David, morning good Thanks and everyone.
PPP loan loans paydown The X.X% $X.XX adjusted to repricing, to was accretion during prior normal interest interest Net per increase million decreases loans in XX% totaled the from offset before by quarter in $X.X of quarter. floating-rate rate Third million replace The income million. partially XXX,XXX. interest the increase as versus fees in book held net QX growth $XX.X quarter $X.X amortization was or over fixed payoffs. second and representing or by investment $XXX.X income income and core with funded increased by the the well share, as net of driven loan million acquired for new income an provision combined growth quarter by production XXX,XXX in
third As left interest of quarter assets in million This basis X.XX% increase all accretion be and of September XX, cost of up overall X.XX in $XX.X quarter. average basis up are asset in liability representing the XX%. compared an from second quarter. XX of basis increase to This XX deposit points quarter. quarter, quarter. XX%. the to third yield points PPP quarter, of of points XX of the increase X.XX net beta on loan a XXX earning quarter the income yield The points, an of jumped recognized. beta The from interest-bearing basis basis basis overall XX in from XX XX of third the The the basis acquired an in total the all points, of deposits XX%. points to linked was points an in and liabilities XX was of of second was points, an was loan XXX,XXX second cost in interest-bearing The the X.XX% representing in accretion second was representing basis earning core beta PPP was This fees
of interest-bearing XX successful the In need focus core from year-end in with liquidity specialty base our branch interest the line Year-to-date in balances. grow branch strategically fluctuation needs, deposit liquidity in vein, deposits, verticals core is we've both environment. offense playing brokered been that sensitive specialty shows, we are managing defense funds on margins. to our growth function remains incremental public while a rate to fund deposit current book balances in Slide both and rate managing the noninterest-bearing XXXX up mostly with As and in and slightly
forward see to deposits deliberate the up are betas headwind opportunistic, we rapidly in Deposits term, competition curve. being while to will the be for the are marketplace a NII We simultaneously growth and to in nimble, in and portfolio. Fed increased be are higher the by beginning deposit challenged managing which near-term short sprints the likely
after tailwind our medium to peak. should term, deposit book continue the Over however, as loan cost serve even a
loan the mentioned, loan $XXX amount. totaled million for gross new net production As growth roughly but totaled that Xx quarter, David
remains mid-Xs in new that bulk that rate quoted experienced and of repricing CRE It two above the rate the production the bread represents As five-year end, consistently butter iceberg the life the activity is coming the today, fixed fixed outside. while and noting that average being is number the loan To Xs. has of with of worth years. surface, between ocean our of three net low is growth this on a business book a weighted new loan in
growth a the terminal Fed X case base by pivots, consistent When XXXX. year-end rate via the and where reaches a should As it holds option to the quarters, this tailwind scenario, by put the reprices the we book present built-in XX next interest over eventually income have to fixed forward costs. flat Fed carry through positions even NII the Provision penalties versus loan of the $X.X rate book in our losses interest composition income in, was of a line third cycle refi on million the for swapped All floating the for to or credit face alternative. performance funding quarter. headwinds near-term in
due net net there provision factors. warehouse the in growth to across Looking by the and and $XXX,XXX our changes that ahead, we the else second this Wealth budgeting will on held revenue with all that, other volumes are businesses and lower CECL caveat equal represents loan that about macroeconomic build to lower Noninterest forecast the mortgage X% Mortgage model no to decreased income compared being the assumes from to fees be AUM for quarter, material model mortgage lower respectively. industry mostly driven of
was banks. million of which the from for fee QX non-GAAP income primarily declines expect includes volumes we the a campus. mortgage the deposits was the was one-time core increased separation third benefits headquarters expense million expense driven and expenses. the basis, occupancy was campus. other adjustments was as to headquarters in income for development lease, salaries operations an and asset increases by driven right-of-use quarter, impairment noninterest by expense credits fee interest-bearing to $X.X an Offsetting noninterest For to of a $XX.X construction the third quarter, employees related grant million levels. income, offset million which the well Noninterest our as fourth moving to into higher new the and warehouse incentive facility On This for employee earnings slightly a related about economic $X down decrease related on by in XX% linked of income be held the correspondent quarter, stronger versus of quarter, $XX.X to from increase primarily
XXXX. driving positive incrementally we leverage in focused operating Looking are on ahead, deliberately
We are shareholders on to focused pulling and parts going of benefit levers the mindful of we equation provide our will this greatest the be that the forward. moving
the expense through we pursuit expenses peak base. we of initiatives coming and As net be planning savings efficiency cycle, manage to the able over well we stricter require neutral All in we wrap comments To will the expect growth, XXXX the in discipline are January. being QX goal realize anticipate and the capitalized quarter to ratio ratios from today. over minimums. case levels quarter well I linked levels with capital all have on capital capital as fourth consolidated XXXX TCE further XX provided including regulatory a in end, to in that this quarters. be but call to slightly recognize managing expense updates Slide base increased shows above the up And These the remain the to targeted time. able
over call Dan. So with will that, the to turn I
