And as we’ve shown, as recently as last year, the marketplace can rebound pretty quickly. That all assumes that the credit environment, the unemployment environment is solid. And so obviously that is a factor that I’m sure is, certainly on our minds and it’s on the minds of our investors. That’s one of the reasons why we’re continuing our focus on being proactive and prudent on credit.
Sameer Gulati: And I’ll jump in. Juliana, just on the HFI portfolio, if you look at the NIM table unsecured consumer loans went from 13.52% in Q3, 13.6% in Q4, the vast majority of that decline was actually the deferred €“ the deferred items, fees and expense coming €“ the yield coming down from that because prepayments have slowed as expected. So, I think in terms of the actual coupon pricing coming into the book, the back book has mostly run its course now, and that pressure is abating.
Giuliano Bologna: That makes a lot of sense. Then going from there, but when I look at that table that kind of build up to kind of the 30% to 36% marginal ROE on 2023 originations, you’re looking at any kind of implied NIM of 10.1% and you’re €“ and the footnote says you’re using brokered and CDs as the benchmark test €“ across capital looks like that’s currently in the 4% zip code at the moment, and you’re even your high yields are even 4% at the moment. So, does that kind of imply that you think you’re going to be getting on the incremental loans, somewhere in the 14% or low €“ 14% or higher yield on the loan portfolio, and is that kind of thinking more about 1Q or is that something that you think it’ll blend for the full year?
Scott Sanborn: Yes, I think, yes, the map mostly right, it’s actually a little better because the proxy, the broker proxy we’re using is closer to 5% than 4%. So, we’re not using our actual high yield savings. We’re saying if we go out match, use a match duration brokered CD; we’re applying that rate right now. So, we’re taking sort of the interest rate risk component out of the equation here.
Giuliano Bologna: That’s very helpful. We’re going back to €“ go ahead. Sorry.
Drew LaBenne: No, that’s fine. You got it. Go ahead.
Giuliano Bologna: Sounds good. One thing I wanted to wrap was just, maybe just as kind of a clarifying question was that you guys were talking about keeping the balance sheet relatively flat and then maybe potentially growing a little bit somewhere earnings and capital shake out. I’m assuming that you mean that inclusive of the acquired portfolio that doesn’t have CECL reserves. So you’re still mixing into more of a portfolio with CECL reserves as you kind of replaced the runoff in that portfolio this year. Is that a good way of thinking of it?
Drew LaBenne: Yes. Yes. That’s correct. We don’t €“ we’ve had great balance sheet growth. We’re clearly going to be slowing down in the near term. But we don’t want to lose ground that includes replacing the runoff of that portfolio. But it’s good that you called that out because that portfolio, given that it’s already, fairly seasoned, is going to run off pretty quickly. And so the big addition that will pay down more quickly than our newer generations.
Giuliano Bologna: That’s great. Thank you for answering my questions and I will jump back in the queue.
Operator: Thank you. Our next question comes from the line of John Rowan with Janney Montgomery. Your line is now open.
John Rowan: Good afternoon. Just I want to make sure I understood your answer to the prior question correct. The flat loan portfolio that includes the acquired portfolio as well, or that, on an average basis, would earning assets in the 1Q look higher than the fourth quarter, obviously, given the timing of the deal?
