Carlos Vazquez: No. That commentary incorporates the outlook we expressed on the balance of the current deposits that they will remain between $13 million and $15 million for the year. Again, it’s not a constant 13 to 15. They’re probably going to be slightly higher than that in the first half of the year and then maybe slightly lower than that in the second half of the year. But that is what is incorporated in the components of that commentary.
Kelly Motta: Thank you. Appreciate it. And just a point of clarification on your expense guidance that $1.87 billion that you gave, I just want to confirm that includes the innovation stuff that you’re doing and that $50 million is on top of that 1.87.
Carlos Vazquez: That number includes the $50 million.
Ignacio Alvarez: Yes, definitely incorporated within it.
Kelly Motta: Okay. Excellent. Thank you so much. Maybe last one for me. I appreciate the time it is on capital. I know you reiterated that you plan to revisit your capital plans in the second half of this year. Wondering if that kind of your decision to do that is there’s a certain level of TCE where you would feel comfortable stepping back in. Is there any sort of parameters around that you’d be willing to share? And — that’s part one. And then part two of the question is, by second half of the year? Do you think maybe by sometime in July, given the accretion back on AOCI, is that kind of the timing we’re looking at here?
Carlos Vazquez: Yes. So I answer both questions. There is no TCE target that would trigger us to do something or not do something. What — I think, if anything, what will be more important on how we think about this is, again, getting a more clear consensus of what’s happening with the economy and what’s going to happen with interest rates moving forward. So I think those two components are probably more important. There’s — again, there’s no magic number of TCE that will get us there. As Ignacio said last quarter, our best guess is that we will get that clarity we are looking for in the summer, and that’s where our comment comes from the second half of the year. But if that clarity comes in May, then we’re a couple of months ahead.
If that clarity comes in September, we may be a couple of months behind. But no specific target, the outlook and there being consensus outlook on the economy and interest rates are probably the two most important inputs into the timing of our revisiting of the capital plan. Again, these overall view of capital is unchanged. We are only slightly adjusting the timing here and when we execute, not our intent of what we like to do.
Kelly Motta: Great. I appreciate. That’s all the color .
Carlos Vazquez: Thank you.
Operator: Thank you. The next question today comes from the line of Gerard Cassidy from RBC. Please go ahead. Your line is now open.
Gerard Cassidy: Hey Ignacio, hey Carlos.
Carlos Vazquez: Good morning.
Ignacio Alvarez: Good morning. Happy New Year.
