you Thank you, for Denny joining and us thank all morning. this
provide I I quarter reference will the deck slide As second comments, which found at XXXX can be my earnings seacoastbanking.com.
the We Adjusted X, grew income and million, a earnings diluted our common growth. X.XX% adjusted return XX.X% resulting all average ended sequentially XX.X%, successfully on of in value ratio to reported ratio for $XX.X tangible intangible Beginning quarter executing loan-to-deposit Slide common XX.X% tangible equity. across $XX.XX. a with return room loan are X.X% adjusted on an of of XX% share net affording to Tangible we strategy equity year-over-year per business We continued $X.XX. grew with ample per share assets book and a lines.
of continue we X.XX%. the adjusted mentioning common performance growing a it’s was increasing X%, to declined tangible prior a generating asset return And tangible be adjusted to XX.X% sequentially non-interest quarter’s X.X% revenues efficiency leverage on second tangible the our our ratio equity quarter. ratio would common with As if tangible operating streamlining adjusted highlighted while the and to and by in improvements capital target adjusted to declined continued base, grow expense our focus ratio was worth operations. to XX.X%, The from equity XX.X% illustratively on asset normalized to
basis, equivalent center focus is not closure line that on we location banking with ability previously $XX million from most teams XX%. XX% Seacoast transferring ensuring banking broker great strong do income our on quarters from full-time Loan key continued number by to losses the reducing to of items the quarter completed items, announced planned the management enhanced in to third XXX renegotiated deposits And for as and across advances. Bank care drive excluding wealth improved a total we notably income excluding And our contracts, a assured control percentage to expense an impede one across growth efficiency quarter, record cost consolidate Non-interest you revenue reduction count from mortgage line employee XXX unfavorable seasonally growth. grew be from revenue, of additional quarter. prior initiative, with and vendor have security accompanied diligent can Federal the Home the and deposits our improvements an leading impact total During annualized significantly to non-interest on that X%
During we funding. advances Federal the quarter, took broker lower to of Home Bank deposit Loan rate advantage compared when
X optimize cost. late pressure quarter-over-quarter, We order will funding began continue in points funds funding to but overall the basis in quarter to closely cost abate. mix manage our The increased of to deposit
payoffs remained the in X% loan early been million on XX% loan prior If growth had line $XX loan in basis would an an totaled a increase payoffs quarter, overcoming on with annualized Net the growth early quarter basis. loan in have annualized quarter-over-quarter.
real being estate covenants, refinanced quarter, we away in limited or no in guarantees leverage no the in minimal saw with During increasing commercial projects. combination or loans acceleration with
loan speculative risk to We patient cycle with hotels including our away, consumer quarter deals underwriting third carefully record We ability not and construction. This the to in reiterating growth first in higher year. assets and a originations added million. $XXX late throughout allowed the from refinanced the this is provided this Last increase that business hit and in XX% another we the XXXX this growth quarter, production the quarter. growth enters of integrity. commercial We banking defending single-digit to feel our marinas, business a achieve will our for comment be and we confident high Additionally, loan remain and will guidance objective pipeline of target. mid chase and accelerate record small
net interest and the Slide interest declined $X.X income to margin X, net basis sequentially X million turning Now X.XX%. points to contracted
declined X points points from basis interest securities the accretion Excluding points. the yield loans sequentially quarter X the basis Quarter-over-quarter, the basis on yield declined points, on up the declined acquired loans, X of on was basis X and deposits margin cost increased net XXXX. of basis and second X points
on points rates of rate the impacted declined the securities yields loan loans curve, both affecting variable During and our portion quarter, securities. and the yield across portfolio and on all
abated cost yielding final loans month year. the end began add-on and moderate of quarter, maturity the points during for XX average offerings decline was lower of due result quarter. the points than the X.XX% reducing and time are and money And savings basis deposits Deposit long less decline the to the to to in quarter-over-quarter treasure primarily second on market pressure declined months sequentially Our mortgage to new for banking rates yields and the yields on X of The our curve. prior and declining up XX higher began June, commercial deposit basis paid and from we products. add-on in meaningfully shortened rates and
deposit FMOC with action the offerings. If take suit follow rates, reduce we will to our does
rate deposit be Given peak for rate this the the outlook should the potential cycle. cuts, of
Bank Loan such Additionally, our other bearing from advances benefit short-term liabilities in Home rates. falling as preferred will trust Federal interest
XX to accretion X.XXs. third third no ahead fourth the basis yield the to expect variable, curve, in to low in points interest looking assuming purchase and improvement model And we approximately XXXX, be we rate of While of federal quarter the accounting the in in no of the change and steepness fund XXXX. be the quarter the net margin
the potential Given guidance decline margin, point yield curve loan and X averted of less anticipated in purchased the result basis an the accretion. or uncertainty conservative a of of yield X regarding interest persistent slight and assumed curve, in the rates
than the we into begin paid planned of and yield as in actions and July compression curve result a net to expanding If materialize, conditions expansionary a expect ultimately begin assuming modestly rates Despite our quarter which steepen to planned, unchanged, customers in the margin rate higher paid interest in growth rate net FMOC be the we the rates to sheet reducing reducing potential quarter and forward includes customers. result as the and deposit to the remain in and in are high XXXX. were margin deposit the X.XXs in begin should successful of September, curve expect QX to in action economic margin pattern due rates was second meaningfully third to quarter. third The the balance the to the in to an If the XXXX. we cut to income cuts, anticipated be interest reduce
banking the category of we a Moving increase increases and our saleable million generating group remind you products fees to X, introduced I million in year. first non-interest almost $X.X saw every additionally, focused management. performance over And or Slide we – to strong $X.X quarter prior half of we the and will to adjusted compared record in new increased quarter, quarter-over-quarter. almost million see prior the increasing grew sequentially production. by When led wealth mortgage banking performance from with And mortgage saleable in on from XXXX $X.X XX% continue income
million $XXX $XX result the in XXXX. assets of XXXX, growing of half acquired million sequentially new assets our charges by grew management. in fees to million management the on under goal on of million deposits first During $XXX the totaled under increased to primarily ended treasury AUM with We And service million quarter $X.X products. $XXX tracking finally,
Moving X, of range the $XX.X $X.X to non-interest to Slide declined our quarter. outperforming the is million sequentially up guided and for adjusted prior second year million million from previous million $XX.X $X.X expense
quarter, initiative we expense reducing the XX contracts, equivalent the $XX full-time control our cost renegotiated reduction annual completed During previously a line by items. enhanced announced number million of key count across vendor employee
center, quarter. We the in also one and banking we’ll another consolidated have third
of $XX.X assets, $XX.X quarter. the be we to approximately which excluding XXXX, non-interest expect is For quarter intangible million the million, expense adjusted approximately of to per $X.X amortization million third
expense reiterate we excluding a guide $XXX $X.X XXXX, the of full is year basis. full to intangibles, approximately non-interest which be amortization to million, full $XXX year on million year the the million For
control, what will of cost coming on continue take proactive the interest a the brings. periods, the positioning stance for rate to in environment regardless success economic company or We
ratio lay efficiency adjusted in the plan. adjusted by a to out in non-interest XX% confident to we Moving asset ratio declined and non-interest overhead to performance growing X.X% XXXX a X.XX%. highlighted remain leverage expense ratio Vision was are our with continuing sequentially The and a Slide efficiency generating operating focus our X, a achieve declined below on tangible to as declining track We XX.X%, improvements income. on
of XX% new million Turning an $XXX $XXX loan payoffs X% in quarter, was basis, in on $XX prior with million overcoming basis. annualized in growth loan quarter-over-quarter. the loan X, production resulting to in quarter total loan loan million line prior been remained a would’ve the to Slide annualized early the If increase payoffs, net growth an compared quarter, in had on early
a well an record Our pipeline quarter $XXX a This acquired production wholesale sold expanded commercial are quarter. our inclusive to a million from we million standards. secondary in all acquire and to with of underwriting market, quarter-over-quarter, to million from we of to was was and portfolio residential we mortgage opportunity of pool Total third-party. to team Broward Tampa Of has record in million in our $XX improve meeting we the in bankers coupled increased fees. originated had from the for the with loans the growth. $XX by fully the million strict re-underwritten the at leading positioned $XX the team, to placed production drive County, commercial grown the We a When are quarter, through portfolio portfolio attractive end coming $XXX the in secondary volume loan anticipating $XX million mortgages million market. of banking quarter, $XXX
generating and the on funding first to and to with our production sacrificing of from fee-based supports consumer record higher on classes record credit persistent And brings attractive sustaining forward, loan additional quarter a our drive CNI-related $XXX moving are our the focus lending. our $XX This production, wallet remain greater CRE growth than occupied million we loans we million, totaling gaining value in discipline. – relationships had focused granularity share opportunities. greater well and quarter. borrower Lending positioned without customers. these business on small and And Consumer portfolio
are We if accelerating loan throughout with payoffs, single guidance on guiding high mid- single-digit digits. be to and growth of And we’d high in our year. growth not the uncertainty to the for early XXXX reiterating
annualized sequentially. the excluding strong $XX unfavorable Home outstanding declined Federal Turning transferring broker an seasonally impact million on million X% from Total to Loan Slide a basis, XX, to deposits grew Bank deposits deposits advances. $XX
funding. we advances of Federal quarter, the deposit Loan advantage when took Home During lower rate to Bank compared broker
to relationship bearing And an moment our deposits increased customers commercial-related overall ahead to customer order closely outcomes funding targeting growing Fort points will table take the our This mix to commercial deposit Rates a line including items of on growth team will funding balances of checking quarter, of X% with basis if note, presented, demand you successfully is business our the and paid funding in growth of review acquire to during basis deposits. in we’re and basis. business in Tampa We the in release, you all expanding to annualized looking continued see on continue X we points cost. optimize positive banking one manage many XX earnings X%. non-interest Lauderdale. And
in outlook third the began in shortened a another quarter the higher and and maturities. time We to to quarter approximately rate the on products expect rate, deposits or paid late funds line federal reducing cost quarter deposit of in be slightly second below and savings in deposit we rates the the time given customers cut
the We the fourth full this expect hold to of in quarter. action benefit take
our demand Fed to – back of rate nature funds the our represent Fed deposit peer, rate only deposit at looking Non-interest-bearing deposit outperform franchise accounts, deposits Turning continues deposits attractive has of points, the XX, the Slide line the in XX% cycle, increased of represents book funds and the current while the book, to and data to transactional reflecting prior XX% start our XX of basis XXX increased points. deposit transaction basis the with quarter. cost has
well quarter, Turning The as orientation loan through the credit characteristics that well-understood, as a at known end. builds quarter. basis credit overall the for the sectors quarter acquired continue land of real respectively, loan at outstanding, selection non-acquired accounting, mark, to of points At bank XXX%, the real of of outstanding. to you XX a through level pay portfolio, at a placed our points basis from through-the-cycle up take of second and as mix with purchased in applied we as represented basis customer maintaining Slide and and and ALLL, net on is loans income XXX% On to X.XX% exposure an construction rigorous total point and of markets XX% prior the capital capital loans And estate quarter quarter and a estate ended XX commercial continues discount and mature. credit prudently points interest And back manage percentage X purchase these capital, that are in at portfolio and from consolidated estate a and percentage down accreted to both and the the purchased me to bank commercial of represent moment as the level basis loans XX, well And relationships XX% acquired this acquisition including loans are and XXX%, rate to loans under diversity and granularity. and and down X development was benefit land XX% emphasizes real capital respectively. commercial allowance loan let remind development down loans from loans construction prior guidance. regulatory below end basis,
average Concentrations of XX% XX with respectively, continue XX% XX% and risk-based managed size And prior; top and year relationships prior. loan consolidated and XX% to approximately of XX XX% from be total and top X down $XXX,XXX. capital, from down and respectfully well represent XX%, years X commercial an
The loan point quarter, million; net basis million Our $X.X charge-offs approximately exposure forecast guidance. $XX totals We losses influenced largest net XX will XX by continue for in with and be annualized charge-offs average line charge-offs. provision net committed the previous to to growth for points a basis throughout loans, loan XXXX. were
forward. ratio the balance acquisition XX.X% at positions and strong capital XX.X% posses for common tangible opportunities tangible momentum wrap Tier The positioned providing to growth growth capital common sheet delivering a and was imply to capital to sustain options continue capital disciplined healthy for end, through in total capital well a June to and generation normalized advance moving ratio Turning XXXX. capital available provide risk-based The XX.X% quarter additional, Slide to we up our tangible was at ratio organic This asset in growth and in $XXX X%, to in us well over XX, balance million Using are was we returns X equity are manage XX, target, XX, and illustratively, as strategy. would ratio for XXXX. on equity additional slide long-term And deployment. XXXX.
of growth we very our targets value low-risk cost meet remain we and well-capitalized see to continue Vision to markets. forward Florida’s to remain strong and in strategy – with look some track fundamentals funding, low fastest we opportunities create And growing balance Overall, a on balance continue our to Our robust sheet to questions. and enhance the your for shareholders. XXXX
I’ll to you, And over turn back Denny. it
