Kelly Motta: Got it. That’s super helpful. And then in terms of the margin, the commentary of margin being about [2.14%] (ph) for the month of June, which incorporates some of the liquidity build that you had. Can you just remind us when you put on — you took on those fixed rate borrowings and threw on the cash in terms of the timing of that. Just wondering if that’s fully reflected in that June margin? And then kind of from here, as we look out, given your expectations for [NIV] (ph) declines and the commentary around deposit beta, how we should be thinking about the margin on a go-forward basis, assuming another rate hike or two?
Dean Shigemura: Yes. Okay. So the term funding was placed, I would say, right in the middle part of May, so kind of right in the middle of the quarter. So the June margin at 2.14% would have reflected the full impact of that liquidity. So that’s — so when — as you look out into the — towards the end of the year, we do expect the margin to bottom in the fourth quarter and kind of decelerating from what we saw in the second quarter. So, kind of a gradual decrease and then bottoming in the fourth.
Kelly Motta: Got it. I appreciate that. And you said you put on some swaps during the quarter. Can you just provide us a bit more color just trying to get some sense on how to model around that? I may have missed the amount of that, so that would just be helpful in terms of modeling?
Dean Shigemura: Sure. They were — it was $200 million notional towards the end of the quarter that we put on, so it’s a pay fixed received flow swap, hedging some of our fixed rate loans. So about a two year, 2.5-year type of term.
Kelly Motta: Okay. Got it. Maybe last one for me, if I could sneak it in. With capital, I know you said you’re in the rebuild mode. Just in terms of the dividend, I think you reiterated the $0.70 dividend around earnings. But just wondering how you guys feel about this level? Obviously, the earnings have come down a bit with the margin. I’m wondering how you’re feeling in terms of the comfort level of the payout at this stage.
Peter Ho: Yes. So Kelly, so the dividends, obviously, are strategic to us and our desire is to maintain our dividend levels. Of course, that’s earnings willing — and interest rates willing, inflation and credit and all those factors. And so, our process is to assess that with our Board at the end of every quarter. And for now, our desire is to maintain that level.
Kelly Motta: Thank you so much. I’ll step back.
Peter Ho: Yes. Take care.
Operator: Thank you. That concludes the question-and-answer session. At this time, I would like to turn the call back to Cindy Wyrick for closing remarks.
Cindy Wyrick: Thank you, everyone, again, for joining us today and for your continued interest in Bank of Hawaii. As always, please feel free to reach out to either Chang or me if you have any additional questions or if you need further clarification on any of the topics discussed today. Thanks, everyone. Have a good day.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
