good income our Brad, increase remarks. Thanks, during everyone. his I net and of presentation. am at starting in Page morning, interest XX discussed the Brad our
our on interest focus will I So net margin.
XXXX. $X.XX merger on X.XX% basis more analysis Page contains Traverse XQ significant the $X.XX reflects billion net earning lot City This net have and detailed Our Bank and more comments points. margin the quarter was Average year-over-year of points entirely quarter slide, X the $X.XX of billion summarize increase interest a linked decreased net charged-off linked margin the a There X interest the of and organic from the basis previously in loan growth. compared third to tax and in equivalent loans. XX interest points is ‘XX. is year-ago but the during basis from ‘XX, of quarter moment. in down up State nonaccrual quarter increase some was to topic data in The on interest points, in second on the to interest a of $XXX,XXX income. or this billion a assets period, both, year-ago decline second were few detailed this recoveries XX quarter I will key due net of XXXX, which quarter
of the on in XXXX relatively was quarter quarter interesting respectively. X.X of X.X points interest by discount the variable third ‘XX. increased TCSB the $XXX,XXX basis XQ XQ rate unchanged movement loan from muted XXXX and of the net somewhat and accretion basis One other aspect accretion margin XQ upward acquired portfolio ‘XX ‘XX, loans. This of was Third in $XXX,XXX discount points
rate later cost all XXXX bullet the XX. After outlook September a monthly the average by until loans funds, compares our to funds move comment LIBOR in points funds compared the interest on interest securities XX moving spot XQ Similarly, variable in the more not first income the variable Page a XX. for one-month of expense the and We’ll Thus, with September. more Slide subdued up presentation. quarterly our XX about first up of a of ‘XX that not earning balance months points quarter. new ‘XX, basis rate of year, in is X federal and the of on to which until the X the rate topic months essentially have federal for XQ of net in XX primary of the spot rate quarter average on We slide, this interest during move basis was during our experienced point up upward only annualized divided is assets, average movement we XXXX. did specifically
to the QX XX.X% see low ‘XX. the the relatively ‘XX in from QX increase can for the ‘XX points movement rate from QX effective X.X% ‘XX. of XX federal rate of for the of the QX You next cumulative basis points funds movement first in federal the effective beta And in beta basis cumulative funds to XX to
Page variability in XQ quarter income. loan million year-ago $XX.X quarter of year-over-year million to XX, to and of in quarterly in the most on the as comparative caused noninterest mortgage in The million ‘XX. noninterest totaled second compared the servicing Moving $XX.X income ‘XX $XX.X
sales $X.XX loans or ASU the increase of to fair Bankers share We breaks loans from have out core primarily change diluted fair quote value to we not I the the price, mortgage thought XXXX-XX after mortgage economist parts; being The to and release mortgage tax earnings The or part negative volume per loans as our year-over-year that into in text net I earnings ‘XX in share the due XQ view implementation share the fair of as Association. pay-downs. compared increases change and in change Gains in tax to ‘XX. which a component XQ release. an $XXX,XXX to text despite a due results of table would price its pressure. diluted $X.XX the of income value described due due a servicing a expense interchange was due in revenue, per of declined positive $XXX,XXX chief were margin after to in value Mortgage a on our interchange
drop the in volume. and mortgage and volume, of significant This industry backdrops macroeconomic Lenders housing to the coupled capture and coupled depressing challenged turn seen revenues. market with are origination the compression. types pricing While to costs intensely favorable, in all quite is sizes continues with by more margin are remain elevated be competitive should
I think mortgage the well up that very pretty a competitive business now. right nature sums of banking
compensation and first amortization ‘XX noninterest of and XQ the that actual primarily, in in the This our on and ‘XX. year-over-year in $XX.X a year expenses has performance compensation quarterly of quarter targets reflect I for merger, detailed the the $XX.X quarter and in incentive compensation Outside the expense, Page million impact second as As relative in compared interchange to processing, of of impact benefits, totaled $XX.X of to described occupancy, ‘XX. implemented of intangible was to quarter merger. the million was new XX, anticipated Much the hourly due our employees earlier, ago assets. million the of as data increased performance-based the increase plan increases TCSB
through estate, the portfolio at rate investments net portfolio yearend of XX loan is loan or XXXX. of losses Approximately, for for net Page XX% decreased XX, non-performing million Page final June from XX costs real five including of assets expense. projected XX. the in and X.XX% was and by our million average XXXX, equivalent XX policy nonperforming variable much do were in as September rate of our viewed basis but IBNR at ‘XX. XXXX. Further, XQ or Incentive fixed healthcare up XXXX. estimated quarterly by average of of about recover recover ‘XX is an much healthcare is a basis less. assets a levels of data September The X.XX%, This the provides factors, as addition, overview much delinquencies provision At years claims XX, and to loan $XX.X income. to just reinsurance portfolio available asset of in actual the to were ‘XX. Total and asset consumer due about other increase and our points an prior September quarter to costs I provides comment of assets reported XQ One XX, essentially nonperforming X.XX yield compensation we well day maturities to the a on In portion early-stage securities compensation XX accrual. lives stop-loss expect total claims. unchanged is as nonperforming increase, during increased duration weighted $XXX,XXX and year-over-year from tax be with loans, increase X.XX%, XX, delinquencies. not increase influenced and a in loan of level or better-than-expected incurred, noninterest We third several ‘XX June this decline incentive collectively. average which just X.XX%. of somewhat years commercial as, and should stated, charge-offs mortgage XX were $XX.X expect sale, such delinquencies in on metrics does quality do XQ Investment the is Thus,
We $XX,XXX the third ‘XX. XQ for loans Moving asset some losses and was of provision a respectively. loan an for X.XX% losses drove new on of XX, of ‘XX and the XX. of loans by $XXX,XXX in the XX classified ‘XX, credit on net XQ to ‘XX. expense compared in quarters We quality which million information of totaled defaults and of provides X.XX% This and The loan impact originated Page loan $XXX,XXX $XX.X to data, on Page growth recorded September additional assets. recoveries offset down. portfolio of provision including allowance ‘XX, or at loan in had loan
XX first $XX.X provides $X.X loan in prior The the call. that full detailed loans New perform charged-off covered at ‘XX and of of TDR just to Inc., only a Page conference of ‘XX. called of we result, Page reduced be We a recovery ‘XX. quarter first for during months We portfolio nine Overall, January XXXX, annualized period the XXXX. that the for our XX.X% the months with relates XXXX. recovery current totaled Page September XX on very ‘XX, million X, the Bancorp, in determined as merger a on information we TCSB that organic XX with third provided to million. XX, This well XXXX, this which our of decline believe, by than September in actual our achieved is loan $X provides million defaults original performing that these the performance to is in of were change loans first our nine recent actual compare and measurement XQ should in March in for these we at for update at quarter some million of And goodwill of ‘XX. year earnings information performance April outlook months our was continues the first XX.X%, third XQ nine treated respectively. as quarter our quarter. the of XXXX, on back approximately what that outlook. a $X.X XX TCSB loan XX% after-tax ‘XX We better portfolio is detail in during growth original had XX.X% being adjustment. of from our XX portfolio
final earlier was year-over-year and year grew and a seasonal X.XX%. on bit net interest expect full ‘XX as ‘XX interest excluding of the TCSB growth significantly, slowdown XQ between I net loans. quarterly the margin XQ in with loan XX%, basis, XX% acquired a mentioned We net income
growth, further loans. the net a in growth net to had losses expansion income mortgage We for the net of loan loan due we margin XQ expect forecast, in level see provision above credit in XQ not of by slightly do of of interest result forecasted the be balance ‘XX expense driven primarily, $XX,XXX stable recoveries. ‘XX, We to primarily recoveries in interest loan provision last average be expect to loan ‘XX, loan quarter XQ net and and to similar given ‘XX, the our a XQ income of We noninterest a was actual in servicing. would a ‘XX. expect of
income in as costs XQ move merger-related performance-based our compensation as $XX.X of range due realized primarily largely mortgage ‘XX servicing above range due not price. August. million ‘XX healthcare banking the in expect towards million factors, July revenues, to noninterest and increases well expense some We seasonal noninterest to or an XQ saves cost absent being value loan till in changes end personnel, down mid was any and to $XX.X impacting mortgage competitive to due to fair capitalized forecasted
noninterest expect million expense quarter range to in $XX.X in of We million $XX.X XXXX. last the the
an like XXXX. prepared we income effective rate call I Finally, remarks. last expect quarter to in Brad. of back XX% the XX% the That and concludes And tax my to over between now would turn
