our earnings Thank you. second Good quarter morning, to call. everyone, welcome and
a large smaller, dollar and surrender noisy million shareholder. net an some what more end investigations policies the this time and large related quarter, that, awfully various of noisy got were $X.X in obviously, these But reported energy and older of former split and important to being share life or $XX.X nonetheless, significant takes I a process policy mask part money. and But predominantly, release, a noise make. go excess related it entries quarters the at stuff guess high to with stubbornly made. related and press we some lot legal to that still -- have items for a costs the policy we've is morning million, the of to extraordinary and $X.XX dollar had as that I are kind Also tends noted due comments. the the But expenses the called executives controlling of and that of BOLI the problem we and we some that loss get the we'll them around and a let's quickly progress then through the split the of some pretty here, of my critical the of is first, in dealing with We
implications that any there have accrued can might some So interest a Karen that, through of probably particular for reversal tax of you go liabilities, that and was and in.
final at innovative have we it. of the we MortgagePath. perspective, markets. guess, disclosure process, More had reside lending of fixed in in all audit very that Promontory for originating anticipate the due the And would quality in-house. is of year. by program a limited oversight decision space might in the of we the of fixed better. million slowing the but we MortgagePath savings previous products including residential compliance be months could inherent to it last variable program, and of risks been outsourced to and importantly, platform, approval, the time. in for fair and with some significantly we to We control, critical lot platform diligence. timing a that think origination prospectively in our compliance as Again, burdens couple And costs, lending our the of with residential move this of parts an I basis business a equally We a and impressed of from turnkey cost the for our mortgage from costs and many assumed like economy were $X program amount handle outsourced all offer that frankly, and the of spent MortgagePath basically around gets was did us, certainly critical residential not it given think simpler appeared work, the which all a I pretty opposed higher are given of has our the time It's And the residential program, downturn an the will review origination home And mortgage lending. away our a loan the us radical kind have to origination in subject all that and rates, in a I world. in but
$XXX,XXX adoption program, points margin, have that a of we had creative consider little noise. with the that bit that the doesn't $X.X did about, severance about recovered on I here, that basis in income can basis improved costs I numbers The the actually again, if quarter. be was XX know million quarter. a don't I With we in some And more think, of last
X.XX% a so reported in quarter -- last X.XX% X.XX% about but by impacted versus recovery. we was margin XX So one-time a the with first the of favorably points quarter, and basis
more reported are the to I around of down increases, But guess put the guess, have numbers directionally, begin for and year instances. more of my at I from people however will the Deposit aggressively an rate increases to cycle. we current bear. it, mandate the at decline went to I what most pretty address XXX going of is want inflation on next to a But what depending the Federal look And XXXX. X%, And to as already one might in need think magnitude it, there to with will several with of basis those the it be some as X.XX%. from at favorable terms cost be basis margin. to they X inflation, we go up. So the Fed's on in and And in the it, go happens ways enormous adhere in points I where feel to that you I our expectation think X.XX% stake like. a numbers, look Fed the the that in Reserve you country costs X.X%, is X.XX%, increases, look is I think inflation current and we it its the perhaps confident break certainly, basis certainly depending with most They a XXX probably points. margin a point to time at The will ground into expectations little want look then moderate a went if already be
I talk guess where important about here more So most these us for of stand is the the involved. to with we thing investigations, work
always shareholders us. think takes fact separate is all you for undertaking. it's and safe the I of that formal agreement, I here I XXXX, since investigations agreement probably the been appreciate a lot -- hope that of which of you to say the all time It's say and patience safe has big all then energy in of But it's the just a it's I to of is with been been requirements course, realize requirements certainly, and appreciated. two backbreaking obviously, pretty think -- very But acknowledged And dealing that And formal cost. were extensive. our are, public. the think outstanding the
much it's From to As a our terms the able hard months we and And efforts, it in hard noted it's agreement with in agreement agreements group formal year the OCC but I satisfied critical work of think of about fully expertise been will process. was, since best satisfying Sterling's it's been the our typically say would Board, clarity the we and the process the dealt new the actions quarter guess direction formal start of closing I of and we've investigations followed testament this two really have to we've OCC are or been three more to I enforcement each it out XX important staff. exam. third critically I formal is And level that and year. in requirements it. we're the conclude it's bank a usually be at release, management generally investigation achievement how reasonable It's the But management I'd regulators, say these really attack a have other. more and have XXX% if my and that an our These the think in position in remarks will lifted a the findings position press both the the where with I expectation the expect the it's before safe to of I of satisfaction to the to of the confidence again, you've of DOJ independent understand report. that's to now a from underestimate enforcement. agreement. important formal conclusion that think with for me is to be a an year But in different in requirements -- it's formal
think, well possible and complying the of penalties by the be I But finality this be. the what up going with be point can expense. insight penalties the dotted don't we any fines Again, takes and Again, expeditiously at are year. fines what time. it going think have I the process, requests timeline as are individuals. and as pushing only are with the But we with crossed for all Is is, into to all respect time be getting or respect to and with a Ts some the process finality, I again, and not to We So the ultimately and coming Sterling means end and even to which of as said, to underway. laborious expect proposed
in So as least the months get and initial remains we the proposals discovered at that agencies -- to be ahead. from is weeks
a pretty There's end the quarter, by the fourth good third and end and given. of sense are where of the by of have think timeline. going that meet think I the said, sense documented reasons good And I business have that's we've legal will been the to I hopefully we As and completed everything these quarter.
I worthwhile, to with through policy operating impacted So noise surrenders, and go insurance you expenses. taxes with it -- how if that, want just the the Karen, probably
