Nitin Mhatre: Greg?
Greg Lindenmuth: Sure. Yes, our overall outlook for the portfolio is still consistent with what we’ve seen in the past. Obviously, we’re familiar with what other banks are going through and some of the risks in the industry. But the portfolio performance still remains solid, and we will continue to look at opportunities to revisit renewal opportunities and whether we decide to renew credits in the future or not. We think it’s a very good time as we experience some of the maturities over the next year or two to rebalance the portfolio.
Nitin Mhatre: And I would add that, Chris, that we’re also, as part of slowing down of some of the originations, we’ve also seen a decline in that portfolio, roughly 5% quarter-over-quarter. So,, the portfolio is performing well and it’s not growing at a fast pace. So, I think that kind of bodes well for asset quality for us in this environment.
Operator: Our next question comes from the line of Laurie Hunsicker of Seaport Research. Please go ahead.0
Laura Havener: I wanted to go back to your branches that you setter. The four branches were any of those in Boston? Or where were they located in Massachusetts?
Nitin Mhatre: Yes, they were not in Boston, two West and two East of the footprint.
Sean Gray: Laurie, really west of 495 in Massachusetts.
Laura Havener: Okay. Okay. And then as you think about your 96 branch footprint, if you were to look a year out, how do you see that? Is that 96 going to 90%? Is it 96 going to 80%? How do you think about that?
Nitin Mhatre: Yes. No, we can’t give a specific number, Laurie, but we — as we said in the earlier question as well, we constantly evaluate our branch footprint and our head of retail business and her team is constantly also looking at customer foot traffic and servicing patterns and where you could actually serve those clients better. We have channels like My Banker that are unique to us, whereby we go to the client as opposed to clients having to come to the branch. So I think all of that is baked into the equation. We do believe based on what we see that there is an opportunity for further consolidation. We just can’t spell out a specific number at this point.
Laura Havener: Okay. Okay. And then $2.6 million of onetime charges, what are the cost savings you’re getting with these closures? And was that any of that reflected in 3Q? And how much — how do you think about how much of that drops to the bottom line versus a franchise reinvestment?
David Rosato: Yes. Laurie, it’s David. There’s — it’s a modest number that drops to the bottom line on a go-forward basis. I think of these branch — some of these brand closures as cleanup, meaning they were — two of them were closed branches. So there was an operating near term or current period operating expenses. It was real estate cleanup and then two were operating branches. So, it’s a relatively modest number.
Laura Havener: Okay. Got it. And I know you’re hesitant to sort of talk about this going forward, but do you think we’re going to see more branch closures in the fourth quarter? Or you’re looking further out in terms of rationalizing expenses?
David Rosato: I think it’s yet to be determined but more likely to be into 2024 than fourth quarter.
Laura Havener: Got you. Got you. Okay. That’s helpful. Okay. And then going back to office here, it looks like you had a really nice drop linked quarter. You went from $523 million in the investor book down to $479 million. Was that a sale? Or was there a reclassification there? How should we think about what that was? I mean you didn’t really have any commercial real estate charge-offs to speak of in the quarter. So, I’m just trying to understand — I’m just trying to understand that movement.
