everyone. Jerry, Thank morning and good you
X, with the Slide investment I’ll portfolio. discussion our begin to Turning
fourth Our at $X.X closed investment billion. quarter securities
investment We the due prior the the and quarter. extended When for of compared year, end our in of also to the securities. had to speeds a market mortgage-backed lower higher million duration strong cash X.X $XXX rates pre-payment to of portfolio the position years recorded
portion yield balance investment between As in XX% compared focused on and achieving our duration of the increased our I to shared The right portfolio previous has year. high floating to quality in credit portfolio. the investment strategy last while maintaining quarter, XX% the
of reference interest valuation like rate available quarters, of increases As on debt I for impact sale. I the have the the in done the previous securities would to the
which million a basis portfolio sensitivity had a increased during our point XXXX As decrease by this in during with of our contracting market direct of $XX the driven third consistent was the to shock. is $X.X $XX.X quarter-over-quarter quarter. after valuation AFS mortgage quarter. We of the rates of in of compared of result performance end bond the increases tax had and interest analysis a an for the quarter, in The decrease interest by XXX million value after-tax spreads million increase the of fourth was the portfolio of rate
Note is investment of portion that the XX% It equity of grade. portfolio. ratio our after AFS AFS our while portfolio in is to also valuation remaining guaranteed the comment ended X.X% by of considering important tangible changes is government common the impact at our that
Continuing to compared the up the quarter, of the fourth last portfolio. in both loan talk driven to No. billion, total were C&I Slide about At loan primarily loans X.X% was $XXX loans portfolios. and of the total purchases approximately in quarter. by and having the increase $X.X quarter, end gross residential end prepayments balances loan X, the during C&I higher million received from CRE The despite let’s
Consumer previous Amerant loans for quarter-over-quarter. of were end Loans Mortgage. connection indirect of of million loans compared consumer the as million, or the of includes the the fourth $XXX higher quarter. X.X% million to all December, in of an This of $XXX sale as of yielding in end million $XX increase $XX $XXX million quarter activities the totaled held with approximately
end credit previous the the losses fourth due a The calculations. $XX.X to Turning compared the close recorded take of sound Slide quarter same remains to primarily at quarter. elected We quality over and closer credit to the provision reserve transition improved let’s change the at the The not credit quarter million $XX.X charge-offs the to million allowance Overall CECL. period. three-year was No. our was look of at capital to during for quality. XX, apply coverage despite
conditions corresponding XXXX, quarter, of provisions earnings loan day as the to after-tax X, January a for two account to effect million the changes and CECL macroeconomic ended impact to we recorded one-time with a December million $XX.X year. impact adjustment adjustment for to In the XXXX, account one retained and year of XX, day the million during cumulative including growth a $XX.X fourth the in for $XX.X CECL
the retroactive a of CECL in recorded the the to provision The credit quarter. for The provision was is XXXX the also previous The $X.X approximately to provision third losses total provision effect first, $XX.X for for million $X included reserve in quarter charge-offs. excluding quarter compared corresponding quarters in fourth requirements and $X million million. additional second under million the
during Net which the $X.X primarily fourth $X.X from resulted to loans, XX REO CRE with million in by loan due, from offset first CRE in of of was a in million in million no expected XXX policy the period the This changes ownership. the loans. to third business quarter valuation transition compared and $X.X change retail connection past credit into retail consumer related to in once days additional during $X.X in in New quarter. York-based million charge-off to to The charge-offs updating million we consumer Charge-offs the days loan, $X.X million $X.X recoveries. $X.X quarter of with XXXX due were is finalize million a
$XX.X of New third XXXX. quarter to an the Non-performing York $XX.X quarter the offset of previously property at was I of fourth million assets the and compared increase a $X.X by $XX the due totaled the end increase The fourth this million million the to primarily quarter a quarter previous primarily quarter. of the and of OREO of to XXXX, compared disposition million decrease mentioned
of from assets to points quarter the loans was of XXXX. points, times increase points of XXXX, In at XX in third quarter to from the loan the close ratio fourth assets XXXX of the X.X of third up of basis non-performing coverage non-performing basis X.X quarter reserve decreased XXXX. of total loss an times to the fourth from quarter and XX down from times The basis the XX the quarter, fourth ratio X.X
or million total of quarter end to the the million compared totaled driven billion of billion, were of by growth time the previous XX% quarter, that the million compared as third domestic up end third $X.X total $XXX billion, end up was to the previous our of from Continuing quarter. deposits, up Slide at XX% $X.X which This to XX, totaling of the $XXX deposits deposits deposits the $X the for fourth account quarter. Note quarter. $XXX
up slightly quarter. deposits, Foreign compared $X.X $X.X the to for previous account XX% total million billion, which of deposits, totaled by
previous increase increase as $X.X in Our million end core to primarily from inclusive demand $XXX increased cost of deposits savings billion previous versus deposits consist was $XX time The of versus deposits, which rates, versus quarter. of with decreased $X.X customers million compared $X.X as excluding increases deposits an the core all quarter, municipalities. or bearing fourth deposits, the billion partnerships billion opportunity commercial $XX non-interest which interest-bearing and in of up in were market billion deposits, by $X.X sports $XXX million The X.X% billion funds includes and deposits of interest the which money quarter deposits previous $X.X driven of previous additional total new in in deposits, funds from million our core and quarter. quarter,
will XXXX loan XX% total up of beta increase discuss income net the our for the margin $XX.X XX basis which driven during our increase net net the and quarter-over-quarter of points XX% loans, quarter benchmark quarter combined helped during on quarter-over-quarter end by The year-over-year. I Fourth a Reserve at the point and third was and quarter third rates Slide of of attributed points primarily was million, Federal XX. the Next interest in primarily higher basis a full XXX fourth beta up effect We interest basis income drive to increase year, in XX to interest-earning assets, in portfolio a XX a point the quarter. margin. the the approximately observed basis interest and
to higher balances was increase income average broker in contributing the by offset income advances. higher net FHLB in deposits, was partially rates in The interest loans. net interest-bearing and interest fees, Also the increase in
an the quarter, disciplined rates increases to we during certain our increase We relationships the continue rate rate. reflect be product managing this past we very products As rate-sensitive partially and cycle. interest mentioned in in to the market adjusted interest in
full accounts basis during XX points of we result, the basis and quarter a approximately interest-bearing observed XX the for third beta of year. a points As
which income to the yield change the was our interest margin, NIM the points The mentioned, X.XX%, Moving an basis on was XX by the in margin Jerry previous interest compared of net X.XX%, at points increase interest net portfolio, driven now of XX primarily the basis as quarter-over-quarter. loan up net in to quarter. increase is the
the in reflection NIM the quarters, last asset-sensitive in of improvement said As the position. I our is a
Slide show to sensitivity we’ll XX, Moving interest the analysis. rate
asset-sensitive of see, you rate our be to our with can XX% As about a within and re-pricing continues structures year. floating balance sheet loans having half
due deposits. profile quarter for scenarios sensitivity are to the to decreased last interest to NIM compared time a amount competitive changes environment deposit has Our up consistent These increased more rate with in gathering.
and interest income increase an day to This of approximately scenario. in X% showing X% up quarter, day up are potential we XXX a XXX under net scenario for an
Federal balance We inflation will dampen to sheet expected to our continues continue to in bank its interest position actively for best in increases our manage remaining Reserve rates as XXXX. efforts the
increase Slide as income Continuing recorded primarily of of to advances on fee below advantage third under Offsetting income non-interest net this $XX.X was in evaluation; the peak market approximately investment increase $X.X from the their due instruments. million fourth quarter of was an investment derivatives; million This to non-interest higher million was in higher of an a third, losses million due and to $X.X of of that FHLB was valuations sale consider million, increase we XX, in downgraded was we $XXX from grade. quarter. the second, [indiscernible] an took of what prepayment $XX.X client gain income
was million in consider a advances previously that quarter non-interest non-recurring $X.X was an gain increase of prepayment third We the our by as $X.X driven compared million item, net primarily in of to XXXX. income This the discussed.
in million $XXX XX% $XX.X of income Core million quarter, one. quarter the in as relationship-focused $XXX as to the management strategy, as was execute and driven custody to market the net the assets million billion non-interest of increase $X million $XX valuation. well primarily increased new we fourth $XX.X assets from an our the an previous in under or by of end on the from as totaled up million continue Amerant compared third of quarter, end
and connection and in billboards and as to fees and was out-of-home with as had depreciation previous quarter. non-interest with as Turning sports to during primarily the and higher $X.X of accrued recent expenses $X.X the in connection increase the closing derivative of expenses Slide that valuation XX% services a These fees positioning million expenses quarter-over-quarter as transactions, quarter we due were expenses, well banking technology brand increases fourth adoption professional from efforts loan in third up lower and as expenses by our connection center. the OREO well $XX.X million with client as to compensation following: in additional were well The other additional of bonus performance, million, partially absence offset or an with higher such CECL, level connection year-over-year. quarter consulting XX, severance higher derivative partnerships, expenses legal the variable the the higher for related as up projects,
$X.X an non-interest quarter of million due our before, in XXXX non-recurring a of $X quarter increase the third driven by consider $XX.X fourth compared as were as Core in to primarily We mentioned expenses to million severance-related compared for to million non-interest expenses expenses, the also million expenses. the third conversion quarter. $XX.X item, the I and
increase closed The while XXXX. in gain fourth was XX.X% company’s to the headquarter one third compared net XXXX XX.X% on of XX.X% recorded XXXX. quarter non-recurring XX% efficiency and quarter fourth in the fourth the in quarter by the building in income was quarter sale quarter ratio, the and to the interest for fourth of of higher Core to previous XXXX XX.X% which the in was of adjusts The of decrease driven the the primarily in that last quarter-over-quarter year-over-year at the in of efficiency absence compared was quarter of due items, the XX.X% last ratio the year.
remarks. closing for Jerry to back turn will I Now
