Anthony Noto : Yes. So the SMB opportunity, I think, is really an opportunity that’s aligned with the type of member that we’re acquiring in our core target. We don’t have plans in 2023 to enter that market. We do believe it’s an opportunity for us over the longer term to serve that market well. If you follow us on any social media, it’s a constant requests that we get from people to launch small and medium business checking and savings, small medium business lending. When the pandemic first started back in 2020 March time period, we were inundated with tons of small medium businesses coming on to SoFi and trying to apply for PPP loans. We clearly don’t have small, medium lending now that we have a banking license. That is an area that we could go into, but we did at that point in time.
We stood up a website that allowed us to take the traffic that came to SoFi and leverage lantern to send the traffic to a marketplace of small, medium business lenders. And it was very — people were very happy with it. The demand, as a result of that, led us to realize that many of our members are operating small medium businesses and that we could serve them on the commercial side as well. But as I mentioned, it’s not something that we do in 2023. I would never say that would say the same. We’ll review it every quarter. If the student loan market came back sooner than expected, and some of the other things went our way in the economy and so forth, it may be something that we could focus on in the second half of the year. But right now, it’s not on the funding list, but it’s a huge opportunity for us.
The only reason I mentioned it earlier was, we had asked — been asked the question earlier about deposits and what happened if they grow too big, and that would be a great problem to have. If they grow in excess of what we’re willing to originate on the personal loan side and SLR side and home loan side and credit cards, we would offer more lending products to make sure we’re capturing that great resource of deposits to deploy against high-returning assets.
Operator: Our last question today comes from the line of Michael Perito of Stifel . Your line is open. Please go ahead.
Michael Perito : Good morning. Thanks for taking my question. Obviously, you guys have hit on a lot already this morning. I thought maybe I’d just ask Chris, just can you maybe give us some reminder or some context around how you guys are thinking of capital of the bank in your 2023 projections, obviously, very healthy still today. But imagine in the guide, there’s a bit of balance sheet growth baked as you guys done in 2022. I’m just curious where you kind of have the capital ratios levering to and how that compares to kind of where you want to run the bank normalized going forward?
Chris Lapointe : Yes. Thanks, Mike, for the question. So I’m not going to be providing guidance on the balance sheet side within the bank, but I’ll at least provide a little bit of insight on how we’re thinking about it. So right now, we’ve capitalized the bank with about $1 billion of capital. You’ll see that in the bank call report that comes out later today. We’re currently operating at about a 15% leverage ratio, which is still significantly above our regulatory limits. So we do expect to see additional balance sheet growth as we continue to scale our lending business. We expect modest growth in our personal loans business and then relatively muted in the student loan refinancing and some growth in home loans. The only other thing I would add in terms of being able to grow the bank balance sheet is that we are sufficiently capitalized at the parent as well.
We’re coming off of a year in 2021 of raising over $3.5 billion of capital, and we’ve only deployed $1 billion of that to the bank. So we have sufficient excess liquidity that we could capitalize the bank and grow it further if we wanted to.
