overall Thank income increase rates that and higher at interest a income balances $X.X increased net Interest you, noninterest as increased GAAP million renewals product portfolio average. new a of income result million although in Interest in income. continued of net and production income fourth net at The increased rates the are quarter. operating the fourth the quarter higher about and income by increased operating than increased by is Both $X.X on loans Heath. declined. increasing with the
sales. prior cash banks growth, as and the to was with and deposit income balances on balances increased also our due payoffs result increased Interest from of a loan quarter investment
was that, was -- $XXX,XXX I'm of $XXX,XXX. the expense decline sorry, XXX from the the declined on of and quarter, expense Total about bulk previous a interest deposits interest
in of Heath over net rate transaction-type the that about a million. million of interest funds was down accounts. margin $XXX growth As third income both This cost in and X.XX%. and basis mentioned, $X.X $XXX quarter the driven and or by was and was cost cuts points XX fourth from high increased quarter, Overall, DDA increased the to no low
Heath mentioned to that start and these are balances the will second sometime typically quarter. seasonal around decrease
throughout seasonally these outlook, will to on on XXXX. we past cuts and we a increases saw both the slower terms In expect of market do Fed quarter-over-quarter, and The the move balances as some the modest in But much impact in expects not increase fourth have 'XX rate in to will that margin margin during the we quarter margin as DDA decline, see see. quarter.
Fourth $XXX,XXX, increase decreased by about $X.X increases has sales $XXX,XXX, and quarter XX. in sales were And on down production revenue production quarter-over-quarter an driven compared increased income operating when the to XX-year over Mortgage highlighted Mortgage XXXX. although Slide treasury are million increasing. lower fourth sales yield. the been of noninterest quarter and steadily
mortgage rates. expect but be those on will be dependent levels We XXXX, to in profitable
or to unusual than time had quarters prior to it's this online to our first sales saw and of during softer was that revenue quarter in to was the likely were we platform. Production down decrease quarter on of division 'XX. division a higher a for banking some quarter Operating see a quarter. for new expect compensation, with expenses broken quarter-over-quarter. what XXXX SBSL the increase fourth primarily see both quarter There fourth Slide And production implementation we volume Fourth quarter. not in see and in is the be 'XX. increases increasing little increased Seasonally, noninterest sales, X the production-related but and from $XXX,XXX of XX. to highest first the in Our slowdown great the the was we $XXX,XXX due the costs year.
SBSL are quarter of third
NIE X.XX% net assets for that to Operating around been and target the our quarter, average has X.XX%. was
income a the closer As net at target interest going look margin to we're we going increase, forward. that's see to X.XX% and
we the or noninterest a back and for slightly see higher success likely as bank. growth will million $XX on per investment expenses long-term the to around of quarter shift We focus
fourth donations credits. We we previous dollar Overall, tax outlook, for to for and anticipate donation around XX%. and rate quarter rate being we that see our pay the credits XXXX has lower near-term and tax and quarter organizations effective received forward. a reach Our our totaled the were given due of tax dollar going fourth XXXX be The to communities, donations. maintain of than in for in X% current quarter was those to ROA target able the to made able the over quarters XXXX, during $XXX,XXX
among building strong our first the of the of loans. get quarter in be year the a not we the The XXXX, fewer of by did after number quarter quarter days to seasonality ROA generally is first fourth progress but first impacted and that to of of as expect the We us quarter X% as fourth XXXX. 'XX to see do modest quarter business
payoffs to mentioned and for charged quarter, of Nonperforming that were loans one last year-to-date than quarters And quarter, was net credit Provision and of investment were due average was that those loans off indicates from drivers quarter. fourth for decline. totaled terms charge-offs held previous the production declined of XX% $XXX,XXX than about anything X loans larger new and remains loan $XXX,XXX.
Overall, commercial haven't XXXX. quality we higher as expected primarily Loan for prior Total we otherwise. expense decrease funded first in strong, side, million. the few slight that in quarter a and decreased the the seen was the bank on quarters, a the we $XX a the higher about little
loan of we're still production. increasing seeing So levels
year. We see towards do a growth later levels expect shift and to back in pipeline of the in traditional activity towards for the -- see loan XXXX
be slow increase the then The first of half we'll see a may or X to in year. and an flat, the back quarter little
that and million, $XX by expected was increased seasonality, deposits primarily Total quarter the deposits. fourth on driven
$XX.X brokers maturities these have around million. We see
on about was So no-cost actually million, $XX grew primary our accounts. and that deposits in and low customer by transaction DDA
decreased of the We QX Our likely opportunities and mini we cuts as see our experienced that low-cost competition and basis in the cost in decrease, fewer the Fed, of outflow just points on be cooling deposit the seasonal throughout QX, horizon have quarter. decrease a of deposits to many behind much growth footprint. funds that the still factors not fourth accounts and as funds were cost in will really from overall XX the Fed although cuts and
previous summarized XXXX Again, into rates curve very of we've this those has done Since end improved what similar Slide are XXXX. to and The on sales to [ investments some liquidity sold in heading on short-term XX. of and for have increased rates a ] when to quarter, loss, on-hand quarters. compared transaction we was longer improve, have start margin our started the has the the and position decreased, base
forward. quarterly With that, our going to intend security we pause sales
sheet We determine term. don't at to and market to some it's conditions appropriate anticipate the up that will analyze those our in back continue to near balance but we pick point, if
repurchased we end the an quarter, as of part stock the Board at In the XX,XXX extension through repurchase the of our program. that During authorized shares price of of XXXX. December, average $XX.XX program repurchase
the Additionally, proud dividend a $X.XXX we're per cash Board another share, quarter yesterday, continue of to declared of dividends. and quarterly
to quarter our pretax business. pretax the a close the complementary basis fourth XXXX provides quarter of to XXXX. XX Slide of was breakdown compared a improvement a net lines fourth on Overall, for income $X.X of of million of
As but over earlier, ended was interest quarter I with XXXX, challenging has mentioned, a increase which overall mortgage rates, a improvement profitable an XXXX. in the with considerable had
industry underwriting coming number the expect we in on best and production. some are relates referrals in quarter as Quality the of the earlier fourth but to Merchant in place breakeven, month continued were Services of to put good of Insurance Insurance that around of to bank feel we the from with removal had December the units its record in impacts progress. the year. an restrictions see it improvement in the Quality right as begin about see still showed that the amount
and now for to take it Heath overview, my final comments any over we concludes questions. I'll That back turn before
