Operator: Our next question comes from the line of Laurie Hunsicker with Seaport Research Partners. Laurie, please go ahead. Your line is now open.
Laurie Havener Hunsicker: Hi, thanks. Good morning. Just a follow-up on expenses. I know you guys used to do the charitable foundation contribution. Are you thinking about that more as that will be an ongoing fourth quarter event? Or is that going to bleed through into all quarters? Would there just be an ongoing quarterly contribution? Or how should we be thinking about modeling that?
Ron Ohsberg: I think we’re going to do with kind of a single contribution to the foundation to keep it going for a while. And so we just need to determine how big that contribution will be in the fourth quarter. And I think it will be at least $500,000.
Laurie Havener Hunsicker: Okay. But I mean, that will be an ongoing fourth quarter event as we look out similar to historically…
Ron Ohsberg: I think as of today, that’s a fair assumption, yes.
Laurie Havener Hunsicker: Got it. Got it. Okay. And then just going back to deposits, you had a really nice jump in deposits. Can you talk about sort of two things. Number one is, how should we think about when you’re going to start to clip broker deposits? And then also, how should we be thinking about your growth in core deposits? I know that’s a real emphasis. But specifically, this is a challenging environment. How should we think about that as we look forward?
Ron Ohsberg: So I missed the part about the brokered deposits.
Laurie Havener Hunsicker: Well, your broker deposits linked quarter, you went from $601 million to $668 million. I mean where is that going? And then obviously, you had a jump in core deposits. Help us think about that a little.
Ron Ohsberg: Yes. We’re going to manage broker deposits to about 10% of total assets. So we’re near the kind of topped out on brokerage. General deposit growth, I mean, I guess I should point out, in the quarter, we had one large institutional deposit withdrawal. It wasn’t an inexpensive deposit, but that was $100 million of institutional money that had been placed with us, which we knew was somewhat temporary in nature, but it did leave in the third quarter. So that contributed to our more muted deposit growth in the quarter. We’re very focused on deposit growth and have a number of internal things that we’re looking at to increase that going forward. So we’re not prepared to talk about what the numbers of that might look like.
But I can assure you, it’s an important priority for us right now. Rhode Island market – deposit market does not grow very much. And our internal analysis shows that we grow considerably faster than the market as a whole. It has not grown fast enough to keep up with the loan growth that we’ve been posting. That’s pretty evident. Loan growth will be coming down. And hopefully, if we do what we intend to do, deposit growth will pick up.
Laurie Havener Hunsicker: Okay. Great. Thanks. And then just going back to the commercial real estate nonperformers. Ron and Bill, can you help us think about what was the balance on the senior housing facility? And then the balance on you mentioned a couple of post offices. What was the dollar balance? And then what’s the debt service coverage ratio looking like? What’s the vacancy looking like. Maybe while you’re grabbing those Ned, can you just comment – go ahead. Yes, I’m sorry.
Bill Wray: Thy are still looking for the longer set. Okay. On the – the senior housing facility was $13.9 million. That was our share. It’s a participation. And then the other is – the office property is $8.7 million, and that’s secured by two office buildings.
Laurie Havener Hunsicker: Secured by two. Okay. And what is the vacancy on both of those? And what’s the debt service coverage? So I can follow-up with you after, if that’s helpful.
