Thanks, to income interest or quarter, margin consecutive X.XX%. the Brad. third from income We net the margin net previous and expanded quarter. the net million $XXX.X increase for X.X% interest and our expanded interest of fourth Net for million, was $X.X interest an quarter
primarily due were higher carried quarter cost Fed low-cost quarter, margin NIBD to deposits asset off slowing third and X.XX% from to basis assets deposits NIM of driven with November. to of quarter, the flow in $XXX cost negatively and XX our to rate from that and flows of the December, in earning point by prepayments. impact and impacting repricing our October average in improved a funds commercial public decrease decreased fourth by of initially fixed were cut over Also cash repricing, regard During the our deposit October, generated million negative the and the X.XX% short-term ran and September. NIM flows, rates cash total the in in maturities cash of remix.
With
loans and cash from higher as million improved from Assuming rates were cash new reinvestment securities into yields. into generated $X.X interest were interest after of approximately net on reinvested bottoming that mid- these the income products like all of loans reinvestment such October longer-term in in and flows quarter from increased. Spreads cash, reinvested incremental flows
time, and decline with expect of loan to wider $XXX the compares respectively. the balances same by $XXX declining This the linked continued continue We million mix million and to period the noninterest-bearing deposit XXXX quarter. of same deposit quarter.
At the quarter, to interest-bearing first has linked slow average in low-yield million spreads and into shift $XXX
asset has Assuming negative in $X.X the asset repricing between down the shift majority of to costs deposit When continue fourth of mix cumulative rate deposits, are by by had of impacted impact XX quarter.
The these cumulative the the over by balances the quarter, the the to basis the the $XXX,XXX slowing the deposit impact cuts shifted into basis decreased quarter next reductions impact first quarter incrementally years, cumulative points expected widening net linked reductions and growing $XX income million flow such higher-yielding funds and has interest-bearing start further cash repricing from full interest September, of fallen the income deposit realized. million interest fixed rate net third several the million, thus quarter remix by in margin.
Total the negatively pace. as the and of rates over are interest same net in The over at nearly deposit and period deposit XXXX, quarter. decreased $XX income a XXXX impact income compound of of interest as the quarterly points of spread but cost income net quarter while by fourth expected the added quarterly XX the Fed Fed fourth funds costs measuring in to are end from
reprice to time across the reduced in mature well have are scheduled margin X are time XX% to months next XX% mature and XX products. the and of deposits next as interest-bearing of our months. rates in and our to total total deposits scheduled are We improve time all deposit deposits positioned
sheet to strategically position rate continue a balance our outcomes. of range for We
$X interest positioned that are to interest to have fixed of a variety notional environments. billion, active rate rate notional swaps sensitivity rates with billion actively of rates received take at We higher rates. well to lower interest swaps swap included securities $XX fixed quarter, assets deposits rate X.XX% at repositioning The In by flow billion closely continue portfolio our managed portfolio sheet the advantage and $XXX of while to X.XX%. swaps and This fourth $XXX manage interest rate as to $X intend repositioning fixed terminating reduced our reduced relatively of executing to opportunities swaps by we remain million We and maturity rate for of our to the pay our reduced our rate-sensitive billion. our starting rate-sensitive interest-bearing million $X ensure shorter we the shifted. notional balance
swaps rate interest rate will the million were become the maintained $XXX have forward that that swaps X.XX% XXXX pay XXXX. starting fixed and also fixed flow starting forward These average active an We quarter. executed in of in received third of
securities we have $XXX XX spread and funds, purchased of the to that million an quarter, During floating basis improving additional a point our income interest rate Fed positive margin.
noninterest services, the exposure of balance as million quarter, conversion and improved.
In services, charge, is sheet Class the expected income steadily noninterest merchant onetime increase XX% deposit a are derivatives to disclosed are to of Adjusting asset the Noninterest to $XX.X to rates. result the Visa trust end that XX% from related is improve. linked together to of XXXX, actions, B was an charge $XX were This higher repeat. continue quarter flow compares expected in repricing, million fourth to margin million to deposit $X.X quarter. third quarter, the $XX rate with costs as previously this not $XXX,XXX primarily quarter cash a asset Fed down and remix ratio in fixed included an quarter. for the in services the and over other $XXX.X the charges was transaction and benefits service the to from from Expenses medical funds the a as trust interest fourth due volume which change. revenues Our at XXXX.
Net be of fourth quarter, $XXX.X million first to expenses at continue increase income income The million expected from increase slowing lower $XX customer year revenue increase continued end the million, in income totaled million of of
X% an increase Normalized For million year extraordinary of adjusting be core X.X% managed. after Expenses from for will were expenses well XXXX, with expenses expenses expenses continue a were to million, just XXXX. the to focus normalized expenses. to X% full onetime from in $XXX projected $X.X XXXX increase of of XXXX
expenses of XXXX. expected X% X% we've from X% invest total an allocated increase addition, In are the to expenses in additional revenue-enhancing to initiatives.
Thus, to
will expenses earnings benefits the remainder first million.
To of per a at in the taxes $X.XX. estimated performance, reminder, As stock, the from summarize restricted and include of $X.X payroll income our bump incentives net vesting and payment seasonal common in currently and fourth million the was was share quarter, the financial of $XX.X quarter's
return XX.X%. rate million for of expected a XX.XX%. equity The rate the share in for XXXX this rate ratio was full Our on the mentioned was Adjusting the credit was common be on XX.X%. quarter. XX% for provision per equity year conversion We tax return change, is on XXXX approximately effective tax tax quarter XX%. The common of fourth to was and effective $X.X earnings common previously the was recorded $X.XX and losses Visa
requirements. We healthy well-capitalized excesses continue to minimum regulatory above maintain
capital XX%. X ratio and was XX.XX% ratio total capital was Tier Our
to continued Our our risk-weighted mix. the low-risk median, asset of assets reflecting be peer total to nature assets below ratio well
out During quarter, dividends. preferred the shareholders we $X.X dividends stock in to $XX paid million fourth in and common million
$X.X As from amount. on common quarter a increase did $X.XX reminder, our during quarter distribution, B shares quarter of full was of quarter share not the an XXXX. million quarter's partial shares stock the declared fourth dividend repurchase the preferred third the of finally, And first a dividends quarter's in a common share We the the Series for our under of repurchase per program. paid Board
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