you, Thank Larry.
very results, strong with where so on I up deposits, deposit growth were strong As some items again our this warranted. or linked-quarter demand already third increases loan growth, deposits. with X.X% deposits is start a Larry particularly I’ll quarter financial interest-bearing quarter. Total We generated by additional million. which discussion focus I will million, $XXX our $XXX basis, in on an increased review discussed those
Our we the let run off higher-cost time deposits to CDs as by million $XXX deposits sheet. continue and broker declined balance
significantly funding gathering deposit to also core funding, an relationships our we enhance helped wholesale rely our indication The shareholder deposit reliance on continue on significant stronger-than-peer clients. interest have majority as which We our margin. sourced reduced banking and our drive relationships our support of benefit deposit was Our to primarily strong core correspondent loan wholesale from is a don’t to believe these growth to our activities, net us commercial which growth, will have value. are our franchise true value. to long-term This of allow
turning Now earnings. to
Also a led the of XX net and XX yield XX-basis-point points. a positive in funded of quarter. larger-than-normal to points loans NIM our our previously impact during XX net cost margin, interest $X.X XX-basis-point improvement improvement. our growth The on our impacting points strong income deposits, Therefore, linked-quarter X.X% the core with quarter, core in second or results accounting positively with increase off for quarter and cost grew by These a strong our million amount basis gathered combined basis. the funds core on of average adjusted charged the the this on interest-bearing of interest earning in significantly NIM, NIM. margin and and cost decreased was quarter, quarter, that interest our a as after higher deposit average in recoveries we of cost increased repaid in basis NIM reduced of funding. a total This assets from loans in points were lower our by mix reported resulted our reduction wholesale a this the the deposits recoveries, these XX improved basis true basis higher providing With during improvement
While the impacting will and environment, we continue well rate be puts there low-interest in some takes to to quarter. navigate prolonged, a fourth NIM positioned be
the do basis onetime of accretion created to First, QX points reoccur in not same level XX of in interest recoveries that margin expect we QX.
Additionally, we opportunistic our full of in quarter dilution the impact will debt experience subordinated issuance mid-September. some from
some to three quarter progress will yield Therefore, impacting decline basis NIM of expect Finally, we a deposits of Positive we pricing the cost mix in fourth mix new excess expect liquidity a our in in reprice decline adjusted funds on to continue loan and factors modestly fourth to sheet. the and points. compression to lower. to range ongoing on and net the basis, due of the the be coming further we loans reducing balance improve quarter as our five
noninterest $XX at million was quarter. Now million, came income, the significantly fee turning for which in our up record quarter. quarter the produced second which the second XX% We $XX.X income, swap from up to from
the use we robust our loans Demand Specialty tax products where have our mentioned, in in and space, are the by relationships seeing developed. remain Larry Finance are rates rate to credit enabling fixed clients particularly As strong swaps. attractive we created lock variable high-quality, production through swap Group long-term long-term making strong, for the lending are our of
interest rate and execution on due and future. remains environment transactions pipeline specialty that the curve. flat our group also finance low are is The income fee the We our pricing and at source we sustainable better believe swap foreseeable this the swap of for of to experiencing our banks loans yield healthy
and quarter don’t we fees fees fees in nearly in anticipate we third we that achieving of that year fourth record per level quarter. million level quarter, approximate averaged swap the swap $XX this in did the While the will same have expect swap
will our XXXX call. guidance We swap fee year-end provide for conference on
guidance of a impacted the expenses. totaled $XX for to our to turning the quarter of Non-interest expense significant for that second $XX.X higher items and $XX.X our were expenses. compared million to Now million million. million quarter number than There $XX third
commission the million, benefits compensation swap increased financial strong expense income. First, results fee driven salary we and in incurred and and with of incentive by expense quarter, higher-than-anticipated the $X.X increased
a extinguishment to Second, paid earnings. high-cost funds benefit million $X.X debt we recorded future loss wholesale as off on we
in finally, we and $XX Adjusting disposition cash due closing costs the on final companies last of quarter’s million, $XXX,XXX at upper our higher had the sale provided higher and on $XXX,XXX disposition. we FDIC range Bates expense incurred a And loss result end items, as fees guidance a in these to of of non-interest call. our insurance for balances. the came we at Third, earnings
rate our the $XX in third preprovision, levels $XX expectations, fourth fee range pre-tax expense primarily be will we by incentive range. quarter year compensation to ahead our to earnings higher of run is to million outlook level our and non-interest This driven that full year-end due for Looking the spot income. higher anticipate than to long-term quarter, similar million strong
continues solid. quality asset to overall Our be
quarter COVID-XX. June we The of increase XX that the XX to assets was to experience to some primarily non-performing to While related experienced in and points directly degradation to compared to assets modest quarter, XX XX a not basis at did levels. it linked few relationships total basis increased September at QX isolated due returned ratio NPAs in points
significant and the While liquidity to The our we loan majority loans, of again in impact rest this June. and leases, heavily doing loans note This $XX therefore, our the to the losses losses provision of of four assets. respect of was With due allowance nation, this was factors and providing of are quarter. the of X.XX% better represents basis than of I $XXX are qualitative we that local up we result PPP from abundant in end the continue increasing clients’ capital maintain over the to of would levels our for for strong the excluding XX economies points to total meet needs. capital, future, the our million pandemic. the level to recorded times nonperforming provision reserves, potential now much million still have
total our debt Our the issuance strengthened nearly quarter of opportunistic to the end capital end. third XX% ratio risk-based quarter at subordinated at further
equity at is exclude ratio common assets the dilutive tangible tangible end to of X% impact the if Our roughly PPP you quarter loans.
we as the generated ROAA Our X.X% of quarter. in power significant overall pre-tax remains pre-provision, a third earnings
solid a tangible provide share. capital well continue positioned value reserves, share As book to grow and fund we result, to per per and earnings are
base capital aforementioned organic Additionally, were M&A debt with the to our and to subsidiary we our offering, be positioned able subordinated well banks build for growth the support future further of opportunities.
of linked-quarter for tax rate in added effective results, higher our for on we’re the your questions. let’s Our taxable With Operator, rate to that up color The open ratio quarter question. a financial a higher for the third first came call to ready on earnings was basis revenue. at quarter our due XX.X%. tax-exempt
