<strong>John C. Asbury</strong> — <em>President and Chief Executive Officer</em>

Certainly not, in the event that you listened, my responses had been very very carefully made. What exactly we are saying is I listed off quite a few that have been completed and there are more under way that we have a number of initiatives and. So our heart might be at this time is always 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 money key because of it. We must knock away to get us near competitive parity as we could in this window of possibility.

That being said, the degree of conversation that is taking place on the market, the amount of incoming inquiries us to believe that there will be opportunities when we decide that it’s time that we are receiving does lead. It really is — we have been perhaps perhaps perhaps not associated with the mind-set that people may wish to do anything this current year, but we now have conversations constantly. We are going to continue steadily to assess this in real-time. We consider the full spectral range of possibilities regarding the M&A front side, and I also would state that there surely is a really real possibility you could see us active again as we get into 2021.

But also for now, everything we usually do not want to do is always to delay or wait strategically crucial initiatives internally. And they’re all simply services and services and products, because of the means, I hinted only at that. We are going to talk afterwards about — we now have a stem to review that is stern of inside this company I will be implementing — we’re applying. It is taking place now, robotic procedure automation. There are certain items that do price us some funds, honestly from the end that is front will likely make the business, more cost-effective, more scalable more productive and provide top quality. And thus here is the screen to get it done. To make certain that is our view.

William WallaceRaymond James — Analyst

Okay, many many thanks. And also this is simply a ticky-tack question, Rob. But are we finished with merger expenses, so that as a quick follow-up, when should we see the discontinued operations just do it?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes. Wen order I pointed out during my prepared remarks, yes, merger prices are done and rebranding costs, you’ve done. Therefore we are essentially operating at an working go ahead here — running cost base.

William WallaceRaymond James — Analyst

And on discontinued, ditto?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

William WallaceRaymond James — Analyst

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

John C. AsburyPresident and Ceo

William P. CiminoSenior Vice President and Director of Investor Relations

Many Many Thanks, Wally, and Carl we have been prepared for the caller that is next.

Operator

Your next concern originates from the type of Brody Preston from Stephens, Inc. The line is currently available.

John C. AsburyPresident and Ceo

Brody PrestonStephens Inc — Analyst

Hi, good morning everybody. Exactly exactly How have you been?

John C. AsburyPresident and Ceo

Brody PrestonStephens Inc — Analyst

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

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, yes, which is about right Brody.

Brody PrestonStephens Inc — Analyst

Okay. After which i assume, when I consider — as i believe in regards to the book ratio continue, i realize that the buyer guide is running down, but due to the fact obtained guide also operates down, i am let’s assume that that’s carried at a — if we segment the buckets for the loan loss book between origination and grab — originated and acquired, i am assuming that that obtained bucket is — the book ratio on that is a small bit greater and in order that runs down. Does that also we guess, increase the loan loss book ratio going reduced in the long run?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, I do not believe that’s likely to influence it that much when it comes to the obtained — the obtained guide, let’s imagine the great obtained guide, which can be that which we’re placing the book at, that is more or less in line with legacy Union’s reserving. Thus I would not expect that that will be considered a motorist. There is certainly of course the PCB, the bought credit deteriorated. But that is not a big quantity for us right right right here.

Brody PrestonStephens Inc — Analyst

Okay. After which regarding the share repurchases just comparing the pr announcements, it appears as you purchased back about $45 million worth of stock this quarter, simply wondering in the event that you had the shares repurchased or perhaps the typical cost which you repurchased, that simply for the 4th quarter?

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, i do believe as a whole 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 also guess simply returning to the NIM guidance, you stated you kind 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?