But when you look at our overall liability side, as we’ve said, the higher cost stuff, the wholesale funding, any broker CDs, the retail CDs, I mean that is really largely repriced, right? There’s a few little things here and there, but nothing real significant. So that’s largely repriced. When we look at our non-maturity deposits, savings now, money market accounts, they’ve been continuing to go up, but at a decreasing pace. And you can see those numbers in our NIM tables for the past several quarters. And those numbers have moved down from an average of about 17 basis points a month when you go back to the first quarter of last year, down to about 7 basis points a month when you go back to the first quarter of this year. So when you look at that, and if you look at that on, say, about $1.6 billion, and you apply [indiscernible] much extra interest cost is that going to be?
And then if we look at our cash flow that we talk about coming in, the $80 million to 90 million a quarter coming in on loans and securities. And if we look at a number of, say, 2% to 3%, 2.5% on that repricing up, and just simply taking a 3.5% loan and saying it’s going to reprice to 6% for argument’s sake and use that number. That repricing on that asset side, that small group of assets coming in, because it’s going to be a much larger repricing than where we currently are on the non-maternity deposits, there’s upside potential there, right? And we believe that that trend in the non-maternity deposits coming down from that 17 basis points a month to 7 basis points, it’s been coming down fairly consistently over that period of time. So that could very well continue.
But if something happens, it could go back up a little bit. So, I think we’re being on the conservative side a little. When you boil it down to what’s really repricing now and where the pressures may be, I would say it leans towards the upside. But there’s always the unknowns every quarter, right? We went down 21 basis points in margin this quarter, which was higher than I would have expected it to go down. But we just had an unfortunate change in mix from quarter-to-quarter that seems to be correcting now as we see the end of the first quarter numbers. But there is always the unexpected in there.
Chris O’Connell: Understood. And just on the capital position, you guys bought back a little bit of shares this quarter. You were a little cautious on the buyback last quarter. Is it something that you think you will continue from here?
Janet Verneuille: We take a look at it every quarter and depending on the capital position, we would consider buying back shares for sure for the — in the upcoming months.
Chris O’Connell: Great And then last one for me is just — what’s a good go-forward tax rate?
Janet Verneuille: Well, I know we guided to 12% at the beginning of the year. We came in at 6.25%. We’re starting to max out on the tax benefit of the REIT. So, I do think the tax rate is going to be going up. I would say somewhere in the middle of the 6.25% and the 12% that we guided at the beginning of the year.
Chris O’Connell: Okay, great. Thanks for your time.
Janet Verneuille: You’re welcome.
Chris Becker: Thanks, Chris.
Operator: Thank you. This concluded our question-and-answer session. I will turn the floor back over to Chris Becker for closing comments.
Chris Becker: Thank you for your attention and participation on the call today. And we look forward to talking to everybody at the end of the second quarter. Have a good rest of the day.
