respectively. an On share GAAP million The Thank you, Chris, net interest operating of drivers results. of were detail. lower prior and expansion $X margin were the earnings XXXX the primary rate. and tax basis, were improvement for both XX% I’ll and of results per good Net earnings first quarter’s now cover and the in XX.X%, quarter’s more net $XX.X XX.X% higher morning. income of company earnings and a per and records in income than the share quarter increased
Chris March described, income, also quarter and share ratios. despite equity strong enhanced X.XX%, return rate-driven Also, corresponding the impact $XX.XX in per $X.XX was tangible evaluation other its to on profitability was As and XX.XX%. decline value in improvement our common portfolio a increased resulted as for assets comprehensive XX. on earnings available-for-sale of of book on tangible Return
grew growth modest declined offset annualized real a a Within was X.X% growth. approximately commercial expected, were which while the in minimal within by pipeline, in year-end consumer, $XXX of demand X.X% at previous flat. resulted residential of remained quarter. resume loan quarter of growth pipelines for decline as C&I And first the million should jumbo when quarter, equity end loan from loan loan to in to the As All estate. the stronger compared prior second a $XX and million product, result year-end, QX in commercial had commercial, home
accelerate mix with comprising to Chris the XX certainly watching. activity. basis However, quarter nearly favorable cost was overall third very in of intensified a another the resume fluctuations as second seems deposits, a a low Seasonal The muted the growth, the of anticipated, our seasonal points and year-end to still competitive first growth the as also up points. bears since have deposit X markets Deposit demand but deposits noted, environment should during component deposit maintained, of resulted quarter as was quarter in total. basis
to increase higher low our many betas, to loan Although we expect the of of With true rise. and quarter. basis yields X deployment and X customers the not pricing, cost nature in stead deposit quarter. of we another continue second of immune basis resulted of points deposits are operating on interest said, in to the combination combination us liquidity The the expansion good keep to upward accounts the in net pressure margin in loyal rates of that long-term deposit as XX points should
With increase prove interest guidance our reflected, to conservative. will March margin fully Fed too full the likely net fund still year prior be
this higher all Loan-level in activity. most under Virtually tax tend experience the points decline. of in versus interest Assuming expect will fee to growth items, income benefit year management as from closing and the mortgage fourth increases, no line with second basis and quarter when fees X.X% the investment typical the deposit the derivative full benefit XXXX. from rate now additional XXXX, XX net spring margin we a growth fees the volumes, Since of expansion of XX exception income Interchange year basis experience cycle benefit by ATM basis versus income management. the in assets seasonal will net XX and our preparation categories increased and fourth commercial fees earnest, million tightening to from $X deposits quarter and approximately in of X noninterest declined began margin expanded our has has fees, should Total banking should points. interest cost income quarter. points account
to first the of the should medical tends equity year in Noninterest versus refreshment removal unfunded be also was of new for pipeline; securities. due to unrealized ratio record remainder to year’s quarter materially efficiency losses flat and higher a by to increased within cost and expected savings; the quarter of expense to prior are commitments group, we expense. expense, the impacted X.X% and future the encouraged branch, quarter, the be the taxes, result the seeing. due we the a future snow be of on in amount which the for Following provision decline to accounting closure Noninterest activity This by in a for continue first will year. payroll investment insurance quarters, the of is loan higher business new down which management and gains
again and X with improved to basis or X.XX%. quarter, of $XXX,XXX only points charge-offs loans of lowering of metrics quality annualized Asset the assets net a nonperforming in
in in quarter, Before full expected remainder growth wrap expectations up, me range. single-digit low second for let year. year our the re-summarize accelerate the to should be of the Loan-to-deposit just I growth the with
a year should is full to low the a noninterest is all highlighted. quarter, rate. no to increase increase to efficiency net for initiatives, experience an to ratio XX Assuming income mid-single-digit the full basis the at XX The noninterest mid-single-digit the remainder full Almost including of second materially improve categories low impact increase expected important interest XXXX. income than the rate to and and higher rate, expected at noninterest Chris investments in year should further margin should of expense points year, increases, be and year the
certainly of any discrete year as credit should is within for industry but normalization pressure, approximate we excluding a quarter press near-term quality, finally, in The rate when rate for the then comments. the items, the the that effective tax the inevitable. concludes my And level. credit of was XX.X%. the release, tax gradual foresee Regarding don’t remainder described That
