Good day, everyone, and welcome to the Northeast Bank Fiscal Year 2021 Third Quarter Earnings Results Conference Call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer, Jean-Pierre Lapointe, Chief Financial Officer, and Patrick Dignan, Executive Vice President and Chief Credit Officer. Last night, an investor presentation was uploaded to the bank's website, which we'll reference in this morning's call. The presentation can be accessed at the investor relations section of northeastbank.com under events and presentations. You may find it helpful to download the investor presentation and follow along during the call. This call will be available for rebroadcast on the website for future use. The question and answer session for this call will be conducted electronically following the presentation. Please note that this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon the current expectations of Northeast Bank's management and are subject to risk and uncertainties. Actual results may differ materially from those discussed in the forward-looking statements. Northeast Bank does not undertake any obligation to update any forward-looking statement. At this time, I would now like to turn the call over to Rick Wayne. Sir, please go ahead. Thank you. Good morning, and thank you all for joining us today. I'm Rick Wayne, the President and Chief Executive Officer of Northeast Bank. With me on the call are Jean-Pierre Lapointe, our Chief Financial Officer, and Patrick Dignan, our Chief Credit Officer and Executive Vice President. After my comments, Jean-Pierre, Patrick, and I will be happy to answer your questions. For purposes of my comments, I'd like to use the slide deck that we uploaded as a reference tool. Turning to slide number three, which is the slide after the forward-looking statement, I want to highlight a few points here. One, on our purchase loans for the quarter, we invested $39.9 million on $42.5 million of Unpaid Principal Balance. We bought this literally the last day of the quarter, so the income from this pool, from this purchase was not reflected in our quarterly results, but will, of course, be on a go-forward basis. For the year, this is now through three quarters, we purchased or invested $136 million, and I would compare that for the full year of FY 2020, where we invested $171 million with a quarter to go for us to make apples-to-apples comparison. On the originated side, we originated $69.3 million of loans, which brings us to $194.8 million for nine months, and our entire volume for FY 2020 was $171 million, which, of course, was impacted by COVID. We are originating a lot and have a big pipeline. I want to spend a little time now on the PPP, and then in the future slides, I'll go into some more detail. In the quarter, we originated $2.25 billion. I'm going to say that again, that's a lot. $2.25 billion, of which we sold $2.14 billion to The Loan Source, generating a pre-tax gain of $33 million. As you know from our previous calls, we act as a correspondent to The Loan Source, effectuating their borrowing from the Fed to purchase loans. We share in half of the revenue for that. In the quarter that just ended, we earned $6 million. For the three quarters of our fiscal year, we have earned $16.8 million so far. Our average cost of deposits for the quarter was 54 basis points, and Jean-Pierre is going to have a lot to say about that because we consider that to be a really meaningful accomplishment as we're focusing more and more on improving our funding composition and cost of funds. Then I want to also highlight for the quarter, while our net interest margin all-in was 393, if we exclude the impact of the PPP, our NIM was 506. Obviously, a really strong number. A little bit down from prior quarters. Because recently, with all of our capital and our loan capacity, we've tried to be able to buy loans where loan-to-value are really low. That is to say, performance expectations are high, even if some of the yields are lower. I would point out, we sit here today with Tier 1 capital of $218 million, significantly higher because of all of our earnings. Our loan capacity today is $900 million. Our earnings for the quarter were $34.2 million. You may have seen in the headline from our earnings release, we call it record earnings. It certainly was that and a lot more. We didn't have a way to describe it other than record earnings. Obviously, $34.2 million and 4.06 earnings per share and 71% return on equity and 7%, almost, return on assets is quite a quarter. For the nine months, we've earned $50 million, $6 EPS, 37% return on equity and 4.5% return on assets. Those are numbers we're obviously very proud of. On page four, we provide, as we have in the past, some detail on our correspondent fee because it is so material. I want to first bring your attention to the bottom table, first column, where it shows PPP loans purchased by The Loan Source. Through March 31, they have purchased $6.86 billion of loans. That includes the $2.1 billion that we sold them this quarter, which we sold to them at par, so there was no discount on that to be amortized. If you look across the discount when they purchased those, I'm now talking about the aggregate amount, was $8.7 million. That gets amortized over roughly two years, and the quarterly income from that was $1,098,000. You can see that is in the second column, and it is also the first number in the table above. Also, when they buy loans, they pay for the accrued interest, typically. The total of all of that was $7.8 million, and $922,000 was brought into income this quarter. Finally, we share in half of the servicing income. As a reminder, the servicing income is the difference between the rate the borrowers pay, which is 1%, the cost that The Loan Source borrows from the Fed, which is 35 basis points. There's 65 basis points on the outstanding PPP loans, less the servicing cost, and we get half of that, and that was $3,950,000 for the quarter. That was a total of $5,970,000 that we recognized in the quarter. On the next slide, five, which I'm just going to go over quickly because it's going to frame part of the discussion on the slides that follow. This shows that we have, at the end of the quarter, a loan book of $1.2 billion. This does not include our PPP loans on our balance sheet. You can see that out of the $1.2 billion, the lion's share of that is in our national lending activity, of which purchased loans are $433 million, $256 million in direct originated loans, $216 million in portfolio finance. I think two things are really interesting, one on the slide, one not. What's interesting is you can see how low the LTVs are in the column to the far right, 50% on the whole portfolio, and even less in our national lending. There's a little bit more detail on slides that follow. I'll highlight a little bit of it. These slides have been in the deck before and are just updated. Those of you that want to look through the detail are able to do so. A point I want to make that is not on this particular slide is our whole loan book is 2,200 loans. 2,200 loans, we originated PP P loans of 22,000 in the quarter. It's just remarkable amount of volume and such a tribute to just the great team we have. Except for those working in the banking centers who are busy, and they're doing a great job, and we appreciate them going there. Virtually everybody else is working home. In addition to the 22,000 PP P loans, we were quite busy in our core business of originating and purchasing loans, which I will talk about shortly. In fact, I'll start to talk about it right now. You can see this is a bridge that shows what our national lending book looks like at 12/31, and what it looks like at March 31. There's both good news here, and then there's a point of I want to talk about where we have both a challenge and an opportunity. If you look at the originated loans, we originated $69 million. That's a really good number. There's a slide that follows, that goes back and looks back five quarters, and you'll see that's the second-best quarter we've had in a long time. The runoff, though, was $74 million. I'm going to come back to that runoff point in a second. We purchased $40 million, and we had runoff of $25 million. The really good news is we had a lot of volume. I think what we have to do a better job at on a go-forward basis is retaining more of our portfolio. We're going to start to focus on that and report on that. The way that we're going to improve on that, I don't want to make a prediction because, for example, on our purchase loan book, I mean, our portfolio finance book, those loans typically get paid off when the underlying loan pays off. One of the opportunities we're going to look at is to see on some of those loans if we can refinance those loans. That would be one. Secondly, getting in front of our loan book by a lot, looking out 120 days in advance or more, and talking to borrowers about trying to refinance for them. All that's within the parameter, obviously, of making good credit decisions and making sensible choices. Look, for example, on our purchase loan book, whether the best thing to do when you do a discounted cash flow analysis is extend or get paid off, and also considering credit. Our goal is to grow our loan book. As I mentioned earlier, we have $900 million of loan capacity, which is a tremendous opportunity. This is not a prediction at all. There is a forward-looking statement. I will just point out the obvious. If you can grow your loan book, virtually double it, one would expect your earnings to increase substantially. On slide seven is the slide that I alluded to earlier, which goes back through Q3 of FY 2020. You can see in the current period of $69 million of originations, this is the blue bar. That is better than all but the first quarter that we did, $84.6 million. The $40 million of purchases is a good number. As we've said forever, purchases are transactional. It's lumpy. Again, without making any predictions, I will tell you that both our purchase pipeline and our originated pipeline are full. On slide eight is a slide you have seen this before. It takes our national lending portfolio, and it slices it by different metrics. The first one is investment size, and you can see that in the upper left that only 9% of our loan book are loans more than $9 million. There is a footnote there, footnote one, which I would highlight, that the average size overall is $712,000. On our originated book, the average loan size is $2.3 million, and on purchase it's $406,000. I'll remind you that we have over $200 million of Tier 1 capital now, so we can really value the low concentration risk that we have. You can see in the slide below on collateral type, we break it up by category. I want to highlight two things, which I'll talk about in more detail in a second, is retail is 16% of our I apologize for that, the phone ringing. We're all working at home. I hope it's not distracting. The retail is 16% of our national loan book, and hospitality is seven. A question we get asked frequently, given those are areas that have been of some concern, what do we think about our credit risk? I'm going to talk about that in a second. First, let me go to the chart that's in the middle that shows the collateral distribution by state. We're in 45 states. We got half of our portfolio in N.Y. and California. The rest is spread out throughout the different states. There is a slide on nine that shows our asset quality metrics. You can see that they have improved in the quarter. Particularly, I would bring your attention to on the classified commercial loans. These are our internal ratings of 8, 9, and 10, down from $20 million to $15 million. I'll talk about the allowance briefly in a minute or so. On slide 10, this is always of interest to investors, is how did our loans that we modified do? The answer is they've done well. We had two kinds of modification or forbearances we provided borrowers. One was a principal and interest forbearance, typically for three months. There were a few that we had to give another one to, or we wanted to give another one. You can see that if you look at the grand total, we did $142 million of these. Through March, only $13.9 million were still outstanding. If you can look at the delinquency status, we have a relatively small number of delinquencies there, $3.8 million on $125 million. The most of which we expect to be cleared up in the near future. We also provided, going to slide number 11, we provide detail on interest-only deferrals, you can see that out of the $46.7 million, only $14.6 million is still in deferral. Out of those, only $100,000 are delinquent between 30 and 59 days. Really great performance. Going to slide 12. We always have probably a higher number of non-performing assets than other banks do by nature of our business. One thing we've never pointed out before, but I think it's important, and we've done it on this slide, is to make the point that it's not static. We have loans that go into non-performing, loans that go out of non-performing. If you look at the balance of non-performing loans at December 31, it was $30.5 million. During the quarter, we added $4.7 million, but $12 million got resolved. The net of that was the non-performing loans came down by $7.5 million, or 25%. The most important takeaway is there's lots of movement in this non-performance category. Our allowance is on page 13, where we break it out in a lot of detail. The only point I want to make here is that the accounting for purchase loans, you do not have a general allowance. You just have specific allowance where there's impairment. If you look at the percentage of our allowance for our originated loan book, we're now at 1.48%, which is very high compared to where we used to be. I should say much higher compared to where we used to be. My final point before I turn it over to Jean-Pierre is on the hospitality and retail credit risk. You can see here we break it out in those two categories. Hospitality is the second listed one, and then retail is the second one from the bottom. We break it down by different channels, directly originated, portfolio finance, and purchase. You can see that in both cases, the loan to values are 51%. We don't expect at all any meaningful credit losses in those categories. They've been performing actually quite well. It's certainly within the realm of possibility some of those at some point may have some performance issues, but so far so good with those. Let me see. I think with that, there are a bunch of other slides that follow around this. I will let you look at those as you would like. Obviously, of course, if you have any questions, we'd love to talk to you. With that, I'm going to turn it over to Jean-Pierre Lapointe. Thank you. Thank you, Rick, and good morning, everyone. I will pick up on slide 20, which shows the quarterly interest cost of our deposit portfolio, which has decreased significantly over the past five quarters, from 1.7% in the comparable prior year quarter to 54 basis points in the current quarter, and stood at 49 basis points at the end of the quarter. The significant interest expense savings has been achieved from a combination of a low interest rate environment, along with our efforts to shift the makeup of our deposit portfolio from time deposits to transaction accounts. Turning to slide 21. This slide shows the change in the composition of our deposit portfolio year-over-year. Our community bank deposits have increased from 44% of our total deposit portfolio a year ago to 73% at the end of the current quarter. Alternatively, ableBanking has decreased from 31% to 17%, and bulletin board CDs from 25% to 10%. As the bottom table shows, the majority of the change in our product composition was in checking accounts, which includes demand deposits, which increased from 15% of our deposit portfolio in the comparable prior year quarter to 49% in the current quarter. As you will see in more detail in the next slide, a significant portion of the balance is attributable to the PPP collection account, the balance of which we expect to remain elevated over the next few quarters as elevated PPP collection activity continues. Additionally, there was interest rate savings in all types, but the most significant savings were seen in money market and Certificate of Deposit portfolios, in which the weighted average rate decreased by 1.04% and 80 basis points, respectively, over the one-year period. Turning to slide 22. This slide shows a change in our deposit portfolio in annualized interest expense monthly over the past year, while also displaying the recent significant impact of the PPP collection account, which impacts our cash and deposit balances and is subject to significant fluctuation. This slide also excludes the impact of $400 million of two-month brokered CDs that were taken out in January to help fund PPP loans and matured prior to the end of the quarter. The rate on those brokered CDs was 15 basis points, and this funding source is not expected to be recurring, which is why it's excluded from the analysis. Over the past year, we have generated approximately $9.6 million in annual interest expense savings in our deposit portfolio, decreasing from $15.9% in April 2020 to just $6.3 million in March 2021. Moving ahead to slide 24. This slide provides detail on our potential additional future interest expense savings on our CD portfolio, of which 78%, or $232 million, is scheduled to mature within the next 12 months. Based on the current weighted average interest rate of 1.42%, this amounts to $3.3 million in annual interest expense to the bank. Slide 25 shows our quarterly revenues over the past five quarters, which have increased by $36.2 million from the linked quarter and $40.9 million from the comparable prior year quarter. Revenues excluding PPP gains have increased $3.2 million from the linked quarter and $7.9 million from the comparable prior year quarter. Our non-interest expense has decreased by $792,000 from the linked quarter and $445,000 from the comparable prior year quarter, which demonstrates our continued ability to continue to increase revenues while maintaining flat or slightly lower expenses. The primary driver for the decrease in non-interest expense as compared to both the linked quarter and the comparable prior year quarter, was a decrease in salaries expense of $858,000 and $847,000 respectively, primarily due to an increase of $4.4 million in deferred salaries contra-e xpense related to PPP loan originations, partially offset by an increase of $3.3 million in bonus expense attributable to the high level of PPP activity. Additionally, during the current quarter, we had a recovery of $276,000 on our Small Business Administration servicing asset as compared to a $233,000 impairment charge in the linked quarter and a $215,000 impairment charge in the comparable prior year quarter. That concludes our prepared remarks. At this time, we would like to open up the line to Q&A. Pardon me, just a reminder, if you have a question, please press star one. We do have a question from Alex Twerdahl from Piper Sandler. Hey, good morning, guys. Can you hear me? Alex, good morning. Morning. Te chnical difficulty there. Morning, Alex. No worries at all. I'm surprised, Rick, you might be the only guy in the country with a home phone still. A couple questions. No, I'm on my mobile phone. I got the iPhone 12. Oh, sorry about that. Couple questions from me. First off, I know we can look from the SBA data, which I think through the second week of April, you guys had originated a total of $2.56 billion loans in the round two. Obviously, you disclosed in the press release what you did through the end of the first quarter. Are you able to give us an update on what that total origination volume is through, I guess, now the third week in April? Yeah, it's in that range still. It's maybe $2.6 billion and a little more. Roughly that. It's higher than that number, but not meaningfully higher. It has slowed down. The obvious point is we have, in this quarter, another $500 million or $600 million that we'll wind up selling in the current quarter. Okay, great. If that was the second part of your question, I anticipated. Yeah, I assume everything has to be sold, if I'm correct, by the end of June. Is that right? That's currently correct, yes. It's possible that the Fed will extend the PPP window. We'll certainly sell virtually all of our production before the end of June. I think an open question, and there is no prediction implied in this, is if they extend the window, will there be an opportunity to buy more loans? That we don't know, for The Loan Source. Okay. I wanted to drill in on some of the commentary you had on changing the pricing strategy around the loan purchases, I was wondering if you could maybe help us understand if that certainly should result in more volume, are you underwriting them now to try to get a certain number of volume in the door per quarter or per year? Sort of what are the acceptable yields, how will the complexion of the portfolio change as a result of some minor tweaks to the strategy? Well, I would say that this is an incremental change in our strategy. We Well, when there are opportunities arise, bid on loans, as we did previously, that generated higher yields. We have taken a look at how much capacity that we have and say that, if we can bid loans where, in our view, there's not a credit risk component, and we can bid loans that I don't want to say on the phone what our bidding strategy is exactly, because there are other people listening for obvious reasons. I think the point is, the way I can say it is that in addition to whatever we would bid before, if we can bid loans and earn roughly what we would do on an originated loan and buy them in bulk, that's a good strategy. Okay. Agreed. Sometimes on the call, you give an update on sort of the volumes of loans that you are able to look at during the quarter or what you bid on. Obviously, we know what you actually wind up purchasing. Are you able to provide those figures to us? Yeah, I can. If you ask one more question while I'm looking, I will tell you that. Yeah. Well, I wanted to ask a question on the deposit cost strategy. Obviously, the growth in the community bank is pretty impressive, and I know that you've changed the strategy there a little bit over the past year. I was hoping maybe you can kind of remind us what the change of the strategy is and, if that's going to be if there's still some runway to grow deposits there and, going forward, if that's going to be the primary funding source for everything. Jean-Pierre, you want to comment on that while I'm searching for Alex's other question? Sure. Thanks, Alex. The focus there was looking at our branch networking, looking at some of the opportunities that we have to generate some retail deposits, partnering with professional service companies and other, that have less lending needs but have deposit needs and reaching out to them and trying to grow the community bank that way. It's been very successful. We've been looking outside of our normal, what we had always done in the community bank for our deposit growth and looking at different opportunities that might present themselves in the Maine market and elsewhere, which has allowed us to grow that successfully over the past year or so. Hopefully continue to do so in the future, and becoming less reliant on the ableBanking funding arm and the bulletin boards that we have there. A lot of it has been grassroots efforts, outreach to some of these professional service companies, and just making sure that our product mix meets the needs of some of these companies to be able to offer them what they need from an institution to place their deposits with. Okay. Thank you for that. I think [crosstalk]. I'm sorry. Go on, Alex. No, no, you go on. Well, first I was going to acknowledge, you're right, we do have an old phone. It just rang. I was thinking I was talking on my cell phone. Yes, we do have. B B ecause I'm aging myself here. We looked at, on the purchase side, we reviewed $280 million, I'll do some rounding here, of loans. We bid on $70 million, we were awarded $42 million. Okay. Now, I mean, [crosstalk] a couple of quarters [crosstalk]. Go on. I was going to say, a couple of quarters ago, when we all thought the world was coming to an end and we were looking at sort of the opportunity to purchase loans, it was seemingly very strong, based on sort of distressed assets and companies needing to shed certain types of loans. Fast-forward a couple quarters where we are today, it seems like credit is no longer as big a concern. We've had a lot more M&A than we probably were anticipating a couple quarters ago, which I know sometimes drives some of these loan sales. I was hoping you could give us a little bit of commentary on sort of how you see the picture today for the loan purchase market. I'm going to start, and I'm going to ask Patrick to jump in and add to this. I would say it hasn't turned out as we originally thought. As you said, there is not a ton of loans that we can buy, which I thought maybe we would've bought at $0.80. Probably said that earlier. It's just not the case. What we're really seeing a fair amount of, although it wasn't so much in the quarter that just ending, but kind of what we look forward to is, we are seeing a fair number of loans that are low Loan-to-Value, that you may be winning at 6% yield to maturity, and with some prepayment, you're going to make a 7%. We're seeing a fair amount of loans like that. It's not what we thought, and I think this is probably a universally held view. That credit's a lot better than everybody would've thought it would've been. At least in our world, it seems to be. Patrick, you want to add to that? Provide Alex some more color? No, I think that's right. A few quarters ago, it seems like there were two markets. There was the cleaner low LTV stuff, which was trading aggressively or there was a lot of competition for. Higher-yielding loans, a lot of which were just not selling because of the bid-ask gap. That piece of the market seems to have dried up, and right now it's kind of the typical sellers we're seeing out there. There's a lot of talk of some big sales coming due to M&A, but we haven't seen any materialize yet. Okay. If we look back at maybe 2019 as an example, a year for what you did, Obviously there's a lot of lumpiness in the quarters. Would you say the market is looking similar to the way it was in 2019, or has the competitive landscape changed as well, this repurchase market? Patrick? I don't think it's changed as much as we thought it was going to change at the beginning of this. A year ago, we anticipated significant changes. There's a few players that are no longer in the market, but for the most part, the market has not changed that much. Except what we've seen, I guess, over the past year is more cleaner, higher-quality loans. This is a point I would make, though, is rather than looking just at the yield on the purchase loans, let's think about spread. Right? If you can buy loans that you earn a seven on, our money costs us right now 50 basis points. All day long, 650 basis points is a really great spread on purchase loans. I'm not suggesting that that's where the number will be. For the quarter, I don't have that slide open, though, we were 8.5 roughly. I can open up and be more precise in my language. We still are earning a really great return on our purchase loan book with much lower funding costs. I think that is really the key part of this. Agreed. On the originated Loan Acquisition and Servicing Group, which has become a much larger percentage of the portfolio over the last few years. As you talk about the change in the slight shift in the strategy there to try to keep more loans or try to help them refinance with Northeast Bank. Would the refinance loan look a lot like the loan that you'd have on the balance sheet today, or would the characteristics be different for any reason? Well, obviously the credit part of it would look the same. If we didn't like the credit, we would not extend it. It's to be negotiated, it really depends on kind of where the loan was sourced from. If we bought on a purchase loan that may have had a low rate of three or 3.5 w hen it was underwritten, and we bought it at a discount to get a better yield. That's a loan that you would expect that we would extend at 5.5%, maybe 6%, maybe lower, depends what you can negotiate. Our goal would be to, at least on the rate part of it, is that maybe the rate would come down a little bit as an enticement for the borrower to stay with us. There's a lot of reasons why a borrower should want to stay. There's no closing cost, there's no appraisal, there's no legal. There's very few friction costs are already there. Hopefully, we have a good relationship with them. There may be a little bit of pricing concession. There may be some cases where the pricing goes up. I'm not suggesting at all that we're going to take an originated portfolio or a portfolio finance one where we're earning a 6%, we're going to earn a 4%. We're still going to earn very good returns on it. I'm just making the point that if you look at on the originated side last quarter, we had more paydowns than we had originations. We think it's a huge opportunity with a billion-dollar loan book to try and get loans that are longer and stickier and develop closer ties with those customers. Understood. Two more questions from me. First off, you guys essentially raised a bunch of capital this quarter through all the PPP work that you did, which is awesome. As you think about the capital position, certainly growing loans is probably your first priority, but where does repurchasing shares fit in the scheme of capital allocation? Well, we have a lot of capital now. We always have to think about whether we can use our capital in the business, or if not, think about whether we ought to think about repurchasing shares or some other return of capital. In part, it depends upon the price. Maybe if we talked about this sometime when we were trading at $25 would've been one thought. Of course, who knows how long it'll last? We're at $30. It kind of depends on where the stock price is relative to our tangible book. Certainly within the realm of possibility that we could repurchase more shares, though, if we don't feel comfortable that we have a way to use the capital in our lending business. Got it. Final question from me, which you sort of went through it already, but on slide four with the correspondent fee, the moving parts there. Perhaps it'd be worth just kind of going through one more time how the revenue, that $11.8 million of revenue that's yet to be recognized from the correspondent fee summary will actually, sort of the timing on that, especially as maybe some of these loans start to be forgiven in the next couple of quarters. Also how that will impact the servicing interest, which we'd expect probably to go up next quarter just because of all the loans that The Loan Source has purchased from you guys. Maybe if there's a way to sort of frame what the expectation could be over the next couple of quarters as some of the forgiveness starts to play into the numbers. Jean-Pierre, do you want to do that, please? Sure. Thank you, Alex. I'll break your question into a couple of parts. The first, I think you're correct. I think we'll see the servicing component increase next quarter. If that's the end of the PPP and the end of the PPPLF and The Loan Source doesn't have the ability to purchase any additional loans, then that'll kind of be the highest point that it'll be at, and then as they're forgiven over time, will gradually come down as that servicing portfolio runs down. On the other aspect, on the amortization of the correspondent fee and the purchase accrued interest. We had set that up originally when all of these loan purchases occurred, to be recognized over an approximate life of the loans, which we determined to be about two years. We do have that amortizing over that life. We do look at it each month to see if the loans are being forgiven quicker than how we're recognizing that. Right now there hasn't been any pickup there, where the loans are running off faster than how we're recognizing those fees. If it comes to a time where those are being forgiven at a pace faster than how we're recognizing that fee income, they could accelerate our recognition at that point. Great. That's helpful. Thanks for taking my questions. Alex Twerdahl, great. Thank you very much. As a reminder, please press star one to ask a question at this time. Okay, sir. I will now turn the call over to Rick Wayne for any closing remarks as we have no further questions. Thank you. First, Alex, thank you for that set of questions. I hope that was helpful to you and others on the call. To everyone else on the call, and Alex, of course, thank you for listening and supporting us. We will have another call in July when we talk about our fourth quarter and our fiscal year-end results. In the meantime, as I always suggest, if you have any questions, feel free to call any one of us, and to the extent that we're able to answer those, we will do that. With that, I will say goodbye to you. Thank you. Thank you, ladies and gentlemen. This concludes today's teleconference. You may now disconnect.