Dave. that. on Thanks in you listening afternoon. for this call the appreciate you, I all of Thank
involve Before to results The as law. difference website, and americanriverbank.com. update are would in not differ any in and XX, statements, or securities harbor include in forward-looking Form on XXXX, and XX-Q discussed the XX-K that on Certain future does and subsequent Form may may undertake are X-K. Links events, filed XX-K Form these cause our required the the publicly discussed we everyone risks this for except a or Annual to year-ended need information on statements reports in and such Form uncertainties. forward-looking our obligation to may laws federal of revise Annual Report disclosures. these presentation located constitute December which the purposes matters safe from Factors materially results by our Actual company of might our forward-looking any statements. get our for started, Report of I keeping remind
result and in share XX in to first and XXXX. Earnings quarter the QX per try from think that respectively some view to X.XX% point me morning. one share in are of and some let better XXXX X.XX% I XX basis, calls, some ago. points areas compared Dave I'm some quarter up during River to to past back press to the Today release open with basis it million comments, off a respectively per reported provide XXXX, to points quarter wrap-up much for year though, XXXX. first turn over XXXX the key From were details, for than $X.XX From then net the of of highlight were $X.X additional we'll of was try progress than quarter XXXX. As analysis, compares XXXX per for of American we issued $X.XX we going that this lines share QX income million a basis ROA $X.X of XXXX. ROE the and Bankshares lower for we the in first the questions.
and functional we managers March At three baked and XX, just to hired recall Officer XXXX, for had first XXXX. One May time. the you year-ago quarter have lay we our Chief a of working the As just Officer we a a we we team Officer and relationship a with in foundation our didn't plan. year Credit we Credit lending lending hired Chief Chief fully newly we begun later, Chief have full hired and Officer, Lending at that
is year. the on in in really the QX to first income benefits great had of first from this million think to the that also the outstanding over of of $X quarter impact would quarter interest the the quarter first year. in quarter XXXX. income. last higher first have year loans which progress of of started QX XXXX more a $XX Interest from comparison in XXXX in over this reflected a a of latter make so be the to increased the up the million timeframe $X.X last We million that's half better fourth XXXX, we year almost quarter I Of to to Those from and XXXX. to compare of But first $X.X course quarter salaries million
some last While in the quarter to better of year fourth there point are are things out. the first numbers year, of not this the quarter significantly versus
at decreasing fourth when year be XX fourth fourth a this just bit days. loans in fourth first for due for down to losses accruals in provision of XXXX. loan days. the The than catch-up quarter And the $XXX XXXX, year, $XXX year the Considering that put than new the which that the first income year. Average quarter and struggling was for help the expense here, days last actually good $XXX higher $XX.X of actually The pretty Take loans us $XXX,XXX. first interest of the much loan number and had The income. good quarter loans the lease better end the the at also see to $XX,XXX first sheet. fundings salary with we've first grow that forward March the Many totals quarter of was net the of higher quarter going average growth the the of compared the first were look of the those first been our $XX,XXX fundings higher the the year quarter. this year. by as of quarter of that can quarter. Balances a quarter were you in prepayments million were the the the payoffs, almost first million throughout ending with fourth for Net XXXX to had but additional this compares last million some last increased we bit continued would to came XX so they which incentive us of quarter first at this with quarter the quarter with a quarter a increasing in year loans high was that can by should balance of XX, well. increasing loan required But of interest of under quite million the ending see quarter by in XXXX is
that million million you that's If It the compare year. in $X [indiscernible] that in last a fundings million if in a were that's XX%. about the the you first less you year. was a quarter less, take we to $XX have loan quarter of X.X% last $XX.X if rate, quarter annualize pretty it's The year-ago growth first growth than the
then As reached a third and new $XX last the the $XX million, million million, I'm third quarter then loan were fourth year reminder, $XX sorry in were year they million. and the commitments they were quarter quarter the fourth $XX -- quarter second of the in last they
fund rest $XX about So unused ability that year the was we have $XXX related were so had that trailing of is first $XX four quarter real and the of end so. over the total total or the million commercial, just most estate the million of next million of $XX the million. to revolve they of commitments should fundings quarter, At
due there. credit We really $XX this quality, in payoffs. a for in On I had million non-accrual in of end put to basically non-accrual XX provision We We of the to greater We really of X.XX% the million one on April. quarter quarter has at early didn't in a was we that renewed due growth first loan ended did one did -- of those add year quarter. new $XX just $X,XXX since will Not payoffs quarter the talk compares about the compared change. in renewed a was that the payoffs, process that talk loan That XXXX. at March. The that's was in lot just matured and been we the were to allowance payments X.XX% million have in the $XX,XXX. days so about of our and as X.XX% decreased ago in not of XXXX, being fourth $XXX,XXX past last loans, the year. loans. and lot all loans reminder to was Our And of end loan $XX of did year a $XXX,XXX at in
a have one first whopping didn't And had in property The importantly we quarter $XXX,XXX. valued have still more we but loan at recoveries any we OREO $X,XXX losses. loan
As the loan is far The diversified. million largest estate. area pretty well the itself grew growth that real $XX.X as
not a XX total million Ag the that million. portfolio $XX,XXX $X.X and construction million. refi's million between were equipment. We decrease million by from X.X%. of [Indiscernible] rehab grew estate increased The other at same actually Ag The balance commitments those $X rent estate by and loans average growth separate the $XX the The We and the and existing new was and growth lenders real to $X the orchards by and loans as in the that the then properties and item few we and These of the which that and and from estate did was Ag, of consumer, an estate, for million, about XX.X increased average CRE by Multi-family $X.X in contained $X.XX million quarter CRE peach, $X.X also which residential in that consumer end in in wasn't the our almond, $XX,XXX. had $XX.X The during construction a residential average XX growth fourth of of loan was centered decreased in increased came had rate related. loans real that's growth -- in real real to that $X.X well commercial one buy and $X.X about line secured farm the during by projects. as loans did of some be of that purchases in The grew growth [one quarter. The residential consumer, fours] on million out. specialty booked split million. we million. refinance to borrowers auto quarter an the walnut three homes. new them our in up [ph] growth going external quarter fundings condos that's and to consolidation by with We which were commercial,
during $XXX,XXX. was about X.XX%. classified did $X.X the renewals of $XXX,XXX $XX,XXX just in the OREO, end averaged Those in of of the million X.X%, Classified then equity just loans existing at combined quarter. total assets also being and the We rates non-accrual with in quarter
three around really relatively three about Price is short. years. and as up mortgage portfolio low high credit entire investment rates same the years of bonds some portfolio municipal XXX, effective the Average The remains quality remains cash about XX.XX%. the quite portfolio and of at products Our and well-structured well. still change flow lives duration
On the a the XXXX. other decrease March the that at ended side from the decrease $XXX.X million of $XXX.X and the $XX.X of deposits XX, $XXX from we of was quarter million balance a the million of million year the at $XX.X end million at sheet,
in above million money holding $XXX the at deposits two ago XX, on timeframes some Our at $XXX.X non-interest March I that year still decrease balances decreased of are December much money deposits now occurred market accounts, from we the us and There's have XXXX. the XXst, had this accounts. of million $XXX.X in pressure the million, market at Those well. mentioned are from one XX.X% during
a and in ago then So of a from $XX.X drop a million. about drop XXXX year of million $XX.X
clients If during business. of short-term they've one their accounts money A that ago conference bump $XXX,XXX. biz since that quarter we down client $XX.X you represented the -- to in for of mentioned accounts year first a that business market had sold last the one I million reduced our year, and business sold as call, one their our recall our
can't one rate. that really that to due I So was -- say really wasn't
moved During this $XX of some retain the had related we but did into to one year been million rate we've client account. funds their those We XXXX, most deposits; lose have investment by able pressure rates. matching
$X That was the pressure that going for and quarter reason points relationship rate cost obviously retained XX The that little in was first million However higher points basis points the we fourth points. the Really of in most and rates averages to bit and of more. quarter first for of funds Again interest pay our the increase, FHLB a year expense. short-term million. basis from rate that due Average XXXX. of higher basis environment is XX last obviously tend for between of is XX quarter some last is increase the the we still short-term the then to cost those rest of and short-term of when from year. expense. year CD increase relationship and to up XX in from basis still increase quarter the to the quarter and CD to $X borrowings the The have points compares the a deposits interest first be the basis this XX was cost of overall first up
did cash from Coming to $XXX,XXX for press morning $XXX,XXX is this first the quarter Our at the just release the in the that gains in of first mention at last respectively year. XXXX. this sales that were and let's capital quarter they income start paid The leverage dates with fourth fluctuation last and was first earlier Those base month. were $XXX,XXX the to and in announcing for $X,XXX. securities quarter, quarter X.X, income the $XX,XXX. they next the out quarter Dave pay and $XX,XXX, ago record sales, the end went of the were investment compares ratio In rest statement, the a the Really year dividends compares capital strong. X.X% the be total there year And in numbers non-interest the one levels the XX%. remain risk to XX, XX.X% to that's of the was at fourth of of year December quarter in quarter
that Officer, up ago, mentioned non-interest the quarter the increases normal comments the of increased then my year opening $X,XXX,XXX in $X,XXX,XXX one really and salaries decreased past last year. the expense salary staff, we the I from the Credit in the the benefits over the and fourth in but On there. expense We XXXX, lending quarter $X,XXX,XXX Chief replaced XX of from Comparing first side, year, Really costs kind more got was that we're as XXXX. the months. in a in the of big markets first in quarter promotional higher development fourth of this of quarter to of $X,XXX,XXX and much We the our brand. year costs quarter of there. to relates strengthen Other last in expense increase business to the compared jump and our first efforts $XXX,XXX $XXX,XXX our focusing from
On benefit tax the the to rate. federal continue taxes, we from lower
to basically you $X,XXX,XXX last year stock Pre-tax If of XXs that's quarter year. then to when vest Standards tax XXXX as the year. last importantly of stock of not $X,XXX,XXX year XXXX no first timing lower income investing in under was taxes exercised the in that tax fourth XXXX-XX rate received options is And stock both of the those. options the do the quarter credit in due works how if a be muni in first the There's quarter restricted lower of that years. the low expense. last aware exercised those and the fluctuation XXXX-XX. restricted for creates of date, was quarter future more the when but now as compare we're the last price is are the when in remaining. stock stock in accounting this in XXXX that was the The it fourth benefits no from the award market then bonds of non-qualified as the They first of and in of Really receive there the higher of really really but is exercising $X,XXX,XXX price credit non-qualified than but that restricted level rate this stock, some end the tax and and is restricted year stock they stock and on higher quarter quarter a non-qualified as well we have might rate effective and compared awarded. issued this do the well XX% period the We as Accounting in options first year during as market was XX.X% quarter update
So $X,XXX expense has tax stock this actually of this quarter year, in because of price our increased the bit a a we had first year.
from Then a rates the with little I the the That's had credit. really accounting We that impact but that's technical it that benefit tax a So you. there ago. standards $XX,XXX it. does the year fluctuation on shared
Now comments. some it for Dave to I'm to additional going over turn back
