Good day everyone, welcome to the Northeast Bank Fiscal Year 2020 Fourth Quarter Earnings Results Conference Call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer, JP Lapointe, Chief Financial Officer, and Pat Dignan, Executive Vice President and Chief Credit Officer. Last night, an investor presentation was uploaded to the bank's website, which we will 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 this investor presentation and follow along during the call. Also, 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 these forward-looking statements. Northeast Bank does not undertake any obligations to update any forward-looking statements. At this time, I would like to turn the call over to Rick Wayne. Please go ahead, Sir.
Thank you very much. Good morning. Thank you all for joining us today. I am Rick Wayne, the Chief Executive Officer of Northeast Bank. With me on the call are JP Lapointe, our Chief Financial Officer, and Pat Dignan, our Chief Credit Officer and Executive Vice President. After our comments, we would be happy to answer your questions. Before I start, let me say our thoughts continue to be with the individuals, families, communities, healthcare workers, and first responders affected by COVID-19. It's unimaginable the toll the pandemic is continuing to take around the world. We are doing our best to help those affected by COVID-19, including donating masks to local hospitals, contributing to local food pantries, homeless shelters, and youth programs. We have been providing accommodations to borrowers through payment forbearance and meeting the needs of our employees who face new challenges while working at home.
As we'll discuss, we've been actively participating in the payroll Paycheck Protection Program as well. Friends, investors, and other constituents of the bank often kindly and genuinely ask how we're doing, and we continue to do well. To protect our employees and customers, we only serve as deposit customers in those branches that have drive-through windows. Other than employees working in those branches, almost all other employees are working at home. Thanks to an exceptional IT and operations group and a dedicated team of other professionals, we've been able to conduct business virtually the same as before the COVID-19. It is certainly a different environment, but our professional, hardworking, adaptive, and dedicated team has risen to the occasion.
On this call, I'd like to focus on the Paycheck Protection Program, or PPP, which has been quite meaningful to our bank, our correspondent banking income, LASG activity, deferments, and also stock repurchases. After my comments, JP will provide a high-level overview of our financial results. For the fourth quarter of fiscal 2020, after the close of the market yesterday, excuse me, we announced record quarterly net income. Excuse me. Just a cough, not sick. Record quarterly net income $11.2 million, or $1.33 per diluted common share. A return on average equity of 28.4% and a return on average assets of 3.1%. Those are remarkable numbers. I just want to repeat, a return on average equity of 28.4% and a return on average assets of 3.1%, a record for us.
For the year, we also had a record with earnings of $22.7 million, or $2.53 per diluted common share, a return on average equity of 14.2%, and a return on average assets of 1.8%. Turning to slide four. Through June 30th, we originated approximately 4,400 PPP loans in the aggregate amount of $487.5 million to borrowers with 10s of thousands of associated jobs. Late in our fourth fiscal quarter, we sold $457.6 million of our PPP loans to Loan Source , generating a pre-tax net gain of $9.7 million or approximately $6.7 million of net of tax. $29.9 million of loans not included in the sale, plus PPP loans that we originated after June 30th, we will sell after June 30th, we can expect to see that in our first fiscal quarter. Turning to slide five.
We previously announced we had entered into an arrangement with Loan Source to act as their correspondent with the Federal Reserve in order to facilitate their ability to purchase PPP loans from other banks and finance the purchase through borrowings from the Federal Reserve under the program known as PPPLF. Under this arrangement, eligible borrowers from the Fed can borrow at 35 basis points. For us, this has been, and potentially will be in the future, a significant source of income. Under our arrangement with Loan Source , we share, or we get paid 1/2 of the net gain on any purchases, plus 1/2 of the servicing income earned on their PPP portfolio that they purchased. Looking at the slide. In June, they purchased $1.3 billion, I'm rounding a little bit, of PPP loans, including the $457 million they purchased from Northeast Bank.
That generated a fee for us of $2.9 million. Just this week, Loan Source purchased an additional $1.6 billion of loans, including $44 million from us, relatively small amount, which generated an additional $5.6 million of correspondent fee income for the bank. Where we are now, we have been paid $8.5 million of correspondent fees, which we haven't recognized in any material way in income. That $8.5 million will be recognized over the estimated life of the $2.9 billion PPP portfolio. In addition to that, the servicing income that's earned on that $2.9 billion PPP portfolio, we will receive 1/2 of that servicing income. Just yesterday, it was announced that the PPP LF, that is again the lending facility from the Fed which permits these loan purchases by Loan Source, which was originally scheduled to terminate on September 30th, has now been extended to December 31.
Meaning that Loan Source now has until, unless extended longer, until December 31 to purchase PPP loans, which, if they did, would generate income for us as I have described. We're not making a prediction here whether they will or they won't, but they certainly have done a lot so far. If we turn now to slide six. This is an interesting slide which shows the balance of our LASG portfolio at the end of the last quarter, March 31, through the balance at June 30th. What you can see here, which is very usual for us, is that our portfolio declined by 6% over those three months. As those of you know who follow us, we've had growth in our LASG portfolio virtually every quarter.
The reason that it declined is that we had relatively small number of purchases, only $13 million, and small numbers of originations, $33.6 million. None of that's surprising. We mentioned at our last call, which was in April, that we did not expect that we would have a lot of volume either in purchase or originations for this quarter. The pandemic was just taking off. People were getting adjusted to it. People were staying home, not focusing so much on borrowing more money or buying properties and banks, not so much, and other sellers thinking about selling loans. We did have a fairly significant amount of payoffs, $100 million of payoffs and amortizations. In this particular case, we're of the view that was a good thing because, in particular, some of the loans that got paid off, we were happy to have them paid off.
Not that we were concerned that we would have principal loss. As you recall in our conversation last time, in great detail, we went through all of our LASG portfolio and other portfolios estimating what the loan-to-values were. They were generally on a weighted average basis in the low 50s. We had some credits that could have had some problems paying, and we were just as happy to see those borrowers pay off, sometimes on their own volition and sometimes with some urging from us. If I were to summarize that on slide six, I would say that that is actually positive, even though it might be counterintuitive.
One of the things that we have talked about for a while now is the opportunity that will present itself to us, we believe, to be able to, particularly in the purchased area, but also in the originated area, as we go into this real estate cycle. As I said last time, and I'll repeat again, we want to be conservative. We don't want to be aggressive in building a balance sheet now to regret it later. We want to make our balance sheet as strong as possible, so when the opportunity really presents itself, we're in a strong position with a lot of capital that we have, the great skill that we have in underwriting and managing commercial real estate loans. We want to take advantage of the opportunity when it's the right time. You've all heard the expression of catching a falling knife.
Sounds unpleasant even to say it. We're not interested in doing that. As we think about the year, you heard the forward-looking statements, I'm going to make one. I expect that our volume, both on originated and purchased, will increase over the year as things tend to settle down. Being conservative is important and making sure that our existing portfolio is strong as possible is also important. If we turn to slide seven, I think this is a really great and interesting slide. This is a slide, we call it COVID modification summary. Others call it deferment. It's all the same thing. We have put together a slide with more specificity than we could when we talked in April because it was too early then. You can see that month by month, May through July, we indicate the amount of deferrals that we were granted.
The grand total of those. Now, these are three-month total deferrals of principal and interest. No payments for three months. You can see the grand total of that was $135 million. If we take that number and use it over our loan balance at June 30th, it's 14%. Let's see what happened to those where things could happen. In March, and incidentally, this information is as of July 27th. In March, we had original deferrals of $8.8 million. None of those asked for an additional deferral period. As of July 27th, $7.2 million have paid, $1 million is under 30 days, which for call report purposes, as you know, is considered current, and only $600,000 more than 30 days past due. April was a bigger month.
We had $86.3 million of deferrals, and we had out of those [19.4], call it $20 million of those borrowers who requested, and we agreed to an additional three months. The balance is very strong. As of July 27th, $45 million, a little rounding, have paid, and $21.6 million are under 30 days. Again, current for call report purposes and none over 30. With respect to the deferments in May and June and July, those are not scheduled to resume in August, September, and October. We are hopeful they will look like those that terminated from the ones that started in March and April. When we sum that up at where we are on July 27th, we have $60 million of total forbearance deferments, which now represents 6.19% of the balance on June 30th.
That number includes the $19.8 million that rolled over from the original ones in April. That's quite a good number, and it's performing well. If we go to slide number eight, these are different modifications. These are modifications that we offered customers that they could go six months interest only, which frankly, we prefer these. You can see the total is March through July, that was $50.5 million. They're all paying. We have $39.6 million that have paid on July 27th, and $10 million that are less than 30 days, which we expect will be current. That represents 5.2% of the total loans. That's a lot of detail on the deferments, but we think those are very good numbers and a great thanks to our excellent asset management team. On slide number nine are some metrics on our asset quality.
I think as JP will mention, that our delinquencies are down to $16 million and change as of June 30, which is down from about $21 million, or maybe more. JP will give you the number on March 31, and our non-accrual loans are also down as well. On slide 10, there's some detail on our allowance. We had provided this last quarter as well. I always want to remind everyone that the accounting for purchase loans does not permit a general reserve on purchase loans. We provide the detail as to what that balance is and what we have as specific reserves. Of great interest is that our allowance on our originated loan book is now $8.5 million on $584 million. That is coverage of 1.45%, which has increased dramatically over the year.
Finally, on slide 11, we have some detail on our repurchase plan. As you may recall, when we reported on March 31, we indicated that out of the 900,000 repurchase plan approved in October of 2019, we had purchased 416,700 shares at an average price of $12.83. In the fourth quarter, that is the quarter we're reporting on now, that's our fiscal quarter, we purchased 436,398 shares at an average price of $14.04. Out of that 900,000 repurchase plan, we repurchased a total of 853,098 shares at $13.45. Remaining out of that plan, therefore, is 46,902 shares, roughly 47,000 shares. On July 21, we received, and we announced that we had regulatory approval, to purchase, repurchase an additional 600,000 shares, but spending no more than $10.2 million, which now gives us capacity of $646,902. That's what we have.
We buy stock when we think it makes sense relative to where the stock is trading. Our tangible book value is almost $20 now. Stock price seems as the price is giving us opportunities to buy stock, let me say it that way. With that, I will now turn the call over to JP.
Thank you, Rick, and good morning, everyone. Today, I will be providing a very high-level review of our financial results and activities for the quarter ended June 30th, 2020. As announced in our earnings release that was made public after the close of business yesterday, net income for the quarter was $11.2 million, or $1.33 per diluted common share. Diluted net income per common share was up $1.12 from the quarter ended March 31st, 2020, which I shall refer to as the linked quarter, and up $1.40 from the quarter ended June 30th, 2019, which I shall refer to as the comparable prior year quarter. Driving the results for the quarter ended June 30th, 2020 was the net gain from the sale of PPP loans, as Rick discussed in his remarks.
Compared to the linked quarter, aside from the previously mentioned gain on sale of PPP loans, net interest income increased by $1.1 million due to increased interest income of $758,000, primarily from the PPP loans, along with interest expense savings of $305,000, primarily from lower deposit costs. Compared to the linked quarter, the cost of interest-bearing liabilities decreased by 48 basis points due to the lower rates from the FHLB and PPPLF advances, along with a 20 basis point savings on interest-bearing deposits.
Compared to the linked quarter, the provision for loan losses decreased by $2.6 million due to the large provision in the linked quarter to reserve for potential losses inherent in the loan portfolio, primarily for SBA loans in response to the COVID-19 pandemic, whereas the amount provided in the current quarter was primarily due to increased specific reserves on impaired loans. Non-interest income increased by $9 million, primarily due to the net gain on sale of PPP loans. Non-interest expense increased $87,000 from the linked quarter. Compared to the comparable prior year quarter, net interest income increased by $96,000, primarily due to an $806,000 decrease in interest expense, which was due to lower cost deposits as the cost of interest-bearing deposits decreased 36 basis points from 2.02% in the comparable prior year quarter to 1.66% in the current quarter.
Additionally, interest income decreased $710,000 from the comparable prior year quarter, primarily due to a decrease in the rate earned on cash held at the Federal Reserve. The provision for loan losses increased $643,000 from the comparable prior year quarter due to increased specific reserves identified in reserve for during the current quarter relative to the comparable prior year quarter. Non-interest income increased by $8.7 million from the comparable prior year quarter, primarily due to the net gain on sale of PPP loans. Non-interest expense decreased $8.3 million from the comparable prior year quarter, primarily due to $8.3 million of reorganization expenses incurred in the comparable prior year quarter that were not incurred during the current quarter. Additionally, the weighted average rate of deposits at June 30th, 2020, was 1.38%.
We also have an additional $151 million of ableBanking and bulletin board CDs at a weighted average rate of 2.35%, which are scheduled to mature in the first two quarters of fiscal year 2021. Given our current funding position, we have not been bringing new CDs on or rolling over maturing CDs. Therefore, the cost of funds may remain elevated until we bring lower cost of funds on the balance sheet. However, interest expense is expected to continue to decrease as the higher cost funds continue to roll off the balance sheet. That concludes our prepared remarks. At this time, we would like to open up the line to Q&A.
If you would like to ask a question, please do so by pressing the star key followed by the digit one on your touchtone telephone. If you are using a speakerphone to ask a question, please make sure your mute function is turned off to allow your signal to reach our equipment. We will proceed in the order that you signal us, and we'll take as many questions as time permits. Once again, please press star one on your touchtone telephone to ask a question. Your first question will come from the line of Alex Twerdahl.
Hey, good morning.
Good morning, Alex.
Morning, Alex.
First off, wanted to hope maybe we could give a little bit more color on the purchase market. I guess we sort of realized we weren't going to see increased activity so soon, but do you have a sense, do you think it's going to be the third quarter or I guess the fiscal first quarter for you guys, we start to see activity pick up and maybe talk a little bit about what you're seeing in terms of the supply out there. Also kind of, as it relates to that, the pricing on what you did buy this past quarter was a little bit better than what we've seen in the past. Is that a function of fewer competitors out there? Maybe just give us a little bit more color on that market.
Well, first, the last part. It was a good buy. I think that's only one data point. I wouldn't read too much into the pricing on one or two transactions. We have not seen a lot in the market as we sit here now. In part, it's seasonal. In part, it's COVID. In part, I think the bid ask is too wide. Seller expectations are too high. Haven't recalibrated yet to really where stuff will trade. I'd like to give you a precise answer as to what we'll see, when we'll see it. I know we're challenging in that regard to try and model. I think the best I could say is that I would expect over this fiscal year for us, we will buy a fair share. We will buy at better pricing, and I think it'll come later. It'll kind of build over the year.
Let me ask Pat. Incidentally, everybody, we're in different places, so if we talk over each other, it's because we're not looking at each other. Pat, do you want to add to anything I've said in response to Alex's question about the purchase loan market and what might be in the future?
Sure, Rick. Thank you. Good morning, Alex. Yeah, I think traditionally, July and August are very slow anyway. Loan sales tend to pick up toward the end of the year, the calendar year as balance sheet repositioning becomes a higher priority and other strategies fail to pan out. With respect to anything COVID related, I think it's a little early for any kind of sell-off or illiquidity events that would generate opportunities for us. There's a couple of hotel portfolios that are out that as you would imagine that would come out first. A couple of sellers looking to exit that business. Otherwise, it's pretty quiet, and it's difficult. I think it will be several months before there's the kind of liquidity issues that would create the opportunities that we'd be looking for.
I think I would add to that, is that, in some ways it's a little bit unpredictable business. We could wake up tomorrow, and I'm not predicting this will happen, nor is it based on anything that is happening. We could wake up tomorrow and there could be a purchase opportunity for $200 million of loans.
That's true.
We have the capital to do that. Again, just to be clear, I don't want to set any expectations. I'm not saying that it's there. It's not there. Companies decide to sell, and it could be a lot of volume. I was thinking about it this morning, if you go back, thinking about this business, we first started buying loans, this is going back to Capital Crossing, in the early 1990s, after the problems in the banking industry then. After 1998, after the financial crisis, well, we weren't doing this yet, but there were opportunities, and they were huge opportunities. Loans that we recently were paying $0.92 for, the FDIC was selling for $0.60. I think the most important thing, and we are in this for the long term, not trying to just do well quarter by quarter.
It's to be patient, is to be smart, is not to either originate or buy loans that we're going to regret having. Be somewhat defensive now so that we can play offense when the time is appropriate. I don't mean to get on a pedestal, but probably every banker would say that, but, it's true in our case.
Things like hotel loans, obviously a lot of challenges in that industry right now. Is that something you would avoid? Something that's more at risk, not necessarily specifically hotels.
We wouldn't buy a hotel. I was going to say, I'm sure Pat was going to say the same thing. He was saying that there was a portfolio out there because those are less desirable asset claims. No, we're not buying hotel loans, no. Of course, when you make credit decisions, there's a lot of things you think about, but two really important ones are LTV, and the ability of the borrower to pay. When LTVs values are sort of settling in and not quite settled, you want to be on the really low side, and we don't want to be in asset classes that are not apt to them. We already have a fair amount of hotels, that are not particularly liquid. That's not something we would bid on, no.
Okay, understood. Kind of on a similar, I guess, topic on slide seven, maybe not so similar. Slide seven with the COVID modification summary. Some of these loans, like the $21.6 million that have gone to less than 30 days past due. Can you provide just a little bit more context on what's going on with those loans if they're not paying and they're not in deferral, give us a little bit more comfort that those are good loans.
We could have more granularity about that. Less than 30 days past due could be a borrower that had a payment. Let me back up. This is as of July 27th, right? We wanted to provide as up-to-date information as possible. We often have loans that are less than 30 days past due, and then they pay. Included in that, for example, could be a borrower that had a payment that was due on July 20th and didn't pay on July 20th. I feel reasonably comfortable that when we do this slide again next quarter, we will see good performance out of that group. That's the best way I could say it. If not, you shouldn't re-look at that list at all and think of that those are bad loans, the 21.6 are bad.
With this nature of our business, a lot of them purchased, and that people don't always pay on time, but they generally pay within 30 days. A lot of times, not so much on these because of the nature, but we get late fees and all kinds of things. I think those are good numbers, is the color I would put on it.
Right. I guess these loans were in deferral. You would have had at least a conversation with them if they needed additional deferral, and they'd still be there if there were loans that couldn't make the payments.
Oh, 100%.
Is that the right way to think about it?
100%, because out of the $86.3 million in April, there were $19.8 million that went on deferral, went on three more months. The rest of them didn't. This doesn't exactly answer your question, if you were to file a call report, those would all be shown as current because they're less than 30 days. I would get more concerned if there was a big chunk of those. In fact, I wouldn't like to go crazy about it because it happens sometimes. If that 21.6 was in the 30 to 60-day bucket, that would be cause for more alarm than being in the less than 30-day bucket.
Agreed. Then, going to the arrangement with The Loan Source, which just seems like obviously nice tailwind for you guys over the next couple of months, but do you have any sort of window into what the pipeline could be like for The Loan Source's future purchases?
Well, I'll just put some numbers kind of around. There were $550 billion or so of PPP loans originated by something like 5,000 banks and 1,100 credit unions. Through their marketing plan, and they have an extensive marketing plan, they're probably going to touch most of those banks to see if they're interested in selling. Banks, the ones that have sold, the main reason they sold is they wanted to get rid of the servicing part of it. That's the reason we sold, frankly, because the rules change. You need technology. You need to reallocate your people from doing their core business to learning how to service these and doing that. That costs money, these loans typically sell at 98.5, so somebody gives up 1.5 points to sell it.
There's both actual cost and opportunity cost to service it, and the risk that you're not going to get it right. They're talking to a lot of folks. They've done a lot of volume already. If we started this, we would've been happy as all get out if we got the $3 billion, which we did. They now have, as I did mention in my comments, it was kind of fresh off the press yesterday late. It now goes to September 30th. I would be reluctant to estimate what more they'll do. Could be not much, could be a lot. I'm sorry to give you such unhelpful answers, Alex. I know that they're talking to a lot of banks, but we'll see with banks what they do.
Right.
I would just add one or two other points to that. One, the legislation as to how this will all fall out is uncertain. There's a bill in the, as everyone knows, presumably in the House, in the Senate. They're light years apart. They have different remedies for making the forgiveness process easier. The more complicated it is, the more likely a bank is going to sell, although that's not the only reason that a bank will sell. On the positive Well, that's not negative. That's just a fact. Also, I think there are going to be other Triple P opportunities in the future, namely, they're talking about allowing existing borrowers to borrow again. They're talking about having a program for seasonal businesses. There's lots of things that could possibly flow out of this.
Again, I'm not trying to make a prediction as to what we will do or how much it will be. This seems to be a continuing opportunity.
Right. Is there a way that you can help us frame what that servicing piece could potentially be on $3 billion of loans?
I'll try and be helpful, and then I think I will fail you again. I apologize. If you think about the servicing, the revenue is the difference between the interest rate the borrower pays is 1%, and the borrowing cost from the Fed, which is 35 basis points. On the revenue side, on $3 billion, they have 65 basis points of revenue. They're hoping that they can service this. I'm reluctant to put a number out. I'm going to get into trouble if I do. I think you had put out in one of your releases, Alex, that you thought that our share of it could be in the 20 basis range. I think that's as reasonable an estimate as any. If we were to quantify that's on a run rate of $6 million until the loans are paid down. I think that's reasonable.
I could be off on I won't bore everybody by reading the forward-looking statement, but I think based on what I've seen, that seems a reasonable prediction, give or take a few basis points. I want to just expand on what the income opportunity will be for a while. One, the $8.5 million. How much JP did we amortize of the original $3 million so far? Like $20,000?
Yeah, about $20,000 in June.
That's $8.5 million. All but $20,000 of that will be amortized into income roughly over the next couple of years. It could be a little less as the loans pay off earlier. Okay. That's one thing. Secondly, the servicing income we just talked about. Thirdly, which we really haven't mentioned, but when they buy the loans, they pay whatever they negotiate the price of, say $0.9850. They usually wind up making more like $0.99 because they have referral fees to source the business. One of the things that happens is they have to pay for the accrued interest up until the time they buy the loans. At some point, they're going to get that back. For example, this is a lot of rounding.
The $1.6 billion that they just bought, let's say net of commissions, they got it for 99%, so that's $16 million. You would expect our share to be $8 million, but it was only $5.6 million because there's about $2.5 million of interest expense that they paid for that they won't get back until the loans start paying or get forgiven. There's a lot of money coming in over the next year or two years from this.
When that interest expense comes back upon forgiveness, does that mean that the $8.5 million or so actually goes higher?
It will be higher. Let's just think about the last transaction. Let's use the $1.6 billion one. The $1.6 billion, again, no round numbers, but if they netted a 1% discount, they would have made $16 million. I'm just repeating what I said before. Our share would be $8 million, and we only got $5.6 million. That's because they had to pay the seller almost $5 million of interest that had accrued on those loans. Think about buying a bond when you pay for accrued interest. When those loans start paying, they're going to get back that interest they paid for. We only account for this when we actually get the cash. We're not the buyer of the loans, they are. We'll have even more income coming in.
That's pretty helpful, Rick. Thank you for all the color on that. Then just final question from me. JP, you gave some numbers on the CD maturities just at the end of your prepared remarks, and I just missed those. Can you go through those one more time, just on the funding cost reductions?
Sure, Alex. Our weighted average rate on our deposits at the end of the fiscal year was 1.38%. In addition to that, we have $151 million in able and bulletin board CDs that are scheduled to mature over the next six months. I guess five months at this point, since we're at the end of July, at a weighted average rate of about 2.35% on those. We'll see that money coming off the books. As you can tell on our financials at the end of the year, we do have some excess cash on hand. Right now, we're not putting new CDs on the books. If we were, the current cost of those CDs that are running off to replace those would be around 30 basis points. Don't need the funding, so we do see some straight dollar savings in the interest expense.
If we were to put them on at 30 basis points, that would clearly bring the weighted average rate of our deposit portfolio down pretty dramatically when the time comes and we need some of that funding.
Thank you for clarifying and going over that again. Thanks for taking my questions, guys.
Thank you, Alex.
Thank you.
Once again, please press star one on your touchtone telephone to ask a question. There are no more audio questions at this time. Now I will turn the call over to Rick Wayne for closing remarks.
Thank you, Alex, for your very thoughtful questions, which I hope we were responsive. I hope they were helpful to you and the other listeners on the call now, as well as those that will listen in the future online. This was quite a quarter for us as we went over. Record quarter in so many ways. Appreciate your support. Appreciate you following us. We value your input. We always try and improve our information on our slides very often from feedback we get from investors and others. If you have thoughts, let us know. We appreciate the communication. Most of all, I wish all of you that you stay safe, that your families stay safe. We look forward to the time when this is all behind us. With that, I thank you again, and we'll sign off. Thank you.
Thank you, everyone. This does conclude today's conference call. You may now disconnect.