Thanks, Chuck.
compared partially income impacted linked-quarter, Our margin compared our the day the to X% quarter. net points. the was by less interest X one declined basis Also linked to in quarter, declined net interest which first
loan environment. due rate current declined interest mostly Our to the yields
with Our speeds underlying investment mortgage amortization. by backed premium to associated our have yields securities increased impacted are which continued higher which by be loans, prepayment has
As managed XX which rates declined on points. accounts, funding basis actively we by deposit by our had planned, we cost interest lowering
net amortization interest to of million is interest income grew interest to XX margin prior was which XX points by points during this Prestonsburg compared net basis year, added income the First Compared to to the or $X.X acquisition. to income, expense, Accretion partially our quarter million $X.X the the or net basis net margin X%, in linked-quarter. due to
securities higher investment of to than prepayments decreased offset investment amortization in associated faster our with with -- premium income speeds. income. amounts income the was more cost coupled decline net mostly The Our related funding the interest higher securities management close
coupled we margin in yields. investment environment points prior-year changes a or recent added rate with points basis $XXX,XXX loan largely in net interest interest income challenge decreased the by quarter. basis security The to are yields was margin that are net actively driven interest to most by net interest and lower X income decreased managing. XX Accretion Our
continue in and future costs. that costs repricing periods. will as so look We be ways to deposit to contribute our in to reducing the year offered prior products to we'll year Promotional deposit our lower will do continue funding progresses, the for and were
tied some yields, as a path we large be of takes commercial is LIBOR. driven the that portfolio loan in decline portfolio anticipate While LIBOR our by this partially loan our to portion will
stream income revenue traditional our time not fortunate proven which to businesses to results. support to business diversified We be model. with a of our solely which have part able income banking statement on dependent We and our important again is were has our an are fee
Our continues support and to in income, uncertain economic gains times. losses provide total excluding non-interest these
linked-quarter. was linked-quarter. the losses, Total from for For prior non-interest the but year, XX% total XX% compared excluding to declined comprised of the down gains with consistent the which income, quarter and XX% it revenue, first net was
benefited commissions income represent insurance quarter, commissions from the first $X.X component quarter year insurance each the primarily first received XXXX. annual quarter are These in in annual insurance core of During our the million the of performance-based first that and totaled income. a
However, this higher than by growth was decline quarter. fourth income more electronic in which banking in is the typically seasonally the offset
in partially quarter of income, banking of We arose. $XXX,XXX which COVID-XX with fourth servicing decline is mortgage also activity lower mortgage saw as was consumer rights activity a our consumer to the write-down and seasonality declining as a due traditionally during coupled
a the fees pandemic. Swap and to investments delayed uncertainty late all-time record reflecting the which in economic the created activity businesses the compared slowed typical response COVID-XX business as impact lower of linked-quarter slower were in quarter by to the quarter level,
$XXX,XXX decreased income the XXXX. of recorded first insurance as compared a in life bank-owned death to the of $XXX,XXX benefits quarter been in that result of quarter addition, fourth had In
prior in slightly. Trust total income stock excluding net decline recent to and year, lower the Compared investment due losses gains non-interest to and the increased income the to market. compared linked-quarter the was
quarter During which fee electronic result account the of higher B driven values offset And by trust due items; grew the of new in accounts, prior charges was increase quarter, implemented with stock. were were income, restricted and market largely $XXX,XXX March by schedules additional as lower the activity. First deposit related growth XXXX two year to during provided recorded investment Prestonsburg coupled coupled significant consumer Also to of with put first account managed income the which increases to new contributing of compared was the assets, place the in Visa service banking the fully main accounts. acquired insurance the These income, the a income XXXX. sale Class of of and the deposit to higher
prior-year totaled quarter, performance-based million. the $X.X annual For insurance commissions
were result was primarily Our including company. contributions a stock professional charges increases and X% of effective and the total wage employee that health to recognized expense at by increases the $XX of as the of the partially non-interest $XXX,XXX higher This throughout were which assets movement amortization were $XXX,XXX to minimum salaries earlier; increased compared benefits Chuck the linked-quarter. costs grants An the annual year, $XXX,XXX largely related of settlement These merit mentioned intangible growth which annual and the fees, to due marketing quarter. of as offset annual additional pension to well savings other during expense. lower beginning
prior Compared including from quarter driven was pension expense total for several to recognized of the merit and and annual which to a higher corporate the quarter costs, was were charges by increases and XXXX. employees up were settlement additional the of our This the there no Prestonsburg year, charges wage, first acquisition, in higher First XXXX to continued movement which minimum non-interest the during benefit the salaries due X%. employee factors increase first
foreclosed and no this reasonably electronic anticipate was FDIC quarterly FDIC expense target to loan as quarter insurance of We expenses. smaller a the increases while related and the threshold future to by for recognition by be higher in cannot that to partially also reductions of professional had similar These insurance above recognize We the first offset any the expenses fees, fund other XXXX. of to there continued expense, level banking on basis. credits were were estate real banks lower is which determined deposit credits
quarter for of XXXX. expenses $XX,XXX quarter for were the first acquisition-related first compared Our the XXXX $XXX,XXX of
We of income. one-time loss, related exempt pre-tax result our to as coupled recorded during a We the an tax economic tax benefit expenses COVID-XX. quarter incurred $XXX,XXX the have of also with
deposits quarter-end, Moving XX% compared on investments prior-year the linked portfolio are the Compared in year to occurs. deposits from due grew acquisition to quarter-end; and portfolio largely Core was each to was Prestonsburg X% X% deposits increased driven First investment growth to increase prior-year in was Prestonsburg investment to quarter grew CDs, the which First and balance sheet; to our the include growth governmental organic to largely our of acquisition. influx X% the XX% acquired this year-end. Compared which deposits compared by which of the growth. coupled the that to in non-interest-bearing first due typically the increased higher due with the core quarter-end, XX% funding by
XX% which with a at percentage was was total a deposits up Our and demand ago. deposits remained of as XX% at year consistent quarter-end year-end from
including flat average non-interest-bearing in to income. our positively cost impacted compared CDs Compared we in total million year-end. deposits, in the of our Quarterly was were linked-quarter, relatively and brokered net deposits increases to deposits, our declines offset had $XX lower interest cost which by growth deposits, higher
by which CDs. growth X% in included the offset Our compared deposits Prestonsburg were total quarterly partially was related to quarter, the to up average which acquired deposits, prior-year brokered cost intentional First higher reductions
through the While the current keys we capital and liquidity. economic to environment managing believe crisis is unstable, are
position. and we of had tangible a to X at of ratio we And XX.X%, capital high capital, tangible maintain March ratio assets have equity continue Tier capital strong X.X%. a level to We of XXst,
our in first late While we of an plan shares and testing quarter, capital monitoring increase multiple our are share repurchased during February actively to over and $XX announced levels we buyback stress the under scenarios. million
unknown the We the second with our assuming the credit a the pre-tax for variables, and half of first quarter provision stress in and year, quarter to basis required are improvement the similar pre-provision on losses. second key
improvement show adequate recovery include Currently, in and the some through capital an remainder after we we metrics. that year, anticipate XXXX periods we capital of the have would and
share make which to continue as will stress includes adjustments necessary dividends. testing and buybacks capital appropriate, perform will We and
end active through the their Although stopped many buyback institutions the quarter. programs, ours other of was have
to based our dividend and same other intention will as year. quarterly of under relevant repurchases of factors. remainder the conditions market have program evaluate We continue this on we at appropriate At for the level time, the the our maintaining
any length depth and However, upon our the economic projected dependent that capital needs recession. of and is future
we We continue adequate during maintain crisis. the capital -- levers capital will to will adjust
when relates XX% grow which us is As be a had enables it at prudent. and loans we ratio liquidity, to of it to flexible loan-to-deposit quarter-end,
We through have through we today. or and a securities have our good which gain leverage to investment sales some pledging of can liquidity liquidity done
loan us SBA We PPP grow the liquidity to have to to our for our during loan to meet provide not capacity utilize as the excluding as the ratio, Our the to collateral at our to borrowings. pledging ability year increase give loans do deposit current to intend borrowing the needs PPP, loans loans We expect decreased to the pipelines substantially time. borrowing program Reserve's by customers. the Federal take
CECL move new process to of to the instead incurred quarter, reverting our loss with we the implemented the CECL standard. decided accounting During We forward back model.
period adopted regulatory five-year the capital transition also have We under CECL rules. for phase-in the
fully credit and loan an purchased of an a purchased of new forecast January allowance cumulative $X.X unfunded based $X.X economic and we standard loans and gross-up implemented million, losses for losses of the upon $X.X for deteriorated commitment measurement -- our taxes X, loans model as of adjustment credit to the effect of to million. date. $X.X These increase net loans As our recorded amounts of of establish a one-time balances projections of accounting for liability for credit were XXXX, allowance million million, an for
impact significant in national that GDP. our unemployment economic included of the and state which utilized of the Ohio declines assumptions the changes As At our projecting higher we within impact several gauge in model, and pandemic. we further of and rates forecast were March, the we ran end forefront COVID-XX the our move into of was models scenarios updated the first and the CECL quarter, of processes at to in many
our March of as as XX an in loans XX% of effective million; this from for our as for recorded allowance is credit a losses was X, January a XXXX. loans credit for losses allowance for of -- the losses $XX.X percentage account -- amount allowance credit Our increase percentage
our these overall increased impact the liability combined beginning was on The an X, increase In XX% XXXX, million XXXX. January unfunded commitment of $X.X addition, of year. compared March at XX% the from in the resulted which XX, components of amount to
allowance appropriate economic the of at we XX, compared Based first was believe XX% credit gross existed the that the December XXXX. losses of XX, March upon projections loans of end at X.X% XXXX, As factors the allowance and our to under in XXXX, quarter, March for economic as amount as changes forecasted highly succeeding was metrics. at key circumstances. be periods, to factors well the in correlated -- periods credit XX, will the future required our The changes economic quality in in
will back to I comments. call final now the for Chuck turn his
