And you the much. Chief Call. is to Chief Simon Thank Lagomarsino, Quarter John Credit Tarantino, Cardamone, Officer; Luther our and Burbank Officer. me morning, welcome and Conference Good XXXX Fourth our Chief This with Officer. very President Financial are Laura and Corporation Executive
earnings. in with share million Net compared $X.XX $XX.X for common was $XX.X the our quarter. million diluted or to begin I'll or diluted per common the quarter prior $X.XX share per income
million our compared $X.X the improvement or interest million $XXX,XXX an net partially adjusted $XXX,XXX as loan adjusted was $XX.X primarily earnings expenses to after-tax offset higher adjusted million earnings a compared would EPS earnings FDIC linked-quarter income. million a share non-interest by quarter, the Excluding adjusted recognized adjusted in of decrease share. per to to for impact special of with net the net $XXX,XXX earnings of credit losses greater provision been $X.XX $X.X have in net The per and fourth of due as $X.XX during assessment fourth linked-quarter XXXX $XX.X quarter
share. million, year net or each in as net for X.X% million, representing $X.XX a in $XX.X $XX.X growth address from net to per of primarily year principally XXXX asset few per $X.X in $X.X attributed in net net average growth income, $X.XX from items XXXX fiscal of fiscal prior income provisions the income will margin million The million minutes. Annual earning was share I these was or earnings increase compression more interest detail and made compared exceeding to loan improvement in interest in decrease for a losses. a earnings
The multiple in growth than liabilities during second primarily during as compared half net of X.X% the interest our XXXX. compression XXXX quickly short-term result increases first XXXX quarter continued of in on increased the the due more yield provisioning XXXX earning level loss of primarily during interest-bearing of the in margin XXXX. growth cost loan that The during a assets, began of our portfolio XXXX to rate was to portfolio loan higher XX.X% during and XXXX as loan as
consecutive report pleased to in our second improvement I'm interest for quarter. the margin net an
linked Our our of to in liabilities. a quarter quarter. of X.XX% of assets lower decreases by the This and as margin funding interest-earning X.XX%, the net a of and the increased for is compared lesser extent to result XXXX points during five interest interest-bearing balances the margin to primarily increase fourth costs basis
decrease points quarter the by was and liabilities four partially in $XX.X income -- in offset decrease sheet to balance of and a points of balance $XXX,XXX composition and of interest our Expanding to a yield million net million interest-earning on basis cost respectively, compared respectively. of assets in interest-bearing and attributed the which average net basis of in as decline was our nine $XX.X the fourth balance primarily the the margin, third quarter increase interest the a
exceeding as volume, new a declined decrease Average the causing assets $XX.X in and our a quarter, mainly loan payoffs loan average during of balances. origination paydowns fourth interest-earning result million loan
the portfolio the have added our high Although, we a of experienced loans during prepayment third quarter rates estate in as abated. quarter, $XXX over the real to new million we X.X% not or quarter to linked production increase compared during our new
CPR the quarter a compared XXXX. Our was fourth loan XX% portfolio as for XX% in the of quarter CPR third to of
prepayment XX High long-term during XX the exacerbated function basis a five-year are decline levels points roughly activity, which predominantly of at in by to steep XXXX, rates by decreased the refinance treasury tenure.
program in an And established loans we payoffs. our prepayment. mitigate XXXX, of approximately customers $XX quarter we've early fourth modification from million loan existing for express the loan During loan to-date, to protected
quarter, X.XX% loans recent from declined reduction point the X.XX% loan in to the portfolio prior basis one by by of a level on single-family six basis point our During X.XX%. quarter to yield impacted largely our
the more our speak yield quarter loan Laura impacted as during fourth And of quarter in by unchanged Our on $XXX,XXX a a minutes. of remained impact -- multifamily less the portfolio will prior interest level to fourth quarter. to X.XX%, few of level swap being despite swap carry rate positive compared activity the at a of
multifamily portfolio. single-family loans respectively and of XX, XX% represented our loans and XX% December At XXXX, total loan
XX decreases. the of of quarter, short-term the liquidity yield yield The on same balance to linked and the on quarter average for fourth investments reduced the a X.XX% period, sheet. decreased points and $XX.X a rate as cash balance excess basis direct declined million During compared as cash and market interest by investments by of we to the result
loan interest-bearing the fourth million average by fourth due $XX.X prepayments flow quarter, wholesale compared million $XXX.X to and quarter FHLB million Although We on respectively entirely by the during deposits balance less quarter third of to reliance the XXXX. decline of reduce during $XX.X the from cash as to and decreased was utilized funding. average liabilities these declined resulting The elevated advances. broker
increased bearing cost reflects the improvement results, same bearing a of points. the reduced interest basis by a $XX.X the retail of wherein as to by our level compared of This linked deposits our X.XX%. basis for two Conversely the fourth interest XX and increased by points significant quarter million period, deposits cost average deposits we during quarter to
as $X provisions The million loss to loan loss in made million During we the residential in in was criticized period single-family the for recapture million XXXX, a $X.X during a increase quarter. loans loss $XXX,XXX of compared fourth attributed well of third recorded the provision provisions loan. to specific $X.X increase loan quarter a provision of a loan non-performing one as as
status to taxes related criticized movement increase delinquent quarter, is in or due $XX.X of primarily net The in special-mentioned to the to issues loans property loans with damage. million collateral during the
collateral allowance valuation impaired, these are and/or As considered allowance higher regardless for coverage. calls support insurance not of general our a methodology loan loans loss
quarter. same allowance loans and loans decreased identified our during balance $X.X classified our levels. At from the prior non-performing time of quarter respectively impaired the as loans to chiefly loan the fourth prior million and fourth were loss quarter the related $X.X These the without million
to collateral previously was expected regarding a in a loan. The be non-performing due the loan concerns full at was possible attributed bankruptcy predominantly individual The equal the mentioned borrower. reserve during of period for current as of workout and established protected to to to million result impending devaluation divorce classified decrease an due our the is $X.X on what of the potential loans multi-family quarter sale assets indebtedness single-family the one a price
not monitor credit and trends. any noted We continue deterioration of our closely to significant quality entire credit the in loan have portfolio
leading are a loans Our routinely indicator evaluated. delinquent
total to with anticipated with that accruing these one that have $X.X behind balance with of we were one an Of At XX-day days close of was $XXX,XXX a off escrow December pay five accruing is XX, loans XX balance had in reinstated, loans, and a is six principal with expected loan the remaining balance XX $XX,XXX shortly. four delinquent. and one days of million
increase yielding the allowance losses million for ratio increased to loan Our points and loans or by of quarter a linked XX basis allowance quarter. lease for an two linked compared as and loan the total losses to basis coverage $X.X over point lease
third earnings our in as in notable Finally, increase an the quarter compared prior to difference non-interest expense. was adjusted adjusted
quarter last us bank and item to available this noted previously reflected credits a small made to quarter, similar our non-recurring fourth related year. assessment the earnings FDIC As to
we was $XXX,XXX remaining to greater the this to efforts. due an benefit primarily recent marketing recent or pretax linked After the compared deposit credit, as related expenses excluding quarter the credit this in balance the $XXX,XXX increase of During of $XXXXXX. quarter, in our expense non-interest gathering recognized quarter of a adjusted to
be be continues retail to based fourth deposits is quarter active we it XXXX. will expectation very during and begin continue on Competition deposit that our for intense as the recent experience competition to
quarter in of and of San of repair with Manhattan impact to the operating increase merit Rafael during equivalent five our liability. well greater to as and as office outlays vacation on administrative primarily Beach costs, Other non-interest expense quarter-over-quarter were the average on our $XXX,XXX our increase relocation the other due higher $XXX,XXX, the contributing of costs of in reflecting maintenance branch during associated an employees the compensation adjustments annual accrual quarter, full-time factors
Our for measured respectively respectively year quarter basis to to XX.X% efficiency the continued calendar XXXX ratio fourth measured and very XXXX. XX.X%, industry assets non-interest and XX expense favorably ratio the average compare basis to XX and for points of and and points the
expect on our based million we a and between initiatives, the to of quarterly year would run $XX.X rate forward current Looking non-interest strategic million. our expense into and $XX have
sheet. Now we'll balance the turn to
to reflecting for increase of the which the XXXX growth billion, December predominantly of an increase due assets year at loan our similar a in portfolio. X.X% XX, Our was end $X million totaled $XXX X.X%
Although been would prepayments. primarily The annual X.X%. level completed loan of higher-than-anticipated than due during more have expected growth to growth the loan excluding loan year moderate sales is
$XXX new For or ended prior the originated XX% payoffs Comparatively to $X increase. in during billion billion XX.X% compared billion $X.X decrease. million year principal XXXX to XXXX year the the for and totaled reductions as loans a ended compared XXXX we $X.X or during year
to economic incremental based loan our credit to the widen we has to in year been two originations is incremental products additionally growth; given years made now factors: change year-over-year of loan our period disciplined what been desire to first, due compared asset over tighten standards margins as on implemented prior loan have longest to the primarily Decline pricing expansion. more on
production related volume attractive hampered five with product XXXX that rate has also curve flat the single-family XX-year fixed we environment loan for year the the products yield an been very substitute loan has that to arm market offer. rate a by New made
for competition market greater of non-QM Additionally, securitization the jumbo a non-QM we've healthy return loans. creating seen
As to changes loan has and has prepayments acceleration interest the near-term has yield loan X% Based the significant for curve to on drop continue we curve in will curve catalyst further and X% for that XX be in flattened also rates and five flat to growth declined in portfolio. our the the the points December predominant been the the single-family previously expect where the basis in challenge discussed, to in the currently year another yield we asset in XXXX. a XX range activity prepayment treasury believe in be of our subsequent
by During product newer over our we by asset growth tied in increased X.X% XXXX. growth end XXXX our deposit year past years. funded was started $XXX since or million Deposit initiatives retail business balances entirely are few primarily increased that the which lines to which
to end of weighted average to customers. million to-date emphasize have loan from $XX continue our points with in products deposit interest approximately rate And basis cross-selling year We accumulated XX balances this deposit channel. we a
was loan-to-deposit compared as at XX, ratio XXX% XXXX year-end to at Our December XXXX. XXX%
ratios basis banks company's respectively the X.XX%, ROA levels prior during X.XX%, points XX quarter the the XX basis bank during purposes. and and above points regulatory to ROE current respectively capital are the The were well compared and quarter. minimum remain capital for strong and company's required Both and
and to points respectively for X.XX%, X.X%, points and ROA XX basis respectively XXXX. compared XXXX XX and basis ROE Our were for
the on share. of XXXX. We're pleased record as report January quarterly XXth, is per $X.XXXX common February February cash XXth, to declared a dividend shareholders Xth, dividend XXXX, of to payable Board XXXX Directors of that on of The
we in place, that fourth per XXXX, will approximately repurchased Although continue aside began inception was no in we originally repurchase share to the the have million repurchases, during evaluate remaining which of as appropriate. have Since share. plan August set and we opportunities $X,XXX,XXX remains were X,XXX,XXX Of shares our at for of stock an $X.XX shares $XX repurchase quarter. of plan price the average repurchased
bit little and And turn trends a specifically our loans in now margin Laura this deposits. speak to I'll over to will who our and more
