East West Bancorp Reports Net Income for Full Year 2012 of $281.7 Million, up 15% from Prior Year, a

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East West Bancorp Reports Net Income for Full Year 2012 of $281.7 Million, up 15% from Prior Year, and Earnings Per Share of $1.89, up 18% from Prior Year

PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. ("East West") (NAS: EWBC) , parent company of East West Bank, the financial bridge between the United States and Greater China, today reported financial results for the fourth quarter and full year of 2012. For the fourth quarter of 2012, net income was $71.9 million or $0.49 per dilutive share. For the full year 2012, net income was $281.7 million and net income available to common stockholders was $1.89 per dilutive share.

"East West earned a record $281.7 million for the full year 2012 and $71.9 million for the fourth quarter of 2012. This is the third consecutive year of record net income for East West and the eighth consecutive quarter of earnings per share growth," stated Dominic Ng, Chairman and Chief Executive Officer of East West. "During 2012, East West performed well on all significant fronts including: loan growth, commercial deposit growth, expense control and credit quality. Year over year, East West grew non-covered commercial and trade finance loans by $1.1 billion or 35% to a record $4.2 billion, and increased core deposits by $1.9 billion or 18% to a record $12.2 billion. This growth was achieved while we maintained strong expense control and improved the efficiency ratio for the full year to 42.3% and reduced the nonperforming assets to total assets ratio to 63 basis points."


"For the full year 2012, our return on assets totaled 1.29%, up 13% compared to prior year and our return on equity totaled 12.29%, up 11% compared to prior year. With our strong earnings power, healthy balance sheet and capital levels, once again, I am pleased to announce that the Board of Directors of East West Bank has approved an increase in the common stock dividend and has authorized a new stock repurchase program. The annual common stock dividend has been increased 50% to $0.60 per share and another stock repurchase program for $200.0 million has been authorized for 2013. As the premier financial bridge between the East and the West, we continue to win new business and grow our market share as evidenced by our solid financial results year after year, and we look forward to delivering a strong financial performance in 2013 and beyond," concluded Ng.

Quarterly Results Summary

 Quarter Ended
Dollars in millions, except per share December 31, 2012  September 30, 2012  December 31, 2011
Net income$71.90$71.11 $66.21
Net income available to common shareholders$70.19$69.40$64.49
Earnings per share (diluted)$0.49$0.48$0.43
Tangible book value per common share$13.55$13.07$12.17
 
Return on average assets1.28%1.30%1.20%
Return on average common equity12.26%12.43%11.54%
 
Net interest income, adjusted (1)$198.42$196.29$204.04
Net interest margin, adjusted (1)3.84%3.95%4.13%
Cost of deposits0.40%0.41%0.55%
Efficiency ratio41.41%42.20%43.81%
 

Full Year 2012 Highlights

  • Record Earnings - East West increased net income each consecutive quarter of 2012. For the full year 2012, net income totaled a record $281.7 million, a 15% or $36.5 million increase from $245.2 million in 2011. For the full year 2012, earnings per share totaled $1.89, an increase of 18% from $1.60 for full year 2011.
  • Strong Loan Growth - Total non-covered loans, excluding loans held for sale, grew to a record $12.0 billion, an increase of 16% or $1.7 billion during the full year 2012. The growth in non-covered loans was fueled by strong growth in commercial and trade finance loans and single-family real estate loans. Total loans receivable including non-covered loans, loans held for sale and loans covered under loss-share agreements grew to a record $15.1 billion, an increase of 4% or $578.6 million during the full year 2012.
  • Record Core Deposit Growth - Total deposits grew to a record $18.3 billion, a 5% or $856.4 million increase during the full year 2012. Core deposits grew to a record $12.2 billion, an increase of 18% or $1.9 billion year to date.
  • Solid Return of Capital to Shareholders - For the full year 2012, we repurchased 6% or 9.1 million shares of our common stock for a total cost of $199.9 million. Additionally, we increased the common stock dividend rate 100% to $0.40 per year.
  • Strong Capital Levels - Capital levels for East West remain high. As of December 31, 2012, East West's Tier 1 risk-based capital and total risk-based ratios were 14.8% and 16.1%, respectively, over $800 million greater than the well capitalized requirements of 6% and 10%, respectively.
  • Nonperforming Assets Down to 0.63% of Total Assets - Nonperforming assets decreased to $141.0 million, or 0.63% of total assets at December 31, 2012, a full year decrease of $34.0 million or 19% from December 31, 2011.

Fourth Quarter 2012 Highlights

  • Solid Fourth Quarter Earnings - For the fourth quarter of 2012, net income was $71.9 million or $0.49 per dilutive share. Net income increased by 1% or $790 thousand from the third quarter of 2012 and 9% or $5.7 million from the fourth quarter of 2011. Earnings per dilutive share grew 2% or $0.01 from the third quarter of 2012 and 14% or $0.06 from the fourth quarter of 2011.
  • Strong Loan Growth - Quarter to date, non-covered loans, excluding loans held for sale, grew 7% or $803.7 million. This growth was largely due to increases in commercial and trade finance loans, commercial real estate and single-family real estate loans, which grew 13% or $498.5 million, 4% or $124.4 million and 6% or $121.7 million, respectively. Total loans, including non-covered loans, loans held for sale and loans covered under loss-share agreements grew 4% quarter to date or $577.1 million.
  • Strong Core Deposit Growth - Core deposit growth continued in the fourth quarter and increased by $817.9 million to a record $12.2 billion or 67% of total deposits. Total deposits increased to a record $18.3 billion, an increase of 4% or $642.9 million from $17.7 billion as of September 30, 2012.
  • Improved Asset Quality - Net charge-offs declined in the fourth quarter 2012 to $9.6 million, a 10% or $1.0 million decrease as compared to the third quarter of 2012. The level of nonperforming assets continues to be low, decreasing to 0.63% of total assets as of December 31, 2012, down from 0.66% as of September 30, 2012.

Management Guidance

The Company is providing guidance for the first quarter and full year of 2013. The new repurchase authorization to buyback up to $200.0 million of the Company's common stock is factored into this guidance for the first quarter of 2013 and full year 2013. Management currently estimates that fully diluted earnings per share for the full year of 2013 will range from $2.00 to $2.04, an increase of $0.11 to $0.15 or 6% to 8% from $1.89 for the full year of 2012. This EPS guidance for the full year of 2013 is based on a stable balance sheet, total loan growth of 3% (including both noncovered and covered loans), an adjusted net interest margin ranging from 3.65% to 3.75%1, provision for loan losses of approximately $35 million to $40 million, noninterest expense, adjusted for FDIC reimbursements, of approximately $387 million to $393 million, and an effective tax rate of 35.5%.

Management currently estimates that fully diluted earnings per share for the first quarter of 2013 will range from $0.48 to $0.50 per dilutive share. This EPS guidance for the first quarter of 2013 is based on a stable balance sheet, total loan growth of 3%, annualized, an adjusted net interest margin ranging from approximately 3.75% to 3.80%1, provision for loan losses of approximately $10 million, noninterest expense adjusted for FDIC reimbursements of approximately $98 million to $100 million, and an effective tax rate of 35.5%.

Balance Sheet Summary

At December 31, 2012, total assets increased to $22.5 billion compared to $21.8 billion at September 30, 2012, and $22.0 billion at December 31, 2011. The increase in total assets during the fourth quarter was primarily attributable to increases in non-covered loans, securities purchased under resale agreements and investment securities. Average earning assets increased during the fourth quarter, up 4% or $776.8 million to $20.6 billion compared to the prior quarter. The increase in average earning assets during the fourth quarter was primarily attributable to increases in average balances for non-covered loans, securities purchased under resale agreements and investment securities.

Loans receivable increased to $15.1 billion at December 31, 2012, compared to $14.5 billion at September 30 2012 and $14.5 billion at December 31, 2011. This increase in loans receivable both quarter to date and year to date was due to growth in the non-covered loan portfolio, partially offset by a decrease in the covered loan portfolio.

Covered Loans

Covered loans, net totaled $2.9 billion as of December 31, 2012, a decrease of $243.0 million or 8% from September 30, 2012. The decrease in the covered loan portfolio was primarily due to payoffs and paydown activity, as well as charge-offs.

The covered loan portfolio is comprised of loans acquired from the FDIC-assisted acquisitions of United Commercial Bank (UCB) and Washington First International Bank (WFIB) which are covered under loss-share agreements with the FDIC. During the fourth quarter of 2012, we recorded a net decrease in the FDIC indemnification asset and receivable included in noninterest (loss)/income of ($49.7) million, largely due to continued improved credit performance of the UCB portfolio as compared to our original estimate.

Deposits

At December 31, 2012, total deposits equaled $18.3 billion an increase of 4% or $642.9 million from $17.7 billion at September 30, 2012. Throughout the year, we focused on growing core deposits and reducing our reliance on time deposits and this strategy continued in the fourth quarter of 2012. Total core deposits increased 7% to $12.2 billion at December 31, 2012, or an increase of $817.9 million from September 30, 2012. The increase is largely due to a $417.4 million or 10% increase in noninterest-bearing demand deposits which grew to a record $4.5 billion as of December 31, 2012.

Time deposits remained stable and decreased 3% or $175.0 million from September 30, 2012 to $6.1 billion at December 31, 2012.

Fourth Quarter 2012 Operating Results

Net Interest Income

Net interest income, adjusted for the net impact of covered loan dispositions, totaled $198.4 million for the fourth quarter of 2012, as compared to $196.3 million for the third quarter of 2012 and $204.0 million for the fourth quarter 2011. The core net interest margin, excluding the net impact to interest income of $46.5 million resulting from covered loan activity and amortization of the FDIC indemnification asset, totaled 3.84% for the fourth quarter of 2012. This compares to a core net interest margin, excluding the net impact to interest income of $25.6 million and $25.0 million resulting from covered loan activity and amortization of the FDIC indemnification asset, of 3.95% and 4.13% for the third quarter of 2012 and fourth quarter of 2011, respectively.1

The increase in net interest income from the prior quarter stemmed from higher average interest earning assets, which increased $776.8 million or 4% quarter over quarter, largely fueled by higher total average loans outstanding, which increased $426.7 million or 4% quarter over quarter. However, the decrease in the core net interest margin in the fourth quarter of 2012 compared to the third quarter of 2012 is primarily due to the larger impact of covered loan dispositions and amortization activity in the fourth quarter and the continued downward repricing of the investment securities and loan portfolios.

As previously discussed, with the extended low interest rate environment, downward pressure on the net interest margin is expected to continue to be a challenge for East West and the rest of the banking industry. East West continues to look for opportunities to minimize our cost of funds and maximize our asset yields, while also ensuring prudent interest rate risk management. In the fourth quarter of 2012, East West prepaid $43.0 million of FHLB advances at an average effective cost of 1.60% and restructured $75.0 million of FHLB advances, reducing the average effective cost for those advances by 86 basis points. Also, during the fourth quarter, the Company restructured $150.0 million of securities sold under repurchase agreements, reducing the average effective cost for those repurchase agreements by 195 basis points.

The cost of funds decreased 3 basis points from 0.67% in the third quarter of 2012 to 0.64% in the fourth quarter of 2012. The reduction in the cost of funds and interest expense is primarily due to management's ongoing actions to reduce higher cost funding and time deposits, and grow core deposits. The Company increased core deposit balances by 7%, quarter over quarter. These combined actions resulted in an overall reduction in the cost of deposits of 1 basis point to 0.40% for the fourth quarter of 2012 from 0.41% in the prior quarter.

Noninterest (Loss)/ Income & Expense

The Company reported total noninterest (loss)/income for the fourth quarter of 2012 of ($18.5) million, a decrease from noninterest income of $2.8 million in the third quarter of 2012 and $937 thousand in the fourth quarter of 2011. The decrease in noninterest (loss)/income from the prior quarter and prior year is primarily attributable to an increase in the net reduction of the FDIC indemnification asset and FDIC receivable.

Branch fees, letter of credit and foreign exchange income, ancillary loan fees and other operating income increased to $26.9 million in the fourth quarter of 2012, an increase from $24.0 million in the third quarter of 2012 and $17.2 million in the fourth quarter of 2011. In addition, included in noninterest income for the fourth quarter of 2012 were net gains on sales of fixed assets of $4.2 million. A summary of fees and other operating income for the fourth quarter of 2012, compared to the third quarter of 2012 and fourth quarter of 2011 is detailed below:

 Quarter Ended  % Change 
($ in thousands)December 31, 2012  September 30, 2012  December 31, 2011(Yr/Yr)
  
Branch fees$8,322$8,347$8,0723%
Letters of credit fees and foreign exchange income7,9327,1665,50444%
Ancillary loan fees2,8181,8172,22826%
Other operating income 7,788 6,699 1,393459%
Total fees & other operating income$26,860$24,029$17,19756%
 

Noninterest expense totaled $105.2 million for the fourth quarter of 2012, an increase of $4.3 million from the third quarter of 2012 and a decrease of $1.5 million from the fourth quarter of 2011.

Noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, totaled $98.1 million for the fourth quarter of 2012.1 A summary of noninterest expense for the fourth quarter of 2012, compared to the third quarter of 2012 and fourth quarter of 2011 is detailed below:

($ in thousands)  Quarter Ended
December 31, 2012 September 30, 2012 December 31, 2011
Total noninterest expense:$105,206$100,956$106,672
Amounts to be reimbursed by the FDIC on covered assets (80% of actual expense amount)3,9203,0058,551
Prepayment penalties for FHLB advances and other borrowings 3,161 42 -
Noninterest expense excluding reimbursable amounts and prepayment penalties for FHLB advances and other borrowings$98,125$97,909$98,121
 

Total noninterest expense for the fourth quarter, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, increased $216 thousand from the third quarter of 2012 to $98.1 million. The small increase in noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, was primarily due to an increase in compensation and employee benefits offset by a decrease in legal expense.

Credit cycle costs, which include other real estate owned expense, loan related expense, and legal expense totaled $12.5 million for the fourth quarter of 2012, as compared to $14.9 million for the third quarter of 2012 and $21.9 million for the fourth quarter of 2011. Of the total credit cycle costs incurred in the fourth quarter, $4.9 million is related to covered loans and other real estate owned for which we expect that 80% or $3.9 million is reimbursable by the FDIC.

The effective tax rate for the fourth quarter was 33.5% as compared to 32.4% in the prior quarter. The effective tax rate was reduced from the statutory tax rate primarily due to the utilization of tax credits related to affordable housing investments.

Full Year 2012 Operating Results

For the full year 2012, the adjusted net interest income totaled $793.6 million, an increase of 2% or $14.2 million from full year 2011. Although the adjusted net interest margin for 2012 decreased to 4.00% compared to 4.02% for 2011, the adjusted net interest income for 2012 increased as compared to 2011 due to the growth in average interest earning assets of 2% or $447.8 million for the year. Further, although the low interest rate environment reduced our loan and investment securities yields in 2012 as compared to 2011, East West took actions throughout the year to reduce deposit and borrowing costs. Our total cost of funds declined by 25 basis points from 0.94% for the full year 2011 to 0.69% for the full year 2012.

Total fees and other operating income for the full year 2012 increased to $94.7 million, a 19% or $15.1 million increase from full year 2011. As compared to 2011, branch fees decreased 1% or $172 thousand, letters of credit fees and foreign exchange income increased 14% or $3.1 million, ancillary loan fees increased 6% or $481 thousand and other operating income increased 82% or $11.7 million. A summary of these fees and other operating income is detailed below:

 Year Ended  % Change 
($ in thousands)December 31, 2012  December 31, 2011 (Yr/Yr)
 
Branch fees$33,604$33,776-1%
Letters of credit fees and foreign exchange income26,27023,14014%
Ancillary loan fees8,8318,3506%
Other operating income 25,950 14,27082%
Total fees & other operating income$94,655$79,53619%
 

Noninterest expense totaled $422.5 million for the full year 2012, a decrease of 3% or $13.1 million as compared to 2011.

Noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, totaled $393.9 million for the full year 2012 compared to $388.2 million for the full year 2011.1 A summary of noninterest expense for the full year 2012, compared to the full year 2011 is detailed below:

 Year Ended
December 31, 2012  December 31, 2011
Total noninterest expense:$422,533$435,610
Amounts to be reimbursed by the FDIC on covered assets (80% of actual expense amount)21,73035,147
Prepayment penalties for FHLB advances and other borrowings 6,860 12,281
Noninterest expense excluding reimbursable amounts and prepayment penalties for FHLB advances and other borrowings$393,943$388,182
 

The increase in noninterest expense for the full year 2012 as compared to the full year 2011, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings of $5.8 million was primarily due to increases in compensation and employee benefits and occupancy and equipment expense, partially offset by a reduction in credit cycle costs and deposit insurance premiums and regulatory assessments. As compared to full year 2011, compensation expense increased 7% or $11.3 million and occupancy and equipment expense increased 11% or $5.4 million. These increases in the full year 2012 as compared to the full year 2011 were partially offset by decreases in other real estate owned expenses of 45% or $18.1 million, loan related expense of 23% or $4.4 million, and deposit insurance premium of 31% or $6.4 million.

The effective tax rate for full year 2012 was 33.8%. The effective tax rate was reduced from the statutory tax rate primarily due to the utilization of tax credits related to affordable housing investments. Additionally, in 2012, the effective tax rate was further reduced due to a settlement with the California Franchise Tax Board.

Credit Quality

Non-covered Loans

As a result of continued credit quality improvement, nonperforming assets as of December 31, 2012, were down to $141.0 million, a decrease of 2% from the previous quarter and 19% from the prior year. The provision for loan losses for non-covered loans slightly increased to $13.8 million for the fourth quarter of 2012, an increase of 3% or $452 thousand from the prior quarter, and decreased as compared to the fourth quarter of 2011 by 30% or $6.0 million. The provision for loan losses for non-covered loans for the full year 2012 decreased 35% to $60.2 million as compared to the prior year. Additionally, nonaccrual loans, excluding covered loans, totaled $108.1 million or 0.72% of total loans as of December 31, 2012.

Total net charge-offs on non-covered loans decreased to $9.6 million for the fourth quarter of 2012, down from $10.6 million in the third quarter of 2012. The allowance for non-covered loan losses was $229.4 million or 1.92% of non-covered loans receivable at December 31, 2012. This compares to an allowance for non-covered loan losses of $223.6 million or 2.00% of non-covered loans at September 30, 2012 and $209.9 million or 2.04% of non-covered loans at December 31, 2011. The total nonperforming assets, excluding covered assets, to total assets ratio was under 1.0% for the third consecutive year with nonperforming assets of $141.0 million or 0.63% of total assets at December 31, 2012.

Covered Loans

During the fourth quarter of 2012, the Company recorded a reversal of provision for loan losses of $689 thousand, on covered loans outside of the scope of ASC 310-30. For the full year 2012, the company recorded $5.0 million of provision for loan losses on covered loans outside of the scope of ASC 310-30. Charge-offs on these loans were $35 thousand during the fourth quarter and $6.5 million during the full year 2012. There were no charge-offs recorded on these loans in 2011. As these loans are covered under loss-sharing agreements with the FDIC, for any charge-offs the Company records income of 80% of the charge-off amount in noninterest income as a net increase in the FDIC receivable, resulting in a net impact to earnings of 20% of the charge-off amount.

Capital Strength

(Dollars in millions)   
 
December 31, 2012

Well Capitalized Regulatory Requirement

Total Excess Above Well Capitalized Requirement

 
Tier 1 leverage capital ratio9.6%5.00%$1,016
Tier 1 risk-based capital ratio14.8%6.00%1,259
Total risk-based capital ratio16.1%10.00%868
Tangible common equity to tangible assets ratio8.6%N/AN/A
Tangible common equity to risk weighted assets ratio13.3%N/AN/A
 

Our capital ratios remain very strong. As of December 31, 2012, our Tier 1 leverage capital ratio totaled 9.6%, our Tier 1 risk-based capital ratio totaled 14.8% and our total risk-based capital ratio totaled 16.1%.

The Company is focused on active capital management and is committed to maintaining strong capital levels that exceed regulatory requirements while also supporting balance sheet growth and providing a strong return to our shareholders. In light of this commitment to our shareholders, our excellent capital levels and strong financial performance, East West's Board of Directors has approved an increase in our quarterly common stock cash dividend to $0.15 per share from $0.10 per share. Further, East West's Board of Directors has authorized a new stock repurchase program to buy back up to $200.0 million of the Company's common stock. In 2012, the Company increased the common stock dividend to $0.10 from $0.05 and repurchased a total of 9.1 million shares of common stock at a total cost of $199.9 million.

Dividend Payout

East West's Board of Directors has declared first quarter dividends on the common stock and Series A Preferred Stock. The common stock cash dividend of $0.15 is payable on or about February 22, 2013 to shareholders of record on February 8, 2013. This represents an increase of $0.05 per share, or a 50% increase from the prior quarterly dividend of $0.10 per share. The dividend on the Series A Preferred Stock of $20.00 per share is payable on February 1, 2013 to shareholders of record on January 15, 2013.

Conference Call

East West will host a conference call to discuss fourth quarter 2012 earnings with the public on Thursday, January 24, 2013 at 8:30 a.m. PDT/11:30 a.m. EDT. The public and investment community are invited to listen as management discusses fourth quarter results and operating developments. The following dial-in information is provided for participation in the conference call: Calls within the US - (877) 317-6789; Calls within Canada - (866) 605-3852; International calls - (412) 317-6789. A listen-only live broadcast of the call also will be available on the investor relations page of the Company's website at www.eastwestbank.com.

About East West

East West Bancorp is a publicly owned company with $22.5 billion in assets and is traded on the Nasdaq Global Select Market under the symbol "EWBC". The Company's wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations worldwide, including in the United States markets of California, New York, Georgia, Massachusetts, Texas and Washington. In Greater China, East West's presence includes a full service branch in Hong Kong and representative offices in Beijing, Shenzhen and Taipei. Through a wholly-owned subsidiary bank, East West's presence in Greater China also includes full service branches in Shanghai and Shantou and a representative office in Guangzhou. For more information on East West Bancorp, visit the Company's website at www.eastwestbank.com.

Forward-Looking Statements

Certain matters set forth herein (including any exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plans and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic, political or industry conditions and events and the impact they may have on us and our customers; our ability to attract deposits and other sources of liquidity; continued deterioration in values of real estate in California and other states where our bank makes loans, both residential and commercial; our ability to manage the loan portfolios acquired from FDIC-assisted acquisitions within the limits of the loss protection provided by the FDIC; changes in the financial performance and/or condition of our borrowers; changes in the level of nonperforming assets, reserve requirements, and charge-offs; the effect of changes in laws, regulations, and accounting standards, and related costs of these changes;inflation, interest rate, securities market and monetary fluctuations; changes in the competitive environment among financial and bank holding companies and other financial service providers; changes in our organization, management; the adequacy of our enterprise risk management framework; the ability to manage our growth and the effect of acquisitions we may make and the integration of acquired businesses and branching efforts; our success at managing the risks involved in the foregoing items and other factors set forth in the Company's public reports including its Annual Report on Form 10-K for the year ended December 31, 2011, and particularly the discussion of risk factors within that document.

1 See reconciliation of the GAAP financial measure to the non-GAAP financial measure in the tables attached.

EAST WEST BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
      
December 31, 2012September 30, 2012December 31, 2011
Assets
Cash and cash equivalents$1,323,106$1,836,372$1,431,185
Short-term investments366,378347,00161,834
Securities purchased under resale agreements1,450,0001,100,000786,434
Investment securities2,607,029
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