So it really is looking at that. And then if not this quarter, certainly in the back half of the year, we’ll be looking closely at that and decide when and if a share repurchase actually putting — starting to using share repurchase makes sense. But that is more likely in the back half of the year.
Steven Alexopoulos: Got. It’s more to come. Okay, thanks for taking my questions.
James Moses : You’re welcome.
Operator: And our next question will be coming from Timur Braziler of Wells Fargo. Your line is open.
Timur Braziler: Hi, good morning. Maybe — circling back on just balance sheet size. So I get your commentary on continued paydowns of the public funds. And then with the FHLB borrowing that’s coming due in September, the expectation there or the willingness there to pay that off or roll that into new borrowings? And I guess just more broadly, is there an outcome where the balance sheet growth kind of in the next couple of quarters? Or do you really need to see some pickup on the lending activity before we should start to see the balance sheet actually expand?
James Moses: Yes. Hi, Timur. It’s Jamie. I mean — I think the last comment you made is probably the right one there, right which is the size of the balance sheet is really going to be mostly dependent upon what we do on the lending side. I feel pretty comfortable for the time being about the securities portfolio and the runoff associated with that. So yes, I think the size of the balance sheet will be sort of dictated on the lending side because that cash flow is pretty certain on the security side. The other part of your question, FHLB borrowings, yeah — so there is a chance that we roll that over, if needed in September. There is also other opportunities in either the public CD market or even in our retail CD market. So at that point, it’s going to be kind of dependent upon the economics of what we see potentially, there are potential reasons to either roll that over or to do public time deposits at that time. So we’ll think through that for sure.
Timur Braziler: Okay, thanks. And then circling back on credit. It looks like a large portion of the increase in the criticized loans in the multi-family construction, and you have a footnote in here saying that it’s centered around rental and for-sale housing. I guess just maybe more broadly, what occurred in that portfolio? And to what extent is the tourism kind of driving that result? Any kind of additional color you could provide there would be helpful.
Robert Harrison: Hi, Timur, this is Bob. It’s — that loan in particular and you’ll see it on Page 16, is multi-family construction. It was a Mainland deal, it’s a very strong sponsor. They stepped up to the plate and paid it off. And so that criticized portion there is zero, as of today, to give you an idea. So more broadly in the portfolio, as we have looked at for deals we do onto the mainland, we look first to the sponsor, as well as the agent bank and make sure those two are — people we want to work with. And not every deal works out exactly as you planned, and you just need to work through some of them. And that’s what we did in this case. So more broadly, we are still very comfortable with the strategy. We are still very careful on which markets we go into, which sponsors we work with and which agent banks we want to partner with on that. Does that answer your question?
Timur Braziler: That does, yes. And then maybe just a follow-up there. Just — can you give us the geography that loan was in? And then maybe just some broader commentary about what you are seeing in the mainland portfolio.
Robert Harrison: Yes. That was in the California market. And again those are the gateway cities we’ve been talking about for some time ever since we started the strategy, and that is why — it was able to get refinanced and we got paid off just because of the strength of the project and even there is some weakness in some of those markets, but you have to be very specific about even within some of those gateway cities exactly where you’re doing the deal and where the deals being done. And even if the sub-markets are all very important. And building that expertise and being able to execute on that is really what drives a lot of the credit quality as well.
Timur Braziler: Great. Thanks for the questions.
Operator: And our next question will be coming from Jared Shaw of Barclays. Jared, your line is open.
Jared Shaw: Hi, good morning. Thanks. Maybe just first on Maui. What’s the remaining expected insurance benefit or payment from outstanding claims? Or is that all tied up with what we saw this quarter?
James Moses: So yes — so just to be very clear about what that insurance benefit was — that was insurance on our building on our branch that burn down. And so we had — that was that insurance claim for this quarter from us. And then on the deposit side, that was claims might be came into the bank that got paid out in the quarter to recipients. So I just want to clarify those two comments. And then if that didn’t address your question, then maybe if you could ask it again that we can either Lea or Bob can handle.
Jared Shaw: Yes, I think that’s it. So that $2 million that you called out for the branch, there’s really no other FHB claims outstanding then — is the way to think of it?
Lea Nakamura: There will be once we start the actual rebuild.
Robert Harrison: Yes, that will be further out. So — but that’s kind of the initial and then as time goes by, and it’s hard to determine when that will happen or specifically the amount at this point in time.
Jared Shaw: Okay, all right. Thanks. And then my follow-up, there’s a competitor bank that’s been in the news lately with a parent that’s struggling a little bit. What’s your — or do you have any thoughts on how that could impact the market? Is that an opportunity for you to either take market share or protect market share? And would you envision situation where potentially a new competitor would come on to the islands and be in the market? Or do you think that this position there would likely involve Hawaii banks?
Robert Harrison: Yeah, we prefer not to speculate on that, and that’s very much going to just wait and see how that plays out. So I don’t have any comment on that one.
Jared Shaw: Okay, all right. Thanks.
Operator: Our next question will be coming from Andrew Liesch of Piper Sandler. Andrew your line is open.