Charles Christmas: Well, we’re always thinking about both sides of the interest rate spectrum and certainly it’s likely over time, especially that rates will be going down before they go up much more, maybe another increase here soon. But likely they’ll be going down. So we’re always managing our balance sheet to the degree that we can make any change in interest rates to make that — minimize the negative impact or this could be negative impacts. So clearly, I think where you’re going is, we got the benefit of rates going up because of the structure of our balance sheet. What happens if rates go down? Clearly there’s a question there of magnitude. Rates going up 525 basis points, obviously very substantial. Don’t see a decline of any of that degree on the horizon, obviously it could happen.
But we think that in general, as rates go down assuming at some point they will, we feel pretty good about our position. We would see some negative impact to our net interest margin if you look at our simulations. But there are definitely some things that we can do and obviously would react if we did start seeing interest rates go down. As far as hedges, we look at those from time to time for sure. The one thing that we see with hedges is that they’re incredibly pricey, because of the volatility in the market. So with that volatility priced in into the cost of hedging products, it’s very, very expensive to do. And, given where we are with the structure of our balance sheet, our expectations on rates and the impact that a lower rate environment would have, we have so far felt comfortable not putting hedges on our balance sheet, but clearly continue to manage the balance sheet with the idea and the expectation that at some point rates will go down.
Damon DelMonte: That’s helpful, thank you. And then with respect to the kind of the outlook for provision, I mean, credit continues to be extremely strong. It sounds like this quarter’s uptick in NPLs is clearly a one-off for you guys. If we kind of look at the specific reserve that went into that credit, and we kind of back that out of the provision level, is that a reasonable run rate to expect kind of over the upcoming quarters?
Charles Christmas: Yes, I think given, we think our growth going forward will be similar to what it has been in the recent past. Obviously like you said, the assumption of no further large specific reserves that — yes, I think that would be a good run rate going forward, all things being equal.
Damon DelMonte: Okay, great. And then just lastly. Any updated thoughts on capital management with regards to the buyback? Capital levels remain strong and you still have 6 and change, 6.8 million left on the current buyback. And kind of given where shares are trading now, what are your thoughts on getting back into the buyback game?
Robert Kaminski: Damon. Yes, that’s certainly something that we have at our disposal. We’ve engaged in it not in the last year and a half certainly, but it’s something that’s out there, especially at the stock price where it currently is sitting at. But we continue to evaluate that question in terms of our overall capital management and what we need for growth and lots of other potential uses of the capital. So it’s something that we’ll certainly consider. Hopefully, the stock price will continue to go in the right direction. So it’ll be a move point. But it is certainly a tool in our toolbox.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Bob Kaminski for any closing remarks.
Robert Kaminski: Yes. Thanks, Betsy. And thank you all for your interest in our company. We look forward to speaking with you next at the end of the fourth quarter in January. This call has now ended. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
