Paul Nungester: Yes. Good question, Chris. There is some possibility for that, but there’s some variables in there, right? So on the loan side, generally, we have a lag in terms of the repricing on that because the — our variable or floating rate loans reprice first of each month. So the action that happened in December, we won’t feel until January and so on. So a lot happened in that fourth quarter from the Fed and it will take a little while for that to kind of fully come through in those yields. So that’s a tailwind for us head in the 1Q here. Part of it will depend on what happens in the C&I book. We’re still at pretty low utilization. They came up a little bit during the year, but not that much. So if we get more action there, same thing in the HELOCs and such that are the higher yielding floating rate type stuff, that could be a positive for us.
We’re not going to count on it. If it comes great, but that’s where we could get some incremental lift because we’re pretty low on those utilizations today. On the flip side, just a reminder, we do have that swap that we had done a couple of years ago. So that — now that we’re — where we are on LIBOR. That’s a little bit of a drag, and that’s why our loan yields and overall earning asset yields drive just a touch. I think it was about 7 bps in the fourth quarter there. So — but if we do get to the point here where the Fed pauses and rates can stabilize, we will have hit our max impact on that. And then that’s future upside, honestly. If rates can start to normalize, either late ’23 or into ’24 and so on, that will start to come back. And then we’ll get extra lift coming down on that side on the yield or on the asset yield side as well.
Gary Small: That’s well as said, Paul, if there’s a silver lining on the current situation, it’s just that. I know when we watched the quarter unfold, our loan betas were outrunning our deposit betas in October. They got closer in November and then they get almost to neutral. But what really — in December, but really changed for December was when — now we were getting full throat of the Federal Home Loan Bank activity and from just a funding beta regardless of the source of the funds, all of a sudden, we became liability sensitive because of what was going on with the Federal Home Loan Bank rate. And as Paul mentioned, the swap but was now more in play and so forth. So December was kind of a change month for us on the overall balance sheet, and that’s upside going forward is dramatic or as quickly as it showed up it can evaporate as Fed behavior changes.
Christopher Marinac: No, that’s great background. And that all makes complete sense. I mean my thinking was kind of a big picture, you have still a lot of advantages for you. You still have access to a bunch of liquidity. Your debt is not high by any means, it’s kind of stable from last quarter and you have the good pricing benefits that we just talked about. Do you have a sense, even though I know it’s early to call the whole cycle for the rate move. Would the betas kind of come in high 20s, low 30s, I mean I think you made comments in prior calls. I’m just curious if your thinking is any different in terms of the cumulative beta as you look out a few more quarters?
