Brett Rabatin : Okay. And then wanted to talk about auto for a second. I was a little surprised. I thought we would see a little bit of normalization this year as it relates to gross auto charge-offs, and you obviously had a recovery that made the net really light this quarter. But was just curious what you were seeing with the consumer, their ability to absorb inflation. And just any thoughts on where auto from a credit perspective might go from here.
Jose Rafael Fernandez: So Brett, first, we are equally surprised with the strength of the auto loan growth. We’re also equally surprised with the continuing strong auto purchase demand, new sales. Auto sales are still at very high levels. We’re seeing dealers with higher levels of inventory, so maybe that’s the starting point of a slowdown in terms of new auto sales. But in general, I think it’s a couple of things. One is we are coming from an environment, where clients or customers who are not changing their cars too often. And they kind of push that decision for a later time. And as their economic situation has improved and we’ve seen definitely their liquidity levels and their FICO scores have all increased and improved. So they feel more confident and they’re going out there and doing — making those big ticket purchases.
So we’re really focusing on our auto portfolio. It’s really high FICO score, 720-plus. We continue to increase the loan yields. Now we’re booking loans or loans that are being booked in this quarter average, I think, around 9.5%. So again, that Maritza mentioned it earlier, it’s helping us on our net interest margin. It also is giving us the ability to get a higher FICO customer for us to do business in other areas with the bank. So actually, I call it a good problem to have.
Brett Rabatin : Okay, that’s helpful. And then if you mentioned it, I missed it, but I know you bought back over 0.5 million shares this quarter. Obviously, you still have a high level of capital. Any thought on the buyback activity in the back half of the year?
Jose Rafael Fernandez: So with these loan growth levels that we’re having, that’s what we — that’s our main priority, how do we deploy our capital for our customers and for the communities we serve. And now with higher yields, we certainly have a higher return on our capital. But we look at the dividends also and we look at the repurchase program. We still have $19 million left. So we’ll kind of continue to be in the market. And as we’ve done this quarter and in the first quarter, we feel that the levels of capital that we have of around 14% CET1 and the way we’re generating earnings, we’re retaining earnings at a pretty good clip, it gives us confidence. So we’re looking at the three areas, loan growth, dividends and repurchase program as well.
Brett Rabatin : Okay. Great, thanks. Appreciate the color.
Jose Rafael Fernandez: Thank you for your questions. Yeah, thank you for your questions, Brett.
Operator: Thank you. Our next question will come from Alex Twerdahl with Piper Sandler. Your line is open.
Alex Twerdahl : Hey, good morning.
Maritza Arizmendi: Good morning.
Jose Rafael Fernandez: Good morning, Alex.
Alex Twerdahl : First off, Jose, I was hoping you can just give us an update on what you’re seeing in terms of deposit pressure trends in the island. I know you still have some inflows of public fund deposits that offset some outflow in retail, and presumably, there’s a lot of seasonality around that. But maybe you can just give us a little bit more color on sort of the competitive environment and if there’s been any change in customer mentality over the last couple of months with respect to what they need on their deposits.
