Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from John Kraft – D. A. Davidson & Company
John Kraft – D. A. Davidson & Company
Jack, you discussed in the credit union space the special assessments and the uncertainty related to that area, but as far as the banks you didn't discuss that and we did hear some clarity on what the bank assessments were going to be like. Do you think you'll see a little bit less hesitation on spending in the bank area because of that clarity?
Jack Prim
John, I don't know. You may be more current than I am. The last thing I heard on the banking side was there was a proposal for them to prepay three years worth of assessments. I'm not sure that that ever officially passed, but that was the last thing I remember hearing discussed, so I think unless and until you know something definitively it's hard to predict what's going to happen there.
On the credit union side, the numbers that I threw out were thrown out by the NCUA as budgeting guidelines. So they said, well, we think the assessment is likely to be somewhere between 15 and 30 basis points on assets, but that one is still very gray in terms of what it will actually end up being.
So, again, I guess we'll know a little bit more definitively as we get a little bit closer, but until then it's still just preliminary budgeting figures, I think that they're floating.
John Kraft – D. A. Davidson & Co.
Then as far as pipeline specific to core deals, obviously you've had somewhat of a surprising success given the environment in the core deals. How does the future look in that market?
Jack Prim
It continues to trend to somewhat surprising trend to me, John, that we saw last year where we actually had pretty solid core system sales activity, which I would have expected in the environment would have been considerably less. I think the level of activity continues to be very solid.
I don't know in the quarter I think we probably did a few less credit union deals than we did a year ago, but they were somewhat larger deals. We've talked about that from year-to-year. You harvest what's available and sometimes they're larger credit unions and sometimes they're smaller and right now we've got a few that are a little bit larger in size, so that certainly helps.
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