While we remain very well positioned to capitalize on the eventual rebound in investment banking, our growth in wealth management will continue to enable Stifel to generate relatively stable returns. Now let me turn the call over to Jim Marischen to discuss our most recent quarterly results.
James Marischen: Thanks, Ron, and good morning, everyone. Looking at the details of our third quarter results on Slide 4. Our revenue of $1.05 billion was flat year-on-year. Compared (ph) to the same period a year ago, we saw growth in net interest income, client facilitation and trading, which was offset by declines in advisory and to a lesser degree, underwriting. While revenue was essentially flat, our bottom line was negatively impacted by higher non-compensation expenses tied to the legal charges that Ron referenced earlier. Moving on to our segment results. Global Wealth Management revenue increased 10% to a record $769 million. Our pretax margins were 39%. During the quarter, we added a total of 36 advisers, including 24 experienced advisers with trailing 12-month production of more than $24 million.
We ended the quarter with fee-based assets of $151 billion and total client assets of $412 billion. The sequential declines were due to lower equity markets as our net new assets grew in the mid-single digits during the quarter. Moving on to Slide 6, where we highlight the solid trends in our bank subsidiary. Total deposits increased both sequentially and year-on-year, primarily as a result of increased wealth management deposits. As we highlighted last quarter, cash sorting continues to slow and sweep deposits are stabilizing. While we continue to believe that the vast majority of cash sorting is behind us, if the yield curve remains inverted, we expect to see inflows into smart rate, money market funds and short-term treasuries. Given the movements within cash products, along with the timing of the last Fed rate increase, this resulted in the modest sequential decline in NII to $285 million.
In terms of our expectations for the fourth quarter, as we are not projecting any balance sheet growth and given some expectation for additional cash sorting activity, we project net interest income in the fourth quarter to be in a range of $270 million to $280 million. Our credit metrics and reserve profile remained strong. The non-performing asset ratio stands at 17 basis points and charge-offs were essentially zero. Our credit loss provision totaled $10 million for the quarter, and our consolidated allowance to total loans ratio was 85 basis points. I would reiterate what I said last quarter that only 1% of our loan portfolio is comprised of office CRE exposures or only nine loans, which are primarily Class A space with average LTVs of approximately 44%.
Lastly, our balance sheet continues to be well capitalized. Tier 1 leverage capital decreased 30 basis points sequentially to 10.8%, even when incorporating the unrealized losses in our bond portfolio, our Tier 1 capital ratio remained strong at 10.2%. On the next slide, I’ll discuss our Institutional Group. Total revenue for the segment was $257 million in the third quarter. Firm-wide investment banking revenue totaled $147 million, as a result, we’re impacted by both lower capital raising revenue and the continued delays in M&A closings. Advisory revenue was $97 million, which represented an increase of 11% sequentially. Although, this remains a difficult M&A environment, we’ve seen some signs of life in industry-wide announcements and our pipelines have improved when we ended the second quarter.
That being said, the timing of that improvement will very much be market dependent. Equity revenues totaled $68 million in the quarter as an increase in transactional revenue was offset by lower underwriting activity. Equity transactional revenue totaled $47 million up modestly, both sequentially and year-on-year, which compares favorably to modest declines in industry-wide trading volumes for both periods as we continue to see traction on our electronic offerings as well as strong engagement with our high touch trading and best-in-class research. Fixed income generated net revenue of $92 million in the quarter as lower public finance activity offset relatively flat transactional revenue compared to the second quarter. We continue to be a leader in the municipal underwriting business, as we rank number one in the number of negotiated transactions as our market share was nearly 14% for the first three quarters of the year.
