Jon Arfstrom: Yes. Well, that’s great. That’s a great number. Okay. Thank you. I appreciate it.
Jerry Salinas: Thanks Jon.
Michael Spillane: Yes. One comment I will make that Catherine had asked about expenses. And one thing I wanted to clarify, and I made a comment in my comments about the linked quarter in salaries. So for us, a lot of the stock awards are given in October, and so they do affect the fourth quarter. And so typically, salaries for us are higher in that fourth quarter. And because by their nature, a lot of these stock awards immediately best, and as a result, they’re immediately expensed. So, I think if you looked at the growth in salaries expense, between the third quarter and fourth quarter last year, you’ll get some sort of expectation wise, what you might expect to see between the third – fourth quarter and fourth quarter of this year. Just to give a little bit of better color there so.
Operator: [Operator Instructions] Our next question is from Ebrahim Poonawala with Bank of America. Please proceed.
Ebrahim Poonawala: Hi, good afternoon. Just one quick one, Jerry for you. Around the securities book, sorry if I missed this, should we expect, one, the securities portfolio to grow from 1Q average levels or stay flat? And second, could you confirm — I think you mentioned you have another $1 billion of securities that you expect to buy, what the pickup in the yield is on reinvestment versus what’s rolling off? Thank you.
Jerry Salinas: Sure. Yes, I would expect all things being equal, we may be down a little bit, but it’s going to be relatively flat. We’re expecting cash flow, I think, of about $1.2 billion and the weighted yield of those are about a 2.26. And that’s impacted somewhat. We’ve got $500 million that doesn’t mature until the fourth quarter, and those are some treasury securities at 96 basis points. And right now, I think some of – you heard kind of what we were buying. I would expect that if you’re talking about something in the 5.5% versus that round it to 2.25, you’ve got some nice pickup potential there.
Ebrahim Poonawala: So does that imply, Jerry that NII should keep growing from the first quarter levels, as we move through the year? And fourth quarter, we’ll probably see a lift again from the securities yield going higher?
Jerry Salinas: Yes, that’s kind of what I would expect. Yes, the net interest income is on a little bit of a positive trajectory. I think for us, the low was probably last year sometime in the, I would say, the second – first, second or third quarter.
Ebrahim Poonawala: Perfect. Thank you.
Jerry Salinas: We should – we are kind of expecting small pickups for the rest of the quarters moving forward.
Ebrahim Poonawala: All right. Thank you.
Operator: We have reached the end of our question-and-answer session. I would like to turn the conference back over to Phil for closing remarks.
Phil Green: Okay. Well, thank you, everyone, for their interest and really adjourn. Thank you.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.
