Michael Perito: Okay. And that kind of dovetailing off that you guys kind of brought this up, but I think BJ, you mentioned that at this point you’re not expecting any exits in 2023 on the venture side. And kind of from a timing perspective, it feels like 2022 will be a year where the balance sheet growth outpaces the ROE at least as it looks right now. So I’m just curious, all the capital front particularly with the mindset now of holding more your production. Could you also just maybe remind us eternally what you guys are thinking about in terms of the capitalization of the bank and what’s kind of the target range? And if you were to go above or below that what would be kind of your priorities to right size that?
William Losch: Yes. I think if you look at where we sit today kind of the common equity tier one ratio of 12.5% is quite solid where we have our binding constraint as we continue to grow is really more of the leverage side. And we are unique in that 40% of our loan book is government guaranteed. And so leverage is a little bit less relevant to us, but obviously, still an important and headline ratio. So that’s one that we continue to watch. We’re at today from a holding company or bank shares perspective which still remains very healthy. Even if we grow the balance sheet faster than the retained earnings we still have a couple of years of runway before tier one leverage gets down at the bank shears level towards 7.5% or 7% range, in which case, we would probably have to think of something else absent more ventures gains. So we do have some runway as the balance sheet grows.
Michael Perito: Very helpful. Thank you. Just lastly, for me, I know, it’s hard, but any thoughts on a rage on the tax rate for next year BJ just given some of the credit activity you’ve done already? And is there any guardrails you could give us on that?
William Losch: Yes. Sorry. Yes. I know that’s a tough one. Honestly, a tough one for me too. I would say our statutory rate blended is going to be around 23%. I would use 20% as an effective tax rate to model. Now it’s going to kind of go up and down quarter-to-quarter but that’s probably the best range. If we are, if we do see attractive tax credit investments that we want to make that could certainly shift and be more positive, but right now 20 is probably the best place to land.
Michael Perito: Okay, great. Thank you guys. I appreciate it.
William Losch: Thanks Mike.
Operator: Thank you. And I’m seeing no further questions in the queue. I will now like to turn the conference back to Chip Mahan for closing remarks.
James Mahan: Well, this will be brief. See you in 90 days folks.
Operator: This concludes today’s conference call. Thank you all for participating. You may now disconnect and have a pleasant day.
