Brian Martin: Got you. Okay. That’s all I have. Thanks for taking the questions.
Keene Turner: Thank you, Brian.
Operator: And we do have a follow-up question from Jeff Rulis with D.A. Davidson. Go ahead.
Jeff Rulis: Keene, I wanted to quickly follow up on the expense expectation that $83 million to $85 million. A little surprised that we’re legging up again, I guess, with the seasonal kind of payroll, 401(k) step-up in the first quarter. I know you mentioned you’re fortunate on the deposit costs and expect a step up in commissions. But I’m just trying to figure some of those comp costs in Q1 figured they might roll over a bit, trying to get to where you were in Q1 to continue to increase in the second quarter.
Keene Turner: Yeah. Jeff, the way I think about the transition from 1Q to 2Q is that, I think, generally, comp tends to be level. So, investments in the business and pick up in other items kind of tends to lag in, maybe it’s down a little bit, but the commentary on commissions, I think, reflects more of the continued growth and progress that Scott noted. And then, really, the big driver there is just I think the turnaround in the deposit cost. I mean, obviously, we were down in the quarter in the first quarter. So that showed better than we anticipated, but we’re — let’s say, we’re probably back to the level where if you followed it through and sequence that, we were going to already be in the second quarter. So it didn’t really totally step down, and that’s a combination of two factors.
The space continues to be competitive, and many of the banks that are struggling with funding are larger and fierce competitors in that space, number one. And number two, we continue to grow that business — that underlying business pretty substantially and at a healthy growth rate. And so that also contributes to that expense there. So, I hear you on the comp and benefits and maybe we’re tinge conservative there with expecting $2.5 million in the run rate, but we are continuing to add two positions and strengthen the organization selectively. And so I just — I don’t want to overpromise there. But really, the biggest driver is on that deposit business.
Jeff Rulis: I appreciate it. And I just wanted to confirm. Is that $83 million to $85 million, is that good for the remainder of the year or just 2Q alone, and then you’ll (ph)?
Keene Turner: I think deposit service charges continue to move up throughout the year. I think we expect that business to continue to grow and expand. And then to the extent that there’s any interest rate increases, that moves up — for 25 basis points, that moves up probably $0.5 million a quarter just from a rate increase. So, for what it’s worth in terms of how to think about that and whatever you’re putting in your models for Fed funds.
Jeff Rulis: Got it. Thank you.
Keene Turner: You’re welcome. Thanks, Jeff.
Operator: Okay. And I show that there are no further questions at this time. I’ll now turn the call back over to Jim Lally, President and CEO, for any additional or closing remarks.
Jim Lally: Thanks, David. And thank you again for joining us this morning and your continued interest in our company. Everyone, have a great day, and we will talk again at the end of the second quarter. Thank you.
Operator: This does conclude today’s conference call. You may now disconnect.
