I would now like to turn the conference over to Paul Langdale, Senior Vice President and Director of Corporate Development. Good morning, everyone. I am Paul Langdale, Senior Vice President and Director of Corporate Development for Independent Bank Group, and I would like to welcome you to the Independent Bank Group first quarter 2021 earnings call. We appreciate you joining us. The related earnings press release and a slide presentation can be accessed on our website at ibtx.com. I would like to remind you that remarks made today may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and expected results to differ. We intend such statements to be covered by Safe Harbor provisions for forward-looking statements. Please see page five of the text in the release, or page two of the slide presentation for our Safe Harbor statement. All comments made during today's call are subject to that statement. Please note that if we give guidance about future results, that guidance is a statement of management's beliefs at the time the statement is made, and we assume no obligation to publicly update guidance. In this call, we will discuss a number of financial measures considered to be non-GAAP under the SEC's rules. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are included in our release. I'm joined this morning by David Brooks, our Chairman, CEO, and President, Dan Brooks, our Vice Chairman and Chief Risk Officer, and Michelle Hickox, Executive Vice President and CFO. At the end of the remarks, David will open the call to questions. With that, I will turn it over to David. Thanks, Paul. Good morning, everyone, and thank you for joining us on today's call. We are pleased to report a solid start to the year that reflects the continued hard work of our team members across Texas and Colorado. For the first quarter, our company reported adjusted earnings of $1.39 per share, recorded double-digit organic deposit growth, and posted additional increases to our already strong capital ratios. Furthermore, credit quality metrics remain strong with just one basis point of annualized net charge-offs for the quarter. Given the continued strength of our earnings and balance sheet, our board of directors has authorized an increase in our regular quarterly dividend to $0.32 per share. Year to date, we have originated an additional $273 million in PPP loans to help our customers through the final stretches of the pandemic. As we anticipated, loan growth continued to be impacted by the pandemic-related payoffs during the first quarter. However, we are beginning to see encouraging signs of accelerating loan growth and loan demand. As the pace of the economic recovery quickens, we anticipate net positive loan growth in the second quarter, with a more normalized loan growth returning in the back half of the year. With that overview, I'll turn the call over to Michelle for more detail on the operating results for the quarter. Thank you, David. Good morning, everyone. Please note that slide six of the presentation includes selected financial data for the quarter. Our first quarter adjusted net income was $60.1 million, or $1.39 per diluted share, compared with $43.4 million or $1.01 per diluted share for the first quarter last year, and $58 million or $1.34 per diluted share for the linked quarter. Net interest income was $129.7 million in the first quarter, up from $123.2 million in the first quarter last year, and down slightly from $132.8 million in the linked quarter. Year-over-year, net interest income growth was driven by a reduction in funding costs, as well as higher earning asset balances due to mortgage warehouse growth, which offset a reduction in purchase accounting accretion. The slight reduction from the linked quarter was due primarily to day count. The adjusted NIM, excluding all loan accretion, was 3.13% for the first quarter, compared with 3.48% for the first quarter last year, and 3.24% in the linked quarter. The margin decreased by 11 basis points from the linked quarter, with increased liquidity impacting it by eight basis points and the remainder due to lower asset yields. Core loan yields were down five basis points, and investment yields were down 26 basis points from the linked quarter. Total non-interest income was $18.6 million for the quarter compared to $19.9 million in the linked quarter. Overall mortgage production volumes remained strong in Q1 despite the rising rate environment and were down only about 15% compared to Q4. Compression and gain on sale margins impacted mortgage income relative to the linked quarter. Non-interest expense totaled $75.1 million for the first quarter, a slight decrease from $75.2 million from the linked quarter. Q1 non-interest expense is always impacted by increased payroll taxes and other compensation items for bonuses and raises relative to the linked quarter. Payroll taxes were up $1.3 million from Q4 2020. Recruiter and signing bonuses were about $800,000 related to new production team investments, and we had $650,000 of unusual RSA amortization for performance grants and accelerated vesting. Salaries and benefits were positively impacted by $3.3 million of deferred loan costs related to the origination of PPP loans. Slide 20 shows our deposit mix and costs. Total deposits were $14.8 billion as of quarter end, an increase driven by organic deposit growth of $405 million or 11.4% annualized for the quarter. We also had about $350 million in reciprocal deposits we moved off balance sheet to reduce expense that are not included in these numbers. Capital ratios are presented on Slide 22. In the first quarter, the company's consolidated capital ratios continue to grow with the Common Equity Tier 1 capital ratio increasing by 61 basis points to 10.94%, and the total capital ratio increasing by 81 basis points to 14.13% for the quarter. On January 1st, 2021, the company adopted CECL, which resulted in a day one adjustment of $82 million to the allowance for credit losses for both loans and unfunded commitments. This includes $13 million related to previously acquired loans that had been recorded at a discount. The adjustment to retained earnings was about $54 million after tax. That concludes my comments today, so I will turn it over to Dan to discuss the loan portfolio. Thanks, Michelle. Overall loans held for investment, excluding mortgage warehouse purchase loans, were $11.7 billion at quarter end, compared to $11.6 billion at December 31st, 2020. Excluding PPP loans of $912.2 million, loans held for investment decreased year-over-year by $241 million, primarily as a result of the economic dislocation caused by the pandemic. Average mortgage warehouse purchase loans remained flat at $1.2 billion for the quarter, reflecting our strategy to maintain average warehouse balances in an appropriate proportion to our overall balance sheet. Overall, our credit quality metrics continue to remain strong, with total non-performing assets of $61 million, or 0.34% of total assets at March 31st, 2021. The increase in non-performing assets versus the linked quarter was primarily due to the adoption of CECL during the quarter, which resulted in the addition of $10 million in purchased credit deteriorated loans that were excluded prior to CECL adoption. Classified loans totaled $253 million at March 31st, 2021, up slightly from $239.6 million in the linked quarter. Net charge-offs remain low at just a single basis point annualized for the first quarter. At March 31st, 2021, the CECL allowance for credit losses is $165.8 million, or 1.54% of loans held for investment, excluding PPP and mortgage warehouse loans. These are all the comments I have related to the loan portfolio this morning. With that, I'll turn it back over to David. Thanks, Dan. For the past year, we have focused on being there for our customers and communities while strengthening our infrastructure and ensuring a scalable platform that meets evolving customer expectations. We continue to see the results of these investments in terms of both internal operational efficiencies and in new digital offerings like our online account opening platform, which launched earlier this month. We also continue to attract new talent to the organization, including a new chief digital officer who joined us earlier this month. Looking ahead, our company operates in four of the strongest growth markets in the country, and we are well positioned to capitalize on significant growth opportunities as the economic recovery accelerates across this footprint. As always, we remain committed to create sustainable long-term value for our shareholders. To that end, 2021 appears to be shaping up to be an active year for bank M&A, and I expect our company to pursue strategic, financially attractive, and well-structured deals as opportunities present themselves. Thank you for taking the time to join us today. We'll now open the line to questions. Operator? Thank you. The first question is from Michael Young, from Truist Securities. Please go ahead. Hey, good morning. Hey, good morning, Michael. Thanks for taking the question. Wanted to just start on the loan growth outlook. You've been pretty optimistic, I think, about the second half of the year and kind of a rebound in loan growth there. Are you still seeing those trends, whether it be customer communications or loan pipeline building, that keep that confidence in place? Yes. Michael, we are confident in the loan growth forecast that we've been talking about. Previously, we were off a little in the first quarter. We weren't surprised about that, but the pipeline picked up. The fundings were accelerating towards the end of the quarter, and that's resulted in already in April, we're positive for the year. Our net fundings in April have been very strong so far. The pipeline is as good as it's been since before the pandemic. We have reason to believe that we'll have positive growth here in the second quarter and then evolving back in the second half of the year to a more normal range of 6%-8% for us on a go forward basis. We're feeling better about that now as it's playing out on the ground. Okay. I guess my follow-up would just be your comments on the inorganic side you mentioned there at the end. I think the market has been hot and cold and hot and cold, so it sounds like maybe a little more optimism, a little more conversations being had now, and would just be curious for updated thoughts there, especially related to maybe size, as we've seen a few more MOEs kind of get announced recently. Sure. I think the activity, the questions or the conversations rather, certainly are picking up in Texas as well. We have seen a lot of activity nationally, more on bigger deals as you allude to there, Michael. I still think our sweet spot is going to be downstream high quality acquisitions of companies here in Texas in the major markets and some very good positive conversations there and some very good companies. I think part of what's going on, I think, Michael, is that as people get more confidence in where this economy is landing here post-pandemic and what their opportunities are. I think some of the public companies are beginning to get a better feel for what their opportunity to do downstream acquisition is, and that's affecting how they're thinking then about a merger partner for themselves. I'm more encouraged than I was in the first quarter. We'll see. Obviously, we haven't seen much activity in Texas, so we'll see how that comes about. My understanding is there's a lot of activity in the pipeline across the country, and I'll be surprised if it didn't get to Texas sooner than later. Okay, thanks. Okay. Thanks, Michael. The next question is from Brad Milsaps from Piper Sandler. Please go ahead. Hey, good morning. Hey, good morning, Brad. Hey, Brad. Michelle, maybe I wanted to start with expenses. Pretty flat linked quarter and I think in line with your guidance, but it sounded like there were a number of pluses and kind of minuses within the quarter. Just kind of curious how you're thinking about sort of expense run rate as we move through the year, kind of taking into account all those items that you discussed. Yeah. Sorry. You're exactly right, Brad. There was a lot of noise, specifically in the salaries and benefits line that I referred to in my comments earlier. I think when I look at it, we probably had around $2 million of expense that I would sort of call non-recurring after first quarter. That was offset by the deferred cost that we had related to PPP. If you pull out all of that, non-interest expense probably would've been around a million dollars higher than what we recorded. One of the things we have is there's about a $650,000 expense related to the PPP portal that we recorded that will continue probably through Q3 as we get those loans paid off. That's made the run rate a little bit higher than what I expected. I think if you sort of add all that up, the run rate will be between $75 million and $76 million, is what I would expect the rest of the year. Great. That's helpful. As my follow-up question, I was curious the impact of PPP fees in the quarter. I apologize if I missed that. What are the amount of fees that you have remaining to recognize for the remainder of the year in the program? Yeah. We recognized about $4.8 million of PPP fees in the first quarter, and that compares to $4.2 million in Q4. There was about, I think, $1.5 million of that was related to loans that were paid off. We have about $14 million remaining from the first round and then now the second round to recognize. Right now, we expect we'll recognize about 70% of those this year, and then there will be some that will probably carry over into 2022. Great. Thank you, guys. I'll hop back in queue. Hey. Thanks, Brad. Thanks, Brad. The next question is from Matt Olney from Stephens. Please go ahead. Hey, thanks. Good morning, guys. Hey, good morning, Matt. Saw some really nice deposit growth this quarter, and it looks like you deployed some of the liquidity into the investment securities portfolio. Saw the duration did extend that a little bit. Would love to hear more about the strategy around liquidity, deposit growth, and then what you bought in the first quarter, and could we see additional growth in that securities portfolio from here? Thanks. Yeah. Liquidity's been at least my biggest challenge this year, Matt Olney. I think we guided that we were going to start putting some of that liquidity into the investment portfolio, which we have been doing. We haven't really changed our strategy there, though. That portfolio is very low risk. We tend to keep it pretty short. What we're investing at has been about 1.50%. You've seen the overall yield of that portfolio has come down even though as we're putting more in there. Right now, our expectation is we'll grow it to about a billion and a half by the middle of the year. Liquidity keeps coming. As we have the PPP payoffs, our liquidity has continued to increase. We might decide to increase that a bit more if the loan growth we're seeing does not continue. We'll manage that as we see opportunities on our balance sheets. We've been investing in primarily agencies and mortgage backs, again, all very high quality, low risk portfolio. Okay. Thanks for that, Michelle. Then on the mortgage warehouse, would love to hear more about the customers in your portfolio. It seems like the market's shifting from a refi to a purchase market. Do you have what that split is for your portfolio as far as the mix? I guess secondly, as industry volumes are expected to slow the back half of the year, seems like we could see pricing come in incrementally. I think you guys have been focused more on smaller customers, so would love to hear your views on volumes and also yields for the balance of the year. Thanks. Yes. I don't know in the warehouse if we have an exact split. As you said, we're certainly seeing the same trend, Matt, of the refi shifting to purchase. One of the challenges in Texas is there's just an undersupply, if you will, of homes for sale. The builders are building as fast as they can, selling every house they build, and the homes are going on the market and lasting 24 hours. In talking with our mortgage folks, both the retail mortgage and the mortgage warehouse, that's the concern is, as the shift continues from refi to purchase, will there be enough supply on the purchase side? That said, of course, supply and demand could affect pricing. We saw a little bit of a decline in the first quarter in our gain on sale in our retail portfolio. The mortgage warehouse for the first quarter was actually average balances a little higher than we'd expected, holding pretty flat with fourth quarter at around $1.2-. $1.2 billion. $1.2 billion. I think we're expecting that to come down to something in the $900 million maybe average for the second quarter. Could be a little lower, a little better than that. If we were picking a number right now, we'd say average mortgage warehouse down from $1.2 billion- $900 million would be, I think, a good guess, a good safe estimate. The retail mortgage side, their volumes have been very good so far in April. Their pipeline looks good. I think on the retail mortgage side, Brad, probably flat for this quarter for Q2 from what we saw in Q1 would be a safe thought on that. Our mortgage warehouse has actually moved more upscale over time to more, I'd call it mid-tier and a little bit larger tier clients. We'll face the same headwind there that some other banks are facing. Probably on average, we still do have some smaller customers, probably more so than some of our peers. Okay. Thanks for the commentary. Yeah. Thanks, Matt. The next question is from Brett Rabatin of Hovde Group. Please go ahead. Hey, good morning, David and Michelle. Good morning, Brett. Wanted just to talk about loan yields and just about the margin a little bit, the average rate in the first quarter, 4.42%. I'm just curious where you're originating new production relative to the existing yield. Michelle, was just hoping for any commentary. I know it's tough with liquidity and PPP, would you assume the margin given that funding costs are probably getting closer to a bottom and it's tougher to keep the margin where it is? Do you feel like you can improve it? I mean, any commentary on the margin would be helpful. Let me talk first, Brett, about the loan yields. We're seeing a pretty even split, kind of 50/50 on our growth right now between C&I and our CRE portfolio. The yields on the CRE portfolio are a little better than the commercial C&I yields on average. I think we're now seeing average yields come in in the upper threes, 390 maybe. Michelle, sound about right for what we booked in late in the first quarter. We're seeing yields of the oncoming around 390, and would expect that to be pretty steady here as we go forward. I'll let Michelle talk about the NIM, if we continue to try to find homes for that liquidity other than 10 basis points at the Fed, we've begun to increase that mortgage book. As I mentioned, we've had very positive loan growth so far in the second quarter. It's early, but we're back to net positive for the year and expect that to continue to accelerate during the course of the year. Hopefully that'll be a home for some of the liquidity as well. Michelle on the NIM. Yeah, I think what David said is accurate. We're really focused on trying to grow net interest income at this point and not so much focused on margin just because of the amount of liquidity we've had and how it's impacted the margin. My outlook is if you look at core margin, ex accretion, at this point, it looks like it could compress 6-8 basis points just because we are trying to be opportunistic at putting assets on our books. As David mentioned, it would replace funds that we're holding at 8 basis points at the Fed. Really just looking to be able to grow net interest income versus so much focus on margin. Okay. That's helpful. I guess the other thing I was curious about was just you're a CECL bank now, and it kind of looks to me like your provisioning needs will be pretty light, just given your strong asset quality trends. Could you give any outlook on provisioning from here? Obviously, the negative adjustment in the first quarter around CECL, but it just seems like your provisioning needs will be pretty light going forward. Hey, Brett, this is Dan. I'll take that one. The Moody's forecast data that is used by our bank and most of the banks certainly continues to point to improvements in economic conditions. I think it's going to take a few quarters still for us to ultimately see what the impact will be for all of the different asset classes that we and the other banks loan into. As an overall comment, we feel very good about our portfolio, and we believe the credits that are deserving of reserves are already listed on the watchlist and have some reserves against them. Depending primarily on loan growth and any additional reserves needed on specific loans, if needed, then I think you could see some additional reserve releases could occur in the future quarters. We certainly [audio distortion] at this point, Brett, to take any additional loan loss for the foreseeable quarters ahead. It's just a question of whether between the Moody's and our loan growth and any additional provisions for any credits we're working on would drive us to how much of a negative provision or flat or whatever. I don't think, Michelle, unless you've seen anything differently, that we see the likelihood of taking any additional provision. Right. Based on what we know about our portfolio right now, I would not expect it. Okay. That's fair color. Thanks so much. Thanks, Brett. Brett. The next question is from Brady Gailey from KBW. Please go ahead. Hey, thank you. Good morning, guys. Hey, Brady. Good morning. I think I heard Dan mention something about, as it relates to the mortgage warehouse, keeping that at an appropriate size. I'm not as concerned about next quarter or this year, but as you look longer term, I think it's about 9% of average loans now, but what would you think is an appropriate size? Like you guys have, once it hits 10% of loans, that's kind of where you slow down? How big could you allow the warehouse to get over time? I think we're flexible, Brady, in how we think about it in terms of at any given point in time. Our general thought is that 8%-10% of the loan portfolio is a good range for us to be in. Certainly, if there's a bulge in the market and we went to 11% or 12% for a quarter, we wouldn't panic about that. Just, we've tried to continue to guide that our core belief is the mortgage warehouse is a great business as long as it's in the right proportion to your balance sheet and your earning assets and your capital. We think somewhere in that range. We've said at $11.5 billion, $12 billion of loans held for investment, somewhere around a billion dollars is a good place to be. It could be, as I just said earlier, it could be $800 million or $900 million in any given quarter. It could be $1.2 billion or $1.3 billion in any given quarter, but somewhere around there. Then your question may be, Brady, as we continue to grow the bank or if we were to make an acquisition and we have a $25 billion balance sheet with $17 billion in loans, would we think differently? Of course. Again, 8%-10% of that might lead us to a target of $1.3 billion-$1.5 billion. It is a business we expect to grow as we continue to grow our balance sheet both organically and with strategic M&A. If you said, "Hey, in two to three years out, we're a $30 billion company, and we have $1.5 billion- $2 billion mortgage warehouse," we'd be fine with that. Yep. All right. It was great to see the dividend increase this quarter. It appears you did not do any share repurchases. Maybe just an update on, I know your stock's now north of 2x tangible, but any update on how you're thinking about the share buyback from here? Yeah. We still continue to believe that our stock trading well north of 2x book is we're better off to look for strategic acquisitions for that capital, and that's our primary target. In the meantime, as you mentioned, our board increased the dividend. I expect that we'll continue to look at increasing the dividend in the quarters ahead, assuming everything that we know today about continuing strong profitability trends and strong capital improvement trends. Ultimately, that we would deploy that excess capital in a strategic opportunity. Yep. Yeah, I actually want to follow up on M&A too. I'm surprised we haven't seen more activity in Texas. I mean, we saw BancorpSouth, Cadence, which was a big deal. Outside of that, it's been pretty quiet despite seeing your M&A pickups in other areas of the country. I just wonder, is it a seller expectation issue, or do you think this is just a wave that's building and we're about to see a lot more activity coming out of Texas? I just don't think there's a sense of urgency, maybe, Brady, that a lot of people expected coming out of the pandemic, that everybody would be looking around and trying to get something done and announced quickly. I think there's a sense that, hey, we're heading into a strong economy here, a strong recovery over the next 18, 24 months. The concerns are maybe a rising rate environment in the future with the amount of stimulus and infrastructure spending and things that it appears we're going to be doing that that could drive rates higher. People are thinking about that, I think, and how it affects them. For some banks, that would be a really positive event. There may be some thought of, gosh, if rates are going to go up in a year or two, maybe I wait until I get my NIM and my earnings up and I can get a better price for my shareholders. As we've talked about before, Brady, some of the other smaller public companies here in Texas, I believe are really looking around to see if they can find one of the things that drives that, see if they can find strategic options to purchase downstream banks. One of the things that drives that same thing we're facing, which is increasing capital. Some of the, I think, smaller public companies are sitting on very nice capital ratios and feel like if they could deploy that capital into a smaller acquisition themselves, get their balance sheet and their earnings up, that then they could command a better price for their shareholders. I think theoretically, that's absolutely correct. I think practically, it's just difficult to find a good partner, to execute well, and then to see all those increased earnings in this window that we're going to have, right? Where I think it's going to be a good opportunity the next 12-18 months for the strategic merger activity. I think it's a lot of those factors going on, Brady, but I still think that you'll see some of it come together here in the next two or three quarters, and there'll be some activity in Texas. I'm more encouraged, as I said, than I was in January, but I still don't think there's a floodgate about to open, I'll say that. Okay. That's helpful. Then finally from me, I just wanted to ask about kind of the local vibe there in Texas. We've heard from a lot of the other Texas banks that have reported that have been pretty upbeat on the local economy, saying, Texas is clearly back to business and is really doing well. Is that the vibe that you guys are seeing in your markets as well? Absolutely. I think the economic numbers here, in Texas in particular, are very strong. The continued job growth. People are generally getting back to business. There's still a little bit of hesitation maybe on the restaurant hospitality side that is a little slower to get going here, but they'll be rolling, we think, here in the next few months. No, very positive. Our customers' attitude seems to be good, and that's, as I mentioned earlier, playing out in very strong funding so far in the second quarter with a big pipeline increasing. Our new teams in C&I and retail are beginning to get some tailwind on their production as well. Yeah, we feel good about the loan growth, feel good about the economy, which undergirds that loan growth and continuing to see job relocation announcements all across our footprint. We feel good. Denver, same thing. Denver has maybe been a little slower to get back to the level of activity that we've seen in Texas, but they're doing extremely well, and we expect that to be back in full stride as well by summer. Great. Thanks for the color, guys. Hey, thanks, Brady. As a reminder, it is star one to ask a question. The next question is from Michael Rose from Raymond James. Please go ahead. Hey, good morning, everyone. Most of my questions have been asked and answered, I wanted to go back to kind of the loan growth outlook. I think you previously, David, talked about kind of mid-single digits ex warehouse, ex PPP. Loan balances were down a little bit again this quarter. Clearly, there's going to be some headwinds in some of the COVID-impacted portfolios in the energy book as we move forward. Can you just talk about some of the hiring efforts that I know that drove an increase in expenses this quarter, maybe what gives you confidence that you can get to that range by year-end. Obviously, the backdrop is certainly improving. Looks like Denver will come back on later this year. Just can you give us some color as to where you would expect the growth and maybe what the contribution from some of the newer hires might be as we move forward? Thanks. Good question. Good morning, Michael. Good question, we are continuing to see opportunities to hire really talented relationship officers, particularly in the middle market team that we've been continuing to build out. We've also added strategically in other areas of the bank, including real estate, where we see an opportunity in a market. We've seen a little bit of turnover as well, just I think normal people looking at other opportunities and us getting a chance to replace as well. Continuing the new expenses were related more to, I'd say, the middle market and the retail hires in the retail team, and they're getting, as I mentioned earlier, some good traction as well. The growth is really coming in all of the major Texas markets we're in, Dallas, Fort Worth, Austin, and Houston. Denver, as I mentioned as well, is a little slower to get going, but expecting that to be in full bloom here shortly. The contribution from these new teams is going to be significant and is picking up now. We think by the second half of the year, a combination of the improving economy, improving borrowers' expectations for their own businesses, and then our new teams and the new relationships that we're cultivating as a result of that. All that adds together to a normal run rate, we think, Michael, of upper single digits, 7%-8% kind of growth. Long-term, we think we'll get back there in the second half of the year, maybe toward the end of the year. We expect to be significantly positive here in the second quarter, which then with the slight decline we had in the first quarter, means I think it's playing out about how we thought with a low single-digit growth for the first half of the year, and then a mid upper single-digit growth in the second half of the year, resulting in a total for the year, of 4% or 5%, maybe. If you look at December 31st of last year to December 31st of this coming year, that our loans held for investment should go up, we think, 4%-5% overall. Again, low single in the first half, upper single in the second half gets you that 4% or 5%, and we're very confident in that growth. Great. That's great color, David, I appreciate it. Maybe just one for Dan. You note in the slide deck that on the hotel book, you might need some additional time for those borrowers to recover. I guess what we're hearing kind of across the Southeast and in Texas for that matter, is that occupancy rates are surging. There was last week an article of a large hotel chain basically saying there was more product needed at this point. Can you define more time? It seems like the hotel bookings are coming on pretty strong as people are getting back out there again. Thanks. You bet. Good morning to you, Michael. My take on it is we are certainly seeing improvement in occupancy, I would say all the hotel owners have said it's about time that we see that. I suppose in some areas, in particular, it's been surprising how quickly it bounced back. Was that temporary? What was the cause of it? I don't think we really know yet, certainly, the outlook is better. What we have heard from our customers, what we continue to believe is that you would in fact see it recover. The question is how long. I would say it depends on where those properties are located. As we've talked about before, if you have a hotel property that's right next to an airport where they have struggled to get occupancies, in particular, those hotels have been impacted. They've seen a nice bounce back here, and that should be sustainable. I think in 2021, in large part, many of them will recover to places where they're comfortably covering their debt service and making some return. There'll be others that still probably languish a little bit longer. Probably not a whole lot of new guidance to you on that other than, yeah, we're all glad to see the improvement that we've had so far. Great. I appreciate all the color. Thanks for taking my questions. You bet. Thanks. Mike. This concludes the question and answer session. I would like to turn the call back over to David Brooks for closing comments. Thank you. Really appreciate everyone joining today. I wanted to close by just reiterating how proud I am of our team across all of our markets. We've got 1,600 people who get up every day and go to work, taking care of customers and helping us build communities, doing the investments that we do. We have a first-rate team across the board, and I'm deeply grateful of the work they've done on this last year with all the challenges we've had. They've been just great teammates to each other and have done a great job for the shareholders. I appreciate everyone's time and investment of time this morning in the Independent Bank Group story, and we're going to continue to execute as we have, and we appreciate your support. Hope everyone has a great day. Thanks. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.