Ross Haberman: And just one last — sorry, I just left one thing out. A number of banks I’ve seen this quarter have sort of tinkered with their securities, maybe sold some, shortened up the maturities or amiss or durations. Have you thought about that on some of yours? Or I guess if you did anything with those held to maturities, you would have to move the whole things to held for sale, and you could just sell a portion of it?
Scott Wylie: Our securities portfolio here is relatively small. We made a conscious decision in — was that 2011 truly, in 2021 I mean?
Julie Courkamp: Yes.
Scott Wylie: 2021, not to go out and buy a bunch of 1% and 1.5% yielding bonds with all that cash that we had on the books. And so, I just don’t feel that we have the need to cause that kind of turmoil in our balance sheet. I mean, I think our total investment portfolio is relatively small. It’s performing well. So I think we’ll just leave that there. I mean, we certainly have done analysis to look and see if it makes sense to trade it out. But at this point, I think given all the different accounting and economic factors, we’re better off leaving it in place and letting it pay off.
Ross Haberman: Thanks a lot guys. I appreciate it. Have a good weekend.
Scott Wylie: Yeah, thanks, Ross.
Operator: One moment for our next question. Our next question comes from Brett Rabatin with Hovde Group. Your line is open.
Brett Rabatin: Just one follow-up. I know, this call has gone long enough. I guess, first, sorry, I didn’t acknowledge you earlier, David, when I said hi to the group. Wanted just to ask, I mean, obviously, the stock is down quite a bit today. I think, a significant portion of that might be around the NPA formation this quarter, and it feels like you guys are pretty confident that you’re not going to have losses around that one relationship. I think, it would help if you could give it. I know you don’t want to talk too specifically about the properties and get into too much detail. But if you have anything you could share around any valuations you have? Updated appraisals on the building? Give us some sense of your comfort how you get there in terms of not expecting losses on those particular properties.
Scott Wylie: So yes, good question. We have spent a lot of time on this, as you would expect, it’s a very large number for us, $42 million. And we’ve had a couple of different options about how to deal with it, as I talked about before. And I think we’ve chosen the more painful option that will be much better for our shareholders for the short and long-term here. And so, if we take some lumps with the stock price, I mean, I guess it’s a buying opportunity. But yes, we have taken a close look at it. We have current appraisals on all — are the seven properties, Julie, or six?
Julie Courkamp: Six.
Scott Wylie: Six properties. We’ve looked at them in detail. I was thinking that there is some nice opportunity in here for collecting on this, before I saw this article in the journal. And the article in the journal was just very positive about how strong the high-end market is in Aspen. And again, you’re looking at properties in Aspen, you’re looking at property in Nantucket and West Palm Beach. I mean, those are all very hot desirable markets that I think are still trading at premiums. And these aren’t people that can’t figure out how to pay an 8% mortgage. These are people that are coming in and buying trophy properties for cash. And the article actually talks about that, that end of the market is really isolated from what’s going on in monetary policy and whatnot. So I do think, Brett, I don’t want to be overconfident about it, but I do think that we’re well positioned there and should be fine.
Brett Rabatin: But to kind of get back to the core of that question, updated appraisals, anything that would give us confidence so that the borrower purchase properties at Aspen, and it’s not going to have to take a — or the appraisals might not come in lower, much lower than where you purchased? Any color on that?
Scott Wylie: No, we have current appraisals. We already have them in hand.
Brett Rabatin: Okay. And do they meaningfully exceed the unpaid balance in principal?
Scott Wylie: I think we’re going to do fine with them.
Brett Rabatin: Okay. So sorry to push. I’m just trying to help you get some confidence around that, so for the market. So I appreciate the follow-up.
Scott Wylie: Yes. Thank you, Brett.
Operator: That concludes the question-and-answer session. At this time, I would like to turn it back to management for closing remarks.
Scott Wylie: Great. Thank you, Abigail. Just a couple of things. Well, the reported numbers this quarter obviously are disappointing. Our core business is performing well in an unprecedented environment. The company has responded well with balance sheet management, higher fees and well-controlled expenses. Our third quarter NPA spike is discouraging. We do expect to collect on these two larger problem relationships and continue our long history of near zero loan losses. Going forward, even if we only have moderate revenue growth with continued expense control, we think we can produce nice operating leverage and improved earnings story. We’re very focused on improving current and future earnings while operating with our historic focus on careful risk management. So with that, thanks, everybody, for dialing in. We really appreciate your interest and support of First Western, and have a great weekend.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
