Todd Schwartz: Yes. So to be clear, be focused is the core business. That is the focus. And we think there is a lot of growth and opportunity in €“ just in our core business and we can do that. I do think though, as we look to the future, like the current environment is actually starting to get more active. Whereas, like two years ago, everything was so overvalued and there was no €“ there was really no value in our ability to really find value. There are some specific verticals we’ve identified that are pretty sizable addressable markets, that there is real profitable growth that we think matched up with our consumer business and our brand equity and our skillset, could not only drive future net income growth for the business but also, it’s a diversification away from our core business, which gives people comfort that there is new revenue and profit streams.
And we feel like in this environment, maybe with €“ it’s a little premature now. But we feel like coming, there is going to be accretive acquisitions out there, and that can definitely help us with our long-term vision and story. And so we’re starting to €“ last year was all getting the business stabilized. We focused on balance sheet. We focused on really targeting those high-risk customers, and we’re going to continue to do that. That is the priority this year, to make it really clear. But we think that there is going to be some opportunity coming in this economy with some of the dislocation that we’re seeing today. And listen, I €“ and yes, that’s what I’ll say on that.
David Scharf: Okay. No, understood. And then maybe just lastly, I guess in today’s environment, particularly the news flow in the last couple of weeks, kind of be remiss if I didn’t ask, just the relative stability of deposits and otherwise, your bank partners, particularly your leading partner. Anything you can comment there?
Pam Johnson: Yes, I’ll take that one, David. We’re not exposed to any losses from Silicon Valley Bank or Signature. We have really good strong relationships with some very strong banks and really have concentrated our deposits and our banking relationships with those two strong players.
David Scharf: Got it. Got it. And actually €“ and also, Pam, I guess what I was really referring to is just the relative €“ FinWise and the banks that you partner with to be the lender of the actual originator, whether there is anything they have been impacted at all? I’m not aware of anything, but I just wanted to ask.
Todd Schwartz: Yes, I don’t €“ yes, I don’t have a crystal ball and what’s going to happen to the whole regional and small banks in this environment. It’s €“ I think we’re all waiting and seeing there. I do feel that the guaranteeing of deposits by the Fed in the FDIC was the right move to prevent run on regionals from just a overall standpoint, that’s how I feel about it. However, we have no knowledge. And we’ve checked in with all our bank partners and all our partners and have no exposure to SVB or Signature.
David Scharf: Got it. Great. Thank you very much.
Operator: And our next question comes from the line of Chris Brendler with D.A. Davidson. Please proceed with your question.
Chris Brendler: Hi. Thanks. Good afternoon, guys. Just wanted to drill in a little bit more on the credit picture, just because given the fair value accounting it’s a little more difficult to see from the trends you’re talking about. Can you just give us a little more color, if possible, on your delinquency trends into the first quarter that’s given you the confidence? And it sounds like, from the fair value marks €“ slides that maybe the back-book was causing some of the elevated charge-offs in the fourth quarter, and therefore €“ that’s why, things don’t get better because the back-back is wondering off. Anymore color there would be great? Thanks.
