Thank everyone. morning, Marty. you, Good
interest For rate the the net quarter environment, in supported expansion million, million current of of third quarter. up solid interest net organic XXXX, rising linked from $X.X margin $XX.X growth loan and income continued the
XX. million PPP in quarter $X were to $XX third respectively over the as of PPP million just quarter. of of in loans and the XXXX $XXX,XXX fee we quarters and $XXX,XXX have forgiven compared loans September In the total, with in second third second million as accretion related of Just remaining $X.X of the
points points for basis quarter was and of taxable from XX NIM linked basis the quarter on of third from quarter points XXX X fully the XXXX, XXXX. basis a third equivalent basis the up
due were of the the to the during securities on portfolio, of flow Investment originations rising impact market as the loan as down quarter. portfolio third value rates the fund cash interest well of deployment to
with of investment comprised that wrapped provide primarily is agency held-to-maturity. intermediate portfolio securities classified municipal investment grade Our bonds which durations, securities flow with cash are coupled as mortgage-backed ongoing
Cash into for additional flow portfolio for allows from loans the securities securities. investment reinvestment
from basis due was current to higher points in quarter, Our borrowings in and impact rates up reciprocal XX on cost the XX quarter the points of funds deposits. wholesale of the basis linked
million insurance includes quarter, of and Non-interest the the third management wealth or million for $XX.X XX.X% income, which businesses, second from was our $X.X quarter up revenue XXXX. from
of investment Courier contributed HNP SDN the while Capital for income. million quarter insurance third $X.X million Agency Insurance advisory of and income Capital $X.X generated
with quarter-over-quarter life surrender changes company-owned follows: life insurance. revenue non-recurring $XX.X as million were million enhancement of a insurance of associated company-owned to surrender redeployment cash Non-interest income the due $X the million up was with categories value $X.X in largest and
instruments lower a of derivative of second XXXX level due loan the was from lower to quarter than Income net $XXX,XXX swap originations.
Gains of of portfolio when $XXX,XXX quarter on loan second benefited sales XXXX, from a from the loans the down sale of were our sale of indirect opportunistic loans.
with related part to Non-interest higher was non-recurring bank of you network the expense at consolidated and guided million linked of and our closed $XX.X flat the locations relatively When quarter. recognize our optimization. that of charges of were as retail restructuring the $X.X range XXXX end million
further including management banking, of in expenses customer higher the included strategic reminder, new the a Banking-as-a-Service. to investments XXXX solution, half initiatives and second relationship our digital and As enhancements
redeploy the with life in third modified gain expense tax to previously $X.X that income associated the was and quarter, ordinary an quarter in million compared representing expense quarter in million strategy an million and $X.X second the XX.X% XX.X% surrender. surrender effective contract of $X.X rate of and the the was on mentioned effective of insurance rate tax XXXX. resulted with tax Income endowment company-owned penalties of the associated tax
on strategy I Importantly, earlier. approximately enhancement of company-owned redeployed the $X that cumulative due by fully offset life allows investment approximately fourth expect basis this earnings $XXX,XXX along quarter, of the record to taxes that XXX were yield in incremental to improvement related points. with the for improvement on the remaining we This insurance million incremental touched
of of Accumulated negatively to the investment driven $XX.X quarter, market unrealized valuation comprehensive due our loss of position the Intermediate portfolio for available five-year treasury other portfolio. the in duration. its by securities by sale million curve maturities loss impacted increased the our
quality U.S. our in at position earnings or the terminal mortgage-backed par. expect value to mature We by does explicitly not The securities agency equivalent to the guaranteed forward are metrics nature, government. as implicitly are of a impact given losses these we unrealized the high believe our securities unrealized that temporary loss
or As these the bonds. loan to cash securities coupon redeploy roll the into we portfolio current down continue flow curve,
in per basis by points Investor by share negatively loss Presentation, book TCE unrealized the and As year-to-date our is the position $X.XX. value outlined common ratio tangible impacted XXX
AOCI ratio common value and per book the been $XX.XX Excluding respectively. our impact, tangible TCE would've X.XX% and share
to high investment the these over of metrics portfolio. levels expect time normalized given return more quality to We our
single-digit high growth expect to of loan commercial Regarding XXXX, our portfolio, primarily total current remainder outlook to our the driven in lending. full-year continue we mid by for
We plan in growth deposits. continue for non-public to low-single-digit
on positive and per by impacts accounts of new accounts the deposit We balance and in commercial attracting offset expected average partially account. these decline to be are the expect consumer focused new an
In due treasuries U.S. like interest to and public declined as three quarters first the environment more to to XXXX, generate have the rate alternatives looked current customers deposits of reciprocal have yields.
the in For the XXXX, deposit projecting balances of are portfolio. we be seasonality relatively quarter flat, typical public to last absent
the We continuing year will NIM range for on we forgiven basis impact the to narrowing are PPP muted of remainder basis The the has PPP to although are PPP. XXX full-year in since points NIM excluding the relative noise to XXX of been repaid, or points forgiveness portfolio NIM PPP guide excluding of activity. majority the to be
using In we guided forecast. the past, NIM a spot rate on
recalibrated points based However, of our hikes FOMC expectations rate we basis forecast XXX current of have upon year-end. through
for betas, our range rate Guidance X% our public deposit environment deposits, the expectations deposit of also non-maturity with for a and to current reciprocal including given portfolios. XX% reflects
deposit second yields of the deposits fluctuates funding quarter-to-quarter balances public our are limited given from due fourth asset the seasonality short-term to a opportunities duration the mix. both the quarters, its invest due of In impact and our and our higher public on NIM the As inflows, lower deposits quarters asset to seasonal our average where to are earning funds. reminder, and and earning
remains the a first sheet of sensitivity saw balance expected We lower modest NIM level PPP in as revenue. neutral. Our with compression of relatively the level quarter
third expect However, positively the Approximately loan we excluding impacted yields to in modestly interest NIM XX% rates. and PPP loan the the expand higher second portfolio variable our of rate fourth is in indexed quarter. environment and quarters, to
income single-digit our as securities they prior decline non-interest to excluding low are at investment compared difficult limited gains maintaining income on partnership forecast. to and We year, for a projections are
under environment, mortgage Our card and interchange behaviors. continued of values wealth banking outlook pressure driven to This revenue inflation a as in assets on consumer on decreases spending gain pressure related lower current spreads on activity, market of rate in and due fees income. sale of refinance interest a reduction impacts management to reflects tightening management, result the
of range XXXX expense $XXX We're confirming to restructuring quarter full-year excluding the million, non-interest second $XXX charge. million the
million You to between expect fourth can the million. quarter range to $XX $XX
relationship further spend includes Our and new strategic in digital to customer Banking-as-a-Service. our banking, in initiatives, XXXX management investments including solution, enhancements
the is second remain driving in third expect ratio efficiency revenue. in enhancement restructuring same charges the insurance ratio for within costs year, for XXXX company-owned future quarter in expectations we with associated recoup a our initiatives efficiency the upfront quarter to investments of Our XX% for life to and range excluding XX% impacted impact improvement expectation efficiency that ratio. our aforementioned strategic by the later of periods,
the impact insurance service redeploy that to anticipate life the of will tax range tax within of amortization investments the of now XXXX and We in a and placed rate XX% quarter, includes surrender third XX%. years. strategy Guidance company-owned fall executed the in effective in recent credit
to and of effective advantage further investments. by taking our will tax continue tax be opportunities evaluate positively credit We rate impacted
we points. be our initiatives, our for quarterly historical XXXX operating expect XX range improve focused within on profitability We Overall, on designed executing of basis quarter points net over which charge-offs and to of leverage are time. strategic basis to the XX remain to fourth
prepared remarks. turn call the I'll Marty. my back concludes now to That
