Operator: And our next question will come from Stephen Scouten with Piper Sandler. Please go ahead.
Stephen Scouten: Maybe if I could go back to the margin here briefly. I know Jefferson you said a lot of it was kind of existing customers, taking higher rates and transactional accounts and so forth. But I mean, I think you had said maybe 5 bps to downside last quarter, and we saw closer to 15 and then maybe expected stabilization in 4Q and now it sounds like maybe 2024. So is there — are there any other phenomenon that’s pushing that out? I mean the [indiscernible] loan yields look pretty good. I’m just trying to decipher if there’s anything I’m not seeing other than that move you talked about with existing customers on deposit prices.
Jefferson Harralson: Yes, that’s pretty much it. Now we have been — the other phenomena here is we are growing deposits at a pretty good pace. And when you’re growing deposits, it’s going to be at market rates. So I feel like the faster growth of deposits also has a kind of a bit of a negative near-term impact on the current margin. But the main drivers as we study it and get into it is the — is existing customers moving to our more promotional rates often with a call from our own — our people to make sure they’re in the best rates that the banks offer — the banks offer. So, we really haven’t moved up rates. It’s mostly the impact of existing customers moving into our promotional rates.
Stephen Scouten: Okay. And I think you said last quarter, securities restructuring wasn’t really on the table. Has that view changed at all? Or I mean, do you think about the math on any of the longer-dated mortgage backs at this point if we really are in kind of a higher for longer environment at this point?
Jefferson Harralson: We haven’t — we run the math on it. We see the numbers. We have not seriously considered this right now. We do have the ability to do this with the higher capital ratios that take a capital hit and reinvest that into higher investing securities, but it’s not something that we have seriously considered as of yet.
Stephen Scouten: Okay. And then I guess maybe lastly for me, just high level, kind of any other — I know you said the Tennessee branches were kind of out of market. Any other branch footprint parsing that we would expect to see? And then kind of conversely is M&A still more of a mid- to late ’24 potential endeavor? Or is activity changing there that might precipitate anything near term?
Rich Bradshaw: Stephen, this is Rich. I’ll touch base first on the branch question. We’re going through the budget process now. We continue to always evaluate this on profitability and what makes sense in place in the market. So that will be — it happens, it seems to happen every year. So we’ll continue on that process.
Lynn Harton: This is Lynn. On the M&A side, yes, I still expect it to be slow and the reasons for that really primarily because of the marks you take. It’s really — in a normal environment, two things happen. One is you don’t have these big marks. Number two, we always budget for pretty flat loan growth in an M&A transaction initially just because you have new policies, people dealing with change you might have a great franchise, but — I mean that’s what we always shoot for. But it’s just difficult for the teams coming on. And so in this environment, but typically, then we can bring in our other products and all and kind of grow through that. And just honestly, in a slower loan growth environment, it’s harder to grow through that, and then you’ve got the larger marks upfront. So it’s kind of a math question right now and I think probably for mid-next year or something, it’s going to be slow overall for traditional M&A.
