Bob Thornton: This is Bob, maybe I’ll start. So we’re looking — the first quarter, we’re looking at investment management fees, somewhere in the range of $150 million. In that reflection part, we had a number of team hires late in the year that we hadn’t seen fully reflect, but we got some of the benefits. S&P is up since September 30. In new team hires, so we look for this year to be a pretty strong year in terms of our overall growth and investment management fees and total wealth management fees.
Mike Selfridge: Yes, John. And if I just stand back for total non-interest income, we’d expect it to be in double digits, which is inclusive of wealth management is a big part of that. And then the other items that we also have had, loan fees, deposit fees, et cetera.
John Pancari: Okay, got it. Thanks, Mike. And then my last question is just around the LTV comment and you mentioned 57% loan to value on all your real estate loans in the produced, I guess that was, I think over the year, but maybe if you can give us a little more color on commercial real estate was the — what is the LTV at origination in your commercial real estate portfolio? And more importantly, what is — do you have an indication of what the refreshed LTV is in that portfolio.
Mike Roffler: John, it’s Mike. The last two years and that would go for today the median LTV on commercial real estate origination has been about just under 50%, about 46% to be precise, median size about $2 million.
John Pancari: Okay. Do you have a refreshed LTV for your commercial real estate book to try to give us an idea of how the how that book is positioned here as you start to see pressure in office and other areas?
Mike Roffler: Yes, no, change from our conservative underwriting standards. We have always been conservative and cautious, even more cautious, and I even think our clients are more cautious. So just expect very conservative underwriting.
John Pancari: Okay. Thanks, Mike. Appreciate it.
Operator: We’ll take the next question from Bill Carcache with Wolfe Research. Please go ahead.
Bill Carcache: I wanted to follow up on the NIM commentary, your net interest spread is down to 174 basis points versus your NIM at 245 basis points, how would you address the growing divergence across those metrics, including concerns that the net interest margin will eventually converge with the spread?
Mike Roffler: Well, Bill, I think the big thing that, difference between those two items is the spread doesn’t factor in the nearly $67 billion of non-interest. So we’re much more focused on as we talked about earlier, net interest income, versus what the, the margin will be and so the divergence doesn’t really concern us at all.
Bill Carcache: Okay. And then on that topic is we sort of think about like remixing, the CD mix, you move back closer to pre-COVID levels, but there’s growing concern that we could see CD Max revert to pre GFC levels. In this rate environment, your mix of CDs was just over 30% of deposits back in 2010. Now, are you thinking about like the remixing of non-interest-bearing deposits, essentially the mix of non-interest-bearing deposits coming lower and CDs remixing higher? Any thoughts on that would be helpful.
