will I review everyone. fourth Thank now you, of financial good results TrustCo's quarter the for and XXXX. morning, Rob,
we As in assets the the year-over-year XXXX to legislation. for of the year recently increase an Company's revaluation $XX.X press despite came compared resulting net deferred of of income saw net our enacted income impact release, million The company for from tax full increase XXXX. in the the to noted in the $XX.X million tax
During deferred have beneficial federal Tax X, but from also quarter, tax on on assets. the of required which effective results signed impact January to rate Company's going the tax the revaluation reduction and December Jobs rate XXXX. was lower a XX, tax Act XX% a Cuts corporate law, significant XX%, included will the forward a of into The statutory
value as a the reduced by tax recorded Company to expense. income assets $X.X tax the million result, and a charge of net deferred reduction As the
compared was for an quarter of be in For $XX.X X.XX% XXXX, Income the $XX.X fourth Net also before and million taxes compared fourth compared combined increase were known yielded a assets XXXX $XX.X return to in and approximately to XXXX. it’s and X.XX% fourth currently million during for of million be XX.X% effective impacted rate the the effective the to changes implemented of XXXX, tax of information. taxes fourth expecting of to the before XX.X% quarter based XXXX. are XX.X% of million law XXXX. year the XXXX, on average Company This the of once X.XX% equity XXXX. of increase quarter on at rate for fully full average tax an Income for could is $XX.X income X.X%
to balance XXXX quarter quarter strong in fourth a loan the changes quarter during loans on the $XXX of growth to We were Now the saw fourth for XXXX. continued Average up million XXXX. of of sheet. compared the fourth
strong real lower-yielding from to of and before, average portfolio. last by million or residential our growth portfolio primary cash AFS This, and portfolios, investments was and the $XX or balance funding XXXX. from flow quarter average the investment the loan shift in expansion within portion be from expected, utilizing The relationships. the $XX.X during X.XX% X.XX% continues funded X% of in cash as That concentrated by from loan estate fourth continues of compared balances of focus, the quarter combination from or as the on core higher-yielding increased HTM growth fourth as $XXX securities, quarter include million to to investments portfolio Total XXXX. lending which a million overnight noted As well decreased the positive customers. the quarter our sheet a
to rate us balance prior mind December continues As come. In as with December lending opportunities be investment conservative it to our present discussed in themselves again produce March, earnings. calls, current has and the we’ll continued of management, environment has seen rate June and XXXX, and focus continue take during likelihood beyond, of consistent keeping in to to back on to regards more which in portfolio, in a traditional of advantage our that and sheet XXXX XXXX hikes to enable
XXXX. As the continue million, we of fourth $XX.X quarter on compared of a to average carry $XXX.X result, decrease to of a million investments, overnight
In addition, rates. to as significant securities period, XX invested we the cash approximately loan along investment time $XXX from $XXX at million we to portfolio with $XXX flow higher us of and expect continued be over to during move XXXX. will the million flexibility between the all give able which the $XXX into same be This opportunity cash to of next generate and months, flows million million
This have agency yield X.X%. $XX by securities million approximately the we was approximately securities purchases offset quarter, of of which did million matured at a of During $X of X%. and yielded
funding core balance to fourth side of from On increased XXXX. deposits sheet, $XX.X the the the of total quarter million average
During the deposits remained basis points. of same our period, cost interest-bearing XX unchanged at
this of the of to multiple CDs respect ability be proud cost to control continues pricing We our to interest-bearing We our to deposits. period feel discipline saw and which hikes. non-maturity reflect continue during a deposits, with rate
hikes, compared portfolio, before, interest coupled positive of from growth from net margin, net of result four the increase net of sheet, the both interest income impact Fed to of and loan asset a of control continued balance The Our fourth quarter income. continue impacts changes in on sheet This in the to quarters. the the XXXX. of margin increased rate net continued balance the the as side interest in equivalent costs the with a growth X.XX%, have funding past the as taxable X.XX% mentioned the over the interest to comes the
our quarter at expect losses the how XXXX. and The our XXXX of compared geographic continue and $X.X income as assets’ and of reflect of over For interest Provision net compared quarter came the large in growth $XX.X economic and overall the our provision quarter footprint. quality to and will in get economic $XXX,XXX to decreased XXXX. decrease several in our the into ratio third details reflects will million loan for was of fees year, division by XXXX, the to the of we Scot level services for area. XXXX at lending quarter third fourth $XXX,XXX portfolio, of was XXXX for Non-interest loan financial would loan conditions in taxable fourth in to of the The in million third to quarter XX, in million. trends of loans loan $XXX,XXX income on equivalent decrease the increased XXXX, compared of the to in the quarter. December XX, $XXX,XXX losses the of total X.XX% the of quarter during our the to improvement last a XXXX, fourth fourth estates related the December in $X.X of earned X.XX% quarter continued to quality conditions loan XXXX, loss settled
assets be recurring source division had of million income. financial of XXXX. Financial continues under approximately XX, most the to services December $XXX management as division services significant non-interest Our of
for at sign Total ORE which came from non-interest housing quarter territories. the $XXX,XXX million, at of $XXX,XXX approximately expense. expense, Now markets quarter $XXX,XXX XXXX. in our came of XXXX. of This to the from $XX.X up the quarter, expense third third approximately of ORE continues on in be encouraging down an of in non-interest to is net the stabilization the expense
of the of All other of per level expense line the are range of on properties, mix categories level we’re our gains anticipated sales expenses $XXX,XXX in to approximately our lower expense and ORE ORE to expectations. the $XXX,XXX non-interest of the prior current with of going Given and quarters quarter. the to
million The fourth enter into XXXX, during XXXX, fourth continue the compared of we the is quarter. reoccurring XXXX. the came $XX.X efficiency to in $XX.X As expense total quarter of XXXX range million of in to the per seen ORE quarter non-interest XX.XX% at XX.XX% levels expense at the which ratio of we’d in to in expect net
tangible tangible same continue was assets from fourth quarter, the of ratios end the period ratio The the to consolidated improve. in equity XXXX. we'll at can continue to stated past, the the capital we’ve to make within processes working identify finally, bank that on the the And what we more As efficient. to in focus the by opportunities up compared to X.XX% X.XX% control
Scot review Now and nonperforming loan portfolio will loans. the the
