Bill Rogers: Thanks, Mike. So just to be clear in our mission statement, our shareholders are a key component of our stakeholders. So they’ve never been excluded in terms of — in terms of — in terms of our purpose. And I just fundamentally believe that purpose and performance are inextricably linked. So there’s just no doubt about that. Do we lean in a lot to clients and teammates and communities during the first part of our merger and during COVID? Absolutely. Are we leaning in equally now with shareholders as a component of all that? Absolutely. And you see some of the actions we’re taking, some of the momentum that we’re creating. I highlighted in the beginning of this call sort of small business as an example of how purpose and performance are linked.
So focus on our small business community heroes, which is great. That’s very purposeful, help them build their businesses and help them build their communities, but also meant we added 8,600 of them and we created $700 million of deposits. So I do think they’re linked, I think if you sat at our company and listened, you would understand that people make the connection very, very clearly and I’m not confused about that. And I think the actions that we’ve taken in the fall, the actions that we’re taking now, the momentum we’ve created are solid evidence of our focus on our shareholders as well.
Mike Mayo: All right. Thank you.
Operator: And our next question comes from Ebrahim Poonawala from Bank of America. Please go ahead with your question.
Ebrahim Poonawala: Good morning. I guess…
Bill Rogers: Good morning.
Ebrahim Poonawala: Maybe just Bill, following up on from a shareholder focus, I think there’s a lot of focus around what this company can earn on a go-forward basis as we think about the turn-on tangible equity. Maybe you want to wait for a few months, I appreciate that till the deal closes. But give us a sense, when you look at sort of consensus numbers, 12% return on tangible equity, I’m assuming that’s not kind of what you’re aspiring for. So give us a framework when we think about your peer set, whether you think you can get there? And then just how quickly given maybe there’s still some more tech spend to be undertaken over the next few years? Yeah, if you could start there. Thank you.
Bill Rogers: Yes, Ebrahim, I think I hopefully said very clearly that, that’d be a starting point. So that would not be an acceptable return for us long-term. It is a component of a reset. If you think about it, there are — let me put it into a couple of buckets. So short and medium term, we have a chance to actually move that more demonstrably. So think about the share — the securities repositioning sort of as a step one and share repurchase a little more meaningful to start with and more durable over time. So we have a short and medium-term unique capacity to increase that. And then long-term has to come from the growth of our business. And we’re in the best markets, we are creating momentum in all those segments of our market.
We’re creating a lot of efficiency. So the — every dollar of revenue is going to be more efficient in terms of how it produces income for our shareholders over time, and our ability to continue to invest. So you mentioned technology, but all those will be components. So the expenses are related to also our capacity to save money and invest in our company long-term. So short and medium-term, we get — increase the slope a little bit and then long-term increase the slope over-time. It’s a little too early for a sort of a specific target. You know, the target right now is to grow and again grow meaningfully. And as we understand the capital rules a little bit better, get through some of the capital planning, you know, we’ll be in a better position to talk about more longer-term targets.
Ebrahim Poonawala: Got it. And Mike, just a quick one for you. So it sounds like few rate cuts is negative, but at the same time, the cash will make the balance sheet assets sensitive. With the cash, I mean, I’m just wondering if we have to — if were to assume there are no rate cuts this year, is that really negative or more a neutral scenario given the cash will be sort of earning higher for longer in that backdrop? If you could clarify that, thank you.
