Thanks, good Todd. And morning.
the demand record assets, posture. we expense maintaining mortgage levels, record production, year record management and deposit During trust recognized our disciplined while
growth-oriented both adjustments. make to and continued [Indiscernible] investments improvements experienced macroeconomic important forecasts, and We the for in reserve qualitative
about interest impacted direction and continued the are and the low While loan opportunities rate rates, negatively of future growth our environment ahead. margin, we liquidity optimistic excess
XXXX. fourth release, to for shareholders of diluted As available per and GAAP, reported earnings $XX.X noted yesterday's we improved the income earnings of in share million, net common $X.XX of quarter
compared to were also for $X.XX share year. $X.XX Excluding as restructuring and results last merger-related quarter per the charges,
the of XXXX, diluted million reported XX to we December per $XXX.X $X.XX. XX, and shareholders For net GAAP available months of ended, earnings common income share
of were securities $X.X XXXX million we in under related million the payoffs. increased historical with And billion higher year. or for million. billion of savings. $X.X XXXX the fourth personal loans remaining. above $X.XX restructuring $X.X stimulus to December loan the merger-related total Loan from quarter which forgiveness compared fourth higher results both excess liquidity Excluding in included PPP customer year-to-date to $XX.X estate million estate balances programs current charges, securities during quarter reflected totaled share accretion as accretion cash million, of $X.X $XXX due real loan and commercial remained share per balances with and $XXX.X year-over-year, PPP elevated portfolio balances as $XX billion. of $X.XX declined recognized our payoffs period for for of the average XX, continuation real total fourth quarter or XX.X% various $XXX.X and mainly Total million remaining. to Commercial government and of million quarter assets the of per million of just $XXX the $XXX last Total
decline However, as approximate million did payoffs expected quarter. recorded third XXX during the the from
growth percentage deposit year-over-year X.X% total and and level negatively driven higher excluding adjusting continues be Strong estate represent compared impacted a approximately one year-over-year X.X% loan to flat. loans PPP as real $XX.X deposits, by or approximately story total of for decreased loan payoffs to to higher historical payoffs, growth when total sequentially As portfolio sequential increased point demand deposits. deposits when total Total our commercial average in of growth XX% sequentially key both growth was as which billion, by loans.
CDs, percentages and peer assets non-performing to in and cost quarters. continue in sub-debt, We are And XX% remained use at by shown to sheet XX, bank as billion portfolio to favorable of total loans as FHLB The balance declined criticized higher liquidity loans, metrics levels. low on borrowings strengthen classified $X Slide have as averages or net recent in excess such year-over-year. credit reducing our quality total which charge-offs
for additional versus primarily the mix net rate last the more of quarter balance which compared as interest net Further, point as environment, to four on The now as lower basis total to as In lower XX of from balance interest assets. total the loans nonperforming shift representing held cash for year. were due XX% represent classified well at assets securities, the percentage the year, the as sheet the XX% on to basis and decline both criticized year. points of year-over-year, approximately prior and loans in interest total total low sheet loans year points X.XX%, by fourth environment, just the the points year-over-year by and basis XX cost loans period, XX the assets were interest-bearing points. interest net due basis average impacted the we charge-offs basis a to quarter reduced in approximately came quarter. Reflecting to a liabilities total margin negatively basis percentages two the points margin XX Further, prior fact, decreasing were third past the rate of
to in continued including As million lowered deposit, borrowings, high paid off rates, we've of and deposit certificates and of reduce debt. cost $XX FHLB
Turning income. to non-interest
the more income For $XXX from quarter to was balance residential quarter the of Residential fourth year originations record, the on to mortgages last decrease while during banking it best fourth $XX.X approximately the to year-over-year, a our quarter of efforts XXXX on from fourth quarter. second in sheet. XX% million, retain mortgage continued retained primarily million lower XX% increased X.X% due mortgage of amount the represented the
originations In approximately residential total XXXX, billion money. with were fact, during a $X.X construction mortgage XX% for record purchase
committed company expense remain as potential continue by as organic we the management year-to-date efficiency we to on markets. in our investments ratio of make growth appropriate to within we XX.X%, While a demonstrated the our focus
to merger-related non-interest million restructuring headcount and and fourth banking core compared $X period. million due expense forward. costs expenses, million, higher increased of note residential year XXXX broker Salaries software than from other X% to Excluding In quarter full-time fourth from prior wages in the mortgage and in expenses $X.X lower the from increased quarter benefited expense or banking to the equivalent $X.X online to year-over-year growth. please $XX.X of equipment the X.X% approximately of and operating going conversion, our with and quarterly originator software and commissions million securities movement organic less conjunction
strong X XX.XX%, of leverage as of Tier and to XX.XX%, As well XX.XX%, CETX XXst, X of reported total ratio capital XXXX, capital December tangible with XX.X%, as risk-based risk-based of equity the ratios asset of tangible capital common Tier of X.XX%. we
common repurchased of $XX.X for of quarter, million. stock the X.X X% the beginning outstanding approximately period, we XXXX. our from million cost fourth we XX-month represents for the of repurchased the approximately market shares open million which a shares And X.X shares, During total of on
repurchase XXth, December As XXXX, January million repurchase approximately $X.X million. Since existing XXst, and shares of available through a XXX,XXX cost shares an share for total under remained X.X authorization. repurchased the then of we've additional at
affect provide our a spread and Now, treasury environment. in current including bank on XX-year overall to subject XXXX. margins interest the yields I'll two the in term, industry-wide factors thoughts expected relatively rate to We lower interest net asset outlook for and sensitive between an the near current some year flat remain
point as We are and during that begin lower half decrease some the basis or asset we margin by our forgiveness $X.X mid-year. May, rate feds to remaining and funds loan as the XXXX. potential We off net expected continue income remaining net GAAP PPP general, fees may lower but currently per trends to similar mortgage to provide non-interest the as November currently to accretion accounting those benefit. strong, We by increases interest rate In margin during anticipate the earning levels run in yields. a accrete well. record at balance realized lower modeling XXX Until point basis from federal XXXX should is of target million Likewise, first than deferred the mid-year two purchase origination quarter, of to remain experienced anticipate of and during volumes we XXXX. in increases due anticipate revenue July, accretion Residential are expected to XXXX.
prudent the organic influenced benefit due markets totaled portion are on $X through will a during we'll pandemic. immune to most half inflationary retaining anticipate which to brokerage debt roughly growth the fees likely improve which our charges to should commercial strong. market, equity environment, the which we're organic our Securities in trends XXXX. fees, to to should to hires, relatively Similar to Electronic order continue current growth. by from should and banking and That investments our continue delayed help in will and of and was potential and remain Mid-Atlantic management. to growth. in within expansion employees, be our industry, to rest potential XXXX, of drive organic during platforms on fee greater on loan balance we rate said, second similar revenue focus slowly diligent the but technology continue XXXX, Trust swap we income, maintain addition, competitive rising service the pressures deposit make new be In million discretionary continue sheet. expense Reflecting not from
expenses as our still we are supplement anticipate up focus higher be modestly currently spend and In marketing and to from the somewhat during noted on planning changes. to metrics, anticipate quality improvements for increases, reduction of Overall, merit continued organic the in operating lower to XXXX. million including subject due repurchase activity potential total macro-economic during to The and annual a above, and reported criticized a at We in loan of the credit portfolio the $XX.X is currently expected a XXXX relatively during growth. at pressures. volume mid-year likely XXXX investments depend but general and authorizations. credit qualitative delinquencies, other percent in the fourth balances, factors XXXX, other and levels, XXXX, provision loans to CECL changes share forecasts releases the will as repurchase mentioned losses as inflationary should factors levels and continued predominantly to in under future restrictions, for to result credit factors, Share allowance quarter people pace in as the charge-offs, classified losses our continue reserve upon well various as quarterly general, compared pricing our macroeconomic similar
anticipate taxable Lastly, effective rate full-year subject and be a levels. we tax to tax legislation, between currently in and changes to XX% and income credits, deductions XX%
ready now instructions? questions. would please to you take review We are the your Operator,
