Matt Olney: Okay. I appreciate that, David. And then I guess, lastly, for — a credit question for Dan. I think there was a sale of nonaccrual loan in the fourth quarter. Would appreciate any comments you have on the market appetite for loan purchases? And how did the pricing of that loan compared to the appraised value?
Daniel Brooks: SP1 Yes. Good question. As you noted there, we did have an opportunity to move out to nonperforming credits, large ones, large for us anyways. We tend to have small ones which is a good thing but we also had some additional small ones. And one of those was in a note sale. It was an energy loan, in particular. I would say the percentage of discount which I think is what you’re really looking for there, is going to depend on the asset, right? Real estate assets, if you’re selling those notes, could be different than C&I assets or others. And I would say relative to the value that we saw on that and the balance on it, it was a slight discount, really off of what we would have expected at that point. Certain that other banks may be looking at or have done the same things. And again, depending on the asset class and the condition of the credit, it’s very much depends on those variables when you’re trying to determine that.
Operator: Our next question is a follow-up from the line of Brett Rabatin with Hovde Group.
Brett Rabatin: Just one follow-up on that repricing of loans question. I think last quarter, you originated $326 million of commercial real estate and had $950 million reprice. Paul, do you happen to have those numbers maybe for the fourth quarter and I think that — or the CRE portfolio has a 3-years duration, I was just curious if that was still kind of an effective number?
Paul Langdale: Those are the duration assumptions that we’re using. As far as repricing is concerned, the bulk production in Q3 was higher than it was in Q4. I don’t have the exact number off the top of my head, Brett but I would estimate that it was about 20% less. Again, some of that is seasonality and some of that was an additional slowing of repayments as the Fed’s printed up the forward curve. Our expectation, though, is for the future forward rate of the fixed rate repricing to be somewhat blended between what we saw in Q3 and Q4.
Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Brooks for final comments.
David Brooks: Yes. I appreciate everyone being on the call today and the active back and forth. I feel really incrementally positive as we enter 2023, I think we’re well positioned versus our operating leverage versus our ability to continue to grow the company. And I think we’re well positioned for whatever happens and excited to take on the challenges ahead. Thanks, everyone, for being on today and I hope everyone has a great day.
Operator: Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
