Curt, good everyone. Thanks, morning, and
loan increase Turning businesses. growth both from $X.X to increasing stable increased or at contributions can balances Slide with growth the XX% as and in below expectations continued future billion of X% growth X, historical borrowings. Utilization be commitment indicator and Commitments, broad-based exceeded average with a good loan outperformed remained remained X.X%. which averages
commercial by pay-offs as and A pipeline. between we of or contributions slowed increased equity XX% with Class pace in fund in we Loans that estate the well, business in and of Consistent the was XX% growth the already construction significant developers costs. the industrial our real nearly know million built our selected projects multi-family $XXX large all providing averaging typically nearly projects strategy,
low a conservative stringent we we approach migration. to this loans environment. current results believe remain and operational a excellent. our quality years our Credit negative of of proven to and signs navigate With bankers the continues appropriately positioned process, monitoring, in portfolio that underwriting, credit average portfolio XX no Criticized be consistent meaningful see experience, in extremely
$XXX over as continued our million and grew of result activity loans services dealer relationships customers. National new a by M&A
management, slow supply levels wealth and auto banking, exited We consumer industry improving, and throughout and dampening in also increasing to XXXX. rebound loan entertainment levels to strong inventory the see anticipates continue growth. a Corporate significantly to demand chain with inventory continue our
depressed inventory, quarter continued mortgage reflecting as Loan the seasonality, the lack remaining levels forecast through loans potentially for rates, yields banker increasing. pressure before higher rates. the basis to normal $XXX to from benefit primarily MBA showed interest average points XX X.XX%, first at quarter. declined increased and million of volumes Elevated housing
as average their Slide to and On seek deposits utilize continued funds X, higher in customers declined business yield.
billion. However, bearing balances hikes. interest pricing the as we expected as increased the Fed conjunction strategy aggressive period to under in quarter rate better work we than with end adjusted $XX.X deposits The
business While and preparing we attributed largely to quarter. make did in first as such the deposits bearing with in in uptick we the non-interest modest traditional seasonality spike a see activities customers elevated payments distributions tax year, to
future to key of timing stabilization. believe to FLMC monetary continue deposit are actions We the
Our in overall average non-interest mix our bearing reflecting orientation. remained deposits, favorable largely accounts commercial with XX% of operational
strong loan historical XX% to was position average. Our a deposit of liquidity below ratio with our
Beyond and securities bank deposits, have home efficient [ph] deposits] support growth, we capacity lines. channels loan significant portfolio such [over for and repayments in to loan borrowing our including federal
actions the Interest costs quarter. averaged reflected bearing deposit XX taken and pricing in basis fourth points the
strategy $X.X the full will balance environment. third Average objectives to with quarter's adjustments. continue declined dynamic portfolio reflecting our quarter our Slide primarily customers' needs funding balances X effect the and on securities billion, to Our pricing in mark-to-market the rate
period-end. growth. reinvesting rates not loan are adjustment addition, Relatively in instead for stable a those In million resulted and mark-to-market paydowns of repurposing long-term funds at we positive are $XX
value, not but net affects our our loss billion ratios. book of Our unrealized pretax capital total regulatory $X.X
mostly losses for as we to purposes, portfolio which securities unrealized case the maintain hold available maturity we reporting not impact these While sale, income. for in typically the should
securities. MBS remained yielding stable in purchases a reduction quarter, securities due third to size, higher pay lower income Despite yielding in relatively portfolio replacing the the of overall the down
growth X, to while $XXX interest basis million basis million loan points. million points net benefit and Loan and a X Other XXX $X successfully interest the record basis higher The portfolio market rates from to maintained the increased pricing added we point, competitive, have XX and XX income or added added net to remains increased basis Turning Slide the million our and margin. discipline. $XX income million X dynamics lifted $XX margin points.
was As I income mentioned, securities stable. relatively
on basis deposits million partly to and while XX basis as deposit million, added subordinated income. the interest $XX higher X far million by the As impact. debt benefit $X the lower debt provided $XX added had rising a rates to rates wholesale Higher of reduced point. a margin. by rate to Altogether, net income our net offering lower floating offset [ph] rates August to in addition pricing of Fed, Adjustments million] our points [$XX balances balances
$X in our Credit quality of criticized remained recoveries, and with already excellent Slide outlined reduction net a low non-accrual XX on along loans. as with million
modestly to million one allowance fact, economic were history. forecast loans the expense inflows up for only $XX of growth drove to provision the the levels to In the $XX increased weakening and recent losses non-accrual credit and in Loan million, X.XX%. lowest
million consistent we as model on manage base, $XXX was is was return million and equity the diverse rate increased comp, in believe well-positioned are Slide in impacted our income by and robust relationship the which environment a offset $X customer Non-interest volatility as approach, Deferred With a well million, and to disciplined to XX we $X for markets. generating at recessionary environment. expenses, our quarter.
drove Visa Class on positively the the management million. settling brokerage in to in income earned internal [variance] with funds increase the derivative $X swap all portfolio up B car return rates The our risk associated and quarterly Higher with [ph] along total contributed quarter.
favorable strong recent CBA there was which derivative is million customer from a $X volumes expected, activity reduction adjustment, quarter. As the a million from $X and third slowed
Fiduciary fees offset in fees deposit Deposit were balances. to but by they treasury than with and and set fluctuations, related of income decline service equity a promising earnings income we by positive had charges a more level fee reflected product negatively was strong impacted associated delivering returns consuming million. management, solid lower with credit growth momentum non-capital BOLI this have potential. Despite of a seasonal quarter's $X core higher
and objectives $XX our on XX. better an progress estimate due achieving to facilities, below enhancing expenses centers, consolidating quarter, previously to the is and significant made In asset provided than our all, important million incurred the banking in we we which and severance milestone modernization Turning Slide technology. migrating towards for expected corporate expenses We write-downs.
quarter fully compensation, is the and reimagined. experience. increased legal growth In our which further and non-interest fourth talent successfully invest offset, our products, with in future in elevating million. and with business driving T&E, retail in deferred were attracted customer expenses revenue strong initiatives such Increases we and continue correlated support marketing modernization the of initiatives, as activity $XX Excluding to
investments our to landscape, regards and Foundational making more enhanced this as as in nimble well infrastructure controls us evolving technology development. with in compliance
salaries pressures of and solid a in We with related successfully ratio inflationary accelerated increases investments including balanced we expenses. efficiency recent occupancy, and marketing, Overall, have pressures, staff seasonal saw merit resulting other in growth, some increases and for and revenue new other XX%.
for needed ratio loan With details increasing management. XX estimated Slide strong our an capital record generation CETX growth, capital XX.XX%. on provides our capital earnings, outpaced to
use as growth, closely and our and our XX% target capital always, while support return attractive priorities monitor As our providing shareholders. we strategy. profitability, to approximately credit to trends dividend loan to repurchase an customers We drive share maintaining of balance our and our CETX with our growth,
benefiting was the strong increased from profitability Our X% equity and OCI minor. from common losses impact
losses, per common that increased the equity tangible Excluding Also was our share equity X%. note our AOCI ratio common over X.XX%.
increased However, X.XX%. excluding to it AOCI,
XXXX on XX in assumes environment. for outlook change and economic Our is no Slide significant
We The momentum lines, growth at be should X% to and strong our X% average X%. to continue each X% growth across all loans year consistent in increasing of produce of resulting expect another of relatively loan quarter. to pace business
operational to X% deposits X% We as customers decline expect or deploying seek options. continue higher average to yielding deposits
only a then fourth projected anticipate year-over-year, move decline stabilization deposits X%. followed through are partial to as to the in the and [or] a rebound X% We Comparing we first quarter down [ph] by year. be quarter seasonal
continue we [indiscernible] of influenced will mentioned, to deposit our monetary timing policy economic scale previously activity. As and by activity and the believe be
With levels is challenging. very this uncertainty, forecasting deposit
strategic an As very by interest-bearing be actions. expect we year-end, favorable. to By pricing at XX/XX mix closer project to we deposit we look mix, historical driven still our growth
more continue far we quarter. and that, As to modest full funding relationships, the took be as first [indiscernible] customer needs. the on actions impact fourth dynamics, as pricing, quarter competitive from in the after we rate quarter to reflect And we our expect focus should
full-year We project assuming to benefit rates, the up and XX/XX we reflects XX% are over forward strong level, our follow income, from the record XX% rates net higher interest curve. XXXX which
fewer deposit impacted actions. be by outflows continued days will two deposit and seasonal pricing quarter First
loan income growth interest net as from with expect We expanding new the customers. and rising benefit year increase to continue conjunction through acquiring and rates we to in relationships
points. XX remain normal Credit XX range we it at has excellent basis quality forecast been our of net we and expect the lower-end strong. to to points basis charge-offs Therefore,
performs economy with our credit gradual the metrics expectations, in-line our a level. normalization Assuming in and we reserve expect
wealth to payment and projected income fiduciary card income Customer to X%. benefits platform. our our income, non-interest from is grow due increase to which related in investments management expect particularly We strategy in
management was an in forecast this XXXX, position. income Also, our income hedging not will Note, assume rates as we an increase over Deferred in comp vary to time risk $XX we related which move. drag will million internal repeat.
other hand, saw to in not that we volumes are customer the expected derivatives On continue. elevated of XXXX
have and are a believe over we to level However, they stabilized at strong grow time. poised
A reduction commercial NSF charges our to deposit adjustments our is account in an and retail to fees. in ECA due service rates expected increase
We million $X a $XX to million CBA to approximately also and does rate repeat. returns of assume a benefit not [ph] [Boeing] run $X the historical million quarter
not $X and the will and million of seasonality syndication expected assume quarter comp First by impacted is deferred quarter fees in we repeat. fourth to be
half as loan up. the to activity, fees, the products of and expected year stronger first hard other second The is syndication derivatives, than be trend
to million comp expenses in adjusted the deferred or on in are not basis, does charges modernization in pension, million benefit $XX increase XXXX reduction the Our excluding expected X% repeat. $XX X% grow a $XX assuming and million an
in processing merit Drivers activity and higher and as related generating million as Further, well include outside inflationary levels card. growth other as and staff increase $XX revenue higher to pressures, costs. increase expenses the of FDIC tied the we annual such a to in estimate software additional X% cost
by to normal comp resetting be expect to levels. We these offset headwinds partly performance
expenses, other and with performance these legal seasonal in expected comp, expenses the decline as to advertising that insurance, and from offset are fourth be as decline quarter level costs. to staff declines modernization in well stock lower are Annual deferred to quarter partly elevated items expected an expected reductions. as compensation comp, First such is
increase remain to to efficiency evidenced and the below be half expense are XX% more prudent forecasted ratio Remaining committed including are to modernization revenue the expected We investments enhance towards we efficiency, of management, second expenses weighted XXXX. making XXXX. for by
drove XXXX. summary, In in generation growth loan robust fee we and
benefited returns. reduced strong we while ratio, from and delivered We addition, managed hedging and and rates credit, revenue our In expenses. deposits, generated efficiency strategy higher and record executing our EPS,
strong quarter XXXX. fourth Our positioned us has a well for
Now, to I'll back call turn the Curt.
