John C. Asbury — President and Ceo
Not necessarily, in the event that you listened, my responses had been very very carefully made. What exactly we are saying is that individuals have actually a wide range of initiatives and I also listed down a number of which have been finished and there are many more under means. So our heart might be at this time 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 must create a run for this. We have to knock away to get us near competitive parity as we are able to in this screen of possibility.
That being said, the degree of conversation that is taking place on the market, the degree 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’re perhaps not associated with the mind-set that people would like to do just about anything in 2010, but we now have conversations constantly. We will continue steadily to assess this in real-time. We consider the complete spectral range of possibilities from the M&A front side, and I will say there is an extremely real possibility you could see us active again as we get into 2021.
However for now, that which we usually do not wish to do is always to put off or wait strategically essential initiatives internally. And they’re all simply services and products, because of the real method, 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 taking place now, robotic procedure automation. There are certain items that do price us some cash, honestly regarding the front end that can make the organization, more cost-effective, more scalable more effective and supply higher quality. And thus this is actually the screen to complete it. To ensure is our view.
William Wallace — Raymond James — Analyst
Okay, many many thanks. And also this is merely a ticky-tack question, Rob. But are we completed with merger expenses, so when a fast followup, whenever should we come across the discontinued operations proceed?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes. Wen order I pointed out in my own remarks that are prepared yes, merger expenses are done and rebranding costs, you have done. Therefore we’re essentially operating at a working go forward here — running cost base.
William Wallace — Raymond James — Analyst
As well as on discontinued, ditto?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
William Wallace — Raymond James — Analyst
Okay, great. Many Thanks. We’ll allow someone else now ask a question.
John C. Asbury — President and Chief Executive Officer
William P. Cimino — Senior 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 question comes 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 morning every person. Exactly just How have you been?
John C. Asbury — President and Ceo
Brody Preston — Stephens Inc — Analyst
I simply had a few, simply clean-up concerns, before We have into a number of my other questions. And so I guess simply following through to the CECL commentary, and so I guess simply the 20 basis points to 25 foundation points, that might be about a $35 million capital effect, someplace in that range, is the fact that reasonable, Rob?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes, yes, which is about right Brody.
Brody Preston — Stephens Inc — Analyst
Okay. After which i assume, when I think of — as i believe in regards to the book ratio moving forward, 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 when it comes to loan loss reserve between origination and grab — originated and acquired, i am assuming that that obtained bucket is — the reserve ratio on that is a tiny bit greater and in order that runs off. Does that also I guess, increase the loan loss book ratio moving 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, let’s imagine the great obtained guide, which will be that which we’re placing the book at, that is essentially in line with legacy Union’s reserving. And so I would not expect that that will be described as a motorist. There was of course the PCB, the bought credit deteriorated. But that is maybe not a number that is big us right right here.
Brody Preston — Stephens Inc — Analyst
Okay. After which in the share repurchases just personal loans california comparing the pr announcements, it looks 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 3.40per cent on a core foundation is the fact that, is the fact that GAAP core NIM that you are leading to?