Thanks, Jeff, and morning. good
and results growth, earnings strength Our levels our strong successful capital franchise and and as stable second demonstrated deposits. quarter reported of solid strategic loan execution of the our we maintain initiatives
earnings million As presented of million available earnings and during income in and of per and to GAAP year-to-date. shareholders second diluted the quarter, yesterday’s share release, share, $XX.X per we common improved reported respectively, net $X.XX $X.XX $XX.X
share months year share was expenses after-tax $XX.X shareholders, restructuring million $X.XX as $XX.X to prior per per available compared six in $X.XX the for merger-related common or June XXXX, to million ended the income period. excluding XX, and or Net
mid-X% and loan of grew annualized, We range. of included $XX.X portfolio the total initiatives. assets year-to-date $X.X strategic billion combined and of portfolio our securities strength loans yields Total Total in with the increase loans at of of X% billion. continuing billion quarter the the this lending $XX.X reflecting achieve markets to teams, despite in were our commercial to lending growth resulting able spreads, end
utilization loan CRE of second totaling the the historical to moderate million. and year-over-year eventually which points quarter payoffs expect to compared to the lower range, they year. $XX loan utilization C&I to to more continued declined quarter, XXX end $XX million $XX equates prior XX%, million we While roughly during return to at the basis approximately line
which down originations, second year-over-year, secondary XX% sold totaled into were approximately for quarter, mortgage the XX% the market. the $XXX roughly million originations of with Residential
presentation, be our as deposit was deposit the the stability on Slide average base X granularity can our relative of approximately of deposit levels seen As and reflect earnings $XX,XXX. our size
which the deposits, economy, rate the inflation, industry-wide rising actions across control in to Total impacted year-over-year and inflationary declined with tightening resulted interest be deposit contraction. to Reserve, by has costs continue Federal which combined and pressures
strong of $XX the addition our with organization in consistent broker to with million levels. efforts due across improve However, to total the combined retention, deposits deposit XX our deposits, and XX new were gathering March June at
deposits demand be in deposits noninterest-bearing There quarter. linked mix some down with continues to X.X% of the our shift
of Total is slightly down of demand total of composition between XX% deposits beginning our noninterest-bearing consistent XX% the since of quarter first deposits range percentage with this the mix the during but as XXXX the relatively XXXX component XXXX consistent XX%, XX% the prior percentage total second with as well for represent the period. the reported total However, of with deposits quarter year quarter, continue deposits. of and representing demand to
XXXX, The of interest margin XX XXXX, the due funding our XXX from borrowings. compared quarter points XXXX, wholesale second reflecting increasing to ability deposit our points, was for through X.XX% as federal and XXX basis to and increase. on to peers first quarter from higher points basis to a year-over-year deposit May XX% the Total XX beta increased quarter-over-quarter basis a [ph] of deposit XXXX cost, primarily in to net costs, rate as cost it cost the of basis in – of decreased second quarter funding increase deposit points July basis deposits of year-over-year basis the deposit including total lag XX point remix relates funds noninterest-bearing
from product, campaign of rollovers into customers, quarter-over-quarter related growth CD $XX about recent remainder, has more increasing third new in the retaining customers. non-maturity new half the growth CD from migrating to a deposits, million with Our been as successful the existing rate-sensitive
million the securities gains $XX.X $X.X as income period. primarily up prior fees XXXX, For well losses net year the due as quarter other higher assets of gains, net reported swap both and in million year-over-year, commercial second on noninterest was which of of to
decreased to during lower Bank-owned banking production $XXX,XXX debt higher year-over-year quarter volume. life due benefits received to increased this mortgage and insurance due income $XXX,XXX
mentioned, noninterest income which key the loan renewed swaps, commercial in Jeff recorded is focus are within our income. story As other on
million year New the in for than Through while fair compared collected income year $X.X to market associated swap did period, $X.X from more as the prior already XXXX. of fees quarter $X.X second period. adjustments million we’ve of value entire million, first million prior we swap the XXXX, the the during year in totaled $X.X increase totaled fee half an
loan disciplined We lender and making strategic appropriate exhibit growth investments, continue especially our office production higher initiatives. to expense long-term – hiring management and while
merger-related disclosed quarterly previously XX, June expectations. three for noninterest Excluding restructuring the million, XXXX, our run and months within $XX.X ended expenses, rate expense totaled
in increase Noninterest minimum and the and all associated an larger equipment levels higher from general service inflationary expenses staffing fleet increased insurance due FDIC to expense for higher existing cost and and software our inflation, rate costs, agreements. ATM for upgrade from increases banks
are remained the demonstrated standards. has regulatory position above by solid, capital Our ratios as applicable that well-capitalized
Our of on Slide including shown XXXX, unrealized tangible common of was June assets XX, intangible equity earnings losses, held-to-maturity X.XX% securities or as if X.XX%, as X the presentation.
we any as of well as risk adequate unexpected operating to actively changes well continue ensure we’re they such, as demand liquidity, to as and believe outflows positioned liquidity in take loan to advantage for funds opportunities manage borrowings Regarding in market deposits arise. our environment. And we meet other
to half outlook expected peak be X.XX% at along modeling funds with the with this second similar in of a afternoon, our to are current increase Fed for XXXX, announced XX point September. basis we now increase a Regarding
rate to be than immune deposit due lower legacy but deposit the to peers to benefit betas were and generally industry continue base, pressures. anticipate not lag our interest of We to industry-wide our the
wholesale to growth also We compared higher supplement expected relatively to loan levels deposit the borrowings to funding second slightly as be anticipate of are flat the quarter.
quarter. deposit operating contraction slightly with pace fourth a to in are deposit basis the the with mix compared costs current the funding similar environment to the higher-yielding flat points into third the products, contraction continued modeling higher quarter second of margins at to margin quarter we third some during and Reflecting down XX shift quarter’s
housing industry originations but also initiatives, hiring production mortgage inventory. and loan trends rate and relative to as well due offices positive remain stabilization interest should on home our Residential available to new as price depend will
current change. $XXX down pipeline but approximately sequential consistent is prior period the sequentially, million Our year with
charges continue by modestly fees fixed brokerage on impacted be Trust Electronic fees from service growth to in securities should and income organic should benefit trends. remain will equity a market banking and revenue deposits fee and year income in the to first pace new last swap double spending overall similar the are behaviors. as few commercial over subject quarters range we And are consumer they of through half to XXXX. the and on
investments cost leverage, make remaining growth on appropriate will the revenue growth-oriented delivering to shareholder and long-term operating continue While sustainable support and return. of diligent discretionary in positive we
Our the as and Chattanooga. production attract team our priorities office by to C&I strategic efforts loan demonstrated lending in employees initiative retain and remain hiring of
Our the keep more fund recognizing hiring profitable plan help salaries efforts will These similar in of is past to efforts, the check during item the reallocation internal all staffing line levels, majority increases including existing while quarter, adjustment resources wages with this improve and impact to to midyear efficiency. to business and years. of should lines merit the third of
losses critical in qualitative under prepayment remain our ranges full future charge-offs, fees regulations what taxable as lastly, Therefore, to factors various to including be be delinquencies, anticipate And quarterly classified million run expense quarter. criticized second to mid-$XX income changes similar well loan we provision to in rate and tax Most we will and will and our the in changes in and we around tax year potential macroeconomic balances, effective metrics, other subject the levels. believe changes based as to XX%, The dependent currently should today, growth. loan upon CECL on range. continue rate credit be expenses for know
Would Operator, take now we questions. instructions? are ready the to please you review
