Harris Simmons: Also, I mean, the cost of interest-bearing deposits was 2.22% during the quarter. If you exclude the broker deposits, it was 1.62%. So, I mean to your point, to the extent we bring additional customer money back on, I mean, it’s — what we’re bringing back on is certainly costing more at the margin than the average. But there’s additional room to bring that down a little bit.
Steven Alexopoulos: Okay. Thanks for taking my questions.
Scott McLean: Thanks, Steven.
Operator: Thank you. Our next question comes from Chris McGratty with KBW. Please proceed with your question.
Nick Moutafakis: Hi, this is actually Nick Moutafakis on for Chris. Just going back to the — on interest-bearing deposit costs, could you guys remind us of your total IBD beta assumptions?
Paul Burdiss: I think you’re asking about the assumptions that we use in our interest rate risk modeling. Is that correct?
Nick Moutafakis: Correct. Yes.
Paul Burdiss: Yes. So, if I could point you back to the page — I don’t have the page in front of me, but we have a page in the slide deck around interest rate risk specifically and around the modeled outcome. I’ll note again that we’ve got two sets of bars there. The second set of bars is what we’re calling the sort of adjusted assumptions, because what we’ve observed is deposit betas, which have exceeded expectations based on our models for a lot of reasons. It’s on Page 15 of the slide deck. So, I think the most important — as you’re thinking about sort of looking ahead, I think the most important measures to consider are the betas that we’ve realized since the beginning of 2022. And then, considering that our net interest income outlook is incorporating the sort of the most current view on beta, which is effectively very close to the beta that we’ve realized since the beginning of 2022.
Nick Moutafakis: So, if I look at the standard versus adjusted on that Slide 15 there, it’s really just increased beta is the only — is also dynamic mix shift like further shift from noninterest to interest-bearing, or it’s really just a higher beta?
Paul Burdiss: Yes, incorporated in — when I say beta, incorporated in our beta, that’s not only the rate of change in interest-bearing deposits, but incorporated in there is some shift from noninterest-bearing — I’m sorry — yes, from noninterest-bearing deposits to interest-bearing deposits. So it’s a combination of mix shift and sort of repricing speed.
Nick Moutafakis: Okay. And then, maybe just paydowns coming off the securities book just quarterly. If you could help me out with that? I don’t know if it’s in the slide deck or not here.
Paul Burdiss: Well, I said in the script — it is actually in the slide deck. And I said in script, the paydowns were just over — the net paydowns were just over $900 million in the current quarter, any range kind of between $750 million and $1 billion over the course of several quarters.
Nick Moutafakis: Great. Thanks.
Paul Burdiss: Okay. Thank you.
Operator: Thank you. There are no further questions at this time. I would like to turn the floor back over to Shannon for closing comments.
Shannon Drage: Thank you, Alicia, and thank you to all for joining us today. If you have additional questions, please contact us at the e-mail or phone number listed on our website We look forward to connecting with you throughout the coming months. Thank you for your interest in Zions Bancorporation. This concludes our call.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
