Michael M. Ozimek: I agree. We definitely look at it. I mean, when we’ve looked at it in the past, the loss that would generate when we bought higher securities, if you were to go out and buy higher securities, it was just longer than what I guess our tolerance was and our payback window we thought was appropriate. So — but we definitely look at that. We’ve looked at that in the past.
Robert J. McCormick: Certainly, others have done that, Ian.
Ian Lapey: Okay, great.
Robert J. McCormick: Okay.
Ian Lapey: Yes. No, I just — I’ve been surprised with how much. And, like I said, you’ve done much better than the vast majority of others, but it just seems like a strange investment for a bank to make.
Robert J. McCormick: Thank you, Ian.
Ian Lapey: Okay, well, great. Thanks, guys. And, again, congrats on a good year.
Robert J. McCormick: Thanks.
Michael M. Ozimek: Thank you.
Robert J. McCormick: Same to you.
Operator: Our next question comes from the line of Greg Roeder with Adirondack Funds. Greg, please go ahead. Your line is open.
Greg Roeder: Good morning. Hey, just a question on —
Robert J. McCormick: Good morning, Greg.
Greg Roeder: Good morning. Time deposits in the quarter were up, like, 16% sequentially. Total deposits were up for the first time meaningfully. So, I’m curious, you’re saying that it’s a move from core to time and I get that, but it was probably a little bit more than that. I’m just curious if you could provide some more color, new accounts, bigger accounts, did you go out longer in — on the term?
Robert J. McCormick: No. Well, we’re very much relationship driven, Greg, so a lot of the time deposit accounts come with the requirement for core. And I said in my part of the presentation that we work with our existing customers and work those relationships as much as we possibly can and work our customer base and our portfolios to see who has what product and try and cross-sell additional products to those customers. So, I think, certainly core has risen as a function of the time deposits coming in. And I would say that it’s —
Greg Roeder: Yes.
Robert J. McCormick: As much a shift as new time deposits. There was desperation. The rates had been so low for so long, there had been a lot of desperation in the population for higher rates. So that you saw a lot of people take the jump into time at that point in time. So — but, I think, our relationships are generally strong.
Greg Roeder: So, when — perhaps — yes.
Robert J. McCormick: Go ahead, Greg.
Greg Roeder: Perhaps, when the tenures started kind of moving back down, people kind of made the jump and tried to lock in, is that fair?
Robert J. McCormick: I would agree with that. I would say, I think, we were slower to move than most, and I think that speaks to our customer base and the strength of our customer base, and I do think we were slower to move. But when the rates did start to drop and you saw a significant change, I think people looked at opportunity.
Greg Roeder: Great. Well, thank you very much, and good year.
Robert J. McCormick: Thank you.
Michael M. Ozimek: Thank you.
Robert J. McCormick: Same to you.
Operator: We have no further questions, so I’ll hand the call back to Robert for closing comments.
Robert J. McCormick: Thank you for your interest in our company, and have a great day.
Operator: Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.
