Dominic Ng: I don’t quite — Irene and Chris, did you hear the question? I didn’t quite exactly heard it.
Irene Oh: Maybe I’ll start to answer your question. Look, I mean, I think as we look at the uses of capital, highest investees of capital, also the growth of the capital. The confidence that we have the capital continue to grow not just quarter-by-quarter, but if we look multiyear, this is part of our thought is quite candidly, just where the capital levels are at. So, I think in answer to your question, yes, we do it is a commentary on kind of the strength of where we see the franchise is and what will happen with our capital level.
Timur Braziler: Okay. That’s great. And then maybe just talk to the recent management changes and how that relates to your thinking on succession planning?
Dominic Ng: Oh, that in fact, I think this is always at the East West Bank’s sort of like long-term plan, leadership development, succession planning. And we are very pleased, in fact, that we’re able to get Chris to join us in the CFO position and which allow us to get Irene to rotate to a very important position to be our Chief Risk Officer. We feel that as our organization continues to grow, it’s going to be very important for us to make sure that we have very, very solid and strong leadership, both in the finance area and also in the risk area. We can’t think of any better person that can feel the Chief Risk Officer job going forward then Irene. And also thank goodness, Chris came in and shortly an act like he’s been moon lighting at East West for years. So, this has been all working out pretty good for us because I think we strengthened our executive leadership depth at East West, and this is going to be pretty good for us for many years ago.
Operator: Our next question comes from Gary Tenner with D.A. Davidson. Please go ahead.
Gary Tenner: As it relates, first, to your comments about kind of planning longer term, I’m wondering if there are any additions to the interest rate swap book, which I think was $5 billion as of June 30. Because the quick math looks like the headwind there was maybe $10 million or $12 million higher quarter-over-quarter versus the second quarter. So thinking about how kind of view that going forward?
Christopher Del Moral-Niles: Sure. Yes. We did add a total of $750 million for the quarter, $250 million of which Irene had mentioned on the last earnings call another that came after that. And we’ve done a further $250 million just for transparency here in the fourth quarter.
Irene Oh: To your forward start date.
Christopher Del Moral-Niles: Yes, with a forward start. So, we’re looking at essentially protecting against that downside risk and as the previous caller alluded to, the risk that the Fed moves precipitously downward, we’re sort of protecting ourselves against that profile. The total cost collectively of all of the swaps for the quarter was $24 million, which is to say, our income would have been $24 million higher had we not with those in place, but we think that’s prudent and appropriate protection going forward. That’s costing us currently or cost us in the quarter, 14 basis points to the NIM, but we think that’s a reasonable price to pay for that long-term insurance that we’re putting in place.
Gary Tenner: I appreciate that. And just remind me, in your loan yield slide that’s 41% fixed in hybrid and fixed, is that adjusted for the swaps or adjusted is a little over?
Irene Oh: It is not adjusted.
Christopher Del Moral-Niles: Yes. The Slide 14 numbers are the actual underlying loans and the swaps are an overlay to that. And again, keep in mind that some of the swaps as Irene mentioned, the most recent ones have all been forward starting. So, there’s a bit of a lag there before they will take effect, but there’s obviously a component.
Operator: Next question comes from Chris McGratty with KBW. Please go ahead.
