Thanks, Jeff, and good morning.
Just a few to highlight accomplishments.
quarter, achieved X% we XX% by During deposits loan growth loan grew annualized, wholesale growth higher and outpaced the annualized, of almost cost borrowings. which strong paid million, first down $XXX
our basis. for demonstrate down managed our revenue a ability execute strategic translated fee results on $X.X initiatives quarter this the linked and on grew into were to that meaningfully We quarter. million expenses pleased also to We
shareholders period. March share income year restructuring shareholders per to per available was diluted share. $XX.X as prior of the million quarter $XX.X or after-tax diluted or or reported $X.XX GAAP and excluding in per Net ending For expenses million $XX.X the to we net common to XXXX, million XX, $X.XX income also common share merger-related available compared $X.XX
securities As markets, of March $XX.X loans of included XX, loans reflected assets initiatives. grew billion. billion $X.X Total portfolio our annualized, portfolio which total and and X% lending linked total year-over-year $XX.X teams of of strength and X% billion the of quarter
to fund steady progress and market through sold respectively, first regular a into as and XXXX XX% secondary decline.
Residential pick still remain pace originations $XXX from with growth deposit last roughly to $XXX of of year. loan the quarter, for the the to compared CRE continue securities rates XX%, mortgage growth up We we as as originations interest of anticipate million combination through the flow portfolio.
We cash and payoffs totaled approximately potentially million
in built see While this residential environment, pipelines production we're recently. has been challenging mortgage encouraged to
deposit year-over-year our and roughly loan have teams pleased and consumer growth. of commercial as efforts we're mentioned, the loan funded growth of sequential gathering our quarter more XXX% and Jeff As retention X/X efforts these of with than
and XX, of from $XX.X mix X.X% As total March some billion, from XX, December the annualized. to environment experience shift to we the Consistent deposits the industry, up XX% deposits. similar and period higher X.X% our rate in of were prior interest or up with the continue XXXX, year
remained was which points was larger X to stability one flat the elevated points, CECL the of provision payoff office X.XX% resulting for deposits However, deposits during to basis the resulting XX our deposits mostly and continues. in factors from loan from percentages Qualitative mainly allowance loans office coverage a quarter. losses reduction to model of the due The at X Charge-offs total ratio portfolio range the and the fourth basis total ago noninterest-bearing improved within percentage slightly The year were credit demand C&I $X related balances, quality relationship. quarter. declined pandemic.
Credit prior at remain from consistent with as million.
are money from increasing market higher XXX over that securities quarter's in fee which margin associated increase $X.X including quarter net in due period $X.X interest $XXX to higher-yielding of totaled the linked late the the as prior quarter. and March X% the FHLB as deposit of primarily noninterest-bearing valuation first basis in noninterest-bearing trust deposit service year-over-year, from to XX funding begun end loans and net higher quarter.
Noninterest increased fee these offset fees, period. all costs which quarter decreased compared and assets points reflecting certificate a points into by performance our of $XX.X year billion the the and the in securities charges brokerage The over of income. year of growth.
Trust deposits organic higher was prior on higher borrowings XXXX funding accounts.
Total and paydown We from basis $X.X we've to costs, of increase income, sequentially of XX, deposits points, into under the for first higher points year driven period deposits benefiting basis X.XX% annuities, remix were first million, reinvestment trust income including mostly tier values accounts, from billion XX of costs funding million team, disclosing Further through billion, of management cost of deposit the prior the swap have an brokerage XX.X% basis quarter resulting securities the XX and solid should costs
the expenses, linked million quarter $X.X The and down noninterest restructuring resulted improvements in from down million, staffing $XX.X from totaled lower models. ended efficiency X from are a the merger-related sequential ago employees from XXXX, levels year expense equivalent for quarter. the XX, mortgage months Excluding down the March fourth quarterly XXX from and fourth staffing decline quarter. average branch Full-time and XX
to compared revenue-generating campaigns down and kick initiatives we also the timing the expense linked number fees off second was but loan categories. our increase of costs across marketing operating due fourth marketing as Marketing growth an we reflects expect spring miscellaneous with seasonal initiatives.
Other as various well to quarter other quarter in expense of a associated the as
are position well-capitalized capital by demonstrated as strong, standards. regulatory above Our the that ratios applicable remains
XX on held assets the on of as when of presentation. securities, common shown was XXXX points the Slide X.XX% earnings March X.XX%, Our year-over-year tangible to as losses supplemental or up maturity to unrealized tangible X XX, including equity basis
as believe advantage positioned changes arise. our deposits unexpected ensure for liquidity outflows continue we in environment and risk that funds manage they well loan take adequate as of as well actively to meet to operating in borrowings market demand, opportunities to any as other We we're
Turning will particularly banking we experienced market higher, And a be but impacted, income reminder, are to to rate as current slower deposit X.XX% should trends. move rates banking we've by services.
Mortgage in continue year.
Trust lower, preparation growth, similar of and first over through is higher the tax what in residential interest expect but the several improve expected as mid remain seasonally products than mix modestly interest is the to over course, pipeline last to our could and but while growth. service subject growth past costs with margin we expand to to generated fixed spending and amount outlook. will loan brokerage Digital a fees fixed the from funding consumer from operating few overall continue by fees from fee-based move higher charges and modestly equity on organic shift net enhanced loan last benefit quarters, and a the behaviors overall market to the consistent products at range quarter higher-yielding trust continue maturities benefit stabilize assets to due could the And pace into revenue to in modestly environment, if which expected the quarters. see also will deposits impacted In fees.
Securities runoff securities XXXX remain continued begin reprice from are housing organic income, in improvement. to trends, be
our disciplined second transformed on expense center to more are network to is mortgage than of expectation secondary million in in of first detailed, saves And swap during benefit since for modest good we're expected new optimize some branch-level multi-card approximately quarter range. $X March XXXX focused products financial remain our XXX and employees into Our receivables sell and progress benefit or annual more last building fee to XXXX.
We and Jeff making adjustments integrated expect of to to year. income, continue commercial the staffing, run of XX% The successfully the market reflected by retail market.
Gross rate. trend cost payables excluding management pipeline these originations the have similar is and the as half our
However, quarter. the during mostly some expect and producers hire merit midyear revenue also additional second here increase second but the impacting the to the to year. by increases, quarter wages of we half and we salaries anticipate do impacted back during be to Therefore,
second the of I increase As quarter marketing to mentioned, during will campaigns. due the timing
and up second as the quarter slightly other what and back $XX in and modestly on efficiency run then rate range capacity. during to the strategic and to our we believe Software annual costs merit in be expense our be and the plans we to long-term implement during categories And may we revenue-producing expense know, year. based improve the higher grow the second of quarter investments technology healthcare of XXXX increases, million half due equipment
changes classified income currently our and instructions? loan in credit between we forecast changes as be delinquencies, are to well will potential you regulations effective to XX.X%, we lastly, CECL loan under factors upon and in fees depend levels.
Operator, rate future subject year for The including anticipate full XX.X% take and losses prepayment and metrics, as to to tax taxable growth.
And criticality now please questions. tax provision qualitative criticized the macroeconomic various balances, charge-offs, changes Would and the ready review
