Clint Stein: Andrew, the one thing I’ll add there. And you were on the Umpqua call just before this, and I think Ron fielded a similar question. We’re not going to give our playbook out because there’s a lot of folks besides just our investors that listen to this call or listen to the playback of it. But it does present an opportunity for us to start thinking about just how we manage downside risk, the following rate over the intermediate term. And Ron and myself and the rest of the go-forward executive team have started having those conversations. And so, we’re not going to say anything about what exactly the details are, but we do have flexibility and, I think, more flexibility than most of the banks in our peer group will have to put some protection on the balance sheet for following rates and that could be part of that — the component of that strategy.
Andrew Terrell: Okay. Very good. I appreciate the color. And the rest of mine were asked and addressed already. So, thanks.
Clint Stein: Thanks, Andrew.
Operator: And thank you. And our next question comes from Matthew Clark from Piper Sandler. Your line is now open.
Matthew Clark: Hey, good morning. Thanks for the questions. First one just on the — your updated thoughts around your pro forma deposit beta through the cycle. I think in the deck, you guys showed 28%, it seemed to be your base case. Is that kind of what you’re managing to as Umpqua comes on board and with only a couple more rate hikes allegedly from the Fed?
Aaron Deer: No. I mean it’s — I wouldn’t say we’re managing to a deposit beta per se. Obviously, you’ve seen our deposit costs start to come up here in the last quarter of the year. But the — but to date through the cycle, our deposit beta on interest-bearing is only 9 basis points. So, overall, it’s about half of that 9%. So that’s going to continue to rise. Whether or not that exceeds what we saw in the last cycle is to be determined. I think there’s a decent expectation that it’s a bit higher than that just given the rate rising pace has been more aggressive and longer lasting. So, there’s going to be more follow through than what we saw during the last cycle. But what that ultimately is, is going to depend on what we see in terms of just deposit flows, loan demand, and as Clint kind of alluded to in the prior question about what we might do with the balance sheet overall.
Matthew Clark: Yes. Okay. And then, if you had the spot rate on interest-bearing deposits or total deposits at the end of the year and the average NIM in the month of December?
Aaron Deer: I don’t know if I’ve got the margin…
Matthew Clark: Maybe in core base?
Aaron Deer: But the deposits were 44 basis points for interest-bearing deposits.
Matthew Clark: Okay. I’ll follow up with you on the monthly. Maybe just last one around M&A. I know you guys have a lot on your plate with the integration with Umpqua. But what are your general thoughts around additional kind of M&A to the extent something comes available, that’s high quality in Northern California?
