Operator: We’ll take the next question from the Manan Gosalia with Morgan Stanley. Please go ahead.
Manan Gosalia: I had a question on the duration of the CD book. Some of the promo CD durations that you were offering or some of the promo CDs you were offering in the past are closer to four months. So my question is, what do you think clients doing there? Are they just rolling those CDs over for the same term? Or perhaps maybe extending the term a little bit given that you’re also offering an eight-month promo rate right now? Then, if you have any comments on what the duration of the CD book is, and what percentage will likely reprice over the course of the next couple of quarters?
Mike Roffler: Currently I’d say clients are a little more inclined on the eight and 10 month versus shorter. Usually every rollover opportunity presents an opportunity for us to demonstrate our extraordinary client service. And so our bankers in the offices and are engaging with clients to talk about their needs? And maybe do they want to be shorter? Do they want to lock in a little bit more? Do they have other cash needs? And so I think what’s important is the role of opportunity drives a conversation with the client most importantly. Given what we talked about with the cycles earlier. Staying in sort of what I’ll call a four-to-seven-month range for us has made a lot of sense, if you believe that the cycle does rollover, sort of mid-year. And so that’s been our — duration has been pretty much in that range.
Manan Gosalia: Got it. So should we assume a majority of CDs are going to reprice over the course next — three to six months?
Mike Roffler: Yes, that’s assumption.
Manan Gosalia: Okay, great. And then maybe just related to that, you’ve said in the past that you like CDs over FHLB funding, given that CDs are a good customer acquisition tool. Is there anything you can share there on — maybe the number of new customers that are you bringing in through the promo CD offerings and so they typically come with some checking account openings as well? And is there a rate you have in mind in which it might make more sense to pivot to FHLB over CDs? Thanks.
Mike Roffler: So I think we’d always choose the client first, on the first part there. And typically, the CD pricing actually a little bit more attractive than the FHLB, especially right now. And so those are two benefits, but the first being the client, first and foremost. And absolutely, when they come into an office, they experience something different, versus other offices. And so our service level is meant to — one bring them in, but second developer relationship where we have their checking and their primary banking. And so typically, we’re able to get checking accounts on a very good percentage of those and build the relationship over time, which is the most important because we’re playing for the long-term client relationship, not just the rate offering in the current moment.
Manan Gosalia: Appreciate it, thanks for taking my questions.
Operator: Let’s take our next question from Jared Shaw with Wells Fargo. Please go ahead.
Jared Shaw: Let me just circling back on the expenses and the deferred expenses. Could you maybe separate those out on how much of that is coming from maybe deferred hiring versus systems or technology spending versus overall, marketing and general spending?
