Matthew Clark: Yes. Great, thank you.
Operator: Thank you. And we also have a question from Chris McGratty with KBW. Your line is open.
Chris McGratty: Great, thanks for the question. In terms of just — Ron, maybe just for you the balance sheet, you’ve obviously got this opportunity to make some tweaks if you need to. So I guess I’m interested just getting your head a little bit about what you might be thinking about perhaps from the securities portfolio also from lending concentrations. I think you talked about FinPac came about 6%, obviously that will get diluted down but any broad high level comments on any tweaks to how we should think about the balance sheet.
Ron Farnsworth: Yes, I mean we’ll talk more about it in April, but pretty consistently in this environment it’s a function of reducing sensitivity. So within the bond portfolio will be looking to extend duration longer out and funded with two to four month advances will help reduce sensitivity depending on where rates go in the future. So that’s probably the primary one from that standpoint. And then just be manager — matter of managing the borrowings to the extent the Fed continues to chime in.
Chris McGratty: And then I guess more on —
Ron Farnsworth: Okay. Let me add on to that too. Sorry, let me add on to that too, the second part of your question was our loan concentrations, no plan — no need to adjust anything on the lending side, we’ve got a great mix, we’ve got the capacity to continue to full tilt on any given vertical from that standpoint including FinPac.
Chris McGratty: Got it. Okay. Thanks, Ron. And on credit, I guess I totally get the distinction between FinPac and the rest of the book. If — you’re sitting down for the ’23 outlook and the economy is pretty uncertain, where besides FinPac are you spending most of your time in terms of looking for problems.
Frank Namdar: Hi, Frank Namdar. I would say in the CRE space probably centered around office just because that remains an area that’s still a big unknown as to where that’s all going to shake out into the future and risk people like me don’t like unknowns and don’t like surprises. So we try to figure it out ahead of time, but as we sit here today, I mean we do not have one office property that is a — a special mention or classified assets. It remains very stable and strong at this point, but that would be the one space that that we’re keeping a close eye on.
Chris McGratty: Okay, thanks.
Operator: Thank you. And there are no other questions in the queue. I’d like to turn the call back to management for any closing remarks.
Jacque Bohlen: This is Jacque Bohlen and we would like to thank you for your interest in Umpqua Holdings Corporation and participation on our fourth quarter 2022 earnings call. Please contact me if you would like clarification on any of the items discussed today or provided in our presentation materials. This will conclude our call, goodbye.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
