Gary Tenner: Thanks. A lot of my questions have been answered or were asked an answer already. But in terms of capital, your stock, unfortunately, is getting ever closer to tangible book. You guys have kind of held off on using back recently. Just thoughts on how you might be thinking about that over the kind of near term with the stock where it is?
Robert Fehlman: Gary, I’d tell you, first off, we’re committed to building our shareholder value and that’s sustainable book value and EPS over time. While we haven’t bought back stock in the last 6 months or so, it’s always on the table for us. You’d love to be able to do it in this environment. We look at it every day. I can’t tell you today we’re going to do it or I can’t tell you we’re not going to do it. But we’re going to look at it. And it’s really this environment we’re in with the banking environment we had starting in March maintaining those capital levels, but it really is a good time. So I would tell you, it’s on the table for us to be looking at what is the best use of our dollars for investment for our shareholders.
Gary Tenner: Okay. And then I know, Jay, I don’t think you had a spot margin available for a question I was asked earlier, and I apologize if I missed it, but did you mentioned the kind of spot deposit rates? I didn’t catch it in the deck at all, and I don’t know if you had mentioned it otherwise?
Jay Brogdon: I mean, honestly, our spot deposit rates by product are pretty — pretty widely vary at the moment. So I don’t have sort of a blended spot deposit rate. Again, the best way I think to think about the overall equation there is the trend in margin will likely continue in Q2 just at a much slower pace than what you saw from Q4 quarter.
Gary Tenner: Okay. All right. And then last question. I just noticed it’s a small number, but the held to maturity securities number went up by a few million in the quarter. I know that — did you add anything to help maturing in the quarter? Or is it just some other sort of accounting item that impacted that?
Jay Brogdon: Yes. It’s really — it’s just natural sort of amortization of some of the marks in that held to maturity portfolio. There’s no adds into that portfolio in the quarter.
Robert Fehlman: Yes. And Gary, we’re really not buying any securities at this point. We’re maturing — unless it’s a CRA type investment, a negligible amount.
Jay Brogdon: Correct.
Gary Tenner: Correct. Okay. Yes, I wouldn’t thought so that’s why I just wanted to clarify. All right, thank you very much.
Jay Brogdon: Thanks, Gary.
Operator: This concludes our question-and-answer session. I would like to turn the conference over to George Makris for any closing remarks.
George Makris: Thank you very much, and thanks for joining us today. I think you can see in these uncertain times in the banking industry, the diversification of our company has played out really well. When you take a look at our liquidity, our capital our asset quality, the basis of who we are as a community banking organization. I would hope that you would recognize that all three of those are outstanding, especially compared to some industry peers. So we are very optimistic about the way we have established our company on the go forward. And I think you heard Jay and Bob talk about repricing of our loan portfolio, some additional income based on swaps that will kick in later this year, rebalancing of our balance sheet, expense initiatives.
I hope that’s exactly what you would expect from us based on what we have said over the last six months and the fact that we have spent the last 10 years diversifying our company to get to this point in uncertain times. So while our net income did not quite meet expectations, we believe that primarily that’s a result of our conservative nature and our provision for the uncertain times to come. And I think we’re well positioned regardless of what happens in the marketplace to date where we are at and still take care of our customers. We are still dependent on in the communities we serve, and I think we’ve done an excellent job over the last six months taking care of particularly the smaller communities where we are a significant portion of the capital available for those communities to thrive and grow.
So thanks again for joining us today, and I hope you have a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
