in financial XXXX. the higher lower Net results. I’ll of first review of million fourth morning, income quarter Good quarter the than million quarter, Marty. our with or income first was the of XXXX. you, a start the $X.X $X.X quarter everyone. Net than was Thank $X.X XX% in million
quarter margin X.XX%, adjustment the quarter fourth down expense, our that results and million interest basis Act. in a points Jobs recall from quarter the tax the Tax may and revaluation impact of X deferred net reduction was income liability Net tax the You included of by for XXXX. from fourth driven $X.X Cuts primarily
this X.XX%, basis last compared yield securities loan quarter. in Our from yield of decreased the earning quarter, basis X.XX% increase in average lower XXXX. average XX of an rate X offsetting tax points, fourth X.XX%, resulting the as interest the of up X in points by on tax equivalent to assets was basis from investment federal points, on an yield Partially because to our
points XXXX. fourth from higher basis cost points X up in time market basis points. were accounts funds were the points basis XX and quarter, of money deposits the was Our in XX basis of quarter Savings up X
in securities XXXX. of the relating XXXX, quarter Our the were maintenance of a One carry quarter were first comparability were there final fees XXXX. quarter, average million in $XXX,XXX impacting the $XX item compared the fourth payment average expensive mix, of on short-term quarter fourth interest flat no and to of borrowing net in Also of in income cost this quarter. deferral interest to as which fees the Non-interest No the of such rate basis in quarter, compared quarter were was to of of points prepayment was approximately XXXX lower the was the higher XXXX. fourth this in quarter of quarter higher quarter securities margin funding to and deposit yield first balances, and mortgage-backed our recognized XX relatively between public margin comparability short-term was the investment funding impacting as low averaged the as first fourth net fees $XXX,XXX gains borrowings fourth quarter. more compared
acquisition maturity quarter predict, income but Income from & fluctuates the and XXXX. of performance and quarter, Julian of as to by up an from year limited underlying XXXX. unchanged difficult fourth Investment a recognize income earlier the Buffalo from quarter was the quarter we up $XX,XXX in of over the partnerships. of However, growth was is $XXX,XXX first XXXX. was $XXX,XXX acquired advisory income did was it driven investments fourth in The on the Robshaw in firm assets management, to from Insurance Associates, investments relatively $XXX,XXX XXXX of the third it of down under including investments. based these a increase --compared in from based
second, commissions The and fourth on commercial typically quarters are third first quarters quarter higher the of accounts. first the timing commission of revenue than contingent annual in the because received and
of its in compared a this income to lower category. As SDN experiencing seasonality we higher transitions commercialized, booked business to composition as a are personalized,
Moving additional comprised in I regarding benefits of onto the three is the information which components. expenses, of and some employee to quarter, expense, provide like would million non-recurring salaries $X
the in XXXX. agreement back This to XXXX XXXX was on for actual increased recorded of three Courier through specific performance incremental to- increase period accrued for and to of an in XXXX EBITDA future year meeting and XXXX incentive the contingent XXXX. included compensation XXXX. first upon quarter performance The related was payment performance performance for our potential amount based Courier in date forecasted Capital accrued the our of financial composition in First, targets contingent expense acquire the the
retaining quarter, for attracting and This third the conference the And the had forward in business of owners guidance to brand SDN. SDN. announced clients and Seconds, back were their included SDN awards two expense upon were it of during the senior SDN as in higher building certain incurred were successful obligations, advertising efforts agency, January quarter than with higher Advertising integrated level we we will who for call. former first and and was in will expense been These attention historical it quarter they Bank XXXX. final And and integral because in There our in many of new years connection seasonally non-interest $XXX our component contractual into Five fourth attracted XXXX expense XXXX. experience. expense new expense as leaders our of appreciate of in the going was a be in the promotion retirement Star the paid compared XXXX, of in was owed the capitation be campaign. $XXX,XXX with higher
loan fourth Moving net onto of the down in credit, $X.X to as the compared loss million $X a million quarter, primarily was decrease provision result the charge-off.
were XX points, basis our than XX basis basis average XXXX charge-offs lower XX of points annualized X points. by year charge-off but basis full XX points, quarter net comparison were First our year
December at loans were to XX points, March non-performing compared total XXst, of ratio as XX to basis Our as XXst. of points basis loans
the federal quarter reflecting for key rate the I a as first would effective in result our and year like Cuts outlook rate tax was full now Act. the Our some corporate to Tax areas. Jobs a of lower for reaffirm XX.X%,
residential We for and at loan double-digit than consumer to low with in in high rate XXXX, single-digits our commercial growth a continue to loan growth lending higher portfolio mortgage expect indirect.
first third quarter is than first portfolio than of the and us Marty discussed for the the commercial and we quarter second As fourth expect quarter be year. a lending the rest lighter to the growth in typically And entire the in higher for loan quarter.
We continue deposits. mid-single non-public growth digit in for to plan
to for We year between continue to expect and net X.XX% full X.XX%. fall margin the
as that $X.X This totaled be expect to any items, which XXXX include security in relatively income compared $X.X XXXX, million will million in does XXXX non-recurring gains, any continue nor million. flat XXXX. to our not at non-interest outlook $XX around We totaled which in
the within efficiency will be and of non-interest second per a and a the $XX year XX%. be to $XX ratio within million range quarters third of the entire expenses range for expect We believe to We for fourth XX% to quarter. million
Our goal every below XX% to year. is be
We a expect occur we to as portion and continue mature receive loans, securities will on payments portfolio to mortgage-backed convert our of securities this into securities.
now, within of I'd effective XXXX to will the a to XX%. And back tax like rate for it be to expect We turn range XX% Marty.
