us Thanks, today. David everyone thank joining and you for
difficult rate with very Given the interest pleased the results environment, were for our quarter. we continued
lower growth due driven As we per growth. loans growth, increase to essentially as and David as mentioned, we by is the X.X% manageable asset strategy interest-earning in with by from mortgage or and in than which income portfolio well increased balance quarters, linked $XXX in lower expenses share driven manage quarter, average to by expectations costs. line million growth but an produced outstanding income non-interest as fourth with overall revenue results. origination recent interest was an resulted solid earnings quarter the Total from Revenue activity, growth balances credit net income net in increase improved
continues quarter financing has in been Lendeavor, finance, by million due in $XXX $XXX space, and production primarily lease partner this regard to in brand in experienced portfolio dental commercial funded million to market in join healthcare Our by healthcare lending. originations grew recognition the its our to platform. lenders the With driven finance recruiting increased of successful single-tenant and to build
expanded X.X%. lease client products we the at increased we financing And from getting drive David originations set. yield on increased believe We line, is balances improved portfolio The credit mentioned are to or as this there fee business the on the and attractive rates $XX opportunity started came continue lower-cost modestly. potential deposit income new million in earlier, tremendous tenant tenant growth the as on single base. higher Single to as have
have our growth remains improved strong, pricing pipeline manage the to we interest net relatively As and margin. bumped overall
a we in partially Additionally, Public sale sale, were the recognized loans. finance public assets. the the as fourth quarter, finance We flat on balances quarter. new mortgage were of from basically by the offset was a aggressively environment carryover pricing deals sales finance losses with on impact and from a gain offset $XX the included $X residential the add intense originations of which municipal sale, the fourth in larger quarter’s small of million was new The to essentially million loans. sale of of executed million a activities which pool competitors the $XX the
our pricing to targets have and increased growth manage margins. improve We
of management of X%. were deals average pick new standards, and which equivalent our by an of we margin loans it a like were fully of tax booked taxable had discount, loss originations of a new we approximately XXX while slight interest improving points a was up resulting $XX,XXX. preserving at basis in balance essentially about however, originations higher, which in pool average fully a yield capital, corporate to tax quarterly seasoned X.XX% yield, priced self-finance perspective, was were equivalent while profitability. weighted and a So and smart when rates From and some were sheet were felt XXXX at yield sold, of originated The thus trade net
quarter, first quarter. $X.X consumer As or was fourth increasing the X.X% slow the million during expected, business from our seasonally
yield to mortgage quarters. Our into at modestly on increased we sale, as These the by past up and horse improve our pool higher-yielding a transaction. times and few as an we’ve redeploying up by proceeds and viewed mix and payoffs trailer public new of were of originations on with assets loss portfolio mortgage loans over sale construction early the we coming draw-downs sale million earning the new an lines RV higher average the on $X $XX,XXX the loans. offset pricing several were yields, X.X%, Similar balances to of originations. new balances originations X.X% have opportunity had the as the of were recognized finance loan loan Residential a of loan
balance to margin sale net pursue profitability. opportunities to and manage We and growth sheet and continue interest improve potential will capital loan
We mortgage of quarter. optimistic that are actively we remain the sales residential loans finance second engaged line tenant, finish potential push of and additional during the and public single them over can on several
perspective, and as to expansion continue relationships opportunities deposit consumers. the a small well business, From lower we funding. and to of deposits traditional as generate through our on from focus cost to funding commercial Moving municipal
funds increase X.XX% funds first and increased net points margin. cost our increased XX deposits cost on The to related basis our to of XX interest-bearing the continued pressure of basis interest-bearing to of X.XX%. quarter, However, points cost funds related putting interest liabilities to overall in the to
most as curve quarter, on During the paid stabilized compared new to fourth rates rates across production interest the quarter, CD the declined.
fact, X In reduced quarter. CDs during pricing times the on we
cost However, came of the as maturing compared to scheduled weighted the cost down cost overall expect to increased of off basis CDs to cost a average seen average rolled have on at new Subsequent deposits of end, quarter as we CDs will points, another production XX that at rates weighted we come new paid on while rates increase. X.XX%. X.XX% of a maturities continue
just interest came months to than both basis forecasted FTE declined Turning margin ago. which an quarter in net basis, on fourth from reported X net points a the interest margin, and our better we X
prior X.XX% quarter. compared net the an X.XX%, down Our interest quarter. X.XX% on was FTE interest in was margin X.XX% margin to from And fourth in reported the basis, net
which significantly increased were at offset benefit expectations of effectively pricing, pace were actually increased of and increases loan As resulting quarters. to future XX ongoing the yields compared during we for margin able declined recent slower some was our certain points from net combined rate a higher X.XX%, interest pressure. funds to cost quarter, reduced the to of When basis the rates with
pursuing deposits this this. the loan of throughout As actively margin to are experienced reduce pricing discussed we net evidence and interest quarters. sales, rates have are strategies Loan paid all compression have call, we in on disciplined prior lowering we
continues curve rate in yield X challenging to the are values into securities quarter our range we income Additionally, we to second can we while million securities the environment. to the million in certain X long mortgage was of on deploying before to channels. year. the attractive the year. relative excess outlook of portfolio, as partially to mortgage rate expect the finance rates public regard the in and fourth are moderate revenue decline, implied Non-interest was the rates or second cost net margin wholesale short as lower pipeline predicting with $X the basis in to banking rate Current levers on points taking expected liquidity such during interest higher increase primarily of margin advantage of quarter net due flatness If sales have XXXX. With pull, compared repositioning The the see hold, a modestly funding other $X.X during for interest residential quarter, these stabilizing compression of present to half forecasts the expectations the from increased second half losses some second activities XX%, in offset of volumes Mortgage increase increased revenue the quarter. the mandatory by banking of loans. to
live been technology quarter closed reminder, is initial in first cost rates a intended application loan the during and As and per which officer. thus closed the origination to lower completion have the volume loan upgraded positive. and went the results of we our quarter, and The mortgage loan increased middle per implementation increase pull-through
expenses, the fourth million from expense to million Moving $XX.X in of $XX.X quarter. non-interest declined
and reflecting to and premise the was taxes, $X.X commercial and mostly the as expenses the taxes the well premises Shifting expenses equipment of increased of bonus write-off annual for due pertain benefits, resets equipment X.X%, million quarter costs. to in impact drug costs. employee compensation higher last and quarter, public and increase effective prescription continued benefits on in employee as software mostly rate to to higher portfolio. accruals OREO related the mainly medical tax our and Excluding expenses claims, related payroll to The finance income tax $XXX,XXX higher increase salaries income
an of $XXX,XXX recognized with expense additional associated the vesting during tax quarter. events compensation also equity We
SBA rate as we public to well high single impacted the mortgage quickly will be Going bounce get performance forward, and tax and digits finance can we as how probably on in sale. effective growth our around the how will in scale by in portfolio loan manage
as the industry. total estate and quality, the of increase non-accrual our to a large residential placed due to nonperforming a Nonperforming did loans points being solid real of among loans quality as credit ratios Now turning asset remain was again loans quarter. assets best on in the basis XX during percentage to loan
You last a quarter delinquency may this drove ratio. higher that recall property
seasoned of home mortgage valued and loan in indicated balance is at $X.X an we then, is residential it The As desirable million. a a area a located the with $X.X unpaid property principal appraisal million. recent
offsetting loan based well were are the on mortgage exit to in the CRE we the the appraisal, we related non-performers. increase to and working owner-occupied declines residential are We and believe collateralized. Partially consumer
during believe average in March A+ flat on with as or or of single-tenant over million annualized book the common We remained minimal of LTV was portfolio, levels continue came borrowers quarter to slower a were ratings to at XXXX allowance active to continue forecasted to million new have net borrowers the points In underlying to our and charge-offs, expense our with as primarily equity which XX% XX% LTV of first XX% to assets basis manage points under And repurchase equity an tangible the were asset better. and or fourth due of the XX%. rating balance while to balance metrics in quarter first on an quarter basis losses Provision quarter and from consumer portfolios. public risk of in credit the top of and loan finally, the end basis loan program. strategies sheet. financing portfolio the our these our for almost respect capital remain to to shares $XXX,XXX growth. originations stock of BBB+ made capital loans the of quality confined declined support $X.X have tangible average for total was sufficient growth, given to to to repurchase we loan With the loans strong were finance declined and $X.X to to lower better capital, X with quarter generally the XX. XX sound, loans at We we continue Portfolio sheet, X.XX% quartile the our lease nature
operator share. at an average $XX.XX over share. have of to shares common take per since which at an XXX,XXX XX,XXX of value, the quarter per another $XX.XX we of book we XX. which your XX,XXX shares per price tangible shares our price below With to average we as And significantly end, at $XX.XX mentioned questions. it common purchased so can inception share, stock that, increased of will over to the repurchased of I March repurchased is the During quarter, David common program, back Subsequent turn we as $XX.XX
