Luvleen Sidhu : Sure, I’ll take that. So, another way to ask it is, why didn’t those deposits go with First Carolina Bank? And so, our focus right now, our highest priority was to find the right sponsor bank for our higher education portfolio. For us, our higher education portfolio is really multiples of annualized spend relative to our T-Mobile portfolio. And so, really protecting our interchange revenues is of the highest priority. And so, really taking care of that portfolio was number one. Number two is, as it relates to First Carolina and the decision not to take on both portfolios is really because it’s two-fold. One is balance sheet capacity and so for most banks that are under $10 billion, bring it on $1 billion in deposits at one time is difficult and it requires extra capital.
And it’s just accelerated sort of growth that it’s really just a little bit unnatural. And number two is, it’s always been our strategy we’ve been stating that we’re being consistent that we want do diversification. We want multiple sponsor banks. And so, this is really an opportunity for us to find the best fit. It’s not just the best fit for us. It’s the best fit for T-Mobile. And so, we’re taking our time yet are very conscious that we want to find the right partner as quickly as possible. And obviously, our aim and goal is that we’d find that well in advance of the end of that relationship – that was the end because we would expect to renew at that time. But the current agreement which ends in 2025.
Unidentified Company Representative: Okay. Okay. Next question. How will deposits develop in 2023? And what are you doing against the decline?
Luvleen Sidhu : I think, we kind of talked about that already.
Jim Dullinger : Yeah, I think it won’t €“ we articulated earlier as we look at the deposit base now as a period of stabilization and we expect them to be stabilized by the end of the first half. And then resumption to growth in the second half with end of 2023 being in line with where we were at 2022.
Luvleen Sidhu : Next question.
Unidentified Company Representative: When will you start to buy back shares and/or warrants?
Luvleen Sidhu : Yeah. So we’ve been getting this question a lot. I think number one is, I want to reiterate that the company does feel that our shares are undervalued and that’s why we were excited to put out that press release that talked about the Board authorizing us to be able to move on this. The reason why we haven’t moved on it is a couple folds. And most importantly, we are in a blackout period we have been since essentially we made that announcement and will continue to be as Q1 is creeping up right now, before we know it we’ll be back on a phone call with each other. And secondly, in the second half of the year as we’ve been talking about, we expect to generate positive free cash flow and we will be evaluating our strategic options including this at that time. And our commitment is to always look for ways that we’re going to continue to increase shareholder value and whatever makes sense to do that. Next question.
Unidentified Company Representative: Great. How is the current banking environment impacting the BaaS pipeline?
Luvleen Sidhu : I think that BaaS pipeline as we’ve talked about many times, it’s a long haul until conversion. And so, you have many cycles of conversations with the BaaS partner. I haven’t seen anything that says anyone is willing or walking away from this. I think that, this is just a blip in sort of the lifecycle of these sales. And so, it hasn’t really affected, is what I’d say. But, any large brand, any large company is carefully watching this and seeing it plays out. The good thing is, is that we have very strong sponsor bank relationships in place. Customers Bank is extremely strong. Bank partner of ours with exceptional levels of liquidity, capital, strong credit performance and we’re proud to be their partner. And I feel the same way about First Carolina.
Okay, I think that Brian, if that’s okay, we spent a lot of time with Q&A today and I hope you guys felt that we shared a lot during our commentary, as well. I want to thank you everyone for your continued support of our company. I think we’re at a very exciting inflection point. And I look forward to speaking with you next quarter. Thank you.
Operator: This concludes today’s conference call. Thank you for attending. You may now disconnect.
