morning, of and X XXXX X. Archie, our everyone. quarter Slides you, good first provide Thank performance. and a summary
large our credit results reflect the loss, not Given did standard. usual
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For the net adjusted merger-related share, first costs. primarily $XX.X $X.XX income was million which excludes quarter, or per
average adjusted earnings and on of continued managing ratio merger. in equity to X.XX% As average equate XX.X% on expenses assets the our on subsequent shown reflects Further, these diligence efficiency Slide of common a return tangible XX.X%. to a adjusted return X,
interest basis driven and XX expected in net a points – X.XX%. fewer Turning to the was fees on tax purchase by X% quarter basis in an first equivalent to declined decline decline The margin X, primarily to loan Slide fully Basic interest compared the accounting changes offset quarter, quarter. in asset both asset was funding margin yields positive the accretion costs the flat as impact was to during and the during linked on net mix by and period. higher funding
to current of relative growth, sheet Slide – in of the we sheet response mix loan lower C&I in business increases loan fourth by Similar compared period driven balances securities and and quarter. End small yields was mortgage decline to on overall from to accounting the balances end decline of and quarter, by unchanged, deposit. as depicts slower in declines shifts manage portfolio, ICRE As of cost linked the shifts as were size shown to yield in Slide XX in basis in the composition our a meeting loan basis point and and point balance securities on investment relatively point were increased X, loan yields fees a rose loan balance balance to XX continue our basis accretion. trends. period and X loans the offset The banking. the impact purchase loan X, increase fewer and
negatively DDA. growth brokered our highs. Average increased ability We five quarter, growth in million, increased However, asset outpaced potential, headwinds, origination the and linked term. deposit the – year-end. confident from retail Slide we future near business net net in deposit post to as XX, negative could by our mix average manage $XX impact deposit depicts public previous in – interest anticipate as of well last deposits regarding quality Slide for remain are the quarters. time. – over and progression pricing some deposit the balance which base, shows, competitive as as of merger trends loan the activity – seasonal XX in But over optimistic we X% do our surpassing average declines CD funds margin our our balances
negatively points, credit of loans. charge-off, As in net total impacted resulting quality as percentage basis a charge-offs isolated were previously mentioned, Archie of the franchise by metrics XX
of isolated charge-off fourth the loan nature the loan to a the flat quarter, percentage Given loss in and balances, flat loans. franchise was compared the and dollars reserve as both of
was While charge-offs. net cover sufficient to provision expense
stated period on excess targets. our shown in ratios and XX, to the continue XX as expand of Finally, remain capital during and Slides
quarter, over growth, were Brown, performance – merger Archie shares returns. back the deployment shareholder outlook. Executive Thank our Jr. and to for M. while capital on quarter While support opportunities during the Company's you, strategies delivering actively it Jamie. some President we and that turn not Officer second comments continue Archie since Chief and to the I'll we now will evaluate repurchasing appropriate planned
review to forward-looking the combined moment a we've recognize I want the into Company successes as to that move merger and to-date. anniversary Before commentary, a take achieved first our brief
seen efficiency $X.X common return resulting on and since items. merger-related XX, merger earnings levels. return with us Slide performance Total been the on on common average power has above of to assets build ratio $XXX equity nearly has non-operating billion a in our internal company levels XX% tangible book capital performing As a exceptional, in X.XX% a pre-merger significant of in adjusted increase million and tangible high XX% when from our to targets remove The XX% enabled and our and tangible capital value equity.
Turning we for XX quarters, on growth and our coming positioned seen to over are XX. can outlook, as we outlook well success be Slides that forward and our strategies in believe continued
continued growth expectations in momentum our this remain we thus to far, loan Although, of in grow portfolio the the our ability we given optimistic loan year. loan our fallen originations, short
We single-digit target second for our markets we the talent, of mid annualized comprehensive single-digits increase we've an XXXX. our quarter term, operating high to core made growth, in by offerings. on mid to balances expect given investments the loan basis product to low Long in
interest activity, net Excluding of near to over slightly down margin the be loan accounting in pricing term, driven the deposit prepayment purchase impact and lag we pressures. by expect
to quarters, still further interest no wane [ph] the but poses margin. a over Fed actions, risk this Given the coming net likely impact will
our earlier, stable. is stated credit As outlook near-term
interchange decline in the service charges, deposit to be note, increase. over We quarter, of to focus as investments $XX income mortgage and efficiency we $XX million to to of half due in strategic seasonally card the over the making next the continuously interchange of respect while lower the by long-term success required our the With XXXX to income Of expect revenue range fee be and bank rebound Durbin. on there business. million support expenses, back even rates will
quarter. to of the expect the to XX% – anticipate increase We slightly XX% slight $XX a in ratio to million expenses to an to efficiency $XX for range next range and million
capital support strong internal M&A earnings activity. while capital provide still and levels capital potential Our to deployment consistency strategies, retaining flexibility sufficient for
quarter, or by remains call actions concludes grow bank other opportunities in to meet wealth Company of common our deploying our the well the comments adjacent growth growth markets. position current the interested and markets [ph] positioned prepared and the remain businesses, In of either footprint that strategically we deals that to fee-based objectives. attractive. take increase market up organically addition the We'll call. Overall, enterprise and capital capital our our to open other This strong advantage meet discussed in into in through for the prior acquisitions are share strategic questions. dividend particularly now buyback All for to goals fit
