Eric Grubelich: Okay. And then just one last thing. The stock had a premium valuation on it for quite some time. That premium has come off quite a bit. And again, this is sort of like a financial metric, but is there anything you would consider on the stock buyback side if the stock stays weaker or not, repurchasing shares.
Alan Villalon: We do have a current authorization out there, but we’ve been also watching making sure our capital levels are adequate because we also are aware that the investor base and stakeholders out there are very closely watching TCE.
Katie Lorenson: Yes. I would just add. I mean, everything we’re — all the steps we’re taking are what fundamentally build value and creates value. So our balance sheet is not in the is in the position it’s in, but we’re doing the right things and taking the right steps, and I expect we’ll return to that valuation.
Operator: Our next question is a follow-up from Nathan Race with Piper Sandler.
Nathan Race: Just to make a last question around valuation. I mean the stock is down plus the 1.5 and book with where it’s trading today. How are you guys thinking about buyback within the context of what I’ll describe in terms of how your capital ratios are well both peers and so forth today?
Alan Villalon: Right. So made. We do have an authorization out there. We are watching closely because we want to make sure that we manage that authorization to make sure that we don’t also put us in a TCE position that people will be concerned about us. So we’re carefully watching. But our stock is very cheap right now, and I’d love to be active in the market. But also, too, with the acquisitions we’ve done on the retirement side, we also have to make sure that our TCE doesn’t cause concern as well.
Nathan Race: Right. Understood. And then can you just remind us in terms of how much of your deposit base effect to short-term rates. I don’t think that’s something we’ve talked a lot about in the past. .
Alan Villalon: Nate, let me get back to you offline on that one. I just want to make sure I got the exact numbers for you on that one.
Nathan Race: Okay. Great. And then just one housekeeping question on the tax rate going forward. .
Alan Villalon: Yes. Our tax rate has been on the lower side, we’re expecting somewhere in the low 20s still. I think that’s pretty fair to go forward.
Operator: Our next question comes from Ben Gerlinger with Hovde Group.
Ben Gerlinger: Quite a bit of fire in Broomstone in the tenor today. I get the modeling question, and I try to bring a little bit of levity to hear, but I’m just kind of thinking just I don’t know, 10,000 or 100,000 foot view with the recent hires, which all have pretty solid pedigrees. And if you look at what you guys have done on the core bank, it seems like growth is solid or should be solid. You should not really have a credit risk. If you think philosophically, you could ever see spread revenue above fee income in terms of revenue generation. I think longer term, you guys have a charter clearly, and you’re focusing on being a bank because of the lead for all your kind of flywheel type businesses across the income. Can I get the fee income kind of a market that gives you the results, i.e., mortgage and retirement to some degree.
But when you just think bigger picture, a lot of the marquee hires have been in the bank, and that’s clearly the focus. But is that just because that’s the lowest hanging fruit? Or is that the easiest change? I’m just trying to figure out for the next two or three steps here in turn the ship around.