exists review to first provide conclude markets results. strive will our good outlining and of strategic results high-performing our high plan we and performance. and then call, to morning. level major within in-depth Barry you, time I an designed a quarter Thank the financial of majority then as MidWestOne our today’s will with On our more will that potential my review spend with unleash become the on a bank consistent update Len Barry
with two I quality rate which I rising the made uncertain a bank it November, to of metrics position Despite fourth rate am economic faced that When for environment. our that on primarily strategic in and quarter our balance a immediate the asset difficult were we the rapidly was and joined sheet, XXXX, MOFG’s initial fixed strategic challenges profile priorities. well team, we our environment, In progress us credit actions in operating took quarter clear the conditions. this pleased improve XXXX’s
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core Silicon of deposit the in failures. Valley well and Slide Bank’s the swept X, franchise granular that Turning sector performed to concerns the aftermath our Signature given also
XX% seasonal net failure through in January, of experienced we end excluding SVB is and the Subsequent occurred While brokered which quarter, million in low. deposits, deposits million of $XXX were the typical $XXX deposit outflows to the a grew excluding less approximately collateralized quarter total of the total deposit $X.X our and first quarter, end, our deposits, average $XX,XXX. deposits total was municipal million. only account At uninsured size brokered,
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results speak exists our Importantly, this and to at the position foundation strong financial here MidWestOne. quarter that improving
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around that. some numbers Let’s put
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will We a as we continue to drive top-performing over work bank time. improvement to become
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that continue also performance as will our enhance focus on results. and we we cultural Importantly, legacy financial
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major Gary who our direct responsibilities recently credit such, our have Credit Sims, markets Chief specialty and Iowa a our lines administration will responsibility team whose of expanded hire include have metro Officer, credit evolving of seasoned as executive footprint As a business. for we with banking our our
who identify is strategic cost improving consulting a operational firm, for this, to efficiency. our we’ve effectiveness areas will third-party fifth efficiency focused and Slide Our on our gains assist review engaged and pillar accomplish reduction. on XX strategic To
mortgage back scaled digital investing our our more created current initiated as focus expect and mortgage Our to We’ll expenses. an XXXX our strategic actions improve technology experience XXXX. We’ve into additional customers. plan digital expectations well our reduce operating our a as that action of will and expense of then After these from mid-April rate place be run macro and to reallocate a QX reflecting take go-forward sharpened achieve X.X% a markets environment also improving to in the throughout our efficiency the base originations departments map customer and profitable MidWestOne capabilities company first priorities. infrastructure. to our are thoughtful intentional focused road X-year on our we enabling review, we’ve We operations, as on operating operating and into and expense X.X% current productive,
about To for shareholders. opportunity conclude, I am that customers and our excited our our ahead lies the very employees,
have have potential A We markets, in a a an out laid transformational compelling the perspective, I foundation. as we of employees. exist From to lease that year. operate group MOFG. within on a XXXX outstanding timing We I’ve see and terrific plan
We expenses will improvements. and expand drive operational our our team, reduce
is backdrop uncertain. our in have them. like result, financials, to a the I’d to noise As of bit Not macro little mention a
Slide As growth points, I of on XXXX of X% clean to exit an and X%, to growth of loan ROA year be deposit believe of that fourth outlined a XXX expect with XX, the to XX do X% XX% and ROA X% to XX% we quarter delivering of X.X% exiting will basis XXXX track of and our XX% XXXX. annually XX% ratio an of tangible annual to XX% EPS of growth, an growth to XX% of an value X.X%, efficiency goals as book ratio to efficiency to
goals have we term longer point top-performing bank. the become and this starting Importantly, to strive is as just a we lofty
Now I’d like the call Len. turn to to
