loans an Loan growth from PPP loans Marty. linked only of net income impact these you, The of $XX,XXX as as is increase winding $X million remained down, Thank XX. of everyone. contributed quarter. the in interest to December morning, Good
PPP of a XXXX, the fourth and accretion respectively, loans quarter. During fee $X.X $X quarter of to million in were the compared third in forgiven, $XXX,XXX the million third with as quarters related $XX,XXX of fourth and
mix basis linked quarter higher-cost and shift was taxable coupled points repricing from quarter XXXX, to basis, equivalent deposit in fully points a down fourth the XXX lower the the public seasonality in on cost portfolio, deposit time to transaction from basis with accounts deposits. due of our NIM, X a of
of to of XXXX, experienced deposits. increases deposit magnitude that XX%, cost rate of our Relative including total occurred the cycle-to-date has a portfolio the FOMC time in beta
Excluding the the of time cost deposits, non-maturity X%. had portfolio of deposit beta a
The fund investment flow quarter quarter. of from result slightly in of portfolio down the loan securities was portfolio a cash the as the linked to use originations
benefiting the earnings and release, for from new As approximately XXXX we reinvestment cash have loan flows rates, I at originations billion for in portfolios stated investment loan and $X of modeled press the NIM. market
points and deposits. basis points quarter, up accounts to current in XXX quarter shift impact XX borrowings, the higher-cost with a due public linked from rates deposit cost funds the from of was higher in and cost overall basis mix combined deposits wholesale of the reciprocal time transaction on in Our to lower
insurance of income, was with million The from the our and management of revenue redeployment decline this million third million quarter, includes insurance. company-owned the wealth fourth linked and quarter $XX.X primary Non-interest in quarter. the the associated enhancement life which XXXX $X.X $X was surrender driver businesses from down non-recurring
non-recurring branches. million primarily of severance as approximately to across Non-interest was charges related linked-quarter, the $XXX,XXX of result the and than $XXX,XXX XX eliminated of a of expense the that a XXXX five higher non-recurring organization positions closure restructuring $XXX,XXX expense $XX.X related to restructuring of
associated an tax million of the was of of to compared previously quarter with expense and $X.X tax the tax the million was rate XX.X% an Income effective rate Approximately quarter XX.X% expense in strategy. insurance representing of surrender third billion redeployment quarter in company-owned life XXXX. effective $X.X and mentioned third $X.X
to impact available sale $XXX position other negative year accumulated by the portfolio. loss was unrealized for million, driven full The of comprehensive loss our securities
TCE XXX book investor negatively value $X.XX. basis points impacted presentation, loss share year-end in illustrated per by common and unrealized As our by position this tangible
been value would X.XX% our and the Excluding $XX.XX common share book tangible AOCI impact, ratio per and respectively. TCE have
return these more portfolio. expect continue levels the high time normalized We over to given our investment quality to to of metrics
XXXX I our outlook minutes next key spend areas. few providing would now like in to for the
commercial Syracuse Growth our categories driven mid in and total expansion the loan to expect a LPO. recent region the include portfolio. and into growth of We loan be by Mid-Atlantic high-single-digit will opening the our
for plan non-public We in mid-single-digit deposits. growth
consumer of partially offset on these a accounts be lower comp as focused environment. and new impact the and balance to deposit by accounts are new the expect per average an economic commercial of positive attracting We outcome
to are initiatives expected XXXX, of BaaS our deposits approximately to deposit generate $XXX in a or goals. growth non-public Banking-as-a-Service million significant contributor
basis. We flat seasonal to quarterly are projecting be deposits on reciprocal and with a fluctuations relatively public typical
with basis thereafter. NIM XX year to point full forward and rate expect of rate February remaining XXX predictions that Fed increases for reflects using points, activity economists curve XXX in We basis muted March a
as quarter, fund cash loan the our we investment with relatively flat by margin interest portfolios, in to Net sheet be deposit the and anticipated quarters in with flow first expansion is to growth remaining balance core utilizing the loan from coupled originations. expected reposition
invest our reminder, fluctuates seasonal earning opportunity the the earning public deposits deposit asset a lower to impact deposits limited seasonality the asset quarter-to-quarter balances funding are our of second given As NIM yields to and funds. to and due our quarters, mix. the and higher inflows due the average are and our quarters both its on short-term fourth public where of In from duration
flat projecting are relatively We non-interest income.
income, difficult other items, that to XXXX transaction non-interest such loans. the and company-owned and limited such the securities indirect partnership non-recurring as insurance on gain gains on categories and sale investment surrender of life impact Excluding redeployment as predict, are income of
for mid-single-digit increase targeting in the are range expense. We non-interest an
completed in expense strategic and reflects solution, by non-interest savings our restructuring customer staffing management banking, in quarter. relationship including XXXX digital in Our includes from ongoing offset partially the BaaS. the fourth investments experienced spend in XXXX XXXX, initiatives, also inflationary impacts
leverage contributing these We efficiency X%, ratio in revenue begin to above and producing positive below expect ROA XX%. to incremental operating an and XXXX investments
in impact amortization tax rate years. the a to within XXXX in the expect XX% effective We including investments placed the range of credit tax to fall recent service XX%, of of
effective We tax credit evaluate tax to will rate opportunities. opportunities our investment further by be taking and impacted positively of would advantage continue
historical XX charge-offs net of our to XX expect within range be We to points. basis approximately annual
profitability key remarks. that We improve will focus includes believe guidance with that over overall will on Our these provided the results my That line leverage executing achieving initiatives concludes time. operating prepared outcomes. and in drive strategic
now back Marty. turn the to call I'll
