Parent Company Only Financial Information (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Parent Company Only Financial Information |
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| Condensed Statement of Financial Condition |
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December 31,
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(In thousands)
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2019
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2018
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Assets
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Cash
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$
|
234
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$
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236
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Investment securities- Available for Sale (at fair value)
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13,164
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13,992
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Investment in bank subsidiary
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142,290
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131,816
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Investment in non-bank subsidiaries
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929
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929
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Other assets
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5,427
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4,801
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Total Assets
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$
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162,044
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$
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151,774
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Liabilities and Shareholders' Equity
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Accrued interest and other liabilities
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$
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4,250
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$
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3,141
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Dividends payable
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925
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638
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Junior subordinated debt
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30,929
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30,929
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Shareholders' equity
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125,940
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117,066
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Total Liabilities and Shareholders' Equity
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$
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162,044
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$
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151,774
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| Condensed Statement of Income |
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Year Ended
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December 31,
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(In thousands)
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2019
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2018
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Income:
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Dividend income from bank subsidiary
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$
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3,141
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$
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1,988
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Interest income on investments
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948
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895
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Other income
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99
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70
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Total other income
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1,047
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965
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Total Income
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4,188
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2,953
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Expenses:
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Interest expense
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1,418
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1,387
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Other expenses
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276
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263
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Total Expenses
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1,694
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1,650
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Income before income taxes and equity in undistributed net income of subsidiaries
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2,494
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1,303
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Applicable income tax benefit/(expense)
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130
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(828)
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Net income before equity in undistributed net income of subsidiaries
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2,624
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475
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Equity in undistributed net income of subsidiaries:
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Bank
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10,505
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10,192
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Net Income
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$
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13,129
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$
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10,667
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| Condensed Statement of Comprehensive Income |
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Year Ended
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December 31,
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Components of Comprehensive Income (in thousands)
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2019
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2018
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Net Income
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$
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13,129
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$
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10,667
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Unrealized (losses)/gains on AFS Securities, net of tax
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(685)
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877
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Unrealized (losses)/gains on cash flow hedges, net of tax
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(858)
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191
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Other comprehensive (loss)/income, net of tax
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(1,543)
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1,068
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Comprehensive income
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$
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11,586
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$
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11,735
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| Condensed Cash Flow Statement |
Condensed Statement of Cash Flows
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Year Ended
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December 31,
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(In thousands)
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2019
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2018
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Operating Activities
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Net Income
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$
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13,129
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$
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10,667
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Adjustments to reconcile net income to net cash provided by operating activities:
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Equity in undistributed net income of subsidiaries
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(10,505)
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(10,192)
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(Increase)/decrease in other assets
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(478)
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2,566
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Increase/(decrease) in accrued interest payable and other liabilities
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539
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(653)
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Stock compensation
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268
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249
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Net cash provided by operating activities
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2,953
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2,637
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Financing Activities
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Proceeds from issuance of common stock
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170
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119
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Cash dividends on common stock
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(3,125)
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(2,549)
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Net cash used in financing activities
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(2,955)
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(2,430)
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(Decrease)/increase in cash and cash equivalents
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(2)
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207
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Cash and cash equivalents at beginning of year
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236
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29
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Cash and cash equivalents at end of year
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$
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234
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$
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236
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| Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income
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Components of Other Comprehensive Income/(Loss) (in thousands)
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Before Tax
Amount
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Tax (Expense)
Benefit
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Net
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For the year ended December 31, 2019
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Available for Sale Securities:
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Unrealized holding losses
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$
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(936)
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$
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251
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$
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(685)
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Cash flow hedges:
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Unrealized holding losses
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(1,172)
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314
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(858)
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Other comprehensive loss
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$
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(2,108)
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$
|
565
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$
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(1,543)
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For the year ended December 31, 2018
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Available for Sale Securities:
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Unrealized holding gains
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$
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1,203
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$
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(326)
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$
|
877
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Cash flow hedges:
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Unrealized holding gains
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262
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(71)
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191
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Other comprehensive income
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$
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1,465
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$
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(397)
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$
|
1,068
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