The First of Long Island Corporation (Nasdaq: FLIC), the parent
company of The First National Bank of Long Island, reported
increases in net income and earnings per share for the three months
ended March 31, 2021. In the highlights that follow, all
comparisons are of the current three-month period to the same
period last year unless otherwise indicated.
FIRST QUARTER 2021
HIGHLIGHTS
- Net Income
and EPS were $11.3 million and $.47, respectively, versus $9.1
million and $.38
- ROA and ROE
were 1.11% and 11.17%, respectively, compared to .90% and
9.41%
- Book value
per share increased 8.6% to $17.16 from $15.80
- Net
interest margin was 2.69% versus 2.62%
- Cash
Dividends Per Share increased 5.6% to $.19 from $.18
- Repurchased
107,887 shares at a cost of $2.0 million
- Effective
Tax Rate was 19.4% versus 15.2%
Analysis of First Quarter
Earnings
Net income for the first quarter of 2021 was
$11.3 million, an increase of $2.1 million, or 23.2%, versus the
same quarter last year. The increase is due to growth in net
interest income of $916,000, or 3.7%, and noninterest income of
$514,000, or 17.0%, and a decline in the provision for credit
losses of $3.3 million. These items were partially offset by
increases in noninterest expense of $1.6 million, or 10.7%, and
income tax expense of $1.1 million.
The increase in net interest income reflects a
favorable shift in the mix of funding as an increase in average
checking deposits of $325.7 million, or 35.5%, and a decline in
average interest-bearing liabilities of $322.7 million, or 11.8%,
resulted in average checking deposits comprising a larger portion
of total funding. The increase is also attributable to income from
SBA Paycheck Protection Program (“PPP”) loans of $1.9 million
during the current quarter driven by an average balance of $160.0
million and a weighted average yield earned of 4.9%.
Average checking deposits include a portion of the proceeds of PPP
loans. Partially offsetting the favorable impact of these items was
a decline in the average balance of loans of $146.5 million, or
4.6%, due to the economic impact of the COVID-19 pandemic
(“pandemic”), which contributed to a notable increase in cash on
our balance sheet. Also exerting downward pressure on net interest
income were current market yields on securities and loans being
lower than the yields on runoff in both portfolios. The average
yield on interest-earning assets declined 45 basis points (“bps”)
from 3.64% for the first quarter of 2020 to 3.19% for the current
quarter. Although asset yields declined, management substantially
offset the negative impact on net interest income through
reductions in non-maturity and time deposit rates. The average cost
of interest-bearing liabilities declined 64 bps from 1.46% for the
first quarter of 2020 to .82% for the current quarter.
Net interest margin for the first quarter of
2021 was 2.69% as compared to 2.64% and 2.62% for the 2020 fourth
and first quarters, respectively. Income on PPP loans improved net
interest margin for the current quarter and fourth quarter of 2020
by 9 bps and 8 bps, respectively. We expect net interest income and
margin to benefit from the use of excess cash in May 2021 to repay
a maturing $150 million interest rate swap currently costing 2.85%,
and from certificates of deposit totaling $114 million maturing
through March 31, 2022 with an average yield of 1.11% which exceeds
current market deposit rates.
During the first quarter of 2021, we originated
$83 million of PPP loans with deferred fees of $3.3 million. On a
cumulative basis through March 31, 2021, $62 million of the Bank’s
PPP loans were forgiven by the SBA.
If economic activity continues to improve and
businesses return to normal operations in our marketplace, we
expect mortgage originations to grow. Our emphasis remains
commercial lending over residential mortgage lending. The mortgage
loan pipeline grew to $107 million at March 31, 2021, the highest
level in three years.
The decrease in noninterest income, net of gains
on sales of securities, of $92,000 is primarily attributable to
decreases in service charges on deposit accounts of $304,000 and a
decline in investment services income of $74,000 offset by an
increase in the non-service cost components of the Bank’s defined
benefit pension plan of $138,000. The decrease in service charges
on deposit accounts is mainly attributable to the pandemic which
has negatively affected most categories of noninterest income while
the decrease in investment services income is due to a decline in
assets under management. Assets under management will likely
decline further as the Bank transitions from its legacy trust and
investment businesses to a single platform with LPL Financial, the
nation’s largest independent broker-dealer.
The provision for credit losses decreased $3.3
million when comparing the first quarter periods from a provision
of $2.4 million in the 2020 quarter to a credit of $986,000 in the
2021 quarter. The credit provision for the current quarter was
mainly due to improvements in economic conditions, asset quality
and other portfolio metrics and a decline in outstanding mortgage
loans, partially offset by net chargeoffs of $447,000.
The increase in noninterest expense of $1.6
million was primarily due to an increase in salaries and employee
benefits related to staffing our new Riverhead Branch, building our
lending and credit teams, special bonuses and overtime for PPP loan
processing and normal salary adjustments. Also
contributing to the increase was FDIC insurance expense of $267,000
for the current quarter, an increase in the provision for unfunded
loan commitments of $305,000 and higher facilities maintenance
costs including snow removal. The increase in FDIC insurance
expense is due to an assessment credit in the 2020 quarter which
resulted in no FDIC insurance cost. The increase in the provision
for unfunded commitments reflects an increase in commitments for
the current quarter versus a decrease for the 2020 quarter.
Income tax expense increased $1.1 million and
the effective tax rate increased from 15.2% to 19.4% when comparing
the first quarter of 2020 to the current quarter. The increase in
the effective tax rate is mainly due to a decrease in the
percentage of pre-tax income derived from tax-exempt municipal
securities and bank-owned life insurance in 2021. The increase in
income tax expense reflects the higher effective tax rate and an
increase in pre-tax earnings in the current quarter as compared to
the 2020 quarter.
Analysis of Earnings – First Quarter 2021
Versus Fourth Quarter 2020
Net income for the first quarter of 2021
increased $738,000, or 7.0%, from $10.5 million earned in the
fourth quarter of last year. The increase is mainly attributable to
an increase in net interest income of $886,000, a decline in the
provision for credit losses of $1.5 million and gains on sales of
securities of $606,000 in the 2021 quarter. Partially offsetting
these items were increases in salaries and employee benefits and
income tax expense of $1.1 million and $556,000, respectively. The
increase in net interest income reflects higher income from PPP
loans and lower average balances and rates for interest-bearing
liabilities due to growth in average checking deposits and deposit
repricings. The decline in the provision for credit losses was
mainly due to the aforementioned improvements in economic
conditions, asset quality and other portfolio metrics as well as a
decline in outstanding mortgage loans in the 2021 quarter. The
increases in salaries and employee benefits and income tax expense
occurred for substantially the same reasons discussed above with
respect to the first quarter periods.
Asset Quality
The Bank’s allowance for credit losses to total
loans (reserve coverage ratio) was 1.04% at March 31, 2021 as
compared to 1.09% at December 31, 2020. Excluding PPP
loans, the reserve coverage ratio was 1.10% and 1.13%,
respectively. The decrease in the reserve coverage
ratio was mainly due to improvements in economic conditions, asset
quality and other portfolio metrics. Nonaccrual loans,
troubled debt restructurings and loans past due 30 through 89 days
are at very low levels.
Capital
The Corporation’s balance sheet remains
positioned for lending and growth with a Leverage Ratio of
approximately 10.0% at March 31, 2021. The Corporation repurchased
107,887 shares of common stock during the first quarter of 2021 at
a cost of $2.0 million. We expect to continue repurchases during
2021.
Key Initiatives and Challenges We
Face
During 2020, the Bank successfully launched an
updated branding initiative including multimedia advertising and an
interactive custom designed website to better support our
customers’ digital and electronic banking needs. We see a
substantial increase in mobile users and mobile deposits and are
optimistic about our future growth in digital products and
services. We continue to analyze our branch network for strategic
expansion and operating efficiencies. We recently
leased space at 275 Broadhollow Road in Melville, N.Y. for a
state-of-the-art branch and additional office space. The
convenience of this central location will benefit employee
recruiting and retention with prominent signage reinforcing our new
branding initiative. We continue to hire branch personnel, lending
and back office credit professionals to support loan growth and our
relationship banking business. Finally, the Bank recently partnered
with LPL Financial, an independent broker-dealer, to enhance our
customers’ access to a comprehensive set of investment products as
well as wealth management, trust and advisory services.
The interest rate and economic environment
continues to exert pressure on operating results and growth.
Profitability and growth are negatively impacted by low yields
available on loans and securities and could be impacted by credit
losses arising from economic conditions. The continued presence of
the pandemic and ongoing economic challenges such as the level of
short and long-term interest rates, unemployment, vacancies,
delinquent rents and competition are particular risks to future
financial performance. Among other things, low interest rates have
caused an acceleration of residential mortgage loan repayments and
repricings which are expected to continue in 2021.
Forward Looking Information
This earnings release contains various
“forward-looking statements” within the meaning of that term as set
forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of
the Securities Exchange Act of 1934. Such statements are generally
contained in sentences including the words “may” or “expect” or
“could” or “should” or “would” or “believe” or “anticipate”. The
Corporation cautions that these forward-looking statements are
subject to numerous assumptions, risks and uncertainties that could
cause actual results to differ materially from those contemplated
by the forward-looking statements. Factors that could cause future
results to vary from current management expectations include, but
are not limited to, changing economic conditions; legislative and
regulatory changes; monetary and fiscal policies of the federal
government; changes in interest rates; deposit flows and the cost
of funds; demand for loan products; competition; changes in
management’s business strategies; changes in accounting principles,
policies or guidelines; changes in real estate values; and other
factors discussed in the “risk factors” section of the
Corporation’s filings with the Securities and Exchange Commission
(“SEC”). In addition, the pandemic continues to present financial
and operating challenges for the Corporation, its customers and the
communities it serves. These challenges may adversely affect the
Corporation’s business, results of operations and financial
condition for an indefinite period of time. The forward-looking
statements are made as of the date of this press release, and the
Corporation assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements.
For more detailed financial information please
see the Corporation’s quarterly report on Form 10-Q for the quarter
ended March 31, 2021. The Form 10-Q will be available through the
Bank’s website at www.fnbli.com on or about May 7, 2021, when it is
electronically filed with the SEC. Our SEC filings are also
available on the SEC’s website at www.sec.gov.
CONSOLIDATED BALANCE
SHEETS(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
3/31/21 |
|
12/31/20 |
|
|
|
|
|
(dollars in thousands) |
Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
234,574 |
|
|
$ |
211,182 |
|
Investment securities available-for-sale, at fair value |
|
831,154 |
|
|
|
662,722 |
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Commercial and industrial |
|
84,662 |
|
|
|
100,015 |
|
SBA Paycheck Protection Program |
|
179,321 |
|
|
|
139,487 |
|
Secured by real estate: |
|
|
|
|
|
Commercial mortgages |
|
1,438,522 |
|
|
|
1,421,071 |
|
Residential mortgages |
|
1,270,208 |
|
|
|
1,316,727 |
|
Home equity lines |
|
52,320 |
|
|
|
54,005 |
|
Consumer and other |
|
1,225 |
|
|
|
2,149 |
|
|
|
3,026,258 |
|
|
|
3,033,454 |
|
Allowance for credit losses |
|
(31,604 |
) |
|
|
(33,037 |
) |
|
|
2,994,654 |
|
|
|
3,000,417 |
|
|
|
|
|
|
|
Restricted stock, at cost |
|
20,057 |
|
|
|
20,814 |
|
Bank premises and equipment, net |
|
38,365 |
|
|
|
38,830 |
|
Right of use asset - operating leases |
|
11,693 |
|
|
|
12,212 |
|
Bank-owned life insurance |
|
86,011 |
|
|
|
85,432 |
|
Pension plan assets, net |
|
20,191 |
|
|
|
20,109 |
|
Deferred income tax benefit |
|
1,999 |
|
|
|
1,375 |
|
Other assets |
|
16,300 |
|
|
|
16,048 |
|
|
$ |
4,254,998 |
|
|
$ |
4,069,141 |
|
Liabilities: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Checking |
$ |
1,370,940 |
|
|
$ |
1,208,073 |
|
Savings, NOW and money market |
|
1,770,235 |
|
|
|
1,679,161 |
|
Time |
|
395,533 |
|
|
|
434,354 |
|
|
|
3,536,708 |
|
|
|
3,321,588 |
|
|
|
|
|
|
|
Short-term borrowings |
|
56,806 |
|
|
|
60,095 |
|
Long-term debt |
|
226,002 |
|
|
|
246,002 |
|
Operating lease liability |
|
12,525 |
|
|
|
13,046 |
|
Accrued expenses and other liabilities |
|
14,835 |
|
|
|
21,292 |
|
|
|
3,846,876 |
|
|
|
3,662,023 |
|
Stockholders'
Equity: |
|
|
|
|
|
Common stock, par value $.10 per share: |
|
|
|
|
|
Authorized, 80,000,000 shares; |
|
|
|
|
|
Issued and outstanding, 23,782,752 and 23,790,589 shares |
|
2,378 |
|
|
|
2,379 |
|
Surplus |
|
104,198 |
|
|
|
105,547 |
|
Retained earnings |
|
302,371 |
|
|
|
295,622 |
|
|
|
408,947 |
|
|
|
403,548 |
|
Accumulated other comprehensive income (loss), net of tax |
|
(825 |
) |
|
|
3,570 |
|
|
|
408,122 |
|
|
|
407,118 |
|
|
$ |
4,254,998 |
|
|
$ |
4,069,141 |
|
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
3/31/21 |
|
3/31/20 |
|
|
|
|
|
|
|
(dollars in thousands) |
Interest and dividend
income: |
|
|
|
|
|
|
Loans |
$ |
26,706 |
|
|
$ |
28,931 |
|
Investment securities: |
|
|
|
|
|
|
Taxable |
|
1,833 |
|
|
|
3,426 |
|
Nontaxable |
|
2,248 |
|
|
|
2,565 |
|
|
|
30,787 |
|
|
|
34,922 |
|
Interest expense: |
|
|
|
|
|
|
Savings, NOW and money market deposits |
|
1,066 |
|
|
|
4,280 |
|
Time deposits |
|
2,304 |
|
|
|
3,042 |
|
Short-term borrowings |
|
350 |
|
|
|
619 |
|
Long-term debt |
|
1,165 |
|
|
|
1,995 |
|
|
|
4,885 |
|
|
|
9,936 |
|
Net interest income |
|
25,902 |
|
|
|
24,986 |
|
Provision (credit) for credit
losses |
|
(986 |
) |
|
|
2,358 |
|
Net interest income after provision (credit) for credit losses |
|
26,888 |
|
|
|
22,628 |
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
Investment services income |
|
474 |
|
|
|
548 |
|
Service charges on deposit accounts |
|
683 |
|
|
|
987 |
|
Net gains on sales of securities |
|
606 |
|
|
|
— |
|
Other |
|
1,769 |
|
|
|
1,483 |
|
|
|
3,532 |
|
|
|
3,018 |
|
Noninterest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
10,070 |
|
|
|
9,274 |
|
Occupancy and equipment |
|
3,277 |
|
|
|
3,072 |
|
Other |
|
3,102 |
|
|
|
2,512 |
|
|
|
16,449 |
|
|
|
14,858 |
|
Income before income taxes |
|
13,971 |
|
|
|
10,788 |
|
Income tax expense |
|
2,704 |
|
|
|
1,640 |
|
Net income |
$ |
11,267 |
|
|
$ |
9,148 |
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
Weighted Average Common Shares |
|
23,781,326 |
|
|
|
23,904,266 |
|
Dilutive stock options and restricted stock units |
|
83,423 |
|
|
|
54,633 |
|
|
|
23,864,749 |
|
|
|
23,958,899 |
|
|
|
|
|
|
|
|
Basic EPS |
|
$.47 |
|
|
$.38 |
|
Diluted EPS |
|
$.47 |
|
|
$.38 |
|
Cash Dividends Declared per share |
|
$.19 |
|
|
$.18 |
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
(Unaudited) |
ROA |
|
1.11 |
|
% |
|
0.90 |
% |
ROE |
|
11.17 |
|
% |
|
9.41 |
% |
Net Interest Margin |
|
2.69 |
|
% |
|
2.62 |
% |
Dividend Payout Ratio |
|
40.43 |
|
% |
|
47.37 |
% |
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND
ASSETS(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/21 |
|
|
12/31/20 |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Loans, excluding troubled debt
restructurings: |
|
|
|
|
|
|
|
Past due 30 through 89 days |
$ |
2,675 |
|
|
$ |
1,422 |
|
Past due 90 days or more and still accruing |
|
— |
|
|
|
— |
|
Nonaccrual |
|
260 |
|
|
|
628 |
|
|
|
2,935 |
|
|
|
2,050 |
|
Troubled debt
restructurings: |
|
|
|
|
|
|
|
Performing according to their modified terms |
|
578 |
|
|
|
815 |
|
Past due 30 through 89 days |
|
— |
|
|
|
— |
|
Past due 90 days or more and still accruing |
|
— |
|
|
|
— |
|
Nonaccrual |
|
— |
|
|
|
494 |
|
|
|
578 |
|
|
|
1,309 |
|
Total past due, nonaccrual and
restructured loans: |
|
|
|
|
|
|
|
Restructured and performing according to their modified terms |
|
578 |
|
|
|
815 |
|
Past due 30 through 89 days |
|
2,675 |
|
|
|
1,422 |
|
Past due 90 days or more and still accruing |
|
— |
|
|
|
— |
|
Nonaccrual |
|
260 |
|
|
|
1,122 |
|
|
|
3,513 |
|
|
|
3,359 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
$ |
3,513 |
|
|
$ |
3,359 |
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
$ |
31,604 |
|
|
$ |
33,037 |
|
Allowance for credit losses as
a percentage of total loans |
|
1.04 |
% |
|
|
1.09 |
% |
Allowance for credit losses as
a multiple of nonaccrual loans |
|
121.6 |
x |
|
|
29.4 |
x |
AVERAGE BALANCE SHEET, INTEREST RATES AND
INTEREST DIFFERENTIAL(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
|
|
Average |
|
Interest/ |
|
Average |
|
Average |
|
Interest/ |
|
Average |
(dollars in thousands) |
|
Balance |
|
Dividends |
|
Rate |
|
Balance |
|
Dividends |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
155,272 |
|
|
$ |
39 |
|
.10 |
% |
|
$ |
30,077 |
|
|
$ |
82 |
|
1.10 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
401,531 |
|
|
|
1,794 |
|
1.79 |
|
|
|
342,661 |
|
|
|
3,344 |
|
3.90 |
|
Nontaxable (1) |
|
|
361,715 |
|
|
|
2,846 |
|
3.15 |
|
|
|
380,173 |
|
|
|
3,247 |
|
3.42 |
|
Loans (1) |
|
|
3,013,009 |
|
|
|
26,707 |
|
3.55 |
|
|
|
3,159,533 |
|
|
|
28,933 |
|
3.66 |
|
Total interest-earning
assets |
|
|
3,931,527 |
|
|
|
31,386 |
|
3.19 |
|
|
|
3,912,444 |
|
|
|
35,606 |
|
3.64 |
|
Allowance for credit
losses |
|
|
(32,896 |
) |
|
|
|
|
|
|
|
|
(32,110 |
) |
|
|
|
|
|
|
Net interest-earning
assets |
|
|
3,898,631 |
|
|
|
|
|
|
|
|
|
3,880,334 |
|
|
|
|
|
|
|
Cash and due from banks |
|
|
32,951 |
|
|
|
|
|
|
|
|
|
34,362 |
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,700 |
|
|
|
|
|
|
|
|
|
39,932 |
|
|
|
|
|
|
|
Other assets |
|
|
134,770 |
|
|
|
|
|
|
|
|
|
130,262 |
|
|
|
|
|
|
|
|
|
$ |
4,105,052 |
|
|
|
|
|
|
|
|
$ |
4,084,890 |
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,707,546 |
|
|
|
1,066 |
|
.25 |
|
|
$ |
1,710,761 |
|
|
|
4,280 |
|
1.01 |
|
Time deposits |
|
|
421,394 |
|
|
|
2,304 |
|
2.22 |
|
|
|
510,037 |
|
|
|
3,042 |
|
2.40 |
|
Total interest-bearing
deposits |
|
|
2,128,940 |
|
|
|
3,370 |
|
.64 |
|
|
|
2,220,798 |
|
|
|
7,322 |
|
1.33 |
|
Short-term borrowings |
|
|
58,661 |
|
|
|
350 |
|
2.42 |
|
|
|
123,337 |
|
|
|
619 |
|
2.02 |
|
Long-term debt |
|
|
233,224 |
|
|
|
1,165 |
|
2.03 |
|
|
|
399,340 |
|
|
|
1,995 |
|
2.01 |
|
Total interest-bearing
liabilities |
|
|
2,420,825 |
|
|
|
4,885 |
|
.82 |
|
|
|
2,743,475 |
|
|
|
9,936 |
|
1.46 |
|
Checking deposits |
|
|
1,243,728 |
|
|
|
|
|
|
|
|
|
918,044 |
|
|
|
|
|
|
|
Other liabilities |
|
|
31,401 |
|
|
|
|
|
|
|
|
|
32,211 |
|
|
|
|
|
|
|
|
|
|
3,695,954 |
|
|
|
|
|
|
|
|
|
3,693,730 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
409,098 |
|
|
|
|
|
|
|
|
|
391,160 |
|
|
|
|
|
|
|
|
|
$ |
4,105,052 |
|
|
|
|
|
|
|
|
$ |
4,084,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) |
|
|
|
|
$ |
26,501 |
|
|
|
|
|
|
|
$ |
25,670 |
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.37 |
% |
|
|
|
|
|
|
|
2.18 |
% |
Net interest margin (1) |
|
|
|
|
|
|
|
2.69 |
% |
|
|
|
|
|
|
|
2.62 |
% |
(1) Tax-equivalent basis. Interest income on a
tax-equivalent basis includes the additional amount of interest
income that would have been earned if the Corporation's investment
in tax-exempt loans and investment securities had been made in
loans and investment securities subject to federal income taxes
yielding the same after-tax income. The tax-equivalent amount of
$1.00 of nontaxable income was $1.27 for each period presented
using the statutory federal income tax rate of 21%.
For More Information Contact:Jay McConie, EVP
and CFO(516) 671-4900, Ext. 7404
First of Long Island (NASDAQ:FLIC)
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