Terry Turner: Well, there’s no doubt that we have hired a good number of people in the wealth management segment. And it’s really across the wealth management segment. When I say that, I mean a lot of hiring and trust, which believe it or not, to a double-digit growth business for us as well as hiring in brokerage as well as hiring what some might refer to as private bankers, they’re relationship managers that are focused on wealth individuals. So we’ve had hiring across all those segments. I think that we probably have had a little more hiring in the wealth management segment over the last year or so — year or two than is normal, but I don’t think that’s necessarily by design. I think it is more availability of people. And so again, we just had — as you know what we do is try to aim at high producers that are frustrated in the organizations that they work for.
And so I think there’s sort of been elevated frustration there, which has fueled our ability to hire their people. I wouldn’t look for that to be the ongoing norm at all. I would say, I wouldn’t expect much different about the hiring mix in 2024 as an example than I would have expected in 2022.
Operator: The next question is coming from Steven Alexopoulos from JPMorgan.
Steven Alexopoulos: I want to start, so you had favorable commentary in terms of the outflows of non-interest bearing starting to abate and then even the pace of deposit increase starting to abate. You also cited, Harold, I think you said the competitive environment is unpredictable. Is that a function of the competition lessening that you saw? You’re starting to see that abate a bit? Maybe you could drill down a little bit into what gives you comfort here?
Harold Carpenter: Yes. I think it’s primarily around the trends when we watch our deposit book over — every day over the last call it, 90 days, 120 days. It feels like the pace is slower. It feels like the calls coming into our units is less anxious. It’s — there’s a lot more opportunity coming from some of the new hires that we’ve had around deposit gathering, those sort of things. Terry and I were talking about price-based competitors before we start this — before we started the call today. What I believe is price-based competitors, generally, that’s a short-term phenomenon. Eventually, they have to go back to whatever is necessary to create the profit margins they need to have. And we feel that a lot of this recent activity from some of these regional competitors, but it will have to be short-lived.
I don’t think that they can be competitive at the rates they’re offering. And so consequently, hopefully, that competitive kind of environment we’ve been in will also abate to some extent. I can be completely wrong on that, but I think history is that price competitors can’t be price competitors for a long period of time.
Steven Alexopoulos: Yes. That’s helpful, Harold. On the expenses — I appreciate you taking down the expense guidance and outlook a bit. But where we stand today, what’s your bias in terms of where you think right now? I know there’s a lot of variables where you’ll likely end up in this high single digit to low teens percent increase range?
Harold Carpenter: On expenses?
Steven Alexopoulos: Yes.
Harold Carpenter: I think if you were to just kind of twist my arm and put it behind my back and make me really be in pain, I’d have to go probably to a, call it, 9% to 11%, somewhere in that neighborhood.
Steven Alexopoulos: Okay. Perfect. That’s helpful. And then final question for me. In terms of the sale leaseback, Harold, could you walk us through the P&L impact on a go-forward basis from the transaction? I just want to make sure.
