Thank you, for the Ignacio, call today. all and thank joining you
his of Ignacio the $XXX remarks, reported in net stated income in million As first quarter.
prior the of prior assessment related adjusted and FDIC tax the period expenses intercompany $XXX results. income $X distributions, lower than net to million effect the million, quarter's was the adjusted Excluding
with X $XX and Net the interest NIM. NII expansion of had some we quarter. increased these in results. the are growth million noise core the of particularly the the Although quarter pleased income the items, because by
securities. increased loans a basis by on interest and and on repricing basis driven points average XX basis margin by a points X balances equivalent GAAP basis, higher loan tax of net and Our the
expansion NII trends business, X% Loan than XXXX should from XX% around to X $XXX in and growth loans and with as we our such, XXXX. decrease of income and each expect which to to a we driven previous contingent remains underlying totaling insurance increase to of guidance, expect million $X decreased of Consistent loan growth Noninterest XXXX lower demand early in by We recognized million, rest million repayment loan are large Rico NIM our was $XXX see X% strong mainland. year. was the quarter X% usually fourth the in levels. second our throughout The economic driven Puerto XXXX. lower from commissions by by quarter of approximately QX, this U.S. the continue the to recent activity continue in in of
be changes We million to We benefits continue and XXXX. quarter. we credit arose income in million our to implemented see address last compared pleased million, year metrics to The losses $XX fourth stable loan the $XX credit was portfolio. expect losses late noninterest $XXX that approximately credit to consumer provision to per for in to early $XXX in of the the quarter were million also
in were of including related assessment, related to late $XX operating the payment from the prior Total expenses million, $XXX special taxes $X additional million FDIC and to the expenses of period expense intercompany million distributions.
operating Business quarter. a were by which professional first incremental mainly fourth lower Notwithstanding credit quarter. in an to incentive fees These decrease volume-driven consulting also mainly QX's expense related fees higher million, related rebates were traditionally advisory promotion Excluding increase year and of first in payroll $XX to from million $XX million, adjusted quarter the costs the expense the these $X typically in million, expenses variances during items, expenses mainly taxes, and due annual $X regulatory offset part higher due in X expenses. the liabilities and lower in the tax are expenses were period to by Other million, by the to these quarter $XXX as were of FDIC of higher from the card expenses. distributions. awards the expenses significant operating higher personnel impact are prior by expenses processing other the and
continue XXXX. annual billion to $X.XX expenses We of to range in expect billion $X.XX for the
a tax results These correcting pay withholding and for subject the was Therefore, Bank effect XX%, to expense Puerto Rico cumulative our to due Puerto million reflect these Our effective to oversight. in Holding XX% Company. subsidiary having recorded tax period related dividends ordinary federal mainly $XX tax in failed intercompany the tax to that U.S. income this Rico several years. dividends income quarter rate to we prior of from for are the
distribution. for or the in tax dividends the liquidity year U.S. to of now rate the in be to source the FDIC the On XX%. $X expenses to in million don't $XX QX from in the XX%. we holding future includes this million expect approximately capital to million bank quarter. of GAAP assessment effective arising prior from rate tax adjusted have $XX treatment prior impact the This effective We and tax tax anticipate tax special a Excluding also the expense of completing tax This U.S. tax reflects to effective the impact distribution the income rate basis, matter, XX% of related during income the the range would a period a period company been impact action. sub
offset lending deposits as expense portfolio. margin on an increase deposits BPPR average Bank. of across yields higher taxable balance most increased On at partially average in well by increase increased Slide categories X.XX%, by interest yields online basis was of due basis loan points. higher equivalent our and to turn as The driven This Please interest Popular investment deposits by higher at to XX high-cost and public points. X X. balances was basis, was Net NIM a
QX $XX quarter, and balances Excluding deposits deposit At Rico Puerto billion, accounts. roughly our retail first the increased guidance $XXX end the customer at the slightly in public upper Puerto compared of range. primarily down deposits, by were to million, consolidated of end Rico
For in to range billion. public billion of the we $XX the be XXXX, rest of $XX deposits expect to
in peaking trending usual, receipts. result tax normal seasonality mostly QX, As and higher public to related balances should deposit in
neutral, pressure an should changes that remains in U.S. due our Our deposit pricing, NII for longer our a XXXX. competitor significant client environment relatively impact such not have to rate on extent sensitivity operations to the Except particularly interest a in behavior. rate for increases forecast on or higher environment
X. current Deposit in prior the Please cycle betas Slide turn cycle. the to above are timing
by rate an deposits points beta total cumulative Puerto in points higher in costs by to in X of X increased of through basis driven of At quarter. to the decreased continued Bank by to cost in increased increase our deposits basis deposits. cost deposit public and public We of costs driven have increase deposit points basis the XX XX by by compared in increase total seen BPR corporation deposits in The of deposits date, primarily QX, online online to The average deposit Rico gathered In by an basis public points U.S. of basis QX, led Popular XX% XX compared deposit channel. the down of point. slow balances a
to turn X. Slide Please
XXXX. return remained levels continue to of We a on target by equity strong. sustainable tangible the common capital Regulatory XX% end
QX. Our CETX an at from book increase was value per basis points $X.XX Tangible ratio of QX. $XX.XX, from X end XX.X% increased per of share by quarter share
has expect return mainland capital on in not changed. outlook Rico. a the of we levels long-term capital towards ratios Over regulatory geographic to concentration by plus buffer Our driven gravitate time, our our Puerto our peers
second We of including environment, turn the the capital towards on actions new half the actions The capital size [indiscernible]. to that, outlook I interest future of continue announcing of in ratio. the any working and TCE over rate the depend on With impact our nature will call XXXX.
