Paul Nungester: Yes. I think we’ve always talked about 30s. And we’re still in that range. At this point, though, the way the fourth quarter played out, it might be mid- to higher 30s versus the low 30s that we were originally thinking. But we’re still in that range. And one way to break it down, Chris, that I’ve been looking at, if you just look at the big piles of our deposits there, right? We’ve got $2 billion of savings and EDAs that don’t really move. They haven’t moved. We don’t plan to move on. So effectively a zero beta there. We’ve got $1 billion of our time deposits. Full cycle that will probably have a 30% to 40% beta once we’re all set and done with the specials and promos kind of driving that. And then we’ve got about $2 billion of our money market accounts between wealth and business and up funds and things like that, as well as retail and the retail piece hasn’t really moved.
That’s our high beta, right? So that’s going to be 60% to 75% of beta by the time we’re done with this. So you blend that all together in the $5 billion of those deposits, excluding our broker, and that’s a 30% to 40% blend but then you throw in our interest-bearing and we’re in the, call it, back down to the 30% range. So — and then off to the side, obviously, it would be our other funding sources, whether it’s FHLB, broker deposits, and those are high beta things. So that’s what drives up our overall cost of funds like we saw here in the fourth quarter. And we’ve been making concerted efforts to grow the deposit base, our core deposits. We had higher-than-anticipated loan growth in the quarter. So we weren’t able to eat into the FHLB like we would have liked, but we’re going to keep pushing core deposit growth, and that will get better as time goes on here, and we’ll get full upside on the FHLB pay downs as they come through.
Christopher Marinac: Got it. Thanks for all the detail. And then my last question just as a reminder about the cash flow that you get from the investment portfolio, whether it’s quarterly or annual however you think about it?
Paul Nungester: Yes. I think we’re around $75 million-ish per year. We’re still in that range at the current — in the current environment, and we do plan to roll off. But we also, like I mentioned in my opening comments earlier, when the opportunities come up, we’re taking advantage of them. So we exited about half of our equity book for some very nice gains — cumulative gains of about $13 million from when we bought them. And we enjoyed the dividend yields while they were good. But those — the ones we exited were all below our incremental borrowing costs. So we got out of those, and that just helps our NIM go forward. Same thing on the bond book. There are here and there are opportunities that come up, bond here and bond there that we’re not going to get a gain off of it, which is okay.
But again, the yield is below our incremental borrowing, so we can exit that and not take a direct P&L hit and deployed into some NIM accretion. It’s a small stuff here and there, but every little bit is helping.
Christopher Marinac: Sure. And then also had a positive move on the AOCI and tangible book, obviously, so.
Paul Nungester: Correct. Correct. Yes, that’s right.
Christopher Marinac: Great, thank you for all the background. This morning I’ll yield to the next caller.
Paul Nungester: Thanks Chris.
Operator: Thank you. And we have a follow-up question from Brendan Nosal of Piper Sandler. Brendan, please go ahead. Your line is open.
Paul Nungester: You there, Brendan?
Brendan Nosal: Sorry about that, my apologies. Just some clarification on a few of the items you mentioned, Gary. The earning asset growth of 5%, is that full year over full year? Or is that off the 4Q ’22 base into 4Q ’23
