USCB FINANCIAL HOLDINGS, INC.
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 14, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-22.
0001562762-24-000061
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7ACurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-14.
0001562762-25-000043
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7AThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 3533 previous paragraphs and 3406 current paragraphs.
2683 unchanged; 52 reworded; 663 added; 790 removed; 8 previous and 8 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (663)
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discussion
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discussion
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“expect,” “aim,”
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“plan,” “estimate,”
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“seek,” “continue,”
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and “intend,”
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as other
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similar words
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and expressions
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future, are intended to identify forward-looking statements. These forward-looking statements include statements related to
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our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as
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operations and financial
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anticipated internal growth and balance sheet restructuring.
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to which
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Report on
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and in
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the reports
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filed or
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will file
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SEC and,
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for periods
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the Effective
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for evaluating
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2024, the Company
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announced that its
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had adopted a
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quarterly cash dividend
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program. The quarterly dividend for all quarters in 2024 was $0.05 per share
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provision for
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totaled $69.9
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million, an
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$11.4 million
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or 19.4%,
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compared to $58.6 million for the year ended December
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margin (“NIM”)
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was 2.94%
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improvement from
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Total assets grew to
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$2.6 billion at December
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31, 2024, an increase
Showing the first 40 of 663 passages. Open the source sections for the rest.
Removed paragraphs (790)
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“expect,” “aim,” “plan,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are
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related
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anticipated
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goals,
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anticipated internal growth.
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markets,
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included in
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Report on Form 10-K
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and in the reports the
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Company filed or will file
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with the SEC and, for
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periods prior to the completion
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of the bank holding company reorganization, the Bank
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applicable,
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in this annual report.
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before
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compared to $63.7 million for the year ended December
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margin
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(“NIM”)
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grew
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billion
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grew
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billion
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an
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The weighted average cost of interest-bearing liabilities increased to 3.07% for the year ended December 31, 2023
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from 0.66% in December 31, 2022 as a result of the increase
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in market interest rates.
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31, 2023 was 0.75% compared to 1.01% in 2022.
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Return on average stockholders’ equity for the year ended December 31, 2023 was 8.99% compared to 10.73% in
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Nonperforming assets was $468 thousand at December
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31, 2023 compared to $0 at December 31, 2022.
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The Company maintained its strong capital position. As of December 31, 2023, the Bank was well-capitalized, with
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a total risk-based capital ratio of
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12.65%, a tier 1 risk-based
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capital ratio of 11.48%, a common
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equity tier 1 capital
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11.48%, and
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a leverage
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9.17%. As
Showing the first 40 of 790 passages. Open the source sections for the rest.
Reworded paragraphs (52)
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filed with the FDIC.
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Date, the Bank filed with the FDIC.
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$16.5 million compared with net income
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$24.7 million compared with net income
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$20.1 million for the year ended December 31,
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$16.5 million for the year ended December 31,
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2023 compared to $1.8 billion at December 31, 2022.
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compared to $1.8 billion at December 31, 2023.
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capital ratios exceeded the thresholds to be well-capitalized
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thresholds to be well-capitalized
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under the applicable bank regulatory requirements.
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under the applicable bank
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shares remained authorized for repurchase under this
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537,980 shares remained authorized for repurchase under
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to the historical mean of the economic indicator over the expected
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then linearly revert to the historical mean of the economic indicator
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life of the loans.
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over the expected life of the loans.
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and does not represent a change in management’s
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ACL and does not represent a change in management’s
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$0.84 compared to net income per diluted share for the
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$1.24 compared to net income per diluted share for the
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same period in 2022 of $1.00.
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same period in 2023 of $0.84.
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interest-earning assets, net interest margin includes
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fund interest-earning assets, net interest margin includes
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the benefit of these
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the benefit of these non-interest-bearing sources.
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of liabilities for the periods indicated (in thousands):
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liabilities for the periods indicated (in thousands).
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funds was greater than the increase in weighted average yields
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attributable to increase in weighted average yields on interest-earning assets growing at a higher pace than the increase in
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offs levels, considers statistical trends and economic conditions
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offs levels, consider statistical trends and economic conditions
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expense for the same period in 2022. The ACL as a percentage of total loans was 1.18% at December 31, 2023 compared
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same period in 2023. The ACL as a
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generate income reflecting the increase in the cash surrender value
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employees and generate income reflecting the increase in
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of lower-yielding available-for-sale securities at a loss in
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available-for-sale securities at a loss
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order to better position our securities portfolio.
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position our securities portfolio.
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period in 2022. The increase is
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period in 2023. The increase is primarily due to $4.4 million or
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as a compared to 2022, reflecting the changes in the macro
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in 2024 as a compared to 2023, reflecting the
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assets at December 31, 2023, were $2.3 billion, an increase of $253.3 million, or 12.1%, over total assets of $2.1
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assets at December 31, 2024, were $2.6 billion, an increase of $242.1 million, or 10.4%, over total assets of $2.3
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objectives directed by the ALCO. The portfolio of investments can be used to modify the duration of the balance sheet.
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objectives directed by the ALCO. The portfolio of investments can be used to modify the duration of the
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securities had a total net unrealized loss of $10.6 million. The transfer of the debt securities
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unrealized loss of $10.6 million. The transfer of the debt securities from the AFS to HTM
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was made at fair value at the date of transfer.
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category was made at fair value at
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from AFS to HTM in 2023.
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security. There was no impact to net income on the date of transfer. There were no securities transferred from AFS to HTM
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of the U.S.
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the explicit guarantee of the U.S.
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to conclude that a credit loss reserve
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Government is sufficient to conclude that a
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adjusted for the current economic environment. LGD projects
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economic environment. LGD projects the expected loss
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the expected loss if a borrower were to default.
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if a borrower were to default.
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exposed to non-government credit risk,
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the portion of the HTM exposed to non-government credit risk,
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the Company utilized the PD/LGD
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the Company utilized the PD/LGD methodology
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we do not expect any
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to total loans. However, we do not expect any significant
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reviewed, and analyzed by the ALCO. Decisions on term
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and analyzed by the ALCO. Decisions on term and rate
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rate modifications are discussed as well.
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modifications are discussed as well.
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83% are characterized as non-owner
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characterized as non-owner occupied.
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investment by loan type (in thousands):
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investment by loan type (dollars in thousands):
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CRE loans outside Florida were: $69.7 million in New York,
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occupied CRE loans outside Florida were: $67.2 million in New York, $6.9 million in Georgia,
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
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in this Annual Report on form 10-K.
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shares of Class A common stock at
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the cash surrender value of these policies.
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changes in the macro interest rate environment.
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to $1.8 billion at December 31, 2023. Total
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(1) Provision for credit losses excludes $199 thousand release for unfunded commitments included in other liabilities and $2 thousand
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release for investment securities held to maturity.
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ended December 31, 2024 and 2023 (in thousands, except
Rearranged previous paragraphs (8)
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Annual Report on Form 10-K.
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from the AFS to HTM category
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above. For the portion of the HTM
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Annual Report on Form 10-K.
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December 31, 2023 and 2022 (in thousands, except ratios):
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a longer-term time horizon and captures all
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static approach in that the analysis does
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addition, static measures like the economic value