Thanks, Paul.
the management on fees. of were the revenue limited. quarter been this on that trends self P&L so and comments admin most Paul, my the related have covered comment of On somewhat be side, or I side by asset explanatory will will fairly
which item the increase to so work not like just with really it something sometimes. directly that's revenue far. nice to line our to reason biggest And in unusual consensus of up correlate only quarter in I fee-based However, there. see prior sequentially, it's X%. assets And there are by the it should X% it the directly happens in happens up bring be model, The is with
So of line investment in be investment item the as here as you been have and recent December XX can to the quarter assets P&L already banking percentage most the fixed and large the see billed billed. The of beat investment income aware of are fee-based accounts advance quarter the the are the quarter the you release, for an in which of should in line to X% growth is in contributed this indicator on M&A both and model that slight banking Page relative was consensus a detail for quarter. these banking
ahead Further very, revenues, very on other and last which our you'll that a format, that the year tax they page, September revenue well same fall credit in as current revenues had of expectations is quarter. fund – were strong did where they see
also you on XX. So a Page detail that can see in
than compensable ratio well to revenues, actually for XX.X% credit tax would But our of under about the a items, of number had second. quarter you We some better – banking was and notably couple as of and the than the XX.X% higher compensation talk for fund Turning of a the the investment absolute target. expense let's world. expect because higher comp consensus a expectations
the we're target in very going about like change in that to forward near-term. at Looking not the quarter, short–term a really least
is to higher from put going to are some cash our client have pressure proportion of the in of sweep be a which declined kind margin. as compensable nature, revenues revenues remember You that on balances
of guidance dollars. we've we on hiring given going We're position potential looking amortization a the in a being addition, items anticipate give recruiting, the at headwinds it's had At end XXXX a here, through hard tweaked drag successful row some create levels, very a a the but is years In of the quarter. little of on controllable little still to next the near day, these in items, the short-term record to being which two bit. process budgeting some better expense of of
sequential There line other increase occupancy a that On and goodwill the non-comp includes the item. in equipment. large XX%, expenses, the $XX charge, hitting was although a impairment of small was expense which spike million there
So in there. rental it’s some recurring There’s factors a of number increases.
well. office a in significant we’re from incurring are some which as rent still space on actually out Memphis, downtown We’re double as our Memphis we rent the old new to portion Memphis. that space, space East And in of paying we’re relocating on
rent. we desktops amortization on of with double items will of some one of refresh. three kicked over a changing That recur in. next to But widely there’s quarters here that year not go -- the And couple the call well. as will we do that haunt the and equipment So somewhat course what necessarily are away. That a us our rotational course has try a the do for additional the won’t There We PC out to newest, spread of policy basis. over that laptops and the we years greatest latest refreshing, – have to really. ratably models, three-year lumpy
cost have it. quarter, relatively the expense given particular And this it doesn’t to individual those in So are But lumpiness it low did. just of PCs.
the criticized We and that what SNC of credit. it quarter’s was loan else, And provision or it downgrades types bank No a jump three some results as same do of at though, credits caused the was to growth, primarily in quarter. to hold of anything -- semiannual may also But led that came of in, $XXX net credits. from consensus, loan different release. in shown of different relative September. you it actually, on the appear some downgrades did XX fairly turnaround caused as was pattern on Even industry, well. really about I high That million had Page last also the near $XX see, certainly it page. see the talk the to during loss want sizable can can to positions exam the by end million that loans, we you the get
leave if And credit in ratings come say low a issues. just have lower It’s any I we really special rated, they think don’t indicative ratings. of our and And something accept we at with or substandard to the policy upcoming the pass, our SNC. by it mention
a to bad dollars the in million credit which SNC charges So policy additional of news the of only couple charge, that mean and us we caused with exam so can terms stuck quarter. this of
I’d other Some talk to like items about.
a line don’t have You anymore. we noticed non-controlling may have interest
a That We other have immaterial into a again to what’s become when there the material reason and it simplify will If line line item to item that for collapse be future. collapsed but presentation and that the into in expenses just really disclosure us. may the reappear, for foreseeable is for other that future, expenses. becomes the
moment. level, pretty well about At firm up net fed talk the interest net me let Now cut held interest for July. rate following a the in
First, Bank’s basis could the of the I’ll Page sequentially was and cut spread a some to is which but a primarily happened, talk result compression. you July about where, all you line gives RJ on in X that NIM, points from caused it detail XX that bottom rate how actually fell X.XX% the X.XX% want
XX while RJ see And basis only of you can points the in fell points. XX earning fell funds Bank’s assets yield basis cost
So the that’s we saw compression an there. indicative that of spread
have interest earnings increase allow for an growth quarter in loan them quarter-over-quarter. to did the However, the net
that points deposit fed, XX%. sweep was passed of XX July forward, basis I by rate actually this passed first the that of in that, The the to of we September all, a balances, through was of of about client two-thirds respect guess course. And out rate about of of We quarter, to cut the it quarter. little XX beta point the going And September we cut, should I XX%, reflected So with had XX. very in through clients. reflected
change impact cash from X balances a to in before cut, first basis also clients. May balances, point fed weighted we aggregate asset made that The average to other where rate aggregate that we switched was
months, dramatic have likely If -- it a been first together, results rate deposit will the XX% possibly lower forward there and likely a which our than you has things more add forward. on impact when beta will two curve additional over rate these would on first all next be suggest, certainly couple are it’s as in the December on cuts, significantly cuts. the of basically there going was highly beta last six So those cuts week these
it’s the bank’s -- the always assets, which of lockstep as been with fed is loan lot move it’s One margin, wildcard a easy earning Generally, fed indicator. LIBOR, should movements that reason most on interest net correlate their to a to portfolio is based doesn’t out pointed have funds. I on not in their leading
and whatever, would it’s So And ahead going rebound finished then see with indicates LIBOR cuts. when actually we skips that much down been no may differently of than cut fed we’ll you the fed or the movement. see rate a NIM think react fed it’s or maybe
for pinpoint its difficult the guidance we’ve So that And portfolio also rate purposes, fixed it’s work. cuts aren’t but little bank to that some pre-payable. guess by necessarily has assets the impacted that are NIM, some bit rate done a I in
you It’s of the it of with, impacted and at some looks close LIBOR couple X can say, by each about bank and as when points. basis So like done work somewhere – be of XX the the we’ve for the the we as other next between I’ve the dynamic given could negatively mentioned. rate things NIM get cuts,
Most by talked million With we’ve they’ve earnings math is just about in of opposed or billion past. $XX billion basis that at that $X.X us revenues sweep under as will service The every somewhat in impact as respect stabilized point to change of annually interest client here million $XX to accounting quarter. about would reflected to cash spread $X per simple the here say fee range. balances, the
landscape. competitive the get. we holding close do on we will basis, next a from What as couple cuts rate company of the can with about That’s depend that obviously
custodial of strata because that peer of number say at. different regional to groups. I groups there’s firms, are the at groups tried et client cetera. we look competitive each with top our firms, or There national And firms, stay have We near
is. it’s to largely competitive So dependent going be the what on landscape
accounting On target. do of given for Page see happy below increase annual year. we XX.X%, But the over which look in of net of are the to X which at you need – X% the expense a to results, think obviously year, our the ratio quarterly all it’s release, we compendium expense revenues, on the I early the some we’ve explanations of really is growth were press to of Non-comp gross-ups to obviously a comp remember, items netted revenues, sides of extent. that revenue schedules – recognition and includes in also but the in year, the we’ll the release adoption adjusted includes it and the non-GAAP in call the previously X%, that our side, some impacted both because what some out
XX%. up X, basis. reason of good a would a look pre-tax, I comparison if – year. net a a the cut. income apples-to-apples last up phase pre-tax Last a tax operating to annual the to you at can where of to results, And see really we’ll tax non-GAAP The what wanted we results, year refer call the the quarter Page the year X% of you see higher you non-GAAP year, a full on for had that’s the non-GAAP in rate we lower than this had rate type
of forward. probably that’s indicative going our more So rate tax
share had can the reflecting at even then see EPS, during XX, diluted we a higher the And percentage you up year. buybacks that obviously
a So a to, look great that’s great page at, all wonderful a and then quarter in and to year. all,
back to Paul. I’ll it turn So
