like morning I our you sheet this highlights Thank good will Miller of start discussing and everyone. by to quarter. balance the
production asset in this by a as of quarter this total On the X.X% decline, to XX, ended driven the were the by increase loan due X.X%. slowdown increased X.X%. loans COVID-XX. XXXX, from asset investments as December the well side, This in seasonality total a offset total decreased resulted previous To quarter primarily
mentioned, was solid were up X.X% the quarter this As deposit deposits to compared quarter. Miller our and previous our funding
pace total X.X% declined deposits driven sales the the of customers X.X% to all engagement slow deposits, domestic market, in saw as relationship over the to which company's Due international Venezuela While increased capture with decline due in living money prior we challenged, and conditions acceleration quarter in of and down. deposits efforts. mainly rose was the well of the higher international CDs the remain increase as decline from as
XX, XXXX. from down are deposits December brokered X.X% Lastly,
the by X.X% to to equity quarter $X.X compared XXXX. the XXXX X% or Stockholders' $XX.X million and quarter of million of increased compared first fourth or
available contributed quarter. higher securities our largest income valuations rates interest net this continued the of to market decline While increases, debt for sale to was these as driver
nine, Turning portfolio. investment to our slide
the securities $X.X last period same quarter, XXXX year. of On the of we first mortgage-related quarter, this the duration our see billion expected levels on balance duration at this assets. to billion billion and In increased portfolio the changing from of rate the by of accelerated of the low $X.X $X.X in offset quarter fourth this, favorable to end continue from part interest portions To certain rebalanced given we speeds prepayment environment. longer the of
Additionally, portion we expected investment to to do securities our interest decline continue the this of floating quarter continued and so are in to rates rate future. decrease as
Floating in expected this levels of rate as the the of investments the from portfolio investment the quarter years our of XX.X% from end quarter. down three XXXX. down in of X.X of mortgage portfolio our to years prepayments of drove XX.X% higher year XXXX, quarter ago effective comprised first duration investment March The
purchase We securities investment protection. as towards higher-yield, in continue our months to the longer well to coming focus duration portfolio investments leveraging as with prepayment on opportunities shifting
our XX, portfolio. slide to Turning loan
During close the at and XXXX million December $X.X lower decreased X.X% XX, first or C&I due to to CRE portfolios. to billion loans compared quarter, loan $XX
COVID-XX. partially slowdown was this the business the earlier, with mentioned in Nevertheless, million. compounded production we the experienced offset market I to loan due of in by $XX growth quarter-over-quarter decrease As normal seasonality Texas
high-yield purchased This quarter, million we consumer $XX indirect in loans.
this from by relationship continue as prior million relationships to the COVID-XX quarter approximately production totaled we core $XXX were to year loan in million and quarter businesses ago grow offset environment. period efforts $XXX the million in $XXX Total strategic compared our
portfolio XX% strategy of profitability foreign year, broader lower our to domestic SNCs non-relationship total loans loans loan line now the prioritize of core with our in Amerant's relationships. FI runoff comprise risk last Following from completed and higher-yielding,
a is environment. driven by impact current reflecting in Turning XXXX, provision recorded and to million environment the the XXXX. result losses loan comparable the We provision slide us as multiple in estimated across of provision of believe mainly provisions a to for quarter that of XX. no to of $X.X $XX The of a provide sectors. challenging of million due the losses release coverage fourth deterioration the We first of ratio macroeconomic in quarter with the in first during compared XXXX quarter increase recorded COVID-XX the
specific relationship $X.X Additionally, of reserves additional disclosed allocated commercial the a borrower multiple increase in a the and in Florida provision also quarter smaller to wholesale charge-offs to $X in previous million South of multi-loan reserves cover includes million loans.
for allowance prior loan XX compared total quarter. loans of ratio basis to increased points to Our losses the
fourth Next, remained XXXX. million period, million ago to assets $XX.X was first up up end quarter-over-quarter assets XX and points the basis of from million quarter quarter non-performing The of assets by total driven million ratio at charge-offs non-performing paydowns. year stable, just compared $X.X the non-performing of the new the totaling $X.X was of points end to XX change in $XX.X on the uptick and offset XXXX. first and at by from XXXX of basis up The marginal quarter loans
loans upgrade for to of million to million of million, the mainly to of three commercial quarter, one million was loans mention Additionally, loans paydown by totaling commercial pass, of decreased loan one special the two commercial million the owner $X period. The about the $X.X $X.X pass. three the mention upgrade offset and upgrade about $X.X downgrade of downgrade loan during loans the of pass, during CRE $X.X decrease of to of special to to of occupied $X.X substandard the about million commercial for $XX.X the million due one
anticipated to the credit all on just which last charges our quarter, charge-offs related card card this reserved. already $X.X was million up product that of October, Following realized we credit discontinued of and were
our loan customers accordance Miller in COVID-XX guidance. the first mentioned, with to payment options and offering began as of as Amerant the quarter in relief result a impact Finally, regulatory
options manner. effective quality mitigation as proactively pursue loss identify order monitoring have are timely industry proactively and market strong tools continue While Despite mitigation reserve efforts early Amerant's relief coverage loan in accordingly. to original to we employ those assets credit remediation will any begun already and we we efforts, a trends we with to are monitor negative our actively environment working challenging loans in the remains facing, and activated
our lower Turning decline XXXX, yield that rates slowdown fourth loan compared and basis penalties the decreased to to slide early driven in XX, of payment you XX by see in the subsequent this activity, for quarter prepayment can interest quarter point collected. resulting
at of market our higher Additionally, yield overall This the expected offset the by also point portfolio, and securities purchases of decrease investment duration as seven in as speeds was declined rates of floating quarter-over-quarter. longer basis repricing as higher-yielding securities reinvestment partially assets a result lower such well bonds. prepayment corporate
XX, to around funding slide provide at I wholesale wanted color strategies. Amerant's Looking some
Federal lower modified advances against rate at we continue We of prevailing number significantly, than proactively longer margin in Loan we interest duration Most from through interest successfully we sensitivity fixed-rate in advances decline the with $XXX advantage fixed-rate replaced maturities advances early cost. lower actions. as and replace FHLB in April, first these to to environment interest about take both million and In advances a continue rates. prepayments rate environment and net manage of Home at Bank quarter, minimize the effectively
result and in a points going generate lower savings This of basis on cost this XX forward will annual portfolio. effective
to of realize We $X.X million the cost XXXX. associated for an reminder savings of expect
Additionally, to quarter, higher partially brokered we at our of funding reduce lowered rate. cost market maturing CDs lower cost the brokered a rate by deposits this our replacing
structures using our that wholesale as We durations funding cost needed. advantageous bring similar with will or utilize continue strategies to down
on slide to Moving XX.
of foreign the $X.X declines first deposits were quarter deposits. and by and last X.X% money $X.X securing offset growth, relationship total was additional domestic efforts. the at more XXXX. the deposits XXXX, results up in positive market X.X% than strong cross-selling driven increase from our This Looking driven which Domestic CDs billion from of at the online up end the deposits, quarter-over-quarter billion, quarter by approximately were of in quarter first
compared million fourth that in like to of slowed. see while use $XX would to customers continued year, U.S. quarter, we of I than foreign deposits growth fund the $XX million pace first resulted more increase growth And expenses, to to dollar encouraged the in XXXX. living as note first an XX% in Venezuelan quarter these deposits decline deposit the in continue have the of CDs were declined of that the to their representing quarter online of
first These attributed of fourth improvements, decline the which represent relationships is efforts to or to change increased annualized present which cross-selling other as services. In to better continued services, which delivered compared the on executed and with increase quarter X.X% such quarter. products banking of and the engagement potential X.X% deposits, and minus domestic a basis launched XXXX expansion we an existing last company's sales on strategy, and for customers strength and higher Amerant's previously products transfer our opportunities stated growth quarter, and to Zelle
deposit of have to in resulted the XX% XX% international up efforts deposits. continued Our end of deposits, at and XX% from XXXX mix a domestic
mix The our three interest-bearing points CDs, basis continues in the deposit the also quarter from of slower market decline repricing products. tiered of deposits While money relationship due and to containing of fourth to deposits international proactive mainly cost cost. to XXXX, shift, was contributed down
slide items. to for the in P&L XX Turning
average first the of penalties, XXXX. of $XX.X lower The the net decrease down interest quarter balances. quarter quarter from from deposits income by in prepayment higher XXXX average fourth driven down was XXXX The quarter-over-quarter time was of volumes X% first and XX.X% and million, lower
to Additionally, variable-rate rate the following XX, contributed lower lower emergency income. in interest and the Reserve's company's repriced line loans Federal on X March cuts rates with market which
and strategic customer partially and replacing SNCs market We runoff Reserve FI of the XXXX have rate quarters lower emergency times just maturing first benchmark the rate discussed and previously, The deposits a of deposits, cuts XXXX, at FHLB neutralized CDs. three earning lower maturities decreased assets and two the and three and proactively which Federal by increase replacing finally decrease the brokered rates rate. it lower higher repricing as was at yields by advances higher explained prepayments non-relationship this cost and I driven year-over-year foreign we during loans during via
The was the points from quarter quarter the first of basis decrease X.XX%, XXXX. prior to for compared net basis XXXX margin of the and a first nine of interest XX quarter points
net also ahead, as continue international interest and pressured, due our of to COVId-XX. factor. margin result run-off Looking the low current low-cost a net income rate environment continued interest deposits our to that contributing will be largely anticipate interest of we The be a will
worked are one, redeemed top Especially these and annual said, in commercial and online of million brokered opportunities including reducing proactive which portfolio. maturities done, points cut modify investments six, $XX and challenges. later. previously, preferred lower-cost discuss enhance lower-cost in in for tiered this for time we And pricing That for funding, funding to being reduce resulting Two, leverage in CDs. mentioned $X.X I accounts on asset and Four, CDs higher have cost deposit to proactively of money sensitivity, $XXX managing And rates on on I fixed Three, XX focused as to deposits. advances, brokered alternative rate demand for will market balances we as deposits, basis relationship trust FHLB customers. relationship securities, million. about savings depth five, yield million
environment. confident the to actions We navigate will us are current these help through
quarter to the up income turning first XX. was XX.X% quarter-over-quarter Now and $XX.X up million, year-over-year. XX.X% slide in Non-interest
higher bonds XX-year to mitigate customers. order speeds million in to sale replace in with sold million driven derivatives in prepayment additional income longer net of First expected the duration the from gain $X.X treasury quarter on to was non-interest securities to by largely income $X.X them
FHLB fees the had advances quarter XXXX partnership new in AMEX. credit million the Additionally, resulting from in quarter annual of early card benefits our referral from of $X.X this we with fourth costs and termination absence
the transfer non-interest attributable offset on the wire of gain was to derivative said customer was quarter. income addition to activity fees advisory securities compared quarter first this, and to driven by meaningful of the quarter the first in by Having partially of increase to the million in decline The mainly implementation year-over-year due XX.X% increase sale in in absence one-time lower the Zelle, in lower fees, income previous XXXX. of brokerage the a gain land we of had the XX.X% treasury and
the fees activity $XXX in was market advisory of customer allocation of volatility. in trading global increase the decreased billion lower resulting management $X.XX services result the first This higher an in of decrease a offset million of new market approximately to captured reflects improved following and COVID-XX net and first custody in This quarter assets. under XXXX under XXXX. driven our from from quarter $X.XX Amerant's assets assets million management $XX in the valuation by crisis billion partially we
to on Moving XX. slide
was quarter non-interest down down The year-over-year. XX.X% quarter-over-quarter $XX.X million, expense and first XX.X%
compensation $X.X This as our restricted expense changes from of in quarter-over-quarter and decrease from salaries amortization the to programs and stock to resulting comprehensively benefits is largely variable compensation due practices XXXX million continue related lower grant. the review to to various a total decline employee IPO we employee
just and was professional benefits to Additionally, I costs last to salary we mainly we of of decrease incurred absence compensation. due other fees, be mentioned have and based expenses year. related legal addition that the The year-over-year lower amortization a factor directors rebranding a in to in decline result
to Turning XX. slide
efforts adjusted mobile the move in Restructuring quarter banking the expenses we majority the in of spoke the beginning non-interest costs digital our the we quarter of in presentation. down with due million, quarter-over-quarter transformation realignment of first loan expenses incurred a several prior related and expenses and was platforms. technological million, In as our had down about XX.X% this restructuring we well the XX.X% We associated of year-over-year the forward and at First and primarily as to as which this staff efforts. basis absence quarter, transformation $X.X XX.X% expenses year-over-year. origination to year's $XX.X implementation transformation online CRM rebranding decreased of first
have response quarter have any our not X.X% to we in by first changes made staffing COVID-XX. staff since we reduced the XXXX, While of
to slide Moving on XX.
rate throughout our within floating or said quarters and half to a interest as loan this year. rate over matures As is sensitive continues prior have we call, structures in Amerant portfolio of be to
working low we sold prepayment to the approximately securities rate other higher hard the interest protection prepayments previously mitigate in I mortgage-related in $XXX managing off are and current treasury the first actively and reduce purchased order to XX-year In treasuries, securities on Our improve of and to expected environment million with this we sensitivity and with in mentioned, investment line NIM. asset our XX-year CMOs the is portfolio securities. as team quarter,
Now I back our to will prepared hand to it remarks. Millar over conclude
