Alex Lau: Thanks, Mark. And what about outside of those four relationships in terms of crypto-related clients? I think there’s about 3% of total deposits. How do you think about those balances moving forward with those exchange clients moving out?
Mark DeFazio: They’re not exchange, they’re corporate funds, they’re operating accounts. We just have operating accounts for, let’s say, a hedge fund who has raised some equity and they’re running their business payroll, etcetera. So, these are just real operating accounts that they don’t touch crypto in any way.
Alex Lau: Thanks, Mark. And one more before I step in the queue. On loan growth, when you exclude the crypto-related deposits, your loan to deposit ratio is approaching 100%. Can you talk about your expectations for loan growth in 2023? And if we should expect the pullback of growth relative to that historical growth level given a more challenging deposit environment? Thanks.
Mark DeFazio: I have probably a much clear line of sight in ’24 and beyond. I’m very confident that we will go back to normal — a lower loan to deposit ratios. We have a lot of optionality on that side of the balance sheet, and we’re bringing in new initiatives, which the market will hear about in the upcoming quarters. So, for ’23, we could be a bit higher, a bit lower, but I think on balance, we will come into ’24 and continue to be a very efficiently-funded bank and core-funded. So, I’m very optimistic that, that loan to deposit ratio will come back down significantly in ’24 and beyond.
Alex Lau: Thank you. I’ll step back in the queue.
Operator: We’ll take our next question from Chris O’Connell of KBW.
Chris O’Connell: Hey, good morning.
Mark DeFazio: Good morning, Chris.
Chris O’Connell: I just wanted to circle back quickly to the regulatory settlement reserve. And if you guys could comment on how confident you are that, that reserve is adequate and I guess how close to kind of final settlement you might be?
Mark DeFazio: Yes. I think, I’m very, very confident that this is the high watermark on the $35 million in settling with both regulatory agencies. Both of us are working and I have to say that the regulators are working in really good faith to finalize this settlement, and I think we’re really close. Again, it’s contentious situation at all. We’re working with them. We always had great relationships with regulators my entire career, never mind the 23 years here at MCB. So, we kind of put the fine point on some enhancements and some changes that they would like, which we are in agreement with. And we’ll get this behind us, but that’s why we fully reserved for this. Is there a chance that it could be slightly lower? Yes, it’s possible. We all are working in good faith, as are the regulators. But I wanted to fully reserve for an amount that I think is absolutely the high watermark.
Chris O’Connell: Okay, great. As far as the expenses and once this falls out of the expense run rate going forward, how — I think the regular professional — sorry, professional and legal line is also still a bit elevated in this quarter as well relative to where it’s been in the past. Can you just talk about kind of where the expense run rate might drop down to once this behind you?
