And then lastly, as an extra level of comfort, we actually sold $20 million worth of loans in the first quarter, just to prove ourselves out and to make sure that we were right, they sold right around that price. So we think we have a good market clearing transaction as extra confirmation. We may not do that every quarter on a go forward basis, but we’re pretty dialed into the capital markets and where things execute. And we’ll be careful to mark those assets what we think are fairly and conservatively. The interesting part, obviously, is that that’s obviously just an estimate of what some buyer would pay for those assets. It’s not where we’re going to necessarily sell them. Over time, we think we’ll probably end up recognizing more income than that level for sure.
But that will come in over time through to NIM, as opposed to be through fair value marks.
Arren Cyganovich: And then just last one for me is, when you have loans that go into nonperforming, when — would you then mark those lower by some certain level? And since you’ve had the nice benefit of resolving nonperforming loans at 100% or above 100%, what’s — is there are a period where house prices go down, commercial properties go down and you start having resolutions below a 100%? Does that then force you to kind of remark the entire portfolio or specifically, I guess, the NPLs on your book?
Chris Farrar: Right. Yes, so on the NPLs, we definitely will mark those down as they go more delinquent, because the standard under GAAP is what would a willing buyer pay. So yes, short answer is we will mark those down. Based on our
Mark Szczepaniak: Arren, this is Mark, as I say — and on the NPL loans, we will still have the same policy where when a loan goes nonperforming, we will start to look at the value of the underlying collateral. So there’s a difference when you’re valuing a loan, which is a financial instrument with future cash flows and you’re valuing real property, right? There’s adjustment. So we’re still going to take a look at the value of the underlying collateral when it goes nonperforming. So the model will say, here’s the value of a loan and a performing loan, once it was nonperforming, we’ll look to the underlying value of that collateral. As Chris mentioned, if the underlying value of that collateral is less, then yes, that loan would get marked down.
Operator: And ladies and gentlemen, at this time I’m showing no additional questions, I’d like to turn the floor back over to the management team for any closing remarks.
Chris Farrar: Thanks everybody for joining the call and we look forward to getting back together soon and appreciate everybody taking the time to hear our story. Take care.
Mark Szczepaniak: Thanks, everybody.
Operator: And ladies and gentlemen, with that, we will conclude today’s conference call and presentation. We thank you for joining. You may now disconnect your lines.
