Kelly Motta: Got it. That’s really helpful. And I think and please correct me if I’m wrong, but I think you had mentioned that client accounts are still like that overall balance of each account on average running higher than where they were pre-COVID. Do you have any sense of obviously, there has been a search and run off for rates, but has most of that occurred so far, in the taste of that pressure on the overall level of deposit should start to wane a bit? Or is there any way we can kind of ballpark the deposits that could still I would say, at risk of running off, but more likely to run off?
Jose Fernandez: Kelly, I am sorry, but I could not understand your question. Can you repeat it again?
Kelly Motta: I’m sorry. I just, I think in your presentation, please correct me if I’m wrong, but client account balances are still generally higher than where they had been pre-COVID. Obviously, as rates have risen, there’s been pressure on excess deposits as they look for higher rate. Just wondering, in terms of maybe core checking accounts, if you have a sense of whether or not the bulk of the pressure for search for yield and higher rate heads has occurred? Or if there’s any way to ballpark how much could still be at risk of potentially being accessed yield?
Jose Fernandez: Understood, understood. So the way we look at this is after or during the pandemic, we build up around a billion dollars of additional customer deposits. And that’s kind of how the balance sheet was impacted. So far, I think we’re at the early stages. I cannot say here in the market in Puerto Rico that we’ve had the same kind of behavior as I’ve seen in our peers in the state. So the premise of the Puerto Rico markets having a slower beta it’s playing out and I think it will continue to play out. But having said that, I think commercial accounts and I think also the move towards CDs from savings is going to still play out at least the first half of this year as the Fed and its rate cycle hikes or as everyone expects. Still a hope I think.
Kelly Motta: Got it. That’s helpful. Appreciate the color, all the color there. Next turning to capital. It was nice to see the dividend announcement. Just wondering on kind of how you guys are viewing the buyback? And what’s keeping you out of the market and what would be the circumstances that would get you back in buying your again.
Jose Fernandez: So I think throughout the last couple of years you have seen us move more towards increasing our dividend than doing the buyback. We feel that a longer term investors are better served by us increasing the dividend and having a higher payout from a dividend perspective and certainly a higher yield. So that’s one reason. The other reason is also that we want to be opportunistic and be cognizant of the environment we operate in, or the macros are somewhat uncertain, and interest rates are going up. And we want to make sure that we don’t deploy our cash into buybacks too soon. And just being prudent Kelly. Having said that, if there’s an opportunity for us to go in and buy back shares, we have the authorization and we will execute accordingly.
Kelly Motta: Got it. Understood. Thinking through your expenses, I appreciate the range you gave. I think it was, I still look back at my notes, maybe 90 to 93. What sort of builds of that incorporate in terms of, I know there’s some technology initiatives that you’re working on. And how confident do you feel that I know you’ve raised the minimum wage. How confident do you feel like inflationary pressures are hereby captured?
