quarter earnings Thank you, fourth Steve and everyone. call. our good morning to to Welcome
strategic as to know, review. and to who taken go next you the want is thank role May is, in expanded did and responsibility has I Before Bob his I all Bob our on Steve for to financial to Steve deck, farewell assuming sitting
earnings you Bob, is completed think, This XXth. calls. I So, XX your
as well. for your thanks So time
numbers Like a will through the the So I’m we’ll summary of this questions. quarter. the me open X, start is presentation earnings the which quarter, provide quarter, slide with to noise let there quite in for bit for but line walk a last and going for us
with you’ll as $XX.X senior quarter Diluted the for was the calling redemption I move from up next to we’ll reflect and related select numbers an reform notes. went charge year quarter. points reconcile quarter. do a basis as the from assets see, principal XX well a the basis million the in $XXX announced items quarter adjusted was into results up was sequentially basis. and out points best both XX from from on the this average points loss reported ROA those for ago. up On a warranted As ago. our million X.XX%, thought our XX.X% was previously we slide, the On $XX period to basis, the other adjustment of numbers, that diluted previous on X Return adjusted that million $X.XX, tax same When XX% up EPS year EPS $X.XX a basis, basis the period, an
We continued the leverage quarter. operating for generate to positive
ago. As while versus increasing Managing same quarter quarter expenses expenses the adjusted adjusted you’ll XX.X% year fourth total to increased X.X% priority. versus year, a of see, a the be continues revenues last
the year efficiency that with pleased finished adjusted We’re below we’ve ratio XX%. an
year perspective, X.X balance ago. From increased points, X.X% to ratio a year ago. credit declined a side, the ago. from on a basis X.X% XX.XX%, continue quarter overall a XX or the versus adjusted XX.XX%, terms the quarter XXX returns, assets ago improvement and the up point The billion capital average from same with a year management, of equity deposits million for basis non-performing the On $XXX basis Average sheet year versus XX grew a improvement loans tangible quality points or a up points to XXX improved capital we efficiency see in common of return in an adjusted from to average lastly, year ROE basis ago.
provide section earnings slide our Moving quarter’s slide summary selected items again calculation. are impacting the results, excluded per of the share the from to summarizes of adjusted a the on X first to items that
first rate of federal as income is to of provides related new million further item, federal due assets tax the income Slide $XX deferred to total XX in XX%. XX net reform, the effects tax details. appendix the expense is the mentioned, The the tax million of of our re-measurement at tax of
from credits One earnout notes payments payments of which million incur estimated adjustments them quarter, Since in newly disclosed due $X.X Global the relate loss enacted tax we increase second items we state the XXXX, to to The from XXXX the federal and EPS. million The rate, prior senior excluded and during in to from item lower did favorable both our increases research income to had relates benefit to and $XX estimated redemption previous taxes. tax million is adjusted development our certain years we pretax tax fourth the the the $XXX quarter. as income the
So large again, majority from items were adjusted the those that excluded of EPS. the are
are The computation items other [indiscernible]. summarizes included second that of of but the adjusted the section we earnings in significant slide per share,
the totaling write-downs result our estate lastly, who expense sale this future first earnings. to one-time members, to favorable This is change and for to factors benefit million to cash pretax. other for the fourth we to the assets relate million. Approximately charge lower year. asset reward remaining a this quarter, held in reduced plans. nine the federal miscellaneous of team state fourth million benefit, recorded X.X So to favorable which The quarter, factors, our the taxable elevated quarter our state our taxes, reflects expense These and $XXXX The for adjustment apportionment in million corporate income tax income months not assets million impairment in also tax net periods. X quarter to related of focus $X.X a state are the participants state real are and during income $X.X apportionment of management expected X.X relates other of
A million quarter sequentially or you’ll X, the X% loans period $XXX represent a of basis increase $XXX million Loan or was a XXX of community annualized. and was we grew performance by annualized The in slide specialty during net growth in or and increased broad Birmingham consumer from and million strong and C&I on mortgages That both X.X% Atlanta, perspective, most contributing in saw major growth ago. graph Nashville, and based. continued to year color growth by there, the new including in the X% growth mortgages markets versus Consumer senior quarter. position loan loans loans line or million growth which annualized. of sequential see a driven a seasonal annualized. One. amounts million, private banking strong XX was utilization was XXX XX% market and in Consumer XX% XX wealth commercial driven balances. The metro the in areas, in our on portfolio included million end Global increased increasing growth XXX housing of growth a Moving little revolving increase million XX% and mortgage portfolio Florida. the the
million our growth see increased also lending XXX by We which to the during partnerships, in quarter. solid continue
or the from XXX acquired were in due XX% million Additional to transaction. annualized. liquidity this partnership Cabela’s loans CRE quarter increase the balances declined
by the investment $XXX For including decreased million, multifamily. properties the million portfolio in quarter, XXX decline
Consumer million basis. and loans million or XXX lending XXX million mortgages a by XXX in period X.X%. or or consumer of transfers million quarter million grew X%. C&I average year grew million in consumer XXX loans year, loans X% X% a Compared full was or the X%. loans declined $XXX the to loans million on held increased grew loans XXX of increases or sale. or end grew by XXX million XXX and million or CRE and loans for XXX For ago, partnerships to XX% driven Total excluding average grew annualized, XX%. same sequentially Growth
with have XX% pleased now We C&I loans loans continue CRE declined portfolio total outstanding now below increased the XX% drive of of diversifications. balances. represent to portfolio, loans to while Consumer efforts our loans. of XX% be
average deposits, increased of year X.X% Moving to XXX deposits XX.X% slide sequentially. billion grew XX.XX million X and from a ago. deposits sequentially, Total average
annualized Excluding X% a XXX X.XX X.X% versus or increased On billion of small or basis, to Average over are transaction total X.X% average reflecting the year non-interest XX.X in average prior average $XXX to over and bearing brokered X.X% year quarter. and attract core million increase or mix efforts in billion here pleased full Similarly, increase million total relationships segments and growth increased grow million versus for the deposits deposits continuing on year million of XXX.X X.X% or our X.X%. XXX increased non-interest or sequentially XXX.X our deposits, an year average million to sequentially, largely core the we X ago grow, enhance and a balance annualized the billion balances transaction the deposits a driven year. bearing overall or in DTAs. increasing fluid deposits customer deposits business increased transaction growing average with continue our year to and core deposits in focused
partially aforementioned basis interest X.X as reflecting the increase increased increasing increased X, levels of cost The from quarter. driven appendix the annualized billion rate slide year. loan basis interest point third for includes investment due the resulted effective income points securities was rate cost higher drag $XXX basis we re-advancing overall XX pricing quarter ’XX. million interest segments. the of resulting the by an repositioning up late to term million by discipline, to as as was fourth bearing The Moving rates investment or by a securities our XX [indiscernible] deposits a deposits driven deposit our additional net than remain our modeled of basis of growth portfolios. that interest cost various and in well But less X increased core the versus third yield million, and by stemming quarter the XXX.X was versus X.X% cash well for quarter in was basis largely acquisition of X The expansion year in offset the the up The below basis sequentially the quarter than XX well in December. X in position and for the for the net in the the from X.XX%, interest loan points was Cabela’s income. XX point quarter point deposits debt yields, sensitivity brokered as X from million the a as from XX% points, given caused basis was basis improvement the the and from on improvement quarter short margin points, quarter, margin X to the net up and brokered as products the well points for our loan $XX in increased previous in quarter betas and offset of hike margin information as yields, increase XX.X% Page ago. XX more at the funds deposit
income. XX.X Turning noninterest X.X to the Total for million XX.X down slide ago. down million, million prior income quarter year X quarter, was from fee a the from and
transaction third Cabela’s million by investment As million includes a fee, $XX reminder, partially quarter offset losses. the the securities $X in
quarter of ’XX in XX.X fourth XXX,XXX in quarter by sequential on quarter reflects partially a year the $XXX,XXX gains. $XXX,XXX accounts, million increased a deposit investment and in and period versus The offset X.X% $XXX,XXX sequentially expense million X.X million non-interest X.X included or ago. Additionally fees of decrease a same prior Adjusted increase Core ago. securities declined gains. million banking XX XXX,XXX charges the year a SBA versus service decline versus
strategies management, at The up new which talent [indiscernible] assets X.X% in bring full The million, the X.X% customer and and increased brokerage, business year ended expansion up million or and gains continue under ago. XX Fiduciary/asset market and versus a solid X.X under continued quarter revenues year the were X.X% the growth year management, accelerated increase the billion. XXX,XXX brokered growth a year, XX% from sequentially wins ago. XX.X was or management by billion, driven of For X.X million to and SBA acquisition to insurance assets ago. in $X.X
and brokerage had which ago. were X.X% product included a unit Charleston strengthened aforementioned professionals a office On successful Birmingham. Nashville, in sequentially our very acquisition inventory as Nashville new the talent at in of additions our flat and year million X.X family asset position. Mortgage Talent year as from a a front, well revenues up management new [indiscernible]
a X, year slide XXX.X increased and million expense to from increased sequentially XX.X million XX.X% or Turning XX.X% noninterest of ago.
As a loss noted million quarter the of our $XXX includes from the fourth redemption senior earlier, million $XX notes.
asset a million of of ORE increased million X by assets sequential year year-over-year X.X% or Adjusted the technology, advertising mentioned previously lending in X.X million, was partnerships, third-party expenses X.X% ago. includes The impairment quarter which in increase quarter charges, and strategic one-time self third and spend, Global The party is sequentially $X.X X.X charges sale held in higher and increase of talent, and impairment investments cash other Again, totaling fee award processing increase from by non-interest million. expense, for million. an totaling of XXX.X on higher One. million expense $X.X our driven addition is driven insurance costs the third
We will leverage. XX.XX% XX.XX%, the compared operating ratio the efficiency continue the XX.XX% for a ago. adjusted was year positive The and previous to quarter quarter
On briefly credit full for the ratio improved XX.XX% compared year, the slide XXXX. XX, XX.XX% For adjusted efficiency to on quality.
delinquency. and first shows and The NPA graph NPL
to the basis, X.XX million ratio The quarter points $XX.X comparing NPL quarter expected held the a decreased in down X XX out points third normal stayed XX for XX and down to Past was ago, Net our or quarter XX was see, from of of of when quarter. net sale As in NPA increased for a held past the from from quarter ratio Howard the the million, basis X basis the to levels held by in to quarter year. XX to That ratios last The dispositions ago. focused transfers. basis down year. X.XX% quarter, the you and allowance ’XX. the a would and linked X.XX over million, expense points. of with impact dues X.X X.XX% flat number loan XX third The losses Kevin give on points third that basis moving points XXXX. past in down down compares been quarter allowance basis for ratio the on annualized have from X.XX%. fourth quarter prior fourth the values more X.XX% liquidation quarter quarter was loan year from basis billion the sales. quarter transfers. the quarter for increased impact points by very to you to Provision X.XX% for quarter was you during the on linked in loans the as increase X.X Compared million from if NPLs X.X moving improved points X marked favorably the points remain sale out year third impaired to quarter the performance, and varied X Remember, basis our points, sequentially the include has fourth or the from basis coverage over color by that. third the will ORE Provision compared in for XXX% to of XXX% ratio pretty charge-offs of fourth due expected were exclude loans, charge-offs allowance properties will basis if NPL loss covers. That these were million the rather you XX reserve small. at sale pace been expense
by capital, slide $XX.X the longer tax quarter growing million capital about by XX which our tax reduction be no X requirements. XX partially That The and based points. XX, approximately points. ANT capital capital, million reduced in included benefited XX capital credits DTAs, DTAs, impact ratios ratios ratios continue risk disallowed on these the Moving total above tier to basis which a in leverage offset related was reform recorded basis by to in in regulatory charges
X as points effects points due down XX.XX%, capital basis regulatory reforms, basis leverage but XX.XX, given basis disallowed you’ll XX.X X.XX%, common So, million basis, down It’s of decline basis as tier the XXX ratio forward risk points total X we down unchanged points of bring ratios ratio million, also by net capital, CETX tax period sequentially, on were XX equity based capital sequentially, to down down reduced part as X from decline. sequentially, the X X.XX%, a expected, ratio to points X.X%, a of see, the quarter, from X sequentially, of and now tangible transaction previous ago. the end from continues the cash the year Cabela’s DTA balances the
reminder, to repurchase a common X.X%. share average as $XX.XX, our XXXX, to stock, XX, In with a X of an Moving common and actions million shareholders a combination stock total, which we price of returned count stock capital dividends. of in our just slide just $XXX million shares included mentioned of reduced by XXX capital million at our repurchases the
authorization timing new include during a loan and the our liquidity upon based capital actions up and year $XXX share size For repurchase XXXX, repurchases growth, The capital to will program million. optimization. of the of be of
pleased our quarterly approved in had per Directors a stock common the XX% of April very effective payable the also with in – share, quarterly with Board XXXX. $X.XX that payable We’re our dividend to to dividend announce increase dividend
to the to, walk go another broad through wanted in slide, where shows several company reflect and achieved that on profitability the we nature Before based the I that it XXXX, think XXXX. metrics I key just slide XX
ratio were Our The EPS we long-term improved achieved financial targets and growth, ROA with Adjusted our X.XX%. guidance the for to XXXX ROA announced line grew ratio. EPS XX.X%. previously to Adjusted efficiency in year. and improved the XX.XX% adjusted for adjusted results our efficiency
with improved diversification Additionally, strong ratios. the in sheet, balance further capital ended and achieved of we credit quarter the we quality year
just those. hitting We’re great really of significant and to of saying a of recap accomplishments. And completion targets, while key our proud other financial focus on few team’s just lastly efforts
the We’ve greater and certain are Cabela’s space suite all We of markets that in transaction, of existing additional environment team parts, continued our in launch like our in completed and to talent and the XXXX $XX branches. we last on transition, in and our which which the scheduled added that new highlight million the It’s is completed the XXXX mid-XXXX. experience. markets will board. banks, of The new way, restructuring of to revenue getting as for the dedication was team, team the outstanding our our Synovus the completion actions institute list do believe a across top for brand card opened excited single efficiency. our tools, now single the company that made the which about. two at which operating of conversion website, we perhaps in improving with Birmingham, of signs balance investments And we bank implementation investments consolidations Our the private customer of pilot hard credit door introduction key of was utilized most provides enhanced major customer completed sheet products, the in reputable bank benefit the our public and really year, the recognition mid-XXXX. reputation are Atlanta, footprint represents modern Those the American
you give a So take which you be XXXX to into our XX, a from like We I’d great will view we’ll year sheet guidance XXXX a balance talk beyond perspective. about solid to ’XX. and slide then expect that. to another do
growth lending in C&I in growth So we is expected consumer by in we made investments talent to XXXX. and loan from driven X% continued that expect average of X%, to the benefit
optimal deposits to XX% at levels as price XX% range deposit to XX%, deposit the compared loan historically cycles. the expect loan support XX% maintaining to and to at while We our maintain the continuing XX%, betas an including a that growth, rate to grow of in the about of level ratio
the and XX%. September. XX% XX be changes growth in income rates of expect X% a income no growth interest in and That in is the We basis March XX%. there assumes rates are increase expected in interest net in year, between If point to to net
XXXX business higher income growth income revenue X%, investments unit, in the and of expect X.X% between expected with result to net adjusted That talent what we X% the XXXX. Given noninterest growth is than year. along adjusted experienced which brokerage XX.X% and we to strong in our for is in the total growth interest
operating investments growth X%, digital additions, look additional be will our in to reform, members midway January, the we and the X%, of efficiencies. XXXX of We core capabilities focused additional of revenue benefits our a and resulting to enhancements X investments, experience, announced to XXXX. investments reported majority and which a advancements customer leverage incremental as to technological benefits team noninterest member get our tax the expense increased Despite XXX(k) of $XXXX portion we through investments the our for match expect talent which and level on we total team ongoing in securities generating at for incremental announced in of drive bonus on includes the received in top in December post of do the expect information end
effective and XX from share an in continued increase expect XX%, million. of legacy XX% of modest rate increase basis XXXX also decline ratio in as for range noted charge-off capital We with tax to up a reflects includes earlier, That XX And common to approximately $XXX net repurchase our to actions points. recoveries of credits. XX% dividend a the the authorization
goals, previously targets update three previously so on adjusted tangible you up briefly term had our and We return year stated average an growth, will to three we call. EPS targets have common ratio. of ROA, for long year efficiency just achieved equity on our said this We
our in basis, equity X.XX% we’ve a adjusted compounded tangible common XXXX points from return in from I experienced rate EPS efficiency. our just grown growth want that’s a adjusted growth to to basis financial us to areas, on and annual this in at And X.XX% on XXXX, we’ve First, key From for Since perspective, reflect the based growth, financial profitability just improvements XXXX the was three on From has XXXX XX.XX% increased have broad which increased gotten profitability XX point. a in path we of return I $X.XX adjusted mentioned, to XXXX. rapidly assets XX%. in XXXX.
and really overall and experiencing overall on by the well expense to reduced strength discipline, positive over increase in backhauls This productivity. strong ratio the while as basis efficiency we’ve our driven organically XXX of operating business margin by addition, the more being the moderate leverage XX.XX%. really In as enhancement performance growing points is
executing same the and us be that our to will experience, confident customer we coming grow continue to initiatives profitability. years think into and the strategic believe enhance internally the will We’re improve on to will we allow which
in we and will and through efforts believe to the line we digit optimization, three earnings growth a as as repurchase standpoint, expansion tax and share. growth as over strive believe as above our and bottom we year prudent expense, for a sheet allow share lower return us again effects annual per expect From tangible such, year of a three the to to will next combination X.XX% compounded tax we As profitability years EPS horizon balance during well of continued continue double market over the to on three increase common reform, growth average our ROA equity well the XX% XX%.
Lastly, our expense growth invest growth customer in to experience, will talent in continue while and base. technology our revenue to We’ll balanced be this improve overall the growth. strong in with dealing
timeframe. below should We efficiency this our operating ratio will XX% maintaining we same do leverage during and so believe positive drive while
So we’ve over been the performers great years. five last
team forward for dedicated view. to take that, your in the or our fourth drive We’re with the quarter, We’d to the XXXX higher years to go about happy excited that be and open year questions in review And both confident we’ll questions. that, performance come. talented continue call operator, and of any up of levels
