everyone. Thanks, good and morning, Bill,
X%. Deposit $X the increase an prior decreased $X linked-quarter and were balance decline quarter, or basis, Our the Fed of a declined a Federal Loans higher billion, of averaged billion cash up X%, in the reflecting or or $X lower seasonally deposits. reflecting billion spot is billion our on on $XXX balances from $X Reserve On billion presented an at billion deposits. $XX Investment $XX billion XX%. cash is $XX of And $XXX balances average was sheet X billion, commercial X%. Slide our basis. at or billion, period-end securities
was and quarter. increased December by growth consumer primarily to a at spot to debt the parent XX, a reflecting end, early the billion billion in deposits. rates. .
Borrowed negative both on higher $X.X were impact funds basis, $X driven of issuances $X company AOCI $XX up interest negative in reflecting However, deposits billion a $X compared commercial billion, At billion, quarter
year value with the March estimated XX.X% Our remain increased a to book well We XX% XX. per to tangible of ago. an $XX.XX increase CETX common ratio share, capitalized as period same an of compared
we potentially changes would CETX as endgame the recognize phased-in to III our proposed NPR, the of While approximately Basel the under XXXX. expanded of likelihood X.X% XX, risk-based currently fully rules, March capital ratio substantial estimated be
roughly shareholders X well common dividends, combined during $XXX continue repurchases And capital with when $XXX returned million positioned be quarter. to share we the $XXX of with capital million million We to approximated of flexibility, shares. or million
our the driven primarily decrease shows loan average loan as loan a were loans billion, balances. of $X.X utilization $XXX commercial to balances Slide by driven detail. in loans fourth well by as soft lower X%, quarter, lower billion, Compared demand. more X decreased Commercial
Within Institutional the in rates increased historically have not quarter have the is remained levels corporate and XXXX and typical. bank, utilization below year-end as first
X.XX% purchase loan first each of $X than increased Consumer offset equity C&IB of to security billion within driven as percent X% investment details equates in and We was investment Average yields decreased portfolio swap million, and [ credit of X Slide home activity lower declined $XXX throughout X our $XXX maturities. securities and expect by curtailed Notably, paydowns basis the quarter. portfolios. year. points to card more And loan total billion increase utilization ] approximately to by utilization balances. growth. loans the
The X.XX% securities X portfolio yield of reflecting basis the lower-yielding increased securities. to runoff points
portfolio the years. XX, As of was March X duration securities
to to XX portfolio the billion interest our higher-yielding swaps XX% pointed average will the into our swap of basis mature, benefit of which half X and years. to $XX us was book The securities to reinvest Through of XX. portfolio to allow XXXX, providing loan Our meaningful weighted received end received fixed points income of portfolio is second and a of totaled March fixed the the the rate the X.X%, assets, on year. commercial in scheduled net duration swap increased
in at value during book growth X which the quarter was detail. decline Average growth. a $X offset billion billion in more deposits. XX, swaps than securities March negative consumer will more seasonal continued accrete $X mature, tangible commercial our as Slide deposits income was as in by covers to billion deposits Accumulated other decreased $XXX back comprehensive our in deposits resulting and
mix, from noninterest-bearing fourth down XX% in were first XX% consolidated, Regarding in slightly the the quarter, quarter. deposits
Notably, largely in spot portion that on deposits the noninterest-bearing basis us in a since confidence dollar the noninterest-bearing which quarter, the first smallest rates had gives our the began of has stabilized. decline raising deposits Fed XXXX,
and increased paid our the beta expectations. with deposit quarter, Our interest-bearing March XX, rate on in And of consistent XX% from as cumulative X.XX% X.X% first to quarter. up the our prior during deposits was
their expect deposit approached we do to cut, of betas recognize expect lot there's fluidity regard leading occur our July. peak In through levels, and a and uncertainty. rate of we have a currently cuts, we period higher to although potential the some timing which in to rate believe up potential Fed drift We the amount
be which This However, short-term debt, long-term rate to high is aligned including our NII will interest because any swapped with beta XXXX our assets almost our our unaffected floating or are floating lack deposits largely rates. interest-bearing by is thereof. rate floating rate entirely and movement liabilities, commercial our
latter fixed well positioned for into of and rate remain half the XXXX. we the maturing of low-yielding forward, during going securities repricing XXXX benefit and loans Importantly, NII
the to Slide X. statement Turning on income
after of per included billion First assessment. related $XXX share, increased a which $XXX expense million to or quarter noncore FDIC $X.XX noninterest net million tax income was pretax $X.X or special the
$XXX million decreased by Excluding $X.XX quarter of million Total share. billion declined or interest interest of to or EPS revenue XXXX. adjusted noncore compared expenses, XX% And Net was points, million basis costs. net resulting $X.X income X% special per funding was $XXX million FDIC included X%. Noninterest our $X.X $XXX million of $XXX fourth And margin the or primarily declined X.XX%, assessment. expense a of X%. from decreased X and $XX income decline higher Noninterest billion or
Importantly, or Certainly, decreased was expense million noninterest and billion $XXX $X.X core X%.
and trends. million And in the revenue macroeconomic factors. our portfolio quarter, XX.X% X. was reflecting Slide $XXX Provision first We activity rate highlight tax effective Turning to our was improved
and interest billion was $X.X less $X.X fee $XXX X% or income interest X%, part the $XXX loan X%, or and or balances lower was quarter. declined a $XX of costs, quarter lower Fee day seasonal and decreased in billion driven linked million increased down net by in million funding First Net quarter. income. reflecting income revenue decline income million in X
detail. the at Looking
brokerage certain decreased Management and X%, advisory fees. up million markets markets. million management driven $X activity, customer fees fees declined Asset seasonally fees off transaction volumes, reflecting Cash $XX by checking and Card treasury management offset by lower or of revenue levels, declined $X on higher average higher higher deposit-related fees. was X% million partially products. million XX%, Capital underwriting or and reduction Lending the equity and or consumer driven quarter elevated or partially X%, M&A $XX reflecting advisory offset by fourth lower by
$XXX X% revenue or declined Residential included decreased mortgage Other and lower income gains or commercial residential and of lower $X activity. X%, million reflecting on sales. mortgage million million $X noninterest
The adjustment included negative the adjustment quarter. fourth $X negative million to Visa first value quarter in compared fair a also $XXX million a
Slide to Turning XX.
X% noninterest of decreased quarter, core expense $XXX Our expense reflecting management. $X.X billion, linked or million strong
with to expense in category. the noninterest actions or in of impact every a Importantly, This result XXXX. compared expense quarter first declined broad-based expense decline the core $XXX taken reflects million of X%, XXXX,
was million XXXX well XXXX. previously to the workforce that savings These effort million $XXX implemented of which will in year, on continuous track goal, stated, program achieve. actions first our which we we $XXX run expense realized improvement in include quarter rate our million management drive expense As cost last reduction $XXX actions and we're
we'll year-over-year expenses efforts, diligent that in expense and us give remain management our our stable. keep these We confidence actions
on Our credit presented metrics are Slide XX.
quality related sector And Nonperforming almost real the which we million commercial credit office real X% estate, has driven anticipated remains inside to commercial portfolio. by CRE resilient, of quarter, office $XXX or overall $XXX linked the loans pressure continued. While that, $XXX increased was million entirely million. approximately increased within the estate
annualized X% average and $X.X Net Total loans ratio $XXX consumer quarter, in delinquency. decreased delinquencies the quarter, billion million lower loan was by driven or were net first linked to XX charge-off commercial million $XXX our points. charge-offs and basis of
total or totaled at of allowance for XX, XX. December $X.X Our X.X% losses March credit stable on loans billion
Slide metrics. detail XX provides credit CRE more office our on
the level. In to over our the to nonperforming inherent within migration NPLs rate first portfolio. status office million, essentially have this quarter, occupancy an loans outcome work relatively the The of previous we the challenges charge-offs as increased $XX line have quarters, with the While criticized CRE and past consistent. loan criticized portfolio in net remained were few expected to resolve is balances quarter
Ultimately, we expect And we continued charge-offs on reserved. believe adequately accordingly, we are this portfolio.
that, March X.X% the on of of office the multi-tenant reserves And inside total XX, our of portfolio loans. on As XX.X% office were portfolio.
X% as our Importantly, result, balances linked And down. million our we a quarter. continue $XXX manage exposure to approximately declined or
positioned for year. well remainder In summary, PNC we're of first quarter the the a reported solid and XXXX,
Regarding our year-end. and increase we're view year, modestly of growth of in to X% to second by approximately the real GDP in economic of expecting the expansion in economy, half XXXX the overall resulting X% unemployment
We decrease Fed cut the in XXXX Xx expect in November. a to point XX another July and basis rates with in
interest and second trough we the $XXX Visa $XXX be margin range net expect as Fee to second of And quarter activity. be I million to XXXX, other of mentioned Net quarter. quarter noninterest approximately income down X%, and to the to NII first to up compared interest income Looking excluding we X%. in loans the be stable. average at in to the income XXXX, million, X% to of be expect previously,
stable. expect we Taking the together, component revenue total be revenue pieces to of
total expect expense to to X%. up noninterest We X% be core
million We $XXX charge-offs expect net $XXX be and quarter between to second million.
impact scheduled the P&C terms owns on of shares B or will close Under Class with B the to opportunity about to of X, Visa's gain unrecognized of billion. reminder, the monetizing Visa a their our included We've Class Visa the in not current X.X approximately monetize $X.X gain forecast. XX% program exchange million holdings. shareholders have As May an of
XX. Turning to Slide
stable your as is expect full Our loan net income call. Inside expectation X%. we our average be Total down noninterest XXXX down full effective expect be is a year XX.X%. and rate to the and year from the are income ready excludes to X% stable, approximately XXXX for for FDIC in take our earnings to which approximately assessment to that, our And and X% year Core be Bill of revenue to noninterest growth the be is range I of to reminder, full to January expected X%. guidance unchanged to tax to that, up expense, we X%. XXXX, be with compared of And the interest to X% questions.
