Tim Hicks: Hey Michael. Yes, you rattled off a laundry list, and we have got probably more that we could add to that list. But we added a chart on Page 28, which was Figure 31, which shows you the headcount increase that we had throughout last year. And you can see that we have €“ really from our low point on June 30th, through the back half of the year, we added 172 people which is a 7.5% increase in the headcount. We also gave a lot of good raises throughout the year and some additional raises that go into effect 01/01. We will continue to add headcount as we go through this year. We have already gotten started in January with additional headcount. So, that headcount will continue. I mean we were really at pandemic diminished level, as we said there at our headcount.
So, we needed to add back staff to support our growth initiatives. You mentioned wage pressures, those are real. Those will continue throughout this year. You mentioned the deposit insurance assessment that’s going up. And if the balances didn’t change, it would go up $1.2 million a quarter, but you also have to take into account the increase in assessments that we will get from our growth in average assets as well. Really, we will have increased advertising and marketing as we go throughout this year, similar to really probably similar to Q3 and Q4 levels to support our deposit growth initiatives. And then you have got the inflationary pressures and all of the other kind of line items, some of which are probably delayed a little bit when you think about vendor contracts that come up for renewal for 1-year or 2-year or 3-year contracts.
So, all of that kind of adds up to our expectation for low-double digit increase year-over-year, full year 2023 compared to the full year €˜22. We would expect kind of in that low double-digit range increase in total non-interest expense. Well, I am sure you were about to point this out, but I wanted to at least point out that, that would still put us at a mid-30% efficiency ratio for the year, which would still be among the industry’s best.
Michael Rose: Yes, exactly. Just one follow-up, separate question. Figure 25 on Page 23, the RESG chart. So, I noticed that the LTV on the Tahoe credit was up from 79% to about 84%, 85%. Any sort of updates there on that particular credit and any sort of resolution opportunities at some point? I know it’s a longer term kind of credit, but just looking for any updates.
George Gleason: Brandon?
Brandon Hamlin: Yes. I would be happy to take that, Michael. As it relates to the bubble floating, that has to do more with the asset mix at any given point in time. We have a few remaining single-family lots at the project and a club, and then we have got roughly €“ well, there are 17 town homes under construction and 34 to construct and sell beyond that. So €“ and those town homes have had because of the price appreciation they have had over time, when we originate those loans, they have a pretty attractive LTV on them. And then when you sell them, and start, you have got others that are not as high. It has a slight impact on your LTV. But we did close one town home sale in the quarter at a very nice price. We have got, as I have said, 17 under construction and six of those are under contract.
