the afternoon. my reported Bruce, by Thanks, good shows per earnings start today referencing of this I which and share quarter. release, our will press $X.XX comments
financial non-core of trends loan a quarter, this were M&A in valuation quarter servicing solid of net of related again $XXX,XXX reversal consisted totaling of and positive items $X.X and rights of aspects. the almost expense all metrics costs and were write-down Earnings For write-off, million, $XXX,XXX. assets
strong liquid includes the quarter discussed course, Bruce the with deposit $XXX Rockford million and balance comments, Bank of and and his organic Trust. growth, in of and loan grew sheet, this and acquisition which Starting completed
of just and tangible assets and a X.X% common -- ratio assets deposit ended equity this these loan over total the total a with of --- at billion, quarter of approximately to XX%. result, as a $XX.X result, As a total ratio a
XX% of equivalent yield under with of comprised six and $XXX month. just cash of quarter grew assets, a and Investments a duration million million generate this years flow of X.XX% tax $XX over per
borrowings or great When leverage combined shape remain growth and million opportunities Heartland’s total forward. and assets, pursue to liquidity of of X.X% capital, in $XXX with going and provide positions strategies great only all flexibility
losses for total a point The for as to of loan X.XX%. allowance quarter X increased percentage the loans basis
previous reserves from PCI in As that million mentioned recent $X.X acquisitions valuation X.X%. in loans are quarters, of billion or have totaling $XX we covered by
from these Excluding to result allowance ratio loans X.XX%. in loans of loans would total an
the quarter. non-time was up $X.X compared million deposit the income totaled quarter, with to statement, strong Moving income growth prior primarily by driven to together this interest deposit net $XXX.X increase lower costs. The million
which was a is tax higher compared the of X.X%, end yields, loan investment quarter. quarter. on yields last equivalent X.XX% due basis lower indicated from lower on margin points interest quarter which and range primarily decreased by included accounting last last quarter we was to lower offset deposits, basis of points purchase which lower accretion, XX interest at portfolio this XX decline costs The basis to to net X.X% the The
This includes net of points the XX margin prior accounting basis basis to interest purchase quarter, the quarter. in accretion, XX compared points
of $X quarter’s from The million. at and provision of $X.X for loan last normal is expected end quarter, million million of slightly top to the down the $X million provision range losses this was $X.X
gain $X.X quarter. last compared and from sale million. on Non-interest past of of was for last to on income $X.X totaled gain quarter, $XX million million securities down sale was million loans the down quarter, down When the $X.X
our also rights, on loan mentioned, reversal a reflect valuation prepayment We which $XXX,XXX of speeds the as recorded, on lower servicing mortgages. I
or Moving on non-interest last expense $XX this expense, million flat non-interest quarter total quarter. to -- net the was to compared in
This related totaled $X.X quarter $XXX,XXX, to compared M&A last costs million and system quarter. conversion
decrease. $XX.X indicated that gains were -- compared costs This run and to to last quarter. or level exclude was $XX Core rate million tax M&A $XX credit above costs costs, million quarter costs, range and of million, we slightly $XXX,XXX $XX last million $XX.X losses asset million the core
benefits due bonus and due specifically, accruals. offset to fees were by $XXX,XXX related last quarter, More primarily in lower headcount compared higher $XXX,XXX, cost quarter. that salary lower were reductions were to category as decreased costs to incentive M&A flat Professional and than last this
which were expense, was $XXX,XXX remaining flat compared quarter. $XXX,XXX M&A costs. last and expenses categories to non-interest Other lower with related down The to
ratio last quarter quarter, XX.XX% improved points revenue this XX.XX% XXX basis efficiency in and The reflecting to improvements expenses. from both
reported basis year effective for reduction deferred the XX from basis, to was points capital XX.XX% for historical per compared XX% on to effective the during The exit XXXX. due for tax were to release a was rate compared valuation purposes XXXX, the two The to tax $X.X allowances realized quarter. of rehab tax quarter partnerships million improved losses for the full last the rate XX.XX%, primarily quarter. XX.XX% tax On of that
summarize I is percentage on we an acquisitions Heartland any Next, to enter annualized mid-single expect be thoughts as the projected some is our in will excluding for XXXX. -- growth of loan digits additional Commercial basis. into
to flat, loans digits continue to mortgages expected an Ag expected while are be likely basis. to decline. annualized growth deposit single and will consumer low-to-mid Non-time on in remain the residential is
a continued the basis range to is in The net no XXXX accretion X.XX% on equivalent includes the then quarter stabilize CECL. $X.X rate post fed X.XX%, billion range margin of into to reserves in by and rest the valuation begin X.XX% tax remain remaining the the to interest of the next and the XXXX. of acquired X.X% to loans on assumes This expected moves
growth range in quality to Provision credit decline and expected quarterly million for should loan remain assume loan from and losses fluctuations stable and of million organic level generally with to macroeconomic under the both that are reflecting $X per $X CECL XXXX. quarter forecasts
an charges upper non-time single strong deposits in annualized continued recent fees the digits expected levels Service growth be in revenue from card and on growth credit as in is expected post-Durbin to is basis growth XXXX. in and
sale year-over-year seasonal of follow fluctuations lower quarterly activity to expected is on anticipated on Gain refinance will slightly patterns. and loans, normal lower be
expected drive are to increase Core the XXXX to help the over year ratio expenses efficiency slightly XX% should the range XX% for into full and XXXX.
fewer to into the XXXX to start due year. and would efficiency ratio resets likely will occur However, business QX expect, accrual XX% as QX the you range our various XX% go new to days in that
in Effective tax be excluding rate, expected range. the is tax credit to XX% activities in the X --
are Lastly, we and have nearing made on completion. significant progress CECL
allowance uncertainty range. However, we a our XX% items that XX% credit reflects With the mind, the in complete to the beginning of estimate to increase few in implementation of from the is three QX XXXX items. CECL some to implementation. still current for in The losses to range remaining our have finalize regarding
recently Trust acquired loan portfolio. the second, the of significant, validation most impact of third Bank of First, Rockford model macroeconomic forecasts; fine-tuning and impact refinements; the and potential and
for additional utilization for commitments. The the the lending over of requires drivers of allowance those increase by two the additions CECL commitments two unfunded an expected now borrowers allowances as to relate primary life
most And accounting allowance is significant under billion loans, did second the not rules. the of have acquired for establishment and $X.X previous which any of the allowance an
level remaining We the expect the current loan legacy change portfolio. a net modest allowances relatively of on to
result in earnings, will TCE beginning and points. $XX the in basis allowance X a retained In range, the increased of to will XX addition, basis million deferred net to decrease tax the points to ratio million reduction $XX
over -- call for back the Bruce With that, I to will turn call questions.
