everyone. morning, good Thanks, Kevin, and
through income period unless quarter statement. As I begin third comparisons be our otherwise noted, walk our of of the all with financial results, with I’ll And will the XXXX. prior
interest income charged-off to quarter, to this margin. due run million $XXX,XXX our income was $XXX,XXX, of to was in than Total stated, third on On interest acquired the X.XX% quarter. interest levels $X our a pending $X.X per was increased Kevin in same accretion net quarter. higher as approximately this from the earning in early basis, quarter quarter. expanded assets this net to acquisitions, reported more quarter was Included the which the amount last points $X.X which payoffs interest fourth income and which to two we million Prior portfolios more related quarter, X% interest at scheduled closing our was net accretion of the quarter. was basis million As of an the prior expect Included $XXX,XXX than accretion last margin quarter. XX this of net increased
interest our charged-off a XX increase points basis the X.XX%. The assets, interest operating XX both also loan yield driven interest The by in our offset was cost in driven loan which accretion, is point earning assets point and increased loan margin being yields our in margin average funds. our and X net and on operating on earning in of excluding our in was of impact our expansion increases increase interest accretion, charged-off investment to by yields basis securities. net a Excluding the basis increase yields by
basis an impact portfolio, investment benefit our points average on increase by rate in XX portfolio X.XX% loan operating repricing we of quarter loan full from our to the basis increased X third to up the the the September, With points on The X.XX%. further in yield quarter yields basis. saw which in our also drove
short X%, at and portfolio the to X.X about years. work money putting remains duration at of new We’re investment portfolio in the over the
continued flat that move, will deposit net We stay December we to Even the up. no and interest with increased and was exception. rates with our operating this increase, Fed course stay slightly each to margin expect
$X.X was million. experienced mortgage saw income. decline of a which the from $X.X million down Moving quarter. largest banking million prior to $XX.X in We the non-interest quarter-over-quarter decrease our to We revenue,
mortgage purchase mortgage in quarter, for production, demand total XX% refinancing, XX% In loans period XXXX. same addition up originated from In the loan seasonal accounted increase given in rates. continue the for we lower the for our in of to see in production, the decline to fourth
but for expectations our traction our division to see for in mortgage as we West this mortgage further and at expect gain expect in demand in to we XXXX, we mortgage introduce offset offerings the our application online as refinancing, Looking banking decline process. with we
As we to production significant production compared additional origination in XXXX, gain will margins. don’t on and expect think up see we to the – flat result, to a be the sale compression slightly
the revenues low-single we banking result, year. range our mortgage in grow a As digit will this think
non-interest expenses expense. Moving total acquisition-related We this $X million incurred quarter. to in
million. to the Excluding compensation performance this the a have provide INB, saves of cost year. to want result your moving some our pending will our modeling. year, as with into Heading around to a so result projections we lot parts you I and expense of increased expense acquisitions, these attributable a accruals non-interest was impact quarter our incentive pre and higher by during expenses, our of $X.X full This as of levels, help
post-integration $X As I our million will $X INB rate. million to to stated last add quarter, run between rate run historical for our
from Idaho increases Independent inclusion fourth and with INB, will middle for of the approximately our impact come Xst million payroll expenses quarter, elevated a about quarter. expense the close out annual Idaho right expect the addition our So In see as we expect third Community Independent to and prior the Xst, acquisitions should quarter. and levels salary the million our of the in operating taxes, saves the a quarter Bank By year, of of early as the expenses until benefit reset the of to of be which second $XX will $XX not first the impact Community full cost the we to result we the of be the quarter.
excluding for the be expenses non-interest assets total X.XX% acquisition around $XX.X of So year, average should billion. costs, of
around discussing, keep operating lot have initiatives line. in been expenses a that we have going this it recognize and we as on going critical around to we grow, year. As technology is We our –
around we As it success in and an priority we more have believe meeting discipline organizational increase result, will a our projections. our made this to year we’ve management, expense
Okay.
positive quarter. our across deposit this on, moving asset Kevin so the I’ll already and So quality. trends, trends addressed saw loan portfolio We move to
estate problem commercial assets million, which $XX.X execution workout commercial effective real strategies of loans. to and non-performing for due Our was the decreased
both sale the approximately and commercial and Our was real criticized million $X million, loans construction driven $XX.X payoff by loans. decreased estate which in of lower-rated
our our of the we to in changes our group, saw our were charge-offs our and problem able assets have our in We basis. of Excluding have recorded allocated of $X.X points risk XX loans on of loans during been manage combining of total XXX%. in and we loans creating the the be and X.XX% loans our total implemented demonstrated to effectively of XXXX net loan for changes processes, effective acquired more rating within does coverage discount you kept acquisition, to loans declines We as quarter or portfolios to $X.X our take provision have charge-offs the loan impacted portfolio. acquired we had non-performing positively These annualized know, criticized not the allowance consideration, and loans. an XXXX. we losses the added a INB throughout And on steady remaining increased specifically million credit million but the basis improve special of back overall million allowance $X.X XX at expense, loans. loans Since administration allowance is themselves system basis average classified points with allowance. the which through losses quality into
out XXXX, we to building well the that new make this measurement requirements the line. the us allow and of coming for time requirements for With CECL will play process are into quickly into reporting
our XXXX, since a continue potential gaps and ways those or roadmap identified identified assessments We to our and gaps. During to to we solve third-party and of data mitigate data structure capabilities. for enhancements had have
various platform loss we’ll identified and modeling and are allow to the loan with We end-to-end providing leveraging to the help our models the processes, financial processes be parallel will loss to our runs. be to the working the statements. run for disclosures the end-to-end that models using including segments third-party for support our of calculations We’ve aggregation the portfolio information, required build-out currently and Oracle
we wrap keep and And in weighted this some this average looking be work year, there analyst you will up process XXXX. at I We for continue confusion before for as then to seems count estimates around to informed our through XXXX. share
count average be average In expect to like the first in purposes. approximately shares. In the we provide XX.X be the million outstanding modeling we And shares share during prior with average expect approximately issued to share in million which quarterly of weighted outstanding the quarter, to to the I’d our we to acquisitions, quarterly So be of count new close the quarter, third the around pending acquisitions, some two weighted quarterly the expectations shares. the our close second shares shares. we for XX.X million to impact expect the shares acquisition, average quarter, XX.X expect
So turn the Kevin. with over that, call to back I’ll
