and Thank morning, good Frank, you, everyone.
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sheet XX% base. be predominantly balance over deposits, of Our funding continues representing to by funded our
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deposit balances are FHLB would the variable out source funding features, to I this as We will quarters. believe provide in grow further begin call like increase added in we to remove and us quarterly fourth deposits as begin rate the that to that allowing concentration the point metrics to to flatten work borrowings our the quarter. we flexibility modestly future
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maintenance and net provided loan growth to charge-offs. also reserves cover We for
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upper Our of with capital strong or end ratios the target remains position in our above all ranges.
end outpaced The before closer growth plan, in was the optimize of XX.XX%. CETX loan-driven in total is result decrease capital share growth. of risk-weighted activity. CETX asset our the target our above – our The income ratio our whereas decline XX.XX%, range, well risk-based our As Net ratios repurchase ratio CETX the third and we share repurchase basis range. was XX primarily points were our the of quarter, helped our repurchase the to ratio to
by share strong earnings. the AOCI of repurchases being and modestly the completely book adjustment declined offset negative per third the quarter, impact share During to due tangible value not
conclude Column XXXX income XX, numbers quarter XXXX first will our non-interest I updated provides our X financial with outlook the The Page adjusted Column the results. fourth guidance upon the our full X for year at are and forecast for quarter is third our Column of and XX. expense for XXXX and the initial X column current year. quarter look discussing On and Page by fourth fiscal based for our notable projections. XXXX XXXX. to for Turning items.
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mid-single-digit competitive from is as through quarter product by a fourth percentage network, deposit offering direct the increasing to in focus branch adding well our for addition on our continued as expectation in balances bank bolstered growth, Our our broker position. growth
to expect money non-interest For XXXX, bearing and low as flat. time grow, deposits percentage while balances mid-single-digit growth remained we market
base of our support taking We to deposit deposit pressure. are face necessary the even committed the steps cost grow to loan in rising to growth,
have we return any For this to gradual net meaningful seen strength not charge-offs, to pre-pandemic non-stress expect point. a but portfolios our levels in
which range points We XX rising our more on XX are is fourth portfolios present levels, of Rather, The to our basis to result the coupled charge-off a points. charge-offs any we recessionary in XX historic due the think projection points increase close to time. basis net and XX in inflation XXXX. basis to of in to losses XX basis stress to pressures combined quarter in may for rates and expect our returning range mild in apparent net not the in with in impact XX the
basis in the Fed quarter Our raise rates current effective an will Fed X.XX% assumes X.X% XXX ending year-end. points forecast of by for the range funds another by to fourth that
with duration Our rate year flat for the the of anticipated for until the XXXX. XXXX cut first rate expectation a is not early remained
growth and in margin. generally flat fourth percentage a For low net the we income, expect interest single-digit quarter
net XXXX. that we heels second on largely growth of range, of has full the in from in mid-teens the XXXX, in occurred expansion year margin the interest half For percentage expect the
seen level XXXX, of from from a margin expansion third we perspective, in quarter the the XXXX. gradual expect a
XXXX repricing upwards, the repricing. on XXXX there from lag see in the momentum to repricing asset pricing earning first While in of and largely income deposit fourth the remains expansion increase will from quarter in we continue quarter offset deposits a the will interest asset
deposit rate of XX% the cumulative the year-end was and be two XXXX a over resulting XX% As next cumulative over XX% stated the end at to quarter earlier, our X% and rate we expect closer in the quarters, of of as to I third it cycle. hike beta cumulative
that to Given were as unprecedented rising and these it actual expectations. we of are deposits the pricing, in be causing have relates impact competition currently the upon may from betas velocity could times ultimate for rates the deviate we to estimating higher results than
touched my and projections comments, our repeat I expense here. I so on non-interest income in not earlier them will
guidance Given half XXXX. to we hold this completed changed of intend conditions much our in include warrant, share in that are repurchase guidance second updating the our plan Even we resume repurchases we do EPS and and estimates though has that XXXX, we have EPS gave repurchases any not since here. year, share the earlier projections
which in per quarter, the in quarter. earnings expect to we the slightly is $XX adjusted third range, fourth the For line share to $XX above
the $XX. year $XX estimate million we merger in range to the expect share impact per million estimated which $XX of will $XXX earnings the an of does not range. be to the to an XXXX, call, down to estimated $XX to adjusted For full $XX include after-tax take This
We feel XXXX earnings headwinds. about into heading good despite economic momentum our
quarters inflation. velocity two maintain the and helped merger reduce We of synergies leg expense our the from operating the expect expansion carried positive into the to XXXX leverage over to growth of as last impacted last momentum by margin
as broad across closing, in position a economic integration conservative deliver of with and focus our on In culture, given very third model, quarter We by importantly, to remain confident credit shift mix, work the commitments range results grow growth. our are outcomes in Citizens pleased on positioned ability hard our make from is strong our to to we client well put and and and relationship-focused most it associates our execution a our First business diverse capital happen.
call for Q&A our the turn will operator of I back now instructions to the the over for that, With call. portion
