Jason Darby: Yes. So, I want to maybe make a quick clarification. I think the rundown or the de-risking we’ve talked about is mainly in our traditional commercial real estate portfolio and not specifically multifamily. I think for the commercial real estate, we’re really looking at the portfolio it has as any type of office exposure or things of that nature. The multifamily, I think that’s a spot where we wanted to see some growth, and we talked about having that be one of our drivers for the year. I think we did about $32 million or $33 million net in multifamily. I think the good side of that story is that it really gets right into the sweet spot of the team that we brought over from M&T a while back. The originations are largely impact-oriented and its workforce housing, and has a really strong mission impact for us as well.
And we’re able to find pretty decent returns on these. And also, it allows us to continue to turn over that portfolio for some of the legacy assets that we’ve had, Chris. But I think the — what we’re really trying to focus on was really reducing the commercial real estate side of our portfolio. And I think we’ve done that to a large degree. We had a little bit of an uptick in that portfolio this quarter. I think we talked before, we’re not totally out of the asset class. We’re just simply not looking for office-only related exposure. But if we find — and it’s an unique opportunity for us given some of our union routes, if we find a really strong opportunity to do an own occupied commercial real estate type of deal that has a lot of security, a lot of deposits that might come with.
I think there’s opportunities for us to be able to put that on the books. And that’s really what occurred mostly in this quarter. I hope I answered your question.
Chris O’Connell: Yes, definitely. And of the multifamily that you’re putting on, what kind of origination yields are you getting on those?
Jason Darby: They’re coming in 5.75% to 6% right now. So, we’re getting a good clip. It’s a little tighter, obviously, than what we could do in the C&I sustainability space, and we’re trying to balance out our capital allocation between good solid multifamily deals that have mission alignment and higher yielding C&I deals. But I think what you’re seeing from us is an opportunity for us to be really selective and basically take our time, with making sure we’re putting on the right type of assets.
Chris O’Connell: Got it. And I was just surprised, I guess, this quarter to see the loan yield move down a bit on a quarter-over-quarter basis. Any specific factors driving that? And I mean, if you have any look into kind of where you think loan yields could move back half of the year, that would be helpful?
Jason Darby: Yes, great question. It was a little surprising for us as well, not that’s something that we think is going to continue. I think there’s really some discrete events that occurred within the consumer solar portfolio. I think the first we made an accounting election change in terms of how we run our discount accretions on some of these portfolios, which lowered the yield a little bit in quarter, but you can see that as being something predictable going forward, it’s not going to be another blip that way. That’s kind of the first piece of it. And then I think the second was really related to some of the higher yielding consumer solar loans that we’ve had, the charge-offs or the payoffs that were related to those clipped down the yield a little bit.
