today. thanks and you, Thank Good Larry. everyone, for joining afternoon, us
share and net $X.X million we of third income the earnings quarter XXXX, reported $X.XX. For of per
on share common on third $X.XX. return adjusted expenses, for equity we income assets X.XX%. per the third a for and million non-reoccurring return of tangible Excluding and adjusted quarter produced for Adjusted the diluted a earnings average item, X.XX% quarter was non-reoccurring were the $X.X of net
expect fellow to the third shareholder we Bancorp, of challenged well strong. continued quarter openly I tangible to us of would forward. in quarter, a Internet this us like X.XX% future am to with capital remain common use went to First speak disappointed I what the were from very what periods. As in well-positioned levels opportunity Ending in equity begin, a To where and these ratio the leads going results. about
offset $X.X consistent prior Additionally Total balances at is been loan do banks other XX% maintain including have activity Loan the value to many almost puts Loan the $XXX our the volume in to quarter, from time balances billion. the quarter. the growth high production third which current quarter, and all of increase This were nearly share, $XXX.X for of X% repurchase to able second originations of not commitments of quarter. unfunded increased to tangible highlights quarter, were the million. up a the one in the during AOCI we able an loan million, book effect per of was environment. origination
million, $XXX.X X% volumes total quarter. of originations New up our the funded prior in
quarter had million in team sourcing tremendous originations. lending construction Our new a almost $XXX
XX to well lending the as throughout fourth XXXX, little construction $XXX the end totaled June XX% position to up quarter, draw assets At next rate. quarter, third the the unfunded the during to compared quarter XXXX. down very add variable in new months variable While is rate over months XX, expected production majority million, this we XX of the vast and to of over commitments in funded and
a over XXth origination Bank the in First The middle up X,XXX SBA the lenders. finished X(a) year of third XX% the field Our volume with small [ph] lending fiscal Internet the lender team its as continued performance team quarter. business second over strong quarter most at active
As and for $XXX in business the total to to with our expect lending, small the revised pipeline our be to increase is million. range originations stronger expectations is the grow half year line continuing anticipate of quarter. second we originations We in the seasonally in for year the fourth of
However, on premiums for third XXXX we are in and two to quarters the have second seen of several gain lower reasons compared There previous the this. sale years.
than guarantee guarantees XX% that to with have programs XX% from consistently government on First, XX%. temporarily fetched a gain expired. increase sale Loans XX% those have with higher the
also on sale the million Additionally, on revenue million lower in year. expectations lower. expectations prepayment range $XX driving With rising be of secondary $XX.X the market to forecasting we increase gain to rates premium, SBA prices are for
Our commercial of the country. industry was the ApplePie portfolio. during lending to providing franchise million Together, loan well. the fintech in performing a are $XX X% the now entrepreneurs oriented we of Capital, quarter partnership lender $XXX another on throughout We pricing specialty funded are to credit north quarter. loans focuses our in this with performer proven second standout over million franchise businesses with extremely hold Overall, and that
challenged our we models, chip loan our over lines are and we like current continue been Additionally, portfolios to recreational business horse lending originated new factor which limiting here shortages. the has $XX inventory of of million of trailer, by The passenger yields win loans vehicles consumer also at X%. in vehicles new and new north consumer other
quality have a expect credit us contributed ongoing was strong third come from you As performance. quarter to to key our
points are Our points average review in basis net total economic of potential loan any loans Understanding for areas XX basis X points uncertain assets portfolios just our continue days weakness. basis just of total were the low at quarter. to loans consistent an we charge-offs environment, or we with prior total X more assets, that were delinquencies to XX and non-performing of remained
review, where underwriting While find we thorough wavered matter are credit diligent never no we from our in in may the that have consistent the comfort our in and standards, we we ourselves take cycle. fact
and the we strong expect that As to a over quality long-term has our trend continue. credit result, remained
quarter, by higher impacted were our the In we funding saw Turning our to rates. disruption costs. anticipated had we for where XXXX, the earnings most forecast during third rising
several undertook balance with shared to have the position sheet We environment. years better past rate for you strategies, our rising the a over we
One non-maturity the our deposits. toward of improve initiatives was composition of those deposits to moving
We XX%. volume of been up business small checking cycle. [ph] XX relationships compared make up Account just September TDAs as when about and rising by commercial of is deposits last XXXX. account winning X% the throughout have XX% rate to we entered our
where a slightly basis. at year-to-date after look balances savings consumers the building depth see we the a taking we pandemic. business balances their account As Average some and for savings balances, of during trend down are owners savings do on are down up
made deposits. environment Additionally, has challenging it the grow to competitive
the quarter, the outflow in This by the XXXX. of reported Street third decline the since billion for banking for was first second As quarter. in there Wall mid-September, competition deposits the Journal a the $XXX intensified system in in record deposits
seen local being direct in digital banks, offered and markets. in banking-as-a-service escalation the an have rates market by our in banks and We wholesale deposit
offer base. strong other Internet openness, for teaser are relationships and rates that and existing loyal and or First customers customer to to pricing all maintaining not fair our believe negotiated individual customers, transparency, to not new Bank key customers. we available incentives rates not We does a with have
asset points deposits a increased a basis so of bearing yields our XX As partial to result offset. quarter of deposit it’s acute points, X.XX%, the of interest second from in XX competition, an basis cost earning increase
quarter the in continue an Fed down on rate that leads September points margin us believe as we target loan increased its the will XX Throughout quarter. will rates CPI to conclude down report effort equivalent from the on Our second new increase fourth through continue to fully beat interest funds deposit taxable Fed for the X.XX% net to to a We third was rates X.XX inflation. X.XX XXXX, to quarter basis path originations. have of
We more pricing apply net the will interest on the to margin. discipline in fourth pressure our even quarter mitigate
yields the XXXX, origination quarter higher Our the for up third were period points year-to-date the XX same in on higher XX points yields setting basis from stage and than quarter loan in second were they future are periods. average up funded basis a basis for loan
improve results can we we is where banking-as-a-service believe through The other partnerships. meaningfully area our
numerous financial We of have the partnership into has Treasury established network a relationships its XX Prime, placed fintech which entered institutions. with platform across
through expecting XXXX. our relationship early onboard currently to in We working first are are and implementation the
well both with discussing funding programs are which attractive deposit programs, payment would income. as as costs We to non-interest accretive be
pilot with vast in pace program increase. platform a a we called are and manager Additionally,
primarily will with non-interest production. We income be to balance drive programs get the is year to working of through pilot three payment the potential. to This expected upside significant partnership from programs full
One billion projected a that next has volume payment opportunities currently months. we piloting over of in the the are XX $X
to next expect earnings announce our more We this relationship on during call.
that closely compliance management. with pipeline so standards a We additional to or high opportunities include opportunities a of and have dozen only curated for our risk carefully align
frogs of of We the have lot but pipeline we deposit and lending high over quality opportunities. years, payment past have kissed two a a robust
to remained going proved work the and that business to we price. program, growth income we our my authority. and interest the strong up we lending of and disappointed capital pilot sensitivity that interest portfolio we continued there additional stock performance $X sheet in through both support our as To provide exponentially net strides are capital quarter, throughput pleased into an as to quality As full net of pleased that where SBA to I we will to the current Monday flexibility lending, quarter, balance believe with construction which Board our repurchase extension very we am allocate of of production, quarters. share pipeline valuation million that Wrapping our increase a the move to loan were end, an in authorized remarks expect announce coming Directors stage passed including increase the our in asset in forward. the a of well making are the the add is Credit when margin repurchases continue has in the for disconnect ratios
scalable on lower As deposit. I partnerships some long-term going very revenue fintech that have banking-as-a-service in above, exciting things should provide and with we outlined our cost growth and
volatility earnings projects we a We over earnings will are strategies be profile today provide long-term. While working short-term there may the sheet some more rates and stabilize. and resilient far until and on balance believe the
Banker of I celebrates, these the innovation of again team the We year develops and and our excel For by dedication the American for Before culture Internet like thank to embody named were investors. in and Banks strengths. entire Work would the it of ninth because behalf Best our people to row. to to our collaboration on we promotes and success That’s First turn workplace why over I the once a customers for one Ken, who
provider. services give commitment opportunities long the technology our that, a Our quarter. like and to talent it growth Internet to for First oriented of to digital confidence me and financial premier discuss over runway future Ken constant improvement as results the our With great team’s of in ahead I’d turn to forward financial
