Julie Shamburger: Sure. So, one of the relationships, the commercial relationship was about a $1.5 million and it was securing equipment. And that particular client is going out of business and has been liquidating at better prices than the appraisals that we were expecting at the end of the quarter. And to date, that relationship is down to around $880,000. So, just in the last few weeks, as late as yesterday, received some payments on that. And then there was a one to four in the non-accrual status that was around $800 and I believe $69,000 that paid off during April. So those are two of the large things I was referring to in the $1.6 million.
Lee Gibson: Yeah. So, of the $8 million in non-performing assets, we’ve had pay-downs of about $1.6 million. And the one commercial loan, Julie mentioned, we’re feeling a lot better about it right now than we did at quarter end based on the sales that have occurred in April.
Matt Olney: Okay. All right. Appreciate that. And then just lastly, I think you mentioned in prepared remarks, you know, the five-year strategic plan, resulted in some of those cost containment measures. Anything else notable in the five-year strategic plan that we should appreciate as we think about kind of longer term direction of the bank?
Lee Gibson: We’re looking at different revenue opportunities and I hope to report on something in either July or October related to additional revenue that we anticipate receiving in non-interest income. And then it’s just a lot of things that we’re going to be moving more towards IT related issues and software in the future and what we need the bank to look like. And what markets we want to be in and potentially expand into. And so, those are initiatives that are being kicked off and discussed. And at this point, we don’t have anything significant to report. But we will update on a quarterly basis as we move forward.
Matt Olney: Okay. All right, guys. Thanks for taking my question.
Lee Gibson: You bet.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Woody Lay of KBW. Your line is now open.
Woody Lay: Hey, good morning, guys.
Julie Shamburger: Good morning.
Woody Lay: I wanted to hit just real quick on that cash flow swap. So, when exactly did that mature in the quarter?
Lee Gibson: There were three of them that matured. Two of them were in February and one was in March, on March 11th. The overall rate that we had on those swaps was a little below 1%. I think it was like 0.98 or somewhere in that range. So, when that when those rolled off on that $120 million, we had to re-price at today’s rate, which is closer to $540. And so, that was pretty significant on that $120 million.
Woody Lay: Yeah. All right. That’s helpful color. And then last for me, we didn’t get any buybacks in the quarter. But if you look at where the stock is trading today, it’s below the range on where you bought back in 2023. Is it fair to expect that buybacks could pick up again in the second quarter?
Lee Gibson: We’re going to be evaluating that and just we’ll take a look at it and make an appropriate decision in conjunction with the board.
Woody Lay: Got it. Thanks guys.
Lee Gibson: All right. Thank you.
Operator: Thank you. This concludes the question and answer session. I would now like to turn it back to Lee Gibson, President and CEO, for closing remarks.
Lee Gibson: Thank you, everyone, for joining us today. We appreciate your interest in Southside Bancshares, along with the opportunity to answer your questions. In closing, we’re looking forward to our prospects during 2024 and reporting our second quarter results to you during our next earnings call in July. Thank you again.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
