Yeah, Bill everyone. morning, great. good and Thanks,
$XX.XX share. full reported or net diluted $X.X common billion we year $X.X share quarter $X.XX per mentioned, was or net just billion income diluted common per fourth of income Bill As and
and compared third presented the fourth sheet growth Total quarter compared quarter is of compared to is increased to slide in on to billion Investment were X% billion basis. $X.X Growth billion to and and balance was $X.X grew mortgage-backed or of securities. U.S. fourth an Our or loans the average $X.X four $X.X $XX.X billion XXXX quarter quarter. linked the primarily compared securities X% billion a the or billion on quarter $XXX Purchases a ago. or XX% X%. year residential treasuries same
Spot for the Deposits at on $XX.X fourth were up quarter we opportunistically Fed and basis. resale billion as the $X.X year-over-year quarter $XX.X averaged the quarter, and cash down Fed billion balances linked billion were December the at X% XXst billion agreements year-end. linked balances cash cash at $X.X Our at both invested year-over-year. and
As Tier of X our at September to X.X%, III estimated X.X% be Equity XX, XXth. was ratio XXXX, December from Common up Basel
repurchases XXXX, billion $X.X the increased we billion year returned full $X.X For our prior over and authorization. repurchases, capital dividends This $X.X in in of which was year to shareholders. of common increase recently XX% a comprised the represented share included under and billion
on for Our was X.X%. assets fourth quarter return average the
common return Our return on average tangible on equity XX.XX%. common XX.XX%, and our was was equity
in third three multifamily This quarter an balances was continues September comprises flow, loan XXth. grew to of quarter. commercial increase banking, about the deposits our by secured of five categories; X% real XXst, credits, an detail. reflects business, secured $X.X to or book corporate warehouse billion agency Our business or compared finance driven X% $X.X loans lending compared estate, we Average fourth Average tangible portfolio our shows equipment value increase as of $XX.XX increased C&IB common billion linked per growth the X% loans which to a our billion lending Slide and and lending, and cash portfolio. approximately lending, our be in share If quarter commercial more and linked last $X.X December businesses. think in traditional year.
linked equipment and finance lending and define as quarter, business fourth X% XX% secured asset-backed, which the we businesses, quarter grew the credit, During year-over-year.
quarter. balances. lending Deposits increased Growth to compared primarily quarter approximately in category, billion grew. deposits in and related We year side, X%, to traditional million continued real quarter in was mortgage, interest-bearing linked And with lending second sixth ago, fourth $X.X that by Consumer consumer equity or was multifamily year-over-year. a credit $XXX as growth and balances consumer commercial a had in residential deposits while stable The quarter home $XXX commercial category, Compared billion in increased and linked accounts. the card, relatively installment consecutive total our by auto, $X to commercial growth same billion average This estate, education remained X%. portfolio expected the warehouse declined flow balances was typical increased X% unsecured the the reflecting $X both and largely the and our loans, quarter decline. or agency deposits consumer were excluding approximately third seasonality On to billion cash quarter. flat. third
deposit cumulative is of beta in commercial increased the at X% stated cumulative from effectively to below XX%. driven The stated consumer. overall and fourth level and beta our Our commercial our quarter quarter the level XX% by beta remained our increased both and third consumer cumulative
overall million slide income up million million $XXX you X%. rates business six, by grew $XX.X reflecting record Net income increased or and see $XXX revenue billion, or on X%, can full higher interest a and X%, growth. was XXXX interest As or non-interest by $XXX year
As included $XXX totaling a approximately items expense XXXX reminder, million. non-interest significant
increased and reflecting businesses, full deliberate expense in people. items, these Excluding our investment year non-interest technology,
quarter Full and for million million. million $XX For the to or $XXX to $XX of credit declined XXXX fourth linked quarter, by in increased X%. compared $XXX $XX year losses decreased fourth provision million million by quarter the provision expenses
performance more detail. Now let's discuss in drivers key the of this
interest for or slide offset $XXX to XXXX a yields higher higher balances earning net increased partially interest Turning by XXXX year record seven, was costs. full income PNC. X% funding asset with million income compared Net and for as XXXX, $X.X were billion,
XX XXXX. basis Our increased to net X.XX%, margin to interest up in XXXX points compared
points basis interest quarter. X.XX%, other of a net X calculation linked resulted decline For due average of basis the margin earning during processes fourth operational the was The fourth our automating the asset, which to from of X certain quarter. quarter, point decline quarter refinement a was interest
average and by impacting result, was increased accordingly. As other assets interest earning amount an unaffected, NIM income a interest immaterial net
eight. the included was Full third a and quarter. income million $XXX up $XX X%, decline compared quarter million, slide to in Turning non-interest the or fourth to year
to a fee Importantly, in $X.X businesses of continue grow to on at categories. look detailed record each our the execute fee our franchise in XXXX to fee strategy help more billion. efforts Taking across drive and performance of our we those our income
year, result flow $XXX BlackRock. through for tax Asset declined in million XXXX million of equity a our management legislation full benefit from or investment fees included X% $XXX the as
benefit, up this or asset fees million Excluding $XXX X%. were management
$XX services fees adjustment management by driven $X the Consumer M&A $XX million, driven declined However or for higher rewards. advisory The margins and to residential increased restructuring million deposits services of on linked-quarter linked-quarter million, customer both $XXX the challenged. services and fees $XX treasury X%, compared BlackRock's activity decline investment Linked-quarter asset non-interest linked $XX full driven recently for activity or mortgage debit increased fees by with servicing $XX declined card by the services comparison, card X%, rights X%, related enhancements. asset as reflecting third increased grew to X%. by in including a impact charges announced quarter, quarter. management including mark. million, primarily Residential higher PNC's linked from fees. volumes net or was activity, consumer income year, equity Compared and for year, driven the million credit fees full Service average fourth quarter by valuation Corporate higher and product on syndication basis, the negative and $XX or to adjustment BlackRock, quarter, million, in year, full increased linked-quarter, grew fees. third year both quarter X%, corporate loan in in remain no full reflecting fees and flow-through fees mortgage PNC's million by million, also in fees lower charge. earnings declined lower management brokerage
for related million to Finally, adjustments, in included fourth $XXX other during share non-interest Visa million income $XX price change Visa quarter quarter. was the primarily derivative from the benefit the and
billion slide $XX.X were nine, full XXXX to to year compared billion expenses our XXXX. in $XX.X Turning
significant digital personnel the expenses and with seasonal than look approximately million of mentioned, million quarter. marketing previously elimination the Taking fourth offset and Lower comparison. in occupancy higher third a declined included $XX or XXXX the the the X%, $XX equipment surcharge expense. of As items quarter, increases quarterly I FDIC million, $XXX more year-over-year impacting assessment at compared expense and
a Expense remain management our quarter full we XXXX, fourth disciplined lowest XX% and to in for be for several Our in efficiency approach. us and focus continues was the years. the the for overall ratio XX% year
As we you goal. $XXX of we know, cost a achieve completed saving million that and in actions through had to our improvement program goal successfully XXXX continuous
million. For increased by $XX annual to target million XXXX, $XXX our we've CIP
also are represented XX slide losses provision million and down $XXX million, strong. million $XXX year $XXX XXXX. in declined for loan to XXXX Our credit in $XXX metrics million from charge-offs totaled Net from Full remained XXXX. quality on in
both the portfolio. For fourth the increased handful slightly as commercial XXXX, total loan reserves growth and X.XX%. of in well in declined to linked-quarter reserves from quarter of to specific On to the loans consumer commercial X.XX% in as million due basis $XX a impact a provision loans,
the we're highlighted experience to of absolute As is past given to reserves viewed levels quarter-over-quarter does of releases size basis. in full provisions the on the likely tend the portfolios, the timing we've to or volatility level specific low as loan but when not year out specific a of relative uniform, some
Importantly, reserves delinquencies compared would loans broad were that deterioration. we're And indicate significant X%. loans. within or to and not $XXX both any or down Nonperforming these $XX million December declines in with down commercial total year-over-year X% XXXX were seeing XX, specific trends million potentially consumer
we're improve for have low can credit to levels. these you see over a summary, XXXX well-positioned last reported and As very continued In metrics PNC to XXXX. the years on five the slide successful
we end we we single-digit rate expect We rates basis in range; positive XXXX Based growth expect of our expect the short-term we leverage XXXX. believe end full lower XXXX in expect to occurring be steady we to expect expense range; in of single-digit and to year we we expect X%; the in guidance the X% growth increase upper range this results to XX%. one continue Looking growth these to compared guidance, year, year low in ahead tax effective continued assumptions low our the on approximately will growth on now of of the in be this loan follows; deliver is operating revenue XX of the GDP. the September. Based as interest to full in rest points year the
to single quarter reflecting $XXX fee to be income million your two first expect million XXXX to $XXX income the million. expect we securities expect we and the ready to days to and results, at to quarter And and are net quarter; XXXX $XXX and be Bill income expect of between take fewer activity; Visa Looking loans low excluding be we be to be net compared stable; fourth we we other expenses we noninterest stable; in provision down be expect $XXX expect million interest stable, digits; and total to that with between I questions.
