Sam Sidhu: That’s right, Frank. So the way to think about it is, is that the $600 million plus or minus of commitments approximately represented about $300 million in outstandings and it was about a third of the outstandings that we had on our balance sheet. So we have $520 million of outstandings in Fund Finance at the end of the quarter. Those are 20% as of today self-funded, which is up significantly from no balances just a couple of quarters ago. And it’s a testament to sort of that technology enablement transaction banking that we first started talking about last summer. So we’re continuing to add a number though of also direct noncredit noninterest-bearing deposit relationships as well to counterbalance some of the net credit relationships that we have in the vertical.
Frank Schiraldi: Okay. And then just last question on sticking with that theme; just curious your thoughts on what’s the right sort of level of brokered balances on the balance sheet for you guys, given that you’ve got the branch-light model, at this point do you say we’ve got these niches that can provide this funding that maybe we’re ultimately not looking for any sort of sizable brokered on the balance sheet? Or is that still going to continue to be a sizable portion just given that the model you guys run? What are your thoughts there?
Sam Sidhu: Yes. That’s a good question, Frank, and thanks for the thoughtful approach to it. So I think that from one of the things that the entire industry learned in March is that brokered contractual and insured deposits can be an incredible sort of diversified deposit strategy for any bank. Typically, a traditional sort of retail banking franchise has somewhere in that 5% to on the high end, 10% to 15% of broker or wholesale deposits. I think the right number for us, the right target for us is probably 15% to 20% given that we’re branch-light and a commercial grower is good to have that diversified contractual space. It also helps from an interest rate risk management perspective, if you also sort of split that between short-term, less than 12 months and longer term; it also allows you to have some reference portfolios on the liability side for hedging purposes.
So I think that the way that we – you’ll sort of see that number progresses we’d like to have it half as early as the end of the year or early next year.
Frank Schiraldi: Great. Okay. Thanks for all the color, Sam.
Sam Sidhu: Absolutely.
Operator: And your next question comes from the line of Peter Winter from D.A. Davidson. Your line is open.
Peter Winter: Thanks. Good morning. I wanted to ask with the acquisition of the Venture Banking loan portfolio, and then you’ve got the recent bank failures that were also in this business. Can you just talk about your competitive positioning and how this deal enhance your capabilities?
Sam Sidhu: Yes, sure, absolutely. Thanks Peter, and good morning and I appreciate the question. So I think I mentioned in my prepared remarks, this team allows us to have a nationwide presence, end-to-end with offices and or presence on the ground presence in Los Angeles, San Francisco, Austin, Atlanta, Denver, Raleigh, Boston, Chicago, D.C. So truly a nationwide footprint of on-the-ground relationship managers. It also comes fully with five or maybe half a dozen person treasury team, it comes with about, eight or nine folks on the credit side and about a dozen or so plus or minus relationship managers. So it’s truly a fully integrated very well-regarded team. I have personally spent a good amount of time with some of the important customers virtually over the past couple of weeks since the on-boarding occurred and nothing but incredible things to say.
