Ira. you, Thank
Slide X to Turning and margin interest net trends. and quarterly income
points interest from while spread increased previous X.XX% quarter, the net to from five interest XX prior points Our the increased margin rate period. basis basis the
this repricing forward current repricing previously liability outlined we structure. opportunity by our tailwind in gap We during third the call. We expansion, had believe in the this are exists remaining encouraged given quarter linked-quarter our
debt market. of competitively quarter. Accordingly, longer-term extinguishment efforts in lower been lower, the the of costs of Furthering the while fourth million approximately have maintaining focused during liability cost on the we funds FHLB our to managing was $XXX
charge, resulted in and the with significant is closing transaction. expense million captured after-tax of the conjunction extinguish of result annual on of XXX borrowings, This in approximate in portion have intention level interest a the We Oritani comparable to to we savings basis had recent weeks. of expected debt a in action approximately originally $XX cited points this an which
continue the believe on the out of curve fourth rate the to we approximately shape end duration and $XXX did of by the is during take alternative emphasis liabilities, the curve. place we available action prudent funds. utilizing wholesale on extend absolute modestly three-year and quarter moving short opportunity While two between given the million to We durations, current this
meaningfully see can other of schedule current and should rate on borrowings remain. substantial you X to wholesale from forward lower, retail presentation, Slide maturity still As the there's CDs our EPS the outlook both XX-month ability reprice
Slide effects the averages. As on X, rate repricing lower monthly see illustrated on of we our continue deposit to
positioned As such, believe and current the are for defensively outlook. environment we rate we
assets. to Moving
XX% As a expected, approximately while which rate, total York continues are yield yields. XX environment core our to the to $XXX were negatively of That XX% multifamily helped New average adjustable of offset that the said, had weighted portfolio sold loans scheduled approximately reset mostly loans million approximately of within year-end, X.XX%, we some current impact compression. loans City-based of of At yield next the months.
are and monthly. another to Approximately, daily X% tied either to which Prime, XX% one-month of are or LIBOR total reprice indexed loans
bulk which five Additionally, every of priced almost varying years. loans the contractually CMT off of XX% of indices, reprice
origination place chart, over new continue to on left the downward the on lower Slide rates on X, past six-plus index loan yields. pressure months seen As
much in we of a growth. our This and While deposits driven during this of quarter. important to XX spreads did by ability the witness fund new basis cost access origination product significant is rebound is point pressures, lower a to market
origination pace the to recent call Another And an early in to too new it's a is lower begun stabilization signal. encouraging bottom, noteworthy is while months. observation yields slow of has
linked $X.X Moving on, quarter, declined driven fees income X% by lower noninterest our of primarily swap million.
this quarter during in As business the call, expected fourth to we discussed soften the we third quarter. earnings
growth. Moving by loan negatively for in impacted what continue be is first slower this expect could seasonally a forward, we period the historically to quarter
operating of level. XX% prior fee which from adjusted percentage a XX.X%, the revenue, a was quarter's income decline adjusted As is
the modestly XX% is was increase the outcome goals long-term revenue, of to ratio, which quarter's have. compounded income net declining annualized fee this XX% our below good total to interest of operating While issue in a quarterly
Diving notional million $XXX We volume during $XX into of originating detail. on approximately loans. quarter of XXXX, million results in the fourth generated swap the swaps of more back-to-back approximately
Our conforming of mortgage quarter, Jumbo sales net of These the gain in on residential bulk XXXX. loan quarter sale to $XXX increased the transaction. and income third result from million consisted one during were which both flow of the XX.X% gains approximately
team approximately continue income to we marketing our line. active a contributor believe on to clients make improved Our the conforming future, the XX quarter. efforts gain and larger In will basis noninterest from more education sale among sales previous margins the points bottom and
several million expenses approximately infrequent reported The Our $XX on items, increased the totaling million pretax reported $XX approximately basis. numbers prior include a quarter. from
were the merger-related loss extinguishment FHLB was million. Specifically, on of expenses $XX.X million $XX debt and approximately
the tax $X million for quarter. investments The credit amortization was of fourth
Our and the adjusted credit quarter. tax expenses up exclusive previously of $X items million infrequent mentioned from amortization million, were previous approximately $XXX
include lines, items. dispersed one of $X.X million approximately month which full salary this seen balance direct across can the the were expenses, Oritani of quarterly several being $X in be with line Importantly, does this million. Approximately
XX% that of occurred Oritani's line. without in Keep pointing incurred we in in expenses on approximately single would out system the our realized equate at expected office pre-existing mind, regulatory basis, direct aimed $XXX,XXX also It's December issues. achieving of have and time Oritani well integration expense or We resolution closing branch. cost an quarterly annual over before saves a worth saves consolidating these ahead back and to
costs third quarter be quarterly This seen adjusted efficiencies can support Oritani-related of XXXX. our from $X.X equates After of to backing approximately we decline and expense. a XXXX. expenses benefits employee within December, level merger-related to severance commitment fourth for from million XQ Further to saw as salary direct of compared and X.X% quarter a year-over-year out the decline adjusting
the in spoken leverage. greater we about on are hyper-focused creating As operating have past, we many times
Nowhere more that obvious looking ratio. at is our adjusted efficiency than
XXXX, quarter, XX.XX%. the full over For well $XX.X at XXXX target basis fourth full over versus our was a basis of the points from point XXX impressive decline ending million quarter, reported an previous – This XXX.X% declined year XX%. while XXX year we below sorry,
impressive closing for the us greatest management and to has is base, resources products our this culture towards that occurred our give this expanding entering and in markets, more business significant returns ingrained reallocating become on It new expense that Making focus acquisition. announcing speak a people even results lines, on while the themselves. and products and
Our the was of X.X%. loan growth, Oritani acquisition annualized adjusted for fourth negative an for the quarter,
real annualized. $XXX million Oritani and in approximately Absent of multifamily York commercial acquisition, have loans, New XX% sale in occurred been late the City, mostly includes the would this sale which quarter. the within estate fourth growth metric loan this Importantly,
would loans growth, Our excluding full of the X%, high the and have just approximately guidance. sale multifamily loan over or organic end Oritani been year our of XXXX
on and construction. Slide quarter's size small quarter our much C&I risk. organic of The growth while X, relatively the $XXX,XXX, estate, came average million, originated at average this C&I remains CRE during commercial loan $X.X just was further illustrated diversifying As real in
approximately coming well commercial Alabama, geographic which residential servicing. form sale, our XX%, portfolio national and balance Florida which $XXX in growth approximately of up the of sold quarterly was businesses. our and loans New came Jumbo XX% We the a during in million in perspective, the From came commercial with approximately made retain in total quarter, growth of a bulk XX% Approximately distributed. Jersey from we while our York New
the well our Conforming via end, loans balance for from our outlet. through XX.X% XXX.X%, increased At very previous within the trends of desired quarter, favorable quarter. standard sold generated ratio range. was quarter GSE sales gains loan-to-deposit were the which Deposit
increased X.X% Our ex-Oritani, full quarter for total X% year. linked deposits, the – approximately and X%
full annualized branch Oritani, X.X% deposits on core Excluding XX.X% year. grew grew our basis, noninterest-bearing linked-quarter for a while the deposits
channels net growth linked-quarter accounts of also annualized linked of grew account associated linked-quarter branch more and balances Momentum showing money XX.X%. X.X%, and market of important, a We witnessed in annualized X.X% online Perhaps merger. of quarter annualized at continues, over pace these channels the on savings, deposit basis. exclusive a in growth our with new NOW
at we growth annualized checking linked-quarter balanced balance seen tremendous have basis. sheet on Diving an in – our deeper, growth accounts XX.X%
expansion in relatively immature, the banking, online X.X% net net from of while account efforts quarter, saw account previous still well. as a of while geographies Our all experienced our growth
This branch especially approximately of enhanced achievements, growth. on XX more positive proactive both are million. we is combined that to balances customer considering year, retention combined led further carried that calendar are of offerings outreach, $XXX transformation evidenced during product these a our and having closed efforts the We impact proud with branches
As illustrated both segments. in been business retail rate chart deposit rates the and average deposit have on we managing trends Slide X, balance lower and across
and for trend. the accounts money while past six the of average five CDs market shown, for a rates As savings, declined monthly similar months, experienced NOW have have
XQ in come we given lag As to XXXX, we quarter, repricing stated expected greater the last anticipated benefits effects.
Notably, in the December average and rate. declines accelerated November months experienced of
We the continue more the short-term. over the pricing expect during gap given to liability-sensitive forward repricing declines face and XXXX, quarter of first we dynamic
on During we borrowings raising accessing the core aforementioned quarter. by CDs brokered saw was million. loan reliance efforts combination offsetting quarter, our a during This short-term downs approximately of and sales, pay a by the facilitated the diminished deposit $XXX successful
As identified. had previously debt mentioned extinguished approximately we million quarter long-term during $XXX FHLB of we earlier, the we that
absolute If than weighted quarter, this we current and XXX XX a cost less. level average greater that funding greater million basis broker the favorable carried are than modest around are the the you taking of less points curve. compared market of advantage rates $XXX – fourth of that long-term duration points of X.XX% In rates, recall, at shape debt deposits basis added to
position. we managing emphasis to and sources this want capital give lower, costs place asset the impacts a expected I our update towards relatively prudent is While liability our laddering to on neutral pulling approach of rate CECL. on interest funding quality, and continue brief a
nonperforming approximately Our from declined quarter. million the total previous assets $X.X
the more the from was this a that given in previous past million, over $XX decline quarter, increase. resulted declining the previous accruing we saw loans previous the in quarter's quarter, expected as Our due signaled meaningful circumstances drop administrative
of for losses. we quarter $X.X a XXXX, fourth the provision million recorded During loan
for and driven C&I quarter, primarily established one increased been which Our medallion from previously smaller loans, by net by X.X% previous reserves charge-offs credit. had the
parallel Turning balances of tests current of impact CECL, are reserve our XX, conditions XXXX, estimated estimate approximately million spoke of updating million and to we that compared is million to about forecasted lowering increase last the economic $XX expected down range we to that portfolio non-PCI in result as allowance to of CECL we expectations our This quarter. December running $XX an additional as $XX our previously the $XX and million. of the range to could levels. from After
exclusive credit reclassification phase-in any portion The capital forma will of not PCI-related pro at be period. would on impact or the balance existed the PCI-related This sheet addition within the have occurs transfer year-end. that that regulatory
equity In quarter. ratios risk via acquired progress terms were notice combination of acquisition the improvement and both of These acquired with significant regulatory capital lowering the in and accomplished increases significant of common made capital capital, of portfolio. tangible associated you'll a much weights the the the during Oritani towards
was support was that million sale risk and balance in come. in management's another building the the the The to of are the capital can – levels expansion of commitment to approximately the risk Further, via years in decline $XXX weights weights example for multifamily decline efforts sheet acquisition of loans. robust generated other internal values furthering a
tax uncertain other the benefits renewable a to liability investments in on give update DC energy from Solar recognized reserves to funds, and credits plus the related like the I'd previously increase interest. with tax in tax associated brief
recall, quarter Solar recorded we DC established additional million reserved partial a first recent are December After a position in result, the and for at of XXXX. related had to the XX, may increase tax $XX.X reserve fully you reserve, as an tax developments, XXXX. previously in As we our
presentation moving cover Finally, targets some outlook. and to of XX Slide our to
guidance establishing a sales. of loan $XX.X X% loan of to loan growth are residential This full new of assumes balance. XXXX growth We year XXXX base the our in range after end period billion X% approximately
of year. year Our percentage interest our being to for a established XXXX off approximately income the XX% This full XX% growth million. is base expected range outlook for is growth $XXX of net the in of
X%. portfolio due Keep elevated approximately in the the addition to organic and timing expected acquired to mind, be in realized Oritani acquisition full year On this growth of interest net to is percentage from growth stand-alone would the growth. Valley, expected X% income a the the
XX point Our net rate interest a XXXX. income assumes basis in outlook cut
driven the origination asset margin seasonal reasonable quarter and to by net day it of of decline with due assume of full pressures Oritani. would in modest in new terms first quarter continued interest cadence, XXXX, some be In on to pressures combined count, yields impact part one
year. lower maintaining target XX% during previous are of ratio efficiency adjusted the a achieved period our at being We or
range Finally, of are XX%. we a full establishing rate to year XX% tax
Now I'll back turn the Ira to for some additional call over commentary.
