Kent Landvatter: So let me take a stab at that one, Andrew. The capital, as you know, last year, we did some repurchases and we thought those were good for values for the shareholders because we bought less than tangible book value. But we were always trying to walk the balance between the amount of capital we need to sustain our growth and keep regulators comfortable with our growth and the capital cushion. So we continually look at that. Right now, we feel we’ve got the right level of capital to burn through this while still allowing regulators a comfort of our capital levels being sufficient. So whether this is organic or inorganic for future capital needs, we’re not to that point yet. But we feel comfortable with the capital position we have right now, and we’ll keep you posted if our thinking changes.
Operator: Are there any further questions in the queue? There are no further questions over the phone?
Unidentified Company Representative: Operator, we actually received a few questions via e-mail as we are now allowing investors to ask questions that way as well. So if there are no further questions on the call, I’ll just read out these couple of questions. The first question reads. Regarding the agreement you just announced with Earnest, when do you think that will start to contribute, and how big can that be?
Jim Noone: I think first with Earnest, we’re really excited about the relationship. We think it highlights the strength of our offering. And we’re humbled that Earnest is trusting us to spearhead their growth plans. We’re not going to provide any contract details today, and we generally don’t disclose details of our program agreements for competitive purposes. Long term, though, we think Earnest could be a meaningful contributor. That relationship will take some time to ramp up. But we think we continue to have a strong opportunity to take share, particularly given our compliance and regulatory strength right now.
Unidentified Company Representative: And there was one more. What’s the opportunity in banking as a service, especially given the regulatory issues with some of your peers and across the industry?
Kent Landvatter: We’ve been watching this. And as the industry evolves, so do the regulations that go along with it. And we see this evolution as a very positive outcome that’s going to better protect the industry and the customer. We’ve always focused heavily on an appropriate compliance management system at the bank and we’ve tried to make certain that we’re monitoring all of our relationships and their compliance with laws and regulations. Of course, it’s almost impossible to be 100% immune from compliance issue as there are some bad actors in the industry. But I think having a very proactive oversight is something that will further evolve the industry and specifically the space. Banks that will come out on top will have strong due diligence processes when they bring the partners on board, they’ve invested in building strong compliance and regulatory processes.
And I think for us, we’ve worked on this for a lot of years and these actually create competitive opportunities for us.
Unidentified Company Representative: No more questions from e-mail.
Operator: With that, this concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
