reviewing will operations, with On results quarter. appreciate rapid and in its first your of given today's COVID-XX on City an everyone. overview accomplishments Thank you, call, and time We before our York Drew. attention New And the impact and our spread the of morning today. start I good
thanking our over this detail. turn are tirelessly efforts extraordinary customers like employees remains then running by worked employees during have the operations our our the call uninterrupted. in more and priority. for bank's discuss and of customers communities challenging to top I'd financial smoothly They to first-quarter The safety to our support to results to their start will ensure our Drew is that time. I our and
all I share ourselves the also meetings. for Italy, beginning of to brief in was in story want to been crisis. where with attending I in pandemic you the we in February a a travel conference I door uncontrollably found bank how had COVID to of as the Switzerland flare scheduled was
trip time at right and held place City, I truly wrong York my the eyes being to knew a say, risk needed management the only and to the our in our I the that pandemic believed This in of place of particular. York the crisis shut-in back not my around New was I headed York as U.S., plan was but for team into as my cancelled New imminent. Needless the proximity put that to it case to to opened New pandemic
XXX% almost new move a our implemented and normal. of quickly from middle crisis team environment have the to this March to to home Our we plans adapted to work by employees of
has and staff run their continue checking I'm that is operations direct our I'm new report daily smoothly to to our reports that seamlessly making with pleased also are managers ensure to very transactions good, have loans. Our and handling founding model their beat. years and a efforts to the and Since our shaped had almost we greater we missed which have of not values. business the a commitment XXX proud ago, very our
and unchartered our community its in mission find these and to influence leadership while unprecedented unchanged using society an we include guide make we decisions they the we to help financial ourselves believe navigate as customers, that its a that are And its team our waters. We continue institution and environment, money move should forward. and mission and senior values resources,
operations we in areas foremost, seen remain bank's other and an have branch the committed First that activity. to staff employees, having increase the of repositioned to
and to committed plans off have health of uncertain this are employees no the financial We physical, our and time. emotional our lay team during to
healthcare to We on that also to efforts direct remain workers the assistance are name I'm to laundry very pleased and grocery and amazed need. those Frontline committed foodservice Fund, and Workers service retail our a this for we few. our create the able those workers, community just and thankful cleaning workers, frontlines crisis that of workers, I'm to the offers in and workers, which were nurses battling in workers, hospitals
deeper launched also whose has with goal partnership resources is the order and vulnerable in of a initial in provide striving families of country. sinking and fund of million foundations, the Families goal is working $XX to financial months into to initial the provide We families poverty consortium of the to this and $X.X levels This to to reach during across from flexible Workers prevent million workers pandemic. funding to organizations Fund commitment
be base, deposit the banking When has the strategic appointed was and instilling sources low-cost assets CEO and I of across talented profit not six recruiting has transformation growing in stable, XXXX, last funding. the designed to disciplined quality our base. to unlock would improving the possible potential led executives a a of our both Amalgamated expense without plan a culture team included which years. this the customer of of broad our bank, that All the industry, undergone undertook from in This
reduced our closed have footprint. and also We some lines unprofitable business significantly brand
credit credit our strong tilled re-ins loan in have culture, which we importantly, portfolio. of performance has resulted disciplined a Most
comprehensive two process, and run grateful C&I to significantly over current risk our our backdrop. our management given the the part off decision we indirect for portfolio sheet credit years, of very made I'm As balance which de-risked market the last
our first-quarter is in to a results in the on seen the well and a confidence with ability strong weather underwritten base which can Today footing as provides capital portfolio storm. financial be bank loan firm our and
first, we quarter, of income compares reported quarter. the million, first pre-tax $XX.X pre-provision to in which million $XX.X the XXXX fourth For
to as fourth XXXX. million compared We deposits XX% or of the grew average by quarter annualized $XXX
Our cost from ending and of down of in non-interest basis XX% XX deposits bearing XX QX points basis deposits. deposits points, were was
margin XXXX quarter. net points Our expanded the three interest fourth from X.XX% basis to
efficiency more XX.XX% Importantly remain and ratio to as we capitalized our Drew common ratio well XX.XX% improved at in X with Tier will a discuss equity detail.
dollars $X.X $X due recorded of We driven in and to million, expense million of portfolio largely a impact our C&I provision indirect primarily factors, $X.X qualitative both million the by COVID-XX. in
to this time due with are We are portfolio period. them working proactively our industries for more in help watching through us our and challenging carefully borrowers on loan payment
severe to primarily and While It to confident provision believe higher, remain are to credit an strong our go well our we we that emphasize in core even important are expect our customers. more credit handle we customers, not unions non-profits is recession. culture and capitalized
on their are us deposit the primarily in with of customers These bank. relationships the side
is though based are and Additionally, headquartered in credit we more based our broad New City, geographically. exposure York
reducing also handle ensure fabric we not expenses have an underlying our to been extended to We positioned well of remain business. aggressively while sacrificing downturn, the
at non-essential canceling in a some deposit resources been April, most the improving focus and specifically shifting branch back unnecessary operations hiring beginning freeze initiating center projects, reducing level, call on services. has cutting internally, on expense, Our
values to equity our on expect these impact of steps We revenue. the lower mitigate help interest market in
executing will out in have the necessary team position go-forward an place that competitive costs not basis. the or business operational is adjustments that We of on on taking affect our a experienced capabilities
financial we and Looking noninterest initiative managing bank. forward office opportunistically forward, that with flexibility expense to of maintain the future commercial our moved ensure and have in is our understand success is long-term the growth uncertain, opening our we that the of we are the banking Boston. One
in the office head office has Mark have over and we delay experience gradual and oversee we of of our brings announce to the bank to pandemic Angeles exist, a wealth that be in I'm Los normalize. begins Boston opening shelter-in-place will environment the and of starting the knowledge see area, expect years as orders new the to to non-profit until to that Given pleased ramp and a the also Boston acquisition, XX more client the to office Mark a [Walsh] we already really political are that our local continue to and the leader of we hired team. sectors
share with our dividend our yesterday priorities, a of quarter. have the to allocation capital our we each That announced share. per of for we our given uncertain buyback, directors economic suspended Turning board evaluate environment, second dividend will $X.XX we said, quarter and
this managing business our economy we to adapt environment. watching to are and new Additionally, closely aggressively the
While been a have M&A on recovery. remain bank, the clarity sidelines the we will for on driver we growth until the the has
normalize. to themselves mission-aligned accomplishments and economy takes I'm positioning our of opportunities have look proud far of hold and very as XXXX. we capital, in we represent advantage initiatives to achieved recovery begins the Given take that thus also and that our a would
Social provides April Responsibility on Of XXth, of strategies, overview note, we Report our launched which initiatives. a CSR our and policies, comprehensive Corporate
the responsible report pleased build our CSR country reputation to being the ESG our with positioning as score on we COVID-XX. America's overview our world, of spread doing and and XX. Corporation all provides day. initiatives to wonderful from are Our every B A, recognized, our as that Amalgamated very from conclude, pleased efforts and Certified the results continue that our good to our MSCI first-quarter together I'm works of of portfolio, improved I'm defeat score bank a in raised the very as to to BBB is XXX socially the we To and the see loan
the to to eight we the uncertainty. mission with see worked our people, normalize. we'll the that advantage we continue We weather possible. capitalized tirelessly when And and mission, of period over first, remain will to who customers In this opportunities this exist weeks through. and have well of our them begins thank together, put to storm take economy work through successfully would I line last and like clients, we of will our all believe and employees make again, with our
detailed results. So our the now a review turn over financial I'd for call Drew of more to to like
