Thomas. continue to Horizon for the pricing a rates net solid increase income reported and interest and for in quarter intensified. competitive funding growth landscape you, Thank as loan
with by Starting net a in of total participations the by Annualized commercial income non-interest and and income the income, results net third were fourth quarter. compared impacted loan contributor strong XX, expenses improvements lower primarily XX%, quarter. sold to was quarter slide offset loans partially interest growth excluding to PPP
leading XX, model company's various the Slide returns has over provided diversified business periods.
recovery was and from Horizon Over volatile. equity on and was peers through XX% the shutdown common a has years, greater than XX cycles Great the average less time Recession, including pandemic tangible the economic produced This the reopening. return last of the XX%
return Horizon XX% return average equity In KRX and years, the Index addition, three XXXX, assets the of XX% on September time, peer XX, and during -- on data, respectively. tangible average the through beat common tangible last for
Slide XX.
deposit increased As during betas deposit remain balances the flat. quarter,
sheet yielding are liability products the to However, cost market higher resulting in balance be deposit and lower experiencing movement continuing money we sensitive. CDs, from to
million over result, next as in XX, an of income of months. X.XX% a a December XX parallel point model at As approximately XXX shock or we net $X.X decrease basis interest up the
modeling declined excluding in quarter, dealer quarter. and in approximately the line end the change of the amortization, core accounting third the loan was the income purchase reserve which net $XXX,XXX, with fees, During at interest
has currently public consumer was rising from deposit quarter for X.X% the with the beta been rate the first funds be interest non-maturity interest these estimated the XX%. interest an quarter deposits non-maturity cycle XX% compared for in fourth to results range are beta deposits XX% Contributing XXXX. average bearing XX% projection The to with for rates for interest of expected estimated rates, is on quarter. beta deposits approximately actual CDs, this XX% in rate The cycle used from beta peaking XX%. betas bearing a for of of which Including interest full the to to third
adjust and that to estimate this that are which in with months. within assets year. approximately adjustable originations XX liquidity term assets, of and higher reprice immediately $XXX payments have Included loans -- million loan that throughout days fund yields. $XX that will in $XXX is within flows, maturities. cash adjust of reprice The the million $XX increased additional portfolio adjusts are expected estimated yielding assets, growth million XX% investment adjust representing will in million rate principal $X.X the This the to prepayments immediately million represent We overall loan earning next XX and representing our and short forecasted move rate and million $XXX that remaining
the the XX, the net asset dealer and for The immaterial. quarter, other has made be fourth and results the This sheet was be reserve for this revision periods. decrease income of a total the to during on of to we total revision amortization or indirect revision determined related determined to reserve assets and the increases prior asset that no loans. assets Slide to balance expense dealer impact treatment
prior for ratios. interest the presentation statement, a periods the included income to press as non-interest now revised the revision. details amortization is the for expensed are expense statement income asset this release reduces and income. as currently reduces expense the The that net reserve All reduction the the On of the and change expense of and non-interest this net loan to interest expenses. The interest in results the been loan recognized margin sheet, revision have and dealer income reduces balance
the interest net primarily million, to $X.X asset points adjusted dealer net loan decreased quarter, to income reserve decreased by and XX higher $XXX,XXX fourth basis interest fee and quarter. income the compared million in margin the In XX. of Slide adjusted amortization third lower $X.X due
that in was There dealer recognition the purchase funding of As I net to increase interest amortization the margin. $XXX,XXX will remaining costs. the and fees the and amount loan in counting volatility mentioned, previously the affect is reserve of due income
and earning flows This continuing the stabilizing reprice, is short replacing is With the result expected cash to over its the nearing rate XXXX, anticipated to of assets into yielding quarters. term the to low the and that and Horizon the pace continuing grow end to towards asset increases next we interest costs. slow borrowing two stabilize believe and will higher be of of assets, potentially to of end margin of decreasing stabilization assets begin
Slide XX.
XXX a total approach increased while quarter points of points, cost Fed of cost average of basis account base deposit total to of deposit still continues earning increasing rapidly compared XX flow betas provide with with X.XX% to maintaining products the deposits the spread have strong By they to XX retention higher disciplined core cost funding provide lower quarter The deposit from of to the points. fund stable deposits pricing, increased during basis increased. strong. the and funding increase basis a a for Our but rate remained the asset as some rates cost costs, yield deposit has
was core term consistent customer has remained of X% funding. bearing Stimulus increase. of At money, funding XX% and XXXX. the have and and slightly all funding XXXX, mix, the Slide providing at core Core at compared XX. long non is XX% end deposits, total has in the acquisition total base to The interest XXXX, funding the the of which XXXX was stable contributed of the end improved funding interest a branch pre-pandemic end to core funding. of funding
result on X.XX% will in A equity ability these losses the for time maturity, in intent This curve increase to to duration well to and Because sale the fund XX XX. losses the investments. XX. mature. helped investments regulatory organic is loss capital unrealized Slide for fourth definition the in bank's without as longer the capitalized unrealized decline AFS down our to on exceeds capital pay to utilize expected X.XX% over is of inversion future. regulatory to and common hold the a reducing growth available of quarter at have restricting September lower our December, investments yield continue strong and unrealized The are securities to from all we ability the tangible fund growth the the and our as
revision expenses X.XX% attributed in quarter last reduction Slide partially for to assets This were average help X.XX% Expense XX. focus in expenses cycle, will the the for including the mortgage dealer and business reserve changes reflect be compared expense. quarter. of indirect of to from Non-interest direct continue was the percentages lending. revenues. to These the lower a management to offset expense XXXX
Slide XX.
the and unpledged and As an to balance the which liquidity have is increased competition to for billion continue investments. sheet, of borrowings, majority balance this expected available of we In additional of provides funding there has unpledged, and Due quickly sheet structure liquidity includes to from safe in our XXXX, portfolio focus on latter our part uncertainty, of $X.X approximately of brokered liquidity. increased sound CDs XXXX, sheet. balance time investment into our strength the
final thoughts. Now Craig provide some will
