When we announced the deal last year, we anticipated that it would accelerate the achievement of our bonefish targets by the end of 2019.Today we show achievement of all of our bonefish targets on an adjusted basis in the first quarter of 2018, and we expect that performance to continue.We still expect to realize 50% of our cost saves this year.
When we announced the deal last year, we anticipated that it would accelerate the achievement of our bonefish targets by the end of 2019.Today we show achievement of all of our bonefish targets on an adjusted basis in the first quarter of 2018, and we expect that performance to continue.We still expect to realize 50% of our cost saves this year.Tags: dating bulgaria sofiathat handsome devil 05 dating tips lyricsnikki lund datingwho is selina gomez datingNaked video chatting dating sitedating a bisexual maleonline marraige and dating dating agencies
Our forward-looking statements reflect our views today, and we are not obligated to update them.
The non-GAAP information is identified as such in our earnings materials and in the slide presentation for this call, and is reconciled to GAAP information in those materials. 2018 is off to a very good start, and I am pleased with the results we saw in the first quarter and excited about the momentum we see going into the second quarter and the remainder of the year, as we come close to completing our integration, which I will touch on a little bit later.
I am pleased, that after nine years for the quarter, we hit our and exceeded our adjusted return on equity bonefish target of north of 17% on ROTCE.
That's an area that we think we can be in for the next several quarters, given the strong outlook on the economy and continued good credit quality.
So with that, I will stop and turn it over to BJ, and then we will come back to questions later. Notable items in the quarter were $31 million of acquisition related expense and a $3 million gain from a property sale.
Now if you turn to slide 6, we remain very pleased with the Capital Bank deal, like Bryan said, and relative to our original assumptions, we feel even more confident today about its strategic and financial value.Also, please remember that this web cast on our Web site is the only authorized record of this call. During the quarter, we saw good economic activity and good customer activity underlying our balance sheet and income statement.This morning's speakers include our CEO, Bryan Jordan; and our CFO, BJ Losch. Our balance sheet trends, including credit quality were good during the quarter.Moving on to slide 7; both our net interest income and net interest margin were up, driven by the impact of a full quarter of Capital Bank.Loans and loan accretion, and the increase in short term rates.And we are already seeing and capturing revenue synergies as well.Our integration teams have done a really fantastic job and a tremendous amount of work to prepare for our conversions, customer conversions later this quarter, late May timeframe.Additionally, our Chief Credit Officer, Susan Springfield will be available with Bryan and BJ for questions. BJ will talk more about it, but our net interest margin was improved, partially by rising rates and partially by the impact of the Capital Bank merger.We have begun to capitalize on both merger synergies, revenue and expense, and I will touch on that again in a couple of minutes.Continued strong results in the First Tennessee business and early positive ones from the Capital Bank integration, coupled with the added benefit of lower taxes and higher interest rates, had significantly enhanced our return and profitability profile.But we are far from declaring victory, as Bryan alluded to, our systems conversion is going well and remains on track for the latter part of second quarter of 2018, and we are committed to making that a smooth transition for our customers and our employees.