Jefferson Harralson: Yes. So the mix change element should be generally in our favor, I believe, for at least for the first half of the year where you have the securities portfolio continuing to shrink in the loans continuing to grow modestly. So you should have a positive mix change on the asset side. The DDA piece is a little tougher. We have been seeing a slowdown there and has given me encouragement that we could continue to see a slowdown, especially if rates don’t rise a lot more from here. That said, we’re currently modeling a number and some of the forecast that we are making, but it’s the — our most recent results have been better than that and encouraging that maybe it could be better than that. But we also are seeing, again, this trend towards our customers moving into higher rate products.
And I feel like you had another part of that question that may — the loan-to-deposit ratio. So — yes. I would think that loan-to-deposit ratio could inch a little higher. We have a good funding base. We are going to be — I think using the strength of our balance sheet and some of the deposit growth that we’ve been seeing, and we’ve been seeing good deposit growth, and we’re encouraged by what we’re seeing here in October. I think you can have us be a little more conservative in the rates that we are putting out there into the next few months into next year. So, I think if we can manage this exactly how we want to you would see the deposit growth slow down a little bit. The loan-to-deposit ratio inch a little bit better and for us to have a better cost of fund experience.
Russell Gunther: Okay. Really helpful. And then just lastly, on the loan growth outlook, which I believe you guys are saying mid-single digits. How do you think about the contribution via asset class and any particular geographies of strength there?
Rich Bradshaw: Ross, this is Rich. We’ll see it, I think, to change a little bit of the mix a little bit away from CRE into C&I. We’ve got several different initiatives that we’re working through. Our biggest geography contributor this past quarter was North Carolina, and they led the bank in C&I. So we’re leveraging their experience across footprint, and so that’s how I kind of think about that.
Jefferson Harralson: Want to talk about Tennessee and some of the…
Rich Bradshaw: Yes. And in Tennessee, it’s a good story for us. We put our new state President there, Kelley Kee over the last three months. We’ve hired 20 commercial professionals and already not pipelines, but closings. Those have paid really good dividends. It’s going to take a little bit more time to turn that ship. But I think we’re going to start seeing the very positive results of that, if not first quarter, certainly second quarter next year.
Michael Rose: That’s great, thank you guys. That’s it for me.
Operator: Our next question will come from Brandon King with Truist. Please go ahead.
Brandon King: So Jefferson, could you quantify what the spot cost of deposits was at the end of the quarter? And then what is the new rate for new relationships and new deposit customers?
Jefferson Harralson: Yes. So the spot cost of deposits was — the average quarter was $2.02 and the spot was probably 5 basis points higher than that for the — well, I call that for the — not exactly spot but for the month of September. On average, and new deposit relationships came in, I want to get — I want — I have two numbers floating in my head here. Let’s talk off-line. I’ll get you the actual number. I don’t want to say the wrong number. I do have that number, but I don’t have it. I have two numbers that are in my head right now. So I want to make sure I get you the right one.
