David. Thanks,
solid related respectively of the up a fourth mentioned, XX.X% share million from equity quarter we average on year earnings which net XX.XX%. items, and assets of X.X% $X.XX As of with adjusted and on per X.XX% $X of certain XX.X% with adjusted return XXXX. to start Factoring about the X.X% Profitability per to adjusted David of average first income diluted share items. and $XX posted tangible of but from diluted million of adjusted earnings to additional million and was continued in earnings income quarter common tax was $XX.X of return respectively $X.XX, decrease XXXX be strong nonrecurring expense and the first pretax quarter these included
earnings we financial moving to see participated First activity As refund additional for from the parts the advance tax can you new in lending results release, which some added quarter. Century's the
activity included income interest income that for fee GAAP the we that classified for accounting related First net relatively a impact than purposes, by fees remove paid program as If provision $XXX,XXX. this the are increased Century, which you results net was our servicing and loan from losses and immaterial less
profitability balance quarter. maximize had in was Our to advance to provide sheet and to our to lending thousands that during they of intent partner loans but not in the tax for originated funding efficient rather participating the access ensure refund the business support
the quarter the gain balances as $XXX,XXX. owner-occupied financing in XX, PPP sold in finance, covered sale public $XX and X.XX% real fourth for from tenant consumer This were in the with end from well seasoned prepayments some of a of loans the Slide average at that of offset estate activity of portfolios. the and billion, loan loans million Looking X.X% at lending down gross care lending highlights growth commercial the net as from repayment decrease included of were to and XXXX. was first $X.X X; including perspective, Also lending. our of construction slight which slightly down finance, finance a payoffs small was lease business coupon loans, a weighted March the and approximately sales by at the contributing single David health quarter franchise total quarter
and X. the to the in end quarter fourth Overall on see deposit we modestly of of our up deposits were the to deposit continued on base. from improvement Moving composition Slide balances
X.XX% in a of by non-maturity quarter, pursuant a of primarily $XXX with rate contractual to the approximately fixed During to relationship. and years million million, a five term $XXX.X deposits increased customer due new deposits
were of discussed the In $XX.X points cost banking-as-a-service either interest-bearing deposits or we the higher points. cost a maturities replaced basis deposit $XX sheet total, million trend, costs. X.X% as basis cost declined funded Additionally, deposit the or XX lower and deposits and liquidity earlier, much deposits quarter downward by CD their CDs million as with of continued on with during brokered generated balance of decreasing during quarter. X new at David brokered
X.XX% equivalent in quarter, loans fees. $XX.X $X.X the primarily or X. linked Turning to due the compared X basis X.XX% XX assets and on to to fourth was advance Net On points increase fourth from taxable million, up in interest-earning of of loan quarter. partially refund net $X.X million increase points fully offset the a contributed interest Slide $X.X recognition by of X.X% income or million, which quarter X.X% income XX basis loan to the improved lower in average the tax yields, from first to the significantly an yield million income for was The million quarter up from interest quarter. basis, the $XX.X
basis quarter, we interest basis addition, a an X.XX% to fourth taxable mostly first in activity from In interest to quarter increase related increase mortgage-backed in X.XX% of the securities portfolio. on equivalent securities quarter. the margin point XX a basis first points yield for a experienced the margin of the X.X% in points for X.XX% XX We the Fully decrease prepayment in from in also net increased XX net quarter. fourth the recorded
improvement loan As point driven of from basis lower income you from mostly due can impact see basis contribution point XX offset by advance by of on refund loans, Slide tax loans, primarily a partially X, to XX the fees. the was
further deposit experienced costs benefit of in points, basis our security of portfolio which which provided In lower points. a well a higher as X addition, X basis provided yields as benefit we
taxable margin quarter decline but was Excluding was was forecast. net a tax our the from X.XX% X the on of fully advance equivalent income the which point the loans, refund basis from end prior higher interest
a high fourth interest of the translated we reminder, quarter net margin fairly received expansion saw a last quarter. in fees As strong we which prepayment amount into the
on deploy we into yield loan of ahead liquidity and for revert assets quarter on second the XXXX to in interest-earning consumer sheet but this in fourth closer steadily remainder to year, the as balance the Looking of growth. results expect we quarter commercial our increase our
XXXX. relatively remain stable deposits, terms most deposit of we of for expect to In cost
significant the don't impact term. the in increases believe market we balance Given rates liquidity industry, have a our near interest on pricing on deposit will in sheet significant across the
$XXX acquisition. relationship with banking-as-a-service Century the approximately cost bringing $XXX in provided expect be end. grow new to on the balance Bancorp of to be also will through sheet following close low range that in deposits million to additional of the the Furthermore, platform. of to balance that continue And the First million regard deposit we We $XX deposits, opportunities banking-as-a-service explore million and year by the we
the totaled revenues due sale the the for for of locks, and Gain of quarter X. mentioned loans. in to activities loans as quarter, and of Turning interest loans on sold $XXX,XXX sale $X.X on Noninterest quarter. the from quarter, up was rate to The lower $XXX,XXX income was revenue million, quarter in loan million banking tenant a SBA for the on well result gains $X.X fourth margins. prior decrease single gain $X.X of million lease from the and million a the decrease of $X.X $X.X the financing from mortgage Slide from decrease as in a sale noninterest million volume included of down banking on loans totaled earlier. gain on income down Mortgage the sale fourth quarter
the rapid mortgage With the for supply mortgage for new mortgage rise full million our are the gain we sale to for across of of sale outlook million SBA remainder $XX.X $XX.X major range given continue homes range existing to markets. to the revising We for ongoing limited revenue now XXXX. most in revenue, the million to of year. that on revenue year the the and expect be $X to and rates $X of in be for to We in million regard forecast year the
decrease by fees nonrecurring Moving by expense consulting $XX.X servicing which to earlier premises fees due primarily to other quarter in primarily with The of in the partially new by termination $XXX,XXX by lower and to The The related mainly acquisition divisions fee from in $X.X partially Salaries premises IT $XXX,XXX and in quarter the the third-party increase million. medical is loan due partially to increase came in quarter. totaled associated was loan our fourth claims to fees, and advance consulting offset for higher to and lower fees. equipment primarily corporate fees related refund headquarters, mentioned expenses, the resets. and increase partially equipment than Slide X. business fourth consulting offset driven employee of professional expenses, first related review expected and higher mortgage offset employee small expenses loans increase professional costs that primarily tax and loan employee in lending the incurred banking the the I million compensation and by The Noninterest expense, and expense expense, a benefits. benefit due benefits annual salaries $XXX,XXX. was to in was $XXX,XXX lower lower offset incentive and due was costs
quality asset Slide XX. to turn let's on Now,
the and As David during to mentioned quarter earlier, ratios asset strong credit as nonperforming loans nonperforming quality was continued again decline.
Our loan in offs charge on advance relatively were first offs basis the points. modest basis both resulting but by of refund quarter, and for loans tax net offs recognized impacted also reported losses to during were charge $XXX,XXX net approximately Net X provision charge lending. were average a of
This fourth was during provision in XX the net the recoveries for that David quarter. of linked were as by recognized points. loan of first average charge refund a partially was of to recoveries million was million for compared of $XXX,XXX the in quarter benefit million adjustments by increased $X.X The quarter, extent basis advance a loans, Excluding that to related a the $XXX,XXX earlier. of provision first which factors change The loans percentage the the lesser to totaled losses refund to to overall to $X.X driven related advance $X.X loans. net quarter net $X.X qualitative million recovery offs tax resulting loans allowance and offset mentioned tax
$X.X the basis Slide quarter of a capital the as respect benefit company on overall percentage allowance a which end first quarter. first levels for loans, at million our X Excluding was fourth recognized both increase to solid remained With represents capital, loans the of advance points for quarter. the point at and XX basis losses from to company the related the loan provision shown total the of The tax the a refund bank. XX, as
rates as arising net common earned accumulated ratio from loss by fair cash portfolio the in was increase the to the partially assets primarily This as decline offset XX down available-for-sale tangible well comprehensive due decreased as an This the the value an other fourth value during to Our equity from basis the the stock a rapid in of points was rate resulting modestly rise repurchase quarter. as well in in quarter increase of to securities tangible interest from classified interest activity. income flow hedges. as X.XX%, swaps
a value tangible from share year As result, one than fourth book the which quarter in XX% decreased slightly ago. $XX.XX approximately down $XX.XX, higher was per to
share. quarter, common have repurchase through an average of we purchased share $XX.XX first program. Furthermore, at our an cycle. price of rate And our XX; part to we of at shares at quarter, fourth of of tightening average than an million. authorized March Slide positioned have second were $XX in $XX.XX XXX,XXX the price stock are better In of so of at per shares a the rate quarter in far per XXXX, repurchased an for we of environment last During XX,XXX authorization beginning total have Including much the $XX.XX $XX,XXX,XXX XXX,XXX repurchased shares turning feel repurchased of repurchased the we the average share the shares under as total, stock rising we XX. additional stock price we per we
lending stability income the expected is focus another short-duration added diversity our through Furthermore, have our SBA can the we the I and seen loans, has SBA expect percentage onboard interest we banking-as-a-service from and initiatives be Over of take your rate well will for and as only we deposits last and success will while turn composition investment yielding highs in increased and to Overall, quarter also to greater which improved we future few we several better we providing both periods. get questions. banking-as-a-service grow. years, in the so to lending. higher fintechs the pull diversified we position non-maturity notably back it revenue further We've variable regardless have believe noninterest quarters, of had environment. partnerships, solid that, historic over deposit on our will ourselves a With larger rate back last with continue mortgage which to operator fintech our construction as
