good be Thanks, Billy, everyone. morning, starting I'll on and XX. Slide
and top steady's profitability. on the to Focusing metrics ROA improve assumed continue ramp we by continued our consistent graph, the in
us. to the average XX.X% spot continues portion our tangible be to bright operating of slide, on the common on equity Moving for a of return lower
We pandemic an raise excellent managing capital and the of capital. throughout didn't have to done job rush levels
XX. to Turning Slide
over with trends increasing on value linked-quarter XX%. we increase Miller our year-over-year, have continued book we As of tangible annualized increases basis. And consistent our a a XX.X% indicated, had of
line, operating steadily green of the improving. the portion efficiency ratio, On the been has represented by our graph, lower
efficiency for SMBK efforts levels. team their We of on our proud improving continuous are our
quarter, XX% the level. current are hovering that we at still For
interest margin we of prior to Turning net from Slide interest basis We points interest me, excuse of the quarter. reported a net XX, income. reported net X.XX%, decline income X --
of million. rates and We prior did decreasing $XX.X partially being interest, our continued $XX.X all deposit for days Our costs. very income of quarter's consistent net of headwinds our interest loan repricing million the FTE very balance with well sheet, lower benefit quarter, considering by continued from was X fewer the offset the the
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rise part and the is Our latter to expectations for our hold steady during beyond. of XXXX and NIM slowly
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us deployment. of and benefited been have -- anticipate have bond several interest excess a and we we we to conservative forward. to of our would rate patient a securities next patience our taken deployment to loan fund may ratio quarters benefited We because permanent get cash more mentioned the forward good approach in our use how will don't this we anticipate over if layering previously, the projected we some for have curve our level. purchases patience asset may the liquidity be, As in have the closer materializes, XX% be have position going to excess since position know on funds These us if in growth,
forward, second a Looking around are we X.XX%. quarter margin forecasting
points accretion XX to estimated loan $X.X estimating are approximately points, $XXX,XXX of approximately million. of have X and basis PPP basis fee or accretion We loan
this income. operating noninterest a as We great Slide for XX, growing to quarter continued on we Moving in category. had income our momentum noninterest operating
$X.X an almost prior million quarter, noninterest For the the of linked we quarter. operating income, of reported $X.X from million increase
charge remained from growth service increase had from continued investment our We interchange and the services $XXX,XXX stable. management. fee Our under income in assets
another For quarter. our had we great team, banking mortgage
QX $X.X our income but quarter, softer is expected, a million. than As over the previous reaching little had revenues still
seeing projects, decreased our As from grow said, mortgage headwinds some still With well division. we we coming increased team as in prices, interest XXXX this inventory pipeline to QX, as remains some rates. with delaying our as things good for an we into building uptick that expecting strong continue are are some
our We an outstanding from also product insurance division. had
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the recently have half of will a executed provide agreement, income increased In year. branding interchange during which second we addition, the fee
Our quarter to of forecast our Slide to of revenue family for million.
Continuing we is the the having noninterest again want generators. second on take once $X.X introduce Again, XX. to opportunity income
traction our our new quarter, During see internal to some system ways providing from that's generators. the we revenue to started positive referral many directly
noninterest focus income continued highly our forward. increases will We that in category optimistic are moving drive our
noninterest Turning to find Slide expenses. XX, operating our you'll
As continuing expenses maintaining level expense to on are we are of see focused you on can and remain the slide, our control.
increased have our quarter, slightly. expenses noninterest the During
to expense salary decreased and slightly Some deferrals for cost loan of the the relating for variances the originations. salary were primarily benefit PPP quarter, our employee
data and processor technology-related to Our technology from pricing processing expenditures. our adjustments core and were related other expense peer increases
to of focusing had level the were the on Our the expenditures. increase app space. amortization this with related saving fintech higher our intangibles, investment increase both technology strategic other in start-up and expense increases category these a Offsetting majority in where of quarter and fees a previous company of professional decreases $XXX,XXX, an had digital of our
the company's forecast expenses benefit increase around for prior salary health insurance X-person with The is the quarter guidance to Gulf primarily range. for related area, additional spends. the the premiums and and reason the to salary million for team quarter noninterest the the lift-out and around and attributable million forward, expense run Coast is Looking rate technology-related $XX $XX from our expenses having second expense
Before let's on to taxes. we base the next move slide, touch
quarter benefit taxes lesser and, rate with Our for income. the the the of reported from from Community benefits our Loan Investment current includes continued involvement BOLI additional derived income extent, program tax effective tax XX.X%, a to having of an Tennessee State which
We are for effective XX.X% XXXX. forecasting the tax of of second our quarter rate
we our on deposits. to Moving XX, Slide at look
deposits. as we our growth -- seen have significant we have We indicated, in previously
When Our over to XX%. overall making the composition our had deposits. of up making deposits with up same time we evolve, have of to our year, compared quarter currently last XX% deposits continued time deposits
fantastic deposit to deposit Now earnings. had quarter. We another
over up during prior XX% from to $XXX with ended increase first the continued quarter accelerate $X deposits and quarter, an almost million total billion, same the quarter. the Our year over of
For period for million of last quarter, noninterest-bearing at the to million, ended our over the up $XXX total quarter almost year. deposits same deposits XX% current represented XX% $XX and compared
marketing savings Officer, to In now total to to addition, end, our deposits level.
With were loan handing deposits our our decrease to Rhett? slide At and I'm go below X% $XXX up continued deposits money Rhett million. down that $XX dropped credit-related the deposits the Jordan, said, our million, over Credit brokered quarter info. time over over and Chief
