through earnings presentation take was that us available in Jeff. and deck on is portal. our website X-K included Investor in now Thanks, the today's I filing will our
was net return equity GAAP $X.XX, Starting on tangible equity. and of the Slide EPS was X.XX% XXXX return $XX on common fourth on diluted and in a million average X.XX% deck. X a a X.XX% on resulting common quarter income assets, return average
And Excluding and the $X.X acquisition representing of $X.XX with largely other The and margin tangible earnings share I'll offset are modest equity by increased value the income benefit, adjusted common a the losses. full $XX.X equity. increased Jeff from a value retention, quarter, year. results related earlier net common that average the as despite million of was share in book unrealized mentioned, a a the return a some X.XX% share $X.XX $XX solid merger million quarter million, on highlighted calendar per in of their negative by expansion, tangible for return on $X.XX operating expenses additional for X.XX% bit. reflecting return outsized during offset year impact and provide assets, expectations, tax color Tangible on by level line by XX.XX% in average per expenses comprehensive the on book activity approximately buyback
decline story typical while as X. of business within outflows segments. growth the average deposit The deposits a for increased positive of continues to municipal households the balances be year. $XXX period-end The one year-end. for DDA million $XXX noninterest-bearing Slide remained momentum, full Fueling for million X.X% reflects the our of at net quarter or to seasonal and Turning with deposit the by mix X.X% positive growth XX.X% the quarter overall with total experienced deposits core total net balance of comprising stable
this have to in rate path conjunction reduce future for the federal with able to quarters, deposits of and we fourth the reserve provides cost cuts. as be stabilization the a highlighted us over clear addition, last any few In deposit quarter
to note earlier. estate Slide alluded I'll real that owner-occupied Moving quickly X. these reflect commercial just balances reclass Jeff the to that
closings Regarding at construction strong of and in C&I advances in book XX. commercial increase $XXX a healthy solid drove quarter. business pipeline December regained The as balances while approved a in the prior fairly muted commercial small growth total net activity after for sits million quarter, the
were up balances and On products. footprint demand continue as in side, both mortgage in the the residential see home to quarter equity consistent consumer the across nicely both we
Shifting expected X, offer pending at the million of the gears highlight the of $X.X summary, the developments relatively nonperforming loan as year-end. reserve loans on some remained short workout to or as total of a key Slide for developments sale follows. stable underlying as from basis in to a signed the office The X, are nonperforming price Notable status In on a million. detailed increase on with with the offer million asset There for remains of of the largest resolution I'll $XX.X X.XX% total collateral. in loans, quarter. loans $XXX.X as and X quality total Slides $XX.X is of serving here specific the million
stages, to the still of in is process the As the quarter resolution second anticipating occur are in XXXX. we early
is too, $XX.X as for with million a price specific resolved on The office million that reserve a of an the loan increase office $X.X offer pending short of on sale also during quarter. list, be This, property. loan, the second basis the loan the an anticipated the serving to the has in via
first quarter loan. for this on XXXX resolution We are hopeful a
million And C&I under remaining collateral balances bankruptcy XX. determined But collateral to by million third, result proceedings. front, on partial as of as unchanged the the December equipment additional will positive a outstandings $X Ultimate in was of year-end a loan be in subsequent a sales sales. received resolution the $X.X remain paydown rental of
for along quarter, As X, in increasing allowance the these loans, the modest a noted X.XX% for $X.X earlier, loans year-end. as as loan million with of loss of the on loan Slide noted percentage drove provision to the growth
exposure, largest X dive office quarter. in remain fourth to to loans from maturity syndicated the reached while and X on prior regards the virtually the office update classified Jumping criticized a total other that be upon already highlight that loan notable We office and in touched million quarter. would the Slide $XX the nonperforming loans unchanged we deeper one
in incorporated For new some expected space be as existing of the recently finalized the a this quarter. some presented which to appraisal tenant to loan, interest new group for the receiving and be first well during borrower renewing will leases, vacated is bank as all the
balances modification potential in ultimate warranted was reserve no quarter. still impact the and/or on or resolution With the specific unknown,
loan In are maturities the of terms issues in for already calendar large with of pass-rated any quarter loan the year units status office without and discussed. performing first of nonperforming vast XXXX, the known number majority
excluding XX. the from improved X.XX% margin and points gears The think by on accretion. points fourth remain about highlight recoveries we interest forward. basis the drivers of intact purchase core improved should as fourth a Slide going in Switching to payoffs the We when to on performance X outsized and accounting X benefit interest environment quarter the basis net basis margin quarter
additional have deposits, timing consistent we expectations any of approximate the that book. summarize, added of rate provide has the end of profile. overall reprice XX% in To on of tied rate portfolio, detail on risk short Similarly, would of would the lines, that the time XX% deposit beta those we curve are an estimate its net deposits the effective fed the and XX% and be which with Slide future beta interest regarding approximately line moves. on with nontime-related hedge approximate XX maturities to positions, reserve to our future an overall bank Along company's the loan
a tied serves basis are impact based those this moving approximately as estimated The XXX here perspective, levels and on we of currently and current the From points, rate full that the our share of cash that curve cash XXX guidance yield pieces the basis respectively, reflected and will I'll for repricing curve. cash have project of books longer-term will the low we end into margin is a on loan year spread securities these that fixed on flows with rest rate XXXX the shortly. increases and the drive short the that Lastly, guidance slide the flows to on yield of reprice of borrowings curve.
stayed XX. expenses onetime on and unrealized equity termination revenue Total nonrecurring during of driven resolution East fourth gains expense level $X.X partially quarter, couple $XXX,XXX under Noninterest December the management aforementioned by as in swap decreased correction securities. merger market consistent well growth income unrealized million assets income with $XXX,XXX of increased expenses. billion. as $X on exited Moving a lease losses Overall, acquisition ending though large branch quarter with a income derivative a by Boston primarily items, equity the as the loan quarter of including prior in wealth relatively final Slide reduced and the to impacted an for on the securities and reduced management at year the challenged overall of
result XX.X%, was rate, additional from quarter with credit as tax XXXX return prior conjunction a statutory the investments rate made filing release the as for well quarter the approximately uncertain a the for of $X.X down during during quarter. million tax quarters the lastly, as in the the position And of tax tax tax
my to guidance. XXXX closing out for full comments, year I'll Slide In XX turn
will of Enterprise mentioned, the related new as Bancorp that any keep you we develops. Jeff of developments apprised process closing As to
results For on impact at now, high as for uncertainty at depending we the closing. environment being level reaffirm the rate with value fair announcement the adjustment caveat the presented
Bank of relates entity. to rest stand-alone I'll The as guidance provide now a the Independent Corp.
the percentage growth, In full low terms deposit increases anticipate of and to loan year. we for mid-single-digit
the fixed expansion the of margin assets of approximately to X of believe the rate I laid expansion earlier, XX approximately points Regarding course each we the of meaning out to as XX drive will repricing basis margin, quarter. interest net over basis X points year,
the profile sheet, neutral balance the overall a any on to reserve forecast for of year. overall modest the Given benefit slightly to margin cuts additional federal have expected the are
those discussed of been resolution larger already loss nonperforming anticipate the recognized. we the assets loans quality, as minimal expected asset on on Regarding levels impact already with provision has
bumps be we have saying and results through expect provision will driven view already the to negative the identified. the But come portfolio been XXXX still we would way. and along from levels that's growth more by today, any down expect not some As to year, entire we given credit our migration of see loan
noninterest at year excluding M&A, we XXXX noninterest for versus would Regarding we expect well. core income, as a XXXX, and increase for pace suggest mid-single-digit percentage mid-single-digit expenses, full increase a expense, to
with just Enterprise, significant the to earlier. the system future on material integration XXXX are we committed expense through no rate. work effective impact forward of be moving likely first we As mentioned upgrade also with core a upgrade, run in half Jeff will which with The
throughout $X costs, implementation anticipate and XXXX However, will the in we the year. range we that expenses in million onetime to non-capitalized separately spend highlight related
for the to expected tax year XX%. around rate the Lastly, full is be
will And now with questions. we up that, open it for
