afternoon, good Thank you, David, everyone. and
$X.XX partially net losses, of release reduction partially decrease income. interest in to credit by or per quarter from The XX% income, we interest non-interest credit income the up or lower net for million from losses. which was million diluted first a the $X.X benefit X.X was quarter allowance provision in share, sequential by fourth a from a for the increase earnings due offset The offset quarter. For higher change in reflected last delivered of year's largely
our Federal expense increase in variable growth intense XX XX% was the income rates quarter. which basis continued down the more income, interest deposits Net points accelerated pricing following portfolios increase the in than of during on of rate X% pressure the driven fourth higher This in interest the at interest from competition was quarter. quarter resulted from offset which during by Reserve's
rate The X% and increased environment year's result in a expense interest first earnings since costs, of over XX the the interest NIM With interest as growth quarter saw basis interest an past to decrease quarter in at the expansion last to deposit X.XX%. of months. net reflected the expectations interest fourth increase our quarter XX income remarks. net assets the a higher first will of to we margin point my from to I end due talk
to known Company addition and of expected adopted January CECL $X booked loans. benefit tax loan factors a million of On was losses was as in provision for quarter period a home net credit CECL. The the of of estimating capital accounting to XXXX, for related beginning price was qualitative credit on commonly to and due allowance the for for for adjustment. current the loss methodology $XXX,XXX is and moderation, the impaired lower losses, as reserves impact which million to balances, lower $X.X The specific the XX, provision
year's Compared the income the collected quarter, X% lower in and fourth to a servicing Non-interest the quarter, primarily $X.X ORE with prior X% sequential approximately non-interest rents down quarter, first income movements due the loan gain-on-sale from as from an quarter was property. in decreased and included from fees. XXXX income million mortgage rights
clients. profit was this to and X% largest sharing, contributor new year-over-year written commercial from is linked premiums quarter, XX% and up higher the category within which our increased Insurance, due
environment brought fees mentioned the are to changes and As in the how landscape last assessed we they handled terms quarter, have to forefront and regulatory what at competitive levels. of overdraft and
X% $XX,XXX in with approximately reduction to $XX,XXX We and when changes to deposit prior fourth which quarter was in incentive $XXX,XXX salaries year fees quarter. or the sequential did quarter, of expense the linked year's and benefited line. the resulted last lower implement The decreased quarter employee fourth a during service and relatively from line. within charges first from the of non-interest XXXX both with accruals flat benefits Total $XXX,XXX compared the quarter
the are accruals in on year's quarter. which FICA and the resets merit compared lower the annual payment increases XXXX. to first when incentive with quarter expense this quarter, salary unemployment in was and the HSA benefit accounts, prior into by insurance decrease Compared the offset the Reflected incentive in our linked awarded offset partially annual
and run between full the Our X% expectation year for expense X%. rate is
the were quarter. and that quarter commercial loans down Net less in or that million $XX than $X the balance during X% movements with and Turning of reviewing fourth decreased million. net Total of the $XX to million in loans compares quarter. the first originations $XX million sheet were originations
has We have loans, and rising seen up real XX% made giving originations. estate and rate a strengthened whereas slowdown the of net environment, volume our industrial in commercial commercial
credit, balance have These will originations which of consist lines impacts. C&I of future
million unfunded any the active they quarter end. remains portfolio. However, current pipeline The instead during in remain muted $XX and at quarter growth of the
XXXX. in be expect commercial loan to total growth approximately X% We
in a and remained charge-offs metrics decrease sequential on a credit Our sound non-performing the current with in slight basis quarter. loans low
quarter. the deposit increased of $X.XX deposits Total fourth inflow seasonal Reflected from $XX in or billion the increase municipal million deposits. of was X%
commercial the seen seasonal commercial current outflow payments smaller make funding deposit clients at in outflow, the quarter to as which size attracted and during quarter quarter. year. $X at is deposits into quarter, beginning we was in in our While portfolio, offset was the that first typical This a growth and by have million distributionand CD tax similar grew last which the balances, consumer due the of to year's first
as clients rates products. in seeing moving our into in and and sweet We funds previous In will that are happened expect will be demand to accounts of funds savings different clients accounts continue commercial from migrate balances deposit CDs. migrate pricing proactive consumer has clients in competitive market we to particular, with our out we products. maintain And and expect cycles
margin impact These a trends pricing continue, on impact if basis. trends expect our quarter, have we accelerated year it an the for will and pressures first full and margin on
now, of the XXXX. XX of As to NIM basis expect we our second points experience compression approximately quarter of in
forecast macro quarter to potential second given is and competition the moves how forces may play future as hard such Fed Beyond out. external
now to would With we that operator, open for the question. like line
