FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number 1-13661
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S. Y. BANCORP, INC. |
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(Exact name of registrant as specified in its charter) |
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Kentucky |
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61-1137529 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer |
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1040 East Main Street, Louisville, Kentucky, 40206 |
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(Address of
principal executive offices) |
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(502) 582-2571 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name,
former address and former fiscal year, |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no
par value - 6,774,696
shares issued and outstanding at August 8, 2003
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following consolidated financial statements of S.Y. Bancorp, Inc. and Subsidiaries, Stock Yards Bank & Trust Company and S.Y. Bancorp Capital Trust I, are submitted herewith:
S.Y. BANCORP, INC. AND SUBSIDIARIES
Unaudited
Consolidated Balance Sheets
June 30, 2003 and December 31,
2002
(In thousands, except share
data)
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June 30, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
35,377 |
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34,918 |
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Federal funds sold |
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39,326 |
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4,582 |
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Mortgage loans held for sale |
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18,131 |
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27,534 |
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Securities available for sale (amortized cost $101,654 in 2003 and $114,046 in 2002) |
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106,011 |
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117,760 |
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Securities held to maturity (approximate fair value $6,925 in 2003 and $9,859 in 2002) |
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6,468 |
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9,373 |
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Loans |
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853,149 |
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818,573 |
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Less allowance for loan losses |
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11,361 |
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11,705 |
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Net loans |
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841,788 |
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806,868 |
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Premises and equipment, net |
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24,505 |
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22,021 |
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Accrued interest receivable and other assets |
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20,038 |
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16,624 |
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Total assets |
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$ |
1,091,644 |
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1,039,680 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Non-interest bearing |
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$ |
152,339 |
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131,505 |
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Interest bearing |
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754,199 |
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729,582 |
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Total deposits |
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906,538 |
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861,087 |
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Securities sold under agreements to repurchase and federal funds purchased |
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54,007 |
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52,659 |
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Other short-term borrowings |
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839 |
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2,657 |
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Accrued interest payable and other liabilities |
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16,353 |
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16,970 |
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Long-term debt |
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210 |
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240 |
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Long-term debt - trust preferred securities |
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20,000 |
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20,000 |
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Total liabilities |
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997,947 |
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953,613 |
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Stockholders’ equity: |
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Preferred stock, no par value; 1,000,000 shares
authorized; |
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— |
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— |
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Common stock, no par value; 20,000,000 shares
authorized; |
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6,028 |
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5,858 |
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Surplus |
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15,619 |
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14,889 |
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Retained earnings |
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69,386 |
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63,081 |
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Accumulated other comprehensive income |
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2,664 |
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2,239 |
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Total stockholders’ equity |
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93,697 |
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86,067 |
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Total liabilities and stockholders’ equity |
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$ |
1,091,644 |
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1,039,680 |
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See accompanying notes to unaudited consolidated financial statements.
2
S.Y. BANCORP, INC. AND SUBSIDIARIES
Unaudited
Consolidated Statements of Income
For the three months ended June 30, 2003 and
2002
(In thousands, except share and
per share data)
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2003 |
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2002 |
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Interest income: |
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Loans |
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$ |
13,540 |
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14,350 |
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Federal funds sold |
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113 |
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111 |
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Mortgage loans held for sale |
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184 |
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72 |
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U.S. Treasury and Federal agencies |
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898 |
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957 |
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Obligations of states and political subdivisions |
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260 |
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294 |
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Total interest income |
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14,995 |
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15,784 |
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Interest expense: |
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Deposits |
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3,856 |
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5,141 |
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Securities sold under agreements to repurchase and federal funds purchased |
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161 |
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204 |
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Other short-term borrowings |
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1 |
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4 |
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Long-term debt |
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2 |
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2 |
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Long-term debt - trust preferred securities |
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450 |
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450 |
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Total interest expense |
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4,470 |
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5,801 |
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Net interest income |
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10,525 |
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9,983 |
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Provision for loan losses |
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900 |
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1,100 |
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Net interest income after provision for loan losses |
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9,625 |
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8,883 |
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Non-interest income: |
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Investment management and trust services |
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2,059 |
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2,021 |
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Service charges on deposit accounts |
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2,080 |
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1,861 |
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Bankcard transaction revenue |
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287 |
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231 |
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Gains on sales of mortgage loans held for sale |
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1,287 |
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472 |
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Brokerage commissions and fees |
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277 |
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252 |
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Other |
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749 |
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383 |
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Total non-interest income |
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6,739 |
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5,220 |
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Non-interest expenses: |
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Salaries and employee benefits |
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5,868 |
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4,881 |
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Net occupancy expense |
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661 |
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516 |
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Data processing expense |
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888 |
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798 |
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Furniture and equipment expense |
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248 |
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233 |
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State bank taxes |
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270 |
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270 |
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Other |
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2,315 |
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1,938 |
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Total non-interest expenses |
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10,250 |
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8,636 |
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Income before income taxes |
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