Stephen Scouten: Yes. Okay. That’s helpful. And I guess overall, I mean, if I’m listening to your comments, kind of holistically, it feels like you guys think maybe you, you know growth maybe put you behind the curve on deposits to some degree throughout the year with really strong growth and this quarter may have put you ahead of the curve relative to peers for the rest of 2023, is that the right way to think about it?
Chris Holmes: Well said. Yes.
Stephen Scouten: Okay. Great. Great. And thinking really briefly about expenses, I noticed other expenses were up a good bit. Was there anything notable to call out there or is that some of the regulatory costs Michael that you mentioned is kind of embedded in some of these numbers?
Michael Mettee: Nothing too noticeable. I think the different third quarter versus fourth quarters kind of franchise excise tax is well and through there. That was a major piece that it wasn’t in the third quarter €“ in the fourth quarter.
Stephen Scouten: Got you. Got you. And then maybe just two quick ones left for me. One, on the participation side, sound like that was more about balance sheet management than risk management, but maybe a little bit of both. Are there particular categories you’re trying to participate out more so than others? Maybe that C&D and CRE like you spoke to or is that indeed more just about controlling the pace of growth?
Chris Holmes: Yes, it’s total balance sheet management. If you think about it from a risk management side, the folks that we’re going to participate to are going to be friends of ours. And so, we’re not going to participate anything that’s going to create credit risk. Well, let me €“ we’re never going to knowingly participate anything. It’s going to create credit risk for them. So, it’s all about balance sheet management for us. And the bulk of that would be CRE. Occasionally, we can do some construction, construction is harder to do a participation on because it’s lines, withdrawals against it and it’s just a little more work on the patient side versus a CRE versus CRE. And we’re usually participating with either peers that are our size or there’s one or two that are quite a bit larger than us that are good friends that we would participate with regularly and the rest of them are smaller than us community type banks, and frankly, they love it if they can get that CRE when we own to sell it down.
Stephen Scouten: Got it. That’s helpful. And then maybe last thing, just on the share repurchase, I know you said about 7 million in the quarter, you’ve had some insider buys as well. Stocks a little lower, I think, even in where you bought back that 7 million, if my math is correct, in the quarter, do you become more active on the repurchase at these levels or is capital constraint there? How do you think about that repurchase from here?
Chris Holmes: Yes. We think about that very cautiously from here, but we’ll think about it cautiously. I wouldn’t say we €“ but we do have the capital to be able to do it if we need to do it. And so €“ it’s a tool that we’ll use.
Stephen Scouten: Got it. Very helpful. Thanks guys for all the color. Appreciate it.
Chris Holmes: Thanks Stephen.
Operator: Thank you. And our next question today comes from Kevin Fitzsimmons with D.A. Davidson. Please go ahead.
Kevin Fitzsimmons: Hey good morning. Guys, how are you?
Chris Holmes: We’re good Kevin. Hope you are.
Kevin Fitzsimmons: Good, thank you. We’ve had a number of questions on this, but I just want to think of €“ make sure I’m thinking about it the right way. So, the deposit growth was really a very accelerated effort in this past quarter. And then going forward, you expect €“ it’s put you in a position that now you’re expecting more deposit loan growth to be, kind of in-line and thus keeping the loan-to-deposit ratio roughly where it is. Is that correct?
Chris Holmes: Yes. Kevin, you’re thinking that correctly. When we ended €“ we were just over 91% of loan deposit ratio in the last quarter. We want to be in that 85% to 90% range. So, it doesn’t bother us to get up to that 90%. So, you’ll see it €“ we’ll manage it within that range. And so, what that means is, we’ll be growing loan deposits as we grow loan portfolio. It is €“ and so we’ll be €“ but we €“ again, we do feel like we gave ourselves some room. And we also €“ I mean, because of that €“ we pay €“ we don’t have short-term, I mean, we basically paid our €“ pay off any short-term borrowings and we feel we’re in a really good position.
