Dave Antolik: Yes. So based on the pipeline, I think we’ll see similar mix in the back half of the year, driven primarily by residential mortgage growth, our pipeline there is pretty predictable. We haven’t seen any kind of payoff pressure in that book, obviously, with elevated rates. So I think you’re going to see consistent growth. The commercial growth should be similar, maybe in that 1%, 1.5% range in the back half of the year.
Manuel Navas: Okay. That’s really helpful. I think a lot of my questions have been answered. Thank you very much.
Chris McComish: Okay. Thank you.
Operator: It appears we do have one more question from the line of Daniel Cardenas from Janney Montgomery Scott. Please go ahead.
Daniel Cardenas: Good afternoon, guys.
Chris McComish: Hey, Dan.
Daniel Cardenas: Maybe just a little bit of color in terms of the yield that you’re seeing on new production right now on the loan portfolio?
Mark Kochvar: I’m sorry, Dan, on which portfolio?
Daniel Cardenas: Just the overall loan portfolio.
Mark Kochvar: Overall, we’re seeing kind of in the low 6s on new production weighted average.
Daniel Cardenas: Okay. And then in a few weeks here into the third quarter, are you seeing any pickup in line utilization rates?
Dave Antolik: Line utilization rates here early in the third quarter, it looks like they’re going to return to some kind of normalized level. I think what we saw in the second quarter was more seasonal.
Daniel Cardenas: Okay. Good. And then just kind of a quick question for my model. What kind of tax rate should I assume for you guys in the back half of the year?
Mark Kochvar: Our full year number is kind of like mid-18s.
Daniel Cardenas: Okay. Great. And then just one question quickly on deposit trends here. As we’ve kind of started third quarter, have you seen any slowdown in the migration shift, or is it kind of continuing at the pace that you were seeing here in Q2?
Mark Kochvar: Yeah. I mean just early overall, deposit numbers have been pretty flat. So we haven’t noticed any acceleration for sure, and it’s been slow so far. But sometimes there’s — within the month, there’s some outsized activity towards the end of the month that could go either way. So it’s hard to it’s hard to give a good answer without a full month or full quarter picture. But so far, we haven’t seen any acceleration.
Daniel Cardenas: Thank you. Got you. Okay. And last question for me, I guess, just given your asset sensitive balance sheet, like what kind of steps are you guys thinking of taking once rates do kind of flatten out here to protect that margin?
Mark Kochvar: Well, we have taken some. We do have about $500 million of received fixed swaps that are on the books. The deposit repricing that we’ve done, and it’s primarily either non-maturity or relatively short CDs provides some cushion to rates down and our ability to reprice those. As things stable — and the other thing we’re doing on the loan side is we’ve seen a little bit more migration to fixed rate preferences on our customers they have, for example, a mortgage production is really all fixed. To the extent that if rates move down and that rate down movement is on the short end of the curve, we wouldn’t expect there to be as much of a drop out on the curve, which should provide some support in that we wouldn’t see the prepay numbers tick up on that mortgage portfolio in a short rates down situation.
Those would be more stable. And so that should also provide some benefit to the margin or some offsets the margin with that floating rate. But we’ll keep we continue to model those out and look for opportunities or potential changes to that outlook and other things that we might need to do.
