Mark Kochvar: Yes. So, I mean, you’re right. I mean, there’s a ton of moving parts. For example, we’re — historically been much more concerned about rates down than rates up, especially now that rates are higher. So we put on $0.5 billion worth of received fixed swaps. And those come off over — we ladder them out, they come off over like a two-year period starting in ‘25. And so as those come off, those are going to provide some relief to the margin. We’ll have to reevaluate at that time whether renewing those positions and what the impact of that will be because that will depend on the shape of the curve. So, we have some more positive headwinds like that farther out beyond ‘24 and into ‘25 that should help us out as well. But you’re right, it’s very complicated. There’s a lot of moving parts between now and a couple of years from now.
Manuel Navas: I appreciate that. On the deposit side, you talk about those initiatives, and you’ve added talent, you’ve added new technology, new products. Do you have a quantifiable deposit pipeline? Just kind of give me some way to frame the deposit growth opportunity to year-end or possibly near term in general?
Chris McComish: Yes. From a pure dollar pipeline standpoint, it’s a little harder to measure the pipeline simply because the change in the portfolio is so dependent upon things that we don’t control and that balances in customers’ accounts. So the way we’re measuring things today from a pipeline perspective is really more about numbers of activities, these numbers of times in the depth of those, for example, Manuel, like treasury management products, we know exactly the number of customers that we’ve enhanced the treasury management relationship around. We know the number of products. We know the revenue associated with that. It’s really harder from a pipeline standpoint to say and that, by itself, is going to translate to $1 or $2 of balances.
So, at this point in time, we’re very focused on activity levels, numbers of opportunities, which gives us a proxy for growth. The other thing that we have introduced are some tools that give us the capability to understand flow of deposits. So, the stat that I gave you earlier in that $80 million of CD growth that you saw — customer CD growth, we know that there was $30 million that was a shift — a mix shift, I’m sorry, of $50 million from one bucket to the other within our balance sheet. And then there was actually $30 million of new deposits that came into the company. So, we’re trying to look at three factors on the deposit portfolio, what we would call diminishment. So current full relationship, there’s just fewer dollars; two, increases in existing relationships; and then three, new to company, and that’s how we’re measuring all of it.
Obviously, it’s tough to put a bogey on there from a balance sheet growth standpoint because as you know, you look year-over-year and the whole industry is down about 6%. So, we’ve got to be realistic into how big the pie is that we’re going after as well.
Dave Antolik: And measuring that opportunity and shaping up that opportunity is a lot of what we’re focused on. We know there is latent opportunity within our own customer base. And we talk a lot about developing primacy in terms of those deposit relationships. So, we’ve developed tools and calling lists and products in order to achieve primacy with the — but those customers who like us, they do business with us, we just don’t have their primary account, and that’s where we are focusing our efforts.
Manuel Navas: As I look across those initiatives, which ones do you feel are — without giving away internal numbers or anything like that, do you feel happy across all of them, or do you feel some of them are outperforming others?
