Ben Gerlinger: Got you. And then kind of bigger picture, Jerry, you worked — indiscernible — curious, just from your vantage point, what you’ve seen in banking over the past, call it 30 years or so, do you think that the regulators or anyone — Indiscernible — kind of suit term of the people watching over the banks have the same level of concern on commercial real estate and the price degradation that the media has? Obviously, over the past 12 months, you can see cap rates becoming a little bit more of an issue with kind of work from home. Not that you guys have a serious issue with your portfolio. I’m just trying to get a sense of what’s the reality in terms of conversation on commercial real estate risk relative to the headline association from news articles?
Jerry Baack: Well, thanks for aging me, Ben. Jeff is with me. He’s older than I am, but I’ll go with it. No, we had a conference call with our regulators. I’ll come and exam here in about 30 days. Yes, it’s certainly top of mind for them on the commercial real estate front. They’re now doing a questionnaire like a pre-exam questionnaire on commercial real estate and office and what the portfolio looks like for every one of their upcoming exams. I come back to, you know it’s individualized. And I mean, whether it’s Minneapolis or Orlando or Miami or wherever the collateral is, which we don’t have them there, I’m just saying like in general, I mean, it comes down to the specifics, right? So it’s the actual property that’s secured in that loan.
It’s the cash flow, it’s individual tenants. It’s the guarantor behind it. And every single deal is different. So the – it seems to me like the media is just throwing everything into one category, and that’s just not the case. So I think the examiners overall probably see that our side of that, the way we explain, and the way we underwrite things probably better than the media does. I don’t think the media is just jumping on it, but that’s my thoughts. Jeff, do you have any follow-up on that?
Jeff Shellberg: Yes. No, I would agree. I think everything gets painted with the same brush. It’s either central business corridor, it’s Class A, it’s Class B. And I think that what is missing from that whole analysis is there is a story for each particular property, each particular sponsor. And if you underwrite things correctly that – whether you’re in the central business corridor, if you’re in the suburban that you can have a decent performing property.
Ben Gerlinger: Got you. That’s fair. I think we get it as well on the sell side, but it’s tough to fight sometimes. I appreciate the color.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jerry Baack for any closing remarks. Please go ahead, sir.
Jerry Baack: Thanks, everyone, for joining our call today. We are pleased with many of the trends we saw during the quarter. The environment remains challenging, but we have a very strong brand in our market. Our client network is growing, and we continue to take market share. I remain very optimistic about the future. Thanks so much for your time today.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.+
