Anthony Chalfant: Yes, Andrew, the syndicated credits, SNCs is $75 million in outstandings at quarter end, which is about 1.75% of total loans. So it’s a fairly small portfolio that we play in a pretty small portion of that space. Those deals that are higher rated and lower levered is really where we really focus our efforts.
Andrew Terrell: Okay. Great. Thank you guys for taking the questions.
Donald Hinson: Andrew, real quick, just a follow-up. I did look up the originator or the new CD rates for Q3 and it was around $450 million.
Andrew Terrell: $450 million. Got it. Okay. Thank you.
Jeffrey Deuel: Brika, do we have any other call, any other questions?
Operator: We now have Kelly Motta from KBW on the line.
Jeffrey Deuel: Sure. Thank you. Hi Kelly.
Kelly Motta: Hi, good morning. Most of my questions have been asked and answered at this stage. But maybe if we could go back to office. Can you remind us how much of that portfolio reprices or comes up for renewal over the next year or two?
Jeffrey Deuel: Tony, I think you have some good data on that, with regard to…
Anthony Chalfant: I do. Yes. I mean I don’t have it over the next year, but of that, Kelly, of that portfolio, that’s about $563 million, which includes owner and nonowner occupied. If I look at the amount of that, it’s actually over the next three years is what I haven’t done, may have something a little more specific. But I’ve got about a little over $70 million of that portfolio. So over a three-year period, we feel like that’s a pretty low amount of maturing loans. Now that doesn’t include some repricing that might be in there, too. So…
Kelly Motta: Got it. That’s really helpful, Tony. And then, in your prepared remarks, I think one area that you’re sort of looking at is expense control. Just wondering how you’re balancing that with what you’re viewing as opportunities to benefit from the dislocation in your markets and the ability to add teams. Like, how would you kind of stack rank those priorities as we sit here at this stage of the cycle?
Jeffrey Deuel: Well, Kelly, I think it’s that time of year where all of us are starting to plan for the new year. And we’ve said many times in the past that expenses is just one thing that we can control. We’re always watching expenses, particularly comp and benefits for one, because it’s one of our biggest categories. We’ll continue to focus on that as we plan for ’24. I think there’s pockets with inside the organization that we can spend some time on that’s in our control. Don referenced maybe looking at contracts, whether it’s renewing, renegotiating or maybe releasing them all together is one thing we can do. But there is an underlying belief on the part of the leadership and the Board, who are in full support of this line of thinking that first choice when it comes to acquiring would be teams in our footprint.
And we’ve done that many times. While we’re really focused on maintaining or controlling our expenses as they stand today. I don’t think that, that would stop us from pursuing the right teams in the right locations that they presented themselves. We are also very well aware of how much of an impact the two team projects that we just brought on over the last 18 months has had on our expense base, but we can kind of carve that out and show how that’s impacting us. For example, we’ve kind of gone through the exercise of saying, okay, assuming that these teams that we brought on are fully functioning today as opposed to as we model three years out, that’s about four points on our efficiency ratio, which gives us a little bit of relief as we as we monitor our metrics.
