Good morning. Welcome to the Guaranty Bancshares' fourth quarter 2020 earnings call. My name is Nona Branch, and I will be your operator for today's call. This call is being recorded. After the prepared remarks, there will be a Q&A session. If you have any questions, you can notify me by hitting the Raise Your Hand button at the bottom of your screen. At the appropriate time, I will announce your name and then enable your line so you can unmute and be able to speak to the panel. Our host for today's call will be Ty Abston, Chairman and Chief Executive Officer of the company, Cappy Payne, Senior Executive Vice President and Chief Financial Officer, Shalene Jacobson, Executive Vice President and Chief Risk Officer. To begin our call, I will now turn it over to our CEO, Ty Abston. Thank you, Nona. Welcome everyone, again, to the fourth quarter 2020 earnings call. We're overall very pleased with the performance of our company, not only this fourth quarter, but for the year of 2020, given the unusual environment that all of us are operating in. We have highlights we're going to go over in different parts of the company and different results, and then at the end, we'll do Q&A. I will turn it over to Cappy and let him hit some of the highlights first. Cappy? Thank you, Ty. Again, welcome to today's call. I'm going to go over the balance sheet and the income statement and give you a few highlights that happened in the quarter and for the year and hopefully add a little color to some of the changes there. As indicated in the earnings release, our total assets were $2.74 billion. That's an $8 million increase in linked quarter and a little over a $422 million increase for the year. That's about an 18% increase. Of course, a large part of that was driven by the PPP loan activity and the related deposits that they generated. We'll talk more about that throughout the call, obviously, since that was a lot of activity. The big component, again, as we all know, of the balance sheet is loans. Loans ended the year at $1.87 billion. That's a $92 million decrease in linked quarter and a little over a $160 million increase for the year. Again, driven in large part by the PPP loan activity. We funded approximately $210 million in PPP loans in Q2. Finally in Q4, we started receiving some paydowns and forgiveness from the SBA. Total decrease in Q4 for the PPP loans was approximately $70 million, which obviously that is the majority of the $92 million decrease that I talked about and is shown in the report. We did have a couple loan facilities pay off. I think they were in the CRE categories that probably make up the difference of that to get to the $92 million. At year end, we had approximately $140 million outstanding PPP loans. On the liability side, deposits year end were $2.29 billion. They were up $63 million in linked quarter, and they increased $330 million for the year, which is about 16.8%. As we disclosed in the report, obviously, again, PPP affected the increase in deposits as well. I think customer spending habits, which I think most banks are seeing reflecting an increase in consumer savings versus consumer spending overall is probably in large part a good reason also why deposits are up. Our DDA balances continue to show positive trends, having increased approximately $252 million. At the end of the year, they represent about 34% of our total deposits. CDs, on the other hand, probably nationwide are trending down, and they did for us also, and they decreased about $136 million for the year. Our shareholders' equity ended the year at $272.6 million. That's up $11 million year to date. Of course, that's generated from the earnings year to date, less dividends paid, generally the biggest component of that. We did resume our stock repurchase plan in September. We purchased a little under 96,000 shares in Q4 in that plan, at just under a $30 average price. For the year, we bought back about 658,000 shares at an average price of $25.70. Quite a bit able to purchase back shares for the year. We did pay out a $0.20 dividend in Q4, that got the total dividends to $0.78 year to date, which represents about 30% payout of our earnings per share. That is up from 2019's dividend of $0.70 a share. We've been paying a dividend now for 30-plus years, and almost all of those 30 years, we've been increasing that just about every year. A little bit on the income statement. Again, some of this information is highlighted on the screen, but just to, again, add a little color. We had a really strong year, as Ty said. We had good net and core earnings for 2020, and we were even able to show an increase over 2019 after a pretty slow start from COVID, which I think is an incredible task after Q2, we did a $12 million provision that created very small net earnings for that quarter. We had a slow start, but a great finish. You can see in the report our net earnings for the quarter were $9.9 million, which is $0.90 a share. Year to date, our net earnings are $27.4 million. That's $2.47 a share, compared to 2019's annual earnings of $26.3 million or $2.26 a share. Our ROA was really pretty similar in both those two years. Our ROA for 2020 was 1.07%, and our ROE 10.39%. Really very comparable to prior years. Let's talk a little bit about the margin and the PPP effects. Again, I keep getting back to that because there's a lot of noise generated by the PPP, but a lot of it's mostly positive. We had a strong net interest margin for the quarter, stated was 3.85% fully tax equivalent. For the year, we were 3.77% fully tax equivalent. That compares to 2019 of 3.69%. Even for the year, or for the year for 2020, we were able to increase even as interest rate environment decreased. We did put a table in there that take the PPP effects out. For Q4, the NIM ex PPP was 3.70%. We did have about $2.65 million in fees, which affected net interest margin. That's why the big variance for Q4. For the year, again, PPP affected, ex out PPP, we still had a 3.77% yield. Again, there's a table in there that'll walk you through all that if you want to see the detail. Let's talk a little bit about the top side, the loan yield. Stated yield for the quarter was 4.93%. Again, ex out PPP, it takes it down 10 basis points to 4.83% for the quarter. That's compared to 4.90% for Q3. For the year, we're 5.02% exing out PPP. That compares to 2019 loan yield of 5.39%. That's a 37 basis point decrease year-over-year. Kind of keep that in mind. The top line was down 37 basis points year-over-year. I guess as a note on the loan side, we have about two-thirds of our loans, about $1.1 billion that do have interest rate floors, and a little over half are currently on their floor today, and they're at a 4.5% rate. That's able to hold up some of the rate as rates decrease. Looking at the liability side or the costing side, our cost of interest-bearing deposits was 51 basis points for the linked quarter, and that's down 12 basis points from Q3, which I think that was down about 20 basis points from Q2. We've been able to see some good decrease in cost of funds as we're repricing as some of those CDs roll off at a higher rate and put on at a lower rate, and then repricing our non-maturing deposits, as well as having a pretty good% in DDA. If you take our total cost of deposits and bake in the DDA effect for Q4, our total cost of deposits was 33 basis points compared to 41 basis points in Q3. Again, a similar decrease. For the year, our total cost of deposits was 54 basis points compared to 2019 of 1.1%. Total cost of deposits are down 56 basis points year-over-year. You compare that to what the loan side did, that's why we were able to maintain our NIM pretty well throughout the year. Non-interest income continues to remain strong. I hope you saw it in the report. For the quarter, we were $6.4 million. That was down about $237,000 linked quarter. We did receive our annual debit card incentive in Q3, which we did not receive, obviously, in Q4. That was $190,000 of that $230,000, so it made up the majority of it. For the year, though, we did very well. $6.1 million increase in our total non-interest income. That's a 36% increase overall. Of course, we all know, and I think most banks are reporting, that's driven by increased mortgage activity. Our revenue for mortgage activity increased 133%, a really good volume increase there. Warehouse lending revenue, top side increased 43%, and debit card revenue, 31% increase. I think due to activity that most people are doing electronic as opposed to traditional. On our non-interest expense side, we did increase $1.4 million during the quarter. That was driven mainly by increases in employee cost of $772,000. Which in large part, we added incentive compensation accrual just because our earnings increased. That comp accrual increase was $640,000 of that $770,000 in employee compensation. We did have an increase in our legal and professional fees of $394,000. That was driven mainly by recruiting costs, some legal fees, and some additional audit work, really what was related to COVID, on the loan book. Year-over-year, our non-interest expense was up $4 million or 6.4%. Lastly, our stated efficiency ratio for Q4 was just under 60%, and for the year, just under 59%. Again, since there's so much of the PPP related effects, we do put what our efficiency ratio is ex-PPP. For the year, we were 63%, exing out all PPP activity, and that compares to 2019's 65.2%. We made good progress there and plan to continue improvement in that area. That's just a high-level recap of the balance sheet and income statement. I'll turn it over to Shalene. Thanks, Kathy. I'm going to talk a little bit about COVID-19 and our response to that, some additional information about SBA PPP updates, and COVID related deferrals during 2020. Who would have thought that a year ago we would still be talking about COVID-19 in January of 2021, but unfortunately, here we are. Hopefully, you all are out there hanging in there and staying safe. Unfortunately, like many other areas of the country, Texas is also experiencing high levels of COVID cases and full hospitals. In order to increase safety measures for our employees and customers, we've moved back to appointment only in our lobbies. Our customers can call in to schedule an in-person appointment, wearing a mask, of course, or they can schedule a Zoom meeting with our personal bankers if they'd like to meet that way. We have approximately 30% of our employees currently that are working remotely. We've held meetings with all operational areas to ensure that they're prepared to work 100% remote in the event that we have an outbreak within our bank or a particular department. We are confident that employees will be able to work remotely if necessary, and that operations will not be significantly impacted. We also continue to encourage our employees to follow all of the CDC guidelines out there. Everybody's getting kind of worn out with all of this, but we hope that our employees are continuing to follow those guidelines, and we're encouraging them to get the vaccine when it becomes available as well. We are seeing improvements in the use of technology and online and mobile banking by our customers. We've seen higher usage of mobile deposits, and as Kathy mentioned, certainly more debit card spending as well. Under the SBA's first round of PPP lending, we loaned $209.6 million to 1,944 borrowers. As of last Thursday, January 14th, we have submitted over 1,000 forgiveness applications, so more than half of those original loans that we made. We've actually received forgiveness payments from the SBA for $80.2 million on 785 loans. We're continuing to submit those forgiveness applications, and the SBA is actually doing a pretty good job getting those forgiven and getting the payments over to us. Through the end of 2020, we recognized PPP origination income of $5.7 million and loan origination costs of $862,000. We have about $2.25 million of deferred revenue remaining under that initial PPP round. We do plan to start participating in the new round of PPP loans today. We've been working with our lenders. We've been reading up on the ever-changing SBA guidance, and our lenders are prepared to start taking applications for affected business owners and customers today. Now on to deferrals. When COVID first started, we offered two deferral programs. Borrowers could either request a 3-month P&I deferral, or they could request up to a six month interest-only deferral. At that time, we allowed borrowers to request one of these deferrals without a real true needs-based assessment, but if they believed it was prudent to do so to help their businesses, we would allow them to defer either their 3-month payments or the interest-only portions of their payments for up to 6 months. Subsequent deferrals that we've made since that time have been underwritten based on demonstrated need, and we've tried to obtain additional collateral when possible and risk-graded those appropriately. Loan deferrals under that initial program peaked back in June. As of June 30th, 2020, under the three-month P&I program, we had $247.8 million on 658 loans. Today, we have one loan that's under a P&I deferral, and that loan is for a medical office building. The second P&I deferral was essentially just granted to allow that borrower additional time for cash flows to coincide with some new leases that they have on that building. They do have those leases in place now, but granted some initial concessions, and so we're allowing them time to catch up there. We believe that loan will be fine. Under the initial six-month interest-only program, we had, at its peak, $183.7 million on 336 loans. We've got 15 left under an interest-only program right now. Three of them are still in their first deferral period, we expect them to get back on contractual payments. A ton of them are in a second deferral period, and two of them are in a third deferral period. Of all of our current deferrals, $44.5 million of those deferrals are in hotel or restaurant industries, which Ty will talk a little bit more about our affected COVID industries here in a second. All of the loans on deferral are risk rated either watch, special mention, or substandard, and we believe are appropriately reserved. Now I will turn it back over to Ty to let him talk to you more about our loan portfolio, COVID-related exposures, and problem assets. Thanks, Shalene. As Shalene said, overall, our portfolio and borrowers have weathered COVID fairly well. Like Shalene said, we were pretty accommodating with the modifications we allowed during the first part of this, with either a six-month IOL or three-month P&I, feeling like that not only would it help directly impacted borrowers get through that period, but also we felt like even our stronger borrowers, would just give them additional liquidity and options. What we really focused on was the round two, and as Shalene kind of went over, the round two has been pretty minimal as far as Because that's truly we means tested that, and those were the modifications we really focused on, and re-underwrote those credits. As I mentioned last call for third quarter, Kirk Lee, our Chief Credit Officer, really did a deep dive in the whole portfolio when all this was unfolding in March and April, and really went through every credit in the bank, of any size, and just felt very comfortable where we were overall. That being said, we still decided to take a pretty aggressive and conservative view and put the reserves aside that we've highlighted for you. Overall, our portfolio, I think we told everyone that we had $169 million of what we're calling impacted sectors with COVID, which is restaurant, retail, CRE, hospitality, and retail business. That total is down around $20 million from when we first started reporting that in June. Restaurants were down to $26 million, and really 40% of that's two long-term borrowers with ample liquidity and high net worth. From there, very small restaurant exposure, $300,000 average in 77 loans, mostly real estate backed. Again, just very little direct hard exposure in the restaurant bucket. In retail CRE, that's at $43 million. The average loan-to-value, 50%. Again, we feel very comfortable kind of where we are with that portfolio. Hospitality, $67 million. That's declined a little bit from $71 million in June. Majority of that we acquired down in Westbound. We have those well reserved. A lot of those actually have SBA guarantees on the hospitality piece. We're comfortable where we are there with hospitality. That's a 56% average LTV in that portfolio. The remaining, just what we're calling in our retail business bucket, went from $17 million-$13 million. Again, very small average loan balance and 53% LTV. Overall, we remain pretty optimistic of kind of where we stand as far as the quality of the loan portfolio. Loan demand for 2020 was muted as I think most banks were seeing, which probably is to be expected. I will say the last couple of months, we're seeing increased loan demand, and we're pretty optimistic about that. We are seeing the Texas story that we talk about a lot. I can say I probably have never been more optimistic as far as just the opportunities for our state the next three to five years. We're seeing an unbelievable amount of relocations of companies and individuals, and really what's different is not just the metro markets. We're seeing relocations in the rural markets. I just think the next three to five years, that Texas story is going to really continue to shine, and we're going to see a lot of opportunities. Again, as we get past COVID and get past the vaccine, we're very optimistic about kind of where we're positioned as a company. On non-accrual, non-performing, we reported 0.7 non-performing assets. That's actually down from year-end. I think it was 0.72 there. Really not a lot of change there. In non-accrual balance, we reported $12 million. Of that $12 million, there's about $10 million of that, so nearly the majority of that is with three credits we acquired with Westbound, two hospitality, and one other credit. One of them has actually been resolved, the other one has a contract. We're going to be down, we believe, after Q1 of 2021 to a little under a $5 million hospitality loan that's SBA-guaranteed. We have very large reserves in all three of those credits. Actually have some shareholder reserves on one of them, I think. We're going to be down to, like I said, about $5 million of those items that we acquired that we've been carrying for the last two years of those credits. From there, you're looking at a couple of million dollars, $3 million in small loans. Again, just not a lot of large loans and not a lot of exposure that we see in that. Overall, we're very pleased with the portfolio, not only with where we are today, but how it's performed through this stress event. We do think we took the right approach, and were very conservative with our reserves when this was starting, just for the lack of clarity that was going on. We will likely see a provision release and reserve reversal in 2021. I don't see any way around that. We tried to hold our reserves for the most part through 2020, just again, until we saw how the vaccine was going to roll out. That's kind of a quick overview, but we'll get into Q&A and answer any other questions on the portfolio that you have. I want to have Shalene just briefly go over CECL and kind of allowance for credit losses. Yeah, thanks, Ty. Like Ty mentioned, our borrowers seem to have weathered the storm pretty well. We had no provision for credit losses in the fourth quarter, and we had a $300,000 reverse provision in Q3. Our overall loan performance and portfolio size has continued to remain relatively stable, and we've had no significant charge-offs yet as a result of COVID-19. However, until we actually see declines in COVID cases and people really starting to get out and travel and eat and spend their money, management just doesn't feel like it's appropriate to release provisions that were recorded in the first half of 2020 quite yet. At that time, we developed additional Q factors based on macroeconomic factors that were impacted by COVID, and we've kept those Q factors constant as we continue to monitor possible timing and effects of economic recovery and hopefully people getting vaccinated and staying healthy. Our allowance for credit losses as a percentage of total loans as of December 31st is 1.8%, and excluding PPP loans is around 1.95%. That concludes our prepared remarks. I will turn it back over to Nona for Q&A. Thank you, Shalene. If you have a question, please hit the Raise Your Hand button at the bottom of your screen. If you're participating by telephone, star nine will raise your hand. Star six will unmute your line. Our first question today is from Brady Gailey with KBW. Brady, you should be able to unmute your line. Great. Thanks. Good morning, guys. Morning, Brady. Morning. Morning, Brady. It's good to hear that loan demand has picked up the last couple of months. How do you think about what's the organic loan growth level that Guaranty could do from here on out? Are you going to be back growing mid to high single digits, or is that too much? Hey, Brady, this is Ty. We're modeling out mid-single digit. I just think that's probably the best place for us to at least at this point kind of project. There are just still a lot of unknowns with everything going on with COVID. Again, the last two to three months, we've been very pleased in seeing increased loan demand really across our footprint. Even in our rural markets, we're seeing increased demand. I'm very optimistic in what we're seeing and overall trajectory as far as just the state and where we see things going. We continue to have a very short duration loan portfolio, so in the portfolio, scheduled pay-downs are pretty aggressive. We have to backfill quite a bit just to stay even. We're going to kind of target the mid-single digit, but we could be surprised and come in better than that. Cappy, I know when we did the call last quarter, you had talked about a core margin in that 365 to 370 range with core margin excluding PPP. You guys were on the top end of that range for the fourth quarter. As we look to 2021, is that still the right range to consider for the core NIM ex PPP? Yeah, Brady, I think we'll continue to have headwinds. As I said, we've decreased our cost of funds pretty well. I don't know that we got more room to go there for improvement, but we're getting to the end of that. I think we'll be looking at about a 10-basis point compression in NIM throughout 2021, is what I'm modeling. Okay. Is that 10 basis points down from the full year or from the fourth quarter's 370? From the full year. Okay. All right. Lastly for me, I was just on the expense side. I heard you all talk about several, it sounded like kind of one-time in nature, non-interest expenses. How are you thinking about the run rate level for expenses as we go into 2021? I'm guessing it's going to be lower than you had a little over $18 million this quarter. There was a little bit of extraordinary cost there as a catch-up in the incentive comp, Brady, but I'm projecting out about a 5.5% increase. I think that equals or averages out to a $17.3 million run rate per quarter, something like that, something under $17 million. Okay, great. Thanks for the color, guys. Thanks, Brady. Sure. Our next call will be from Brad Milsaps with Piper Sandler. Matt, you can unmute your line. For Brad. Oh, hey guys. Am I coming through? Sure. Yes. Yep. Hey, Brad. To follow up on Brady's loan growth question, Ty or Kathy, it sounds like you incurred some costs in the quarter for recruiting. Kind of curious who you brought on board and does your mid-single digit loan growth guidance include any impact from if in fact these were lenders that you brought in during the quarter? I'll speak to that, Brad. We actually brought in producers in all of our markets. We brought producers in Houston, Austin, Dallas, and in East Texas. We don't have anything specifically baked into that. That's just part of our overall plan to continue to bring in talent to company, which that's one of the things we have worked on the last 24 months, really looking at our talent pool and really bringing in new talents in the company. That could be an upside surprise, honestly, and that's kind of how I'm looking at it. Still being kind of conservative with how we're projecting growth, just with everything we've talked about. We have onboarded producers in all of our key markets. Ty, just curious how many folks you brought in, and were these primarily from large banks or mid-size banks? What maybe potentially, what size loan books did they sort of operate with at their previous locations? We brought in two producers, I believe, down in Houston. I believe we brought in two in Austin area, in the Central Texas region. We brought in one additional producer in the DFW region and one or two more in the East Texas region. All of them were carrying portfolios ranging from $30 million-$75 million, in that range. They primarily came from mid-size banks, $1 billion-$5 billion, a couple from larger banks, I believe. That's typically where we're recruiting, from banks that are either mid-size to larger banks. Great. That's helpful. Then just to follow up on the margin discussion, Cappy, like the rest of the industry, your liquidity continues to build. How do you guys kind of think about that? Are you assuming that some of the deposits start to exit as well? Kind of how are you thinking about that kind of building cash balance number as you move through the year? Would you start to add more securities, or do you think it's best just to kind of stand pat right now and kind of see what happens with loan growth? Just kind of curious how you're thinking about it. Well, Brad, I do think deposits will start going back down at some point in time. Of course, I think I've said that the last two quarters as the PPP loans were paid down, thinking that more of those deposits would go out, and as it turned out, they didn't. I think we'll continue to have some extra liquidity. We have bought a few bonds, but not very much, and we're not going to jump in them very heavily at all. There's just not much opportunity there, too much interest rate risk. I don't see us getting too much into bonds, additional amount into bonds. I do think some of that excess liquidity will start going out. We're preparing for that more so than spending that money on the bond investment. Yeah. Hey, Brad, I'll add just a little bit to that. We realize and recognize that we are carrying excess liquidity and the cost of that is probably more my fault than anything, just because I've seen this movie so many times. I think that the bond portfolio, I see more risk, really, to a bank's balance sheet and the security portfolio today than anywhere, just especially if you're onboarding new securities. With everything going on, we just think that now we're sacrificing some of our short-term earnings, just not willing to take some of the market risk we see in the bond portfolio or the bond market right now. We will step into that, we're doing it very selectively and very carefully. We were very aggressive in March. There was some dysfunction that we talked about, I think, before that we were able to take advantage of and pick up really good yields. Right now, just the risk return doesn't make sense to us in the security market. Great. Thank you, guys. Thanks, Brad. Our next question will be from Matt Olney with Stephens. Matt, you should be able to unmute your line. Great. Thanks. Good morning, everybody. I want to go back to the loan growth discussion. Cathy went over some of the drivers for the fourth quarter. What about the mortgage warehouse? Do you have what the end of period and the average balances were in the fourth quarter? I'm just trying to appreciate if this impacted the linked quarter changes for the loan balances. Yeah, Matt. Actually, warehouse balances were down $25 million during Q4. They ended the year right at $90 million, which they got up over $100 million during the year. I don't have their average balance in front of me. They did decrease $25 million in Q4, which is pretty seasonal, pretty predictive from what we've done in the past. Just following up on that, Cathy, is there anything notable you're seeing the first few weeks of the year of the warehouse? Within your assumption of overall loan growth in the mid-single digits for 2021, what are you assuming for the mortgage warehouse? Mortgage warehouse will be growing a little bit, but pretty flat overall. We're probably around $100 million, $110 million in that area throughout the year. That's going to fluctuate obviously due to seasonality and interest rate. They are down starting in Q1, which again we modeled out because Q1 is not a big growth area, and it hasn't been for us in warehouse lending. That big increase, I say big, that increase that Ty's talking about isn't dependent on warehouse lending per se. It's relatively flat. Got it. On the share repurchase program, I think you mentioned a few minutes ago that the company was active a little bit in the fourth quarter. With the stock now around that $32 range, can you talk about the appetite for the buyback at current levels and what's the remaining authorization of the current program? Well, we still have quite a bit authorized. The appetite is going to be less, obviously, as the price to book expands. We have not been actively involved in it the last part of, actually, I think the last part of December. We were not because the price started getting up. At this level, we're certainly going to be less apt to buy more. We're prepared if the price is right to dip in the market and buy some if we can. We got the ability to do that both on liquidity and authorized shares. At 32, 33, we probably don't have that much of an appetite, no. Okay. Just lastly, going back to discussion on the margin. I think on the last quarter call, you talked about the remaining repricing opportunities on some higher cost deposits, and looks like we saw that play out in the fourth quarter. We saw interest rate and deposit costs come down around 12 basis points. How much more opportunity is there to pull that down on the deposit cost front? Well, as I said a while ago, we still have more room to go. The whole CD book will get repriced lower. There's no doubt about that. As they start rolling off, those CDs are pretty short-term. I think we still have close to $400 million in CDs. As they're rolling off, they're going to get repriced lower, quite a bit lower on some of those that are longer term. Most of the ones I talked about in the last quarter, though, were the 12 to 18 month period, for the most part, they're pretty much off. There's a few remaining, not much. As we reprice CDs today, they're still going down. I think on our non-maturing deposits, we've made some good strides in decreasing them, we don't have a lot more to go there. Maybe a few clicks down, we will get some improvement in our CDs also going forward. Q1, I don't think we'll see a 12 basis point decrease like we saw in Q4. We will see a decrease in cost of funds probably in the mid-single digit%. Matt, I will add to that, this is Ty. One of the things we did this cycle, kind of some of the lessons we learned from 2008 cycle, we knew we were going to be flooded with liquidity like during the 2008 period. We were more aggressive in moving our rates down quickly and more aggressively, which really helped us on the cost of funds side. The other thing, the last five years, we've been pretty consistent with putting floors in our loans, that's helped us on that side of it too. That's something we learned some lessons in 2008 cycle, we've been applying those the last five years, which has helped us kind of defend that NIM. It's obviously a headwind for us, like every bank, but I'm pretty pleased with how we've been able to kind of defend that as we kind of went through this year. Okay, guys. Thank you. There are no more questions in the queue. I'll give it a few seconds to see if there's any more questions that come in. Since there are no further questions, I would like to remind everyone that the recording of this call will be available by 1:00 P.M. today on our investor relations page at gnty.com. Thank you for attending today. This concludes today's conference call.