Stephen Young: Yes. Sure, Kevin. I mean it’s certainly something that we’ve talked about and you want to always want to keep our options open because, as you know, things change, yield curve levels change, shape to the yield curves change. I think the way we think about it is we’re really balancing kind of three things: Capital, earnings and liquidity. So as we think about NIM potentially stabilizing here, you’ll probably see less of a need to do that. But at the same time, if the yield curve changed and moved down and there was an opportunity, we might want to do it. So I guess, that’s really a non-answer, but I think we always look at it, but there’s nothing burning that makes us want to do it but at the same time, there could be an opportunity at some point if the yield fiddles [Ph] out.
Kevin Fitzsimmons: Okay, thanks very much guys.
Operator: Your next question is from the line of Michael Rose with Raymond James. Your line is open.
Michael Rose: Hey good morning everyone. Thanks for taking my questions. Hey Steve, I just wanted to confirm that the margin guide that you gave includes purchase accounting accretion? Or is that on a core basis? Just trying to clarify.
Stephen Young: Yes, it includes all of the above purchase accounting accretion continues to move down. You saw it move down a few million this quarter. I think and we expect that to kind of continue to move down through 2024. So it really becomes less of a story when you’re having several — $300 million worth of NIM. So I think yes, all that includes everything.
Michael Rose: Great. And just wanted to circle back to loan growth. One slide that really sticks out to me is Slide 5, where you have kind of the GDP of the footprint being in line with Japan and above Germany. Why is there not — why are you guys not — given your footprint, why is growth not stronger? I know you said it try to decelerate some of that’s just the fund up of some of the construction stuff that was on the books that’s waning. Is it more of a measured approach from you all? Or is it just — the market is really — your markets are slowing down and there’s just not as many opportunities? Thanks.
John Corbett: Yes. I think, Michael, it’s a measured approach from our bankers and it’s a measured approach from our clients. Our C&I clients there’s still good business in the marketplace, but as they think about making large strategic decisions and they’re thinking about the implications of an inverted yield curve and the potential recession in 2024, they’re just being more cautious. And then you go back to CRE and clearly, with the interest rate environment like it is, a lot of these deals don’t pencil out for us as underwriters. They don’t pencil out for the developers. It requires them to put 45%, 50% cash in the deals. So that activity is slowing down. And that’s what the Fed is designed. I think that’s what the Fed wants to happen.
So we don’t want to fight the Fed here from a growth standpoint. But I would tell you as I think about different regions of the country about the amount of opportunities for loan growth that we’re going to see in the next couple of years, I think we’ll be at a faster pace than other areas of the country. And I think when it comes to potential recessionary risk it’s going to be a lot less in the Southeast.
Michael Rose: Great. That’s good color, John. I appreciate it. And maybe just one final one for me. You guys are trading around 1 8 of [indiscernible]. I know you talked about maybe some buybacks that we have seen two kind of larger deals this week. I mean what’s the outlook for M&A here, just given that you have a stronger currency. And if you were to look at something I mean is there a preferred size range? Would you consider an MOE? I mean I think there’s going to be a lot of interesting things that happen, but we just love your overall thoughts on how you view M&A at this point? Thanks.
