Ron Farnsworth: The other thing I’ll add to that is there is an element of seasonality. And it’s a little murky more so than what it has been historically in terms of isolating the seasonality, but I do believe there was some seasonality and it’s pretty easy for us to track new relationships that we’re bringing in, in particular, on the commercial side. But the seasonality aspect, I think, also played a role. And then kind of as a continued headwind is consumers are still pressured and the impact of inflation. And I’m not sure necessarily what this translates to where you’re at, Jon. But I filled the car up the other day, and it was $6.50 a gallon. So you think about $175 to fill your SUV up, that takes a bite out of a lot of consumers.
And so I think we’re still seeing the impact of inflation on that aspect. Fortunately, we lead a lot with the commercial and the operating account side, and we’re seeing great success in winning new business and bringing in additional aspects of existing relationships on that front.
Jon Arfstrom: Okay. Good. That’s very helpful. I don’t know if this is you Clint or Tory, but can you comment on the overall lending pipeline? Are they changing at all? And what’s a comfortable pace of loan growth for the company?
Tory Nixon: Yes, this is Tory. The loan pipeline is down just a touch from last quarter, but it’s actually — it’s pretty strong still and fairly robust. So I feel good about the mix in the pipeline and actually the size of the pipeline throughout the footprint. I think Clint mentioned earlier, our de novo offices of Utah, Colorado and Arizona. We’ve got some really nice pipelines there, which is great to see. And I feel good about it. I think we’re still probably a low to mid-single-digit in loan growth for the bank. Pipelines for deposits are nice, and the fee income pipeline is really strong, which is kind of the — I think, connection to the conversation that Chris and I have both said about connection with clients and prospects and looking at a bunch of different solutions to solve — to help customers strive.
Clint Stein: Yes. The one thing I don’t think that — the pipeline — the absolute level of the pipeline tells the whole story because of — we’re being very disciplined and focused on the types of loans and the types of relationships that we’re pursuing. And so we’re maybe in — outside of a quantitative tightening environment, we might have done more in terms of real estate and things like that. So the types of — and jump in here, Chris or Tory, if you feel differently. But the types of loans that we’re really interested in the pipeline and the activity that our bankers are surfacing is really, really solid.
Tory Nixon: Yes. 100% on the commercial side, it’s a C&I pipeline, C&I growth. And it’s business orientation. And it comes with — to the point, the relationship comes with deposits and fee income, and that’s critically important in the way that we will do business.
Jon Arfstrom: Okay. Okay, thank you very much.
Operator: Thank you. One moment please. Our next question comes from the line of Andrew Terrell of Stephens. Your line is open.
Andrew Terrell: Hey, good afternoon.
Ron Farnsworth: Good afternoon.
Andrew Terrell: Ron, just a quick one on the cash balances. Should we expect any more normalization from this, call it, $1.9 billion level? Or is this kind of the right level to think about the cash balance?
Ron Farnsworth: Again, that will come down to the customer deposit flows as we talked about earlier. So ideally, yes, you’re going to see us continue to more normalize that to a lower level, probably somewhere in the mid-1 range. But I’m not sure if that will occur by Q4 or not, but that’s ultimately where I’d expect it to settle.
