today. us joining for Thanks everyone. morning, good And John. you, thank Well,
to the $X.XX $X.XX. let's up for company's shareholders approximately the net income million quarter, million $XX.X was earnings shareholders. or and quarter's fourth to Now income net This the per reported financial to quarter. turn share reported $XX.X results available share per In the available common from third common common fourth was was common
XX.X% fourth quarter. on third from quarter. in the was in efficiency quarter, Return the fourth assets from prior the the Return the was in operating ratio the was XX.X% down reported in X.XX% quarter, third an quarter, the from common XX.X% quarter. up up on the tangible And fourth on basis, equity XX.X% X.XX% in in
to leverage basis. were revenue X% company and Also the total expenses grew generate fourth flat quarter, operating continued as the positive a on operating approximately linked-quarter during
financial all hit in targets rate we mentioned, the quarter. of previously tier we set fourth John run basis on top as the a Importantly,
from credit an as was in macroeconomic which the reserves, quarter end quarter, total fourth outlook. increase losses growth of for third and of the uncertainty primarily of increased during million the due $XXX.X the was quarter, approximately the loss to credit loan net Turning $X.X million, to allowance the
remained The as the million year, the at of from ratio quarter at at for of The well. credit in December. losses the losses. X $XXX,XXX provision provision muted percentage basis basis fourth points total as credit basis a losses the net And was end came fourth loans allowance total points $X.X for of flat XX the prior credit or annualized for quarter's charge-offs points Net remain the million quarter. X in in at charge-off for $X.X relatively
expense increases on the to of net income fourth due deposits, securities. were yields reflecting to term Now million which up growth, quarter, of the funding due tax approximately income short interest as X.X% the increased quarter, use interest million, income market increases higher funds, rate of as was increases quarter. $XX.X driven $XXX was in due prior primarily equivalent on or the from pre-tax investment rates rates taxable components variable due in turning yields the the third pre-provision average average to primarily higher short partially and These for by statement borrowings deposits increases higher interest well and to loan term rising by impact company's interest loan to interest in offset from of higher income and increased on cost loans
The margin points a to earning increase from fourth yield interest in was net cost quarter's in basis basis net a XX the quarter XX of points due the increase XX on offset of previous increase X.XX%. equivalent tax our That's basis assets, by of funds. point partially an
yield, the positive earning due portfolio loan in the on primarily XX fourth was to margin. XX in quarter's points impact had basis yield net basis The point asset fourth increase loan the the interest increase quarter's which a
to quarter increase the a the in yields securities point basis net X investment higher addition, margin. quarter's fourth interest In drove
cost to yield by interest well in in yields. increases as of increase to of and rising interest rising increase the primarily portfolio X.XX% increased market checking, basis XX in The impact points time rates. basis third fourth due X.X% quarter's XX quarter, loan rates, the quarter rates on variable the funds due from deposits, wholesale short deposit term the of to fourth borrowing loan increased primarily to point the the interest The as rate in market cost due driven rates in money is
included $X.X in operating exchange to equity within to investment SBA primarily Non-interest each income in declines and income, million syndication, other million, income decreased line foreign $XX.X offset due by revenues, X(a) item. partially increases loan method
banking the prior on quarter's addition, million of and to quarter lower gain $X.XX benefit mortgage decreased bank-owned prior origination impact And due mortality In mortgage the life insurance income margins. volumes $XXX,XXX, from received. sale of reflective declined
amongst in swap due income non-interest decreases million These interest executed fees rate of in offset quarter. increase by size in $X.X average an category the swaps were loan-related partially to increases deal
quarter sharing expense sale and prior expenses, assessment million decreased of the activity of $XX.X gain $XXX,XXX FDIC of in costs Non-interest versus the to office restructuring quarter in first during of expected of increased professional well the expenses, fee as expenses, of $XX.X prior-period fourth the close quarter the the expense incentive branches as to profit strategic services building, quarter. the obsolete five related write-off as closure million and to fourth the well increases Notable during a quarter other included the to in and for XXXX quarter. leaseback refunds XXXX, to software variable related incurred as comp related an projects
to in for expect at changes rate XX% quarter XX.X% third the tax fourth tax exempt to In effective full-year the proportion Our XXXX, rate declined income. the tax to we came to XX.X%. XX.X% the pre-tax the XXXX, due from tax rate in in full-year income in quarter range. the be XX% effective to of In
The and annualized XX to loan that's was levels. increase sheet. Total during approximately quarter. $XX.X September turning December XX, or of due $XXX million the Now, XX% growth balance to the at an assets from billion were increase primarily
or growth XX.X% PPP $XXX held of loan investment of by annualized, investments fees linked net actually of deferred PPP $X.X an $XX.X of $XXX increased from loan loans, net million quarter. we the loans annualized from commercial million September increase loans were balances fourth XX.X% in billion, and in in and million or XX.X% end, for million XX.X% for adjusted costs loans or approximately inclusive driven consumer increases prior remaining the deferred of XX, of quarter period exclude If At annualized quarter annualized. balance fees, held $XX.X
effects year. from period billion adjusted in increased XX.X% or investment of the quarter the prior loans, PPP for held in the the $X.X same Excluding loans fourth
or December, the deposits decrease $XXX stood of the end that's deposits actually for of annualized XX.X% a or at billion, quarter, average the and $XX.X million million At annualized up approximately were total from prior while X% quarter. $XXX.X
quarter John At is December at from point of to XX% XX% as lower a bound total comprised year-end. deposit the at a mentioned, And the ratio is basis transaction-related now which accounts XX% bit, down range targeted third XX, of the loan-to-deposit balances, our of deposit levels.
perspective, and our for committed managing remain stewardship management we the shareholder capital capital shareholder resources remains deployment long-term one to highest priorities. as our a enhancement capital of of the of prudently value From
Regarding and to objectives. to company's designation set the management projections institution company's are the capital ratio capital growth well-capitalized to profile, risk targets ensure as are seek capital plan levels company's and strategy, capital financial maintain strategic a test that the with commensurate stress
prior Atlantic to company's Atlantic Bankshares equity quarter. the and capitalized levels. Bank's At due rates quarter, end and fourth regulatory ratios available during fourth of increased ratio assets sale capital term Union in the value portfolio The increase common the for the from were somewhat decreased of above capital long quarter, the tangible tangible well securities as the Union the well primarily
accounting ratio impacts losses interest believe rates Therefore, be portfolio book requirement. securities versus this mark-to-market we that and recouped track tangible Again, equity common will regulatory in the also we for tangible accounting capital accounting over time. excluding value GAAP of unrealized GAAP the from sale available non-cash rising
any the During dividend share capital in also per loan the preferred a with quarter arising order paid preserve $X.XXXX of current the company each not adverse and Series which $X.XX common was during shares paid quarterly developments to stock. for company The company environment. to the did of A position the for quarter, growth of stock the prior organic dividend macroeconomic from quarter fourth repurchase any and outstanding a share, consistent
and X.X% XX% range Return lower. X.X% achieved tangible within targets tier the of top an efficiency to return them a XX% quarter. financial XX%, common assets noted, on in following or of equity as and, range [indiscernible] to ratio during on of the
taxes. to that to banks out don't I'd pay since but instead non-interest through taxes, ratio quarterly in added quarter expense approximately operations a that rate of expenses tax ratio. The it flows again franchise state like Virginia our franchise is have run efficiency do not efficiency non-interest X.X% target, not to income the fourth banks tax pay company's that compare significant ratio difficult efficiency million income point to the and Regarding Virginia $X.X approximately
ratio So or not to akin in or setting target the XX% peer lower for is ratio at target headquartered Virginia. XX% efficiency banks a lower efficiency
of our group are to reminder, in consistently targets quartile proxy top are operating the tier environment. a be set our regardless financial dynamic the top As among and peer
targets these of reset we versus such, financial in to environment. are As to required top prevailing tier performance achieve peers financial reflective metrics they the periodically ensure the economic
targets do financial achieve on We assumptions. full based expect our following to for the the year key
expect produce to We growth X% X% in to loan XXXX.
net assumption We the range stabilize funds interest Bank that the margin X.XX% to result company's in X.X% to throughout position it sensitive the a the Reserve at and Federal XXXX and to as will increase of rate Fed in the XXXX. the asset maintain expect X% X%
stable net to a and we XXXX XX% growth loan interest levels. XXXX by margin, interest XX% of net income grow result a in to As full-year expect from
We expect XXXX. operating digit positive XXXX in expense due mid-single will leverage adjusted in that teen also to meaningful growth growth outpacing revenue low the generate company
points we uptick front, credit begin have a we to purposes, expectations while mild off XXXX, from for points charge X quality the to date, for On net modeling systemic in a XXXX. issues basis sometime are ratio not assuming due in XXXX XX basis to an seen in to in any credit recession
one-offs not also to XXXX. see to credit The evidence to range is in return this balances pop for up basis point, now of in within that the points the XX are credit reiterate do at a remain points every loan and we but then. XX basis projected bound would losses allowance of I environment
our of Union results Atlantic financial hitting quarter by as targets. each strong tier summary, in of top the delivered evidenced XXXX financial In fourth
believe result, generate positioned we profitable growth value a and to build As shareholders to are and sustainable, in long beyond. our XXXX term we well for
community. Bill with open that, our for And I'll Cimino, over questions it it will Bill? analyst turn to back up from who
