And making it enough, so I call it out specifically mean meaningful enough on this combined balance sheet. That doesn’t mean it’s not contributing anything. But we’re not going to call it out until we think we have something to talk about, that’s a good enough number. It’s obviously going to have to be a bigger number now. But there are many ways in which we think this is going to accelerate the merger, for example, the HOA business is going to be using Deepstack as a digital payment acceptance tool for their clients. It’s got $4 billion in deposits. It’s got hundreds of clients and they think Deepstack is a great feature to allow them to accept payments and to provide a tool that their clients really would like to make their payments acceptance easier.
The venture business has embedded clients interested in our payment tools. Today may be was actually further along than we were at Banc of California and digital account opening, which is a huge part of rolling out our payments business. So there’s lots of positive synergies that we’re going to realize through the year that I think will benefit us hopefully this year, but certainly in 2025. We’re also focused on optimizing the FIS integration and setting up payments in a truly optimal way I’m meeting with the FIS CEO and Worldpay executives at their headquarters in Jacksonville in February to discuss this. They’ve been very focused on what we’re doing in payments. We’re very unique. Worldpay is obviously the 100-pound gorilla out there and we’re excited to partner with them and see if we can find some ways to accelerate our progress.
Timur Braziler: Great. Thank you for that color. Appreciate it.
Jared Wolff: Yeah.
Operator: Next question comes from Kelly Motta from KBW. Please go ahead with your question.
Kelly Motta: Hi. Thanks for the question.
Jared Wolff: Hey Kelly.
Kelly Motta: Hey. I thought maybe we could talk a bit about fees and not Deepstack, but just these more broadly in general. On a combined basis, I know you’re bringing together two banks with different capabilities. I’m just wondering where you see like complementary opportunities to maybe sell one product or another either PacWest or Banc of what you may have not had before. And kind of how – what your run rate fee income looks like as we start next year and kind of how that could be additive to it? Thanks.
Jared Wolff: Yes. So I’ll start with cards. I mean PacWest was much further along than we were in kind of their card partnerships. They weren’t an issuer of cards. They were basically a reseller of others’ cards, but they had – they were doing it in a good way with a virtual card program, and I was just looking at materials this morning that I think were great Susan Tang leaves that group, and they did a great job with it. And we were looking at how we can accelerate that and build off the momentum that they had previously. The $10 million to $12 million per month of fee income wasn’t solely from that. PacWest did a good job of collecting fees in a variety of ways. But for now, we think that that fee income per month is the right level that people should expect.
And then hopefully, we can build on it from there. We have some – we have a little bit of retooling to do as an issuer. The way we’re going to build this out and roll it up is we have to close down the partner programs and then start with our new programs. And so it’s not going to slow down the fee income, but I don’t think we’re going to see any acceleration in it until later in the year.
Kelly Motta: Got it. That’s helpful. I was also – it was really good to see the tangible book value number come in higher than what you had expected last quarter. I was hoping maybe this is a question for Joe, but if you could help us kind of bridge the gap on how we should be thinking about AOCI with the what that’s against in the security poke duration? And how we should be thinking about the rest of that over time? Just trying to get a sense of the cadence of tangible book value growth?
Joe Kauder: So on the AOCI we’ve come down significantly to $434 million compared to where the PacWest was on a stand-alone basis, which was think 800 and some change in the third quarter. Our duration of that portfolio is north of five years up in the six-year period. We’d like to, over time, bring that duration down and add higher-yielding securities to that portfolio. We feel pretty good about where we are on the unrealized loss. These are high-quality securities. And as interest rates – if interest do continue to come down as the forward curves suggest then the unrealized loss as an AOCI will continue to come down as well.
Kelly Motta: [indiscernible]
Joe Kauder: I’m sorry.
Jared Wolff: I should have mentioned we’ve got a whole team working on this payment ecosystem. And I’ve mentioned before, it’s led by Jagdeep Sahota, who’s our Chief Payments Officer. And what I’ve been so impressed with is how as we brought the banks together, we found the best pieces of each to kind of move this forward. There’s a development team that PacWest has that we didn’t have at Banc of California that’s really jumped in and done a great job of helping to build the user interfaces and the things that we want to move forward on payments. And so there’s a lot of good things going on, and I wish I can mention them all, but we’ll be excited to see how this rolls out later in the year.
Kelly Motta: Thanks.
Operator: [Operator Instructions] Our next question comes from Tim Coffey from Janney. Please go ahead with your question.
