Jay Brogdon: Yes, David, I’ll jump in there on that one as well. I’d tell you that really, it’s kind of a continuation of the same trends we’ve seen. Deposits were down for the quarter on a period end basis. But one thing I’d point out is that both loans and deposits were up on an average basis for the quarter. And we were really kind of flat on the broker side. We were down on the borrowing side. So we were able to see good ability to hold the line again, on an average basis, even kind of grow the core deposit book in the quarter. It’s the migration piece that you continue to see the experience and that has the higher cost associated with it. So continue to see that even into October. I’d like to think that we’re seeing and we saw it at different points in the third quarter that the trends would slow down and speed up.
So there’s kind of some sputtering in how we think about that migration and what we’re observing in the portfolio, but you still see some pressure on NIBs and lower-cost IB transaction accounts. We’re not losing a lot of accounts at all. It’s really more just dollars migrating out of those lower cost buckets and primarily into CD promo type activity. So I think we’ll continue to experience that, although to a slower degree again going forward. I think the bigger factor will, again, just kind of be repricing of lower-cost CDs as those mature over the next three and six months. And then just in terms of trying to drive core deposit growth, look, it’s an incredibly competitive environment out there, and we look market by market at price sensitivity on a daily basis.
We look at our own fund flows. We have done a great job targeting deposits that have flowed out and bringing those back in as well as just through our promo campaigns, whether it’s on the money market or the CD side and continue to have good success there, but you’re just always balancing between the front book and the back book as you evaluate those opportunities.
Bob Fehlman: And David, I’d add on to that. In addition of the migration from noninterest-bearing to interest-bearing, we’re also seeing lower balances per account. The consumers have less cash in their pocket than they did a year ago. And you continue to still feel some of that. And as Jay said, we haven’t seen a decline in number of accounts, our customers, but we have seen balances whether it’s migration because of rate or less balances in their account due to inflation and higher interest rates. And all of that people have less cash in their accounts than they did six months ago, a year ago.
David Feaster: That’s a good point. Maybe on the other side of the coin, it’s great to see the increase in the loans ready to close. And the rate 843 basis points is terrific. I’m just curious, what are you seeing that drove the uptick in that pipeline quarter-over-quarter? Where are you seeing opportunities that bring good risk-adjusted returns at these higher rates? Are there any segments or geographies that are presenting better returns? And just kind of how you think about loan growth going forward?
Jay Brogdon: Yes. I’d say that, again, I want to mention loans were up on an average basis for the quarter. We mentioned in the slides when you look at sort of our loan balance waterfall on page 19. We talk about the fact that we had a handful of credits that we really worked throughout the quarter, very focused efforts either because of lower rates and/or candidly, risk ratings that we didn’t love where we saw opportunities to get those credits out of the bank, and we’re able to do that successfully right at the end of the quarter. So I want to emphasize that we’re continuing to focus on growing loans on a good risk-adjusted returns basis, and we’re seeing success with that. And our pipeline is a great indication of that. As you point out, David, in addition to the pipeline sort of inflecting this quarter and being up, I’d really draw your attention actually just even that ready-to-close portion of the pipeline is the portion that’s up most significantly on a quarter-over-quarter basis.
