Daniel Cardenas: Okay. And where does that put you guys in terms of your competitors, kind of middle of the pack, higher end of the pack?
Mark Kochvar: Let’s say maybe probably just above middle, overall. I mean, we have an active exception pricing program. So, we view that as a way to help build and enhance the relationship that we have with customers. So the rate on the sheet may not be exactly the rate that the customer gets, depending on what the relationship is and what the opportunity is.
Daniel Cardenas: And then what was your AOCI level at the end of the quarter?
Mark Kochvar: It did pick up by about — I think, about $15 million — over 100, around $100 million.
Daniel Cardenas: Okay. My other questions have been asked. I’ll step back.
Operator: Your next question comes from the line of Michael Perito of KBW.
Michael Perito: A lot has been asked or answered, but just a couple more things I wanted to clarify. Number one, just — I’m sure you guys are starting to think about next year and the budget for ‘24. And just curious, you’re probably not willing to get too specific, but just any high-level commentary around expenses and rate of investment. Obviously, it sounds like NIM pressure will persist into the early part of next year. So, does that impact the time line or any of your kind of scheduling around investments you were planning on making and just as we think about kind of the rate of expense growth in ‘24. Just curious if you guys have any kind of high-level commentary that would be helpful for us.
Mark Kochvar: Yes. I’ll address a couple of those. I mean the — on the expense side, we did have higher expense growth this year. A lot of that was labor market driven. It was very competitive, especially early in the year. We’ve seen that improve. And we’ve also added some people. So, we have a higher staff level going in. So, that is the big driver monitoring somewhat. We’re looking at expense growth more in the 3% range versus 6% this year. So, we would expect that to be down quite a bit. I don’t think it has had a big influence on the timing of things. So, we have imperatives and things that we want to work on, and those things are going to move ahead because we’ve decided they’re very important.
Chris McComish: Yes. I mean we come into this — the margins are contracting. We come into this situation with a very efficient company and a PPNR that’s really strong. And Mike, we believe that gives us an opportunity as we move forward in addition to the capital levels and strength of our balance sheet. On top of that, there is significant disruption in the marketplace. And we have the opportunity to have conversations with bankers and teams of bankers, and we’re going to be opportunistic as we move into ‘24 and build for the future that we believe we’ve got an operating model and an ability to deliver into the marketplace that is attractive to not only customers, but to employees, and we’re going to continue to look for opportunities strategically to build this thing out, build the business out, and that’s going to be dependent upon the right N number of people.
Michael Perito: Got it. That’s helpful. And then just maybe a question for Mark. Obviously, the uncertain — not uncertain, but an unusual rate cycle, right, just the rapidness of it and in the short time period in which we saw the increases. And obviously, right now, I think consensus is kind of honing in on this higher for longer environment, but that’s this week, right? And so, just curious if you guys have any initial thoughts around what a rate cut would do to margin? I mean, it feels like there’s probably like the static analysis, but then there’s like the realistic analysis in which the environment’s kind of bizarre relative to what we’ve seen historically in terms of how rapidly rates have gone up. Just curious if you guys have thought about that at all and do you have any context you’re willing to offer?
