John C. Asbury — President and Ceo

<strong>John C. Asbury</strong> — <em>President and Ceo</em>

Certainly not, in the event that you listened, my reviews had been very carefully made. What exactly we are saying is that individuals have actually a quantity of initiatives and I listed down a number of which were finished and there are many more under means. So our heart might be now is to actually get in front of this Truist. I feel like we’ve got the opportunity while we’re not engaged and a merger transaction conversion integration effort as I said. We must create a run for this. We have to knock away and obtain us near competitive parity as we are able to with this screen of possibility.

With that said, the degree of conversation that is happening on the market, the amount of incoming inquiries we are getting does lead us to think that you will see opportunities once we decide that it is time. Its — we have been perhaps not associated with mind-set we have conversations continuously that we would want to do anything this year, but. We will continue steadily to assess this in realtime. We consider the complete spectral range of possibilities from the M&A front side, and I also would state there is an extremely real possibility even as we enter into 2021, you can see us active once again.

But also for now, that which we don’t want to do is defer or postpone strategically essential initiatives internally. And they’re all simply services and cash call services and products, by the means, we hinted only at that. We will talk afterwards about — we’ve a stem to review that is stern of inside this company we are applying — we have been applying. It is taking place now, robotic process automation. There are numerous of items that do cost us some funds, honestly from the end that is front can certainly make the organization, more cost-effective, more scalable more effective and provide top quality. And thus this is actually the screen to get it done. In order that is our view.

William WallaceRaymond James — Analyst

Okay, many many thanks. And also this is simply a question that is ticky-tack Rob. But are we completed with merger expenses, and also as a follow-up that is quick whenever should we come across the discontinued operations proceed?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes. Therefore as I pointed out during my remarks that are prepared yes, merger prices are done and rebranding costs, you have done. Therefore we are basically operating at an running go ahead here — running cost base.

William WallaceRaymond James — Analyst

As well as on discontinued, same task?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

William WallaceRaymond James — Analyst

Okay, great. Many Many Thanks. I’ll allow someone else now ask a question.

John C. AsburyPresident and Ceo

William P. CiminoSenior Vice President and Director of Investor Relations

Many Thanks, Wally, and Carl our company is prepared for the caller that is next.

Operator

Your question that is next comes the type of Brody Preston from Stephens, Inc. The line has become available.

John C. AsburyPresident and Ceo

Brody PrestonStephens Inc — Analyst

Hi, good early morning everybody else. Exactly exactly just How are you currently?

John C. AsburyPresident and Ceo

Brody PrestonStephens Inc — Analyst

I simply had a couple of, simply clean-up concerns, before I have into a number of my other concerns. And so I guess simply following through to the CECL commentary, thus I guess simply the 20 foundation points to 25 foundation points, that might be in regards to a $35 million money effect, someplace for the reason that range, is reasonable, Rob?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, yes, that is about right Brody.

Brody PrestonStephens Inc — Analyst

Okay. Then i suppose, when I think of the reserve ratio moving forward, I understand that the consumer book is running off, but as the acquired book also runs off, I’m assuming that that’s carried at a — if we segment the buckets for the loan loss reserve between origination and acquire — originated and acquired, I’m assuming that that acquired bucket is — the reserve ratio on that is a little bit higher and so as that runs off as I think about. Does that also I guess, enhance the loan loss book ratio moving reduced in the long run?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, I do not believe that’s planning to influence it that much when it comes to the obtained — the acquired guide, let’s imagine the great obtained guide, which can be that which we’re placing the book at, that is just about in line with legacy Union’s reserving. And so I would not expect that that is going to be described as a motorist. There is certainly of course the PCB, the bought credit deteriorated. But that’s maybe maybe not a number that is big us right here.

Brody PrestonStephens Inc — Analyst

Okay. Then regarding the share repurchases just comparing the press announcements, it appears if you had the shares repurchased or the average price that you repurchased, that just for the fourth quarter like you bought back about $45 million worth of stock this quarter, just wondering?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, i believe in total it is like $36.91 I think was about $37.30 or so $37.40 since we started and the fourth quarter was.

Brody PrestonStephens Inc — Analyst

Okay. Great, thank you. And I guess simply returning to the NIM guidance, you stated you type of expect that to support. In this 3.35% to 3.40percent for a core foundation is the fact that, is the fact that GAAP core NIM that you are directing to?

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