Kelly Pecoraro: While there are some professional fees that will be reduced next quarter, there are always additional initiatives. So, the guidance that we provided includes those ins and outs relative to our professional fee.
Laurie Hunsicker: Got it. Okay. And then, on provision, maybe you could just help us think a little bit about that, more generally, your reserves to loans sitting here at 87 basis points. Obviously, you’ll be at CECL. Just any color you can give us there would be super helpful.
Kelly Pecoraro: Yes, I think, Laurie, under the incurred methodology, we came in at an 87 basis points coverage ratio. We’re looking, as we adapt CECL, for there to be an adjustment, it’s not material. We’re looking at a couple of basis points increase in the reserve coverage, again, forward looking at CECL looking at it, not a material change that will come through equity.
Laurie Hunsicker: Okay. And then, maybe, Kelly, can you comment a little bit the outsized loan growth that we saw in commercial real estate? It looks like 17%. This quarter, 67% annualized is a really big number. Can you help us think about what’s in that? And then, I know some of the hot button loan categories you really had de minimis exposure to, but if you could provide a refresh on what you’ve got in office, in hotel, and in restaurants, that would be super helpful. And any color you could give us around those, if you have LTVs or whatever detail you’ve got would be great. Thanks.
Kelly Pecoraro: Sure, Laurie. So, yes, we had loan originations of $68 million this quarter, which were strong. $24 million of that was in the multifamily space. $35 million was in the CRE space. Again, there were two large credits in there that are in retail, anchored by investment-grade tenant, so feel comfortable relative to that exposure. In regards to office, our portfolio, our commercial loan portfolio contains around 3% of office. None of that office is in New York City. And the LTVs on that portfolio are around 50%, on the LTV. We have no hotels in our portfolio and we have no direct exposure to restaurants.
Laurie Hunsicker: Great. Okay. And just to clarify, the 3%, it’s the 3% of commercial real estate that’s in office or 3% of all loans
Kelly Pecoraro: Yes, of the commercial portfolio, less than of our total portfolio. So, it’s 3% of the commercial portfolio.
Laurie Hunsicker: Okay. And then, the commercial portfolio, are you adding multifamily and CRE together? Or just the straight 3% of the CRE only, the $216 million?
Kelly Pecoraro: No, it’s the combination.
Laurie Hunsicker: The combination. Okay. Great. Okay. Love seeing the buybacks. I assume with the stock here, you’re still thinking about it the same way, Jim, or any forward comments on that?
Jim Nesci: Sure. I mean, as we’re trading today, I think everyone around the table is thinking about it exactly the same way. That’s about all the guidance I can provide. But yes, we believe in stock buybacks, so, yes.
Laurie Hunsicker: Okay, great. And then, just one last question. Assuming you’re profitable, even minimally profitable next year, how should we be thinking about the tax rate? And then, take us through if you’re not profitable, what that may look like?
