Maryland
(State or Other Jurisdiction
of Incorporation)
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001-36271
(Commission File Number)
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90-1026709
(I.R.S. Employer Identification No.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Waterstone Financial, Inc.
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Date: August 1, 2014
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Name: Allan R. Hosack
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Title: Chief FinancialOfficer
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2014
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2013
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||||||||||||||||||
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Q2
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Q1
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Q4
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Q3
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Q2
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|||||||||||||||
Performance Ratios:
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(dollars in thousands)
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|||||||||||||||||||
Return on average assets
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0.85
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%
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0.42
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%
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0.46
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%
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0.79
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%
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1.21
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%
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||||||||||
Return on average equity
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3.27
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%
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1.87
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%
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3.58
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%
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6.04
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%
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9.42
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%
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||||||||||
Net interest margin
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2.53
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%
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2.31
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%
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2.43
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%
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2.51
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%
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2.60
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%
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||||||||||
Efficiency ratio
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81.65
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%
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88.32
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%
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88.04
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%
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79.77
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%
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74.93
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%
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||||||||||
Condensed Income Data:
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||||||||||||||||||||
Net interest income
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$
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10,610
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$
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9,700
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$
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9,561
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$
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9,578
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$
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9,921
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||||||||||
Provision for loan losses
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285
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250
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572
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1,000
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1,200
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|||||||||||||||
Total noninterest income
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23,196
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17,058
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17,029
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21,030
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26,707
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|||||||||||||||
Total noninterest expense
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27,603
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23,632
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23,410
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24,416
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27,447
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|||||||||||||||
Income before income taxes
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5,918
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2,876
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2,608
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5,192
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7,981
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|||||||||||||||
Income tax expense
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2,148
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993
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671
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1,973
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3,054
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|||||||||||||||
Net income
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$
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3,770
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$
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1,883
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$
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1,937
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$
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3,219
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$
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4,927
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||||||||||
Asset Quality Data:
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||||||||||||||||||||
Allowance for loan losses
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$
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21,227
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$
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23,391
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$
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24,264
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$
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24,708
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$
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27,767
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||||||||||
Net charge-offs
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2,449
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1,123
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1,016
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4,059
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2,731
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|||||||||||||||
Total past due loans
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43,885
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42,440
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44,011
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48,881
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60,606
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|||||||||||||||
Real estate owned
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22,117
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22,543
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22,663
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23,147
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29,983
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|||||||||||||||
Average Balance Sheet Data:
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||||||||||||||||||||
Total assets
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1,788,404
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1,806,023
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1,660,026
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1,610,910
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1,628,967
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|||||||||||||||
Loans receivable and held for sale
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1,229,046
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1,162,205
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1,165,624
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1,211,089
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1,235,782
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|||||||||||||||
Mortgage-related securities
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166,748
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125,871
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126,490
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126,447
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134,985
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|||||||||||||||
Total interest-earning assets
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1,680,225
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1,706,289
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1,557,874
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1,513,985
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1,530,723
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|||||||||||||||
Interest-bearing deposits
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807,831
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887,679
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916,248
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855,975
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871,565
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|||||||||||||||
Borrowings
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453,211
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444,823
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464,035
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485,488
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485,199
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|||||||||||||||
Total interest-bearing liabilities
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1,261,042
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1,332,502
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1,445,487
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1,341,463
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1,356,764
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|||||||||||||||
Total shareholders' equity
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461,965
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407,977
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214,539
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211,307
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209,699
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|||||||||||||||
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||||||||||||||||||||
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(Unaudited)
June 30,
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December 31,
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||||||
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2014
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2013
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||||||
ASSETS
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(in thousands)
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|||||||
Cash and cash equivalents
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$
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112,566
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$
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429,169
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||||
Securities available for sale (at fair value)
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278,701
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213,418
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||||||
Loans held for sale (at fair value)
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168,470
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97,021
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||||||
Loans receivable, net of allowance for loan losses
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1,099,430
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1,068,412
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||||||
Office properties and equipment
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26,936
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27,090
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||||||
Federal Home Loan Bank stock (at cost)
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17,500
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17,500
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||||||
Cash surrender value of life insurance
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50,010
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39,378
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||||||
Real estate owned
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22,117
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22,663
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Prepaid expenses and other assets
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26,662
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32,388
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Total assets
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$
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1,802,392
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$
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1,947,039
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||||
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||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Deposits
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$
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848,638
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$
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1,244,741
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||||
Borrowings
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454,686
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455,197
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Advance payments by borrowers for taxes
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16,610
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2,482
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||||||
Other liabilities
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24,449
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30,147
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||||||
Total liabilities
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1,344,383
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1,732,567
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||||||
Common stock and additional paid-in capital
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344
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341
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||||||
Additional paid-in capital
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313,803
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110,480
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||||||
Retained earnings
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153,409
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151,195
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Unearned ESOP shares
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(10,292
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)
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(854
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)
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Accumulated other comprehensive income, net of taxes
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745
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(1,429
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)
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|||||
Treasury shares, at cost
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-
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(45,261
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)
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|||||
Total shareholders' equity
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458,009
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214,472
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||||||
Total liabilities and shareholders' equity
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$
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1,802,392
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$
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1,947,039
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For the Three Months
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For the Six Months
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||||||||||||||
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Ended June 30,
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Ended June 30,
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||||||||||||||
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2014
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2013
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2014
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2013
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(in thousands, except per share data)
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|||||||||||||||
Interest income:
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||||||||||||||||
Loans
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$
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14,568
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$
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14,862
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$
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28,236
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$
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30,075
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||||||||
Mortgage-related securities
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748
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419
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1,307
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856
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||||||||||||
Debt securities and short-term investments
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825
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617
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1,651
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1,153
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||||||||||||
Total interest income
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16,141
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15,898
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31,194
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32,084
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||||||||||||
Interest expense:
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||||||||||||||||
Deposits
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1,125
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1,353
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2,185
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2,819
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||||||||||||
Borrowings
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4,406
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4,624
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8,699
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9,198
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||||||||||||
Total interest expense
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5,531
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5,977
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10,884
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12,017
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||||||||||||
Net interest income
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10,610
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9,921
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20,310
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20,067
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||||||||||||
Provision for loan losses
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285
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1,200
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535
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2,960
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||||||||||||
Net interest income after provision for loan losses
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10,325
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8,721
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19,775
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17,107
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||||||||||||
Noninterest income:
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||||||||||||||||
Mortgage banking income
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22,188
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25,455
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36,690
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47,443
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||||||||||||
Other
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1,008
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1,252
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3,565
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2,297
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||||||||||||
Total noninterest income
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23,196
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26,707
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40,255
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49,740
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||||||||||||
Noninterest expense:
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||||||||||||||||
Compensation and employee benefits
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18,190
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19,944
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33,249
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36,426
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||||||||||||
Occupancy, office furniture and equipment
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2,621
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1,862
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5,306
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3,778
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||||||||||||
Advertising
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838
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796
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1,574
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1,620
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||||||||||||
Real estate owned
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705
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12
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1,253
|
153
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||||||||||||
FDIC insurance premiums
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304
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380
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710
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1,053
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||||||||||||
Other
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4,945
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4,453
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9,142
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8,288
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||||||||||||
Total noninterest expense
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27,603
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27,447
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51,234
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51,318
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||||||||||||
Income before income taxes
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5,918
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7,981
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8,796
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15,529
|
||||||||||||
Income taxes
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2,148
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3,054
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3,142
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5,977
|
||||||||||||
Net income
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$
|
3,770
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$
|
4,927
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$
|
5,654
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$
|
9,552
|
||||||||
Income per share:
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||||||||||||||||
Basic
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$
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0.11
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$
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0.14
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$
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0.17
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$
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0.28
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||||||||
Diluted
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0.11
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0.14
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0.16
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0.28
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