Noninterest expense for the three-month period ended September 30, 2022, was $16.9 million, an increase of $2.7 million, or 19.0%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to compensation and benefits, occupancy expenses, legal and professional, data processing expenses, advertising, and other noninterest expenses. Charges related to merger and acquisition activities totaled $169,000 in the current period, reflected in data processing, and legal and professional fees. In the year ago period, similar charges totaled $25,000.
We expect, over time, to continue to grow our assets through the origination and occasional purchase of loans, and purchases of investment securities. The primary funding for this asset growth is expected to come from retail deposits, brokered funding, and short- and long-term FHLB borrowings. We have grown and intend to continue to grow deposits by offering desirable deposit products for our current customers and by attracting new depository relationships. We will also continue to explore strategic expansion opportunities in market areas that we believe will be attractive to our business model.
Comparison of Financial Condition at September 30 and June 30, 2022
The Company experienced balance sheet growth in the first three months of fiscal 2023, with total assets of $3.4 billion at September 30, 2022, reflecting an increase of $230.1 million, or 7.2%, as compared to June 30, 2022. Growth primarily reflected an increase in net loans receivable, partially offset by a decrease in cash and cash equivalents.
Cash equivalents and time deposits were a combined $49.7 million at September 30, 2022, a decrease of $41.8 million, or 45.7%, as compared to June 30, 2022. The decrease was primarily a result of loan growth outpacing deposit growth during the period and being partially funded by cash and cash equivalents. AFS securities were $235.1 million at September 30, 2022, a decrease of $278,000, or 0.1%, as compared to June 30, 2022.
Loans, net of the allowance for credit losses (ACL), were $2.9 billion at September 30, 2022, an increase of $253.0 million, or 9.4%, as compared to June 30, 2022. Gross loans increased by $257.2 million, while the ACL attributable to outstanding loan balances increased $4.2 million, or 12.7%, as compared to June 30, 2022. The increase in loan balances was attributable to growth in commercial and residential real estate loans, commercial loans, and a modest contribution from consumer loans. Residential real estate loan balances increased primarily due to growth in the multi-family loan portfolio. Commercial real estate balances increased primarily from loans secured by nonresidential structures, along with modest growth in loans secured by farmland. The increase in commercial loans was attributable to agricultural and commercial and industrial loans. Total remaining PPP balances at September 30, 2022, were $1.4 million, while unrecognized deferred fee income on these loans was immaterial.
Loans anticipated to fund in the next 90 days totaled $229.6 million at September 30, 2022, as compared to $235.0 million at June 30, 2022, and $181.1 million at September 30, 2021.
Deposits were $2.9 billion at September 30, 2022, an increase of $35.9 million, or 1.3%, as compared to June 30, 2022. The deposit portfolio saw fiscal year-to-date increases in certificates of deposit, interest-bearing transaction accounts, and money market deposit accounts, partially offset by decreases in noninterest bearing transaction accounts and savings accounts. The Company’s customers have held unusually high balances on deposit during recent periods, but competition for deposits increased during the current quarter. Public unit balances totaled $516 million at September 30, 2022, an increase of $47.6 million compared to June 30, 2022. The average loan-to-deposit ratio for the first quarter of fiscal 2023 was 98.5%, as compared to 96.4% for the same period of the prior fiscal year.
FHLB advances were $225.0 million at September 30, 2022, an increase of $187.0 million, or 492.7%, as compared to June 30, 2022, as the Company’s loan growth outpaced deposit growth. The increase in FHLB advances was inclusive of $190 million borrowed in overnight or weekly advances, reflecting both the seasonal impact of our agricultural borrowers and public unit depositors, along with recent loan demand.
The Company’s stockholders’ equity was $326.4 million at September 30, 2022, an increase of $5.6 million, or 1.8%, as compared to June 30, 2022. The increase was attributable primarily to earnings retained after cash dividends paid,