and Thanks, Bill, good morning, everyone.
X%, $XXX basis. X%. and balance Cash grew Federal for is billion Reserve Our the Loans $X.X X quarter. linked period-end average down fourth $X an presented or quarter increase is on essentially or of securities average billion sheet stable. $X on deposit the Investment Slide our while billion at balances were declined billion, $XX X% were And remained billion quarter. deposits during the totaled balances and an
Average in we bolstered borrowed quarter, quarter funds are our third with borrowings Home in fourth average liquidity these and the increased Bank $XX Loan as Federal proactively reflected late balances. our billion
funds borrowed billion lower by $X partially debt, senior was September $X of The FHLB increase spot XX. approximately by period-end of we debt. total $X by and basis, compared a billion our subordinated borrowings offset billion On increased to driven
as an And XXXX. of value increase book quarter. At year-end, well X.X% linked common remain X% ratio our of we estimated tangible was XX, CETX December per share, with an of $XX.XX capitalized
of approximately $XXX capital be to million shareholders during to well shares. common quarter, of continue returned $XXX the We positioned X.X million billion of million and repurchases through dividends flexibility, share $X.X we or capital with
our to expanded average period increased loans billion, year XX% loan as ability as detail. ago, franchise. to more same on a Compared Slide well reflecting coast-to-coast demand opportunities or our X shows our increased loans and have in the $XX capitalize
reflecting During loans loan quarter, spot to we both and billion solid third increase billion or or X% the quarter an $XXX grew compared in $XX of X%. the a $X loans. Loan fourth basis, On averaged balances growth growth. billion, delivered commercial consumer
more strong both broad-based by billion grew $X production at banking period than corporate asset-based end, loans our businesses. Commercial driven in lending and new
quarter. utilization Importantly, portfolio remained stable C&IB our within rates linked
the balances, X.XX% Consumer by loans yields credit higher mortgage increased increased driven interest basis auto equity September lower by rates. third loan XX to home $X XX, driven and compared by of billion and compared higher points residential card offset loans to quarter, partially
Slide $XXX Fourth XXXX, quarter. pricing pressures. environment in X and balances competitive deposits modestly, covers generally the detail. linked more Throughout deposits were amidst averaged billion quarter our inflationary and deposit have stable declined
of the interest deposits beta And interest-bearing. our was cumulative December in interest-bearing XX%. was shift deposit December we at into deposits XX% from portfolio to continue environment, as non-interest-bearing interest-bearing increased non-interest rate mix rising XX% our Overall, And our Given on quarter. as see rate result, the and X.XX% XX, XX, fourth bearing. paid during a a to
details average billion which X Slide basis, the $XXX by X%. increase third billion securities $X included largely fourth of $X or fourth quarter was of settled portfolio. securities elevated the securities an our The driven activity purchase quarter, our in forward billion in On quarter. starting that grew late
X% yields driven And $XXX to well yield as purchase as higher were XX increased X.XX% $X On new The premium our the a by increased exceeded spot during portfolio quarter. X.XX%. yields reinvestment and on or quarter, basis, linked billion securities lower points basis securities billion amortization.
to fourth reflecting end improved quarter, of the and accumulated losses accretion billion income our the At other comprehensive the unrealized securities of on $XX.X swaps.
accrete account going impact X% changes. Importantly, rate of quarter of taking the will we per back into estimate to forward without approximately continue that AOCI
on income Slide the statement to X. Turning
net X% share. third can $X.XX $X.X million Revenue XXXX $XXX billion, you was or $XXX the fourth increased income see, As up And XX.X%. million effective Expenses million quarter. $XXX a loan weaker a the build. or or with our per growth, of rate was as in million X%. fourth reserve economic was reported the quarter, Provision quarter was resulted reflecting in impact continued tax which $XXX compared
to $X XXXX. to our highlight due X. interest Non-interest than trends. Within total grew market-sensitive fees interest both $XX.X revenue loan that, revenue and more net management was We XX% compared record In growth. lower XXXX, as growth. offset billion declined income to a Turning income XX% rates X% strong higher and increased billion and and Slide strong or card cash
costs. X.XX%. on The margin interest assets balances points up loan more a as higher Net quarter, and higher Looking increase XX benefit basis of billion $XXX million to total an million net of was fourth yields by X% $X.X offset the interest increased X%. linked was funding at closely were $X.X And result, billion, was interest-earning revenue or quarter. partially of increased $XXX income
income quarter. was X% $XX Fee $X.X million increased linked billion and or
loan or Looking driven brokerage markets. X% the at lower or by the average higher decreased strong advisory equity by offset $XX activity. grew reflecting fees and loan deposit Markets lower reflecting increased fees, detail, commitment acquisition fees, million impact of and higher million and partially services new or loan merger production. and XX%, our due million syndication Advisory Capital $X asset management Lending primarily $XX to revenue X%,
of million by third to fair resulting quarter, revenue by activities. RMSR non-interest adjustments, million, $XX declined banking a positive linked compared change Visa million. Residential $XX in quarter, commercial value partially a quarter in lower driven $XX valuation fourth increased Other reflecting negative mortgage adjustment and a the offset income commercial valuation mortgage higher adjustment
Turning to X. Slide
on X% variable benefits. million impacts quarter were growth costs, also The up market medical $XXX personnel higher costs included business million compensation as quarter as fourth largely $XXX which higher Fourth Our quarter. related to in expenses plans or personnel long-term well increased linked seasonally increased was reflecting compensation activity. incentive
of expenses balance the and going lower expense linked quarter our majority forward in as higher impairments well marketing The these impairments of included various as and are assets our guidance. remaining in The spend expenses increase will on included investments.
program, savings know, you $XXX continuous had and goal our in cost goal. million As we XXXX that of we through exceeded improvement a
forward will CIP million. increasing investments. our portion business be and funds This goal program Looking technology XXXX, ongoing significant we to of $XXX our a to annual
linked are and presented represent continue total X% or Slide to delinquencies Our on than of loans million, to were million compared large and billion $X.X one part less quarter. loan $X quarter, in driven billion Net leases by $XXX commercial loans. charge-offs increase linked credit. XX. $XXX September credit million Non-performing or X% million XX decreased X% declined metrics of $XX Total an of of $XXX for loans
impact average was basis $XXX of million The reflected to economic loans quarter. the continued Provision points for million XX increase growth. charge-offs third net quarter. quarter the annualized loan fourth weaker outlook well as a in in $XXX the fourth compared Our was the as to
allowance loans. quarter, losses fourth our our billion or the and now $X.X During million, reserves increased $XXX credit X.X% of total total for
overall In in in now economy, decline GDP. quarter and mild PNC summary, in our strong In a fourth view X% the full regard XXXX XXXX. to reported of expecting recession year a resulting real a we're
funds in and assumption Our rate includes Fed in increase path basis both a February March. XX point
Following that, the pause rate point Fed XXXX, actions basis when expect XX we we a December expect cut. until to
interest follows: Looking loan ahead, loan growth XXXX Total of to year expect equates XXXX growth as that, which income up of non-interest for the income XX% is X% to up to range growth net of to XX% X%. outlook we X%, our X%. compared X% X%. is to X% to for results spot to expectation be our be stable to of full be revenue Inside and to to in average
approximately and we Based expect X% XXXX. effective between this XX%. expect rate generate guidance, up be be on we'll operating to solid X% our Expenses we to and in leverage positive tax
average XXXX quarter of to be to equates expect first X% spot loan to stable, X%. Looking quarter of to which growth of at loans fourth we compared XXXX,
down income activity. fewer securities quarter to million $XXX excluding down income be between X% X% quarter. and interest due be Visa Other X% be client income in seasonally X%, two first Fee million, net lower to $XXX Net to and the to non-interest to to activity. reflecting days
non-interest million. quarter to be be and expect to We $XXX expect X%, we down charge-offs X% approximately net total to expense first
Bill And ready to I and take with are your questions. that,
