everyone us Page takeaways quarter Thank provide Pages through today. on you, XX the Frank. XX joining We outlined anchor I on our key third comments details more underlying my appreciate will X. results.
As initiated Frank at the beginning our repurchase share August. mentioned, program we of
XX% A a business As close of of price outstanding of approximately our This million. total October Class total of $XXX.X of purchase shares $X.X we common repurchased repurchase. shares of common and X.XX% for represents Board-approved billion XX, X.XX% on
ROE and notable quarter respectively. X.XX%, third ROA to and Turning for results. XX.XX% were financial items adjusted
of was at or XX%, efficiency institution group. PPNR, remained NIM peer the we our respect and X.XX% and Our financial metrics, were X.XX%. earnings respectively. ex-accretion and X.XX% large these Headline ROA was adjusted to NIM amongst ratio top With
income in quarter accretion was guidance, income income accretion with net offset and headline investments. lower on higher deposit increases second from interest costs interest down ex loans Aligned the our and slightly as
higher While modest, average loan income quarter net linked given the from interest over increased ex balances. accretion support
trend quarter, in up cuts deposits were third as of the a and savings reached its in down to September. magnitude cost due costs from betas the money downward rate predominantly and growth peak accelerate deposit of believe the rate forward moderated, market accounts. in moving we'll pace the see While We
accretion points. and sequentially points XX by X basis basis by contracted NIM Headline excluding
While we loan NIM impacts and to was the a down, and continue have from average balance. higher from benefit growth deposit interest-bearing repricing deposit stabilized,
but operating was market income driven in was brought and with our customer an of noninterest fair rental primarily down syndication on to aligned offset Adjusted modestly in guidance. decline due higher by partially derivative interest increase income volume sequentially, lower lease the changes increased equipment. The positions by on loan rail value by capital rates, fees
our remains continue trends railcars we number on segment repricing of to to and of the track solid utilization Rail as rates. we experience this the profitability and The in quarter, added fleet
by expense guidance above and noninterest increase with fees. costs the professional slightly in came approximately our Adjusted sequentially in range, concentrated X% personnel increasing
the identified management organization we recall, will you as and build-out priority continued risk in of strategic standards framework XXXX. a our to As LFI risk
third the of and significant costs personnel both constituted professional During increase impacting quarter, the most this component the fees.
there addition incentive working was an to additional XXXX and to management quarter. the day In related risk the in performance, accruals spend, increased
but loan expense lesser a Finally, and in insurance during quarter. to increase salaries the higher deferred to and lower thus expense originations lower the extent, contributed
expected, pulled in hiring given quarter a increased While accelerated were at third expenses and through they spend. project the these level slightly elevated
We as growth mature and future. the expect continued build organization into sustainable a XXXX in we platform further the spend for
of to that have initiatives, to us low report income and for to Despite expenses and infrastructure, on regulatory top SVB the headwinds is the spend cost investments goal continued savings execute interest and achieved business we acquisition. we in end for given from our are managing a Effectively net savings priority our necessary pleased cost we readiness.
to as on vigilant continue overall XXXX. will management We to look expense we be
Moving to credit.
Our up but XX with our quarter, net slightly basis aligned was the guidance sequential ratio points, the range. quarter from during charge-off
market in rates, portfolios quarter to of loans. of maturing pressure net interest the net charge-offs portfolio We the discussed charge-offs were limited the during believe the the previously, no continued we Most emerging vacancy for in mentioned same rates concentrated comments, here the from remain and refinancing noted his increase those losses Frank in As high office points. general elevated were outside pressure and in within bank. commercial liquidity in will due problems
or $XXX X.X% total in million end, portfolio. portfolio quarter the this approximately At total were of loans loan
increase We in saw portfolio. ticket investor-dependent improvement the and in a portfolio leasing small charge-offs net the in experienced modest modest
Continued both driven and At will generate that continued expect will in optimistic space. portfolio M&A and by be here rate near this activity this improved in more environment declining the improvement we elusive, fundraising time, by environment for help IPOs. higher remains facilitated but an this term a a remain appetite IPOs stress in
in sequentially to appears portfolio commercial by Nonaccrual one that the driven be increased migrated SVB nonaccrual idiosyncratic and event. status to loans loan an
reserves by macroeconomic allowance, related the basis the with credit commercial at ratio improvement by as portfolios quality coverage individually in partially overall point our most factor million X.XX% coverage a forecast, to portfolio, the significant as changes on $XX higher feel recorded evaluated and on related to reserve X loan reserve Hurricane the well Helene. loans declined experiencing specific Looking in offset about our good to We the stress. of
of which loans Banking balance decreased X.X%. decline a driven of in SVB million by loan in average the Bank $X.X the decline majority $XXX was up in Encouragingly, and prepayments. were with loans, and $XXX sequentially, General Loans to loan driven $XXX the strong segments million The of billion balances quarter. by commercial million, Global approximately a draws the concentrated by Moving sheet. Fund during pipeline decreases and GFB partially a period-end respectively. at was billion were lower Commercial $X and growth by reduction higher These remains offset
industry including General commercial in care. growth Bank verticals, bank continued in attributable to the tech, commercial business our was telecom and health and growth primarily and loans, while media
that grew sequentially XXXX. in has Turning area a to the Deposits key given right-hand network. us the by pleased to sheet. this balance been focus million with for X.X% side due We growth $XXX or of the were in branch this growth
offset advantage In SVB modest we saw to of and of given Commercial, the demonstrate continue replace franchise only of approach and as savings direct knowledge time in economy the The associates. bank with innovation decrease the deposit our growth adaptive partially maintain expiring deposits unique allow $XX These innovative to them in were million a this institutional $XXX partially continues deep by we off products, run deposits our million. and we stability to products. competitive increases
seeing reduced pricing across bank the continued channels. rate slowing pressures third deposit our This, with quarter. cuts, Fed are the general need and deposits some growth in additional direct for recent Given in core competition coupled bank we high-cost
will We position, to liquidity this channel utilize as slowed we channel bolster during needed continue this our given to liquidity. excess in the quarter. growth But
Moving to capital.
basis X earnings XX.XX%. points risk-weighted the the the ratio as second from ending quarter provided sequentially, CETX decreased quarter, at well of down continued quarter a agreement, this was shared-loss the linked XX the approximately of quarter. by to growth XX benefit from decline Our basis basis the driven added This growth agreement, benefits points shared-loss which in by increased repurchases. by X excluding the share ratio CETX, impact the basis as the outpaced asset as points points capital
'XX intend growth, CETX SVB. to ex of continue earnings we range We repurchases this the and of the assess environments. We needs the as to accomplish regulatory XX.X% following the to which is towards it 'XX trajectories share the share level loss loan and through XXXX, by manage XX% end acquisition to in considering and capital was economic regular intend
beginning outlook. close lower moved Page given starting on XX we year fourth at On the quarter. with the expectations of the fourth and XXXX will point full our I quarter our loans,
While to the do guarded the We in quarter, we and by Bank annualized growth, flat we continue loan the General portfolios to growth and business our in fourth solid low momentum pipelines. Commercial growth single-digit commercial in anticipate the on in SVB remain segment. see percentage driven
the the Commercial experienced business, growth remain we absolute in third cautious of Banking do SVB level benefit quarter. growth the the will on expect given Fund from We in but softness Global
potential in a expect recovery, drive quarter could do in a increase segment. kickstart the modest Fed's which activity fourth investment has the loans cycle higher as to monetary in We easing the market
billion be discussed. the reasons to and anticipate expect concentrated across $XXX percentage loans previously $XXX growth to We range, the segments will the year. full growth end mid-single-digit the in same representing billion the this for We year for same banking
for large global balances We year deposits growth quarter before in due billion being $XXX fourth that banking end by in the quarter in billion mid-single-digit segment is the late in percentage fund the deposits expect a in decline rate came driven potential to range, and the third few the October. in the cash distributed $XXX low modest to a in a burn to deposits year. SVB lower full representing Commercial There for to
are previously continued discussed, we replacing decline deposit not as direct the Additionally, time as bank we in expect maturities. a
network benefit through deposits building relationship from growth successful We partially execution continued branch be as anticipate our these growth base and increasing offset by by strategy. in of customer reductions organic to we the banking our
range a funds currently point X covers Our quarter end of with rate the from by to declining XXX cuts of as effective basis X.XX% interest low year. for as the Fed rate forecast the fourth rate the X% to
headline income. quarter fourth net to Turning interest
points expect decline declining slightly and are low to investment lower We deposit as costs. accretion mid-single-digit lower only a loan percentage partially by offset yields and
remainder repurchase Our share of include the activity impact for guidance does planned the XXXX. of
the In guide year $X.X down of $X.X in on will discounts full the project income updated recognized. be to the For billion, portfolios million as September the continue points net the full in in XX be the to case, be billion as we in shorter forecast from fourth the cut $X.X $X.X to as billion interest as headline rate cuts over for to accretion expect reflecting the expected, we previous quarter. $XXX additional down of billion loan slightly well loan occurring impact that potential either year, of basis range our
income provides the realize for rate flexibility and that cycles, environments down interest in environment. margin multiple general, allowed in greater greater our believe our optionality interest we allows and causes pull asset for headwinds being higher net sensitivity asset longer us While earnings on to in to sensitive it that balance we has In rate forward interest net sheet.
to market focus book in on growth. with our We fluctuations will long-term line tangible employ value strategies navigate appropriately to continue
Moving to credit losses.
year. net quarter quarter, risk driven above While continued we the same we fourth as third stress within by have been the our remain slightly this experienced we portfolio in do near or the we in charge-offs the discussing appetite, anticipate level
real help reduce long over some ease the Commercial portfolio. on rate this term, and in borrowers cuts general the sector of pressure estate office to the could issues in
losses will remainder of into the believe elevated do we for and However, 'XX 'XX. remain
portfolio investor-dependent and in anticipate We also the continued in quarter stress into fourth the XXXX.
quarter. XX we these for into are In basis addition in of the to watching quarter, range the points larger could XX which a to credits losses couple factors, the manifest are in considered fourth that
the high increasing remaining end of of the to slightly points. are XX XX at our lower points end range the from We basis range XX basis full with year
adjusted income. noninterest to Moving
quarter points fourth expect line quarter. to down We the in percentage the single-digit third to from low be
outlook range our rail full railcars in expect to which slightly from noninterest year fundamentals for scenario. billion as resulting be higher to guidance. we This income is adjusted the previous expect billion, stronger driven by our $X.XX existing of continuation than We near in healthy the is generating longer recovery, a which a of supply-driven for strong a demand is in term $X.XX
are income expecting also management due organic client We growth higher acquisition. wealth continued to and
expense. noninterest adjusted to Moving
the flat to compared quarter. the expect quarter be fourth to We third
have technology in As risk teams, a our we continue made salaries run benefits hires for expense. discussed, resulting capabilities higher and rate and strategic these to on invest in and
expenses the strategic projects expenses on deposits to bank project-related higher there. direct and hold marketing in to try increased seeing additionally are for We we as technology
expenses will spoke synergies, earlier. acquisition to offset I additional which We seek partially these through to
to Our on make ratio investments of the adjusted to is interest in Category XX% continue areas X status margin, us when impact as net we puts threshold. that the remain rate will scale we expected into to and cycle XXXX efficiency upper range the downward that cut pressure help cross to mid- in Fed
Looking at be with growth expense the billion range billion, to in mid-single-digit $X.XX $X.XX we merged comparable anticipate for quarters in adjusted the year, X noninterest we percentage SVB the of full XXXX. representing to
XX%, rate which expect fourth any the to exclusive year the of is items. to discrete quarter our full range of both XX% XXXX, For in be and tax we
encouraged in In we business are this the segments with performance cycle. by of pleased economic our and summary, quarter current our performance the
and allocating on our to capital growth appropriately shareholders. We will for continue long-term focus a growing manner, in driving prudent
I question-and-answer over instructions the portion will the of now turn for the it call. for to operator
