Thank you, Kevin, joining to everyone today. and thanks us for
We in quarter sector and this federal growth invest earnings business. banking rate ongoing solid our while marked hikes, lingering revenue pressures another of to produced inflation. difficult accomplished reserve operating by Sachem in and a environment, continuing
million than to income XXXX $X.XX quarter quite per strong. the to our and our $XX.X $X.X growth were million remained share. or shareholders attributable of We of results has compared revenue Sachem Importantly, in common of net quarter approach disciplined achieved to and XX% record more same second
steady amid highlight our our economic our these of which remain results has performance with loan allowed portfolio, prudent through approach apply conditions. underwriting, deliberate we the to the and These coupled resiliency ever-evolving
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larger this and as grow the view to share Sachem to market continue back, expand banks As an platform. pull we opportunity
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of industry, originations a While loans. our rest the similar seeing requests modifications we for strong the pipeline are of have to new construction leveled off and
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Our focus prices remained loans and on and stable. multifamily housing have remains relatively residential where primarily demand
like that in strengths strategic well the would everyone I current us of remind position to environment. our
financial Capital crisis a and was out the Sachem of born experienced battle-tested team. great First, management and deep has
a cycles, billion over navigate $X and experience use underwritten to have our path through lending of guide loans forward. as We that many we'll different
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we states. in have XX portfolio the Southeast. And it our as is spread stated across is past, the in responsibly intent to loan Our grow
nature. Our loans are generally short term in
term in reprice our margins. protect capital us of of better quickly portfolio had or XX.X% approximately year end, to less, to quarter of one loans a our As the allowing
in million with sheet balance including $XXX.X $XX.X and investment cash million cash, total strong a have outstanding. offset we debt million assets, equivalents Importantly, with securities $XXX in
and have of credit selective liquidity $XX.X In addition, liquidity capture manner. facilities. This us in our opportunistic in approximately the million provide market financial availability and share available an we capacity to
Let metrics was taxes. cost revenue approximately strong financial quarter deferred beyond on the million financing earlier. Total and compared approximately amortization for higher I of that mentioned expenses G&A a to interest few XXXX. quarter and touch costs, compensation the of for me fees $XX.X and were The key operating million $X.X and the to growth change second due
or costs attributable quarter for million $X.X second and XXXX million increased Interest versus $X.X shareholders quarter of the in the quarter XXXX. Net approximately a financing $X.XX the to change of from per approximately common $X.X approximately second of quarter income Earnings for the to for of $X.XX was this quarter, approximately to amortization were second deferred second XX%. approximately $X.X of million of the share in $X.X quarter XXXX million million, XXXX. compared
a With our had of by total status earned. principal of rate approximately average regard there in company, balance XXX XX.XX%, $XX.X XX with as approximately the weighted XXXX, We a with $XXX.X and loans June of not are of to inclusive had portfolio, million representing loans million of $XX.X a balance fees loans interest principal. million in nonaccrual unpaid principal we with of pending foreclosure XX,
total the or each million, income. due. in In believe fee approximately our XX the During exceeds gross extended we These case the the these modified supplementing value resulted amount of $X of origination total of loans. reduced quarter, collateral loans, of fee the the income company modifications a of
in over of are past, and overall other or troubled is transaction origination when fees and loan As a we have income, interest loan of considered, term rarely profitable. XXX% discussed distressed the usually loses value the the its
these prior have record our cycles. work successful we expertise issues the Importantly, track through given through to
impaired had $XXX,XXX a $XXX,XXX. the For ended owned six June real XXXX, estate and approximately down sales of the on company months XX, of loans gain the or of wrote
In we in credit losses provision a of addition, recorded guidelines CECL with $XXX,XXX future for accordance
sheet. balance our to Turning
real XXXX, was $X.X at owned approximately estate $X year-end to XX, compared June of million As XXXX. million
approximately $XXX,XXX for approximately and included held sale. rental owned $X.X estate for million held real Specifically,
to August compares of primarily originations. net regard related X, of XX, share per to dividend second $X.XX dividend, This quarter a and timing paid XXXX, August $X.XX The our to was With record income revenues certain share. of paid difference XXXX. we as our per shareholders of on to
importance to basis, evaluate we flexibility. in pay XX% REIT, to the are maintaining income a Board performance a on And regular distribution balancing As taxable with environment, of required this to policy financial shareholders. out per will year continue our the of our the
maintain balances invest operations, and future. potentially foresee providing We lending closing, managing large to disciplined approach we'll the and possibility and near-term of limited Sachem on a cash earnings. for we In in to the will cautionary continue drag our business, the
create financial long-term we we as our While value do is strategy cautious environment maintaining not guidance, economic provide the evolves. best shareholders for the sustained believe forward-looking stance to
Our asset management built on team we through protection fortified gained up invested experience resilient, current clear sheet the has us and a shareholders. to value have a eye our shareholder different long-term to set volatility navigate value. balance through each and well-diversified With many cycles with and economic a for cycle, portfolio drive
With call questions. Operator? for that, will the we open
