Thanks Jeff. morning everyone. Good
on income, for on basis compared the begin prior pretax compared net XX and higher points an highlight interest XX% and driven core margin, Let's basis X.XX% was net income, non-interest The the expanded points with slide expanding increase prior $XX.X our of expanded Adjusted in expense. results to pre-provision quarter, increase X.XX%. and non-interest to of a an XX% interest to second margin result basis, of revenue to the by five. reduction million, XX quarter, increasing quarter year net the
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five upcoming a Miami. office In Additionally, opened acquisition with Florida across most some Community This lending value market long-term. Naples scarcity and is upcoming attractive we building and March, expansion of North President Ocala. branch Jacksonville announced Drummond both bankers. we Gainesville value new And the commercial the announced Bank team MSAs North Florida and we Florida's a full in Bank President a acquisition of May, Market and in with Market the Apollo of the in including and franchise over the
interest tax to higher the Moving compared equivalent partially million $X.X by basis on remaining. balances These increases quarter, Net offset yields and $XX and accretion, prior to a only securities. fee on lower net six. loans PPP increased or with million interest slide in income margin and loans were on income X% with higher both PPP
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net ahead, to significant and ample Looking our core will higher margin expect we sensitive deposit asset and interest benefit position as income from increase funding with liquidity, rates.
to sheet static would balance interest basis net expect each point on We rate be to XX continue a in a hike that five basis to points range margin. of six beneficial
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on we includes from of continue ahead, mortgage month our $XX.X income fees policy. banking continue third base range Looking million focus and from company's This remain one a revenue the to sources and to $XX million. in changes quarter assumes overdraft expect non-interest to broad to challenged it growing being impact made
million. for of When guidance quarter. expense $XX.X provided sale million last was would the $XX.X on figure the of lower quarter of second REO, non-interest range that adjusted end the excluding eight, slide at gains to Moving be we the
to and add benefits each legal increased other Excluding and were support talent Smaller the fees. in growth impact continue $X.X of million expenses increases and decreases in marketing, merger-related we salaries by initiatives. as offset data, and costs occupancy in period,
expect to maintain while ahead, discipline Looking growth. investments to continuing our we expense support
of increase expect business. in be scaling in quarter and to from million, amortization talent the investments continued to the $XX of expenses million planned the We with intangible range third assets the excluding resulting $XX
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remained to diversity the below highlighting and exposure size and and loans XX, disciplined category stable managing of regulatory quarter. of low Construction the guidelines slide average commercial well peer estate group well to concentrations, prior remains at Turning commercial distribution our $XXX,XXX. to loan concentrations by the the and remain approach of the continued those real compared below our
million, notably Turning increased higher in net $XXX annualized Prepayments million second $XXX to first the million annualized. $XXX have prior XXXX. record of compared for first we were been a Coming record $XXX $XXX $XXX loan an high million prepayments originations XX, to an quarter, not in in commercial. over totaling the pipeline X% per the PPP in or compared increase the loans If in growth XX% off average quarter basis. slide would million delivered of in to million and quarter, to compared the quarter, on quarter
XXth June expect March is lower quarter, rate continue high an growth loan higher the of on The we pipeline third the to with growth impact in the to rates at at single-digits. reflecting than loan Looking XXst, commercial annualized demand.
ad from pipeline third However, as Using in fallen, moved in week, of providing rates recovered, will the quarter continue the benefit add XXXX. rate week higher the of anticipate prepayments Loan July curve forward core have long-term yields. new and new environment to third last July, will low has what guidance. the our and slower better as be expect to around the to confidence we the to we yields Through has XXXs on in rates in quarter us XXX. up yields expand first
accretion. this purchase accounting a reminder, excludes As
securities to Turning for slide the portfolio. XX
recent July million liquidity purchase add in securities We the yield and in at this with during acquire Drummond October, with quarter primarily quarter rates. positively additional and of $XXX new the liquidity loan pace Additions of impacted moderate transactions, will investment rates an week, additions excess last invest X.X%. securities strategic to have closing the improved approximately at front of end we on X%. meaningful of have portfolio curve. the average production by a the the were in cash steepness and to the on Through portfolios. duration and A average X.XX% CMOS securities In agency Apollo purchases add higher for with net continue
strategy deployment Our selling and deal our beginning will funds, contemplated funds reinvesting those investing quarter. we in those for third the models and begin
pace growth portfolio the net steadily expecting third quarter will investments the our approximately the million. of $XXX end We by $XXX million of in to
strong a ample maintain we deploy to XX, rising slide to rates. and cash into position liquidity Turning
norm while Our X.X% at XX%, to quarter at lower than and assets combined historical of securities equivalents remains and to the with end deposit cash total the with loan ratio was the cash XX%. the
XXXX, from Turning that and that deposit low XX% versus rate Seacoast's to and the compared deposit cycle In start high at historically Seacoast's we standing of more illustrating than bearing accounts in to of non-interest favorable to better an That evolution loan less the historical XX% long XX% beneficial cycle. we to mix second beta accounts translates rate XX, position, NIM. is rising back full quarter have of our than the liquidity be relationship with today expectation deposit cycle last to increases to deposit deposit proportion mix. will but was higher and slide the of exhibit XX% the in deposit ratio, the a last different, costs XXXX the compared quarter past XXXX to the lower third will continue to transaction remain low even cycle, XX%. beta. Each a beta. do prior and the supports When transaction comparatively
the competitive to While we deposit pricing increasingly increased in to-date expect have we dynamic. environment become cycle, not this
base our deposit we betas quarters. the deposit and that on in very strong to have We peers continue expect outperform will coming a
end, slide growing CD XX, of grown on $X.X exception have Thus bearing and the money basis. X% an we exception an Transaction accounts non-interest a of quarter more see and quarter, we've deposits to by this requests rate total manage on million billion, $XX far and annualized outstanding quarter-over-quarter, at begun to market declines for were demand at XX% basis. July, annualized in in pricing Turning X% offset with to deposits continue accounts. decrease deposits of represent an during
with XX, the through Moving growth. $XX.X for to credit pace the keeping losses by overall during slide $X.X loan million increased million, quarter an allowance
improve. quarter flat remain are pressures of nearly impact higher X.XX%. considering and rates watchful to though remain We continue economy, very strong on last at to the coverage the inflationary metrics maintaining of While credit carefully our and
the purchase the bank In be total remaining acquisitions over allowance, discount loans. those earned life to $XX.X on yield adjustment will of addition an to as million, is the which
a provisioning. combining than continue remaining, lower seeing we're position set. for operating the On to our peers metrics we're take losses both more will approach to We on a allowance XX, credit sustained from and discount When purchase conservative the allowance credit to conservative slide with positive The capital total X.X% and flat of a loans to is last percentage of based quarter at quarter near criticized moved during this risk X.XX%. trends net the to decreasing loans. quarter loans again, recovery coverage non-performing to position and
affect and a estimate. loan environment will in the the factors our We posture continue to that and assess and might retain performance conservative outlook
Turning were both value and by from common $X.X for to GAAP to at in income with value quarter Palm the other the interest strong, higher ratio decline a this solely peer the impacted AOCI on Florida. tangible longer demonstrates equity one capital calm TCE securities. acquired quarter highest the XX, on not in from last position the unrealized very TA loans per in the to per our the impacted in higher on was was tangible equity share sustainability XX, negatively adjusted securities X.X%, income, $XX.XX, recording day in value term on second Business a among be valuations remains securities affected second to generate were continues our the tangible to slide Bank million book also flat to basis, Return capital decline, is book to of accumulated look our quarter And from net the tangible change The portfolio. ratio in group. and result ratios by provision first benefiting changes Regulatory and from Sabal by share finally, Despite the of assets prior a quarter. comprehensive tangible of attributed quarter slide of shareholders. that's losses and decline
turn compound and back we've of foundation I'll We strong years, to on a continue positioned the and a on achieved rate continue Over from the questions. Florida last your liquidity a which annual we'll of you. to growth strong Chuck, initiatives. strategic X% call our capital opportunities growth look execute to to of the economy five optimize forward
