Lee Gibson: Sure. On loans, we do — we have a fair amount of floating rate loans, I think, 46%, something like that of our loans float the new fixed rate loans that we are putting on or for the most part, I’d say in the $6 million is somewhere probably closer to $6.5 million. And then with the — this almost $0.75 billion in tax exempt investment securities that float, that’s going to help offset some of that, but we are seeing pressure on the deposit side, all the funding side. And so we feel like the beta there is probably going to be somewhere between 30% and 35% going forward. Margin, I think we stay where we are, plus or minus five to six basis points, somewhere in that range. And simply because if the future Fed funds increases are in not in 75 basis point increments, then I think there isn’t going to be as much pressure moving forward to up those rates as significantly as when it was when it was 75 basis points.
But I do think that we’re going to continue to see a lot of pressure, pricing for deposits is extremely competitive. I’m sure that don’t come as any surprise. And so we’re — there’s no exception here at south side of that.
Will Jones: You definitely not alone there. Just to clarify, that 30% to 35% deposit beta, is that interest-bearing deposits or total deposits?
Lee Gibson: That would be — I’m thinking it’s interest-bearing deposits, is what we’re looking at, at this point in time.
Will Jones: Awesome, great. And then last one, if I could just sneak one last one in here. Just what’s the messaging on the buyback going forward? I mean it’s been notable for you guys this past quarter. What’s your further appetite here?
Lee Gibson: At this point, we’ll just — we’ll see how we work through the current allocation. And if the price is at such a point that we think it’s appropriate for us to expand the buyback, we will at that time.
Will Jones: Okay, very helpful. Thank you so much.
Lee Gibson: All right.
Operator: And thank you. And our next question comes from Brad Milsaps from Piper Sandler. Your line is open.
Brad Milsaps: Hey, good afternoon.
Lee Gibson: Hey, how are you Brad.
Brad Milsaps: Hey Lee, how are you doing?
Lee Gibson: Good.
Brad Milsaps: Good, thanks for taking my question. We’re just curious, like some other banks, it looked like the period end balance of Federal Home Loan Bank advances were up maybe double or so over the average. Just are those mostly overnight and overnight advances. And would that be something you might likely lean into to the extent deposit funding doesn’t come through? Just kind of trying to think about how you want to fund your 9% loan growth target. Does — do you plan to stay levered and keep the bond book where it is? Or hopefully, you can grow the deposits to do both, but just any color there would be helpful?
