provided. I'll Thanks, address financial going Scott, morning, and that my then I'm to on with the good typical information everyone. start we and supplemental the results, comments quarterly
Slide million. to $X.XX reported quarter in per on We XX. income Turning $XX the earnings first net share of of
expand which interest helped linked income. Our to the assets, from in growth interest earning quarter, expanded modestly margin combined with net net
modest fee first revenue Additionally, comparable income strong expansion quarter, quarter. seasonally of operating a fourth to to leading was the in
The seasonally loan higher first margin, of quarter, losses we're growth more credit All significant for was the driven noninterest current interest considered, provision by but expense pleased for quarter. funding. with loan trends, net things adverse was in and the not performance and the
profile the base remainder which thus a strong build far reflects return Our of on XXXX. to
quarter Turning an points XX. X.XX% increase margin X with to follow expanded more first for the The to days. equivalent tax combined compared to modest income fewer rate reflects XX. despite quarter performance was Slide $X.X continued on million quarter, million we basis. a had Slide million in at funds and interest forecasted. quarter the a growth, Net $XXX.X interest More than the on results to fourth of basis the Fed first the $XXX.X details rate linked expected two albeit margin increases in Net from
Earning average, in assets balances our increase million by average on activity in grew the available-for-sale were the million purchase an value of combined compared portion the portfolio. fair reflecting quarter. increased first XX points basis prior and quarter higher yields to $XXX Investment linked the quarter $XX the in with of on
halted The in the and improved we upheaval. impact the reinvestment quarter points fourth to yield purchased of of quarter, the we market basis pause portfolio over additional of already last We investment to subsequently during cash the first the quarter. flows majority due quarter elected the recent full XX securities
point on grew loans were period. the $XXX with from compared an XXXX, combined yield includes improved impact and the by million first average and loan prior for additional in a accounting when amortization Portfolio the negative million to swaps. December total The first in by growth quarter X basis received of which quarter, XX basis fixed reduction point strong basis points $XXX in purchase higher X
booked were the X.XX% loans of at in a quarter. yield New first
accounts basis in Interest-bearing and prior in noninterest-bearing the factors. XX points by balances from on balances. average quarter, million including liabilities decrease -- $XXX increased $XXX average million increased two The $XX cost driven noninterest-bearing million the Average deposit in the distinct declined balance noninterest-bearing was quarter. decrease
First, balances safety balances the institutions net customer approximately and CD Of balances weeks late higher and to accounts. of rate three the a quarter declines a that resulted reciprocal resulted March. moving into focus in in in million last in money modest rate combination materially, of and remixing early or of $XXX $XXX in in accounts the other risk. and quarter, the second of noninterest-bearing most deployment the for to diversification into quarter market flight million decline during occurred of And
$XX $XXX million the but and increased checking quarter. Interest-bearing market money grew on balances million average, within
or of higher-yielding As noted, insured products result funds to the noninterest-bearing was this primarily FDIC products. reciprocal accounts a from in moving
higher interest defend These balances late to during last few made stress helped often weeks a reduction quarter. that against at the as the balances rates of in additional occurred actions balance sheet bring liquidity of the decision in the result to industry first to also in quarter. intentional net We support
to lines. Time avoid million million our Brokered combination borrowing the average, of challenges grew a we funds. base, and Total industry and an deposits reliance within $XXX we stability term seasonality. on typical adds add $XX increased the to brokered $XXX funding work of brokered funding elected of million on while time element quarter including as deposits through funding overall
balances In million the as noteworthy the them other categories. brokered $XXX could was quarter provides categories utilized a we end advances for the that end first unchanged and after CDs of during first. FHLB forward funding of month debt fourth the of specialized collect in weeks. early FHLB deposit here expect the deploy These funding the as the we of do to it deposit until alternative short-term stack Maybe and is from strategies total, were couple part FHLB bridge then ending quarter flexibility balance moving be by the certain average, to on see a completed. our as higher of as the
deposits Our of some continue as from cost we last expected year. to lag during quarter we of the increased pricing experience the
combination our deposit and rates change our competitive, push factors increases a industry-based what higher deposit the costs Additionally, had of in we mix additional and in economic caused beyond anticipated.
the Our average to XX basis Fed rate. cost prior period, of interest-bearing increased from beta compared deposits effective points to equates the XX% a which funds
deposit the that here historical beta rate and today are is X.XX%. that our only that given the where Fed we quarter With total deposits. pleased cumulative we interest-bearing a XX%, than are in our XX% is with this cycle said, cost and the X% funds deposits said, is, which line for stands in for level With deposits an total target at cost was estimated less with of of sitting at
absorb see said, that interest albeit a sheet with continue level that stable net comes net us will to remixing quarter to some costs. first asset to income, increasing we see margin and maintain of level that believe allows of to all interest path With competition, mostly second our side slightly those We increased a from we balance to the however, compression. of
war dollars opportunity quarter, to second can there an thereafter. we repricing the interest the for and in is Assuming income weather expand us remixing net
debt. than Slide $X.X assets. our overall Signature first the the assets less for first We was to XX investment during an related net the points losses that total quarter Bank We basis million primarily Nonperforming XX and shows trends. experienced credit quarter a recorded quality stable. remained asset of subordinated in credit modest in provision recoveries remain
was and debt million of loan we to sub equivalent individual $X or portion hold. was investment total largest would Our the
by $X.X to allowance guarantees, government at adjusting allowance for the of allowance When increased loans losses. total presents quarter was the to the credit cover for of growth. X.XX% the credit loan in for X.XX% loans for the million credit X.XX%. to losses represents XX The losses total compared The Slide year. end allowance
Slide the fee fee percentage income did in On fee first although fourth was XX, change consistent the between of million with remained $XX operating of revenue of a certain quarter quarter, stable the composition quarter. at income income Overall, slightly first categories.
XX. Slide to Turning
this seasonally million the an the First for quarter increase, fourth was $X and to the associate continued quarter. primarily reflection hiring match. million, benefits in both expense from driver million net the of was rate and in impact Compensation base of form well taxes increases. increase resource XXX(k) $XX as of run noninterest $XX period compared higher is a merit investment activity payroll of main a of Also, the of partial as
expenses and to linked further pleased we service sequentially, item that the from We declined expect requires not, it Deposit expand did quarter. however, some did line explanation. this are
in First, as of that roughly a cumulative the million quarter that quarter reminder included the fourth decisions certain of competitive made client relationships. impact $X we to maintain the
that were item And second, line against would largely offset we have be the the to earned accruing expenses able to to credits. clients reflect
ended first quarter to the was $XX expiration that from being quarter. continued million Thus, around $X expect to of growth the to we first expand occurred some in million However, balances quarter, rates. rate and the reflecting both $X this case, the that million, first estimate and in not second up the by the for we and run
and increase reflecting in commissions. an quarter, expense the $XX service deposit $XX million million anticipated noninterest to in second to both higher expense expect we Overall, to increase
first core of basis With in expenses XXX was net moderation ratio both interest quarter's a quarter. XX.X%, driven the and quarter, fourth noninterest in rise some compared the an by primarily to our increase efficiency roughly The up quarters, expectations, slightly of we too better XX%, interest to net be income. income barring the margin conservative are fees we to do net efficiency XX% core interest interest to expect that in or coming on move and points
while $XX nearly tangible capital value shown on Strong in X% comprehensive accumulated XX. earnings of with and growth. capital profile per capital existing a our our Slide Our supporting income metrics book also are earnings being from in high now, rate accretion a expansion and in client comfortable retention a improvement first building to quarter and we other perspective, franchise resulted share defensive are new the flexibility $XX.XX. million Right are
We how our our the too over sheet, equity in common reflected X% equity always not thing. manage common balance about XX%. of is actions and our been Tier much we one ratio capital thoughtful This tangible X ratio any and have doing nearing
at the philosophy can that on you look see portfolio managing and investment we the we XX, principles While same apply Slide here.
to losses common to held Tier are unrealized all on tangible in points volatility to we So, for help equity of Thus, held accumulated income, available approximately maturity sale and measured did points and at common while maturity Tier equity use comprehensive so level. to capital, maturity are approximately common losses. XXX other a held losses after-tax manage basis unrealized common we total X to XX X and basis equity securities roughly equity on X.X% including tangible
Separately, we use the investment portfolio for two purposes.
this have for which T-bills We liquidity, component, XX% XX-year XX%, XX- the would municipal in The to we invest mortgage-backed This represent deposit CMOs, is agency and and remaining securities. flow and of cash portfolio government-sponsored pledging shorter-term a other of purposes. rate average new roughly mostly SBA loan X.X-year securities. our We the stabilize have our a we loans. saleable portfolio municipal extreme portion and duration sensitivity life, a portfolio variable of asset with because short weighted to portfolio is issue utilize
sold the quarter, yield. any was $X.X sold sales we recognized we SBA lower-yielding first $XX higher as since executed XXXX. million gain sale. we a loans Seacoast January, Also million and gain planning sale practice of in SBA reinvested the a and million proceeds had a at not $X.X a on the securities The in In acquiring of contingency at roughly for
be proportionate while sheet our rate, we kept on XXXX moving purposely quarters position, and duration seem it it cautious capital we with balance forward. over billions use long-term variable and having in flexibility size of supports that It's that We so our investing our cash cash numerous surface, portfolio investment along current its that loan was in the to and almost long in profitability may slow portfolio worth excess here despite X-year reiterating methodically XXXX. to targets strategy XX% played the resiliency and investing
our Slide by some provided use municipalities, XX, deposits CDARS, we that XX% trustees deposit of the reflecting or means billion insured on collateral for is liquidity saying XX% for otherwise some limits our That to on titling finally, now and, bonds I'll that businesses. first custodians that are liquidity. account remaining above within And collateralized, specialized start and in we $X is additional cases, of of pledged available surety insurance have. roughly context and the
You might expect, we spent banking. given in a good portion of needed March, pledging that additional be to occurred collateral turmoil in case defensive we the
are worth and many limits and have have Finally, that than with us of relationships grown noting insurance decades. balances here clients are with the greater long-time banking the full over who
our in feel we in our growth environment growth of the on lends itself position sound balance in that the the and that, are profile, insurance. deposit to an well with sheet focused deposit to fund support With deposit XXXX particularly in prospects specialty even face
and some businesses deposits of lending increased, believe positioned those are to costs. absorb to cost the deflect we adequately while of Additionally, continue our have
While doing remains so robust. returns high may starting are decline point our from a earnings differentiated profile and modestly, and they
we're appreciate to the line your With analyst going that, I today, attention and questions. for open now
