Stephen Young: Yes. Obviously, so much of that remix this quarter was in the business DDA going into business money market. So that’s that’s that. And then as it relates to the rates that are paid on those particular accounts is really driven by so much of it being relationship pricing. And so it really — the answer is it depends. I think our average money market rate for the quarter was in the high maybe 280 — 270, 280 kind of range. And of course, you saw a huge remix into from business money or business to business money market. So I would — I guess, the question really that you’re asking is when does that slow down. So if we have another 3% or so that moves in, you could continue to see that money market rates move up.
Remember looking back and this is a long time, it was a different bank, but 2007, when Fed funds was around 5.25%. Our money market average rate was in the 3% range. So it doesn’t surprise me a whole lot that we’re sort of trending towards that at the end of this rate hike in the cycle. But obviously, the cycle has been different. And so it’s hard to predict, but that’s maybe some data points for you.
Broderick Preston: Okay. Could I ask just on that remix that’s happening from the business checking to the business money market? We can we can see that pretty well on the end of period balance sheet, but those two categories get consolidated for the average balance sheet. And so as did any of that happen later in the quarter that might have influenced the cost of deposit being lower than we should expect going forward?
Stephen Young: I think the events of March really kicked in some of that remix in April and probably May and certainly to a lesser extent, June. So I think back to our earlier comments on the cost of deposits, what other banks are seeing and sort of that a little bit of a deceleration. I would say that probably most of that was maybe a little bit. It was all throughout the quarter, but I’d say more heavily weighted towards April and May versus June.
Broderick Preston: Got it. Okay. And I just had a couple left. Will — I guess, the litigation expense, was that for anything specific. I was just kind of wondering what that was. And then the guidance you gave for expenses, the low 2.40s, to mid-2.40s it implies just — it’s small, but it implies a step up in the expense side just a little bit off of the full year 9 50 that you had talked about before. Is there anything specific that’s kind of driving that as well?
William Matthews: Yes. So the litigation accrual was related to settlement of a case from — that’s been out there for a while, and we had accrued and remediation and finally got it settled. So that’s accrued up for the amount. The expense guide, there’s a little bit of both that 9 50 range if you put them all together, I’d say the hard thing to predict there, as you know, one would be variable compensation expense associated with some of the variable revenue business lines, commission, etcetera. That’s a component that depends upon those. The other is loan production volume impacts the FAS 91 loan origination cost deferral as well. So that’s one that’s hard to predict. If loan volume slows down, you’ll have less of that as an NIE offset.
Those would be two of the things. And then as you look through the year, you’re first going to sure if your incentive compensation through the rest of the year, and that’s one that has some variability to it. So that’s all — those are some of the things that are in there that lead to that being a range like it is.
