Thank you, Paul.
defined this asset crisis, a of excellent record reserves XXXX and base. year in robust strong strong a and capital this and balance a entered in quality, fortress company Our sheet, by earnings, banking position commercial growth strength, consumer and
ways for by a originations are start loan promising headed we to supported solid good deposit many and fee growth In XXXX, income.
Brookline consolidation First and merger mid-February. the completed successfully in Ipswich into of Bank, also We Bank
provided $XX.X the We quarter, preparation weekend highest and year. On global $XX.X pandemic became net response of the for priority. prior for million a statements data quarter income which our recognized driven was prior our we've X a slide our for loss and after to summary losses quarter, provision of Soon by conversion, million. the of the credit
were distancing, the was implement standard, many shifted from of is our economic loan on to forward the based economic forecasts. using our over the businesses losses estimating known as estimating nearly in provision the decision to the social and activities activity, CECL, continue in significant as which probable commonly accounting deep Also and schools decline potential future models, all events cancelled. losses new life closed practice and communities increase and due rapid and to significant The
insurance very compensation decreased as a And associated from fees, higher and seasonality revenue benefits. operating pre-tax strong million, and expenses Our by QX. in driven interest performance with net FDIC increased, net declined and income professional pre-provision $X.X
illustrated net X, $X.X points. income interest basis as margin interest As XX compressed declined net page million, our on
of prepayment on of fees in yields basis $X.X the declined LIBOR and basis of of contributed increase Linked-quarter for $X.X the in as accounting in portfolio yield the points significantly pricing billion amortization adjustable declines the decline, fees, loan well in the over in an loans rate was in million decline XX prime quarter. and The as XX points, by in sharp purchase $XXX,XXX impacted as rates. deferred $XXX,XXX loan
of of XX basis consisted deposits. in And XX decline which liabilities cost decline declined points, basis XX of a the an cost in point Overall, cost borrowings. interest-bearing our the point interest-bearing of basis
X% could of solid and you slide or our $XX me X, million we or loan If balance deposits an $XX sheets. can annualized. quarter annualized you bit follow reference first basis growth comparative, grew In had to on summary the X% million
million is the notable in losses unfunded loan million the Also for $XX growth and in allowance the $XX related growth for loans. reserves
position clients. stock value the needs book quarter the tangible to our well We the meet $X.XX. loss repurchase by cash also our modest The added significantly and securities as as ourselves in per share of potential reduced financial to activities to our prudently
the our growth estate loan of net real have we savings. growth, driven real strong the estate XX% of reflects demand first non-interest-bearing and while Commercial continued deposits quarter and composition deposit estate, makes commercial net loan loan categories. was our both up includes X Slide commercial in In investor and to deposit by significant real growth portfolio. and which owner-occupied
DDA of deposit represents XX% our base.
impact near-term million points losses me illustrated coverage total representing you CECL, a $XX.X the If XX for of to total the At credit for follow allowance reserve slide we of the estimating losses. of year-end, our commitments. XX, unfunded in funded loan credit and was basis of implementation have reserves
$XX.X in for the be losses of the coverage based the implemented of formulated There Xst based losses or portfolio, over incurred of for on performance. and are $X.X to was were January accounting forward-looking unfunded loans components, renewals new for was the on two or credits. basis requires probable million forecast. loan Accounting points economic historical on estimates standard losses reserve on allowance on which loan, reserve The a XX outstanding, million which life
use ImpairmentStudio develop well our as Moody's as forecasts Moody's to economic We estimates. chose to
also known XXXX as basis the total of chose as models the loss to banks reserve our since year-end, credit was to performance forecast we determined $XX.X total to Northeast or of credit loans. loan group calibrate loss or too prudently XX also be losses for ACL unfunded allowance historical peer and We infrequent used funded economic points the losses XXth December of considered million low. for of and data At the a the too and
most was wait of the of XX% ACL from version increase or we This points of forecast, to methodology. which severe. This was basis less The Moody's estimate. million coverage of updated was March as one our economic to from using prior increase XX on $XXX.X basis our day million the commitments XXst, instead $XX.X X, decided At million, XXX $XX.X an the accounting for increased calculated from total points. mid-March April an
additional by reserve On experienced and highest of at funded total in XXX XX our construction the portfolio. rising allowance $XX.X our portfolio coverage in and requiring on selected details XXX points from on commercial we key the of slide The provide an quarter. of real commitments March subset change estate our coverage, XX, component to basis million segments
X.X% had coming of the XXXX XX.X% X.X% the full the real loss significant X.X% April from We've at in end It deterioration to was compared between The also key quarter economic also provided Unemployment April forecast in variables down a year to for December economic significant December at commercial expected illustrates XXXX driving the the X.X% some year. estate estimation forecast. our which expected to showed the forecast in forecast. price be deterioration peaking the index models. second unemployment of in the the the forecast before as the to from
included On and breakdowns commercial loans real and for within we slide provided major reflect business. commercial real million estate commercial XX, loans equipment finance Note we segments. have owner-occupied of loan our have our $XX also estate industry
real of our commercial billion outstanding comprises Investment loans. $X.X Apartments represent our of estate segment. XX% largest
by provide XX%. You can CRE retail office at portfolio XX% comprise at of investment followed and -- XX% our
manufacturing Food XX% Our at by commercial billion of is Lodging and and XX%. commercial XX% represents followed $X.X portfolio within our or portfolio
Equipment – focus $X.X loans Consumer billion cards, our no of X one credit airlines, represents consumer family finance point a billion direct have or of fitness equity student and XX% on portfolio is and Note, lending, led of is truck auto home which to laundry, we comprised to at loans. tow exposure X $X.X loans equipment. by residential energy.
and vintages presentation for information quality. appendix presentation our details loan of also -- credit reputation and illustrate the including the asset values strong which We've about metrics some in portfolio for underlying included various the underwriting the to the of culture providing
We've as maintained Slide activity, to the respond same deferment well into commitment to crisis. insight payment to illustrate our portfolio XX loan prudently segment needs provide this customer during on our as
interest. on impact no We had modifications accounting relief or have these on provided credits on our to of ratings or loan for either assets And related XX-day at interest these these short-term principal accrual credit or time. principal payments and internal this
balances $X outstanding for a equipment with XX% XX. our The categories loan of were in loans of approximately total as units. payment portfolio modification largest finance of granted impacted April billion were the In
some deferred information by selected We are also payment segments we tracking. provided
real mentioned our investment are of component commercial apartments earlier I our estate largest portfolio. As
attention It is we an to. area close pay
requests or need for deferment. little seen have We
catch healthcare is cleanings for as accelerate Another at and and where example with are an procedures category, that as basically activity here closed this to doing provide offices few up We will expect emergency certainly offices only we also dentist deferments to on requests procedures. other need time.
also and restrictions accidents the unfortunately want As to donuts in back, breakdowns resume. these and laundries expect are bounce down. good their lifted health, focused businesses basically we're be be to I to on shut and the and to economy to stay-at-home highlight busier before we folks all coffee well-run are traffic, standing
the XX funding XX. of it’s access facilitating April Slide over payroll for balances originated The SBA also protection on And XXXX have active April has we loans to with of $XXX Friday before company-funded, program PPP XXth, show on as X. which clients loan the first been our closed million. very first round the on company of We Friday the
be eligible these over also and activity next reporting and loans the weeks quarter. we will of forgiveness next tracking will on be for Portions several the
teamwork organization. tremendous every the pure We are and level at proud attitude, very in do-whatever-it-takes of saw adaptability and department every across commitment we the
at When Monday we the as would program reopened you expect were on back it.
during customers since we be the helping first the in However successful significantly were less, will very round. volume our
As well-capitalized shown as and on $XXX we XX of own well internal to requirements March capitalized operating targets. regulatory capital over had slide buffer regulatory exceeding XX, our standards. the be very At policies well company or as continues million X.X% all
previously quarter, million. any During million that further company plan the buyback was suspending time on first announced the to Board $XX $XX completed shares from million. announced purchases of had it expanded $XX.X March the at repurchase and for the The stock XXX,XXX XX
a the quarterly quarter continued to dividend as May May provides of payout, on be approved which will which this XX history on Slide per a regular our XX. of record XX Board $X.XXX share paid stockholders of dividend
a approximates remains dividend the remainder for a be the year. share XXXX yield. would constant increase and Full X.X% of per dividends currently $X.XX Our year X.X% over
Paul. This turn formal comments back to I'll concludes my and it
