One of the great advantage of East West Bank, you look at our capital ratio today. And this is very, kind of somewhat benign economic environment. And we €“ because of the interest rate that we are doing extraordinarily well from a return of equity and return of asset standpoint. However, had this been a completely different economic situation, had it been like a 6%, 7% unemployment rate, interest rate were in a much higher level that business we’re having trouble. We, at that point, having this, kind of capital absolutely give our customers much stronger confidence about why they wanted to be banking with East West than the others. So, I was always mindful of that. This has been doing really, really well for us back in 2008 and 2009 during the global financial crisis, somehow, somewhere, we just have a bit more capital than our peers.
And so, ultimately, customers feel more comfortable with us. So, we’ve always been very mindful of that. So, that’s one key reason. The other thing is that, we don’t want to €“ not have some excess capital just in case if there are even potential acquisition opportunity and so forth. So, we are very choosy in terms of potential acquisition. However, if there is something available, we’re always ready to execute. So, all of that is a combination of multiple factors that cause us to be where we are today. And €“ but one way or the other, we are very comfortable where we are. And if it ever in a situation that we feel that the stock price or whatever the other reason that we feel or maybe somehow there’s not enough of a confidence of growth that we may want to do some buyback, we absolutely will step-in.
We’ll do the right thing. So, you can count on that.
Chris McGratty: Yes. Thank you for this perspective. Thanks, Dominic. Just, I do want to ask the tax rate. I’m not the tax expert, but I want to make sure I understand the cadence of the amortization. So, Irene, you said roughly 95% of the 150 million will flow through , just like a little over . And I think the Q1 is a little over , can you help us with the tax rate? Because it looks like amortization last year was a decent amount lower and the tax rate was 20. So, I’m coming to a tax rate, kind of mid-to-upper teens based on this guidance. I just want to make sure I don’t make a mistake. Thank you.
Julianna Balicka: Hi, Chris. This is Julianna. In terms of the tax rate, it will vary depending on your assumptions for pretax income, which will vary with your assumptions for provision for credit costs, obviously. In terms of the tax amortization on a full-year basis, when you look at that 150 million of tax credits, think of it as 95% of that will go into the tax grade amortization. However, we booked amortization when the credits close and go into service. Therefore, for what’s on the docket for the first quarter, that’s 22 million. That means amortization rate in quarters 2, 3, and 4 will be higher in order to come up into that full year 95% number as credits close and go into service. So, we wrote in the slide deck for the first quarter, 92 million of tax credits will be in the tax rate calculation and that will go on up through the year. And I can follow up with you offline for a more detailed calculation, if you like.
Operator: The next question comes from Jared Shaw with Wells Fargo. Please go ahead.
Jared Shaw: Hi, good morning. Thank you. I guess when you look at the moves you’ve made with swaps and collars and the potential to add more, is your goal to get €“ to sort of eliminate all that asset sensitivity earlier or much of that asset sensitivity earlier in 2023 or how should we be thinking about just your general asset sensitivity positioning over the first few quarters?
