(State or Other Jurisdiction | (Commission | (IRS Employer | ||||||
of Incorporation) | File Number) | Identification No.) |
(address of principal executive offices) | (Zip Code) | |||||||||||||
(Registrant's telephone number, including area code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
ENTERPRISE BANCORP, INC. | |||||||||||
July 23, 2024 | By: | /s/ Joseph R. Lussier | |||||||||
Joseph R. Lussier | |||||||||||
Executive Vice President, Treasurer | |||||||||||
and Chief Financial Officer | |||||||||||
Three months ended | Increase / (Decrease) | |||||||||||||||||||
(Dollars in thousands) | June 30, 2024 | June 30, 2023 | ||||||||||||||||||
Provision for credit losses on loans - collectively evaluated | $ | (230) | $ | 2,210 | $ | (2,440) | ||||||||||||||
Provision for credit losses on loans - individually evaluated | 1,358 | (167) | 1,525 | |||||||||||||||||
Provision for credit losses for loans | 1,128 | 2,043 | (915) | |||||||||||||||||
Provision for unfunded commitments | (991) | 225 | (1,216) | |||||||||||||||||
Provision for credit losses | $ | 137 | $ | 2,268 | $ | (2,131) |
(Dollars in thousands, except per share data) | June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Cash and due from banks | $ | 48,352 | $ | 37,443 | $ | 49,996 | ||||||||||||||
Interest-earning deposits with banks | 151,367 | 19,149 | 208,829 | |||||||||||||||||
Total cash and cash equivalents | 199,719 | 56,592 | 258,825 | |||||||||||||||||
Investments: | ||||||||||||||||||||
Debt securities at fair value (amortized cost of $734,523, $763,981 and $820,004, respectively) | 628,314 | 661,113 | 706,953 | |||||||||||||||||
Equity securities at fair value | 8,524 | 7,058 | 5,898 | |||||||||||||||||
Total investment securities at fair value | 636,838 | 668,171 | 712,851 | |||||||||||||||||
Federal Home Loan Bank stock | 2,482 | 2,402 | 2,404 | |||||||||||||||||
Loans held for sale | — | 200 | — | |||||||||||||||||
Loans: | ||||||||||||||||||||
Total loans | 3,768,649 | 3,567,631 | 3,345,667 | |||||||||||||||||
Allowance for credit losses | (61,999) | (58,995) | (56,899) | |||||||||||||||||
Net loans | 3,706,650 | 3,508,636 | 3,288,768 | |||||||||||||||||
Premises and equipment, net | 44,209 | 44,931 | 43,603 | |||||||||||||||||
Lease right-of-use asset | 24,469 | 24,820 | 24,578 | |||||||||||||||||
Accrued interest receivable | 20,343 | 19,233 | 16,885 | |||||||||||||||||
Deferred income taxes, net | 48,619 | 49,166 | 48,875 | |||||||||||||||||
Bank-owned life insurance | 66,381 | 65,455 | 64,779 | |||||||||||||||||
Prepaid income taxes | 4,806 | 1,589 | 2,790 | |||||||||||||||||
Prepaid expenses and other assets | 13,509 | 19,183 | 32,330 | |||||||||||||||||
Goodwill | 5,656 | 5,656 | 5,656 | |||||||||||||||||
Total assets | $ | 4,773,681 | $ | 4,466,034 | $ | 4,502,344 | ||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits | $ | 4,248,801 | $ | 3,977,521 | $ | 4,075,598 | ||||||||||||||
Borrowed funds | 61,785 | 25,768 | 3,334 | |||||||||||||||||
Subordinated debt | 59,657 | 59,498 | 59,340 | |||||||||||||||||
Lease liability | 24,157 | 24,441 | 24,148 | |||||||||||||||||
Accrued expenses and other liabilities | 30,546 | 45,011 | 29,161 | |||||||||||||||||
Accrued interest payable | 8,294 | 4,678 | 3,273 | |||||||||||||||||
Total liabilities | 4,433,240 | 4,136,917 | 4,194,854 | |||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued | — | — | — | |||||||||||||||||
Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,424,407, 12,272,674 and 12,244,733 shares issued and outstanding, respectively. | 124 | 123 | 122 | |||||||||||||||||
Additional paid-in capital | 109,137 | 107,377 | 105,552 | |||||||||||||||||
Retained earnings | 313,486 | 301,380 | 289,409 | |||||||||||||||||
Accumulated other comprehensive loss | (82,306) | (79,763) | (87,593) | |||||||||||||||||
Total shareholders' equity | 340,441 | 329,117 | 307,490 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,773,681 | $ | 4,466,034 | $ | 4,502,344 |
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||||||||||
Other interest-earning assets | $ | 1,697 | $ | 1,172 | $ | 1,917 | $ | 2,869 | $ | 4,125 | ||||||||||||||||||||||
Investment securities | 3,943 | 4,034 | 4,967 | 7,977 | 10,040 | |||||||||||||||||||||||||||
Loans and loans held for sale | 51,224 | 48,817 | 41,798 | 100,041 | 81,354 | |||||||||||||||||||||||||||
Total interest and dividend income | 56,864 | 54,023 | 48,682 | 110,887 | 95,519 | |||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Deposits | 19,172 | 17,272 | 9,692 | 36,444 | 15,679 | |||||||||||||||||||||||||||
Borrowed funds | 664 | 694 | 30 | 1,358 | 42 | |||||||||||||||||||||||||||
Subordinated debt | 867 | 867 | 867 | 1,734 | 1,734 | |||||||||||||||||||||||||||
Total interest expense | 20,703 | 18,833 | 10,589 | 39,536 | 17,455 | |||||||||||||||||||||||||||
Net interest income | 36,161 | 35,190 | 38,093 | 71,351 | 78,064 | |||||||||||||||||||||||||||
Provision for credit losses | 137 | 622 | 2,268 | 759 | 5,004 | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 36,024 | 34,568 | 35,825 | 70,592 | 73,060 | |||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||
Wealth management fees | 1,970 | 1,850 | 1,673 | 3,820 | 3,260 | |||||||||||||||||||||||||||
Deposit and interchange fees | 2,284 | 2,069 | 2,295 | 4,353 | 4,343 | |||||||||||||||||||||||||||
Income on bank-owned life insurance, net | 503 | 458 | 316 | 961 | 623 | |||||||||||||||||||||||||||
Net losses on sales of debt securities | — | — | (2,419) | — | (2,419) | |||||||||||||||||||||||||||
Net gains on sales of loans | 44 | 22 | 6 | 66 | 20 | |||||||||||||||||||||||||||
Gains on equity securities | 101 | 465 | 189 | 566 | 173 | |||||||||||||||||||||||||||
Other income | 726 | 631 | 759 | 1,357 | 1,576 | |||||||||||||||||||||||||||
Total non-interest income | 5,628 | 5,495 | 2,819 | 11,123 | 7,576 | |||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 19,675 | 19,176 | 16,135 | 38,851 | 34,656 | |||||||||||||||||||||||||||
Occupancy and equipment expenses | 2,406 | 2,459 | 2,505 | 4,865 | 5,006 | |||||||||||||||||||||||||||
Technology and telecommunications expenses | 2,658 | 2,745 | 2,636 | 5,403 | 5,311 | |||||||||||||||||||||||||||
Advertising and public relations expenses | 674 | 743 | 804 | 1,417 | 1,485 | |||||||||||||||||||||||||||
Audit, legal and other professional fees | 711 | 734 | 782 | 1,445 | 1,422 | |||||||||||||||||||||||||||
Deposit insurance premiums | 862 | 859 | 615 | 1,721 | 1,290 | |||||||||||||||||||||||||||
Supplies and postage expenses | 240 | 237 | 247 | 477 | 502 | |||||||||||||||||||||||||||
Other operating expenses | 1,803 | 1,955 | 1,899 | 3,758 | 3,991 | |||||||||||||||||||||||||||
Total non-interest expense | 29,029 | 28,908 | 25,623 | 57,937 | 53,663 | |||||||||||||||||||||||||||
Income before income taxes | 12,623 | 11,155 | 13,021 | 23,778 | 26,973 | |||||||||||||||||||||||||||
Provision for income taxes | 3,111 | 2,648 | 3,337 | 5,759 | 6,521 | |||||||||||||||||||||||||||
Net income | $ | 9,512 | $ | 8,507 | $ | 9,684 | $ | 18,019 | $ | 20,452 | ||||||||||||||||||||||
Basic earnings per common share | $ | 0.77 | $ | 0.69 | $ | 0.79 | $ | 1.46 | $ | 1.68 | ||||||||||||||||||||||
Diluted earnings per common share | $ | 0.77 | $ | 0.69 | $ | 0.79 | $ | 1.46 | $ | 1.67 | ||||||||||||||||||||||
Basic weighted average common shares outstanding | 12,389,917 | 12,292,417 | 12,228,081 | 12,341,630 | 12,191,857 | |||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 12,394,463 | 12,304,203 | 12,244,863 | 12,349,573 | 12,218,735 |
At or for the three months ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 199,719 | $ | 147,834 | $ | 56,592 | $ | 225,421 | $ | 258,825 | ||||||||||||||||||||||
Total investment securities at fair value | 636,838 | 652,026 | 668,171 | 678,932 | 712,851 | |||||||||||||||||||||||||||
Total loans | 3,768,649 | 3,654,322 | 3,567,631 | 3,404,014 | 3,345,667 | |||||||||||||||||||||||||||
Allowance for credit losses | (61,999) | (60,741) | (58,995) | (57,905) | (56,899) | |||||||||||||||||||||||||||
Total assets | 4,773,681 | 4,624,015 | 4,466,034 | 4,482,374 | 4,502,344 | |||||||||||||||||||||||||||
Total deposits | 4,248,801 | 4,106,119 | 3,977,521 | 4,060,403 | 4,075,598 | |||||||||||||||||||||||||||
Borrowed funds | 61,785 | 63,246 | 25,768 | 4,290 | 3,334 | |||||||||||||||||||||||||||
Subordinated debt | 59,657 | 59,577 | 59,498 | 59,419 | 59,340 | |||||||||||||||||||||||||||
Total shareholders' equity | 340,441 | 333,439 | 329,117 | 299,699 | 307,490 | |||||||||||||||||||||||||||
Total liabilities and shareholders' equity | 4,773,681 | 4,624,015 | 4,466,034 | 4,482,374 | 4,502,344 | |||||||||||||||||||||||||||
Wealth Management | ||||||||||||||||||||||||||||||||
Wealth assets under management | $ | 1,129,147 | $ | 1,105,036 | $ | 1,077,761 | $ | 984,647 | $ | 1,009,386 | ||||||||||||||||||||||
Wealth assets under administration | $ | 267,529 | $ | 268,074 | $ | 242,338 | $ | 211,046 | $ | 214,116 | ||||||||||||||||||||||
Shareholders' Equity Ratios | ||||||||||||||||||||||||||||||||
Book value per common share | $ | 27.40 | $ | 26.94 | $ | 26.82 | $ | 24.45 | $ | 25.11 | ||||||||||||||||||||||
Dividends paid per common share | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.23 | ||||||||||||||||||||||
Regulatory Capital Ratios | ||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | 13.07 | % | 13.20 | % | 13.12 | % | 13.45 | % | 13.37 | % | ||||||||||||||||||||||
Tier 1 capital to risk weighted assets(1) | 10.34 | % | 10.43 | % | 10.34 | % | 10.61 | % | 10.52 | % | ||||||||||||||||||||||
Tier 1 capital to average assets | 8.76 | % | 8.85 | % | 8.74 | % | 8.59 | % | 8.62 | % | ||||||||||||||||||||||
Credit Quality Data | ||||||||||||||||||||||||||||||||
Non-performing loans | $ | 17,731 | $ | 18,527 | $ | 11,414 | $ | 11,656 | $ | 7,647 | ||||||||||||||||||||||
Non-performing loans to total loans | 0.47 | % | 0.51 | % | 0.32 | % | 0.34 | % | 0.23 | % | ||||||||||||||||||||||
Non-performing assets to total assets | 0.37 | % | 0.40 | % | 0.26 | % | 0.26 | % | 0.17 | % | ||||||||||||||||||||||
ACL for loans to total loans | 1.65 | % | 1.66 | % | 1.65 | % | 1.70 | % | 1.70 | % | ||||||||||||||||||||||
Net (recoveries) charge-offs | $ | (130) | $ | 122 | $ | 15 | $ | (12) | $ | 146 | ||||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||||||||
Net interest income | $ | 36,161 | $ | 35,190 | $ | 36,518 | $ | 38,502 | $ | 38,093 | ||||||||||||||||||||||
Provision for credit losses | 137 | 622 | 2,493 | 1,752 | 2,268 | |||||||||||||||||||||||||||
Total non-interest income | 5,628 | 5,495 | 5,547 | 4,486 | 2,819 | |||||||||||||||||||||||||||
Total non-interest expense | 29,029 | 28,908 | 28,224 | 28,312 | 25,623 | |||||||||||||||||||||||||||
Income before income taxes | 12,623 | 11,155 | 11,348 | 12,924 | 13,021 | |||||||||||||||||||||||||||
Provision for income taxes | 3,111 | 2,648 | 3,441 | 3,225 | 3,337 | |||||||||||||||||||||||||||
Net income | $ | 9,512 | $ | 8,507 | $ | 7,907 | $ | 9,699 | $ | 9,684 | ||||||||||||||||||||||
Income Statement Ratios | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.77 | $ | 0.69 | $ | 0.64 | $ | 0.79 | $ | 0.79 | ||||||||||||||||||||||
Return on average total assets | 0.82 | % | 0.75 | % | 0.69 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||||||
Return on average shareholders' equity | 11.55 | % | 10.47 | % | 10.21 | % | 12.53 | % | 12.63 | % | ||||||||||||||||||||||
Net interest margin (tax-equivalent)(2) | 3.19 | % | 3.20 | % | 3.29 | % | 3.46 | % | 3.55 | % |
(Dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Commercial real estate | $ | 2,204,864 | $ | 2,159,594 | $ | 2,064,737 | $ | 2,032,458 | $ | 2,009,263 | ||||||||||||||||||||||
Commercial and industrial | 426,976 | 417,604 | 430,749 | 425,334 | 420,095 | |||||||||||||||||||||||||||
Commercial construction | 622,094 | 583,711 | 585,113 | 501,179 | 487,018 | |||||||||||||||||||||||||||
Total commercial loans | 3,253,934 | 3,160,909 | 3,080,599 | 2,958,971 | 2,916,376 | |||||||||||||||||||||||||||
Residential mortgages | 413,323 | 400,093 | 393,142 | 362,514 | 346,523 | |||||||||||||||||||||||||||
Home equity loans and lines | 93,220 | 85,144 | 85,375 | 74,433 | 74,374 | |||||||||||||||||||||||||||
Consumer | 8,172 | 8,176 | 8,515 | 8,096 | 8,394 | |||||||||||||||||||||||||||
Total retail loans | 514,715 | 493,413 | 487,032 | 445,043 | 429,291 | |||||||||||||||||||||||||||
Total loans | 3,768,649 | 3,654,322 | 3,567,631 | 3,404,014 | 3,345,667 | |||||||||||||||||||||||||||
ACL for loans | (61,999) | (60,741) | (58,995) | (57,905) | (56,899) | |||||||||||||||||||||||||||
Net loans | $ | 3,706,650 | $ | 3,593,581 | $ | 3,508,636 | $ | 3,346,109 | $ | 3,288,768 |
(Dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Non-interest checking | $ | 1,050,876 | $ | 1,050,608 | $ | 1,070,104 | $ | 1,130,732 | $ | 1,273,968 | ||||||||||||||||||||||
Interest-bearing checking | 788,822 | 730,819 | 697,632 | 727,817 | 701,701 | |||||||||||||||||||||||||||
Savings | 285,461 | 273,369 | 285,770 | 290,363 | 310,321 | |||||||||||||||||||||||||||
Money market | 1,504,551 | 1,469,181 | 1,402,939 | 1,434,036 | 1,373,816 | |||||||||||||||||||||||||||
CDs $250,000 or less | 358,149 | 337,367 | 295,789 | 262,975 | 244,114 | |||||||||||||||||||||||||||
CDs greater than $250,000 | 260,942 | 244,775 | 225,287 | 214,480 | 171,678 | |||||||||||||||||||||||||||
Deposits | $ | 4,248,801 | $ | 4,106,119 | $ | 3,977,521 | $ | 4,060,403 | $ | 4,075,598 |
Three months ended June 30, 2024 | Three Months Ended March 31, 2024 | Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest(1) | Average Yield(1) | Average Balance | Interest(1) | Average Yield(1) | Average Balance | Interest(1) | Average Yield(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets(2) | $ | 123,887 | $ | 1,697 | 5.51 | % | $ | 86,078 | $ | 1,172 | 5.48 | % | $ | 155,934 | $ | 1,917 | 4.93 | % | ||||||||||||||||||||||||||||||||||||||
Investment securities(3) (tax-equivalent) | 750,822 | 4,057 | 2.16 | % | 763,692 | 4,157 | 2.18 | % | 917,965 | 5,189 | 2.26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans and loans held for sale(4) (tax-equivalent) | 3,708,485 | 51,366 | 5.57 | % | 3,608,157 | 48,960 | 5.46 | % | 3,268,586 | 41,930 | 5.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earnings assets (tax-equivalent) | 4,583,194 | 57,120 | 5.01 | % | 4,457,927 | 54,289 | 4.89 | % | 4,342,485 | 49,036 | 4.53 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 96,991 | 91,794 | 92,909 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,680,185 | $ | 4,549,721 | $ | 4,435,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest checking | $ | 1,054,932 | — | $ | 1,069,145 | — | $ | 1,269,339 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Interest checking, savings and money market | 2,510,155 | 12,381 | 1.98 | % | 2,418,947 | 11,356 | 1.89 | % | 2,351,011 | 6,880 | 1.17 | % | ||||||||||||||||||||||||||||||||||||||||||||
CDs | 601,339 | 6,791 | 4.54 | % | 549,097 | 5,916 | 4.33 | % | 393,387 | 2,812 | 2.87 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 4,166,426 | 19,172 | 1.85 | % | 4,037,189 | 17,272 | 1.72 | % | 4,013,737 | 9,692 | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 62,513 | 664 | 4.27 | % | 63,627 | 694 | 4.38 | % | 4,595 | 30 | 2.58 | % | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt(5) | 59,609 | 867 | 5.82 | % | 59,530 | 867 | 5.82 | % | 59,293 | 867 | 5.85 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | 4,288,548 | 20,703 | 1.94 | % | 4,160,346 | 18,833 | 1.82 | % | 4,077,625 | 10,589 | 1.04 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 60,270 | 62,500 | 50,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,348,818 | 4,222,846 | 4,127,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 331,367 | 326,875 | 307,656 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,680,185 | $ | 4,549,721 | $ | 4,435,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-rate spread (tax-equivalent) | 3.07 | % | 3.07 | % | 3.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | 36,417 | 35,456 | 38,447 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.19 | % | 3.20 | % | 3.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less tax-equivalent adjustment | 256 | 266 | 354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 36,161 | $ | 35,190 | $ | 38,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.17 | % | 3.17 | % | 3.52 | % |
Cover |
Jul. 23, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 23, 2024 |
Entity Registrant Name | ENTERPRISE BANCORP, INC. |
Entity Incorporation, State or Country Code | MA |
Entity File Number | 001-33912 |
Entity Tax Identification Number | 04-3308902 |
Entity Address, Address Line One | 222 Merrimack Street |
Entity Address, City or Town | Lowell, |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01852 |
City Area Code | (978) |
Local Phone Number | 459-9000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | EBTC |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0001018399 |
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