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Green Bancorp, Inc. Reports First Quarter 2017 Financial Results
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2017 First Quarter Highlights

  • First quarter 2017 net income totaled $7.2 million, or $0.19 per diluted common share
  • Return on average assets was 0.73% for Q1 2017, an increase from 0.25% in Q4 2016, and pre-tax pre-provision return on average assets was 1.75% for Q1 2017, an increase from 1.36% in Q4 2016
  • Efficiency ratio of 54.64% for Q1 2017, an improvement of 10.4% from Q4 2016
  • Nonperforming assets were reduced by $18.7 million, or 17.7%, during Q1 2017
  • Total deposits increased $41.4 million in Q1 2017, with the growth bringing noninterest-bearing deposits to 20.7% of total deposits
  • Tangible book value per common share increased to $9.25

HOUSTON, April 27, 2017 (GLOBE NEWSWIRE) -- Green Bancorp, Inc. (NASDAQ:GNBC), the bank holding company (“Green Bancorp” or the “Company”) that operates Green Bank, N.A. (“Green Bank”), today announced results for its first quarter ended March 31, 2017.  The Company reported net income for the quarter of $7.2 million, or $0.19 per diluted common share.

Manny Mehos, Chairman and Chief Executive Officer of Green Bancorp, said, "The MARS initiative is behind us and we can now turn our focus to growing the earnings power of the bank, clear signs of which can be seen in our first quarter results.  Our credit quality showed strong improvement in the quarter, provision expense is quickly returning to more normalized levels, and we are poised to return to loan growth through the remainder of the year. We are finally back to the business of banking.”

Geoff Greenwade, President of Green Bancorp and Chief Executive Officer of Green Bank, commented, “I am very pleased with our first quarter results and the outlook for the balance of 2017.  The Houston economy has weathered the oil downturn well, while the Dallas economy has remained robust and is a focus for growth as we look to balance our business between these two major markets.  Additionally, we have had strong success growing our noninterest income which has been a priority of the bank.”

Results of Operations - Quarter Ended March 31, 2017 compared with Quarter Ended December 31, 2016

Net income for the quarter ended March 31, 2017 was $7.2 million, an increase of $4.7 million, or 183.5%, compared with $2.5 million for the quarter ended December 31, 2016. Net income per diluted common share was $0.19 for the quarter ended March 31, 2017, compared with $0.07 for the fourth quarter of 2016. Returns on average assets and average common equity, each on an annualized basis, for the three months ended March 31, 2017 were 0.73% and 6.71%, respectively. Green Bancorp’s efficiency ratio, which represents noninterest expense divided by the sum of net interest income and noninterest income, was 54.64% for the three months ended March 31, 2017.  The Company recorded a provision for loan losses of $6.1 million, which included $6.0 million in reserves on the energy portfolio.

Net interest income before provision for loan losses for the quarter ended March 31, 2017 increased 1.4%, or $459 thousand, to $32.6 million, compared with $32.2 million for the quarter ended December 31, 2016.  The increase in net interest income was primarily due to the full quarter impact of the December 2016 rate increase, an increase of $1.4 million, or 124.4%, in interest earned on securities due to a $255.7 million, or 80.8%, increase in the average balance and a 0.38% increase in the average yield, offset by an increase of $585 thousand in interest expense on subordinated debentures and notes due to the full quarter of expense for the debt issued on December 8, 2016 and two fewer days in the quarter ended March 31, 2017 compared to the quarter ended December 31, 2016.   The net interest margin for the quarter ended March 31, 2017 of 3.47% increased from 3.40% for the quarter ended December 31, 2016.  The improvement in net interest margin was due to the factors discussed above.

Noninterest income for the quarter ended March 31, 2017 was $5.5 million, an increase of $3.3 million, or 153.5%, from $2.2 million for the quarter ended December 31, 2016.  The increase was primarily due to a $1.5 million increase in gain on sale of guaranteed portion of loans due to timing of loan sales, a $1.3 million decrease in loss on sale of held for sale loans and a $511 thousand increase in customer service fees due to continued growth in treasury management service fees.

Noninterest expense for the quarter ended March 31, 2017 was $20.8 million, a decrease of $114 thousand, or 0.5%, from $21.0 million for the quarter ended December 31, 2016.  The decrease was primarily due to a decrease in loan-related expenses of $864 thousand and a decrease in ORE expenses of $90 thousand due to the reduction in nonperforming assets, offset by an increase in salaries and employee benefits.

The pre-tax earnings impact in the quarter ended March 31, 2017 related to the managed asset reduction strategies was $560 thousand, which included a $138 thousand loss on the sale of energy loans held for sale and $422 thousand in expenses related to ORE and legal, administrative and other loan expenses.  This amount is reduced from $2.9 million during the quarter ended December 31, 2016, which included a $1.4 million loss on the sale of energy loans held for sale and $1.5 million in loan and ORE expenses.

Loans held for investment at March 31, 2017 were $3.0 billion, a decrease of $85.9 million, or 2.8%, when compared with December 31, 2016 and average loans held for investment decreased $27.7 million, or 0.9%, from the prior period.  The decrease is primarily due to a $47.8 million decrease in construction, land and land development loans, a $19.1 million decrease in energy loans, $16.8 million in reductions of mortgage warehouse balances and a $14.7 million reduction in commercial real estate loans.  During the first quarter of 2017, the Company resolved $25.7 million in energy-related loans, which included $6.6 million in loans held for sale.  At March 31, 2017, energy loans totaled $76.3 million, or 2.5% of total loans, excluding loans held for sale.

Loans held for sale at March 31, 2017 were $17.4 million, a decrease of $6.6 million, or 27.7%, compared with $24.0 million at December 31, 2016.  The loans held for sale are energy loans and the reduction from the prior quarter is due to sales during the quarter ended March 31, 2017.

During the quarter ended March 31, 2017, securities increased $279.3 million, or 90.1%, due to the purchase of $298.4 million in securities, which utilized excess cash.  Premises and equipment increased $4.9 million, or 19.2%, primarily due to the March 2017 receipt of title by Green Bank for an office building that is being held for future use as an operations center.

Deposits at March 31, 2017 were $3.4 billion, an increase of $41.4 million, or 1.2%, compared with December 31, 2016, comprised of increases of $55.4 million in noninterest-bearing deposits and $45.8 million in interest-bearing transaction and savings deposits, offset by a $59.8 million decrease in time deposits.  Average deposits increased $2.3 million, or 0.1%, for the quarter ended March 31, 2017, compared with the prior quarter.

Asset Quality - Quarter Ended March 31, 2017 compared with Quarter Ended December 31, 2016

Nonperforming assets totaled $87.5 million, or 2.15% of period end total assets, at March 31, 2017, a decrease of $18.8 million compared to $106.3 million, or 2.64% of period end total assets, at December 31, 2016, primarily due to the resolution of $7.3 million in nonaccrual loans and the sale of $6.6 million in nonperforming energy loans held for sale.  Accruing loans classified as troubled debt restructures and included in the nonperforming asset totals were $11.1 million at March 31, 2017, compared with $16.5 million at December 31, 2016.  Real estate acquired through foreclosure totaled $1.4 million at March 31, 2017, a decrease of $3.9 million, or 74.0%, compared with December 31, 2016.

The allowance for loan losses was 1.06% of total loans at March 31, 2017, compared with 0.85% of total loans at December 31, 2016.  The increase in the allowance for loan losses as a percentage of total loans when compared to the prior period was due primarily to a $6.3 million increase in specific reserves, primarily related to the remaining energy portfolio.  At March 31, 2017, the Company’s allowance for loans losses to total loans, excluding acquired loans that are accounted for under ASC 310-20 and ASC 310-30 and their related allowance, was 1.28%.  Further, the allowance for loan losses plus acquired loan net discount to total loans adjusted for acquired loan net discount was 1.30% as of March 31, 2017.

The Company recorded a provision for loan losses of $6.1 million for the quarter ended March 31, 2017 down from the $9.5 million provision for the loan losses recorded for the quarter ended December 31, 2016.  The first quarter of 2017 provision includes $6.0 million in reserves related to energy loans, as compared to the fourth quarter, which included $8.6 million in reserves related to energy loans.

Net charge-offs were $573 thousand, or 0.02% of total loans, for the quarter ended March 31, 2017, compared with net charge-offs of $19.0 million, or 0.63% of total loans, for the quarter ended December 31, 2016, which included $16.4 million in partial charge-offs related to energy loans.

Results of operations - Quarter Ended March 31, 2017 compared with Quarter Ended March 31, 2016

Net income for the quarter ended March 31, 2017 was $7.2 million, compared with net income of $1.8 million for the same period in 2016. Net income per diluted common share was $0.19 for the quarter ended March 31, 2017, compared with net income per diluted common share of $0.05 for the same period in 2016.  The Company recorded a provision for loan losses of $6.1 million, which includes $6.0 million in reserves on the energy portfolio.  The provision decreased $9.9 million from the same period in 2016.

Net interest income before provision for loan losses for the quarter ended March 31, 2017 was $32.6 million, a decrease of $1.6 million, or 4.6%, compared with $34.2 million during the same period in 2016.  The decrease was primarily due to an increase in interest expense on deposits of $1.7 million, or 42.7%, a $974 thousand, or 2.6%, decrease in the interest earned on loans, and an $804 thousand increase in expense on subordinated notes and debentures, offset by a $1.5 million increase in interest income on securities.  The net interest margin for the quarter ended March 31, 2017 was 3.47%, compared with 3.87% for the same period in 2016.

Noninterest income for the quarter ended March 31, 2017 was $5.5 million, an increase of $1.3 million, or 32.3%, compared with $4.2 million for the same period in 2016.  This increase was primarily due to an $862 thousand increase in customer service fees and a $789 thousand increase in gain on sale of guaranteed portion of loans, offset by a $179 thousand decrease in gain/loss on sale of held for sale loans.  

Noninterest expense for the quarter ended March 31, 2017 was $20.8 million, an increase of $1.4 million, or 6.9%, compared with $19.5 million for the same period in 2016.  The increase was primarily due to a $475 thousand increase in professional and regulatory fees, a $427 thousand increase in salaries and employee benefits and a $357 thousand increase in loan-related expenses.

Loans held for investment at March 31, 2017 were $3.0 billion, a decrease of $155.9 million, or 4.9%, compared with $3.2 billion at March 31, 2016, primarily due to the resolution of nonperforming loans offset by new loan production.    Average loans held for investment decreased $110.7 million to $3.0 billion for the quarter ended March 31, 2017, compared with $3.1 billion for the same period in 2016.  

Loans held for sale at March 31, 2017 were $17.4 million, comprised of energy loans transferred to held for sale during 2016.

Total energy loans have been reduced to $93.7 million, comprised of $76.3 million in loans held for investment and $17.4 million in loans held for sale, at March 31, 2017 from $292.6 million at December 31, 2015.

Deposits at March 31, 2017 were $3.4 billion, an increase of $359.1 million, or 11.7%, compared with March 31, 2016, primarily due to continued opportunities for our portfolio bankers to generate deposit growth within our target markets.  Average deposits increased 11.2%, or $338.4 million, to $3.4 billion for the quarter ended March 31, 2017, compared with the same period of 2016. Average noninterest-bearing deposits for the quarter ended March 31, 2017 were $644.2 million, an increase of $40.0 million, or 6.6%, compared with the same period in 2016.

Asset Quality - Quarter Ended March 31, 2017 compared with Quarter Ended March 31, 2016

Nonperforming assets totaled $87.5 million, or 2.15% of period end total assets, at March 31, 2017, an increase of $10.0 million compared to $77.5 million, or 2.01% of period end total assets, at March 31, 2016.  The increase was primarily due to energy-related loan migration to nonperforming, the nonperforming loans that were acquired through the Patriot acquisition and subsequent migration in the acquired portfolio.  Accruing loans classified as troubled debt restructures and included in the nonperforming asset totals were $11.1 million at March 31, 2017, compared with $5.6 million at March 31, 2016.  Real estate acquired through foreclosure totaled $1.4 million at March 31, 2017, a decrease of $7.9 million, or 85.3%, compared with March 31, 2016.

The allowance for loan losses was 1.06% of total loans at March 31, 2017, compared with 1.25% of total loans at March 31, 2016.  The decrease in the allowance for loan losses as a percentage of total loans when compared with March 31, 2016 was due primarily to a decrease in specific reserves, as a result of charge-offs in the energy portfolio. 

The Company recorded a provision for loan losses of $6.1 million for the quarter ended March 31, 2017 down from the $16.0 million provision for loan losses recorded for the quarter ended March 31, 2016.

Net charge-offs were $573 thousand for the quarter ended March 31, 2017, compared with net charge-offs of $9.2 million for the quarter ended March 31, 2016, which was primarily due to charge-offs related to energy loans.

Non-GAAP Financial Measures

Green Bancorp’s management uses certain non−GAAP (generally accepted accounting principles) financial measures to evaluate its performance.  Specifically, Green Bancorp reviews tangible book value per common share, the tangible common equity to tangible assets ratio, the return on average tangible common equity ratio, allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans, allowance for loan losses plus acquired loans net discount to total loans adjusted for acquired loan net discount, and pre-tax, pre-provision return on average assets.  Green Bancorp has included in this Earnings Release information related to these non-GAAP financial measures for the applicable periods presented.  Please refer to the “Notes to Financial Highlights” at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures.

Conference Call

As previously announced, Green Bancorp will hold a conference call today, April 27, 2017, to discuss its first quarter 2017 results at 5:00 p.m. (Eastern Time).  The conference call can be accessed live over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562 and requesting to be joined to the Green Bancorp First Quarter 2017 Earnings Conference Call.  A replay will be available starting at 8:00 p.m. (Eastern Time) on April 27, 2017 and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671.  The passcode for the replay is 13659233.  The replay will be available until 11:59 p.m. (Eastern Time) on May 4, 2017.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company's website at investors.greenbank.com.  The online replay will remain available for a limited time beginning immediately following the call.

To learn more about Green Bancorp, please visit the Company's website at www.greenbank.comGreen Bancorp uses its website as a channel of distribution for material Company information.  Financial and other material information regarding Green Bancorp is routinely posted on the Company's website and is readily accessible.

About Green Bancorp, Inc.

Headquartered in Houston, Texas, Green Bancorp is a bank holding company that operates Green Bank in the Houston and Dallas metropolitan areas and Austin, Louisville and Honey Grove.  Commercial-focused, Green Bank is a nationally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States.

Forward Looking Statement

The information presented herein and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public shareholder communications, or in oral statements made with the approval of an authorized executive officer contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 giving Green Bancorp’s expectations or predictions of future financial or business performance or conditions.  Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions.  These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made.  These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information.  By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements. Statements about the expected timing, completion and effects of the proposed transactions and all other statements in this release other than historical facts constitute forward-looking statements.

In addition to factors previously disclosed in Green Bancorp’s reports filed with the SEC and those identified elsewhere in this communication, the following factors among others, could cause actual results to differ materially from forward-looking statements: difficulties and delays in integrating the Green Bancorp and Patriot businesses or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

                               
    Mar 31, 2017   Dec 31, 2016   Sep 30, 2016   Jun 30, 2016   Mar 31, 2016
                                         
    (Dollars in thousands)
Period End Balance Sheet Data:                              
Cash and cash equivalents   $  255,581     $  389,007     $  313,366     $  199,950     $  171,421  
Securities      589,468        310,124        318,289        237,029        302,838  
Other investments      19,057        18,649        18,621        18,586        24,744  
Loans held for sale      17,350        23,989        38,934        6,253        -  
Loans held for investment      3,012,275        3,098,220        3,047,618        3,189,436        3,168,183  
Allowance for loan losses      (31,936 )      (26,364 )      (35,911 )      (47,420 )      (39,714 )
Goodwill      85,291        85,291        85,291        85,291        85,291  
Core deposit intangibles, net      9,595        9,975        10,356        10,758        11,160  
Real estate acquired through foreclosure      1,356        5,220        2,801        6,216        9,230  
Premises and equipment, net      30,604        25,674        26,164        26,706        27,252  
Other assets      83,359        85,037        104,307        94,642        89,004  
Total assets   $  4,072,000     $  4,024,822     $  3,929,836     $  3,827,447     $  3,849,409  
                               
Noninterest-bearing deposits   $  705,480     $  650,064     $  618,408     $  583,347     $  592,690  
Interest-bearing transaction and savings deposits      1,404,988        1,359,187        1,304,547        1,208,960        1,069,931  
Certificates and other time deposits      1,305,670        1,365,449        1,392,944        1,414,954        1,394,398  
Total deposits      3,416,138        3,374,700        3,315,899        3,207,261        3,057,019  
Securities sold under agreements to repurchase      4,316        3,493        2,855        3,227        3,544  
Other borrowed funds      150,000        150,000        150,000        150,000        328,968  
Subordinated debentures and subordinated notes      47,304        47,492        13,502        13,397        13,292  
Other liabilities      16,954        18,655        21,365        18,621        15,676  
Total liabilities      3,634,712        3,594,340        3,503,621        3,392,506        3,418,499  
Shareholders' equity      437,288        430,482        426,215        434,941        430,910  
Total liabilities and equity   $  4,072,000     $  4,024,822     $  3,929,836     $  3,827,447     $  3,849,409  


                               
    For the Quarter Ended
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
                                     
    (Dollars in thousands)
Income Statement Data:                              
Interest income:                              
Loans, including fees   $  36,371     $  36,469     $  37,897     $  37,711   $  37,345
Securities      2,583        1,151        989        988      1,081
Other investments      188        184        199        205      173
Federal funds sold      1        -        1        1      1
Deposits in financial institutions      408        522        346        157      124
Total interest income      39,551        38,326        39,432        39,062      38,724
                               
Interest expense:                              
Transaction and savings deposits      1,978        1,750        1,537        1,312      1,150
Certificates and other time deposits      3,607        3,766        3,791        3,702      2,763
Subordinated debentures and subordinated notes      1,041        456        246        243      237
Other borrowed funds      282        170        183        264      346
Total interest expense      6,908        6,142        5,757        5,521      4,496
                               
Net interest income      32,643        32,184        33,675        33,541      34,228
Provision for loan losses      6,145        9,500        28,200        11,000      16,000
Net interest income after provision for loan losses      26,498        22,684        5,475        22,541      18,228
                               
Noninterest income:                              
Customer service fees      2,266        1,755        1,523        1,447      1,404
Loan fees      834        750        806        719      699
Gain (loss) on sale of held for sale loans, net      (138 )      (1,445 )      -        -      41
Gain on sale of guaranteed portion of loans, net      1,927        379        968        858      1,138
Other      606        729        794        758      873
Total noninterest income      5,495        2,168        4,091        3,782      4,155
                               
Noninterest expense:                              
Salaries and employee benefits      12,406        11,804        11,925        11,461      11,979
Occupancy      1,997        2,060        2,194        2,035      2,030
Professional and regulatory fees      2,397        2,421        2,180        2,435      1,922
Data processing      908        1,023        921        945      970
Software license and maintenance      489        571        580        528      476
Marketing      199        232        283        301      298
Loan related      600        1,464        1,287        801      243
Real estate acquired by foreclosure, net      292        382        2,105        381      300
Other      1,551        996        1,908        1,788      1,269
Total noninterest expense      20,839        20,953        23,383        20,675      19,487
                               
Income (loss) before income taxes      11,154        3,899        (13,817 )      5,648      2,896
Provision (benefit) for income taxes      3,942        1,355        (4,831 )      2,017      1,057
Net income (loss)   $  7,212     $  2,544     $  (8,986 )   $  3,631   $  1,839


                                 
    As of and For the Quarter Ended  
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                                   
    (Dollars in thousands, except per share data)  
Per Share Data (Common Stock):                                
Basic earnings (loss) per common share   $  0.19   $  0.07   $  (0.25 )   $  0.10   $  0.05  
Diluted earnings (loss) per share      0.19      0.07      (0.25 )      0.10      0.05  
Book value per common share      11.81      11.64      11.62        11.88      11.77  
Tangible book value per common share (1)      9.25      9.06      9.01        9.25      9.14  
                                 
Common Stock Data:                                
Shares outstanding at period end      37,015      36,988      36,683        36,620      36,610  
Weighted average basic shares outstanding for the period      36,990      36,731      36,657        36,613      36,706  
Weighted average diluted shares outstanding for the period      37,238      36,937      36,657        36,613      36,709  
                                 
Selected Performance Metrics:                                
Return on average assets(2)      0.73 %    0.25 %    (0.92 )%      0.38 %    0.20 %
Pre-tax, pre-provision return on average assets(1)(2)      1.75      1.36      1.49        1.74      1.99  
Return on average equity(2)      6.71      2.37      (8.23 )      3.35      1.68  
Return on average tangible common equity(1)(2)      8.88      3.38      (10.36 )      4.57      2.43  
Efficiency ratio      54.64      60.99      61.92        55.39      50.77  
Loans to deposits ratio      88.18      91.81      91.91        99.44      103.64  
Noninterest expense to average assets(2)      2.10      2.10      2.39        2.19      2.08  
                                 
Green Bancorp Capital Ratios:                                
Average shareholders’ equity to average total assets      10.8 %    10.8 %    11.2  %        11.4 %    11.7 %
Tier 1 capital to average assets (leverage)      9.1      9.1      9.1        9.6      9.5  
Common equity tier 1 capital      10.0      9.7      9.5        9.5      9.4  
Tier 1 capital to risk-weighted assets      10.4      10.1      9.8        9.8      9.7  
Total capital to risk-weighted assets      12.3      11.8      10.9        11.1      10.8  
Tangible common equity to tangible assets (1)      8.6      8.5      8.6        9.1      8.9  
                                 
Green Bank Capital Ratios:                                
Tier 1 capital to average assets (leverage)      9.1 %    9.0 %    9.0  %      9.4 %    9.4 %
Common equity tier 1 capital      10.4      10.0      9.7        9.6      9.5  
Tier 1 capital to risk-weighted assets      10.4      10.0      9.7        9.6      9.5  
Total capital to risk-weighted assets      11.2      10.8      10.7        10.9      10.6  

_______________________________________
(1) 
Refer to “Notes to Financial Highlights” at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure.
(2) Annualized ratio.

                                                       
    For the Quarter Ended  
    March 31, 2017     December 31, 2016     March 31, 2016  
    Average
Outstanding
Balance
  Interest
Earned/
Interest
Paid
  Average
Yield/
Rate
    Average
Outstanding
Balance
  Interest
Earned/
Interest
Paid
  Average
Yield/
Rate
    Average
Outstanding
Balance
  Interest
Earned/
Interest
Paid
  Average
Yield/
Rate
 
                                                             
    (Dollars in thousands)  
Assets                                                      
Interest-Earning Assets:                                                      
Loans   $  3,035,146     $  36,371    4.86 %   $  3,077,242     $  36,469    4.71 %   $  3,124,711     $  37,345    4.81 %
Securities      571,875        2,583    1.83        316,223        1,151    1.45        312,861        1,081    1.39  
Other investments      18,908        188    4.03        18,627        184    3.93        22,498        173    3.09  
Federal funds sold      424        1    0.96        967        -    -        2,507        1    0.16  
Interest earning deposits in financial institutions      185,994        408    0.89        355,400        522    0.58        94,902        124    0.53  
Total interest-earning assets      3,812,347        39,551    4.21 %      3,768,459        38,326    4.05 %      3,557,479        38,724    4.38 %
                                                       
Allowance for loan losses      (27,669 )                  (34,994 )                  (33,080 )            
Noninterest-earning assets      232,066                    240,779                    245,025              
Total assets   $  4,016,744                 $  3,974,244                 $  3,769,424              
                                                       
Liabilities and Shareholders’ Equity                                                      
Interest-bearing liabilities:                                                      
Interest-bearing demand and savings deposits   $  1,382,680     $  1,978    0.58 %   $  1,330,734     $  1,750    0.52 %   $  1,066,999     $  1,150    0.43 %
Certificates and other time deposits      1,325,329        3,607    1.10        1,382,930        3,766    1.08        1,342,562        2,763    0.83  
Securities sold under agreements to repurchase      3,494        1    0.12        3,469        -    -        4,121        2    0.20  
Other borrowed funds      160,778        281    0.71        150,000        170    0.45        280,838        344    0.49  
Subordinated debentures and subordinated notes      47,550        1,041    8.88        22,400        456    8.10        13,244        237    7.20  
Total interest-bearing liabilities      2,919,831        6,908    0.96 %      2,889,533        6,142    0.85 %      2,707,764        4,496    0.67 %
                                                       
Noninterest-bearing liabilities:                                                      
Noninterest-bearing demand deposits      644,212                    636,218                    604,261              
Other liabilities      17,006                    20,943                    16,654              
Total liabilities      3,581,049                    3,546,694                    3,328,679              
Shareholders’ equity      435,695                    427,550                    440,745              
Total liabilities and  shareholders’ equity   $  4,016,744                 $  3,974,244                 $  3,769,424              
                                                       
Net interest rate spread                 3.25 %                3.20 %                3.71 %
Net interest income and margin(1)         $  32,643    3.47 %         $  32,184    3.40 %         $  34,228    3.87 %

_______________________________________
(1) 
Net interest margin is equal to net interest income divided by interest-earning assets.

Yield Trend

                       
    For the Quarter Ended  
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                       
Average yield on interest-earning assets:                      
Loans, including fees    4.86 %  4.71 %  4.77 %  4.76 %  4.81 %
Securities    1.83    1.45    1.58    1.49    1.39  
Other investments    4.03    3.93    4.26    3.36    3.09  
Federal funds sold    0.96    -    0.51    0.34    0.16  
Interest-earning deposits in financial institutions    0.89    0.58    0.51    0.52    0.53  
Total interest-earning assets    4.21 %  4.05 %  4.24 %  4.36 %  4.38 %
                       
Average rate on interest-bearing liabilities:                      
Interest bearing transaction and savings    0.58 %  0.52 %  0.49 %  0.46 %  0.43 %
Certificates and other time deposits    1.10    1.08    1.07    1.05    0.83  
Other borrowed funds    0.70    0.44    0.48    0.63    0.49  
Subordinated debentures    8.88    8.10    7.28    7.32    7.20  
Total interest-bearing liabilities    0.96 %  0.85 %  0.81 %  0.80 %  0.67 %
                       
Net interest rate spread    3.25 %  3.20 %  3.43 %  3.56 %  3.71 %
Net interest margin (1)    3.47 %  3.40 %  3.62 %  3.74 %  3.87 %

_______________________________________
(1)
 Net interest margin is equal to net interest income divided by interest-earning assets.

Supplemental Yield Trend

                       
    For the Quarter Ended  
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                       
Average yield on loans, excluding fees (2)    4.42 %  4.29 %  4.20 %  4.29 %  4.29 %
Average cost of interest-bearing deposits    0.84    0.81    0.80    0.78    0.65  
Average cost of total deposits, including noninterest-bearing    0.68    0.66    0.65    0.64    0.52  

_______________________________________
(2)
 Average yield on loans, excluding fees, is equal to loan interest income divided by average loan principal.

Portfolio Composition

                                                             
    Mar 31, 2017     Dec 31, 2016     Sep 30, 2016     Jun 30, 2016     Mar 31, 2016  
                                                             
    (Dollars in thousands)  
Period End Balances                                                            
                                                             
Commercial & industrial   $  1,012,982    33.6 %   $  1,053,925    34.0 %   $  1,004,414    33.0 %   $  1,128,541    35.4 %   $  1,130,710    35.7 %
Real Estate:                                                            
Owner occupied commercial      415,595    13.8        394,210    12.7        387,032    12.7        366,587    11.5        367,507    11.6  
Commercial      1,129,031    37.5        1,143,751    36.9        1,109,642    36.4        1,078,434    33.8        1,020,399    32.2  
Construction, land & land development      201,946    6.7        249,704    8.1        278,323    9.1        334,925    10.5        356,207    11.2  
Residential mortgage      241,839    8.0        245,191    7.9        256,840    8.4        270,337    8.5        280,236    8.9  
Consumer and Other      10,882    0.4        11,439    0.4        11,367    0.4        10,612    0.3        13,124    0.4  
Total loans held for investment   $  3,012,275    100.0 %   $  3,098,220    100.0 %   $  3,047,618    100.0 %   $  3,189,436    100.0 %   $  3,168,183    100.0 %
                                                             
Deposits:                                                            
Noninterest-bearing   $  705,480    20.7 %   $  650,064    19.3 %   $  618,408    18.6 %   $  583,347    18.2 %   $  592,690    19.4 %
Interest-bearing transaction      208,213    6.1        168,994    5.0        171,457    5.2        164,584    5.1        178,470    5.8  
Money market      1,089,699    31.9        1,084,350    32.1        1,019,901    30.8        926,159    28.9        760,992    24.9  
Savings      107,076    3.1        105,843    3.1        113,189    3.4        118,217    3.7        130,469    4.3  
Certificates and other time deposits      1,305,670    38.2        1,365,449    40.5        1,392,944    42.0        1,414,954    44.1        1,394,398    45.6  
Total deposits   $  3,416,138    100.0 %   $  3,374,700    100.0 %   $  3,315,899    100.0 %   $  3,207,261    100.0 %   $  3,057,019    100.0 %
                                                             
Loan to Deposit Ratio      88.2 %          91.8 %          91.9 %          99.4 %          103.6 %    

Asset Quality

                                 
    As of and for the Quarter Ended  
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                                           
    (Dollars in thousands)  
Nonperforming Assets:                                
Nonaccrual loans   $  59,338     $  66,673     $  84,491     $  66,628     $  49,264    
Accruing loans 90 or more days past due      5,500        1,169        3,664        14,320        12,147    
Restructured loans—nonaccrual      10,276        10,133        8,961        853        1,270    
Restructured loans—accrual      11,068        16,518        5,378        5,469        5,616    
Total nonperforming loans      86,182        94,493        102,494        87,270        68,297    
Nonperforming loans held for sale      -        6,598        24,773        -        -    
Real estate acquired through foreclosure      1,356        5,220        2,801        6,216        9,230    
Total nonperforming assets   $  87,538     $  106,311     $  130,068     $  93,486     $  77,527    
                                 
Charge-offs:                                
Commercial and industrial   $  (1,312 )   $  (17,378 )   $  (37,789 )   $  (3,336 )   $  (9,880 )  
Owner occupied commercial real estate      -        (250 )      (978 )      (177 )      -    
Commercial real estate      -        -        (492 )      -        -    
Construction, land & land development      (95 )      (1,631 )      -        -        -    
Residential mortgage      -        (30 )      (512 )      -        (6 )  
Other consumer      (8 )      (15 )      (54 )      (37 )      (20 )  
Total charge-offs      (1,415 )      (19,304 )      (39,825 )      (3,550 )      (9,906 )  
                                 
Recoveries:                                
Commercial and industrial   $  585     $  206     $  37     $  175     $  582    
Owner occupied commercial real estate      4        -        17        -        -    
Commercial real estate      -        -        -        -        -    
Construction, land & land development      74        5        6        47        26    
Residential mortgage      57        33        45        20        57    
Other consumer      122        13        11        14        8    
Total recoveries      842        257        116        256        673    
                                 
Net (charge-offs) recoveries   $  (573 )   $  (19,047 )   $  (39,709 )   $  (3,294 )   $  (9,233 )  
                                 
Allowance for loan losses at end of period   $  31,936     $  26,364     $  35,911     $  47,420     $  39,714    
                                 
Asset Quality Ratios:                                
Nonperforming assets to total assets      2.15   %    2.64   %    3.31   %    2.44   %    2.01   %
Nonperforming loans to total loans      2.86        3.05        3.36        2.74        2.16    
Total classified assets to total regulatory capital      38.00        39.09        54.12        49.03        50.93    
Allowance for loan losses to total loans      1.06        0.85        1.18        1.49        1.25    
Net charge-offs (recoveries) to average loans outstanding      0.02        0.63        1.26        0.10        0.30    

We identify certain financial measures discussed in this release as being “non‑GAAP financial measures.” In accordance with the SEC’s rules, we classify a financial measure as being a non‑GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles as in effect from time to time in the United States in our statements of income, balance sheet or statements of cash flows. Non‑GAAP financial measures do not include operating and other statistical measures or ratios or statistical measures calculated using exclusively either financial measures calculated in accordance with GAAP, operating measures or other measures that are not non‑GAAP financial measures or both.

The non‑GAAP financial measures that we discuss in this release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non‑GAAP financial measures that we discuss in this release may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non‑GAAP financial measures we have discussed in this release when comparing such non‑GAAP financial measures.

Tangible Book Value Per Common Share.  Tangible book value is a non‑GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as shareholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by shares of common stock outstanding. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is our book value.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total shareholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

                                 
    Mar 31, 2017   Dec 31, 2016   Sep 30, 2016   Jun 30, 2016   Mar 31, 2016  
                                 
    (Dollars in thousands, except per share data)
Tangible Common Equity                                
Total shareholders’ equity   $  437,288   $  430,482   $  426,215   $  434,941   $  430,910  
Adjustments:                                
Goodwill      85,291      85,291      85,291      85,291      85,291  
Core deposit intangibles      9,595      9,975      10,356      10,758      11,160  
Tangible common equity   $  342,402   $  335,216   $  330,568   $  338,892   $  334,459  
Common shares outstanding (1)      37,015      36,988      36,683      36,620      36,610  
Book value per common share (1)   $  11.81   $  11.64   $  11.62   $  11.88   $  11.77  
Tangible book value per common share (1)   $  9.25   $  9.06   $  9.01   $  9.25   $  9.14  

_______________________________________
(1)
 Excludes the dilutive effect of common stock issuable upon exercise of outstanding stock options.  The number of exercisable options outstanding was 472,653 as of Mar 31, 2017; 493,241 as of Dec 31, 2016; 792,619 as of Sep 30, 2016; 785,352 as of Jun 30, 2016; and 874,466 as of Mar 31, 2016.

Tangible Common Equity to Tangible Assets.  Tangible common equity to tangible assets is a non‑GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as shareholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total shareholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing both total shareholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total shareholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

                                 
    Mar 31, 2017   Dec 31, 2016   Sep 30, 2016   Jun 30, 2016   Mar 31, 2016  
                                 
    (Dollars in thousands)
Tangible Common Equity                                
Total shareholders’ equity   $  437,288   $  430,482   $  426,215   $  434,941   $  430,910  
Adjustments:                                
Goodwill      85,291      85,291      85,291      85,291      85,291  
Core deposit intangibles      9,595      9,975      10,356      10,758      11,160  
Tangible common equity   $  342,402   $  335,216   $  330,568   $  338,892   $  334,459  
Tangible Assets                                
Total assets   $  4,072,000   $  4,024,822   $  3,929,836   $  3,827,447   $  3,849,409  
Adjustments:                                
Goodwill      85,291      85,291      85,291      85,291      85,291  
Core deposit intangibles      9,595      9,975      10,356      10,758      11,160  
Tangible assets   $  3,977,114   $  3,929,556   $  3,834,189   $  3,731,398   $  3,752,958  
Tangible Common Equity to Tangible Assets      8.61 %    8.53 %    8.62 %    9.08 %    8.91 %

Return on Average Tangible Common Equity.  Return on average tangible common equity is a non‑GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) average tangible common equity as average shareholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; (b) net income less the effect of intangible assets as net income plus amortization of core deposit intangibles, net of taxes; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of intangible assets.  Goodwill and other intangible assets, including core deposit intangibles, have the effect of increasing total shareholders’ equity, while not increasing our tangible common equity.  This measure is particularly relevant to acquisitive institutions who may have higher balances in goodwill and other intangible assets than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income excluding amortization of core deposit intangibles, net of tax to net income and presents our return on average tangible common equity:

                                 
    Mar 31, 2017   Dec 31, 2016   Sep 30, 2016   Jun 30, 2016   Mar 31, 2016  
                                   
    (Dollars in thousands)
                                 
Net income (loss) adjusted for amortization of core deposit intangibles                                
Net income (loss)   $  7,212   $  2,544   $  (8,986 )   $  3,631   $  1,839  
Adjustments:                                
Plus: Amortization of core deposit intangibles      380      382      402        402      402  
Less: Tax benefit at the statutory rate      133      134      141        141      141  
Net income (loss) adjusted for amortization of core deposit intangibles   $  7,459   $  2,792   $  (8,725 )   $  3,892   $  2,100  
                                 
Average Tangible Common Equity                                
Total average shareholders’ equity   $  435,695   $  427,550   $  434,620     $  435,459   $  440,745  
Adjustments:                                
Average goodwill      85,291      85,291      85,291        85,291      85,288  
Average core deposit intangibles      9,844      10,223      10,618        11,020      11,420  
Average tangible common equity   $  340,560   $  332,036   $  338,711     $  339,148   $  344,037  
Return on Average Tangible Common Equity      8.88 %    3.38 %    (10.36 ) %    4.57 %    2.43 %

 

Allowance for Loan Losses less Allowance for Loan Losses on Acquired Loans to Total Loans excluding Acquired Loans.  The allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans is a non‑GAAP measure used by management to evaluate the Company’s financial condition.  Due to the application of purchase accounting, we use this non-GAAP ratio that excludes that impact of these items to evaluate our allowance for loan losses to total loans.  We calculate: (a) total allowance for loan losses less allowance for loan losses on acquired loans as allowance for loan losses less the allowance for loan losses on acquired loans; (b) total loans excluding acquired loans as total loans less the carrying value of acquired loans accounted for under ASC topics 310-20 and 310-30; and (c) allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans as the allowance for loan losses less allowance for loan losses on acquired loans (as calculated in clause (a)) divided by total loans excluding acquired loans (as calculated in clause (b)).  For allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans, the most directly comparable financial measure calculated in accordance with GAAP is allowance for loan losses to total loans.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in the allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans.  The acquired loans may have a premium or discount associated with them that includes a potential credit loss component with similar characteristics to the allowance for loan losses.  This measure reports the allowance for loan loss coverage to only those loans not accounted for pursuant to ASC topics 310-20 and 310-30 which may assist the investor in evaluating the allowance coverage of loans excluding acquired loans.

The following table reconciles, as of the dates set forth below, allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans:

                                 
                                 
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                                 
    (Dollars in thousands)
Allowance for loan losses less allowance for loan losses on acquired loans                                
Allowance for loan losses   $  31,936   $  26,364   $  35,911   $  47,420   $  39,714  
Less: Allowance for loan losses on acquired loans      2,825      2,509      5,235      3,219      1,638  
Total allowance for loan losses less allowance for loan losses on acquired loans   $  29,111   $  23,855   $  30,676   $  44,201   $  38,076  
                                 
Total loans excluding acquired loans                                
Total loans   $  3,012,275   $  3,098,220   $  3,047,618   $  3,189,436   $  3,168,183  
Less: Carrying value of acquired loans accounted for under ASC Topics 310-20 and 310-30      730,064      796,292      895,559      974,372      1,092,635  
Total loans excluding acquired loans   $  2,282,211   $  2,301,928   $  2,152,059   $  2,215,064   $  2,075,548  
Allowance for loan losses less allowance for loan losses on acquired loans to total loans excluding acquired loans     1.28 %   1.04 %   1.43 %   2.00 %   1.83 %

Allowance for Loan Losses plus Acquired Loan Net Discount to Total Loans adjusted for Acquired Loan Net Discount.  Allowance for loan losses plus acquired loan net discount to total loans adjusted for acquired loan net discount is a non‑GAAP measure used by management to evaluate the Company’s financial condition. We calculate: (a) allowance for loan losses plus acquired loan net discount as allowance for loan losses plus acquired loan net discount, net of accumulated amortization; (b) total loans adjusted for acquired loan net discount as total loans plus acquired loan net discount, net of accumulated amortization; and (c) allowance for loan losses plus acquired loan net discount to total loans adjusted for acquired loan net discount as allowance for loan losses plus acquired loan net discount (as calculated in clause (a)) divided by total loans adjusted for acquired loan net discount (as calculated in clause (b)).  For allowance for loan losses to total loans excluding acquired loans, the most directly comparable financial measure calculated in accordance with GAAP is allowance for loan losses to total loans.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in the allowance for loan losses plus the acquired loan net discount to total loans adjusted for the acquired loan net discount.  This measure reports the combined allowance for loan loss and acquired loan net discount (or premium) as a percentage of loans inclusive of the acquired loan net discount (or premium) which may assist the investor in evaluating allowance coverage on loans inclusive of additional discount or premium resulting from purchase accounting adjustments.

The following table reconciles, as of the dates set forth below, allowance for loan losses plus acquired loans net discount to total loans adjusted for acquired loan net discount:

                                 
    Mar 31,
2017
  Dec 31,
2016
  Sep 30,
2016
  Jun 30,
2016
  Mar 31,
2016
 
                                 
    (Dollars in thousands)
Allowance for loan losses plus acquired loan net discount                                
Allowance for loan losses at end of period   $  31,936   $  26,364   $  35,911   $  47,420   $  39,714  
Plus: Net discount on acquired loans      7,314      9,937      13,698      20,412      22,871  
Total allowance plus acquired loan net discount   $  39,250   $  36,301   $  49,609   $  67,832   $  62,585  
                                 
Total loans adjusted for acquired loan net discount                                
Total loans   $  3,012,275   $  3,098,220   $  3,047,618   $  3,189,436   $  3,168,183  
Plus: Net discount on acquired loans      7,314      9,937      13,698      20,412      22,871  
Total loans adjusted for acquired loan net discount   $  3,019,589   $  3,108,157   $  3,061,316   $  3,209,848   $  3,191,054  
Allowance for loan losses plus acquired loan net discount loans to total loans adjusted for acquired loan net discount     1.30 %   1.17 %   1.62 %   2.11 %   1.96 %

Pre-tax, Pre-provision Return on Average Assets.  Pre-tax, pre-provision return on average assets is a non‑GAAP measure used by management to evaluate the Company’s financial performance. We calculate: (a) pre-tax, pre-provision net income as net income (loss) plus provision (benefit) for income taxes, plus provision for loan losses and (b) return (as described in clause (a)) divided by total average assets.  For pre-tax, pre-provision net income, the most directly comparable financial measure calculated in accordance with GAAP is net income and for pre-tax, pre-provision return on average assets is return on average assets.

We believe that this measure is important to many investors in the marketplace who are interested in understanding the operating performance of the company before provision for loan losses, which can vary from quarter to quarter, and income taxes.  

The following table reconciles, as of the dates set forth below, pre-tax, pre-provision return on average assets:

                                 
    For the Quarter Ended  
    Mar 31, 2017   Dec 31, 2016   Sep 30, 2016   Jun 30, 2016   Mar 31, 2016  
                                 
    (Dollars in thousands)
Pre-Tax, Pre-Provision Net Income                                
Net Income (loss)   $  7,212   $  2,544   $  (8,986 )   $  3,631   $  1,839  
Plus: Provision (benefit) for income taxes      3,942      1,355      (4,831 )      2,017      1,057  
Plus: Provision for loan losses      6,145      9,500      28,200        11,000      16,000  
Total pre-tax, pre-provision net income   $  17,299   $  13,399   $  14,383     $  16,648   $  18,896  
                                 
Total Average Assets   $  4,016,744   $  3,974,244   $  3,894,127     $  3,803,832   $  3,769,424  
Pre-Tax, Pre-Provision Return on Average Assets      1.75 %    1.36 %    1.49   %    1.74 %    1.99 %
Media Contact:
Mike Barone
713-275-8243
mbarone@greenbank.com

Investor Relations:
713-275-8220
investors@greenbank.com

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