I think in commercial real estate specifically, we’ve actually kind of started dialing back a little bit on that even beginning of this year, maybe end of last year, just starting to be very careful in taking care of our existing sponsors. We’ve got great sponsors. We feel really good about the portfolio, very limited office exposure, watching what’s happening in multifamily. We expect, though, our projects to kind of carry commercial real estate balances really into next year. So we’re feel good about it, where we are. We feel good about it from a credit standpoint, or sponsor standpoint, but our expectations on pricing have definitely gone up this year.
Jon Arfstrom: Okay. Good. Thank you for that. And then just one for you, Ralph, maybe kind of an odd question, but you’ve dealt with COVID, you’ve dealt with the funding crisis as CEO. So it’s been a hell of a run for you, but — do you feel like it’s largely business as usual for Comerica right now? Are you still fighting some of these questions from depositors and this funding crisis that’s happened over the last four months?
Curtis Farmer: Jon, first of all, I’m honored that you referred to me as Ralph. I know you’re —
Jon Arfstrom: Did I say that? I apologize.
Curtis Farmer: Our long-term Chairman Ralph Babb.
Jon Arfstrom: I’m under my desk right now, Curt.
Curtis Farmer: He’s doing great and remains very engaged community here.
Jon Arfstrom: All right. I was asking you.
Curtis Farmer: Just a minute about the comments or question that you asked me, the last 30, 60 days, a number of us have been out in the market, visiting with both employees and town hall formats, but also with customers in Michigan, California, the Carolinas, Texas, Florida, et cetera. And I would say the conversations really have shifted for the most part back to more business as usual, as you would refer to it when customers are asking us about things, customers nobody ask us about, the economy, about interest rates, about availability to capital and credit, what we’re seeing in terms of M&A activity in various industries, et cetera, industry outlooks. And so I feel like that things have definitely stabilized in terms of customer communication, customer conversations.
And we’re focused, as Peter said, on taking care of our existing customers. And that’s something that I think we do very well. We’ve got really great long-standing relationships. And I might just remind you and the other listeners, that really throughout the crisis, we did not lose customers. We saw some customers diversified deposits. And we hope over time and seeing some signs, early signs of that, the customer will bring some of those deposits back at deposits back were some moved out. As you alluded to earlier, it has been an interesting time. I became the CEO in April of 2019. And you know all the events that have occurred since then. But I think our company is so resilient to manage through 174 years of all the disruptions that have occurred in the economy, in the world during that time.
And we just do, I think, a great job of rallying together and it really pretty much is business as usual. I referred to in my comments earlier, a lot of things that we’re focused on, and we remain focused on those beyond just taking care of our employees and our customers, expanding into new markets, focusing on product capabilities, focusing on small business, growing the commercial bank, growing wealth management, growing the retail bank. And we feel like the future for us remains very bright as an organization.
Jon Arfstrom: Okay. Well, Curt, I’ve never had so many e-mails in response to the question, but — not so much, but I know you’re doing a great job. Thank you, Curt.
Curtis Farmer: Thank you.
Operator: Your next question comes from the line of Brody Preston from UBS. Please go ahead.
