Southside Bancshares, Inc. Announces Record Earnings for the Three and Six Months Ended June 30, 2008

2008-07-25 15:40:00

Southside Bancshares, Inc. Announces Record Earnings for the Three and Six Months Ended June 30, 2008

                NASDAQ Global Select Market Symbol - 'SBSI'



    TYLER, Texas, July 25 /EMWPresswire/ -- Southside Bancshares,

Inc. ("Southside" or the "Company") (Nasdaq: SBSI) today reported its

financial results for the three and six months ended June 30, 2008.



    Southside reported record net income of $8.5 million for the three

months ended June 30, 2008, an increase of $3.9 million, or 86.0%, when

compared to $4.6 million for the same period in 2007.



    Net income for the six months ended June 30, 2008, increased $5.7

million, or 68.6% to $14.1 million from $8.4 million, for the same period

in 2007.



    Earnings per fully diluted share increased $0.28, or 87.5%, to $0.60

for the three months ended June 30, 2008, when compared to $0.32 for the

same period in 2007. Earnings per fully diluted share increased $0.40, or

67.8%, to $0.99 for the six months ended June 30, 2008, compared to $0.59

for the same period in 2007.



    The return on average shareholders' equity for the six months ended

June 30, 2008, increased to 20.06%, compared to 14.70%, for the same period

in 2007. The return on average assets increased to 1.27%, for the six

months ended June 30, 2008, compared to 0.91%, for the same period in 2007.



    "Our unwavering objective remains creating superior long-term returns

for our shareholders," stated B. G. Hartley, Chairman and CEO of Southside

Bancshares, Inc. "To that end, we remain committed to making investments

designed to enhance franchise value. Given the global economic

uncertainties and chaotic conditions under which some in the financial

industry are struggling, we are especially pleased to announce record net

income for the second quarter and six months ended June 30, 2008. The

earnings reported today are in large measure the result of strategic

investments and decisions initiated, in some cases, years ago. I would like

to report on a few initiatives and benchmarks on which we are currently

focused. We anticipate many of these results will positively impact

earnings well into the future."



    "Our regional lending initiative continues to bear fruit. Total loans

increased $17.0 million, or 1.8%, during the first half of 2008. We have

increased our focus on traditional, less volatile core deposits. Total

deposits, net of brokered deposits, increased $95.5 million, or 6.8%,

during the first six months of 2008. During the first half of 2008, we

called $123.4 million of brokered deposits issued in a higher rate

environment. We have replaced them with lower rate long-term advances at

the FHLB. We use the same rigorous methodology to determine appropriate

funding sources as we do to determine appropriate asset classes. The

current economic troubles have forced many in the financial services

industry to return to the basics. Southside, however, did not feel the need

to depart from basic community banking."



    "We continue to make progress with respect to our two major

acquisitions. Fort Worth National Bank is rapidly integrating into the

Southside network. During the third quarter we anticipate introducing the

Southside name into the Fort Worth National Bank markets. As the

integration continues to progress, we anticipate further synergies in

lending and deposit activities. We are also working to reduce total

non-interest expense as we increase the economies of scale. Southside has

traditionally built businesses with available proven talent. The Fort Worth

metropolitan area has a large, dynamic labor pool, and we have been able to

capitalize on the current turmoil in the financial sector by, successfully

recruiting several banking professionals. We expect to begin integrating

these individuals into the Southside franchise during the third quarter.

Southside Financial Group ("SFG") continues to progress according to plan.

We are especially pleased to have added Gary Perdue to SFG. We believe we

are putting the pieces into place for SFG to be a meaningful contributor to

future earnings."



    "In the investment portfolio, we have realigned our agency

mortgage-backed securities to profit from a slower, less robust real estate

market. Our entire mortgage-backed portfolio is comprised of U. S. Agency

securities. As real estate continued to weaken during 2008, we reviewed our

investment portfolio and identified certain securities with poor economics

in the event that housing turnover (as well as simple refinancing) slowed

appreciably. Put simply, specific lower coupon bonds tended to have that

exposure. We liquidated lower coupon bonds and replaced them with higher

coupon securities that actually performed better as housing slowed. The net

result was an increase in the average coupon for our mortgage-backed

securities portfolio of just slightly over 30 basis points."



    "Determining the appropriate size of the balance sheet is one of the

critical decisions any bank makes. At Southside, the balance sheet is not

merely the result of a series of micro-decisions, but rather the size is

controlled based on the economics of assets compared to the economics of

funding. Our balance sheet has grown recently after a period of slight

shrinkage during portions of 2006 and 2007. As a large number of firms are

forced to shrink their balance sheet, the economics of funding additional

assets has become advantageous to us. As this economic situation persists,

we will continue to add assets as they become available. These assets, may

include investment securities, loans, a branch network, as well as

traditional organic and non-organic growth. We believe we are fortunate to

be in a position to increase the size of the balance sheet at a time when

some in the financial sector are forced to reduce assets."



    Loan and Deposit Growth



    For the three months ended June 30, 2008, total loans decreased

slightly by $2.6 million, or 0.27%. Management believes that the loan

portfolio remains well diversified. During the quarter ended June 30, 2008,

all real estate loan categories decreased along with loans to individuals

while commercial and municipal loan portfolios increased. When comparing

the period ended June 30, 2008 to the comparable period in 2007, total

loans grew by $209.5 million, or 27.3%. Approximately $90.5 million of the

increase is due to the purchase of Fort Worth National Bank in October of

2007 and approximately $63.0 million of SFG automobile loans. The remaining

$56.0 million increase is due to loan growth at Southside Bank. We are

pleased that our loan growth is well diversified as all loan categories

increased when comparing June 30, 2008 to the same period in 2007.



    Nonperforming assets decreased $487,000, or 6.0%, for the three months

ended June 30, 2008, when compared to March 31, 2008. The ratio of

non-performing assets to total assets decreased to one third of one percent

or 0.33% from 0.36% at March 31, 2008. Nonperforming assets increased $5.3

million, or 229.0%, when comparing June 30, 2008 to June 30, 2007. The

ratio of non-performing assets to total assets increased but remained

relatively low at 0.33%. It is important to note that approximately $3.0

million of the nonperforming assets represents two loan relationships

placed in nonaccrual during the six months ended June 30, 2008 and while we

believe these loans are properly classified, based on information currently

available, we do not believe there will be any significant nonreserved

losses associated with these two loan relationships. In addition,

approximately $1.2 million of SFG automobile loans were in nonaccrual

status at June 30, 2008 compared to zero at June 30, 2007. This increase is

a result of the $63 million in auto loan purchases by SFG beginning in

September 2007.



    Deposits, net of brokered deposits, increased $89.4 million, or 6.4%,

to $1.5 billion during the three months ended June 30, 2008, when compared

to March 31, 2008. During the quarter we called $32.2 million of brokered

deposits. When comparing the period ended June 30, 2008 to the comparable

period in 2007, deposits, net of brokered deposits, increased $280.2

million, or 23.1%. Approximately $104.0 million of the increase is due to

the purchase of Fort Worth National Bank and approximately $176.0 million

of core deposit growth at Southside Bank.



    Net Interest Income



    Net interest income increased $7.8 million, or 77.9%, to $17.9 million

for the three months ended June 30, 2008, when compared to $10.1 million

for the same period in 2007. This is a result of an increase in the average

yield on our interest earning assets combined with a decrease in the

average yield on the average interest bearing liabilities. The increase in

the yield on interest earning assets is reflective of the purchase of $63.0

million of high yield auto loans by SFG, the addition of approximately

$90.5 million of loans associated with the acquisition of Fort Worth

National Bank, an 11 basis point increase in the yield on our securities

portfolio and an increase in average interest earning assets of $392.1

million, or 23.2%. The decrease in the average yield on interest bearing

liabilities is a result of an overall decrease in interest rates and

calling $123.4 million of high yield brokered deposits during 2008. For the

three months ended June 30, 2008, our net interest spread increased to

3.06% from 1.71% and our net interest margin increased to 3.65% from 2.57%

when compared to the same period in 2007. The net interest margin and net

interest spread for the three months ended June 30, 2008, increased to

3.65% and 3.06%, respectively, from 3.22% and 2.55% for the three months

ended March 31, 2008.



    Net Income for the Three Months



    The increase in net income for the three months ended June 30, 2008,

was primarily a result of the increase in net interest income and

noninterest income partially offset by an increase in provision for loan

loss and noninterest expense. Noninterest income, excluding gain on

available for sale securities, increased $971,000, or 14.6%, for the three

months ended June 30, 2008, compared to the same period in 2007. The

increase in noninterest income was primarily the result of increases in

deposit services income, gain on sale of loans and bank owned life

insurance income primarily as a result of a death benefit on a retired

officer. During the three months ended June 30, 2008, we primarily sold

specific low coupon mortgage-backed securities where the risk reward

profile had changed along with long duration municipal securities. As a

result, we realized a $3.7 million gain on the sale of available for sale

securities during the second quarter of 2008. Provision for loan losses

increased $2.7 million, or 1,258.1%, for the three months ended June 30,

2008, compared to the same period in 2007 primarily as a result of the $63

million investment in the automobile loan portfolios.



    Noninterest expense increased $3.0 million, or 26.4%, for the three

months ended June 30, 2008, compared to the same period in 2007. Due to the

acquisition of Fort Worth National Bank during the fourth quarter of 2007

and SFG in the third quarter of 2007, most noninterest expense categories

experienced increases. The increase in noninterest expense was primarily a

result of the increase in salaries and employee benefits, occupancy expense

and other expense. The increase in salaries and employee benefits for the

three months ended June 30, 2008 were $1.5 million, or 20.7%, compared to

the same period in 2007.



    About Southside Bancshares, Inc.



    Southside Bancshares, Inc. is a bank holding company with approximately

$2.3 billion in assets that owns 100% of Southside Bank and Fort Worth

National Bank. Southside Bank and Fort Worth National Bank currently have

44 banking centers in Texas and operate a network of 45 ATMs.



    To learn more about Southside Bancshares, Inc., please visit our

investor relations website at http://www.southside.com/investor. Our

investor relations site provides a detailed overview of our activities,

financial information and historical stock price data. To receive e-mail

notification of company news, events and stock activity, please register on

the E-mail Notification portion of the website. Questions or comments may

be directed to Susan Hill at (903) 531-7220, or susanh@southside.com.



    Forward-Looking Statements



    Certain statements of other than historical fact that are contained in

this document and in written material, press releases and oral statements

issued by or on behalf of the Company, a bank holding company, may be

considered to be "forward-looking statements" within the meaning of and

subject to the protections of the Private Securities Litigation Reform Act

of 1995. These forward-looking statements are not guarantees of future

performance, nor should they be relied upon as representing management's

views as of any subsequent date. These statements may include words such as

"expect," "estimate," "project," "anticipate," "appear," "believe,"

"could," "should," "may," "intend," "probability," "risk," "target,"

"objective," "plans," "potential," and similar expressions. Forward-looking

statements are statements with respect to the Company's beliefs, plans,

expectations, objectives, goals, anticipations, assumptions, estimates,

intentions and future performance and are subject to significant known and

unknown risks and uncertainties, which could cause the Company's actual

results to differ materially from the results discussed in the

forward-looking statements. For example, discussions of the effect of the

Company's expansion, including expectations of the costs and profitability

of such expansion, trends in asset quality and earnings from growth, and

certain market risk disclosures are based upon information presently

available to management and are dependent on choices about key model

characteristics and assumptions and are subject to various limitations. By

their nature, certain of the market risk disclosures are only estimates and

could be materially different from what actually occurs in the future. As a

result, actual income gains and losses could materially differ from those

that have been estimated.



    Additional information concerning the Company and its business,

including additional factors that could materially affect the Company's

financial results, is included in the Company's Annual Report on Form 10-K

for the year ended December 31, 2007 under "Forward-Looking Information"

and Item 1A. "Risk Factors," and in the Company's other filings with the

Securities and Exchange Commission. The Company disclaims any obligation to

update any factors or to announce publicly the result of revisions to any

of the forward-looking statements included herein to reflect future events

or developments.




At At At June 30, December 31, June 30, 2008 2007 2007 (dollars in thousands) (unaudited) Selected Financial Condition Data (at end of period): Total assets $2,323,788 $2,196,322 $1,821,776 Loans 978,269 961,230 768,739 Allowance for loan losses 11,527 9,753 7,367 Mortgage-backed and related securities: Available for sale, at estimated fair value 851,331 727,553 599,326 Held to maturity, at cost 173,453 189,965 207,262 Investment securities: Available for sale, at estimated fair value 110,581 109,928 88,566 Held to maturity, at cost 477 475 1,353 Federal Home Loan Bank and Federal Reserve stock, at cost 28,859 19,850 15,540 Deposits 1,498,072 1,530,491 1,336,350 Long-term obligations 422,895 146,558 110,012 Shareholders' equity 140,989 132,328 115,494 Nonperforming assets 7,646 3,946 2,324 Nonaccrual loans 5,807 2,913 1,637 Loans 90 days past due 907 400 408 Restructured loans 170 225 179 Other real estate owned 465 153 23 Repossessed assets 297 255 77 Asset Quality Ratios: Nonaccruing loans to total loans 0.59% 0.30% 0.21% Allowance for loan losses to nonaccruing loans 198.50 334.81 450.03 Allowance for loan losses to nonperforming assets 150.76 247.16 317.00 Allowance for loan losses to total loans 1.18 1.01 0.96 Nonperforming assets to total assets 0.33 0.18 0.13 Net charge-offs to average loans 0.70 0.09 0.04 Capital Ratios: Shareholders' equity to total assets 6.07 6.02 6.34 Average shareholders' equity to average total assets 6.33 6.22 6.22 LOAN PORTFOLIO COMPOSITION The following table sets forth loan totals by category for the periods presented: At At At June 30, December 31, June 30, 2008 2007 2007 (in thousands) (unaudited) Real Estate Loans: Construction $97,083 $96,356 $46,876 1-4 Family Residential 240,149 237,888 223,996 Other 203,109 211,280 177,918 Commercial Loans 167,963 154,171 125,609 Municipal Loans 120,194 112,523 110,416 Loans to Individuals 149,771 149,012 83,924 Total Loans $978,269 $961,230 $768,739 At or for the At or for the Three Months Six Months Ended June 30, Ended June 30, 2008 2007 2008 2007 (dollars in thousands) (dollars in thousands) (unaudited) (unaudited) Selected Operating Data: Total interest income $31,575 $24,380 $63,671 $49,577 Total interest expense 13,680 14,319 30,406 29,490 Net interest income 17,895 10,061 33,265 20,087 Provision for loan losses 2,947 217 5,186 334 Net interest income after provision for loan losses 14,948 9,844 28,079 19,753 Noninterest income Deposit services 4,667 4,270 9,084 8,198 Gain on securities available for sale 3,660 6 5,752 435 Gain on sale of loans 847 724 1,312 1,069 Trust income 619 576 1,212 1,040 Bank owned life insurance income 758 268 1,068 532 Other 736 818 1,561 1,526 Total noninterest income 11,287 6,662 19,989 12,800 Noninterest expense Salaries and employee benefits 8,806 7,298 17,519 14,402 Occupancy expense 1,427 1,190 2,815 2,358 Equipment expense 329 242 641 470 Advertising, travel & entertainment 496 449 960 870 ATM and debit card expense 304 242 592 496 Director fees 147 141 291 268 Supplies 206 188 383 336 Professional fees 353 240 787 551 Postage 182 155 366 303 Telephone and communications 257 193 515 384 Other 1,974 1,118 3,963 2,254 Total noninterest expense 14,481 11,456 28,832 22,692 Income before income tax expense 11,754 5,050 19,236 9,861 Provision for income tax expense 3,223 463 5,159 1,511 Net income $8,531 $4,587 $14,077 $8,350 Common share data: Weighted-average basic shares outstanding 13,843 13,688 13,824 13,660 Weighted-average diluted shares outstanding 14,190 14,109 14,175 14,102 Net income per common share Basic $0.62 $0.33 $1.02 $0.61 Diluted 0.60 0.32 0.99 0.59 Book value per common share - - 10.15 8.41 Cash dividend declared per common share 0.13 0.12 0.25 0.23 Selected Performance Ratios: Return on average assets 1.53% 1.02% 1.27% 0.91% Return on average shareholders' equity 23.82 15.79 20.06 14.70 Average yield on interest earning assets 6.29 5.98 6.39 5.96 Average yield on interest bearing liabilities 3.23 4.27 3.59 4.28 Net interest spread 3.06 1.71 2.80 1.68 Net interest margin 3.65 2.57 3.44 2.52 Average interest earnings assets to average interest bearing liabilities 122.06 125.70 121.25 124.37 Noninterest expense to average total assets 2.60 2.55 2.60 2.49 Efficiency ratio 53.59 65.47 57.17 66.72 RESULTS OF OPERATIONS The analysis below shows average interest earning assets and interest bearing liabilities together with the average yield on the interest earning assets and the average cost of the interest bearing liabilities.
AVERAGE BALANCES AND YIELDS (dollars in thousands) (unaudited) Six Months Ended June 30, 2008 June 30, 2007 AVG AVG AVG AVG BALANCE INTEREST YIELD BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans(1) (2) $977,105 $37,188 7.65% $767,168 $26,259 6.90% Loans Held For Sale 3,055 70 4.61% 3,884 96 4.98% Securities: Investment Securities (Taxable)(4) 51,795 1,070 4.15% 59,374 1,452 4.93% Investment Securities (Tax-Exempt)(3)(4) 86,750 2,833 6.57% 40,893 1,449 7.15% Mortgage-backed and Related Securities (4) 915,471 23,993 5.27% 833,161 21,097 5.11% Total Securities 1,054,016 27,896 5.32% 933,428 23,998 5.18% FHLB stock and other investments, at cost 26,731 476 3.58% 21,517 700 6.56% Interest Earning Deposits 1,129 20 3.56% 551 17 6.22% Federal Funds Sold 5,412 71 2.64% 2,140 52 4.90% Total Interest Earning Assets 2,067,448 65,721 6.39% 1,728,688 51,122 5.96% NONINTEREST EARNING ASSETS: Cash and Due From Banks 45,858 42,669 Bank Premises and Equipment 39,964 33,952 Other Assets 87,214 43,359 Less: Allowance for Loan Loss (10,189) (7,298) Total Assets $2,230,295 $1,841,370 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $55,961 357 1.28% $51,815 334 1.30% Time Deposits 558,133 12,701 4.58% 540,684 13,072 4.88% Interest Bearing Demand Deposits 482,170 5,565 2.32% 392,614 6,184 3.18% Total Interest Bearing Deposits 1,096,264 18,623 3.42% 985,113 19,590 4.01% Short-term Interest Bearing Liabilities 309,044 5,139 3.34% 280,657 6,722 4.83% Long-term Interest Bearing Liabilities -- FHLB Dallas 239,541 4,597 3.86% 103,515 2,318 4.52% Long-term Debt(5) 60,311 2,047 6.83% 20,619 860 8.30% Total Interest Bearing Liabilities 1,705,160 30,406 3.59% 1,389,904 29,490 4.28% NONINTEREST BEARING LIABILITIES: Demand Deposits 360,125 318,189 Other Liabilities 23,324 18,692 Total Liabilities 2,088,609 1,726,785 Minority Interest in SFG 576 - SHAREHOLDERS' EQUITY 141,110 114,585 Total Liabilities and Shareholders' Equity $2,230,295 $1,841,370 NET INTEREST INCOME $35,315 $21,632 NET YIELD ON AVERAGE EARNING ASSETS 3.44% 2.52% NET INTEREST SPREAD 2.80% 1.68% (1) Interest on loans includes fees on loans that are not material in amount. (2) Interest income includes taxable-equivalent adjustments of $1,195 and $1,108 for the six months ended June 30, 2008 and 2007, respectively. (3) Interest income includes taxable-equivalent adjustments of $855 and $437 for the six months ended June 30, 2008 and 2007, respectively. (4) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (5) Represents junior subordinated debentures issued by us to Southside Statutory Trust III, IV, and V in connection with the issuance by Southside Statutory Trust III of $20 million of trust preferred securities, Southside Statutory Trust IV of $22.5 million of trust preferred securities, Southside Statutory Trust V of $12.5 million of trust preferred securities and junior subordinated debentures issued by Fort Worth Bancshares, Inc. to Magnolia Trust Company I in connection with the issuance by Magnolia Trust Company I of $3.5 million of trust preferred securities. Note: As of June 30, 2008 and 2007, loans totaling $5,807 and $1,637, respectively, were on nonaccrual status. The policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.
AVERAGE BALANCES AND YIELDS (dollars in thousands) (unaudited) Three Months Ended June 30, 2008 June 30, 2007 AVG AVG AVG AVG BALANCE INTEREST YIELD BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans(1) (2) $978,109 $18,333 7.54% $768,744 $13,238 6.91% Loans Held For Sale 3,262 39 4.81% 4,458 55 4.95% Securities: Investment Securities (Taxable)(4) 42,475 390 3.69% 50,584 616 4.88% Investment Securities (Tax-Exempt)(3)(4) 96,548 1,543 6.43% 40,747 726 7.15% Mortgage-backed and Related Securities (4) 927,506 12,020 5.21% 804,026 10,163 5.07% Total Securities 1,066,529 13,953 5.26% 895,357 11,505 5.15% FHLB stock and other investments, at cost 28,478 214 3.02% 17,778 330 7.45% Interest Earning Deposits 725 5 2.77% 550 10 7.29% Federal Funds Sold 3,838 19 1.99% 1,945 23 4.74% Total Interest Earning Assets 2,080,941 32,563 6.29% 1,688,832 25,161 5.98% NONINTEREST EARNING ASSETS: Cash and Due From Banks 43,634 40,259 Bank Premises and Equipment 39,938 35,342 Other Assets 85,635 42,910 Less: Allowance for Loan Loss (10,358) (7,360) Total Assets $2,239,790 $1,799,983 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $57,996 185 1.28% $52,454 170 1.30% Time Deposits 518,324 5,219 4.05% 548,969 6,711 4.90% Interest Bearing Demand Deposits 488,099 2,464 2.03% 395,653 3,144 3.19% Total Interest Bearing Deposits 1,064,419 7,868 2.97% 997,076 10,025 4.03% Short-term Interest Bearing Liabilities 258,078 1,839 2.87% 231,818 2,776 4.80% Long-term Interest Bearing Liabilities -- FHLB Dallas 321,995 3,011 3.76% 94,082 1,086 4.63% Long-term Debt (5) 60,311 962 6.42% 20,619 432 8.29% Total Interest Bearing Liabilities 1,704,803 13,680 3.23% 1,343,595 14,319 4.27% NONINTEREST BEARING LIABILITIES: Demand Deposits 368,564 320,966 Other Liabilities 21,908 18,927 Total Liabilities 2,095,275 1,683,488 Minority Interest in SFG 472 - SHAREHOLDERS' EQUITY 144,043 116,495 Total Liabilities and Shareholders' Equity $2,239,790 $1,799,983 NET INTEREST INCOME $18,883 $10,842 NET YIELD ON AVERAGE EARNING ASSETS 3.65% 2.57% NET INTEREST SPREAD 3.06% 1.71% (1) Interest on loans includes fees on loans that are not material in amount. (2) Interest income includes taxable-equivalent adjustments of $605 and $560 for the three months ended June 30, 2008 and 2007, respectively. (3) Interest income includes taxable-equivalent adjustments of $383 and $221 for the three months ended June 30, 2008 and 2007, respectively. (4) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (5) Represents junior subordinated debentures issued by us to Southside Statutory Trust III, IV, and V in connection with the issuance by Southside Statutory Trust III of $20 million of trust preferred securities, Southside Statutory Trust IV of $22.5 million of trust preferred securities, Southside Statutory Trust V of $12.5 million of trust preferred securities and junior subordinated debentures issued by Fort Worth Bancshares, Inc. to Magnolia Trust Company I in connection with the issuance by Magnolia Trust Company I of $3.5 million of trust preferred securities. Note: As of June 30, 2008 and 2007, loans totaling $5,807 and $1,637, respectively, were on nonaccrual status. The policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

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