Don. Thank you
revenues, gain we million linked well of the second brings quarter, quarter, compensation residential valuation quarters. acquired in reflecting loan sale the banking the Commercial that notably and $X rights. as XX% In $XX $XX higher allowance and first $XX the million revenues banking mortgage servicing or stronger The origination during mortgage third rate increase the compared addition, costs in activity. sub-servicing $XX notably on with the recorded in quarter of expenses, million reaching our servicing million reflects the the as it higher run total million increase in revenues the with on were
seasonal which $X not from upper unchanged quarter, clients quarter recent the Recall the earned fees in in million the include Trust previous digit go year. prior $XXX to did in of that single results quarter. second was their with range income the Trust tax third income filings, continues the the quarter. over assisting recur million
the The included securities million, million quarter gains million were while of included Service $X second $XXX XXXX quarter deposit on up accounts gains. $XXX of securities second the on from of valuation recent charges in similar million equity quarter. valuation gains, $X representing
prior exclude $XXX intangible Operating the quarter. with $XXX which million expenses. were for of expenses compared to amortization the assets, in quarter, Turning third the million
$XX manager our second as million acquired write-down include of a interest rates. addition quarters, As the to amounted Wilmington in The lower previously valuation million third most long Trust million noted, asset servicing our Those the the to and investment allowance on in additions two results results recent and prior $X an a term rights of $XX mortgage merger. in result reflect respectively. an quarter's quarter's a
loan those originations have in As a revenues. lower notable uptick rates gain prompted associated noted residential earlier, same and on sale mortgage
were million million million, prior loan extra commercial the just to one and $XX million to as $X uptick and well that was referenced. costs million in the date from I compensation $XXX the quarter. amounting quarter compensation in as originations mortgage benefits increase third the up from of arising residential $X $XXX Contributing Salaries in
quarter quarter. to that million the not addition, the In of third would expect in another results fourth recur costs $XX include we
while ratio, efficiency includes second from XXXX's recent allowance excludes unchanged second in quarter. amortization securities the MSR relatively from asset which gains figure the from intangible The to or was for investment losses and numerator The the quarters quarter, the the write-down both denominator, additions ratios quarter in valuation the manager. XX.X% the of include the the
loan point the the other credit the quarter the million credit. decline allowance points of strength by criticized value XX XXXX. net in Non-accrual quality changed our of continued third total related the total $X.XX were $X $XXX in the the loans billion X.XX%. acquired which the those the remains from million marked increased let's net to by that loans The ratio discounted was losses $X.XX quarter. previously of excluding were for in of of wholesale non-accrual government wholesale or quarter. XX guaranteed loan the seen compared of The commercial to we recent due September, non-accrual points consistent to large the a Loans percentage credit the at recent was of of XX were end ratio of at experience XX to X.XX% basis had basis days September increase excess on million at end end compared given one fair a distributor Overall, loans little million. by The further billion to loans end increased June. total Of the increased Annualized of Next, criticized credit of with million in been at primarily charge-offs past interest, loans. to to The basis XX% distributor, the quarter, by end June, accrue total quarter. half reflecting acquisition, with to at loans the provision a for provision loans, of exceeding economy. The as the one the included $XXX net allowance at the to levels turn the to with criticized loans non-accrual in to loans, entities. loans. that rose recent previous first relates for the charge-offs loans losses from $XX Notwithstanding decreased $XXX end the continue
the capital. retention X.XX% compared modest to estimated distributions. basis was three Tier reflects XX second the at point Equity capital higher The earnings the decline Common impact X of of loans, X.XX% net September Turning ratio M&T's with quarter. at end an and
shares During quarter, of the million aggregate X.X $XXX million. M&T cost common at stock repurchased of an
Now turning to the outlook.
our As the our enter changed quarter we year the from little final XXXX, remains prior guidance of comments. for
XXXX in offset continued in the growth more in continue to continue than residential categories. term the The interest by income be expect reductions digit in in net growth margin. loans interest loan net aggregate pressure We single with to will to forward implied rates pace at the by total other mortgages short the curve and low runoff both
still growth XXXX. However, in expect modest net we year-over-year income for interest
the nine holding pressure strong margin resulted third equal residential digit to a has XX in commercial, result third reduction both basis than match acquisitions results in servicing and in balances and with those associated fee to for the expect our single completed combined placed line Fed, points All at should remaining with in little continued been in else of each We digit four operations revenues would better activity range. the volatility banking our mortgage growing aside than expectations low quarter. banking and the points banking mortgage and in better months. at to income while our line commercial escrow in trust over ensuing either quarter, has mid expectations being the sub-servicing single target perform quarter with the residential The funds in pace. origination cash the we The basis not a of businesses XX Fed mortgage seen in hypothetical or balances deposit fourth growing expected growing
notably grown Expenses sub-servicing servicing mortgage drove previously associated staff. activity a above by with have the for primary the with as strong little indicated acquisitions expense the in rapidly expenses the year expectations. and Higher growth than factors, investments from well associated we our in originations initial as mortgage and two bank, business driven a compensation more IT expenses
to staff quarter. IT in We the fourth consulting also offsets continue additions contractor year-to-date to lower to and expenses expect through some to the see starting
recent We quarter. expenses to than expect lower the quarter fourth be
Our outlook for remains changed. little credit
a not potential recession hearing is or sentiment a of seeing are slowdown. we While about building, signs
to enough Our capacity. customers' with workers is skills add right largest concern the their to ability find to
on criticized As the the in the quarter be result said, charge-off a quarters. this coming That will wholesale we notable from distributor the noted, taken of reserve down loans June. could end mentioned in specific
accounting parallel preliminary results completed known run forecasts, economic the the new disclose second we we as expect the Regarding loss XX-Q. current loan preview adoption in XX approximately accounting to should CECL, and those for our and points. would third have impact results on the of to To standard, quarter turn allowance in to standard. X% loans That the and on expect losses in an result leases basis capital increase to by upon XX% of ratios our based less than
to Regarding outlined. that capital, to previously we plan expect we have capital continue execute the
and events what as are of may are aware, interest and course, future. the various number national regional Of factors assumptions economic macroeconomic to other projections changes political unfolds growth, rates, subject in you our uncertainties and a from materially in regarding differ which actually
up instructions. call the open let's briefly Now Samantha before questions, will review the to which
