Kelly Motta: Got it. And can you remind us how – how much of cash flows are thrown off the securities book in the next quarter or two?
Rob Butterfield: Yeah. It it’s running about $65 million a quarter right now.
Kelly Motta: Okay, great. And then turning to expenses, I think, on the last call you expect that the second half of the year to be similar to the first half. Just wondering if – if that expectation still holds and I know you – you mentioned you decided to discontinue your multifamily sales operations, wondering if there’s any, cost saves associated with – with that decision.
Rob Butterfield: Yeah. I – I think for the fourth quarter – for the fourth quarter, I think the fourth quarter will – will look on a – on a core basis. I think we’ll look similar to the third quarter. And, the multifamily origination for sale business line just to give you a little perspective the annual expenses running from that division were about $2.5 million a year. So I think we could see some benefit of that in 2024. I wouldn’t expect necessarily see the benefits of that in the fourth quarter that could be some additional costs associated with exiting leases and other things in the fourth quarter potentially as – as noncore items, but -but I so – I guess the way I look at that expense save in 2024, I look at it as something that could off say the normal inflationary increases that you would see in expenses and so if I think about 2024, we’re still going through our strategic planning process, so – so we’re not finalized on anything.
But in general I think we’re gonna – our expenses for 2024 will likely be flat to maybe up in the low single digits is what I am thinking right now.
Kelly Motta: Great. Thank you. Maybe – maybe a last question from me, maybe for Mark, is you potentially give us an update on just the pace of M&A conversations if there has been any – any change in that regard.
Mark Grescovich: Yeah thank – thanks for the question, Kelly. I – look I think right now there’s – there’s enough uncertainty out there, whether it’s the regulatory environment, whether it’s the credit marks or the interest rate marks, the accounting marks associated with the combination that, I – I think everybody’s just a bit cautious on trying to proceed with any meaningful combinations. But what I will say though is, as you might suspect, a company with as strong balance sheet as Banner is with great core earnings power and – and a history of being a good partner, you – you would expect that Banner would be a natural for any types of com combinations that come down the road as soon as the market gets a little bit more clarity.
Kelly Motta: Appreciate the color. Thanks so much. I’ll step back.
Mark Grescovich: Thanks, Kelly.
Operator: Thank you. Our next question comes from the line of Andrew Terrell of Stephens. Your line is now open, please go ahead.
Andrew Terrell: Hey, good morning.
Mark Grescovich: Good morning, Andrew.
Andrew Terrell: If I could start, Rob, I think last quarter, we discussed this, but you mentioned potential for a buyback in the second half of the year. I – I know obviously there’s a – a lot of moving pieces with the – the macro, but you – you guys have a really strong capital position and a – and a really strong allowance as well. We’d love to hear just how you’re thinking about the buyback or incremental capital return as we close the year and we move into 2024.
