Alex Twerdahl: Yes. My calculation was adjusted for the 400,000 on the notes. So I guess, I think you said some moderation potentially expected early in 2024, I mean, when I guess when and where do you think the NIM could wind up bottoming?
John Connerton: Well, I mean, as I suggested in my comments, it’s going to depend on competitive pressure. We did see it kind of competitive pressure moderate to some degree at the end of second quarter, the beginning of the third quarter. But based on the environment that we were in, in the long end, pulling up in the response that the competition did, that was not expected. So we had a little bit more compression than we thought. We expected 20 basis points, we came in around 23. And the beginning of fourth quarter here is, again, probably unexpected, but we would still stick with that moderation in the late second quarter, first, second quarter of next year, based on current run rates and the current environment that we’re in.
Alex Twerdahl: Okay. Have you guys been considering doing any restructuring in the securities portfolio or adding on any swaps, you’ve seen some of your competitors do that kind of stuff recently, that’s been received well by the market. I’m just curious if you have any appetite for some products that could potentially help that NIM reverse sooner.
John Connerton: So we’re always looking at our balance sheet and the asset liability management of that, and we’re open to — we’re continually looking at it, we’re also balancing, any type of capital levels that we have, and putting those things all together. So, yes, the answer is yes. We’re always looking at those things. Nothing planned immediately.
Alex Twerdahl: Got it. And then can you just go through the credit metrics again? And it seems like you guys reverse some non-interest income or some interest income as a result of a credit deteriorating what that was, didn’t look like it hit the NPL number, the charge off number, so just help us figure out exactly what’s going on underneath the surface.
John Connerton: Sure. We talked about that last quarter, Alex. That was one of our credits that had gone, it was in non-performing, but it was 90 days and still accruing. As David’s comment suggested they’re depending on government rate reimbursement. Typically, those can go long, this has gone unexpectedly long, we still think that that credit is secured well, and it’s going to come back around. It’s just it was too long from a time perspective. So we did put it into non-accrual. And we had to unwind that that accrued interest that was sitting in our receivable account, but it was already adjusted for in our non-performing because it was 90 plus at the end of last quarter. So you wouldn’t have seen any increases. And it’s well secured. So we haven’t really needed to reserve any more and we haven’t charged anything off.
Alex Twerdahl: Okay.
John Connerton: If that makes sense to you?
Alex Twerdahl: Yes. That is helpful. I think that’s all I have for right now. Thanks for taking my questions.
Operator: [Operator Instructions] Our next question comes on the line of Chris O’Connell with KBW. Please proceed with your question.
Chris O’Connell: Hey, good afternoon. Just following up on the NIM commentary, you mentioned a little bit more pressure at the start of the fourth quarter. Did you guys have what the spot margin was for September?
John Connerton: I don’t know that off the top of my head, Chris. I apologize.
Chris O’Connell: Okay. And then, in terms of the restructuring and that question regarding NIM improvement and things of that nature. There you see a few peer insurance sale transactions in joint restructurings in the market for the past quarter or two, is that something that you have considered at all and just any color on your thoughts there?
