Jay McConie: Yes, exactly. And we are getting some benefit in less salary expense. So I would look at it overall that we’re going from $135,000 call it net credit to about a $1.4 million expense. So that’s the actual overall impact. It’s just that it’s looking in two pieces. And unfortunately, the decline in the return on assets and the amortization of this loss, because of the funding position closets have to decrease non-interest income $2.5 million for the year.
Chris O’Connell: Understood. And on the expense side for the $16.5 million to $17 million, is there just you guys have kind of a lot moving on the different branch relocations and openings and things like that. I mean, is there any particular cadence as it start-off the year at the higher end or the lower end and build or reduce throughout the year? Is there just any seasonality to that?
Jay McConie: I would say it’s pretty consistent, maybe a little bit higher in the first quarter just, because of payroll expenses in FICO and so forth that, kind of, add up and maybe trending down, but not anything significant.
Chris O’Connell: Got it. And just going back to the margin discussion. So I appreciate the guidance as to where you guys were in December. And how it’s going to trend for the first part of the year lower? And any sense as to — based on I guess assuming call it two more hikes here and then a pause as to the trajectory of the NIM or where it could bottom either on timing or on the level?
Jay McConie: Yes. I mean, it’s getting really — based on the volatility and the pace and increase, it’s hard for us to provide that number, that’s why we tried to kind of easier that for the quarter, but then it was 2.74% for a month, it was about 2.66%. Like we said, our beta year-to-date is 21%. The way we come up with our betas, we just take since our low point, which was probably in June for non-maturity deposits, we take that increase over the — from that point through December. And we just simply divide it over the — where the Fed funds rate is now, which is 4.15% and we get 21%. And historically when you look back probably since 2000 when we look at our deposit beta studies, obviously the Fed is going to pause, but deposit still continue to increase.
So when you look at the full rate cycle when they stop and then kind of deposits, kind of, reach their seek their level in that current rate cycle. It’s been probably plus or minus 35%. So if you look at where Fed funds is going to wind up and you kind of take 35% of that, historically that’s where we’ve kind of ended up. But we do caution that this is the pace magnitude, the shortness of the increase could cause that to be a little bit higher. And a lot of those previous rate cycles, Fed funds went up 25 basis points over a 2, 2.5-year period and inflation was below 2%. Here were 40-year high inflation and they went up 500 basis points in under a year. So that’s why we’re cautious on giving guidance. We’re trying to give you as much pieces as we can and help you out with that.
Chris O’Connell: Yes, absolutely. And then lastly, you guys have a bit left here on the buyback authorization. Pretty well capitalized. Loan growth is kind of slower from macro perspective. How are you guys thinking about the utilization of the buyback on a go forward basis?
