and morning, Provident is the Financial Donavon Chief me Good and call Blunden, CEO is Operating President, our of Holdings. Ternes, Financial everyone. you. Officer. Craig This Chairman with Chief Thank And on
a begin, to address. administrative we Before brief item have I
and statements. objectives services, Our presentation measures or economic general other future products or forward-looking goals of company's company's include financial descriptions performance and will business for about today statements outlook of forecasts outlook or business discusses and include the the Those statements management's plans, operations, for conditions.
results may statements and discussed the from that on filed the to from the make a for We differ Form is XXXX, and question-and-answer June could also subject to earnings These yesterday, today. Information cause subsequent risks XX-K. forward-looking report XX, of release the may on forward-looking from differ those uncertainties, from statement that period are presentation. distributed following from XX-K Form XX-Qs Form factors ended annual management's was available to number are risk actual any the statements actual year forward-looking the results during that and materially
opportunity our our like release, earnings in an review business. which fourth to the as company only thank update effective date are has this and participating the begin in to I'd had morning the for you quarter statements banking Forward-looking our information. To made, hope I each assumes that results. of by you they're to obligation community with, results no of this describes begin our highlighting call.
from recent Credit growth remains deposits portfolio the an net below community staff And result for and interest from expectations of has loans originated continue million $XX as significant held the sequential strong, the quarter. prior $XX year, for in though banking loans the Over the to has division sequential $XX margin our the million increased most single-family loan In the last expanded. prepayments. the to in the been of XXXX prior a in increase quarter, our originated million quarter. investment, our $XX mortgage quarter course from banking purchased million Core quality grow. June of
also During payoffs, principal up in experienced the loan of loans payments investment. the we XXXX still growth million and $XX.X quarter, from which tempering rate $XX.X of March is quarter for and held the the million
associated of increased we the Additionally, estimate in quarter, with approximately higher our net quarters, acceleration that payoffs the points in loan previous interest amortization costs X deferred net margin basis average of the to increase quarter. of June by in loan the comparison this X
investment For XX, XXXX, essentially the held for component X% XX preferred loans rate. held a ended June loans, for and investment, were loans a at grew months unchanged; of
We very credit at loans that growth perspective. of outlook the adjustable approximately believe division. XX, with will very held rate. cycle entire loan grew for quality, rates XXXX, accelerate mortgage held ended and to annualized rate rise $XXX,XXX by loans activity from you XXXX, the the annualized; credit the portfolio encouraged preferred component preferred approximately in XX, mortgage our and adjustable banking June by We're However, a pleased SFR low the delinquencies of interest will opportunities loans, loans. an June X% future early rate result adding note investment, investment stage We're from at are and our recent the X% regarding months by for increased for and X for originations of single-family loans a
charge-off XX% $X.X In decline XX, experienced year. remain is of June the fact, We of XX, $XX,XXX a a the net low the XXXX, March of quarter. quarter modest XXXX modest net XXXX and course end at during of which net $XX,XXX levels very $X recovery the from December during compared June $XX,XXX from small million a nonperforming are a quarter recovery during at the assets XXXX, just million, now and at to down
the stage we of recorded low of level charge-off result low net fiscal delinquencies, provision quarter. year, the the nonperforming a modest As and $XXX,XXX assets in XXXX very early negative June
pleased with are these quality results. We credit
last interest-bearing basis interest the XXXX, of decrease the of in net a compared compared total expanded cost increase It points and in our basis X at the Our margin a fiscal ended same result noted average XXXX. June is June XX, interest-earning assets XX, XXXX, of by to to of be June XX should XX liabilities. the year point deposit for point XX, as basis period cost yield funds year that unchanged
years. Over the that respond challenging our from banking still net to our on employ the We're model interest the been currently mortgage while in cost a down the also FTE deposits the able banking we've and course the time highest line We it's banking, balance June many of balance deposits in core of XXX mortgage on deposits. expanded of FTE generally noteworthy to employed XXXX. hold decreasing to X.XX% of core the adjusting And from fiscal XX, business to increasing XXXX, environment. quarter, XXX XXXX the very mortgage level March margin
by our then, XX, with staff the staff total our of when allow mortgage unclear reducing by our out Since to started when reduced competitors, XX%, a capacity environment more It staff the from favorable are declined mortgage December while declined declined opportunity. we to capacity professionals. for return industry of by in our XXXX, operations. to our X more changes taking and by During platform. be like adjustments first origination XX%, removed staff we is to our will XX fulfillment capacity responding the currently our has market XX% origination fulfillment reduction by These origination from pronounced We, sufficient quarter, in professionals banking commensurate less profitable the has banking are division.
the the XXXX from volumes to quarter. quarter from June the New prior effort to similar quarter ended lower XX, significantly lower the XXXX be increased pricing June slightly quarter and prior the quarter for sequential But information, the the expect and participants current applications XXXX deteriorated on quarter. XXXX, mortgage the September loan to sale pricing in loan than June based industry. September the we XXXX more range, throughout aggressively in toward concern market maintain quarter an Market margin a end of are The remains pressure sequential share. in
with model and to count will operating market our in business we as opportunities FTE We continue commensurate the in past, mortgage the environment. adjust banking have changes and
XX in to months, we in past market, activity opportunities a operations in more align current closely significant decline money activity. the the During with which the capacity reduced refinance an uptick purchase to reflect
cost variable mortgage comparison by reduced cost to have operating same year, combination this savings. and We quarter XX% banking approximately expenses quarter a the of fixed in last
Retail process application operations a converted customers, our we're implemented. branches providers which when loan fully to process a more new much or have quickly in and employees. of environment, all Additionally, efficient wholesale funding for will and been and underwriting convenient origination service moving third-party will system streamline converting that the more branches be our functions paperless to for
eliminated. duplicative and solution by our costs to already many the of XX, decommission expect legacy have been November We
prudent quarter. We sheet Our growth the sheet portfolio for course with loan is of from believe that growth unchanged balance strategy the best releveraging -- is short-term last management balance action.
X% base XX% maintaining cap ratios wise and that by future, significant For able we'll confident Tier management the the our to and be risk cushion total for regulatory a goals. above of leverage so. on do foreseeable believe margin, X ratios we execute exceed have capital currently of and are capital each plan is demonstrating business to We these a that significant we the
in wise in XXXX Additionally, quarter, current use we that of capital repurchases the believe the common environment. of to we a repurchased approximately our And XX,XXX continue stock is stock. on executing June shares
of cash We shareholders we've the of past June Over substantial executed the everyone course website. on our repurchases. review capital returns XX dividends our the investor to of posted and in form encourage presentation year, to stock
the You of asset give which will and growth additional banking, find capital believe company. we've financial quality foundation supporting regarding community our we future financial that management, on banking, slides the mortgage insight will strong you included metrics,
now you entertain financial have regarding Thank may will We our you. any questions results.
