and Chris everyone. good Thanks, morning
X. I on First, to want our as quarter recap Slide results highlighted operating for the
per delivering on of $XX.X common assets of million net and on solid X.XX% Our average of was diluted $X.XX XX.X%. tangible on income return earnings a average equity share a return
driven to $X.X net loan Our Bank’s enacted charge tax by are and targeting. the outstanding demonstrates basis company's by acquisition that off of the net compared of the Clayton provision primarily net points fundamental consistent we X growth and illustrates of by due trends loan of Slide XX the organic year-over-year benefits losses performance year points. reform and to high for profitability reversal growth, million normalized performance was recoveries basis underlying offset of from the this six XXX,XXX quarter last driven the
of margin sustained on expense deposit of presents is slightly growth level portfolio. enables core which our in return and net year-to-date base, low-cost adjusted loan fees the challenging and driven of strong fundamental the elements deposit offset This sound consistent and low durability our by demonstrating interest average Our supported stable a franchises margin, profitability. and strong environment. been customer Slide loan by mortgage being core profitability non-interest a assets our cost X.XX% strength earning control growth, fundamental power credit while income, particular, quality healthy X yields, by has
growing As cost net we remains deposit on quarter our as at deposits but Chris X.XX%. this margin interest mentioned strong time our focused increased
XX points net was accretion As see, nonaccrual margin by collections. again of and interest about basis you our can benefited interest
Our into end X.XX% X.X%. of X.XX% guidance range core of long-term settled upper the of NIM to our
customers costs quarters be to deposit deposit and slightly flat current out interest in in order second increased from like largely remain focus we offset customer our over to production growth, rate our We growing by down CD coming customer our that banking increased rate quarter outstanding the on this yields should relationships of quarter. and loans We Federal the million coming and in our largely in deepened expect time as by front core Reserve are had to get time balances the competitive this environment adding in our of would the hikes quarters. short-term focus point anticipated XXX environment in the the rising customer NIM and on we the deposits strong campaign as those range team's a quarter to new process. deposit remain a major also future in I quarter to execution enhanced due should in during increases
basis lower to led trade quarter. total months. quarter hikes. next This deposits made for at at our of cost in rate of third the is CDs funding a short-term get to its from we passed XX in XX out second they purchasing in of by to rate the XX some points to end a million replaced in should quarter the basis anticipated and a six broker Additionally a decision increasing the ultimately therefore that three actions the at borrowings costs couple borrowings These locked of to points
is selling began quarters. over for couple loan However, next in $XXX has increases the December level million sell date balance approximately rate our combine to XXXX able our cumulative XX%. since of Also in sale
liquidity excess and of to We total well to and rate customer balance our on assets in invest assets confident XX% remain will emphasis positioned income. the element earning of for portfolio We investment likely and at is overall be currently a impact profitability. continue foundational will in net the interest rising stands mitigate sheet deposits additional our which
to Moving Slide on X.
XX% mentioned of range. year-to-date, a strong the XXXX. long strong We loan another year performance selling we've produced back previously, had quarter XX% will As range target believe in above finish robust we that our Chris growth term that into we to before
relationship-driven profitable focusing objective hitting merely consistent, [indiscernible] quarterly not Our target. remained on in our
sale rights of announced servicing top of quarter. to right Moving regulatory benefit million concentration the our previously $XX over capital about provided we corner, mortgage this levels
putting some below the from portfolio due well We also experienced back threshold. construction permanent our migration financings, XXX% us
depending may While time-to-time closer be on on to construction to in committed regulatory thresholds. continue findings, able move servicing rely remain future, to from we to allows mortgage with this XXX% as we right
Moving to Slide X.
at particularly quarter in $X the annualized working We an customer of deposits to deposit on current within saw billion, risk customer while continue strong in XX.X% will manage rising We're few locking and that's deposit funding the pay and related maintain base growth mitigate believe margin. while quarter the in pricing were we move growth this off in XXXX. this balances to basis we year, growth and estimate funding our up XX.X% we rate is quarter portfolio. last within the in third Our the from of second comp raw current we quarter, important environment, we deposited to in us as that had rate quarters, deposit our next cost
a Slide in equates In the XXXX. Company's represents Year-to-date contribution X. that's which pre-tax XXXX. This retail Company's pre-tax our for our adjusted income quarter had from of year-to-date included. is total operations total our of turning in from in to million as down contribution XX% quarter income, $X.X approximately down the the mortgage XX.X% third pre-tax of to footprint X.X% the X.X% mortgage Now, third
billion last interest $X on the volumes and and the correspondent lock quarter Our there margin. $X.X compared the volume year. are to Competitive pressures in $X billion particularly weighing last quarter channel, rate of in pricing billion declined third to in both quarter
Our direct up to primarily our due retail mix to quarter correspondent and this in channels. was margin change due consumer from
profitability line guidance that to the We at expenses and the allows of September. during an be results, we with still unacceptable loss current streamlining and million in the between this expect We environments. - team the during our total of mortgage channels understand focused $X contribution retail quarter consistent updated on between in to million rate of $X our is achieve fourth footprint future order pre-tax provided end reducing and to year
for their the XX.X% in line from this higher prior our be interest during quarter-over-quarter staying remain of up Our books and to quarter to to of operating in primarily to can quarter increase ratio segment explained XX% efficiency term we salary have quarter with the by business in speed. get segment. above our XX.X% leverage attributable The revenue just near from banking the our recently fully goal the banking movement
above due quarter ratio positioning we third efficiency into are XXXX. will reducing to quarter-over-quarter segment capitalize These lower operations, fourth initiatives second ratios seasonably on producing of on acceptable focusing remains efficiency we mortgage head rationalizing profitability cost environments increased our cutting Our quarters as continue to the volume busier team XXXX. the levels and our during while
rate of quarter was as and lower volumes. tax the than our first to related the quarter effective Our compensation third significant XX.X% second we for had deductions equity quarter
tax As our XX.X% rate believe previously effective we will the be year range. disclosed, in full XXXX
non-credit organically for total the a continue As our and assets shown sound XX, performing slightly quarter we reserve Slide the grew strong to Company. provides foundation decreased asset environment. at for on remains to assets quality and our Non- as
by portfolio remains XX points. of loans basis solid loan non-performing evidenced as ratio Our shape in
provision As was normalized of recoveries by third XX, the net levels On our acquired growth loans for previously of growth, and net million remained points driven quarter respectively. enabling loan the charge-offs points shows organically both to linked quarter XX through the $X.X strong basis future basis largely renewals capital expected, compared loans strong and to basis of for loss to loan acquisitions. points of average as of quarter XX six our strategic through Slide XXXX and
increased relatively after accretive or per needed our add by Bank's quarter, strong flexibility equity our capital Our has financial XX.X% potentially during to by book sources. simple IPO, $X.XX remains the structure us to the value giving the acquisition. as first results share tangible XX.XX% in Since quarter driven our non-common Clayton
a we approximately servicing we sold our as rights. As mentioned mortgage previously, of received of $XX relief million portion regulatory
portions We impact the selling appropriate. to its on the MSRs as will time-to-time and our continue to seek capital monitor from optimize assets we'll of
share, equity return payout portion our the approximately $X.XX to XX% are dividend of ratio increase of able We pleased which the quarterly to in of a quarter. of per continued be form shareholder's in a XX% and represents last
our to book Buyback previously against accretion. of while our opportunities also EPS $XX Chris the closing M&A we discussed, Board seek capital back repurchase minimizing a that of With open capital overview, over call Chris questions. key the that value in the program achieve and we'll evaluated our to comments will coming will for opportunities deployment as As dilution periods. objectives authorized million maximizing we manage to going to share turn I'm for then tangible your be call
