$X.XX for comments for We on my delivered Good income joining our start or performance morning, share Larry. diluted net the quarter. Thank everyone. of $XX.X per adjusted million the earnings details quarter. with us Thanks today. for I'll you,
net income, capital Our markets expenses. strong results income were from driven and by higher significant revenue interest well-controlled noninterest
margin interest and growth. the expanded first a an strong growth from million was quarter. Net reached fueled linked $X.X This quarter $XX loan million, by income increase NII in X%
loan from tax equivalent on of adjusted by cost. basis upper yields Our by at moderating first deposit improving and quarter end driven was points The and increase the range. our X guidance NIM a a of improved the basis combination was
Notably, the shift as our modest of static, stabilized and mix combined deposits time remain composition has interest-bearing the our in deposits. changes our in core with deposit noninterest-bearing
continues mix. be repricing while yield the margins, environment loan continue a challenging from portfolio ahead, we inverted our to curve deposit in benefit for Looking expect and to stabilizing to
on adjusted our accretion in continued basis approximately Therefore, mix, quarter anticipate growth Additionally, create net of we third we to expect for guidance assuming NIM full basis of basis. the a a to in the third up stable our X range next to quarter in and securitization during are X static to updating points X NIM be points. TEY income the interest quarter funding
scenario. down Additionally, we be well continue for a positioned to reach
discussed, when to further As result rates. we the cycle, our from begins margin rising during balance liability has have rate Fed shifted in sheet asset expansion sensitive previously ease the This will sensitive. to short-term
to income for $XX Turning from the first million was the million noninterest of our which quarter. $XX in second quarter, up
was housing. revenue in swap fees lending million our $XX affordable Markets the the benefit demand LIHTC as quarter continues for and strong from Capital Our to revenue from
to to million. we revenue remains be guidance Our this Markets million $XX are And months the of Capital our $XX therefore, XX next in for healthy. pipeline the range business reaffirming in
our by over existing and the wealth Year-to-date, seasonally management growth by management XX% grown our this management million into second X and base business of strong of under from markets. increased expansion generated We annualized also increase wealth our in the first has revenue over quarter. assets from revenue slight our quarter. in organic driven $X of A client
experienced of success high-touch sources. network have developed attractive trusted our as legal highly this and The business key well the and a is deliver and result of advisers growing of with other clients strong as that the team of advisers proposition our relationships referral that value a we
Additionally, noninterest second the proceeds. bank-owned income insurance income million quarter included of life policy during $X.X from
the offset for turning due expenses, linked and primarily $XX professional improvement expenses. employee at to million, lower expenses. first the The higher for of data lower totaled range. processing end and $XX loan an partially our decrease our million from Now guidance benefits to and lease by quarter and second quarter was Noninterest and salaries quarter the lower expense
This in improved our ratio, XXX created contributed leverage efficiency basis point positive XX% quarter. which a second and to operating to the reduction in
diligently to level expenses, corporate and operating back-office at the both local efficiencies our market operational the continue at through manage level. We
We that supports team continue group to multi-charter benefit our from our best-in-class investments in banking operations technology, building and model. community a
ahead the million. to As to we expenses our to look range to $XX million of third we the noninterest quarter, expect in be $XX continue
sheet. Now our turning balance to
designated the anticipation funded $XXX $XXX growth that sale Year-to-date by the grew expectations the and loans the strong growth is end loan loans total during of LIHTC had for of primarily $XXX million quarter. next we core deposits by loan as with first held securitization have quarter. in of in at quarter, in our million million line we of in Our the
our business. lending Our long-term securitization strategy supports the success of LIHTC continued
capital LIHTC enhances Our significant program revenue, our revenue diversification. generates markets which
Our also within concentration our maintain securitization strategy established helps levels. portfolio
will in quarter stabilized Our upcoming the securitization LIHTC consist of of tax-exempt $XXX third loans. million
our our this transaction securitization since late in expect initial securitizations through last improved economics efficiency execution of costs. We've and year lower better
our this spreads ago were However, at stabilized we program. years beginning when pool of tighter were LIHTC loans tax-exempt tech originated light lending several
loss As a securitization expect result, on we modest this a do quarter. next
at years, we recent in loans spreads. tax-exempt LIHTC been stronger new originating Importantly, have
recognize further economics. are loans net these we and As securitization stabilize will available for improvements in
of loans in securitization Finally, we taxable do a fourth quarter. anticipate the LIHTC
and in third stabilized wider securitization gain in the tax are the This ready more that at loans will priced offset which a exempt from securitization than LIHTC net activities loss taxable our have will XXXX. for drive spreads, result of portfolio consistently helped from in stronger the economics. which Our securitization quarter, been modest
coming a total Now increased performance deposits. in with basis. or securitization core have during gathering an turning and our first quarter, focus our strong strategic reduce growth deposits priority. the reliance wholesale annualized modestly when on quarter. loan on us Expanding cost sustain funding. combined declined us top the deposits helps future our off higher remains Year-to-date, deposit Total very X% to to deposits the enables This our
very XX% of and total uninsured Our remain uncollateralized low total at deposits. deposits
which liquidity. at $X approximately over company the immediately addition, liquidity quarter of available includes of In billion available maintained $X billion sources end,
to shifting quality, continues to asset which strong. Now be
During our leases show X.XX%. loans as to percentage improving loans of and total points to total XX criticized continue declining quarter, a the trends, basis
reduction $XX.X XXXX. X or pleased driven to a in increase million to to half of nearly just total total relationships of The sequential points $X.X total improvement loans consists past criticized NPAs by X balances our the September are over $XX primarily while NPAs since of We of XX by amounting in million assets. modest increased was relationships. the million quarters, basis report X
the in significantly million loans to for and credit expense for with the $X.X million $X.X GDP at CECL commitments. second losses total of $X.X Charge-offs were to model from loss The increased unfunded loan prior We've during inputs. down our and growth the million or on decrease to the of was million. XX% quarter of quarter. strong $X.X quarter recorded balance provision the a related provision of credit a due million $X.X declining the related impact
losses reduction credit provision, investment held This X.XX%. with an in quarter-over-quarter combined to resulted was for sharp total in static at loans a allowance charge-offs, that for
Our points March. tangible X to ratio X.XX% quarter X% of at to end at basis by equity common tangible from assets increased up the end,
The TCE negligible. earnings quarter second was quarter strong by in change improvement primarily in the AOCI as our ratio this driven our was
a ratio equity basis ratio on XX%, our to and common points to increased quarter XX.XX% and Our capital X points, total increased end, linked-quarter at X by X respectively, basis improving basis. Tier risk-based
capital both strong due ratios The in to improvement was earnings. our
book also quarter. per It just pleased report are representing grew growth XX% $X.XX, our tangible annualized meaningful value another We increase during in by share. to the over
by compound our XX% X years, increased long-term creating our on nearly the of book per reflecting top-tier value a results annual shareholder past tangible performance and the our value. on share Over financial basis focus has
effective end and our for of our range. low was rate X% guidance the Finally, tax the quarter at
benefit continue to loan tax-exempt from portfolios. high We and our yielding [indiscernible]
effective As to has a our our of group. one rate this in remain helped peer result, tax lowest the
tax range XXXX. to our of for rate in year expect the be the full X% effective XX% to continue to We
results, let's question. your financial we're With our the first questions. added call for context for ready that, open I our on Operator,
