Salaries and benefits declined by $2.5 million, mainly due to lessen compensation that is incentive, and greater deferred costs related to new loan originations. This decreases were partially offset by increases in marketing cost of around $1.1 million as a result of increases in direct mail and sponsorships, expert charges of $955,000 linked to greater consulting prices for strategic initiatives, FDIC costs of $873,000 mainly as a result of a reduced FDIC little bank evaluation credit gained 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 accomplished our $25 million access-related merger price saves target for a run price basis at the conclusion associated with quarter that is third. Additionally please be aware that people usually do not expect you’ll incur any extra merger expense or rebranding expenses in 2020. The effective taxation price when it comes to 4th quarter ended up being 16.7%, when compared with 16.8per cent into the quarter that is third. When it comes to full-year the tax that is effective had been 16.2%. In 2020, we anticipate the year that is full income tax price to stay the 16.5per cent to 17per cent range.
Looking at the total amount sheet, period end assets that are total at $17.6 billion at December 31st, which will be an enhance of $122 million from September 30 amounts and a rise of $3.8 billion from December 31st, 2018 amounts mainly due to Access purchase and loan development throughout the 12 months. At quarter end loans held for investment were $12.6 billion, a growth of $304 million or around 10% annualized, while typical loans increased $87.4 million or 2.9% annualized through the previous quarter.
On a professional forma foundation, just as if the Access purchase had closed on January 1st in the place of February 1st, 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 growth of approximately 6% to 8% for the full-year of 2020 inclusive regarding the anticipated run away from third-party customer loan balances.
At December 31st total deposits endured at $13.3 billion, a rise of $260.3 million or roughly 8% from September 30th, while typical deposits increased $491 million or 15.3per cent annualized through the previous quarter. Deposit stability development throughout the 4th quarter had been driven by increases in cash market and interest checking balances, partially offset by regular decreases sought after deposits and lower time deposit account balances.
On a professional forma foundation, just as if the Access purchase had closed on January 1st deposit balances increased more or less 9% for the full-year. Loan to deposit ratio ended up being 94.8% at year-end, that is in accordance with our 95% target. For 2020 as John noted, we be prepared to attain deposit development of 6% to 8per cent, which will be consistent with our loan development objectives.
Now embracing credit quality, non-performing assets totaled $32.9 million or 26 foundation points, as a share of total loans, a decrease of $3.5 million or 4 foundation points from third 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 since it will continue to reduce and a greater economic environment, that has been partially offset by loan development through the quarter.
And now i would really like to offer further applying for grants the way the use associated with current anticipated credit-loss model or CECL will influence Atlantic Union. You may already know, underneath the brand brand new CECL accounting standard that went into influence on January 1st lifetime expected credit losings will now be determined utilizing macroeconomic forecast presumptions and administration judgments relevant to, and through the anticipated lifetime 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 business’s obtained loan profile plus the customer loan profile. We now have finished a completely independent validation of our CECL model and then we intend to reveal the allowance that is final in our 10-K, as we been employed by through the entire governance procedure for the afternoon one recognition.
From a shareholder capital and stewardship administration viewpoint, our company is focused on managing our money resources prudently because the implementation of money for the enhance — the improvement of long-lasting shareholder value continues to be certainly one of our greatest priorities.
An increase of $0.02 per share or approximately 9%, compared to the prior year’s quarterly dividend level as such during the fourth quarter of 2019, the company declared and paid a quarterly cash dividend of $0.25 per common share. The Board of Directors had previously authorized a share repurchase program to get as much as $150 million regarding the organization’s typical stock through June 30th, 2021 in available market deals or independently negotiated transactions. At the time of January 17th, we now have repurchased 2.4 million stocks at a price that is average of36.91 or $89.6 million as a whole. The full total remaining shares that are authorized repurchase is about $60 million.
Therefore to close out, Atlantic Union delivered solid economic leads to the quarter that is fourth in 2019, inspite of the headwinds for the reduced interest environment as well as the business proceeded to help make progress toward its strategic development priorities. Our company is revising our running economic metric objectives to reflect the challenging rate of interest environment, which we anticipate will persist in 2021, but we remain focused on attaining top tier financial performance in accordance with our peers.
Finally, take note 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 investors.
In accordance with that, we’ll transform it right back over to Bill Cimino to open up it for concerns from our analyst community.
William P this. Cimino — Senior Vice President and Director of Investor Relations
Thanks, Rob and Carl, we are prepared for the very very first caller.
Concerns and responses:
Operator
Operator directions your question that is first comes the line of Casey Whitman from Piper Sandler. The line is currently open.
John C. Asbury — President and Ceo
Hi, Casey, good morning.
Casey Orr Whitman — Piper Sandler — Analyst
Good early morning. Hi, Good early early early morning. Rob, merely to be clear regarding the updated monetary objectives you simply outlined, what exactly are you assuming for further price cuts, if any?
Robert Michael Gorman — Executive Vice President and Chief Financial Officer
Yes, on that front side, Casey that which we’re presuming is the fact that there is absolutely no further rate cuts by the Fed in 2020 and 2021 where — but the curve stays consistent with where it’s today, a curve that is flat. With regards to the NIM forecast we’re taking a look at, with regards to those objectives we set, our company is thinking we are stabilizing in the amounts the thing is that in the 4th quarter for a core basis, be prepared to be in about 3.35% to 3.40per cent range for a core foundation. Now in the event that Fed had been to cut that your implied curves suggest possibly within the half that is second of 12 months, you might note that range could drop towards the 3.30% to 3.35per cent range in the years ahead.