welcome and our quarter Meyer, our again Well, good joined Chief and to once Credit Officer. fourth Chief I'm Ahern, afternoon, Officer; earnings Financial Andy by our here Derek I'm Harmening, Pat and everyone, call.
credit Derek an XXXX and highlights I'd quarter going then fourth sharing quality. From and then as trends, is capital an update send there, on like a provide some for to on update and margin, whole. statement to by start the income will Pat
banks. From in is of new bank rate with to that our first forced created extraordinary interest say for XXXX rapid year. safe that uncertainty grapple it's regional to an challenges to Now industry the to half credit was hikes the failures, all the concerns, year
that the the group we a as whole, impacted regional communication actions our was at the weathered we decisive that transparent with Here customers. volatility through bolstered our and weren't that to liquidity but Associated, immune storm banking
pivot and plan. also we remained with to maintain as us strategic enabled momentum forward-looking quickly Importantly, this our
initiatives. X our several we important milestones course Phase the reached of the year, Over on
in our We reached the equipment in super-prime in outstandings auto verticals. our nearly in home within business $X book expanded We footprint. lending combined balances asset-based prime, $XXX million and billion our finance surpassed and
a consumer XX% several acquisition X% brand household sales and and enhancements a in decrease increase capabilities, digital campaign, new We driving checking in launched a product sharpened made attrition. our
to continue our launching punch XX customer satisfaction platform in digital, digital a above and major X-year We achieving in weight consumer scores. upgrades high
our by momentum And of since where added deposits end half strong maintained over over million our the efforts launch our commercial in with We $XXX all in mass XXXX. affluent, in the segments. XXXX, and X% base consumer net core at customer in us grow back these we helped both new growth of
the been with completed industry To and momentum, and repositioning our track. we cuts further leadership RM Simply were of sheet top expense put, build plan schedule. repositioning in ahead is control, this addressing balance quarter. phase fourth a November, talent, are on expense multifaceted in organic filled strategic Multiple announced growth The simultaneously. we on positions of ] second have [ already hiring and
and states forward markets, and and X.X%. rates in unemployment closer at with national where in we're macro look questions we Minnesota remain to other the our economy of below as confident geopolitical Now credit that several Wisconsin, regards however, average the Midwestern home, to landscape, remain
that profitability enhance in abandoning they and service confident we're our to to life. while Associated diversification can our bring ideas drive who plan that best-in-class new expense continuing in have foundational confident discipline management. without Bank credit to our We're promotes team, on proven consistently and our growth And
to to all enhanced XXXX once, value are at positioned deliver we With and all these factors in coming stakeholders together well beyond.
Slide X, full through like walk year well fourth the X. quarter as from I'd the as on some highlights that, to XXXX, Page With starting
assessment of our On our we repositioning momentum share and was finalized impacted these onetime through core announced FDIC quarter business a in After back of were items, special reflected per adjusted the excluding GAAP onetime November was fourth tied earnings the the items basis, sheet balance that by results during to quarter. $X.XX.
the During our asset to balance costs while executing sheet our continued we improve and quarter, helped on that improving us transform earning initiatives by position lower our yields. funding liquidity
squarely customer side, core funding on the On our focus growing deposits. remains
After the growth X% add both consumer sides X% the by of coming in from we an core QX, with growth in customer the and once All growing deposits commercial additional these again business. QX, in to all, acquisition we of in the back relationship-deepening million we grew and of the half customer $XXX impacts initiatives. customer continue over realize as by year deposits core our
added to also wholesale actions overall on skewed way results led loan quarter million These sold during FHLB the funding to the the But and the our a in portfolio, as loans replace were by $XXX an decrease X%. results advances. for business CDs toward broker Within an We essentially our flat we our basis, quarter. of adjusted fourth quarter were quarter. in the end mortgage we of
steady by our side, our which was portfolios, commercial auto decrease to book. prime, driven primarily a balances. super-prime growth in On a Warehouse This in see consumer continue the Mortgage by we in decrease was offset
back growth basis. the commercial XXXX on balance While growth saw X% balance of loan to still by slowed the half loan we relative adjusted an in year,
statement. continued pressures environment, income rate in lingered each Funding have abate dynamic the to to this pressure Moving this quarter. but cost has
our full decreased beginning of to income our versus XXXX. in QX, NIM to we essentially QX in balance mid-quarter Here Due points. sheet expect from basis the timing interest see sales net of benefit asset our QX just flat was our X by transaction, QX, and
to increase. number an our sheet on by another our balance QX. is during GAAP slight But Regards income, repositioning onetime basis, to saw items impacted we noninterest adjusted tied quarterly
industry total year. the able still our X% revenue in Taken pressures grow together, despite funding by we experienced for XXXX, significant the to cost adjusted were the
year, deepen We funds that expense help that plan but underperforming relationships run control by see into our cost rate In did XXXX, profitability by to our in and largely saves acceleration customer our in through those hiring initiatives. our driven able in investments our late was we slight grow announced and to enhance uptick are of ability demonstrate the personnel targeted redirecting profile. us base, previously once a again identifying an the expense areas
As NCO we our points. growth strategy, basis and ratio our execute quality on continued X ACLL remains by conservative decreased our culture In we've basis asset our increased credit points X monitor to and QX, foundational, closely. ratio
modest pre-COVID We but see normalization of or industries gradual seen issues specific not a impacting yet continue levels to broader have indications geographies. of signs to
fourth extraordinary detailed from two a These impacting onetime several with be quarter, during breakdown into summarized EPS items impacts provided of items Now, our we Slide notable X. on the can categories. financials items
income on impacted sale quarter loss completed. First, the we Combined, repositioning net the million our ]. from sheet we by these of [ mortgages sale million GAAP net statement during $XXX a announced losses EPS security $XX through impacted balance loss and the the our another $X.XX
continued gives in And added Secondly, strength our $X.XX This the quarter. the underscores which path $X.XX. FDIC quarter, right the for EPS $XX assessment success the expense further positive our in strategic by the for GAAP million during importantly, we're XXXX. us that plan. up to on number of at Net our impacted us noninterest our EPS business, confidence sets tax, a special came with it of adjusted
into bit a context more for XXXX. why X, bullish Slide we're we On provide heading
digital phase open-architecture the previously, launch the of of the discussed in foundation loan we've relationship-focused platform strategic and enables to plan our was As through destiny. initiatives XXXX addition our an of verticals, about us back new control gathering first announced own the laying new deposit that
can that customer growth, pattern satisfaction. in a by multiyear achieving proven riding ship we've diversified driving Through X-year these of company execute on digital efforts, we and as attrition the the highs household loan
dynamic, us of company. The the expenses, organic address in inorganically, success the on build time. second to us and our all repositioning strategy balance phase momentum plan position and This that it enables same accelerate enhance sheet our the at designed to future growth of is for was
difficult, to run knew including $XX accelerate force, will reduction rate managing initiatives start $XX branch need improve by X% reductions, identifying dollars to and on and a we balance set by profitability relationships, our around remix additional million us into sheet cuts. our up us deepen expenses, profile. that These actions, We growth, and million while expense spending and help executing closures household to we the did, in reinvest
funding. During higher quarter, the loans of up accelerate capacity completed of fourth and mortgage financial benefits nearly sale low-yielding high-cost and initiatives mortgages nearly billion sold by at the also million $X organic us We to rates. we funding designed to free low-yielding reinvest enabling a $XXX and securities, and assets further our disposing of of of securities
we've made a team set drive talent strides Midwest, with forward. strategy right our any Now, who talent the the bolstering in culture right the skill And on hinges plan with successful having places. have our and of our leadership in top across align to execution significant
As the for Bank to up choice. started not that others the in our view is as customers seeing but for employer an we're plans resonating, in the who the colleagues, just picked message our industry, marketplace, or have existing steam of our Associated
and RM it's Attracting our talent segments off since to the execution, a in key XX% step That's months. been across strong add to XXXX, it's we're towards talented the leaders able top we've been how start. by past base to we've is XX how first grow business and clear, able
X. to Slide Moving
of are The second back November, we organic initiatives on track. wave in announced
throughout since made commercial business In our RMs ahead announcement, fact, we're the made our schedule. X.X In in adding significant months and footprint. some of we small progress cases, we
digital also drive customer launched to and acquisition, product deepening several retention. We've initiatives, relationship already designed marketing, and
these continue expect a XXXX. as We cadence steady out to enhancements roll throughout to
already profile between our the get the our us XXXX down gives initiatives, and we X to path we're initiatives on confidence as beyond. together, our way for Phase company. in Phase made That's building and a of into higher success well what in seen progress we've return the our X of we've Taken
on I'd that, for beginning trends to few fourth a like With the quarter, balance X. highlight Slide sheet
for was industry-wide previously, ongoing discussed by of the volatility we've half marked first As ] an and [ XXXX battle deposits.
funding combined significant forced rethink cost pressures drive strategies. to and to These their funding banks dynamics
not volatility QX. that we meaningful QX. at stabilization into stabilization saw forward we're flows pressures While in from carried And immune Associated, this balance and cost of
the back impacts stable this year. of we're more gathering In half the clearly of initiatives, more throughout our seeing environment, much relationship-focused the deposit
and customer of incremental both QX. -- deposits After in impact both quarters, consumer our core net demonstrated saw X% broad-based another gathering efforts. the commercial by saw core deposit growth in balance we QX, balances, of X% deposit growing growth loan in deposit commercial In we
quarter, billion $X.X during which by a flex the help down pay brokered decreased we fourth some advances, the to into also quarter. CDs means as did During FHLB
As our loan fund primarily is a to reminder, with our customer strategy growth deposits.
levels funding through going XXXX. ability forward, in as check to network wholesale cost, our in our reasonable at initiatives. We we our hold remain expect based confident to fund on And growth we move a
We've was we grown view shift said, that annual our and has show and no from our our Slide balance CD consistently of an mix products X, On deposit clearly higher-yielding savings deposit With into deposits expanded annual our as demonstrate XXXX over years, a the trends. sheet different. average 'XX numbers noninterest-bearing annual accounts.
rising of while a half grew as period impact the in With the by mentioned, environment This the deposit strength year we And X% of deposit however, -- customer of year. saw core the volatility over our back pulled by dynamic the they first of customer core the XXXX, half year. the of X% different the in the during story. reflects back our half and rate
see On Slide as has growth of direct our a X, you'll initiatives. come deposit result
existing we're deposit confirming deepen seen customers, initiatives designed attract and track to we've bank. proof on relationships new retention. across are XXXX, the points Throughout the enhance right Our
acquisition up was As a of our attrition household the consumer quarter, same rate X%. year ago, the XX% versus and fourth our period was down
household our growth total on consider a flat, levels turning the years we shrinking point but year, essentially households. it key full as household heels for were the multiple comes of For this of
upgraded XXXX. and Recent that our regular checking customers to in a offerings continue we include after to an platform a Digital tool has easier for commercial customers. digital launches switching success, instrumental very-busy our make been provides also for and new enhancements
million prelaunch full-year This represents $XXX during Finally, launching deposits over in our this roughly our more net segment our affluent added doubling a new XX% since new mass growth we've increase from goal. baseline. strategy, XXXX, than in
with of In challenging XXXX, we've continued between this environment to proven XXXX, customer X%. plan drive in to we X% deposit very the a growth and core face steadily In results. execute expect
but basis, towards fourth to Slide end-of-period highlight million $XX reflection quarterly December. Moving the end mortgage trends they on of On grew an sale basis, loan loan million, the average $XXX by a we that of through settled by a decreased XX, loan million our the balances quarter. $XXX
average add business, led balances On was super continue our period-end both our we prime growth loan and finance where and prime basis, book. an by auto QX to to steadily
we As a credit. do we auto a view intend with on on customer to diversify loans to But means our not yield-friendly loans. this become reminder, stretching disproportionately portfolio reliant book without as high-quality,
On utilities business other from saw growth in C&I. Warehouse verticals, offset our net the we including commercial general side, Mortgage by and outflows
Within subset moved bank out bucket, of primarily par. the of was the driven C&I at a quarterly the outflow strategically lower-quality credits by
Across to quality accretive while to and deemphasize diversification relationships, our This over non-relationship that classes continue emphasizes broader seek lower-yielding, asset we portfolio, growth us enables selective delivering returns. time.
grew $X.X on show XXXX. of basis. were that $XXX the grew of is we loans pace to off during our torrid December. saw in an loan total half the of pulled in billion mortgage XXXX. Average broad-based reflects point, million inclusive growth loans books by in back in X% that Point trend annual we we figure over balances $XXX XX, that by million loan And On Slide the growth annual a XXXX, trends
Excluding X% we billion total saw nearly growth or that loan the of year. sale, $X.X for
Consistent of our end into of going in with cautious macro clear industry, that uncertain environment. slow lending the as the activity the year the customers the more it's a took approach is rest
our of said, markets. that continued encouraging to With we've in signs see activity
total we've of hired throughout X% footprint RMs, our from and We the leaders and get current up running. the anticipated our the to account in we initiatives, to to key benefit into drive Taking as in they X% loan lending over of already environment impacts also time XXXX. growth expect expect
pass and Derek? Derek I'll capital walk that, to trends. the to income through With it statement
