Michael Rose: Appreciate it. And then just maybe moving to the core bank, the margin was under, I think, some — it was flat q-on-q, but the consolidated margin up a little bit. Obviously, that the Fed seems to be at or near peak levels of Fed funds in looking at the forward curve. Can you just give us an idea for a trajectory for the margin? I would assume that you might expect maybe flat-to-up on a consolidated basis just given the impact of the rate hikes. But, obviously, there’s the deposit side of the equation too. So, if you can just give us just general thoughts on near-term margin trends would be helpful? Thanks.
William Furr: So, from an overall margin perspective and I’ll talk about consolidated, which you could see on page eight of our materials. But we are expecting, as I said in my comments, to see, with the expected Fed funds, kind of targeting at 5 to 5.25 range. We are expecting to see modest improvement — ongoing improvement in our NII and our NIM through the first-half. Now, as I noted, we are seeing deposit betas in our business, in our markets move higher faster than we would have otherwise expected. A lot of that is related to the liquidity, competition, and the intensity there too around banks continuing to acquire deposits. So, I’d just give you an endpoint. So, the December net interest margin on a consolidated basis was 332, so that gives us a sense versus the 323, which was the average for the quarter.
That gives you a sense of some positive trajectory there. But we’re going to have to be vigilant around protecting our deposit base and protecting our relationship. So, again, we’re expecting modest increases in NII and NIM through the first-half. We do expect that this deposit and liquidity competition will persist for the balance of the year. So, we do expect to see those improvements moderate in the second-half, and likely start to trend downward, at least slightly, through the end of ’23.
Michael Rose: Perfect. And then maybe finally for me, so the buyback, you guys were obviously fairly active last year. Just given the economic uncertainty, do you expect to use the full amount of the buyback or is it just you’re going to be opportunistic, if there’s declines in the price, just given the uncertainty in the economic backdrop? Thanks.
Jeremy Ford: Sure. I mean, I think that part of our capital planning, we authorized a share repurchase, so we did that. And so, we’ll evaluate it in open windows this quarter. And I think that’s the best number you got to go on this year as we go forward.
Michael Rose: Great. Thanks for taking my questions, guys.
Jeremy Ford: Thank you.
William Furr: Thank you.
Operator: Our next question is from Thomas Wendler from Stephens, Inc. Thomas, your line is now open, please go ahead.
Thomas Wendler: Hey, good morning, everyone.
Jeremy Ford: Morning.
William Furr: Morning.
