Joe Lebel: I don’t think we published that. So I would hesitate to introduce a new number, Matt. I appreciate where the question is coming from. But I hesitate — but I think that when you think about deposit betas, I think you’re still going to see us on the low end of the pack going forward.
Matthew Breese: Okay. If we do see a slowdown in loan growth, obviously, the balance sheet has been a bit more protected from AOCI, so your tangible equity ratio is pretty solid. I know there’s some regulatory bank level capital ratios that area little bit thinner, but I just wanted to get your thought on capital management and where the stock is thoughts around buyback?
Christopher Maher: It’s a great question. And obviously, we’ve not been doing buybacks. So the question would be what is our appetite. I think kind of starts with a fundamental view on our business. We really feel good not just about the year we had in terms of financial metrics, but about where we are in customer relationships and the build-out of the commercial banking teams our core markets because we’ve been adding bankers in New Jersey, right? It’s not just about the expansion markets. So we feel really good about that. Obviously, we see growth slowing a little bit as we kind of go through what could be the — maybe at the beginning of a recession this year. But we don’t –we’re in the camp with many others that the recession will not be deep, will not be particularly distracting to us and there’ll be another side to it.
So — we think we have a great opportunity to continue to grow over the next couple of years. So we are allowing that equity position to build up. And we have no doubt that we will find a good opportunity to use it for our shareholders in the coming year or two, and we’ll be patient about it. So — if it’s a little slower growth this year, a little faster growth next year or that may be the case. But at this point, we are building up our capital levels because I’m confident we will find a good use for it.
Christopher Maher: Okay. Understood. My last one, just odd ball question, but there’s been some undulations in unrealized gains in investments, there’s a $100 million equity portfolio. Just curious how granular is it? What is it? Are there anything outside of the investment this quarter that you kind of point out a note highlight. I don’t think in the equity portfolio, you’re likely to see much movement, positive or negative absent a giant move in interest rates. So the $100 million you’re referring to is preferred instruments that carry a good yield, but they’re — it’s mostly banks. — it’s pretty granular. There’s no giant positions in there. We’ve got kind of limits about how much of any one instrument we are going to take.
And it has a decent cash flow coming off. And so as rates were to continue to go up a lot, maybe you would have a little bit, but I don’t think there’s much risk of that in either direction. It shouldn’t be a material number for us. Okay. I appreciate that. Yes. We are really pleased to have had the opportunities in the second half of the year with and with . Those were very unusual and there’s nothing about them that I would expect to recur in the short-term.
Christopher Maher: Understood. Thank you very much. That’s all I had.
Operator: Thank you. This is all the questions we have today. So I will hand back over to Chris for any closing remarks.
