Thank you, John.
permanent The our Multifamily of was Historically, of portfolio and $XXX We our slowdown loan million loan our absence notes at a capital portfolio to returning goals, an our and excess achieved Multifamily we capital. a production. offering, subordinate investment the annualized our loan we improving completing loan while overall grew cost of origination rate shareholders, portfolio, of During a of in $XXX our of XX%. achieved million growth sold the of held for growing loans, through including quarter, sales, have our prepayments. portion number
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inexpensive last strong repurchase program stock completion support continue of accessed quarter, our earnings With our loan million our quarter. capital the $XXX of to The notes the subordinated in growth first portfolio share. in its performance and quality future our continued credit offering we per
reflects As our greater $X earlier, recovery ACL. risk recover on This well the related million our our to reduction Multifamily John clarity as credit impact on of loans. as mentioned us culture, lower risk, conservative of originating on pandemic allowed COVID portfolio ongoing focus our credit
the expected XX% were of mortgage As less interest the banking quarter revenues. face total during in increasing than revenues first rates, of single-family decreased and our
anticipated. Fannie sale Despite activity program not Additionally, Mae and competitive DUS we substantially origination the loan than was DUS lower was our Mae the Multifamily in often Fannie quarter. higher quarter lending caps, first
more In quarter-over-quarter the now We XX%, changes year's over be last first and quarterly expect support these X% loan average. Mae from Fannie and the and expectations. in recently fact, quarter declined to remainder Mae Fannie announced underwriting year national competitive production DUS of pricing
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we a ratio the efficiency portfolio mid-XX% our improvement interest added efficiency growth five three or overall to for the initiatives XX% will mortgage our historically And These we expense years our levels reduce These points to completed in increases result we infrastructure, in second of of banking range we are our year. operating of basis ability result we as to loan improve However, efficiency our which can ago. half below this have related existing efficiency to believe two and of to our on our improvements and ratio XXXX. the operations, the single-family anticipated profitability leverage include income, net ratio ratio. believe impact our
state it more our the decision all me of challenging environment retain production have Let our mortgage loans simply, Multifamily earnings. to portfolio in single-family reduced current for permanent
beyond. and growth growth starting associated base half that and loan income deliver interest to in with continued year net for non-interest should and However, of earnings-per-share provide second expense our we for our this management combined efficient meaningful capital existing and ability portfolio XXXX our our growth the believe strong
better As our fast been level should that second are foundations much year, actually of creating, the as earnings have I'd for like to we reflect the the forward today. earnings power of to when the new half visible power that results
loan quarter. annualized the first end XX% near that the portfolio was Our and much the of quarter in growth was originated of
and earnings of our a significant but efficient operating potential. as that and a better what average In future rather believe earnings assets a on half margin, average, quality, consider continued on in one growth, excess in expense and mid-teens X.XX%, targeting the incremental, function we equity We of of return sorry, regard, mid-teens step to loan credit teens that average Just on assets -- return interest upwards. be will average net second tangible stable leverage, excess in year, on not better growth tangible looks capital strong equity. provides beyond, return X.XX% more management equity. a this we or average are of return targeting I'm or are on high XXXX In tangible return a any
that imply share possible. increases Of the these earnings of per are course, potential meaningful targets in
regulations economic our going, a on returns other to rates stable in events will business my yield comments generally law interest the impact could negatively which or and consensus absence assume in strategy. community, the of changes weight today. curve, analyst the environment, appropriate shareholders, hope as Before of success current and or current our rise as or give I target views well factors an
quality, and going reduced which for contribution the growing have of together and to should loans, durable with We we risk provide high mortgage are for significantly earnings, forward. single-family credit lower more banking our [Indiscernible] earnings reliable loan much investment portfolio substantially our
our significant future efficiency us expected processes, meaningful leverage improvements giving to made revenue We operating our growth. operations to have support and
sizable sheet while levels returning used capital should shareholders our have our our capital for growing higher wisely, growth and actions in consistently to profitability We of to much through when compared providing balance and history. These dividends share repurchases. excess result
for produced over combined our the investors. recent have Our efforts already superior years returns
X%, We were remain questions achieve relation of of total XX% And concludes consistent, your as which example, you profitability our our respectively, With of our quarter end prepared our confident, in For this consistently our attention. XX%, of of XX%, the however, the that, despite our appropriate XX%. the XX%, will ability I for shareholder KRX, time. and the have remains today. to in and and joining you and quality, peers. the our outperformed having the bank be level goals, comments us one-year, this well and first returns including and strategy benchmark happy prospects to and to versus three-year, business valuation. any five-year our valuation execute were, KRX, for at John below Thank answer
