Bill Young : Understood. Thank you. I appreciate that color. And just one final question and I’ll step back. Just following up on David’s expense base comment. Are you perhaps signaling maybe some more additional cost savings actions you might take in your future in terms of branch consolidation or headcount reduction?
Nitin Mhatre : We’re certainly looking at avenues and the levers. Within expenses, we have internally a big counsel to look at all of expenses and resource and projects kind of management and prioritization. So there are different levers. There’s levers in procurement, leverage in real estate, and there’s also levers in managing to the staff growth. So I think we’re looking at everything. And some of those will also come through some completion of the projects that David talked about. When we complete digital banking, for example, we’ll start seeing offsets coming through in the second half of the year because we’ll be managing to a lower-cost platform while providing better delivery to the customers.
Bill Young : Understood. Thanks for taking my questions.
Nitin Mhatre : Thanks, Billy.
David Rosato: Thank you.
Operator: Your next question will come from Mark Fitzgibbon at Piper Sandler. Please go ahead.
Mark Fitzgibbon : Hey, guys. Good morning.
Nitin Mhatre : Good morning, Mark.
Mark Fitzgibbon : Hi, first question I had, David, I heard your comments about the margin with the worst being behind, but it sounds like we’ll see some additional compression in the margin. Based on the forward curve in your modeling, when do you think the margin bottoms? And do you think it can stay above 3%?
David Rosato: So I’ll limit my comments to 2023. The — so in the first half of the year, we were 3.58-3.24, down 34 basis points, but an average of 3.41. We think the margin will be down in Q3 and in Q4. And that range in the back half of the year is probably 3.15 to 3.20. So we don’t see our — we don’t see enough deposit pressure and based on forward curves right now, so there’s no easing in 2023. We should be well above 3% full year margin and back half of the year margin. My comment was really mostly in reference to the delta between first and second quarter. We don’t think we’re going to see that type of pressure again.
Mark Fitzgibbon : Okay. And then next, on the buyback program, you guys have obviously been very aggressive with it over the last several quarters. Given the economic uncertainty and the fact that your capital ratios have now gotten sort of more normalized or a little bit thinner, how aggressive are you all likely to be with the buyback program, say, the next couple of quarters?
David Rosato: So I wouldn’t use the word aggressive, Mark. We’re — we’ve been — we’d like to think we’ve been really thoughtful around this. So we talked about this a little bit last quarter where we did nothing prior to the turmoil at the end of March. So — and we bought — just bought a few shares was $1.2 million in the first quarter. So we executed on about $12.2 million, $12.3 million in this quarter where I would — it’s the word aggressive when I think about what we bought and the change in our capital levels that was really a change in our capital levels. So we didn’t bring capital down, we bought shares, we earned money, we retained that capital. So you’re looking for what we’re going to do in the back half of the year quarter-by-quarter.
