and our us call today's FB analysis XXXX. quarter on quarter continued All you, over our our review joining the appreciate results by Officer, for you third additional questions. followed review We James Gordon, call, results, in Financial. Molly, of Financial and to On of then of Chief on the to call our this financial right, your for thank turn thank provide our third highlights your the he'll and interest
our quarter, on $X.XX, return EPS of tangible assets XX.X%. common of adjusted adjusted average on with results and of produced adjusted X.XX%, This average solid team return equity
On our and during channels cuts. the quarter rate strong restructured retail volumes included Fed In environment origination mortgage and by delivering side, bank lock area our rates we two newly balanced remaining capitalized team profitability growth interest the that the rate profitability Consumer for two Direct. lower and and on that
call, this for walk On I think it's through important topics. three
are First fundamental quarter third solid and those growth. our our strong
on and factors near-term most activity, M&A recent Our external and activities, thoughts our opportunities.
quarter third team with very in and third strong our our quarter. solid. we the are how our think really pleased We're fundamentals, on First, which performed
annualized for delivered a year-over-year. and X.X% growth loan We've the growth quarter organic indirect XX%
in As think which of one X% another. in said is one growth get we to don't that years, in it XX% loan before, not terms quarter recent quarters, we we of quarter, in so was excited our or business
non-interest annualized. proud X.X% disciplined, is later. that and more XX.X% what grew profitable growth to committed goal particularly believe deposits customer Our We we we're growth, our long-term our becoming of markets, on irrational bearing staying quarter, especially consistent, deposits we're credit of and for increasingly sound is about the and in and annualized
XX.X% for related bearing annualized the deposits, grew mortgage non-interest Excluding quarter.
and interest deposit impact and margin pleased X.XX% management came of to accretion this quarter. excluding we're of implemented treasury strong quarters. relationship continues non-accrual results the the past this very our in The and the customer new growth, delivering over aid earlier platform couple The recoveries at with year managers net
cut basis funds in XX said compression basis point target of anticipate rate. points each we the we last to Fed X quarter, XX As for
excluding rate quarter non-accrual the end. the and fourth expect our compression. had one We at did in additional We margin basis recoveries one two the was at We'd And cuts third quarter, beginning the and from second quarter. accretion the rate in at some points quarter. XX the additional cuts down
We our during expect continue. each deposit we the that quarter also and saw lower to costs move month
volume. team in Mortgage especially completed channels treasury increased was purchase to is million. driver significant growth our X.X our we in and a contribution yields mortgage there had the quarter, earnings the origination from demand a down, X.X record pre-tax as from adjusted and of that sale from month third of significant With June to key of our was July. given X.X August We which the XXX second refinance in total million million, increase pre-tax both at contribution in
how currently. So, structured the a and mortgage still whole, origination our our some lower month profitability efficiency preliminary complex on at record improvements volumes was operation we we're business, in have like strategy. less validating is There but the making, on we least that
strong in-store advantage We retail platforms rate and like take but saw like we environments the predictability lower environments are in in to quarter, third provide that rising in have XXXX. will able had two online more we now customer rate focused of us
allow our and a us people's invest organically the to continue technology grow scale closer in we through coming and both that -- the people back can years. handle so acquisition. platform billion will continue XX to anticipate the On we office side, that over higher we to we that We front, made key will and to
continuing our with long-term the we the and were platform delivered, the value Now growth this team is results, prudent profitability to and creation. strong for growth we're that develop our quarter's proud summarize way to of and pleased
external team our outstanding executing while and near-term our very Next plan well, is delivering results. factors on performing some
primarily rate the uncontrollable and near-term some slower in that life market. it's potentially So, economic fourth seeing months cycle the quarter, we're in that That's irrational in being managing. the coming cuts we're some likely behavior growth
for XXXX. we've created seen cuts the community XX over So, on and has months that outlook which in the difficult sign likely increases of banks margin rate cuts, past rate a
have longer deposit drop immediate loans by to continue experience rates similar additional the lag variable that It were renewing decreases on assuming to rates, and recruit the the incrementally followed rate positive has will to side, Fed to try the increasing decreases in rate loans. loan margin will rate compression include pressure forwards variable that rate cuts. saw reverse. rates asset Variable margin to in every combat and we that the things To year in take we
the We benefit but costs. haven't continue outweighed to so some hedging far, explore of the options,
we the and growth to bearing success. have some push liability On side, non-interest continue seen
excess environment. million have sheet we'll on and in that We seeker deposits also the We retain been to balance keeping liquidity defend we've some rates pricing $XXX used try and index to through the have well. following over rate as we'll
versus that a capital. gives we will us return on always, weigh appropriate continue an As growth margin to
acting the of the great and To this yielding quarter operations, cyclical rates financial has a declining offset rate had contrary, positive environment results planned. that dropping mortgage counter our a on as impact we've
we results. rate expect additional good Assuming, fall, continue to
However, are seasonally, generally points and fourth low mortgage. for quarters first the
we expect said bit we to next over of previously, the As mortgage breakeven couple be a in quarters. just
sake not our organic We're earnings become credit pricing and to one to sacrifice for The us intent economic thing structure short-term the when on disciplined credit want way of old of in kind stream best process. our is mention like slowing is terms credit defend irrational. and growth. do We for to in growth. loan just growth, our to deposit I'd staying capital that On
relationship there relationships. We the our and looking business pavement, managers have to new seeking out pounding for expand existing
instances that markets the accept. are over in couple to not the content structural and risk away of willing some rate credits from in are just willing market, foolish. to walk risk competitors accept because we quarters However, saw term consider banks that the several of we we're We to taking past
competing borrowers the Some lower on XXX% ignoring loan and with with marginal examples X% more product for just sub guarantees and XX And us We're costs, and rates structures those fully investments on after that the releasing more. equity XX lender the categories. focus institutional market year on loans institutional on and the against credits fixed guarantees, rates would seeing of LTV risk financing XX and deposit higher no were, also competition market, banks. to months, rate by
loan when seeing credit X% to not credit, another one But unproven cheap weakness do institution. you when strategy rate loans away become some comfortable tendency see cycle and one-off have to refi know we're That's rates loan relationships. aggressively and are pricing issues we the is credit willing When offered turns. and start a CRE also that the fixed rate. a let to good with we're and some a some fix that into to in has with to just to union to both hard going that that borrowers larger long-term, We've terms we're match. order deals we in C&I after -- with defend And customers comfortable our
portfolio grown our We've organically loan quarters. XX% three at through
have for growth XX% few long-term been targets last XX% quarters, few years Our actually. the the to last
This organic growth environment likely next range economy, XX% be to satisfied the the of X%, the X% in persists growth just in if with we is quarter's few to competitive over a slowing face the quarters. in
XX% Our loan targeting in plan to is ratio growth the deposit to grow our to range. base our core fund deposit that
change this Our with basis will so of some cycle, prepared exhibit charge our provision portfolio and this end expense points We it's credit X loan at net is each the sooner. comparisons hope day, to historical of the metrics. far closer if to in point. by future, be the very With continued low and credit environment to that benign but continues excellent we're very off year distant credit
opportunities be Today, the that will exhibited September. believe the continues be we near-term. an available really We continued in under of believe to that be credit we that to M&A, provision expense our on increase announced will next, Regardless XXXX there we in CECL acquisition we of M&A what the over loan like On very XXXX. good. in likely metrics portfolio quality, that
MSA, is with that pending XXX the almost Scottsville, attractive Bank the adjacent to bank old. For Nashville a is MSA. refresher in Green Farmers of It's years the Bowling National acquisition which on
that risk. which core it's is It deposits, our own, XX% non-interest our bearing has diminish and processing execution should the bank on same system
continue also look similar transactions. to for We
We and our presence strategically other teams, M&A in meetings and and our expands management deepens around continue to execute to on have and that numerous with discussions footprint. hopeful continue to we're
that's we but coming We'll disappointed, we'd on in stay been about available, able be hearing we've if everything XXXX. transaction as weren't to or that a at well, least disciplined execute two on that with
We're summarize, ourselves that profitability. resulted that value delivered sound and recently, a positioned we acquisition quarter in we for and we well to So future growth strong excited about creation. feel the fundamentally announced we've
review to detail. I that our will financial results turn call With overview, over James the in more to
