good everyone. the earnings And Adriano. you, performance revenue $X.XX financial of had for Thank quarter, produced record morning, Provident share. strong per second
an driven by This drove large a part margin of return on was net commercial a XX.XX%. of solid X.X% performance tangible average increase loans. of an and income in in return quarter. net combined trailing expanding on over the assets equity in interest in Our rate with annualized interest resulted growth The average growth X.XX%
Our cash dividend per share. quarterly approved their of $X.XX Board
We've build increase comfortably XXX% shares well year. we per Capital second XXX,XXX we average a and closed quarter, same lines. help repurchase Commercial million remains primary the in approximately new price lending the all common dedicated remained share. loans, business a will of our quarter our our approximately fostering which best-in-class And continues to the quarter, customer strong focus. at be from of During of last $XXX stock levels. also $XX capitalized to of position an exceeds experience,
about to XX%, X% increased historical percentage the which average utilization quarter our credit second of line Our is approaching XX%. of in
quarter. as the first approximately compared declined XX% prepayments addition, In to
remains approximately lower commercial adjusted pipeline replenished closing $XXX pipeline, rate pull quarter, robust XX.X%. to rising our the XX We through which business pull good As strong productivity a and our during gross we is annualized loans increased excluding our quarter portfolio vibrant. market had the loan our pre competitive projected result yet, The grew -- rates a through of from we approximately PPP at at pipeline an second at rates, a payments, of remains and including pipeline, loan in commercial activity And lending last points Despite X.XX%. $X.X billion. XX pending million. interest basis and
expect such, we to have substantial pipeline, fiscal as long We strong growth through in pull and the XXXX. for expect
of increased core Our to cost XX deposits stable, basis quarter one the deposits remain the basis points and total for points.
XX yielding we deployed loans, While our which commercial cost higher helped our into more interest drive improvement funds remain in stable, liquidity of net an basis margin. points
a expect our have interest the forward, year. we more impact in also experienced of loan margin the prior growth, interest for commercial remainder net as which full improvement should rate the income interest hikes net benefit the and Going we on the the positive of
based an compared important quarter our fee in X.X% increase One are Insurance SB a model, of to revenue moderate businesses Provident community year. last Protection Our formerly banking as same Plus, the had component of
as XX.X% year. the grew compared However, they on a to year-to-date basis, prior
as the Given decreased income market result, decline or Trust markets, the of for unfavorable value $XXX,XXX a Beacon X.X%, under a the And in trailing financial the experienced conditions as to management. in assets quarter the quarter. the compared
financial Tom value our we commitment for Once look for shareholders. dedication. the the to the arise. may forward, I'll their and potential risks on marketplace uncertainty and remain Provident our for preparation In With we communities the creating mindful business forward build business customers, I As want over and goal lines. to catalyst in the hard of our was work employees, and that, to call for is second team results Tom? Their We the our so our to financial and performance. look the turn his more, strong that growing doing comments thank produced that quarter.
