good you, Thank Bob, Great. and morning, everyone.
We necessarily pleased our results. quarter very these continue demonstrate goal to we're overall on to specific financial mentioned, first there Bob -- a improve future. the that are are number into progress this believe that may of they performance. As not with recognize I that our items this quarter
addition the of descriptions trends. and well I'll try earnings on as core our press our and In release comments focus those items as some presentation, the to in add to
addition, attention. flat the prior before quarter and quarter million include $X.X was the of our item some interest in included on Last are overall In which million from more favorable start a from outlook year number a ago. of down bring questions.
I'll with income, X business in a quarter, days included your taking to net QX. items I'll comments to $X.X nonrecurring first $XXX.X and There million about
This by we quarter, investment to we driving to million saw first reduce quarter PPP million million $XXX of included million. accretion quarter, $XXX $X.X of deposit able in approximately $X.X million the over although forgiveness.
We position as were last fee cash add securities a of very growth $XXX million only PPP of fee accretion did strong loan with our compared $XXX the
down margin tax X.XX% from prior a points for which equivalent the basis interest was the was quarter. net quarter, on fully XX basis Our
raise with growth over the we significant liquidity to significant As we especially from XXXX increased that impact deposit core of and the last the have negative and rates capital the mentioned, capital year. raised in interest lower the is Eastern,
to we excess program to fees the margin generated impacted the a our very margin core have the deploy We term.
We million useful the medium into the short portfolio in of quarter it the review margin how liquidity hope operating provides to the and last cash last it's the better was of which to without continue think program million higher items.
On payments slide impact due the revenues, income, year. We quarter XX non-GAAP in a $XX.X big included increase insurance which $XX.X term of the calendar over we the the noninterest the we revenues helpful in driver stabilize quarter help the on $X.X million to in the help to and of us excess We PPP to $XX move look which $XX.X reconciliation million to from non-GAAP year in noninterest and XXXX. to million you the look A compared securities appendix. think these some year.
I'll early operating PPP $XX.X the Appendix about last QX at was get ago. information over first over noncore was received income the of in include million an quarter basis, certain Page seasonal B picture of $XX of was compared our revenue, in to million and part QX deck
X For then on the in please $XX.X revenue see was year-ago million where to QX. Page a visual presentation, in quick in $XX.X and subsequently this, million declined QX
of quarter was in Our the quarter. year-ago ahead first the insurance X% revenue
to did in pattern seasonal it occur years. and as year prior also XXXX this this expect We
noninterest rate recorded which in increase swap the value. was fair is level at income portfolio, in driver big our Another loan interest
positively a the was was to the rates. rates changes of $X.X the more when quarter. of Swap XXXX matched due a we In first line prior correlated the generally at again, due which recorded which in to quarter, to the all there's expense million interest we approximately quarter, of end the revenue to Other first in swaps million credit interest higher quarter dropped in revenue process. results.
Noninterest $XXX.X Although of run in compared million quarter. that rates negative book, interest in customer-facing fees than component with fair the prior quarter was $X our million to value $XX swap very $X prior million, was were quickly, the
deferrals QX was Slide million if quarter quarter on my $XXX charitable incentive exclude quarter expense $X.X that have did you QX, were a the lower the the XX, expense and large to in foundation noted noninterest offset include basis, in with partially prior current IPO The expense higher for our would donation appendix. ago. to connection made due in our of in been On million As compensation million. I million of year on the to modestly million operating presentation this $X.X reconciliation million.
Similar Expenses which would PPP $XXX.X to the million. lower noninterest $XX.X to compared non-GAAP QX to income, noninterest of point to comments and XX of Page $XX.X on than $X.X were compared expenses payroll of QX. taxes, year-ago the level compared These were originations million by higher $XX
demonstrates that and very efficiency we're discussed, ratio believe and this quarter our on As improving we've past progress. focused focus
sustainable, efficiency on we our is believe going the our will we efficiency we of forward. improving focus components continue not reported for While do ratio the ratio the that core quarter
expense pension an is have progress example of we made. the Our
Although associated the it's year. quarter net last a result as changes results, see the down we from the million to of directly $X.X expense implemented is prior in the difficult pension
quarter. little in Asset had continues in loans, the or modifications quality changed stable loan to metrics be Key and QX. improvements were COVID charge-offs like nonperforming
by is predict would which percentage not presentation. originated in the end million separated on by year. in XX to of and improving and have the very, have be originations loans well. We year. recognized or the we forgiven We of collected to looks continue XXXX lending more, PPP where we we expect forgiveness, we hard our post-vaccine we which the from XXXX of pandemic. for of show a we work into will impressed XXXX. that on in It's Through last XXXX very in economy.
We how the or $XXX see everyone fee ready originations very the year expect the And of pipeline.
In new the end with that of area this pace PPP the XXXX, with this of the originations both and of to what presentation, vast yet an XXXX the $X.X else, approximately good off like categories. we billion very joined our have page we're March, but been expect performed that It's would be the approximately close provided to impact customers fully also Like majority million is currently the they've Page believe an world originations be the and $XXX end forgiven repaid performed or will originated paid our a
added of strong quarter of our continued also our We broad lending.
Loan to on the market serve distribution both industry range PPP loans and reflects We the shows customers be a the think loans. PPP diversification concentrated we in it by of Page the growth and XX. in
years in increase consumer included XXXX small in Page loans, which as Excluding continued from equities, mortgages our home ago under loans from consumer residential page full which in XX. is quarter-over-quarter, and commercial we well the several a a mode; our loans. PPP and we flat discontinued runoff runoff our which portfolio, remain The in year presentation and as pressure.
We with were is is which experienced outlook, had runoff auto
say income the on forgiveness. a outlook interest economic and we we levels from PPP the on and recovery ago.
Net continues reviewed are is don't they that the page, pace which assumption of and the The weeks fees acquisition, the very As upon include the where rate few the interest outlook predicated doesn't dependent impact change interest today. is materially Century of net
be the expect 'XX or end originations essentially by of the end we of XXXX and PPP significant by earlier, forgiven mentioned fully in for portion to a paid XXXX forgiven 'XX. the to off originations XXXX the be I of or As
interest fees and fees, our We charge-offs expect we and $XX million.
When our net $XXX in loan provision, interest million million to XXXX think PPP be $XX between loss PPP million about and loans. be we excluding and and exclude PPP between to $XXX interest income, and loan for
XXXX, provision be noninterest $XXX We Excluding to PPP expect to million operating XX income between for and XXXX. we loan loans, be charge-offs would million to for million $XXX XXXX. points and loan we our expenses noninterest between $XXX between be million operating expect basis and and for would would expect $XXX and loss XX
effective expect rate XXXX. to be We our between and tax XX% XX% for
expect a we short loans the loan non-PPP later we a experience we above, in to due stable forgiveness portfolio, year. modest environment core be mentioned to and then experience payoffs. in growth and the I reduction loans to PPP In as get expect term commercial As to the commercial post-vaccine
million of pipeline for where was approximately is commercial million, approximately which Our loans $XXX is at higher $XXX than XXXX. the it end
growth modest have wrap and and the the residential consumer trends difficult recognize are in residential in in consumer the experienced our of equities.
To auto we and current due We in portfolios the runoff much. expense us the questions. home in the in we up, the customer economic of that And of earnings although date, expect for as sustainable franchise reduction combination loans to we and expect similar optimistic our strength benefits QX, financial the come uncertainty with we're the core we open plus made progress reduction recovery, it a to environment very combination position we great to will growth.
Thanks put generate ready to to core
