Robert Harrison: Did that answer your question, Jared?
Jared Shaw: Yes, yes, that was good. We just €“ I wanted to make sure that we weren’t going to just see it drag on maybe that incremental loan yield from funding of construction loans in a prior, you know earlier construction loans, but all floating is good. Yes
Robert Harrison: margin, but they’re coming in at higher rates just because of rate increases.
Jared Shaw: Yes. And then on the allowance, with the decline this quarter in the ratio, can you just give a little more color behind what you’re looking at to drive that lower? I think that’s a little counterintuitive to what we’re seeing from some other banks that are still growing the ACL and the Moody’s baseline model continues to be more heavily weighted to a downside scenario? I guess just some color driving that ratio move?
Ralph Mesick: Yes, I would say, this is Ralph. Jared, I think when you look at our model, our base model, actually it really is reflective of current conditions and current risk rating of the portfolio that actually improved this quarter. As far as the economic outlook, our economic modifier is based pretty heavily on unemployment €“ in anticipation of an unemployment rate here in Hawaii, that’s a little bit lower than the U.S. mainland. In fact, I think this quarter, we did put a little bit more stress on the qualitative side, still ending up with a slight reduction in the portfolio. Now having said that, I think we are provisioned for what would be our recession. I think when we calculate our one-year expected loss against the portfolio, it’s probably a little bit higher than our peak loss, which I think during the was about 72 basis points.
Jared Shaw: Okay. And then just finally for me on the buyback authorization, is that something that we should think you’re fairly active with earlier in the year or how should we be thinking about the timing and pace of 5x?
Robert Harrison: Yes, maybe I’ll start and turn over to Jamie. This is Bob, Jared. And really we’re still looking at that CET1 guide of 12%. We had some very good loan growth in Q4 and is that mix changes out of lower risk weighted securities into obviously much higher risk weighted loans. That’s more of a capital drag. So, that’s what €“ we didn’t increase CET1 to our target in Q4, but we’re still working on that. I think with the increased profitability based on the margin expansion along with a little bit slower loan growth that we’re forecasting into the year that we will be at some point looking to use that authorization, which is really hard to peg a date on when that would be. But Jamie, anything to add to that?
Jamie Moses: Yes. No, I think you got it, Bob. I mean, I think it sort of boils down, it’s like a combination of opportunism and dependent upon where our capital ratios go. So, yes, I wouldn’t expect it to be even throughout the year.
Jared Shaw: Okay. Thank you.
Operator: Thank you. Our next question comes from the line of Laurie Hunsicker with Compass Point. Your line is now open.
Laurie Hunsicker: Hi. Thanks, good morning. And Jamie, I just want to stay welcome.
Jamie Moses: Thank you.
Laurie Hunsicker: So, circling back to dealer floor plan, can you help us think about how big that portfolio is going to go to? You’ve added a lot. And then what’s the split on the 456 million in terms of what’s in California? And can you just remind us what are the terms of the new loans coming on the coupon?
