Barry Ray: Yeah, I think from an efficiency ratio, Brian, the challenge on the efficiency ratio is going to be the revenue side of the house on that. And so, managing the efficiency ratio is certainly going to be really a function of what’s happening on the revenue side. And so, I guess I’ll just say it’s going to be difficult to maintain the efficiency ratio until we start to see some relief on the rate side.
Brian Martin: Yes. And I guess I’m really trying to get at where you guys exit 2024, given the investments you’re making sound like they start — like Chip just outlined, start to kind of come together where you start seeing that pickup, even if it’s specialty side early and then treasury management later, as you kind of exit 2024 do you expect to be a fair amount lower than where you are today, even if we’re just kind of talking 4Q as opposed to the annual. I understand that the ramp up is going to occur and the dynamics play out, but is that how we should be thinking about it?
Charles Reeves: Hey, Brian, I think we have actually pretty darn good control in terms of our, what I’ll call, noninterest expense run rate today as well as the reinvestment and we will frankly overachieve in terms of our strategic plan of the 5% and that’s the 2.5% realitation. What is difficult to say to your answer to your question is, our efficiency ratio itself will likely be more driven by the overall interest rate environment as we move through 2024. So I think that’s the hesitancy for us to truly answer that question. If rates come down by 150 basis points, our efficiency ratio will be better than it is today. If we’re at exactly the same rate in fourth quarter of 2024 as we are today, that efficiency ratio will probably be about the same, maybe even a tick higher.
Brian Martin: Got you. Okay. Well, that’s helpful. I appreciate the color on that. I know it’s difficult. Just trying to think about it and kind of put some thoughts together. And just the last one for me was just on the margin. Maybe just Barry, if you can just give us what the spot margin was for September? I’m just curious, the other item was, how many — how much in the way of fixed rate loans you guys have repricing over the next 12 months? Just how to think about that impact of the flow through margin.
Barry Ray: Yeah, Brian, the September net interest margin was 2.31% — 2.31% compared to 2.35% for the quarter.
Brian Martin: Okay. And any thought on just [Multiple Speakers] I’ll follow up offline?
Len Devaisher: While Barry following up on that, Brian, just a little color on that, too. I highlighted it. This is Len. I highlighted it in my comments about our coupon on origination. I’d also point out on the renewal side, that’s been nice for us. So average in 2023 in the commercial book, our average month is about $50 million of renewal. And in September, that weighted average was 8.33%. So it gives you a bit of a flavor of just what we’re seeing that way on the renewal side of the house.
Charles Reeves: Okay. And Brian, we have about, so about 60% of our — about 60% of our loan portfolio is fixed. And so about $2.5 million and maybe 10% of that is in the next — over the three-year period, more than that, 8.33% of it over a three-year period, maybe a third of it.
Brian Martin: Okay, perfect. Okay, I appreciate you guys taking the questions. Thank you.
