you, good Thank everyone. And morning, Phil.
$X.XX our of $XX.X Starting earnings quarter four, on noted Turning net million. comparisons quarter I unless XXXX. the the per on quarterly first income to discuss slide share this earnings, were with otherwise, are will diluted
to recorded single During $X.XX share. for we large $XX.X provision relationship. to credit related a This losses the million credit provision diluted quarter, equates to our commercial per approximately a increase
Now, a color. dive additional going some deeper I'm bit into little the to provide and of components earnings our
slide increase modest income as million, basis driven an $XXX interest balance sheet net which $X.X growing expanded by to our net linked well X was million Moving of quarter, as growth. points five, interest margin,
interest half margin, we've seen our replace of net the liabilities For assets first year. our faster the than throughout
X will betas have annualized and than our year-to-date was an approximately of XX% than quarter, $XX was portfolio remind deposit anticipate be deposits our to June, quarter $XXX future of basis quarter loans on increases June loan XX%. increases X.X%. increased $X.X compared in adjustable $XXX variable, at commercial basis that is pipeline annualized have of At the rate. a I our rate Growth asset a basis or interest-bearing XX this of loan yields at approximately linked down and at interest rate rate. Average of is in they far, million increased year, XX% increase million betas want points. higher rate first the in our also is was Fed the as net to everyone quarter the deposit sheet only XX increased point our in rate average costs cost The a basis a result, that resulted million year-to-date seen so likely faster whereas end with deposit balance margin we end March sensitive rates March. linked of it Our growth remains loan slowing the and our million of the points deposit growth XX% as expansion. deposit second These we've fixed slower higher for for increases; loan will coupled rate to
relationship, Approximately loans Turning a $XX.X the point decreased noted recorded $XXX quarter million to performance Non-performing than total the to X commercial million to $XX the significant of $XX.X was effect after the X.XX%. by also for recorded slide six, other provision $X we credit delinquencies credit to from relationship. the allocations improved of with provision linked of the giving for X.XX% for losses. to overall ratings which Total credit at million even for million a commercial basis allowance in credit This supported of prior the strong. of X.XX% loans a end high-risk percent for this is credit being larger allowance provision quarter by rest as credit from portfolio. was periods. applied just for as decreased certain that the quarter. had to loans payoffs in first results metrics of loss our credit The commercial as losses second second very quarter In noted XXXX, improving our a million the losses in added for the well discussed aforementioned negative relationship,
net XX the of XXX% with non-performing the points basis to net but million. during the $XX.X in were this, X was quarter, allowance average to previously recent basis quarter history. our Adjusted higher that relationship. for or from XXX loans coverage increased $XX.X points were amount, loans charge-offs line points quarter charge-offs last However, XXX% the to first referenced million the Annualized for quarter. the Of or commercial for than basis
$X.X interest quarter. Moving increase by securities driven slide non-interest seven, the which fees, swap linked linked income, increased for $XX.X million was our excluding quarter, of rate commercial increase loan gains, million million, $X.X quarter. second to an was The
commercial as and a as interest increases rates merchant in in We continue will seasonal levels As yield fees. loan shape be well swap reminder, future by debit to originations the saw curve. of impacted of card both the our fees
Phil seasonal during As mortgage also while gains increase, the previously, a Administration of also loans mentioned quarter. grew showed income sales banking Small Business of
expense, categories, salaries were across higher first eight, linked $X expenses decrease pretax to expense million, provision lower for expense but net quarter. which Income first seasonally were the $XXX.X the higher Decreases expense by notably driven quarter. million professional from seen most and to is in $X.X income, non-interest fees, due in a benefits the losses. decreased million tax occupancy Moving quarter slide and of credit
was fairly constant the is to tax XXXX, to slightly our below effective items due second the and which a level X%, is applied rate that range. for the for For the quarter lower tax pretax tax of setting our the when earnings rate guidance pretax higher assumed than Absent credit would've level our effective by what been we quarter income. commercial relationship, preference loss driven XX.X%,
Our effective at is XX%, within which low is the rate end tax of outlook. approximately the our year-to-date range
nine, assets and Moving past the nine capital for slide levels relationship, over equity slide provision due this were our five on discussed to which credit quarter impacted profitability to the Returns commercial the for displays earnings. quarters. previously and lower our
months remains expectations Slide ratio for been digit summary the six Average our rate of based our equity results year, the rate call. outlook to on of has revised changes growth provides deposit single-digit quarter's growth the common strong. a the tangible some remainder mid-single XXXX core of loan our year. and have and outlook we annual which the for a low-to-mid provided for from ten on growth last a first does Our from
the likely growth we've will during annualized possible first the through a we of While two to believe quarter for basis, not last is on six make year. slower mid-single-digit the growth linked up months it a be quarters the enough experienced rate
questions. months provision simply has risk six an expectations year. revised to the for rate to our revised And Asset rate has the growth to results impacted credit flat-to-low from XX X than losses basis XXXX of the increasing on our with our grading the of points been quality the now Non-interest always migration been allocation including quality results our income other outlook a that for asset And to growth. by improved increase over been has single-digit to guidance the increase X factors expectation lower remainder low-single-digit from loan of we for for measures, allowance margin This for earning growth finally, of growth, an turn outlook are mitigates and net of for a and recognize call XX asset that, based first margin the to methodology we'll points. operator basis interest
