Brian J. Richardson
by items I also us specific earnings Jeff. joining I to for everyone on would thank you, Thank four release. the like start to from like would touching today.
$X.X was growth CECL the credit which reserves by offset for of changes the model, million related driven benefit First, our to an economic million annualized quarter, our to achieved within losses by reversal in provision X.X% assumptions attributable for quarter. loan during was $XX.X the due we
of we was XXXX, in economic driven For $XX.X provision million $XX.X changes of a of by recorded losses year full the total which million, for credit factors.
PPP. XXst, X.XX% credit allowance December loans, was total of of for our As losses excluding
represented year the in of to charge COVID continued Additionally, X.X% activity deferrals, million with We portfolio. see stable of of reductions fourth quarter, related we levels which and offs. deferral net the non-performing assets the during and ended $XX
$XXX basis points million with was for million negatively which Second, quarter, averaged to quarter. impacted the flat Reported quarter. excess third reported was XX the compared third margin of by in NIM liquidity, $XXX X.XX% the of
the by carrying yielding of low reduced points was on and X to PPP third loans when Core to X a was NIM compared the basis margin, due sheet. PPP points excluding quarter. balance decrease impact Additionally, X.XX%, basis excess liquidity
quarter, PPP loans $X.X fourth interest of net forgiveness related to income, to XXX,XXX the During contributed million activity. which
XXXX $X.X contributed loans PPP a For to net income. of total interest million
As on of fee net sheet, of of approximately December remained deferred balance represents XX% XXst, fees amount. initial $X.X deferred million the the which
another as to income, previously relates our discussed. non-interest Jeff the very it banking with as quarter, finished mortgage business Third, year strong
to $X fees other income million fourth $X.X Additionally, quarter, an when quarter for compared the of non-interest swap XXXX. fourth million of of included was increase the which
items, to Directors metric a variation charge Compensation performance of which related in $X.X measure year in representing implementation metrics of due and we replacement plan This to in $X.X quarter A was based We Optimization borrowings, done a the XXXX. future shows pre-tax able Plan, in expected the ROAA to and were to solid in was to the to our modification the the performance related XXXX. approach. approximately based was result ROAA Committee savings pretax inherent result This compared this metric. ROAA net replaced fourth Board X.X million XXXX non-recurring metric straightforward, is plan while lack the XXXX less charge Center This million with X.XX% metric of pre-provision an I would one-time during and concluded of XXX,XXX $XXX,XXX a the original charge restructuring the million modifications included the of benefit X.XX% the to announced to include following Financial during A now termination that totaled operating to quarter. related non-interest $XX expense five on remainder was the and for a for guidance. ROAA items, inherent to the year, The we release faced swap and the an earnings the the million quarter basis. expected peer do of as $X.X million, of million despite previously annualized long-term $X.X I mentioned the For focus quarter. this core peer of to comparable relates Adjusting X.X address for of fourth awards CECL fees the pre-provision X.XX% like was an a a of Fourth, equity the million timing results X.XX% when and expense based pre-provision more items increase challenges expense on These and it year. comparability average interest weighted off in which of X.XX%. based is in ROAA believe reported for rate of of performance pandemic. with grants. benefit the for peer to pre-tax
NIM. a PPP introduces First, inherently to NII relates volatility it as and lot of
December remaining complicated of upon we of from of is deferred to forgiveness, life mentioned, the XXst, accelerated net previously the round to fees second challenging had income first round the which or of accretive over As million by and be X.X forgiveness. PPP the is will at further determine PPP. that It extent timing exact
So for I was PPP think $XXX.X exclude Accordingly, it excluding is guidance. most appropriate million NII XXXX when XXXX. to PPP giving
again PPP. net expect and we interest X% we growth loans, X%, excluding current is to this in interest excluding This of X% PPP to For result reflective expect income to approximately environment. XXXX, growth the of X%, of loan rate
to forecast, will the changes in pandemic environment. exit timeframe to potential government by credit be losses Second, the continue and stimulus, expected for economic the fully provision driven
optimization we a Third, and seen year, expect the rate and contraction per growth offset the non-interest non-interest of X% previously X% XXXX, expense XXXX income to of of our swap banking we $XXX continued XXXX. growth center provide to to reported due and in Accordingly, These consumer in XXXX, X% annual X% of growth serve approximately from approximately expense expect and savings approximately offerings XXXX outside Fourth, and investments by have of translates we X% slightly experienced million which expansion centers historical mentioned income expected This financial Cumberland is financial will solutions. compound both regional specifically XX.X% non-interest reflects growth customers fees. integrated for Burks but above Univest historically markets, in for which a activities business York, County. digital and XXXX non-interest X% of plan to mortgage in we from to norms.
to remarks. begin We'll prepared income to we current be taxes, XX% our to the expect concludes tax happy XX.X%, the That relates rate to effective any it my assuming you unchanged. be session. approximately questions. please as statutory would Lastly, answer rate remains Operator, question-and-answer
