Jamie Gregory: There’s nothing else that we are working on right now from a capital and liquidity. I mean I think when you look at our strategic plan, what you will see is, we will be building capital and improving our liquidity positioning. Now we feel very comfortable with our liquidity where it is right now. You see $26 billion of contingent liquidity. But we also believe that we can improve the positioning and reduce the overall cost of our funding as well and that’s something you will see over the next couple of years, and so that’s just going to be part of our strategy, part of our strategic plan. If you look at the leadership team that Kevin has built here, it’s their — the leadership team, especially in the corporate services, there’s a lot of large bank history and you think about what’s coming down the pipeline to $100 billion and higher banks, most people here have lived that, breathed it and we know what it takes.
And so it’s already part of our nature. It’s part of how we manage the bank when we look at scenario analysis. We look at risk management. It’s how we manage our day-to-day. So for us, that’s not — regardless of the change officially is not a big change in how we operate day-to-day. The only thing that I would say that is a debate for us and it doesn’t impact us is the potential impact of AOCI on capital for the banks over $100 billion. It will be interesting to see how that plays out. But if indeed, how the maturity is excluded from that, then that’s something that we will have to consider is, how do we leverage the held to maturity designation, because it’s not something that we use today.
Manan Gosalia: Great. Thank you.
Operator: Our next question comes from Brandon King with Truist Securities. Brandon, please go ahead. Your line is open.
Brandon King: Hi, there. Good morning.
Kevin Blair: Good morning, Brandon.
Brandon King: So I want to I wanted to talk about the core deposit guide and just wanted to get your expectations as far as what kind of percentage contribution you expect from seasonal benefits versus the new deposit initiatives?
Kevin Blair: Well, look, it’s true, Brandon, that when you look at the fourth quarter specifically, there’s usually seasonal inflows, both on the public funds side, as well as generally the commercial side. So I think it’s 50-50. What we said to this point is that, we have been focusing on new deposit production, our production on a year-to-date basis is up 183% over where it was in 2022. We believe that will continue, and yes, some of that has come in our CD promotions and alike, but it’s really up across all of our lines of business. Number two, we continue to focus on the blocking and tackling, which just means that we are using analytics and what [ph] equity to reach out to existing relationships to ensure that we have a full share of wallet.
We talked earlier this year about changing incentive plans to align the bank’s interest with our relationship managers and we think that also pays dividends and will continue into the third quarter and fourth quarter. We have on-boarded a new liquidity product specialist who will focus in kind of the large corporate, middle market space and bringing in larger deposit opportunities and we will continue with some of our promotions that we have out there today. So seasonality is something that we are counting on, but it’s not the only reason that we are growing. We think that the other half of the story is really around the production that will continue into the second half of the year.
Brandon King: Got it. Got it. And with the new deposit initiatives, just could you give us kind of a big picture view strategically of how you think that will play into particularly next year as far as maybe able to drive deposit growth, maybe higher than what it’s been historically?
