success and the remain in and our challenges shareholders. we Despite strong Aaron. clients committed long-term to achieving our industry, for Thanks, banking
compared year were the of for representing the first quarter. prior earnings to million, increase $XX.X core Our quarter an XX%
and risk a Our credit base program. we strong quality a management rigorous solid and capital maintain remains
environment, long-standing added deposit that our in an already I The represent relationships month operating last Our challenging and mean, to inflation, some rate ongoing are and interest loan and pressures. events portfolios, here increases includes Washington. high diverse ratios, Greater recessionary
which complex company serve well solid, However, the our us facing we our are navigate as fundamentals will and our industry. issues
year for core well of growing remain as priorities the as expenses. managing Our balance funding the our
we to and plans Given our other for in factors, the outlook our the several I’ll outline you changes on year, market economic the today. made which revised for call
dig real We estate commercial details will deposit and also into our position. portfolios the of
As to always, taking the questions of forward look your at conclusion our comments. we
of ended share of of income or our With common net net $X.XX that, to March Today, $XX.X quarter income per quarter XXXX million financial of we million for $XX or details XXXX. and the diluted the diluted for common quarter of for share fourth $XX.X the This XX, let's million $X.XX common diluted XXXX. per review reported or compares share the performance. $X.XX first per
$XX.X earnings the and million for diluted $X.XX core $X.XX the XXXX. or diluted common XXXX diluted million per per compared of December mentioned, quarter were common or XX, common for ended March As XX per share ended $X.XX quarter share million to or $XX.X $XX.X share
primarily of million is of quarter the provision losses, and a for compared quarter was which of charge $XX.X XXXX the earnings in The a for first credit XXXX. the charge result a core increase of million $X.X to $XX.X of fourth the of million credit for
lack portfolio. the continued loan our improved credit performance quarter the provision the reflects strong to regional rate first of in loan credit and growth unemployment The forecast, also of
at to balance $XX XXXX Total billion Taking increased March $XX.X billion a linked the assets to look billion at the in and compared $XX.X sheet. XX, quarter. X%
reduced the a softness loan the coupled commercial to and during in payoff result intentionally they $XX.X Total at stable linked with lower of demand real relatively activity loans, as remained in compared originations billion quarter quarter. estate,
in in of compares production fourth To $XXX first production. million XXXX yielding give of commercial million $XXX that to you million, totaled This funded in originations. $XXX production quarter the a the $XXX funded loan detail, of loan quarter little commercial million in yielded year more last
the looking totaled $XXX of $XXX at production funded first of with quarter million. million production XXXX, And
Over commercial the by or past total loans XX grew months, $XXX million XX%.
production For couple to acquisition we next not expected expect funded of we do and the quarters, on each matching runoff exceed as deposit quarter, $XXX million retention. loan continue to essentially focus
As pick will increase activity. up, we growth we funded core deposit see loan
this urban provided the and the granularity Pages XX the of through CRE composition D.C. on loan composition Baltimore. and our supplemental of specific detail of our commercial portfolios, markets XX our morning estate of more portfolio in information gives real
of commercial has of that our client pleased strength. in real and very not to overall are quality, or risk book continues I'm base. deterioration of we the underlying accuracy environment, and perform completed current re-underwriting our the estate to signs that ratings mind Realizing become within and well, the of recently seeing affirmed portfolio, weakness an top which analysis We report office
stress reviews portfolio performed and of external in to tests routinely portfolios. unfolds, as all and the segments current to rating and obtain on continually the environment our economic remain clients our systems. our we assess loan of will evaluation outside close And We performance an risk segments underwriting very
compared to at Shifting $XX.X increased Total to December at XX. deposits. $XX billion March XXXX deposits to billion and X% XX,
have in a that we occurred base. core really I'm March, all to deposit Given report that stable pleased
the the XX deposits the XX% total portfolio. XX% deposits provides approximately the core that from insured linked of of Total represented compared the deck at Excluding XX% quarter. with quarter relationships, total the deposits XX% breakdown. majority at of of supplemental commercial deposits brokered end Slide end to of or represented within the
resulting quarter, into interest-bearing checking commercial in deposits, depositors and X% XX% an products, increase rotated attrition primarily accounts in higher-yielding deposit in deposits. the During noninterest-bearing
We success very managing Excluding during Valley broker Signature X% and through time Bank Bank our declined total deposits, deposits the quarter. the about good Silicon feel failures.
many exceed an deposit the $XXX,XXX. mitigating that for processes FDIC job accounts did years. products provide exceptional had employees We've providing for outflows reciprocal and deposit which Our by in place arrangements, insurance
seamlessly have to loyalty receptive this clients were the Overall, our available failures make and immediate approach product appreciation. during and of in very to our quarter. expressed bank been their have to the aftermath So able we the clients
Slide a portfolio, no which the XX with which deposit an color is our industry single years, of deposit or majority nine of of well combination client. in in With market of core on is more represents XX% length provides deck our noninterest-bearing supplemental The a relationship of accounts. with the concentration portfolio base. average money diversified, commercial and
relationship deposits. no total In represents, client fact, X% commercial exceeds our of
our no the composition which length With slide XX well the deposit on retail money supplemental and of Likewise, retail breakdown is time DDAs, XX deposits. portfolio average book deck, relationship you of markets can diversified diversified see in concentrations. of an deposit of also with among the years, is more
coverage At the funds, in deposits. XX, portfolios. XXX% total to include which amounted billion provides $X.X held liquidity available XXXX, of This XXX% of uninsured March not additional of or the available of liquidity an to or uninsured maturity Fed $X.X any amount deposits, consideration billion contingent of of amount investment with for does contingent sale
details supplemental most of position are XX liquidity our the strong free and testing The your of securities in The the liquidity the of the end materials. and excess cash impact at stress contingent results with sufficient of on demonstrates slide of liquidity quarter scenarios. of a available
Given are the current economic environment, liquidity significant. demands
core on keenly are throughout focused So XXXX. deposits growing we
these near- long-term shared, and we underway challenges. efforts respond have previously to several I As to
our outreach sales us branch to include enhanced to target efforts and revamped incentive capabilities Our use digital analytics network, both that and clients to models data allow strategically prospects.
products provides new takes clients platform an sophisticated opening and recently a online platform. Most account and of that more notably, XX-hour with than The opening launched all consumer less we account deposit access eight process minutes. end-to-end to our prospects
funding also products, funding the in nearly for streamlined Our fraud, and reduced We've opening resulting have compliance advanced efficiency average options. operational an systems $X,XXX. deposit and multiple improved opening flow of expanded expanded
to us expand which and digital a are the Overall, and experience customer flexibility markets, now. deposit account capabilities adjacent access our provide given relationships efficient testing our seamless in have providing we base new also opportunity open to the
prior million reflects mortgage quarter. first the income ongoing due insurance compared Shifting in lower income rate XXXX, year income the wealth $X.X subject management decline This year; activities second to of non-interest in the business economic to card the amendment. decreased quarter XX% on having last the is for to and or the quarter environment decline the banking the commission and Durbin non-interest to and the our we given income became restrictions fees regulatory also income; disposition bank of of as insurance on impact
loans mortgage quarter, $XXX,XXX Compared total banking million. activities to grew and the from $XX.X linked income mortgage increased
$XXX,XXX range mortgage banking revenue forward. $X.X to increased in expectations Wealth also income linked million quarter. per compared quarter for should million to the the $X.X Management Our going by fall
billion, $X.X since at Assets increase representing a under totaled December X.X% management XX. quarter end
volatility relationships, markets. two wealth our growing Sandy teams the do exists that Spring great wealth in client continue Our and the job new a Trust in subsidiaries to despite
Let's talk a bit about margin.
interest-earning the compared rates quarter liabilities, XXXX. in margin was on the for the X.XX% on the interest the to current assets. for first The XXXX fourth For the and of was paid in margin of XXXX, quarter for first increase erosion net net which of yield X.XX% to quarter interest the due quarter higher X.XX% outpaced interest-bearing the
driven coupled increased basis rate XX points, competition increases increases liabilities by deposits while the Compared points, basis over resulting preceding points. rate in months, our Fed margin XXXX, of in quarter assets the for the that overall the funds rose yield market. compression occurred of first yield were the the XX and interest-bearing The multiple with interest-earning paid rate basis XX to the on XXX on
May the Looking outlook the sub-X% no then settling ahead, of the basis in one the This second two move year. we the remaining for gradual in margin the quarter of with see action by then remaining the additional throughout XX Fed point XXXX, throughout increments remainder quarters. rest other mid-XXXs in, assumes the and and
assessment, the fees the million the increased in by driven Non-interest quarter, prior current increases expense or services compared and FDIC expenses. year other insurance to for quarter and professional X% primarily $X.X
our costs compensation-related certain initiatives. the some early run expected technology increases the to related to year completed of We in rate and
of operating to expenses. and past of the our realities economic However, intensified funding the have the cost need quarter manage
spending these ensure overall taking add including To our mission-critical demands. scaling fees. profitability will hire we categories with as market We're are we and also lastly, assessing to discretionary action projects in staffing business XXXX only are such half we immediate this early consulting current halting offset dozen to until staff, and back over And plans aligned we pressures, a year. volumes are delaying
quarter operating revenues, look XX%. per to manage growth the expenses Absent of in any in targeting and a in million to $XX efficiency within look the growth quarter-over-quarter $XX range we We the to manage million range, non-GAAP fully by ratio significant realized XX% will quarter. of third
reoccurs, revenue look growth XX% to to range. this the manage significant towards more more As we ratio XX%
quarter of efficiency quarter quarter the in year. the compared previous first The coupled and the year compared of quarter result the net revenue fourth non-interest quarter a and first of in to quarter current period from prior XX.XX% year XXXX a XX.XX% for in was decrease prior was reflecting non-GAAP increase, of for the declines the efficiency ratio growth XX.XX% for the prior last expense. in with to The
shifting to then quality. credit And
level quality compared non-performing loans basis and XX and during the to indicate significant loans uncertainty. a to year period points XX of basis growth points linked basis loan non-performing levels economic quarter. degree of stable points XX quarter Our to credit for of continue to prior total improved of loans compared a the These in
quarter year $X.X realized the million quarter of $XXX,XXX $XX.X recoveries and on XXXX the first to and to XXXX quarter the in recoveries compared non-accrual $X.X of $XXX,XXX XXXX. charge-offs quarter of placed $XXX,XXX million XXXX. quarter fourth quarter net during of first the Loans prior for net for compared We amounted the of current for for the for to fourth million of
the supplemental the The administration deck on credit credit all forecast based less methodology. overall on of and more are estate in our based change loans are portfolio and the allowance of mainly current in improvement qualitative assumptions, real economic change XX Slide concentration losses portfolios. in favorable CECL across for displays components investor
of Tier Tier ratio X a X ratio lastly, XX.XX%, XX.XX%, and had a Tier also XX, total risk-based ratio leverage risk-based company the X.XX%. capital X a of And common a capital capital at at ratio XX.XX% of March equity risk-based
comments general our up wraps that today. for So
we And to move questions. now the operator, can
