and morning, everyone. you, Brian, Thank good
to this begin empowering customers like a work. driven by but to where live in Slide their communities Making we purpose We our our continues only and to I'd First, be X. M&T's by lives. people's needs, financial difference by purpose: on not do success with meet our supporting the
believe our the make this deliver of XXXX, continues we to an evident a knowledge As model. remain unique grow, was across In to We capital to impact impact. M&T that allows and committed customers, solutions customized us footprint. community relationship-based
M&T conjunction our Slide environmental framework publication social, our with first will sustainability issuances. X, and sustainability the this to highlighted addition in future In on guide governance which of financing the bond positive issued December, accomplishments
XXXX local X, talent M&T efforts. -- industry recognition the awards garner for Slide continues work charitable As our achievements garner to and to including is in from on highlighted of
X. Slides' X turn let's and Now to
the fourth of into pause get reflect we on want highlights to and quarter, Before I the XXXX. some for
making the of who moment successful a Long bank simplification, markets, and have X scalable First, scale related our and made on to The in I we dedication such recognize initiatives and we our optimizing systems to and to our XX,XXX England continuing risk take grow colleagues through to to building scale XXXX, -- In and including New work resilient on processes hard continue and Island and enterprise allow focused year. want coming and priorities, allowed our us a resources progress to the priorities our will these related develop management. years.
fee We average in NII, for believe on focus our results CRE met expenses we Our for our our we level. accomplishments a the on discussed or target is We outlook reaching significant loans plan last fundamentals concentration, is in financial January year XXXX. deposits. and and executed of the reflected the what several exceeded and made financial income, progress
largely balance portfolio net sheet manage toward nonaccrual expectations. criticized balances commercial reducing to lower rate interest we securities rate repurchase our to continue program our the third our We actively program the our come risk, and credit shift neutral grow and meaningfully quarter. position. charge-offs We in and levels sensitivity restarted in as and capital strong remain Our our share managed line year a through through having with hedging in
and and and results in of ROTCE XXXX tangible $XX.XX, the XXXX and beyond our with on per in per reflected X.X% M&T growth positions XX.XX% is net of book ROTA share operating earnings focus value XX% Let's and fundamentals for share.
quarter. Turning which the to for results fourth X, shows Slide the
in quarter, There through NII was third since September. to basis even highlight. a performance several the compared in largely we of easing of cycle loans the to points ability results quarter year. the reduction the sequentially, the in reflect than the stable have consecutive fourth start cuts are Our more total while XX strong rate considering the continuation to points, XXX successes our costs planned for CRE of $X by offset declined basis interest-bearing franchise. Average demonstrating grew deposits deposit quality our our reflecting quarter billion grew deposit a fifth over total concentration. Average
in excluded the We XX.XX%. trust. excluding point mortgage grew repurchases $XXX fourth executed the -- ratio XXX quarter high share items, we million and to another for CETX notable income, and reached by in Fee strength and
to $XXX quality loans a commercial and with $X criticized continued billion reduction nonaccrual reduction improve Asset million loans. in in
M&T's and tangible book fourth value to ROA earnings share the strong, specifics linked the for at $X.XX $XXX quarter. and CETX an from for quarter ROCE $XXX X.XX%, in down remained $X.XX, the X.XX% quarter. X%. results Now fourth the quarter to in prior income was per million let's of the and of were ratio XX.XX% end million at quarter. compared Diluted produced respectively. look quarter Net share the the growing fourth grew per
share. $X.XX with pension-related quarter fourth per share million securities expenses to million related investments, amounting within notable per benefit. included certain has real several This action optimization a share or or per to amounting X-year $X.XX of A million expense $XX $X.XX of related Corporate redemption trust $XX noncore to M&T or to a per The of expenses back. to the $XX associated obligations gain or million amounting share sale the earn items: $XX credit estate $X.XX and preferred
basis. down net for was M&T's supplemental the Net operating or M&T's Diluted on XX the million ROTCE and per income the and the Slide quarter fourth linked quarter. net ROTA earnings the in from $XXX for X.XX% $X.XX and or recent quarter. of XX.XX% operating $X.XX recent reporting $XXX million yield in operating income an results for operating quarter. in prior includes quarter, tangible were share
quarter. was $XX to and the the to drivers interest for to the income million fixed margin quarter negative partially of funds, Next, linked basis fourth the free million equivalent turn the contribution interest. XX. primary NII a a the compared largely fixed by nonaccrual we points points The look fourth points Please decrease little were a lower billion, to third unchanged X.XX%, from of interest related quarter. basis net basis underlying quarter prior a of trends decrease was rate in the XX offset -- Taxable quarter. generated net asset X into nonaccrual that deeper results. X basis positive positive was a Slide from repricing the points our margin And interest $X.XX $XX a X from higher from asset and
increased quarters. end loans growth Turning trend similar to Slide and in $XX.X flow and loan XX loans billion, increases X% were C&I XX allowance, indirect repricing, fund is outpace estimated Residential decline as CRE and loans basis Loan ] relatively driven leases services, and cash the be and hedges were billion. XXX% billion. loans nonaccrual fourth $X lower to $XXX.X in capital corporate loans of offset the by billion. auto $XX Consumer grew in $XX.X $XX.X unchanged CRE rate the the [ to and strength to recreational grew at higher related CRE, declined variable to to banking yields to fixed interest. at partially X a loans the a by mortgage average past loans. the institutional. billion, X.XX% and commercial several Average percent reflecting points finance consumer in as smaller drag to loans. rates to Tier decreased to X% quarter. billion about to X% continued talk C&I of dealer
Turning to Slide XX.
quarter, The investment including and basis capital. portfolio At an of on XX% fourth increased rate purchases fourth the investment or cash, purchased strong. quarter available-for-sale exceeded included In $XXX cash $X.X at the -- on in increased CETX yield regulatory pretax the securities securities portfolio The XX the quarter, on investment securities over of points investment securities the was remained assets. billion in the drag billion. unrealized new points the duration X.X end liquidity $XX.X to as Average million And billion, yield XX X.XX%. maturing representing of total securities. basis $X.X end the X.XX% we was the Fed totaled of years. average Our on yield loss of if at the
our deposit customer concentrated billion in solid business X% banking segments. deposits lower fourth Turning noninterest-bearing reflecting and deposits $X.X or $X.X declined, on reflecting Noninterest-bearing institutional saw deposits $X.X in growth rose billion, within total services, and primarily to the while rose Slide quarter. was billion other growing institutional $XX.X sheet. commercial, billion, Average balance XX. trust $XXX.X consumer our We segment. Deposit deposits largely a stable remain to services deposits deposits time demand in Average to growth deposits. increase related to billion were focused non-broker in deposit
costs decreased basis average the the deposits, fourth was to quarter XX.X%. deposit in X.XX%. deposit Excluding mix broker Interest-bearing points noninterest-bearing XX
operations noncore commercial million, in from higher compared Other and million from $XX revenues Continuing M&T's million $X agency quarter. income million $XXX from a Trust from and the linked million were million, the and Security mortgage to million gains sale other realized linked the was quarter. banking the gains on revenues $X $X and to increasing on reflect increased and investment loan sale mortgage loans. million. compared services. third of to $XXX increased of Slide $XX of income on the gains million Noninterest $XXX trust XX. in fees, investments. from letter $XXX million corporate syndication million $XXX to to credit the million strong $XXX which DLG driver, Commercial Mortgage in $XX fees higher in the quarter increased reflecting million of were main revenues banking distribution $XX mostly sales
compensation. million reflecting the Other in when Slide increased to preferred from billion, third $X.XX obligations, from Turning quarter. was partially Equipment incentive the Noninterest optimization, million $XXX XX.X%. notable million and from XX.X% new higher quarter. with of our redemption benefits increased to compared costs ratio by basis, $XX The to operations of increase Salaries million efficiency and $XXX $XXX efficiency estate data inclusive to trust XX. $XX prior the credit. occupancy of million, to On associated expenses expenses real offset online. was come were pension-related million ratio items, $XX M&T XX% $X certain starting an center an the increased excluding corporate to million, adjusted and
charge-offs. and manufacturing. points loans credit. from X the to Overall, XX with quarter. and which One, for for ratio loans XX out recorded quarter, Nonaccrual payoffs in $X.X in interest to basis X.XX% of of Net were XX Nonaccrual or in modest. a more basis is largest million In by a loans, in turn allowance $XXX points, compared $XXX million linked as unrelated million. we fourth largely billion. and $XXX partially basis decreased points basis The full the year decreased upgrades million decreased the for expectations. loan XX XX% charge-offs $XX the net other up charge-offs to XX well $XXX million nonaccrual line to remain C&I or X The nonaccrual criticized driven charge-offs quarter charge-offs our to including to reduction marine those industries. Net in basis let's in charge-offs totaled provision dealer Slide Next, point CRE-related totaled to related the of as status. the ratio points, X.XX%,
balances. by C&I, XX. CRE, the health construction. the $XXX the in CRE in file the criticized million Improvement decline and that in end care, health refinance and segments. concentrated to $XXX Slide When to by many and decline level helped the retail, drive office, driven of from size at active criticized portfolios $X.X February, services, dealer be hotel we decline to in in retail, decline cash criticized. the primarily million turn Please services COVID, C&I to million At quarter care, and loans within estimate was September. billion CRE and improvement a of XX-K Improved our compared in flows impacted was -- credit of health Within criticized in market namely linked we were hotel was $XX.X
combined, was to due quarter XX of an of negative for the quarter. impact components, year, the available Turning the earnings, the XX.XX% net At approximately third CETX M&T's end XX.XX% estimated super basis fourth of the to of compared the continued in would share The to was strong $XXX capital. from the the at end in pension-related Slide the X end increase ratio at be portfolio million sale repurchases. and CETX points. AOCI ratio the
outlook. Now turning for let's Slide XX to --
fourth The supportive we delinquency. spending Let's increasing remains expansion. in estimate of continued economy The segments again of fourth no solid. quarter wage remained will the come for remained for There'll and growth, Consumer XXXX, the is be the to resilient sturdy begin credit what quarter with the while job some growth labor reflected backdrop. economic the and and data consumer challenges at X.X% spending year economic end market by GDP published. in growth
a We U.S. fourth up economy. in outcome but the it see bit as deaccelerate continue to likely landing for the the we forward. ticked most will soft quarter, expect Inflation a going
review net With our income interest backdrop, let's economic the outlook.
interest year expect interest to mid-XXXs. and We to with $X.X the a net income $X.X tangible equivalent billion net through margin increasing the billion in be
sensitivity we by took balance rate neutral, forward and aided our actions remains relatively interest including sorting Our in the XXXX, securities hedges sheet adding building portfolio.
will in NII shape outlook. drive the shifts the curve variability However, in the of yield
We with $XXX growth reflects lease billion. more to This and C&I mortgages. growth $XXX residential year expect billion full balances modest in loan average consumer be and to continued in
to paydowns expected and funding in deposit but modestly expected the sources. payoffs with to average on as billion. remain year to are to balances be on and reduce balances Full we $XXX growing and expect the of reliance in a to year to year originations. our at the new half Full begin $XXX second focused average are pipeline offset reasonable the balances customer cost commercial we noncustomer We grow real decline expect estate deposits XXXX build billion
income. to Turning fee
our revenues to income surcharges expect a noninterest noninterest in income growth is $X.X trust and merchant by billion expect continued core mortgage We in will be [ in ]. to $X.X higher driven drive we which banking, businesses, billion, growth
interest adds in remains ongoing to mortgage which Additional included subservicing, outlook The dynamic. environment is growth. our our
provide from our stability help income should set relative fee product diversified our businesses. However,
Continuing estimated $XX $XXX intangible includes million. with expense, is The the approximately $X.X to billion outlook noninterest for included to anticipate seasonal amortization outlook $X.X to million quarter be Also We total intangible salary and expenses. first billion. is increase, including amortization. in our be which benefit
investments on projects closely bank business remain our and Our in that enterprise business allowing focused targeted support expenses, our to opportunities the lines managing make priorities.
for be basis the costs. net credit, in charge-offs the full continued again points Regarding year of improvement to normalization and credit portfolio expect we with near XX consumer commercial
tax equivalent taxable approximately expect be rate We to XX.X%.
XXXX. As our CETX to share continued XXXX. With and for quarterly the CETX capital it of be higher ratio at to expect the of ratio third XXXX relates are to we repurchases XX.XX% XX% end than reach the and quarter expectation in capital, strong expected generation, fourth
simplification, and optimizing priorities, capabilities. to markets, our remain including continuing New resilient XXXX, risk develop we making and our committed systems our to X scale and scalable In Island growing our England Long resources through management
completion both Continued bank future, progress continue and of the the these to in to and inorganically. priorities will organically enable grow
our Slide has shareholders. benefits with stakeholders, purpose-driven investment on conclude successful To a underscore an model XX, optimistic organization including results all that been always a thesis. business M&T
disciplined growth. focused we through a returns a shareholder outperforming within long have of are remain while prudent consistent acquirer and We all economic credit capital. markets the track cycles of growing serve. We on record shareholder steward finally, dividend we and And
briefly will before questions open the Todd let's to which, call review Now the instructions.
