Palmer Proctor: That’s a great question. So when we — I guess there’s a couple of different numbers to share with you on that, Chris, we modeled it in the 1.5% range is kind of the five years preceding the acquisition date. Last year, we achieved much less than that. But if you take sort of the 19 months since the acquisition in early December of 2021 and take all of the losses we’ve had and annualize it back, it’s about $180 million. So when you take it in a longer outlook, I guess, than just the quarter or the month, that kind of thing, then you start seeing more normalized rates. I think that that on a three to five-year sort of average, we’re probably going to see that number, that’s kind of 1.8% to maybe 2.2% is sort of a fluctuation, but sort of more normalized, especially from what we saw in the first quarter or first half of this year.
And remember, we did have the collateral, the primary losses were coming out of loan secured by trucks, medium-duty trucks. And so we did have a glut of those, which drove down the valuation of that when we took those to sell. So a little bit of strengthening there will impact the losses also. So there are several things. But I think in terms of sort of longer run, you’re probably looking at kind of that 1.8% to 2.2%.
Christopher Marinac: Great. That’s really helpful. And going back to 2021, this really was a surrogate for not bank securities. So you’re still way ahead of that from that deployment of excess cash.
Jon Edwards: Absolutely.
Palmer Proctor: Absolutely.
Christopher Marinac: My follow-up just has to go back to the deposit base and maybe Nicole, as deposits kind of stabilize in terms of rates over the next few quarters. What should the kind of average relationship be? And is it in that four, five year category on average for all of your customer relationships? Or is it longer in some cases?
Nicole Stokes: It is longer. We actually did an analysis. And interestingly, it’s split almost one-third, one-third, one-third, is that one-third are very, very long-time customers. They go back many, many years. And then about one-third is kind of in the last kind of in between like the last five years prior to the pandemic. And then the other one-third is kind of new since the pandemic. It’s one-third, one-third, one-third, almost evenly split. So we definitely have some long tenure in our deposit portfolio, which is part of why it’s so granular and why our average balance is so small, and we don’t have a large, lumpy deposits. I mean we are just very much core funded.
Palmer Proctor: You would have [indiscernible] 50-year-old bank to have some of that. So when you look at our 10-year plus, there’s a huge swap of — that’s about one-third of it. And then as Nicole said, then you have your five to 10 is another one-third and then less than that. So it is very granular.
Christopher Marinac: Super. Thank you for that. That’s very helpful.
Nicole Stokes: Thank you.
Operator: Seeing no further questions, I will now turn the call back over to the presenters.
Palmer Proctor: Great. Thank you very much, and I’d like to thank everybody again for listening to our second quarter earnings call. Clearly, our discipline in creating strength in the balance sheet, the loans, deposits and capital as well as our core profitability and stable credit metrics that’s positioned us well for the future. And we’ve got the skill set. We’ve got the markets, and we certainly have the talent to execute on our strategies, and we remain committed to top class results. But I want to thank everybody again for your time and your interest at Ameris.
Operator: This concludes today’s conference call. Thank you for your attendance. You may now disconnect.
