Mike Achary: Yes, Ben, this is Mike. And in short, I think what you’re describing is more or less correct, that if we do have more rate drops and they’re kind of bunched up the way the forward curve is that, that would be a bit more negative than the way we think it’s actually going to be panned out. So I think that trajectory of what you described is, again, more or less correct. And certainly, if we have shortfalls and expectations around revenue, we’re not here to say specifically what kind of actions, I think we would take on the expense side. But I do believe that we would obviously address that as those kind of conditions warrant, whatever action we might want to take in terms of further curtailing expense growth. So that’s always something, I think, that we would consider in those kinds of circumstances. Anything you want to add to that, John.
John Hairston: No, I agree with what you said.
Ben Gerlinger: And then the follow-up I had was one along the line of just lending in general. I guess from the first half of this year, you have some headwinds from just balance sheet items in general. But when you think about growth in the back half of the year, are there areas where you’re just kind of avoiding in general, that because the risk-adjusted spreads are is not nearly as appealing in terms of a credit. And I get that looking six months down the road is probably pretty difficult at this point as the new starting point. But when you just think about lending today, are there areas where you’re kind of tapping the brakes or just really not pressing the gas pedal? I guess that there are some stronger areas in general that have seen more appealing than you’ve already referenced, but just from a credit perspective that you’re avoiding?
John Hairston: Yes, Ben, this is John. I’ll start, and Chris can add if he likes. I think generally speaking, almost regardless of the rate environment, barring a really significant macroeconomic downside where the rates collapsed because of concern. Barring that, I think of using your analogy of what have we tapped the brakes on, what are we hitting the gas on, I think it’s going to be the same all year almost regardless of whether we have six adjustments, three adjustments or no adjustments. The sectors that we’re very interested in growing or rather granular. I think the only one that might change a bit would be investor CRE, but it wouldn’t be because a fear of the rates would be because there just probably won’t be that much demand if the environment was worse.
But the things that we’re focused on right now I think short of a really significant macro event will be the things that we’re focused on, even as rates begin to get better, it will just be more of it. So that would probably stimulate more growth. given where our footprint is and given the investments we’ve made in growth markets. Did I answer your question or were you headed down a different road?
Ben Gerlinger: No, no, no, that is helpful. I was going to say if you could throw in geography, but you just did. So that’s helpful.
John Hairston: Yes. The markets we’re in that we have pretty high density in. When things get better, we get a really good lift in those markets because the brand is very well known. It’s very much appreciated as it’s kind of a hometown bank in those core markets. And so we’ll always get more than our fair share of the business we want when the environment looks brighter. And in the growth markets, it’s taken us a while, I think, to flesh out the teams that we want. We’re very proud and happy with the folks that have joined the company in those areas. But we’re operating with a lesser number of locations and footprint than optimal. And so a better environment makes a little bit bigger of a hunting ground, if you will, for our bankers to compete with those people who have a better financial center coverage numbers that we have.
But — so a more optimistic macro is probably going to award us a little better than it did the last time we went from a downside to an upside, because we’ve added all those new markets that are really terrific growth opportunities.
Ben Gerlinger: That’s helpful, color. I’ll step back, thanks.
John Hairston: You bet. Thank you for the question, and welcome to coverage.
Operator: We have no further questions in our queue at this time. I will now turn the call back over to John Hairston for closing remarks.
John Hairston: Thanks, Christa. I appreciate you moderating the call. Thanks to everyone for your interest in Hancock Whitney. And we’ll see you on the road soon.
Operator: And this concludes today’s conference call. Thank you for your participation, and you may now disconnect.
