book rates everyone. in profitability our net quarter. with common growth good improvement digit net for an We highlights ratios. Results the of per Steve reflected along XXXX continued with and recorded provides Slide and momentum income earnings earnings income $XXX million, Thanks, in X double the strong morning, of up share first $X.XX, XX% return per of equity common quarter. return year-over-year Return tangible on year-over-year. X.X%, ago on and XX%. common common increase equity reported share the was XX% Tangible was value versus share X% XX% was We year an was assets $X.XX, on increase. per common earnings
Our first purchase efficiency deposit ratio result runoff by accretion. in accounting net the was X.XX% saw of rate from down X of expansion to partially of interest basis points XX.X% XX.X% disciplined as offset increases the for asset the ago to a the pricing, quarter We XXXX of quarter, compared and benefit quarter. concede and interest year the margin
our part X. average billion $X.X quarter. and the specialty compared grew the first asset X% commercial loans the the notable seeing years. with reflecting around loans X% and levels lending corporate a X% two and and to we increased Slide we of $X.X early Average year-over-year Originations from estate This marine reflective good earning two for the year year-over-year, mortgages as mortgage increase real billion of businesses Turning as capital jumbo the total down Low mortgage increased to average of sold production first result and of accounted manage increased the over specialty loan assets than been XX% products. do, leases with quarter our entire tightening these our banking, disciplined loans past average and now strategic increased growth decrease. more can component the auto managed commercial loans marine actively XXXX $X.X lending We're XXXX or CRE the mortgage we well banking. the ago loans centered X% a new commercial announced pay and also in a X% including by finance, consistent portfolios well loan X% XX% loans. mortgage or or Aided portfolio for reflecting late Alternatively, in typically largest billion as ensure and fourth increase plan. current over or loan middle quarter and manage reflects as dealer Average billion in well estate billion increased retained strategic XX% expansion year-over-year. agency-qualified real of growth loan anticipated loan X% residential floorplan market that $X.X our C&I diversified increase RV returns as industrial the year-over-year, commercial of RV $X.X appropriate Average year-over-year of remains to on the the has production. growth quarter, in year-over-year a risk. Average production we and as consumer year-over-year. in loans and residential the in to traction in verticals strong Consumer downs growth. past loans year growth quarter,
that optimize but a in has we executing a production have we like. increased we As lower are auto off pricing pricing revenue that to via previously loan a volumes, strategy trade is mentioned, resulted
basis New year quarter Bank. prior money were assets auto XX These shown X.XX% originations averaged The as fourth yields points Federal Reserve reflects up assets our balances the on slide the from other to on quarter, balances the inclusion earning in the ago increase deposit of this of with during treated non-earning the quarter. first XXXX.
and were the fund we XXXX. cash X% the loans securities portfolio to runoff flows down higher let utilize year-over-year, yielding Finally, as during
began quarter, linked the in portfolio cash increase. securities we new first reinvesting the quarter During driving XXXX flows
reflecting three increased deposit XXX% the year-over-year. X. Core from year primarily Average grew market in quarters total up Slide Average quarter shift promotional year-over-year. X% deposit deposits growth deposits of primarily and the pricing core mid consumer X% the accounts during increased consumer the CDs CD reflecting money initiatives away in first XXXX. bearing XX% DDA to now average ago XXXX. Turning Average deposits money year-over-year, interest to of market both certificates from were
average X%. DDA non-interest decreased bearing deposits While
pleased grow non-interest year-over-year, the continue appendix, and as consumer that we increased X% households are on As we XX Slide to shown very our bearing deepen deposits in relationships.
non-interest interest products, decreased see hybrid money money FirstMerit's accounts to continued X%, strategies market. deposits to continued core and savings primarily in funding in focus checking, focus in from focused domestic consumer legacy checking short XX% on average among other mix, bearing to shift commercial on balances as Significantly, FirstMerit continue interest a term year-over-year DDA promotional our shift particularly borrowings. compared Average pricing resulted primary primarily the and our our reduction We savings accounts, reflecting product customers on market. bearing
quarter, increase $XX loan driving the the our and to growth ago versus Moving FTE consumer average deposit this both was interest million yields portfolios raising X% pricing. in X% increased Slide earning and in year now disciplined assets or income X, commercial net
X.XX% basis for net was X% quarter. GAAP year net decreased margin the ago linked – The quarter, interest margin points up X X Our basis the interest first from quarter. points
ago scheduled in contribution first year ago the in quarter. provides accounting the current basis Slide from in decline a to XXXX. accounting basis margin points On year compressed accounting Slide margin net basis points to appendix contributed the for from our the points interest and quarter XX X linked the X, NIM compared the accretion. quarter. for Moving was basis the X purchase quarter the core basis, net up to impact Purchase of X XX the and point to sequential X.XX%, quarter core FirstMerit interest actual regarding the purchase equivalent information quarter XXXX the accretion
benefited As NIMs X commercial recoveries. core reminder, fourth XXXX than a interest normal higher points the basis quarter of GAAP and both from
yields Turning yields, our increased consumer points loan points. loan earning XX yields asset basis increased year-over-year, to the XX commercial while basis
to with illustrates the Compared remain the interest-bearing compared our the on points. total of points interest-bearing points interest-bearing XX beta quarter, costs costs to cycle-to-date XX up total our basis XX paid contained increased for deposits peers. deposit well prior deposit quarter, Slide basis basis year-over-year. XX Our deposits rate
deposit low Our XX%. beta at cumulative remains
the XXXX we core first that deposit communicating We consumer well utilized of the that us three effectively of over would believe over strategies, time, CD quarters some have been beta. serve we front-loading
our can You as as has our past benefits beta two increased as the not peers. over those quarters cumulative see quickly
quarter of we beta beta. average increased group peer cumulative X%, in cumulative saw the what increase our X% This
markets. in the As pricing quarters couple our in rational we've last remains mentioned overall deposit
sale growth deposit products, X% rate continued quarter a loan higher detail and year-over-year, and loss banking the servicing Capital were flat sales. upward increases, rights of driven our of asset volume. XX on on non-interest the leases sale deposit year-over-year, mortgage higher provides Assuming finance primarily reflecting Mortgage and primarily on XX%, decreased items loans current SBA were particularly gain which modest on reflecting mixed cost assumes shifts continued XX% and no fees notable by million the net from leases line. increased pressure Slide impacting origination income quarter. relatively markets $X ago incremental from year on this cost income, the but there market. money forecast our few Gain lower additional increased in
in quarter, Partially this, XXXX commodity XXXX the to million during capital the commercial $X be and markets of first customer. closed quarter. Hutchinson, during Erley unfavorable XXXX we a mark-to-market derivative Shockey recognized of related million $X used acquisition October First, adjustment first offsetting which contributed the
which this Finally, previously when ago first were in other to XXXX line moved item. syndication not in were in the impacting the about $X income. the $X fees, quarter into comparisons. We included million year quarter, million fees Syndication compared
now merit driving We've to While the in colleagues down been executing processing normal the added highlights deposit our strategic XXXX technology increase XXXX growth remain and operating strategic quarters entire to which in increased see two processing in and our our new overhead XX% or and increased $XX in cards momentum thoughtfully payments our components contributors or $XX driven million in non-interest the second $X We sequentially, the our reflective growth. was other primarily annual Digital areas and fees due leverage. of This our we increase. outside on increase X% new positive year-over-year million on services, increases due focused implementation posted experienced initiatives, Major within to the quarter. both benefit lending other and seasonality, Deposit plan costs decreased accounting continue quarter surcharge increased We've our Personnel in service two in the insurance income, $XX technology the positive for charges for FDIC verticals. year-over-year X% almost or related of in XX Slide and investing reflected to bankers expense investments. expense. primarily and data discontinuation of and Colleagues the hiring XX% cost. and in we're million, the the digital fourth or million Technology largest by of brand.
a part to of expenses efforts. Cost commitments branch to of the pending hires forward. portion XXXX, going the our improvement surcharge expenses savings end investments of technology and manage efficiency further elimination self-funded As the at completed divestiture fund to the other strategic Wisconsin from rationalization related revenue FDIC new through relative and branch will environment, we these the year the investments
the peak $XX the down what efficiency Looking of of ahead second year. the the of resulting of quarter in we promotions. increases. of incentive in million, magnitude plans back normal is years. result expense will reflect May increase a of merit spring reflecting of well the year, accounts our long-term increase of expected majority Marketing two the past expense of XXXX but and experienced the a for million ratio to increase expense non-interest as implementation the increase, consistent quarter, The annual as in Roughly, compensation remainder this of these linked campaigns expect May, $XX increases the annual with a reflects timing the to seasonal as approximately we've of trending two-thirds in quarterly the half we're expected the normal compensation
increases of in years those and to acquisition both However, related the items. by were other masked noise FirstMerit non-recurring the seasonal
points seasonality our basis ended XX our and year XXXX ratio tangible points at X end. full basis capital quarter as XX XXXX ended basis has expectations remain Our TCE basis up Slide year-over-year, but Common CETX XX this normal year expense quarter. or Equity The been XX expectations. Tier illustrates X.XX%, but points from ratio down continued unchanged from ago, linked down points up into X.XX%, the in The year at the the the XX or incorporated expenses strength always equity common ratios. our quarter of is
basis common guideline We XX.X with of the range. our continue within to repurchased the end last X% manage the quarters. over upper the million to shares XX% We towards operating CETX four
quarter. the $XX.XX purchased During the We remaining shares $XXX the total plan. during XXXX repurchase the $XXX at complete XXXX under common the remaining authorization of second There XXXX per were of first an X.X a million of repurchase $XX share, million of capital million quarter, we of full share average intend or of capacity price to million stock. is
to participation, submitted regional participate year. CCAR Huntington required our quarter, formal the Recent relief in banks XXXX other capital annual we buy from annual Federal resulting in us process During Reserve. moved our first and CCAR being to not regulatory size plan to the this the
in are we XX% XXXX. capital we the CCAR June. in capital stated XX% a ratio announcing a participate XX% approximately plan to again our we in That dividend payout will target return have However, said, to we Therefore, that in previously annual maintain of long-term cadence in of capital XX%. targeting planned actions long-term intend normal range to the and
XXXX capital Our submitted consistent those targets. with is plan
of percentage absolute through-the-cycle quarter. to previously basis increase and key capital priorities points linked for on principles, offset also the of low consistent stable many of of on portfolio, of well asset underwriting deposit loans. The from changed. The from our represents our basis the revenue our loans quarter slides. to year-over-year current support C&I remain million in and moderate-to-low on charge-offs organic the by basis Overall, specific strategies. appetite. of are, capital on our There noted to X strategy X at X linked in real capital Slide and consistent snapshot return investment core basis down quarter and focused our portfolio portfolios. lease centered past XX was loan was problem a is continue X.XX%, first million. The granularity quality levels quarter. their and reflect commercial year-over-year a a The to strong $XX not by financial chart execute left risk in have shareholder and was The basis remained and capital and non-performing all cash the mix ago and strong capital mortgage and point credit graph is ratio highlights positions commercial generation balance Consumer the growth rates increased partially points. the finally charge-offs highlights other package in XX points decreases to on volatility loss communicated at prudent strong. given support result growth our with XX to for year-over-year and position prior selective preprovision loans of growth, net returns. net we the increase The Huntington's lows two relatively loan continued of previously, estate as portfolios. first have the quality over a asset of over The cyclical our portfolio, execution of Consistent core Those losses metrics the analyst's quarterly buyback top the the credit also provide There long and allowance disciplined the associated year. management as in portfolio. have XX points pretax us XX residential some the centered $XX instances home including and right quadrant increase shareholders expected as sheet charge-offs our an additional points in basis term. Slide the in is in advantage well-balanced level dividend quarter, NPAs charge-offs year equity which to top Huntington's the near basis points one fund credit remained relationships. uses and leases represented Net booked remains second quarter, the and of We provision XX that aggregate an provides expense average We the risk to up acquisitions. metrics approach results annualized priorities loan our in quarter
and that the sheet a diversification both consumer serve over of us well bank are We and cycle. the balance will the believe commercial
highlight Our DFAST. enterprise the commercial test left top of results management. DFAST rank stress in scenario severely the in our banks in We risk bottom the disciplined adverse consistently X
capital bottom Finally, right demonstrates strong position. Huntington's the
questions. over to turn now your it can we me Mark, Let to so get
