the of and interest income will little you, I I'll net give talk bit more little just first Thank mentioned bit detail. some margin. there about highlights Joe. Joe a and
to fourth year Our million million the income increased quarter million in XXXX. about compared XX.X% quarter or interest $XX.X versus quarter of for the quarter, XXXX previous fourth in it $XX.X fourth the of 'XX net was $XX.X
third interest And increased from so of 'XX net as we income quarter then, for was million, the that bit $XX.X well. a
the Joe some interest market increasing of growing mentioned, interest in well, As growth throughout and contributed net balances and as some income rates XXXX loan 'XX. investment level to higher
And at increased when about XXXX. timeframe, third interest average versus interest-bearing yield in as you rate the it favorably QX we was said quarter basis a that X.XX%. points our loans deposits, X.XX% net on year margin X.XX% look to on so increased XX then basis the QX back of compared average ago points at quarter. The to earlier The and looking XX then the year rate that 'XX ago on same about
cash year increasing really again, the expansion also And, more and based and margin rates market loans investments was of equivalents and beginning the on the had those and over at throughout the kind into asset of cash mix, the where we in year. changed changes
generally As positive rate the seen have you've a on net those impact we've interest are numbers, before environment, rates and particularly a interest stated should in floating-rate upwards. rising through repriced income as loans as the short-term
if have rate Joe significant case magnitude to this we perhaps and we've the like interest XXXX still rate expectation but throughout that that least this XXXX. anticipate further. not we increases We Federal some will nearly that may rates more mentioned, generally be we the in at point hikes, is Reserve saw the But raises think at seen obviously the rate
time first will reprice there, offset some to that mature may So half through that but and throughout think also have be we of going move that as some we the and higher XXXX that there are beyond. benefits some deposits that of may we
less In balances changes shifted mentioned, The trending our callable I features deposits of some the within and away rate deposit time and deposits, cash retail maturities intermediate-term of As longer loans. are fixed broker increased there's we some mix account are have time some latter in to more from XXXX shorter half non-time -- trending a saw balances equivalents bit a higher. lower rate generally as variable and broker which little XXXX, with they the maybe some to little mix somewhat also deposit XX assets well. month deposits term
we generally from then loan overnight borrowings. time-to-time, and also bank home utilized So,
as So we that tremendously it loan assuming here. into Fed remain just start cuts, XXXX kind but XXXX, head will by think not have some that income may as of points to points. do we will expect reprice XX again, net We that basis if say XXXX, And raises by we we even interest basis rate another or solid, growth. deposits no but XX also rising supported the rates, said, our grow to
rate also today, reduce where believe, of just on impacting swaps have were so that beginning would income a based we position in a where are not net XXXX. of our that impact couple a settlement making are do rates we to be the right And And bit we that in counterparty interest forward May would we anything numbers on net interest will be now I payments that starting a a reminder, our will that.
change, obviously, tied are rates as So rate. Prime those they SOFR and to will change, but interest
we would on today, are have they have that. that would owe where on based a So payment we
income. to on move non-interest I'll
attributed the years quite rates non-interest probably amount on a quarter. that in our we -- down XXXX, first about all market. to obviously, could XXXX in much extent loans, majority, the we typically higher what still all, once were secondary mortgage not origination gain and which previous be the refinancing Obviously For sell mortgage to fixed income bit, purchase was than the sale of of lesser to slowed we the of after had started slowed down moving was $X.X but compared almost million a that loans. years. and the quarter, if big reduced on Really XXXX, couple down of year very rate ago of seeing the rates going at quarter of
are those entire versus fourth the of quarter that, impacted and things part. really last fourth the year So, impacted some for that's this quarter XXXX the most year that year
a that seeing of of on due merchants a to there's places change their half income fairly so of is to non-interest those but in latter not and relates the that hasn't changes. are our sale minor other sure it's point There it's income. a that point some of to different revenue headwind, this not fee provide been XXXX, like and There be changes -- little we're routing thing in seems bit now One this some may settlement route real transactions those. mention and it's to big going at material some of I'll can the we agreements We seeing had thing us a this little on some it some started amount smaller happening. process network and expiring
card the as And a decline then base. with half well that the also overall in 'XX last we of debit our of usage just customer noticed slight year in
we're see So as going card credit monitoring to card if with like continue, customers debit perhaps we some and the so looking were over that of to that feel has to well. we're usage usage we shifted seeing that's our that
year Non-interest expense $X.X for the quarter. about decreased the quarter, million our compared to non-interest prior expense
decrease the about though, the $X.X in activities to of year. and in million to to professional had ago conversion, the the not As $X.X activity, had again year Again, our conversion same type kind last year. net we $X.X legal biggest million of related this fees mentioned from quarter the related had was but a we fourth that fees. but related We million audit Joe one-time decrease
for in that. So, we decline expense did see the a
-- benefits However, quarter, normal year others we employee at of beginning that's are million the of of do in from some the company did there's are of they year, salary increases, their year. that throughout $X.X see the the prior just related lot folks a are our increase increases and about merit in an merit the same
XXXX market, that because job some those particularly of were a than of some increases previous maybe kind little bit in of in thing, had the of years. those Some been larger they in
a year XXXX's the did some XXXX. fourth production year fourth The and we quarter if exclude in that in Then for there that, was the offices efficiency compared extra quarter would was added just XX.XX%, quarter over numbers of the were XX.XX% a have that to also been XX% the ratio to there and same the year you in ago. Charlotte ago -- not Remember 'XX. Phoenix a and loan that ratio for during efficiency add little expense the expense
remain conclude the saw we in higher continue on as seen we've non-interest time, in the a at increase we've with then we 'XX, where we to and increases, may some got of annual salaries laws just year. So, states benefit costs while wage in an tight lot to quite environment bit also labor of expenses, that which And due to happen changes merit market operate. minimum an the beginning and various in happening again the a inflation
So retain as XXXX sure in we assistance especially make we conversion, people to roles. system to this our seasoned move with need provide forward lot core these a of throughout we that
growth in for and about The loan a expense. expense XXXX. Talk provision loan a an provision then $X to was to $XXX,XXX $X fourth a a $X.X related we net little fourth and quarter, related net on was the year, million of $X.X commitments. million have provision credit expense had reduction continued expense unfunded of to and in of bit provision our provision the in that fourth quarter related outstanding negative we unfunded recorded that to million provision quarter million $X.X was portfolio some losses, negative loan about outstanding million the portfolio last we in And
charge-offs of in quarter fourth recoveries fourth $XXX,XXX XXXX. the quarter compared of to were in $XXX,XXX the Net 'XX
around or full the think, $XXX,XXX were year, that. like For net I something charge-offs our
low again, So, pretty charge-off year.
to of do economy and we year. low rates XXXX pretty as problem are and assets go interest levels we the do of begin we higher mindful market While have into delinquencies, uncertain
thing wanted on taxes. income touch I is, to Last
For the quarter XXXX, the XX, ended tax In three was our rate last XX.X%. months fourth December year, XX.X%. effective was it
that interest rate other or tax or statutory of we due have effective some things that tax typically rate lower the at to Federal below Our some we have XX% that. and that produce credits tax-exempt is
or and by we where affected specific expense also we those operate tax is in liabilities liability driven in rates income and by tax states. various Our have of the states the level
tend overall do little a those up bump So bit. to tax rate our
a XXXX. an quarter of earlier, mentioned bit unusual in we had the adjustment of Joe fourth So,
to year taxes XXXX. some in in So, filed when various carryback our some the returns place rate related quarter balances we of updated our items its put deferred Federal and also state for into tax applied combined were receivable, payable in tax fourth income tax to the adjustments company and up XXXX claims and finished we the tax made 'XX, that
our made the we a fourth reduction, in final $X.X for million reduced adjustments quarter. those tax expense So
something not that effective that tax to little XX% the all that's give said, going either going be our a But good forward be to think about. somewhere in take Joe in think rates As that time. expect we to We or think side. bit will that on a ballpark probably level, around number XX%, somewhere overall
remarks we the that prepared concludes I today. That think, have,
this operator for to and time, it how in over questions. our we'll turn at reminding to So once questions again queue ask attendees for
