to Burbank Luther welcome Second XXXX Simone Call. Satenberg, President Conference Relations, President, and Chief me And Senior Quarter morning, Good our Investor Brad and the Lagomarsino, Corporation is Officer; Tarantino, is This and CFO Laura Vice bank. Financial of and with CEO. our
latest earnings. common results, the first common was quarterly the quarter share start I'll or Net diluted share million million $XX for $X.XX our or per with $XX.X and per compared in Let's $X.XX diluted quarter. income address prior to
quarter $XX.X nonrecurring second $XXX,XXX included two previously the for adjustment gain down, of on and or net a cost of on of recovery loan lower sale items equipment, on of earnings sale the pre-tax loans a pre-tax million. market sold written The $XXX,XXX of held comprised
color contained few our Earnings during a sale additional of pre-tax XXXX I'll the XXXX. in a from loans loan activity minutes. first quarter about the gain prior similarly some add sold $XXX,XXX sale nonrecurring on the quarter of
earnings been million million to per adjusted $X.XX compared the of our share items, onetime XXXX adjusted have share. would or linked been these quarter $X.XX quarter $XX.X our per and Excluding earnings have EPS would second $XX.X as
of the the increase resulting a during growth; the in reduction and $XXX,XXX net provision $X.X following: due was expense, in a second income, quarter; losses of stock decline primarily $X.X of our as quarter these to the tax which to the vesting production compared for noninterest adjusted was by decrease the points prior in to somewhat due The interest higher result a compensation. in salaries, increase prior related expenses impact capitalized basis $XXX,XXX primarily a a items provision earnings related in loan primarily stronger loan loan in compression a quarter million in were compared due offset to margin XX from to reduction quarter. of The to million $XXX,XXX compensation to
As the in X.XX% linked the a quarter. yield to was during in further our X.XX% result inversion basis as second our XX net interest decreased the curve of quarter, points compared margin of and margin
our points was the quarter of of in Although, fourth change in quarter of basis in to XXXX basis in quarter a of the of margin current deposits exacerbated our the X.XX% interest-bearing which XX the and points compression experienced in XXXX, yield cost was the the increase similar X decline assets, between to X.XX% by decreased prior earning the quarter. on yield a first from
been Until quarter, the assets earning XXXX. our yield increasing has this since on
to deferred of current prepayment loan costs Loan XXXX. associated loans the reduced increased by within our high experienced of particularly residential product our the coupon to single-family the the and $XXX,XXX as with in yield. cost amortization loan amortization, of fees quarter those quarter-over-quarter, that's continues Although, level compared current portfolio accelerated prepayment increase loan of has activity net during first the quarter the quarter on the
December rate, closely XX, XX, which June to more second quarter well the most of and as accelerated points during X-year loan X-year XX hybrid treasury rates. XXXX, origination curve prepayments on downward pressure the the loan yield correlates coupon XXXX. The inversion caused Additionally, basis our pronounced product, as our decreased between
these in than greater was anticipated. net of result our the compression margin a As factors, interest
fact in we rates its target our anticipate deposit to appears products. market reduce expect several our fully on be the to Federal that offering The XX. on If Reserve occurs, will of this immediately to July able rate reduce
see some considering over deposit. expect that time is of linked may steepening in million our however, prepayments of unless of occurring somewhat the during improvement XXXX Non-interest would we majority our quarter That cost year, additional improve we that second loan this, small the quarter. deposit -- origination somewhat would Given was and/or be of improvement to portfolio compared with the next offset deposits certificates comprised the immediately, $X.X of simultaneously may during offset, to curve $X.X rates. million yield some see in slow the income benefits
quarter's in some the increased both $X servicing fair results. nonrecurring primarily prepayment part After was as current income a As $XXX,XXX of noninterest value as these included to the income prior to previously quarter. million to due speeds. adjusted the compared reduction The quarter mortgage in non-interest in rights consideration of items, related decrease discussed, income $XXX,XXX was of to
and Non-interest expense a increase million as the greater capitalized beyond result volume attributed a was declined $XX.X to expense quarter. second prior Compensation related from XX% benefits loan origination during quarter-over-quarter. costs million the $X.X quarter $X.X in of million
expense basis quarter. to the quarter prior level the XX.X% As comparing XXXX second of XX points, improved to XX.X% to from average in our the of assets ratio points, favorably a for non-interest efficiency basis quarter result, linked was and XX
sheet. the I'll Now balance to turn
pleased levels, pipeline rates well As we typical competitive to increased. reduction treasuries loan in volume respond normal adjustments that to see as our and returned as offering our to to our origination more we made to were pricing, loan the loan
or by XX% of basis. annualized portfolio the our we $XXX $XXX.X multifamily originated declined our the as quarter, loans, portfolio continue portfolio. $XXX of compared loans our total million million that of million single-family During quarter. to our volume an loan due loan trend Similar prior to on the to in loan while the prior quarter, XX% year-end, total in high X.X% loans grew Since increase, in composition of rates evidenced to prepayment representing to
higher loans. our we bank class well concentration for as Given that asset industry, the for a has these the comfortable been multifamily performing a of with loan product as best are
six of mortgages single-family or first we XXXX, sold at of gain were for a held months pre-tax sale fixed-rate, the million of $XX.X XX-year transferred the of primarily $XXX,XXX. loans that During comprised
current With in that loan-to-value rate to elevated loans reduction we interest and had these risk CRA associated the single-family reduce given ratios, and our credit product year these risk opportunity long-term and took rate the loans. with with
types we outside Our reflected additional of the on loans $XX.X loan held loan balance entertain sales million as sales forward. not of for future currently would are these sheet going sale of our planned,
held At investment $XX.X additional our included single-family quarter end, million loans fixed-rate long-term an loans. for of
million. $X.X June $X.X represented one loans strong XXXX loans single-family the linked $X.X principal to three compared loans: end, loans two current assets very in already nonperforming reinstated remains assets basis increased of had quarter second one, quarter by the million The of on multifamily the increase single-family is quality by loans, credit in loan; the total and XX quarter. to with points. Our Nonperforming as and interest. million By totaling was nonaccrual
With loans. XX% and the exceeding losses ratio of loan-to-value appraisals, weighted individual XX% average combined on no original based no loan-to-value are ratio on a these three anticipated loan currently
and loans and accruing our XX end XX XX their accruing are performing the were loans date, XX, had At have already behind, payment loans, two of now XX were that the the current. of that days June Of status loans, delinquent. as days were no same XX made on quarter. at Of current we and seven nonaccrual the
of of XXXX, June The X.X% was $X.X the $XXX to attributed at or Our assets growth growth. our XX, assets million billion, net end year-to-date. totaled an in increase primarily loan
year XXXX. the calendar project of X% and between to asset growth for X% continue We
Excluding loan asset the would've sales year-to-date above, annualized. X.X% discussed been X.X% our growth and
deposits retail grew $X.X while our by million. During business retail consumer the million, declined quarter, second by $XXX.X deposits
to was outflows investments. over the to in activity. deposits we directed The in the projected to operations banks few Santa a was increase ratios in real remained growth to pickup continues estate the capital fiduciary organic our toward The for support purposes. next company's With market, business, reduction strong acquired have in levels where Both consumer XXXX offset above, depository and asset Exchange the deposits and most noted at slowdown well level adequate related are the above a be will centered regulatory which we capital believe in appear minimum Rosa bank years. business capital
was the The X.XX% and X.XX% quarter. company's and during ROE X.XX%, X.XX% and the respectively, quarter compared to prior ROA during
of and X.XX%, discussed X.XX% have the above, compared Excluding respectively, onetime ROE and items our prior adjusted been impact would current amounts quarter period and to ROA X.XX%. X.XX% of
Directors common share. record to pleased a are is as report cash payable dividend of to XX, Board XXXX. on The We of of XXXX, on per that August August quarterly $X.XXXX XX, X, XXXX, the shareholders dividend July of declared
the we of average per plan an repurchase price price $X.XX XXX,XXX plan, to book repurchased the shares as in value. share. have part the inception -- repurchased Since of at quarter, of at we XXX,XXX XXXX, discount During share of plan average the an our X% additional $XX.XX shares August of an repurchase second repurchase or our share an
We originally of was continue we evaluate to for million appropriate. share $X.X aside have that repurchases million the future will set remaining $XX approximately repurchases, and for as
deposit over the and and loan I as our to portfolio. trends little And speak call to margin our Laura, and will turn will a bit our now specifically who more
