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spk00: Good morning, everyone, and welcome to the SB Financial fourth quarter 2021 conference call and webcast. I'd like to inform you that this conference call is being recorded and that all participants are in a listen-only mode. We will begin with remarks from management and then open the conference up to the investment community for questions and answers. Should you need assistance during today's conference call, you can signal a conference specialist by pressing the star key followed by zero. To join the question queue, you may press star and then one. To withdraw your questions, you may press star and two. At this time, I'd like to turn the floor over to Sarah Mekas with SB Financial. Ma'am, please go ahead.
spk01: Thank you, and good morning, everyone. I'd like to remind you that this conference call is being broadcast live over the Internet and will be archived and available on our website at ir.yourstatebank.com. Joining me today are Mark Klein, Chairman, President, and CEO, Tony Cavanzino, Chief Financial Officer, and Steve Walls, Chief Lending Officer. This call may contain forward-looking statements regarding SB Financial's performance, anticipated plans, operational results, and objectives. Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied on our call today. We have identified a number of different factors within the forward-looking statements at the end of our earnings release, which you are encouraged to review. SB Financial undertakes no obligation to update any forward-looking statement, except as required by law, after the date of this call. In addition to the financial results presented in accordance with GAAP, This call will also contain certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. I will now turn the call over to Mr. Klein.
spk07: Thank you, sir, and good morning, everyone. Welcome to our fourth quarter 2021 conference call and webcast. Nice to have you with us. Discussing our record performance with you, including $18.3 million in net income, is certainly a a great way for us to wrap up another fantastic year for our company. We acknowledged the environment that kept our clients flush with liquidity and the rate declines that drove mortgage volume and PPP forgiveness that helped our economy, our clients, our industry, and of course, state bank. Our entire team stepped up to assist our clients in navigating this challenging environment. As an organization, we remain fully operational with 95% of our staff on site. We continue to embrace a hybrid operational model, predominantly for those in our residential real estate business line. The flexibility here has been made possible by our highly integrated technology platform in Compass. Simply put, we refuse to be distracted by operational challenges, and we are more eager than ever to get back to the business of doing business. Highlights for the quarter? Net income, 3.3 million, yielding a return on average assets of 0.99% with a pre-tax, pre-provision ROA of 1.22%. Net interest income of 9.1 million was down 1.9% from the prior year as organic year-over-year loan growth and a 31% reduction in interest expense were offset by declining PPP forgiveness. Loan balances from the prior year quarter Excluding the effects of PPP, we're up 18.5 million, or 2.3%. Deposits, up 64 million year-over-year, or 6.1%. We limited expense growth from prior and current quarter to just single digits. Mortgage origination volume was 127 million, down 25% year-over-year. Key asset quality metrics, including non-performing assets at 49 base points, and the limit loans of just And finally, tangible book value is now $17.60 per share, an increase of $1.30 or 8% year-over-year. As with prior quarters, our five key strategic initiatives remain growing and diversifying revenue, more scale through organic growth or when prudent M&A, expanding products and services, in other words, more scope, deploying technology for customized client care and communications, and finally, maintaining that strong asset quality we worked hard to maintain. Revenue diversity. This quarter, mortgage value and loan sale gains were down from the prior year, 25% on volume and 56% on gains. For 2021, we have delivered nearly $600 million in total mortgage origination, down $94 million year over year. Our volume contended to be supported by our newer PCG fixed rate 15-1 product, that we announced in the first quarter of 2021. We closed nearly 76 million of this product for the year. Our team of private bankers has planned to develop deeper relationships with each of these new households with more touches. Managed income decreased to 6.6 million from 8.9 million in the prior year quarter and was flat to the length quarter. The current quarter also includes a mortgage servicing recapture of 581,000 prepared to an impairment of $611,000 in the fourth quarter of 2020. Non-interest income remains strong at 42% of total revenue and 2% of average assets. Even with these headwinds, we managed to deliver operating leverage of approximately one to one. Peak title contributed over $500,000 in revenue for the seventh consecutive quarter for the year The title insurance business contributed $2.1 million to our non-interest income and nearly $500,000 to our net income. As I mentioned last quarter, we intend to leverage this complement deeper into our core operation. This quarter, we established a title office in the Indianapolis market, where we also expanded our presence in the Northwest Ohio and Northeast Indiana market with the purchase of a small title agency in Bryan, Ohio. We expect these expansions to enhance and grow our fee-based business line in our entire footprint, particularly as our title company extends more title services to our state bank clients. Our wealth management team's market expansion and solid retention of client base have enabled us to amass a record level of assets under management at year-end of $618 million. This quarter's assets under management are up 60 million, or 11%, from the prior year, while providing an early A million in revenue for the quarter. For the full year, this business line had revenues of $3.8 million, which is up nearly $600,000, or 18%. Second, more scale. Loan growth slowed a bit this quarter after having grown in excess of $20 million in the prior two quarters. We continued to process PPP forgiveness and ended the year with less than 50 PPP loans outstanding, with a balance of just $2 million. Net of PPP our year-over-year was 18.5 million, or 2.3%. In less than a year of operation, our newest office in Edgerton, Ohio, our loan and deposit balances each exceed 15 million. This organic growth has complemented our Williams County presence that now boasts total loans and deposits of nearly 300 million. Local leadership and an engaged staff are driving that success. Deposit levels, while still up in the quarter, slowed the pace of growth we had seen throughout the past two years. Customer liquidity is still very strong, and we are beginning to see them use some of that liquidity to initiate expansion projects. We expect this to be a key component in a return to normalcy as our clients seek us out for financing their growth plans, allowing us also to deploy bank excess liquidity into higher yielding loans. Third is more scope. As we have discussed for a number of quarters this year, helping customers access government's PPP initiative required us to temporarily decelerate execution of our longer-term vision of becoming a top SBA lender. Now, with both phases of PPP essentially complete, we have reaffirmed our commitment to traditional SBA 7a lending across the entire footprint. We believe our model Calling efforts and lender production rewards will uncover projects that will fit nicely into our risk profile. We intend to retain a number of these smaller government guaranteed loans to bolster our balance sheet and net interest income, yet boost loan sale gains for our larger originated SBA loans. This year represented the fourth consecutive year of internal referrals closed, exceeding 70 million. Without these interdependencies and great inter-business line partnerships, we would not have been able to grow both sides of the balance sheet by over $600 million or 47% in the past five years. Operational excellence and client care remain our fourth key theme. We continue to see a shift in our residential real estate production mix. This quarter, our purchase and construction lending accelerated. Our volume represented 55% of our total activity. For the full year, we originated 51% of our volume from construction and purchase activity and had another 25% from external refinances, a great testament to the strong brand that we built across our footprint that represented 75% of our annual volume from new customers. Expenses grew at single-digit rates compared to both the length and year-ago quarters, which did drive operating leverage lower. These higher expenses are due to increased spending on technology and higher costs to both retain and recruit top talent in each of our markets. Total revenue growth of 3.9% is just slightly below the 4% total expense growth for the year. Establishment of a true contact center in the first quarter of this year will ensure we remain intimate with our client base. And finally, asset quality. Client liquidity and numerous government programs have kept our non-performing levels low throughout the past two years. We did take back a large credit into Oreo in 2020, and we currently have an agreement in place to sell this $1.6 million property. Our strong performance the past two years has also enabled us to continue to build a healthy reserve level, now up to 1.68% of total loan for year-over-year increase of 10%. Non-performing assets to total assets have now declined to 0.49%. And finally, we have certainly worked hard to build our reserve the past several years, and we've neither released nor expect to release reserves anytime soon. And now I'd like to ask Tony to provide a few more details, Tony, on our quarterly and annual performance. Thanks, Mark. Good morning again, everyone.
spk05: Again, for quarter we had gap net income of 3.3 million or 49 cents per share. And for the year, 18.3 million or $2.56 per share. That full year result is up 60 cents or 31%. Highlights for the quarter include total operating revenue down 2.5 million or 13.7% as PPP forgiveness revenue is down 390,000 and mortgage point gains declined by $4 million. This was offset, as Mark indicated, by a swing in our mortgage servicing rights recapture of $1.2 million. Wealth management and deposit fees were strong, up 14.5% and 13.6%, respectively. And we continued to reduce interest expense costs, which were down 31%, despite a 10% increase in interest-bearing liabilities. Now, as we break down further our fourth quarter income statement, we'll start with Mark and Average loan yield for the quarter of 4.24%, decreased by 18 basis points from the prior year, and we're down 43 basis points from the linked quarter. If we exclude the impact of PPP, these declines would be 38 and 21 basis points, respectively. We have just 112,000 unamortized PPP fees remaining at year end. On the funding side, we again reduced the cost of our interest-bearing liabilities from the prior year. This rate on our interest-bearing liabilities was 40 basis points, which is down from the prior year by 24 basis points and down four basis points compared to the linked quarter. Again, when we exclude the impacts of PPP fees from both years, our fourth quarter NIM would decline an additional 14 basis points from the published NIM to 2.75%. And for the full year, our gas margin of 3.06% would be reduced as a result of PPP by 16 basis points to 2.90%. Mortgage banking revenue of $3.8 million for the quarter was down 2.3 million or 38% from the prior year. As we have discussed at length, mortgage gain on sale yields have trended down each quarter since their peak in the fourth quarter of 2020. The gain on sale yields for mortgage sales this quarter was 2.92%, down from the 5% that we realized in the fourth quarter last year. In addition to the lower yields, we sold 33 million less in volume. Our servicing portfolio, however, does continue to grow and is now at 1.36 billion and provided revenue for the quarter of 850,000. Market value of our mortgage servicing rights increased this quarter to a calculated fair value of 93 basis points. This fair value was up 33 basis points for the prior year and up nine basis points in the late quarter. And as expected, we recovered a portion of our servicing rights impairment in the quarter of 581,000. For all of 2021, we had a positive swing in servicing rights revenue of $7 million compared to 2020. This recapture swing replaced 87% of the $8 million gain on sale decline from the prior year. As Mark outlined, expense growth is reflective of our investments in technology and people. And if we normalize for the non-core items in both years, expense growth for the quarter and full year was 4.8% and 6.3% respectively. Now if we turn to the balance sheet, loans outstanding at December 31 stood at $823 million, which was 62% of total assets of the company. Asset loan growth this year, we have reallocated cash balances to supplement the investment portfolio, which is now up to $269 million or a 74% growth rate. We are, however, maintaining a conservative approach to our investment portfolios. We are mindful of good cash flow and excellent credit ratings. When loan growth does accelerate, we will have plenty of liquidity to fund that growth. Looking at our capital position, we finished the quarter at $145 million, which is up $2 million, or 1.4% from December 31 of the prior year. And our equity to asset ratio stands at 10.9%. We repurchased 48,000 shares in the quarter, and for all of 2021, we repurchased a little over 500,000 shares in the average price of approximately $18.50. Of our $18.3 million in earnings this past year, we have returned nearly $12.5 million to our shareholders via the buyback and cash dividend. Asset quality was again a great story as net charge ups of the quarter were just $7,000, and for the full year, we had net recoveries of $181,000. This compares to the full year number for 2020 of 681,000 in net charge-offs for a nearly 900,000 positive increase to our reserve. I will now turn the call back over to Mark.
spk07: Thank you, Tony. I want to conclude with acknowledging the two dividend announcements we made this month that include the 5% stock dividend granted to owners of record January 21st and our normal quarterly case dividend of 11.5 cents per share granted to owners of record February 11th. We have been pleased with the market's reaction to both of these announcements as we continue to reward our shareholders by returning capital in an improved manner.
spk03: Now, sir, we'll turn it back to you for questions and comments.
spk01: Thank you, and we're ready for our first question.
spk00: Ladies and gentlemen, at this time, we'll begin the question and answer session. Once again, in order to join the question queue, you may press star and then 1. To withdraw your questions, you may press star and 2. If you are using a speakerphone, we do ask that you please pick up your handset prior to asking your question to ensure the best sound quality. Once again, that is star and then 1 to join the question queue. And our first question today comes from Evan Lyle from Janie Montgomery. Scott, please go ahead with your question.
spk06: Hey, guys. Good morning. I'm on. This is Evan Lyle. I'm on for Brian Martin.
spk03: Hey, Evan. Good morning, Evan.
spk06: Yeah, so just to begin with, you guys get some nice color on mortgage and, you know, your PCG mortgage product. Just any update on the outlook on that and just the mortgage production and also the gain of sale margins for 22 would be very helpful.
spk07: First of all, with regard to the PCG product, we knew this year with a flat yield curve we were going to have to certainly come up with some innovation that would enable us to build a balance sheet marginally with some mild duration risks. Those are very high income, high net worth clients. As I mentioned, 70 plus million in volume. We're working hard as our PCG bankers are reaching out to those clients with progressively more touches. We generally like it. We're going to continue it here in 2022, albeit at a bit higher rate, obviously as rates tick up a bit. But we certainly like the product. We certainly have competed quite well in our urban markets like Columbus and Indianapolis, and marginally in Northwest Ohio and Toledo. But we certainly found a niche. We like what we have, and we certainly have identified a plethora of opportunities to identify three, four, five more services in those households. And now we have a staff of five individuals, private bankers, who are working to identify more touches with those clients. So prospects for that continue to be good. We like it and it plays well into our client base and our risk profile and the model of clients that we seek to help. And Tony, on the margin piece?
spk05: Sure. We came in about 2.9% this quarter on the gain on sale yield. We've seen that kind of come down between 30 to 50 basis points a quarter. I would suspect we're going to see a continued decline of probably that same number until we get to the midpoint of of 22 and maybe we'll kind of normalize at about that 2% level going forward. We certainly, as we look on our outlook, we certainly believe that we're certainly built, and Mark can add some color here, for a similar level of origination. We do acknowledge that refinance volume is going to be under some pressure in 22. So, again, our $600 million number is one that we feel comfortable with, but I would suspect we'll probably come off that as we continue to look at capacity.
spk07: Yeah, and just following up on Tony's comment there, we've proclaimed many times we love that $650 million number. We've touched on the $700 million in value number. We're looking for nearly $600 million, maybe just a little less in 2022 here, We continue to identify more producers in a newer market, which is Indianapolis. We also identify some additional players in that Columbus market to help keep that volume number strong. We certainly like the business line, and the few million that we get off of that servicing portfolio certainly bodes well for increasing that operating revenue number.
spk06: Awesome, very helpful. And just for clarification, that game on sale margin, you said, was that high twos in mid-22? Or I think just what were you thinking about that game on sale margin?
spk05: Yeah, I think it'll come down probably 30 basis points per quarter and we'll probably settle somewhere in the two to two and a quarter range as we get to the midpoint of 2022.
spk06: Okay, awesome, yeah. And then you mentioned, you know, higher rates, obviously, and kind of turning the margin. It looks like this quarter you had a continued reduction in funding costs. So, you know, are you close to your fours there? And then can you give us some thoughts on 1Q pre-rate hike and then maybe, you know, 22 with one to two rate hikes in the future? Just any comment on that would be helpful.
spk07: Yeah, just a high-level comment. Tony can clean this all up. But, you know, certainly, Evan, we have an insatiable desire for, you know, nearly every zero interest rate transactional money, which will take really all the time, which has really been nice in one of our newer markets in Edmonton. As we've discussed before, another regional bank pulled out, left a $40 million office there to be serviced by electronics. We think that electronics are a complement to our community banking model, and that serves us quite well. we haven't figured out what to do with all of the liquidity yet because we're trying to loan it out. Tony's trying to invest it. But that said, I think we probably have bottomed with regard to our interest expense, and we can only hope that the positive gap that we have will pay some dividends as rates begin to move a bit for us in 2022.
spk05: Yeah, and I would concur. I think, Evan, we're We're at the bottom for the most part on funding costs. We've reduced four basis points in the prior quarter. This kind of call it 35 to 45 basis points a quarter as kind of the average. I would suspect that's going to be the range we're in here in the first half of the year. Obviously, we are asset sensitive, so movements up in rates are good for us. The first couple may be not as significant for us because we have a number of floors on our lending portfolio at the 4 and 375 range. So as we get into that third increase is when we really start to see significant movement up on the interest income side.
spk07: And just one follow-up comment. As you all know, when rates were thinning and margins were thinning, we made it up with a larger balance sheet. It's a bit ironic now that if organic growth becomes difficult, we're certainly looking for a bit of expansion in the margin to help make up for some of that required growth. When we see a quarter point increase on the short end of the curve, that's like $10 to $15 million of balance sheet growth. We certainly like, as we've purported for many quarters, we certainly like our diversity and our our income revenue stream diversity with 42% non-interest income. So we intend to do well in all markets regardless of the shape of the yield curve.
spk06: Awesome. So just thinking about 22, how many rate hikes are you guys modeling for the year? We model two.
spk05: which I think probably, as all indications are, it will be on the low end. I would suspect we had them modeled later in the year, and I think we now think that the first one will be here in March. And, you know, I think three to four is probably a reasonable estimate for everybody as we sit here today, but we'll see. And, again, as I said, you know, prime base credits, you know, we got to call it $140 million roughly of our portfolio is prime base. But less than half of that, I'm sorry, more than half of that, it's got a 3.75 and above floor on it. So again, you know, it's going to be a little bit of a, as you move through on how the FHLB and treasury rates move, and we're working through that as we speak.
spk06: Awesome. Thank you. Very helpful. And then kind of turning to loan growth, you know, you guys mentioned you guys had a little bit of pressure, XPPP. Just what's your pipeline look like and just your outlook for long growth?
spk07: Yeah, first couple comments, and our chief lending officer, Steve Waltz, will clean it up here. But we've pretty much always been of the fabric, Evan, that we'll never get enough yield to compensate for an undue amount of risk, and so we don't intend to relax our standards. So it makes the variable of our lenders working harder to find more bankable deals out there. Continues to be a challenge, but we're not going to jeopardize asset quality for some balance sheet growth. I know, Steve, we've had some good success about the actual pipeline beginning to grow a bit in most of our markets.
spk02: Yeah, actually, Mark, looking forward, I think pipelines are building an activity we had anticipated. Frankly, seeing more of in the fourth quarter is accelerating now here as we look into the first quarter. We're optimistic as well as the pipeline expansion we're seeing is broadly occurring across our footprint as opposed to constrained to certain markets, which we think bodes well in the months ahead. Additionally, we have some opportunity on the line utilization side to see some growth with existing client base there. So we're optimistic about that. Agriline balance is being an example. Farmers were obviously had a great year. and paid down balances but with input of cost rising we're seeing activity on the on our ag portfolio side in those line balances so again some opportunity with the existing client base as well thank you yeah very helpful and so you know with that outlook are you you know you still have access liquidity on the balance sheet and so just on deposits i guess are
spk06: you know, how are you thinking about these levels in 22? Are you, you know, modeling deposit growth, or just how are you thinking about deposits?
spk05: We have modeled deposit growth, obviously, you know, slower than we've anticipated, one that we've seen and realized in 20 and 21. We do feel that, you know, our relationship model continues to be one that, you know, we're just not going to be a lender. We want to have the full relationship, and that's That's going to be a part of how we look at things. And again, the client seems to have plenty of liquidity, and they seem to be satisfied with staying where they are and doing some things until things turn. And when that turn happens is when I think the pressure is going to come on to figure out what's the next step on deposits and liquidity. But we feel very good where we are today in terms of capital and liquidity to fund any of our growth.
spk07: And also, I have just one additional follow-up comment. We all know that a lot of the PPP money went to some that needed it, but many that maybe didn't. We still have a lot of those monies on deposit. We think we're going to keep, as we concluded before, we think we're going to keep the vast majority of that money. But that said, hopefully as the economy continues to limp along here, that many of them will find the utilization of those monies are going to be more effective for them with a bit of leverage, which we're standing in the offing waiting to do. So I think some of it will go away, but I think generally we're thinking that people will, again, discover the power of leverage and using other people's money to make some money and hopefully drive the balance sheet growth that we budgeted for 2022.
spk06: Okay, nice. That's helpful. And then kind of moving to expenses, you guys touched a couple times on your investment in technology. Just, you know, Just some color on that investment particularly, and then just expenses overall for 22. I think that would be helpful.
spk07: Yeah, a couple comments, and Tony can give more detail here, but obviously everyone, and I know everyone has heard this story before, but expenses driven by retaining talent and finding talent is probably secondary to the technology spends we've had. But we know that both are required, which is certainly, you know, while we need to continue to build the balance sheet as well as that operating revenue, but we continue to see pressure from all perspectives. But hopefully, in a strange way, as the yield curve steepens a bit, certainly it's going to be better for us as we experience those spends. But I think we've generally hit pause a bit on additional innovative expenditures on the IT side because we're digesting what we have currently done in the past 18 months. Comments, Tony?
spk05: Yeah, I think that's evidently fair. I think we've taken on a pretty big bite here given where we are and where we expect to be in the future. We've added a loan origination system, a customer relationship management system. We've done some things to help us on the cybersecurity front, which is front of mind with everybody. We've improved backups. We've improved performance, all in the intention that we can be as best we can. We're never going to be able to compete with the big guys on technology for clients. But we don't want clients to shy away from us from that perspective. So we do think those have been important spends. I do think expense growth in 22 will come down from where it was in 21. I certainly don't anticipate the same level of percentage growth that we had in 21. And like all things with us, mortgage volume tends to drive a bit of our expense variability because we've become much more variable on the mortgage side, on the expense side. We've done a lot more of variable compensation, not only for the front end, but also for our support teams. And I think that will bode well for us as we see volume move up.
spk07: And Tony, I think it's fair to say that we've certainly been focused on tactical execution in the digital space, but we keep our eye on the horizon for more strategic implementation of how we intend to be innovating with our clients. So it's a real balance between the tactical piece and the strategic piece, and we think we've got a good mix.
spk06: Very helpful. Thank you for all that color. Next, kind of moving to just capital management. You guys mentioned you bought back some shares. So, you know, how are you thinking about that and maybe M&A? Have you noticed, you know, any meaningful dialogue or a pickup in conversations? Just call it on the capital front. We'll be fine or nice.
spk07: There are a couple of comments on the second part, Evan, and then Tony will do the capital piece. But, you know, we continue to look for opportunistic kind of opportunities targets out there, if you will. Again, we know that organic growth is going to continue to be hard to come by. We know with our 115, 20% tangible book number puts a bit of constraint on us for competitive reasons. So we want to make sure that we're prudent with our capital and our growth. We've been very disciplined on what it is we can and will pay. We think there are more opportunities out there. build one of our five key strategic initiatives, which again is a bit more scale. But we want to do it prudently, and we want to make it certainly accretable on all fronts, whether that's hand-in-book or the EPS side. But there are opportunities out there, and we continue to seek those out, and we'll do so in the coming years. Tony, on the capital piece?
spk05: Yeah, I think capital, as we've looked at what we've done, and if you look at the the window over a longer time frame, we've certainly bolstered our capital levels significantly. Not only through organic growth, but we've gone to the marketplace several times. You could probably look at our balance sheet today and say we have excess capital, which I don't know that... You can have too much. You can have too much. I think that's great. But the mortgage business has driven earnings significantly for us. which we've been able to, without dipping into those capital reserves that we have, been able to get that back out to our shareholders in a significant way. And we expect to continue to do that. We think that's a prudent use of our capital. But as Mark said, we would like to utilize some of that generated external capital to expand our company. And we think we're operators that are effective enough that we can make, you know, two plus two equals three, or five, sorry, it's that or that.
spk03: No. Thank you. Yeah, no, that's very helpful.
spk06: And then I guess just one last thing for me, just circling back on the NEM, you know, we mentioned, you know, I asked how many rates you were modeling. You said two, but just how, you know, what's a 25 basis point rate? What does that look like, you know, and just, you know, benefit to the NEM? Sure.
spk05: You know, prime base, it's probably on an annualized basis. you know, less than 200,000 to us because, again, of the number of floors that we have. And, you know, that kind of doubles on itself as each time goes. You know, call it 400,000 for 50 and then 800,000 for 75 as those floors, you know, kind of go away and we start to see that impact. The question is how much of that can we retain without having to go to a you know, increase on the funding side. We think we're in pretty good shape as we sit here today. But I don't think we'd be naive enough to not acknowledge that they're still lending clients that still believe, you know, rates are going down. And they're asking for rate adjustments every day all the time. And we're doing our best to manage our way through that. And I still think that's going to be a bit of a headwind in 22 before really rate increases are everywhere in the market.
spk07: And I think also, Tony, marginal improvement with incremental improvements of wider margins to a decline margin is able to have a positive impact on us. Yeah, I think we can put higher margin balances on that are variable-based.
spk06: Awesome. That's it for me. Congratulations on a nice finish to 22.
spk07: Thanks, Evan. Thanks, Evan. Have a good day.
spk00: Once again, if you would like to ask a question, please press star and 1. To withdraw yourself from the question queue, you may press star and 2. Once again, that is star and then 1 to join the question queue.
spk01: And while we're waiting for additional questions, I'd like to remind you that today's call will be accessible on our website at ir.yourstatebank.com.
spk00: And ladies and gentlemen, at this time, I am showing no additional questions. I'd like to turn the floor back over to the management team for any closing remarks. Thank you, sir.
spk07: Once again, thanks, everyone, for joining us this morning. We look forward to speaking with you on April 20th, our virtual annual meeting, and our first quarter 2022 webcast, April 22nd. Hope you all have a great day and a great weekend, and we'll talk soon. Take care. Thanks.
spk00: Ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.
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