Lynn Hopkins: Sure. I think how you phrase it is a reasonable assumption. Our securities portfolio is I think appropriately sized for our balance sheet and with the securities rolling off, we are planning to reinvest in the portfolio. There is good opportunity now to move up the yield on the securities portfolio as we reinvest, given the current environment, but still looking to keep duration relatively short kind of in the four-year to five-year range.
Erik Zwick: Okay. Thank you. Then kind of switching over to, you mentioned, Lynn, you kind of put into place some strategies on the deposit side to improve the cost over time. Any color you could add there in terms of what you’ve changed or what you’ve implemented recently?
Lynn Hopkins: Sure. I think everyone can appreciate moving a deposit base is slow over time. It’s a very competitive landscape. I think we’re focused on opportunities to maybe transition a little bit of our CD base to savings and money market, maybe non-maturity deposits with the expectation that we would be in a declining rate environment. But I think it’s going to take a few quarters for that to be able to demonstrate any progress. I think we have shared that we’re focused on growing our C&I portfolio and the opportunities that are there with the expectation that that would have a positive impact on our non-interest bearing deposits as we move forward.
Erik Zwick: Thanks. And a quick follow-up there just in terms of how the relationship managers and lenders are compensated. Did any changes to kind of the incentives that would place more favor on bringing deposits in today in addition to loans?
Lynn Hopkins: So I can start, others can follow up. I’d say generally, no. I think we can all recognize that, again, stiff competition. So we think that we have a good incentive program for the folks here and as we focus on bringing in non-interest bearing deposits. So I don’t think there’s any big changes and it’s reflected in our operating results.
Erik Zwick: Thanks for taking my questions today.
Lynn Hopkins: Yeah. Thank you.
David Morris: Thank you.
Operator: Thank you. [Operator Instructions] Thank you. We have another question from Nathan Race with Piper Sandler. Your line is live.
Nathan Race: Yeah. Hi. Just a follow-up on the expectations for share repurchases going forward, the pace obviously slowed versus 4Q, so just curious for any updated thoughts in light of the updated authorization from a few weeks ago, I believe.
Lynn Hopkins: Sure. I think there was a little bit of a pause as we moved through the process of reauthorizing our program. So I think, at this point in time, given where our stock is priced and our tangible book value, we expect that we would remain active in our share repurchase at the maximum level that we’re able to, but it’s subject to market conditions, and we’d be evaluating it from time-to-time. But appreciate the first quarter looked a little bit lighter than fourth quarter as we transitioned into authorizing a new program.
Nathan Race: Gotcha. So as things kind of stand today, do you think it would be close to the 4Q level in terms of future repurchases, at least over the next quarter or two?
Lynn Hopkins: So, I think — look, I think, everyone needs to make their own investment decision and I think that we need to be able to pivot. So, I appreciate what you’re asking. All I really want to comment on at this point is explain why we’re a little bit lower for this quarter versus the fourth quarter. And it’s only a million shares out there. So, I think we have the cash and the capital levels as we choose to participate. So, I think you can probably make a reasonable assumption there.
Nathan Race: Understood. Sounds good. And then just on fee income going forward, it looked like the gain on sale revenue ticked up nicely versus the fourth quarter. Any thoughts on just the overall run rate for fees going forward?
