Kevin. million of interest which X. with Thank from I will with an XXXX, Beginning X.X% of our quarter start the for preceding you, increase quarter. $XXX.X the Slide totaled first income, net second
basis net balances, well margin was which of our a to basis in X.XX%. related deposits by Our mix driven partially as rate the yielding higher largely yield more increase March on primarily by to favorable rate assets. quarter-over-quarter increases yields loans interest-bearing increased the as points earning by a higher since variable contributed were the loan and quarter-over-quarter. borrowings due of as repricing cost benefits offset hike interest-earning XX points increased XXXX. average result of higher to loan assets interest to Overall, The These
our we position, expect benefit rising Given rates. interest asset-sensitive to from continue to
we at the quarter lower increases margin deposit Looking second will third quarter the benefits. these quarter in some we in expansion, another had at interest-bearing expect of as of lag but than a levels cost offset of modestly XXXX,
production of to interest in XXXX total benefit variable rate in Slide on position rates. XXXX, rate June asset-sensitive our remain second new variable Of And for loan X. of are as to XX% portfolio. as and quarter, Moving XX, higher loan XX% loans. from positioned represented of June the XX, loans accounted our We
on moving X. to Now Slide
Our fee sell major loan second but of preceding was mortgage second generating down the did for areas, had of from quarter. our quarter. million noninterest residential much income the quarter, first $XX.X $XXX,XXX in by increases the production most we not We our in
million $XXX,XXX of of sale of relationship as held sale we XXXX. problem to that a $XX was of transferred the recorded During previously the March on identified XX, quarter, loss for CRE
transaction, core nonrecurring our income higher noninterest this trended Excluding quarter-over-quarter.
X. Moving expense Slide on on to noninterest
the additions associated the an at costs variance merit from was of the increase staffing of took preceding was market. X% increase due increases the a expense effect competitive salary that impact growth new an benefit in the retaining noninterest quarter, significant continued to annual and first quarter. and Our plus $XX.X beginning expenses, employees support and the million, most the to higher X% our company largely The extremely representing with second of of
also were of sponsorship. Our our higher marketing LPGA impact advertising second the and seasonal includes as the expenses quarter
by collection ratio salaries that due and usual. Our remained for approximately than receivables $X.X Reflecting higher the our interest the a XXs. benefit target in provision expenses, low trended legal efficiency higher credit-related higher, our the million in was accrued and expenses higher to still increased range but expense
to on key discuss will moving X. Slide Now trends. our I deposit
of XX, deposit increased to As the our XXXX, primarily in growth deposits from end demand and of quarter June balances. our time prior due total the deposits X.X%
The increased quarter-over-quarter our of longer-term some interest in and part to before deposits increased increases rates rates. by time on of As second we interest higher in our in basis quarter strategy, interest-bearing in the due our checking order deposits. lock time interest-bearing points funding XX to rate further cost management deposits
noninterest-bearing only our However, by with the demand stability cost of deposits overall deposits, average increased X points. basis our in
$XX.X restructure moved million, reflecting an by following XX, debt addressed quarter upgrading to Now during of second relationship by Slide represented trends the quarter, loans out primarily million review consecutive asset been the Delinquent resulted $XX.X a the sustained in Nonaccrual portfolio $X.X on or the the this criticized more and driven credits fourth of in was renewing moving has no quarter. from criticized XX. This positive as quarter. by maturing continued demonstrate of million declining second since loans million reduction. which loans quality. increased renewed already on generally close in in nonaccrual performance. steady represented our We as borrowers the $XX.X been status of quarter increased delay status delinquent. XXXX. category saw have and will to XX% XX of the are of accrued million another in that I the total the June by longer loan days $XX.X troubled our loans,
the during recorded loss quarter had the $XXX,XXX. of Another in week our remains in We relationship and Overall, is the net in a in economic recoveries, for low. first which quarter. consecutive outlook. has our outlook provision We $X.X This the a recoveries recessionary the portfolio million, million $XXX,XXX paid $X.X $X.X reflects second growth Moody's resulting million second third quarter in an charge-offs of more third of was loan adjustment our SX which losses experience utilizing net during quarter just and off credit very the primarily of recovery. in scenario, the
epidemic. years, Over the during the X last
basis default point and transaction more financial time strategy that address borrower tighter processes, which for include, requirement in analysis aggressive and part rate nonmonetary better us to portfolio includes We on enhancements loan administration risk. of basis. the underwriting a a address sensitivity XXX structures. have that These projections at helps more real A frequent among covenants our the interest as others, increased to statements credit updated process least enables drive significantly
recession. quarterly We underwriting And have vertical. each to conduct tightened a our portfolio banking group, preparation also possible key corporate in reviews identify our risks criteria further for for we for industry
downside improved of processes So for all we of the coverage criteria loans March XX, enhanced in risk. XXXX. our to tightened with allowance credit has compared recessionary was X.XX% underwriting mitigate our ratio X.XX% credit as At losses June all, our XXXX, believe administration ability and XX,
assets coverage our While decreased of to from XXX%. nonperforming XXX%
to Now Slide on moving XX.
capital increase investment by me losses portfolio tangible in The common equity provide and during our to resulted basis impacted returns. quarter rates position ratio Let update second an securities on in in the that unrealized interest points. our tangible XX approximately asset negatively
asset X.XX% of no and changes losses tangible common as tangible was June remained Our unrealized there equity strong to impact positions. capital XX, regulatory XXXX, in our to at ratio from
During at $XX.XX per we an shares repurchased share. million the of quarter, stock approximately X of average price our
to as our As growth on losses stock the million million $XX remaining support activity, $XX.X remained of have Despite shown levels balance quarter increase we slide. our repurchase stock in strong and unrealized our this sheet today, the continued program. of we capital repurchase at in second
quarter, the normally nonetheless. $XXX securities investment that turn transfer second of let With CRA to of that, to held-to-maturity completed maturity have These held call During the bank back million Kevin. the securities. me security reflected we to available-for-sale would the
