quarter. non-net per share. and Adriano in strong another performance you, $X.XX We by interest Thank earnings interest of delivering fourth financial produced and income income, morning, the record everyone. resulting record Provident finished solid year the good in
sheet to resulted net that Our to betas and by deposit performance was X.XX%. interest driven balance base all growth, the our of exhibit our good an of expansion management, stability of continues margin loan sound in which
a on The of an increase average net of on annualized drove a resulted over X.X% quarter. equity margin interest income return in net in and X.XX% assets average the trailing tangible expanding return interest This XX.XX%.
performance comfortably earnings to exceeds solid continues which and capital Our well positively remains strong impact capitalized levels.
is life. businesses. remain and emotional our this of Board We As for connections we a our share, on customers, per $X.XX essential thereby dividend and of retain on to of all Directors deepening payable customer such, creating XX. delivering cash with experience the of Provident, focused our quarterly a build believe mission February At approved advocates our best-in-class
billion we $XXX in the commercial Our for the of And $X.X calendar our increased fourth lending. new emphasis production year. closed to is approximately quarter, loans which million commercial
XX% credit percentage trails X% average to but XX%. approximately Our in the quarter line of of increased still historical fourth utilization our
the compared as loans $XXX to those underlying and quarter. prepayments we associated to interest were collateral Of decreased in of million rise to XX% payoffs, rates, the were about sale renew. the XX% Given due to not XX% trailing chose the with
our annualized PPP, a X.X% prepayments, commercial of year. of As quarter for our an the excluding at loan XX.X% the production reduced of levels rate portfolio, we for and the result grew and
The quarter is our strong projected pull-through remained at loan the commercial as pipeline and to including during The pipeline, from approximately quarter XX the billion. points and million pull-through in $X.X was $XXX last X.XX%. our basis pipeline pending rate pipeline the closing, adjusted approximately loans expected gross fourth increased
year, production rising a For record had loan the we commercial and and rates. despite competitive growth, interest market
result has loan should We pipeline. our encouraged good by which while of in that we potential the economic pull-through growth. the first are also quarter slowdown, are we replenished mindful normal expect activity And commercial a in
The is stability component our core of a deposits valuable of our franchise.
liquidity. increased the annualized. to our and which of decreased quarter, or of the points. excess increased balance XX The spot million annualized core deposits the normal points XX average During we deposits core total basis some outflow On for million a $XX to X.X% cost basis deposits attribute activity basis, business of quarter or $XX X.X%
growth about margin. our good commercial betas the our in loans drive earning quarter, relatively cycle our with and in net an basis stability assets, improvement while date fourth interest in XX beta yields deposits was XX%. core rising beta deposit XX%, improved particularly our rate deposit point to the of was combined For the helped The
term. stable in balance the asset-sensitive core sheet, deposits to our growth, loan prospective and Given net our interest margin stable our we the near moderately expect remain
businesses. fee-based on to focus building continue We our
quarter operating profit last had in year. insurance XX% the Our same revenue and a with increase compared Provident Plus, solid X.X% a increase a The agency, in Protection to quarter, fourth under unfavorable into the market financial related income. a continued of Beacon decline in conditions assets result, as the and Trust value experienced fourth in And quarter. management the a markets as fee
Beacon's the retained On quarter. or team positive advisers clients fee our wealth has note, positive successfully as funds income trailing to of X.X% a compared and decreased net to $XXX,XXX generated Beacon. flows
the we pressure. move outlook into may challenging appears the As macroeconomic XXXX, costs quality come specifically and under to funding liquidity, industry, credit
to organically potential conscious remain lines, As -- for we and the these are build we management move forward market culture. of this potential committed and business strong of risk challenges our
We in on our heightened period we sectors economic to focus intensify risk believe pose will declining conditions. a of
to our team X bank. stockholder towards merger necessary announced into companies regulatory continues Regarding with Bancorp, previously obtaining a approvals Lakeland and diligently our powerhouse community work combine our to super
X preparing merger I for will for our and prospective team. in to We of incredible XXXX cannot successful incredibly and accomplished companies. amount communities. possible strong enhance an and which companies Provident The are combining with which are teams a talented to tireless without professionalism about our effort the are I in performance our thankful this Many working with thanks the our to much X a Board customers the our team and combination. am for has anxiety collegiality and Lakeland serve Business financial levels our achievements our of principles. our pleased Bancorp. commitment and Lakeland of ability be to guiding impressed their the towards effort our culminated Provident combinations combination organization. These increased in teams goals with which Directors very excited and
our for we create year, and integrating all our believe new forward businesses of growing the to Bank Lakeland the In with will merger we stakeholders. look value which
With comments Tom Tom? that, on for to call performance. turn his financial over our the I’ll
