“Our game plan, I guess, is that we're going to continue to work on shortening the duration of the AFS portfolio.”

In context

“for the full year this year? Terry Dolan: Yes. John McDonald: Okay. Thank you. Operator: And we can go to Chris Kotowski with Oppenheimer. Please go ahead. Chris Kotowski: Yes. I think last quarter you shared that the average duration of your securities portfolio went down from like 4.3 to 3.8 years or something like that. And I wonder if you could give us the similar trend in the second quarter and the outlook for the balance of the year and just your philosophy in general about reinvesting maturities. Is that kind of going into cash or are you kind of maintaining the duration that you have? Terry Dolan: Yes. The duration that we had talked about with respect to the AFS portfolio was 3.8 years and has continued to come down a little bit, not measurably, but down a little bit from there. Our game plan, I guess, is that we're going to continue to work on shortening the duration of the AFS portfolio. Again, it kind of helps us de-risk that, meaning we'll keep more in short term sort of securities, whether it's that or cash, but it'll be kind of a combination. Chris Kotowski: And on the HTM portfolio, is there a similar kind of move to shorten duration, or are you comfortable where it is? Terry Dolan: Yes. Well, with respect to the HTM portfolio, that's just kind of going to run down over time or burn down over time. We're not adding to the HTM portfolio at this particular point. Chris Kotowski: Okay. All right, great. Thank you. Operator: And we'll move to Vivek Juneja with JPMorgan. Please go ahead. Vivek Juneja: Sorry, it’s sort of repetitive given the multiple calls. So, I guess a couple of things. On merchant processing, any color on why up only 2% year-on-year in terms of fees? I”