Brad Adams: I mean, we’re €“ don’t misconstrue me. We are certainly taking off assets sensitivity and adding duration and doing so in a measured manner. A big part of that is stepping out of these variable securities that we bought and that comes without a fee and it also comes without accounting risk. I don’t want to give the impression that we’re not locking in, to some extent we certainly are. But right now what you see is, you see a sharp drop-off, but that the three-year portion of the curve, and after you take the fee into account and start looking at the economics of that and you balance that against what has shown up here recently which is 50 basis points cuts at the end of the year and you’re not locking in you know 4.5% margins, your locking in basically 3.5% margins, the net-net of it.
So I think what I’m trying to say is that we’re not lurching at anything, but we’re certainly reducing asset sensitivity as quickly and as prudently as we can. But bear in mind that it was never my intention to have 30% of the securities portfolio and variable, simply we had no choice, what fixed rate yields were and what the risks were and if I could get out of them tomorrow with no loss, I probably would.
Chris McGratty: Do you happen €“ and also to backup, do you have the December margins?
Jim Eccher: Yes, I do. Its high than what we reported for the full quarter.
Operator: Thank you. Our next question is coming from David Long with Raymond James. Please go ahead.
David Long: Good morning everyone.
Jim Eccher: Good morning.
A – Brad Adams: Good morning David.
David Long: Brad, I like your core deposits manner of newsletter. Do you have a balance sheet management newsletter? I believe some of your peers may want to subscribe to that. But no, serious on this, the non-interest bearing deposits to total open deposits still running around 40%, you know your very core funded and a lot of like you said $1000 deposit accounts. But do you expect that number to veer any lower to net. You know do you see that close to 30%, 35% at some point or is 40% a good run rate?
Jim Eccher: Yeah, it feels pretty stable right now. You know things happen when rates go up and certainly one of €“ and it gets slashed away in a headline as that liquidity €“ the liquidity evaporates and that always becomes more profound than people expect. You know it’s been a long time since we saw what happens in these scenarios, but I can tell you that it’s better to be a retail funded, granular deposit base when liquidity gets tight. And I think when you talk about volatility of those deposit basis, its lesser in that kind of makeup than what you’d see in a commercial funded bank or something like that. So it’s good to be what we are right now. I certainly recognize that environments can change and we’ll do what we can, but we are fundamentally what we are, I’ve said that many times, and we shouldn’t start making giant bets to be something different than that because there’s not a darn thing we can do about it.
David Long: Got it! Cool! Thanks for that one. And then, one of your competitors did a deal in your neck of the woods. Any appetite from any at this point? Is there €“ are you having any conversations? Have you seen an increase in dialogue there?
