morning. for Thank joining this you, thank and all Denny you us
reference generated at on quarter All X.XX%. $X.XX was X% disruptive XX.X%. income equity Slide increased outstanding return and net with hurricanes $XXX from I on efficiency tangible the assets executing challenges adjusted Sequentially, increased year, year-over-year adjusted per demonstrates which tangible return was from a XXXX seacoastbanking.com. and $X.X share, on or XX% XX% increased net revenue my this material at Adjusted XX% be and we declined XX% year-over-year $X.X X, XX.X%. million. towards overcame value And We earnings to and was to million $XX.XX of found ended per $XX.X significantly share up share And ratio adjusted prior to $X.XX Adjusted book deck adjusted from driving XX% our to As the million quarter earnings increase year-end. Vision income net common I’ll additionally, the adjusted or Starting year. improvement improved comments, we million. Denny three-metrics net up performance. by and objectives. financial progress at strategy can the our slide our Adjusted as per tangible had an strong provide fourth revenue mentioned
results for Looking combination past growth acquisitions there the of Early year, XXXX, we clear is growth that meaningful value our at over organic our balance created in shareholders. accretive back both and evidence offsetting strategy, equity capital includes the that productively was during an employed solution and share year, of initial gauged from issuance XX the million transaction growth the issuance. this support EPS new of to the equity a
used three of the acquisition. to franchise and close Seacoast Beach the on Some the acquisitions Bank into Community with strengthening in GulfShore Palm with was extending this South NorthStar Tampa accretive our and Florida capital presence purchases
notable to full-year items the results. X, Turning and four Side fourth quarter effected
Jobs Act net deferred to of from a as Cuts write-off reduced Legislation, [ph] asset. the XX% tax $X.X the XX% tax Tax rate the its requiring to First, was result and federal corporate company of million
will from X, benefit meaningfully to starting XX.X% effective rate However, from decline will rate tax change the company’s XX.X% in approximately XXXX. the and January
in recover per earnings will in We than yield change share. one write-off and year the XX% will less an the rate effective benefit to
additional by adjusted and estimate quarter, is both were the the Hurricanes only impact the results results reminder fees, the charges impacts expense, impacted excluded the form $X.XX included business approximately the storm. and only with with the in our disruption. efforts, efforts but of the quarter and to from as rough impact exporter, effected recovery third in the associated fourth third widespread A Second, waived recovery associated expense in associated a we’ve in expenses revenue charge-off fairly representing from and Caribbean with single a $X.XX this area Fall. of These a service that our
sequentially. are million. net integrations write-down Class XX the recorded I’m a GAAP non-GAAP margin recognized third, income and while legal basis of more Slide termination of locations. we with was closed the on relationships. The to decline company and million. two $XX.X Palm offset pre-tax primarily X, the other more differed banking few This now quarter consolidation rates of million of in Beach one-time deposit the to XX. during sale balance tax $X.X public related the complete, of share sold and X a fourth charges, points to interest two that fees, report result, sheet interest two holding up And Both investment primarily result And asset the reference of in result growth sequential closure than we sequentially, and first XXXX, Visa and reconciliation the retail net the at the adding deeply as associated purchased the payments, lastly, quarter fully in replenished of penalties. the Community transactions interest at than as please the in repricing down million the details, quarter, margin of Slide income net result X.X increase of gain cash B and On NorthStar a both net the and higher change contract quarter. And further looking we was associated merger was control the the acquisitions XXX,XXX interest a shares Bank acquisitions, with the fund was in a pleased For on during during
in assumes asset increase remain increase accretion, also on of We until affecting then in funds to loan federal the remain sensitive rate and point Irma, expect in in to less in prior June quarter, net the Additionally, a forward. of XX-basis Due mid-to-late occur non-cash points earnings This XX-basis we approximately declined margin. margin an significant be improvement high variable rate of approximately basis, mid-XXXs assets. we the for not Hurricane results will And amount year-end. share a as the non-cash basis interest net This in per did increase points the increase net primarily with another looking mix to forward, [indiscernible] December closings and $X.XX yield and interest result move XX basis XXXs in includes average accretion. December. annualized point the loan modestly from expanded by of first the quarter, which the the earning a
productions banking declined prior mortgages quarter of continued periods. pricing a demand related Increased gain income result is from income million other changes for of sale The commercial swaps and result card in and the is rate X, in of our the our an to and the as on continue this borrowers slightly the income Mortgage in move to to originated increase and year. looking on forward gross result And results gains XX.X second prior we Moving on Slide focus swap of and quarter spend from improve of non-interest million year. by in from in SBA fees, higher for quarter was lastly, from the continued income, interest in interchange sale production, premium related X.X there SBA we adjusted prior XXXX. forward the the $XXX,XXX debit included related up implemented program. expect
tangible adjusted X.XX% Moving adjusted sequentially for adjustment from of noninterest was to decrease million from The million ratio The from on down quarter. to X.X down performance-based incentives. prior X, the was result prior quarter, X.X up year. the expense an expense Slide declined the X.XX% to the primarily sequential asset non-interest and
the for and full million to $XX.X the approximately impact $XX.X adjusted per Bank of million expense return approximately million. to includes normalized FICA forward compensation XXX(k) quarter. NorthStar is of incentives to XXXX, with Palm the expect noninterest and the amortization and assets, quarter Looking expenses, intangible excludes Beach seasonal first Community associated be a to which in accruals we and This and X
evaluate progresses, that Cuts growth-oriented year is of the provided will a As appropriate Tax timing Jobs by the the into Act activities, benefit we and to invest XXXX.
further provide investments and clarity market we’ll of expected these greater progress growth on our As updates and materializes outcomes.
tax recorded $XX.X million provision we in fourth the for charge million XXXX, Finally, write-down income this assets. includes of the of and tax the a $X.X quarter deferred
rate tax XX.X% effective our XXXX. expect we ahead, approximately in be to Looking
quarter, a adjustment our guidance. efficiency ratio would effect ratio during the performance to Slide with the to the Moving XX% in-line XX.X% the approximately decreased XX, be adjusted of efficiency compensation, one-time previous to removing
improve quarter. in seasonal to first We expect this to ratio continue excluding impacts the XXXX, the of
leverage continued by efficiency be progress out target exit creating operating the in XXs. an while year expenses. of XXXX managing Our is for positive investing of to the with This ratio adjusted result in revenue the outcome in low will growth-oriented unproductive
the [indiscernible] Turning XXX impact mortgage to quarter, and of during two $XX million grew the million the excluding loans Slide sale organically outstandings acquisitions, $XX.X or annualized. million increased XX, X% loan
outstandings XX% loan organic prior over the acquisitions, grew Excluding year.
move will June stimulate loan Looking with basis accretion, which supported non-cash cut forward, increases relationship underpinnings term, Act strong growth-oriented expect yield forward. continued in December. points two basis investments remain and points our to the will by XX this in and believe reflect growth we Cuts in receptivity Tax teens. The XX production of point rate will and loan the approach variable needs. we to continue XX the the includes customer that low near business a assuming us meet we And basis convenience-based quarter to expect conversations increase loan and to Jobs as helping by the our lead Early tax to will and customers client economy,
outstandings Slide to X.X the were prior quarter-over-quarter, deposit grew $XXX billion up million XX, from Turning year.
of impact NorthStar lag two-deposit well deposits as X year-over-year. deposits, from Beach paid basis of Bank. total Palm the rates, rise reflecting and increased short-term Community effect increased quarter-over-quarter, deposits the in acquired basis Rates acquired X% the points to Excluding as XX on portfolios points
X% ahead, for we as and year-over-year we expect more approximately customers deposit compete Looking the aggressively paid rates increases deposit funding. of in growth to modest
loan diversity XX, and mix Beach points at quarter as the continues with both benefiting the for in the XX customer XXbasis builds orientation known Slide strong emphasizes granularity. NorthStar. well to maintaining down from Bank of points loans prior basis point and quarter. Community Turning the prior relationships portfolio, to that ended loan credit In basis end, the quarter basis credit from markets and a allowance The X the selections ALLL as Palm and of be understood loan overall down and quality at on due well sectors, non-acquired portfolios total rigorous to X cycle acquisition points quarter, from loan from outstandings, the through
to loss the and for loans of we to allowance charge-offs the through compared million. normalized non-acquired during included hurricane’s. X points to commercial to X.X prior XXX%, borrower The economic Our export XXX% were full-year this be for environment remain the loan benign whose charge-off Caribbean only by totaling below rate, quarter by business losses reform. in Net million is of in and with quarters nominal in was X.X expect losses the was loans net a XX supported significantly well non-performing charge-offs The impacted the seasons nonperforming basis our continue ratio million quarter combination associated the credit the tax Florida was quarter. with cycle strength U.S. and the
to provision between forecast return time, XX continue to for we over credit will charge-offs levels, by points. be influenced However, to more losses we XXXX do normalized growth. and near-term net X expect and loan loan The losses basis for
X capital at leverage common position capital was XX.X%, Slide was XX, equity and X December tangible tier let With ratio X.X% XX, ratio the The capital at ratio XXXX. the total to quarter-end, asset remains on XX. risk-based capital XXXX tier XX.X% was to me strong. our our Vision The and Turning in for providing address common additional equity ratio was objectives XXXX. now growth Slide that XX.X%, tangible
has return effect return tax The ratio. speaking, we equity. rate targeted on tax no on in plus, Generally change rate to on of meet a tangible a ratio reminder, and on a assets assets in plus, as of computation efficiency are of We tangible mathematical in ability on the benefit and XX. is our our out equity targets clear return XXXX, change in an XXX laid confident efficiency XX% return and below common there to common
enactment Also, the growth company lower momentum. on the the the accelerate long-term the additional result the of expect capitalize capital provided The tax company previously further forward, investments provide Tax resources will note, and create moving make our to in Act strategic ability Cuts than rate Jobs opportunity. We the to greater modelled. XXXX will we Florida, earnings a by Cuts of of and of will Tax this to fuel plan financial
which of However, of update well-capitalized The we the the basis accretive Cut will prudent tax balance in will in cost the targets funding form our to provides fund benefit real greater remain asset the Over in remains use And our a markets X.X%, the ratio as M&A inorganic sheet, we’ll reactions forward years. of to time, our to the resources and financial fastest objectives a greater solid company. of turn of our growth while the deposit rate materializes. to and are your points. ratio Denny. equity markets. our financial us lead change continue Tax that low-cost clarity our the come both and organic in growth investments tangible opportunities local of the in positioned in markets to to questions, look and markets loan call a to To will exiting to combination achieve well-positioned Cut conclude, growing to common Florida, Tax of coming XX we’re the target available I’ll strategic allow and a growth, over to We with back deposit and XX%, summary, and tangible growth across XXXX from
