solid growth in our commercial loan portfolio as our lending teams continue to grow the Commercial Real Estate segment of the portfolio," stated O'Brien. "The total growth was partially offset by continued runoff in our Commercial & Industrial business, primarily as the result of the intensely competitive environment in this segment, combined with our risk management discipline. We continue to strategically decrease our consumer loan and investment portfolios, which is freeing up liquidity to redeploy later into higher return, relationship-based commercial loans."
Deposits were $1.70 billion at March 31, 2016, as compared to $1.75 billion at December 31, 2015. This decline resulted from the re-pricing of certain non-relationship retail deposits initiated in 2015.
"We began to implement our relationship-based deposit pricing model in the fourth quarter of 2015," stated O'Brien. "As a result, we anticipated the exit of non-relationship low balance and single-service depositors. In the second half of the quarter, we began to see growth in our retail deposits as our revised relationship retail deposit model is beginning to reshape the deposit profile into a more profitable position."
Net Interest Income and Margin
Net interest income was $14.5 million for the quarter ended March 31, 2016, compared to $14.8 million for the quarter ended December 31, 2015 primarily reflecting a decrease in prepayment fees on loans. The impact of the decline in our balance sheet was partially offset by the increase in our net interest margin to 2.91% for the three months ended March 31, 2016 as compared to 2.81% in the linked December 31, 2015 quarter due to an increase in average commercial loan balances of $35.5 million, or 3%, and a decrease in average interest-bearing cash of $129.2 million, or 47%, as compared to the linked fourth quarter.
"Throughout 2015, our net interest margin was pressured by our excess liquidity position," said O'Brien. "We are finally able to reverse that trend as our liquidity deployment efforts continue. Our target margin is in the 3.10% range, and we will continue to evaluate lending, participation and investment opportunities. The slow pace of economic activity and the persistently low interest rate environment remain challenges for the Bank."
Non-Interest Income
Non-interest income was $3.2 million for the quarter ended March 31, 2016, as compared to $3.2 million and $13.1 million for the quarters ended December 31, 2015 and March 31, 2015, respectively. The decrease from the comparable prior year quarter was primarily attributable to a $9.2 million gain on the sale of bank branches. Deposit service charges and fees declined by $424 thousand from the March 31, 2015 quarter as a result of the overall reduction in branch locations during 2014 and 2015. Investment product income declined from $0.5 million for the quarter ended December 31, 2015, to $0.4 million for the quarter ended March 31, 2016. However, this was offset by an increase in deposit-related fee income from $1.4 million for the quarter ended December 31, 2015, to $1.6 million for the quarter ended March 31, 2016.
"While our overall non-interest income remained flat from the previous quarter, we saw an increase in deposit fee income," said O'Brien. "The deeper relationship product focus on our redesigned product line already brought greater customer engagement in the form of increased direct deposit and bill pay household penetrations in the first quarter, as well as larger average household balances. However, our alternate investment business, Prosperis Financial Solutions, is continuing to suffer from uncertainty in the capital markets, resulting in lower investment products income."
Non-Interest Expense
Non-interest expense for the first quarter of 2016 was $16.5 million as compared to $16.6 million for the three months ended December 31, 2015 and $25.2 million for the three months ended March 31, 2015. Non-interest expense for the first quarter of 2016 declined by $8.7 million from the first quarter of 2015, primarily due to a decline of $5.1 million in occupancy and equipment expenses and a $1.5 million decrease in salaries and employee benefits expense as a result of the comprehensive restructuring plan completed in 2015. In addition, problem loan costs decreased for the first quarter of 2016 by $955 thousand from the first quarter of 2015, which included one-time costs associated with loan sales. Finally, for the first quarter of 2016, insurance expense decreased by $369 thousand compared to the first quarter of 2015 due to a reduction in the Bank's Federal Deposit Insurance Corporation (FDIC) assessment rate in 2016.
"We are generally pleased with the ongoing expense management trend," said O'Brien. "The Company still continues to bear legacy expenses such as occupancy costs and other long-term contracts. As these obligations sunset over the next two years, we expect our efficiency ratio to continue to improve. Expense management and overall efficiency improvement both continue to be a top focus of management."
Asset Quality
Asset quality remains strong. Non-performing loans held-for-investment to total gross loans held-for-investment increased modestly to 0.25% at March 31, 2016 as compared to 0.22% at December 31, 2015 due primarily to five residential mortgage loans totaling $1.3 million entering non-accrual status during the three months ended March 31, 2016. Non-performing loans held-for-investment to total gross loans held-for-investment was 0.73% at March 31, 2015.
There was no provision for loan losses during the quarter ended March 31, 2016 compared to a negative provision for loan losses of $300 thousand in the fourth quarter of 2015 and no provision for loan losses in the first quarter of 2015. In the first quarter of 2016, the Bank recorded net charge-offs of $56 thousand as compared to net charge-offs of $605 thousand in the fourth quarter of 2015 and net charge offs of $2.3 million in the first quarter of 2015. The allowance for loan losses was $18.0 million, or 1.14% of gross loans held-for-investment, at March 31, 2016 as compared to $18.0 million, or 1.16% of gross loans held-for-investment at December 31, 2015 and $20.9 million, or 1.41% of gross loans held-for-investment at March 31, 2015. The allowance for loan losses was 460% of non-performing loans held-for-investment at March 31, 2016 as compared to 578% at December 31, 2015 and 383% at March 31, 2015.
"We are continuing our philosophy of not compromising on our pricing or risk management principles in this highly-competitive lending market for short-term gains," said O'Brien. "Our teams have worked diligently to maintain our outstanding asset quality measures. The remediation of the Company's previous asset quality issues has led to asset quality strength. The aggressive actions we took in 2014 and 2015 are a major ingredient in our profitability in each of the last five quarters. Competition for quality loans remains intense in both pricing and in terms being offered, and we are navigating these challenges judiciously."
Capital
Capital ratios improved further due to balance sheet reductions and internal capital generation through retained earnings. At March 31, 2016, the Bank's Tier 1 common equity risk-based capital ratio, total risk-based capital ratio, Tier 1 risk-based capital ratio and leverage capital ratio were 17.7%, 18.9%, 17.7% and 13.2%, respectively. At March 31, 2016, the Company's Tier 1 common equity risk-based capital ratio, total risk-based capital ratio, Tier 1 risk-based capital ratio and leverage capital ratio were 14.0%, 20.8%, 17.4%, and 13.0%, respectively. The Company's tangible equity to tangible assets ratio was 10.4% at March 31, 2016, as compared to 10.0% at December 31, 2015 and 8.8% at March 31, 2015.
"Despite the ongoing volatility in the capital markets, the Company's strong balance sheet has us well-positioned to take advantage of a multitude of opportunities," said O'Brien. "As we continue to increase capital by generating earnings, the strength of our overall foundation allows us to consider credit, capital market and other activities to serve our customers' growth needs and earn a return for our shareholders. While we remain cautious in our business outlook, we continue our efforts to establish a banking franchise with the ability to deliver outstanding client service and consistent returns. While these economic and business conditions are not without their challenges, we are optimistic about the year ahead."
Conference Call
The Company's management will hold a conference call on Tuesday, May 3, 2016 at 1:00 PM (EDT) to discuss results and answer questions from analysts and investors. Participants may listen to or participate in the Company's earnings conference call via the following:
- Participants toll-free number: 877-879-6207
- Conference ID: 5136664
A transcript of the conference call will be available at the Investor Relations section of www.sunnationalbank.com following the call.
About Sun Bancorp, Inc.
Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.17 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a community bank serving customers throughout New Jersey, and the metro New York region. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.
Cautionary Note Regarding Forward-Looking Statements
The foregoing material contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as "allow," "anticipate," "believe," "continues," "could," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "potential," "predict," "project," "reflects," "should," "typically," "usually," "view," "will," "would," and similar terms and phrases, including references to assumptions. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Company and the Bank, the banking industry, the economy in general, expectations of the business environment in which the Company operates, projections of future performance and other statements contained herein that are not historical facts. These remarks are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified and are beyond the Company's control and are subject to a variety of uncertainties that could cause future results to vary materially from the Company's historical performance, or from current expectations. Factors that could cause actual results to differ from those expressed or implied by such forward-looking statements include, but are not limited to: (i) the Company's ability to attract and retain key management and staff; (ii) changes in business strategy or an inability to successfully execute strategy due to the occurrence of unanticipated events; (iii) the ability to attract deposits and other sources of liquidity; (iv) changes in the financial performance and/or condition of the Bank's borrowers; (v) changes in consumer spending, borrowing and saving habits; (vi) the ability to increase market share and control expenses; (vii) changes in estimates of future loan loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (viii) local, regional and national economic conditions and events and the impact they may have on the Company and its customers; (ix) volatility in the credit and equity markets and its effect on the general economy; (x) the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs; (xi) the overall quality of the composition of the Company's loan and securities portfolios; (xii) inflation, interest rate, securities market and monetary fluctuations;(xiii) legislative and regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the implementing regulations, changes in banking, securities and tax laws and regulations and their application by regulators and changes in the scope and cost of the Federal Deposit Insurance Corporation insurance and other coverages; (xiv) the effects of, and changes in, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; (xv) competition among providers of financial services; (xvi) other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services and the other risks detailed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-K for the fiscal year ended December 31, 2015 and in other filings made pursuant to the Securities Exchange Act of 1934, as amended. No undue reliance should be placed on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any such forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Financial Measures (Unaudited)
This news release references tangible book value per common share and return on average tangible equity, which are non-GAAP financial measures. Management believes that tangible book value per common share and return on average tangible equity are meaningful financial measures because they are two of the measures we use to assess capital adequacy.
Tangible book value per common share (dollars in thousands)
The following reconciles shareholders' equity to tangible equity by reducing shareholders' equity by the intangible asset balance at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015.
March 31, 2016 |
December 31, 2015 |
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
||||||||||||||||
Tangible book value per common share: |
||||||||||||||||||||
Shareholders' equity |
$ |
259,457 |
$ |
256,389 |
$ |
255,485 |
$ |
252,926 |
$ |
249,235 |
||||||||||
Less: Intangible assets |
38,188 |
38,188 |
38,188 |
38,188 |
38,188 |
|||||||||||||||
Tangible equity |
$ |
221,269 |
$ |
218,201 |
$ |
217,297 |
$ |
214,738 |
$ |
211,047 |
||||||||||
Common stock |
18,959 |
18,907 |
18,901 |
18,901 |
18,901 |
|||||||||||||||
Less: Treasury stock |
176 |
218 |
231 |
237 |
282 |
|||||||||||||||
Total outstanding shares |
18,783 |
18,689 |
18,670 |
18,664 |
18,619 |
|||||||||||||||
Tangible book value per common share: |
$ |
11.78 |
$ |
11.68 |
$ |
11.64 |
$ |
11.51 |
$ |
11.34 |
Return on Average Tangible Equity (dollars in thousands)
The following provides the calculation of return on tangible equity for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and Marh 31, 2015.
Three Months Ended |
||||||||||||||||||||
March 31, 2016 |
December 31, 2015 |
September 31, 2015 |
June 30, 2015 |
March 31, 2015 |
||||||||||||||||
Net income |
$ |
826 |
$ |
1,452 |
$ |
3,164 |
$ |
2,828 |
$ |
2,776 |
||||||||||
Average tangible equity: |
||||||||||||||||||||
Average shareholders' equity |
$ |
259,353 |
$ |
257,035 |
$ |
255,685 |
$ |
252,391 |
$ |
249,970 |
||||||||||
Less: Average intangible assets |
38,188 |
38,188 |
38,188 |
38,188 |
38,188 |
|||||||||||||||
Average tangible equity |
$ |
221,165 |
$ |
218,847 |
$ |
217,497 |
$ |
214,203 |
$ |
211,782 |
||||||||||
Return on average tangible equity(1): |
1.5% |
2.7% |
5.8% |
5.3% |
5.2% |
(1) Annualized
SUN BANCORP, INC AND SUBSIDIARIES
|
||||||||||||
For the Three Months Ended |
||||||||||||
March 31, |
December 31, |
|||||||||||
2016 |
2015 |
2015 |
||||||||||
Profitability for the period: |
||||||||||||
Net interest income |
$ |
14,486 |
$ |
15,191 |
$ |
14,815 |
||||||
Provision for (recovery of) loan losses |
— |
— |
(300) |
|||||||||
Non-interest income |
3,164 |
13,087 |
3,204 |
|||||||||
Non-interest expense |
16,524 |
25,218 |
16,621 |
|||||||||
Income before income taxes |
1,126 |
3,060 |
1,698 |
|||||||||
Income tax expense |
300 |
284 |
246 |
|||||||||
Net income available to common shareholders |
$ |
826 |
$ |
2,776 |
$ |
1,452 |
||||||
Financial ratios: |
||||||||||||
Return on average assets (1) |
0.2% |
0.4% |
0.3% |
|||||||||
Return on average equity (1) |
1.3% |
4.4% |
2.3% |
|||||||||
Return on average tangible equity (1), (2) |
1.5% |
5.2% |
2.7% |
|||||||||
Net interest margin (1) |
2.91% |
2.57% |
2.81% |
|||||||||
Efficiency ratio |
94% |
89% |
92% |
|||||||||
Income per common share: |
||||||||||||
Basic |
$ |
0.04 |
$ |
0.15 |
$ |
0.08 |
||||||
Diluted |
$ |
0.04 |
$ |
0.15 |
$ |
0.08 |
||||||
Average equity to average assets |
11.9% |
9.6% |
11.2% |
|||||||||
March 31, |
December 31, |
|||||||||||
2016 |
2015 |
2015 |
||||||||||
At period-end: |
||||||||||||
Total assets |
$ |
2,169,750 |
$ |
2,436,391 |
$ |
2,210,584 |
||||||
Total deposits |
1,703,902 |
1,959,556 |
1,746,102 |
|||||||||
Loans receivable, net of allowance for loan losses |
1,559,946 |
1,463,255 |
1,530,501 |
|||||||||
Loans held-for-sale |
— |
4,766 |
— |
|||||||||
Investments |
298,656 |
382,083 |
298,858 |
|||||||||
Borrowings |
92,159 |
67,701 |
92,305 |
|||||||||
Junior subordinated debentures |
92,786 |
92,786 |
92,786 |
|||||||||
Shareholders' equity |
259,457 |
249,235 |
256,388 |
|||||||||
Credit quality and capital ratios: |
||||||||||||
Allowance for loan losses to gross loans held-for-investment |
1.14% |
1.41% |
1.16% |
|||||||||
Non-performing loans held-for-investment to gross loans |
0.25% |
0.36% |
0.20% |
|||||||||
Non-performing assets to gross loans held-for-investment, loans held-for-sale and real estate owned |
0.25% |
0.72% |
0.22% |
|||||||||
Allowance for loan losses to non-performing loans held-for-investment |
460% |
383% |
578% |
|||||||||
Tier 1 common equity risk-based capital: |
||||||||||||
Sun Bancorp, Inc. |
14.0% |
13.4% |
14.1% |
|||||||||
Sun National Bank |
17.7% |
17.2% |
17.9% |
|||||||||
Total risk-based capital: |
||||||||||||
Sun Bancorp, Inc. |
20.8% |
20.4% |
21.0% |
|||||||||
Sun National Bank |
18.9% |
18.4% |
19.1% |
|||||||||
Tier 1 risk-based capital: |
||||||||||||
Sun Bancorp, Inc. |
17.4% |
16.8% |
17.6% |
|||||||||
Sun National Bank |
17.7% |
17.1% |
17.9% |
|||||||||
Leverage capital: |
||||||||||||
Sun Bancorp, Inc. |
13.0% |
10.3% |
12.2% |
|||||||||
Sun National Bank |
13.2% |
10.5% |
12.4% |
|||||||||
Book value per common share |
$ |
13.81 |
$ |
13.39 |
$ |
13.72 |
||||||
Tangible book value per common share |
$ |
11.78 |
$ |
11.34 |
$ |
11.68 |
(1) Amounts for the three months ended are annualized.
(2) Return on average tangible equity, a non-GAAP measure, is computed by dividing annualized net income for the period by average tangible equity. Average tangible equity equals average equity less average identifiable intangible assets and goodwill.
SUN BANCORP, INC. AND SUBSIDIARIES |
||||||||
March 31, |
December 31, |
|||||||
2016 |
2015 |
|||||||
ASSETS |
||||||||
Cash and due from banks |
$ |
26,934 |
$ |
21,836 |
||||
Interest earning bank balances |
109,304 |
182,479 |
||||||
Cash and cash equivalents |
136,238 |
204,315 |
||||||
Restricted cash |
5,000 |
5,000 |
||||||
Investment securities available for sale (amortized cost of $283,875 and $285,838 at |
282,628 |
282,875 |
||||||
Investment securities held to maturity (estimated fair value of $250 and $250 at |
250 |
250 |
||||||
Loans receivable (net of allowance for loan losses of $17,952 and $18,008 at |
1,559,946 |
1,530,501 |
||||||
Restricted equity investments, at cost |
15,778 |
15,733 |
||||||
Bank properties and equipment, net |
31,413 |
31,596 |
||||||
Real estate owned, net |
— |
281 |
||||||
Accrued interest receivable |
4,880 |
4,657 |
||||||
Goodwill |
38,188 |
38,188 |
||||||
Bank owned life insurance (BOLI) |
81,684 |
81,175 |
||||||
Other assets |
13,745 |
16,013 |
||||||
Total assets |
$ |
2,169,750 |
$ |
2,210,584 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Liabilities: |
||||||||
Deposits |
$ |
1,703,902 |
$ |
1,746,102 |
||||
Advances from the Federal Home Loan Bank of New York (FHLBNY) |
85,560 |
85,607 |
||||||
Obligations under capital lease |
6,599 |
6,698 |
||||||
Junior subordinated debentures |
92,786 |
92,786 |
||||||
Deferred taxes, net |
2,504 |
1,524 |
||||||
Other liabilities |
18,942 |
21,479 |
||||||
Total liabilities |
1,910,293 |
1,954,196 |
||||||
Commitments and contingencies |
||||||||
Shareholders' equity: |
||||||||
Preferred stock, $1 par value, 1,000,000 shares authorized; none issued |
— |
— |
||||||
Common stock, $5 par value, 40,000,000 shares authorized; 18,958,928 shares issued and |
94,795 |
94,554 |
||||||
Additional paid-in capital |
509,936 |
510,659 |
||||||
Retained deficit |
(336,716) |
(337,542) |
||||||
Accumulated other comprehensive loss |
(738) |
(1,752) |
||||||
Deferred compensation plan trust |
(1,122) |
(1,122) |
||||||
Treasury stock at cost, 175,803 shares at March 31, 2016 and 217,738 shares at December 31, 2015. |
(6,698) |
(8,409) |
||||||
Total shareholders' equity |
259,457 |
256,388 |
||||||
Total liabilities and shareholders' equity |
$ |
2,169,750 |
$ |
2,210,584 |
SUN BANCORP, INC. AND SUBSIDIARIES |
||||||||
For the Three Months Ended |
||||||||
March 31, |
||||||||
2016 |
2015 |
|||||||
INTEREST INCOME: |
||||||||
Interest and fees on loans |
$ |
15,031 |
$ |
15,098 |
||||
Interest on taxable investment securities |
1,680 |
2,046 |
||||||
Interest on non-taxable investment securities |
— |
306 |
||||||
Dividends on restricted equity investments |
223 |
209 |
||||||
Total interest income |
16,934 |
17,659 |
||||||
INTEREST EXPENSE: |
||||||||
Interest on deposits |
1,292 |
1,506 |
||||||
Interest on funds borrowed |
544 |
430 |
||||||
Interest on junior subordinated debentures |
612 |
532 |
||||||
Total interest expense |
2,448 |
2,468 |
||||||
Net interest income |
14,486 |
15,191 |
||||||
PROVISION FOR LOAN LOSSES |
— |
— |
||||||
Net interest income after provision for loan losses |
14,486 |
15,191 |
||||||
NON-INTEREST INCOME: |
||||||||
Deposit service charges and fees |
1,580 |
2,004 |
||||||
Interchange fees |
484 |
544 |
||||||
Gain on sale of bank branches |
— |
9,235 |
||||||
Investment products income |
377 |
589 |
||||||
BOLI income |
508 |
512 |
||||||
Other income |
215 |
203 |
||||||
Total non-interest income |
3,164 |
13,087 |
||||||
NON-INTEREST EXPENSE: |
||||||||
Salaries and employee benefits |
9,063 |
10,590 |
||||||
Occupancy expense |
2,339 |
4,967 |
||||||
Equipment expense |
1,090 |
3,514 |
||||||
Data processing expense |
1,188 |
1,308 |
||||||
Professional fees |
471 |
836 |
||||||
Insurance expense |
788 |
1,247 |
||||||
Advertising expense |
382 |
235 |
||||||
Problem loan expense |
33 |
988 |
||||||
Other expense |
1,170 |
1,533 |
||||||
Total non-interest expense |
16,524 |
25,218 |
||||||
INCOME BEFORE INCOME TAXES |
1,126 |
3,060 |
||||||
INCOME TAX EXPENSE |
300 |
284 |
||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
826 |
$ |
2,776 |
||||
Basic earnings per share |
$ |
0.04 |
$ |
0.15 |
||||
Diluted earnings per share |
$ |
0.04 |
$ |
0.15 |
||||
Weighted average shares - basic |
18,739,739 |
18,616,537 |
||||||
Weighted average shares - diluted |
18,837,699 |
18,639,501 |
SUN BANCORP, INC. AND SUBSIDIARIES |
|||||||||||||||||||||
2016 |
2015 |
2015 |
2015 |
2015 |
|||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|||||||||||||||||
Profitability for the quarter: |
|||||||||||||||||||||
Net interest income |
$ |
14,486 |
$ |
14,815 |
$ |
15,217 |
$ |
15,375 |
$ |
15,191 |
|||||||||||
Provision for loan losses |
— |
(300) |
(1,762) |
(1,218) |
— |
||||||||||||||||
Non-interest income |
3,164 |
3,204 |
6,453 |
4,881 |
13,087 |
||||||||||||||||
Non-interest expense |
16,524 |
16,621 |
19,885 |
18,362 |
25,218 |
||||||||||||||||
Income before income taxes |
1,126 |
1,698 |
3,547 |
3,112 |
3,060 |
||||||||||||||||
Income tax expense |
300 |
246 |
383 |
284 |
284 |
||||||||||||||||
Net income available to common shareholders |
$ |
826 |
$ |
1,452 |
$ |
3,164 |
$ |
2,828 |
$ |
2,776 |
|||||||||||
Financial ratios: |
|||||||||||||||||||||
Return on average assets (1) |
0.2% |
0.3% |
0.5% |
0.5% |
0.4% |
||||||||||||||||
Return on average equity (1) |
1.3% |
2.3% |
4.9% |
4.5% |
4.4% |
||||||||||||||||
Return on average tangible equity (1), (2) |
1.5% |
2.7% |
5.8% |
5.3% |
5.2% |
||||||||||||||||
Net interest margin (1) |
2.91% |
2.81% |
2.81% |
2.79% |
2.57% |
||||||||||||||||
Efficiency ratio |
94% |
92% |
91% |
90% |
89% |
||||||||||||||||
Per share data : |
|||||||||||||||||||||
Income per common share: |
|||||||||||||||||||||
Basic |
$ |
0.04 |
$ |
0.08 |
$ |
0.17 |
$ |
0.15 |
$ |
0.15 |
|||||||||||
Diluted |
$ |
0.04 |
$ |
0.08 |
$ |
0.17 |
$ |
0.15 |
$ |
0.15 |
|||||||||||
Book value |
$ |
13.81 |
$ |
13.72 |
$ |
13.68 |
$ |
13.55 |
$ |
13.39 |
|||||||||||
Tangible book value |
$ |
11.78 |
$ |
11.68 |
$ |
11.64 |
$ |
11.51 |
$ |
11.34 |
|||||||||||
Average basic shares |
18,739,739 |
18,674,622 |
18,668,791 |
18,632,526 |
18,616,537 |
||||||||||||||||
Average diluted shares |
18,837,699 |
18,768,931 |
18,738,517 |
18,684,597 |
18,639,501 |
||||||||||||||||
Non-interest income: |
|||||||||||||||||||||
Deposit service charges and fees |
$ |
1,580 |
$ |
1,424 |
$ |
1,711 |
$ |
1,849 |
$ |
2,004 |
|||||||||||
Interchange fees |
484 |
505 |
512 |
554 |
544 |
||||||||||||||||
Gain on sale of investment securities |
— |
— |
1,466 |
2 |
— |
||||||||||||||||
Gain on sale of loans |
— |
— |
205 |
1,226 |
— |
||||||||||||||||
Net gain on sale of bank branches |
— |
— |
1,318 |
— |
9,235 |
||||||||||||||||
Investment products income |
377 |
458 |
490 |
488 |
589 |
||||||||||||||||
BOLI income |
508 |
516 |
512 |
503 |
512 |
||||||||||||||||
Other income |
215 |
301 |
239 |
259 |
203 |
||||||||||||||||
Total non-interest income |
$ |
3,164 |
$ |
3,204 |
$ |
6,453 |
$ |
4,881 |
$ |
13,087 |
|||||||||||
Non-interest expense: |
|||||||||||||||||||||
Salaries and employee benefits |
$ |
9,063 |
$ |
7,814 |
$ |
9,489 |
$ |
9,120 |
$ |
10,590 |
|||||||||||
Occupancy expense |
2,339 |
1,521 |
3,289 |
3,034 |
4,967 |
||||||||||||||||
Equipment expense |
1,090 |
1,395 |
2,008 |
1,500 |
3,514 |
||||||||||||||||
Data processing expense |
1,188 |
1,209 |
1,197 |
1,304 |
1,308 |
||||||||||||||||
Professional fees |
471 |
845 |
838 |
711 |
836 |
||||||||||||||||
Insurance expense |
788 |
1,049 |
1,138 |
1,094 |
1,247 |
||||||||||||||||
Advertising expense |
382 |
541 |
521 |
223 |
235 |
||||||||||||||||
Problem loan expenses |
33 |
167 |
66 |
38 |
988 |
||||||||||||||||
Other expenses |
1,170 |
2,080 |
1,339 |
1,338 |
1,533 |
||||||||||||||||
Total non-interest expense |
$ |
16,524 |
$ |
16,621 |
$ |
19,885 |
$ |
18,362 |
$ |
25,218 |
(1) Annualized.
(2) Return on average tangible equity, a non-GAAP measure, is computed by dividing annualized net income for the period by average tangible equity. Average tangible equity equals average equity less average identifiable intangible assets and goodwill.
SUN BANCORP, INC. AND SUBSIDIARIES |
||||||||||||||||||||
2016 |
2015 |
2015 |
2015 |
2015 |
||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
||||||||||||||||
Balance Sheet at quarter end: |
||||||||||||||||||||
Cash and cash equivalents |
$ |
136,238 |
$ |
204,315 |
$ |
287,863 |
$ |
278,863 |
$ |
388,021 |
||||||||||
Restricted cash |
5,000 |
5,000 |
5,000 |
5,000 |
13,000 |
|||||||||||||||
Investment securities |
298,656 |
298,858 |
313,216 |
353,245 |
382,083 |
|||||||||||||||
Loans held-for-investment |
||||||||||||||||||||
Commercial and industrial |
222,828 |
230,681 |
218,767 |
264,344 |
267,986 |
|||||||||||||||
Commercial real estate - owner occupied |
218,598 |
228,191 |
229,478 |
232,794 |
259,574 |
|||||||||||||||
Commercial real estate - non-owner occupied |
667,401 |
625,700 |
607,375 |
601,200 |
446,651 |
|||||||||||||||
Land and development |
86,520 |
68,070 |
63,468 |
57,351 |
68,609 |
|||||||||||||||
Residential real estate |
241,891 |
249,975 |
257,678 |
265,992 |
273,118 |
|||||||||||||||
Home equity and other |
140,660 |
145,892 |
151,415 |
157,249 |
168,234 |
|||||||||||||||
Total loans |
1,577,898 |
1,548,509 |
1,528,181 |
1,578,930 |
1,484,172 |
|||||||||||||||
Allowance for loan losses |
(17,952) |
(18,008) |
(18,913) |
(20,331) |
(20,916) |
|||||||||||||||
Net loans held-for-investment |
1,559,946 |
1,530,501 |
1,509,268 |
1,558,599 |
1,463,256 |
|||||||||||||||
Loans held-for-sale |
— |
— |
— |
2,006 |
4,766 |
|||||||||||||||
Branch assets held-for-sale |
— |
— |
— |
5,604 |
5,419 |
|||||||||||||||
Goodwill |
38,188 |
38,188 |
38,188 |
38,188 |
38,188 |
|||||||||||||||
Total assets |
2,169,750 |
2,210,584 |
2,289,023 |
2,379,023 |
2,436,391 |
|||||||||||||||
Net deferred tax asset, before valuation allowance |
126,744 |
129,129 |
129,063 |
129,597 |
130,783 |
|||||||||||||||
Deferred tax valuation allowance |
(129,248) |
(130,653) |
(130,837) |
(131,872) |
(133,127) |
|||||||||||||||
Total deposits |
1,703,902 |
1,746,102 |
1,819,532 |
1,876,721 |
1,959,556 |
|||||||||||||||
Branch deposits held-for-sale |
— |
— |
— |
34,689 |
33,381 |
|||||||||||||||
Securities repurchase agreements- customers |
— |
— |
— |
— |
156 |
|||||||||||||||
Advances from the FHLBNY |
85,560 |
85,607 |
85,653 |
85,698 |
60,743 |
|||||||||||||||
Obligations under capital leases |
6,599 |
6,698 |
6,795 |
6,880 |
6,958 |
|||||||||||||||
Junior subordinated debentures |
92,786 |
92,786 |
92,786 |
92,786 |
92,786 |
|||||||||||||||
Total shareholders' equity |
259,457 |
256,388 |
255,485 |
252,926 |
249,235 |
|||||||||||||||
Quarterly average balance sheet: |
||||||||||||||||||||
Loans held-for-investment |
||||||||||||||||||||
Commercial |
$ |
1,159,715 |
$ |
1,124,176 |
$ |
1,147,236 |
$ |
1,095,202 |
$ |
1,051,610 |
||||||||||
Residential real estate |
247,489 |
255,746 |
264,396 |
271,585 |
284,197 |
|||||||||||||||
Home equity and other |
141,851 |
146,806 |
154,124 |
163,820 |
186,986 |
|||||||||||||||
Total loans |
1,549,055 |
1,526,728 |
1,565,756 |
1,530,607 |
1,522,793 |
|||||||||||||||
Securities and other interest-earning assets |
443,303 |
583,541 |
619,430 |
699,687 |
867,633 |
|||||||||||||||
Total interest-earning assets |
1,992,358 |
2,110,269 |
2,185,186 |
2,230,294 |
2,390,426 |
|||||||||||||||
Total assets |
2,175,796 |
2,293,114 |
2,372,728 |
2,419,521 |
2,600,231 |
|||||||||||||||
Non-interest-bearing demand deposits |
417,469 |
534,551 |
550,689 |
521,563 |
559,793 |
|||||||||||||||
Total deposits |
1,709,820 |
1,826,704 |
1,904,398 |
1,956,592 |
2,162,142 |
|||||||||||||||
Total interest-bearing liabilities |
1,477,356 |
1,477,301 |
1,538,998 |
1,617,176 |
1,763,062 |
|||||||||||||||
Total shareholders' equity |
259,353 |
257,035 |
255,685 |
252,391 |
249,970 |
SUN BANCORP, INC. AND SUBSIDIARIES |
||||||||||||||||||||
2016 |
2015 |
2015 |
2015 |
2015 |
||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
||||||||||||||||
Capital and credit quality measures: |
||||||||||||||||||||
Tier 1 common equity risk-based capital: |
||||||||||||||||||||
Sun Bancorp, Inc. |
14.0% |
14.1% |
14.6% |
13.8% |
13.4% |
|||||||||||||||
Sun National Bank |
17.7% |
17.9% |
18.5% |
17.5% |
17.2% |
|||||||||||||||
Total risk-based capital: |
||||||||||||||||||||
Sun Bancorp, Inc. |
20.8% |
21.0% |
21.8% |
20.8% |
20.4% |
|||||||||||||||
Sun National Bank |
18.9% |
19.1% |
19.7% |
18.8% |
18.4% |
|||||||||||||||
Tier 1 risk-based capital: |
||||||||||||||||||||
Sun Bancorp, Inc. |
17.4% |
17.6% |
18.2% |
17.2% |
16.8% |
|||||||||||||||
Sun National Bank |
17.7% |
17.9% |
18.5% |
17.5% |
17.1% |
|||||||||||||||
Leverage capital: |
||||||||||||||||||||
Sun Bancorp, Inc. |
13.0% |
12.2% |
11.7% |
11.3% |
10.3% |
|||||||||||||||
Sun National Bank |
13.2% |
12.4% |
11.9% |
11.5% |
10.5% |
|||||||||||||||
Average equity to average assets |
11.9% |
11.2% |
10.8% |
10.4% |
9.6% |
|||||||||||||||
Allowance for loan losses to gross loans |
1.14% |
1.16% |
1.24% |
1.29% |
1.41% |
|||||||||||||||
Non-performing loans held-for-investment to |
0.25% |
0.20% |
0.24% |
0.37% |
0.36% |
|||||||||||||||
Non-performing assets to gross loans |
0.25% |
0.22% |
0.30% |
0.40% |
0.72% |
|||||||||||||||
Allowance for loan losses to non-performing loans held-for-investment |
460% |
578% |
517% |
347% |
383% |
|||||||||||||||
Other data: |
||||||||||||||||||||
Net (charge-offs) recoveries |
(56) |
(605) |
344 |
615 |
(2,330) |
|||||||||||||||
Classified loans |
7,812 |
5,922 |
5,803 |
9,236 |
8,461 |
|||||||||||||||
Classified assets |
11,018 |
9,410 |
9,918 |
12,442 |
11,998 |
|||||||||||||||
Non-performing assets: |
||||||||||||||||||||
Non-accrual loans |
3,066 |
2,207 |
3,121 |
5,156 |
4,611 |
|||||||||||||||
Non-accrual loans held-for-sale |
— |
— |
— |
389 |
4,766 |
|||||||||||||||
Troubled debt restructurings, non-accrual |
838 |
910 |
534 |
702 |
854 |
|||||||||||||||
Real estate owned, net |
— |
281 |
909 |
- |
468 |
|||||||||||||||
Total non-performing assets |
$ |
3,904 |
$ |
3,398 |
$ |
4,564 |
$ |
6,247 |
$ |
10,699 |
SUN BANCORP, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended |
||||||||||||||||||||||||
March 31, 2016 |
March 31, 2015 |
||||||||||||||||||||||||
Average |
Average |
Average |
Average |
||||||||||||||||||||||
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
||||||||||||||||||||
Interest-earning assets: |
|||||||||||||||||||||||||
Loans receivable (1), (2) |
|||||||||||||||||||||||||
Commercial |
$ |
1,159,715 |
$ |
11,429 |
3.94% |
$ |
1,051,610 |
$ |
10,803 |
4.11% |
|||||||||||||||
Home equity and other |
141,851 |
1,497 |
4.22 |
186,986 |
1,895 |
4.05 |
|||||||||||||||||||
Residential real estate |
247,489 |
2,105 |
3.40 |
284,197 |
2,399 |
3.38 |
|||||||||||||||||||
Total loans receivable |
1,549,055 |
15,031 |
3.88 |
1,522,793 |
15,097 |
3.97 |
|||||||||||||||||||
Investment securities (3) |
295,105 |
1,717 |
2.33 |
392,642 |
2,430 |
2.48 |
|||||||||||||||||||
Interest-earning bank balances |
148,198 |
187 |
0.50 |
474,991 |
297 |
0.25 |
|||||||||||||||||||
Total interest-earning assets |
1,992,358 |
16,935 |
3.40 |
2,390,426 |
17,824 |
2.98 |
|||||||||||||||||||
Total non-interest-earning assets |
183,438 |
209,805 |
|||||||||||||||||||||||
Total assets |
$ |
2,175,796 |
$ |
2,600,231 |
|||||||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||||||||
Interest-bearing deposit accounts: |
|||||||||||||||||||||||||
Interest-bearing demand deposit |
$ |
711,631 |
359 |
0.20% |
$ |
894,851 |
406 |
0.18% |
|||||||||||||||||
Savings deposits |
229,070 |
169 |
0.30 |
239,452 |
127 |
0.21 |
|||||||||||||||||||
Time deposits |
351,650 |
764 |
0.87 |
468,046 |
973 |
0.83 |
|||||||||||||||||||
Total interest-bearing deposit accounts |
1,292,351 |
1,292 |
0.40 |
1,602,349 |
1,506 |
0.38 |
|||||||||||||||||||
Short-term borrowings: |
|||||||||||||||||||||||||
Repurchase agreements with customers |
— |
— |
— |
175 |
— |
— |
|||||||||||||||||||
Long-term borrowings: |
|||||||||||||||||||||||||
FHLBNY Advances |
85,576 |
431 |
2.01 |
60,758 |
310 |
2.04 |
|||||||||||||||||||
Obligations under capital lease |
6,643 |
114 |
6.86 |
6,994 |
120 |
6.86 |
|||||||||||||||||||
Junior subordinated debentures |
92,786 |
612 |
2.64 |
92,786 |
533 |
2.30 |
|||||||||||||||||||
Total borrowings |
185,005 |
1,157 |
2.50 |
160,713 |
963 |
2.40 |
|||||||||||||||||||
Total interest-bearing liabilities |
1,477,356 |
2,449 |
0.66 |
1,763,062 |
2,469 |
0.56 |
|||||||||||||||||||
Non-interest-bearing liabilities: |
|||||||||||||||||||||||||
Non-interest-bearing demand deposits |
417,469 |
559,793 |
|||||||||||||||||||||||
Other liabilities |
21,618 |
27,406 |
|||||||||||||||||||||||
Total non-interest-bearing liabilities |
439,087 |
587,199 |
|||||||||||||||||||||||
Total liabilities |
1,916,443 |
2,350,261 |
|||||||||||||||||||||||
Shareholders' equity |
259,353 |
249,970 |
|||||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
2,175,796 |
$ |
2,600,231 |
|||||||||||||||||||||
Net interest income |
$ |
14,486 |
$ |
15,355 |
|||||||||||||||||||||
Interest rate spread (4) |
2.74% |
2.42% |
|||||||||||||||||||||||
Net interest margin (5) |
2.91% |
2.57% |
|||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities |
135% |
136% |
(1) Average balances include non-accrual loans, loans held-for-sale, branch assets held-for-sale and branch deposits held-for-sale.
(2) Loan fees are included in interest income and the amount is not material for this analysis.
(3) Interest earned on non-taxable investment securities is shown on a tax equivalent basis assuming a 35% marginal federal tax rate for all periods. The fully taxable equivalent adjustment for the three months ended March 31, 2016 and 2015 was $0 and $164 thousand, respectively.
(4) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.
SUN BANCORP, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended |
||||||||||||||||||||||||
March 31, 2016 |
December 31, 2015 |
||||||||||||||||||||||||
Average |
Average |
Average |
Average |
||||||||||||||||||||||
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
||||||||||||||||||||
Interest-earning assets: |
|||||||||||||||||||||||||
Loans receivable (1), (2) |
|||||||||||||||||||||||||
Commercial |
$ |
1,159,715 |
$ |
11,429 |
3.94% |
$ |
1,124,176 |
$ |
11,514% |
4.10% |
|||||||||||||||
Home equity and other |
141,851 |
1,497 |
4.22 |
146,806 |
1,550 |
4.17 |
|||||||||||||||||||
Residential real estate |
247,489 |
2,105 |
3.40 |
255,746 |
2,178 |
3.41 |
|||||||||||||||||||
Total loans receivable |
1,549,055 |
15,031 |
3.88 |
1,526,728 |
15,242 |
3.99 |
|||||||||||||||||||
Investment securities (3) |
295,105 |
1,717 |
2.33 |
306,112 |
1,724 |
2.25 |
|||||||||||||||||||
Interest-earning bank balances |
148,198 |
187 |
0.50 |
277,429 |
200 |
0.29 |
|||||||||||||||||||
Total interest-earning assets |
1,992,358 |
16,935 |
3.40 |
2,110,269 |
17,166 |
3.25 |
|||||||||||||||||||
Total non-interest-earning assets |
183,438 |
182,845 |
|||||||||||||||||||||||
Total assets |
$ |
2,175,796 |
$ |
2,293,114 |
|||||||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||||||||
Interest-bearing deposit accounts: |
|||||||||||||||||||||||||
Interest-bearing demand deposits |
$ |
711,631 |
359 |
0.20% |
$ |
717,542 |
$ |
327 |
0.18% |
||||||||||||||||
Savings deposits |
229,070 |
169 |
0.30 |
212,641 |
128% |
0.24 |
|||||||||||||||||||
Time deposits |
351,650 |
764 |
0.87 |
361,970 |
776 |
0.86 |
|||||||||||||||||||
Total interest-bearing deposit accounts |
1,292,351 |
1,292 |
0.40 |
1,292,153 |
1,231 |
0.38 |
|||||||||||||||||||
Short-term borrowings: |
|||||||||||||||||||||||||
Long-term borrowings |
|||||||||||||||||||||||||
FHLB advances |
85,576 |
431 |
2.01 |
85,622 |
437 |
2.04 |
|||||||||||||||||||
Obligations under capital lease |
6,643 |
114 |
6.86 |
6,740 |
116 |
6.88 |
|||||||||||||||||||
Junior subordinated debentures |
92,786 |
612 |
2.64 |
92,786 |
568 |
2.45 |
|||||||||||||||||||
Total borrowings |
185,005 |
1,157 |
2.50 |
185,148 |
1,121 |
2.42 |
|||||||||||||||||||
Total interest-bearing liabilities |
1,477,356 |
2,449 |
0.66 |
1,477,301 |
2,352 |
0.64 |
|||||||||||||||||||
Non-interest-bearing liabilities: |
|||||||||||||||||||||||||
Non-interest-bearing demand deposits |
417,469 |
534,551 |
|||||||||||||||||||||||
Other liabilities |
21,618 |
24,227 |
|||||||||||||||||||||||
Total non-interest-bearing liabilities |
439,087 |
558,778 |
|||||||||||||||||||||||
Total liabilities |
1,916,443 |
2,036,079 |
|||||||||||||||||||||||
Shareholders' equity |
259,353 |
257,035 |
|||||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
2,175,796 |
$ |
2,293,114 |
|||||||||||||||||||||
Net interest income |
$ |
14,486 |
$ |
14,814 |
|||||||||||||||||||||
Interest rate spread (4) |
2.74% |
2.61% |
|||||||||||||||||||||||
Net interest margin (5) |
2.91% |
2.81% |
|||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities |
135% |
143% |
|||||||||||||||||||||||
(1) Average balances include non-accrual loans, loans held-for-sale, branch assets held-for-sale and deposits held-for-sale.
(2) Loan fees are included in interest income and the amount is not material for this analysis.
(3) Interest earned on non-taxable investment securities is shown on a tax equivalent basis assuming a 35% marginal federal tax rate for all periods. There was no fully taxable equivalent adjustment for the three months ended March 31, 2016 and December 31, 2015.
(4) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.
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SOURCE Sun Bancorp, Inc.
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