Alex Twerdahl: Okay. And then just final question for me on fees. You alluded to some change in the fee structure during the fourth quarters, is that something that’s going to have a material impact in ’23?
Orlando Berges: No, because of the different changes don’t create — some are coming down and some are going up. So at the end, the end result, it’s more of a normal kind of fee based on deposits, it’s a function on deposit size, more than anything.
Alex Twerdahl: Great. Thanks for taking my questions.
Operator: Thank you for your question. The next question comes from the line of Brett Rabatin with Hovde Group. You may proceed.
Brett Rabatin: Hey, good morning. I wanted to follow back on credit for a second and just talk about auto and it seems like auto is really continuing to perform fairly well but your charge offs related to consumer or up can you maybe strip a part in the consumer bucket, the auto net charge offs, and then how you kind of think about the normalization, if you want to call it that in auto net charge offs over the next year?
Orlando Berges: I don’t have a specifically order here, but the reality — there is a relationship with size. The portfolio has continued to come up Bret, and we have grown the portfolio by a good clip over the last couple of years. So you start seeing some increases in charge off, which we know are going to happen. The auto portfolio typical charge offs in the market, remember, the deals in the market are much higher, we’re on the low 2s to meet 2s, way back. That number is less than half of that today. And we don’t see dramatic changes on those numbers at this point. Again, remember that in Puerto Rico, we still have a very poor public transportation system, and the auto becomes a very big necessity.
Brett Rabatin: Okay. And then wanted to circle back on the securities portfolio and see if you had any color, Orlando, maybe on how much in maturity you’re expecting this year to, to give you some flexibility with either loan growth funding or the deposit base? Thanks.
Orlando Berges: The cash flow has been fairly consistent over the last few months, it’s — we are expecting, like $45 million a quarter between 40 and 50, it’s would we have seen — a month I’m sorry. So we’re talking about somewhere between $500 million and $600 million of cash flow coming from the investment portfolio that can be used or will be used for loan funding. We don’t perceive doing any movement on the portfolio right now. But it’s been fairly consistent over the last few quarters. And we don’t see any significant change on that.
Brett Rabatin: And then lastly, for me, you mentioned in the Q&A briefly, technology spending, and it seems like all three of the Puerto Rico banks are spending money on technology, digital channels, et cetera. Can you talk maybe a little bit more about the tech spend that you have going on and what you hope that to accomplish in the next year or so?
Aurelio Aleman: Well, some of the some of that is competitive data, but from an investment amount basically moving more things to the cloud — is similar to prior year levels, probably a little bit higher this year is, which some of these things amortize, so you don’t see the full investment in one year. We continue to move things to the cloud more digital processes internally, more of that processes to the client. So, those are the three categories. Reducing the size of any data centers that we have, in house, and moving to a more efficient hardware environment with less maintenance on operating risk. So, that is in general, it’s being a priority, which for our last five years, it was a little bit this interrupted by making by the integration that we have to focus on that, but we never stop doing it, it’s just the speed and we did very well rollout, very important products during 2022.
