Kelly Motta: Maybe just starting with expenses. It looks like you came in right down the middle of where you said you went last quarter. Just wondering, if we look ahead, if there’s any sort of puts and takes, cost savings we should be incorporating with Wheatland as well as how we should be thinking about any of the associated costs with the Heartland Bridge transaction you announced.
Ron Copher: Yeah, Kelly, Ron here. Yeah, thanks for the recognition. We hit it right down the middle there. So that’s pretty good. The point I want to make is the divisions, corporate departments, everybody continues to focus on that. The guide that I want to give for Q2, I’m going to stick with the $144 million to $146 million. But we’re going to be on the high end of that. I think as we get through the second quarter. But speaking to Wheatland, we do expect to about another $2 million of cost savings that we’ll have there. And those will be spread out over the three quarters ratably. One thing to keep in mind, another reason why I say the high end of that range closer to the $146 million. We only had two months of Wheatland in there, and now we’re going to have a full three months. So that helps explain why it would be at the high end of that range. And then let me pause there. Any questions on that information.
Kelly Motta: No, I think that was explained quite well. Thanks, Ron.
Ron Copher: Okay. But let me then get into the branch acquisition of Rocky Mountain, the thing everybody should take away is we’re going to on an operating basis for the 5 months of 2024, we’re factoring in the $0.03 per share that’s operating, but we’ve got the transaction-related expenses that will largely be expensed in the — in that third quarter. Again, we’re going to close that in July. So the operating will be $0.03 over that five months, just say [$0.015] (ph) in each quarter, if you will. But then the transaction expenses on an after-tax basis, that’s $0.05. So that will show up primarily in that third quarter and then very little I expect will show up in the — in that fourth quarter. But we feel pretty good about it.
Kelly Motta: Got it. That’s helpful. Maybe turning to loan growth. Can you just provide an overview of what pipelines look like right now, how they’re forming, where you’re seeing the most opportunities and your outlook as you look ahead through the balance of this year.
Tom Dolan: Sure. Yeah, Kelly, this is Tom. Yeah, just to rewind the clock a little bit. We saw pipelines muted pretty much throughout 2023. Now that there’s been a little more stable guidance around where interest rates are going. We’ve seen our pipelines pick up a little bit in the first quarter, which is encouraging. And so our guidance for the full year, we’re going to — we’re still at the low to mid-single digits. I think we’ll probably see some stronger growth in Q2, Q3. Q4 tends to be a little bit slow. So for the overall year, low to mid-single digits. And then in terms of specific industry or geography, it’s pretty — it’s fairly widespread across the industries and across our HP footprint. So nothing is really standing out as an outlier.
Kelly Motta: Got it. That’s helpful. And then maybe last one from me. I appreciate the color around margin and your expectation now that that’s on the lower end of the previously provided range. Just wondering, as we think ahead, there is a lot of moving parts this quarter with the BTFP repayment. And just how should we be thinking about the size of the balance sheet portion? Do you still expect the balance sheet to grow through the balance of the year? Or is loan growth mostly going to be funded with securities flows and whatnot?
Byron Pollan: I do think loan growth will be funded with securities outflow. We do continue to see about $250 million of cash flow coming off of our securities portfolio. I think that’s going to be a massive fund. The loan growth that Tom will see on his side of the balance sheet. So I think overall, our cash balance will probably maintain it in the range that you see it now, somewhere between $700 million and $800 million. So likely to see a fairly stable balance sheet that’s where we ended the quarter organically. And from there, just add the branch acquisitions that will happen later in the year.
Kelly Motta: Thanks a lot. I’ll step back.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Jeff Rulis from D.A. Davidson. Your question please.
Jeff Rulis: Thanks, good morning.
Randy Chesler: Good morning, Jeff.
Jeff Rulis: Byron, sorry to get back on the margin, but I just wanted to clarify. I think when you said kind of low end at $280 million. We’re talking about trajectory towards that at year-end. Is that correct way to think about that?
Byron Pollan: Yes. We do think it will be growing quarter-over-quarter and on the full year, end up in that $280 million area. So I would say from here, continued growth quarter-over-quarter. And we have a lot of positive dynamics in the structure of our balance sheet and the repricing of our assets that are not dependent on Fed cut. And so that’s really where you’re going to see the growth in our margin for the rest of the year.
Jeff Rulis: Okay. But that — I mean, I think we were talking last quarter about potentially kind of Q4 exiting the year, you could — you have 3%. I think that included maybe some rate cuts, and you talked about this time around that rate cuts would be better understanding that it’s still trending up. So is that — am I thinking about that right that even with the $280 million low guide, maybe not that high end exiting at 3% with cuts if that doesn’t play out. But is that — I mean without cuts, let me put it this way, it’s probably something north of $280 million to end the year. Is that fair if we’re getting an average for the full year at $280 million.
