the investment assets million Thank added on of million you, primarily Chuck. acquisition consist valuation, acquired and Prestonsburg $XXX our million of value assets closing the by adjustments. included million First of acquisition. of was $XXX purchase initial of of price $XXX the $XXX after securities; loans The preliminary to special liabilities dividend and fair Based The deposits. Prestonsburg First million $XX.X the declared total immediately prior and
The goodwill million. loans We higher recorded of preliminary in than we preliminary forecast. had fair originally to discount resulted value $XX a adjustment
As diligence, that we recorded. discount, credit quality increased drove had this loan with lower somewhat goodwill higher the due date, balances since deteriorated we of performed much coupled acquisition
during in quarter, of to compared the for second the XXXX was X.XX% X.XX% quarter Our interest margin higher second of linked net X.XX% than slightly quarter to the but XXXX. declined
the positive in margin. for cost the net improving deposits impact interest quarter, our quarter the yields time loan growth suppress to cost which of to yields XXXX, our higher funds, linked loan quarter. governmental increases in Compared the our During and second the deposits total of benefited compared of exceeded
for margin For each second XXXX margin Both X the XXXX, years $XXX,XXX an first security to recorded other-than-temporary interest we respectively X.XX% quarter impairment, investment net added $XXX,XXX and which which first from had interest basis to compared months for net of XXXX. months six of and proceeds points on was previous six X.XX% period. benefited of our in for the
Net interest have linked The growth First deposit quarter the to XX% higher from quarter The than acquisition linked loans, XXXX. net our of been quarter to controlled. income, compared compared Prestonsburg was second relatively of stemmed and the income second quarter increased costs while interest and X%, from income interest impacted XXXX. of positively increased
For acquisitions. in outpaced XXXX, loan increased and from by income XX%, competition due was interest net compared rate deposits. resulting recent deposit higher increased yields increases, first increase The interest was the which income the for months loan acquisitions to driven recent and six interest of growth This costs, growth XXXX. growth in to
impact in we net a interest Federal rates the Based reduction of on in basis $X a our in of annually income. result interest by approximately Reserve would XX million point projections, anticipate the decrease
the on curve expense amortization linked of quarter quarter income was Accretion Of course, for impact of second the XXXX. of second quarter in compared shape for could million market is $XXX,XXX from $X.X the the have of the net the and which LIBOR to estimate. this yield an XXXX, acquisitions, $XXX,XXX for
XXXX. income quarter XX for Accretion acquisitions the basis that to related loan due during points the the second the the First points the to from added The increase X acquisitions, and of linked compared basis income to accretion points in linked accretive Prestonsburg to quarter the quarter interest was for and largely quarter, compared basis acquisition X quarter. from margin discount net was during
six for basis margin Income and XXXX. -- XXXX. of net points acquisitions months first X basis six Accretion the first for XX XXXX from million of points from added for $X.X compared accretion interest million XXXX, The in to acquisitions the was income $X.X in to months
linked increased XXXX, slightly, non-interest net For the losses and and quarter XX%, of quarter second compared XXXX. quarter of the the income, total compared to to excluding second gains
income in We for recognized first able the insurance quarter. the are for are in the up based $X.X performance which second quarter, annual commissions to decline we make that of we the in million pleased
carried Also the stock, first recognized income had during related additional due liability of we sale had at with associated of balance, Class the the the $XXX,XXX which B litigation to stock. been we zero to non-interest restricted quarter XXXX, of Visa
XXX,XXX with non-sufficient Our most coupled higher mostly and which account service to fund was higher prior account deposit deposit notable the charges, from overdraft improvement fees. charges, quarter, grew linked
some in in implemented Prestonsburg. now We are new the fee behavior our with future. from the associated was First customers the increased a account adjust as anticipate their schedule fee deposit coupled We avoid diminish of new with acquired schedule the XXXX, the March that additional deposit accounts fees will from to fees overtime benefiting that
service in as investment customer quarter demand loans volumes sales more electronic linked increased compared market. spurred; more banking account our tripled, increased XXXX, quarter swap residential XX%, for of to the lock income addition, interest drop of linked grew and electronic increased In to XX%, income higher demand the XX%, tripled. income than to to Compared The increased banking due the in mortgage the fee income commercial income deposit banking quarter, to and real seasonal increased compared while to during and charges income rates swaps estate each secondary than rates. quarter. X%, interest Trust customer second fee loans
Non-interest $XXX,XXX increased to compared increased income, the first Income. Small Business decline banking X% also grew were XX%, to excluding service offset Deposit XXXX, to compared compared and charges banking XXXX. doubled, for XXXX. income respectively, net XX% increases account income six than in and more of losses XXXX, gains partially mortgage months a by Swap and fee electronic these Administration XX%
the grew linked driven by excludes expenses million expenses, impact the XXXX. compared by the of $X.X compared Acquisition second related items, were expenses X%, for Core quarter to quarter compared benefits expense, linked the second partially line compared XXXX. The employee which and quarter X%, and non-interest was million and during expense higher acquisition salaries of which increase impacted of offset to total quarter and reductions related of the quarter in $X.X second expense. and to marketing were XXXX, most to non-interest
employees improve. was professional While due higher been of benefits company larger employees and of and to core growth. were that increased, months fees. due by the claims; in lower key the running to Compared had salaries expense added benefits and our last employee non-interest future ratio cost, efficiency quarter expense First the by non-core increased, medical have increases were interest second core which XXXX, offset to it employee the result partially in XX Prestonsburg The medical salaries insurance and the the higher costs, for to driven continued
key which months benefit were of the professional core to the of increase higher increased cost, salaries in first American offset by claims by XX%, fees. the past year. medical was employee result expense benefits and The higher Bank partially impacted employees compared client and employee the higher XXXX, the Savings and The and was six non-interest For acquisitions, costs Prestonsburg XXXX. salaries First added largely
Also, XXXX, expenses, we months one-time have We the related generated positive and X.X% which compared to expenses, the in positive acquisition generated one-time also XXXX. quarter months also XXXX operating X%. leverage leverage of first operating the expenses, nearly have excluding made acquisition of second Compared compared increased of of excluding six for we XXXX. six related of investments first technology, to to
It governmental portfolio grew due from we First investment of deposits, was in the exclude due March in $XX deposits, million XX% from $XX of This interest and to $XXX compared June X% to accounts a compared June increased Prestonsburg. the to These XXXX, demand million growth year-end. XX% to XXXX, in in XX% increase Prestonsburg, at X% XX% was XX, Our XX, year-end XX% accounts. up First XXXX. XXXX. grew portfolio due This deposit demand which was March seasonality, compared XXst, our million of non-interest total XXXX. to by was March to CDs, demand and Core assets from bearing XXst, acquired securities XXth, increase attractive -- from the deposit deposits from largely million reductions offset bearing $XX acquired from acquired partially deposits to securities
deposits and XX% compared XXth, as at XXXX XXth, compared in second declined XX% XXXX. to compared total deposits the quarter and at and June to million, $XXX total XXXX, linked to year-end deposits XXst, increased a average Demand XXXX. XX% of to percentage quarter, XX% Quarterly million, $XXX of March at June
increased to periods to First first of six related was from total Most the deposits prior million of acquired average the growth Prestonsburg XXXX, the $XXX months Our deposits. compared XXXX. for
June at XX% XXst, XX% compared June XXXX. at March was and XX, and year XX% XXXX XXXX, ratio to deposit to at XX% loan at end, Our XXth,
well As we impacted for the acquisition during position, us second had growth positively which of liquidity half anticipated our the XXXX. loan will position
compared June to ratios at strong, XXst, continue capital XX, December XX.X% Our March Tier common and XXst, XXXX, XXXX. equity X.X% remain at was ratio to X XX% XXXX at a
XX%, X XXXX. capital risk capital was while XXth, Tier our at XX.X% Our based June ratio was total ratio
declined XX, basis points compared XXXX. March year-end assets tangible Our tangible XX at points, to but XX basis and to up XXst, XXXX, activity basis points XX June was ratio from
per represents to March share we acquisition to related shareholders, value XXXX. per XXXX, March of $XX.XX XX% June cost. recent XXst, this at earnings XXst, compared acquisition and Our XXXX. year-end at $XX common dividend was XX% book a Though the at impact compared of also this The quarter, morning, and second share $XX.XX tangible share $XX.XX, announced an record metrics, to per XXth, in another these diluted payout excluding goodwill of
will for comments. turn to Chuck final the I now call back his
