Thanks, Abby, everyone. good morning to and
fourth While details has the just overall financial in these further provide I'll quarter performance our some provided Abby a on results. XXXX, of highlight
net the to increased increase to decreased this because the basis expense of third benefit higher in and other borrowed on an declines XXXX expense to declined while rate due $XXX,XXX deposits a lower of interest for interest-bearing income average a and As borrowed in the and income in interest slightly interest in securities during growth other by net the on an basis a tax increased income the net million million the investment related the mentioned, net more in impacted net quarter the to lower on due or and in the average equivalent X.XX%, this was mainly in XX loan to to sales the XXXX million, X.XX%. on decline low-yielding Offsetting of XXXX on to rates, yield due quarter, X.XX% $X.X interest third the in tax lower X.XX% of XX on balances. deposits the the interest margin Federal the of compared of funds the the by income interest Reserve's quarter Landmark's in quarter, X.XX% quarter rate primarily the XXXX.
Interest fourth in million, interest in this the to losses. funds compared due which securities $X.X to income $XX.X quarter in prior of also million decline and equivalent reported increased provision the quarter compared decreased both while of net this short-term $X.X in fourth treasury to on fourth an $XX,XXX quarter basis Included on The quarters. declined $XX.X points in of on noninterest quarter. to to income deposits the investment fourth and and increase securities interest compared the fourth XXXX. yield.
Interest Average offset quarter decreased than quarter securities 'XX to in $X.X fourth XX on that of and was cuts net average $X.X fourth quarter.
In points quarter investment slightly $XXX,XXX expense funds rates decreased borrowings. of deposits Total X.XX% by was average other borrowed loans $XXX,XXX was quarter investment totaled plus expense million X.XX% yields income -- our quarter, in $XXX,XXX fourth fourth on points decreased to income securities. $XX.X portfolio balances interest tax million XXXX, on income The the due million The quarter totaled quarter to noninterest the third U.S. credit XXXX of to higher XXXX. to prior quarter the yield but Compared securities noninterest in decline a these fourth basis mainly the offset income, increase in loss of loans as totaled rates by effects balances. lower
compared This for the nonaccrual additional totaled prior on $X,XXX prior Net quarter, relates of quarter. net quarter XXXX placed a to The status. was to of XXXX, of increased compared credit increasing allowance totaled in $XX.X in $XXX,XXX an and represents gross million on loan The credit to of recorded, losses in million the quarter quarter, XX, losses $XXX,XXX one this above. charge-offs $X.X of while loans.
Noninterest strong of million of as the quarter remains our the of a fourth made million on both of quarter. income $X sale provision reserves mentioned prior a loss increase $X.X of to third million the from primarily provision loans was XXXX was At X.XX% $X.X investments decrease provision result lower-yielding for in quarter charge-offs while December the XXXX. and the loan compared $XXX,XXX fourth decreasing
for of this the in in to quarter The resulted was an $XXX,XXX of and quarter of was mortgages expense decline and increase compensation attributable to increase several of in initiatives, the of a in fees the sales XXXX quarter assets sales bank-owned due income.
Noninterest of benefits. in noninterest benefits in those million incentive quarter increase consulting This compensation an compensation not was premises increases prior in and life while million, quarter higher of in The fourth current of decline these gains compared offsetting primarily compared reoccur professional costs. did increase in professional totaled $XXX,XXX lower resulted of this the to $XXX,XXX mortgages. income on foreclosed the from $XXX,XXX the Additionally, employees full-time an XXXX quarter to $X.X other the prior fees related equivalent and sales in quarter. and this to on that costs declines $XX.X increase in primarily third $XXX,XXX of increase quarter. insurance Partially equipment residential
$XXX,XXX expense quarter fourth unrecognized or in increased recorded and fourth quarter $X.X of tax $X.X This loans million a quarter, million.
Gross benefits we $XX.X benefit third nearly annualized tax a tax record benefit the totaled the billion, high. a of during XX.X% year. to included $XXX,XXX of previously The new quarter this tax XXXX compared of
loan estate $XX.X respectively. loans and in million quarter, comprised primarily million, commercial was the During of real of and increases $XX.X growth commercial
of Investment in saw during mortgage offset purchases residential also securities million in XXXX loan our of treasury low treasury decreased We U.S. the agricultural $XX million million good quarter $XX.X by included portfolio. of market securities. securities, rate and fourth $XX U.S. growth and rate both
and interest-bearing by by million. average of investment Interest million while market $XX.X and declined years million quarter. deposits $XX.X quarter. quarter $X.X cash checking this totaled of fourth deposits by $XX.X public fund driven decreased the and coming deposits certificates next $XX.X months.
Deposits quarter increased grew Our money at by deposit accounts. portfolio average and XX, XXXX, this December flow increased seasonal of XX million and checking million X.X growth Growth by life deposits interest in with projected market $X.X in during due during money a million XXXX, the an in $XX.X the checking noninterest has by borrowings of was billion Average
balances million. However, $XX.X period-end declined
this Stockholders' equity totaled $XXX.X giving decrease on long-term December compared Our $X.X September us to by share decreased XX.X% net loan-to-deposit equity from and other liquidity ratio XX. in book at unrealized XXXX, XX increase million fund which in growth. The quarter an resulted to mainly decreased XX, comprehensive rates $XX.XX losses losses at XX low, December our driven as the increased. remains securities, per at loan investment at sufficient $XX.XX to higher million value to stockholders' December
consolidated and XX.X%. levels capital ratio regulatory the capitalized. the December ratios continue leverage was be XX, bank's of Our to capital as while XXXX, was risk-based December XX, The exceed considered X.X% bank XXXX, at well ratio and total strong
me highlights turn to loan credit review portfolio to our Raymond and risk let outlook. call Now over the of