Greg Robertson: And one thing that I would just add is that when you think about the increase in 2024 over 2023, we made obviously some hires throughout the year in 2023, but some of those were back-end loaded. So when you’re looking at a full year over full year impact from the back half folks that we hired in 2023 that will be in for the full year in 2024. So that kind of contributes to part of the — a little bit larger increase on a year-over-year basis, just those folks coming in at the end of the year. And then Q4, as you guys know, we’ve mentioned in the past that there’s some seasonality and accruals in Q4. And in Q1, what we have is, we have a reset of those accruals looking at a full year basis and just recognizing on a quarterly basis. So Q4, there’s seasonality and kind of accrual catch-ups. And then in Q1, there’s a reset of those accruals, which reflect the full year expectation on various line items.
Brett Rabatin : And then back on just the funding in the mix. I wasn’t quite clear. I may have missed it. What’s the plan to replace the bank term funding program money, assuming that is up in March? And just thinking about the margin dynamics later this year, given the repricing of loans, could you have liabilities actually repricing lower in terms of the net cost versus increasing asset yields still due to repricing lower-yielding loans.
Greg Robertson: I’ll start with the first question. I think what we’re prepared to do is with BTFP specifically, is we’re going to look at the optionality on this, whatever makes the most economic sense for us but we have been carrying probably 50% of the balance to pay-off the BTFP in cash on the balance sheet because of the ability to earn said fund if the rate it is today. So we’re prepared to pay that off and at least in part or in whole by certain different options. One of those options could be depending on economics. You can extend BTFP for another 12-months, the day before the program expires. So we will look at all the options on that. And I think the second part of your question was the funding on the liability side.
I think you’re exactly right. We’ve tried to position as that money market focus to be able to quite possibly lower the cost of the liability side while still experiencing some pickup in yield on the loan side with some of the repricing. So we’ll try to be opportunistic with that as well.
Operator: Your next question comes from the line of Feddie Strickland from Janney Montgomery Scott.
Feddie Strickland : Just wanted to ask your thoughts on capital management. Could we see further dividend increases over time or potential repurchases? Or is there still more of a focus on just building capital to support organic growth or maybe M&A in longer term? Just Curious how you’re thinking about the capital stack?
Jude Melville: Yes. I think our priority has been and is to incrementally grow the capital levels to prepare for opportunities to see what M&A might come up or what other lift outs or additions or we’re not planning on a significant amount of hiring this year. Certainly, we want to be prepared for opportunities and believe in the word optionality. So having a stronger capital stack puts us in a better position to be able to take advantage of those opportunities. We have — we did raise the dividend last quarter, and at March 5 years in a row in which we’ve increased the dividend, if I remember correctly. And I do think that there is — the we have a mix of shareholder base — there is a healthy percentage of our shareholder base that’s retail, and those value and appreciate the return of that dividend, and we feel like that’s an important thing to an important return that we provide.
And so we’ll continue to certainly do that. And in an ideal world, assuming everything goes well, we’ll we try to stick with increasing it incrementally on an annual basis. But we’ll take it quarter by quarter and see what opportunities we have open to M&A, should that possibility rise? And had the opportunity to look at a number of deals in 2023 and didn’t feel like it was the right — those were the right decisions at time for us, but certainly taking that on real-time decision basis. So I would say that could have answered your question pretty succinctly if I had chosen to, but basically, we want to prioritize, continue to incrementally increase our capital, grow within that retained earnings stream. And we think increasing the capital base over time will give us some optionality to take advantage of opportunities, which we think we’ve done a good job of that over time.
