Paul. Thanks, items a run the and line little I'll down add color. some of
the with were close revenue the in variations. December to total On there effect model, -- net related line in assets. pretty side, consensus in fees. much pretty in quarter significant The the the of actual were was it's Management-related the two Asset decline the One the really fee-based revenue line is revenues that versus reasonably although drop
and that release, underestimated you the look remember, little can X% At item in various down categories would you -- Street see but between the it's December you those If that X% in be you not so December, asset least XX% a XX% quarter. drop S&P that if that, surprise -- revenue given that line bit. the at decline the sequentially, a apparently
than severe would model drop little show. a that was consensus the So more
end-of-period that based type particular which of billings, again, fee-based up XX% but what billed. small in on a that the you the we the majority, beginning-of-quarter range line assets, of again, were assets see done in in for quarter QX, March similar a line to growth forward April average percentage or terms already here, Granted, item. Looking portion would to have assets is vast are in
June Income be institutional, shift the continue model They nice are Private transactions a commissions the think was used declined. now quarter. and equity So, encompassed you commissions trading in the what principal fee-based I both both line. uptick called here in revenues, as by Group. institutional the in in can quarter expect this particular the Client That to to PCG Fixed for offset more business, principal profits, transactions, a which and toward struggle that Brokerage in we
and month, Income, that levels of Looking a toward little a although were see higher of revenues really markets good portion they we're forward, be that going March Fixed to the starting like help a things least there bit PCG may the already. at regress some the bit may a that And so PCG-related of at of the forward, trail back they will line. little had and equity flattening certainly
of from continuation running a in So anticipate are the program unaffiliated level line, which we the at waterfall. is largely the banks account The service necessarily quarter. fee they of our at, sweep end wouldn't that were fees
December, way all way the As up up, the have cash as markets that of seen we to you continued today. balances can start so Page decline subsequent the -- when all the recovering mentioned, see and through on to X Paul release, client
the throughout clients see quarter or going spread March that decline to the continue risk We higher-yielding through earned hike by had clients than But alternatives cash we assets. increased throughout December Fed passed quarter. of either that as seeking any was more to we to not that the offset
net impact line So that account to actually caused item quarter. uptick have fee the March in the service in an and the
up additional hold and quarter. see about the the range We'll continue basis Going have may moves, forward, that how off may run in spread assuming plays the balances Fed out. wait for current but no the points, of to XXX to
by The the Banking. monthly Banking for was have fluctuation but the really of the with to releases, too these in anything M&A million. consensus quarter driven almost Investment other offsetting we Investment a variation again, $XXX for came record or late for And from revenues, in been our quarter. fees happening strong signal us Generally, record in close model
impact it Net in still had is but above still pipeline consensus, And we've release, of on good some basis hike you difficult looking really be pretty line first active, bank. in be from that a Fed on see Raymond the Page repriced X December points as very line, Bank, -- to So the cost had particular rate X XX James like it'll slightly at meet year of while very will grew on the just actually overall. the the to good of NIM item, was Again, in fees. it to M&A row little the funds assets XX or that the we beat in a income seems the quarters can forward X.XX%. months interest
the XX% would For and and continues we type to going that as see probably bank range. forward, it year least now, the wait same somewhat at range. think X have quarter We'll in to for in X% grow to would stay X a
have how So -- on factors. securities loan average to see much should it's should continue helps we we and and they the cash in NIM matter quarter some of continue some balances, see a other to outstanding during up. which But drive increase the
the used next quarter particular particular in the under was in private good impacts quarter, revenues. estimate Investment significant one bit funds quarter direction other the credit the from a So item, old quarter, line there at item. which for slightly it's And that to for came now, I in with other in this a now be little but revenues valuations this probably consensus that the closings in It came In so is for this least. in is think terms range falls in of either now other and that on Banking tax -- no were equity only lower. that holdings, line slower
guideline. has year-to-date. the expectations. despite happens XX.X% beginning the both comp ratio reset every comp million year the that's to is to The the XX.X% under an the expense, expense side, the well Turning us quarter and dead calendar in our impact And came for the on current for quarter that the They're of $X -- XX.X% and in $XX March fact million quarter. FICA that impacts each from ratio
real line year up our slightly our quarterly in of still for last on in But was no running are of item average average to -- from on info the the of expecting means we here that the but surprises really that guidance mid not talked in processing. to year. back high the based for comp. of a bit half about uptrend for particular the know XXs going with We've our we're year communication It year, guidance little today. So what change for kind an the quarterly which and under the quarter, we
to guidance. for maybe probably We at that on for is the -- still the But for there. X in has no goes run we first number is quarters. line. And Some maybe delays during we is based first a X or actually the of had a running of year the little low subject that development the first those other in slower half. recruiting, that and talked things average point things. in some costs one any time, did had also bit about on think below certainly this and are know, branding big which kind We It of for XXs the to advertising do of with quarters. we controllable Business the what good mid-XXs also mid-XXs
of year, As based -- we've our last and we will preserving trips are calls, reward the quarters mentioned to sales the which X higher which our on anticipate both large morale than of X culture be the prior first our and quarters, our of are on the within force. timing important conferences
provision. but type the more normal would mentioned of what which loan of is range after call went advertising point loss portfolios, X% with quarter, the It outstanding maybe guess we'll a books in series has think downgrades have this to call last back C&I we talked at controllable, what planned, that CRE summer, is there and about have catch-up line, expense we this provision it that overall normal bit quarters. rate adjustment we noted again, that for the would a of past the $X bank really had time, was what also direct to about credits $XXX high X very for image generally of fund the the to level time, prior correlated growth we and the flow largely we think and next quarter because be In Paul loan as balances. so $XX some a run category higher years more that have elevated of quarter. we for years, through during overall consolidate more that guaranteed a million a to regressed report, to is XXs P&L. call we within million tax fraction other we on credit to small we to We've we this own level, tax at flow normal expenses interests. some more this the per to a the related loan so little quarter, -- regulatory point our result in actually reserve legal particular the this led than a quarter more was And million costs. And which the when the fund a back were experiencing We in least growth own their modest within my quarter again some be at in we this in of this our our this In the buyer. one one valuation as will that,
So the out of noncontrolling interest. virtually to the all impact comes
So in is by inflate that. noncontrolling million $X did all million that of related that expenses that interest But other amount. $XX to
can happened fees fee profitable revenues, fees. than a has service margin including high payout. Investment PCG-related in more revenues are Those we and on this call pretax fairly at in the line would getting some maximum So had item, A interest it about additional what we whether and where -- billings of somewhere have indicative leverage little for that, et that see now an a the point the The fee of of revenues we questions ongoing for from we're ex higher XX.X% rate. that had it other that around to and attendant is factor, the a been quarter, run the type we Banking so we was lot whether you I've bit low cetera. a which quarter. quarter a account things that's was that's that, metrics. cycle whether earnings marginal more we increase other couple course, income, is M&A think margin -- high and very What lower again, are expense
drove result, quarter the comp helped margin a ratio. this up as it So and particular the also
we the a balances things for margin on again, the bit compensation margin And a next point have forward, be know, revenue, particularly be lower in contractor Going cash lower higher add with payouts, but with which we for revenues. and -- higher will when little to some you space. X drive possible as together, billings, it decline independent you had higher QX, quarter will the fee those FA will
it XX.X% for also different So you take coming that ROE equity the the but quarter quarter in per be for of or first a also the earnings dramatically, be mentioned it'll adjusted the Then will and it's of and like earnings perhaps. say necessarily not at in in the just to year-to-date, the operations. Paul more and the share sales the mix, impacted when the for impact December number quarter out trading sale European was
we and we had again, X we're, So record of shares full the not client of XX% it pretax speak make over XX%, when up of the target back our no reflects EPS impact the income, we million XX%. that what we have to ran again, balances. or had we well we But fees along had I'll otherwise, interest still ratios, trying given long-term earnings record many All-in-all, which I at now EPS, though turn Paul. for above that the years of. headwind minimums and did Capital above the really to even a say, remain shares. And quarter, of of in lower that the repurchased multiples with the we continued a December quarter, because to however, they during preceding satisfying record the started regulatory quarter cash all only quarter. buybacks we the XXX,XXX runoff pretty have, quarter, That's well regulatory of had and I little actually. the particular will this from bit -- modest up minimums,
