Larry Helling: No, what I would say is almost none. These are continued, I believe to be the highest quality loan assets we have on our books. We have no past dues, we have no – none of the LIHTC ones that are criticized or classified. We have got none of them with issues with stabilization because the demand for affordable housing is so great. And so over the last 30 years, this has been a very steady performer from an asset quality standpoint. And just a reminder, we are low to loan values with lapse of capital into these deals depending on whether taxable, or tax exempt. There are two different structures, but there is a lot of cash in these, and a lot of strong underpinnings that have made these very stable from a credit standpoint.
Daniel Tamayo: Great. That’s all I had. Thanks for answering my questions.
Larry Helling: Thank you.
Operator: And our next question today comes from Jeff Rulis from D.A. Davidson. Please go ahead.
Unidentified Analyst: Hi, good morning.
Larry Helling: Good morning.
Unidentified Analyst: This is Matt on for Jeff. Just a question, apologies if I missed it. But what’s the appetite for LIHTC securitization in 2024? And then I guess just indirectly also asking for total loan growth expectations in 2024.
Larry Helling: So yes, let me talk about the securitization a little bit more broadly. Again, we have historically kind of grown our loan portfolio with a 10% clip over a long period of time. And if you cut it down to a simple methodology, what we are probably going to do is manage our loan book to maybe more of a 5% growth using the securitization. We think that will provide better operating results over time now that we have got the book built. And so we will plan to do several securitizations during next year, we will probably get more guidance on that after our fourth quarter call. We are going to learn a lot as we get these first two tranches and securitizations done here in the next few weeks. And so that will give us some clarity on our – and allow us to give you a better strategy as we go forward. So, loan growth, we expect to still be meaningful next year, but we are going to take the top off at using the securitization.
Unidentified Analyst: Got it. That’s great color. Thank you. And then just kind of hopping over to the capital side here, capital seems healthier than peers if you look at regulatory or TCE given the lack of AOCI headwind. Just wanted to get a sense of where the buyback sits on your capital priority.
Larry Helling: Yes, in the near-term, given the uncertainty that’s going on in the world, and the economic climate, we are going to be very cautious on buyback for the next quarter or two quarters, until we have some clarity on interest rates, and probably on the economic environment. And we are going to probably hold onto Capital One, focus on building TCE. We certainly have plenty of regulatory capital and don’t feel any pressure there. But it just seems like it’s prudent right now and to hold onto capital and then ultimately, once we kind of get our TCE probably to the top quartile of the peer group. And we are not that far from it, sometime during next year, we would likely look at being more aggressive on buybacks.
Unidentified Analyst: Got it. That’s all I had. Thanks for taking the questions and congrats on the quarter.
Larry Helling: Thank you.
Operator: Thank you. Ladies and gentlemen, this concludes your question-and-answer session. I would like to turn the conference back over to the management team for any closing remarks.
Larry Helling: I would like to thank all of you for joining our call today. And we appreciate your interest in our company. We look forward to talking to you again soon.
Operator: Thank you. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day.
