Of course, not certain of how easy it will be able to raise capital next year, what have you if the macroeconomic conditions don’t improve. We also don’t think it’s a bad thing to have higher levels of capital in this current market. But I would say, once again, as we did last time, the Board takes into account all factors, market conditions, and if it is deemed the best option, yes, we would consider another buyback.
Javvis Jacobson: And Andrew, as far as the capital ratio, total TCE, what we’ve talked about in the past really hasn’t changed somewhere in the mid to upper teens level for our business model feels right to us.
Andrew Terrell: Got it. Okay. I appreciate it. And then, Javvis, on the expense side, it looks like if I pull the SBA servicing asset impairment aside, it looks like what I would deem kind of core expenses actually ticked down to maybe like a high $9 million range this quarter. Can you just talk about expectation on the operating expense side heading into the fourth quarter? And then just more broadly, how we should think about the cadence of expense growth into 2024, just given some of the reinvestments you guys are doing or making into the franchise? And just maybe netting that together with like the efficiency ratio. It’s low 50% right now, would you expect it to creep up from here? Or do you think you can maintain in the low 50s territory?
Javvis Jacobson: Yes, Andrew, I think maybe the best place to start is just on the professional services line. You can see we’ve really come down quite a bit on that line of non-interest expense. This is primarily due, as we mentioned in the prepared remarks, the lack of consulting fees that we talked about a couple of quarters ago, would be coming off by the end of the second quarter. That was what we were expecting. So growth-wise, from here we believe that we’re going to continue to build our infrastructure as we’ve talked about, the pace probably similar to what you’ve been seeing between the first, second and third quarter in the history as long as the conditions remain similar, we’ll likely see that level of continued expense growth.
As far as the efficiency ratio, I think you gave pretty good goalposts on the efficiency ratio. We expect to see better efficiency than generally seen in the market. But until we can start having the revenue come in from these new projects and endeavors then, you’re going to see some pressure on the efficiency ratio.
Andrew Terrell: Okay. So maybe thinking about it near-term, just modest lift in efficiency from here as you reinvest and then maybe we can step back and reassess as we start talking more about revenue from some of the initiatives?
Javvis Jacobson: That’s right.
Andrew Terrell: Okay. Great. Well, I appreciate all the time this afternoon.
Kent Landvatter: No problem. Thanks, Andrew.
Operator: That will conclude the question-and-answer session. I would like to turn it back over to Kent for closing comments.
Kent Landvatter: Yes. Thank you. And we appreciate everyone joining the call today. It’s been a good quarter. We’re very excited still about the initiatives that we’re launching, we feel we’re on track. We’ve got a great team. And so we really appreciate the support of our investors and look for good things to come.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time and thank you for your participation.
