Certainly not, in the event that you listened, my feedback had been very very carefully made. What exactly we are saying is that individuals have actually a quantity of initiatives and I also listed down many which were finished and there are many under means. So our heart might be at this time will be actually get in front of this Truist. When I stated, personally i think like offering the ability although we’re maybe not involved and a merger deal transformation integration work. We must create a run because of it. We have to knock away and obtain us near competitive parity as we could with this screen of possibility.
With that said, the level of conversation that is taking place on the market, the degree of incoming inquiries that individuals are getting does lead us to trust that you will see possibilities whenever we decide that it is time. It really is — our company is maybe maybe not of this 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 go through the complete spectral range of opportunities regarding the M&A front side, and I also would state that there’s a rather real possibility you could see us active again as we get into 2021.
However for now, that which we don’t want to do is delay or wait initiatives that are strategically important. And they’re all simply services and services and products, by the means, we hinted as of this. We are going to talk afterwards about — we now have a stem to review that is stern of inside this company we are applying — we have been applying. It really is occurring now, robotic procedure automation. There are certain items that do price us some cash, honestly on the front end that could make the organization cash call credit requirements, better, more scalable more effective and gives top quality. So this is actually the screen to get it done. Making sure that is our view.
William Wallace — Raymond James — Analyst
Okay, many thanks. And also this is merely a question that is ticky-tack Rob. But they are we completed with merger expenses, so when a fast followup, 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 in my own prepared remarks, yes, merger prices are done and rebranding costs, you have done. Therefore we are basically operating at a working go forward 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 Thanks. We’ll allow someone else ask a concern now.
John C. Asbury — President and Ceo
William P. Cimino — Senior Vice President and Director of Investor Relations
Many Thanks, Wally, and Carl our company is prepared for the caller that is next.
Operator
Your next concern arises from 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 everyone else. Just exactly How are you currently?
John C. Asbury — President and Ceo
Brody Preston — Stephens Inc — Analyst
I recently had a few, simply clean-up concerns, before We have into a number 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 could 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. After which i suppose, when I consider 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 as time passes?
Robert Michael Gorman — Executive 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 obtained guide, suppose the great obtained guide, which can be that which we’re placing the book at, that is essentially in line with legacy Union’s reserving. Therefore I would not expect that that is going to be a motorist. There clearly was of course the PCB, the bought credit deteriorated. But that is not just a number that is big us right right here.
Brody Preston — Stephens Inc — Analyst
Okay. After which from the share repurchases just comparing the press announcements, it appears to be 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 Gorman — Executive 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 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 on a core foundation is, is the fact that GAAP core NIM that you are directing to?
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