Hello, everyone, and thank you for joining the Ameris Bancorp Q3 2022 Conference Call. My name is Darius, and I'll be the operator for today. Before handing over to your host, Nicole Stokes, I would like to remind you that if you would like to ask a question during the Q&A session at the end of the call, please press star followed by one on your telephone keypad. I now have the pleasure of handing over to your host, Nicole Stokes, the Chief Financial Officer. Please go ahead, Nicole. Nicole, you may begin. Thank you, Darius, and thank you to all who joined our call today. During the call, we will be referencing the press release and the financial highlights that are available on the investor relations section of our website at amerisbank.com. I'm joined by Palmer Proctor, our CEO, and Jon Edwards, our Chief Credit Officer. Palmer will begin with some opening general comments, and then I will discuss the details of our financial results before we open it up for Q&A. Before we begin, I'll remind you that our comments may include forward-looking statements. These statements are subject to risks and uncertainties. The actual results could vary materially. We list some of the factors that might cause results to differ in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statements as a result of new information, early development, or otherwise, except as required by law. Also, during the call, we will discuss certain non-GAAP financial measures in reference to the company's performance. You can see our reconciliation of these measures and GAAP financial measures in the appendix to our presentation. With that, I'll turn it over to Palmer Proctor. Thank you, Nicole, and good morning, everyone. Thank you again for taking the time to join our call today. We had a strong Q3, and I'm proud to be able to share some of the results with you here today. We reported net income of $92.6 million or $1.34 per diluted share and $91.8 million or $1.32 per diluted share on an adjusted basis when you exclude this quarter's MSR recovery. These adjusted results represent a strong 1.54% return on average assets and 18.33% return on tangible equity. We had another solid quarter of revenue growth, where net interest income increased over 11% from last quarter to this quarter. For the second consecutive quarter, our net interest margin improved by 31 basis points to 3.97%. We continued to deploy excess liquidity into the loan and bond portfolio, while also protecting our deposit franchise. We improved our deposit mix once again this quarter, and now non-interest-bearing deposits are representing almost 43% of total deposits. Our revenue growth, in addition to disciplined expense control, resulted in an improved efficiency ratio of just over 50% for the quarter, and we're now at 53% efficiency ratio for the year, which is exactly in line with the 52% to 55% that we previously guided. All this revenue growth and operating efficiency has certainly been accretive to capital. We grew tangible book value again by over 10% annualized this quarter to end at $28.62 per share. For year to date, we've grown tangible book value by $2.36 or over 12% annualized. We continue to deploy excess liquidity, so while total assets remain fairly consistent for the quarter, our earning asset mix actually improved. We invested approximately $300 million into our bond portfolio and organically grew loans by $1.2 billion during the quarter. For the year to date, we've grown our bond portfolio by $713 million and reduced our mortgage loans held for sale by $957 million. We stated the previous quarter that our strategy was to use our mortgage loans held for sale in lieu of buying bonds at previously anemic rates that would negatively affect our capital when rates increased, and that's exactly what we did. Our retail mortgage origination PPNR is now normalized below 3% of total PPNR, and therefore, any perceived over-reliance on mortgage should be eliminated. On the credit side, overall, credit quality remains very strong. We recorded a $17 million provision for credit losses expense this quarter through their strong loan growth and updated economic forecast. For our annualized net charge-off ratio, it's 11 basis points of total loans for the quarter, and our non-performing assets as a percent of total assets was just at 55 basis points. As you can tell, we remain focused on a lot of fundamentals here, regardless of what the economic landscape is, and I think this quarter is a clear example of that and also the hard work our teammates have put forth to achieve the results that you saw for the quarter. This Ameris team, when you think about it, has really built an extremely solid deposit base with low deposit betas, strong loan growth, solid asset quality, diversified income streams with no dependency on any one vertical, and obviously top-tier performance metrics. I'll pause there and now turn it over to Nicole for more details. Great. Thank you, Palmer Proctor. As he mentioned, for the Q3, we're reporting net income of $92.6 million or $1.34 per diluted share. On an adjusted basis, we earned $91.8 million or $1.32 per diluted share, when we exclude the servicing asset recovery from hurricane expenses and a small bond gain. Our adjusted return on assets was 1.54%, and our adjusted return on tangible common equity was 18.33%. I was very pleased again this quarter with our increase in tangible book value. Palmer Proctor mentioned we ended the quarter at $28.62, an increase of 73 cents or 10.4% annualized. This quarter, we had only $0.55 of dilution from the increase in unrealized losses on the bond portfolio compared to $0.16 of AOCI last quarter. For the year-to-date period, we've grown tangible book value by $2.36 or 12% annualized, and our year-to-date dilution to tangible book from AOCI has only been about 3.5%. Our tangible common equity ratio increased to 8.75 at the end of the quarter compared to 8.58 at the end of last quarter. We continue to be well capitalized, and we feel comfortable with our capital and dividend levels. Our net interest income for the quarter increased $31.7 million over last quarter and $61.3 million from the Q3 of last year. In comparison, our interest expense only increased $10.1 million this quarter compared to last quarter, and only $9.9 million compared to Q3 of last year. Because of that, our net interest income for the quarter increased $21.6 million, which was driven mostly in the core bank segment. Our net interest margin increased 31 basis points from 3.66% to 3.97% this quarter. Our yield on earning assets increased by 49 basis points, while our cost of interest-bearing liabilities increased by just 34 basis points. About 20 basis points of that 31 basis point margin improvement was from the deployment of excess liquidity into higher earning assets. The remaining 11 basis points of expansion was due to what I would call true core margin growth. In very simple terms, about 31 basis points of loan yield improvement, offset by 20 basis points of deposit costs. You know, I mentioned at the end of the Q2 that we were slow to increase deposit costs in 2Q, and that our first raise went into effect the last day of the quarter. Due to competitive pressures, we've been a little bit more aggressive with raising deposit costs in addition to that late 2Q raise as the Fed raised rates this quarter. But we're still below our model deposit beta. Our quarterly deposit beta this year has been about 10% compared to a model beta of 23%. We do anticipate additional deposit costs as the Fed continues this cycle and as competition continues to increase. However, even with this anticipated expense, we continue to be asset sensitive with NII increasing about 3% in an up 100 environment, and we've updated the interest rate sensitivity information on slide 11. Non-interest income decreased $18.3 million this quarter. We recorded a $1.3 million servicing rights recovery compared to $10.8 million last quarter. Excluding that MSR activity, our total non-interest income decreased $9 million, all in the mortgage division. This represents about a 20% decline in mortgage revenue as production declined to $1.3 billion and the gain on sale margins declined to 2.1%. Expenses in the mortgage division declined by $6.6 million or about 14%, and that represents about 68% to 70% of the revenue decline due to the variable expenses within that division. Purchase business has returned to historic levels, about 85% to 90% of total activity, and we're prepared for continued success at our pre-pandemic and pre-refi boom levels. You know, just to emphasize what Palmer said earlier, retail mortgage originations as a percentage of our pre-provision pre-tax income really continues to normalize, representing just 2.3% of the total this quarter. Non-interest expense decreased $2.6 million this quarter. As I just mentioned, expenses in the mortgage division declined by $6.6 million. Excluding the mortgage division, non-interest expense increased about $3.5 million, the majority of which were compensation benefits, including incentives, benefits, and wage inflation. This represents about 4% increased expense, but compared with the 15% increase in NII we had, our efficiency ratio continued to improve, reaching a low of 50.06% for the quarter, and that brings us to 53.44 for the year. You know, we continue to look for expense reduction opportunities, and we anticipate an efficiency ratio, same guidance as before in that 52% to 55% range going forward. On the balance sheet side, assets are relatively flat at $23.8 billion compared to $23.7 billion last quarter. We deployed the remaining $1.4 billion of excess liquidity into higher earning assets. We put about $300 million in the bond portfolio and $1.2 billion of organic loan growth spread among really all categories of our loan portfolio, as you can see on slide 16. We were pleased with the loan growth this quarter and the underlying credit of those loans. Due to the softening market conditions and the reduced pipeline, we do not anticipate the same level of loan growth in the next few quarters. You know, while 2022 loan growth is going to come in higher than we originally guided because of the remixing of the balance sheet and the excess liquidity deployment, we do anticipate 2023 loan growth to continue to slow, and kind of be more in line with our prior guidance of upper single digits, that 7% to 9% window. Total deposits decreased $218 million or about 1% during the quarter. However, we grew non-interest-bearing deposits by $80 million, and some of our higher-cost interest-bearing deposits we ran off declined about $298 million. The change in deposits is such that our non-interest-bearing deposits are now 42.86% of our total deposits, almost 43%. Our total non-rate-sensitive deposits, that includes non-interest-bearing now and savings, they represent over 66% of our total deposits. This mix will certainly continue to help our deposit beta as we move through the cycle. With that, I'll wrap it up by just reiterating how proud I am of our team. We remain disciplined and focused on operating performance as we move forward. I appreciate everyone's time today, and I'm going to turn the call back over to Darius for any questions from the group. Thank you, Nicole. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. When preparing to ask a question, please ensure your phone is muted locally. The first question comes from Kevin Fitzsimmons from D.A. Davidson. Please go ahead, Kevin. Hey, good morning, everyone. Good morning, Kevin. Just on that one of those last comments you made, Nicole, about the pace of loan growth and you know, I guess slowing or normalizing to an upper single digit. Can you just kind of parse that out a little for us in terms of you know, is that you know, maybe retaining less mortgages? Is it just anticipating or already seeing pipelines slow or is there deliberate tapping on the brakes on certain segments? And maybe particularly if you can address Balboa. Just wondering, like, what are the components kind of driving that more normalized growth from what you saw this quarter? Thanks. Absolutely. If there was an option C, three of the four, that would probably be the way that I would answer that. We do anticipate for a couple things. One, our pipelines are down at the end of the Q3, and we anticipated that. Our pipelines are down, so that is part of it. The growth that we anticipate next year, we do anticipate that kind of across all metrics. We do see the portfolio mortgage slowing down as well. Not having that there. Last quarter, we did $500 million. This quarter we did about $300 million. We do anticipate that slowing kind of going into the Q4 and Q1. Those are typically slower quarters anyway for loan growth. You add the market softening on that a little bit. But we do still see that loan growth in the upper single digits, and we really see it balanced. That's one of the things that we like about our balance sheet is all the diversification and the opportunities that we have. You know, we between CRE and construction slowing a little bit, but then we still have premium finance and we still have, we do have the mortgage and we have, you know, Balboa Capital. All of that combined, we continue to look for diversified growth going into next year. How about Balboa in particular? Are they you know in the same kind of you know thought in terms of slowing or would you expect them to stay strong? We expect them to kind of continue to grow at the same pace that they're growing. Just for perspective, you know, at the end of the Q2, they were at 4.7% of the total portfolio. They, at the end of the Q3, were about 4.8%. They are growing just directly in line with the size of the bank as we expect. Got it. Okay. That's great. Maybe one quick follow-up on the margin. You mentioned how last few quarters been very impressive expansion and, but you alluded to the fact that, you know, deposit costs, deposit beta is probably accelerating from here. Maybe just help us with the trajectory of the margin looking ahead. A lot of banks have alluded to, maybe there's further expansion, but not at the pace we saw this quarter. Just wondering what kind of expansion's out there and do we plateau at some point in 2023? Any kind of help on that front? Thanks. Sure. Absolutely. You're exactly right. We remain asset sensitive. We're about 2.93% asset sensitive. If you look back to where we were at the beginning of the cycle, we were closer to 7%. We've purposefully tried to get our balance sheet to become closer to neutral. We're working that way down. Looking forward, you know, every 25 basis point of rate hike is about 3 basis points, based on the way we have it modeled. You know, anticipating a 75 basis point rate hike in November, you would expect our margin to increase, you know, 5 to 7 basis points. That's being pretty aggressive with our deposit betas. As I said on the call earlier, we've only had about a 10% cumulative deposit beta compared to a 23, where we modeled out at 23. Our money market accounts, we modeled at a 55 beta, and those have been coming in closer to 25. We certainly have some room to be a little bit more aggressive to be able to retain those deposits as needed. However, again, kind of looking at margin going forward, you know, we continue to be asset sensitive for at least the next two quarters. Depending upon, you know, what the Fed does in December and how lagging our deposit betas are gonna be, but we do continue to see some margin expansion at least for the next two quarters. Great. Thanks, Nicole. Great. Thank you, Kevin. The next question comes from Brady Gailey from KBW. Brady, you can speak now. Good morning, guys. Good morning, Brady. Maybe just to keep with that train of thought. If the margin's up for the next couple quarters with your asset sensitivity, you know, it feels like betas will rise. Like, does the margin plateau as we get to mid next year and stay flat? Do you think there could be some downside just as, you know, the funding side kinda outpaces the asset side? Brady and I typically don't like to give guidance out more than two quarters, so I don't wanna extend too much, but I think your thinking is right. You do have to remember how much of our balance sheet on the loan side is variable rate versus fixed. Even though when you look at, you know, kind of straight Call Report data, and we look kind of in that, you know, very heavy on fixed rate, there's a large portion of our portfolio that reprices on short-term basis, our construction book, our premium finance book is about a 10-month duration. Even though it's technically a fixed rate loan, it's gonna reprice. We're a little bit more asset sensitive on the loan side from a variable rate perspective. I think the big wild card in all of this is the deposit side. We do anticipate if the Fed stops increasing, let's say they go November and December, and then they pause, you know, will our loan side continue to reprice you know, as fast as what potentially the deposit side. If they raise and then they halt for any long period of time, how long will that deposit lag take? That's really the question. You know, if we're thinking about a two raise in the Q4 and then a lag for a long period of time, I think there is an opportunity for the margin to kind of stabilize. However, if there's a very short lag before they start declining, as we are moving our balance sheet to become more asset neutral, you know, we're preparing ourselves for that. Is there an opportunity for it to maybe kind of taper out after, you know, after that Q2 guidance and taper out maybe in the third or Q4? I think that is a possibility. I really don't like to give too much definitive guidance after that because there's so much deposit behavior that could alter that. Yeah, that's fair. All right, my next question is on the expense side. You know, Ameris has seen great expense containment. I know mortgage come down is helping on that effort. How do you think about, you know, wage inflation and the pressure on expenses going forward? I mean, you printed a 50% efficiency ratio. You're saying that's probably too low longer term. How do you think about the expense side going forward into 2023? Yes, you know, we did have that increase this quarter on excluding mortgage. You know, the majority of that was salary benefits, incentives, it's compensation. We definitely see the wage competition. That will certainly increase. We continue to look for ways to self-fund that. Not only the wage side, but also technology is one of the things that really has driven our really diligent expense control is that we are looking for ways to use technology. When we look at how we're deploying our technology costs, we're looking, really looking at is this a cost save or is this a revenue driver. There's obviously some technology that we have to, you know, deploy just to stay current. But we really do use that reallocation of resources. I do anticipate expenses, and I think this is already built into the Street consensus for next year, that expenses could increase a little bit more kind of going into next year just through wage inflation. You know, Brady, just one more, one other thing to remember, and we've reiterated it several times, is that when you look at our growth and the expectations for our growth, it is not predicated on having to go out and hire a lot of new talent. There are many banks that are out there right now that are actively having to recruit. We've already absorbed all those expenses and all of those costs. In the end, we really feel it's more along the lines of just normal wage inflation. I think as we get back to a tighter labor market, that can, that should reduce some of that increase in the expense because it becomes obviously competitive now to retain talent. at the same time, we're not in a position where we're having to go out and acquire talent to hit our objectives. Yeah, that's a good point. Finally for me, you know, the gain on sale spread and margin took another step down here to 210 basis points. Any insight on, you know, when those spreads could start to recover? I'd say that's really predicated on the Fed because, you know, when you look at right now, and you can see it in the MBS market too, the desire to buy mortgages is tapered off primarily because a lot of people are anticipating the fact that rates are gonna be pulled back down, you know, next year. I think that's a bit premature, personally, in their thinking. If they do, then they're gonna refinance. When they refinance, there's less value or margin on those particular loans. I think that's all the psychology of it at this stage is based on the Fed's actions. All right, great. Thanks, guys. Thanks, Brady. The next question comes from Jennifer Demba from Truist Securities. Please go ahead, Jennifer. Thank you. Good morning, everybody. Good morning. Good morning, Jennifer. Question on asset quality. It still remains terrific. Palmer, what do you see as a normalized level of annual loan losses for Ameris at this point? Well, Jennifer, this is John. I'll answer that. So the, you know, the annualized, even though it was up a little bit this quarter, not that materially, it annualizes eight basis points. You know, going into next year and having a little softening, you know, it certainly is gonna be up from, you know, the last three to four years of historic lows. I don't necessarily have a forecast number to give you, but I mean, you can estimate it to be a little bit higher. I, you know, part of that is you see us and the rest of the banking industry sort of taking the initiative on reserves to kind of build in anticipation about that. I think, you know, this year's still gonna finish out probably in a pretty abnormal low number, but I think you could start seeing it normalize again. What loan buckets are you most concerned about? I would tell you it's not so much buckets as it is particular asset classes perhaps. Not a concern so much from our portfolio as it is that, when we look at lending on a go-forward basis, is making sure we've got a focus on companies that have operating cash flow, more C&I lending. Obviously, office is a big concern for everybody as we go forward. I think there are certain verticals like that that we pull back on intentionally. In terms of a term bucket, we really don't have that. I mean, you know, oftentimes we look at predictors out there and one, of course, that comes up often is Balboa Capital. When I look at the asset quality there, it's held up better than we had anticipated. You know, the FICO scores there continue to inch up, and the performance is still solid. We do watch that one. I think it's a good predictor when you're looking at smaller businesses. All in all, we feel pretty good and don't see, like a lot of people, don't see any cracks anywhere, but that doesn't mean we aren't being very cautious. Thanks. The next question comes from David Feaster from Raymond James. Please go ahead, David. Hey, good morning, everybody. Good morning, Dave. Maybe just following up on the asset quality side. We saw a modest uptick in criticized and classified, and it looks like Balboa's actually improved quarter-over-quarter. Just curious what you're seeing there. It looks like it might be resi mortgage driven, but was hoping you could touch on that a bit and give us some color there. David, this is John. Really the uptick. A couple things. I guess we referenced that early on slide 20. The uptick, because of our increase in loan balances, you know, our classifieds on that chart on slide 20, it's still about the best it's been in the five quarters that we're reflecting on that. Our classified to capital number is still low and. You know, that uptick was really limited to just three borrowers, primarily. It's not widespread. It's just really companies that I anticipate will, you know, probably improve over the next couple of quarters and aren't really long-term watch list sitters. But just because of some, you know, some numbers I saw this quarter, I felt the need to put them on the watch list. I didn't really look at them as kind of, you know, long-term issues for us. I, you know, the numbers are still good. Our criticized number is better than it was last year at this time, and our classified numbers stayed pretty low. Overall, asset quality is still, I think, pretty solid. Was there any commonality among those three borrowers or truly idiosyncratic? Commonality, I guess, would be in the mortgage warehouse. They were all mortgage warehouse borrowers. Frankly, they just had to sort of downsize their operations to reflect the current market conditions in mortgages. It in no way really impacted our borrowing with them because, you know, we have $300,000 average mortgage loans that still pay off within 20 days of being on the line. That really impacts our operations, but just, you know, waiting for them to kind of react better to the current market is what I was really looking for. Okay. That makes sense. Then maybe I was hoping we could touch maybe on the funding side and how deposit flows are trending. We're kind of at the higher kind of the higher end of where you've historically operated from a loan-to-deposit ratio. But just curious how you think about funding and I mean look the non-interest-bearing deposit growth was great to see this quarter. Just curious again how you think about funding and then could you maybe touch on the drivers of the borrowings this quarter just given the robust cash balances you already had. Just curious on that as well. Sure. David, you're right. Just as a reminder to everybody, you know, we do have cyclical public funds that typically come in in the Q4 and then stay. When you look at a strong balance sheet, we typically have elevated deposits. We do anticipate that coming in, you know, already starting to flow in and continue to come in November, December. That'll continue kind of through the Q1 as we see that run down. That's a normal cyclical with our public funds. We see some funding coming in that way, for the Q4. We also, you know, we continue to be very diligent on the deposit side and the funding side, and our focus has really been growing core deposits and relationship banking, and it's been that way. You know, we did an analysis recently where we looked at, you know, kind of our open account versus peers. The short version is that during the pandemic, we didn't stop. You know, we had branch managers meeting customers in parking lots in their cars six feet away, and we continued to open accounts and sell deposits, and we didn't shut down due to the pandemic. We're kind of reaping some of those benefits today with our core deposits. We did have some borrowings, as we are very much watching our liquidity ratio. You know, everybody talks about a potential capital downturn and we see some liquidity pressure. Some other banks having tremendous outflow of deposits. We're very cognizant of that. We are trying to keep our liquidity at a certain level, by our choice to do that. We did get out and get some short-term borrowing, to kind of help that, knowing that we have these cyclical funds coming in. We also, again, I want to reiterate our bond portfolio. You know, if you look back kind of in 2019, our bond portfolio was close to 10% of our earning assets. You look at it today, we're about 5.5% to 6%. When people kind of look at our loan deposit ratios, you have to remember that we don't have, you know, as a percentage of earning assets, our bond portfolio is much smaller than some of our peers. We've deployed some of that through the balance sheet and, through loans as opposed to the bond portfolio. We anticipate that leveling out over the next couple of quarters as well. Good point. Maybe last one, just touching on premium finance. Had a strong quarter. That's a segment that doesn't get much attention. I was hoping maybe just touch on some of the trends there and what's driving the strength and any expectations for the premium finance side going forward. Yeah, we continue to see that just being a good, steady performer. When you think about that business and the premiums associated with it and the customer base associated with that doesn't really change. Obviously from a credit risk standpoint, it's got very minimal risk, because you're dealing with again, upfront premiums that are paid for us that we have in reserve. You know, from an asset quality standpoint, it's solid. From a production standpoint, it's solid. What we're hoping there, we've seen a lot of consolidation in the industry, and what we're hoping to do is actually garner a little more market share. That's the big focus for 2023. We might see some moderate increases in premium finance. Right now it just continues to be and deliver on a very steady basis. That's great. All right. Thanks, everybody. Thanks, David. The next question is from Christopher Marinac from Janney Montgomery Scott. Please go ahead, Christopher. Thanks. Good morning. Just wanted to follow up on a credit question related to Balboa. As we think through the cycle, how do the risk-adjusted returns evolve as rates go a little higher, perhaps charge-offs could tick up? Do the two kind of offset each other, or, you know, do you see some contraction in the kind of risk-adjusted at Balboa over time? Chris, this is John. The production yields will follow up with the rate environment. You know, the charge-offs running in better than what we anticipated this time last year when we were kind of forecasting it out. I think those will kind of work in lockstep together as you kind of mentioned there. Great. The impact on margin in the long term is still as good, if not better than, as you thought about it last year. Yes. Great. Okay. Just a follow-up for whomever wants to take it on, just deposit generation outside of the traditional, you know, bank channel. Are there opportunities still in the mortgage area and premium finance and in some other, you know, relationships that you've brought to bear over the last several quarters? Yeah, that's a good question, Chris. You know, it's something that a lot of banks have struggled with out of their, kind of their non-core lines is how do you generate deposits and relationships out of those more transactional, typically transactional-oriented models. What we have seen and what we're trying to do right now on several fronts is focus in on that. There's a lot of direct marketing, so we'll be doing a lot of that next year to capitalize on it. One of the things when you look next year through our hiring process, if you will, the majority of the new hires that we have budgeted, which we'll probably reallocate some resources to accommodate the expense for it, is on the treasury management side. We're doing a lot more on treasury management. That will probably be the bright spot for us as we go forward next year with deposits. As you know, those are stickier deposits, more focused on our C&I customer base. We've had some wonderful opportunities there with new hires as of recent. More importantly, the results are reflecting that initiative. That is a big push for us next year. We've got some expense associated with additional hires throughout the network for that. I think that's probably where we're seeing most of the lift next year. We'll still continue to try and penetrate the Balboa and the mortgage operation for deposits. Right now, you know, mortgage does a fairly good job of bringing in deposits because we've got a lot of escrow and tax money obviously that comes in, and that's a seasonal type of approach because obviously it goes out to pay insurance and taxes. They've developed a lot of relationships with our warehouse borrowers and the wholesale lending in addition to all the tax payments and insurance payments that come in. There's a lot more opportunity there, especially in footprint. Great. That's helpful. Thank you for that background. Nicole, just a quick reminder on the public deposits. Do those tend to have lower betas over time? There's a blend of those. The average blend is about accurate to what our historical has been, yes. It's about average. Great. Thanks again for all the time this morning. Absolutely, Chris. As a reminder, to ask any further questions, please press star four by one on your telephone keypad. There is no further questions at this time. Hence, I would like to thank everyone for joining, and I wish you a lovely rest of your day. You may now disconnect your lines.