income, good to Great solid to results our a finish quarter and record this execution discipline report the strong pleased everyone. We're expense and fee steady and and Bruce thanks strategic year. good against morning, initiatives. With
We of disciplined are our execution. given track XXXX record a for successful consistent positioned well
highlights by of results off covering on covered kick me our Let X. pages underlying important X through
For PPNR acquisitions. income despite X% EPS disciplined backdrop. challenging organically driver growth the curve key major of to was yield our we with income fee businesses up record and our full fee up across A was a X% of year the with continue our XX% each as capabilities through results expand strategic
to revenue our good benefits fund TOP the We discipline. expense also maintain future of investments that program growth. We leverage to continue underlying drive
net was For in up reflects interest interest as the of helped income margin. a the X% asset impact year-over-year. growth relatively X% stable offset This quarter, earning interest EPS decline net growth
fee XX% revenues up and record in of We FX and fourth income record also markets the quarter year-over-year continued highlighted strength by wealth and IRP. capital million in generated mortgage and nearly $XXX in
continue strengthen the business our results evident. We to diversify model are and and
deposit delivered all growth We strong growth year-over-year X% with of across categories.
relatively quarter well the in XX% spot good as us stable we interest margin. On Our net growth basis quarter leaving and pressure was on was loan positioned LDR a XXXX. with income linked decelerating enter
million during of Importantly, interest to execute run above we XX We our benefits to manage well our delivered on extremely down deposit TOP disciplined costs program. is basis continue to which and quarter. remain program. estimates rate bringing deposit the We initial continue list TOP the points costs about highly for pretax well, our of for bearing on X, $XXX expenses
approximately program pre-tax XXXX. minutes of X few target a revenue and million spend I'll TOP initiatives benefits our strategic shortly. $XXX some the is million rate well run transformational of end that on underway, a $XXX with to by of our in And
royalty coverage value per year-over-year to and the non-performing and Overall and credit ratio And year-over-year. the We XX% across tangible book remains strong of share was linked quality commercial. nice retail XX.X% deliver quarter up and allowance $XX.XX. improvement ratio showed both loan
offset asset relatively deposit as by partially offset yields a reflects page discipline. of and On impact and decrease interest the rates prepayments on of interest benefit pricing stable net X the pickup in improved margin. X, income was loan net in growth basis a quarter higher lower asset points linked This mix
interest points interest a net was our year-over-year to a reflecting benefit margin X%, offset costs growth and points, income positive of to down note, the X.XX the helped loan in net basis XX of deposit lowered on rates. we of largely improved the decline On given as impact X X% lower funding funding by On basis, mix a growth basis rates.
basis In impact exposure the with sensitivity, X% dynamics, of stable environment rising and related about a at our are remained managing around XX% gradual phase we the of asset shifting broadly tied longer rates. rates balance rate actively a sheet to XXX this points to which
nine. slide on fees to Moving
and to is and diversify helping the capabilities, banking in in the wealth and This our includes expanding which to our reflecting Our capital our and management fee very significant revenue. commercial. are making markets well consumer further businesses perform continue based on progress global strengthening mortgage businesses side, we
to record ratio Noninterest our at points improved interest as foreign X.X lower in $XXX quarter was third fee linked markets year-over-year, offset Noninterest rate hit declined from levels. income which results relatively record million expected nearly for revenue, products mortgage capital levels XX% record and stable quarter income exchange quarter income up the was XX%. and as and as banking
XX% Bowstring M&A record we which were higher last with number quarter up Capital early were increased year-over-year. reflecting fees as volumes a have a year. syndication advisory also transactions, fees which market to were strong of leading linked contribution $XX lease from higher up loan million fees strong
to continue traction gain also in underwriting fees. We
record improved also as rate up driven from were product client quarter sentiment benefit CDA. tensions, activity and exchange million revenues by well Foreign and these easing linked interest reached a trade levels increased $XX as with as
were with on lower in trusted from solid conditions a posted up levels, contributed sequentially a long the investment million performance third impact revenue. $XX management seasonality by of higher to X% which million $XX market as Wealth banking services and originations, Mortgage records rates fees quarter reduction production fees term reflecting improved.
partial the over amortization In addition, from growth Providing hedging to portfolio, sequentially $X valuation servicing by offset $XX well which higher the quarter. up lower by in fees billion, levels $XX as million as by for increased driven results mortgage expense by million in servicing X% third MSR a declined
quarter. expense million Turning XX, down X% $X linked to non-interest Page or was
transaction XQ of 'XX expense our Excluding stable improve the lease and relatively impact the efficiency. non-interest demonstrates in ongoing to efforts was
in our to utilize to savings opportunities. reinvest generating revenue continue We from the TOP program
growth benefits were or lower incentive efficiency sequentially, oriented higher Outside was loan retail as compensation. services up activity as non-interest impact our Year-over-year the expense X% acquisitions, our impact origination of funding well reflecting X% impact employee seasonality. programs, up and X% investments. and Salary X% our the of of was largely of down reflecting reflecting the expense before
Average as Page of linked sale the to loan with quarter move modest the loans loans optimization non-relationship impact up activity. sale XX drag balance sheet held $X.X discuss loans of and X.X% we were for Average trends. X.X% late in to quarter. moved were on loan up from core a billion before mortgage initiatives Let's this
to well against mortgage, X.X% activity were impact sales product On before plan partnerships. partially a commercial basis, merchant the in our execute and up leasing. quarter by strategies, X.X% quarter continue commercial Retail up focused given reductions geographic, the and loans offset expansion linked as client up were and education linked loans of loan growth X% we and
were for Year-over-year X% loan quarter retail. of sales some quarter Overall growth and for commercial, up the with and X% X% growth. first impact period-end were up linked average X% up in loans activity growth providing were adjusting momentum loans in loan X%,
year-over-year as nice deposit linked enhance we've X.X% the capabilities. from made investments growth Moving X% to over page our saw benefited to XX, several and of past quarter we expand and years we've
DDA and which compares trends. industry linked a was X% favorably year-over-year stable on to Our relatively growth basis quarter
end quarter the continues our which platform, deposit the to digital of Access $X.X diversification deposits Citizens our funding the billion base. to of optimization at in Additionally, contribute reached and our
across we CD our execute down money all rate savings market reducing playbook rates, and taking environment, continue aggressively deposit in costs deposit bank. our to digital promo manage rate the our down the retail channels, to rates, Given
where rates sense. clients reducing for been also commercial We've makes it
the interest-bearing benefit were basis XX points As were nice the quarter. costs well down from This deposit XX X which point a points basis linked costs total deposit a quarter, result, includes improvement controlled, last of down quarter. basis decrease linked our
to credit, points XX retail continues points let's move overall commercial. and X linked and and improved Next, year-over-year which basis X% the quarter linked basis loans ratio and XX page good year-over-year. Non-performing to across of X X% quite quarter basis points NPL look decreased and cover
modestly in lower was in Provision in linked in losses. the continued of points came in higher offset retail for driven by reflecting and $XXX Net basis portfolios. up quarter, prior losses million largely growth charge-offs seasoning auto credit XX quarter partially from by other the losses retail, expected up seasonally commercial seasoning at modestly quarter,
our coverage strong to XXX% positions, from up maintained ago. basis with a of linked the our quarter, coverage NPL quarter allowance XXX%, Our with compares XXX% stable, ending improved year a capital XX%, relatively quarter while ratio page CETX to peers. and well points, at versus liquidity XXX loans the and ratio XX, remained On ending ratio we which
and During shares the million of returned repurchased shareholders. to fourth we million stock quarter, dividends $XXX including common common XX.X
For a to the of year, we million from XX% common repurchased and shares, dividends including shareholders returned up $X.XX XXXX. billion XX total
target of dividend continue a payout Going to we ratio to XX% forward, XX%. about
page CECL. to move discuss XX Let's and
increase fully have to XX basis, basis of a X about outcomes. on of the approximately key the methodology or expect some impact the information which to X range, basis in the high one be our XX% that XX% day we macroeconomic On a CETX slide, provided of points drivers XX our an in to reserves the and in We CECL represents starting variables XXXX. phased on will points still level impact about are
This and view reserve models. tuning reflect of the and the mix fine will the amount portfolio. the some credit characteristics macroeconomic of economic Ultimately, of current outlook the impact initial our outlook our range considers of and
plan we a issue number in you So provide to XX-K when February. we final with our
the impact X charge results to of expected day million million $XXX million provision range. XXXX the in to million expansion $XXX $XXX estimated Our $XXX with range in offs
note changes loan due CECL, be run quarterly me under the higher of Let of growth that off. in and potentially provision and mix could the to volatility forecast macroeconomic
to are across highlight bank. want exciting few I XX, page our that things a On happening
and XXXX New institutions, List financial Graduates. Forbes on of overall us America's ranked First, for among Best Employers their XXth second
really all good it job of shows developing of performing bank. We we reflection exciting we proud doing are of that that things a we are top young because doing talent, are and the a a build as it's
to second year leadership our hunger. America the level just in is partnership the of Feeding things help to combat serve. we We also important this the one do And we people with national announced of communities
Amazon. program which our now for Xbox merchant exciting through call, Since we last launched have an new All with partnership distributed Microsoft is Access the Program,
great with excited opportunity to and really this are about customers. our to help with and partner merchants deep relationships We lasting program build their
cylinders expand done out the work fee are we've capabilities. all and to with our We build businesses our on also hitting
our saw originations the completed year-over-year quarter virtually margins. this with have Franklin We strong integration strong again acquisitions, which results American very of improved Mortgage sales and
And number three are with happy in increasing we commercial moving for at market coming business, up our of in and syndication our transactions. number league league very lead the the progress table middle
M&A building migration capabilities. both We've businesses platform. to results also been cash completed and hedging class we And capital global this advisory record solutions enhancing in our client and our best of our treasury in accessOPTIMA, business client the markets Also, our saw quarter. this capabilities, business these quarter, management
us Overall, in been our an self-funded the expectations me the you On update efficiencies to The making that program in instrumental allow program. have provide for let with X page we're XX, TOP on driving investments and rate progress million year deliver TOP benefits future about continue growth. expect XXXX. in to with to $XXX year-end pretax deliver end run by by coming $XXX million $XXX of to million that we to million XXXX $XXX
X TOP parts. of program Our consists two
transformational and what more we're modernizing for agile customers our The and our is first and colleagues. We few practices efficient aim a organization program, transform of designed how being operating you IT model. we cross and give doing. and to a to operate examples environment the our deliver I'll deliver customer centric, which
and This approach. infrastructure and will delivery IT further our our work technology modernize platforms transform
digitizing more cloud, processes. We end and are the ambitiously, data accelerating to artificial migration end to utilizing and intelligence
deliver to next months. will XX This to XX and company do, speed for terms difference huge will our over adapt to ourselves to ability We're in make and the a the everything for an enhance market converting significantly we of customers. agile innovate,
TOP years. the of improvement five last over those part program successfully traditional executed is that second to the program The we X more the similar
rationalizing branches better retail On and the efficiency our transformation, advise we accelerating footprint our our network and are side, to serve modernizing customers.
way to our our support more and organizational the We the improve simplify are work business operations looking office and ways at efficiently. back
million we've Cost to of to $XX over we the are the estimated offset items these to the implement notable done program approximately past. look or in for course year but strategies increase will the as
the the X help bank. rate ensure we way will mitigate leverage and commitment run the our TOP improving Importantly, and of delivering benefits environment efficiency of to the we to operating the impact and maintain our
XX. Moving to page
program opportunities utilize going from We expect fund are savings to revenue to after. some TOP the the we strategic
that expand For extend footprint. example, further strategies digital more to significantly from we are plan to Citizens to the reach looking reach across our We bank to branch beyond customers. offered expand the national our Access products
small better Our first to year. planning capabilities. a customers envision developing self-service help frictionless lower and We and late their businesses digital We're new should to middle deposit wave by also of digital additional integrated commercial to fully simple offering. this tools platform launch and products lending and customer serve businesses enable launch with run them a market
banks while success we've customers leverage effort our payment helping to the sale, had ticket partnerships make the point with experience enhance purchases. at larger example of is to Another responsibly our merchant
these revenue CapEx. should opportunities XXXX, $XX million by investment our really medium revenue would ROTCE about X% If together, about which to be in roughly XX% boost term well, Taken investment require growth the XXXX. of a provide and in executed would benefit
XX. page to Moving
confidence to opportunity future. continue The coming building that stakeholders. the can bank into and ahead, have the IPO give progress delivers are we Looking sustain performing for all our we that very the have [indiscernible] from we top have and that delivered the the year built we about success optimistic a us capabilities
experienced culture team. strong Board and have a We focused and Management an customer
will to excellence that to We ability forward. have execute us going and a a commitment propel proven
our execution such have differentiating improvement. demonstrate demonstrated strong TOP we our continuous which programs, of enterprise mindset are Additionally, quite initiatives as on and the
optimization. made also We sheet have good balance progress on
we As sides of capabilities further the balance and our to for initiatives optimize have developed position. sheet build both
term thinking with term. continue money, to futures. and about balancing We're the we deliver the making also about long our decisions We where near how spend good to to need important in investments progress prioritize that make
of to we contend ROTCE our environment, confident a deliver to given a Clearly it's to ability committed As the XX% rate environment. the remain we appendix. we've target with our remain out details so with had in taking longer, but in term, into medium reasonable look we XX% to change
executed we performance the review we at the year, page XXXX line. the beginning environment our bottom shift year. a our well XX, On overall the pretty we across the in against rate the provided guidance start from targets of of and delivered And the despite dramatic in
delivering areas to all delivering quality, adjusted fee to stable performance to credit strong capabilities, profiles, expense solid revenue, strong significant initiatives returning fee expand reflecting attractive return in we're loan overall capital shareholders. Keys discipline based maintaining risk this and growth with and while our
for our outlook XXXX on to turning page Now XX.
benefit modest the growth NII X% rates of X% X% growth to year We relative loan expect offset impact of lower ago. to around the of as a is to partially by X%
hold Fed net our remain as on XXXX of down through with pressure improvements current line expect margin partially by end in the deposit in the year, be expectation Given on offset we for yields results loan to the pricing. to is interest
enhanced the X% more continue range leverage to to noninterest model X.X%. diversified growth in deliver of expect We business and capabilities our income to to
and discipline, while target positive drive will to revenue investments in important make good also leverage We efficiency range to maintaining modest a future the ratio by continuing operating basis XX growth. stable points expense
quality with of provision be to the in credit currently expense $XXX range $XXX under million, We range million controlled, in to well of $XXX million expect CECL off expect million. remain $XXX charge to we underlying and the to
a in our range XX% target. towards year X.XX% payout the end XX% ratio with the to to upper We of expect our the CETX dividend end to XX%
include not outlook Let me note this that items. notable does
of the to million of over $XX be costs range approximately the in those expect year. the course We
quarter Our the quarter outlook of and seasonality reflects first on page XX for revenues historical first expenses.
income are and million growth loan count. day from up net to are a as partially impact by offset stable slightly We interest margin to $XX interest be a expecting up net slightly
a resulting for businesses quarter. income in That fourth fee reflects trends, outlook fee the levels. in mid-single pipelines good The early look our said, seasonal from the quarter and strong increase digit quarter
million range. Noninterest payroll higher up given digits the to provision be The in largely $XXX is be expense the to million seasonal impacts. is to modestly expected low tax compensation $XXX and single expected in
Finally, we remain first end level around around the the and to expect CETX the for the at XX% tax ratio rate to quarter stable XX%.
on continued up our our our sum results our technologies grow we run To quarter and page execute bank. against demonstrate initiatives, XX, and expense new base, this performance strong revenues, carefully strategic we as improve how deploy customers the manage
me to let Now, Bruce. turn back it