David Feaster: What are the securities cash flows that you’re expecting this year?
Michael Young: Yes, about $300 million – $300 million to $350 million. The extra a little bit could come from pro-banks, that’s kind of about the level and that would fund a good percentage of our projected loan growth for the year.
David Feaster: Okay. And then maybe just kind of circling back to the M&A question. On the other side, you’ve had a phenomenal job recruiting and attracting really high quality bankers. I’m just curious, how you think about recruiting versus M&A just given some of the challenges that you alluded to? And how do you think about recruiting at this point as we look forward?
Chuck Shaffer: Yes, I think in both cases, we will be opportunistic. I think our banker size and the number of bankers we have in the company is appropriate right now for the growth rates we see out ahead. So if we’re adding, it will be where we see very high quality talent and markets we want to be in. The great news is we continue to see large demand join the company which has been exciting that folks we brought in, have a lot of momentum and a lot of pipeline of talent that really wants to join the franchise. And as we’ve talked in the past, we’re at a unique size and Florida now where we have a lot of brand across the state that we’re building and that’s been very helpful and bringing in high quality bankers in conjunction with a lot of the disruption that’s happening up above us and all the names you know.
And so that continues to push down our away, we’ll be opportunistic as we move through time, all knowing that we’re going to carefully manage cost as we move through this environment and manage our expense base. Same with M&A. It will be opportunistic, if earn backs makes sense, deal pricing works. It’s in marks we want to be and we can get comfortable with liquidity and credit. We would look at it, but we just have to be thoughtful about the environment we’re in and thoughtful about our index.
Michael Young: And David, I’ll just add. We’ve got a lot of production capacity already within the banker set that we already have. So there’s not a need to hire to drive growth at this point. But again, we always want to be opportunistic and build the franchise over time.
Operator: Thank you. And our next question is from the line of Brandon King. Please go ahead. Your line is now open.
Brandon King: So another question on deposits. I just wanted to get a sense of the underlying mix there, and outlook for that kind of in the quarter were outflows came from. Was it from more non-interest bearing than interest-bearing? And then how do you see that mix trending for the year as far as your intent to grow deposits?
Tracey Dexter: Yes, Brandon. Most of the absorption and deposits in the fourth quarter, as you might expect, came from non-interest bearing accounts. We saw some movement to other account types, so really largely, those are just lower balances and it seems to be consistent with what we’ve been seeing across the industry. We chose to manage pricing on that in a way that’s kept our deposit costs low. We do expect, as Michael said, greater stability in deposit balances going forward, but at incrementally higher funding costs. So, I think the patterns of customer behavior, potentially have stabilized in terms of rate movement. But we’ll continue to seek some stabilization through shifting our pricing strategy a bit.
