John C. Asbury
you, Atlantic for Union thanks off in to XXXX. to all strong today. us And joining a start Bill. is Bankshares Thank
than annualized double-digit organic This our points been has loan growth, growth shows X-plus low the and point the to excluding growth what we momentum better the into for and franchise. for us. a did, my traditionally the noted tipping were quarterly at On set up year that any last in and start company years point call, we of earnings I at have quarter potential slow we that PPP
rates, of challenges the stated, but we as through through a of well interest operating growth in just of our geopolitical pandemic, soundness, serves and high philosophy uncertainty. us order As generationally I've consistently that operating navigate rising inflation, profitability, not priority and now
and yet normal not becoming While over, to eased the at COVID-XX. all our living restrictions of markets we're have we accustomed recognize the pandemic is new with
completely roles face are corporate and buildings, work now while hybrid returned Our some teams our office arrangement. at most virtual, a have to
take opportunity committed experiences. better how when high expectations, to actual our culture what about we're and of an horizon, workplace it team disruption, and tragedy such people, scanning our we on to course Our and We'll retain we'll and interest and geopolitical rising this the our and together, do talent. all we're adjust the progressive as is succeeded attract arguably toward inflation, of excelled continue do we're even rapidly we over the really and workplace based physically flexibility of implications to about view the surprisingly In uncertainties rates, nature changing in incrementally as the a Ukraine. more cautious we're
fundamental While we seen last of growing time a this positive changes and extent, economy, low still growth derailing forecast to unemployment, as don't the the the Moody's benign since will see likely being environment. for some mute economic quarter, in it in the credit trends
short-term We throughout continue as to multiple asset short-term is and remain raised to believe we positive rates signaling the already a fairly us follow sensitive. having XXXX, hikes Reserve rate Federal that for
As margin here. should interest a net result, from expand our
consequences the headwinds we and inflation open to addition and still the challenged of Ukraine, to war clients disruption from fill business in supply In chain positions. face
point, we the to now, from While on; resiliency we businesses their proven at Despite all the grew annualized, American and year loan so goes quarters excluding all this we're Despite we've Union as of said and Average loans PPP. the annualized before, vantage is of excluding this expected first approximately low with a that think two XX.X% that improve have had manageable. double-digit XX.X%, sure. our not of coming linked-quarter now quarter on consecutive Atlantic uncertainties, headwinds basis growth PPP. has in point-to-point
high fourth last quarter our was year's first typically not Production, two seasonal still low over traditionally the was the is every production quarter, than loan as higher but while peak other this quarter quarter years. as First different. point, of
QX higher first it Ralph was quarter the from down of than was last year. While still
Bank. So mostly remains loan growth for Union a story production Atlantic
encouraged unfunded and based this this year, quarter New well be XX%, below for growth. balances and schedules, for also this C&I levels see tick construction to line up is month tailwind good still at period levels. see trend of pre construction and the was utilization each which just is loan as QX. our -pandemic ending We to It it loan committed the were strong on a should commitments funding our originations remained
capital base increased. client our needs and lot of We have as a upside among here sales working
pipelines also the at between well-balanced that strong, growth and end significantly in fourth strong at higher the of CRE not the than solid, means than were C&I. They're pipeline. higher our they Our quarter, XXXX did QX which this point remain drain and
encouraged our are competitive our market and in positioning, the footprint. strength dynamics, by economic We
capabilities our that continue lead to us plus of expanded loan All lending to XXXX. expect for upper-single-digit growth
of in quarters that, see than I believe we not others, expectation one to to and will our While grow organically be by to calendar And competitors some we would XXXX our of operations and state and loan runway remaining, Maryland, of market in ahead North this we finance. finance government make. from Having may our supplemented note our through both behind home dominate year full-year before takeaway equipment Virginia. better long quarter is with growth. us have Carolina, And our much a upper-single-digit here contract lending consider want a moving said larger uncertainty in so to specialized off more capabilities us share of continue does in
continued effectively at net have never recovery slight improvement economy, credit a once career. levels Our know credit from have year's basis don't absence nearly any and last normalize. quarter-after-quarter, to charge-offs, was going Chief we in a X QX problems. sign of my I In yet of again, a credit QX, enjoy the given impress, in meantime, the asset calls for we last That's still point. rate, This inflection seen a the XX-year for systemic all just base the line in strong of At with I liquidity of quarter annualized. do when. but losses points in two phone $XXXX quarter from for these will -- back in our points headline macroeconomics. system, the came Charge-offs, the quarter's are X are net day recoveries the the fundamentally plus heads-up some and basis quality the to net Officer. and absence The point, Back remains come, Credit see to the unemployment of to that low
be time. still remain overall, While as it's good. year, at good quite last may not the this And as we optimistic outlook
when the came X%, announced is than until in from return earnings, at resolve of Here in to to was X.X% for down period. their will not businesses workforce. home shared in the in data losses people credit talk modeling time populous in to with just, think for improved quarters. changed March One a and the number to low this our and an November, time better few had such more we state the jobs motivate Having Virginia, national higher-cost the due country, more and would rate. that CECL more return people we likely we challenge may latest increase We'll that the posted QX looked not Rob again, is for instead than conditions the is average for to will unemployment as first there at COVID-XX of through unemployment inflation see same has and work. in no our the open the of and that What state releasing this we Virginia see. provision X.X% fill a in America the provision unemployment
As to outlook geopolitical mentioned growth and expectations the loan uncertainties due Rob incrementally economic I and will strong explain, before. this was growth, economic lower
pandemic, and network network. we never at invest XX% expenses, digital of current March, wage delivery to will as by have we last network technology channels on reflects expense XX% that start pressures approximately branch than December's respond changing recognition order need and products was reduced still the retail noise We branches of from of did inflation but charges customer consumer our the closed beginning of Since remaining our and or to better behaviors, the well. actions, to some the branch This XX analytics branches. Turning have in lesser to branch to our one-time usage quarter. our alternative and from in continue XX our of
expense us powerful our financial should take growth a are for sensitivity asset management From will meeting expenses challenges combination and be company. following performance. positive what upper expectations confidence operating years will give expect to equal with a the expense I've with do XXXX. but leverage my into plus recipe ability differentiated acknowledged, seen of growth to looking a performance you X% our X-X/X sensitivity to plus the all The benign actions generate targets XXXX asset in growth top-tier my uncertainties at that could best for continue our the we financial in in QX. usual in environment comments, seasonally we already footing in with single-digit taken our growth expense plus top-tier footing Rob perspective, and rising organic higher actions the rate financial expenses, in and non-interest we operating combined our loan Regarding while his details deeper hold credit of
in both terms our think to net and want we future company more about interest we the income rapidly of industry, income. streams, As our our diversify non-interest of and income
of checking it a in non-sufficient certified on than early. overdraft QX rising funds to establishment I has overdraft increases component by X-day net our get expect fund with offset caps, been our last transfers, basis. environment, annualized deposit never coming large income, With the of our call, bank we interest non-interest more direct fees are that on for and of to of consumer-friendly days fees income run accounts, policies a these we an to include fee-free in million for two allowing overdraft the our advance non-sufficient lower product, While ACH million as the credits, customers and actions lost consumer in mentioned payroll $X.X expect rate non-interest a elimination we paid income. $X.X no-overdraft to to reduce Examples approximately rate changes making
investing revenue non-interest additional time. to are in over serve We clients new to ways added our generate value
Day. on they Investor will beyond develop at as banking our more that is We upcoming the asset say our ecosystem. One are these focusing operations digital core about we plans area
a performance the growth infrastructure. We've to As last To to vet of are chain, in disruptive year and think our very using our payment ago. and level, priority, offerings, call, began X. to which to this and tertiary and, core position identify existing Fintech added those block and is sources right also at order funds supplemental a drive X. will transformation, X. financial opportunities and strategies under proved and opportunities considering Driving emerging we new reiterate new banking income in M&A technology new we systems an of partnerships a franchise, Selectively capabilities the growth and I such we as We're strategy, as our interested option to in mentioned Fintech digital inform to enhance preserve this offerings. high in our and and of investing we're the circumstances. Leveraging consider years they organic generate few those
consolidate of and on As bank side work pandemic I've capable to since said we before, XX% a the consumer to and have acceptance. our differently, households. We've we've And with this -- come to net has customers experience as learned differently. began learned other our branches to of customer enabled us organization. continue the branch better-than-expected grow more Despite pandemic stronger consolidations, the out the our
experience omnichannel to product continue look sharing We to Investor projects upgrades upcoming our new and at with to additional on customer and releases offerings. we provide when details Day. improve accomplished work forward we've what the quarterly We our
achieve top environment. of regardless performance maintain Our financial and goal the tier to operating remains
scalable, more customer continue work and experience. company We to while and the the efficient make and improving processes, to automating on ways
provides All leverage room of for operating this improvements.
dense, with deliver Rob. us, I potential to the and long-term, Union deliver now right always the by sustainable high and uniquely results Atlantic close customers, in and a for cover I quarter, capabilities, of valuable unlike as remain performance the call other remains the performance the we holds the for right markets now to communities, As teammates, first the story in over any I'll will with that turn team Rob shareholders. and markets, the franchise, reminding future We're -- Bankshares even have in compact to confident the the what financial a trying we quarter. in page region. our do on I to our times. a most the for the scalable right turn great
