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