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BRKL Brookline Bancorp

Participants
Marissa Martin Associate General Counsel
Paul Perrault President and Chief Executive Officer
Carl Carlson Chief Financial Officer
Robert Rose Chief Credit Officer
Mark Fitzgibbon Piper Sandler
Dave Bishop D.A. Davidson
Collyn Gilbert KBW
Laurie Hunsicker Compass Point
William Wallace Raymond James
Call transcript
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Operator

Good day and welcome to the Brookline Bancorp Incorporated Q2 2020 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference call over to Ms. Bancorp. Brookline of Martin Marissa Ms. Martin the ma’am. is yours floor

Marissa Martin

brooklinebancorp.com, Thank issued A. and which our and This good afternoon’s our is the be Carl filed Yesterday, Bancorp’s we afternoon everyone. executive website, of M. earnings page by on call Investor Carlson. you, has SEC. Perrault the been with Mike, available Relations and hosted release Brookline will and presentation, Paul team,

please note different this presentation done being several begin, is locations. from we Before

factors or technical understanding. Brookline Commission, made should delay Brookline of with during refer cause please from we forward-looking appreciate and and forward-looking not statements. risk also So, forward-looking Securities of X and a Any other if differ business our respect performance on financial actual Bancorp. predictions. to results problem, your patience Bancorp's non-GAAP be to our and are Page statement financial of This contain disclaimer. measures results of contain to materially there's refer or operation the made filings that and condition, results in as may Exchange our trends understanding Also, to call Please for to earnings statements with the assist presentation you future measures these could references results which relied actual to this only presentation

release. our For GAAP a to comparison earnings reconciliation please see earnings, and

to introduce President can Page earnings Bancorp's on X I'm us Brookline If pleased join CEO, the you Paul of and Perrault. presentation,

Paul Perrault

priority be The we protocols. every continue the employ our seems activity are both, York Phase all. work-from-home and of in In and Massachusetts our Rhode are related pandemic seeing Thanks to is continue. I'm Massachusetts, most their Rhode slowly optimistic reopening Island, process we trends safety New day and to Marissa bank-by-appointment cautiously areas and economic X employees our and of and and good the recovering. in families health and afternoon to positive Island, the will

increases branch traffic maintaining has limiting our see offices, the We in for strategy continue our any as XX% operation customers. as company’s employees, number continue the of minimizing our well the customers, at as headquarters, non-retail our time while our to bank-by-appointment in and approximately the one to ensuring people centers, well well Boston, received branches potential of been and as safety of work social this employees At and here exposure distancing. by remotely in

payment Our were loan in the quarter loans bankers second busy deferrals. providing quite PPP and

to of I'm be to As X Phase we customers SBA will and is it enter assisting loan PPP through attentions customers the third those the paying report returning on happy process quarter, available. status most now focused when forgiveness the

deferrals, a on driven the challenges financial way, be of publicly quarter. second Carl, customers, X. share who work also customers We paid each report amazing we payment as quarter to review that will to over incredible the may pleased to as now reserve to to another and loan I I’m quarter the company’s been related approved dividend Board established results. stockholders of who will Phase I solid you for $X.XXX want lower small require to by per $X.XX other. supporting as which will and our August. additional recognize turn as had a a continue are continue of By loan our We to will have to in the first employees $XX.X we with the refer in our or million build still earnings who shutdown that segment provision we had loss position substantial facing well

Carl Carlson

and stable $XX.X losses. track million the quarter, revenues, summary to interest We compared million and net card lower income income Slide offset provision income loss a prior increased prior and driven a of income originations the significantly drop Initially, insurance during the in declined. with for statements XX% very interchange was back-to-back as compared customer nearly Ipswich On provided rate lower Weekly and usage QX. Operating sharp costs and due were credits saw loan swaps to higher over Paul. $XX.X has lower by the with you, recognized flat quarter off same for Thank pandemic expenses of year. period steadily flat and year. originations. down. related sharply. the fee activity Bank Fees First X, we’ve as PPP the declined in businesses estate a year. were as last lower We as and also credit we FDIC weekly relatively basis costs expense were associated with commercial debit prior of seasonality, hit quarter consolidation exhausted the as income for shut Revenues by on now This interest real QX, improved deferred a is were

and net million from last QX Our $X.X $XXX,XXX improved pre-tax revenue from pre-provision year.

or for build We continue of earned to loan taxes, $X.X reserve $XX.X with provision share. per we credit for $X.XX million After losses million. losses our

borrowings. LIBOR was cost during decline consisted continued point decline QX cost which of a in and XX Overall, million the points, bearing basis as on bearing of asset XX portfolio decline the XX rates of earning declined points. illustrated as margin declined million of net growth well basis by loan in impact in points X, interest the As $XXX points rates in full deposits Page market basis as as interest our compressed basis the of driven basis income our a increased interest XX realized, XX interest the $X.X The yield in net liabilities average of on QX. cost decline

XXX summary company Slide billion represents and loan losses balance points me X The growth you basis can reference loan million. the loans, quarter, If sheets. X.X comparative excluding with million to of our you X, loans. deposits assets, could in grew of grew to follow and allowance the XXX In second XXX also million grew for PPP

to X reflects balance cash the continue ensure loan from on of we to position composition deposit to of Slide clients. meet some needs securities, significant liquidity financial this categories. sheet growth prudent in and and the our of shifted our environment as also We our

The customers by participate second million in Paycheck Program. growth million efforts SBA a result $XXX Protection help driven loan the PPP. was in quarter XXX was the to Of our of

the We was also PPP had growth in XX real estate, of XX and loans largely equipment by commercial million offset loans. into driven and million customer consumer in of the finance, growth C&I Deposit in by accounts. funding also declines

see to customer preferences to interest flexibility due and to markets, added money continue the We rate low from shift CDs environment.

loans X, update XXX participation. The Slide Friday, had the its company an and our loan to million. If totaling at you end first follow provided have me PPP nearly funded to PPP on June X, we of X,XXX April

as Officer as We many loan at are payment an our deferral return X. borrowers, based accounting will month On had percentage ratings we of of for of with interest, We the this relief payment the remaining call these credit differed expect XX our do the additional of be is loan XX from life large these XX-day change have few expect SBA, or no these expectations. a Loan on in portions period, XX% over loan. of total net forgiven seek materially expect Based loans modifications we Phase payments these into or short-term the part estimates on accrual which which be next paid our X% fees XXX of XX% to loans XX.X by related We time, million original of the of factors. assets. We origination of to our the On to or loan to We could billion], costs quarters segments. what under collected activity we provided over emphasize end and loans [for communications Phase June with XX. are status X.X deferral on over the term. information the on deferment recognized credits, At selected Slide XX-day X. want of the these impact providing payment currently provided will internal these the of to million program portfolio X, initial Slide have insight

largest all our XX-day returning the healthcare component deferments was participated to our are also of in which Apartments they have portfolio. end are and are the Phase segment. we not clients, and lending. Dunkin our are segments relatively paying airline, be indicated little nearly of Apartments, estate fitness period. true of X hotels status commercial you more or is the know significant as to laundry retail such segments have More active as Many such separately. sensitive us energy, and Some provided pandemic for real Donuts, at the syndicated tow. years need There these This or will and followed for in of unique initial line, for us cruise investment

requested paying of clients returning of most Donuts status many While Phase X. deferrals, will our be at end Dunkin the to

some finance good to sensitive fitness indicating run tow, Turning million of our highlight most assistance. are currently business. before of the standing X with Phase want we're pandemic XX% X to need expected participate XXX this equipment requested to impacts a level deferrals, to payments national the these areas our and all most return continue at XX% Phase equipment portfolios, areas XXX in laundry and Phase being fitness will in over The businesses, economy. Of these The hit half to in to of equipment, national expect in are hotel to participate we our segments food and the status. well X. pandemic clients time. impacted hotel of retail and I million the again,

per stockholders and over the I'll remainder would dividends approximates formal XXXX yield. a full-year on X.X% the payout, targets. capitalized all million] requirements, internal of the provides Slide dividends very If were XX, as be Slide and operating as paid our we it June approved the the XX, board At our of to of history for company constant X.X% X.X% quarter Paul. share, XX capital remains per well which policies continues continued to on $X.XXX record regulatory a a $XXX currently as X. $X.XX, dividend to exceeding our comments, well XX buffer concludes well had share on shown the This of dividend As which my regular year, August standards. be over August own capitalized, regulatory of this back [or quarterly increase and turn

Paul Perrault

session Thank for question-and-answer now you, the our And Credit joining Chief Robert Rose, Officer. Carl. is us

– up will for open We now questions. it Mike,

Operator

first Mark Instructions] Fitzgibbon Please of Sandler. Thank from question you, will we sir. sir. Piper go ahead, have come [Operator And the

Mark Fitzgibbon

afternoon. Hi, Good everybody.

Paul Perrault

Mark. Hi

Mark Fitzgibbon

credits First metrics question give on on the I on macro the, down the of could with million of had, you sort [indiscernible] I some wondered details lease us us the XXX share portfolio? some there. of if that fitness you credits Could

Robert Rose

Sure. Hi, Mark. Bob Rose.

YMCAs, is about fitness $XXX would First be operators schools. you that facilities comprised XX% parks, than the whole it off, store is office that, XX% of exercise About those of of but XX%. XXX franchises comes X, from lease remainder pure buildings, homeowners bit maybe portfolio, little associations, I’d about store XX% is XX% operators. are most the of Planet – less from macro Fitness would office come it tell The and [indiscernible] and and parks, X gold fitness multiple operations. YWCAs; business independent X, A million,

Mark Fitzgibbon

going hard guess most have a paying, year with to Okay, conversation end of And some companies, end place know, it's to your very get know, return of the I deferral, of secondly, Of estimation expecting back do will to different you question, to the to know, therefore, them. that the sort at they're there's of say, Bob. of or great. envision that at loans year that these and million ability the you in a full stay the macro on you're XXX those the then you

Robert Rose

It's will full very precision. that is of that early be to able come answer majority payments. back our them expectation to It with the to

might around equipment will right? coagulate a to stuff. time business, go supply passes example industries. you into in give can Vegas; a an I Las certain to meeting company to have coming of leases these one the payments difficulty audio the Mark, As returns conference they may sort visual AV back You that that of

that's a which loan, them, but but back may street trouble. this of that street when time You the of people know, know, you an to they the recipient going meetings, main one of example going are are be to maybe the time gets difficulty from to a program, have having at only benefit that as potentially is more emerged coming main have the money stimulus handful that serious business it without

Mark Fitzgibbon

you much lastly, in Rhode And Okay. a difference commercial of versus customers conditions Massachusetts? then, on business credit, seeing in for are Island say,

Robert Rose

from our low rates. and down them enjoying infection early know, you lock No, into Xs very I are Xs Phase think states both with are were of hospitalization moving both Phase

Mark Fitzgibbon

know, forgiveness of year? a the half the on the Okay. excluding, over margin. impact sort And are How of margins PPP you thinking couple back the financial about, know, you from just of you questions, Carl the then

Carl Carlson

So, will re-price pressure side, asset as we'll continue to side down, the some the continuing just liability on down, re-price to things faster. see re-price but

So, going we slightly improve forward. do expect the margin to

Mark Fitzgibbon

Okay. we into a also And came be this and down either then securities balances down continue bit or to should fair redeployed cash will those laws? expect quarter; come

Carl Carlson

right modestly, us, going I environment or but growing flat there's say, now, a to think gradually a of cash not unless think into bit. don't to PPP would I expect you sure is balances know, the loans robustly I we'll much too, general not so to impact you going I know – that I the bring securities. bring be how not talk think down, – loans loan continue may be, slowly the real I down much very to perhaps forward PPP that yes, know into

Mark Fitzgibbon

lastly, Okay. the saw then [shelf] was yesterday, of And sort I of refresh shelf? that a you existing $XXX the just million file

Carl Carlson

no refresh. time. There's on anything this That's doing plans just Exactly. a at

Paul Perrault

Housekeeping.

Carl Carlson

Yes.

Mark Fitzgibbon

Thank Great. you.

Paul Perrault

Thanks, Mark.

Operator

Bishop Davidson. Dave of have we Next D.A.

Dave Bishop

good gentlemen. Hey, afternoon,

Paul Perrault

Dave. Hi,

Dave Bishop

terms of compression in of in the How did into the terms question expenses of margin guys here. you the in we the trending the a sort job line of quick outlook, half of think Or of A forward? phase should that second about those do remind nice operating could the the moving year? get should PPP of operating terms the in income? through sort that there thoughts trend me some hit fees sounds spread how like launches program It they against netted be if expense fees, holding

Paul Perrault

flat the question. to going continue be we'll if Well, forward, see that's expenses basically operating to

Dave Bishop

And any sort [SBA]? footprint contemplating that’s such of in or movement branch not of terms the

Carl Carlson

but branch ongoing of We will you bit branch expenses, benefit late just slowly a little quarter. did that, increases. the Burlington know, one close in get from

why a I kind expenses think get that'll at eaten I'm in saying that. time. up this for That's environment of by flat

Dave Bishop

the It of real in call know segment, outlook commercial sounds apartment what's Right. what's I in in from least I exposure Phase maybe too there just And to like happening the guess there in a questions student of estate. not terms pressure past from colleges related the that terms of much housing at lot and was with with the in seeing far? X, thus up happening

Robert Rose

issue in question, of it. when out full you between But, first along it blended another know Island repeat we maybe XX% where Boston, thing every we of of we last the can student call, million to you and one about know, they your you asked like know, quarter's you population number usual located? we are in have Well, with zip a have, that That from is could population area. other those What Rhode about does code and, the off, the the of Cambridge rooms. $XXX reports of that's not exposure little that in and students. reducing expect, probably And on it's in Boston dorm you student kind reduce know, in in we those you areas. the going colleges It's apartments into that the colleges, coming did of XX% the mean a the you be run this is kids are student [indiscernible] phenomenon mentioned

and seeking can apartment some kid So, are reporting bathroom. a kids rooms an interest so schools landlords in one to put they and book to

are between out, as collections. I expected of effect rates anticipated. the to tell the running on as XXX% our to is negative markets but collection apartments be apartments yet not you of XX% in can students perhaps both on from proven So, the people

Dave Bishop

PPP good impact those this finally, circling a those Got to of all it. this just spread That's that any then, quarter? income back And Carl, color. to event? XXXX did get half any or is be quarter, fees, of going second recognized Did

Carl Carlson

a the actually getting they're come process what The monthly they're working through think yet, fees, into still is forgiveness to Congress amortized, the SBA begun going know, and on but has with. not income. through out you interest of No, recognized income basis I

And get gives] so, paid. up clarity forgiven, that there, [that happens loans as or opens and as some get that –

to fee wait you we know, take into take maybe, pay earnings. So, that will That's for SBA have when income or we we the to us. that

Paul Perrault

deferred with Along the cost.

Carl Carlson

Along with deferred cost.

Dave Bishop

Got it. Great, you. thank

Operator

Next, we of have Gilbert Collyn KBW.

Collyn Gilbert

Thanks. Good afternoon, gentlemen.

Paul Perrault

Hi, Collyn.

Collyn Gilbert

kind upward, Carl, was PPP can excluding if little just bit, new adding the then cost margin new I you'd perhaps some what you is also indicated, your color bias more you're you're of I start, new what of yields could of just drilling is this and the know origination CDs loan us give CDs at know, just into you a little but terms point? seeing on the of where that bit a in

Carl Carlson

during the loans so, the at that's and quarter, around new on average were [X.XX] on loan basis, So, rates or continuing. weighted a I think [X.XX]

starting putting nature know, you You that with some of and we're things to, floors in folks. place know,

X% in rate to going that's and X.X% holding be it's So, consistent to I think that forward. going

of go to not the a On the we're out are and to market not the the being money locking just substantial folks our at seeing enough a money rate, CD between of much CD into a CD of know, for account rates activity seeing have differential of A lot rates book. they you this two markets and prefer the lower, preferring are flexibility opting lot side, time. just actually in

higher a you yields over the is you expected in So, because, down seeing what's there you're book on have book in CD come the why simply rolling the rate. or at and as not rates might the nothing's that's know much as

Paul Perrault

CD all liquidity certainly, business the now around. in with And the there's right promotional nothing

Carl Carlson

Yes.

Collyn Gilbert

just your that makes that's roll CD I be could the of thinking to that looking was schedule just for guess lower, could – timing at right. over start but well, of I rates maturation okay. when it because a sense – anything, okay, which would think and Okay, I more be lot than that Right, kind the those

Paul Perrault

shrinking is That Correct. the category.

Collyn Gilbert

it. got Okay,

this deposit sort the have in from know, terms of is you Do when kind then in that, of run a deposits this these cost we're mixed how of you know, for maintain are liquidity, some PPP PPP know, good. about – know, I saying, is borrowers that those a of And balances the be low this of Okay, of, of they're customers you tied sense with you expected those point of just thinking doing? to you Or feel are banks PPP of might what money to in into level you have being very and hearing down. you things we're sense that just us, like how borrowing your saw source going a drawn terms it? do related,

Carl Carlson

know can't need are I are, you are those give on there that additional it's getting liquidity. insight alive, customers I No, know, just, money but by you more that. exactly offset know, folks keep you it, folks certain to maintaining any stay so that that using and

board. across So, it's the all

So, hard give to that. it's really answer you a real on

Paul Perrault

And for X,XXX it's loans almost us.

They're So, little pieces. it's of kind difficult. all

Collyn Gilbert

yes. Yes,

we inherent maybe think thinking X at just those – of the And you’re Phase right, of, Okay, that looking reserve and truly risk that? how at deferrals, you down, book? that [XXX] maybe between this reconcile quarter, I the and just had guess retail you, this you quarter? kind I if know, how as know, at Or look hotel, we three look about is then, for and the may heightened CRE, provisioning the trying the into and to okay. this XXX Bob, risk sort you played million fitness – just within that indicated the obviously, of and came in provision segments just be you is And what qualitative equipment the like terms

Paul Perrault

Well, up. first the allowance went

it you up. right, down think might Okay, went that I you heard it I went if but have said

Collyn Gilbert

the for reserve… reserve the ratio, Just

Carl Carlson

The ratio. reserve

Paul Perrault

the as loans, analysts, right. non-PPP to to and reserve want as speakers] that – think The I [multiple you all which well get think I

Collyn Gilbert

get to speakers]. right. yes, yes, I just want yes. [multiple Yes, it Yes,

Paul Perrault

and loans most. substantially Because that I did it's good over increase think we where before. were increase that's to a XXX of than And higher still

Collyn Gilbert

Yes.

Paul Perrault

don't That have types these of.

Okay, about latter part and take that question Bob, … would of the you

Robert Rose

a will. like It's Yes, kind two answer. I of part

maturities, deferrals And proclivity to businesses. and of them will we same faster weakest environment, expect to other tow business, but the it's them in to that know, that level about out we simply slide, found Collyn, the back. volume heck, should some nicely. as the the that I loans XX can, highways but six the ending those of this of of reserve think, a like life anything, at slide do deferrals and another it this to example, know, Carl’s one but know, this just segments, we because major you were rest provision you XX, considered was first most – those you said, all, essential look the on but of days you if the for the looking arithmetic, business XX% the of a in little we of eastern have you [Laundromat funding what think than percentage, The on second them a them the hurt, Page we of their Bodegas] business of way come things things, in only part you're essential for deferrals core the portfolio, evaluated quarter, it's be handful we to proper our up at that of a a pick Oh, color of little take do think I'll other I some the left, essential, if don't the of meaning need has majority have of return residual as of Remember all XX% in per differently, there. bit the and know, you where week we they pay extensions customers, and portfolio and they this if off want is vast

rather get will who everything the the multiple [exercise two collateralized consolidate those The business that is you and soon that operations of likely cross day to well believes most our places]. Regarding and I the pay are owners, but that The runs personally on is stores, and be, fellow pile too the something. might might people tell, more independence down around segments and loans of know, strong. stuck end capitalized planet than, business, that mentioned guaranteed the at be one that fitness

So, through we're know, XXX% very The the that. and a of our with looking Connecticut, of that, all at with ones get can bookings are their weak, do. Martha's why summer vacation near who Vineyard, Provincetown. to, business the coast are Island, of you Island, hotels, have they little of are Block are we're and hotels coast XX% sponsors but reporting understand them of the Rhode we virtually that It’s sites, you in season, those like deferrals determine working and lots those people what well-capitalized flexibility

are any worried moment we this of terribly in asking So, about not time. these for deferrals at pieces additional

Collyn Gilbert

right color. Bob. Okay, very helpful, That's that's

I all you. had. That's thanks. Thank Okay,

Paul Perrault

Collyn. you, Thank

Operator

we have [Operator time Instructions] Compass Hunsicker this Laurie of At Point.

Laurie Hunsicker

do follow-up, wanted know on just hi, you give on hotel but have the specifically thanks. and an Yeah, book, afternoon Good the here to color [indiscernible]? LTVs, you I great

Carl Carlson

Laurie? what, On

Laurie Hunsicker

the a On Bob hotel. have Yeah, [indiscernible]. hotel, you

Robert Rose

What's sorry. question? I’m the

Carl Carlson

the on generally. hotel business, LTVs

Robert Rose

projects would in very top the individual. Oh, they're like you end, that a the Laurie, B&B smaller buying be are XX somewhere up there on up – XX to those that at fairly at higher know, and modest

way nothing there. out So,

Laurie Hunsicker

PPP million of of under that XXX Okay, Carl quick you great. the how And much loans, then, XXX,XXX? on just is question, for

Carl Carlson

part A a that's large of question. it… great Oh,

Paul Perrault

XX%? like, it Wasn’t

Carl Carlson

Bank loan, know, and show you the is average median loans, XX,XXX. think Island Brookline there, at XX,XXX we think, I at I Rhode loan the the median median loans but is

it's are – those and So, small. numbers but have a the of think things I the very loans most and that's – so I backwards, very, might

Laurie Hunsicker

much. so you Thank perfect. Okay,

Operator

Next William have Raymond Wallace of James. we

William Wallace

Thanks or on adoption question you more or branch for lead Quick picture this new digital big channel that call. the branch of could adoption accelerated kind taking to faster network, opportunities? of my think thoughts consolidation do around

Paul Perrault

recall we've I with really area, to little not able branches that customers them. as Until mean, our you go take from to that offices, very to bit, where both sort is might out a meet that's to is quite this well is develop. be but can congested as but you think prospects, I maybe there and meet idea of fairly too, get the sales will congested pandemic Providence working need we that time and something and as the been there about. a bad, as

branch we so heavy pretty well spread out. have been never And situation, a

And so, branches probably world the develops here depending of cards at behaves, us, is the would not the traditional hard where on how consolidation take and look for in we located. we're but a there, obviously and

William Wallace

are offering for And of on the you enough. the technology fair of you side then on Okay, side to flip your invest that, digital more you are whether considering need customer? the side

Paul Perrault

more it's I that know don't William.

keep going. not It's technology I execute we on in and it's on sure It's continuing a think projects, just an event. ending all the that making time. pacing, that right kinds of them process a we we're include our never budgets and the

William Wallace

just then the Okay, average the if it. you the contribution what the during housekeeping fair see PPP were bow share on I discussion PPP put kind enough. gave apologize quarter what and this. And didn't bonds one a Can question. then of Maybe Carl, was? I to and NII you

Carl Carlson

average have don't good honestly a quarter. what a number good I for balance on that was the

William Wallace

what Okay. the what was of impact Do cost? you was you average – yield or have the calculated NIM net the

Carl Carlson

book is XXX]. on [XXX yield the around The to average

William Wallace

the And Right. that's net right? cost, of

Paul Perrault

the That's yield.

Carl Carlson

the amortization, the as well. includes that Yeah, costs

William Wallace

Okay. Thank you.

Operator

have Laurie And follow-up from of Hunsicker Point. next we Compass a

Laurie Hunsicker

Hi, Yeah. thanks.

and for the follow-up Or this income I prepay questions looking fees was in with for you. more quarter just Sorry, can Carl quick I Thanks. NII. accretion two you offline.

Carl Carlson

No, no.

X.X I pre-payments payments and cost deferred to the or differed fees related would That's million. prepays loan point about $X.X was – So, million. one were say X it’s

Laurie Hunsicker

then Alright. have The and income? pre-pay did you for fees accretion X.X

Carl Carlson

No deferred costs. accretion income, just

a our that's coming of That so are all prepayment negative, or benefit was to a NIM at loan costs points So coming point about – drag. and X.X that’s X in. deferred basis the basis that's million equal X

That's done. So, – point as on far drag the the as gone. purchase X as as far that's together, co-ordinate of the those two accretion basis account

Laurie Hunsicker

Thank Great. you. Okay.

Carl Carlson

Thanks.

Operator

and to now Well no Paul questions. at would Mr. answer turn closing remarks. our this question Sir. for We’ll Perrault ahead call time, session. we to go I and further the conference like showing are any conclude over back

Paul Perrault

And Mike. you, next forward thank with for all joining quarter. Thank we you again to us. talking you And look

Operator

thank also, team. now of to call great disconnect Again, everyone. have and for care this the management you. lines. conference time And may a At ended. you, sir, time day Thank and is rest your we the the Take you your