Randy Chesler: No, we’re watching that carefully and looking at it. At this point in time, we don’t anticipate any changes. I think it’s still early. So, there’s a lot of discussion to be had about that. If you read the full report, pretty extensive. The industry is got a very strong point of view. So at this point, we’re watching the discussion and too early to really anticipate any changes.
Brandon King: Okay. That’s all I had. Thanks for taking my questions.
Randy Chesler: Welcome.
Operator: Thank you. [Operator Instructions] And our next question comes from the line of Andrew Terrell with Stephens. Your line is now open.
Andrew Terrell: Hi, good morning.
Randy Chesler: Good morning, Andrew.
Andrew Terrell: Maybe just to start, Byron, I appreciate all the commentary you gave earlier on the deposit side. It was helpful. I just want to clarify, when you discuss kind of year-on-year, ’24 versus ’23 deposit balance is kind of flat on the year. Is that inclusive or exclusive of Wheatland?
Byron Pollan: That is exclusive of Wheatland. So that would be – the organic trajectory of our deposit base.
Andrew Terrell: Yes. Okay. I thought so, just wanted to make sure there. And then if I could clarify, Ron, on the – just to go back to the core expense guide. So, before the Wheatland deal, you’re talking to kind of a $138 million to $140 million core expense in 1Q. So call it even a pretty significant build from the 4Q, even if you normalize for the $6 million that sound like a true-up benefit this quarter. I guess I’m struggling to figure out how you get from what I call like a $132 million core in 4Q up to $138 million to $140 million on a core basis in the first quarter. Just given some of the expense commentary, it sounds pretty positive. And you had some FTE reduction in the fourth quarter. It sounds like a lot of expense management focus. I guess I’m just struggling to figure out how we get from $132 million to $138 million to $140 million?
Ron Copher: Yes, certainly a good chunk of that is the mere increase, talent costs. And so, layered in a 5% increase. So, we’re still seeing higher inflation out there. And so just being conservative, but still very comfortable with the $138 million to $140 million. And the team, the colleagues, everybody’s looking at it, but we continue to have – negotiate and see 5% absolutely could happen, no doubt about it.
Andrew Terrell: Yes. Okay. Got it. And then if I could just clarify one point on the margin guidance that you guys provided that the $280 million to $290 million range for the full year, inclusive of, it sounds like three cuts in the last three quarters of the year. I guess if the margin, the commentary for the NIM into 1Q is a pretty stable level versus the fourth quarter. And then maybe some inflection in 2Q, but then building in the back half of the year as you get the benefit of those cuts, it kind of implies you got to move to like a 3% plus NIM exiting the year. Is that kind of a fair assessment, or would you walk that back a little bit?
Ron Copher: That’s a fair assessment.
Andrew Terrell: Okay. Well, thanks for taking the questions this morning. I appreciate it.
Randy Chesler: You’re welcome.
Operator: Thank you. And I’m currently showing no further questions at this time. I’d like to hand the conference back to Mr. Randy Chesler for closing remarks.
Randy Chesler: Right, well, thank you, Norma. Thank you everyone for joining us this morning. And that – concludes our call. So, we appreciate everyone taking time out of your busy day to listen in. Have a great Friday and a great weekend.
Operator: Ladies and gentlemen, thank you for your participation in today’s conference. You may now disconnect. Everyone have a wonderful day.
