excited Nitin. team part I'm here at of you, Thank Bank. Berkshire be the to
with P&L an turn and high-level to you to five. basis. on like Now if you share adjusted GAAP a both I'd Slide
excludes As to million a reminder, adjusted of activities. branch-consolidation basis primarily pertaining expenses $X.X the our
net offset consolidation. versus XX% X% the revenues revenues were up charge-offs. XX% advisory due driven down GAAP year-over-year were up and and about and and $X.X income. reduced as to strength restructuring in on primarily million year-over-year and XX% quarter-over-quarter quarter-over-quarter economic $X.X million, Our that X% Credit higher of legal fee weaker fourth net fees by expenses XX% interest GAAP expenses provision year-over-year branch was forecast dropped quarter to improved expenses and down non-interest
X% was position tax this Adjusted year-over-year, income net Our down were and was weaker X.XX% income. quarter-over-quarter interest Adjusted legal due versus X% on and return interest higher by tangible net XX% the quarter. by revenues $X.XX in was common quarter-over-quarter of income, quarter X.X%. and It Adjusted with fees. fee strength quarter, expenses in up to year-over-year, up were driven versus was offset adjusted the pre-tax primarily weaker income. primarily about marginally in EPS $X.XX last advisory equity
to Turning Slide six.
X% down year-over-year address me a Mortgage quarter-over-quarter by investment year-over-year XX% excluding up were and and securities. in the Earning XX% Loans, driven down primarily and held prepayments. modestly assets. assets a changes were into from quarter-over-quarter, were shift mix both balances year-over-year loans earning on fourth Let quarter. for XX% with basis versus sale our
$XXX in loan down indirect auto from Our loan XX% consumer book home and year-over-year runoff loan driven equity commercial industrial industrial lower and by loan book primarily to XX% originations and decline loan PPP for was that approximately accounted book. quarter-over-quarter, down our commercial due The strategic forgiveness and balances. quarter-over-quarter, was loan million
demand. Our weaker conditions commercial were down market in balances estate resulting due real to loan
loan will have loans. Mid-Atlantic million also about Our which sale around in be book branches eight $XXX midyear planned XXXX, of the impacted the by
deposits response to XX% Our book growth up XX% in was in and the weaker total and loan demand. year-over-year quarter-over-quarter investment
[salary was XX% and is and year-over-year consisting XX% Our XX% [ph]. with liquid of notes] portfolio up It portfolio products highly agency over of investment the longer-term quarter-over-quarter. mortgage
redeploy book our plan loans. high-cost investment up enhancing also borrowings, driven yields for for and to investment by liabilities. Slide down shows primarily book short-term loan growth growth. liquidity seven and supporting demand significantly, Our was We paying muted that deposit average
enabled ago, The funding us growth unique interest in funds combination we Higher the as lower-cost have basis of from from to a the costs. opportunity points a XXXX eight cost XX% basis our XX second significantly. deposits, Net cost from of and brokered in CDs to above funding margin shift shows quarter interest FHLB to points year our first Given wholesale have interest deposits. down funding our -- Slide from margin borrowings a of declined. significantly are to trends. lower basis net reduction income dropped net XXX interest points rates to and XX the from
XX%. interest borrowings the margin broker Wholesale are three interest XX% are down XX% last or XXXX brokered net stable year-end down and been and income includes million since which Over from modestly. quarters, funding, $XXX million XXXX. year-end has net down FHLB XXXX been since and year-end XX% CDs Higher cost down and has deposits, is borrowings or $XXX
revenue rate Both and typically and nine up asset-based subject fee were up referral and I'd were include XX% the in are growth loans. fee our recur our Slide on fees Slide on expenses. quarter was up related and X% were will nine. loan fee also in and broad-based fees our on adjustments Wealth the run revenues for year-over-year and Professional the higher first Loan also year-over-year. X% revenue year. which PPP SB with note and higher cyclicality adjusted million a the on after up quarter. insurance services to were legal swap fees of fees It originations, fees lending XX% expenses. MSR year-over-year shows strength management includes We CRE revenues. to not XX, are adjusted On contracts that fees, fee above both of swap quarter-over-quarter. quarter, on we to originations quarterly $X.X advisory first up seasonal basis. Slide in They our Moving had X% quarter-over-quarter valuations. usual businesses show up second
the during those We the moderate year. expenses to of expect course
expenses, down Excluding of Loan the year-over-year. all were expenses X% were volumes. lower expenses to professional loan services due total processing lower
XX% show expenses Non-accrual peak net earlier, to which to the is were million, is but and the XX million $X.X which activities. our a down quarter from versus restructuring last signs. fourth modifications of quality our XX% Loan down encouraging of our asset $XXX dropped discussed versus are modestly are Slide As primarily year-over-year summary charge-offs the second loans up in XX% the have fourth of year. quarter. down branch-consolidation metrics, attributable quarter
about optimistic cautiously are exposures. We our credit
positions. and encouraging. trends quarter-over-quarter our significantly. also and details these quarter portfolios. XX XX granular XX% pre-pandemic detail next our more between on XX including The and non-accruals and shows and on loan include levels the and Slide deferrals assets Slide year nursing-assisted and living shows and provisions down exposure or trends liquidity charge-offs are balances encouraging are credit criticized overall XX%. expect We declines metrics COVID-sensitive Quarter-over-quarter, capital so. Again, books. deferrals ranging to very down sequential trend COVID-sensitive COVID-related credit our toward are down, over for our loan our restaurants segments are loan declined have Slide our XX hospitality, portfolios and loan are across with Firestone,
remain levels very strong. capital Our
Our ratio quarter at [executed] capital about ended [ph] XX%. equity Tier-X the first common
XXX fourth was of Tier-X of higher As ratios. our points XXXX, equity quarter ratio basis peer common our median than about
Our capital XX% Tier-X robust high-quality total and very equity accounting structure also common Tier-X is XX% capital. with capital for of capital of
earning primarily and are and discussed XX%, instilling capital key buybacks earlier, the we in encouraging one As costs; to loan funding revenue positioned with deposit-to-loan alluded steady is segments; singularly we and on The this deployment In trends, share improved returns lower quality positions. provisions; Also, growth, income; steps around credit the goal. COVID-sensitive of wherein strong growth. effective increased well including in trend quarter discipline value. shareholder toward franchise maximize a of driven are by and future had downward asset fee focused ratio summary, an we to that fund Nitin that earlier was liquidity capital
our with outlook. We to muted comments also close on demand see continue for loans. like I'd to
points U.S., U.S. a Massachusetts, vaccination than the XXXX. of our a the growth average. national the where First, the are specifically, progressed York, to is that most about vaccinated. in economic X.X% footprint concentrated, XX% significant population in GDP Vaccinations with and states recent New rate have higher also Connecticut rapid have Moody's forecast a recovery at rates
forecasts the for loan for While modest recovery progress, to runoff the recent economic vaccination quarter upbeat persist both estimated the impact the driven seen The ramp-up of XXXX $X.X by time loan expected million us early we balances on in year-end. of between $XXX for certain economic and quarters the was we and year, book quarter loan weaker loans of estimate about industry. in in of origination NII PPP-related remainder and million. loan for PPP We 'XX but and the year, of are to run-off the trends decline about are balances. first likely of PPP expect first It's still and pipeline,
We expect the the core modestly. of year for to be flat down NII to remainder
improve of We interest margin to expect over the course the modestly year. net
be improved XXXX. to beat flat expect deposits wholesale organic of further during wholesale further expect maturing levels we will current Based to modestly toward trend provision our portfolio our the a of funds. to environment the credit cost funds the meaningful, and forecast course in we time up course We XXXX during lower and of pre-pandemic over composition, XXXX. funding, expenses on economic and On credit our expect
CECL we'll line don't be expect credits that day in reserves to loan straight charge-offs. lumpy, a to our expenses expect I XXXX. so that We can we or one provision ratio get also caution on
that to million guidance, lower moderate. in end rate expect in we year. to expect of up second to quarter expenses normal from in base. our stable with but level by expenses previous we $XX below quarter On high trend Consistent levels second off fees to first expect basis, run quarter return a the We modestly the to remain
are our XXXX However, And rate of be to in XX%. expect expenses, for on Nitin's XX% efficiency and light comments to tax earlier With to to I'll over addition in ratios. hand Shaun. focused that, we we optimizing around
