David. Thanks,
David lending X. highlights from perspective. Slide to turning Now the quarter the for a covered
add some will I So just color. additional
our on funded portfolio focus higher-yielding on the of quarter a with of were lagging pleased loan portfolio. overall origination to the of continued asset we portfolios, increase from some the impact nature first the originations to of line Because fourth that quarter. fixed-rate larger our there classes, is our In see loan higher yields
have should originations loan the yields in these periods. future However, positive a impact on
finance franchise channels healthy have to Our construction SBA, pipelines. continue and
fund total to loan other to as cash loan the the our portfolios majority production is composition book. intent continue this from of flows of Our we rebalance using
the million, were quarter on quarter. fourth on X, $XXX for deposits, Moving of the to or from Slide balances through end X.X%, X our the deposit up
mentioned, expected increased in growth, early pulled the deposit quarter, advantage Fed from in of small of consumer locking forward March strong with David rate business CDs, As primarily $XXX the million took hike. we demand quarter prior the first ahead and rates and which
$XX we Additionally, increased existing end callable proactively brokered customers deposit CDs. XXXX with contractual brokered and fixed-rate the long-term deposits issued relationships certain expanded as million of from
million, decreased demand deposits, $XX with market million to declining excluding by and accounts, deposits, deposits linked million quarter, money and noninterest-bearing respectively. interest-bearing Non-maturity $XXX $XX compared $XXX BaaS the million,
other of decline and about customers market balances mid-March, half the the portion outflows in small considered operations. to uninsured business We business commercial usual to that of was estimate deposits was the from while of be our result in decline the ongoing as of fund money
primarily noninterest-bearing with commercial clients deposits relationship. from drawdowns and equity decline municipal while contributing to the The interest-bearing decline in was the deposit projects to activity real development to in construction normal financing, estate associated due was we're demand due
the end $XX.X than end at increased deposits, We from XXXX $XX of of the first more to million the our million quarter. BaaS doubled at which
all during increased interest-bearing of result the fourth by quarter. a points activity of cost the basis the from and XX interest the deposit first As quarter, our deposits rate
quarter-end, balances the conversions million, decline to deposits, primarily from at in decrease reciprocal This At total XX% deposit X. balances. driven estimate by the was noninterest-bearing year. Slide uninsured construction-related of at deposits that the balances, drawdowns on or Looking and market beginning of XX% down our we money were $XXX the
which contractual deposits public nor deposits Board insured municipal and in Indiana-based as certain and are neither as as by reported the Depositories are certain call require Indiana report conditions. agreements funds Included bank's accounts collateralized balance under the larger-balance collateral only uninsured the withdrawal that allow under total are for well preferred on
After favorably adjusting to deposits, total for these of XX% uninsured or the rest balance types the adjusted of $XXX industry. deposits, drops our of million, comparing to
Slide cash X. had and to of capacity. unused borrowing total including we quarter-end, million, At Moving $XXX liquidity
by With balances additional cash the deposit growth million. since quarter-end, $XXX we increased have an
Currently, our XXX% uninsured XXX% of and and cash uninsured capacity borrowing deposits. adjusted of unused represent deposits total
to So needs we they continue if meet comfortable ability the that have liquidity customer any feel future arise. to we
XX. earlier, and have balances up rebounded declined modestly from mid-March through As April million quarter-end total $XXX since David deposit through noted
for X and the basis, million taxable Slides income the was and equivalent X.X%, interest fourth X.X% $XX to from and down a quarter. respectively, XX, Turning fully quarter on net million $XX.X
earned earning XX-basis average the the increase quarter, average in X.X% increased Our point point on yield assets. primarily X.XX%, increase to loan the interest-earning a a due other to XX-basis the yield increase linked yield in yield, earned securities XX-basis and a in point from on assets in on
faster costs, on higher balances, combined increased interest linked decline increasing The a with in XX.X% average interest-earning quarter. in growth line loan produced in resulting pace, net at assets, however, compared income. in Deposit income, top interest the growth the strong yields to
quarter, down margin impact Fully liquidity pulling quarter. equivalent building fourth of being XX interest primary also from provided from XX a was the for and quarter's the net points, to X.XX% last We growth basis points for the the deposit This the a couple CDs. basis down in recorded margin interest reasons; a decrease we first on range of call X.XX%, was of of net with one the forward quarter. taxable
Additionally, construction C&I a top average loans, in came our forecast, loan commercial income. lower and bit loan balances, which than specifically line impacted
margin during change of on tax the net equivalent drivers The quarter. net Slide the interest XX margin in highlights roll-forward interest fully
expect interest another ahead, points yield deliver that quarter. increase higher, total repricing originations to the and Currently, we on income Looking with higher-priced XX second new another will to quarter. for portfolio XX in the variable-rate believe loan be around assets second we the we up for basis the
deposit We increase the to as rate effect also of will following leave March. on language costs the on price forward inflation based The rates system. and increase to the regarding competition continued well heavily expectations banking events pricing the expect as deposits of on depend given pace deposit continue Fed's as
X the expectations that contract are although the interest and for same past interest the higher quarters, to net income expected not rates net Given at term, and will nearly near further increase anticipate interest the pace short-term margin second in the in we as thereafter. quarter,
$XXX,XXX XX, on down from loans $X.X up Business totaled XX% X(a) for loans. Small quarter Slide quarter, on million noninterest for and million, of $X.X sale over fourth fourth on entirely was Turning consisted income of to the sales gains Gain Administration quarter, the U.S. the of noninterest quarter. the income, guaranteed
basis continues as SBA perform Our well. and team well, over were XXX volume points increased sold net XX.X% loan as premiums up to
investments income $X.X quarter linked quarter, fund first the totaled million to in Other due received on to compared for quarter. the distributions the down fourth $XXX,XXX our
Mortgage first in down to our began the less revenue quarter, we totaled $XXX,XXX as wind consumer for business late mortgage January. banking than
or $X.X exit million expense linked Moving declining operation the to noninterest Slide costs, X.X%, million $XX.X the quarter. compared mortgage excluding first XX, quarter, to of $XXX,XXX, for totaled and
exit and benefits the compared lower employee to incentive operations quarter to compensation decreased and Excluding accruals. and expense salaries due the bonus $XXX,XXX costs, by mortgage linked
the comments. I turn the in the just and Slide to Now losses. let's for XX. allowance components quarter the asset David quality some for asset major color on will credit covered his quality provision add of around
well loan quantitative -- driven and factors growth portfolios. the the that quarter of the in from as XXXX. losses was participation qualitative factors of loan fourth to increase C&I loan provision largely related for by for portfolio million, losses provision certain in in the certain partial $X.X the charge-off forecasts in economic in $X.X The allowance credit up as The quarter million changes the was in impacted the
for percentage increase The of $X XX. with XX, X.XX% credit points allowance reflects in the a was for credit losses the provided was estimate X last total CECL losses which March as basis we as line loans to the compared The as XX million, of December of quarter. of allowance in Day adjustment
The portfolio economic increase mentioned also reflects the of growth forecasts earlier. and the impact
With the our respect to shown Slide XX, at strong. capital, as the overall capital and levels company remain on both bank
year-end. offset equity combination share since XX due accumulated basis activity, the as to decrease the X for points to quarter, in and valuations loss reported Day CECL net X.XX% tangible declined loss, of improved Our common comprehensive the the repurchase the partially by ratio other adjustment securities the
as repurchased stock authorized part repurchase stock program. of per price the During total, repurchased have at we common of $XX.X our quarter, our of under we million average date. share In shares programs $XX.XX to an stock XXX,XXX of our authorized
of result share remained book value per at a relatively $XX.XX quarter-end. share tangible stable As activity, at repurchase
my Before provide I wrap on forward comments, I additional like of some would up comments earnings. components to
previous full than XXXX in to control, can to prior we of on total compared discussed controlling expense growth expense what which we impact of the million, levers a we guidance. we expense is As expect excluding the expense can lines have the side, million X.X% the to pull year lower control noninterest Along range of and was little the $XX down quarter. to mortgage, do the be $XX noninterest total
up income, call. the on to provided our outperform solid first quarter to in the sets quarter's guidance last Related us performance noninterest
full For noninterest guidance. range $XX be year prior now is in million, to we total $XX up which to expect the the income XXXX, our of million from
Our net and premiums. origination modestly revised higher volume reflects outlook on loan and SBA increased gain sale sale
an to of sheet. from determining level expect the due right may liquidity the on continue and provide We where perspective deposit trend may balance of a to several maintain to next quarters costs the uncertainty level earnings
begins beyond. about expectations the and plot, a the on bring net income with costs curve positive and However, remain rates dot EPS. in with we line the Fed or When XXXX continue down, deposit back forward whether should come down meaningful optimistic to very and also significantly, to impact Fed
I address would and final to like per area One to our is value preserving commitment tangible book share. growing
to interest successfully demonstrated per we While we our rate our continue term. teams, the along value the with building actually impact of have model confidence economic a that, many of rate in bank tangible operating the build to tangible a over may be model deposit new operated track have comes share. decades. will business for in what long environment gives the that interest with business fruition, record management challenging of per and or us book share stability book to Regardless value scenario we And
it to we I that, your With so turn the can take questions. will operator back
