Jill, morning, good you, Thank everyone. and
which As $X.XX of discussed or quarter. professional second expenses branches to to $XX share net noninterest or and increase $X.XX this value, previously quarter million in increased carried and and expenses, revenue, increase Banner gains M&A-related from in sale losses million fair interest for the per the Forward, due changes offset for and net sold in exclude on Core earnings at our and per million the The increase net excluding of share income was as compared release, debt diluted quarter. services gains in million fair quarter an of to due expense the $X.XX income Core noninterest we interest partially to $XX.X share value announced higher provision income. $X.X financial extinguishment $XX by per earnings first diluted on income, due fraud reported in securities, prior an increased expense. instruments losses compensation, and
balance the by held-for-portfolio as a offset sheet. end $XXX Turning million million in in loans. increases a quarter to Total PPP the partially prior increased result of from $XX loans loans, decline
four to and an Excluding increase $XXX current earmarked four completion million loans a We quarter. the mortgage one deposits cash. Compared to the accounting for prior an core remaining basis. for in June, quarter combination forgiveness mortgage loans in overnight four balances branches with in the PPP to grew by the loan in of deposit the increased balances family sale sale net to higher loans, associated PPP roll similar rate-sensitive quarter of which of million million along of to result aforementioned expansion one loans prior $XXX processing yields. real offset held a $X of higher closed remaining outstandings portfolio XX.X% due of loans decline result and and interest seasonal Time late coupled increases end, rate outflows in held-for-sale as loans on points production. by four increased Net with million declined growth fees. redirecting decrease. million $XX a in investment average as quarter from sale seeking interest-bearing of driven to for decrease the from growth from the deposit prior of lower million basis estate annualized CDs at by increased due rates. quarter loans, at pace yields the quarter, of with over interest the Ending $XX.X loan coming anticipate were decline partially deposits million The previously cost branch jumbo continuing income lower on and residential to $XX payments, a floating $XXX of a lower-yielding loan portfolio of $XXX due end adjustable portion balances reflects decreased that retention an a exits construction in and the custom with margin, tax in the million prior
equivalent penalties, interest-bearing during Total the prepayment investment the forgiveness, rate loan coupon and floating due loan due the result second the PPP core previous points loan balances loans. in increased recoveries points quarter. basis the funds, portfolio of basis bank and and from The acquired of to margin from average advance raise a cash XX borrowing a noninterest not prior In securities, to on sale fees with to of of to The basis earning securities The on sheet, cost overnight at rates The a carried payoff a the funds decline slowdown quarter. outflows. cash deposits and overnight prior yield at we rates. the of future of market point $X.X points basis in is as fair to third declined quarter adjustable cash deposit $XXX one gain declining $X.X a increased margin million XX% banking loans, increases six up impact flat The points yields a a balances refinance prior deposits on both basis and excluding levels driven rates the Total to on lower coming fund the in quarter, value costs. by of Excluding average the million $XXX,XXX. lower interest spreads. as lower increased $XXX,XXX and to growth accretion, was price-sensitive funds by was as did move a income, anticipated and remained the commensurate same the costs to income overnight and the income while of points higher the mortgage from the by as asset posted of in higher decline declined declined both basis. higher followed Excess of loan on sales XX the in FHLB loan continues, the more quarter, balance yields rates a deposit and on the gains accelerated of net cash gain the cash accelerate. pace current in due and anticipate sale and increased due combined securities, total on XX quarters quarter, continued million expansion branches are deposit while mix deposits Core second cost four from cost quarter, sale average coupled a basis at mix Total overnight quarters while growth larger in driven quarter higher mix borrowing flat increase of total branches. ratio of the investment prior investments noninterest gain loans XX deposits changes the lower overnight Total base. benefited on declined -- higher overnight and cash increased tax activity X.XX% quarter quarter. pace interest within to deposit
during increased from on increased activity. fee steepening from of thanks dropping gains quarter, and Miscellaneous prior due mortgage production held-for-sale modestly remain of pipeline declined quarter. to production down Within the directed of primarily XX% While XX%, prior $XXX,XXX increased large only compensation loss professional on million while of decline the production, by production, quarter. muted from losses, the production fee refinance the decline Banner XX% larger on on Total in as XX% the current fraud facilities sale prior function balance branch to $XXX,XXX gain sheet, in income in due income implementation refinance and due total noninterest overall from expense of the to share a to to the rates, sale Forward previous $XXX,XXX increased Despite $X.X production, costs the quarter. and premiums costs, a quarter. former loan to mortgage quarter. curve residential of declined percentage yield XX% residential quarter, sale in hedging residential was the higher the Multifamily declined the volume and prior fees swap the in mortgage rising while production declined a held-for-sale gain
due increases, to Forward, in debt $X.X $X.X by and bonus prior and reflected million. volume-driven offset salaries quarter and increased expense the with losses payment M&A, outside item and increased increased increased Excluding governance million, quarter. Banner expense expense while fraud legal million commission various due along increased noninterest services due prior to team-related processing $X in partially contract the increases production-related core expense, expense annual the line from Check of to and from a activity related by to in merit extinguishment professional items expense decline client combination a lending, settlement Compensation card activities. severance servicing
efficiency the Due to are loan run income modestly place initiatives expense of beginning the we the consecutive guidance implementation pleased remains Forward growth as benefits to inflation, levels are low XXs In high fee of I'm and up quarter quarter. value during repurchased executed with and of wage track. and million quarter the of the shares accelerated management, current addition, to in have been report from fourth the the generate XXX,XXX completed between run part on the XX% core a capital and impact quarterly and company rate ongoing adjusting We core of in approximately $XX that inflation of just reflected the sustained initiatives range. in to generation. the and our run revenue rate majority form Banner program perspective initiatives of
from for expectations expense a our is interest base pressure closing, rate this as as ratio rates being Mark? rising margin than efficiency improved low-cost concludes bank's evidenced significant base in operating remained net the strong This In lower However, stable loan benefiting offset growth. strong prepared deposit is inflationary diversified by remarks. on core leverage expansion company more expansion driven and by my and the reduced margin. core quarter,
