Manuel Navas: Okay. Thank you very much. I’ll just go back into the queue.
Operator: [Operator Instructions] Our next question will come from Daniel Cardenas with Janney. You may go ahead.
Daniel Cardenas: Hey, good afternoon, guys.
Dennis Shaffer: Hi, David.
Daniel Cardenas: Just a couple of questions here. The run-off that we saw on the securities portfolio, was that anticipated and planned. I mean, we’ve seen some run-off here in the last couple of quarters in a row. And should we expect to see a continued reduction in your overall securities book throughout the second half of the year?
Charles Parcher: I would say, yes. Again, if you’ll recall, I guess, early last year, when we kind of took some of our excess liquidity and bought some short-term securities. Those were all kept at the bank. And as those mature, we are letting them run-off and use that to fund loan growth. Those pretty much run through the middle of next year, and then we’re kind of not with that. We typically — most of our securities are in our investment subsidiary, and there are tax reasons not to bring those back if we don’t have to. So those are the last ones we’ll bring back. We’ll continue to reinvest those. But you’re right. I mean the one-off that you’ve seen was just a kind of redeployment of the liquidity that we had early last year and then putting to the market.
Daniel Cardenas: Excellent. And then with some of the noise that we’ve kind of seen in the leasing side, are you still kind of sticking to your guidance in terms of where this book of business could be by the end of the year? Or does that get truncated somewhat?
Dennis Shaffer: I think, we’re switching pretty much to the guidance. I mean, we’re still — the leasing business picks up. It’s new to us, but we’re told that it picks up. It’s pretty heavy in the fourth quarter. It picks up that second half of the year. So I think we’re still probably picking it up, sticking to the guidance that we provided earlier.
Charles Parcher: Yes. And they had about $27 million of originations in Q1 and they had in $37 million of production in Q2, and that’s in line with kind of what we thought. But like Dennis said, we’re new to this. But I think also like Dennis said, I think, what we guided to earlier on is kind of what we think is going to happen. That’s our best guess. How about that?
Daniel Cardenas: Sounds good. And then last question for me. How should I be thinking about your tax rate here in the second half of the year?
Charles Parcher: I mean, it’s always been pretty good, right? I think, our effective tax rate for the quarter was what, 14%. And again, we kind of — that’s probably — I put, 15% or 16% in there. You can’t see them, but they’re not in the head at least, so that must be the right number.
Daniel Cardenas: Great. That’s it for me. I’ll step back. Thanks, guys.
Dennis Shaffer: Thanks, Dan.
Operator: There are no further questions. This concludes our question-and-answer session. I would, like to turn the conference back over to Dennis Shaffer for any closing remarks.
Dennis Shaffer: Well, in closing, I just want to thank everyone for joining and those that participated in today’s call. The interest rate environment continues to be a challenge. However, our earnings remain strong and our margins remain healthy. I remain optimistic that our low-cost core deposit franchise will continue to produce superior results, and I look forward to talking to you all, in a few months to share our third quarter results. Thank you very much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
