Alex Twerdahl: And then I guess, Janet, I think you said in your prepared remarks that buybacks will be back on the table in the near term. Can you just give us a sense for sort of what would trigger buybacks or capital levels that you feel comfortable with or things like that?
Janet Verneuille: The capital ratio is at 10%. So we’re going to analyze that each quarter, take a look at it and if there’s room for buybacks — like we said, we didn’t do any last year. We’ll definitely based on where we project earnings to go for the year. We do have to watch that. We would consider buying back. But I don’t think we have a number at this point.
Chris Becker: I think we’ve talked before that as a National Bank, we do watch our dividend ability to dividend money up to the holding company based on the prior two years retained earnings in the current year. So we do monitor that also. So that’s also something that could be a little bit of a governor on how much money we dividend up to the holding company. So that’s why it’s kind of a quarter-by-quarter item that we have to consider.
Alex Twerdahl: And then I just wanted to ask about the sort of the pickup in NPLs this quarter? If you can give us a little bit more color on something that is relatively uncharacteristic for you guys?
Chris Becker: So unfortunately, when we seem to have any LPLs, it seems to come up. So we actually have a grand total of about $1 million in non-accruals. There was one C&I relationship that we took the — $1.4 million charge-off in the fourth quarter. It was a business that generally had longer term fixed rate contracts and that created some losses due to pandemic price increases and delays and such. And we take proactive steps to resolve that and do it quickly. But we charge that as a part of charge off. There’s still about a $600,000 balance on that loan, which we have fully reserved for. But that $600,000 is part of that. And then we have one small residential mortgage, just over a little over $300,000, that’s part of an estate.
So we’re not concerned about that. And then there’s a even smaller, less than $100,000 SBA small business line, SBA guaranteed small business line that is in that list. So the grand total is three loans in there, all below $1 million. And in the total, it is $1 million.
Operator: This concluded our question-and-answer session. I will now turn the floor back to Chris Becker for closing comments.
Chris Becker: Thank you for your attention and participation on the call today. I want to reassure our loyal shareholders that the Board of Directors and management team are focused on returning to and improving on our historical performance metrics. We look forward to talking to you at the end of the first quarter. Have a good rest of the day.
