Rich Bradshaw: Sure. I think the challenge that with progress at the beginning is that we had all this pressure and we had a conversion. And so the great news is the conversion is behind us and talking with David Nast, our State President there, he feels very positive on this quarter. Not only we had loan growth last quarter, so that was strong, but he is anticipating and forecasting that we’ll have some loan growth this quarter as well. And with our pricing strategies and the fact we have the conversion behind us, is the new — he also is the first to get the new logo. So, there’s some excitement there as well.
Jefferson Harralson: And I can give more detail, exact numbers for you there on what progress deposits have been since we bought in that.
Russell Gunther: That’s helpful. I appreciate it guys. Everything else was asked and answered. Thank you.
Operator: Our last question comes from Christopher Marinac of Janney. Go ahead.
Christopher Marinac: Thanks. Good morning. Jefferson, as you look at the deposits and kind of new customers that have come in this year and just existing customers doing more, what is the average life of those relationships? Is it something north of three years? Is it longer than that? I just kind of want to recast kind of franchise value for the organization as you’ve expanded?
Jefferson Harralson: Wow, that’s a great question. We’ve been thinking a lot about that. We have Alco [ph] I think later today that we’re going to be talking about that because what we’ve seen is that our — as rates have risen, our asset durations have expanded and we think our liability durations have shortened. Now, what you’re seeing is a mix change from the product that you would usually assume as your longest duration product of DDA towards CDs, which have a stated duration to them, right? So, it’s — you’re seeing some mathematical mix change affecting the duration, but then you’re also seeing price competition, customers move around. So, I still think we’re longer than four years, four, four and a half years on our liability duration.
And — but as we’re doing the math, we have $1 billion, we’re trying to calculate surge and we’re trying to calculate new durations on each individual product and we’re watching the mix change on DDA. So, all-in I think we’re around four and a half years, which is longer than our assets, but that’s going to require a longer call of — kind of off-site to talk about all the different changes that we think are going on. But in total, we hop in — in terms of the actual customer life, we actually are doing a deep dive into that in our strategic planning sessions coming up in August. So, I don’t have the numbers to share with you now. But if you look at the organizations that we’ve purchased, it’s a very stable deposit base. I think three of our organizations we bought were over 100 years old, including Palmetto here.
Our bank is 72 years old, First National in Miami is 70 years old. It’s an outstanding deposit franchise. I would expect those — that number to look good as we look at it here in a month or so. We just got — the way I really try to focus on it is on the customer service side. So, we were disappointed to lose J.D. Power this past year. I will say in the first wave, they do four waves, a quarterly wave, we were in the lead the Southeast by 39 points, which is pretty outstanding. So, great job to the employees that are listening to this. So, I expect that we’re very confident with how our deposit base will.
