Dale Gibbons: Well, I mean, the fixed rate book is predominantly residential real estate and prepayment rates on those loans are quite low. So at some point in time, I mean, I think, probably, rates have to come down a little bit before those are really going to start to accelerate. So, aside from that, I don’t know that there’s a whole lot of repricing opportunity of the loan book. I think the securities book probably has more of where we have got to, as I mentioned, $1.2 billion for the back half of this year and another $1 billion next year. We have — within the loan book, we have got another $1 billion that we can — that is going to kind of roll in. So I really think that the margin improvement and a big driver of the PPNR improvement is really coming from swapping slower cost and funding sources compared to some of the elements that we have supporting us today.
Ebrahim Poonawala: Understood. Thank you.
Operator: Thank you. The next question will be from the line of Jon Arfstrom with RBC. Your line is now open.
Jon Arfstrom: Hey. Thanks. Few questions for you. Tim, that slide 17, the asset quality slide. You guys talked about being proactive. What do you think those lines look like in Q3 and Q4? Should we be prepared for those to go higher or do you think that this proactiveness is going to keep those relatively flat?
Tim Bruckner: Yeah. As a — thanks. That’s a good understandable questions. I think relatively flat and I think that, because that’s been our experience with this approach and other cycles. We barring severe changes and we are already contemplating a tougher economy going forward. We have elevated the situations. We know them by name. We are not dealing with a large portfolio here in the absolute. We called those out and discuss it monthly. We don’t wait until a quarter and see the changes. So I feel comfortable saying relatively flat.
Ken Vecchione: Jon, this is Ken. We also completed our Q2 a very exhaustive and comprehensive review of CRE office. So we did a very, very deep dive into that. As mentioned, I mean, we are looking at this with the future or a recession, which may or may not take place, but that’s they have to do that.
Jon Arfstrom: Yeah. Okay. Yeah. That ties into my next question and I guess instead of poking and prodding and I will just ask it. You guys are seeing stable PPNR and then relatively stable provision based on Moody’s and then the S4 weighting that you referred to. You guys usually give EPS guidance, is this the trough on EPS. I am looking at the $8.15 consensus for 2024. It feels like a layup, given what you just put up, but am I missing something on that?
Dale Gibbons: Well, we are not ready to project on 2024. But, I mean, I think, the direction of what we have laid out for the third quarter and fourth quarter. I think we have good confidence in. We obviously hope that we can continue to execute in terms of bringing back lower cost funding and expanding our underwriting prospectively. I am not sure a recession is in the up. I think our expenses are — don’t have a lot of elevation coming in them either. So I am optimistic to what the future holds here.
Jon Arfstrom: Okay. So said another way, Dale, it feels like there’s at least stability going into Q3, assuming nothing changes materially from a credit point of view?
Dale Gibbons: Yeah. That’s a good assumption.
Ken Vecchione: Yeah.
