Robert Gorman: yeah, Spot margin at December 31 is 3.74%. Laurie, for the month of December. That’s what you’re looking for. As I mentioned, we did use the Federal Home Loan Bank, and that’s kind of outsized borrowings at the end of the quarter. Not all of that was short term. I think it was about a billion dollars of short term laddered in Federal Home Loan Bank. We also have some long term borrowings. But those are trucks and other non-FHLB borrowings, if you will, federal into that line item. We do expect that as deposits come in, we will be paying those down. Again, I don’t think we’ll be staying at this level unless we see more deposit outflows than they we’re expecting, but remains to be seen at this point.
John Asbury: Laurie, one thing I’ll point out is that if you step back, point to point for the full year, deposits declined just over 4%. Truth is we had forecast when we did our budgeting a little more than that. So that’s better than the original expectation. It is also true that we saw an unexpectedly large run up in deposits in Q3. So, over $400 million. So, part of what you’re seeing is that delta or the absolute value, the difference between big increase in Q3, yes, we saw a larger decrease in Q4 and it all came pretty quick in the month of December. And thankfully, we’re on a pretty good footing. As indicated, loan to deposit ratio yesterday was 88%. We’ll see what happens. The year is early, but we’ll go in and out of the FHLB line as needed.
Laurie Hunsicker: Can you just comment specifically on the demand deposit drop linked quarter, going from in a round number $5.3 billion down to $4.9 billion.
John Asbury: Go back and look at Q3. So, you’re going to see the increase, over $400 million go up in Q3. You are right, is the rise in Q3 and the drop in Q4 was largely on transaction accounts. It’s not uncommon for us to have some degree of drop late in the year due to some of the larger clients. You’ll particularly see this in the government contractor space. But it was more than we expected. That’s not just seasonality. We did, in fact, see money began to go looking for higher yielding assets. There’s no question about it. Mostly on the business account side, Laurie, if you look at €“ on the consumer side, we had some of that with more affluent clients. But the reality is we’re just looking at our consumer deposit base by quartile and it’s down a little bit in terms of average balances, but it’s held better than you might think.
So fundamentally, there’s some element of year-end seasonality that’s probably explaining, in part, part of why we’re seeing deposits rise again right now because we can see some more volatile deposits with some of the larger ones, some money going and looking for higher yield. And then just some usual year-end activities as small business, for example, maybe on cash basis of accounting, like a professional practice will pay out profits right at year end to minimize tax obligations. But I’d hit the main drivers of it.
Laurie Hunsicker: I guess switching over to expenses. Just a couple questions there. The one-time expenses that you have this quarter, can you help us think about that? In other words, the branch costs, branch closure costs, the gain on the sale leaseback of the office, the write down on the software, and maybe the refund that you got back on the FDIC. And then, along those same lines, what are the costs going to be on the branch closures in the first quarter of 2023 and do you have a benefit there quantified?
