I think that’s going to be very helpful. Look, I think you’re spot on – there’s going to be pressure towards the back end of the year, but I think from a–there’s a difference between us thinking about the NIM versus the NII, and I just wanted to make sure we were all aligned on this. Obviously greater outstandings is going to drive incremental NII every quarter for us, so my sense is you’re going to see NII growth continue in the organization as we just–as we naturally are growing our loans and deposits. But there’s no question that market conditions are going to really have an impact on–you know, you have competitors that are going to pay up depending on how they’re going to be in liquidity stress, and we’re going to have to selectively react to those type of things, so.
Stephen Scouten: Sure, sure. That’s helpful. Then just last question from me, when you guys think about capital, what’s kind of your constraining ratio as you think about that? I mean, the $25 million buyback, where the stock is today, the stock is a lot lower than when you were extremely active in the buyback in late ’21 and ’22, so it kind of feels like you’re not getting paid for the improvements in the bank, frankly, with the way the stock is, so how aggressive might you be with that buyback at these levels?
Jerry Plush: Look, I think what we said was we will be opportunistic to exercise that, but I also think it’s important to say you’ve got to be balanced, right? I mean, we’re in a nice place where we’re trying to make sure we have sort of all the tools in the toolkit, right, so now we have a buyback in place, we continue to pay the dividend, but we’re also growing the company, so we’re using capital. I know that we need to be good stewards of capital – I mean, it’s probably first and foremost. I think one of the really strong points about us that I think people should take a lot of comfort in, is that 7.5% ratio is an excellent ratio in this day and age, and that’s obviously inclusive of the marks, and so I think we’re in a good place.
I just think it’s also a function of making sure we’re managing all of our liquidity sources as well, right, so capital is–I mean, cash is precious right now because we’ve got good demand that we’ve got to deploy it into, so we’ll be making lots of trade-off decisions as to which one’s going to provide the best return in the capital.
Carlos Iafigliola: Yes, the marketing–
Stephen Scouten: And is that–is that 7.5% TCE, is that kind of the constraining ratio you look to, or is there another ratio you focus on more intently there?
Carlos Iafigliola: We’re looking–typically for capital planning purposes, we like to look into the Tier 1, which provides a more holistic approach to the position of the company. But yes, as Jerry mentioned, we like to look at the 7.5 as well because that includes the change in valuation, as I mentioned, during the year that changed as well, so. But it’s a balancing act right now between the growth that you want to have and the opportunity that the stock in the market presents.
Stephen Scouten: Great. Thanks for all the color, guys. I thought it was a really impressive quarter, whether or not the market agrees. Congrats.
Carlos Iafigliola: Thank you.
Jerry Plush: Thank you.
Operator: Thank you, and I’m showing no further questions at this time. I would like to hand the conference back over to Chairman and CEO, Mr. Jerry Plush for any further remarks.
Jerry Plush: Thank you again everyone for joining the call. We greatly appreciate it. Have a great rest of the day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
