Thank everyone. on Good Chief of me you. morning, Donavon Operating Provident and Blunden, is Officer. Financial CEO and Chairman Chief Holdings. our And Ternes, the Financial with This call President, is Craig
brief I address. item Before we administrative begin, have a to
future services, presentation discusses the plans, include of statements Those statements. of other today and company's management's will performance or for Our statements company's include or and objectives operations, financial or for about goals forward-looking conditions. business forecasts general business outlook products economic descriptions measures and outlook the
during also make We period following the forward-looking management's presentation. statements may question-and-answer
was materially are Report number XX, from Information for to a today. statements Friday, that filings earnings last uncertainties, from on of subsequent release the the that and forward-looking Risk and were from statement Annual XXXX, cause forward-looking year that subject the and differ those the Form Form filed the may to from actual other from XX-K. results the Factors discussed XX-Qs and XX-K These SEC available differ is distributed ended Form to on June could any risks actual results
Forward-looking and statements they information. this only no the obligation update are of the date are effective as made, to assumes company
sequential quarter investment, you prior in second had loans held opportunity our to of an To $XX.X begin earnings declined quarter. we In with, that which originated thank from million you recent for quarter, describes participating has million hope each review in our the for call. the of $XX.X I release most our results.
the loan from quarter experienced and million also the the principal of the payoffs quarterly down XXXX which the During payments, range. recent most we at end September $XX in lower $XX.X is and million quarter, of
Currently, rates. reduced originations of mortgage new that elevated have interest rising for and a their borrowers remains as loan seems many it activity result competition
products mortgage of fixed adjustable more single higher rates. seeing for demand as Additionally, rate a mortgage family rate we're interest result
certain For our somewhat such the part, as retail most underwriting higher but office CRE remained have and than other products. not loan products, changed, requirements CRE
and pipelines to last originations drop and of XXXX decline comparison single quarter from quarter, below are which multifamily smaller quarter this recent will our March million. the the has may and Additionally, million family quarters, in prior $XX between been range adjusting $XX in
XXXX single multifamily small increase months XX, the held loans three loan X% commercial for the the approximately For by more XXXX, XX, investment estate declines ended family in ending real and the offsetting with in December compared to than construction increased loans balances, September categories.
is you recorded XX, on September losses basis to $XXX,XXX for December for loan held points Current allowance XX, XX XXXX. provision early $XXX,XXX, XXXX. basis for investment XX. loan losses And credit points in that from which September down note very as of stage additionally, decreased and holding balances $X,XXX to there of quality gross December delinquency up to XX We the on is decreased are from $XXX,XXX assets The just on XXXX XXXX just XX, well nonperforming will December quarter. loans
loss compared reasonably on cannot methodology to will CECL that our that model the remain we means not allowance incurred We This CECL. be have note adopters. adopted and
the XXXX of for net cost for average basis in quarter XX the sequential to the compared XX, quarter our total increased quarter costs December quarter. sequential increase the Notably, point points the XX increase the XXXX XX the quarter, the in XXXX, average interest basis cost was in total liabilities. of basis bearing to points December but at as on increased December compared deposits September assets earning by a interest XX to XX unchanged by prior our margin X.XX% borrowing a basis to XXXX, just compared September of interest yield Our result the quarter XX, point basis X basis and ended ended XXXX points points net in
The basis as loan lower cost loan of of December average by costs result X net associated cost with points this loan was net previous quarters. XXXX in deferred quarter comparison approximately a in positively five interest deferred impacted fewer net quarter the to payoffs the the -- margin amortization
higher the New loans than rates mortgage and loans in loan multifamily rate production our interest for adjusting is in being their portfolio to adjusted adjusting above rates. now Also their comparison are and prior floors. real existing existing estate originated to quarters loans, at interest recent rates are interest higher commercial
adjustment loans limited categories rate adjustable rate interest periodic many in by are caps. all upward However, their in their
We continue throughout company operating the to expenses. look for lower to operating efficiencies
on XXX count the December compared to same year. XXXX FTE decreased last date XXX on FTE XX, Our
You will in a described we as expenses lower per operating million $X.X rate to quarter, note December approximately of XXXX that million $X.X decreased what than quarter. the somewhat run stable
for some run similar fiscal experience inflationary as rate operating XXXX, and on expenses a wages may but pressure increased operating result on other of expenses. a remainder of expect the pressure We
balance during investment the volumes and in the at prudent mid-point total the from composition receivable growth portfolio is earning loan quarterly quarter short-term average sheet believe last the the best range. balance quarterly successful yielding lower in execution at sheet this management with loans We with of loan We is very balance interest balance quarter end a average of with strategy unchanged The for range decrease in and payoffs the of were course lower quarter. Our an origination of the securities. improved assets that action. loan of increase leveraging
total increase margin exceed deposits, a with the of balance management of goals and business larger important. very complications. a small cash average capital in deteriorates but However, We well believe a borrowings. that execute maintaining bit increase without on plan balance composition average ratios capital dividend to is We in allowing a by bearing us our the capitalized our interest liabilities significant
and XXX,XXX shares in to capital stock stock a capital common returns prudent that we recognize management is approximately shareholders program the December buyback also repurchased through of XXXX quarter. We tool valid
approximately shareholders year-to-date, million stock. For the worth $X.X $X of we repurchased dividends million of fiscal distributed common cash approximately and to
As a result, a our on income. review fiscal in XX to XXXX of presentation year-to-date activities our resulted December website. everyone capital our posted We XX% encourage investor net management distribution
regarding company. foundation that will financial asset and quality insight included we find on of growth which the the give You additional slides metrics, you financial future will capital believe our management, solid we supporting
financial now entertain results. have you regarding We you. will Thank questions our any may
