Bob Derrick: Yeah. Thanks for the question, Manan. This is, Bob, again. Overall, we do commercial client survey and I will point to that first. And we have been doing that for several quarters now and that survey gives us a lot of good data points. And what it’s generally telling us is that our clients are starting to feel marginally worse about the future expectations of their business but not materially. So it’s in keeping with this inflation rate being higher and keeping with their cost and input costs being higher longer and some potential pressure on the revenue line. But so we certainly are tracking that. That matches up with what Cal and his team are doing with our cash inflows and outflow analysis and that algorithm.
So we have got a lot of data points, generally speaking. We think there is some pressure, particularly on smaller businesses as they just don’t have the access to capital that a larger credit would. As it relates to middle market, I mean, certainly, it depends certainly on the industry and the effects of COVID or the longer term effects of what COVID may have on those industries. But, overall, it’s just general margin pressure that we continue to see in a slightly worsening environment, that we expect to kind of continue as long as we stay at these levels. That’s what our surveys are telling us, that’s what our analytics are telling us, and anecdotally, that’s what our discussions with our clients are telling us.
Kevin Blair: And Bob just to add to that, when you talk with clients, I mean, it obviously had an impact on pipelines going into this year were down. But we have seen a stabilization of pipeline, so it feels like the reduction in demand that we saw in the fourth — first quarter has stabilized. And you think about some of our clients who have been able to pass on that higher cost on to their clients and that’s what we have seen through much of the cycle. The challenge that comes to Bob’s point is when you have increased input costs and you no longer can pass that price increase on to your clients and given where inflation has been and given the consumer and the health of the consumer, I think, we are getting to a point where it becomes harder and harder to pass it on.
And so I think that leads to lower demand, but ultimately, it leads as Bob said, the lower margins. But in general, if you look at it kind of through the cycle, many of these small businesses and commercial clients still look very healthy as it relates to their historical returns.
Manan Gosalia: Got it. And then separately, I know you don’t fall in the category of banks that regulators are most focused on for new regulation. But I am assuming that the supervision process will get guided for of all asset sizes. So I noted your loan sale this quarter and your comments that you want to keep accreting capital at least for the near-term. But, in terms of the overall balance sheet and capital and liquidity, are you doing anything else to prepare for the tighter regulatory environment?
