Feddie Strickland: Understood, that’s helpful. Thanks for the color on that Jerry. And just — switching gear from moment here. I appreciate the detail rate sensitivity on Slide 15 of the deck. I’m trying to understand that second circle chart is that saying 52% of all loans, repriced within a year, or that 52% of fixed rate loans, and the reason I asked is I’m just trying to understand both the dollar amount of the loan three pricing and the average picked up you could potentially see in spread as those loans are renewed kind of going into 2024.
Sharymar Calderon: Sorry. I am going back to the slide; so 52% — 47% over fixed or our fixed rate loan. One quick second.
Feddie Strickland: Sure. I’m talking about that second circle chart by repricing term.
Sharymar Calderon: Yes. So that’s 100% of the portfolio. A 100% of the portfolio will be repricing within less than one year. But 40% to 52% of the portfolio will be reflected within less than one year.
Feddie Strickland: Do you have the amount of the fixed portfolio that’s repricing over the next year? If you don’t, that’s fine. I can follow up later.
Sharymar Calderon: We will be able to provide lager [ph].
Feddie Strickland: Great. Thanks for taking my questions, guys.
Operator: My next question comes from the line of Matt Olney with Stephens.
Unidentified Analyst: Hey, good morning. This is Jordan [ph] on for Matt. I wanted to get a clarifying question on that NYC loan sale that’s going to be taking place today that I just wanted to get a question or about the additional loss if there is going to be any given at that fair value. Could just give any color on that that’d be great.
Jerry Plush: Yes. Look, our view was we took a mark in that on that, as well — as obviously quarter ended what we saw but I’ll let Sherry go ahead. I know it was in her comment.
Sharymar Calderon: Yes. So we did take evaluation adjustment as a point of transfer. This was prior to balance sheet of $5.6 million. In the actual sale that will take place later today, we do expect some loss on sale between $1.8 million to $2 million to be recorded.
Unidentified Analyst: Sorry. What was that number; $1.8 million?
Jerry Plush: Yes. It’s a non-recurring charge and we expect we have an offset you know in mind as well. So you know our view was local. This was a great move to reduce a the highest single point exposure we had left. I think it’s in a highly volatile segment, you know, of commercial real estate in New York. And our view was we need to move on this because just given market conditions there, it’s better to move on and not take the risk. Particularly I think there’s refinance risk that would come with some of these deals, not just necessarily this one all deals. And so our view is this was a very proactive move by us to get this done and over with.
Unidentified Analyst: Understood, thank you. And then maybe one more question, talked about that bully restructure and having a $2 million benefit. Then you also talked about the income kind of staying flat at the $50 million level. Is there anything that can be offsetting that $2 million benefit? Any line items that we should be aware of?
Sharymar Calderon: No. The benefit of $2 million, and we’re expecting out of their structure is moving forward fully 2024. We’re not capturing 100% of that benefited fourth quarter because there’s some steps so from an admin perspective that has to take place on the restructure; that’s why we’re providing guidance closer to the results of the $15 million we had in 3Q. But no additional offsets that we’re seeing over that. Q – Unidentified Analyst So the 2024 fee income is going to be a bit higher than the current $15 million level?
Sharymar Calderon: That’s the appreciation [ph]. Yes. Q – Unidentified Analyst Okay. Perfect. Thank you for taking my questions. I appreciate it.
Operator: That concludes today’s question-and-answer session. I’d like to turn the call back to Jerry Plush for closing remarks.
Jerry Plush: Thank you everyone for listening in on today’s call. We greatly appreciate your interest in Amerant. Again, thank you very much, and had a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
