Manan Gosalia: So maybe that…
Dominic Ng: I also want to add that for our commercial clients, a new commercial clients we brought in that have primary operating accounts that transfer over to East West Bank, it’s going to take some time to set up the cash management online banking and whatnot. And in order to have a fully operated, it’s going to take a few months. So therefore, those are going to be a gradual increase when it comes to the noninterest-bearing deposits.
Manan Gosalia: Got it. Okay. And then maybe just to focus on the CDs and time deposits. It looks like you’re seeing some good traction there. And I think I can see online that you’re offering about a 4.5% rate. I guess it is slightly below market given where other banks are — can you talk about how you’re able to do that? Is it because of the longer relationships you have with your depositors? Is it relationship pricing elsewhere in the services you offer?
Christopher Del Moral-Niles: I think we’ve had success both with our rack rate rates, which you’re referring to and also on selected new opportunities, we’re able to look at exceptions and opportunities to bring folks in on an individualized basis. And I think that’s one of the hallmarks of East West is they’re able to look at the entire relationship and make appropriate business judgments to move forward on individual opportunities. And that’s been part of what’s given them. They’re low cost base they have today and allowed us to continue to attract the right customers with the right relationship going forward.
Operator: Our next question comes from Matthew Clark with Piper Sandler. Please go ahead.
Matthew Clark: First one for me, just on deposit — your deposit cost outlook kind of beyond the fourth quarter. If the forward curve plays itself out, I guess, how quickly do you think you might be able to start cutting deposit costs?
Christopher Del Moral-Niles: Well, there’s going to be a bit of a lag over the near term. But as soon as the Fed starts moving, I think it will be a function of how fast the Fed starts moving. So when rates fell precipitously and rapidly in ’20, the bank reacted pretty well. And obviously, it will be a function of how and why the Fed moves as to how we’ll react and lag on the next turn year.
Matthew Clark: Okay. Okay. And then on office CRE, one of your competitors had a couple of new nonperformers on the suburban side of office. Are you seeing any performance differences within your office portfolio as it relates to suburban versus central business district?
Irene Oh: Yes. Matthew, we actually don’t have much exposure at all for any kind of central business district, quite honestly. And you can see that reflected really with the loan sizes, right, as far as the size of the loan, if it’s granular or smaller or smaller properties. So based on that, I would say most of ours is really more kind of suburban or non kind of CBD. With that said, I would say as we continue to [comb through] the portfolio, although there are loans that we are working out with clients, overall, we’re comfortable with the grades, we’re comfortable with the strategy. And there’s no major difference that we’re seeing in one sector or region geographically.
Operator: Our next question comes from Timur Braziler with Wells Fargo. Please go ahead.
Timur Braziler: Two big picture questions for me. Maybe for Dominic. Just on the timing of the buyback, I mean, how much of that is symbolic in nature? It’s a question that it seems like you get every single conference call. And I’m just wondering, announcing it here. How much does that speak to your confidence in navigating the current credit cycle?
