Ron Farnsworth: Yeah, and Jeff, we’ll talk about that. That’s an updated guide in January as we look into ’24.
Jeff Rulis: Okay, and just curious on the — you said that cost saves are net of investment. Is there a ballpark number that you pass along in terms of what you think you invested against the cost saves of $140 million?
Ron Farnsworth: Hey, Jeff, this is Ron again. Yeah, it’s actually a specific number, $21 million. So we’ve got a gross of 164 and then down to 143.
Jeff Rulis: Okay, great. Thank you.
Ron Farnsworth: Thank you.
Chris Merrywell: Jeff, this is Chris. To answer your question you asked about branch consolidations, we have five leftover from the original ones that we did. And when we look at our go-forward, very pleased with our footprint. I think we’re in a good spot with those and don’t anticipate anything further.
Jeff Rulis: Thanks, Chris.
Operator: Thank you. One moment please. Our next question comes from the line of David Feaster of Raymond James. Your line is open.
David Feaster: Hi. Good afternoon, everybody.
Clint Stein: Hi, David.
David Feaster: I was hoping maybe we could just touch on the funding side and specifically focusing on the core funding side, exclusive of the broker deposit increases that we talked about earlier. I’m just curious what you’re seeing there as we dig in. It sounds like core trends are stabilizing, that you’re actually having some success attracting new clients, which may be difficult for us to see in some regards, just given clients utilizing excess liquidity. I’m just curious some of the underlying trends that you see there within your core deposit franchise where you’re seeing the most opportunity to drive core deposit growth and attract those new deposit clients and how new core deposit pricing is trending.
Tory Nixon: David, hi, this is Tory Nixon, I’ll talk a little bit on the commercial side of the house and let Chris kind of chime in on the consumer side of the house. You know for commercial banking, I mean, you’re seeing just a few different things. One, folks are using excess cash to invest in their companies when and where appropriate rather than borrow. So the borrowing side is just less robust than it was a year ago. Folks are also kind of looking for yield where they can with any excess deposits. We have done, I think a really nice job connecting with our existing customer base and just looking holistically at their relationship. And with that in mind, kind of focusing on where they may have funds at other places and talking about bringing those funds to Umpqua Bank and have a lot of success with that.
That will continue without a doubt. We had a lot of success this quarter with it. And we’ve got a really, I think a really nice pipeline as we kind of move into Q4. So, Chris?
Chris Merrywell: Yes, pretty much the same piece on that, David, I would add that, on the new side, our rates are very competitive in the market, but where we’re really seeing the opportunities to deepen relationships is in talking with the customers, taking them through our relationship model, asking questions about what else they have out there. And we continue to source deposits from other institutions. As well the teams have really kind of moved towards, there is still some minor integration, but not technology types of things. And our teams are out jointly calling together in all of our markets and winning new business just with their outward-bound efforts.
Tory Nixon: Hey, David, it’s Tori, again. I thought I’d just add one more thing on it. One of the things kind of going on in our marketplace is tremendous disruption from other financial institutions. And we’re looking — you know, we got, it gives us a lot of opportunity. And so we’re working hard in the markets, in our footprint to talk to anybody and everybody that we think fits the bank and having some success with that.
