Jon Arfstrom: Okay. And then one more for you, Ken, kind of a fun question, but it’s been a hell of a four months and you guys have managed through it well, given the hand you had. But do you feel like there’s been any permanent damage done to your franchise, I know you mentioned Bridge and I think the different brands help. But do you think — there is a pressure faded and it’s going to be a distant memory and you are back to normal or do you think there’s been some damage done?
Ken Vecchione: So I don’t think there’s any permanent damage done, but I think there was disruptions the word I would continue to use. It took us off of our trajectory of growth. We had to rely on wholesale funding for a shorter period of time. That’s why you are hearing all the answers about the rise in NIM, because we are going to swap out of these borrowings and bring in more deposits. This was also something that believe it or not in Q3 — on the Q3 earnings call of 2022, we had — I want to say, anticipated that the world was going to change a little bit. We didn’t anticipate what was going to happen on March 9th, but we started to move into a slower loan growth, higher liquid growth with greater capital and that’s sort of the model that we are using and we are moving forward.
I think if there was any damage done, it was done a little bit, as I said, in the deposit pipeline in some of our businesses that are still relatively new, relative to the other businesses in the company and that gave people pause, because they hadn’t — they weren’t with us for a long period of time. But we are rebuilding those public deposit pipelines and that’s giving me some optimism through the $2 billion guide for Q3 and the deposit guidance going forward I think.
Dale Gibbons: And Jon, it’s actually there is a little bit of a silver lining on some of this and that is, it is really not our attention and made us focus on our business model and we have honed it. So to the degree that we were doing some syndicated deals, we were doing some writing credit, we just have a deposit relationship, it’s much more reciprocal today. On our EFR case, for example, we started by making $100 million commitments in $1 billion syndication line. Well, we are not doing that. We don’t — we think — we never got the liquidity from the clients in that situation. But instead, what we do is we do bilateral transactions that are better priced and it’s a closer relationship that we have with them, and of course, we get their funding as well.
We have also taken a little bit of a different tack. We want to do this again and so what we have done is, we have taken our insured deposit levels to about the highest in the nation. We are moving our capital. I want to spin it around so that when somebody is looking at, who can we attack when the next situation might arise, Western Alliance isn’t anywhere near on that list, because we are a stalwart for capital strength, liquidity and performance.
Jon Arfstrom: Okay. Very helpful. Thank you.
Ken Vecchione: Thanks, Jon.
Operator: Thank you. Next question will be from the line of Brody Preston with UBS. Your line is now open.
