you, Good then financial Burbank morning, This and Laura call. for performance open Simone Thank Norma. to is we'll morning the quarter, line for our the CFO. President Corporation This we'll our and first Luther analyst’s focus Lagomarsino, CEO. welcome me our questions. earnings And on with first the and quarter Tarantino, of is highlights
income Our the million as diluted share for quarter or per million share first $XX.X $X.XX $X.XX net was per quarter. or diluted to the compared $XX.X million linked in
Our net These adjustment our prior offset earnings to and primarily earnings net mark-to-market results margin as to prior in equity decline our a compression by compared decline on recapture earnings due compared net the interest in thousand This loss modest greater the of provisions quarter. a to negative our somewhat a pressures loan for securities. $XXX reflected net was were of quarter.
average individually little near-term year. in would loan carrying this take and origination than volume margin that the Let lower to well weighted is information. explained compression rate on projected would a portfolio quarter net anticipated loan these on our explain the our items each this provide call, occur portfolio. to our due as overall me the now rates re-price compress both we as last rates we lower payoffs, because the that that loan each three of In more We conference interest
deposit felt portfolio of we that had reached the that floor. our cost its stated also We
pressure interest X.XX%. net Net margin compression of abated, bearing quarter however, for velocity We upper trending and rate magnitude market. impact on was and further year, the which earlier anticipate partially point or therefore in expectations $XXX,XXX also in a growth competitive of in deposits. interest relatively this points declined interest first increases, was originally industry loan to rates. forecasted this net excess the deposit which upward due This decrease the to cost may a year basis basis after that we decline interest three yields. market was deplete are point a Our create strong primarily for deposit loan of The margin income. reduction will more the by certainly net three could liquidity an tax generally deposit place Furthermore, by anticipated, rate in and XX-basis than
other consistent at increased costs. to this in higher carry recently loan we've loan offer helping loan all competitive in should to rates On pricing on of increasing to origination our the higher interest months new Therefore, couple impact than the our partially thereby with reflected rate, margin offset results. potentially hand, for of It market of volume quarters rates portfolio are loan funding pricing. that average future of negative production be take a our course, will products
at interest our will our being this to was net year that rates. locked pipeline, in interest during XXXX. said, existing message of that through lower As much expect we margin consistent earlier our with All we compress continue work which
a the equity As community $XXX in rates million increase Fund, representing loss. significant negatively as Development investment quarter I alluded, a also previously sole interest the our mark-to-market $XX an net our was income holding incurred by security for original thousand in after-tax impacted
this liquidating market not to of intention to rates. uncommon interest market for of inverse that current investment no the record are movement have us and typically adjustments it's We
was greater of available of are would later. The And impact as unrealized the quarter typically I'll debt environment for on 's bit vast Although than have result not our first as we which portfolio also impact securities, sale, held speak earnings. to the affected majority experienced. did rising losses which a market a value rate the that
the related strong for our asset of remain economic strength thousand in qualitative factor the estate serve. specifically borrowers and loan appreciative with quality Commenting that earnings real quarter $X.X additions on loss and residential continued that this we in with very credit pleased Finally, provisions. uncertainty net the markets With approximately the an third of that set This basis We million the allowance aside to further quarters was recapture. see than of after-tax to portfolio. reversal, reversal pandemic. had broadly, the have we the loan eliminated impacted $XXX of all first greater the in on we continue amount the our to prior our more we resilience metrics
Although, in points X.XX% of our we XXst, our was portfolio. continue ratio of assets the total saw our coverage low to at criticized to basis total And the assets the XX non-performing to metrics historically and industry. X.XX% At to remain linked classified be allowance measure credit levels our asset levels. quarter, the strongest assets classified among total assets compared in increase an March total and measure of
believe our not the expect of work, still XXXX. significant allowance, methodology our the to change to reminder, CECL result for in level operates the on implementation first quarter our loan Based allowance. in the will loss and a model ongoing of the a under incurred test we of loss we bank that of CECL results adopt CECL As
on economic However, of adoption impact at of the adoption. will dependent be time the ultimate the forecast
million primarily basis. Now, over assets quarter-end was an or turning growth to the annualized $XX our balance to X.X% sheet, in our portfolio. on loan at annualized growth grew This attributed by X% total
level the property single-family our units double residential which exceeded more at announced $XXX last to goal linked this our appear At pipeline production. the volume strong or the is our our loan million track we X% volume recording of to size achieve of of March XXst reach production our size that quarters of we million, of of our this of Based surpass point, at XX% both to or beginning than year, second XXXX $XXX Our million first of volume levels. in growth on year. quarter would income on loan quarter we pipeline first-quarter's $XX expect the asset calendar the X% loan with origination at end
funded quarter asset in Our first with and of combination the primarily was retail a wholesale growth deposits.
first interest-bearing during cost the average liabilities declined quarter. our the earlier, mentioned I As of
last and however, wholesale be upward as sources, at Loan of Bank point We cost well. the significantly the our retail over whether quarter, Home or note, of will Federal that increased have to it funding brokered the cost some funding deposits will trend advances, begin
strive funding, capital margin greater deposits. deposit our minimize expect our to of remains net position degree we which deposits to by However, strong. to and on we the be emphasis growth furthering technology leveraging continue term The compression company's typical to less than specialty generally for placing acquire customers expensive
securities in decrease fair strong a Tier equity growth The support rising value quarter-end is declined However, to quarter. debt to $XX lower compared rate the ratio position million X future the and equity for prior sale XX.XX% total at caused our interest and quarter-end. of environment leverage at We $X.X our remain our at by available to million shareholders’ after-tax.
securities we portfolio of and available years March At weighted investment of $XXX our as Our contingent hold assets XXst, duration source life serves X.X portfolio liquidity average of primarily investments sales for a three a these and had expect generally estimated million effective of an years. an to term. average
capital. the these prepay we losses recorded As securities and/or unrealized reverse will mature, through
are to better environment, carry future higher current based security replacement interest As returns. yields in expected on purchases the rate resulting
total per increased of our comments first decreased the Although reduction share in share result outstanding a per to value quarter, by a book equity as $XX.XX shares. $X.XX during tangible importantly,
quarter, the the share common form and returned to During in dividends $XX.X first of repurchases. we million shareholders
declared I'll XX the on to now our that And comments. for common cent Tarantino brief over yesterday, -- turn paid XXth. share call a additional Directors with Board Additionally, brief May that, will some dividend be of Laura per
