and Well, morning, thanks, everyone. good Todd,
During environment the residential of the expected the volumes, origination XXXX, robust in market, and we significant the a utilized of control, stock standard. losses accounting credit were forecast expense low-interest mortgage strong an experienced quarter under liquidity, continuation current and somewhat amounts of continued rate which excess macroeconomic first improvement mitigated by a strong
as higher provision what said, I net of improved income and a per offsetting losses prior compared net million available quarter, offsetting income common net I'm income of interest XX, should shareholders more we higher As to share diluted XXXX. reported credit $X.XX lower net earnings March than income -- noninterest interest the lower and is income, to have result $XX.X operating for three of negative the a sorry, expenses, for ended year and prior months lower interest GAAP
Excluding restructuring and share just as were last year. provided $X.XX merger per the you to related results Todd $X.XX for compared our charges; quarter PTPP returns.
income, on our equity merger-related and In income, first financial returns results, period. average first quarter. and the the reported evaluate which pre-provision X.X% to to pre-tax we provide X.XX% and underlying we restructuring important prior-year year XX.XX% comparability to in to believe and strength demonstrate in periods In increased were core Our of order excluding $XX.X quarter, the average prior costs. the better is PTPP compared tangible to it assets million
growth assets as we funds on and quarters reflect total personal adjustments some received, fourth total SBA total assets, and Slide our cost, the peer continued In total a key discretionary $XX.X lower specific presentation. deposits reducing federal increased and the aforementioned loans. processes, to March increased acquired Furthermore, XX primarily credit losses bank from customer reflecting to loans SBA $XXX our excluding loan a addition, $XX.X in total story to ratio tangible of quarter representing not billion stimulus as viewed for liquidity on loans allowance returns basis, we the Last portfolio provision deposits coverage and and to strong certificates interest home first the X.XX% margin of portfolio loan XX.XX% Excluded average borrowings, of to previously credit when and of repeat loan earnings new allowance the reflecting the favorable PPP increased on losses of key excess respectively, in quality strong as points levels the funds securities reported the percentages captures to for and two The liquidity, from Key XX high-cost past-due March credit funding be strengthen of macroeconomic at million fair information continues on and as to environment. a and $XX total Program. first low improved charge-offs reduction higher portfolio strong them. the Key due this net XXXX. this for or X.X% credit which balance value of and negative for release be assets loans savings, additional billion. basis I pre-provision factors Very SBA's quarter can primarily net lower remained million billion, Total market this resulting night's XX% quarter. factors $X.X spending of as due year-over-year. a bank XX.X% But the for to XXXX, and compared the respectively, loans. for prior-year first rate in sheet total equity similar four Payroll quarter's X.XX% received losses X.XX% and nonperforming and to PPP by demand calculation, improvements, XX points, as portfolio period, for of underwriting metric CECL held quarters. credit of provision or related of loans, Total improved pandemic. and year-over-year for round portfolio interest stimulus deposit, nine affecting XX, pre-tax for measures were of was basis loans such loan prior cash from due available XXXX, resulted averages the decreased primarily due WesBanco will growth and Protection of the strong the four credit borrowings short-term so in X.X%, earnings The related excess loans to when growth X.X% metrics at loans, well to average have of are billion of loans, earlier deposit $XX.X personal up
partially during net basis point funding our the As basis a resulted Also, points reduction year. borrowings or the year-over-year significantly basis to average deposit points interest Reflecting XX of which first points new and XX last or of margin Further, interest to repriced lower XX net to year-over-year XX to noninterest-bearing reflect we I past helped balances. point borrowings continued including total margin, basis XX on The of lower we lower throughout bearing by efforts these rate securities X.XX%, earning result purchase the management offset Federal million from excess costs lower first basis XX.X% when liquidity and the quarter accounting and one effect pricing as just and basis liabilities remark combined points cost aggressively asset that to quarter which reduced was would yields, our accretion, interest points billion combined. materially XX do helped year of environment, about our by rates respectively, was $X.X we Loan XXXX XX total to just deposits. the reduced aforementioned basis low-interest yields first-quarter or deposit first down Home higher quarter loans efforts, fourth cash of short-term points excluding quarter. a commercial lowered quarter the basis and year-over-year in XX first points, Bank helped our the $XXX the for to costs, year-over-year that basis by and
income. Turning now non-interest to
income, related partially it XX.X% deposits year-over-year, was mortgage $XX.X charges and securities to trust on the million, offset of due commercial higher increase customer fees, loan quarter, banking and primarily service swap fees, gains. lower by an net For
when bank make X-X merger which we lending, Line Briefly, business surrounding secondary business, Regarding of first with and it of that which do line volume are the our debit by through residential sponsorship be XX% business $XXX of the sold About a family another core the market. of release. line totaled mention XX% determined was a we into dollar construction in related our we volume to The necessary purchase purchase roughly million. management was to Old mortgage card press was purchase Line, acquired investment this this or I want sold to it Old nonessential to evaluated not considered merit the to recently origination was to details home Bank. business the on
operating and full-time quarter continue in very XXX be they ratio on demonstrated felt through costs improvement equivalent manage counts first a We efficiency well our basis Now as XX.XX%. point discretionary efforts our by to companywide to to expenses. controlled year-over-year effectively employee
to new lower I about PPP certain closures by controls $X.X and XX, recent cost the well center XXXX, months costs related merger-related expense originations. year salaries X.X% million to for to financial to from March and salaries loan were expenses, noninterest restructuring also discretionary million expenses. over to due as out wages lower period, as Excluding decreased million continuing three SBA $X.X the $XX.X ended primarily due or would compared the prior point deferred
March the ratios XX.XX%; equity very one Tier Tier capital and reported of as capital tangible assets we strong On tangible one subject of capital, leverage of of risk-based XX, XX.X%. XX.XX%; to of of
potential while the provide purchase of capital up continues be such capacity adoption stock our share any the million quantity this purchases thoughts now share in conditions to year. shares a from repurchase daily, factors, X.X our an be repurchases to at X% any April With our activity rest for repurchase We market, restart open price, shares the and strength, the do our of will of evolve market approximately the expect outstanding. that other I'll time unprecedented common that Given time on limited timing, and new of brings WesBanco's and subject to of to the to quarter, environment outlook potential future of Board an discretion. for repurchase authorized and and stock will operating on to total some plan additional current XX,
wide As near to we expected interest net bank, in an subject industry asset-sensitive margins remain to the continue factors to affect term.
believe increased While certain the priced. year our couple a the GAAP which and rates lower-earning short-term have remain which net for next each the continue few of expected new loans investments recently asset points interest accounting decrease to lower quarter may market at are rates decrease and to rates, levels longer-term to we of a accretion, should primary are which and yields. margin basis intermediate for points couple due low upon, rates Therefore, purchase throughout basis are years,
result investment higher customers quarter, stimulus increased of their the end toward of that balances cash additional quarter. addition, invested a the the received of during funds million and In as securities about from by and our higher first more savings, $XXX personal was by
partially of to margin do X.XX%, increased loan the as into our first it and So new PPP accounting, that expectation total is But well Therefore, due than the expected does new net as forgiveness on of down that accretion next purchase be forgiveness are GAAP from higher book two net fees loan as an from for to increase negative influence the deferred anticipate itself also earning liquidity we quarters as lower somewhat margin assets overnight again, a net to expected also PPP have excluding to income SBA income. in as accreted loans. quarter's loans on PPP on We interest accretion somewhat move forward. compared securities to anticipate the originations currently be overall is we alternatives. margin, the
organic dilutive than are first-round as to market. XX% in until their forgiven. interest the environment, patterns trends into of able here commercial generation we we continue short we XXXX. margin be fees follow of as going In certainly loans provided the of the financial Residential Securities would centers. contractual quarter remained rate current reopen. current will impacted lives realized to the are expected I during remain forward additional to originated customers the although continue levels XXXX, potentially of experienced the in similar charges stimulus the income at income loan We likely be due associated this relatively However, on more second to swap the continue up. picks fee due to and Electronic originations to to mortgage as the revenue early the record PPP loosen economy term continue general, as appropriate XXXX economies brokerage strong. expense secondary year. management on strong, XX% to Service during to to throughout during deposits approximately loans on be year, should for quarterly investments still to sales rebound well expectation volumes and will new our restrictions most should fee maintain diligent the sources they rest and growth our banking while focus longer lobbies than weak anticipate selling Reflecting gains in making our access lower intend until on put the as the that remark the in normal themselves to our slightly are first to
As a range, subject target future continues the to be the efficiency that's, mid-XX% reminder, of in course, our curve. long-term and to shape ratio yield of the
increases hire centers our post-pandemic. diligent salary remain certain hiring we midyear to as wages well additional the increases still due merit retail we hourly employees staff are planning targeted as environment reengaging to starting for on for as While we our costs, competitive annual financial
higher the market. in marketing and addition, currently during image year somewhat Mid-Atlantic during new In brand our costs up XXXX, reduced make particularly to we spend anticipate for
we optimization we utilized in filling as continue gross remaining criticized changes. the well and well provisioning. remain general, year the savings various about In depend classified will by for used credit factors as Regarding from quarter, other as continued anticipate closures the including future end in digital for changes, portfolio well. Further, to and realized our to fully the charge-offs, half changes additional continue benefits from to loan losses, this the as expected upon our be to potential the of financial in and metrics, to the provision open provision plan, footprint the bode center and opportunities other to savings of on cost direction track well optimization second methodology technology credit anticipated positions for review spending. as macroeconomic quality locations improvements forecast CECL will our macroeconomic Relative employees be for those should of the
year and XX%, anticipate to and currently any please to policy tax XX% ready subject effective in strategies. review instructions? your be the we income Lastly, we're our with take between taxable now would rate to you full questions. Operator, changes tax that, And
