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Form 8-K

sec.gov

8-K — Catalyst Bancorp, Inc.

Accession: 0001849867-26-000007

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001849867

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — clst-20260430x8k.htm (Primary)

EX-99.1 (clst-20260430xex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: clst-20260430x8k.htm · Sequence: 1

Catalyst Bancorp, Inc._April 30, 2026

0001849867false00018498672026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 30, 2026

Catalyst Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Louisiana

001-40893

86-2411762

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

235 N. Court Street, Opelousas, Louisiana

70570

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

(337) 948-3033

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

CLST

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 Results of Operations and Financial Condition

On April 30, 2026, Catalyst Bancorp, Inc. (the “Company”) announced its results for the quarter ended March 31, 2026. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under items 2.02 and 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Exchange Act, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing to this Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included herein:

Exhibit Number

Description

99.1

Press Release, dated April 30, 2026

104

Cover Page Interactive Data File. Embedded within the Inline XBRL document.

2

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CATALYST BANCORP, INC.

Date:

April 30, 2026

By:

/s/ Joseph B. Zanco

Joseph B. Zanco

President and Chief Executive Officer

3

EX-99.1

EX-99.1

Filename: clst-20260430xex99d1.htm · Sequence: 2

For Immediate Release

Exhibit 99.1

For more information:

Joe Zanco, President and CEO

(337) 948-3033

For Immediate Release

Release Date: April 30, 2026

Catalyst Bancorp, Inc. Announces 2026 First Quarter Results

Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported net income of $558,000, or $0.15 per diluted common share (“diluted EPS”), for the first quarter of 2026, compared to net income of $456,000, or $0.13 diluted EPS, for the fourth quarter of 2025. The Company’s net income for the first quarter of 2026 included professional fees of $95,000 (pre-tax) related to our agreement to acquire Lakeside Bancshares, Inc. and its subsidiary, Lakeside Bank (collectively referred to as “Lakeside”).

“Our team is fully engaged in preparing for our growth in Southwest Louisiana through the Lakeside acquisition,” said Joe Zanco, President and Chief Executive Officer of the Company and Bank. “At the same time, we remain focused on winning new business organically and expanding existing relationships. As a result of our team’s efforts, we continue to see improvement in our financial performance.”

Loans

Loans totaled $163.7 million at March 31, 2026, down $6.5 million, or 4%, from December 31, 2025. The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.

(Dollars in thousands)

3/31/2026

12/31/2025

Change

Real estate loans

One- to four-family residential

$

78,093

$

80,123

$

(2,030)

(3)

%

Commercial real estate

33,673

32,872

801

2

Construction and land

19,761

18,806

955

5

Multi-family residential

4,781

5,309

(528)

(10)

Total real estate loans

136,308

137,110

(802)

(1)

Other loans

Commercial and industrial

25,626

31,205

(5,579)

(18)

%

Consumer

1,743

1,895

(152)

(8)

Total other loans

27,369

33,100

(5,731)

(17)

Total loans

$

163,677

$

170,210

$

(6,533)

(4)

During the first quarter of 2026, a $5.9 million commercial and industrial loan relationship paid off after the sale of the borrower’s business.

1

The following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.

(Dollars in thousands)

3/31/2026

12/31/2025

Change

Commercial real estate

Retail

$

9,273

$

9,455

$

(182)

(2)

%

Hospitality

5,519

5,632

(113)

(2)

Health service facilities

4,911

3,300

1,611

49

Restaurants

1,047

1,071

(24)

(2)

Oilfield services

355

365

(10)

(3)

Other non-owner occupied

2,322

2,349

(27)

(1)

Other owner occupied

10,246

10,700

(454)

(4)

Total commercial real estate

$

33,673

$

32,872

$

801

2

Construction and land

Multi-family residential

$

5,783

$

4,749

$

1,034

22

%

Health service facilities

9,698

10,547

(849)

(8)

Other commercial construction and land

2,436

2,112

324

15

Consumer residential construction and land

1,844

1,398

446

32

Total construction and land

$

19,761

$

18,806

$

955

5

Commercial and industrial

Oilfield services

$

17,959

$

17,295

$

664

4

%

Industrial equipment

986

7,064

(6,078)

(86)

Professional services

3,250

3,531

(281)

(8)

Other commercial and industrial

3,431

3,315

116

3

Total commercial and industrial loans

$

25,626

$

31,205

$

(5,579)

(18)

A $1.6 million construction loan, included in the health service facilities category in the table above, converted to a commercial real estate loan during the first quarter of 2026. Multi-family residential construction loan growth was largely driven by new apartment homes in Lafayette Parish.

Credit Quality and Allowance for Credit Losses

At March 31, 2026 and December 31, 2025, non-performing assets (“NPAs”) totaled $2.7 million. The ratio of NPAs to total assets was 0.94% and 0.95% at March 31, 2026 and December 31, 2025, respectively. Non-performing loans (“NPLs”) were 1.64% and 1.55% of total loans at March 31, 2026 and December 31, 2025, respectively. During the first quarter of 2026, a $304,000 commercial real estate loan was placed on non-accrual status. At March 31, 2026, 82% of total NPLs were one- to four-family residential mortgage loans, compared to 95% at December 31, 2025.

At March 31, 2026, the allowance for credit losses on loans totaled $2.3 million, or 1.40% of total loans, compared to $2.4 million, or 1.39% of total loans, at December 31, 2025. The Company recorded a $70,000 reversal of provision for credit losses for the first quarter of 2026, compared to a $96,000 provision for credit losses for the fourth quarter of 2025. The reversal of expected credit losses recorded in the first quarter of 2026 was primarily driven by declines in commercial and industrial and residential loan balances. Net loan charge-offs totaled $37,000 during the first quarter of 2026, compared to net charge-offs of $42,000 during the fourth quarter of 2025. Net loan charge-offs in 2026 included a $28,000 charge-off of a commercial line of credit.

Investment Securities

Total investment securities were $63.1 million, or 22% of total assets, at March 31, 2026, down $2.3 million, or 3%, compared to December 31, 2025. We did not purchase investment securities in the first quarter of 2026. During the fourth quarter of 2025, we purchased $7.4 million of government-sponsored mortgage-backed securities. The weighted average yield of the securities purchased during the fourth quarter of 2025 was 4.39% at March 31, 2026.

2

Deposits

Total deposits were $195.4 million at March 31, 2026, up $10.1 million, or 5%, from December 31, 2025. Total deposits averaged $198.2 million during the first quarter of 2026, compared to $181.5 million during the fourth quarter of 2025. The ratio of the Company’s total loans to total deposits was 84% and 92% at March 31, 2026 and December 31, 2025, respectively.

The following table sets forth the composition of the Company’s deposits as of the dates indicated.

(Dollars in thousands)

3/31/2026

12/31/2025

Change

Non-interest-bearing demand deposits

$

34,739

$

29,991

$

4,748

16

%

Interest-bearing demand deposits

33,249

32,851

398

1

Money market

9,296

10,235

(939)

(9)

Savings

60,525

53,831

6,694

12

Certificates of deposit

57,564

58,366

(802)

(1)

Total deposits

$

195,373

$

185,274

$

10,099

5

The increase in total average deposits for the first quarter compared to the prior quarter and total deposits at the end of each period shown in the table above was driven by a mix of public and non-public deposits.

Total public fund deposits were $29.8 million, or 15% of total deposits, at March 31, 2026, compared to $26.4 million, or 14% of total deposits, at December 31, 2025. During the first quarter of 2026, total public fund deposits averaged $35.6 million, compared to $24.7 million during the fourth quarter of 2025. The increases were largely due to seasonal fluctuations.

Capital and Share Repurchases

At March 31, 2026 and December 31, 2025, consolidated shareholders’ equity totaled $82.2 million, or 28.5% of total assets, and $81.7 million, or 28.9% of total assets, respectively.

The Company repurchased 16,614 shares of its common stock at an average cost per share of $15.71 during the first quarter of 2026, compared to 54,693 shares at an average cost per share of $14.76 during the fourth quarter of 2025. The Company paused share repurchases temporarily during the first quarter of 2026 while conducting due diligence and negotiations related to our agreement to acquire Lakeside.

During the fourth quarter of 2025, the Company announced our sixth share repurchase plan (the “November 2025 Repurchase Plan”). Under the November 2025 Repurchase Plan, the Company may purchase up to 205,000 shares, or approximately 5%, of the Company's outstanding common stock. At March 31, 2026, 172,297 shares of the Company’s common stock were available for repurchase under the November 2025 Repurchase Plan. We expect to resume repurchases during the second quarter of 2026.

Since the announcement of our first share repurchase plan on January 26, 2023 and through March 31, 2026, the Company has repurchased a total of 1,231,703 shares of its common stock, or 23% of the common shares originally issued, at an average cost per share of $12.11. At March 31, 2026, the Company had common shares outstanding of 4,058,297.

3

Net Interest Income

The net interest margin for the first quarter of 2026 was 3.83%, down eight basis points compared to the prior quarter. For the first quarter of 2026, the average yield on interest-earning assets was 5.36%, down 17 basis points from the prior quarter, and the average rate paid on interest-bearing liabilities was 2.35%, down 15 basis points from the fourth quarter of 2025. Net interest income for the first quarter of 2026 was $2.5 million, up $38,000, or 2%, compared to the fourth quarter of 2025.

Total interest income was up $22,000, or 1%, in the first quarter of 2026 compared to the prior quarter largely due to an increase in income on cash and due from banks, which was partially offset by a decline in interest income on loans. The change in interest income was largely the result of an increase in the volume of interest earning cash, which was mainly fueled by deposit growth during first quarter of 2026.

Total interest expense decreased $16,000, or 2%, in the first quarter of 2026 compared to the prior quarter. The decline in interest expense was mainly due to lower borrowings expense. We paid off a short-term Federal Home Loan Bank advance during the first quarter of 2026. The average cost of interest-bearing deposits was 2.30% during the first quarter of 2026, down 15 basis points from the prior quarter.

The following table sets forth, for the periods indicated, the Company’s total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent (“TE”) yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.

Three Months Ended

3/31/2026

12/31/2025

(Dollars in thousands)

Average Balance

Interest

Average Yield/ Rate(TE)

​ ​ ​

Average Balance

Interest

Average Yield/ Rate(TE)

INTEREST-EARNING ASSETS

Loans receivable(1)

$

168,545

$

2,749

6.61

%

$

167,335

$

2,815

6.68

%

Investment securities(2)

67,529

522

3.13

65,352

511

3.17

Other interest earning assets

33,760

299

3.60

22,567

222

3.91

Total interest-earning assets

$

269,834

$

3,570

5.36

$

255,254

$

3,548

5.53

INTEREST-BEARING LIABILITIES

Demand deposits, money market, and savings accounts

$

107,158

$

494

1.87

%

$

93,710

$

467

1.98

%

Certificates of deposit

58,086

445

3.10

58,677

475

3.21

Total interest-bearing deposits

165,244

939

2.30

152,387

942

2.45

Borrowings

11,110

86

3.11

12,884

99

3.08

Total interest-bearing liabilities

$

176,354

$

1,025

2.35

$

165,271

$

1,041

2.50

Net interest-earning assets

$

93,480

$

89,983

Net interest income; average interest rate spread

$

2,545

3.01

%

$

2,507

3.03

%

Net interest margin(3)

3.83

3.91

(1) Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.

(2) Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.

(3) Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.

4

Non-interest Income

Non-interest income for the first quarter of 2026 totaled $352,000, down $10,000, or 3%, compared to the fourth quarter of 2025, primarily due to a decline in income from service charges on deposit accounts.

Non-interest Expense

Non-interest expense for the first quarter of 2026 totaled $2.3 million, up $61,000, or 3%, compared to the fourth quarter of 2025. Professional fees for the first quarter of 2026 totaled $185,000, up $87,000, or 89%, from the prior quarter. The Company incurred $95,000 (pre-tax) of professional fees during the first quarter of 2026 related to our agreement to acquire Lakeside.

5

About Catalyst Bancorp, Inc.

Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $288.5 million in assets at March 31, 2026. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana since 1922. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com, or the website of the Securities and Exchange Commission, www.sec.gov.

Forward-looking Statements

This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.

Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.

Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

6

CATALYST BANCORP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(Unaudited)

(Dollars in thousands)

3/31/2026

​ ​ ​

12/31/2025

3/31/2025

ASSETS

Non-interest-bearing cash

$

4,898

$

4,132

$

4,128

Interest-bearing cash and due from banks

33,635

21,073

36,190

Total cash and cash equivalents

38,533

25,205

40,318

Investment securities:

Securities available-for-sale, at fair value

48,216

50,467

29,840

Securities held-to-maturity

14,914

14,917

13,445

Loans receivable, net of unearned income

163,677

170,210

166,077

Allowance for credit losses

(2,295)

(2,367)

(2,500)

Loans receivable, net

161,382

167,843

163,577

Accrued interest receivable

849

907

866

Foreclosed assets

34

34

77

Premises and equipment, net

5,749

5,850

6,049

Stock in correspondent banks, at cost

1,963

1,139

809

Bank-owned life insurance

15,117

14,983

14,607

Other assets

1,751

1,582

2,060

TOTAL ASSETS

$

288,508

$

282,927

$

271,648

LIABILITIES

Deposits:

Non-interest-bearing

$

34,739

$

29,991

$

26,093

Interest-bearing

160,634

155,283

154,505

Total deposits

195,373

185,274

180,598

Borrowings

9,759

14,732

9,603

Other liabilities

1,167

1,196

856

TOTAL LIABILITIES

206,299

201,202

191,057

SHAREHOLDERS' EQUITY

Common stock

41

41

42

Additional paid-in capital

37,303

37,363

38,844

Unallocated common stock held by benefit plans

(5,129)

(5,182)

(5,649)

Retained earnings

52,470

51,912

50,446

Accumulated other comprehensive loss

(2,476)

(2,409)

(3,092)

TOTAL SHAREHOLDERS' EQUITY

82,209

81,725

80,591

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

288,508

$

282,927

$

271,648

7

CATALYST BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

(Dollars in thousands)

3/31/2026

12/31/2025

3/31/2025

INTEREST INCOME

Loans receivable, including fees

$

2,749

$

2,815

$

2,738

Investment securities

522

511

275

Cash and due from banks

290

215

341

Other

9

7

20

Total interest income

3,570

3,548

3,374

INTEREST EXPENSE

Deposits

939

942

941

Borrowings

86

99

68

Total interest expense

1,025

1,041

1,009

Net interest income

2,545

2,507

2,365

Provision for (reversal of) credit losses

(70)

96

-

Net interest income after provision for (reversal of) credit losses

2,615

2,411

2,365

NON-INTEREST INCOME

Service charges on deposit accounts

202

210

197

Bank-owned life insurance

134

134

118

Other

16

18

22

Total non-interest income

352

362

337

NON-INTEREST EXPENSE

Salaries and employee benefits

1,321

1,334

1,245

Occupancy and equipment

209

196

199

Data processing and communication

180

181

182

Professional fees

185

98

101

Directors’ fees

121

123

114

Foreclosed assets, net

-

17

(127)

Advertising and marketing

33

37

39

Other

234

236

229

Total non-interest expense

2,283

2,222

1,982

Income before income tax expense

684

551

720

Income tax expense

126

95

134

NET INCOME

$

558

$

456

$

586

Earnings per share:

Basic

$

0.16

$

0.13

$

0.16

Diluted

0.15

0.13

0.16

8

CATALYST BANCORP, INC.

SELECTED FINANCIAL DATA

(Unaudited)

Three Months Ended

(Dollars in thousands)

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

3/31/2025

EARNINGS DATA

Total interest income

$

3,570

$

3,548

$

3,374

Total interest expense

1,025

1,041

1,009

Net interest income

2,545

2,507

2,365

Provision for (reversal of) credit losses

(70)

96

-

Total non-interest income

352

362

337

Total non-interest expense

2,283

2,222

1,982

Income tax expense

126

95

134

Net income

$

558

$

456

$

586

AVERAGE BALANCE SHEET DATA

Total loans

$

168,545

$

167,335

$

166,145

Total interest-earning assets

269,834

255,254

246,690

Total assets

292,752

277,546

268,232

Total interest-bearing deposits

165,244

152,387

149,979

Total interest-bearing liabilities

176,354

165,271

159,552

Total deposits

198,160

181,537

177,106

Total shareholders' equity

82,141

81,739

80,426

SELECTED RATIOS

Return on average assets

0.77

%

0.65

%

0.89

%

Return on average equity

2.76

2.22

2.96

Efficiency ratio

78.79

77.40

73.34

Net interest margin(TE)

3.83

3.91

3.89

Average equity to average assets

28.06

29.45

29.98

Common equity Tier 1 capital ratio(1)

44.29

42.45

46.95

Tier 1 leverage capital ratio(1)

26.22

27.36

29.45

Total risk-based capital ratio(1)

45.55

43.71

48.20

NON-FINANCIAL DATA

Total employees (full-time equivalent)

49

49

49

Common shares issued and outstanding, end of period

4,058,297

4,074,911

4,205,201

(1) Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.

9

CATALYST BANCORP, INC.

SELECTED FINANCIAL DATA

(continued)

Three Months Ended

(Dollars in thousands)

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

3/31/2025

ALLOWANCE FOR CREDIT LOSSES

Loans:

Beginning balance

$

2,367

$

2,397

$

2,522

Provision for (reversal of) credit losses

(35)

12

17

Charge-offs

(49)

(60)

(53)

Recoveries

12

18

14

Net charge-offs

(37)

(42)

(39)

Ending balance

$

2,295

$

2,367

$

2,500

Unfunded commitments:

Beginning balance

$

211

$

127

$

121

Provision for (reversal of) credit losses on unfunded commitments

(35)

84

(17)

Ending balance

$

176

$

211

$

104

Total provision for (reversal of) credit losses

$

(70)

$

96

$

-

CREDIT QUALITY(1)

Non-accruing loans

$

2,432

$

2,248

$

1,554

Accruing loans 90 days or more past due

246

395

91

Total non-performing loans

2,678

2,643

1,645

Foreclosed assets

34

34

77

Total non-performing assets

$

2,712

$

2,677

$

1,722

Total non-performing loans to total loans

1.64

%

1.55

%

0.99

%

Total non-performing assets to total assets

0.94

0.95

0.63

(1) Credit quality data and ratios are as of the end of each period presented.

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