Dan Weiss: Yes. So, borrowings I would say wholesale borrowings are relatively flat. As you know, we do have about $260 million in brokered deposits and expect that, for the most part, to roll off through kind of late spring, but anticipate about $50 million of that to roll off here in the fourth quarter. I would say as part of that kind of margin outlook or at least what we’re modeling, and I mentioned this on our last call as well. In the second quarter, we experienced about $200 million in non-interest bearing deposit remix into interest bearing. This quarter, we saw about $115 million remix, so that’s, I’ll round numbers, call it, about half. And so we’re — based on those facts, we’re kind of making a similar assumption that we would expect about half of the $115 million, call it, to remix into — out of non-interest bearing and into interest bearing.
So that’s part of the equation. And then as you saw, quite a bit of lift there in our CD book that was a little heavier than what we were projecting, but we’re still projecting there to be some lift in CDs as well. But again, probably I would call it about half of the growth in CDs that we experienced from second quarter to third quarter to be experienced here in the fourth quarter to be experienced here in the fourth quarter.
Jeff Jackson: Yes. I would just also add, as you saw, we had pretty good success growing our deposits, and funding our loan growth along with, as you know, we get about $100 million a quarter off our securities. So, I would think going forward, all the brokered deposits would just runoff. I don’t see a need for us to be in that market.
Daniel Tamayo : And I was just looking at the 1.2 billion of FHLB, that is — you’d imagine that that’s mostly staying on the balance sheet?
Dan Weiss: Yes. That’s what we would model today but I think we’ve talked in the past, we do have a deposit campaign on the commercial side that’s — it will be kind of dependent on the success of our deposit growth here over the next quarter or two.
Jeff Jackson: And loan growth. Depending on deposit loan growth, that could go probably down.
Operator: The next question comes from Manuel Navas of D.A. Davidson.
Manuel Navas: Roughly, what has been the lift at your commercial lenders kind of since the incentive structure has been changed for deposit growth? I know you brought it up as a percentage of the whole deposit book. But do you kind of look at the commercial deposits group, but do you kind of look at it just for the lenders themselves?
Jeff Jackson: We do. I’m trying to understand. Can you restate that question? I’m sorry, I didn’t exactly understand what you’re asking.
Manuel Navas: So just, how much of the deposit growth has come just specifically from the commercial lenders themselves? And that’s — I think you changed incentive structure this year. And not just this quarter, but just this year, how much has the deposit growth come from them alone?
Dan Weiss: Yes. I would say, Manuel, approximately 75% of deposit growth has come from the commercial side, particularly that market product has been incredibly successful.
Jeff Jackson: Yes. And as we said, that change in incentives as we hadn’t had in our — history of our bank, has really made a big difference. And we’ve also really started monitoring it and really talking about it throughout the company, and really have a big deposit campaign going on right now that’s moving in the right positive direction. So, we really feel good about growing deposits going forward as we showed this quarter. And once again, that would eliminate us for brokered deposits and could really help us on the NIM going forward.
