Mark Hardwick : Yes. I’d love to be more active in the market with buybacks. We haven’t felt like that it’s been the right time to do that. And what we’d like to just see is stability at our tangible common equity level above 8% and some certainty around the marketplace that we’ll have less volatility.
Nathan Race: Got it. So it still sounds like maybe M&A is kind of off the table at least through the first half of 2024. Is that a fair way to characterize kind of the prospects there?
Mark Hardwick : Yes. At this point in time, we are 100% focused on internal projects. We’re really excited about getting Q2 deployed. Our online and mobile platform for all of our customers, consumer and commercial, and also getting our SS&C project completed, which is a complete replacement of our private wealth platform. So that’s the priority at this point. And the trading multiples, I really don’t lend to M&A activity. And so, we’re continuing to keep our relationship strong with banks that we’re impressed by that may be potential candidates in the future. But I don’t really feel like we have the pricing power to be active at this point, nor are we ready internally to focus on M&A.
Nathan Race: Got it. Makes sense. I appreciate all the color that you guys taking the questions.
Mark Hardwick : Thank you.
Operator: Thank you. One moment please. Our next question comes from the line of Daniel Tamayo of Raymond James. Your line is open. Pardon Mr. Tamayo, your line is open. One moment, please. Our next question comes from the line of Brian Martin of Janney. Your line is open.
Brian Martin: Hey, good morning, everyone.
Mark Hardwick : Good morning, Brian.
Brian Martin: Hey, Mark. Just maybe one question, Michele, on the margin. Just the spot margin for the month of September. How did it trend throughout the quarter? Just trying to get a feel for that based on kind of the slowing deposit costs here?
Michele Kawiecki: I think it trended down pretty rapidly, actually. And so it ended up landing at 325 at the end of September.
Brian Martin: Okay. And I guess your commentary, but with the deposit costs slowing and kind of the what you outlined as far as this fixed rate loans are repriced. I mean, I guess your expectation is that the loan yields continue to expand here in the next three to four quarters just given that repricing that’s occurring, and along with. I mean, that’s kind of the message with the kind of stabilization you’re seeing in the funding side?
Mike Stewart: Yes. That’s Mike Stewart. I do think that seeing it on the commercial side, the mortgage that we put on would be the same way. So, yes, and the repricing and any I think we’re doing in the HELOC, all that should drive higher loan yields.
Brian Martin: Okay. And as far as when that may trough, I mean, if the deposit costs are close to troughing, I mean, we’re at least three to four quarters out as far as that remix or that, the benefit coming through on that on those loan yields given what you’re seeing today.
Mike Stewart: Yes. I mean, our models show, if rates stay steady where they are, that we’ll continue to see increases through all of 2024.
Brian Martin: Yes. Okay, perfect. And then appreciate all the color and credit. Just as far as kind of the reserves and actually kind of recording a provision this quarter, just kind of how to think about that in the context of where credit’s at. Obviously, you’re pretty good outside of the one fraud [ph] situation this quarter, but just any thought on how we should think about modeling that or projecting going forward, given the credit environment?
