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With a return on average assets of 2.2% and a return on average equity of 8.4%.
Average loan balances, including both held-for-sale and held-for-investment loans, were $429.8 million during the quarter compared to $396.2 million in the prior quarter.
This increase was primarily driven by continued growth in our SBA 7(a) and commercial lease programs.
$XXX.X to were the million deposits quarter. prior interest-bearing million $XXX.X compared in Average
increase primarily was in quarter sequential The driven and CDs. demand by brokered deposits increase an
where offering, the product provided pilot the statement. on a income Now through mainly the million. manner due decline to to loan but an Net XX.XX% action strategy but risk to held-for-sale through Net extended XX.XX% fintech, these quarter was $XX.X This balances, margin. was for interest negatively use margin rates to we sheet option quarter impacted interest last turning our lower. lower quarter's an earn $XX income in gross impacted our was income positively this to higher interest interest last compared loans million the established This a for are we balance compared net quarter.
are We have It in earnings that increases utilize we line outsized about credit what to a ways manner our with the find risk. strategy. very without excited introducing to in sheet balance in is communicated this past
business lower drove the was net well expenses nonperforming the from change quarter supporting prior to slightly primarily the initiatives investment Group, $XX.X that lower compared due partially income and risk in carrying up or was in in sequential of quarter held-for-investment additional program operating shift million towards the other the loan $XX.X higher as from decrease in items impact interest the million, loan lower Funding BFG. the quarter. balances. loans primarily fees this salary The The a margin in first yields value and LLC, to in in fair the change both the quarter the as investments were the held-for-sale Other and well company's portfolios slightly $X.X quarter infrastructure. quarter of the as to Noninterest continued in strategic and employee million strategic benefits Noninterest to our quarter. due modestly prior decline expense Business mix due was prior $X million as was
roughly Within recur go-forward $XXX,XXX will the basis. expense services a professional on category, not
Although formal me perspective give for the of XXXX. expenses on a provide of you bit we remainder guidance, let don't
and We in in by a rate over build-out expect second QX, of expenses QX the be head a growth support going new the material initiatives finish of end year the in more we Also to of our pickup expenses in and of as by to count-related appropriately year followed expenses production half correlated decelerating of incremental our to expect we bank the increases. infrastructure business. forward, the the
tax to rate XX.X% XX.X% for the prior our was Finally, in quarter. QX effective compared
we quarters expect assumption be XXXX. QX's tax a effective the of now, of reasonable rate As remaining for to
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