good morning, Bill, you, and Thank everyone.
Adjusted income We So common per in available I'm X.X% highlights. $X.X quarter related interest was and expenses XXXX reported fees as GAAP as by shareholders net a processing quarter quarter, decreased initiated of increase and driven number start our professional Total quarter X% fees we $X.XX that were and the income discussed . or modestly. last year. billion revenue this of linked decreased both going performance fourth expenses share. to with projects later to outside increased higher net to linked
Bill expenses XXXX versus in earlier, declined X.X% As noninterest XXXX. mentioned
capital. to Moving
a CETX increased and point linked-quarter payment our XX on our net period share basis, repurchases to basis on sheet, current completed X Our From our basis common charge-offs a linked XX.X% declined basis. a and points declined balance the quarter our loans quarter ratio offset dividend of during as basis linked-quarter nonperforming points credit the X larger perspective, earnings.
moving consumer on loans in So and commercial in I'll X. average stable was loans the as cover a leases. loans remained growth offset basis Average linked by Slide quarter on balances Average loans. $X.X to commercial average lower X.X%, C&I decline a quarter utilization to in production decline billion and remained linked by Commercial stable relatively CRE driven in line CRE. basis. or a loans decreased due primarily relatively
an On loans linked $X.X consumer. or $X.X for average indirect auto. in residential or by end-of-period increased and growth loans portfolio, consumer held billion basis, mortgages, primarily and increased C&I to our mortgage residential higher billion due X.X% In investment due quarter X.X%, auto, indirect other to
we're mentioned, lead end-of-period certain increase quarter. areas in in Bill balances improved encouraged XXXX. This and growth positive production in balances loan loan during As by in loan should key end-of-period the the focus to
on deposit increased which increased XX. billion, Moving compared deposits, driven Slide the total in of deposits time categories for trends were XX% is to XXXX. quarter which all noninterest-bearing to deposits represented third down growth linked deposit unchanged or deposits, sequentially Average X.X% by and of except X.X% Average $X.X quarter.
to actively manage rate we in resulted deposit paid, a quarter, costs. the decrease continued to which During our
costs which implies cumulative XX% to X.XX%, Specifically, total XX basis deposit decreased total points a deposit beta. sequentially
representing XX by outflow of we the a beta. about part to X.XX%, the basis deposit costs decrease in to due Interest-bearing XX% seasonally balances by decreased to cumulative average deposit higher Overall, first total points in X% quarter, deposit expect deposits. interest-bearing municipal sequentially
net and partially primarily was repricing and margin decreased equivalent Taxable and asset XX. some Slide earning benefit offset higher asset $XX repricing rate interest earning income due linked interest to lag net to versus in income fixed by assets X.X% million, net the on from or interest Moving quarter repricing. deposit which
we our current will linked in the XXXX first the throughout by mentioned X.XX% primarily larger margin and income portfolio. the quarter interest then decline X% to to of expect a net that quarter securities and course the beta due second to fewer the a primarily of the impact of linked-quarter decreased it outlook, relative by previously and interest net trend Based due year. to we higher X quarter X Our the believe basis the to investment lag days on basis quarter, on would fourth points in
portfolio fixed As benefit right, you loan from loan income low the expect in our charts we fixed XXXX driven see well rate continued the grow net to interest of can on growth and securities asset as repricing primarily in single-digit the our by end-of-period as portfolios.
portfolio weighted carried quarter, the excludes billion $XXX yield securities and the of swaps. impact X.XX%, a our fix During that average pay of fourth investment totaled average
investment that billion We higher $XX reinvesting throughout cash expect portfolio receive we course to approximately the at anticipate the from of flows yields. of XXXX
average roll X.XX%, based and securities at curve. swaps excluding fix of current These off the forward pay yield a weighted on of impact the
In of addition, opportunity XXXX quarter. average average billion maturities yield our the weighted yield schedules. portfolio loan approximately maturity We our -- fixed anticipate These reprice to a average X.XX%. have $XXX average having during and weighted yields loans billion loans of carried fourth fixed -- higher current a rate the maturing of X.XX% $XX during at based approximately on totaled
commercial slide. that's the on received swaps that At yield quarter, weighted XX, with note bottom of a we Before disclosure billion wanted of we our corner and approximately swap had on against December fixed right-hand swaps $XX quarter. additional income average These added The moving I of net portfolio, and $XX the received forward to designated X.XX%. swaps notional effective from fixed on, and will remaining this become are also to are of of at swaps long-term time. interest end starting were effective loan billion and the our of designed debt short-end these $XX portfolio Approximately the over protect rates. billion lower
XX, notional a current XXXX. also securities X.XX%. at billion designed the value Based the around as are at well to portfolio rate we December with the sheet weighted December of manage approximately position At protect XX, fourth quarter received fixed our swaps through had swaps pay swap swaps $XX our volatility are designated on during future to These of AFS billion as $XX pay-fixed fixed capital portfolio. effective economic peaks these the average as balance AOCI against of
pay carrying than effective fixed At billion portfolio approximately portfolio half years. a was with of entire maturity $XX December XX, the the less X swap
Okay.
quarter versus Turning decreased which primarily income, declined the million was The decline $XX income million to quarter X.X% or and investment due income, noninterest quarter. banking fees. investment by The other growth to banking charge banking XX. partially Noninterest activity income. and decrease trading lower trading to markets income equity offset deposits on linked and capital in Slide M&A was $XX debt third attributable in mortgage linked lower and service on and
versus X.X% investment revenues on levels since trading quarter quarter fourth level basis, XXXX. represented which investment transaction to a XXXX gains, the helped in banking declined and adjusted noninterest trading Although XXXX full year due highest linked and income and share income for higher drive XXXX banking increase increased XX% a activity continued market the
optimistic and within not and to ability payments, but opportunity in banking we grow share our and to is there significant where grow continue client wealth about trading, to investment remain We believe our base. only existing also in gain
by due the professional expense linked impact expense by higher basis, remained quarter to on in adjusted Slide intangible expense Adjusted X% I'll which excludes quarter. deposit declined ratio fees the charges and annual core and and stable. Next, amortization expense cover adjusted personnel equipment noninterest noninterest efficiency expense, of lower XX. increased noninterest our expense, On an X.X%, partially relatively offset restructuring
with quarter comparable Beginning core make adjusted and will we reporting intangible the be XXXX, begin align expense amortization peers. deposit more expense of first to including with our with
quality asset to XX. on Moving Slide
reflecting basis, risk problem our and resolving on relatively quarter approach Asset culture to quickly proactive strong quality a linked and stable both like remained credit loans.
basis basis with of year our points to due points. charge-off expectation of in X higher increased seasonally for points the XX primarily basis the net to were our consumer XX charge-offs During losses. line quarter, Net basis ratio XX points
contributed quarter as loans over provision ALLL to total portfolio, quarter, like-quarter basis basis updated X.XX%. X XX remained decrease percentage basis to appendix point exceeded in office decreased of on a Included X points net loans to on total of our down and XX is in the certain to basis which investment loan our represented a ratio but for the is X linked points. basis growth in a loan our Nonperforming million of basis data held in $XXX XX NPLs Our increased but past X.X% portfolios loans. course charge-offs X loss band of linked points fairly point a narrow quarters. have
Our XX.X%. to office reserve from increased XX.X%
and is more compared support our prevalent of losses granular, portfolio more Banking as within X.X% Notably, loan X.X% with segments XX% XX. overall to at classified approximately office of portfolio currently Community our Approximately is be lower. tend housed nonperforming Commercial September and wealth office sizes guarantor our where
position size our stress expect remain this portfolio. very manageable identifying reserved, believe in to is resolving We and our and remain the to portfolio office and but issues proactive is the in in sector that well of
turning to balance So XX% XX share points On $XXX our payout on to linked due declined our XX. earnings now growth. CETX as common of repurchases of via sheet and a Slide ratio the XX.X% our basis, of capital well as to quarter basis dividend million
Our ratio, X.X% an decreased quarter. factors experienced to increase and the rates the to in X.X%, of interest aforementioned the CETX AOCI from impact increase longer-term including reflecting capital the AOCI, during due in
increased our billion repurchases. During and XXX points, of repositioning, Truist $X partially XXXX, was Holdings ratio and our our common by retained share sheet basis driven dividend Insurance CETX of the balance which sale strategic by offset earnings, by
our sheet growth strong us We capital amount our of position significant fund return believe the unique to and capital to to to that future to AOCI our and accretion utilize continue gives shareholders. earnings ability balance
to move for Now review Slide and XXXX. I XX guidance will our
to revenue quarter $X.X of first the to billion. relative quarter revenue expect into of we XXXX, Looking decrease fourth X%
the to balances. offset by seasonally will to quarter by average quarter slightly X% days income average This higher X fourth balances. loan be fewer the relative driven quarter primarily the deposit interest first net expect lower first partially in We in decrease and
to would of stable day linked relatively we impact income remain expect interest Excluding net quarter. count, the
We by X.X% by expenses $X to expect primarily noninterest higher of billion offset and investment charges service deposits. on revenue lower partially other income driven Adjusted banking decrease and income trading in and the will professional fees. fourth to are expenses decline offset by as expenses higher quarter, other with expected be which includes linked X% CDI seasonally amortization personnel quarter expense lower
it relates million XXXX. first As $XXX the buyback, quarter of of the fourth to share targeting we're in the quarter, repurchases similar to approximately
For XXXX income revenue relative to increase driven expect billion, to X.X% by net full noninterest we to $XX.X year in interest growth by adjusted of income. revenue X% XXXX, and
and low another a September. and March growth assumes outlook X including in rate, income interest in cut net the funds single-digit in a end-of-period loan Our Fed reductions
We services at single-digit expect expected the noninterest revenues were in 'XX These to fact increase not in income rate XXXX. reflects that This low fee reoccur a rate. fees that related growth recognized certain agreement are following will midyear in sale and which shared that months Capital in was the year. last revenue the to associated Sterling was TIH Management, place X sold of back of also around May with
approximately We which amortization versus include expect in X.X% full XXXX increase expense year XXXX expenses, adjusted to XXXX. CDI
revenue XXX and leverage 'XX Our points. outlook to of positive operating XXX expense basis implies
terms in XX compared XXXX. charge-offs expect which In of 'XX, charge-offs basis of we of stable in net with points is points about asset quality, XX basis net
rate we final approximate XX% to our some it XX% Bill back basis effective to hand I'll expect or Finally, remarks. in tax now taxable XXXX. on a equivalent for
