Stephen Scouten: Got it, makes sense. And then Chuck, I like the NIM comment. I mean, definitely the M&A commentary for ‘24. I hope you’re right. I’m curious what that looks like in your mind. I know it’s hard to say, hard to know what opportunities might present themselves, but would you expect to look at larger banks at this point in time, or would you continue to take advantage of some of the maybe $500 million to $1.5 billion kind of banks that you guys have kind of feasted on the past few years?
Chuck Shaffer: Yes, I mean, I’ll talk kind of high level, but we continue to be very focused on the same strategy we’ve executed before. We’re focused on Florida only. We’re focused on smaller transactions in Florida. That’s primarily what the opportunity is,$ 500 million to a banished type banks are what’s available to us in the state. We’ll continue to focus there; M&A is tough right now. The math is challenging. We don’t have much of an appetite for dilution right now. And so it’s difficult to get a deal done in the current environment, but I think on the back half of next year is, we continue to see the cycle mature. The struggles around generating earnings will drive sellers to become more reasonable on pricing and we’ll probably start to see some deals, come to market.
It’s just going to take time. Just like anything we’re seeing sort of the market bid-ask spread, has to come together. I think it’ll take sort of maturing of this period to get there, but is that happens? I think, obviously, seller prices come down. That allows deals to happen and, the sellers will get liquidity in their investments, but it’ll take a little time. I also think, the industry, obviously we’ve seen margin compression across the entire banking industry and the best way to solve a lot of the earnings challenges is consolidating expense basis. And so I think that all the natural drivers to drive the industry there will be there. It’s just when and what time does that actually happen.
Stephen Scouten: Yes, makes a lot of sense. Okay. And then just last thing for me, any thoughts around like any source security, restructuring, or would there be, that’s something you guys would consider at this point in time?
Michael Young: See, I’d just say, consistent commentary there. We continue to evaluate. And if the earn back on that is strong relative to our other capital deployment opportunities, then that would be something we would look to engage in. I think, to date, where it has been enacted by some other banks, I think it’s just, it’s a little too much of a yield curve bet that was made, right? To shorten up on their securities books, how long and reinvest short. And we don’t, we want to lock out kind of the earn back. If we make a move like that, so we’re certain of the earn back execution and timeline of the ROI that we would get.
Operator: Our next question comes from the line of Brady Gailey.
Brady Gailey: Hey, thanks. Good morning, guys. So M&A is not a near term opportunity. I know you guys have been, pretty successful in hiring bankers to come join the Seacoast team. But, at the same time, you just did a workforce production and the efficiency ratio is running a little higher than it normally is for you guys. So how do you think about hiring in this environment? Is that something that you’ll continue to pursue or is that, on pause at this point?
