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BankAtlantic Bancorp Reports Financial Results For the First Quarter, 2009

BankAtlantic Bancorp, Inc. (NYSE:BBX) today reported a net loss of ($42.4) million, or ($3.78) per diluted share for the quarter ended March 31, 2009, including a non-cash goodwill impairment charge of $9.1 million at BankAtlantic, as discussed further below. While reflected in the first quarter’s reported loss, the non-cash goodwill impairment has no impact on ongoing operations and does not affect BankAtlantic’s regulatory capital, well-capitalized status, cash or liquidity.

Excluding the goodwill impairment, BankAtlantic Bancorp’s net loss for the first quarter of 2009 was ($33.3) million or ($2.96) per diluted share.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “We are working diligently in this extremely difficult economic environment to manage our business with a strategy focused on three fundamental principles: managing credit, improving core operating earnings, and maintaining appropriate capital levels.

“The first component of our strategy is managing credit losses. The credit quality of our loans has been adversely impacted by the unprecedented systemic declines in the national economy and in particular the Florida real estate market. While we are disappointed with continuing losses and charge-offs, economic conditions are largely out of our control and there is no magic fix. We are working conscientiously to mitigate short term risks but significant improvement will likely be possible only as the overall economy and real estate markets recover.

“The second component is improvement of core earnings, a component largely within our control. We are pleased with the improvement in core operating earnings (defined as pretax earnings before provision for loan losses, tax certificate provisions, debt redemption costs and impairment, restructuring and exit activities). BankAtlantic’s pre-tax core operating earnings increased 69.6% to $16.2 million for the first quarter of 2009 compared to the fourth quarter of 2008 and improved 10.0% compared to the first quarter of 2008. Further, our expense reduction initiatives have continued to yield positive returns. Core expenses (defined as total non-interest expense excluding provision for tax certificates, impairment, restructuring and exit activities and costs associated with debt redemption) declined in the first quarter of 2009 to $58.4 million, or a 15.1% improvement over core expenses of $68.8 million for the first quarter of 2008 and $66.1 million for the fourth quarter of 2008.

“The third component of our strategy is maintaining appropriate capital levels. BankAtlantic’s regulatory capital ratios increased from the fourth quarter of 2008. At March 31, 2009, Core, Tier I and Total Capital ratios were 6.97%, 10.01% and 11.86%, respectively - all well in excess of the regulatory defined well-capitalized thresholds of 5.0%, 6.0% and 10.0%, and essentially unchanged during 2008. Additionally, BankAtlantic’s ratio of tangible common equity to tangible assets (“TCE”) was 7.1% at March 31, 2009, up from 6.8% at December 31, 2008.

“BankAtlantic’s lending practices have never included subprime, option-arm or negative amortization products, and its investment portfolio does not include credit default swaps, collateralized debt obligations (CDO’s), structured investment vehicles (SIV’s), Auction Rate Securities, or Fannie Mae or Freddie Mac equity. The goal of our strategy is to provide stability at the Bank through the short-term and position the Company for sustainable profitability in the long term. Ultimately, while the overall economic landscape continues to change, BankAtlantic remains ready to serve Florida’s residents and businesses as it has for over a half century,” concluded Alan B. Levan.

(1) Core operating earnings is defined as pretax earnings before provision for loan losses, tax certificate provisions, debt redemption costs and impairment, restructuring and exit activities.

BankAtlantic Performance:

Deposits and Liquidity – BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic’s deposit base continues to be a durable, growing funding source. Of our $4.1 billion in total deposits at March 31, 2009, 68% is comprised of non-CD balances, with an average cost of non-CD deposits and total deposits for the first quarter of 2009 of 0.41% and 1.32%, respectively. In the current economic environment, we believe our low-cost deposit base is a differentiating strength of our franchise.

“BankAtlantic had a strong quarter in deposit growth. Core deposits (demand, NOW and savings accounts) at March 31, 2009 increased approximately $187.5 million, representing an 8.7% increase from December 31, 2008. Total deposits at March 31, 2009 increased approximately $126.9 million, representing a 3.2% increase from December 31, 2008. During the first quarter of 2009, BankAtlantic reduced its borrowings from the fourth quarter of 2008 by $343.0 million, or 26.4%, and reduced its ratio of total borrowings to deposits plus borrowings to 19.1% compared to 24.9% at December 31, 2008 and 28.7% at March 31, 2008. Further, BankAtlantic’s brokered deposit balances represented only 4.9% of assets, an additional area of strength in our overall funding mix.

Net Income – “BankAtlantic’s pre-tax loss before the goodwill impairment was ($31.5) million for the first quarter of 2009, compared to a net loss of ($28.0) million for the first quarter of 2008. Pre-tax core operating earnings for the first quarter of 2009 (as defined above) improved to $16.2 million from $9.6 million reported for the fourth quarter of 2008 and $14.8 million reported for the first quarter of 2008. Loan loss and tax certificate provisions, goodwill impairment, debt redemption costs, impairment, restructuring and exit activity expenses, which are not included in core operating earnings, were ($56.8) million for the first quarter of 2009, ($88.6) million for the fourth quarter of 2008, and ($42.7) million for the first quarter of 2008.

Net Interest Margin – “Net interest income for the first quarter of 2009 was $41.8 million compared to $48.0 million in the first quarter of 2008, and $44.5 million during the fourth quarter of 2008. Approximately $5.6 million, or 42 basis points, of the decline was related to lower average earning assets, which decreased $377.7 million from the comparable 2008 period, resulting primarily from scheduled loan payments and pay downs, and sales of investment securities. Additionally, the incremental impact of additional non-accrual loans during the first quarter of 2009 was approximately $571,000, or 4 basis points. Mostly as a result of these factors, the net interest margin during the first quarter of 2009 was 3.14% versus 3.37% during the first quarter of 2008, and 3.29% during the fourth quarter of 2008. Concurrently, the net interest spread was relatively stable at 2.82% in the first quarter of 2009 compared to a net interest spread of 2.86% in the first quarter of 2008, reflecting management’s focus on loan and deposit pricing despite a significantly lower interest rate environment and highly competitive deposit pricing pressures.

Non-interest income – “This source of revenue continues to be a stable revenue stream for BankAtlantic. Total non-interest income was 44.0% of total revenue for the first quarter of 2009 compared to 42.6% for the comparable 2008 period. Total non-interest income for the first quarter of 2009 was $32.9 million compared to $35.6 million for the comparable 2008 period. Included in first quarter 2009 non-interest income was $4.3 million in securities gains related to the sale of approximately $150 million in mortgage backed securities, the proceeds of which were used to reduce borrowings.

Non-interest expense “Expense reduction initiatives have continued to result in savings as core expenses (as defined above) in the first quarter of 2009 were $58.4 million, or a 15.1% improvement over the first quarter of 2008 core expenses of $68.8 million, and core expenses of $66.1 million during the fourth quarter of 2008. Expenses not included in core expenses consisted of the following:

  • “Goodwill impairment of $9.1 million in the first quarter of 2009 compared to none in the comparable 2008 period. The non-cash impairment is a reflection of the impact of current economic conditions and the further decline in the Company’s stock price during the first quarter 2009. During the fourth quarter 2008, BankAtlantic recorded a $48.3 million goodwill impairment. The goodwill impairment in the fourth quarter of 2008, like the impairment this quarter, had no impact on operations and did not affect BankAtlantic’s regulatory capital, well-capitalized status, cash or liquidity. BankAtlantic’s remaining goodwill at March 31, 2009 was $13.1 million.
  • Impairment, restructuring and exit charges of $2.1 million in the first quarter of 2009 compared to a recovery of ($0.1) million in the comparable 2008 period. The charges in the 2009 quarter primarily related to severance incurred during March 2009 as BankAtlantic implemented further cost cuts and reduced its workforce as part of its expense initiatives.
  • “Tax certificate provision expense of $1.5 million in the first quarter of 2009 compared to a recovery of ($0.1) million in the comparable 2008 period. The increased provision in the 2009 quarter primarily related to certain out of state tax certificates held in distressed markets.
  • Costs associated with debt redemption of $0.6 million in the first quarter of 2009 compared to none in the comparable 2008 period. These costs were associated with the prepayment of certain FHLB borrowings, which we anticipate will have the effect of improving net interest income in 2009.

Credit Risk Management:

Credit – “The provision for loan losses in the first quarter of 2009 was $43.5 million, as BankAtlantic’s allowance for loan losses increased to $146.6 million at March 31, 2009, representing 3.41% of total loans, compared to 1.86% at March 31, 2008. The allowance increases were related primarily to our Commercial Real Estate loan portfolio, where we experienced increased non-accrual loans, and our Consumer Home Equity and Residential Real Estate portfolios, as the levels of delinquencies and charge-offs in those portfolios increased. Total non-accrual loans increased approximately $63.4 million in the first quarter of 2009, including a net increase of approximately $42.6 million in commercial real estate non-accrual loans and a net increase of approximately $10.9 million in residential real estate non-accrual loans. BankAtlantic experienced first quarter net charge-offs of $22.5 million, compared to net charge-offs of $47.1 million in the first quarter of 2008, and net charge-offs of $12.6 million during the fourth quarter of 2008, with first quarter 2009 net charge-offs of $10.2 million in the Consumer Loan portfolio, $5.3 million in the Commercial Real Estate loan portfolio, $4.3 million in the Residential Real Estate loan portfolio, and $2.7 million in the Small Business loan portfolio.

Commercial Real Estate Loans – “We continued to experience losses in our commercial real estate portfolio as the economic environment continued to impact our borrowers. At March 31, 2009, BankAtlantic’s Commercial Real Estate loan portfolio totaled $1.2 billion, including the following:

“Commercial residential land acquisition, development and construction loans:

  • Builder land bank loans: Consisted of 7 loans aggregating $61.9 million, including 4 loans aggregating $40.2 million on non-accrual at March 31, 2009.
  • Land acquisition and development loans: Consisted of 31 loans aggregating $197.9 million, including 9 loans aggregating $65.1 million on non-accrual at March 31, 2009.
  • Land acquisition, development and construction loans: Consisted of 9 loans aggregating $26.4 million, including 2 loans aggregating $11.6 million on non-accrual at March 31, 2009.

“Commercial land loans: Consisted of 29 loans aggregating $111.3 million, including 6 loans aggregating $41.0 million on nonaccrual at March 31, 2009.

“All other Commercial real estate loans: Portfolio of $820.9 million, including 12 loans aggregating $46.7 million on nonaccrual at March 31, 2009.

Purchased Residential Loans – “Our Purchased Residential loan portfolio was $1.8 billion at March 31, 2009, representing 41.9% of the Bank’s total loans. This portfolio consists of approximately 6,099 first mortgage loans secured by properties throughout the United States. Delinquencies, excluding non-accrual loans, at March 31, 2009 were 1.38%, and non-accruals totaled $42.5 million. The increase in delinquencies and non-accrual balances reflects the state of the national economy. However, it is important to note that the portfolio is geographically diverse, the weighted average FICO score of borrowers in this portfolio was 741 at the time of origination and the original back end debt ratio was a weighted average of 33.5%. The updated weighted average loan-to-value of the loans in this portfolio is approximately 75%. Standard products in this portfolio have never included purchased or originated subprime, negative amortizing, option-arm or ‘pick-a-payment’ loans. Delinquency trends in the portfolio, however, are expected to continue to mirror the broader economy and unemployment trends.

Consumer Loans - “Our Consumer Loan portfolio had an outstanding balance of $732.0 million at March 31, 2009, with home equity loans representing 97% of this portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. Approximately 24% of this portfolio is secured by first mortgages. Delinquencies, excluding non-accrual loans, at March 31, 2009 were 1.71%, and nonaccrual loans totaled $8.0 million. We continue to work diligently with borrowers experiencing difficulties and regularly evaluate our consumer loan available commitments in an effort to reduce our overall exposure where appropriate. We believe delinquency and charge-off trends in this portfolio will mirror the Florida economy and unemployment trends.”

BankAtlantic Bancorp:

Alan B. Levan further commented, “As previously announced, during the first quarter 2009, BankAtlantic Bancorp elected to defer regularly scheduled interest payments on its outstanding junior subordinated debentures relating to its outstanding trust preferred securities (`Securities'). The terms of the Securities and the trust documents allow deferral of payments of interest for up to 20 consecutive quarterly periods without default or penalty. During the deferral period, we will not pay dividends on or repurchase our common stock. We can end the deferral at any time at our election. We believe this deferral of interest was a prudent step in view of the extraordinary economic environment, enabling us to preserve and manage cash, and enhance our flexibility to support the capital needs of BankAtlantic, as necessary. During the first quarter 2009, BankAtlantic Bancorp contributed $25.0 million in capital to BankAtlantic.

“During March 2009, BankAtlantic Bancorp received 250,233 shares of Stifel Financial stock as a contingent earn-out payment from the sale of Ryan Beck. This stock was sold in March 2009 for $8.7 million, reflecting a gain of approximately $120,000. At March 31, 2009, BankAtlantic Bancorp had $23.1 million in cash and investments.

Asset Workout Subsidiary – “As previously discussed, during the first quarter of 2008, BankAtlantic Bancorp formed a wholly-owned asset workout subsidiary and purchased certain non-accrual loans from BankAtlantic. These assets are no longer held by BankAtlantic, and any gain or loss associated with these assets will have no impact on BankAtlantic’s operations or capital, but will be included in BankAtlantic Bancorp’s consolidated results. These assets, as with all other assets and liabilities of BankAtlantic Bancorp, should not be combined with those of BankAtlantic when evaluating and comparing metrics for BankAtlantic as the insured financial institution.

“The loans held by the workout subsidiary totaled $76.6 million with specific loan reserves of $11.8 million at March 31, 2009, compared to balances of $101.5 million with specific loan reserves of $6.4 million at March 31, 2008. The declines from the comparable quarter are a result of pay-downs, pay-offs, and charge-offs. During the first quarter of 2009, BankAtlantic Bancorp received payments of $4.3 million on these loans, and these loans were written-down by $0.7 million based primarily on more current valuations. The breakdown of the non-accrual loans held by the Company’s asset workout subsidiary at March 31, 2009 was as follows:

“Builder land bank loans: Comprised of 4 loans aggregating $22.0 million.

“Land acquisition and development loans: Comprised of 4 loans aggregating $16.7 million.

“Land acquisition, development and construction loans: Comprised of 8 loans aggregating $25.7 million.

“Other Commercial real estate loans: Comprised of 3 loans aggregating $4.3 million.

“Commercial business loans: Comprised of 3 loans aggregating $5.6 million.

Discontinued Operations – “BankAtlantic Bancorp recorded $4.2 million in discontinued operations net income in the first quarter of 2009 related to the contingent earn-out payment received in connection with the 2007 first quarter sale of Ryan Beck. The final earn-out period ended on February 28, 2009,” concluded Alan B. Levan.

Additional detailed financial data for BankAtlantic (bank only), the Parent - BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp are available at www.BankAtlanticBancorp.com.

To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials,” “Supplemental Financials” or “Financial Information” navigation links. Additionally, BankAtlantic’s financial information is provided quarterly to the OTS through Thrift Financial Reports, available to the public through the OTS and FDIC websites.

Financial Highlights:

First Quarter, 2009 Compared to First Quarter, 2008

BankAtlantic Bancorp - consolidated:

  • Loss from continuing operations excluding non-cash goodwill impairment was ($37.5) million versus ($24.6) million; goodwill impairment was $9.1 million in the first quarter 2009 versus none in the first quarter 2008
  • Diluted loss per share from continuing operations excluding the non-cash goodwill impairment was ($3.34) versus ($2.19)

BankAtlantic:

  • Total assets of $5.5 billion versus $6.2 billion, a decline of $723.4 million or 11.6%
  • Core deposits of $2.3 billion versus $2.4 billion, a decline of $71.2 million or 3.0%
  • Total deposits of $4.1 billion versus $4.0 billion, an increase of $57.7 or 1.4%
  • Total borrowings of $957.9 million versus $1.6 billion, a decrease of $653.6 million or 40.6%
  • Core, Tier 1 and Total Capital ratios of 6.97%, 10.01%, and 11.86% versus 6.87%, 10.04% and 11.83%
  • Excluding the $9.1 million non-cash goodwill impairment in the first quarter 2009, pre-tax loss of ($31.5) million versus ($28.0) million
  • Pre-tax core operating earnings of $16.2 million versus $14.8 million; pre-tax operating earnings excludes the impact of provision for loan and tax certificate losses, impairments, debt redemption costs, restructuring and exit activities of ($56.8) million for the 2009 quarter (including $9.1 million of goodwill impairment) and ($42.7) million for the 2008 quarter
  • Net interest margin of 3.14% versus 3.37%
  • Non-interest income of $32.9 million versus $35.6 million
  • Non-interest expense of $58.4 million versus $68.8 million, an improvement of 15.1%, before the impairment, debt redemption cost, provision for tax certificates, restructuring and exit activity charges of ($13.3) million in 2009 and a recovery of $0.2 million in 2008

First Quarter, 2009 Compared to Fourth Quarter, 2008

BankAtlantic Bancorp - consolidated:

  • Loss from continuing operations excluding non-cash goodwill impairment and deferred tax asset valuation allowance was ($37.5) million versus ($34.7) million; goodwill impairment was $9.1 million in the first quarter 2009 versus $48.3 million in the fourth quarter 2008, deferred tax asset valuation allowance was $81.3 million in the fourth quarter 2008
  • Diluted loss per share from continuing operations excluding the non-cash goodwill impairment and deferred tax asset valuation allowance was ($3.34) versus ($3.09)

BankAtlantic:

  • Total assets of $5.5 billion versus $5.7 billion, a decline of $225.1 million or 3.9%
  • Core deposits of $2.3 billion versus $2.2 billion, an increase of $187.5 million or 8.7%
  • Total deposits of $4.1 billion versus $3.9 billion, an increase of $126.9 million or 3.2%
  • Total borrowings of $957.9 million versus $1.3 billion, a decrease of $343.0 million or 26.4%
  • Core, Tier 1 and Total Capital ratios of 6.97%, 10.01%, and 11.86% versus 6.80%, 9.80% and 11.63%
  • Excluding the $9.1 million non-cash goodwill impairment, pre-tax loss of ($31.5) million versus ($30.7) million; first quarter of 2009 and fourth quarter of 2008 included non-cash goodwill impairment of $9.1 million and $48.3 million, respectively
  • Pre-tax core operating earnings of $16.2 million versus $9.6 million; pre-tax operating earnings excludes the impact of provision for loan and tax certificate losses, impairments, debt redemption costs, restructuring and exit activities of ($56.8) million for the 2009 quarter (including $9.1 million of non-cash goodwill impairment) and ($88.6) million for the 2008 quarter (including $48.3 million of non-cash goodwill impairment)
  • Tax equivalent net interest margin of 3.14% versus 3.29%
  • Non-interest income of $32.9 million versus $31.1 million
  • Non-interest expense of $58.4 million versus $66.1 million, an improvement of 11.6% before the impairment, debt redemption cost, provision for tax certificates, restructuring and exit activity charges of ($13.3) million in 2009 and $56.8 million in 2008

Detailed financial data for BankAtlantic (bank only), the Parent - BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp are available at www.BankAtlanticBancorp.com.

To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials”, “Supplemental Financials” or “Financial Information” navigation links.

Additionally, copies of BankAtlantic Bancorp’s first quarter 2009 financial results press release and financial data are available upon request via fax, email, or postal service mail. To request a copy, contact BankAtlantic Bancorp's Investor Relations department using the contact information listed below.

BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Thursday, April 23, 2009, at 11:00 a.m. (Eastern Time).

Teleconference Call Information:

To access the teleconference call in the U.S. and Canada, the toll free number to call is 1-800-968-8156. International calls may be placed to 706-634-5752. Domestic and international callers may reference PIN number 95528000.

A replay of the conference call will be available beginning two hours after the call’s completion through 5:00 p.m. Eastern Time, Thursday, May 7, 2009. To access the replay option in the U.S. and Canada, the toll free number to call is 1-800-642-1687. International calls for the replay may be placed at 706-645-9291. The replay digital PIN number for both domestic and international calls is 95528000.

Webcast Information:

Alternatively, individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the webcast, visit www.BankAtlanticBancorp.com, access the “Investor Relations” section and click on the “Webcast” navigation link, or go directly to http://www.visualwebcaster.com/event.asp?id=57993. The archive of the teleconference call will be available through 5:00 p.m. Eastern Time, Thursday, May 7, 2009.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic.

About BankAtlantic:

BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches, online banking division - BankAtlantic.com, and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week with extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center and Change Exchange coin counters.

For further information, please visit our websites:

www.BankAtlanticBancorp.com

www.BankAtlantic.com

* To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.

BankAtlantic Bancorp Contact Info:

Leo Hinkley, Investor Relations Officer

Telephone: 954-940-5300

Email: [email protected]

 

BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:

Media Relations:

Sharon Lyn, Vice President
Telephone: 954-940-6383, Fax: 954-940-5320

Email: [email protected]

 

Public Relations for BankAtlantic:

Rbb Public Relations
Sandra Fine
Telephone: 305-567-0535, Fax: 305-448-5027

Email: [email protected]

Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (“the Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services, including the impact of a continued or deepening recession and increased unemployment on our business generally, our well capitalized regulatory capital ratios, as well as the ability of our borrowers to service their obligations and of our customers to maintain account balances; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of our loans (including those held in the asset workout subsidiary of the Company) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in our trade area, and where our collateral is located; the quality of our residential land acquisition and development loans (including Builder land bank loans, Land acquisition and development loans and Land acquisition, development and construction loans) as well as Commercial land loans, other Commercial real estate loans, and Commercial business loans; and conditions specifically in those market sectors; the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the bank’s net interest margin; adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities, the value of our assets and on the ability of our borrowers to service their debt obligations; BankAtlantic’s seven-day banking initiatives and other initiatives not resulting in continued growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify their costs; the success of our expense reduction initiatives and the ability to achieve additional cost savings; and the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance, actual or estimated new account openings and growth may not be indicative of future results. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. The Company cautions that the foregoing factors are not exclusive.

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