Frank Holding: Yes, if you isolate it, ex accretion in the fourth quarter, we expect NIM to decline by 1 basis point. So we have some stabilization there. With accretion we’re expecting it to decline by 19 basis points. So it is an accretion issue, both on net interest income in dollars and on the margin.
Brady Gailey: And then, I appreciate the 4Q expense guidance. Feels like you’re going to get more cost saves out of [SVB] as we look into 2024. So how do you think about expenses next year? I mean, you’ll have some cost saves, so you’ll also have some legacy expense creep. Like could you potentially keep expenses flattish next year?
Frank Holding: Right now, we’re not providing 2024 guidance, but just directly, I think, flattish to low single digits percentage increase going into ‘24.
Operator: And the next question goes to Steven Alexopoulos of JP Morgan.
Steven Alexopoulos: To start on the SVB side and regarding the new campaign, the [SSVB]. So what’s the feedback so far from customers, and could you address that maybe from the VC side, what you’re hearing from VC firms then what you’re hearing from the startups? And is this yet translating into you guys seeing net new operating account growth at the account level, not the balance level?
Frank Holding: Mark, I’m going to let you handle that one. I know we have picked up some new clients.
Unidentified Company Representative: We have indeed. Steve, good morning, it’s Mark. And we had, in the quarter, I believe the stat was 600 plus new clients, which means starting with one solution or another and then I believe we’re almost up to 50 new in the last couple quarters that what I would call broad based new wins, including their operating accounts operating business. So I think going back to your original point, the ad campaign but as much or more so, the very laser focused calling effort, reactivation effort, calling on new clients, et cetera, we think is ultimately turning around that perception that there’s a void and very much reinforcing that SVB is here and open for business. And again, I think, part of your question was about feedback. And overall, the feedback including the ad campaign has been really very positive on the whole. And so I’ll stop there.
Steven Alexopoulos: Mark, I saw the news of Jennifer Goldstein rejoining the company. Congrats on that. She’s a superstar in LifeSciences and healthcare space. But is that a one offer you guys starting to see former SVB employees re-engaging to come back to the company?
Frank Holding: So I’ll start on that, others may wish to comment. Jennifer was certainly a very high profile rehire, recognizing she was coming back from the SVB capital entity. And having said that, not the only former SVB-er to rejoin with the key point there being that, I believe the others that we’ve had in the new hire mix were SVB-ers legacy SVB-ers that had departed several years ago as opposed to since the events of March. And so that too is encouraging to see some of our former colleagues look at what we have going on here so far in our first two quarters of togetherness and vote where their feet to come join us, again, Jennifer being the most high profile of those, which we are so excited to see her return.
Steven Alexopoulos: And Craig, maybe just one follow-up in your response to the question on expenses, maybe flat to low single digit increase for 2024. So how should we think about the efficiency ratio wherever you guys end up in the fourth quarter. Do you see that improving fairly materially in 2024?
