you, Brad. Thank And everyone. good afternoon,
and quarter resiliency market record balanced, billion a first results cycles. credit new strong Our XXXX of continuing achieved business approach, $X.X this measured across highlight volume quarter. well We quality
$XXX this been of Agricultural $XX.X $XX earnings has the and net diversified spread loan effective Rural And share in first strong business. portfolio. the noted, $X.XX million quarter per were driven or compared And AgVantage quarter XXXX. reflects, gross some we business repayments, million by Renewable which our the this million of bonds; gross of loan After include: there million to that's Core the execution at $XXX in this benefit this quarter grew Energy higher in our Infrastructure purchases. of notably corporate And in in of a Rural record million in in in last time; line Infrastructure the speaks is to year-over-year year $XXX XX% Brad purchases, first million about about same million XXX% year. outstanding volume as Finance key components than $XX.X growth period last XXXX and of $XX.X our
pricing Brad and effective our was interest This this hedged yield the of are currently was at institutions advantage our increased asset driven significant short-term in sector. to the of and have rural risk appreciably, where while borrowing in earnings This As financial highlighted, is many our effectively, XXX of pressure our basis despite we our mix systematically changed. funds opportunities quarter curve primarily by facing, infrastructure trended Despite net cost reduction spread that points. downward. our disciplined take because cost the funding as management practices, peaking, of changing liability strong rates
non-GAAP debt repricing costs funding continue investment Fed a increase in short generates additional actions return of our end the with capital of excess of is cost and portfolio. were upward and continues reduced that XXXX. short-term historical the a as expected as to benefit we rising pressure is to we rate environment. rates These opportunistically, of at XXXX for cost driver to decisions have debt have low the the when of and funds raised us lower in capital significant an reinvesting lows curve downward term of pay-off on the expensive to the with and from our need to more This callable Another continued raise create
provided rates if our decline. an volatility. benefit portfolio. rates the project that minimize investment help Again, and short-term these earnings, started that an when has maturities benefit practices of our asymmetric The for medium-term some were as this retain example limited in are rise decline designed with have is that's to in expect consistent the to to earnings proactively reason this While interest to extending over we are earnings all disciplined are downside we rates to we approach
a disciplined our where our highlighted that we earning our In hedging own liability convexity duration business have we of institutions. of rate crisis, of management the and banking contained match significantly depository wake strategy highlighted asset and and environments liabilities review this of those traditional practices. Brad results model the important all differences conducted in of our voluntarily The the assets volatility. review
are value, well shock might and our any balance minimal of projections sheet. Our of all in to size the direction profitability regulatory ratios liquidity of our market excess and position capital we change that and apply show rate in our regardless stress and
to of in spread limited quarter improvement year-over-year XXXX. driven also slightly competition was highlighted segment, This in XX, loan in for the the to related first this which as telecommunications pricing increased pricing March nearly has XXXX. contributor and This by sector. origination in Utilities has to the business Rural stem that line NES volumes by was Agricultural higher million credits lower in doubled from higher flat been the to $XXX sector increase sector and the high-quality We the a offset of of Finance
as are into seeing dig to though for with especially partner ahead we our deeper. However, increases us customers, rate opportunities
product primarily on have compensation These the XX% increased and investment that's been in board hires expenses. with that the our year and to technology in threats fraud and to the reporting the the multiyear scale and systems to were operating to enhance gradually platforms. Treasury offerings. to expected throughout allow impact management that's of been modernization us year-over-year cyber and to new This cash by future, initial our and trading, quarter our position us expenditure portfolio and effort diversify against due Turning XXXX be first full in our is hedging associated defensive also brought
above plans expect rate and several to next the over support our given and our operating to our continue run We growth to make objectives. a expenses investments historical team our to at pace in infrastructure years, averages strategic our increase
was plan growth. our below that's XX, significantly higher XXXX, primarily revenue rate a XX%. at March of our of operating increased As And target efficiency XX% growth expense strategic and because than
to our continue closely however, will, We ratio. efficiency monitor
could in level. invest accelerate increases the some platforms loan XX% innovate to that our funding we do loan go expect infrastructure we to growth, As and see processes and temporary above
is profile economic headwinds. despite aggregate, Our in credit the holding strong
$XX it XX payment that was quarter delinquent While rise portfolio, first delinquencies our attributable line during quarter in million borrower a in $XX primarily most and to in permanent became million or consistently of planting observed on the of sequentially of increased loans to are related that X million single basis our XXXX. XX-day entire date is the to $XX January due to portfolio. increase seasonal This first the with points
reflecting from March the primarily a and increase zone. total for XXXX. was increase bankruptcy year-end single proceeding. million, The allowance was of The As $XX.X processing undergoing storage agricultural XXXX, attributable borrower losses is to XX, $XXX,XXX an currently
months. situation resolved several the this in We be next to expect
or statutory requirement retained capital. to of XX, capital but XXXX, $XXX to turning core million earnings. exceeded Mac's increase year-end XX%. primarily of from by XXXX, $X.X Core our March increased capital billion an Now Farmer due as in
reduction from XX.X% Our improved XXXX, results, to as as strong year-end the capital largely as Tier well of as XX, X to ratio XX.X% earnings noted, as XXXX, March of due fundamental risk-based occurred in that Maintaining risk from third long-term coupled is strategy. transaction. standards credit consumption extremely of our strong profile, reflect our securitization with that levels our capital capital to
institutional well-received in created earnings that another last for a like investors. of our our difficult call we But million example new to sources the funding. in $XXX diversified This has is discussed February, of evolving transaction successful of market our I'd conditions. During highlight opportunities execution investment leading third and this just securitization also
results, key uncertainty, team and on strategic return XX%. each sheet XX% metrics exceptional our than believe that we for balance our on deliver an and objectives. ever surpassing delivered quarterly entire ratio conclusion, of call. an that highlight delivered we're our In plan efficiency is optimistic positioned we on more We to the long-term Notably, well equity,
let turn that, me Brad, with back you. And to it
