my the other significant the certain peers We Thank like start to you, John. by acknowledging by interest in year. short-term rates with with along increase remarks today I'd challenges presented this lending, bearing been banks, structures Nearly have rising adversely during have than other period. and funding on interest deposits. similar this however, more impacted outflows banks deposit deposit, rates seen all and
funds our Our deposits other bank and market treasury rates interest at products and historically competition. at as mortgage in have Attractive and in to firms. created quarter. brokerage banks fourth the loan move securities non-bank low real sensitive family meaningful levels money yielding also declined estate and commercial both which also volume, downturn experienced on cyclical this single higher We've fell customers funds to
sensitivity impacted in changes, the banking Federal by other to core meaningfully and our over downsizing through historically business increase years Reserve. We been company Despite interest in revenues several growing last by made rates our cycles our the bearing interest non-interest in the cyclical the significant have have of significant rate deposits. mortgage our improvements reducing those
current this current will anticipated then our other quarter. deposits as of and short-term during the one, our expect quarter products; to branch complete XXXX year ease net expectations These first in and revenues among our expectations; that; promotional early assume We this things CDs in stabilize rates begin other of to take and as have interest three, hold. we California two, non-interest success continue growing to income with in-line market fully Southern actions more we greatest acquisition begin with both on mitigation and the on pressure interest be income
months, which level introducing Including our products, of last reduce the our During price number originations, deposit a six of allow taken reducing retain into existing on the loan funding to significantly to repricing billion loan fixed quarter. pressure in entering $X federal deposit our steps bank have us of advances without and home fourth deposits we and the base rate base. attract promotional interest-bearing
in funds to interest in the with billion pressures base margin, terminal extended maturities to are We These reductions an unknown our XXXX. net funding risk of trough first rate. unknown of quarter continue rates have this of which interest advances expected FHLB associated $X the resulted hedge federal our on increasing and still the and the
three this our stabilize branches short-term things. interest quarter the in in point be our to margin expect low complete first We assuming other acquisition of the net we among interest California and rates
extent In controllable we activity above, the expenses production to to our loan and steps without addition business. taken to have reduce the reduced reduce our damaging levels staffing with possible in-line
XXX the In stabilize Despite sheet growing beginning above interest this the rates equivalent short-term employees rate believe the challenges, is regard, are increasing year. down ended we positioned we full-time at once earnings the removed and from balance our uncertainty the our XXX, markets. resume at and of from year to
a recorded losses. $X.X fourth quarter, credit the allowance we million to In for our addition
as were and portfolio of the non-performing to primarily only addition assets a approximately fell mentioned, of this total ACL. John and Charge-offs component qualitative additions $XXX,XXX our assets. growth relates mentioned, X.XX% John quarter As in
and quality see do Credit credit not strong remained on challenges we the meaningful currently any horizon.
well our types loan is concentration portfolio one Western historically. loans, in diversified Our the multifamily of with highest States lowest risk
low classified assets, remain non-performing and levels. historically delinquencies, assets at Our
quality. underwritten conservatively is with HomeStreet’s credit portfolio Our low very a remain loss expected potential. I confident of very
quarter, a to of loan by our prepayments, our historically During the low was level grown date loan loan portfolio, largest we particularly portfolio by today. fourth in by million $X.X and $XXX portfolio grew portfolio our multifamily accelerated the growth This part our has of billion. year
Today, portfolio limiting we loan are growth.
[demand] increase loan experiencing economy loans regarding modest interest [ph] a our for higher in at overall rates. are the We portfolio we uncertainty XXXX. and are anticipating the mostly only of to due level overall Accordingly, also
wholesale core and both year loan As I've broker funding funded discussed, advances we FHLB deposits. due to growth last initially outflow, our with deposit
have We with promotional wholesale certificates of lower products, deposit. funding been cost primarily our replacing deposit
raised deposit XX/XX/XXXX, we our of As in products. had $X.X promotional billion
retail below will in accounts market of have franchise invest rates certificates deposit money to fortunate valuable brokerage deposit money who borrowing deposit well rates. funds, and market are We with at customers and wholesale a treasuries,
we our experience, deposit customers on new promotional will convert many based of customers deposit relationship, full expect Additionally, these over core to time.
Bank, In we organic addition deposit branches retail Bank. acquiring our Union U.S. from three to gathering, deposit are ongoing
are include average XX% the the of In are basis approximately the rate in is million consumers, XX% of interest-bearing The they for deposits loans. non-interest currently deposits Southern $XXX approximately XX $XX points. bearing. and of and California deposits weighted today deposits million
quarter to our expand to anticipate opportunity this as we've Southern about stated. market. closing in excited this We the California are We footprint the occur
stage family banking single in difficult mortgage remains The of most industry the midst the mortgage cycle. the of
While we forecasts loan half second volume to expected last below to volume XXXX, from do loan in the of we expect the somewhat well low industry of recover be levels extremely XXXX year.
resale to to in growth stay to in-part early prices low in that very demand. confidence in due do homes sale forecast, levels much costs normalization the to and origination financing This to does in-part it's at ongoing market the the long. relation to too volumes While year low in have we year's know in-part and not population new the housing annual history of relation of this mortgage for from is
is value equity tangible X%. We accumulated lines component home to The X% rates date a $XXX credit and today origination comprehensive loan for carry sizable year XX, per a XXXX, other of book At which a reduction of of shareholders' from our our our million. also to $X.XX equity balance, benefit continue change December interest negative income share. represents to our which of the was between portfolio,
a balance equity, impairment sure As it while capital, our levels. level you the does our I'm capital tangible now, by the negative value is it our on impact has of regulatory not AOCI of all in permanent this impact of no know
securities to taking impact shorter increasing returns longer duration reducing the have AOCI future We to securities, and by negative duration. of other current opportunities reduced and certain sell by additions duration and
today And capital. the rates when over will write-downs bonds be shorter we reverse improve portfolio time portfolio runoff. as restore us repay. future, replacing advertised Additionally, the to tangible in securities our related will valuations risk securities decline and buy back OCI and will the or weighted lower OCI interest should our securities mature duration, write-downs of The
sell earnings we to don't to Given our needs. cash flow securities bank, anticipate cash and the needing any of these of our meet
we these anticipate So, write-downs. temporary don't realizing
level of less than exogenous the been is us, rate by profitability interest While REIT's adequate driven our it's lower materially environment. to
of increases. to to relates it light point as tunnel rate expectations consensus current Fortunately, future a the the at end
with December Indeed, or for lower provide November of for expectations financial Wednesday two a in even rate whenever bank. And through year, after four with point basis centered points. a possibly hikes XX XX can Fed in straight XX for May that now and the this stable what market Fed March meetings. meeting basis for forward basis additional are on point hike hike of only last point XX followed of only comes, to the hikes We one environment our look rates, an improved performance basis potentially
over available I quarters upon the profitability to achieve calls the for efficiency time. information and have both shared earnings and various On were we certain at expecting targets, years, and to striving us which preceding based
which to targets the factors, ability cooperating could interest and economic caveats related financial those course, Of related to among to with impact our them. environments factors, achieve rate customary came other always
as our It of the environment. of and our continue magnitude our we provide streams time. The this how funding too financial by difficult be on timing, the may composition negatively at to costs, pace from revenue rate current results unpredictability of affected on the clear and and been and targets associated have levels well on increases should guidance certain as very current
need feel to providing financial term near For now, targets. defer performance we any we
volatilities We and dramatic expect such guidance have current subsided. rate to return interest substantially after to the economic
financial respect Our remain. long term goals to peers with our or performance exceed to meet
experiencing today. the an such disadvantages the relative one existing our we must we acknowledge are as to model of However, environment
cyclicality, this It current XXXX our than degree, of makes unexpected. earn in our sensitive to The we And cyclical is to to important unexpected period rate to and over bank to worked through that rates note a painful, and environments. this important lower is the declining allows reduce while acknowledge while earnings to earnings. in more XXXX earnings changes expected us our great is have in it cycle interest that structure similarly was higher both and
the as clearly acceptable to not But these again, to low share our level our I level put finished in perspective. but them not thoughts is of excuse not current current is work us. earnings earnings, to of
today and attention. we any answer appreciate concludes will your comments you John this questions happy this at and to time. I have be that, With prepared our
