Kevin. you, Thank
approximately net As the discussion items I we present to impact which helped quarter, basis interest the fourth any with review relatively that resulted income one-time rising would to my the results, in this which and margin margin, stable. impact our expect a point will by increasing cost more X.XX%. some our rate see do million last meaningful loans we net to had to since expecting of We one-time deposit X to of margin interest reported in start we $X in next in in interest quarter, continue not our events environment, quarter. and income income was interest would will limit nature discount Without to quarter. accretion the in just positive significant financial first are that pressure keep in our XXXX. of quarter I to our acquired in Similar increased related additional some I additional
Moving to non-interest income.
of third on of the and Our a net limited lower quarter most quarter. loans, million entered lower significant our decline sale SBA gain inventory which holiday the in linked sales. held execution two of loan with These SBA fourth season loans a million, we of in a factors which quarter during We for $X.X accounted sale could level time the the sales variance in complete quarter. SBA of $X lower was was the for the than
the we During sold $XX.X fourth quarter. $XX.X down third the million of from in SBA preceding million quarter, loans,
gain XXXX. a from of positions $XXX,XXX on offset loans residential gain sale was result, us on of loan production. mortgage the $XX.X for in SBA of We reflecting a partially believe and increased sale of increase higher revenue held As well loan by level SBA of higher ended million. year sales for we the sale this lower deliver to gain loans, The sales SBA levels inventory with
$XX.X mortgage in $XX up from the loans, the third million of quarter, preceding During we fourth quarter. sold residential million
line we of to other in quarter variances building by increase sale a income. of offset other This was The in is significant gain the partially swap income item our levels low from in income. land, due a recognized and the $XXX,XXX non-interest
to Turning non-interest expenses.
non-interest due BOLI the of included quarter The nature. number Our was due increase the quarter. to our A of had than which third an by We significant of increase are which expenses, expense and fourth the quarter, the late led factors during Other higher million quarter. increased usual third actually expenses an conducted in resulting than million. to salaries year-end. in assessment we during factors of benefit quarter. by from compared in the to increase, at to But million expense fourth this with preceding XXXX headcount in compensation led $X.X quarters. was much into of third that employee had quarter for the additions and headcounts occurred fully higher the a majority third hires salary our of non-recurring increase many $X $XX.X $X.X the largest fourth liability higher annual one-time factor million increased this
As fully not up fourth our a show result, quarter. the expense salary does until additions these the impact of in
in an had increase well of an increase as $XXX,XXX in insurance In addition, the we costs, $XXX,XXX as of commissions.
expenses. few a had from the other variances non-interest also quarter within prior We significant
we a the which expense by largely $X.X due quarter. expenses. project benefit recognized $X.X $X.X annual reduction we driven offset item quarter, in by finally, reversal from of and credit-related investments our quarter, tax our our our increased other expenses. million, may purely tax. million through by swing recall we such mainly our our no ran the to special is third was In expenses had had a which we that $X.X This than reversal from increased line that, million. separate million other we which of provision our this has LIHTC LIHTC the credit-related in reported And $X.X fee variety result $X.X in a commitments, was We in expenses Our study. on loan million million that off-balance of more for had was you quarter, a impairment professional impairment fourth million credit-related This costs. $X.X corporate provision of unfunded valuation sheet a all Notably,
have fourth special XXXX the to-date. guided that million in quarter, million quarter quarter, first was $XX million we in project-related or approximately XXXX incurred third $X.X from costs through we aggregate the $X.X Although, the
Moving our provisions. on to tax
quarter due LIHTC Cuts million to and the in our a the Jobs this as future tax write-down reduction expense tax $X.X Our well benefit a from our in the Act DTA, Tax XX, XXXX. $XX.X investment, on of expected as included million value of passage value of December
fourth XXXX tax the $XX.X Excluding XX.X%, municipal would incremental higher quarter our effective million tax for loans levels this fourth charges, quarter. exemptions reflect XXXX the of predominantly have tax on been rate which in
a our range which to corporate XX% be from result we’re rate tax in XX%. rate reform, federal for As effective the of lowered XX%, the XXXX tax projecting to tax of
in discussed saw Now start I sheet. looking major at the balance Kevin our we loans, our deposits. so our trends already with will
at customers. the market amount of $XXX was preceding from total our balances by as of fluctuation in This Our of well by some year-end large million largely brokered of end money deposit the as quarter. in deposits driven accounts, late declined quarter the the reduction
quarter higher end XX, of deposit were at compared bearing noninterest XX, in balances the December both the with were when lower September interest average XXXX, our and our fourth deposit third bearing quarter. While balances versus year XXXX
volatility by late the balances $XXX Given year-end. increased million year, the borrowings we our our before the in in deposit
on Moving to quality. asset
the We’re our pleased to trends positive across portfolio. see
this of approximately reflects $X.X loans or relationship. that progresses $XX solid by made was by Our the Other million, loan million declined reduced payoff we working XX% XX% in through and and million, $X.X have real non-accrual loan or estate the included portfolio.
total assets XX points basis declined the to quarter. points assets XX during Our by to nonperforming basis
XXXX an $X.X one which annualized Our total basis to average commercial a charge-offs With let We recorded basis quarter. XX, loan turn the the unchanged Kevin. December million of the of in We relationships. represented very quarter $X.X to of XX was preceding losses call total was fourth points XX quarter, continued was ratio and $X million our be from the for quarter. allowance loans which back basis loan in to me the loss provision net low. for quarter, of that, points, million to the loss experience on Net related in at had charge-offs
