The reduction in working, non-interest expense had been mainly as a result of the recognition of around $16.4 million loss on financial obligation extinguishment when you look at the 3rd quarter, caused by the payment of around $140 million in Federal mortgage loan Bank improvements while the termination of relevant cashflow hedges.
Salaries and benefits declined by $2.5 million, mainly due to lessen incentive payment expense, and greater deferred costs related to new loan originations. This decreases were partially offset by increases in advertising cost of around $1.1 million as a result of increases in direct mail and sponsorships, professional costs of $955,000 pertaining to greater consulting prices for strategic initiatives, FDIC expenses of $873,000 mainly as a result of a lowered FDIC bank that is small credit attained when you look at the 4th quarter and OREO and credit-related cost of around $542,000 because of OREO valuation changes driven by updated appraisals received through the quarter.
As a reminder, we realized our $25 million access-related merger expense saves target on a run rate basis by the end associated with quarter that is third. Additionally please be aware we usually do not be prepared to incur any extra merger expense or rebranding expenses in 2020. The effective taxation price for the 4th quarter had been 16.7%, in comparison to 16.8per cent into the quarter that is third. When it comes to full-year the effective taxation price ended up being 16.2%. In 2020, we anticipate the year that is full taxation price to stay the 16.5% to 17% range.
Looking at the total amount sheet, period end assets that are total at $17.6 billion at December 31st, which will be a rise of $122 million from September 30 amounts and a growth of $3.8 billion from December 31st, 2018 amounts mainly due to Access purchase and loan development through the 12 months. At quarter end loans held for investment had been $12.6 billion, a growth of $304 million or roughly 10% annualized, while typical loans increased $87.4 million or 2.9% annualized through the quarter that is prior.
On a professional forma foundation, as though the Access purchase had closed on January first as opposed to February first, year-to-date loan balances expanded about 6% on an annualized foundation through December 31st of 2019. Anticipating, as John pointed out, we task loan development of roughly 6% to 8per cent when it comes to full-year of 2020 comprehensive associated with the expected run away from third-party customer loan balances.
At December 31st total deposits endured at $13.3 billion, a growth of $260.3 million or around 8% from September 30th, while typical deposits increased $491 million or 15.3per cent annualized through the previous quarter. Deposit stability development through the quarter that is fourth driven by increases in cash market and interest checking balances, partially offset by regular decreases sought after deposits and reduced time deposit account balances.
On a professional forma foundation, just as if the Access purchase had closed on January deposit that is 1st increased more or less 9% when it comes to full-year. Loan to deposit ratio had been 94.8% at year-end, which will be consistent with our 95% target. For 2020 as John noted, we be prepared to attain deposit development of 6% to 8per cent, that will be consistent with our loan development objectives.
Now looking at credit quality, non-performing assets totaled $32.9 million or 26 foundation points, as a portion of total loans, a decrease of $3.5 million or 4 foundation points from 3rd quarter amounts. The allowance for loan losings reduced $1.5 million from September 30th to $42.3 million, mainly due to lessen incurred losings embedded in the customer loan profile because it will continue to reduce and a greater environment that is economic that has been partially offset by loan development throughout the quarter.
And today I wish to offer thoughts that are further the way the use for the current expected credit-loss model or CECL will influence Atlantic Union. You may already know, underneath the brand brand brand new CECL accounting standard that went into influence on January first life time anticipated credit losings will now be determined utilizing macroeconomic forecast assumptions and administration judgments relevant to, and through the anticipated life of the mortgage portfolios.
The economic outlook and portfolio characteristics have been consistent to slightly improved and the company now estimates that the allowance for credit losses will increase to approximately $95 million or more than double the allowance reserve level as of December 31st under the former incurred loss methodology since our last seasonal update in October.
As formerly noted, the allowance enhance under CECL is mainly driven because of the organization’s obtained loan profile while the customer loan profile. We now have completed an unbiased validation of our CECL model and we also intend to disclose the allowance that is final in our 10-K, after we been employed by through the total governance procedure for the afternoon cashcall mortgage one recognition.
From a shareholder capital and stewardship administration viewpoint, we have been devoted to handling our money resources prudently whilst the deployment of money for the enhance — the improvement of long-lasting shareholder value continues to be certainly one of our greatest priorities.
As a result throughout the fourth quarter of 2019, the organization declared and paid a quarterly cash dividend of $0.25 per typical share, a growth of $0.02 per share or around 9%, set alongside the previous 12 months’s quarterly dividend degree. The Board of Directors had previously authorized a share repurchase program to acquire as much as $150 million of this business’s typical stock through June 30th, 2021 in available market deals or independently negotiated transactions. At the time of January seventeenth, we now have repurchased 2.4 million stocks at a price that is average of36.91 or $89.6 million as a whole. The sum total remaining shares that are authorized repurchase is roughly $60 million.
Therefore to close out, Atlantic Union delivered solid economic leads to the 4th quarter and in 2019, regardless of the headwinds associated with the reduced rate of interest environment therefore the business proceeded in order to make progress toward its strategic development priorities. We have been revising our running economic metric objectives to reflect the challenging rate of interest environment, which we anticipate will continue in 2021, but we remain invested in attaining top tier financial performance in accordance with our peers.
Finally, please be aware that we remain focused on leveraging the Atlantic Union franchise to build sustainable growth that is profitable remain committed to building long-term value for the shareholders.
Sufficient reason for that, we’ll switch it straight back over to Bill Cimino to open up it for questions from our analyst community.
William P. Cimino — Senior Vice President and Director of Investor Relations
Many Many Thanks, Rob and Carl, we are prepared for the very first caller.
Concerns and responses:
Operator
Operator directions very first concern originates from the type of Casey Whitman from Piper Sandler. The line happens to be available.
John C. Asbury — President and Ceo
Hi, Casey, good early early morning.
Casey Orr Whitman — Piper Sandler — Analyst
Morning good. Hi, Good early morning. Rob, simply to be clear from the updated targets that are financial simply outlined, exactly what are you presuming for further price cuts, if any?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes, on that front side, Casey everything we’re presuming is the fact that there’s absolutely no further price cuts because of the Fed in 2020 and 2021 where — nevertheless the bend stays consistent with where it really is today, a set bend. With regards to the NIM forecast that people’re taking a look at, when it comes to those objectives we are thinking we will be stabilizing at the levels you see in the fourth quarter on a core basis, expect to be in about 3.35% to 3.40% range on a core basis that we set. Now in the event that Fed were to cut that the implied curves suggest perhaps within the half that is second of year, you might note that range could drop to the 3.30% to 3.35per cent range in the years ahead.
