you, XXXX (ph) want take quarter for you coming This questions. CFO. analysts update President is our the call outset full-year pandemic, and take and work outstanding our of is Thank Valerie, two-year everyone me since and and share fourth employees. you our and Lagomarsino, It's for today. morning, we before XXXX good of results, strategic thank we'll markers Simone and morning, with to Tarantino, expectations the our earnings a CEO, discuss I of moment and priorities acknowledge joining Luther some our the our up the Laura Corporation's on on This and Burbank
we continued continuing each to employees pivoted work remotely. majority currently to appreciate customers branch employees extremely front ago, years. dedication our truly to and over line the of years past two our have two Our our administrative the environment, these work day, are and on vast the and quickly while serve of employees a commitment grateful remote We're
remarkably resilient. team been Our members have
to let's our turn Now performance. financial
impactful $X.XX which diluted quarter. per diluted primarily provisions due quarter by was $XX.X share fourth in million after-tax was reduction to directly to to million recaptured margin. million, experienced a quarter primarily share million was fourth in expense declined benefited was the The after-tax the after-tax, in a net for was income interest third improvement expense. decrease $X.X $X.XX a higher largely in to quarter XX-basis-point $XXX,XXX in as quarter. linked less in improvement compensation by income net related that due income during or from a Of which $XXX,XXX net the however, to offset of Our loss which the quarter higher non-interest as loan compared fourth compared This the net per net we income, $X.X or interest $XX.X
year year prior $XX.X net the were our income or $XX.X per than million three our ended XXXX, was due million fiscal $X.XX These share. greater factors. to For key earnings
was interest a in margin. net The improvement first significant our which of
strong The and portfolio. non-interest extent, of second the expenses. lower three these lesser loan items. now was continued of performance on our And to expand third, I'll each was the a
grew or after-tax interest increased the result early These the a to XX rate ended the million interest drop cost reduce of by market XXXX. were improvements interest margin year First, $XX.X $XX.X basis deposits. and of XXXX net net facilitated by in income million in This to was as by the points attributed pandemic. for ability our our
we that less we and we to generally be will also past growing typical expect have and composition We during the rate-sensitive, our specialty portfolio. a improvements which on deposits. than deposits, believe of However, our XX as business less months, consumer result, our the deposit made focused costly
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the for might metrics conservative. provisions throughout the very credit uncertainty made The on had borrowers was pandemic we that of our impact the our that strong remained fortunately Next, have XXXX. XXXX
substantially resulted during in of million in provisions loss million XXXX. loan loss aside recorded pre or we for after-tax improvement of totaled loan in during XXXX -tax XXXX, during banks, net reserves loan potential problem similar provisions in a in a XXXX where and million. result, Reversals loss $XX.X As earnings to reversed adjustment $XX.X set whereas credits other XXXX. million, $XX.X many $XX.X reserves This
million Lastly, decrease to due for after-tax a in was reductions $XX.X net the year $XX.X XXXX prepayment for advances. payoff a $XX.X of incurred primarily non-interest early income the million expense. This or to improved penalty million due non-recurring prior FHLB in
Additionally, compensation levels a origination to million year lower XXXX capitalized $X.X loan costs year-over-year due were salary in volume. greater XX% to fiscal growth for attributed
bank's $XX of volume we billion less volume to segue was our than interesting sheet $X.X million the this year which history. loan leads second our me recorded, was trends XXXX only production the highest an XXXX. to Our pertaining balance And in highest XXXX. And in for
grew XXXX the almost $X.X million loan X% growth was X% billion. for entirely to attributed This and assets total at growth our or year during Our in $XXX ended portfolio.
more excluding logged to the significantly volumes lending teams loan we're our increase in the XX%. a prepayments XXXX by growth those production In than which contrast expectations year, with XXXX, year, planned. prior members loan in Although although year, would've end, required that had with In activity team it for efforts. pleased sale been when loan considerably robust work over muted was XXXX the was loan our elevated and similar growth our line asset for we
in of of a currently same quality the which strongest still XXXX. agreed. among loan was no loans date, us loans, amount is or portfolio that within only half industry. our our $XXX,XXX. year paying included While loan delinquent one the not $X.X totals that At in At assets, we X.XX% experienced of topic the non-performing over as had loan had we balance and the of the credit of on the non-performing of had during We million end charge-offs the places and
until and on the Our qualitative include ratio reserves which continues million to are maintain related have $X.X year-end to prudent felt impacts we in more was Omicron and potential variant. approximately basis coverage allowance information XX the points that of were pandemic we
or X%. Our million by $XXX fully retail funded XXXX asset growth of in deposit our was increases portfolio
noted, in specialty categories prior business our the occurred deposits products, where the the branch deposit growth in fiduciary most over verticals. deposit grew exchange most previously growth retail the reflecting Although in year, XX-XX retail as the of
wholesale deposit Home Loan retail able were funding and we to deposits. Federal reduce As of broker growth, as a strong Bank advances such result
share our repurchases million Before returned to mentioned XXXX that $XX turning and to shareholders paid capital of common company due and and will to million, that on to $XX per year, our in pleased report quarter that levels, a $X.XX first dividends XXXX XXth. the strong of million. Directors our dividend share, be for totaling of $X approved in outlook I this stock earnings of the common I'm February Board cash yesterday form
our to outlook additional to Colorado, is loan this originate Arizona, of a experienced Current existing with calendar in continue to similar for offer last officer our our lending origination will intention new that to our to single-family rates we year lending Coast levels remain year markets. of we West represent mind, estate areas levels. company's mortgages XX% Utah. and in pay existed elevated. With for in we position Loans these XXXX below for Late added XXXX, geographical is off source our ourselves commercial and like that production to commonly staff expect loan Looking between forward, And expansion I'd volume loan in XXXX. dedicated XXXX. at XXXX therefore, of that loan rates year-end portfolio share real dates our XXXX, remain
plans, X% X% XXXX. our anticipate a result of for we of assets to As growth
to retail with existing wholesale no our fund to and We branch or and of add deposits a funding any expect growth have branches. our asset combination close footprint plans sources to of to
have yet we the peaked not the quarter rising, its net by liquidity services Bank has started noted believe institutions desire offer loan rates during to prior to Reserve Although excess XXXX. decreased quarters the long-term the in rates that treasury Federal fourth held ascribed even currently competitors our that tightening, industry. will the when deploy we XXXX, margin within many of financial likely We began monetary in which interest
quarters As each loan mitigated the portfolio. reductions assets, loan the the that cost while past rate, less in the maturities average this portfolio on deposit of new result, volume be our our decline causing of for current rate higher impact than positive the rate. downward by than at rate rate remains several a portfolio swap loan prepayments on in occurred With, pressure was yields XXXX added of interest coupons continues excluding to month earning the during
in However, rates fewer increases reductions expected Several XXXX. are throughout short-term in going expected interest forward. deposit cost are
Given excess an currently liquidity institutions, initial not on will hikes expecting that the held we're rate in Federal rates. deposit immediate impact financial have Reserve
it take industry. for that year to least work will at are financial we institution of out one the anticipating itself excess As liquidity
flat we and current As throughout in not cost primarily rates what able we seeing reduction to we that will Current much credit expect We of bank will unions do competition see impact of rates that views hold deposit XXXX. believe is deposit points resulting that during above relatively from the our is retail per offer on be our interest XXXX. deposits. market performance, we continues do approximately The net quarter margin projected rate that competitor will that to financial one to our by decline X our basis market accounts. money believe
hikes remain and rate loan the increases degree real Of of Reserve at of terms that course markets both competitive in number Federal the pricing. strong speed those rate believe in we ratio the which this is our the will largely that have that allowance levels. consistent a and relatively deposit with factors, including current operate, credit estate the coverage our dependent on secondly, and and impact remain We will in markets on
provisioning to loss related growth. XXXX exclusively be expect loan to We portfolio
and our allowance. to CECL Based CECL adopt results any incurred the change of that allowance, to significant the operates current bank test implementation we work, model Our of still methodology under quarter expect loan our CECL we of on not believe will in for the our loss in loss result XXXX. first
the add However, net fee increases on Total at are opportunities be trend of increases of business data in expected trends to data continue areas business expected earnings. costs experiences. adoption the that X% backfill presence to of employee is is existing generate turnover to to fraud the adoption. may notable processing for ultimate and increase in non-interest we and and contributor lines not routinely income, and of income XX% while about expense look activities new to we from upwards, levels and expected meaningful advertising XXXX a projected digital time specialists some improve evaluate customer impact in Other will economic deposit our non-interest compensation yet dependent our We higher-than-normal are expected Greater to are as compared governance. to of levels. as
audit fees will typical plant and XXXB year incurred Lastly, implementation Fox the the to likely be related than of XXXX higher first implementation CECL. third-party, for of
approximately is non-interest should rate per at expense rate and approximate quarter, $XX.X projected run XX.X%. Our tax effective million our expected
more a update, I'd focus for Lastly, Laura give on you strategic on our our to granular a numbers, presentation before brief turning our over to like priorities.
to business and several and will for we commitment we we've our take the Other believe to on pre to grow steadfast. We greater for return in our to First, requirements shareholders. quality double-digit portfolio, a I strong is made quality a maintain returned, to of terms, year that accounts. equity Each earlier. that of the deposit that achieve on improving expect assets noted credit on way we will these our prioritize our XXXX. have quality than it meaningfully average origination maintain measures credit X%, a included years but do loan believe earnings with in goal to and we return our more that underwriting provide projections progress lower-cost in composition transaction remains intend We -pandemics to work
remain industry our keep outperform to ratio averages. to we heavily at efficiency that we While continue reliant income, interest net will strive on levels
to niche income As previously continue market franchise value. the create or evaluate to noted, and we increase greater opportunities
important However, our us and good for for provide fit strategic any be long-term opportunity it is culture benefits a that shareholders.
formalized ESG adopted and $X our diversity, with and commitment which also we within along small with ESG residential that real further a our nominating balance council our management estate to framework level our billion accountability ESG spend. inclusion our committee. to carbon Finally, vendor base number employee includes an branches footprint. our sheet small With support reports on we lending, structure have emphasis we've governance a in a equity, formation of our of We've believe that
some I with Our comments. pass ESG will for years will come. ongoing to attention for now And Laura to presentation that, considerations to brief our additional be
