and good everyone. Thanks, Chris morning,
our three. to as quarter the I on for operating want First, results highlighted recap slide
delivering $XX.X diluted on an earnings outstanding adjusted common of adjusted $X.XX adjusted tangible XX.X%. were X.XX% equity and of return of million assets income Our return adjusted per on and an share net
double net performance illustrates year-over-year driven to income performance solid the the the the the demonstrates Clayton by consistent targeting. Reform are of underlying that we enacted Bank's organic more and and growth, acquisition trends the fundamental Slide was four year-over-year. allowing profitability Tax company's benefits than from recently Our
margin. income, risen portfolio. been non-interest our loan strong control deposit for Our fundamental quality. core stable assets five credit of has yields, interest quarter and fees the profitability. customer adjusted particular, to our presents deposit as elements low-cost base, balanced by first This Slide healthy to by net low-cost consistent on margin sound and fundamentally In X.XX% and and has growth return we growth, strong strong stable our the profitability expense continue improvement achieve supported a driven
and the Our reflection deliver is team NIM of our we exceptional a efforts services to for to value and strive the whom build of relationships customers, our trusted collective advisers.
is yields, interest confident for our our a cost and rate to tick balance competitive we range. Going up and the loan overall environment, rate X.X continued in remain short-term X.X forward, sheet but remain continue rise interest anticipate to we deposit guidance well-positioned rise we to environment. in net And to due current cumulative margin that in our that will base expect some improvement
net our We balance will between balance continue to margin sheet interest the maintain and growth.
growth targets opportunity meet the performance overall us current to these adjust supports our to our and profitability. targets Although
growth XX% Moving previously we in term quarter solid XX% loan as slide growth line mentioned, we on this have to target the and our next slide, range. six, long to with on And consistently loan perspective are growth. too quarter. by we get X% about our concerned a loan highlight, growth But apply and continue to a we longer-term typically don’t to XX% excited quarter
driven by This quarter is competition, future the within outside pricing forces the market such as we and credit can relative envision range, quarters risks. range being
Our objective focusing nearly not consistent, quarterly growth targets. is driven profitable relationship on
with to tied our concentration relative construction share loans longer-term. corner, to And XXX% the we construction and top remain development regulatory of development the of committed guided continue this to level quarter. commercial Moving be and real on regulatory to the in loans our staying We estate over XXX%. we right on guidance line
slide to seven. moving Now
in merger, federal year fourth growth XX.X% XXXX. the basis we deposit All this point cost quarter of balances and the up to temporary larger saw increase some of XX% deposits some XX% basis from variability the beta funds accounts of and deposits roughly these benefited Our inflows, in, of rates first X billion, total related the to previously they along disclosed on relative We from customer $X.X were up annualized deposit in equating quarter the during quarter customer going larger to from the forward. XX an basis last increased period and caused quarter. with our this deposits points target
cost year-over-year and half Bank acquisition. about our rates to is basis the half points XX Clayton's to the due due up Although are
beta our confident steady a base a on growing but focus As will environment, potential we slightly customer strength. continue [ph] pick we competitive that in for see deposits key remain up our funding remain to to
core term as deposits well We of maintain forward. to have introduced as products new the deposits funding overall going specials to
As as comment, quarter operations mortgage of despite tightened a eight in on Chris good competition. this we market banking shown opening had noted from our slide
Our first million XXXX, mortgage banking income quarter of is X.X% up of the basis. a $XX.X was in which year-over-year
as expanding build production anticipated out sure make overall mix margin the of correspondent in well As channel, shift compression. they're the in
know retail footprint pre-tax quarter Although the first of pre-tax total our approximately it important that mortgage including to represents is of X% contribution mortgage results.
XXXX, relative to revenue quarter to we quarter reminder, XXXX. decline expected fourth first had of a As the of in
and to volumes in of build third XXXX seasonality. second expect Going quarter forward, the revenue due we and to
earnings fully. change first create servicing, income from As forward. not adjusting believe we asset are going and quarter, the assets, our We as in state is value that in the disclosed previously excluding this have this volatility we the we will which mortgage less have of the fair
However, comes of line actual net negative quarter value moving from goal remain the $X.X closer segment. operating for This during XX% banking first record quarter-over-quarter quarter slide during a projected banking and [ph] of higher the pre-payments leverage risks the per our quarter. improvement adjustment million and of rates spite related year. slightly this we each benefit, XX.X% in ratio servicing segment near-term from On to typical a the XX.X% impact mortgage nine, due quarter to to efficiency in prior our our with did the impact in seasonal slight
Our corresponding ratio and continued channel higher the quarter-over-quarter primarily volume mortgage segment's pressure. marketing to in flat efficiency due was
see up. volume of second pick and other We to improve into of channels third expect back efficiency as quarters we ratio the XXXX move and
Our effective million in plan $XXX,XXX lower distribution XX.X% $X.X our additional first or benefit. rate benefit quarter tax based deductions for related on tax equity to totaling of is roughly the
lower we our XX.X% our previously the As tax rate will believe be in of end previous XX.X%. XXXX disclosed, effective guidance to full of year
to on to total optics assets of nearly the provides loans recording for remains related the previously asset XX, -- Next, quarter this as quality our strong as Non-performing longer assets shown sound company. rebook and no for and decrease slide decreased discussed. the our entirely foundation is the
underlying in by true Our quarter. is as which remains quality unchanged our great basis from XX loans asset classified of loans non-performing evidenced and points term last X ratios points basis down shape in of
on slide growth acquisition. Next our strategic through enabling and the XX, strong both level future remains capital organically
structure to share giving our remains sources XX% the IPO, flexibility almost financial that non-common by Since following quarter capital add $X.XX $XX.XX quarter to simple value per Our results. by relatively driven first strong our equity during our needed potentially the is us increased the or as needed. book tangible
assets capital. to the are now servicing revisions of management affect continue servicing that ongoing might to III discussions rights will our risk-based capital closely mortgage and of also regarding follow mortgage We treatment total the Basel
turn As to share, for your equity in the approximately With dividend to over portion this of Chris the initial our comments then XX% earlier, going shareholders' to open of we closing of call represents quarterly ratio and detailed are a to of that per call overview, to quarter. we'll Chris our form which a able be payout back the return for questions. I'm $X.XX pleased
