Jay Brogdon: Yes. And I want to go back to the first part of your question there and make sure I understand it. When you’re talking about runoff in the portfolio, you’re referring to the securities portfolio?
Gary Tenner: Correct.
Jay Brogdon: Yes. Yes. So then, I’d say that, obviously, there are some very attractive rates out there from an investment securities point of view. But our strategy will continue to be — to the extent we have what we believe are good risk-adjusted returns in the loan portfolio and cash flows coming off of our balance sheet sufficient to invest in that. That’s where our investment priority would be on the loan side. So that’s what our experience has been so far. And that’s what I think our — generally our strategy would be here into the intermediate future. So that’s a long way of saying to your question that I think that you could expect continued securities portfolio runoff and reinvestment into the loan portfolio. If there are any — we’ve talked a lot about balance sheet optimization.
It continues to be a theme. If there are opportunities to shrink the balance sheet a bit either through — and we saw, again, some opportunities to do this in the third quarter, but opportunities to reduce the levels of other borrowings or brokered, we’ll absolutely do that and replace it with core funding even if that funding is on the core CD side or higher rate money market side. But to the extent that there are shortfalls there or needs for any of that wholesale borrowing, we’re happy to do it, particularly if it’s cheaper and less expensive. And that’s kind of how we try to play around those funding sources that are out there. It’s really just purely to try to take advantage of the opportunities at the lowest cost that are out there. So as we see those repricing both on the core CD book and the brokered CD book, I think, you’d see more of the same there over the coming months.
Gary Tenner: Okay. I appreciate that. And I apologize if I missed it and it’s in your presentation, but can you tell us the deposit spot rates? I don’t think I caught them as I was going through.
Jay Brogdon: I don’t have the deposit spot rates. We don’t have those published in there. But I’d say on the promo side, you’re seeing five handles for the most part in our CD top promo campaigns. Again, very delicate balance that we’re working through in terms of trying to balance our front book and our back book all across the — all across the portfolio. And that’s how we think about both our standard rates, spot rates as well as any promos and the markets that we’re seeking to penetrate with those promotional opportunities.
Gary Tenner: Okay. Thank you.
Operator: Our next question comes from Matt Olney with Stephens. Please go ahead.
Matt Olney: Yes. I apologize if you mentioned this. But as far as the loan growth outlook from here, you mentioned lots of puts and takes from the paydowns on the way, but improving loan pipeline. What would you point us towards or with respect to the loan growth over the next few quarters? Is that mid-single-digit loan growth still reasonable?
Jay Brogdon: I think the mid-single digit with our outlook for the year this year, and we were above that early in the year, and we’re kind of stepping into that as we balance it in the back part of the year here this year. I think it’d be — that would be perhaps more in the range, but on the optimistic side of the range as I look over the coming quarters here. I think that in light of our focus on relationship banking, in light of our focus on working out either lower cost or lower risk rating credits where we find opportunities et cetera, you’re going to see a much lower kind of single-digit expectation in loan growth going forward than even kind of that mid-single-digit number.
