David Feaster: How do you think about expansion of that business? I mean, are there any other new products or innovations or just add-on services that you’re looking to expand into?
David Taylor: Yeah, there’s a few that we developed off the shelf. That would be RAVEN, our anti-spam software filter, prevents employees and the corporation sending emails to those that have gone on the unsubscribe list, for example. Also, it screens incoming spam emails. We like that product. It was in-house development, and we’re rolling that one out. We have our machine learning capability that we are actively promoting our customers use. It’s the sort of early warning that some hacker is trying to find their way in, gives them, as you’d expect, kind of alarm bells that something unusual is taking the system or trying to get our customers to use that. Those that have this test periodically, that’s fine, but it’d be nice if they also had their system, the big brother looking over it all the time too.
So, we’ve got that product to roll out. There’s other products that are right now presently unutilized, that being the VersaVault. I mean, it has tremendous applicability in the digital world. Tactically, we’re keeping up on sort of unoccupied with digital assets while we’re in the process of our bank application. I’m expecting sometime in the future, not too distant future, we’ll hopefully see the green light on that. And then, it might be the DRTC should become the property of some other entity with a strong relationship to the bank. And then, products like VersaVault can come back to life. Right now, it’s probably incompatible with a bank, but I’m sure this other — as a standalone company, DRTC would have quite a bit more value than sitting at sub of a bank.
Then those other products could be utilized.
David Feaster: Absolutely. Terrific. Well, I appreciate the questions. Thank you.
David Taylor: Well, thank you, David. Look forward to seeing you in sunny Florida on one of these nice days.
David Feaster: Absolutely. It’s gorgeous out.
David Taylor: Yeah. I’m planning to head down there just before Christmas, so hopefully in the New Year we can catch up.
David Feaster: Let’s do it. Thank you.
Operator: Thank you. [Operator Instructions] We have our next question coming from the line of [Ian Gillespie] (ph). Please go ahead.
Unidentified Analyst: Good morning, David, and congratulations on the quarter, the year, and the realignment of management responsibilities, all super initiatives. A couple of questions. One, you referred to the positive interactions with the U.S. regulator. I am curious whether there is extensive back and forth currently, or are they asking for more information, or they have all the information they need and it’s just going through their own particular process?
David Taylor: Well, good question, Ian. And thanks. It was quite a vindication of that model I put together about 30 years ago seeing it finally unfold and start to deliver the numbers. It should deliver. With respect to your question, there’s very little back and forth between us and the U.S. regulators for the last few months. We feel we’ve answered all the questions they had about our banking business. There’s just been some sort of tidy up in the last while asking about our major shareholder. That’s kind of routine for understanding these types of things where we have a U.S. — or we would have a U.S. bank holding company. They sort of tidy-up questions of if nothing changed sort of thing. So, for months, we have been really interacted with the U.S. regulator on anything about the bank.
Unidentified Analyst: Presumably, you’ve kept us the up-to-date so that you would be able to pull that trigger as soon as you do receive the go ahead. Do you have to, in any way, renegotiate the deal with Stearns Bank just because of the protracted period of time it’s taken?
David Taylor: No, there’s no requirement for that. Stearns has been working well with us throughout this longer than we thought recently a period of time. We’re both keenly interested in putting the deal to bed and looking forward to other transactions that we can do together. We’ve got some on the drawing board right now. I expect a wonderful relationship going forward that’s turning some — no we’re all just being patient. I know you were once in the governments and the regulatory world, and patience is the virtue that you need in these things. If a regulator does want more information, the bank endeavors to provide it as fast as anything, it’s answered in the afternoon.
Unidentified Analyst: And presumably, you wouldn’t anticipate any problems with OSFI at this end?
David Taylor: No. I think from OSFI’s perspective, it just allows us, the bank, to diversify and grow in a market that’s probably quite conducive to our product. We’ve got over the last year or so nothing but positive remarks back. OSFI is of course doing the job they always do and asking about it. But I will go further on — publicly I can say I’ve just seen green lights recently.
Unidentified Analyst: And last question, is there currently an approved NCIB, or are you kind of holding off on that until you see what happens?
David Taylor: It’s on pause. We submitted the NCIB, but we asked OSFI to pause it, and we’d like to see the final shake of our capital post-closing. It depends. These numbers are fairly, I think, remarkably significant. I would expect the stock not to stay — maybe I’m dreaming optimistically, three quarters of book value. It was a bargain and obviously [indiscernible] we got almost a double. But I can’t imagine that stays — that sort of bargain stays there that much longer with the kind of numbers we’re posting.
Unidentified Analyst: Well, that’s great, David. Thank you for that. You’re starting to sound more and more like one of those greedy bankers. All I can say is keep up the good work.
