Q1 2021 Guaranty Bancshares Inc Earnings Call
Which by the way added about $1 1 million additional shares outstanding and we did this really right in the middle of the quarter mid February.
We're going to go back and address this restatement of prior historical data before we file our 10-Q for.
For the quarter just FYI.
I do think as stock dividend was.
Went very well with our shareholders. They liked it of course, thereby likes the cash dividend and we've got a long track record I think about 30 year history of paying an increased dividend cash dividend so that.
We're proud of of that and the return that that's providing on a cash basis for our shareholders.
Then looking over at the income statement as Tom mentioned, we're very pleased with our net earnings performance for the quarter.
We had a strong strong performance in 2020, and we followed that with the first quarter of 2021.
Again, I think as Tom alluded to we like where we're positioned we.
We think we have a strong balance sheet and of pretty diversified earnings stream.
Specially as the Texas economy lifts too.
To really open up here pretty soon.
So our net earnings for the quarter were $11 million at the reported earnings per share of 95 a share at the.
The from prior quarter of $9 9 million.
And earnings in fourth quarter of 2020 out.
Nine of 11 million for the for the first quarter as an ROA of one 6% and an ROE of 16% so really good.
Numbers that are tracking positively.
We did provide in the in the earnings release and a detailed table that highlights our core earnings.
Which is our of what we classify as our earnings before credit provision before income tax and before all PPP effects.
Here, we're just trying to.
The take out some of the recurring and nonrecurring noise in the numbers mostly of the PPP effects.
Since that so extraordinary.
Of that way, we can point out are a real our core earning stream.
So in first quarter. This year Youll note, our core earnings were $9 8 million.
Compared to the linked quarter or Q4 of last year of $9 6 million comparable but the but still positive trends and if you take that $9 8 million that gets our core earnings per share and <unk> 85 cents per share.
For Q1.
So, let's talk a little bit about margin of no.
A lot of you put a lot of focus on that we do two we're very very focused on our margin.
But then looking at the PPP effects.
We continue to have.
The strong reported net interest margin for the quarter. It was 385% fully tax equivalent net.
Compares really equal to the same same amount.
Margin for Q4, it was also a 3.85%.
Now backing out the PPP effects and again, we have a table in there that shows that for the Q.
Q1.
The margin was 348% comp.
Compared to three seven O for linked quarter.
I do want to emphasize some positive here I know we need also also understand on what's dragging it down some in addition to that.
But you'll notice on that table are higher loan yield ex PPP was $4 seven 9% in Q1 and that compares to 483% in Q4 of.
Last year, Thats down four basis points and I think that's very positive and it may have of the hold on with some headwinds obviously.
On our loan book.
But as stated in the press release, we've got about two thirds of our loans that do have rate floors.
And just over half of those are currently sitting on their floor. So.
That's very positive news in the I guess, the second thing positive or lack of point out is our cost of interest bearing deposits decreased nine basis points.
Q1.
Two point for 2%.
If you look back.
And our total cost of deposits, which includes at 35% of interest bearing deposits.
And then our Q1 total cost of deposits were up two 7% and that would be compared to <unk>, 33%. During Q4. So we continue to have.
Positive trends there too.
Help out the our margin.
But I guess the net the negative aspect of our margin is that strong liquidity position I was referring to earlier I think a little of surprisingly to us anyway much more of our growth in deposits have stayed longer than we projected in our modeling.
So now and then Q1, we have a much higher mix of our earning assets and temporary investments.
Just to give you a little color on that.
Briefly in Q1, we averaged 13% of our earning assets in fed funds.
Compared to Q4, it was 6% of our earning assets so.
By our estimates are net excess liquidity has put a drain on our margin of about 25 basis points. If we if we were to drop the liquidity to a more normal level. So again really kind of modeling out where that the.
Continued the deposit mix of going to stay in it.
It did have headwinds on our NIM no doubt of about 25 basis points because of the excess liquidity.
And of course, there of the temporary drain on income as well as margin, but we just don't think it's prudent to really do big end of the.
Bond market at the current interest rate levels.
Our buying slowly into and some mortgage securities as the yield curve tries the steepen, but.
We're not going to add any significant duration risk at these current interest rate levels. So that's the decision. We've made and then thus we've had a little bit of drain on our margin because of it.
We do model out, though deploying more of our liquidity and loan growth during the quarter quarter, Q2, Q3 and Q4.
Especially as the economy begins to open up even more.
And looking at non interest income it continues to remain strong with $6 1 million for the quarter that is down slightly from the linked quarter by about 307000 or just under 5%.
And of course as most of the I'm sure of seeing the biggest variance is in a decline in our gain on sale of mortgage loans. It was down 500000.
Both of that both our mortgage and warehouse lending group continues to do well and have a good volume in the pipeline.
The mortgage volume obviously the seasonal.
Q1 is historically, a lower volume for the quarter than Q2 and Q3. It was a good quarter, but we are modeling Q2, and Q3 to do better.
Especially due to the hot real estate market here in Texas.
<unk>.
What could hold that down somewhat.
For everyone is the housing inventory across the state in general it's pretty low.
As example in DFW there is little over a one month inventory supply of homes on inventory when when the equilibrium is closer to six months of challenges ahead no doubt.
We see the volume continuing to be strong though in are in those two departments.
Operating expenses were <unk>.
Actually down a little below our budget for Q1 numbers.
Really the only extraordinary.
Formation, we've put out there and the expense column was due to <unk>.
PPP to origination cost deferred of.
$392000.
So the real quick real quick the efficiency ratio was 56, 6% stated compared to 59, 8% linked quarter and again, if you back out the effects of PPP the efficiency ratio for the quarter was $65 three compared to linked quarter of 65 six.
<unk> continued to have good trends in that regard also.
So I'll turn it over to Shalane and the <unk>.
For topics.
Great. Thank you Kathy.
So with respect to Paragon.
Definitely.
For the roads.
The stores and in restaurants around taxes.
I'll now of our Governor Governor.
The new.
Covid related restrictions the couple of months ago.
So some of local business specific restrictions start work off of.
The <unk> settings for.
Get out a lot more.
The other major quite so far indicate the people are making progress of the taxation they definitely appear to be more readily available for what.
We're optimistic that we can.
True.
Herd immunity for sooner rather than the.
Hopefully get back to normal.
Speaking of normal all of our lobbies are back.
We're making hours now.
We still have approximately 10% to 15% of employees working remotely.
But all of them to return for their office for inane questions on loans.
Well first of this year.
We are excited to say that we again participated in the PPP Ramsey of program, which began in January and is expected to go through.
May 31st ore until the strength of depleted.
As of March 31st we originated 80 for quick software arena of PPP round two.
Two 932 borrowers.
We recognize the origination income from this range of $1 8 million during the quarter, assuming the fed wondering.
Net of origination cost of operating at 92000, which kind of just mentioned.
With respect to the PPP round, one loans originated back in 2020.
That is true.
The $135 9 million for 64, 8% of those dollars forgive.
For given by the SBA for fire.
So between both round one.
<unk>, we have about $2 9 million of deferred income removal of accordingly.
Although we did expect to record at that.
Thank you Kay with PTT around tier wraps up.
Were definitely encouraging everybody from PTP once you submit the forgiveness application Inc.
Borrowers are really going to be interested not at the start.
Moving to make payments here pretty soon if airlines aren't forgiven, we anticipate quite a bit more of the TPP round the one lens.
To be forgiven over the next quarter and the.
Then we will start accepting TTP around tier forgiveness application when the program.
May 31st for Sundar.
The ticket played out so we haven't had anything to get in there, but we also have.
Lots of customers already off the borrowers and Pvp to who are already wanting to submit that application for forgiveness of we anticipate net.
But the funds will hopefully be forgiven.
Pretty quickly.
2021 as well.
As far as the Covid related deferrals that debt, we had under the cares Act as of March 31st there are no principal and interest deferrals for remaining.
We do have 11 loans that remain on an interest only deferrals that have balances.
$9 8 million.
Primarily hotel and hospitality related.
Tom do you want to comment on this debt and I believe all of them have very positive trends in occupancy.
Expect them to the back on contractual payments at the end of the interest only deferral period, and we don't anticipate any part of it.
Any further COVID-19 related sales.
Across our portfolio.
Okay.
So that's all I have to say I will now turn it over to tie to address our overall loan portfolio and non <unk>.
Good morning.
Thank you Shlaim so lot of like I said were.
We're seeing increased loan demand of loan opportunities in all of our markets across our footprint, obviously theres a lot going on in the DFW market. The Houston market is active the central Texas market, particularly Austin MSA is very active we're opening.
Two locations additional locations in the Houston region like way of Georgetown in half.
We think strong lending teams there that should help us grow continue to grow at all from presence. We're seeing I think I mentioned this the last quarter.
Surprising through all of this we're seeing a lot of strength and opportunity in our east Texas regions.
And our footprint.
Opportunities in really.
Strength of I Havent seen in 30 years it's.
We're seeing opportunities as far as loans loan opportunities in the East, Texas region, we're seeing the deposit relationship opportunities and just.
Strength in real estate prices and activity and like a lot of that has to do with.
Really with Covid, because a year ago that really we didn't see that strength, we're seeing the people move in from around the state around the country and not move to the Metro markets, that's something new that we're seeing that is.
It's kind of surprising, but I guess it makes sense per cent of people that are.
Working remote or have to work two or three days of week and of metro market and are deciding to buy a property and homes out of in the out of in the rural market. So that's been surprising and we think for some opportunities there for us.
The really across the board in the our East, Texas region that again, a year ago I'll, probably with the same.
Had the front of us.
It's the deferrals like <unk> said, we have a handful of hospitality loans that are on the interest of barrel. They will go back on contract by the end of Q2 of those were loans that had low loan to value of the good equity positions good guarantor strength.
It was a situation where they didn't have to have a deferral, but we felt the help them to retain the liquidity to give them interest only so we did we were pretty accommodative through this last year and those of our credits, we're very comfortable where they will go back on contract.
Like I said in the second quarter and really we're seeing a real uptick in hospitality across the board. The good news there haven't been new property of brought online obviously in the last year and probably won't be in next year or two so.
It may be counterintuitive, but I'm actually kind of positive feel pretty positive about that sector right now.
Going for the next year or two.
<unk>.
<unk>.
All of our on our non performing assets, we saw definite improvement in that ratio for the quarter. The total nonperforming assets were primarily peripheral of loans, we acquired from westbound.
Three of two or three years ago I guess it was.
And those resolved during the quarter the.
The charge off rate reported for the quarter were pretty much 90%.
Charge it off the balances.
The losses that we had in those a couple of the westbound loans that we had well reserve fact, I think were released for 500 barrels of excess reserve credits. So our problem assets are.
Of our pretty low and for our asset quality continues to be very strong in.
We are now a comfortable and confident of our asset quality, but the lack of out of the reserve. We took this time last year the proven to be very conservative with what we actually will ultimately save from this but that is.
That's kind of a quick recap of our of our loans in the.
Credit I'll turn it over to Ashley and let her speak a bit more about seasonal and then we can cover some more of the credit side of it in Q&A.
Okay, great. Thanks, Pat.
There was no ACL provision or reverse provision in Q1.
Within our seasonal model, we have nine standard qualitative factors that we had developed as part of our methodology.
Covid began in early 2020, we chose to create a ton per.
For a temporary COVID-19 specific key factor, which we've described in prior filings. The earnings calls the added about 55 basis points of reserves to our portfolio.
So the Texas economy is showing some positive trends from the baseline that we use to develop that back in March and April of 2021 of the economy here, what's really at its worst day.
Throughout the upcoming year, we plan to do it cautiously unwind that COVID-19 specific qualitative factor that we put in place while transitioning some of that.
Covid residual risk for really any other risks.
During the year.
Back to our standard nine qualitative factors within the model.
The during Q1, we reduced the Covid specific Q factor by about 14 basis points, but that was offset by some growth in island portfolio as well as from adjustments, we made to the standard qualitative factors for items, such as concentration changes in certain segments of possible impacts the tax rate increases.
On our borrowers over.
Over the next couple of years.
So as the result of those changes are first quarter allowance for credit losses, excluding PPP loans is now at about 187% of total land.
As the as we unwind that Covid specific factor that I was telling you about we don't anticipate that we're going to release all of the effects of that we do think that theres going to be.
Some residual COVID-19 risks that we're going to account for in our from standard qualitative factors. So we're going to be.
Cautious and conservative about releasing that but we do.
I'll leave that as our portfolio continues to grow and the asset quality trends stay as they are that we probably will need to release.
Additional reserves.
Throughout 2021.
The tie and copy unless you have anything of God that concludes our remarks, and we can turn it over to Matt for Q&A.
Thank you for your line is now kind of for the Q&A session. If you have a question. Please hit the raise your hand button at the bottom of your screen. If you are participating from a telephone star non will raise your hand star six well on mute your line.
Our first call today is from Matt Olney with Stephens.
And.
Yeah.
Matt Your line should be on mute it.
Okay. Great. Thanks. Good morning, guys can you hear me.
Sure I may have to Matt.
I'll start I guess with Ty you made some interesting comments about seeing some surprising strength in the east Texas markets.
It's great to hear this it sounds like the bank could benefit from this.
But for the last several years I think you've worked hard to move into some other Texas Metro markets in order to get more of growth.
If youre starting to see a shift of more growth in east, Texas does it give you any any pause of your growth strategy in other markets I'm just trying to appreciate if the true.
<unk> continues is there any strategic shift we could see.
Thanks, Matt no.
No there would not be of change in where the overall philosophy in view of the fact that the majority of the growth in Texas. The next 20 years are going to be in the DFW of Central Texas Houston regions.
It has done is increased our focus.
And attention the we're paying to the Texas markets as far as the opportunities we see to grow within the east, Texas footprint. So I wouldn't it doesn't change the strategy, but it's definitely something that we're looking at is we're updating our strategy.
<unk> plans, we see opportunities in the East, Texas region that we just haven't seen in a long time and so we think thats a net positive, but we're going to continue the strategy of growing throughout the throughout our footprint.
Okay got it.
And then on the deposit side another great quarter of deposit growth any more details you can provide about the pace of the growth in the quarter was steady throughout the quarter or did it accelerate towards the end or what have you seen a recent weeks of just trying to appreciate it. If this growth can continue in the near term.
I'll answer that Matt.
Now as a pretty steady.
Growth during the quarter.
<unk>.
Again part of that is going to be that some of the PPP money that is just kind of hanging on the to be conservative on the.
Business is balance sheets.
We've seen I think each month.
It was an increase in deposits now so I will say this.
About $30 million of that is undefined related.
Sales of <unk> mentioned that and I should add.
But traditionally in Q1, that's an increase in public fund money.
The first quarter, we get we get growth in public fund money and then it starts going out in Q2 and Q3.
The building back up in Q4, so that's pretty traditional so part of that was that by now.
We've seen the continual increase in deposits throughout the quarter.
And then copy of it sounds like Youre still not very excited about investing in liquidity in the securities portfolio would love to hear how you guys are thinking about that that potential and when you would consider that more throughout the year well, we did increase our security portfolio Youll notice the.
In the period.
In Q4 to end of period of Q1 of this year.
We're going to gradually go into it some we're not going to leave all of that money parked on the sideline, but a couple of thoughts as I alluded to the the rate environment isn't great and it does potentially put in a lot of interest rate risk in an upgrade environment, which at some point in time, we're going to have and to we do plan on our loan growth.
To continue upward.
We think we can deploy more money in Q2 in the Q3, specifically into the end of <unk>.
The loan book, but we are willing to take.
Little bit of a.
Decrease in earnings I guess.
Headwinds to them to the NIM by.
By keeping net money parked on the sideline the little more conservatively let.
Let me add a little bits of that Matt.
We like Kathy said.
Look I would.
I would.
Look at what we're doing basis dollar cost averaging in the bond portfolio.
We do have concerns with the rates, we have as long as they are bad in the bond portfolio of added to the Bob will flow, but that being said.
It's a bad on the other side to set an all cash and non buy bonds. So we're just the tier is to buy bonds as we go along in each quarter.
But as Cathy said, though we're also we're also planning to continue to grow the loan book and deploy some of the liquidity in the loan portfolio or our model continues to debate the developed core deposits and so one thing we are.
I'm doing of video for our employees. After this call and we're talking about the next quarter and the fact that we're going to get.
Get out again and go on offense and be out in customers.
And the customers businesses and doing calls and developing core deposit relationships and core core loan opportunities for the company. So that's we're going to continue to develop our deposit base, we're going to be thoughtful in how we deploy it certainly in the longer bond side of bond market.
Instruments, but we're still also.
Looking at deploying more of our liquidity into loans as we grow.
Throughout the year, we're still guiding kind of mid single digit loan growth, that's probably going to end up being low conservative, but we're still being in the low cautious with how we got going forward given there's still some unknowns out there, but again overall we are.
I'm very confident in place of what we're seeing as far as the strength in the overall economy index.
Okay, great well, thanks for the commentary and note I'll hop back in the queue.
Thanks, Matt.
Okay. Our next call, it's going to be from Brady Gailey with <unk>.
Alright, Thanks, good morning, guys.
Hey, Brian.
I wanted to start with of the PPP income.
You highlighted is about $3 $5 million this quarter, how do you envision that income plan out for the next couple of quarters going forward.
Well, we have this capex we have.
More of loans that we are booking in Q2.
So we do take some of that.
When we book it so there'll be a little bit more increased because of that in Q2, but then it's going to really depend on the forgiveness piece going forward, especially in round two.
Yes.
They pretty well got it figured out day the SB.
<unk> got the program figured out as we're seeing around one being forgiven.
Down quite nicely in the it and some of that will continue obviously that will continue to go down. So we will get some income in Q2, three and for I think for round, one and for round two.
It's hard to it's hard to model out how much how quick the SBA will get that money to us, but we do see.
Pretty good amount to be recorded debt in 2021.
Okay Alright.
And then I heard your comments about.
Not interested in the buyback obviously the stock has done really well for almost two times tangible book value now.
On the flip side since you have of currency the.
There was more valuable now whats your take on bank M&A and we sold a big deal last week in Texas.
The other guys have bought some.
The nice franchises over time, but how are you thinking about bank M&A with you guys of supplier.
Brian This is Todd let me take that so we're definitely looking at opportunities throughout our footprint, we're seeing increased conversations.
It does help that we have the stock price is stronger and I think you'll I think you'll see.
Some of some additional activity in M&A.
Other state and were definitely in those conversations certainly banks for 1 billion were one of the calls they make and so we're we're going to continue to be disciplined with how we approach that but at the same token.
We think it's a pretty good opportunity not only for.
For our stock of that but I'll, just the opportunity with the economy of everything.
The two possibly do some acquisitions as we go forward so.
That's true.
I mean were obviously more focused on that today than we were a year ago.
We think that will continue at least for the foreseeable future.
And then lastly for me is just all the loan growth I know you guys. Just just touched on it you stick in the Europe mid single digit loan growth guidance for the end of the tone.
Definitely feels a lot better.
Would it be for off to think about you guys doing double digit volume growth for the next couple of years.
That wouldn't be out of the possibility of.
Realm of possibilities no I mean, but.
And we're proud of kind of give the.
More detailed guidance on that as we get through mid year, but.
But yes, we were seeing a lot of opportunities and mid single digit may prove to be conservative without a doubt and we'll try to update that as we get are there and of the year.
Okay Alright.
Alright, great. Thanks, guys.
Thanks, Mike.
Our next question will.
From Brad Milsap from Piper Sandler.
Okay.
Brad for you should be right Hey, good morning, I am I coming through day, Brad Hey, Brad.
Hey, guys.
You guys have addressed most everything but wanted to follow up on the loan growth I think last quarter that you mentioned the.
The hired six new lenders in the fourth quarter.
And those folks kind of averaged anywhere from 30% to $75 million at the at their previous banks in terms of the loan portfolio I don't think your loan growth guidance of mid single digits included any <unk>.
Production from those folks, but just curious did day driving the growth in the first quarter it'd be hard anyone else new.
And does that this production from them, maybe kind of bridge debt, maybe some higher loan growth levels as you move through the year.
So Brad this time, so yes that that definitely gives us a tailwind on our loan growth with the with the lenders. We've brought online I would I don't think there is a lot of their production in Q1, maybe a little bit but.
Yes.
We have brought on at least one other lender I think central last call maybe too so yeah. So thats, what im saying that if we get the mid year, we'll get the more detailed guidance on that on loan growth but.
Without a doubt we have tailwind there with not only just whats going on of the overall economy, but with the lender lending teams we've brought on.
Different regions.
Yeah.
Great. Thanks, that's helpful and I hear you guys loud and clear on not wanting to maybe add to the bond portfolio, but I do think its interest in the yield there stayed relatively flat for three consecutive quarters, just kind of curious.
Sort of how you've been able to do that even though you are reinvesting kind of what you're buying and kind of where new bonds are coming on kind of relative to the book yield.
Well one risk cap of one one reason for that brand is for for years now we've been on the level yield accounting method.
That takes a little bit of a rodeo out of that and how we amortize the premium and accrete the discounts and we've been doing that for six of them eight years now for quite a while so that makes the yield of little little more level. So that's the main reason why it has stayed consistent now some of the bonds, obviously, they were bringing in of them being a little bit lower.
And I think thats going to weighted down some and has.
But but but the main reason is the accounting treatment is the level level of interest level level of interest rates.
Okay, and then finally, Kathy 42 basis points on interest bearing deposit costs, how much more room do you think you have to drive that lower I think in Q2 that will go down.
I think probably not the level of nine basis points of we did comparable on the linked quarter, but there is room for it to go down more I would say in the <unk>.
Five plus basis points. So it is going to it's going to continue to improve.
In Q2.
Okay, great. Thank you guys.
Thanks, Brad.
And we have another.
Question for Matt.
<unk>.
Okay.
Thanks, just a follow up with respect to the credit and the $50 million of loans that are interest only.
They're on that six months.
<unk>.
Window, I guess when does that window start to expire for the majority of those borrowers and remind me how those loans of the $50 million how of those currently of rated internally and could we see additional downgrades over the next few quarters is that six month term expires.
So thanks, Matt. So this time so they are they are all coming out of that program I believe at the end of Q2 I think are the one item. So they'll go back on contract and of Q2, we have graded very conservatively in house.
I don't see exposure of those credits and we Havent from day, one like I said, we just wanted to give them some of them.
Some relief on some of the principal portion of payment, but but the loans. So I have a group debt.
And I believe I believe the majority of the dollars are actually with with one group that has strong liquidity and strong.
The strong guarantor support and.
And actually have very low LTV. So were very comfortable with the credits. We just gave of that program the kind of get them for this but we will actually be upgraded of not downgrading from where we have them.
Okay.
And as far as the resolution of those lingering credits in the first quarter I think those were mostly hotel loans and that the Houston market.
I think from our side, we're trying to understand that the market value of these hotels post pandemic is there anything else you can share with us about how these hotels are being valued today versus pre pandemic.
It really depends but we're seeing.
We see different different valuations for the different different sectors of <unk>.
Hospitality, but overall I will say of strengthening quite a bit there is quite a bit of of.
The money out there looking to invest in hospitality and so for instance, one of these it. So we've had two of three different people trying to buy so I think the my best guess is valuations are actually getting back to within 80% of where they were of pre pandemic again.
And the.
The challenge of hospitality as always of the supply side of how many properties are brought on line and thats pretty much been muted and will be muted going forward and so we're going to start seeing some real opportunities in occupancy and I think youll see a real improvement in that area. So we're I mean, the valuations and improve without a doubt.
They're not probably back where they were a 100% pre pandemic, but they're getting closer.
Okay. Thanks.
And then on the loan balances any color on the mortgage warehouse balance.
The change from last quarter.
No nothing specific.
Specific we just we saw quite a bit of.
Growth in the.
And the warehouse space.
As well as the mortgage division and that's starting to level out of a little bit.
Where we stand the day, but it was a strong quarter and kind of followed up with the strong quarter in the fourth quarter. So both of our mortgage and warehouse kind of run in tandem and we're just seeing a lot of opportunities there as people of refinancing and purchases.
I don't see that growing materially, but I think it's going to continue to.
Run at a pretty good pace.
Okay.
And lastly from me on the on the fee side, we saw some really good strength on merchant and debit card fees is that I mean assets.
Both sequential year over year is that growth. We've seen recently is that purely volume base or is there. Some other nuances that are also supported that growth over the last year or so.
Go ahead go ahead Kevin.
That's volume base and we've seen the up.
Taking that and that's going to continue I think Q2 will be stronger than Q1 of them pretty.
Pretty sure it will.
It's just the strongly.
Strong volume there than we do.
Did renegotiate that contract the couple of years ago, and we're seeing the benefits of that also somewhat.
Okay sounds good thank you guys.
Thanks for that.
Okay. There are no more calls in the queue, we will give it a few more minutes a few more seconds.
Since there are no further questions I want to remind everyone of the recording of the call will be available about one P. M. Today and will be posted on our Investor Relations page at <unk> Dot com.
Thank you for attending our call today and it has now concluded have a good day.
Yeah.