Andrew Liesch: Got it. That was my question. Thanks so much.
Operator: Your next question comes from the line of David Smith with Autonomous Research. Your line is now open.
David Smith: On the capital call lending and global fund banking, could you just say a little bit about how much of the growth was driven by new lines of commitments versus any change in utilization?
Greg Becker: So, as far as the new client business, I mean, most of it was from utilization, the change from an outstanding perspective. So we did have some new, obviously new client fundings. But so, I’d say it varies from quarter-to-quarter. So it’s probably not anything to make a — have a dramatic change. So, Dan, if you would add anything to it?
Daniel Beck: Yes. I think when we look at the quarter from a funded perspective, we did have growth in capital call. And at the same time, that was off of lower utilization. So you’ve got some net new clients in there. I think more notable is the increase in the amount of term sheets and net new unfunded commitments, which over the next six to nine to 12 months, are really going to be a tailwind for us from a loan growth perspective. I think that’s most notable also drove an element of the provision increase in the quarter.
David Smith: Okay. So just to be clear, lines were up but utilization was down slightly, but on net to outstandings were higher?
Daniel Beck: That’s right.
David Smith: Okay. And just unpacking the SVB Securities outlook a little bit more. It was largely biopharma driven in the fourth quarter, as I understand it. What kind of tech recovery is contemplated in the guide for 2023?
Greg Becker: Very little, very little. Again, as I said, now, having the full platform and people in the saddle for longer and deeper relationships being built, it’s really just — able to pick up some market share. We just don’t have a lot of new activity in there.
David Smith: Okay. Is it fair to call it still largely a biopharma story for next year?
Greg Becker: No. I think it’s clearly going to see more of a mix. Biopharm will do fine, but it’s M&A in technology. It’s M&A in healthcare services. So M&A is going to be the bigger part. So I here’s how to describe it. Biopharm is probably going to be still be a mix of ECM in M&A. Technology and healthcare services is going to be more driven for the year with M&A. And maybe towards the end of the year, you start to see a little bit of a pickup in ECM in the technology side.
David Smith: Okay. Thank you.
Operator: Your next question comes from the line of Christopher McGratty with KBW. Your line is now open.
Christopher McGratty: Greg, your balance sheet historically has been one of the more asset sensitive, we’re going through a period of really big rate increases. So you’ve moved to the other side. If we look at the forward curve, which begins the pricing cuts, and I know your guidance doesn’t factor in cuts. How do we think the margin will perform if the Fed funds rate gets cut? As we look into next year, should the balance sheet flipped to being liability sensitive in that respect?
