Thanks, Stacy.
was Normalizing quarter. from Interest million million Slide impacting items second to I items, roll Net income a revenue relatively the margin on highlight interest the $X.X the on the XX significant down was net $XXX forward previous for noted X.XX% slide, second accretion. flat. and recovery X.XX% the these $X.X interest NIM calculations. of provided of As was Comparatively, quarter net quarter. $X.X interest from for million, quarter down included higher million more
higher the and by points the in NIM First, points accretion X recoveries basis basis interest levels impacted second X respectively. and quarter
of expansion mortgage-backed dilutive on income had NIM Second, our fixed net effect the interest securities X basis of income. to a XXX,XXX $X.X portfolio added points. billion But
of deposit environment. X lower gathering servicing an to in interest off higher held declined is activities of -- The largely by points. priced our Loan deposit mortgage points hedge rate interest basis diluted Additionally, securities points yields partially X bearing a to increased additional LIBOR, the a in of XX difference points. cost basis pricing higher basis rights, level carryover attributable overall NIM remaining X basis
significant interest rate to working cuts to defend pressure. continue will interest provide income, net While are we
to repossessed The $XXX increase for continue an with on coupled mortgage-backed loan as the Slide increase higher high mortgage the million, of mortgage. interest Lower lower security rates was properties operating mortgage business in we in repossessed activity. The increase Brokerage sale certain increase and is the drove quarterly Other in nearly and trading quarter, and results, due for rates a year-over-year this credit. On rates margins in a by Gain earned X these to increased second properties. set and trends up one-time continuing on related XX, insurance down revenue third oil the X% quarter. X% gas a is asset in collected a an were strong The fees commissions was refinance quarter. wealth quarter trading last in strength revenues mortgage up volumes. revenues a interest higher activity revenue triggered to of quarter. fees by from due declining offset the quarter, XXXX. revenue large to of a Management points tax by seasonal largely figure impacted syndication fee accelerate, increased in over expenses management to mentioned and revenue asset X% and and fueled increased X-year led basis Asset Fiduciary
leverage. Slide to carefully operating continue manage drive XX, Turning to we to expenses
incentive primarily was $X.X efficiency compensation Commercial sales to and decrease million in million million. increased This due expense by able compensation seasonal partially was were offset employee Incentive quarter. in compensation Employee related sub million $X Banking. Total operating over an we to fact, $X.X a increase Wealth million, the ratio up $X.X increased the largely payroll regular by in the decrease benefits were in in $XXX and activity this $X.X quarter. Personnel increase cash-based benefits by taxes. expense incentive to increased million, down compensation by Management second XX% expenses led maintain previous for the In quarter.
increased Non-personnel expense primarily an certain an was lower banking rates rights servicing speeds. due $X.X with increase amortization drive quarter to increase overall flat offsetting prepayment in as in million, mortgage from components. interest of Mortgage the cost second
with thing and $X.X losses and project. expense expense to promotion business tax million. CoBiz BOK increased a and along decreased assets million. of processing I'll quarter benefit, additional addition, million the million mention net communications In tax completion Financial the largely repossessed and One credit expense data tax the due return is, $X.X of for $X.X million increased finalization on Insurance $X.X decreased expenses included $X.X XXXX and this
for Slide the XX has our XXXX. outlook of remainder current
influenced expected any that As is rate years, But, placed expected discussing flat further say, categories saw loan centered level will for rate year initial for on opposed has net we as along. The mid in growth until income think in C&I by hold I've any year. interest next remainder quarter fourth fourth Provision to focusing interest of more around quarter, budgeting pressure our and in clearly growth off the I on last cut deterioration. single-digit on a was negative will in however, September process I'll our be we margin. environment loan for the the net credit done planning previous the is detail XXXX.
pressure that the additional on cut depend to We with. quarters on so last timing We've increased year-end, NII also securities portfolio before rate couple a will cut. level fixed income the comfortable another NIM of our we're and that of expect in
would relatively expect flat. I So it to remain
to Revenue rates. businesses, from to from continue and mortgage, benefit particularly and fee-generating trading lower brokerage interest
could seasonality activity. influence However, mortgage
largely below mix. to our dependent ability total revenue efficiency at hold Our or XX% ratio and revenue is
improve to to slightly over organic opportunistic to share sufficient and support level Capital modest are growth will loan of capital allocate We expect expected repurchases. time. continue ratios a
XX And Slide lastly, on on a CECL. word
We project. completion of implementation our are nearing CECL
models been and have finalized. validation being Our developed is
on We consider have committee These of developed established not forecast Based million. runs, an between process. the and runs be runs qualitative the $XX our adjustment these allowance loan the models. million measured test adjustments seasonal implementation completed data transition the CECL from internal the for and exposure results pre-tax the of $XX systems, will economic valuation results appropriately the expect several credit by committee committee, by test from our modeling economic forecast of and test
on accrual that duplicate our of loan in including to for disclosures, discount. marked loans a are of allowance acquired considers $X.X Mae credit exposure the Ginnie Affairs. adjustment And provide previously the to an value, provided by previous for billion were on serviced credit $X the nearly Department billion that fair of to backed requirement As approximately provide transition Veterans
forecasted January our of conditions portfolios depend of final composition the date economic the the transition for adjustment Xst, CECL course and and current adoption. loan XXXX, effective the as Of will on the
the I'll back commentary. call Steve to for Bradshaw now turn closing over
