So, there’s a lot of things available to us and we’re using all those tools. And I think the market here helps us because it is so good, remains good. And hopefully, if we get this soft landing that people like to talk about, that’s great. If it’s a little harder, I think we’re still well positioned and if it doesn’t happen, I think we have the ability to take advantage of things as we move into ’24.
Will Jones: Great. So, it feels like the pulse on credit, at least as it pertains to Stellar maybe a bit of cautious optimism. Would you characterize it that way?
Bob Franklin: Yeah, I would. I mean, if we get better signals in ’24, we are well positioned to move back to where we’d like to have been positioned to over a year ago. But I think you have to be sure that the Fed is through. You have to make sure that we’re not running into an economy that the Fed was so successful, it’s slowing the economy that’s hurt all of us and we want to make sure of kind of where we believe things are as we get into ’24. And I think that’s sort of been our position. We feel really good about where we are and we’re leaving ourselves every option available open. So, we’re accreting capital, our earnings are pretty good, we’re repositioning expenses so that we can make sure that we’re in a good place from an earnings standpoint, and we’re going to see what it provides us as we move into ’24.
Will Jones: Great. That’s very helpful. Thanks for the questions, guys.
Bob Franklin: Thank you.
Operator: Thank you. One moment for questions. Our next question comes from Graham Dick with Piper Sandler. You may proceed.
Graham Dick: Hey, guys. Good morning.
Bob Franklin: Good morning, Graham.
Graham Dick: So, Paul, I just wanted to circle back to the NIM quickly. I heard there is stability from quarter-start to quarter-end, which is obviously great to hear. Funding pressures can be volatile, but assuming trends continue to level off like you guys have seen and there is no more increases in the Fed funds rate, is there any reason to think that the pressure from the funding side can start to abate as the asset side continues to reprice higher and there is a bit of a hand off maybe in the back half of ’24 that could lead to some stabilization in the first part of the year and then maybe even some expansion in the core margin later on in the year?
Paul Egge: As long as composition stays constant, I believe there is a lot more room to go up in the asset side than on the funding side, but that is obviously a big contingency. We feel really good about our performance over the last five months, and we are going to work hard to defend that. It does stand to reason that the asset side has more room to go. But we’re still taking I guess a cautiously optimistic approach there, particularly because we are still in some really, really competitive markets. I feel like what we’ve been able to do up to this point has been Herculean. We’re going to continue to work on continuing the track record of relative outperformance on our cost of funds, which is translating into meaningful outperformance in what has been a stable NIM post the tumults earlier in the year.
Graham Dick: Yeah, absolutely understand the cautious approach there, but still good to hear that things seem to be at least trending in the right direction, I guess, from what we saw at the very first part of the year around the industry. And then, I guess, just quickly, what are you guys assuming on accretion income? I guess over the next couple of quarters, it’s a little bit higher than I thought it would be this quarter. I don’t know if there is some early payoffs or what might have driven a little bit of stable accretion essentially quarter over quarter. Just any color on what you guys are looking at there would be helpful.
