Guaranty Bancshares (GNTY) 17 Jan 232022 Q4 Earnings call transcript

Good morning, and welcome to the Guaranty Bancshares' Fourth Quarter 2022 Earnings Call. My name is Nona Branch, and I will be your operator for today's call. This call is being recorded. After the prepared remarks, there will be a Q&A session.

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 of the Company; Shalene Jacobson, Executive Vice President and Chief Financial Officer of the Bank.

I Abston. turn call, our over our Ty CEO, begin will it now to To

Nona. morning, Bancshares. you, of. quarter a Thank Good that earnings our welcome year call fourth to for very Guaranty we're We have everyone, did proud and again

quarter talk in that go a XXXX. about projections to some little we're And then We'll noise our then we'll Q&A. and for for our that and over bit through explain presentation. have slide get we're did going Our up it go going deck into to our open

So, Cappy, why don't you start that?

Ty. Okay. Thank you,

briefly of of looking PC. and statement. first Let's deck highlights of some the do on your We hit slide the you're those the balance income if over go highlights on sheet some have the I'll here,

really $X.X of loan for for the had was million, $XXX and in from And lending. We but it assets the that the the growth. warehouse about this year we at is year the were that Lot for $XXX XX%. for up ended year $XXX $XX billion a million, quarter, total year, million. came up quarter is million, loans. for down were ex-PPP We increase Our good an up about and

of at some our of we And of look growth the that, all have four details in did regions.

of all So we were proud of have emphasis those regions. four that activity in and in do

of chart. forth. can CRE, based. in being see most estate see and And, composition can the that You course, development so components loan loan do earnings construction, the we you is a of release, again, And real growth list

told treasury, release, had decrease treasuries at On matured. short-term show They pretty about during $XXX the you bond Like, a did in rate. we we low it and a were that million the earnings last portfolio, quarter.

portfolio portfolio. year-over-year Year-to-date about the the the balances bond $XXX for about million our but was actually though, in up $XXX the increased, on million quarter. volume down yield year-end the So were

liability deposit in probably deposits. obviously, $XX is DDA million in the about bearing a people at of slide, at are during largest of million the $XXX was about change, majority decrease quarter what Then $XX and looking balances have in interest non-interest bearing looking balances. the did that, notable We million

-- that of that of restructuring just some just just was of funds invested coming. we a that knew elsewhere. Some a was positioning got and some There's

just a least money fund rates of with our a of some and as I'll public of did see a the We of to about seeing normal the a being at elsewhere. is much but so related on during increase was seeing, is a our quarter. increased talk fund lot probably contracted certain that, little faced other customers lot a as kind contracted on rate, we're that's and calls most lot what they're rate alternative bit fourth what that went there. not We money comment at money of higher indicative of lot investments. it see what than it's normally a -- some what of of investment Public they is,

you deposits, it's as think $XXX fund world a just banking not XX% in -- deposits. Again, far our in the to million our what show public part But kind money as $X.X of our just is of large I on seeing over we're total billion all about competition.

actually were total deposits in $XX DDA our balances up year-over-year. $XX our up were Our million million year-to-date, and about

cost. for still in that total bearing So again XX% which our non-interest deposits, balances funding of our helps account

they during million Home from at increase Bank. Bank Federal fundings borrowings Loan the were be year fourth And some in for mainly $XXX to quarter. Home That's growth end, driven did and going Federal decrease by Loan loan Our that deposit quarter. total

dividend the pay. that quarter increased cash equity due We another shareholder dividend. by paid in the -- we to did offset Our obviously due $X.XX earnings,

also We our the in portfolio. comprehensive other unrealized slight which is accumulated a improvement loss our bond income, in did have

ended our our in the unrealized So other that year a due equity bond X.XX% significant down common little year in a the tangible at to portfolio, loss income. of the increase ratio accumulate comprehensive bit during show

That $X.XX paid about we've year dividend of total at the we year, dividend. the quarter made history that XX a back year-over-year. annual our that's And plus increasing history, $X.XX up XX% of during got for looking a

increase year, a yield all years, we is years increase the And based X.X% increase of that it. price about that dividend didn't about -- we we Those return. not yield left it. on years, decrease two not XX them, just them based on other I those is think we plus but current We them. $X.XX did did two Every current flat. on

the related modeling. Then was looking quarter the the three the see provision during down CECL that million quarters, can at income that which earnings our made you we $X over $X our statement, quarter significant is were to fourth event or from to net was of previous the per That $X.XX share. decrease $X.X a million due million

you not on detail because But of it. that the minute, in that, that talk pre-provision, pre-tax pre-PPP a on look a little our if detail Shalene will give at event, just quarterly more so million quarter chart you years. were earnings. earnings each our this And our net is pre-tax been you activity, core for see in that the quarter. We've for $XX.X pre-provision two there which the last putting I'll

million. and year year-to-date Our year from of previous of $XX.X million quarter compares $XX million previous XXXX $XX was fourth that and

So which XX%. year-over-year, that's is increase, million about $XX.X

release swing change looking that were difference provision we to significant we compared earnings, components then and XXXX, versus year XXXX. that XXXX would the year-to-date for net our were the So the the for that for XXXX Again, made which two return we a stated be X.XX% on of in million. those assets average $X.X did, X.XX% in factor at again about on X.XX% a earnings,

we had Again, really Return had year XX.XX% good was we in on average equity for XX.XX% XX earnings. to the compared XX.

two the higher both net the significantly As did were XXXX, and proud years Ty of said, we're previous year years. XXXX these than earnings and we

So are of detail interest an are is But increasing probably rising, doing. talk what did as rates yields of will like, show was on it are X.XX% is margin. rates on, down from the up the quarter decrease nicely that and in In but X linked what components, our focused talk Shalene It we more cost release. and think the XX QX, bearing probably. looking of then attention points. basis basis currently earnings everyone's I more last X.XX% Loan the points. a from same deposits, in that our some of at interest focused year quarter, net about again on

deposit all and all-the-time saw in, this deposits on were the cost to had we're for that's as in that exactly the did at small QX, in competitive that look basis quarter interest outflow and that made and as bank core banks base. we though, projected larger we're In then both our not didn't, basis up decisions some competition, think made banks, but existing see many we Some in some markets as I quarter were we and and and that competitive we remain points remain XX we we than bearing sorts deposits we're points. seeing thought of of prior decisions more quarter. had QX, our to of to increased cost we protect big, of from to quarter XXX the The projected those the do increase, we to bearing various interest interest for going deposits are what significant

we CD which significantly think than is balances, increased XX I put total I our and when using market that basis rates press out of is the release, XX% basis linked funds interest points the both up guess what during point had And to some the from more points. of higher deposits a we Again, projected. non-interest quarter, made in decisions we cost in beta earnings put our bearing release XX that's those the money note we bearing quarter. rates increasing our cost in because

of So make deposit the increase total I'd so XX%. -- beta a

XXXX remains saw than the at first And what it half lower income, non-interest still XXXX. we looking of in and

take the you items, out -- look consistent other. QX extraordinary each you and out with were QX If the very if

our the look the year million lower we're think a ‘XX sale. ’XX, have lower. was We on had non-interest to was category to certainly sale I gain our XX% -- were $X gain than at challenges when year-over-year, If we a in in rates last more income going mortgage in loan swing. lot it continue about back on that's

at mortgage as XXXX. So and we're volume projecting look we going forward the fee lower related and activity income

XXXX. is have an some that increase to continues show The half fiduciary that unsteady other in on good And our we've even debit of market card income pretty the experienced volumes. did than last the stable positive though. trends non-interest volume and in stock income We

which the did we the a elevated the in in of starting On expenses the sometimes fourth expense traditionally first in and in we bit raises year do. -- side, quarter each part We little will quarter we have October. fourth of give QX,

when As due we've that just obviously year staff were really this prior to pressures than seeing we what in we're warranted, some higher were positions. and generally in they year razors higher this did generally the -- the years, they're seen inflation competitive

as year. year, costs up Our bit year last this told a prior little care we health in you this quarters, over

We're you'll some there So other we at looking constantly properly did systems make is and software, and bit be upgrades core our in that some in our providers category. the that we in our funded added then to period in our catch up QX opportunity, technology. little of And cost had a that (ph). software category other notice and

that's So the income recap statement. a of

over it turn I'll to So Shalene.

Cappy. you, Thank

of allowance loan cover our some losses. for highlights credit Next, and I'll credit quality the of the portfolio

for loan in loans be our also fund likely our in because up to pipeline of the as partially growth quarter, pipeline but in strong brakes tapping the quarter down really from because is on to slowing continued the in during the rates, mentioned, Cappy the we future. earlier we're near prepare but As certainly now, continued downturn a higher and fourth the because XXXX close demand

either. is but our XXXX conservative As for and will loan and the really to underwriting the doing next Ty in still a being Texas outlook a aren't standards minutes. you we're relatively on well, for balance on tightening the know, XXXX we immune sheet with totally more all few economy growth thoughts downturns few slide Therefore, provide

Overall, upwards. our loan are yields trending

to And loan XX the weighted the X.X% is closer December, up points rate been we've is quarter. basis booked quarter X.X% was this loans rate fourth yields which to after booking hikes, originations loan X.XX% But quarter. on average average rate than the quarter in of total third Fed in then the average. weighted that additional third weighted from average in which higher portfolio, in the was the X.XX% on of increased the the Our new X.XX,

of sensitivity loans. rate Our next our about bullet talks a bit

at future that about the during Of at dates, is adjustable around XXXX loans have or various of of future adjust that and in the the $XXX floating $XXX billion, of states is floating $X.X that future. the set $X.X We are that's billion $X.X fully of adjustable to dates. fully is are rest loans. fully adjustable again with million the contractually floating along $XXX Of

continue our Westbound portion of acquired in assets Bank which prior relatively low Non-performing X.XX% in non-accrual from quarter. primarily to the at X.XX% were XXXX. compared in large that loans consisted I've are to non-performing the prior mentioned four assets, loans, back remain quarters A

million exposures are they're $X.X non-guaranteed in of Houston. loans have by two loans XX% to million four work any through those loss, loss Those we've two $X got any hotels balances loans expect if and we those is and those. problem as there which are We be million total or $X.X about loans. The collateralized guaranteed on of continue don't really there material reserved to on SBA

$X.X who also guarantors then expect strong And during that future. to we are off we has million have downgraded The a loan fourth in very LTV the low pretty believe quarter. the loan was to we pay and new non-accrual near land loan that the

we expect one either. So don't any that losses on

to average charge-offs continue be low Our net our net to ratio this also loans charge-offs quarter. very and

the is losses. step for Next credit allowance

for provision quarter. credit mentioned, Cappy during the we fourth had losses a million As $X.X

also QX, in we provision first the a We quarter. didn't $X.XX had any provision in QX. have had $XXX,XXX We in million and release

expense provision for So much up total XXXX $X.XX year. being interesting million a can the ended how change in but year, the for

that a among during So by that was to a Street economists of there recession the CECL a recession was would October that who occur. loan recession. even back appeared Wall to Journal the growth economic consensus adjusted for in there incorporate during our a published And they we fourth The addition to quarter, surveyed forecasts cited in In quarter, the expected survey model XXXX. XX% economists the be

that with consensus So as that looked among support forecasts in quarter provided well. adjusting factors at our fourth for greater us we other the

we've really losses losses we minimal potential significant However, this downturns, anticipate and historically in during any very had don't prior downturn either.

X.XX% was in of of compared at the the coverage quarter. ACL the prior loans end quarter to Our total X.XX%

next, to management. So talk about Ty it to I XXXX will asset over liability turn and

Shalene. thanks, So,

for the the portion. primarily fourth year, loan quarter So were slower anticipating of that we've saying, were half first had been the approved those growth in their that been have we credits coming like, up we're in really was ‘XX equity funding growth,

So that's really a majority of that.

going slower part a expect. but well, overall doing the would said, are Like like pipeline in other of slow our We every we state as ‘XX seeing it country. Shalene is to here,

having deposit our like in markets market we're we core base, models are compete paying deposit with We we're pretty have seeing strong do, where are We but rates. of big part aggressive else, a do to the banks everyone and as challenges. a

we're defending is few offering. yield. the depositors And frankly While we're lot our and have get also are the core quite market what to years because in not at ready they're leading to that, certainly nothing last treasury a looking earning deposits some next of been

so system into moving seen wouldn't. of lot we've pulled that the are treasuries liquidity of normally being where market in treasury the And out people just

also some makes liabilities loans, we think expect going see that to those We interest more. -- reprice deposits So but continue compression net to we our just but in us as we us we cost it's to margin and see ‘XX. we're to continue manageable, sense it

we We as did mentioned. have earnings in ‘XX good

our income. goal we go ‘XX to that, and we improve because we try to to when model Once the ‘XX. felt prudent looped $X million into Our CECL our started was extraordinary saw at we and ahead was then $X year on ‘XX look had million or going factors it

do would Very to continues what increase so strength the means we quarter. XXX that be And where capital ALCI think what a additional even today, very that's is and in we and in And an it's we we where did And we shock only real like basis our manageable, manageable. also look very last (ph) not look Shalene which said, that points but -- our like would XXX rates. are strong.

questions. I'll stop with that up open and then for we'll

Q&A Ty. is call. time now our session It our you, of Thank for

can Rose call Raymond will Our first with Michael be from you James. Michael, unmute.

Hi. hear me? Can you Thanks.

Hey, Michael. Yes.

questions. Hope you're Good and well morning. my New Thanks Year. for Happy taking

stabilized Do the fill there. of things wanted to of a context learning sources pressure Just I to costs obviously to mean, kind discussion. you deposits kind dig some on and I to into balances slight bearing end expect some cost certainly then would sense interest expect of can were that. and that deposit Thanks. you understand cost so like up. just kind to get And just that of year? be confidence the that, wanted the to they maybe, pressure you corollary for of some kind here. have the of gives higher a as given And have were you betas what what I the at with

I'll Michael. Well, about the talk deposit balance,

I seeing on deposits we're our to with our think, on we're and emphasis well, production focus [indiscernible] more people and putting loans. is

trying we'll customer out there deposits gain -- we're and customer think base. bigger I to grow still our

customers. year, run who last CD talked that they and funding the offshore hadn't increased our emphasis production something continue the with the with go challenges alternative there but about our investment be out few put get a either or have to continue will they people more been we'll into because think or I on So that in money to we cost

add rates. quarter, every a -- would defensive real various. I too. playing front I like to but that. deposit and fourth try it. stable somewhat Texas, bank, have been deposit more still we this decided mean, we're be platform side. with little to on pressure a It is We in I mean, funding our we've the deposit aggressive Michael, we're to source still there out core get pressure in seeing and a just very We seeing of But we're have East Yeah. do

we in but bit base a still So nearly that we have slowed DDA. XX% down, we've think deposit quite our of

So looking lot defend structure, forward. overall we're seen to be our reality or a of continue in non-maturing relationships and just of part deposit it but deposits strong haven't the our to they're years going because customers a core any yield is four that three

funding that increase going of the everything the few base, going core And -- funding rates to to have in headwinds with in it cost months. in real core so we've velocity strong even on when you comes last you're your have seen if

just sheet margin Okay. a seems slide a of from should bit maybe up was kind down balance it the maybe it? is we some basis would that the to with The And fall with of of kind pressure move Q-on-Q, other that. you there maybe the follow-up even maybe little directionally, probably actions deposit but because And margin to like a points a that reads about just in the quarter. few then second thinking plateau the be expect way

Michael. That's we're thinking, what generally

too. just on bit changes pulled we the in because to some we're rate extent next going don't little going the I forward of react think we'll with off how details a know on few that months

And one maybe me. then Okay. for just more

the income, what guide. I obviously, think asset of we But fee are greater on to some based the headwinds. kind just on can expenses figure expense the out

little range a XX pressures it next million to that you that -- it to XXXX? for about income of mentioned Thanks. sounds but kind bit kind was you remarks. of, going less like You believe have $XX guys updated be million it's $XX be it, other quarter, your fee in I what prepared talked for had that the Do things the to just of of could an than for given market and some range

XX think what income. range That going we is we're to fee have the on in I to XX going forward. be budgeted

step for taking I'll questions. back. Thanks Okay. my

Sure. Thanks, Michael.

Our unmute next from your Brady, questions KBW. can with Gailey will line. you Brady be

morning, Good Hey. guys.

Hi, Brady.

the just expense base. I to start wanted with

X.X% of you're at much assets in and where of guidance Your fourth asset is were quarter basically not expecting XXXX. growth you the in

way the it? which about kind little that run given from know, versus don't be backs maybe a seems flat I to that of the optimistic is just XQ in the headwinds. that, $XX? rate, will here inflation right But think the So expenses Maybe expenses flat

Brady. QX, From yeah,

what no our less think certainly XXXX that's or in growth we're looking -- I that's at a based lot on in -- assets.

So that with we're guidance. the X.X% comfortable X.X,

return. that's through But good see Brady, of going, in We to far of see less me to just NIM. are it'll universal to really settle they're create add a sheet just that And things and in what areas going with with little and across banks with we're optimistic this ‘XX. unknowns to I rates as my But as up we land headwinds the income are out. where going in within to faced be so those of headwinds think you headwinds there's let ‘XX, these all go that. mean, that's fee a statement that balance of with opinion expenses. income projecting go – and pretty key and our board, us be the our where with I because how And

anything in but should some mortgage I that two SBA I both headwinds, of we then pieces out we'll year? are Anything year. Is income. you've of your both And those for restructure made notably facing right. this expect you that know fee All changes know and segments groups. those this different I there see all of Okay. know restructure in and

areas. a just tough It's for year be specific. both those Nothing going to

Yeah. guys. All Thanks, right. Great.

Brady. Thanks, Sure.

from Matt, will can question be unmute Olney next Our with you line. your Stephens. Matt

morning, Good thanks. Hey, everybody.

Matt. morning, Good

you me, hear Can Matt?

We Yes. hear you. can

treasuries some Thanks. matured the weighted matured? back were those on throughout Okay. on the or you I what the Great. Any mentioned kind those half? or of Was it color quarter? half Cappy, was treasuries was more then quarter matured the those towards And the fourth average that front yield when in in fourth think previously there that it quarter. when

have you I you might have that front in think do Shalene, you? that? of

on in I the of We believe, I and mature me, had don't get you. November matured $XX $XX million XX. yields million, front that XX to have can November another but on I that

[indiscernible] low pretty this year. were They first

in That was really first bought the of year. short term treasuries the

be a low So, yeah, yield. I think it will

consistently Okay. And the you the maturing more weighted think -- that, it XXXX. half more of is talked throughout about the in towards the or anymore year? also Is securities is of it or half in back any color I front deck, on year kind

The question know let front the million. I'm so I weighted they're pulling another the if you towards year. of the can believe are have meantime. up half about though guys you $XX treasuries I that in

Okay.

deck to year. is But the referring in the throughout dollar amount she's though there the

Got it.

Okay. to the to Well, But guess, Shalene I growth, over loan time some I long… can here. on buy shift

up I real able Sorry. was quick. to it pull

got September. one So X.XXX. and million March, ones in on in yield was $XX million and $XX we've X.XXX May, treasuries another matured maturing that April, in other the in November, are the that was And then and the

They yields. low were, yeah,

it. Got

Okay. you that. That's Thank Shalene. helpful, for

Welcome.

And versus right of slowing is some what now? loan growth assume borrowers. before front talked that intentional the about the going versus You you mentioned loan then any year color, stronger of should your the half see back from we just of that in be more of half growth we kind to the the

Just throughout even it pace kind year. on more the the of of color

that depending the a that's probably Matt, we decline in growth second would half be year have fair possible year it way, of that and half think is of I on things is to loan first look the play to at how out. the that the be slight

FHLB advance. the also And strategy your Okay. just then about the I'm curious around

$XXX that on the and kind the puts versus, to takes maintain of year the it's what's that. options that throughout while, could a love budget would like and I maybe balance million of but sounds for in different you could think (ph) you kind appreciate see

just rolling-off. as I will in deposit consistent million FHLB, in a a it all, bit And there, $XXX and we're any catch the rate short change. we on we pretty depend But said at again, The we that using It'll term decreasing little dollar bonds term short a -- of plus basis. type keep of loan a year. the think to just stay got on or amount timing throughout

Thanks, Okay. your Appreciate guys. help.

Matt. Thanks,

Our line. unmute next Brad, can your you Sandler. Piper question is with Milsaps Brad from

Good coming morning. Am I through? Hey.

Yes, Good Brad. Yeah. morning.

You guys the during addressed what if I kind have more But is more balance appetite wait I quarter. of most and everything. it this. given sheet any a in Cappy, apologize you or know buyback curious, shares just approach active I growth, kind didn't any year, early this missed We're a lack still of of there? – see

Pretty much a wait and see, Brad.

a it's said, wouldn't have I in think But we -- back, metric if was any But we'll not were QX, I XXX,XXX believe there have we have the year. market looking didn't the it at, during bought and we for we shares. We so get prudent. like we're shares,

a have So we'll and see just out but do. to how we our metrics there, same wait keep

than question And for and I maybe to XXXX great last a it. that, $X did in earn a goal a year in Got then knew picture basically more sort year. guys Ty. ‘XX was you had of you did bigger your

more knows going is I to challenging. ‘XX think that be everyone

to see do months Just dollars, from so curious, want maybe in would -- bank you but, much of you of kind XX where net kind the what now. not income

whatever a successful what a that just a give kind energy similar maybe in kind with to it bigger side e-comm ready the did for this if bigger other of a to capital it's year curious picture picture, just know of the murky reserve, – classify take I outlook, just a would of as but of, us pretty could just I base, you of you ‘XX? getting to as sort approach bigger what you kind

I I when it's like there's really would without through of going on because that, across reserves other back us going prudent, strong as what see reserves turns to building actually cycle going this things that Yeah, into in significant positioned start But strong capital, have at a losses. said, I board. We'll least. asset go Brad, side come any We're be quality is main quality have be to stronger but see defensive the this, year say headwinds goal to to earnings. it's direction, good maintain mean, we our offense to the have and for asset be another very much stronger ‘XX

as of of probably we're trying really base, fee that to defending and trying just think been I defend funding quality, and income. core really defend under different pressure And asset have our to a couple expense banks last obviously and lot years earnings structures from the the

the economic a be goal storm. going be saying across be going to we what an year a our it's it's board, today, will year, and could So a lot be are that that's downturn to, in than place through in better a the

That's helpful. Thank you guys. Appreciate all the color.

Brad. Sure,

another have We question from Matt Olney.

Thanks. Thanks for follow-up. the

this maintain theme, X% now picture above years. Ty, to bank's assets the Just able number for this guess, return been bigger of on sticking a with I

lots You directions. mentioned from all headwinds of the

all about headwinds maintain expectations of Just X% can curious to out your you think this the ROA continue north with if you there?

think we lot now don't would unknowns. Matt, X%, a there's So, said, being of that go but I below

to manage there to the feel prudent our we're a put during that going SBA, expenses very not from we those rest reserves, lot reserve account aggressively. into of just We'll to the is be on side just depending and of, the need And closely market There's year. at looking opportunity of income so now. departments. right we the different And it mortgage we'll -- obviously out

going X% us because pulling but say levers we're our avoid that, to to don't be I dropping I So it can't below see wouldn't either. happen

being cautious everything unknowns that during didn't that, things about clarity million we of not just there how soft how losses. obviously they're actually had where any in will say of land pretty the to, out rates – a in of is have we lack or we're landing kind set and how forward. I think $XX we we going lot is, reserves going hard see COVID, Again, during we until of Fed's this on COVID, aside – going and the just with it's there but with

focus So saying in be and see that further if answer way that's that defend as a be the try into would CECL will reserves a I -- set I deterioration whether we part part bit a But we primary setting see just that fact goal of, be so economy, we modeling long doesn't. ROA. are certainly to the to of that question, of our would a really to can X% the more reserves loss see aside credit would not don't know or that there's turns that but ‘XX that's it beside actual

that Yeah. just commentary, around and up Ty. And kind that on of Thanks I allowance. the CECL following

in XXXX build big kind the You -- there. of the mentioned big

you the possibility up realm the that, the of would you for that's is year? that ACL this still model that's always evolving, ratio CECL kind you've know in years, think of is kind of curious here over likely? just few a think last this still you -- evolved do that Or number less XXXX. is, which to level make XXX I a is I think got but XXX%

it's likely. I think less

black -- I assumptions conservative things a swan event deserved worldwide where think a the were that would going. pandemic real was lot of

a that because as dire as We is coming strong. lot from fact looking Texas overall economic labor the is back that. of keep said, the we're again, proud, this at standpoint. think unknowns to That I economy in we're Texas being

in were the there's I on look with some uncertainty things, pads at unknowns. increases just the but somewhat how of dire's it of fare the cautious creates that So that our out we're there we we're unprecedented, these little the rate a which on and being how that lot such just it's as but I'm was we side parts the this, me liquidity uncertainty out most something and a the velocity don't because than better of cautious. near -- dealing a that's lot this, and of of think part And we're that's there's it's country, XXXX a again, and hopeful scale, makes with other But lot that COVID we with of such, pull the part. system of

Understood.

Okay. Thanks, help. Appreciate guys. your

Matt. Thanks, Absolutely, Matt.

you this of everyone this like remind P.M. Relations available would I attending, will gnty.com. our and that questions, page by call Investor be recording Thank at your call. concludes X for you our today for to and on the Thank