Good today's earnings you conference for joining morning, call. Thank and welcome.
unprecedented by Let the am by quarter. over the humbled last I start saying how me events
of the For history of services my commitment quarter during this Yet professional the current experienced resiliency in this clients and headwinds. immense the our middle me to economic want I've team in emphasize career. our is I the toughest financial has Foundation to industry, personally, unwavering First for demonstrated defining period and the company. our business
model. with scale We diversified are and a services a proven business financial a regional company
for at First capitalized remains core variety our despite the cannot am quarter only It share strategy employees so $X.XX. our that financials our is proud to services reported thank and Our because every continues the our and say to Foundation to that organization of is a Their this challenges. illustrated providing is the worked strong, despite enough. we earnings headwinds, our financial strong. well in exceptional and significant decision level sustainable diligently business I quarter industry resilient, core every per was employee results of generate remains I clients
in paid XXXX. generated decrease Additionally, caused expense an million the compared for Net in for in income to deposits interest of income quarter million quarter $X.X borrowings. sequential increase and $XX.X million primarily decline the we to on a by revenue, net a was due interest fourth the $XX.X XX%
adjusted the ended average quarter X.XX%. Our return assets at on
We of our are proud results.
I'd like banking positioned, recent Now are take and currently extraordinary current to how the the discuss moment we a to events environment.
of had. billion interest quarter, $XX in second the the actions withdraw single institution record from U.S. of As we came rate the that crisis Fed's to history. staggering time. financial a customers run failure largest the impact a a a during all in a bank to first of led saw a know, and dramatic We capital We institution witnessed deposits
banks and entire Well-established and that were deposits deposit risk also of regional safe. was restore by and the in client to portfolios were business, security to aspect attempting and believe found every mid-quarter reevaluate the an sector to was the in due particular, Liquidity while place. banking diversified banks, forced their available, concentrations changes confidence management appropriate the themselves portfolios. securities dubiously Fed positions Abrupt in compromised structured
of looking to the rate moves And They say of continued steps the mitigate quarter. proactive we interest hindsight signs in seeing which model, us is very we XXXX, on Fed's well our XXXX. effects business quarter the back when this took served started last
success. to we strategic allowed moves bank those long-term feel for step are the is us grateful that be actively in a and ahead We what positioning stability
reduce organization funding year, an last the ratio a increase could of extended period discuss and beginning week we in lending almost activities. strategy deposits, implemented members liquidity to all specifically, for twice ways suspend loans-to-deposit a where management our begin More of to October met
leadership face the environment. stabilized challenging to and prepare across proactive for crisis. our the work to deposits March required rate banking remains have organization The interest since committed great the hard the Our news is
the days, saw share early fair of outflows. our we In
following not Valley Most left regional Bank seeking in competitors. any top-tier the safety and global institutional Silicon too sense deposits went to fact, outflows banks of others, In considered million the we regional would and collapse institutions at to deposits a Foundation to be $XXX our without that big assurance experienced fail, of First backstop. all of
pleased I better returned sector is the in much once that than left am we coming of have the to banking expect some to quarters. many and initially First that Foundation This fared to trend have However, deposits the continue seen a we banks, share we stabilized.
$XXX Of outflows the has $XXX since bank. to experienced, in returned million the million we
estimated our illustrates We This Advisors. during accounts this this bank while that to also moved bank This our the and time, First Foundation And from several to our service keep of offering. know $XXX organization, incredible this approximately money quarter. delivered of subsidiary the also be is reflection within FFB money efforts enterprise-wide entire clients million. to our robust is funds client incredible still over, value their our total our coming of client and the the ability business a model is platform
XX. deposit days say a have trough and hit the speaks can total $XX our and We performed from and to since positive all place. in financial now that banking confidently channels, levels retail which across March we deposit are channels, We added we million have team market disruption particularly seeing the related deposits well. on in net have to products online XX, And our March
has team and our took bank The system. quarter, were instrumental. uncertainties our this banking in the confidence steps been and navigate restoring we clients helping proactive in Throughout
deposit as to adding have accounts been as products strategically ensure relationships with and FDIC to beneficiaries, repositioning to options balances, closely each ICS clients pairing understand working cash We available utilizing in such coverage. sweeps, such ensure insured full their accounts deposit the them
proactive conducted force, weather to decision of current in positions January reductions divisions will of in the an in impact credit environment. lending compensation one reduction. there areas operations approximately staff staffing. resulting management annualized quarter, and the were but shareholders efficiency client in operational service. the decision reduce save difficult no primarily in help and lending it and in the in or during ourselves, The reductions Board March, $XX interest and We force risk, material two this were We the XX% made made was that expenses. to to in our impacted million approximate one in The Related us
year reduce aggressive in about paid our forego the have to realized been compensation annualized have expenses, efforts $X This Further, with entire I which expense XXXX. executive any team XXXX. executive along will in management February million of in bonus elected for our fiscal support of management out would cash
pleased am to the represented represented XX%, noting further well our meaning $X.XXX uninsured XXX as deposits total end. uninsured the above that is of of XX% report billion, largest deposits, that compared It is April improved the I since deposits deposits, quarter have quarter, XX, when XX%. worth below significantly. This deposits At our banks. has industry decreased end standards of On to also uninsured slightly just deposits which insured total the were
as the in $XX.X slightly mid-March in the $XX.X first a outflows. billion quarter quarter result billion the declined deposits XXXX of of fourth the from Our to
interest-bearing, of market money non-interest certificate terms type, we deposits. deposits and In were of savings by our balanced bearing, and among
majority our with distribution geographic the by diversified making are of states making up business other of deposits, California, Florida deposits Texas, up the and core XX% Our total. but
the ratio to months, XXX.X% falling catalyst" "acute loans-to-deposit to prior the in our over by from Additionally, the have been XX% right Fed. just the direction heading past X induced
to up actions ratio ratio following have Since However, we we that deposits, seen decrease. to Fed and caused our moved recovered already XXX.X%. our loans-to-deposit outflows, successfully have then, loans-to-deposit begin
weekly. our and trending was better XX, April of ratio As XXX.X% loans-to-deposit
monitoring ratio managing priority. as We and constantly this are strategic a
also were to thankful am would to touch deposit on betas in I costs. costs deposit came reiterate to early our we when like that I how it
began rates with raising is when lock more line the and costs step are interest with last Fed Foundation where much only Therefore, in year and it where the were is now headed. Fed our X%. rates Fed First
costs to not of adjust catch-up the with. contending our to currently Fed that to go competitors not our some need but issue trying and say not rates will we play up, Now to that are to that is it funding is our abruptly say will
next, to a liquidity, continues from strong First Foundation benefit maintain and liquidity On position.
little Our us quarter. securities, and liquidity position our on-balance To XX a liquidity remained the sheet and cash bit, helped unprecedented was as tumultuous at March of in us drill $X.X -- get through in billion. billion which $X.X helps
of important liquidity uninsured exceeds liquidity with needed XXX% profile an Foundation, a ratio of stability. Immediately has April much coverage providing long XX. differentiator for been Our available deposits as First
equivalents, total balance $X.X of billion As assets of on XX, representing XX% in cash the sheet. March includes and this cash
and securities Bank $XXX Loan Home Federal a credit available discount Federal lines the with million million $XXX uncommitted of of $XXX facilities window. the credit value million market Available with of unpledged in $XXX and million. Reserve
securities has On of unrealized and the our from a losses from portfolio, securities on unchanged tax sorry, million to for The the portfolio, quarter. increased, $X.X to AFS, X.X% had HTM both quarter And current effective with investment yield prior our of I'm basis. and ended billion market oh, X.XX% unrecognized a the portfolio decreased quarter. securities the we $XX.X only increased -- on X.XX% average last portfolio value
our credit operational on portfolio, also efforts reducing efficiencies our identifying and to deposits, while growing maintaining managing and loan client-first mentality. beyond our focus expenses We stabilizing continue pristine including ensuring quality,
We to we maintaining to and from believe for which that on NIM take and a are a focus time, XXXX. expand so plan are once rebuilding that difficult even margin position will pressures the quarters perhaps well banking March, positioned we in liquidity We abate. are several we
detail. our in more at of lines look business Let's
$XX.X quarter, increased, portfolio growth. As quarter. remained Loan in fourth sorry, we yield quarter, X.XX% the oh, fourth loan we the -- the mentioned to to billion quarter average in X.XX% prior balances our strategically quarter compared last Loan in to to quarter flat to from continue XXXX. manage compared at the our I'm the
with XX strong remains excellent fundamentals and our pristine basis at Notably, remained ratio credit NPA remain Our points. credit our quality. quality
of XXXX. XX as basis XXXX, percentage loans of March total Our from as points the a total December increased XX, XX delinquent of as loans X.XX% to
loan multifamily strongest real remains best-in-class continue asset portfolio to a be class the loans multifamily Our estate. asset all across and commercial performing
markets. of workforce you broad CRE housing apartments of class very this in think extremely attractive the asset of and other CRE portfolio say, holds well heard form compared economic is downturn us me a the value within potential to have this many estate. multifamily We classes in its light of or essential pending category As is located real comprised and in recession as commercial asset positions our
our Our less portfolio loan-to-value than multifamily at remains XX.X%. of
largest geographies in. multifamily California, concentrations many rent control and housing Our limited of in diversified with we across is with state portfolio operate in cities the a the
it am to to moving will And portfolio, commercial charge-off have weighted in time, We we multifamily we market already to hotels in these never history proactive little of also taken our a but have rates. in I office restructuring some everyone that I current take exposure benefits or This of see with average started been to multifamily some efforts. no space. reiterate firm. have loans remind want portfolio very to this have our line the in of that proud or the we construction,
cycle, rate is this more environment. macroeconomic experience challenging solid to normalized follow a the we are very While expect and executing once business on we results plan a a
fourth quarter On the Interest earned quarter as NIM, in interest-earning the of income to $XX.X for first the first due XXXX for average XX.X% $XXX such increase asset increased to was as yields on to income million quarter. average compared million XXXX prior balances both of XXXX from net well million $XXX balances. the quarter in interest the in of
compared rates such the on balances This million first XXXX $XX.X as of prior balances. due interest the well the increases quarter. for in average was was as interest-bearing million expense to to both quarter in Interest $XX.X increase liability paid
Fed's that Our NIM excuse to -- which the the X.XX% the X.X interest was quarter continued quarter, -- the compared me, actions. from the Fed's rate or pressure reflects for prior and X.XX% for environment
the conditions levels diversify settle. the to We market broad won't continue this eases predict our as normalize more on actions basis, to but I a of soon Fed the Fed, pre-crisis to portfolio. expect as we or evenly
in in million was Non-interest income XXXX of quarter. to quarter XX.X% to fourth Non-interest $XX.X million XXXX. million expense of compared for me, the first quarter excuse prior million, of first -- $X.X $XX.X the the quarter compares $XX.X in the
for XX.X% during ratio of of efficiency reduction the interest first in the was to efficiency Our in increase income quarter quarter. ratio largely XXXX the the is compared attributable XXXX. quarter fourth to in the XX.X% The net aforementioned
non-interest combined Trust recurring and Trust the of This unit for continued the quarter. we business meaningful total business, sources side, company's the and revenue, accounted Wealth contributions our other banking the firm of coupled Management at for evidenced Wealth the revenue On with revenue from looking for Services of continue Management unit, the as business to to by unit XX% million $X.X quarter. income experience
have existing note to We attracting new from clients turnover this in very FFA little that and also saw ones. been is retaining important successful clients. It existing quarter
inflow to new of clients. assets existing experience an We and continue from
under million $XXX the quarter and Trust advisement management in increased quarter the $X.X ended $X.X ended the under billion. at Assets assets quarter at billion.
position. capital Our
touch and X before over hand well ratio risk-based regulatory capital all exceeding to a I quarter remain me XX.XX% few capitalized call Let on Chris. points III Basel requirements. the data Tier a more at well-capitalized end of with We
per in share quarter $XX.XX of fourth our previous per value quarter's the compared dividend. payment $XX.XX share the reflected to ended the Our tangible at which quarter, book
a and per dividend cash share. We $X.XX of quarter pay also declared first will
pleased current it we are light the it in of to environment. historic a quarter, back we And maintain banking for to levels. that have We dividend reduce to can we bring the expect while
will last those This times having -- touch leadership is why with like the ability choose industry we working in like direct the ask with questions. on I've to access a month, was able bank challenging our is and over during I speak with remarks first many of and connect to had connect basis with is by and reiterate of to to the many having to before, opportunity banking continue the personal saying, months to special us. And regional bank the I Among name us us an choose regional opening my clients. to and to conversations, to First being why Foundation. with my strengths close many
market over of successes Richter to moment us every be And well regions not across the the in all to helping by exceptionally our now and day. thanks leadership single in Garrett relationships team publicly and dedicate built clients all who conditions recognize to recent are time. evidenced Florida, leadership the the our I is Florida would are the This taking having instrumental careers who their serving navigate we the has remiss
Now I over to who call will turn Chris, balance over our go sheet. will the
