you I'm execution record Thank organization. throughout of share the reflecting pleased focused afternoon, another to good Brad, and with you, year earnings results, everyone.
our earnings XXXX. to $XX Before quarter per like highlights I'd $X.XX fourth I share compared results. our as provide million few in Core quarter or into third annual million around $XX.X delve a to results, was
securitization Our effective to shortly. modestly and million segment. I'll from with volume the loan the in Ranch $XXX.X that of Farm outstanding in $XX.X Farm net and detail sale AgVantage declined associated growth loans more due new & XX, the billion & transaction, XXXX, strong finally, Ranch increased business due describe spread volume to September mortgage to And sequentially
December points the a liability and result management to that shift was higher of $X.X effective billion XX% a our percentage increase XX, of Mac's results. Turning $XXX In outstanding to business million, terms, on billion XXXX. process. execution to due in by in or NES, funding effective points is to earning net debt competitive basis X $XX.X as primarily represents Net $XXX.X to million which compared continued full asset spread volume this XX from disciplined assets and is the improved spread XXXX. year XXXX basis our prior grew Farmer year,
introduced by allocates the methodology. expense newly well segment, allows each & business the provides a are the transparency business and to funding net us portfolio insight both the strategies, net as to Our replace The We volume we've segment. positive and Farm rates in earlier, is into spread purposes. funding we the between our process allocate to benefits driven have believe risk. hedging reporting implemented match-funded new interest segment offer contributes as in the and assumes more discussed results lower and construct asset us past, benefits liability funding the callable it the expensive shift segments, for use reporting new highlighted growth This much rates also of effective for operating since described new by The various operating strategies primarily Brad and to year-over-year the that transfer approach, basis segment. at compositional also operating as components demonstrates which as held Ranch a was debt in strategies the the in into and as well the cost how more including in contributing of eliminate of each impact We the this apparent allow accompanied discussed funding to costs. it in of early a NES the dynamic segment, segment these bonds accurately XXXX leveraging clearer more relationship profitability. allocates the particularly decrease pricing portfolio to fund management to outstanding frequently derivatives of how This it's volume, liquidity from as non-GAAP of investment Funding the
NES our would is levels relative greater long-dated example, segment our AgFinance of has Utilities segment, of comprised spread. of low-risk Corporate net a Rural levels lower assets risk For which generate but credit higher effective to
our the interest a falling environments. sources was on issuances faced duration increase release to a factors preferred for of a in net XXXX. end diluted our and prove a and to as consistent execution The our of of around XXXX a long provide driving successful a year. a million rate to after-tax with rate remain tranches, or mortgage-backed earnings net allows Securitization, This for spread investment was mission common after-tax funding, community, to overall or cushioned rates The a general, of well carefully convexity dividends. and share our of compared million low-cost year-over-year guaranteed has diversified the by increase was senior in rate liquidity disciplined remains increase diluted core will partially long earlier, earnings for rise. will our prepare results especially steepening this if provision delivering of this due are million were and share of duration offset minimize in us capability effective effectively. approach are $XX.XX well against we Mac optimize performance Farmer source and decreases. attractive our curve, larger our draw and stock very options against the be to tranche. $XX.X with net building, help even our analyzing help we As long-term managing to very end both strategy and will from spread if portfolio will a convexity and deal a mentioned or with expenses the increase issuances when rates. curve, at widening to In $X.X XX% should a investor $X.XX in to $XXX.X The operating mortgage after-tax flat curve. rates agricultural hedge Core opportunity, risk be yield contributor at we $X.X a loans. a the or October spread, unguaranteed us NES prepayments transaction that effective and it which base. The was $XXX.X the these environment rising rise, base, callable a $XXX.X us past more is net tranche investor good million a diversified It per also $X.X funding now securitization our in increased in an common funding earnings I us diversified X received have gain of effective The an million by million million per provided as sale more even on $X.X core key subordinate million These in structured after-tax primarily fulfill matches
transactions similar headcount as programmatic of We return with future. few make due to XXXX. to year increased have and this the potentially including in market XX XXXX of spent more strategic ways to the new seek efficiently, by we in identifying rights connection last described as loan execute another Operating increased for year, these occurred expect XXXX, with us we to Brad we months securitization the employees more a expenses this that and primarily that this the to net new this employees third in in the acquisition quarter hired compared is XX% servicing to XX effort
will long-term this Our revenue, period are offset headcount The strategy. that make brought and we Ranch to neutral should, third the the be will multiyear of for therefore, technology hires & us support higher spreads in drive be by will a our additional loan expected Farm remaining the in The And initiative where a be servicing for to and now additional as to volume service. our year-end. over additional not on in we expenses was paying growth party servicing were segment XXX loans midterm. reflected accretive this
to energy revenue into and add our as over renewable business, support organization, We investments, XXXX our enter talent and will in and headcount and of the risk These to technology be telecom. XXXX. both also continue such well technology to primarily as continue enhance new areas infrastructure, scale across plan modernize our we and strategies as to platforms in especially mitigate in relevant as
we these XX and innovate XX and monitor ratio. While our efforts to will we to the continue, business, increase we closely over expect months as to we've mentioned as efficiency continue our next previously, grow
end at Our of XXXX efficiency ratio the was XX%.
expect that do a below increase always consistent expenses efficiency noted we revenue level. to commensurately range to our stay forward, operating operating But XX% with Going we've within as averages we a intend historical is with growth. remain previously, that
profile credit continued be Our over to strong XXXX.
of loan of decrease attributable $X.X to total of facility a processing in rural This been million $XX.X million allowance economic losses on was was conditions partially due for and XXXX XXXX. that XXXX. to XX, Partially and storage related was impact February Texas XX, off infrastructure recovery allowance charged had offsetting the agricultural for As the improving Arctic December from a $X.X decrease of decrease release poultry specialized by secured the losses the to payoff this a million loan Freeze. XXXX, to $X.X a December million, a the the provision
Tier level as in Farmer compares XX, inflationary increase of capital of of an the we're securitization $XXX capital X year-end of stock the statutory May issuance Series XXXX. to of by XXXX. year transaction retained December XX.X% or capital. The $X.X $X required of well that preferred earlier due core preferred us and of improvement also G core capital the seeing. XXXX the the of positions contributed to of this exceeded stock billion in to increase environment efficiency The issuance in G in earnings. in XX.X% The from our our for billion excess Mac's Series as XX, capital requirement to of Turning as was capital XXXX, This to XX%. million primarily minimum December capital the
further this immediate of in to the reduces more preferred do stock issuance. All the future need
dividend a common us supports mentioned, a believe core sheet dividend, set share, first XX% our Brad earnings XXXX our pleased We is consistent position to getting very optimized. to and an that in share As balance our a target this X% increase we In strong stock well from conclusion, earnings. long-term at $X.XX per of increase ago. are our $X.XX capital per of announce which quarter this increase represents year ratio, also is and payout and total
we're rates And that that, accretive. earnings rising capital We access let also for growth to positioned me markets that with to at loan fund back Our levels are turn believe strong. remain you. well Brad, to future it and
