Byron Pollan: Yeah, I can speak to the seasonality. So yeah, we had great progress growing deposits in the third quarter. Some of that was driven by seasonal strength that we typically see during the summertime. Some of that was — some of that growth was also helped by our pricing strategy. I would say what’s really encouraging is that the growth that we realized in the third quarter was based on a lower overall pace of cost increase than in the second quarter. To pin it down, it’s really hard to tease apart how much of that growth to quantify with seasonal versus rate, probably I would guess about half of that was from a seasonal perspective, the other half being from other dynamics that Randy noted in his prepared comments.
Kelly Motta: Thanks for that, Byron. Can you remind us just with the seasonal trends, I know that the summer is usually strong, just — does that mostly outflow in Q4? Or does that kind of come through the over the next couple of quarters, kind of dribble out? Like can you just remind us kind of the dynamics of what we should be thinking about there, as well as are you holding any cash against that, that kind of boosted your securities yields mixed in there this quarter? Just trying to get thoughts around the dynamics about what the security deals will look like if that cash kind of comes out with the seasonal deposits and just overall, the timing of that more broadly.
Byron Pollan: Sure. From a seasonal perspective, fourth quarter is a little bit of a mixed bag. I think we have some strength kind of in the first half of the quarter and then it adds in the back half of the quarter. Overall, I could see deposits coming in maybe flat to slightly up in the fourth quarter. In terms of securities, that cash flow continues to come up with a portfolio. It is looking like that cash flow, we anticipate being closer to $250 million per quarter now. Previously, we were seeing a little bit stronger growth. The portfolio is in runoff. And so those cash flows have come down a little bit. But from that perspective, you asked, are we holding any cash against any seasonal outflows? I don’t think we’re — I’m not expecting seasonal outflows to require any of our cash balance at this point.
Randy Chesler: And Kelly, just the drivers there, we have tourism as a thread that runs through all of our markets and a lot of our customers are banking reserves up in the third quarter. And then they live off that in the fourth quarter, so to speak. And so that’s why generally, we’re flat to sometimes down. And I think some of that’s also going to be driven by what happens in the fourth quarter here. If we have a government shutdown, that’s going to create some — probably some more demand for cash than we would expect. So, we’re just in a volatile environment. But the usual, as Byron note, is usually a flat fourth quarter.
Kelly Motta: Thank you so much for all the color. Just kind of a high-level question. Are there any markets that are performing particularly well as of late versus others that might be slower and ones that you might be watching more closely? Just interested, since you guys do cover much of the West, wondering about what you’re seeing on the ground there.
Randy Chesler: Yeah. In the eight states, so from Montana down to Arizona, I would say it’s pretty even across all our states. Arizona continues to have a very, very strong economy. But we also see continued growth in Idaho, Utah, Colorado. And so, just all doing well, I think the same trends that drove the growth prior to the pandemic are still there, lower cost of living, higher quality of life, little business-friendly environments, still pulling in, we’re still seeing the immigration and I think good economic activity as well despite kind of amazing if you think about all that external headwinds outside the banking industry, still seeing a fair amount of optimism and growth.
Kelly Motta: Thank you so much for all the color. I’ll step back.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Brandon King with Truist. Your line is now open.
Brandon King: Hey, good morning.
Randy Chesler: Good morning, Brandon.
Brandon King: Yeah. So loan yields uptake pretty materially compared to my expectations. So I just wanted to get a sense of are you expecting a similar type of increase in loan yields for the next couple of quarters?
Tom Dolan: Yes, Brandon, this is Tom. Not to the same level. I wouldn’t expect that. I think we’re starting to near kind of the top of the new production yield curve. And as Randy mentioned earlier, they’re at a level now that it’s starting to impact the pipeline and demand.
Brandon King: Okay. And then as far as loan repricing, could you give us a sense of how much is repricing near term? And [indiscernible] back book levels and I guess, you already mentioned new production rates, but I just wanted to get a sense of what you have in the repricing pipeline?
Tom Dolan: Yeah. So every year, in the totality of the portfolio, about 20% either returns or reprices. That does include the variable rate, which represents 90% of loans. So that’s — and that’s what we’re continuing to see in actuality as well.
Brandon King: Okay. And that adjustable portion, how much is that portion you mean?
Tom Dolan: The — I’m sorry, are you asking the floating portion like of the…
Brandon King: No, the adjustable rate portion that…
Tom Dolan: Yeah. So that would be 11% of the 20%.
Brandon King: Okay. So not floating, but kind of fixing and adjusting every five years or so.
