Date of Report (Date of earliest event reported): |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of Incorporation) | File Number) | Identification Number) |
| ||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Page | |||||
Item 2.02 – Results of Operations and Financial Condition | 3 | ||||
Item 9.01 – Financial Statements and Exhibits | 3 | ||||
Signatures | 3 | ||||
4 |
First Bancorp | ||||||||||||||||||||
July 26, 2023 | By: | /s/ Richard H. Moore | ||||||||||||||||||
Richard H. Moore | ||||||||||||||||||||
Chief Executive Officer |
For Immediate Release: | For More Information, Contact: | ||||||||||
July 26, 2023 | Elaine Pozarycki | ||||||||||
984-900-2457 |
For the Three Months Ended | ||||||||||||||||||||
YIELD INFORMATION | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||
Yield on loans | 5.26% | 5.22% | 4.24% | |||||||||||||||||
Yield on securities | 1.77% | 1.78% | 1.69% | |||||||||||||||||
Yield on other earning assets | 4.60% | 3.47% | 0.97% | |||||||||||||||||
Yield on all interest-earning assets | 4.25% | 4.16% | 3.24% | |||||||||||||||||
Rate on interest bearing deposits | 1.68% | 1.19% | 0.11% | |||||||||||||||||
Rate on other interest-bearing liabilities | 5.68% | 5.34% | 3.52% | |||||||||||||||||
Rate on all interest-bearing liabilities | 1.96% | 1.46% | 0.15% | |||||||||||||||||
Total cost of funds | 1.29% | 0.94% | 0.09% | |||||||||||||||||
Net interest margin (1) | 3.05% | 3.28% | 3.16% | |||||||||||||||||
Net interest margin - tax-equivalent (2) | 3.08% | 3.31% | 3.18% | |||||||||||||||||
Average prime rate | 8.16% | 7.69% | 3.94% | |||||||||||||||||
(1) Calculated by dividing annualized net interest income by average earning assets for the period. | ||||||||||||||||||||
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense. |
For the Three Months Ended | ||||||||||||||||||||
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS ($ in thousands) | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||
Interest income - increased by accretion of loan discount on acquired loans | $ | 3,159 | 3,118 | 1,545 | ||||||||||||||||
Interest income - increased by accretion of loan discount on retained portions of SBA loans | 426 | 448 | 730 | |||||||||||||||||
Total interest income impact | 3,585 | 3,566 | 2,275 | |||||||||||||||||
Interest expense - (increased) reduced by (discount accretion) premium amortization of deposits | (878) | (1,019) | 168 | |||||||||||||||||
Interest expense - increased by discount accretion of borrowings | (84) | (82) | (53) | |||||||||||||||||
Total net interest expense impact | (962) | (1,101) | 115 | |||||||||||||||||
Total impact on net interest income | $ | 2,623 | 2,465 | 2,390 |
ASSET QUALITY DATA ($ in thousands) | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||
Nonperforming assets | ||||||||||||||||||||
Nonaccrual loans | $ | 29,876 | 28,059 | 28,715 | ||||||||||||||||
Troubled debt restructurings - accruing (1) | — | — | 11,771 | |||||||||||||||||
Modifications to borrowers in financial distress | 4,862 | 2,224 | — | |||||||||||||||||
Total nonperforming loans | 34,738 | 30,283 | 40,486 | |||||||||||||||||
Foreclosed real estate | 1,077 | 789 | 658 | |||||||||||||||||
Total nonperforming assets | $ | 35,815 | 31,072 | 41,144 | ||||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||
Quarterly net charge-offs (recoveries) to average loans - annualized | 0.04 | % | 0.09 | % | (0.01) | % | ||||||||||||||
Nonperforming loans to total loans | 0.44 | % | 0.39 | % | 0.65 | % | ||||||||||||||
Nonperforming assets to total assets | 0.30 | % | 0.25 | % | 0.39 | % | ||||||||||||||
Allowance for credit losses to total loans | 1.38 | % | 1.36 | % | 1.32 | % | ||||||||||||||
(1) The Company implemented ASU 2022-02 effective January 1, 2023 eliminating TDR accounting. |
For the Three Months Ended | ||||||||||||||||||||||||||
AVERAGE BALANCES ($ in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | Change 2Q23 vs 2Q22 | ||||||||||||||||||||||
Total assets | $ | 12,058,336 | 10,579,187 | 10,516,748 | 14.7 | % | ||||||||||||||||||||
Investment securities, at amortized cost | 3,221,807 | 3,325,652 | 3,437,365 | (6.3) | % | |||||||||||||||||||||
Loans | 7,850,522 | 6,576,415 | 6,149,174 | 27.7 | % | |||||||||||||||||||||
Earning assets | 11,422,667 | 10,161,108 | 9,949,658 | 14.8 | % | |||||||||||||||||||||
Deposits | 10,181,040 | 9,275,909 | 9,337,615 | 9.0 | % | |||||||||||||||||||||
Interest-bearing liabilities | 7,001,838 | 5,779,958 | 5,740,269 | 22.0 | % | |||||||||||||||||||||
Shareholders’ equity | 1,314,620 | 1,003,031 | 1,091,077 | 20.5 | % |
June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 888,391 | 11 | % | 885,032 | 11 | % | 596,874 | 10 | % | ||||||||||||||||||||||||||||
Construction, development & other land loans | 1,109,769 | 14 | % | 1,092,026 | 14 | % | 824,723 | 13 | % | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,222,189 | 16 | % | 1,200,744 | 16 | % | 1,014,551 | 16 | % | |||||||||||||||||||||||||||||
Commercial real estate - non owner occupied | 2,423,262 | 31 | % | 2,429,941 | 31 | % | 1,991,292 | 32 | % | |||||||||||||||||||||||||||||
Multi-family real estate | 392,120 | 5 | % | 395,573 | 5 | % | 332,479 | 5 | % | |||||||||||||||||||||||||||||
Residential 1-4 family real estate | 1,461,068 | 18 | % | 1,386,580 | 18 | % | 1,097,810 | 18 | % | |||||||||||||||||||||||||||||
Home equity loans/lines of credit | 334,566 | 4 | % | 342,287 | 4 | % | 325,617 | 5 | % | |||||||||||||||||||||||||||||
Consumer loans | 67,077 | 1 | % | 68,056 | 1 | % | 60,627 | 1 | % | |||||||||||||||||||||||||||||
Loans, gross | 7,898,442 | 100 | % | 7,800,239 | 100 | % | 6,243,973 | 100 | % | |||||||||||||||||||||||||||||
Unamortized net deferred loan fees | (813) | (1,276) | (803) | |||||||||||||||||||||||||||||||||||
Total loans | $ | 7,897,629 | 7,798,963 | 6,243,170 |
June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 3,639,930 | 36 | % | 3,763,637 | 36 | % | 3,699,725 | 40 | % | ||||||||||||||||||||||||||||
Interest-bearing checking accounts | 1,454,489 | 14 | % | 1,526,333 | 15 | % | 1,537,487 | 16 | % | |||||||||||||||||||||||||||||
Money market accounts | 3,411,072 | 34 | % | 3,126,571 | 30 | % | 2,572,118 | 28 | % | |||||||||||||||||||||||||||||
Savings accounts | 658,473 | 6 | % | 705,669 | 7 | % | 747,272 | 8 | % | |||||||||||||||||||||||||||||
Other time deposits | 638,751 | 6 | % | 624,444 | 6 | % | 509,661 | 5 | % | |||||||||||||||||||||||||||||
Time deposits >$250,000 | 353,473 | 4 | % | 342,447 | 3 | % | 293,485 | 3 | % | |||||||||||||||||||||||||||||
Total market deposits | 10,156,188 | 100 | % | 10,089,101 | 97 | % | 9,359,748 | 100 | % | |||||||||||||||||||||||||||||
Brokered deposits | 12,381 | — | % | 283,497 | 3 | % | — | — | % | |||||||||||||||||||||||||||||
Total deposits | $ | 10,168,569 | 100 | % | 10,372,598 | 100 | % | 9,359,748 | 100 | % |
CAPITAL RATIOS | June 30, 2023 (estimated) | March 31, 2023 | June 30, 2022 | |||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 6.79% | 6.60% | 6.70% | |||||||||||||||||
Common equity tier I capital ratio | 12.76% | 12.53% | 12.90% | |||||||||||||||||
Tier I leverage ratio | 10.47% | 10.28% | 9.95% | |||||||||||||||||
Tier I risk-based capital ratio | 13.55% | 13.32% | 13.76% | |||||||||||||||||
Total risk-based capital ratio | 15.10% | 14.88% | 15.01% |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED INCOME STATEMENT ($ in thousands, except per share data) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 102,963 | 99,380 | 65,077 | 202,343 | 129,279 | ||||||||||||||||||||||||||
Interest on investment securities | 14,183 | 14,546 | 14,489 | 28,729 | 28,747 | |||||||||||||||||||||||||||
Other interest income | 4,015 | 3,248 | 881 | 7,263 | 1,530 | |||||||||||||||||||||||||||
Total interest income | 121,161 | 117,174 | 80,447 | 238,335 | 159,556 | |||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Interest on deposits | 27,328 | 18,918 | 1,585 | 46,246 | 3,356 | |||||||||||||||||||||||||||
Interest on borrowings | 6,848 | 5,770 | 592 | 12,618 | 1,052 | |||||||||||||||||||||||||||
Total interest expense | 34,176 | 24,688 | 2,177 | 58,864 | 4,408 | |||||||||||||||||||||||||||
Net interest income | 86,985 | 92,486 | 78,270 | 179,471 | 155,148 | |||||||||||||||||||||||||||
Provision for loan losses | 3,700 | 11,451 | — | 15,151 | 3,500 | |||||||||||||||||||||||||||
(Reversal of) provision for unfunded commitments | (1,339) | 1,051 | — | (288) | (1,500) | |||||||||||||||||||||||||||
Total provision for credit losses | 2,361 | 12,502 | — | 14,863 | 2,000 | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 84,624 | 79,984 | 78,270 | 164,608 | 153,148 | |||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 4,114 | 3,894 | 3,700 | 8,008 | 7,241 | |||||||||||||||||||||||||||
Other service charges, commissions, and fees | 5,650 | 5,920 | 7,882 | 11,570 | 14,887 | |||||||||||||||||||||||||||
Fees from presold mortgage loans | 557 | 406 | 454 | 963 | 1,575 | |||||||||||||||||||||||||||
Commissions from sales of financial products | 1,413 | 1,306 | 1,151 | 2,719 | 2,096 | |||||||||||||||||||||||||||
SBA consulting fees | 409 | 521 | 704 | 930 | 1,484 | |||||||||||||||||||||||||||
SBA loan sale gains | 696 | 255 | 841 | 951 | 4,102 | |||||||||||||||||||||||||||
Bank-owned life insurance income | 1,066 | 1,046 | 942 | 2,112 | 1,918 | |||||||||||||||||||||||||||
Other gains, net | 330 | 188 | 1,590 | 518 | 3,212 | |||||||||||||||||||||||||||
Total noninterest income | 14,235 | 13,536 | 17,264 | 27,771 | 36,515 | |||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||
Salaries expense | 28,676 | 29,321 | 23,799 | 57,997 | 47,253 | |||||||||||||||||||||||||||
Employee benefit expense | 6,165 | 6,393 | 6,310 | 12,558 | 11,888 | |||||||||||||||||||||||||||
Occupancy and equipment related expense | 4,972 | 5,067 | 4,636 | 10,039 | 9,324 | |||||||||||||||||||||||||||
Merger and acquisition expenses | 1,334 | 12,182 | 737 | 13,516 | 4,221 | |||||||||||||||||||||||||||
Intangibles amortization expense | 2,049 | 2,145 | 953 | 4,194 | 1,970 | |||||||||||||||||||||||||||
Other operating expenses | 18,397 | 19,067 | 12,963 | 37,464 | 26,207 | |||||||||||||||||||||||||||
Total noninterest expenses | 61,593 | 74,175 | 49,398 | 135,768 | 100,863 | |||||||||||||||||||||||||||
Income before income taxes | 37,266 | 19,345 | 46,136 | 56,611 | 88,800 | |||||||||||||||||||||||||||
Income tax expense | 7,863 | 4,184 | 9,551 | 12,047 | 18,246 | |||||||||||||||||||||||||||
Net income | $ | 29,403 | 15,161 | 36,585 | 44,564 | 70,554 | ||||||||||||||||||||||||||
Earnings per common share - diluted | $ | 0.71 | 0.37 | 1.03 | 1.08 | 1.98 |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED BALANCE SHEETS ($ in thousands) | ||||||||||||||||||||||||||
At June 30, 2023 | At March 31, 2023 | At December 31, 2022 | At June 30, 2022 | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash and due from banks | $ | 101,215 | 102,691 | 101,133 | 85,139 | |||||||||||||||||||||
Interest-bearing deposits with banks | 259,460 | 610,691 | 169,185 | 348,964 | ||||||||||||||||||||||
Total cash and cash equivalents | 360,675 | 713,382 | 270,318 | 434,103 | ||||||||||||||||||||||
Investment securities | 2,757,607 | 2,830,060 | 2,856,193 | 3,079,034 | ||||||||||||||||||||||
Presold mortgages and SBA loans held for sale | 4,953 | 5,884 | 1,282 | 5,293 | ||||||||||||||||||||||
Loans | 7,897,629 | 7,798,963 | 6,665,145 | 6,243,170 | ||||||||||||||||||||||
Allowance for credit losses on loans | (109,230) | (106,396) | (90,967) | (82,181) | ||||||||||||||||||||||
Net loans | 7,788,399 | 7,692,567 | 6,574,178 | 6,160,989 | ||||||||||||||||||||||
Premises and equipment | 152,443 | 152,790 | 134,187 | 135,143 | ||||||||||||||||||||||
Operating right-of-use lease assets | 18,375 | 18,898 | 18,733 | 19,707 | ||||||||||||||||||||||
Intangible assets | 515,847 | 518,012 | 376,938 | 379,615 | ||||||||||||||||||||||
Bank-owned life insurance | 181,659 | 180,730 | 164,592 | 163,831 | ||||||||||||||||||||||
Other assets | 253,040 | 250,826 | 228,628 | 188,500 | ||||||||||||||||||||||
Total assets | $ | 12,032,998 | 12,363,149 | 10,625,049 | 10,566,215 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 3,639,930 | 3,763,637 | 3,566,003 | 3,699,725 | |||||||||||||||||||||
Interest-bearing deposit accounts | 6,528,639 | 6,608,961 | 5,661,526 | 5,660,023 | ||||||||||||||||||||||
Total deposits | 10,168,569 | 10,372,598 | 9,227,529 | 9,359,748 | ||||||||||||||||||||||
Borrowings | 481,658 | 606,481 | 287,507 | 67,445 | ||||||||||||||||||||||
Operating lease liabilities | 19,109 | 19,638 | 19,391 | 20,280 | ||||||||||||||||||||||
Other liabilities | 66,020 | 64,471 | 59,026 | 56,399 | ||||||||||||||||||||||
Total liabilities | 10,735,356 | 11,063,188 | 9,593,453 | 9,503,872 | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 960,851 | 959,422 | 725,153 | 723,956 | ||||||||||||||||||||||
Retained earnings | 674,933 | 654,573 | 648,418 | 587,739 | ||||||||||||||||||||||
Stock in rabbi trust assumed in acquisition | (1,365) | (1,608) | (1,585) | (1,573) | ||||||||||||||||||||||
Rabbi trust obligation | 1,365 | 1,608 | 1,585 | 1,573 | ||||||||||||||||||||||
Accumulated other comprehensive loss | (338,142) | (314,034) | (341,975) | (249,352) | ||||||||||||||||||||||
Total shareholders’ equity | 1,297,642 | 1,299,961 | 1,031,596 | 1,062,343 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,032,998 | 12,363,149 | 10,625,049 | 10,566,215 |
First Bancorp and Subsidiaries Financial Summary |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||
PERFORMANCE RATIOS (annualized) | ||||||||||||||||||||||||||||||||
Return on average assets (1) | 0.98 | % | 0.51 | % | 1.44 | % | 1.42 | % | 1.40 | % | ||||||||||||||||||||||
Return on average common equity (2) | 8.97 | % | 4.83 | % | 15.20 | % | 13.84 | % | 13.45 | % | ||||||||||||||||||||||
Return on average tangible common equity (3) | 14.79 | % | 8.16 | % | 20.96 | % | 21.25 | % | 20.66 | % | ||||||||||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||||||||||||||
Cash dividends declared - common | $ | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||||||||||||||||||||
Stated book value - common | $ | 31.59 | 31.72 | 28.89 | 27.57 | 29.77 | ||||||||||||||||||||||||||
Tangible book value - common (non-GAAP) | $ | 19.03 | 19.08 | 18.34 | 16.98 | 19.13 | ||||||||||||||||||||||||||
Common shares outstanding at end of period | 41,082,678 | 40,986,990 | 35,704,154 | 35,711,754 | 35,683,595 | |||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 41,129,100 | 41,112,692 | 35,614,972 | 35,703,446 | 35,642,471 | |||||||||||||||||||||||||||
CAPITAL INFORMATION (estimates for current quarter) | ||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets | 6.79 | % | 6.60 | % | 6.39 | % | 5.98 | % | 6.70 | % | ||||||||||||||||||||||
Common equity tier I capital ratio | 12.76 | % | 12.53 | % | 13.02 | % | 12.76 | % | 12.90 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 15.10 | % | 14.88 | % | 15.09 | % | 14.84 | % | 15.01 | % | ||||||||||||||||||||||
(1) Calculated by dividing annualized net income by average assets. | ||||||||||||||||||||||||||||||||
(2) Calculated by dividing annualized net income by average common equity. | ||||||||||||||||||||||||||||||||
(3) Calculated by dividing annualized net income by average tangible common equity. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
INCOME STATEMENT ($ in thousands except per share data) | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||
Net interest income - tax-equivalent (1) | $ | 87,684 | 93,186 | 85,094 | 86,026 | 78,939 | ||||||||||||||||||||||||||
Taxable equivalent adjustment (1) | 699 | 700 | 722 | 692 | 669 | |||||||||||||||||||||||||||
Net interest income | 86,985 | 92,486 | 84,372 | 85,334 | 78,270 | |||||||||||||||||||||||||||
Provision for loan losses | 3,700 | 11,451 | 4,000 | 5,100 | — | |||||||||||||||||||||||||||
(Reversal of) provision for unfunded commitments | (1,339) | 1,051 | 1,000 | 300 | — | |||||||||||||||||||||||||||
Noninterest income | 14,235 | 13,536 | 14,558 | 16,912 | 17,264 | |||||||||||||||||||||||||||
Merger and acquisition costs | 1,334 | 12,182 | 303 | 548 | 737 | |||||||||||||||||||||||||||
Other noninterest expense | 60,259 | 61,993 | 45,354 | 48,152 | 48,661 | |||||||||||||||||||||||||||
Income before income taxes | 37,266 | 19,345 | 48,273 | 48,146 | 46,136 | |||||||||||||||||||||||||||
Income tax expense | 7,863 | 4,184 | 9,840 | 10,197 | 9,551 | |||||||||||||||||||||||||||
Net income | 29,403 | 15,161 | 38,433 | 37,949 | 36,585 | |||||||||||||||||||||||||||
Earnings per common share - diluted | $ | 0.71 | 0.37 | 1.08 | 1.06 | 1.03 | ||||||||||||||||||||||||||
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense. |
Cover Page |
Jul. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 26, 2023 |
Entity Registrant Name | First Bancorp |
Entity Incorporation, State or Country Code | NC |
Entity File Number | 0-15572 |
Entity Tax Identification Number | 56-1421916 |
Entity Address, Address Line One | 300 SW Broad Street, |
Entity Address, City or Town | Southern Pines, |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28387 |
City Area Code | (910) |
Local Phone Number | 246-2500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, No Par Value |
Trading Symbol | FBNC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000811589 |
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