Ira Robbins: Thank you very much. I appreciate that. And for all our employees and clients, it’s been a very difficult time. That said, bank [Indiscernible] obviously is a significant part for us on the participation side. We haven’t seen any interruption as of yet. We continue to anticipate business as usual. So, — but that’s definitely difficult for a lot of people. We still think we’re going to continue to move forward and not be impacted by it.
Thomas Iadanza: Yes. Hey, Matt. It’s Tom. Just going to give you a little context here. The only direct loan exposure we have is to high net worth US citizens and it’s secured by state of Israel Bonds as a very full portfolio. Otherwise, we help finance domestic subsidiaries of Israeli companies, but it’s all done here in the US — US-based, entities. The back and forth and flow of business slowed down really based on natural economic conditions, but it’s business as usual and working with them on partnered transactions.
Matthew Breese: Got it. Okay. And then could you give us some update as to where we are in the previously mentioned cost saving plan? I believe it was like $40 million identified? Last we spoke, it was expected to progress over four quarters. How is execution matching up versus planning? And is there anything else you’ve uncovered as you’ve kind of looked into this, in terms of additional cost saves?
Travis Lan: Yes, Matt, it’s Travis. In the quarter, I’d say you probably got 20% to 25% of on an annualized basis, what we had anticipated. I don’t expect much incrementally in the fourth quarter. Post conversion, we’re keeping is — stacked up and running. But then as we get into the first half of 2024, I think that’s where you hit the next wave which will come from a combination of third-party vendors and some additional resource efficiencies. So, yes, I don’t anticipate much in the fourth quarter. But again, once we get to the first half of 2024, I think that’s where you see the bulk of what’s remaining. We are still looking obviously post-conversion at opportunities that we hadn’t previously identified. And so we’ll continue to do there.
Matthew Breese: And we should be thinking of this expense plan as one that slows down the natural, pickup in expenses versus one that dollar-for-dollar lowers the run rate, correct?
Travis Lan: That’s correct. So, I mean, if you think and this is just high level, I don’t mean for these to be numbers to take away, but historically we run kind of high single-digits from an operating expense growth perspective as a growth company. There are obviously headwinds from an inflation perspective, FDIC cost, regulatory perspective on top of that. And then we’re just trying to work our way back into kind of that mid-single-digit expense growth level based on these initiatives.
Matthew Breese: Great. Last one for me is just, I don’t know if you have one or not, but could you just comment if you do on syndicated loan exposure? What’s the size of that book? How is it performing? Any other metrics we should be aware of there?
Thomas Iadanza: Yes, sure, Matt. It’s Tom again. The portfolio is about $1.4 billion, spread over a number of loans. When I think HLT lender is, we don’t really have leveraged transactions in there. They’re mostly clause deals with a small group of banks, direct contact, relationships with any of the borrowers in the rolling market.
Matthew Breese: Perfect. I appreciate it. It’s all I had. Thank you.
Thomas Iadanza : And we lead a lot of those transactions also. We’re not a participant. We tend to be the lead bank in over 50% of that.
Operator: Thank you. One moment for our next question. Our next question comes from Michael Perito with KBW. Please go ahead.
Michael Perito : Hey guys, thanks for taking my questions.
Thomas Iadanza : Good morning, Michael.
Michael Perito : I apologize. I got on a couple minutes late, so if you guys addressed this already, I apologize for asking again. But just taking into context all the commentary you guys have given around NII and the expense plan kind of execution, is it fair for us to be thinking about the third quarter of 2030 as probably the peak in the efficiency ratio here. And are you guys, at this point, able to provide any kind of context around the type of year on your improvement you’re hoping the expense plan can drive, assuming your NII projections kind of play out as you expect them today?
Thomas Iadanza : So I don’t think there’s any banks, CFO, that would say that third quarter would tend to be their peak. I think fourth quarter tends to be the peak for a lot of reasons, right? You have year-end expenses that get pushed through. There’s some bonus accrual work sometimes in the fourth quarter that might drive costs up. So I wouldn’t necessarily agree with that it’s third quarter, but I would point you back to Travis’s comments right before that. If it’s fourth quarter that’s actually the peak, again in the first half of 2024 we expect to realize the vast majority, the remainder in the vast majority of our previously announced cost savings initiatives, which in turn would then drive down our efficiency ratio.
Michael Perito : Got it. That’s helpful. And then just a couple more quick ones on, I think the kind of New York, New Jersey area of credit commercial real estate dynamics, we probably beat the dead horse on that for quite some time now, but just curious if you guys can maybe, provide some context about updated demographics and trends you’re seeing in the Florida and Alabama market. I mean, are there similar kind of supply and demand dynamics? Is there still kind of inflow of population growth? And just wondering kind of what the demographics are down there more recently.
Thomas Iadanza : Yes, sure, Michael. This is Tom. Yes, the impacts of slowing and higher interest rates are affecting them also. The metrics on the transactions we do aren’t any different. They’re below 60% loan to value, usually 1.6% or 1.7% debt service coverage. So we’re still generating transactions with those similar metrics. We are seeing continued growth in those markets. The population migration has slowed but there’s still migration into that Florida market. Our consumer business is strong down there but probably half of what it was in the earlier part of this year. It’s still a growth market for us in all cases but you know I’ll continue to point out we underwrite very conservatively in all markets. We have floors that are cap rates in all markets. We track those cap rates. We’re more suburban than urban. We’re not big players in the Miami market. We’re more spread around the six or seven other major areas of Florida.
Michael Perito : Thanks, Tom, really helpful. And then just the last one for me, just once again, kind of taking into context all your other commentary, is it fair for us to be thinking about kind of the asset base to be pretty stable here for the next several quarters, and then possibly some lift beyond that, assuming the environment is permitting of kind of growth reaccelerating. Is that similar to how you guys are budgeting it, or is there any kind of anything that you would point to that could make a difference?
