Jose Rafael Fernandez: Yeah. On the commercial Puerto Rico is, I would say, 7 —
Maritza Arizmendi: Almost 8.
Jose Rafael Fernandez: Almost 8%, between 7.5% and 8%. I don’t have the exact number but Maritza can provide it to you later.
Alex Twerdahl : Okay, very good. And then just a final question. You talked about the avenues of capital management. And it seems like given the earnings generation, you can grow loans and continue to buy back stock and then the dividend. You guys have been on a nice track record of increasing the dividend at a fairly regular pace and the payout ratio. Can you just talk maybe about sort of the long-term goal for the dividend payout ratio for earnings and what your expectations for the dividend are over the next, I guess, over the next couple of quarters?
Jose Rafael Fernandez: Yeah. So we look at a payout ratio in total, not only dividends. So we look at dividend plus buybacks. So right now, we’re at 41% kind of payout ratio halfway through the year. So we — net income of $90 million and we’ve deployed out there $21 million in dividends and $16 million in repurchase, so $37 million. So our goal is to continue to inch up our common dividend to get closer to a payout ratio that it’s north of the 25% and then complemented with our buyback, and that’s kind of the approach, Alex.
Alex Twerdahl : Okay. And if I remember correctly, you guys look at that generally around this time each year and then again in the January time frame. Is that correct?
Jose Rafael Fernandez: Can you repeat the question again?
Alex Twerdahl : In terms of the time frame for the capital — changes to the capital management outlook, it’s generally around July, right around this time of year and then January. Am I remembering that correctly?
Jose Rafael Fernandez: Yes, that’s correct. We take a look at it twice a year, July and January.
Alex Twerdahl : Okay, great. Thank you for taking my questions.
Jose Rafael Fernandez: Yeah, Alex. Have a great day.
Operator: Thank you. Our next question will come from Kelly Motta with KBW. Your line is open.
Kelly Motta : Hi, good morning. Thanks for the questions. I guess starting out, going back to the margin, I appreciate the color you just gave about new origination yields and also the color around your expectation for deposits. Just wondering, it looks like a lot of the growth this quarter came from CDs. Can you provide what you’re pricing new CDs at currently and how that compares to the roll-off rates right now?
Jose Rafael Fernandez: You’re talking about time deposits?
Kelly Motta : Correct, yes.
Maritza Arizmendi: The entry price right now is around 2.9% in the new CDs, while the ones maturing is about 60 to 65 basis points. So that’s one of the drivers on the beta that we’re showing you these last two quarters.
Jose Rafael Fernandez: Yeah. And I think the additional 1 is on the commercial side.
Maritza Arizmendi: Yeah, and it’s the commercial side, yes.
Jose Rafael Fernandez: Where we manage relationships and we want to make sure that we’re constructive with that.
Kelly Motta : Got it. And then in terms of the balance sheet management, just kind of closing the loop there, the past two years, you kind of skirted by below the $10 billion in asset mark. It seems like loan growth has been really strong and deposits may be stabilizing. Do you have any updated commentary on crossing $10 billion and the timing of that and the implementation of Durbin?
