Brendan Nosal: Okay, excellent. Maybe turning to the funding side of things, it looks like deposits were up nicely for the quarter, including good growth in core money market and savings accounts. Maybe you walk through deposit flows and mix shift as it occurred over the course of the quarter?
Jane M. Funk: Yes, probably a good portion of that growth from the first quarter was from public funds deposits. So, they would have received tax payment monies in like April. So, we would generally see an uptick in the second quarter. As far as other core deposits, there’s still a fair amount of volatility kind of from day-to-day as money is moving around. So, I think on average it’s relatively stable, but we do continue to see sellers go out for interest rates and treasuries or the 5% competing institutional specials that are out there, but we are also successful in bringing in new relationships and new customers and new dollars. So it’s a little bit of feels like recycling right now.
Brendan Nosal: Yes, yes. Okay. All right. Good. And then let’s see, on the securities portfolio, can you update us on how much cash flow you expect to get from the portfolio over the next 12 months?
Jane M. Funk: It should be around $50 million over the next 12 months, just right around 2%, I believe is the roll-off rate.
Brendan Nosal: Okay, great. Last one for me before I step back. Looks like your tax rate was a little bit lower over the past couple of quarters than it kind of had been in the past, wondering if there’s anything particular driving that, and then expectations for your tax rate going forward?
Jane M. Funk: Nothing in particular. We do have a fair amount of tax credits that won’t fluctuate with our income level. So, when you apply some of those tax credits and stuff, it reduces our effective rate in this type of environment.
Brendan Nosal: Understood. All right. Fantastic. Thank you for taking all my questions.
Jane M. Funk: Thanks, Brendan.
Operator: Our next question comes from David Welch with River Oaks Capital. Please go ahead, David. Your line is open.
David Welch: Thank you. And I apologize maybe I was just missing the disclosure in the past on this, but I had no idea that you had $53 million credit relationship, and I guess the good news is it’s been upgraded, but that’s almost a quarter of Q2 capital or equity issues. Can you just tell us a little bit about what that relationship is? I’m sensing CRE, but geographies, how many buildings, core business, just that’s, to me that feels like a very large relationship. So, I guess I’m looking for elaboration and then, is this your largest relationship in the bank as well?
David D. Nelson: All right. How many buildings? I would say that this would include hotels and restaurant chains that would multiple, I’m going to say in the — probably in the seven to ten building range in various markets throughout the Midwest. So, they’re sprinkled all over. So, no real significant exposure in any one market, maybe the biggest market would have been Kansas City, but they’re in Des Moines. They’re headquartered in Des Moines.
David Welch: Okay.
David D. Nelson: Is it our largest? No, it’s not our largest.
David Welch: Okay. My follow-up question is, what is the largest and how many — I’m just picking a number, you can give me a different number, but how many relationships or say more than $40 million or some other number you might prefer?
David D. Nelson: Maybe in the $40 million range, I would say that we’ve got four, five relationships in that range.
David Welch: Okay. I mean just to clarify on some of those, these are typically entities that have — might have a common manager, that might have different ownership shares. So, they become a combinable entity, not from a legal lending perspective, but more from a how we look at them perspective.
David D. Nelson: Typically have guarantees, personal guarantees, corporate guarantees, borrowing entities, the parent would have significant liquidity. We know these folks. These people are all in Des Moines.
David Welch: Okay. All right. Thank you for the elaboration.
David D. Nelson: That extend beyond 30 years.
David Welch: Okay.
Operator: At this time, we have no further questions registered. [Operator Instructions] And with that, we have no further questions. So, I’ll turn the call back to the management team for any further comments.
Jane M. Funk: No further comments. We just want to thank everybody for your interest in our Company and thank you for joining us on the call today. Thank you.
Operator: Thank you everyone for joining us today. This concludes our call. You may now disconnect you lines.
