Mike Roffler: So Jared, it’s a good question. I think it’s really broad base. Um, some of it is we’ve hired a lot of people in the last couple of years. So we have efficiencies from the new core system, maybe we will hire a little bit less in certain areas. As Mike Selfridge said, in like any gym mortgage volume, there’s less refinance, so you need less growth in headcount there. And so some of it is, if we had projected to grow headcount, we’re going to grow a little bit less, Olga, I think, and Neil had mentioned this at Investor Day, there’s some natural adjustment to our compensation levels, given the mix of business we’re doing that’s also factored in. And then everywhere else is a team approach in marketing it everywhere, where the team really bands together and think about where’s the best dollars to spend for client service, and to make sure we continue to be safe and sound to grow.
And that’s how we’re focused. For example, we’ve hired already announced two teams this year and wealth management, as Bob mentioned, that’s a great opportunity for us to hire terrific people, bring them over and have new clients come into bank at the same time. And so it’s a little bit more of prioritizing and optimizing our spend to continue to drive safe, stable growth over time.
Jared Shaw: Okay, great. Thanks. And then, just finally, for me, I guess on the securities portfolio, can you give an update on reinvestment rates and what we should expect as maybe a target securities in cash to total assets as we go to the next few quarters.
Olga Tsokova: Hi, Jared, this is Olga Tsokova, look at our purchases in the fourth quarter. The yields on HQLA as a lower end low five, and the munis came higher and low six like 6.1, 6.3. And if we look at the yields today, with just a quarter and a subsequent to quarter end and HQLA remained relatively similar levels at 5, 5.25 in a quarter. And munis, yields lowered slightly from what we’ve seen during the quarter there at 5. 5.5.
Jared Shaw: Can we expect to keep cash at the same level of the total assets through the next year. Great, thank you.
Operator: Next question comes from John Pancari with Evercore. Please go ahead.
John Pancari: On the loan growth on the mid-teens growth expectation, could you perhaps going to break it out by loan category, what you’re thinking is a reasonable expectation for growth? particularly on the on the mortgage side, given where we’re, we’re looking at rates as well as purchase activity if you can give us a breakdown of that mid-teens and the key drivers that would be really helpful. Thanks,
Mike Selfridge: John, it’s Mike. Yes, mid-teens loan growth we’re comfortable with that. I would say the mix is going to be consistent as it has been in years previous. So nothing unusual there and where it’s coming from, as Jim mentioned, the disruption going on, it’s never been a better time to acquire clients at First Republican. That’s true for the lending side as well. We were pleasantly surprised that even refi mix was 36%. And keep in mind, those are new households, as well, the majority those reviser other banks clients that we acquire, so nothing unusual in terms of the mix.
John Pancari: Okay. All right. And then separately on the C-side, just wondering what non-interest income growth expectation, do you have baked into that 66% to 68% efficiency range? And then more specifically, can you kind of give us some color on how you’re thinking about growth that is likely in investment management and brokerage and investment fees, curious what type of upside you see there, and maybe what your base case assumption is for the S&P and how it could impact their wealth management revenue.
