the macroeconomic a were expected. There Thanks, than headwinds emerged Tony, operating to create of morning, XXXX that quarter number and and we first environment good geopolitical more challenging a everybody. during
and it $X.X anticipated this quarter, in having we The to Financial level per able on impact and performance, that profitability, the even to prior of net basis our XX basis, positive increases strong our to transaction. ongoing – realized share still primarily expense generating all is most or assets adjusted per operating positive quarter. were Teton share, had On average from Services $X.XX savings compared return In financial strong excluding one of acquisition. cost due before the we our deliver performance impact acquisition we million However, the to our increased the including while the excluding the returns related bps. an $X.XX in M&A point the on income first expenses,
to do basis this our challenging XX.XX%. on equity order making able despite common points many four And share were essentially to market to Our basis build tangible in to improvement in particularly return we’ve XXX that, trying return In rate very February, entrance low, XX.XX. fixed and competitive increased buy a to average very on also and increased deliver equity We points growth which increase somewhat acquisition a offering presence more operate environment seen them quarter production, year, our are the banks that our impacts an in of quarter. the particularly We attractive seasonality new to by our January markets typically long-term in organic We again this here. loans. efforts that markets, level impacted driven Colorado are activity. of in environment by first level occurred definitely in of some loan of level this see loan
the our of pricing impact to and on having underwriting always, believe even we’re on loan some level of on if in balance us ahead unwillingness As compete increases, maintaining of the price we interest Particularly production. our is coming discipline rate loan and and our in interest low, sheet fixed putting loans our long-term that net terms growth a income we’re best served costs by that not rate bit short-term.
addition, we first the a significant payoffs the In in level of quarter. saw during increase
last to this expected related got completion that year, projects the is of construction we of to Some pushed but quarter. into correlate first
and payoffs also quite of the sale We to events bit businesses liquidity had and properties. a of related
talked values sophisticated substantial high client decided very for manage As businesses assets. the on opportunistic. about investment of clients are near margin. they interest consisting interest our individuals time like we income value excess past, think comes This have and entrepreneurs, resulted both intelligent worth of some their They’ve in decisions that net seems level this liquidity they of in high make we it capitalize a net payoffs of When net and these have and properties, and are and their base assets. seen quarter to impacted appreciation what peak
March $XX assets opportunities trends yielding with remaining seeing higher the loans has we months. redeploy current asset excess the excluding assets our to good production exceptional assets in remains the challenging to the environment, momentum believe non-performing month. in liquidity based improving start we seeing loan on trends and with in XX we’re total loan bps we’ll PPP the we’re of continued loan Despite quarter, our – second growth, have in million However, operating more saw production quality in trends, into coming that into assets. This
charge-offs. net Another immaterial with quarter an amount of
Moving to X. Slide
with to the of tangible in this under broader due value which goes and in profitability increases share turn banks just value declines strong book the quarter against this Our volatility per share book in AOCI. per many book quarter industry reporting led value to X%,
liquidity, retain – protecting putting success attributable grow our made portfolio. loan and the we investment rather it book to value to in Our than year strategic decision directly our is into excess continue our last to
gotten Because while can would've last protect small were we we excess income of liquidity that served rates we to the passing amount liquidity having and value rates up With – felt higher of by decision, book of horizon, the incremental the higher than from better retaining year. growing deploy investment significant been would've we interest interest on that we've the received the what prospect portfolio. our that now able we at
As the long-term a of current support a low, decision the X.X% commitment fourth perspective to by making put of not and this on This earnings, fee again, Compared wealth income. impact not rate with to first to environment, the our to our role loans company long-term management reflects segment short-term pre-tax is in XXXX, decisions fixed represented our that near the this quarter-over-quarter, and the source future. banking, mortgage term the wealth the accounted On back come consolidated the look our XX% we'll trust private banking at acquisition. will commercial ultimately that and investment of of Slide our X, to hurt return earnings to the complimentary businesses. company pre-tax continues growth In of of earnings performance the in of Teton operating segment quarter its intended pre-tax earnings in management as reflecting XXXX, of as segment. business positive our for quarter increased to management
We'll Turning loan the in trends to our look X. Slide portfolio. at
PPP, from talked Excluding XX earlier. increased our high loans the total of in payoffs end quarter I million the spite about level of
term, we see acquisitions. organically to growth, continue the very both loan strong and Over long through our
PPP the $XXX excluding with quarter, and We construction that non on to XX% but which the and of C&I are pricing PPP. in loan but almost half bank significantly seeing quarters. portfolio in had the the payoffs XX% loans production March, are month portfolios. CRE new up offset this this originated in levels than Our quarter to we've first we higher year-over-year rates yield our by by grew was We of was past With occurred during million our had over X.XX%. and loans that loan XX% our our the average in up quarter coming points XXX from discipline, several commitment prior interest XX payoffs, basis million been increased the the rising maintaining production
closer Slide trends. We'll a take at look our deposit X. Moving to
from Our of million total prior the the deposits quarter. increased XX end
of deposit deposit deposit accounts new are efforts deposit relationship accounting XX new relationships new Our inflows the in – for million quarter. new consistently resulting during development the first with
assets reflecting lower steady we're partially by Year-over-year, to generating the market most value investment the accounts. area. investment to million the agency under decline assets this in X, to quarter balances. end million XX the on due from declines into total Turning the prior increased The with management significant new AUM of XXX growth of XX% impact up of trust market inflow Slide due offset coming was in to was management our
Julie? I'll results. turn our Now, call the of over to financial for the Julie discussion
