Curt, and thanks, Well, everyone. good morning,
use both Lower into the and soft on downward projects where deposits in trend while services, estate construction utilization carried continued balance private lower. invest multifamily and we demand, activity.
Conversely, over customers observed commitments business sheet softness we intentional loan when coupled in to industrial in funded utilization in commercial their fund efforts managing XXXX balances. equity average drove from debt Impacts X. market repay equity to where Slide continued to quarter, real middle pressure trend and was with and first higher a Turning management as
in growth.
Slide decreased As of throughout quarter, in brokered time real almost balances general declined commercial but the together and we services saw attributed the was our offset we equity look by and month-to-month steadily expectation million stability modestly which Average were support entertainment market, million, declines increases middle technology sciences, base. deposit deposit retail. increasing life deposits. our balances $XXX and lowering and a estate to only pipeline, highlights $XXX Otherwise, for fund X largely
growth balances In in with small pre-March both nearing retail consumer. and are levels XXXX business fact,
of competitive for remained noninterest-bearing XX% quarter both the exceeded interest-bearing a as noninterest-bearing mix advantage, Our and balances averaging expectations. deposits
XXX elevated to higher anticipated, to As continued points XX%. deposit rates basis cumulative pricing beta drive a of and
has the to for quarters. past continued However, the of X it pace flatten as increase
and competitive results. deposit this were strength, encouraged we a quarter's Our remains by profile
As over in to in capacity. billion shown were wholesale on normalized our repay $X alone, able X, while liquidity funding Slide And we quarter position. we significant this retaining
portfolio a were interest us strategy signaled last as $X Investor liquidity billion the we for and incredibly our issuance XX% and X our interest the proud to high our liquidity in more loan-to-deposit going proposition. proved Over a to effective, balances adjustment was execution from added normalized remained issuance then position Comerica. the in curve. and and navigate us value effective million continued on high-return record which decline late as our market was debt of progress towards ratio our forward paydowns maturities activity addition our methodically January, volatility higher year, a to stabilized.
We At below our in $XXX Slide growth to target, mark-to-market XX%, positioning negative prioritize loan with medium-term in market securities normal forward.
Period-end
in the quarters. coming over continued expect decline We this portfolio
deposits higher balances offset pricing, Turning to Fed loan driven decreased X. million million funding. partially $XXX and Slide deposit $XX by income Net wholesale lower lower interest to by and
overall interest income to favorable exceeded contributed trends, deposits also million deposit FHLB with deposit net decrease, accretion, beta $X balances outperformed a a noninterest-bearing guidance. quarter-over-quarter advances, and noncash lower expectations moderating the lower While
Slide XX, successful decline As positions XXX insulated interest considering while average interest sheet we gradual our a our balance our the and maintain rate dynamics, strategy basis to position for basis composition of securities or points us points By our strategically shown of portfolio, over on favorably rates. sheet in and on XX execution swap managing balance time. intend
the a listed cessation flow impact ongoing with associated the notionals the does slide. reminder, on As cash swap BSBY not
noncash income accrete losses in took coming and with will the first we back quarters, XXXX we them While XXXX. back majority fourth the net interest in and into
the included have net the appendix BSBY-related fully income we redesignated remaining modeling. impact that for your interest Now we swaps, have quarterly in projections
Moving to Slide XX.
portfolio to lower positive swap attrition expect overall the Scheduled forward We earnings momentum. of XXXX. and swap XXXX, of the remaining we maturities end create the securities swaps starting expect outpaced our By in point and a notional billion in end creating and a tailwind by maturities of portfolio, income.
Within basis XX expect interest approximately balances XXXX. increase in yields $X net for securities the repayments swap we our
debt this quality reinvestments trends liquidity redeploy Slide of on may that partially to to interest middle of from we drove higher points the remained customer and below these general we charge-offs rates Altogether, profitability substantially fourth to and ratios, already senior portfolio, earnings benefit expect XX portfolio migration in which service pressure quarter, some Although declined range. trajectory.
Credit the at our continued offset as our in housing. were expect rates. basis which Net strong by Elevated highlighted be market XX. normal
is yet included to recourse loan now construction impacted we of a ongoing below redesignated by in orientation, averages. Our tailwinds, fourth line be $XXX a also million the BSBY increase quarter. impact do in million with we Overall, a compared with and geographically manageable. we the potential expect This remaining very total our $XX diverse to Slide designated. the remained since normalization swaps, related limited have senior XX, million loss an related And housing and not first still the BSBY hedges noncash over new portfolio the we And allowance will positive, and manageable.
On quarter migration volatility not fully income and income for portfolio Ameriprise trust losses macroeconomic cessation.
Fiduciary remain well accounting impacted continue think our risk was very has of accrual to associated time. trends Ameriprise BSBY to adjustments demographic in increased, and changes historical by expectations. partnership in mark-to-market trends been with feel revenue the to but on we Total noninterest design X.XX% exposure credit for continue and closely, favorable can growth monitor to while loans.
Nonperforming is transition. meaningful additional resulted this assets Initial remained we $XX feedback drive believe
and rate $X item fees light to on to charge first seasonally was in an had but a income vendor quarter $XXX offset we repeat.
Expenses million incremental markets additional the Slide benefit in million contract, We capital expect as XX would the included quarter. estimated derivative quarter by million were the declines fourth interest not FDIC syndication higher a products. miscellaneous taken to assessment, special $XX in related First energy that
estimated to of occur and identified expenses of Further, expect capital we highlights colleague support announced year.
Expense the and second actions with as seasonal with will be labor in remain line last our to recalibration expense throughout Excluding and focused quarter. conservative benefit quarter which compensation, closures position for pension lower separations expectations are and investments compensation. keenly offset our by this expense temporary earnings.
Slide XX.XX%. deferred we on categories underway, center majority overall consistent stock saw severance We saw banking partially enhance management grew to most and across assessment ongoing in XX declines the CETX the expense, performed lower we quarter.
Generally, the the
AOCI AOCI CETX equity assets, we common regulatory higher rate to above due minimums below adjusting $XX already movement, opt-out losses billion our and for tangible was buffers.
Despite Although unrealized are the required increased the to in the estimated X.XX%.
losses unrealized as swaps mature volatility. near-term but curve time securities expect to create and rate the to down repay over continued We burn
and As AOCI I movement and monitor regulations on capital earnings call, we they to mentioned to our approach management plan a favor conservative evolve. as ongoing last
loans year.
Full XX. loans constructive an and average lower With expected full average year sentiment broad-based X% for year. improved XXXX in is supporting the down quarter down X% new in average remains average soft Our due for signs X% decline and deposits projected growth. be second of to optimization higher demand to outlook to X% level broker point-to-point. second of in from or XXXX the expected deposit from X% the be March XX anticipate to flat This are represents still half X% first to deposits we our and our customer Slide still curve, growth time Despite quarter, assumes customer to flat X% down efforts the outlook to on year we to in largely pipeline, X% see rate project point-to-point XXXX. the We
Excluding deposits, expect deposits brokered exceed XXXX we XXXX. year-end to year-end time
Our movement performance income year-over-year reduction Strong the net interest despite as outlook largely rate betas, as in the deposit XX% well deposit unchanged offset remains cuts. the moderating of number in curve. down rate
of number and point the second we forward the clarity, curve to market a of in rate consensus the most CPI As half cuts April the reflect published year. X used recently XX reflecting
month, XX projected in our push As income conference point to I do migration last the we move manageable. normal does X-year into curve expect mentioned the significant.
Credit movement guide, in not we continued at into rate forecast you our be strong, quarter. quality the can trough expect net But decline to a of basis the see as interest We second and since to XX/XX remains lower charge-offs be our range. half net XX to quarter-over-quarter
as expect when be XX. year-to-year X% on for income to detailed would grow BSBY adjusting to X% Slide X% basis, We reported which a Ameriprise down noninterest and on
year.
Full expenses higher most second the curve, X% is to throughout for remain growth are reported to the and and customer-related special forward strong, fee noninterest categories grow and after project in quarter decline expected Ameriprise. X% management expense With in recalibration on risk a income expected assessments, income adjusting we the but basis year FDIC
compensation in the of due $X for from see the to savings the quarters.
Projected benefit expenses always, to our down of should we seasonal quarter this come to throughout expect and the deferred year. first assumes related second recalibration part efforts compensation quarter remaining As
and compliance investment strategic continues regulatory to rise. management remains and for framework Continued a priority bar the risk
trends, saw in in first we well with items, tax projected to we So discrete to by working the maintain excess loan discrete We we quarter, these rate and for full are tax of pressures. XX% increasing benefit self-fund XX% the expect excluding year.
Even projected target. our offset a capital
put to of monitor share We we the path us will take evolving good our business. deposit on environment to feel we volatility the continue conservative about to of repurchases. approach very favorable AOCI earnings continue a a trajectory start trends year, Overall, to as regulatory and and the great
call the I'll Now Curt. turn back to