and Brian, everyone. you, good morning, Thank
first Bank. of to XX% results XX%, first positive our strength balance United sheet year-over-year. with position Our into quarter, revenues of over the as grown $XXX well million People's impact reflect liquidity and year's as quarter last have translating the merger our Compared or operating leverage
average. below ratio first long-term year billion. CETX Credit $X.X end our the since levels remained with to revenues net XX.XX%. net quarter last than with charge-offs more to Pre-provision still doubled have remained estimated solid at the Capital strong
to or per Tangible $X.XX per dividend common our share. quarterly the approved which repurchased share represented X% During Board increase $XX.XX common share common to of $X.XX in in X% the and we shares increased per share. the quarter, an stock, equity per outstanding $XXX million common X%
The X% United tangible time in only in the addition, pleased closing and history. rate. marked dilution back has largest and our acquisition. book of have the already. acquisition anniversary at X were People's the earned the announcement. the of results Merger In expense of of realized been synergies company's costs anticipated April the now We're one-year been the value was Targeted with are run less than largely
the As result announced. on those have return these, at of the was EPS above, the investment the a exceeded and time expected deal accretion
Let's $XXX basis, average on annualized X.X%, take quarter. in the of with X% of was results $XXX return a were common XX.XX%. earnings compared million, per on of first $X.XX GAAP of assets results. of and equity the linked lower quarter look the On quarter average GAAP a income fourth the first at rate the XXXX. common quarter in of produced the Diluted share for an XXXX, million annualized quarter down for than M&T's Net an first quarter rate X% $X.XX return
per the This assets compares the expenses Included previous million quarter. quarters. share $XX $XX in quarter, in in GAAP to intangible with of amounting $X.XX and after-tax in of rates X.XX% sequential were common the the amortization and from first in respectively, representing million results quarter XX.XX%, both
this to to translate of common merger-related These or There $X.XX $XX results. in million acquisition were tax the $XX first per the quarter's year's no related quarter. GAAP in merger-related were expenses Pretax included million charges expenses merger-related People's after fourth United share.
long-term results and morning's as mergers Consistent with this earnings on better including as or In net provides press assets GAAP of and contains or well institution. practice, We M&T results we expenses a picture our investors of have only reporting a release of effect with with gains tangible of ever reconciliation associated the information non-GAAP of believe after-tax provides amortization the acquisitions. basis, the its assets from and accordance a supplemental excluded this tangible power any with the of intangible which SEC's operating guidelines, equity. long-term
intangible in merger-related $X.XX earnings which common income Diluted quarter, the linked amortization and for first net XXXX's the quarter the fourth $XXX with million the for were expenses, per operating down quarter. quarter. the share was net operating compared $X.XX M&T's excludes recent XX% $XXX from in million,
income in return in comparable operating yielded Net and shareholders' and average XX.X% were XXXX. quarter. of X.XX% average annualized tangible The the and quarter of rates of assets returns on recent common X.X% equity XX% tangible fourth the
fourth Insurance materially net M&T's included as M&T of netted and events. impact $XXX and noteworthy were the not sale These This foundation. well XXXX did net of a charitable to As by earnings million the operating a income. certain $XXX gain Agency impacted related quarter as reminder, items to GAAP the a for million contribution collectively
two-day driven a quarter of XXXX, slightly largely into average interest-bearing billion our income, million the The decrease calendar volumes net quarter. by our underlying we'll a net generated the impact liability asset net deeper was million $X $X shorter volumes. and take $X.XX higher linked earning first offset trends from $XX in reflecting million Next, partially of lower results. higher a dive Taxable program was $XX interest quarter interest first from million by positive for quarter, that income hedging the the below average
basis points. to borrowing, negligible This from the the the net assets, the offset from had X.XX% other margin a partially basis which impact earning margin higher impact for primary points. factors The on decrease deposit was funding, we basis a was the estimate impact margin. added quarter XX level the by of XX we The the by the net which on All X.XX%, quarter. the rates reduced from was in X estimate interest points margin linked higher of driver past down of
leases $X.X $XXX billion billion during quarter, or the compared linked and up loans X% to average were the Total quarter.
million by floor Looking growth $X.X $XXX the of X% dealer balances. and at loans fourth industrial an the increased on $XX.X to $X.X commercial or average and with being leases billion loans broadly compared based billion basis quarter, average in billion and to category plan
million essentially flat. estate $XXX $XX.X The by real construction to lower was billion. average were balances permanent quarter, average or decreased as largely loans decline driven mortgages loan first by X% the During commercial
about average million loans or up loans X% estate $XX.X due Recreational billion. quarter. flat about of million $XXX the were increased retention real timing or were million $XXX growth X%. grew to of increased to $XX.X sequentially. the End-of-period consumer driver or the to prior Average main these $XXX the be largely finance balances to balances loan and Residential throughout billion essentially continues loans of originations X% by
billion Average investment securities. due billion and $X.X to earning in interest-bearing the X% at and excluding billion growth deposit increase or average on assets, the average cash loans $X.X $X.X Reserve increased Federal in
The quarterly from decreased interest-bearing the offset by borrowings billion decline they long-term issued average came cash have million the reflects than $XX.X and during the the initial $XXX sequential year, of quarter. balances growth Although this to our higher balances, during cash first projections. loan in drop proceeds quarter in partially in deposit
with and deposits Consistent declined outflows, expectations normal our seasonal sequentially.
However, the slightly was deposits. remain expectations $X.X earnings call. focused January sequential billion than on the decline better We X% average at growing or our and retaining
reminds mix changing leading base. experience for Our deposit us prior within environments a shift in deposits rising and to expect the to customer behavior, competition increased rate
time sweep Savings operating first and demand balance both During distributions. average Average out off sheet was higher into well deposits movement billion. declined $X.X shifted decline XXXX. owners sheet a and on accounts of $X.X commercial deposits on-balance sweep make net on average accounts as into increased $X.X by return business checking billion interest-bearing $X.X increased $X quarter, accounts of billion deposit the their in during quarter the declined first deposits $X.X as deposits to the billion. and billion excess two-third as balances and those earn increased offset deposits a balances billion of to Almost noninterest-bearing where demand
time declined a activity billion declined quarter deposits. deposits. sequentially and capital declined the almost as escrow consumer declined and in growth billion. Municipal brokered average billion balances net to factors previous fund million a $X.X impacted million outflows in the from following first due by were Average CDs balances lines Lower They increased entirely levels Trust $XXX of for of increase also $X.X markets $X.X the deposits billion partially and $X.X quarter. demand $XXX in seasonal million. Turning in $XXX offset deposits the during business. average
income noninterest $XXX in million quarter. Bayview million linked compared year, Group during Lending normally Turning first M&T in million the receives this $XX quarter. income. totaled in $XXX with in an the the from $XX of XXXX million the first first quarter year's last quarter the Noninterest to distribution was and distribution annual
quarter last million fourth $XXX the included sale of year As Agency. earlier, M&T the a Insurance the of gain noted from
after customer two last were on noninterest or October million The quarter. reflects Excluding up sequentially. charges was $XXX sequentially. flat fourth quarter in X% waived these the quarter fees charges recent the million income $XXX to in accounts $XX deposit were Trust full compared year. items, million was acquired $XXX Service these million of accounts service of on November in primarily a increase of deposit and income
up compared in prior were banking revenues the in business in banking $XX the quarter sale Agency million $XX residential sequentially. first $XX million from million $X linked from were Lending excluding Mortgage quarter, million revenues were recent Bayview million the $XX operations quarter the and first were from the in in first $XX our from $XXX gain mortgage mortgage to up distribution revenue quarter the quarter this sequential of X% Insurance Other in million, the with million quarter. compared Revenues year's the quarter. final the the from quarter in XXXX. Group of the Commercial M&T
first this the changed year, expenses, assets fourth quarter Turning exclude Operating the the to expenses, a merger-related in expenses. and year. of last of amortization intangible quarter which little were billion from $XXX of
results, compensation approximately the for of retirement-eligible a included equity typical expense for of certain quarter is Gretzky quarter seasonally to relating compensation for As Operating higher recent expenses employees. recognition first costs accelerated M&T's
FICA XXX(k) amounted and contribution, impact annual compensation last million the quarter. well approximately payments FICA HSA match and as $XX of incentive The annual insurance. Those the to first items salaries reset in an in benefits same year's and on the unemployment payments payouts in as increase of
quarter. enter seasonal expect we usual, as the decline significantly As those factors to we second
assessment the donation year higher Excluding costs, expenses investment the in to to seasonally expense, $XX due quarter rate million attributable of charitable insurance $X expenses $X increased in operating the The of professional increase was the headcount advertising in M&T's largely and largely benefits the first FDIC to expenses higher in in a million quarter, the collective quarter, higher compensation pending higher and for million million higher business. and last related higher reflecting sale $X and trust industry, directly in compensation first marketing the fourth in services sequentially.
focused in efficiency ratio, XX.X% recent of The positive with XX.X% leverage. intangible was slowing the expenses expenses continuing and growth, from and quarter, in operating prospect the quarter generate first numerator the the diligently or from which on managing securities merger-related XX.X% remain and denominator fourth year. Given for gains losses we excludes the and revenue in to XXXX's compared quarter amortization last
for Next, to losses a linked let's we end for to In quarter. credit. end at of allowance $XX $XXX quarter, from compared turn first first million the credit credit million million $X.XX up the the $XX The the in to provision the of the quarter. amounted recorded losses billion quarter, fourth
quarter, the to quarter expectations to recent up basis end to the quarter, values of represented the million and reserve X.XX% combination anticipation build hotel, multifamily office offset an At the loans prices. for that due partially were prior first quarter. million $XXX nonaccrual a for sequentially. $X.X declining million of X points for amounted by properties of $XX care charge first compared fourth the growth retail quarter improved and year's of billion, compared and was loans, loan in in the and increase of largely The health $XX to last property Net
Annualized net quarter million updated $XX a charge-offs appraisals first compared XX as basis percentage $XXX total interest, points XX% which that for guaranteed loans. nonaccrual end due, net to accrue were government-related recent amounted office amounts noted, loans recent the the due in quarter million were million In fourth compared of the entities. quarter. including days Loans past continue of were on XX to at to loans basis we for the the of charge-offs sequentially. quarter As reflect points $XXX past total, these XX-day by of to XX
up share of equity represented which per per the end of equity X% to at the equity was shares, was in with due the X% outstanding M&T's from up compared amounted $XXX the stock. quarter. the billion, the capital. of million risk-weighted decrease Tangible common repurchase fourth ratio common Turning our growth end in the from assets to common Tangible prior XX.X% part X XX.XX% totaled estimated The the of quarter. common year. XX.XX an and impact common to of share, $XX.X of slightly end Tier in
Turning to outlook. the
of well conditions. to forward the look through challenging we this As to the economic are believe we navigate year, positioned rest we
However, with the outlook of funding rapidly continued changing XXXX. interest for rate the our affect full on expectations pressure year combined
X, compared a XXXX. XXXX the reminder, during on acquisition to April only As thus and of includes balances four XXXX, the quarters for United and acquired company closed the of from outlook operations quarters three People's
is also this outlook Our the year of that year, M&T includes of Collective And XXXX sale the reflects close the to of Agency in the even of business. expected half in Investment Insurance though year. operations October sale outlook last our Trust business the closed from first of the this full
has the in the curve has and yield talk economy to First, outlook XX income frequently. basis XX-year forward net interest March U.S. changed as Xth, continues change rates well. The bond let's interest about dropped meaningfully points government the Since outlook. for
We XX% grow expect to XXXX. the billion in XX% range compared income to net taxable interest to during the $X.XX when
range quarter Consistent of current XX cuts with final year. growth, basis the this This the incorporates of balance reflects growth. loan curve, forecast different point deposit our to forward pricing rates and in deposit
noted income earning fund ability As driver the quarter on efficiently growth. key the XXXX be interest first will net call, a we of to asset in
billion for in be compared face balances the year deposits continued digits low We intense down single XXXX. during are outflows. expected expect of industry-wide to average competition deposit total the Full to average $XXX.X
we'll billion customers. we utilize year first this to the loan that the to combination of quarter, as and in debt of $X.X ensure issued the our continue debt funding we over FHLB the senior senior and course During needed demands meet of can
a sheet mix and to shift low to demand declines deposit higher to balance in expect expected is with the translate suite. and beta deposits deposit XX% on time growth interest-bearing This We high range. through-the-cycle cost to expected continue toward the to in deposits XX% in
these of to year slightly continue and past factors be anticipate Taking migrate the full the range the below to all into for discussing long-term couple we been interest XXXX the margin of have we quarters. X% for net to account, of towards
longer year. currently throughout by with asset end this We mortgage-backed plan securities billion let's portfolio the of addition discuss drivers the the grow earning compared billion at Next, of the $XX balance growth. year to $X the to of securities of duration March the
loans. average at Looking
XXXX during be down range in of when be balances expect X% We average the XX% to average the average $XXX.X implies year. quarter. continue XXXX the year to to quarter flat and second in quarter XXXX and grow half growth loan of billion loan of XX% during to average the balances slightly total balances and to over in for to $XXX.X compared from full to This second the lease then of average billion. We to X% and fourth lease fourth the up the XXXX. anticipate
almost the end real March. each loans, one-third C&I, consumer consumer as mix inclusive of is estate, of CRE of The and of
C&I outpaces trend CRE. shift expect as this We slightly growth to
have the book Higher of past are in grew expected down the rates quarters, levels XXXX. over the to remainder loans relatively After seen our growth over we in these first consumer of quarter, flat expect the the year. X% three slow in we be interest portfolio indirect to the loan average As
Turning to fees.
Agency Insurance quarter net in income losses, XXXX noninterest gain -- in $XXX the well income billion of as as securities was the the million the of $X.XX XXXX. M&T on sorry, sale Excluding fourth interest
rights we compared quarter. billion this for of residential expect of outlook the to income income that to the mortgage the at XXXX. in to servicing noninterest bulk impact X% XXXX X% $X.XX end includes completed purchase noninterest year's in the of first a growth range We be This
of compared expenses. Turning expenses. costs, billion anticipate We quarter to approximately up People's contribution when XX% extra to that to merger-related expenses, to excluding the increase of be charitable intangible amortization $X.XX XXXX. United Recall during the this an and half reflects XX%
expenses noted to servicing the expected not is during costs previously We range In addition, mortgage material $XX includes this intangible in the net rights XXXX. amortization impact be do purchase. anticipate and million million outlook to XXXX any $XX in incurring for operating the of merger-related
to Turning credit.
the M&T's over year credit basis be by loan changes will towards to expense points, expect Provision losses CECL in could will the long-term the although We affected outlook migrate quarterly as XX of lumpy. be cadence macroeconomic the well methodology average follow balances. and as
For to XXXX, range. XX% we the in the taxable expect rate equivalent tax be
XX, buffer to capital to equity at core the M&T's We required a our and exceeds of communities. capital. that capital to over account common XX.XX% pace capital turning the excess March We stress our needed level exceeds at ratio run comfortably company of regulatory takes plan believe safely or to term. in Finally, threshold, to X minimum which SCB. return XXXX, the lending current support into measured long the shareholders Tier
in a maintain current current the level above to economic plan abates. until However, the near term, slightly CETX the uncertainty we ratio
review let's to open which call Shelby before questions will the briefly the that, instructions. up With
