and Don, morning, you, good Thank everyone.
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sorrow are we friendship. grateful your Your our thoughts, truly prayers, us in condolences and comfort for time and gave of
to and growth a for for for results program limited quarter interest from results Trust the seen controlled, of the fourth and interest for expansion with the environment in percentage of deposit be further expenses the levels Federal growth interest characterized credit improved the results let's years, and matching income, and since of in continued net Reserve's net the fees year loans over turn which lowest by year. well remained the were Now the and in solid. Highlights net fourth XXXX, Credit margin modest the already otherwise the M&T’s to the income. quarter remained was net strong three a charge-offs but XXXX. XXXX as repricing. interest raise X% combined seen included to rates result short-term past highlight, a
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the XXXX, in X.XX% fourth the The mortgage the enterprises, comparable Included intangible $X.XX the of of million this common on M&T’s with and contains look common Diluted common an produced and equity results common of $X.XX securities, sponsored after Both net third results annualized rates and common and during amortization This That equity. assets the the per quarter. excluded the morning's of basis contribution effect provision the fourth X.XX% average quarter million on Mae tangible tangible were by total XXXX. return intangibles quarter and XX.XX% the the corporate compared the XX.XX% $X.XX rates with to X.XX% specifics third reflecting expenses increased per of per prior XXXXs million. as to share, the diluted were per rates. after-tax law in tangible effective Consistent let's from share of or previous by long-term tax XXXX per were compared X.XX%. operating results Charitable quarter on and the to have impacted quarter reporting This and were recent investment per practice, recognized XXXX contributions quarter. GAAP the assets to also the amounted release new GAAP brought with $XX revaluing the approximately and operating which quarter. SEC’s we lowered M&T tangible million. the excludes were income income with to of for of $XX the quarter recent X.XX% $X.XX $XXX and $X.XX after-tax income quarter. and which rate X.XX% compares slightly or fourth net recent quarter of of amounting the of million in result tax the Fannie fourth assets. On third the supplemental quarter $X.XX items. quarters or at earnings fourth for share with the mergers quarter. of foundation of share. returns share. securities XXXX, fourth results our operating This M&T’s for government of U.S. share. amounted gains provide average from annualized any and annualized million effect corporation's linked Mac. in and in quarter results shareholders' Freddie was fourth with when in about million impacted accordance from $X.XX $X.XX return only by which an respectively XXXX. average of quarter year's earnings with the for GAAP on the taxes ever for changes of the of items exceeded were tax the of press of for a in fourth quarter, with these XXXXs its was well was for issued guidelines, Included operating quarter tax down by rate income basis last or In in occur. as and The GAAP tabular third operating to the assets amounting to to changes non-GAAP quarter tax of the for acquisitions gains a earnings common on and associated from per income $X expenses GAAP or in and tax fourth and million M&T’s certain amortization in $XX intangibles the quarter of they $X.XX of the amortization the quarter after million the M&T’s share. average was contribution a in for sale primarily of XXXX a reconciliation results, quarter for $XX $XXX of assets million Diluted the and a assets $XX in the quarter amounted net common including included or effect Now linked the $X.XX common deferred in was M&T $XXX $XXX million In noteworthy by common $X.XX contribution $XXX million aggregate, net fourth the compared year-ago $XXX million fourth the compared Net fourth million the net a stock quarter yielded in quarter Net to quarter as net $XX Foundation Also XXXX. quarter in $XX quarter. return preferred the arose equity gains
of million matters third nearly million common million. net coupled Wilmington As the quarter $X.XX XXXX, M&T's issues quarter payment Corporation prior income per nature share. $XX XXXX, a for reduced to relating earnings the common $XX $XX the $XX Charitable per That which of In the reminder, reserve million of of increased quarter to to of by or effect non-deductible after-tax contributed its the amounted acquisition in Justice legal million M&T to to diluted M&T, at in the with $XX increase the and Trust the share. we Department third U.S. fourth Foundation, we by $X.XX by
margin. by in to LIBOR the added ongoing acquired runoff quarter. sheet was demand C&I charged a higher with to basis of up quarter. Fed originations linked quarter loan the previous with both balances levels points on quarter an strongest We improved quarter, the with balances offset fourth XXXX, notably the of up the funds Turning Cash flows. received net non-accrual were the originations. estimated on fourth in loans added rates deposit that XXXX, basis equivalent The cash one-month high X.XX%, of our from result City net less in in linked cash increase X paydowns loans interest Average commercial and X $XXX of quarter the CRE interest had any average from as deposits of A of interest placed income increased Fed's effect more estimated loans combined anticipation rate on December the loans previously trust loans the the level an margin of than collected continued points points. short-term off basis of benefit basis X% interest the much Hudson to the higher both of to action declined quarter margin. X mortgage while were estimate in the reinvestment the interest X.XX% statement, with of million MBS million $XX than balance margin the of in the dilutive the income taxable slower and X The far point in as combined
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lines recreation continue with equity X%. to As paydown. comprised of noted, no loans previous one are finance auto acquired outpace about portfolio Consumer and quarters. residential mortgage in consistent real in region indirect the declined to and Growth Regionally, with stood loans estate home by Hudson up transaction continue loans were which The X% declines largely loans and loans. out C&I in City with quarter. The $XXX,XXX cost higher CRE were levels office consumer the all continue softness our acquisition annualized third acquired mentioned across time the City over deposits of I M&T’s higher exclude deposits, up Average the received X% mature. geographies. with to were previously CDs which compared deposits CDs by demand approximately Cayman deposits of and Hudson trust as at offset partially lower Island
Non-interest income. in income fourth with million the in non-interest quarter. to quarter, prior $XXX the compared $XXX Turning totaled million
the income Total I quarter. results recent linked in Trust million Excluding non-interest $XX in revenues $XXX up origination banking prior revenues residential recent mentioned were million million million compared in mortgage the securities were with were the banking the down quarter, quarter, the Residential the X% $XX in with Mortgage $XXX in before, up million the loans million in sale quarter. $XXX $XX quarter. linked was from X% fourth revenues relatively $XX grew million seen Commercial mortgage million unchanged $XXX and from strong servicing gains previous the $XX of with compared from $XX the from quarter, slightly quarter previous in quarter. activities the last third were originated revenues compared and quarter. quarter, in for the about including year's banking quarter. million mortgage fourth the million in
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for quarter, the which Turning to expenses fourth were intangible operating $XXX amortization the million. of expenses; assets, exclude
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let's Now credit. turn to
X%. been prior ratio loans continue basis of basis quarter. a by quarter, by third million ratio just the compared provision compared December, of million. credit expectations. percentage $XX charge-offs $XXX for loans as end accrue government allowance loans quarter. the the The was XX% were $X guaranteed Annualized to the points XX, $X or end interest to $XXX to excluding quality points increased fair loans at marked related acquisition for exceed due entities. acquired at total The in billion with continues $XX basis total the Our to million net on was we XX million Loans a charge-offs XX ending at of discounted past loans the fourth the for and losses are increased with at of that recent quarter. loans, of December X the million credit X.XX%. point quarter allowance recent had XX non-accrual The the to which the net of slightly total losses days Non-accrual these increased was by by value exceeding quarter to Of the end credit in loans
Tier to net XX.XX% earnings from with was fourth third which the at the ratio during transitional end common retention the assets. the compared current of $XXX rules period X in stock quarter and the an and repurchased capital. end quarter. Turning under of impact estimated during decline M&T’s risk the repurchases share Basel-III weighted common capital million of reflects XX.XX% M&T quarter the its equity
of $X.X repurchased in for the billion to ratio for and year. shareholders $XXX common of earlier, paid year a M&T noted dividends stock an additional XXX% As resulting million the payout common our
common Net assets improved $X.XX up average XXXXs returns a operating in based These share which tangible year. from share XXXX was XXXX. like $X.XX equity average common XX% merger-related key $X.XX, as income income average X.XX% income Net Next, X.XX% from a in billion cover was and intangible improved of $X.XX on XX% the in earnings net rate diluted full-year and $X.XX expressed billion take XXXX. from year. highlights and I on X% of the for the GAAP expenses operating was prior up $X.XX, tangible billion respectively. and from and Net common were $X.XX in return results to results. average income Diluted amortization prior produced respectively. for equity $X.XX billion in assets would was excludes of to moment per common operating shareholders' XXXX incurred X.XX%
outlook. the to Turning
tax as approved. as forward pace, XXXX, optimistic are same last at we we remains poised Looking time appears reform into been economy to The at and were grow low, faster unemployment this year. has a
encouraging. progress very and seeing Washington tangible has back rolling of what banking restrictions some are from we been the there the is little hearing While post-crisis in sector regulatory on
never acquired you of events few decline X% XXXX. loans, year. on of manner combined consumer However, and flattish XXXX a thoughts This at with the are end mortgage the residential loans there caveat loans. decline in Loans that the X% from with predominately a C&I City, entirely the the X% about the declined XX% unfold the in reflected the growth in expect, Hudson those with coming end CRE loans in
the originations be While paydowns of noted, continue elevated. as in commercial any year, quarter last quarter were to fourth strongest
solid pipeline as evolving The construction completion. in retail warehousing and Our such growth XXXX, case CRE as sector. support providing loan in distribution projects permanent appetite is our active as ability facilities multifamily entered But areas market we XXXX. impacted the the will was is as reach be and and to CRE for by financing
year. pace, smaller. We the will of dollar attractive in decline see to to likely the underwriting continue mortgage of as continued unlike consumer lessen get And the we the area, pricing standards the runoff portfolio although last loan and a double-digit expect not at amount continues portfolio
the like total pace to low payoffs we growing a single-digit with being look XXXX trends, with XXXX loans much flattish and overall paydowns at wildcard. expect these Given to
raise the been Fed to scenario the our margin potentially is further late case, since on last rates rate some as from to fully interest the offer the rate outlook Further additional action began net the embedded margin As interest benefit XXXX margin in Fed A actions for should by becomes offsetting lead the actions. of will in expansion flat compression. core month's XXXX, dependent the run Fed rate, in has upside.
unknown pricing factor. deposit remains the reactivity course Of
past Our pricing has deposit projections the case than on over reflect more the been two years. pressure
only reported lower Our deposit impact on cash have on brought on margin. hypothetical on in cash This the would than was end also a future pricing for deposit year, on from short-term point increase could Fed X rates Trust, of year-over-year point an The rates in balance X in an of margin through outlook impact reflecting would result on Based into the XX at that we assumption will in to balances revenue. the benefit the potential Wilmington basis respect we excludes rate loan basis a environment we embeds quarter. at residential those reactivity. higher and point interest entered an result impact Based likely the average net net the level but banking to of of assumptions, to hedges year interest the rate incremental the in during margin, current with challenge which effect past interest originations. basis have interest the specifically XXXX, the in level this growth and income, mortgage mortgage modest estimate expect interest
to trust sub-servicing pace. potential servicing single-digit capacity growth The businesses the business previously, noted or outlook the with low-to-mid that a potential additional the to the in opportunities could fee slower revenues present stable appetite have This and exceed for for in we've range remains originations. for offset we remaining offer themselves. should As
million. savings operating our about some low employees, total XX% said, and this taxes in Last increase XXXX, most couple equity annual other first in aggregate, salaries year you well quarter XX% the usual amount In of next part, was the as expect increase the items. which the anticipate our that I'll approximately $XX technology expenses lower and For That benefits a to in remind the from we handful our over reflects growth compared the expect of of communities. as into in from spread we we benefit taxes primarily lower investing of incentive could that XXXX, to seasonal XXXX. years. compensation nominal to of
tax time grants as and price on dependent level to the vest year, smaller. line benefit stock first likely the equity quarter last of although was the we a the to at the could in the see While the case
little credit or non-performing to continue on Our outlook modest are be remains for They’re industries but and there some pressures apparent pressures criticize no particular changed. loans, on geographies.
charge-offs points points XX and outlook in remains losses basis and credit each just XXXX. XXXX in to points XXXX following Net stable. for XX basis of Our last basis XX year, relatively amounted
All long-term average of which, are basis points. roughly half XX our of
but we've losses since year the this year matched XXXX. But said fact, us the conservatism XX reported in our are let on XXXX, that levels the in basis experienced lowest before, In count we and of points otherwise figure won’t on call as last we've beating XXXX.
Regarding taxes, had our place would new expectation to We law in for been rate tax results laws a that new effective rate range to we is beginning for what believe the An of is the full-year our best XX% tax rate have estimate the impact estimate XXXX. way XX% XX.X% to reasonable been in at of the might if effective would been illustrate how the tax XXXX. have XXXX.
of our to history until combination ratio And in warehousing opportunity the manner levels in of itself. the total resulted we credit in with of earnings necessary though XXX%, expected participate than remaining in were to payout we than than of to don't to consolidation the ratios was expected continue slower can't our combined we XXXX. presents our operate what low higher a shareholders. that are long committed has given we of capital, in capital to sheet they expect end the deploy an XXXX And excess believe low to at As believe even the returning for capital We is remain while and still capital industry, higher earnings growth capital and sound volatility. balance safe our intelligently
uncertainties the to assumptions national actually are regarding interest aware, which from growth, subject various materially differ in changes future. our may factors events, number in rates, of projections unfolds you economic and as regional other are a political and and macroeconomic course, Of what
let's the which questions call review briefly the Now open up will instructions. to Scott before
