Laurie Hunsicker: Okay. And then the tech true-up expense in the fourth quarter that you mentioned, how much was that?
David Rosato: Yeah. It was $800,000.
Laurie Hunsicker: Okay. And was that in that $3.7 million restructure number or was that separate?
David Rosato: It was separate.
Laurie Hunsicker: Separate. Okay. Great. And then how should we be thinking about your restructuring charges going forward? When do we look to see that line item be closer to zero? How should we think about that?
David Rosato: Well, I mean, the expectation today, that restructuring charge, as we said was employee driven across the company, a reduction in force we termed it. So there’s no additional actions like that. So severance charges from that particular type of activity, we shouldn’t see that going forward. Yeah. What we were talking about, about how do we further improve efficiencies in the organization. As I said, some of that it’s more detailed, it’s systems, it’s technology oriented. You try there — I wouldn’t say there won’t ever could be or there won’t be in 2024 further severance charges like that, but there’s nothing anticipated today. Those types of projects are either the employee side is via attrition or redeployment into other parts of the company.
Laurie Hunsicker: Okay. That’s very helpful. Okay. And then, David, the tax rate, I just want to make sure that I’ve got this right. So as we think about it, that line item in noninterest income that tax advantage commercial projects number that was $2.06 million, basically, that’s going to be dropping down now to the tax line. Is that the right way to be thinking about this?
David Rosato: Yes. So if you go to — you got it. We tried to be crystal clear in the outlook, making the ’23 adjustment for both fee income and the tax rate.
Laurie Hunsicker: That’s great. No, that’s more transparent. That’s great. Okay. And then just going back to margin here, Billy’s question. Do you have a December spot margin? And maybe also, do you have a December spot margin if you appreciate that the restructure occurred in the third week here of December. I mean do you have a December spot margin? And do you have a December spot margin may be adjusted with the securities restructure?
David Rosato: Honestly, I haven’t bothered to do the adjustment. I’ve been so focused on 2024. So our December spot margin was roughly $3.10.
Laurie Hunsicker: 3.10, okay. That’s great. Okay. Great. And then last question, Nitin or maybe David, whoever, can you just very high level, take us through your cannabis plans? I realize this is newer, but just how you’re thinking about it and what the loan and deposit balances look like? Thank you.
Nitin Mhatre: Sure. Laurie, it’s a deposit service really to support deposit generation activities. It’s an early stage pilot. We’re not doing any lending and the deposit balances are less than $10 million at this point.
Laurie Hunsicker: Okay. And any plans to do lending or is it just deposit only in terms of how you’re looking at this?
Nitin Mhatre: At this point of time, it’s only deposits and cash management type of activities.
Laurie Hunsicker: Great. Thanks for taking my question.
Nitin Mhatre: Thank you, Laurie.
David Rosato: Thank you.
Operator: Our next question comes from the line of Dave Bishop from Hovde Group. Please go ahead.
David Bishop: Yeah. Good morning.
David Rosato: Good morning, Dave.
Nitin Mhatre: Good morning.
David Bishop: I hopped on late, so I apologize for that. But you guys have been adding and augmenting the ranks of the senior executives, senior commercial lenders within the market given the disruption. Just curious, are you starting to see green shoots or growth out of these hires either on the loan or deposit side or both? And are they contributing to the bottom line growth or the pipeline? Just curious sort of the impact they’re having to date from the hires? Thanks.
Nitin Mhatre: Yes, Dave, we are. We clearly are and I think not only are we seeing significant improvement in the pipeline and the deposit and some of the loan balances that have come in, but the quality of client base is also changing, and we’re bringing in a significant number of high-value relationships as a result of this transition. I think what’s that doing is it’s improving the overall quality of production that we’ve seen over the last couple of quarters, and we believe that it will accelerate as we move forward.
