Q3 2022 Stellar Bancorp Inc Earnings Call

October 28, 2022

Yeah.

The conference will begin shortly to raise your hand during Q&A you can dial star one one.

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Okay.

Good day and thank you for standing by welcome to Stella Bancorp, Inc. Third quarter 2022 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question. During this session you will need to press star one on your <unk>.

Allophone, you will then hear an automated message advisor in your hand is raised.

Please be advised that today's conference is being recorded.

I'd now like to hand, the conference over to your first speaker today to Courtney Cerio, EVP and Chief Accounting Officer of stellar Bank. Please go ahead.

Thank you operator, and thank you to all who have joined our call today. Good morning, I'm, Courtney Theriot, Chief accounting officer of stellar bank and our team would like to welcome you to the Sterling Bancorp, Inc earnings call for the third quarter of 2022.

This morning's earnings call will be led by Bob Franklin CEO of the company also in attendance will be Steve Retzloff Executive Chairman of the company Ray Vitulli President of the company.

Stellar bank Paul.

<unk> Executive Vice President and CFO of the company and stellar Bank and Joe with Senior Executive Vice President and Chief Executive.

Officer and celebrate.

Before we begin I need to remind everyone that some of the remarks made today constitute forward looking statements as defined in the private Securities Litigation Reform Act of 995.

We intend all such statements to be covered by the safe Harbor provision for forward looking statements contained in the act.

Also note that if we give guidance about future results that guidance is only a reflection of management's beliefs at the time. The statement is made and such beliefs are subject to change.

We disclaim any obligation to publicly update any forward looking statement, except as may be required by law. Please.

Please see the last page of the text in this morning's earnings release, which is available on our website at IR Dot stellar Bank Corp.

Corp, Inc. Dot com for additional information about the risk factors associated with forward looking statements.

At the conclusion of our remarks, we will open the line and allow time for questions and now I'll turn the call over to our CEO Bob Franklin.

Thank you Courtney and good morning to everyone.

First and foremost I'd like to welcome the entire <unk> teams to the stellar family.

Took a little longer than we initially planned but we are so pleased to have completed our merger. So that we can finally be one organization.

I'd like to personally thank Steve Retzloff and regular truly for their constant support and partnership as we work together to unite these two great organizations to support our vision.

I also want to thank the great teams of both organizations that have performed admirably as we have a way to transition.

We are beginning our journey of stellar Bancorp.

But until we complete our core system integration in the first quarter of 2023, we will continue to conduct business as allegiance Bank and community Bank of Texas, a division of allegiance Bank.

That said, we cannot wait to open our doors as stellar bank.

We will release our brand to the market over the next few months as we get closer to conversion to allow our customer base to be two began to become familiar with our brand.

Our first priority is making sure that all of our stakeholders are comfortable with the merger.

We are mindful of maintaining our great team, our incredible customer base and assuring our community partners.

That we will be there to provide the great.

Same great support that both banks are known for in the market.

We believe there is great power in the combined franchise stellar bank is well positioned as we take our place in the top tier of banks in our market.

We will also be uniquely positioned as the largest locally locally headquartered bank in our in our market.

We are in we are and will remain a true community bank, taking local deposits and lending those deposits back into our local communities.

Today, we are reporting our last quarter as Standalone, CB, TX and <unk>. Our goal is to give you some context around the two banks third quarters.

For merger close in.

To began to show the great, earning power gained by combining these two organizations together.

Our I will focus my remaining commentary on the current operating environment and our strategic priorities.

It has been repeated many times don't fight the fab et.

The Federal reserve is making very clear our intention is to carbon pollution by any means necessary, creating a unique and unprecedented market backdrop.

So while we appreciate the benefits of higher rates, we must also be sensitive to the impacts on our customers and our markets in general.

We will focus on capital and liquidity and stay disciplined on credit given the uncertainty of the economy in 2023.

We havent experienced lending staff and a strong credit culture, we have a uniquely relationship driven deposit base and a staff that stays close to those customers. We reside in one of the best markets in the United States to do business and the long term future for our franchises great.

We will continue to.

We will continue our determination to make sure that we have a successful combination of these two franchises I will now turn the call over to our CFO Paul <unk>.

Thanks, Bob and good morning, everybody, we sit in a unique position today reporting a stellar bancorp third quarter results of our two predecessor companies on a standalone basis since our merger when effective October one.

So we'll spare you a detailed discussion of our third quarter separately and instead provide a high level discussion of our results focusing on what it means for our combined company that I will turn the call back to Bob and he'll open it up for questions.

First the third quarter operating results for lesions and TVT ex featured different versions of the same themes.

First strong year to date loan growth in the current rising interest rate environment drove higher net interest margin and net interest income, making for a very strong revenue profile.

Second both companies recognize a meaningful level of M&A expenses during the quarter impacting our bottom lines and it was during the earnings power of progress we've made so far this year.

After adjusting for M&A expenses, though those allegiant and CVT X entered the merger at record levels of Bottomline and pre tax pre provision earnings power.

Holding the seismic M&A expense noise.

Both legacy ATX AMC Gtx has done an exceptional job holding the line on noninterest expenses and an otherwise inflationary environment without hindering growth since announcing the merger.

This represents a meaningful pull forward of pro forma operating leverage and cost savings.

Now turning our focus to the balance sheet.

Both the lesions and TVT FX saw a continuation of strong loan growth combined with incremental decreases in interest bearing deposit balances putting us at a blended loan to deposit ratio of about 82% at the end of the third quarter, which is a level we're comfortable with.

Up to this point, we've stayed relatively disciplined on deposit rates.

We did see some outflows for more rate sensitive deposit categories in the third quarter and year to date as a result.

In the third quarter, we started to be more responsive to the current rate environment, and we expect to see additional rate impacts on our funding base due to competitive pressures.

A very bright spot has been our strong base of non interest bearing deposits.

Which is so far held steady during the quarter on a combined basis and has grown year to date.

Last I'll acknowledge the impact of unrealized losses in our securities and do ACI its impact on tangible common equity and tangible book value per share.

The impact is meaningful for both companies, but it's certainly not an outlier relative to the industry.

The legacy <unk> portfolio. We view this impact is transitory since you don't plan on selling the underlying securities.

The legacy <unk> portfolio is a great segue to how we are being proactive to manage stellar liquidity profile.

After closing the merger we sold just under two thirds of the legacy <unk> securities portfolio or approximately $350 million of securities in aggregate to bolster liquidity.

Since the lesions as the accounting acquirer in the merger the CTX balance sheet, including the securities portfolio is coming over at fair value.

So we are able to reposition the balance sheet with immaterial impact flowing through the <unk> income statement in the fourth quarter.

A portion of this cash was used to pay off the <unk> borrowings that were on our leases as balance sheet at the end of the third quarter and the rest is sitting in cash to support a more bolstered liquidity profile.

After these transactions.

Wholesale funding usage as a percentage of funding is lower than when we announced the merger and we feel much better positioned as we look to the future.

With merger effectiveness October one the work on fair value marks on our CTX balance sheet is still underway, while most merger assumptions remain materially correct in the aggregate we.

We've seen interest rates changed significantly since we initially announced our merger and marks on interest rates to that debt will be significantly different.

As a result, the previously expected level of excess capital will be lower due to anticipated interest rate marks, but we are very comfortable with our pro forma capital position.

Particularly in the context of our strengthened core earnings profile and the rapid capital build it will drive.

Note also that our robust core earnings will also benefit from significant accretion income that will result from the purchase accounting marks much of which will be non credit related.

We feel great about.

When appropriate we will seek to update disclosure on our purchase accounting adjustment to give analysts and investors better clarity on these items.

We feel great about our combined positioning on earnings liquidity capital and credit, which we feel prepares us for any range of economic scenarios.

As a result, we find a financial and strategic rationale behind the merger to create stellar to be even more meaningful now than when we announced it last year.

I will now turn the call back over to Bob.

Thank you Paul in summary, we are set to build a great future for stellar Bancorp.

That will benefit our stakeholders.

Current operating environment has served us well so far in 2022, but.

But as we look forward, we will continue to monitor the fed and its effect on the economy.

We will bend the curve to match their goals, while we continue to build strength in our markets and.

In 2023, we are dedicated to executing a successful and smooth integration.

And we will focus on the quality of our business composition as we harness what will be a very strong core earnings profile.

We believe that the industry is in a period of transitioning from the liquidity event provided during the pandemic to one of our more normal operating environment.

This causes us to be cautious about the next year, but also optimistic about our long term future. We are excited about the future of stellar Bancorp and stellar bank with that I will turn the call over to the operator to open the line for questions.

Thank you Sir.

As a reminder to ask a question you will need to press star one on your telephone please standby, while we compile the Q&A roster.

And our first question comes from the line of David Feaster from Raymond James. Please go ahead.

Hey, good morning, everybody.

Good morning, David.

Congrats on the deal excited to see.

See what the future holds for stellar.

But maybe just starting on the growth outlook, just kind of reading between the lines Bob bid on on your commentary it sounds like you might be taking.

A bit more of a cautious approach just given the backdrop, which I think is prudent but just curious how you think about the net growth of the pro forma company. Obviously, both companies got really strong growth prospects in the economic backdrop in your footprint. It's one of the best in the country, but just curious your appetite for growth here and the pro forma.

Trajectory.

We plan to decelerate growth how would you do that is it through tightening standards higher pricing or just curious.

What youre seeing.

Well, David I think you did a good job of kind of laying that out for us.

It's sort of all of the above I think we've had some robust growth, especially for our franchise and allegiance also over the last over the last year.

I think what we're trying to signal the folks.

To continue to grow at those types of levels is probably not going to be available to us in 23. However, we can still we can still grow the franchise.

Our markets are still pretty good here and we're going to continue to take advantage of the things.

We have available to us.

We get to start with a pretty clean balance sheet.

We've got a 82% loan to deposit ratio.

We're going to work hard on maintaining our liquidity position.

And also give us.

The ability to go out and make loans when maybe some others are going to struggle with that so we think the market is going to give us some opportunities to continue to grow the franchise.

They always signal there is that we're going to concentrate on quality.

And it may not be quite as robust as what we've seen in 2022.

Okay.

Makes sense.

I know the deals taking longer than we all wanted to close but just curious whether there were any ways that the longer time to close has been beneficial for you all and maybe whether it makes the integration smoother or as you think about synergy forecast.

Have you been able to potentially find additional revenue synergies or have you already started to realize some of those.

And just any other as you as <unk> gotten under the Hood.

Any other potential benefits of the deal that you see today that maybe you didn't anticipate at the beginning.

Hey, David It's Ray so.

Yes, I think we were.

We were really trying to get the deal closed earlier, but.

But the delayed did as you said give us a little breather and more time to do kind of like if you think about to kind of milestones and of deals Youre legal close and what has to happen day, one and then where you have to be for a system conversion. So it did give us a little bit extra time to get all that in place and we're really pleased with that day, one how we opened after.

<unk>.

Legal close to have everything that needed that was needed for day. One we were there and we are on track for.

For the system conversion in the first quarter as far as synergies.

In that spirit of day one.

We had our mortgage operation between the two banks ready to go day one so.

As we've talked about before allegiance, while we had a portfolio of products. We really did not have a robust mortgage offering and community does so that's been in place and there is a pipeline for that and we're really excited about how that's.

Coming through.

Early early in the <unk>.

The combined bank.

I would say nobody likes to be waiting so long for a deal to close but.

Got to credit the teams of both companies to be able to keep their eye on the ball with respect to delivering such great growth year to date.

It really is special I will say hitting on the cost front.

We're extremely proud of what we.

We've been able to pull through and how we've been able to manage it in our fleet in an inflationary environment, we can't kept things quite tight knowing that theres reinforcements. When we put these two companies together and ultimately share duties and operate as one organization. So.

You never want to have too much time, but I would say that it hasnt hurt being that we've been able we met.

We did not skip a beat on loan growth if anything we did great and then separately.

We were able to manage through this inflationary environment holding line on costs extremely well.

It's been nice to close in June when the marks were probably being a little less on the rate marks but other than that really.

Good.

That's great and then just last one from me, maybe maybe touching on the capital priorities I mean.

Got the buyback in place, obviously, it's pretty attractive from a valuation perspective, and when we think about the combined earnings power of this business. Just curious how you think about the buyback and capital priorities from here.

Sure thing David.

Purposefully high level, but the one detail that we did not hit on was the fact that in the third quarter. Both companies were relatively active in their share repurchase programs.

Altogether.

Purchasing about $25 million in the aggregate.

Of shares during the quarter.

We're really pleased that the progress we were able to make ahead of the deal.

But being that the purchase accounting adjustments is going to eat into our excess capital position.

More than we expected, we're going to take a little bit of a wait and see approach, particularly going into this current environment, but we feel extremely well positioned and we think.

Being mindful about capital, particularly right now is going to open up a lot of.

Doors down the line.

Perfect. Thanks, everybody.

Thanks I appreciate it.

Thank you.

And I show, we have a next question from the line of Matt Olney from Stephens Inc. Please go ahead.

Hey, Thanks, Good morning, guys I'd like to also congratulate you guys for closing the.

Transaction.

Starting time now.

Thanks, Matt Thanks, Matt.

On expenses I think I heard you say the core core conversion in the first quarter any more details behind that and I guess what quarter do you expect to get the.

A full quarter of fully loaded cost savings and I guess, just more broadly I think you talked about <unk>.

Cost savings from the deal around $35 $5 million.

I think you also made the comment that some of those costs that may have been pulled forward a little bit over the last.

A few months with the delay any commentary about how much of these cost savings have been realized through the third quarter and how much is still on the come. Thanks.

In.

The only going back to this long waiting period, we had to consummate. This merger. It has brought the opportunity to pull some cost saves forward.

But with the with our core conversion being pushed into 2023. It's also had the effect of effectively stretching some of those cost saves out. So we're going to we're kind of seeing.

Longer tail I guess, you could say as it relates to the realization of cost savings. So there may be some dangling chads into the back half of 2023, but we are going to have we're going to be 80%, 90% of the way there.

I believe.

Around halfway through.

2023, there is certain costs that will roll off the balance sheet at the end of 2000 roll off the income statement I should say thats scheduled to roll off.

In the end of 2023, but thats very much on the tail end of things the bulk is going to be coming through.

Once we get past that conversion and we'll be entering the back half of 2023 appreciably, there with with a little bit of.

Drag, but we feel great about what we're delivering from the standpoint of cost saves and yes.

When you look at our respective cost basis stripping out M&A expenses, you'll see that we've held the line extremely well.

Actually combined head count is down about 70 individuals.

From announcement quarter or the third quarter of 2021 to the third quarter of 2022, which is part of that pull forward. It's why we're extremely excited to be together, because we had been running things tight so.

At meaningful the amount that had pulled through especially when you think about a world that facing nearly 10% inflation.

Okay. Thanks for that Paul and I guess I'm trying not to overstate the remaining cost savings in my forecast any.

<unk>.

70, lower ftes since the announcements helpful, but any other numbers I can think about as far as what portion has been recognized so far.

I would.

Direct you to just do some math around our combined expense base in the third quarter of 2021.

<unk> year to date, taking out things like.

OTC related expenses and any merger related expenses and then roll forward a comparison of those core expenses.

Year to date and in particular for the third quarter of 2000.

'twenty two.

And then.

Yeah put an inflation factor on there and compare the numbers.

Youll see that.

That would in Q.

Very nice story with respect to what we've been able to accomplish up to this point.

Okay.

That's helpful. Paul and then.

Also on deposits I think.

Posit balances were down at both banks in the third quarter and we're obviously seeing this it.

Most if not all your Texas peers.

More color on what you guys are seeing with respect to deposit balances in Houston and then looking at the fourth quarter I think it is typically a stronger quarter for deposit balances, especially at the end of period.

Even outstrip loan growth.

What are the thoughts about deposit growth more near term.

Yes.

There's a lot of pressure in the marketplace.

Gino.

No well the some of the players that are in our market.

Are being a little more aggressive around deposit deposit.

Interest rate so.

We're playing a little bit of defense in that regard but.

We've got a strong relationship driven deposit base.

Those folks have been really good to us we're going to continue to be fair to them and we have done is we raised.

Our interest rate.

As we go through these interest rate increases but.

We've left some of the higher priced deposits roll off.

To manage the expense base and then.

It leaves us plenty of room to do what we need to do to kind of protect the good strong.

Posit base that we have especially those demand deposits.

Market, so that we enjoy so we'll play at the fringe.

The higher interest rate piece of this but.

We're going to maintain and continue to protect the good deposit base of both banks have.

Okay. Thanks, guys.

Thanks, Matt.

Thank you.

And I show, we have a next question from the line of.

Will Jones from K B W. Please go ahead.

Yeah, Hey, guys. This is will John K VW, how are you guys.

Good morning.

Hey, good morning, So I just wanted to echo everybody's sentiments on the deal and I know you guys are thrilled to be doing doing this call jointly today.

Paul I just wanted to go back to your comments if I heard you correctly you guys have sold two thirds of <unk> bond book.

As the deal closes does that mean that you guys had to realize maybe some of those losses on that book.

That may have occurred.

The breadth of our rosin rates.

It all comes in at fair value.

The purchase accounting dynamics.

Effectively realize it.

And.

That effectively gives us the ability to.

Sell those without a meaningful impact on.

The income statement.

You can go through the income statement.

So.

Immaterial impact from an income statement perspective, but it does.

Effectively from a capital standpoint.

Recognize.

That.

And the fair value Mark which is.

Just what happens in purchase accounting.

Got you got you.

Very helpful and then.

I know, it's still maybe too early to tell you guys laid out an EPS number in the mid $2 <unk> deal.

Deal announcement back in November .

That included support resumption again, you guys are obviously, you're right about that.

<unk>.

But unless you guys are ready to lay out maybe a new EPS target today or just maybe point us in the right direction. So where do you think the earnings power of this company could go.

And the next year or so.

The earnings power of this company is great.

<unk>.

It's amazing to reflect on how nearly a year ago, we were announcing this merger and we had expectations for for pro forma earnings.

That seemed like a <unk>.

Back then but.

We were.

The interest rate environment kind of I'll kick the coverage of those estimates and we.

With loan growth both companies have really knocked the cover off the ball from an earnings power standpoint, So we sit in a really good start and actually one of the reasons we showed.

A dynamic around the core earnings power on the front page of our <unk>.

Earnings release, which is a little bit of a unique pre.

Presentation is to kind of give a feel for that.

So I'd direct you there.

Gotcha, Okay Super helpful. And then maybe lastly for me just thinking about the margin of the combined company.

If we're thinking about deposit betas through this cycle I think that maybe <unk> ran a little hotter than TV CVT acted last cycle did you just point us towards maybe a good blended.

Data that you guys are trying to manage to over the course of the cycle.

We're going to do what it takes to navigate the current market, but we are extremely proud of our core net interest margin profile.

Put these two companies together and we will certainly have a four handle on our net interest margin and we're going to work our best to protect that.

Separate from the core net interest margin of course will be the incremental gains from.

The interest rate Mark dynamics with respect to purchase accounting accretion so it will be.

Even higher on a stated basis.

But we will do our best to really separate that out for your benefit to see where that core margin is.

We sit in a really nice place in it it's our duty to protect that margin profile going forward.

Also the real football.

That's it for me guys. Congrats again on the deal close.

Thanks.

Thank you.

As a reminder to ask a question you will need to press star one on your telephone.

And I show. Our next question comes from the line of Brad Millsaps from Piper Sandler.

Hey, Brad.

If you have your phone on mute please UN mute your line.

We're not hearing you Brad if you are talking.

Once again, if you have a question at this time, please press star one on your telephone.

I am showing no further questions in the queue at this time.

Yeah.

Okay I do show, we have a question from Mr.

No SaaS.

From Piper Sandler Brad Millsaps Your line is open.

Hey, Bob Am I coming through now.

Yes.

We can areas gotcha.

I don't know what the issue was there.

Paul wanted to follow up on the accretion comments in the 8-K that you guys filed a few days ago I think it notes, maybe $37 million of accretion or interest rate adjustments.

Is that in totality I know thats as of 2021, and if that is the right number.

Over over what spend would you expect that.

37 ish million to kind of accrete through between the board and the loan book.

We're not really in a position to comment on on.

What it's going to look like at 930, but obviously the $6 38.

8-K, we put out did provide or not.

Proxy nation.

For illustration I should say for what it could look like based on the 630 marks but ultimately the way it works, particularly.

The interest rate Mark.

Our portfolio of three year portfolio gets mark.

Yeah.

Pick a number by $90 million.

Going to recognize.

That negative mark back into income over three years.

So it's really a timing dynamics that we lose some net worth now we've gained it back in the future and really that's what drives it.

So.

Whatever the marks ended up being.

Really going down to an asset by asset.

Level.

The accretion is recognized over the life of.

Of those marked assets so.

What was.

In the 8-K was an illustration based on the 630 numbers.

We're working hard too.

Provide better feedback with respect to.

Getting our work done for the purchase accounting marks at 930, and we look forward to updating the market when appropriate.

Okay. So you'll get you'll get more earnings accretion is my back of the envelope I mean, it looks like tangible book.

Would be down I don't know, maybe as much as 20%, maybe a little more a little less I know you've got some final March but is that is that in mind the right ballpark there based on.

Kind of what Youre thinking as of June 30.

Well it would be a little less I mean ultimately.

Your.

What is it.

<unk> about that 8-K was we recognized the market driven.

Marks that tide approximately to.

The fair value Mark on the loans as well as the.

The ACI on securities at $6 30, what was understated in the 8-K, which is a function of the fact that the work hasn't been done yet.

We use the old number four.

Core deposit intangible.

That.

<unk>.

Kind of drive the conservatism that was in the 8-K, because the core deposit intangible in the current interest rate environment is actually going to be meaningfully higher than it was.

In our initial estimations, it's just.

At <unk>, we had not.

Not updated that analysis since the announcement of the trend of the merger.

That analysis is being done now and.

That's going to be a significantly positive mark to counteract what are otherwise negative interest rate marks.

But the way I kind of see it did you see the securities ACI hitting.

Tangible book value over the quarters since we announced the transaction the only thing that is kind of unseen.

That is interest rate base into the negative would be that.

Loan fair value.

Yes, Brad.

Be cautioned around using specific numbers I think what we're trying to show Directionally what this looks like.

And obviously.

Obviously, the 930 marks are going to be different than the <unk> 30 marks.

It just depends on.

Point in time so.

Just to understand.

Different unfortunately, because of the way this thing came down we got so many different timing piece.

Pieces to that.

<unk>.

It doesn't necessarily flow exactly together.

Right right no I know I understand there's a lot of moving parts.

And then maybe just back to Matt's question around expenses Paul.

I wanted to make sure I'm thinking about it correctly in your mind the way to think about it would be go back to the third quarter of 'twenty, one which would be sort of the.

Quarter prior to the murders announcement annualize add together in annualized expenses for.

For both companies.

At a inflation factor for 2020 to maybe add an inflation factor for 'twenty, three and then deduct out the cost savings and that might get you pretty close to where expenses would be.

In 2023, obviously, you've got some timing around the conversion et cetera, but is that kind of how youre thinking about it is as you try to paint a picture for us.

It wasn't meeting to provide guidance what I was trying to provide for you al was just a kind of a feel for.

<unk>.

How successful we've been holding the line on expenses and how you can kind of.

<unk>.

Put it in perspective relative to inflation, the inflationary environment environment, we have effectively held our expense run rate.

Even on a core basis actually a hair less.

Which is a herculean task in what has been a really.

Inflationary environment now its come from the pull through of certain headcount reductions.

As a byproduct of how long the pendency of this merger was.

But that that has helped us.

<unk> be more effective and I think most organizations in in battling the effects of inflation.

We've got less people were doing more work, where we're still willing and able to invest in our business.

There is still more cost savings to come but.

Conceptually.

There has been a pull through and that's the way I think about it.

Okay, Alright, great. Thank you.

Thank you.

No further questions in the queue that concludes our Q&A session. At this time I would like to turn the call back over to Bob for closing remarks.

While we appreciate being able us to have our first call around stellar Bancorp and.

I appreciate everybody's attendance today and thank you.

<unk>.

Thank you.

Concludes today's conference call. Thank you for participating you may now disconnect.

The conference will begin shortly to raise your hand during Q&A you can dial one one.

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Thank you.

Okay.

Thank you.

Yes.

Okay.

Thank you.

Okay.

[music].

Okay.

Sure.

Okay.

Yes.

Okay.

Great.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

[music].

Yes.

James.

Yes.

Okay.

Yes.

[music].

Okay.

Sure.

[music].

Okay.

Yes.

Okay.

[music].

Okay.

[music].

Okay.

[music].

Okay.

Thank you.

Yes.

Okay.

Yes.

Sure.

Okay.

Thanks.

Okay.

[music].

Okay.

Yes.

Okay.

[music].

Thanks.

Sure.

Yes.

Okay.

[music].

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Thank you.

Yes.

[music].

Yes.

Sure.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Sure.

[music].

Yes.

Thanks.

Okay.

Yes.

Okay.

Yes.

Okay.

<unk>.

Okay.

Yes.

Okay.

Yeah.

Okay.

[music].

Yes.

[music].

Yes.

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