So we’ve seen the stream ’08-’09, and we’ve seen the pandemic numbers. So we think we’ve got the right numbers in our models and the right reserves, and we’ll be able to manage this. And our customers who we speak to from a servicing perspective, I think we have people in our servicing department, so we’re talking to our customers. Unlike most banks where they make a loan, they won’t have a conversation. That’s not been our school, and we are very communicated with our borrowers. And we’re speaking to them regularly, particularly when we noticed that their payments are lower. We’re CH money out of the account. The money is not there on the 1st. We know we need to make a phone call.
Scott Sullivan: Fantastic. I appreciate that. And you might have touched on this also, but speak a little bit further on your pro forma on tangible common equity?
Barry Sloane: Yes. Look, I think depending upon how you define this, not including an adjustment. And if you include the preferred stock in there, you’re probably looking at — and I haven’t done the calculation, but you’re probably looking at $8 or $9, including the preferred stock in there. But that wouldn’t be common, that’s just equity. But I think that if you were to add back $170 million on 24 million shares, it’s almost $6. So you could basically say it doesn’t work. But then again, if you want to buy a bank at 0.1 book or a book or 0.8, there’s, I’d say 8,000 — there’s 4,000 of them you could buy. They just don’t grow. So if you want a growth organization, you’re going to have to look at one like ours, where we have a payments business, a tech solutions business.
And only so the businesses that generate reoccurring income that don’t suck up capital. And therefore, they should be part of the valuation. But you shouldn’t — in the accounting, gaps as you 0 amount, or we could put them in with goodwill, but that’s still not going to make it when you get to that tangible common equity. But then again, we don’t have a balance sheet — well, actually, I wouldn’t say a balance sheet, we don’t have assets that hit the balance sheet, and that’s just the accounting treatment. So people, similar to how they understood us as a BDC and traded at a premium to BDC over most of our BDC life. I believe that we’ll explain what we’re doing, and we’ll show the earnings numbers, and we’ll keep growing those earnings. That’s their desire.
That’s our forecast. That’s our aspiration. And that’s capital asset price. You grow the earnings, you grow the dividend. People are going to reward you with a higher stock price. They’re going to get — by the way, you’ve got to deliver the numbers. So it’s not like we’re saying don’t put the price up there without delivering the numbers. But you start delivering those numbers, and you show earnings growth, which banks aren’t able to show. You look at the return on average assets or return on tangible common equity at most banks, they’re not near these numbers. So that’s the difference. So we hit those ROAA numbers and the ROTCE numbers, price will follow.
Scott Sullivan: Perfect. Well, again, congratulations, and best of luck.
Operator: Our next question comes from the line of Bryce Rowe with B. Riley Financial. Your line is open.
