Fair Value Disclosures (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis |
The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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March 31, 2026 |
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Level 1
Inputs |
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Level 2
Inputs |
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Level 3
Inputs |
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Total Fair
Value |
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Available-for-sale investment securities: |
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U.S. Treasury securities |
|
$ |
19,962 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,962 |
|
Obligations of state and political subdivisions |
|
|
— |
|
|
|
1,729,722 |
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|
|
— |
|
|
|
1,729,722 |
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Corporate bonds |
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|
— |
|
|
|
68,429 |
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|
|
— |
|
|
|
68,429 |
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Residential mortgage-backed securities |
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|
— |
|
|
|
2,683,620 |
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|
|
— |
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|
|
2,683,620 |
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Commercial mortgage-backed securities |
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— |
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|
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1,138,518 |
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|
|
— |
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1,138,518 |
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Other securities |
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28,541 |
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|
|
— |
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|
|
— |
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|
28,541 |
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Total |
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$ |
48,503 |
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|
$ |
5,620,289 |
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|
$ |
— |
|
|
$ |
5,668,792 |
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Loans held-for-sale |
|
$ |
— |
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|
$ |
18,136 |
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|
$ |
— |
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|
$ |
18,136 |
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IRLCs |
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$ |
— |
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|
$ |
— |
|
|
$ |
723 |
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|
$ |
723 |
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Forward mortgage-backed securities trades |
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$ |
— |
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|
$ |
515 |
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|
$ |
— |
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$ |
515 |
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December 31, 2025 |
|
Level 1
Inputs |
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Level 2
Inputs |
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Level 3
Inputs |
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|
Total Fair
Value |
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Available-for-sale investment securities: |
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U.S. Treasury securities |
|
$ |
60,813 |
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|
$ |
— |
|
|
$ |
— |
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|
$ |
60,813 |
|
Obligations of state and political subdivisions |
|
|
— |
|
|
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1,751,373 |
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|
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— |
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1,751,373 |
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Corporate bonds |
|
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— |
|
|
|
78,709 |
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— |
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|
78,709 |
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Residential mortgage-backed securities |
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— |
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2,611,410 |
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— |
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2,611,410 |
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Commercial mortgage-backed securities |
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— |
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|
989,238 |
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— |
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|
989,238 |
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Other securities |
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22,570 |
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— |
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— |
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|
22,570 |
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Total |
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$ |
83,383 |
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|
$ |
5,430,730 |
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|
$ |
— |
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|
$ |
5,514,113 |
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Loans held-for-sale |
|
$ |
— |
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|
$ |
25,431 |
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|
$ |
— |
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|
$ |
25,431 |
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IRLCs |
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$ |
— |
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|
$ |
— |
|
|
$ |
579 |
|
|
$ |
579 |
|
Forward mortgage-backed securities trades |
|
$ |
— |
|
|
$ |
(132 |
) |
|
$ |
— |
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|
$ |
(132 |
) |
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| Summary of Loans Held-for-Sale at Fair Value |
The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (dollars in thousands):
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March 31, |
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December 31, |
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2026 |
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|
2025 |
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Unpaid principal balance on loans held-for-sale |
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$ |
17,937 |
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|
$ |
24,654 |
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Net unrealized gains on loans held-for-sale |
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|
199 |
|
|
|
777 |
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Loans held-for-sale at fair value |
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$ |
18,136 |
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|
$ |
25,431 |
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| Summary of Gain Loss on Sale of Mortgage Loans |
The following table summarizes the Company’s gains on sale and fees of mortgage loans for the three-months ended March 31, 2026 and 2025 (dollars in thousands):
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Three-Months Ended
March 31, |
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2026 |
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2025 |
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Realized gain on sale and fees on mortgage loans* |
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$ |
4,136 |
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$ |
2,384 |
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Change in fair value on loans held-for-sale and IRLCs |
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|
(506 |
) |
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|
565 |
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Change in forward mortgage-backed securities trades |
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|
647 |
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(117 |
) |
Total gain on sale of mortgage loans |
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$ |
4,277 |
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|
$ |
2,832 |
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* This includes gains on loans held-for-sale carried under the fair value method and lower of cost or market.
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| Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments |
The estimated fair values and carrying values of all financial instruments under current authoritative guidance were as follows (dollars in thousands).
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March 31, |
December 31, |
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2026 |
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2025 |
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Carrying Value |
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Estimated
Fair Value |
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Carrying
Value |
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Estimated
Fair Value |
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Fair Value
Hierarchy |
Cash and due from banks |
|
$ |
264,850 |
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|
$ |
264,850 |
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|
$ |
249,466 |
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|
$ |
249,466 |
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Level 1 |
Federal funds sold |
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|
14,075 |
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|
14,075 |
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|
1,575 |
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|
1,575 |
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Level 1 |
Interest-bearing demand deposits
in banks |
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|
458,203 |
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|
458,203 |
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|
826,947 |
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|
826,947 |
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Level 1 |
Available-for-sale securities |
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5,668,792 |
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|
|
5,668,792 |
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|
5,514,113 |
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5,514,113 |
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Levels 1
and 2 |
Loans held-for-investment, net of
allowance for credit losses |
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8,177,202 |
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8,139,550 |
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8,052,740 |
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8,061,186 |
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Level 3 |
Loans held-for-sale |
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22,984 |
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23,136 |
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|
29,992 |
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|
30,163 |
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Level 2 |
Accrued interest receivable |
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62,799 |
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|
62,799 |
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|
68,470 |
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|
68,470 |
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Level 2 |
Deposits with stated maturities |
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896,980 |
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|
892,425 |
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|
900,554 |
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|
902,588 |
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Level 2 |
Deposits with no stated maturities |
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12,348,257 |
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12,348,257 |
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12,444,975 |
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|
12,444,975 |
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Level 1 |
Repurchase Agreements |
|
|
67,946 |
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|
67,946 |
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|
|
62,956 |
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|
62,956 |
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Level 2 |
Borrowings |
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|
22,306 |
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|
22,306 |
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|
21,680 |
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|
21,680 |
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Level 2 |
Accrued interest payable |
|
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5,120 |
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|
5,120 |
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|
5,673 |
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|
5,673 |
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Level 2 |
IRLCs |
|
|
723 |
|
|
|
723 |
|
|
|
579 |
|
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|
579 |
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Level 3 |
Forward mortgage-backed securities
trades asset (liability) |
|
|
515 |
|
|
|
515 |
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|
(132 |
) |
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|
(132 |
) |
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Level 2 |
|