good Thanks, morning, Bill, and everyone.
on an and Slide basis. average X on Our balance sheet presented is is
billion due $XX loans billion XX%, funds the stable, billion, at and or of primarily Federal $X our balances cash Reserve XX%. $X securities of quarter, were $X Deposit billion $X Borrowed investment or the billion. billion For and $XXX to balances averaged a by of were the decreased advances. maturity linked $XXX increased grew decrease billion, FHLB
At negative as billion quarter the September higher negative reflecting of rates. XX, billion end, $X.X impact $X.X of compared was to AOCI
XX.X% book was $XX.XX was per at standardized estimated ago. CETX capitalized We Our ratio, XX% our to we revised common AOCI value which the well in the of due a X.X% December tangible to quarter remain decline includes with as estimate a quarter an but end. year slight ratio which And share, XX. a compared AOCI, to increase of decrease be period linked same
of share continue repurchases. common million capital flexibility. approximately We to to positioned the returned be capital through during with shareholders $XXX quarter both We well and dividends
in X our the quarter, loans the flat to $XXX by rates. auto to residential essentially basis estate. of were and as loans by yield more the linked compared in fourth $XXX billion in billion were primarily lower decline was decreased Average offset detail. short-term driven in third stable loans XX real shows points total Slide Consumer loan And X.XX% averaged growth a on quarter. balances quarter
offset loans. balances $XXX lower period-end billion loans billion balances and loans declined commercial reflecting basis, by On in as $X growth a of Commercial CRE decline commercial billion, were in roughly $X was a utilization C&IB both stable and leasing real rates. estate
to securities manage sensitivity and continue offset more assets in to to runoff investment rate fixed portfolios. XXXX, billion in $X to security neutral Average investment interest in billion future our our of details in purchases Overall, rates floating $XXX as relatively and changes than continue increased years. swap be maturities. X interest reduce we and Slide we rate
securities XX% sale and approximately XX% The to total of portfolio as During the now our year majority comprise floating AFS add for our available floating are continued a as portfolio. quarter, to ago. and rate designated we compared result, X% a of securities rate floating our is
of floating runoff lower-yielding was the higher-yielding our higher Federal to as points Reserve. securities. X.XX%, our Also, X.X to increased approximately securities at portfolio And rate December securities X duration portfolio rates a years. the the purchases yield driven securities alternative excess of The are of new on cash basis on by and XX,
rate swaps of active increased The $XX XX and fixed $XX pointed rate XX the starting received totaled billion swaps. commercial linked received loan December comprised the points basis swaps Our billion weighted X.XX%. to on quarter to active $XX on of book swaps billion average of forward
full in accrete growth is duration expected considerable forward, expect swap securities higher-yielding Looking on our portfolios, maturities, maturities book and assets. allow with to runoff to and into value. short-term continue will AOCI reinvest we which in provided the appendix. the to resulting Accordingly, will AOCI us in tangible burn-down A update continued back
interest-bearing continued balances CD Average lower detail. deposit balances, more our increased or growth $X offset by brokered commercial partially covers in X deposits billion balances. consumer in X%, Slide reflecting
Regarding and stable XX% of remained noninterest-bearing total at were mix, deposits deposits. $XX average billion at
basis the points actions fourth paid on quarter commensurate reflecting the rate Fed pricing rate declined X.XX%, interest-bearing to Our XX cuts. with during deposits
we to Our rate-cutting going the be XX% high in our cumulative deposit cycle. anticipated beta XX%, beta the range through forward, expect and December was during
few increase X%. this increased net million net the third grew margin quarter, X.XX%, our fourth of X, was $XXX of an basis to Fourth XX X%, by or Net Turning we million income or interest income interest $X.X Slide points. total and $X.X per quarter and $XXX $X.XX share. was billion or highlight revenue billion notable our to quarter trends items the statement quarter. a income Comparing
or $X.X increased I'll items noncore Noninterest in The million pretax X%. billion $XXX increase netting million income included $XX or of moments. after more a detail $X expense Noninterest million tax, billion to on few provide of $XX increased X%. which
million income Provision was was $XXX million, of XX.X%, activity. included of which and matters. reflecting effective tax tax portfolio $XX to factors resolution related rate macroeconomic improved the And tax our certain benefits
offset X% trends. income. revenue basis, our income year highlight than in we noninterest of we as $XX.X On more X, net Slide interest billion a record to growth revenue generated Turning full lower was by
driven the and X% revenue linked net increased benefit fixed continued by $X.X $X.X decreased $XXX Net million by driven million asset quarter billion or quarter. was increased Fee interest linked or at income comparison, lower Looking costs funding $XX repricing. of income million, billion and $XXX the income. rate of interest higher X%,
card incentives. sales, activity. $XXX customer $XX elevated million benefit Lending increased credit quarter Card and offset stable revenue reflecting higher RMSR Visa detail, $XX and Capital to fees a or management hedge treasury Mortgage income third reflecting other of markets partially impact reflecting million, revenue from due income revenue X% by the or at activity. decreased and million deposit and markets. average increased management the were linked third offset noninterest origination million $X quarter, by services the higher management was fees less activity. as gains million quarter. grew to our declined elevated Looking declined derivative X%, lower equity $XX cash And asset negative in due primarily or X%, advisory annuity brokerage
million or $XXX expense Turning compared $XXX was XX. Full noninterest Core to XXXX. year or decreased million expense by X% Slide noninterest to X%. down
result, noncore expenses. we on noninterest X%. $XXX positive for a operating Fourth reported generated or increased adjusted basis $X.X quarter leverage million expense billion well of a As as as
assessment. million number $XX were an to expenses, technology the million of FDIC As reduction included I related mentioned, by impairments primarily noncore various which asset investments. impairments, reflected a to offset $XX and asset of included The partially quarter million the of $XX special items
or million increased seasonality Core marketing spend. linked and due higher expense X% noninterest largely quarter, $XXX to
goal know, XXXX improvement you continuous million our program, of in which exceeded. As through we savings a $XXX cost had we
portion this of program $XXX will our ongoing our business annual investments. XXXX, and forward significant continue million. to to Looking is a CIP technology fund And target
or with linked being are $XXX primarily been Our majority driven decreased have are of quarter, XX. by presented in compared the which or credit already lower delinquencies, were Total September the $X.X commercial of on CRE The Slide loan delinquencies C&I billion process Nonperforming loans or increase by $XXX X% up resolved. was XX% metrics of million driven NPLs. XX. million and
were Net net office loan annualized decrease charge-offs to our driven quarter basis lower CRE average higher The commercial $XX was XX recoveries. million charge-offs linked by loans $XXX charge-offs ratio points. And was and million.
XX, billion totaled losses X XX. down loans of December point credit for allowance September or total from basis on X.XX% $X.X Our
CRE XX office provides detail on Slide more portfolio. our
loans linked continue balances also paydowns and quarter. down. declined outpaced declined X% inflows as $XXX Our manage as approximately nonperforming quarter new during office balances or to CRE charge-offs exposure our the we million Criticized and
and Despite within the we from this challenges demand to office the third see in book loan office office were the CRE portfolio, down portfolio the for continue in Net charge-offs this inherent properties. $XX of million lack $XX quarter. decline, million, the given stress in
charge-offs, As vary loans. size a result, expect of nature of the additional quarter-to-quarter, the will which the we given
XX, reserves adjustments quarter. portfolio as to believe on up reserves in XX% valuation are adequately office December the prior the we continued the across increased XX% Accordingly, portfolio. reflects from we Our increases reserved. of the The
quarter, positioned for contributed well XXXX we're reported which a In summary, to solid XXXX. and PNC fourth successful overall an
X% approximately real the our growth to Regarding growth over continued year-end. of through view and overall we're unemployment course GDP X% expecting above in economic XXXX, of slightly economy, the remain resulting
We basis expect times to cut another a in XX with and point the decrease Fed March X rates in XXXX June. in
is not outlook follows. XXXX guidance. our to while growth, of for built to Looking a as compared full ahead, our XXXX into loan indications year In growth, point accelerated to results lot that regard we've
reflects a result, to average As full to loans. guidance equates which X%, growth stable our of spot loan X% year
We X%, income to interest to net of up and approximately XX%. be be effective Inside approximately be X% expect to for to our rate expect X%. tax up expense X%; our up total that, be noninterest noninterest approximately up X% to income revenue approximately to be we and expectation is
we guidance, operating Based expect will positive substantial on generate we in leverage this XXXX.
other quarter of XXXX of loans of down expect the million, X income income down days includes the quarter impact the to in X%. expect to down net total quarter; compared to which the be X%, Our fourth activity. to approximately million $XXX component fewer to range pieces revenue XXXX be interest in is X%; Visa be together, be of first we stable; revenue the average Taking X% as noninterest be of the to to $XXX to fee outlook to income we follows: X% for excluding
expect to We we $XXX be down be charge-offs first million. total noninterest expect quarter approximately and net X% to X%, expense to
Bill that, to ready your with I And take are and questions.
