Certainly not, in the event that you listened, my remarks had been carefully made. Just 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 now would be 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 have to create a run for this. We must knock down to get us near competitive parity as we could with this screen of opportunity.
That being said, the degree of conversation that is happening on the market, the amount of incoming inquiries that people are getting does lead us to trust that you will have possibilities as soon as we decide that it is time. It really is — our company is 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 evaluate this in realtime. We go through the complete spectral range of possibilities from the M&A front side, and I also will say there is an extremely real possibility you could see us active again as we get into 2021.
But naviidte to the website also for now, that which we usually do not desire to do would be to delay or postpone initiatives that are strategically important. And they’re all simply services and services and services and products, by the means, we hinted only at that. We will talk afterwards about — we now have a stem to stern report on procedures inside this company I will be applying — we have been applying. It’s happening now, robotic procedure automation. There are a variety of items that do price us some funds, honestly from the end that is front can certainly make the business, more cost-effective, more scalable more effective and supply top quality. And thus this is actually the screen doing it. To ensure that is our view.
William Wallace — Raymond James — Analyst
Okay, many many thanks. And also this is merely a ticky-tack question, Rob. But they are we finished with merger expenses, so when a follow-up that is quick whenever should we come across the discontinued operations just do it?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes. Wen order I talked about during my prepared remarks, yes, merger expenses are done and rebranding costs, you have done. So we’re fundamentally running at an running go ahead here — running cost base.
William Wallace — Raymond James — Analyst
As well as on discontinued, same task?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
William Wallace — Raymond James — Analyst
Okay, great. Many Many Thanks. We’ll allow somebody else ask a concern now.
John C. Asbury — President and Ceo
William P. Cimino — Senior Vice President and Director of Investor Relations
Many Many Thanks, Wally, and Carl we have been prepared for the next caller, please.
Operator
Your question that is next comes the type of Brody Preston from Stephens, Inc. The line happens to be available.
John C. Asbury — President and Ceo
Brody Preston — Stephens Inc — Analyst
Hi, good early early morning everybody. How will you be?
John C. Asbury — President and Ceo
Brody Preston — Stephens Inc — Analyst
I simply had a few, simply clean-up concerns, before I have into several of my other concerns. Therefore I guess simply following through to the CECL commentary, and so I guess simply the 20 foundation points to 25 foundation points, that might be about a $35 million money effect, someplace for the reason that range, is the fact that reasonable, Rob?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes, yes, that is about right Brody.
Brody Preston — Stephens Inc — Analyst
Okay. Then i assume, 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 we guess, increase the loan loss book ratio going reduced with time?
Robert Michael Gorman — Executive 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 will be that which we’re placing the book at, that is virtually in line with legacy Union’s reserving. Thus I would not expect that that will be a motorist. There was of course the PCB, the purchased credit deteriorated. But that is maybe not really a big quantity for us right right here.
Brody Preston — Stephens Inc — Analyst
Okay. Then from the share repurchases just comparing the pr announcements, it appears as you purchased right back about $45 million worth of stock this quarter, just wondering in the event that you had the shares repurchased or the normal cost which you repurchased, that just when it comes to 4th quarter?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes, i 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 Preston — Stephens 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 basis is the fact that, is the fact that GAAP core NIM that you are guiding to?