Stacy Kymes: I might just add, if you think about that sector, from my perspective, over the last 20 years, it’s probably our lowest net charge-off segment in our entire loan portfolio. We do have criticized classified risk, where because of the timing of cash flows between when operating expenses are incurred versus when they may be reimbursed from private or public payers, there can be some mismatches that create some short-term or classified levels. But if you think about it over a longer period of time, the loss rates in this portfolio are exceptionally low. It’s actually probably our best-performing asset quality segment in our entire portfolio over the last 20 years.
Brady Gailey: All right. That’s helpful. And then finally for me, BOKF has done a great job of growing fiduciary and asset management fees. I mean, if I look at it over multiple years, it’s just been a great source of revenue growth for you guys. How should — I mean, not necessarily next quarter or even next year but as we look out for the next couple of years, should we continue to expect BOKF to see this nice revenue growth in that segment?
Scott Grauer: Sure. So this is Scott. We feel good about really the fact that not just our asset mix which is very well diversified between fixed income, equity alternatives but a healthy mid-teen percentage of cash which now is obviously serving us well in terms of fee generation off money market funds, both our proprietary and others that we utilize. So that’s been nice to get that momentum and revenue generation back. But we’re really seeing significant progress in growing assets across all the various business lines inside of Wealth Management as well as in the various customer segments that we serve. So we’re — we continue to be optimistic and feel good about how we’re positioned to continue to see that segment grow, given our account, new account attraction of assets with probably less market exposure and decline than many others do that have a more skewed asset mix than us. So we’re very optimistic about it, yes.
Stacy Kymes: One of the other things that differentiates us there a little bit is, if you think about both the pandemic and the decline in asset value during that period of time and then last year where both fixed income and equity markets declined really for the first time since 1969, the way we deliver into that segment through a very personalized approach, people value that. So as some in the market are moving more toward automated approaches or things like that, the ability to have a touch point, to talk to an adviser, to talk about strategy and to reassure folks in difficult market circumstances that — the value of that is much higher today than perhaps in previous periods because of the volatility that’s been experienced. And we think that’s a differentiator for us in the long term to help us grow this asset base.
Brady Gailey: All right. Great. Well, thanks for the color. And Steven, great working with you. Good luck on retirement.
Steven Nell: Thank you very much, Brady.
Operator: Our next question is from Jon Arfstrom with RBC Capital Markets.
Jon Arfstrom: Congrats, Steven.
Steven Nell: Thank you.
Jon Arfstrom: And Marty, it’s been a while but looking forward to it.
Martin Grunst: Right, yes, that as well.
Jon Arfstrom: Yes. Back to the Midwest, I guess. But can you guys help us a little bit on the cadence of the margin? You kind of alluded to it a little bit in your guidance. And I know you’re focused more on NII but you’re saying modestly lower until maybe some of the deposit rate and flow pressures ease. But does it feel — what kind of erosion are you talking about earlier in the year? And do you think it can maybe stabilize and float higher later in the year?
Martin Grunst: Yes. Jon, this is Marty, I’ll take that. So our rate risk position is now pretty neutral to a rate increase. And we do think we’ll get a rate increase or 2 early in the year and that might be modestly beneficial, just at least initially. The securities portfolio will continue to reprice higher. So those are kind of positives there. Deposit mix shift is, of course, going to be the counterbalance as that kind of plays out. And loan growth, that will be supportive for net interest revenue but just ever so slightly dilutive to margins. So it’s not at all clear exactly how that shakes out timing-wise but that should result in some modest decline in margin and nothing that’s really significant one way or the other.
Jon Arfstrom: Okay, okay. Got it. That’s helpful. So not material changes. Maybe Marc or Stacy, I wrote down a couple of quotes, Marc. You said should an economic slowdown materialize and Stacy, you said credit is unsustainably good. So help us understand where your heads are at in terms of what you’re seeing on credit. And it doesn’t feel like you’re signifying any kind of material slowdown in loan growth, or am I wrong on that?
