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Thanks for fixing that.It's kind of hard to tell what it is without seeing the whole branch. I'm guessing that the picture is a close-up, which would lead me to believe that it didn't kill the branch, but is more likely growing there because the branch is dead. It looks kind of egg-like.
Were I you, I would take a couple more pictures - of the whole tree, the whole branch, and the fungus again - and post it on the Trees forum for advice - there are some amazing diagnosticians that post on that forum, and they will be able to tell you what, if anything, you need to do.