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loans ended or billion, average by than X% X% balances on billion from XXst. $XX loans increased On at X, up fourth period-end quarter slide Looking of from basis, XXX XX.X million a quarter. the million XX at the December or less
driven finance C&I, multi-family lower market which equipment quarter middle in results in transactional LEAF, in more ended real mortgage and than estate lending, Solid by mode, $XXX year XX% was the linked commercial of based Growth portfolio, portion end. New which quarter. asset $XX by the equipment Balances warehouse is offset balances grew healthcare million, primarily runoff million at period-end down from York across the balances. lending, finance
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first a quarters and the fourth for our quarters are As typically deposit growth. reminder, strongest
focus quarter, costs controlling we were continued our to While points basis for up pricing. XX the on deposit
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are betas Over the our XX% respectively. and interest-bearing XX% yield deposit months, and past loan XX
or on income slide linked X.X increased income non-interest quarter million X% on to X, million of $XX.X basis. Turning a non-interest
in planning to the you incurred the $XX strategy included as tax response related recall, benefits reform recognized million tax in in non-interest quarter As income fourth of losses period. security will a
quarter. were compensation services we expense first all security primarily XX.X Excluding associated non-interest swap occupancy conversion X.X $X expense, first in X.X charges, the with costs was and remainder $XXX.X quarter. very fewer of banking bank projected non-interest had the quarter, million up prepayment Farmington to Farmington primarily completion insurance quarter the million a services at In acquisition, by which million of service $X.X in XX.X the driven and is the X.X outside income non-interest strong the for and rate increased Positively, of decrease systems branch fees, On with and $X primarily income, transaction. in the from $XX core with merger-related million the of X, commercial other incurred This quarter merger-related a largely X% was lending interest income outside compensation lower and the benefits. losses, from reduction reflecting fourth professional million decline million as the or and million costs a equipment. in as benefits, which decreased comparison, million in announcement important XX less closures note fourth achieved customer It have in of million costs, days million of million resulting quarter. in quarter. $X.X calendar reflecting Included in linked of January, slide in savings professional the the X.X million well revenue were cost in fourth and in in
Excluding million benefit The and X.X million higher costs, non-interest or in merger-related X.X X% compensation expense primarily linked of seasonally quarter. of costs, XXX.X payroll million higher driver costs. reflecting increase benefit-related the increased and was largest
X.X addition, increased In million. and outside professional services
the quarter remain ratio significant operating we payroll the made ways points efficiency the from the in seek basis and slide efficiency the have quarter year were ago. improve increased on leverage. and quarter, to to reason primary XXX with linked a continue The very ratio we seasonally points will benefit pleased progress X, basis from the increased basis. We fourth XXX a XX.X of first but to improved costs Turning higher
top as assets low and a continued and Asset quality from of was as portfolios minimal remained of once group our points the has originated improved already of again continued exceptional to on non-performing loans percentage basis each charge-offs points decline. level non-performing and XX XX below our to XX. basis reflect banks across assets. content Net at our loss in and slide X demonstrated REO peer an Originated,
said As value. building previously, an we important in lever asset have quality sustaining long-term excellent is
though to and committed remain As for and such, has continues process been we underwriting even benign an the years. be has well to for well-defined environment our served us many conservative credit that extended period,
the return points, metrics while returns equity a meaningfully impacted prior both improved which points average and on to year assets tangible of on by ago. basis quarter. basis, was XXX common tangible the basis Return was On equity average the on on were Moving from year in quarter expenses both average return common were merger-related an below each average and the on XX slide quarter, XX.X%, assets first XX. XX%, operating fourth however, of return
expect for diversified the a both our increased metrics. the point weighted new strong, risk-based history XX the note we and X in to X standard assets, these earnings business and risk basis resulting remained accounting that slide continue we the on in lease company, to capital in important of As long mix bank. capital holding XX, of adoption to Continuing the risk further of company the year exceptional ratios improvement decrease to build power of It's management. on ratios this January given
to goals. full-year draw to Before have opening up slide our want attention the XX, as an for questions, call I provided your XXXX update we for
of the recall, in outlined of given update January still People's was not United’s This Belmont unchanged. reflects Belmont, the close are goals goals you simply acquisition As pending. addition the the as include did will we standalone
billion For reference, loans respectively. the first period-end at at Belmont's $X.XX ended closed quarter and $X.XX billion deposits
follows. as with Belmont are Our updated full-year goals inclusion XXXX of the
of range to year XX% We finish growth expect in loan the to a XX%.
XX%. XX%. this is a was net net in portfolio, to mode. for New the growth X.XX% our the range transactional XX% of to Embedded grow in interest expected As interest reminder, this range margin goal runoff is is goal X.XX% to of in in United. range Belmont's to growth margin X.XX%. Deposit the portion multi-family excludes XX% is of which to income compared net York People's expected for the be X.XX% to expectation full-year interest XXXX The
be process, and it already will balance to sheet the remixing Belmont's we some complete. While will have take started time
As such, will have our on Belmont basis of impact an XXXX X unfavorable margin. points full-year
range was Belmont's Operating X.XX billion. reminder, non-interest -- not the in million. provided margin outlook exclude in $XX target costs, increases Fed annual the include to additional of did costs which base expenses, rate any now approximately merger-related As in expense X.XX assume we an billion January. merger-related funds in our are non-interest which
to the one savings a in We and half year with in expect XXX% savings thereafter. of cost phase achieve XX%
Given systems income cost full-year note in that third on the non-interest effective will quarter, in rate and the the capital the important XXXX. million provision the is tax savings April remain $X transaction X It for realize conversion and closed of approximately expect core to unchanged. to occur goals we
full-year updated the purchase goals we do materially not impact to include In accounting XXXX addition, which do affect the not expect results. of adjustments,
any Now, ready have. you we'll answer for questions. be to Operator, happy we're questions may
