Larry Helling: Yes. Our first focus is certainly trying to produce consistent results like we have in the last couple of quarters. What will help that longer-term as we’ve been talking about the headwinds for a couple of years now when we had tremendous inflation, which slowed down the project construction because of and the inflationary cost of the materials. That was one factor. The other was higher interest rates had some impact on the cash flow on projects because the debt service is higher with long rates, kind of topping out and coming back a little bit. So that has started to help. And so, I would say the factors here that it would really increase that over time would be a continued reduction in long-term interest rates, and kind of inflation getting under control so that the certainty of the cost of projects are easier to get to because they’ve got to put their capital stacks together, and getting back to a normal inflationary environment on building materials would certainly help.
Daniel Tamayo: Yes. That makes sense. And do you have an outlook for the remainder of the fee income this year or in the first quarter, excluding the swaps?
Todd Gipple: Yes. Danny, probably the biggest bucket of that would be wealth management. And you heard our comments in the open €“ with respect to new clients and new AUM. So, in keeping with 9, 6, 5, we would expect to see wealth management in other parts of our fee income business to grow at 6% annual.
Daniel Tamayo: Okay. Terrific. And then just lastly, you talked a lot about the margin here and funding loan growth, but I think in the past, we’ve asked about the loan deposit ratio of it around 103% now. How comfortable are you or how high are you comfortable letting that ratio go? And then what’s the strategy for funding loan growth if it is more difficult than expected to bring in core deposit growth?
Todd Gipple: Sure. So Daniel, I was hoping someone would ask about loan-to-deposit ratio. Yes, it was over 100 right at quarter-end, year-end, it’s floated back down into the 90s now with some of the return of that funding I mentioned with correspondent banking. So, we will run that in the upper 90s, we prefer to keep it under 100, but it’s likely going to be in that 95 to 100 range. We do expect all of our bankers to find the funding we need to continue to grow loans at the guidance rate that we gave you. So, we don’t expect that to float any higher. One point of color is, we’ve historically run at this rate on loan-to-deposits. We ended 2018 at 101 and 12/31/19 was 98%. So this isn’t a new phenomenon for our company. We’ve always had a very strong loan growth engine keeping pace with that with funding has always been a key priority for us.
But it’s part of the reason that we perform at a high level with respect to margin and ROAA. The left side of our balance sheet is fairly heavily to loans. And so, we’re pretty comfortable operating in that upper 90s. It’s historically a normal range for us.
Larry Helling: So Danny, the other thing I would say is, we’ve talked about this for a few quarters now, and we are on track to do a securitization of a portion of our LIHTC portfolio in the second quarter. Our first tranche, just to get the first ones done is likely in the $150 million range. We’re working on the details of that as we speak, but we do expect to do a securitization, which will take some of the pressure off the funding in the second quarter. And longer-term, that’s a lever we’ll be able to pull over time, create additional liquidity if we need to.
Daniel Tamayo: Okay, terrific. All very helpful. Thanks for answering my questions guys.
Todd Gipple: Thanks Danny.
Larry Helling: Thank you.
Operator: Our next question comes from Brian Martin with Janney Montgomery. Please go ahead.
