David Rosato: Sure. And that’s the money question for 2023. I would start by saying — and I said this last quarter, I believe, was a newcomer to the bank, very impressed with the retail and commercial deposit franchise. I said that three months ago, and I would say that again, and I’d say it even a little bit stronger today as of what happened in the last quarter, that our deposit base really performed nicely. And the mix is changing. It’s changing for us, it’s changing for everyone. But we had strong — we still have strong non-interest-bearing deposits. There was just very little slips there as a percent of total deposits. So it is a challenge because loans, even in year-to-date and in our guidance, are growing faster than deposits.
So we need to fund that. And we will fund that how we did in the last quarter, which is partially with broker deposits, partially with home loan advances but also continuing to fight tooth and nail for consumer and commercial deposits. And I caught out a little bit in my expense comments around working hard on the expense front, but still making the comment around reinvesting in the franchise and some of the hires that we’re doing. Those are frontline bankers that are generating deposits as well as loans. So we continue to invest to build the business and our deposit base has stood up really well, but I also believe it’s going to — when the environment gets a little better, we’ll continue to grow reasonably and we will get more into balance overtime.
David Bishop : Got it. And then just one final question, Dave, for you. I noted the — I appreciate the color in the average flow of advances versus. Any color you can give in terms of maybe average rate just versus maybe what the end-of-period borrowing rate on the advances were? Was it materially different given the late quarter pay down? Thanks.
David Rosato: No, it really wasn’t. So back in April, the funding turmoil around First Republic and, Silicon Valley et cetera. It was starting to abate, but we were really early in that process. So I remember calling out, we had ballooned up the balance sheet just to part of our liquidity. And I said we would bring that down by about a third. So that’s what we did. However, the only — what we didn’t know back then that we experienced in the quarter was the debt ceiling turmoil. So we up holding that liquidity, call it, three weeks, maybe longer than we thought we would have. Pretty marginal impact in the grand scheme of things, especially on net interest income. But that’s about the only color. The rates in the short end of the curve are not that differentiated. So average rate versus ending rate really not material.
David Bishop : Got it. That’s what I thought. I just wanted to confirm. Thanks, Dave. I’ll hop off.
David Rosato: You’re welcome. Thanks, Dave.
Operator: Your next question will come from Bill Young at RBC Capital Markets. Please go ahead.
Bill Young : Hey, good morning, guys. Can you hear me okay?
Nitin Mhatre : Yes, Billy. Good morning.
David Rosato: Great Billy.
Bill Young : Okay. Great. First, I just want to apologize if I maybe missed this in your comments. What is your outlook or your guidance currently assuming in terms of Fed actions?
