-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CgLB4mSBjueVZ/9HpItLjYwS7FNVh2vlxkkHi0B8tk7Okl18QYcupUKXGP/pEe0k CaLS38o2Ry8vzic+MCM4rw== 0000804563-97-000004.txt : 19971030 0000804563-97-000004.hdr.sgml : 19971030 ACCESSION NUMBER: 0000804563-97-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971029 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BENCHMARK BANKSHARES INC CENTRAL INDEX KEY: 0000804563 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541460991 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-18445 FILM NUMBER: 97703047 BUSINESS ADDRESS: STREET 1: 100-102 S BROAD ST STREET 2: PO BOX 569 CITY: KENBRIDGE STATE: VA ZIP: 23944 BUSINESS PHONE: 8046768444 10QSB 1 THIRD QUARTER 1997 10QSB Page 1 of 17 Form 10-QSB U. S. Securities and Exchange Commission Washington, DC 20549 [X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the 9-month period ended September 30, 1997. [ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File No. 000-18445 Benchmark Bankshares, Inc. (Name of Small Business Issuer in its Charter) Virginia 54-1460991 (State or Other Jurisdiction of (I.R.S. Employer ID No.) Incorporation or Organization) 100 South Broad Street Kenbridge, Virginia 23944 (Address of Principal Executive Offices) Issuer's Telephone Number: (804)676-8444 Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (1) Yes [X] No [ ] (2) Yes [X] No [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest applicable date: 1,469,413.860 Page 2 of 17 Form 10-QSB Benchmark Bankshares, Inc. Index September 30, 1997 Part I Financial Information Item 1 Consolidated Balance Sheet Consolidated Statement of Income Condensed Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Part II Other Information Item 1 Legal Proceedings Item 2 Changes in Securities Item 3 Defaults Upon Senior Securities Item 4 Submission of Matters to a Vote of Security Holders Item 5 Other Information Item 6 Report on Form 8K Page 3 of 17 Form 10-QSB Benchmark Bankshares, Inc. Consolidated Balance Sheet (Unaudited) (Audited) September 30, December 31, 1997 1996 ---- ---- Assets Cash and due from banks $4,845,018 $4,624,901 Securities Federal Agency obligations 7,753,602 7,639,371 State and municipal obligations 8,834,870 10,676,977 Other securities 137,000 137,000 Federal funds sold 7,343,000 3,858,000 Loans 126,926,846 120,356,859 Less Unearned interest and fees (298,681) (288,678) Loan loss reserve (1,349,480) (1,203,866) ------------- ------------- Net Loans 125,278,685 118,864,315 Premises and equipment - net 3,046,936 3,121,734 Accrued interest receivable 1,614,112 1,254,441 Deferred income taxes 245,449 267,642 Refundable income taxes - 33,681 Other assets 421,347 429,760 ------------- ------------- Total Assets $159,520,019 $150,907,822 ============= ============ Page 4 of 17 Form 10-QSB Benchmark Bankshares, Inc. Consolidated Balance Sheet (Unaudited) (Audited) September 30, December 31, 1997 1996 ---- ---- Liabilities and Shareholders' Equity Deposits Demand (non-interest bearing) $15,231,248 $12,215,657 NOW accounts 14,601,216 14,724,556 Money market accounts 6,549,821 6,776,695 Savings 8,935,454 8,107,214 Time, $100,000 and over 13,277,452 14,293,648 Other time 83,503,878 79,242,048 ------------ ------------ Total Deposits 142,099,069 135,359,818 Accrued interest payable 715,713 691,945 Accrued income tax payable 4,347 - Dividends payable - 391,510 Other liabilities 331,025 102,876 ------------ ------------ Total Liabilities 143,150,154 136,546,149 Shareholders' Equity Common stock, par value $.21 per share, authorized 4,000,000 shares; issued and outstanding 1,468,913.860 shares as of 9-30-97; and authorized 4,000,000 shares, issued and outstanding 1,449,895.852 shares as of 12-31-96 308,471 304,478 Capital surplus 3,627,461 3,262,299 Retained earnings 12,284,829 10,753,919 Unrealized security gains net of tax effect 149,104 40,977 ------------ ------------ Total Shareholders' Equity 16,369,865 14,361,673 ------------ ------------ Total Liabilities and Shareholders' Equity $159,520,019 $150,907,822 ============= ============= Note: The balance sheet at December 31, 1996 has been derived from the audited financial statements at that date. See notes to consolidated financial statements. Page 5 of 17 Form 10-QSB Benchmark Bankshares, Inc. Consolidated Statement of Income (Unaudited) Nine Months Ended September 30, 1997 1996 ---- ---- Interest Income Interest and fees on loans $9,133,353 $8,404,562 Interest on U. S. Government obligations 394,087 406,524 Interest on State and municipal obligations 374,676 425,039 Interest on Federal funds sold 275,663 172,258 Interest on other securities 2,610 2,610 ----------- ----------- Total Interest Income 10,180,389 9,410,993 Interest Expense Interest on deposits 4,853,985 4,564,718 ----------- ----------- Net Interest Income 5,326,404 4,846,275 Provision for Loan Losses 293,979 220,628 ----------- ----------- Net Interest Income after Provision 5,032,425 4,625,647 Non-Interest Income Service charges, commissions, and fees on deposits 300,107 258,419 Other operating income 143,495 168,983 (Losses) on sale of securities (1,468) (8,725) Rental income - 5,400 ----------- ----------- Total Non-Interest Income 442,134 424,077 Non-Interest Expense Salaries and wages 1,436,714 1,322,776 Employee benefits 291,060 285,402 Occupancy expense 157,965 119,232 Furniture and equipment expense 108,712 97,472 Other operating expense 695,916 602,160 ----------- ----------- Total Non-Interest Expense 2,690,367 2,427,042 ----------- ----------- Net Income before Taxes 2,784,192 2,622,682 Income Taxes 859,059 789,640 ----------- ----------- Net Income $1,925,133 $1,833,042 =========== =========== Net Income per Share $1.32 $1.27 ====== ====== See notes to consolidated financial statements. Page 6 of 17 Form 10-QSB Benchmark Bankshares, Inc. Consolidated Statement of Income (Unaudited) Three Months Ended September 30, 1997 1996 ---- ---- Interest Income Interest and fees on loans $3,123,813 $2,907,501 Interest on U. S. Government obligations 131,812 133,612 Interest on State and municipal obligations 116,635 135,440 Interest on Federal funds sold 106,642 47,397 ----------- ----------- Total Interest Income 3,478,902 3,223,950 Interest Expense Interest on deposits 1,646,941 1,563,822 ----------- ----------- Net Interest Income 1,831,961 1,660,128 Provision for Loan Losses 147,784 63,898 ----------- ----------- Net Interest Income after Provision 1,684,177 1,596,230 Non-Interest Income Service charges, commissions, and fees on deposits 107,213 89,961 Other operating income 57,592 59,105 Rental income - 1,800 (Losses) on sale of securities (234) (624) ----------- ----------- Total Non-Interest Income 164,571 150,242 Non-Interest Expense Salaries and wages 488,486 450,620 Employee benefits 112,634 100,032 Occupancy expense 54,359 45,321 Furniture and equipment expense 36,079 34,840 Other operating expense 254,777 200,640 ----------- ----------- Total Non-Interest Expense 946,335 831,453 ----------- ----------- Net Income before Taxes 902,413 915,019 Income Taxes 279,223 278,930 ----------- ----------- Net Income $ 623,190 $ 636,089 =========== =========== Net Income per Share $ 0.43 $ 0.44 =========== =========== See notes to consolidated financial statements. Page 7 of 17 Form 10-QSB Benchmark Bankshares, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 1997 1996 ---- ---- Cash Provided by Operations $1,789,246 $ 778,829 Cash Provided by Financing Activities Net increase in demand deposits and interest bearing transaction accounts 2,892,251 2,653,132 Net increase in savings and money market deposits 601,366 1,455,121 Net increase in certificates of deposit 3,245,634 8,076,323 Net sale of stock 369,155 257,746 Dividends paid (394,226) (286,709) ------------ ----------- Total Cash Provided by Financing Activities 6,714,180 12,155,613 Cash Used in Investing Activities Purchase of securities (661,787) (1,640,000) Sale of securities 823,870 509,747 Maturity of securities 1,669,779 2,426,862 Net increase in loans (6,559,840) (12,892,521) Purchases of premises and equipment (70,331) (1,105,561) ------------ ------------ Total Cash Used by Investing Activities (4,798,309) (12,701,473) ------------ ------------ Increase in Cash and Cash Equivalents 3,705,117 232,969 Beginning Cash and Cash Equivalents 8,482,901 10,259,058 ------------ ------------ Ending Cash and Cash Equivalents $12,188,018 $10,492,027 ============ ============ Supplemental Data Interest paid $ 4,830,217 $ 4,534,961 Capitalized interest - 3,269 Taxes paid 821,031 886,942 See notes to consolidated financial statements. Page 8 of 17 Form 10-QSB Benchmark Bankshares, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended September 30, 1997 1996 ---- ---- Cash Provided by Operations $ 744,851 $ 441,670 Cash Provided by Financing Activities Net increase in demand deposits and interest bearing transaction accounts 851,471 2,210,921 Net increase (decrease) in savings and money market deposits (248,993) 384,541 Net increase in certificates of deposit 938,246 2,979,252 Sale of stock 369,155 130,456 Dividends paid (394,226) (286,709) ------------ ------------ Total Cash Provided by Financing Activities 1,515,653 5,418,461 Cash Used in Investing Activities Purchase of securities (499,927) - Maturity of securities 253,876 316,092 Net increase in loans (2,268,272) (2,423,064) Purchases of premises and equipment (16,003) (256,270) ------------ ------------ Total Cash Used by Investing Activities (2,530,326) (2,363,242) ------------ ------------ Increase (Decrease) in Cash and Cash Equivalents (269,822) 3,496,889 Beginning Cash and Cash Equivalents 12,457,840 6,998,590 ------------ ------------ Ending Cash and Cash Equivalents $12,188,018 $10,495,479 ============ ============ Supplemental Data Interest paid $ 1,626,017 $ 1,538,051 Taxes paid 237,011 278,930 See notes to consolidated financial statements. Page 9 of 17 Form 10-QSB Benchmark Bankshares, Inc. Notes to Consolidated Financial Statements September 30, 1997 1. Basis of Presentation The accompanying consolidated financial statements and related notes of Benchmark Bankshares, Inc. and its subsidiary, Benchmark Community Bank, were prepared by management, which has the primary responsibility for the integrity of the financial information. The statements have been prepared in conformity with generally accepted accounting principles appropriate in the circumstances and include amounts that are based on management's best estimates and judgments. In meeting its responsibilities for the accuracy of its financial statements, management relies on the Company's internal accounting controls. The system provides reasonable assurances that assets are safeguarded and transactions are recorded to permit the preparation of appropriate financial information. The interim period financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary to a fair presentation of financial position, results of operation, and changes in financial position for the interim periods herein reported. 2. Significant Accounting Policies and Practices The accounting policies and practices of Benchmark Bankshares, Inc. conform to generally accepted accounting principles and general practice within the banking industry. Certain of the more significant policies and practices follow: (a) The consolidated financial statements of Benchmark Bankshares, Inc. and its wholly owned subsidiary, Benchmark Community Bank, include the accounts of both companies. All material inter-company balances and transactions have been eliminated in consolidation. (b) Investment Securities. Pursuant to guidelines established in FAS 115, the Company has elected to classify a portion of its current portfolio as securities available-for-sale. This category refers to investments that are not actively traded, but are not anticipated by management to be held to maturity. Typically, these types of investments will be utilized by management to meet short-term asset/liability management needs. The remainder of the portfolio is classified as held to maturity. This category refers to investments that are anticipated by management to be held until they mature. For purposes of financial statement reporting, securities classified as available-for-sale are to be reported at fair market value (net of any tax effect) as of the date of the statements; however, unrealized holding gains or losses are to be excluded from earnings and reported as a net amount in a separate component of shareholders' equity until realized. Securities classified as held to maturity are recorded at cost. The resulting book value ignores the impact of current market trends. Page 10 of 17 (c) Loans. Interest on loans is computed by methods which generally result in level rates of return on principal amounts outstanding (simple interest). Unearned interest on certain installment loans is recognized as income using the rule of 78's method, which materially approximates the effective interest method. Loan fees and related costs are recognized as income and expense in the year the fees are charged and costs incurred. (d) Allowance for Loan Losses. The allowance for loan losses is increased by provisions charged to expense and decreased by loan losses net of recoveries. The provision for loan losses is based on the Bank's loan loss experience and management's detailed review of the loan portfolio which considers economic conditions, prior loan loss experience, and other factors affecting the collectivity of loans. Accrual of interest is discontinued on loans past due 90 days or more when collateral is inadequate to cover principal and interest or immediately if management believes, after considering economic and business conditions and collection efforts, that the borrower's financial condition is such that collection is doubtful. (e) Premises and Equipment. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed generally by the straight line basis over the estimated useful lives of the assets. Additions to premises and equipment and major betterments and replacements are added to the accounts at cost. Maintenance and repairs and minor replacements are expensed as incurred. Gains and losses on dispositions are reflected in current earnings. (f) Depreciation. For financial reporting, property and equipment are depreciated using the straight line method; for income tax reporting, depreciation is computed using statutory accelerated methods. Leasehold improvements are amortized on the straight line method over the estimated useful lives of the improvements. Income taxes in the accompanying financial statements reflect the depreciation method used for financial reporting and, accordingly, include a provision for the deferred income tax effect of depreciation which will be recognized in different periods for income tax reporting. (g) Earnings Per Share Earnings per share were computed by using the average shares outstanding for each period presented. The 1997 average shares have been adjusted to reflect the sale of 17,818.008 shares of the Company's common stock through the dividend reinvestment plan and 1,700 shares exercised from the employee stock option plan during the first nine months of 1997. The 1996 average shares have been adjusted to reflect the sale of 8,631 shares through the dividend reinvestment program on January 25, 1996 and 7,673.88 shares on July 25, 1996. The average shares of outstanding stock for the first nine months of 1997 and 1996 were 1,461,088.885 shares and 1,447,854 shares, respectively. As of September 30, 1997, the Company had outstanding granted options to purchase 73,750 shares of Benchmark Bankshares, Inc. stock to employees and directors under two separate incentive stock plans. Based on current trading values of the stock, the stock options are not considered materially dilutive; therefore, the Company's earnings per share are reported as a simple capital structure. Page 11 of 17 (h) Cash and Cash Equivalents The term cash as used in the Condensed Consolidated Statement of Cash Flows refers to all cash and cash equivalent investments. For purposes of the statement, Federal Funds sold, which have a one day maturity, are classified as cash equivalents. (i) The table below reflects the components of the Net Deferred Tax Asset account as of September 30, 1997: Deferred tax assets resulting from loan loss reserves $406,255 Deferred tax liabilities resulting from depreciation (83,995) Unrealized securities losses (76,811) Net Deferred Tax Asset $245,449 Page 12 of 17 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations The following is management's discussion and analysis of certain significant factors which have affected the Company's financial position and operating results during the periods included in the accompanying condensed financial statements. Nine Months Ending September 30: 1997 Versus 1996 Earnings Summary Net income of $1,925,133 for the first nine months of 1997 increased $92,091 or 5.02% as compared to net income of $1,833,042 earned during the first nine months of 1996. Earnings per share of $1.32 as of September 30, 1997 increased $.05 over the September 30, 1996 level of $1.27. The annualized return on average assets of 1.65% decreased 3.5% while the annualized return on average equity of 16.70% decreased 9.23% when comparing first nine months 1997 results with those of first nine months 1996. The increase in earnings reflects a continued growth in loans and deposits with a favorable interest rate spread. Interest Income and Interest Expense Total interest income of $10,180,389 for the first nine months of 1997 increased $769,396 or 8.17% over interest income of $9,410,993 recorded during the first nine months of 1996. The major area of increase was in interest and fees on loans, which was a direct result from the growth of the loan portfolio. Since loan growth exceeded deposit growth for the period, management had reduced the amount of funds invested in both short and long-term investments. This strategy led to higher yields on assets. Total interest expense in the first nine months of 1997 increased to a level of $4,853,985. This amounted to an increase of $289,267 or 6.33% over the level reached during the first nine months of 1996. This increase in interest expense resulted from deposit growth. Provision for Loan Losses While the Company's loan loss experience ratio remains low, management continues to set aside increasing provisions to the loan loss reserve. During the first nine months of 1997, the Bank increased the loan loss reserve by $145,614 to a level of $1,349,480 or 1.06% of the outstanding loan balance. At year end 1996, the reserve level amounted to $1,170,984 or 1.00% of the outstanding loan balance net of unearned interest. Non-Accrual Loans Non-accrual loans consist of loans accounted for on a non-accrual basis. These loans are maintained on a non-accrual status because of deterioration in the financial condition of the borrower or payment in full of principal or interest is not expected or principal or interest has been in default for a period of 90 days or more unless the asset is both well secured and in the process of collection. As of September 30, 1997, the Bank had 2,452,841 or 1.93% of the loan portfolio classified as non-accrual loans. Page 13 of 17 Non-Interest Income and Non-Interest Expense Non-interest income of $442,134 increased $18,057 or 4.25% for the first nine months of 1997 as compared to the level of $424,077 reached during the first nine months of 1996. The increase primarily resulted from an increase in fees collected on deposit accounts. Non-interest expense of $2,690,367 increased $263,325 or 10.84% for the first nine months of 1997 as compared to the level of $2,427,042 reached during the first nine months of 1996 as increases in salaries due to staffing the new office were offset by a decrease in other operating expenses. Off Balance Sheet Instruments/Credit Concentrations The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. Unless noted otherwise, the Company does not require collateral or other security to support these financial instruments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to facilitate the transaction of business between these parties where the exact financial amount of the transaction is unknown, but a limit can be projected. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. There is a fee charged for this service. As of September 30, 1997, the Bank had $1,250,478 outstanding letters of credit. These instruments are based on the financial strength of the customer and the existing relationship between the Company and the customer. The maturities of these instruments are as follows: 1998 $658,978 1999 26,000 2000 - 2001 565,500 Liquidity As of the end of the first nine months of 1997, $49,997,185 or 39.39% of gross loans will mature or are subject to repricing within one year. These loans are funded in part by $13,277,452 in certificates of deposit of $100,000 or more of which $6,854,679 mature in one year or less. Currently, the Bank has a maturity average ratio for the next twelve months of 65.70% when comparing assets and deposits. At year end 1996, $51,388,029 or 47.24% of gross loans were scheduled to mature or were subject to repricing within one year and $13,829,055 in certificates of deposit were scheduled to mature during 1997. Capital Adequacy Total shareholder equity was $16,369,865 or 10.26% of total assets as of September 30, 1997. This compared to $14,361,673 or 9.52% of total assets as of December 31, 1996. Page 14 of 17 Primary capital (shareholders' equity plus loan loss reserves) of $17,719,345 represents 11.10% of total assets as of September 30, 1997 as compared to $15,565,539 or 10.31% of total assets as of December 31, 1996. The increase in the equity position resulted from the sale of additional stock through the Dividend Reinvestment Program as well as a significant increase in earnings in the first nine months of 1997 versus the first nine months of 1996. Page 15 of 17 Three Months Ending September 30: 1997 Versus 1996 The same operating policies and philosophies discussed in the nine month discussion were prevalent throughout the third quarter and the operating results were predictably similar. Earnings Summary Net income of $623,190 for the third quarter of 1997 decreased $12,899 or 2.02% as compared to the $636,089 earned during the third quarter of 1996. Earnings per share of $.43 for the third quarter of 1997 decreased $.01 or 2.27% when compared to the corresponding period in 1996. The annualized return on average assets was 1.57% and the return on average equity was 15.83% for the third quarter of 1997. This compares to a return on average assets of 1.7% and a return on average equity of 18.6% for the same period in 1996. The decreased earnings reflect an increase in the loan loss provision and an increase in operating cost during the third quarter. Interest Income and Interest Expense Total interest income of $3,478,902 for the third quarter of 1997 increased $254,952 or 7.90% from the total interest income of $3,223,950 for the corresponding quarter in 1996. The increase resulted from growth in the loan portfolio. Interest and fees on loans amounted to $3,123,813. This represented an increase of $216,312 or 7.43% over the corresponding period in 1996. Interest expense for the third quarter of 1997 increased $171,833 or 10.98% over the same period in 1996. The increase in interest expense reflected the deposit growth within the Bank's trade area. Provisions for Loan Losses During the third quarter, the demand for loans was strong and the level of quality loans continued to increase. During the period, the Bank provided an additional $147,784 to the reserve through its provision for loan loss. Loans and Deposits During the third quarter of 1997, net loans grew $4,254,264 or 3.51%. This growth resulted from the continued strong loan demand experienced throughout the Company's trade area. Deposits increased by $2,314,256 or 1.65% for the three month period ending September 30, 1997. Management feels that the growth in deposits has resulted from an increase in the size of the trade area as well as further penetration into existing market areas. Page 16 of 17 Form 10-QSB Benchmark Bankshares, Inc. September 30, 1997 Part II Other Information Item 1 Legal Proceedings None Item 2 Changes in Securities None Item 3 Defaults Upon Senior Securities None Item 4 Submission of Matters to a Vote of Security Holders None Item 5 Other Information None Item 6 Report on Form 8-K No reports on Form 8-K have been filed during the quarter ended September 30, 1997. Page 17 of 17 Form 10-QSB Benchmark Bankshares, Inc. September 30, 1997 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Benchmark Bankshares, Inc. (Registrant) Date: October 20, 1997 Ben L. Watson, III ------------------ President & CEO Date: October 20, 1997 Janice C. Whitlow ----------------- Cashier and Treasurer EX-27 2 FDS --
9 1 $ 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 1 4,845,018 0 7,343,000 0 13,621,022 3,104,450 16,580,275 126,628,165 1,349,480 159,520,019 142,099,069 0 0 0 0 0 308,471 16,061,394 159,520,019 9,133,353 1,047,036 0 10,180,389 4,853,985 4,853,985 5,326,404 293,979 (1,468) 2,690,367 2,784,192 2,784,192 0 0 1,925,133 1.32 1.32 5.61 2,452,841 470,501 0 9,322,660 1,203,866 248,254 199,890 1,349,480 1,349,480 0 1,349,480
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