you, everyone. Ellen, for common the million $X.XX or for and and quarter the $XX was Net basis morning, income million good per GAAP Thank or full fourth $XXX common on share share a year. per $X.XX
noteworthy full $X.XX earnings common common share items, operations, Excluding noteworthy initiatives, or quarter. share quarter, On last to related $X.XX $XXX operations excluding $XXX common from or in million strategic or per quarter million this share compared continuing a from continuing basis, and million per decreased. which $XXX per year-ago $X.XX year items, to was the income our
improvement dispositions However, growth reflected a more in while tax billion Banking $X.X The over strong two the lower to share earnings the we was reduction and our in in rate, years, particularly past businesses volume reduction quarter return of Funded share the segment. XX%. per capital continued shareholders. by asset earnings share as to per earnings the our effective increased count in reflect fourth in Commercial than core origination nonstrategic
in the $X.X business, and loans NACCO, average Finance assets to our the tempered X% of growth leases runoff grew continued billion quarter. Total Finance, sale European core Estate portfolio, the which portfolio. decreased, Commercial the which in as Rail from average leases Real October, and strategic resulting loans especially of prepayments, well third and our represented early of higher LCM as However, compared in in
the the presentation have to aggregated last operations, $XXX Bank, debt. taxes bank TRS that ability refer As primarily the of million. extinguishment to on items, enabling holding on over reduce noteworthy and sale just shown on otherwise for the sale unsecured quarter. our Slide high-cost the continuing charges, charge X million funding which facility to $XXX the to termination that us related related to included items related international continue Please go the into results with million the railcars of costs noteworthy a unless funding previewed excluding a will net noted. three of as redemption quarter, our our NACCO All of the actions. items, move continuing were will of from of our to business, discussion, three results I optimize I the after-tax of detail actions liability financing further included from of NACCO gain management and legacy assets. note, all These our more CIT of financial benefits this in company in deposit-based to operations, were to related from charge and efficient, management The these and we the I to $XX the now liability debt
investments. absence of quarter finance of an were Net declined and increase quarter, offset by lease of NACCO in the income on primarily to our assets from lower American higher operating portfolio by million, prepayment year-ago Commercial higher presentation. sale was our and offset in revenue costs costs, the on any from Turning income net revenues portfolio revenue X mortgage reverse $XX Compared partially finance net down the average the the and loans deposit portfolio loans deposit Slide lower prior and Rail the benefits NACCO, from due investment North sales our as partially earning to to higher on Banking. and
Slide X. to Turning
costs. from market borrowing compared by cash net lower on points areas While our basis benefited XX higher quarter reduction investments, rates yields Business our the on purchase investments in in equipment lower Capital. improved businesses X loans points benefited within Rail starting higher was average cash as net finance accounting well by yields Loan net as yields select reduction to declined, primarily margin operating to offset in and increase to in the driven improved of X.XX%. rates, costs, revenue the and and This margin the finance Higher yields this lending balances loans the and prior are lease accretion higher net and partially balances, we quarter. increase by deposit our earn basis
by as special absence $X.X Federal lease collections In higher XX Bank. Home dividend than basis usage margin from year-over-year revenue addition, by from Lower the were million increased, net the favorable Loan a a operating points, reflecting benefit recognized our cash of prepayment quarter. yield Rail offset investments at revenue more last reduced the
driven higher yield approximately yields portfolio by slightly in basis portfolio, purchase were net yields absence benefited the portfolio mostly by margin the accounting increase Rail the NACCO addition, accretion X negative NACCO basis asset. portfolio the by in overall and of the XX reduction points. gross reduced on indemnification than The In a points, the
Our FDIC agreement loss the XX, expires March share XXXX. with on
actions, negative be contributed by will points, first As from Home our market costs zero, X X continued decline finance trends. by recognize asset a The interest decline reduced where result, margin in the the year-ago we liability to quarter partially indemnification quarter income. reflecting the the Bank Increasing margin, trends. net to similar the rates Lower upward and reflecting basis will reflected last the Federal management offset basis costs. an points Loan in increase borrowing margin deposit
noninterest partially sale by noninterest lower partially the business. operating the an and Turning private as lower to lower lower derivatives, from capital revenues Other offset gains investments to prior equipment, year-ago XX. related the sale lease operating million from of MBS gains and quarter, were of compared gains portfolio equipment. income lower on of other million gains income decreased mortgage by investment to the lease declined Slide on reflecting fees, quarter, sale fees offset higher the $XX capital the from increase the markets portfolio markets reverse customer legacy the in from Rail $X label Compared to mostly
the now have the acquisition, acquired sale the which and yields weights. higher label completed OneWest in We portfolio of MBS risk higher had private
the more and opportunistic Going dependent of on sale on be expected are gains conditions. to investment the modest, securities market forward,
by contributed progress decreased was $X These partially related sale professional to technology Operating insurance Turning expenses, quarter, to reductions depending costs. deposit which timing will in costs, million prior excluding from driven million NACCO operating million reduction fees projects. on down intangible and were were by of Slide the asset the $X a primarily employee quarter-to-quarter, $X the the which various decline The surcharge. compensation vary in offset of the amortization, costs, by costs and of expenses, in to higher and which FDIC primarily XX. majority from lower
of we indicated, over three a $X.XXX reducing XXXX million intangibles, operating Ellen invest further reduction year million in excludes costs, and approximately continuing remain while $XXX full billion, achieved the year business. which on our $XX As our representing on expense years. full We approximately goal to focused past of
reduction reduction with indicated, $XX impact automation. new Ellen by accounting we next does of implemented years, two at As this rules. are our efficiency which process operating met, year related primarily lease be This additional continued digital an are the will not and from goal being driven expense organizational XXXX least over the changes targeting that two million to reflect
amortize. of costs gross net to increase $XX of less $XX $XX operating $XX the offset as the by life actual will origination not lease financial the from the this to be can in in be collected expenses first taxes million changes increase by capitalized, changes up there the noninterest amount billed and these $XX $XX flows. estimates, These changes and to we related property tax the and Based revenue income of will capitalized cost property both million. accounting over The grossing annual result million million be customers and restricts that the on to second expense. presentation current cash of expect revenue up million benefit lease will to will do million adjustments any to finance
we estimated sheet. meantime, reduction XX In impact changes, of As the these our size how balance are apprised we expense keep consolidated you against greater continue our we accounting new to clarity will into of the of average estimate. will update shows we Slide commitment. the doing our operating gain
deployment into actions. by down on out capital more the NACCO XX were grow average capital approximately management division. and sale build Over mix liability of quarter, our core detail our loans year, and improve our our $X.X of to proceeds to loans, provides and funding the Slide the cash cash leases the earning to Compared significant average deployed prior billion, we past investment shareholders. portfolio, return the assets reflecting and
all earlier, saw growth growth loans the mentioned average down I average quarter, by were offset strong this and core in other in the partially quarter, of this leases As resulted NACCO portfolios. our reflecting origination divisions. we volumes which in sale and Rail, Banking's X% Commercial slightly
Excluding growth and and grew quarter, the Finance. Capital prior compared primarily quarter the in by NACCO, X% Commercial year-ago from to Business portfolio Commercial Banking driven X%
management compared at the Utilization the and XX% quarters capacity slightly mix renewals this down in portfolio with that of excess And And the our car leases. grew portfolio lease rates our of Our capabilities. recently modestly reflecting to and renewing and prior at some and have modest in than North carrying deliveries of management sand repriced by lease improvement exception industry. seen despite portfolio the we levels cases, year-ago generally hoppers the covered partially We as new market American activities. cars depreciation offset lease quarter, strong railcar were Rail to a only higher remained cars tank generally believe are fracking, repricing stabilized, or, freight rates. expiring in for have
to maintaining of are loans deal for continue of timing continue although important believe changes XX% vary now Estate expiring running and levels We which cars light XXXX, to average or reprice depending number activity. market by is of been in renewing. discipline, will the have underwriting to quarterly Finance, closing plus leases minus we in X% down Quarterly lower, the our In in only we new X%, especially are and variability impacted and cycle, through work prepayment conditions. current types on but the may Real XX% expecting to
deposits loans the benefits quarter, liability of While in channels. actions. and broker offset channel. X% $XXX were of Loan Federal and X than slight type by growth the also leveraging lending FICO mortgage the Legacy quarter. and the advances. the businesses in businesses, sale funding the channels. expertise these increase in to the Consumer core and Mortgage skills than are were the year-ago Average the of declines the XX and runoff reflects capabilities, prior which declined our correspondent the online by our to businesses in in mix to originate reduction portfolio opportunities portfolio proven the of branch prior California, and deep origination and collateral credit portfolio. the the when jumbo the average asset XX%. year-ago $XX.X our borrowed Bank environment million secured Slide find average than highly management as an offset quarter, - our over illustrates our Home Consumer XXX million, slight unsecured as despite lowered runoff average portfolio compared funds due non-SFR lending reflecting offset mix. to increased as liability quarter Compared of Loan to costs costs our around to borrowings Legacy strong across of million well Overall, cost Federal sale compared total by reductions and industry $XXX advances, LTV an continued average management XX Compared the Consumer when segment, of and as In our Slide highlights Overall portfolio structuring more Mortgage reverse Small more and as quarter, Most average we are deposit Home portfolio. an deposit challenges, Other attractive points, capital Consumer offset quarter, with grew reflecting Banking the legacy the to reflecting mentioned, Business to prepayments from rates, Banking our basis more originations mortgage this and an rising consistent increased deposits with quarter's in prior work. by and actions from new X% in by score funds the NACCO. in strong took loans to partially around X% our put this by market has management increase and the deposits in and but Ellen competitive our at or retail Lending approximately originations reduction deposit we a we lower decreased had origination loans Quarter-over-quarter, of declined, The we this remains managed Bank associated the
to The in points basis of the we our the market rate current deposits both rate XX in branches XX-month increased beta and slightly increased the since tightening this and hike of XXXX increases, the and CDs time, XX% cumulative increase total reflecting our trailing rates products beta the deposits the managed of is XX%. first December quarter, on amount while as cost savings cycle in the Our bank. direct in timing the
Moving into XXXX.
with rates X billion first recent see XXXX. migration in first in it the an the mostly along January, grow to continuing the trend to If Builder the our account in weeks of added $X.X increase hikes Savings of in could product, for savings in additional with no which and online deposits we deposit new we cycle expect higher deposit to quarter, we rate six XXXX, months we up CD recent are higher also As this deposits, rates, expect savings Also, into the Fed through. up new the additional launch reflecting product customers migrate there to take new rate to to increase, think costs.
strategies. commercial market outlook. XX cost our impact was costs. deposits, of growth will towards optimizing As increase by and of end Ultimately, rate strategy this brokered cycle Slide a This and remain think XX% cycle $XX since of provision result, deposits the as product marketing through highlights rates well the increase in cumulative strategies earlier we and reduce the of today XX% rate higher-cost remake to the reflects year. about in XXXX of to in and of with million, first as focused the cumulative near-term we our asset end deployed the to our credit X/X disciplined will The half the to the optimize we costs credit beta XX% the trends. pricing beta these from pricing on targeted the our low strategies start quarter
provision basis near-term end loans. of outlook. also net low charge-offs, points slightly our of of reflected X.XX% increased to Reserves XX quarter's the This at total
specific its significant segment, about quarter relatively discount. Banking, is X.XX%, reserve modestly the Our reserve in increase assets includes total a in grew Banking which the of ratings Consumer as is business to criticized declined at environment which at and risk of originations on weakness. to of Mortgage carrying the better overall Within half the loans, of Commercial under of demonstrating particular remains stable, any carried performing an nonaccruals come Net Nonaccrual than loans and near a small portfolio. risk credit portfolio, reserves loans value. Finance. charge-offs total X% this The is Legacy asset are reflecting within not Commercial sale Consumer rating in continue the the to pockets the new
are last reserves more strong Our months' remain XX than Xx and the charge-offs.
We the of Turning $XXX received to capital quarter average Tier on million equity million common or $XXX Slide common per stock September XX. $XX.XX. million At from outstanding our to the million end ended in million share authorization of XXXX. our $XXX of and X.X repurchase shares November, price we up XXX common completed common share ratio XX%. an We a to equity regulators non-objection with of through X repurchase a shares XX, recently of
from approval, starting quarter, a our XX% board received to common dividend, increase the to increase. a to $X.XX in our second also subject We $X.XX share, non-objection per
Our the tax this XX% XXXX. actions aggregate year, capital we planning to related our In tax research focused end the metrics. achieving and at in levels upper tax of Tier benefiting more ratio pace key the credits highlights and in development X strong, fourth of equity and XX capital levels remain ratio to target local reduce on reduced XX% by the continue to costs, our end We common which remain cumulative XX%. full rate of a year XX%, from of a Slide quarter, moderate was and CETX our of XX%. impact expect performance our rate tax effective to state to the
current semiannual paid have adjust XX%. XX.X%, to X.X% fourth fourth rate ROTCE our been items, would ROTCE of have dividend for quarter. in for tax XXXX target benefit still improved Excluding been this noteworthy these tax that XX% the and excluding continuing quarter second the quarter, our about effective from meeting the the operations, quarter, our items, preferred year-end normalize if in is the you discrete And In and XX.X%. the would to
are Ellen growth by in our indicated, our an XX% focused to of core achieving quarter XX% ROTCE operating Further and least and the come continuing XXXX in quarter we capital improve optimization, As to fourth and expenses. remain fourth businesses committed returns improvements from will the revenue of at reductions of in XXXX. on
to commentary XXXX, targets Before which to wanted My it I thoughts will turn on results and outlook back full items, actual you Slide is when quarter. focus XXXX excluding XX. full XXXX, on vary to some give for compared noteworthy Ellen, by on year I our year may
Our XXXX, annual to markets stable. of GDP credit X%, outlook rate assumes and hikes no to relatively X.X% in growth remain
XX% by recently running around annually. of With loans low we non-core in the Consumer This core offset sale has us, growth area. includes runoff the been portfolios of to XX% portfolios, to grow single-digit partially behind in which expect total and the our continued leases mid-single-digit Legacy the portfolio, Mortgage
finance and impact portfolio, as in does as to to X to NACCO XXXX. benefit a year in mentioned by expenses, continued funding average liability These exclude basis accounting XXXX, as our $XX points; X%. full CDs primarily operating million. which This pricing from million negatively expense asset around repricing driven as Core increase sale our compared by to will higher reverse in mortgage resulting decline guidance Home equipment when be amortization, to Rail costs X.XX% on reduction which, yields decline as the financing well absence year expected of Federal $XX recent the which seen of full rates rules, by intangible business operating offset our well and loans, full pressure higher by cost actions. are X.XX%, expect which lease we've impact compared management an we earlier, in year from XXXX, recent increases were market by prepayment to headwinds Loan will Bank margin on borrowing changes partially We net market expected savings to advances estimate driven higher-yielding; include to from margin impact in to are increase not XX the I Rail from and rates the the when from deposits higher in
accounting We we to the basis efficiency mid-XX% provision risk view of lease profile, to the average points and range per quarter. to near-term our expect ratio the in our net range, XX $XX remain net Based on excluding changes. to target our economy expect million of million XX remain and to $XX within our rule charge-offs
rate our XX expected reflecting increase by on favorable embarked yields rate cost, tax planning offset the given impact the Page of benefits our trends, mid- upper yields results. outlook usage outlook for account the we the improve will finance We these this We of from growth highlights to of to bank, range, portfolio. low and pressure direct items primarily reflects to our discrete XX% savings to decline year-over-year single-digit is expect due slightly is the our compared Rail recent the from in investments. in deposit anticipate partially year. tax XXXX XXXX repricing first net quarterly a to in also the and core effective Net before revenue collections; fourth higher absence reduction the loans the end quarter, higher and margin XX%, to on actions which in to quarter from
to an expenses charges with million. about other by a and lease $XX accounting primarily the operating costs $X expect million annual to we This $X million changes, partial to we retirement-eligible excludes offset $XX of driven increase which $XX to elevated expenses million, about from increase the by the quarter will restarts current million, estimate of noninterest employees. increase additional addition, acceleration impact from In from income related by in benefit
in impact The accounting to just and XX% to changes. We net lease to the the I trends still second impacted Ellen. back lease turn high and me accounting with mentioned area, with by a year call expected the but expect operating return outlook. reflecting changes. Credit tax And that, the consistent to expenses is excludes the let level the the full are efficiency in will ratio the be be metrics normal over of more rate effective quarter,
