Good morning, and welcome to the Guaranty Bancshares fourth quarter 2021 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, we will have a Q&A session. 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. Good morning, everyone, and we welcome you again to our fourth quarter earnings call for Guaranty Bancshares. As we highlighted in our press release this morning, the bank had a very good quarter and a really good 2021 for the full year, achieving record results in almost every financial metric that we monitor and track. The asset quality of the bank remains extremely strong. We see a lot of positive things coming forward into 2022 for our company and opportunities for our company as we take advantage of the footprint and the growth that we see and the positive things happening in our state of Texas going forward. I wanna turn it over to Cappy and Shalene and have them do an overview of some of the results, and then we'll open it up to Q&A. Cappy? Thank you, Ty. I'm gonna give you a quick recap of the balance sheet. I think we've got some quarterly highlights up on the screen for those of you that can see it, and these obviously are very high-level bullet points on the balance sheet and income statement, things we're doing, but I'll give you a little bit of color added to that. Our total assets were $3.09 billion at the end of the year. That's a very nice increase of $345 million or 12.6% for 2021. This was really driven by a nice increase in deposits, which were about $384 million increase, and I'll speak to a little bit to that a little bit later. A couple of items to note on the balance sheet before we get in on the income statement, but our cash and cash equivalents, which is basically our Fed funds, they continue to remain elevated. They're even double what they were one year ago. This is really high level that they'll create some headwinds on our net interest margin. This is probably about a three times the historic level, which we've talked about in prior quarters. It has continued to increase, mainly driven by that increase in deposits. For the quarter, though, we did add to the bond portfolio, and again, we've talked about this in prior quarters. We added about a net increase of $85 million during the quarter to our bond portfolio, and that's about a $150 million increase year to date. Trying just to do some consistently dollar cost averaging into the portfolio while rates have been historically low, and we've been conservative in that regard and slow to pull the trigger to a large dollar amount with a larger dollar amount just because of low historic rates. The amount in Fed funds is probably putting a headwind on the NIM of 25+ basis points, just depressing it just a little bit because of the excess liquidity. Everybody wants to talk about loans, so we do highlight in the earnings release that you have our gross loan growth and then the detailed components of that. Through COVID and the PPP stimulus program, we have emphasized our core loan growth, which ex out PPP and warehouse lending. For the year, we did have a little better than expected growth. Our 2021 guidance was for net loans, net of PPP and warehouse lending, the high single-digit growth, and we ended the year at 10.8%. That represents about $176 million in loan growth. I know, Q4, we did show a decrease, and actually, in net core loans of about $10 million, which was about a half a percent decrease. We did have in Q4 some elevated paydowns again like we did in Q2. Our loan fundings were pretty strong during the quarter, pretty consistent with what they had been in prior quarters. It's just, we did have additional paydowns in the quarter that we knew were coming at some point in time, but did come in Q4. Our fourth quarter average loan balance, though, you'll see in one of the tables there, was higher than in Q3. Was our bond portfolio, just for the reason I mentioned. That balance was higher in Q4 than Q3. Those aspects helped the margin. Again, as I said, the headwinds aspect of that was the cash component that depressed it some because of its elevated balance. As I said earlier, the deposits showed a nice increase, $384 million. That's almost 17% for the year growth. $108 million of that came in Q4, which typically shows an increase in the fourth quarter. Certainly, a positive part of that deposit increase is that about 60% of that $384 million, which is roughly $235 million, came as an increase in non-interest-bearing DDA accounts. By 12/31 last year, at the end of the year, our checking accounts were 38% of our deposits, and they averaged all year for a little over 36% of total deposits. We've grown the number of checking accounts really for the last 3 years in the 8%-9% range. I think every one of our locations reflected an increase in deposits for the year. Our staff is pretty focused on onboarding relationship accounts, which focuses on you know someone having a checking account at Guaranty along with other deposits and other products. That, along with keeping our cost of funds manageable, has been a positive trend toward our growth for 2021. Looking at the shareholder equity component, it increased about $4.8 million for the quarter and $29.6 million year-to-date. Again, this is discussed in the earnings release. That's a nice increase that helps maintain our common equity capital ratios, even with that over 12.5% growth that we've experienced in total assets for the year. Again, this quarter, we did not buy back any stock. Again, we paid out a $0.20 dividend to shareholders. That made a year-to-date cash dividend of $0.80, which was about 24% of our earnings per share for the year. At the current price level, that's about a 2.2% cash yield on dividends. I remind you, we did do a 10% stock dividend in Q1 of 2021 on top of the $0.80 cash dividend. All those components with the growth in stock really provided a nice total return for our stock for 2021, as most financial stocks reflected. The next set of bullet points is turned over to the income statement. As Ty mentioned, we were very pleased with our earnings for the year. We had a good fourth quarter, and we had a really good earnings for 2021. Our net earnings, as detailed in the earnings release for the fourth quarter, were $9.2 million. That's $0.76 per share, per basic share. That's compared to $9.3 million in linked quarter, which was $0.77 per share in Q3. Year-to-date earnings were $39.8 million. That's $3.30 per share. That's compared to 2020 net earnings of $27.4 million, or $2.25 per basic share. That's a really nice increase. Of course, we again talk about the components of that and a lot of that being the provision that we did in 2020. Our year-to-date return on assets is 1.36%. I know we identified the Q4 for you there on the screen, ROA and ROE. Looking at the year, we're really pleased with our return on assets of 1.36% for the year and a return on equity of 13.72% year to date for 2021. Again, this quarter, as we've shown in prior quarters, we do detail out for you in table format a core earnings in this earnings release. You'll see that in the fourth quarter, 2021, it was the strongest quarter in our core earnings in the last 5 quarters, matter of fact. We define core earnings as our net earnings before provision for credit losses, before income tax, and before the effects of the PPP loan activity, which obviously we've had quite a bit of for the last two years. Our fourth quarter net core earnings were $10.1 million. That's $0.84 per basic share comparatively. Looking at that as it compared to the linked quarter, that's up from $0.81 per share. We did not do a provision in the fourth quarter, nor did we do a release of provision like we have done in the previous two quarters during 2021. Because of that, our ACL continued to grow a little bit or stayed steady in the fourth quarter, I guess I should say, and is 1.64% ex-PPP loans compared to loans ex-PPP for the year. Shalene Jacobson will give a little more detail of the components of our ACL and what we've done to it, a little bit how we've changed it over the last year. Our net interest margin, again, was pretty steady for the quarter. In fourth quarter, it was 3.39%. That's compared to the linked quarter of 3.40%. Not much change there. When we look at the ex-PPP activity, which we again show that in tabular form in the release, our net interest margin was 3.35 compared to linked quarter 3.36. Again, very steady, but just to kind of show you the differences, when we back out the PPP loan activity. Our total loan yield actually increased in fourth quarter by 4 basis points to 4.71%. And then if you back out again the PPP activity, that was 4.66% during the fourth quarter, and that's down from the previous quarter of 4.73% being in Q3. That's very reflective of what it's done all year. We put out our loan yield for the whole year, ex-PPP, was 4.75% for the year, and that's compared to before adjustments, 4.84%. It really shows that about nine basis points difference throughout the year when you back out the PPP activity. That's really generated from the fee income that we're recording due to those loans we made in the PPP program. Our total cost of deposits continue to decrease. Looking at Q4, our total cost of deposits was 18 basis points. That's compared to linked quarter of 21 basis points in Q3. Our year-to-date cost of deposits were 22 basis points compared to 2020's year-to-date cost of deposits of 54 basis points. Again, it certainly supports our net interest margin, and it is probably pretty reflective of a larger percent of deposits being in non-interest-bearing, which certainly helps not only in our cost of deposits, but in our net interest margin component too. Looking at the non-interest income categories. Our non-interest income did decrease $400,000, that's about 6% in the quarter. That catches your attention, I realize. A couple of thoughts there. All that decrease, plus a little more actually, came in a decrease in loans sold in the secondary market. You might notice in the comparative quarter, Q3, that was the highest quarterly volume we've had all year. Then by the way, Q4 was the lowest quarter that we've had all year. Traditionally it is a lower volume quarter, but not typically by 30% as those numbers would reflect. A couple of thoughts again for the gain on sale in 2022, I'm projecting a volume decrease of 12%-15%, not 25%-30% as reflective of this quarter. We did lose a couple of originators that had some pretty good volume. We're looking to replace them pretty soon. I think we will in 2022. So that will help offset that. But with the shift of rates, increase in rates and the shift of refi versus new loans, the volume has slowed somewhat, both in mortgage and in warehouse lending. Another factor on the mortgage side is we have decided to keep some mortgages in-house. We didn't do a whole lot of that in the last quarter or in 2021, but we did keep about $8 million that traditionally would have been sold in the secondary market. We've committed up to $25 million in that program. I don't know that we'll get that high, but we have committed to keep some of those in-house as a way to deploy some of our liquidity. Overall, just to give a little guidance, I do project our 2022 non-interest income to be an increase in total of around 5%. Looking at our non-interest expenses, they did decrease for the quarter, about $300,000. You'll note that we did have a non-recurring expense in Q3 and linked quarter of about $400,000. When you back that out, our expenses actually increased about $100,000. We talk about that in the earnings release. Some of that's FDIC insurance, but we did talk about and we did see some salary cost pressures in the quarter that we didn't really plan for. We think that some adjustments that we've already made, and I'm pretty confident that we'll continue to deal with that going forward, as most companies are, and trying to keep staff, appropriate staff, properly staffed going forward. I think there'll continue to be some cost pressures there in salary. We also did disclose in the release that we had some increases in employee benefit costs, which specifically with some health insurance claims that were higher this year than in prior years. In looking forward and looking at 2022 expenses, last quarter, I think I told you that we were projecting in the $75 million range. I think that probably is gonna be in the $76, maybe $76-$77 million range going forward. We do have quite a few job openings posted that I think will get filled throughout the year. Some of them will be coming up in a little bit later, even with anticipated growth. We have quite a few job positions posted, of which a lot of them are production-oriented. If we add to some of the production staff, certainly we think we'll be able to continue to grow in the markets that we're in and the regions that we're in. That's kind of a high level overview of the balance sheet and income statement. I'll turn it over to Shalene and let her continue on. Thank you, Cappy. On this slide I'll cover quickly the COVID-19 response, any deferrals related to that and an update on the PPP program. Like the rest of the nation, Omicron has surged here in Texas too, although most of our businesses and restaurants seem to have remained open. For the most part, all of our bank locations are open and employees are back in their branches, except if we need to have temporary lobby closures due to staffing shortages from positive COVID tests, and to disinfect those affected locations. We did roll out a remote work policy for positions that are conducive to that type of arrangement, which has really been helpful during this latest variant because we've been able to quickly transition back office staff to work from home more efficiently and hopefully reduce the likelihood of further spread and improve the safety of those employees. As I mentioned on the third quarter call, all of the borrowers who received a COVID-related modification have returned to their contractual payment schedules, and we currently have no borrowers on any kind of COVID-related deferral program. For a PPP update, the forgiveness has been going very well during this year. Actually, under the PPP One program, we only have about $1.3 million remaining on our books, and most of those are now on a P&I schedule. They'll either be repaid from borrowers or most of them still have the opportunity to be forgiven or if they happen to go delinquent, you know, we'll ask the SBA to repay those under the guarantee. For the PPP Two program, we started with $100.8 million and have about $49.3 million remaining on our books now. And under both programs, we have about $1.2 million of net deferred fees that remain to be recognized. We think we'll probably, as long as the forgiveness keeps going like it's going, recognize a significant portion of that $1.2 million during 2022. Next, I'll cover the overall loan portfolio and credit quality. As Cappy mentioned, and I just mentioned, our borrowers have so far weathered the COVID storm pretty well, and the Texas economy is strong. We do expect to have good loan growth in 2022. However, the variant has somewhat slowed things down and we think rising rates may present a headwind to new production. We're estimating high single digit growth for now for 2022. The Austin area in our central Texas region had a great 2021 and it really is our fastest growing region. We've recently opened two new locations there, one in Georgetown, which is a suburb north of Austin. In Q3 2021, we opened that, and then one in Lakeway, which is a suburb west of Austin, and that's actually officially opening today. We've got a great team there and look forward to strong growth in that region as well as good growth in our other regions too. As Cappy mentioned, ex-PPP and warehouse, our core loan portfolio was down slightly less than 1% in the fourth quarter, but was up about 10.8% during 2021. The slight decrease in Q4 was really driven by loan payoffs outpacing production, like Cappy said. Including our warehouse loans, growth was down about 2% in the fourth quarter. The decline in our warehouse line balances is partly the result of lower volume of mortgage refinancing. For our bank, it's primarily due to several of our larger warehouse customers moving from a delegated channel rather than a non-delegated channel, which can certainly be more profitable to them. We actually don't offer delegated products due to the higher risk for our bank, so we're more conservative with this particular line of business. We're slowly backfilling with some new customers that the warehouse lines will likely remain at balances more similar to Q4 during the upcoming year. On a positive note, as Cappy mentioned, we think our loan yield has held up well during the past couple of years as rates went down. Our average loan yield ex-PPP is 4.66% for Q4 and was 4.75% for the year. Finally, with respect to growth and yields there, as we've mentioned on prior calls, we do have a large amount of our portfolio with rate floors, which we're monitoring closely to understand how those floors will impact earnings when rates begin to rise again. We currently have about $727 million or 38.7% of our total loan portfolio at their interest rate floor right now, and the average rate of those loans at their floor is 4.29%. If rates increase 75 basis points during 2022, which seems to be a popular increase expectation, then 26.3% of those loans that are currently at their rate floor will reprice at a higher rate. With respect to non-performing assets or credit quality, really despite the continuing challenges with COVID, our credit quality remains very good. Although we're remaining cautious with our allowance reserves because many of the economic stimulus programs have come to an end and we really wanna closely and more further monitor the possible effects of those programs coming to an end. Our non-performing assets as a percent of total assets was 0.09% at the end of the fourth quarter 2021, and our net charge-offs were also low in Q4 at only $188,000 or 0.04% of our total loans. Finally, onto the allowance for credit losses. As Cappy mentioned, we had no provision or reverse provision during the fourth quarter, and we had a $1.7 million reverse provision for the year. We had expected and hoped at the beginning of 2021 that we'd be able to fully unwind the COVID-specific qualitative factors that we'd built into our model during 2020, which amounted to about 55 basis points across our portfolio. However, because of the Delta variant at first and then the Omicron variant that followed that, we chose to slow that down. We had about 14.5 basis points of COVID related, COVID specific key factors still in our portfolio or calculation. I'm sorry. We've chosen to be very cautious in fully unwinding those key factors just because, like I said, we wanna understand how these variants are impacting the economy, as well as understand how borrowers might be affected by the economic stimulus programs coming to an end. Hopefully as Omicron begins to slow down and we understand what borrowers are doing without the economic stimulus, we'll be able to further unwind that. Our fourth quarter allowance for credit losses as a percentage of total loans was 1.59%, and ex-PPP was 1.64%. We still have a pretty strong reserve in place. That is the end of our prepared remarks, so I will now turn it back over to Nona for Q&A. Thank you, Shalene. Now that it's time for our Q&A, if you have a question, you can hit the Raise Your Hand button at the bottom of your screen. If you're participating by telephone, you may hit star nine that will raise your hand and star six will unmute your line. Our first call today is Michael Rose, and he's with Raymond James. Michael, you should be able to unmute your line. Yep. Got it. Can you hear me? Yes, sir. Yeah. Michael. Great. How are you guys? Good. Good. So just want to circle back to some commentary around the loan growth. You know, obviously this quarter was, you know, a little softer. Seems like paydowns are to blame. Still for the year, though, over 10%. Looks like you're guiding to high single digits this year. Is that more a function of just maybe you had some accelerated growth from some of your hires this year? Is there greater paydowns expected? Are you being cautious just given the strengths of the market? Because you mentioned pipelines are still pretty solid. Can you just give us a little bit more color as to how you get to that high single digit rate? Thanks. Michael, this is Ty. I'll take that. It's a combination really of all three. I mean, we, our portfolio has always had a very short duration, so we have pretty robust paydowns throughout, you know, throughout the year. And then we're, you know, as we're sourcing new relationships and opportunities, it's obviously bumpy through the year as far as different times of the year. You know, we're able to book different fundings that we have in the pipeline. We're still very pleased with kind of where we landed for the year in net loan growth. We're looking at 2022 and probably modeling out in the high single digits. Again, part of that is just being a little cautious too, like we normally are with some of the unknowns out there. Again, we still see a lot of strength in all of our markets and all of our regions in Texas. Like Shalene said, the majority of our growth right now, the biggest percentage of our growth is coming from Central Texas region, Austin MSA, Bryan-College Station. We're also seeing some, you know, really strong growth and opportunities in Houston and Dallas. Still a lot going on in our state, a lot of positive things happening. We designed the portfolio where it continues to have a short duration. To get the net growth we wanna have it, we're constantly playing catch up like a lot of banks are trying to book new production to offset the paydowns that are in the portfolio. Okay. That's helpful. Then maybe just circling back to the excess liquidity and the growth in the securities book this quarter. I know you guys aren't that rate sensitive at this point, but you do have still a fair amount of excess liquidity. Looks like you built the securities book, you know, pretty nicely this quarter. Can you just give us the expectations for further securities redeployment as rates rise? Then you know, how should we think about the pace of that, just given the assumption of the forward curve? Thanks. Michael, like Cappy said, we continue to buy additional securities each quarter. I think you can look at a 5%-10% increase probably each quarter as a good benchmark. That's again net growth, covering, you know, in addition to covering whatever bonds we have that are paying down. We're still doing that and being cautious with how we step into the market, so we're gonna maintain excess liquidity. The other piece is as rates rise, we may start seeing some of these excess deposits start moving out. The plan is to be very diligent on the cost of funds side of the balance sheet too. We're kind of keeping some dry powder for that as well. Okay. Then maybe just finally for me, you know, it does seem like the expenses for you and everybody else are gonna be, you know, a little bit higher than expected. Fee income growth is still good. I mean, is the expectation that ex-PPP you guys can still drive positive operating leverage this year? Is that a good way to think about it? Yeah. Cappy, can you weigh in on that? Yes, Michael. I mean, that's our plan very specifically. I mean, we know we're getting out of the PPP volume, but we're gonna continue to put producers on the ground that can grow in the markets we're in. There's a cost to that. That, as I said earlier, we've got quite a few job postings open, and that includes back office as well as personal bankers, as well as production staff. Great. I appreciate you taking all my questions. Thanks, Michael. Thanks, Mike. Nona, back to you. Our next call is from Brad Milsaps with Piper Sandler. Hey, good morning. Morning, Brad. Hi, Brad. Thanks for taking my question. I just wanted to follow up on some of Shalene's comments around the variable rate loan portfolio. If some of my notes are correct, if you have... Did you have about $1.25 billion of total variable rate loans? That would leave about $500 million or $1 billion or so that would reprice immediately. Is that the correct way to think about it? Yes, it is. Okay. Just curious, you know, kind of where some of your new fixed rate production is coming on the balance sheet these days. I think maybe last quarter you mentioned in that kind of 4%-4.25% range. Just kind of curious, kind of what you're seeing out there versus, you know, what's being paid down versus what you're putting on. That's where we're still seeing it, Brad. It's in the low 4s. But we've seen some in the high 3s too, but we averaged even through the fourth quarter, new loan production being in the low 4% range. Okay, great. Just on the bond portfolio, I'd be curious, you know, kind of where you're seeing new yields coming on the books. I think, Cappy, you've mentioned to me before that you guys use kind of a level yield methods. I mean, the available for sale yield jumped from like 1.48% up to 1.75% linked quarter. Just kind of wanna get a better sense of kinda where, you know, where that could kind of, you know, settle in, you know, kind of given some of the volatility in those numbers. We do use the level yield method, Brad, as you mentioned, which keeps it pretty steady from the fluctuations of amortization. We're looking at buying new bonds in today's market. It should be headed up and what we're seeing, the 10-year increasing, but we've been buying bonds in the 5-year average life, 5- to 6-year average life around 2%. I mean, I think that as a 10-year starts increasing or if it does, which I anticipate it will, that should improve from there. Okay, great. As I think and kind of think about your cash plus kind of what you have left over in PPP, you know, maybe you can reduce that by, you know, a little more than half, you know, over the next 12 months if you continue to buy bonds at, you know, 5% or 10% a quarter. Is that the way to think about it? Uh. Go ahead, Ty. Brad, that's a good way to look at it. This is Ty. That's a good way to look at it and kind of an unofficial target between loan growth, quarterly bond purchases and just at some point anticipated the deposit side either to level off and/or start some of that may be flowing out. It would be a good target, at least in the back of my mind, to try to kind of cut that in half through the year. As I said, that's about three times the rate that we've had or the level we've had historically. Yeah, to cut it in half would be, I think that would be very productive. I mean, the biggest challenge of that is, it's you know, kind of baked in, is that we're also continuing to develop core deposit relationships, as Shalene mentioned, because we see that as a real driver to franchise value. I mean, we're not out of the deposit business. We're very aggressively you know, growing core deposit relationships. So we're and then we have modeled out for 2022 to do the same thing. That being said, we're certainly not chasing excess deposits due to our excess liquidity we have. Okay. Just final question, I just wanna make sure that it's very helpful. Thank you. Just Shalene, just so I understand the commentary around the floors. You said 26% of the loans at floors would need rates up 75 to move. Does that imply that the other 75% would need higher moving rates, or would those floors be lower than the average? Well, it's really more of a combination of they would need either higher rates or they don't reprice in 2022. Their next reprice date is later than 2022 for the most part. Okay. Those are variable in the sense that they don't maybe reprice immediately, but might reprice over a 1 or 3-year period, something like that. Exactly. Yeah. Okay. Okay, very helpful. Thank you, guys. Thanks, Brad. Bye, Brad. Our next call will be from Brady Gailey with KBW. Hey, thanks. Good morning, guys. Good morning, Brad. I know Guaranty in 2020 and early 2021, you know, made an investment in some new loan producers. I was just wondering, you know, kind of how that looks in 2022. You know, do you think you'll continue to make a notable investment in new lenders? Or do you think you're kind of happy with what you have, and you'll be able to hit this kind of high single digit growth with what you have today? Hey, Brady Gailey, this is Ty Abston. There won't be a targeted net increase in producers. That being said, we're constantly onboarding new producers in all regions. We will be and are currently actually onboarding new producers throughout our footprint, but that will not necessarily create a net increase for us in producers. Okay. I noticed the effective tax rate was a little lower than normal. About 17% this quarter. I think normally you all are, you know, 18%-19%. How should we think about the forward effective tax rate? Brady, it's gonna be in the 18-18.5% range, I think. We did have a true up on deferred tax this quarter that adjusted it a little bit. We're targeting 18-18.5% for 2020. All right. Then finally for me, just an update on M&A. We've seen some activity recently in Texas on the bank M&A side. I mean, are you guys still looking at targets, and do you expect to be active in M&A this year? Brady, we do. That being said, like we've said before, we're looking for opportunities that are accretive to what we're modeling out, that we can generate and plan to generate internally. Obviously we get calls quite a bit, but nothing specific at this point. If there's an opportunity that makes sense to build on to what we're already, you know, planning to produce, then we'll certainly take advantage of that. We don't have anything specific that we're targeting at this point other than just having conversations, looking for the right opportunity. Okay. Got it. Thank you, guys. Hey, thanks, Brady. Thanks, Brady. Our next call will be from Matt Olney with Stephens. Hey, guys. Thanks for taking my question. Wanted some clarification around some of the commentary you provided around the non-interest income. Cappy, I think you mentioned a few items around gain on sale of mortgage for 2022 versus 2021. Can you just kind of reiterate what that was? For the overall fees for the year, I think I wrote down 5% increase. What's the baseline that you're using on that 5% increase? I think we did about $23 million or $24 million during the year for 2021. That's the baseline. I'm talking about a 5% increase from there overall, and that's with a decrease in gain on sale of loans of about 12%-15%. Got it. Okay. Clarifying the outlook for the loan growth, high single digit, did that include or exclude the mortgage warehouse? Exclude. That excludes. Okay. On the mortgage warehouse, I guess I'm less familiar with the delegated versus non-delegated loan channels. Any more detail you can give us on that to help me appreciate kinda what the change was and during the quarter? Yeah, Matt, this is Ty. The delegated versus non-delegated, those are two different channels in the mortgage warehouse space. We stayed in the non-delegated channel, which I mean just a Reader's Digest version of this is, I mean those loans are pre-approved by the investor on the back end. It's just a channel that just has less risk from our standpoint. We're not at this point ready to actually add delegated, which does add opportunity, but also adds a risk profile that we're not ready to scale up to. We're gonna stay kind of in that non-delegated channel. depending on what the market's doing, as underwriting changes, different places that you know, non-delegated clients are able to actually obtain delegated channels, mortgage warehouse lines that we're not doing, and then we try to backfill that and onboard new relationships to cover it. Okay. That's helpful. Thank you for that. On the loan yields, I think you mentioned excluding PPP, core loan yields were down around seven basis points. I think you disclosed the new and renewed loan yields already. For the paydowns in the fourth quarter, I'm curious if those paydowns came with higher loan yields. I'm just trying to appreciate kind of why the loan yields were down seven basis points. Well, Matt, the loan. I have the dollar amount of loans payoffs. I don't have the yield that goes with it. I don't know exactly what that would be, but I can tell you that, you know, the fee income moves around the margin, obviously, or the loan yields quite a bit. The fee income from the PPP, which is really tapering off quite a bit as we get down below $50 million in total outstandings, and we've got about $1.1 million left to book that I think for the most part of that fee income, that'll get booked in 2022 as we approach zero in PPP loans sometime near end of year. I say all that to say, that's why we're showing the ex-PPP loan volume, just to kinda take out that noise. To answer your question, I don't know specifically if those payoffs were from higher yielding loans. I can find that out and get back with you. That's helpful, Cappy. Would you say that the mortgage warehouse loans that were also paid down this quarter, I would think those would be lower yielding loans versus the rest of the book. Is that a fair assumption, you think? Yes. It is. Yeah. a fair assumption. Okay, that's all for me. Thanks, guys. Thanks, Matt. Thank you, Matt. If there are no further questions, I would like to remind everyone the recording of this call will be available by 1 P.M. today on our investor relations webpage at gnty.com. Thank you for attending. This concludes our call.