So I think there’ll be quite a few good opportunities to have some significant repricing in that portfolio or that portion of our portfolio. And again, we see a lot more opportunity in terms of asset repricing over the quarters to come than we do risk in terms of the liability side.
Matt Olney: Okay. Thanks for that. And Jay, following up on that, you mentioned $1 billion of the fixed rate loans. Any color on the new and renewed loan pricing more recently?
Jay Brogdon: It’s really similar to what you’re seeing in the pipeline statistic there. So our renewal rates are just right on top of our pipeline opportunity rates.
Matt Olney: Got it. Okay. That’s helpful guys. Thank you very much.
Bob Fehlman: Matt.
Jay Brogdon: Thanks, Matt.
Operator: Our next question comes from Graham Dick with Piper Sandler. Please go ahead.
Graham Dick: Hey, guys. Good morning.
Bob Fehlman: Good Morning.
Jay Brogdon: Good Morning.
Graham Dick: I just wanted to circle back quickly to NIM to make sure I heard that correctly. It sounds like it’s going to be sort of range down from here. Was that ex the swap impact or is that inclusive of that swap impact here in 4Q?
Jay Brogdon: It’s inclusive in the fourth quarter. I think basically, the way to look at it, Graham, is the pressure we’ll see on that underlying NIM, particularly around, again, CD repricing and maturities in the fourth quarter and first quarter as well as some level of likely migration. We think that migration is slowing within the portfolio. But I think those factors will probably drive that underlying NIM down a bit and largely be offset with the benefit of the swap. So I think really, I see that inflection point being kind of real time in Q3, Q4, Q1, when I look at the overall NIM. I think we’ll be kind of in the band that you saw us in Q3 over the next six or so months.
Graham Dick: Okay. Great. That’s very helpful. And then I just had just a couple of more. On the increase in modified loans to about $34 million, was that all due to that, I guess, nursing home credit, you said you modified or is that just a couple of loans in there, I guess, that drove that increase?
Jay Brogdon: I’m not 100% sure of the answer to that, Graham, but I think — I’m sure the majority of it would have been related to the one that I’ve mentioned.
Graham Dick: Okay. All right. And then I guess, just lastly, as it relates to the securities portfolio, I saw it was $140 million to $180 million of maturities per quarter. I assume that means across 2024. Is it the same into 2025 or is there any difference in the maturity schedule as we look out to that year?
Jay Brogdon: I think it’s probably going to be similar. But again, you got me there. I don’t have a great answer to that. I hadn’t looked too far past 2024 in those, but I’m not — nothing comes to my mind, Graham, that would make me think it’d be dramatically different.
Graham Dick: Okay. That’s perfect. No problem at all. All right guys. I appreciate it. Thank you.
Jay Brogdon: Thank you.
Operator: Our next question comes from Gary Tenner with D.A. Davidson. Please go ahead.
Gary Tenner: Thanks. Good morning.
Bob Fehlman: Good morning, Gary.
Jay Brogdon: Good morning.
Gary Tenner: Just following up on that question a little bit in terms of balance sheet management. Obviously, a few quarters in a row of runoff in the portfolio just as – obviously there’s some pressure on the funding side, et cetera. With rates where they are, is there any change to the thought process around how to utilize the runoff from that portfolio or should we just assume that, that runoff continues? And then the flip side of that, as you mentioned, the repricing and maturities of the CDs. In addition to the retail CDs, you’ve got about $1.3 billion of brokered CDs that mature here in the fourth quarter as well. Should we assume that those just roll?