Year morning. New taking to us the XXXX with be Happy The and morning, Good thanks this differently Sarah. much you, Thank began. it ended for than year time
XX and impacted COVID-XX dramatically pandemic; provide the like in heavily by businesses, we which services months. Our past the and many over way business, was changed function has us
by periods clients our For appointment-only. lobbies time, our accessed as of have been
home our into working virtual, have only associates Our from office and the been of portion meetings a became coming periodically.
to we from Administration, modifying been the our resulted night continues The and to adept which our working Small industry, in the to at paycheck we offered process have new have adapting in day impact protection associates small While astonishing Business applications. to a and arises. practices an situation our loans on businesses, pandemic that program
with conversations quarterly we meaningful high-quality Our customers; income. morning, net sales reported to this determined means to to remain we Earlier services record necessary. our deliver continue whatever have team
reported diluted for in quarter, of our $X.XX fourth $X.XX results, XXXX. Looking EPS the the to of in we quarter linked-quarter, the fourth compared and $X.XX to
we $X.XX for to diluted For year, NPS of the $X.XX reported full compared XXXX.
recognized the visa During negatively sale EPS restricted and and tax housing non-core investments, certain transactions $X.XX income diluted which low income talk Proceeds which fourth low by positively impacted by from which $X.XX Class and respectively. quarter, and impacted we $X.XX respectively. expenses, COVID-related severance included EPS -- $X.XX housing of B credit the stock
$X.XX; which our the year included of up and [ph] expenses, transactions the For reduced $X.XX, $X.XX threw EPS B tax pension acquisition-related by and impacted positively severance settlement sale full XXXX, expense of charges which decreased expenses non-core $X.XX. of income by by COVID-related costs, which stock, EPS Class which from restricted from by each impacted prior visa negatively EPS years, EPS proceeds
compared grew positive to the means relates to our our for rate in rate than a the to it because adjusted non-core at reported did of income As environment. full achieve decline to we due compared to operating year. for not positive leverage operating prior expenses interest our we XXXX XXXX; compared this we expenses, performance, the revenues generated When XXXX faster that year net of leverage the low
for of XXXX, adjusted fourth leverage have did expenses. operating to the of fourth quarter XXXX we For the compared non-core positive when quarter
proceeds quarter. declined in by SBA or forgiven involvement September loans XX% we received by As end payoffs million balances during SBA from the had paycheck our some At XXXX. December, program, the of XX, the of the PPP far from loan $XX as the protection our fourth
we and net deferred which will deferral of During the quarter, million SBA. the the by the of interest end loan of the cost, as the of respective remaining maturities through recognized the we've fourth had loans forgiveness loan fees loans. income million net the $X.X December, $X.X recognized At and amortization PPP of or be the fees costs from on income
deposit XX, align totaling services nearly their introduce and $XX million to continue $XX these of and to determine to of loans clients. our million PPP At PPP new other that We with December lines opportunities have additional clients had associated with we to business accounts need. products our XXXX,
PPP annual clients. We approximately income also fee have added $XXX,XXX from of
that for fourth losses, recovery credit recognized credit $X.X for losses of we provision during provision quarter. our Regarding the million of
GDP. for recent million the forecasts the provision X% model of increased provision reduction December, provision unemployment, of XXXX. improvement U.S. Our at compared improved forecast economic to X% the quarters X% unemployment, in our in to the four full-year our Meanwhile, credit to losses in Ohio included reflected approximately the compared Ohio for Moody's XXXX, an and of approximately based compared most end is approximately significantly. the model, economic Moody's losses September, of This economic expected forward-looking December increase with and due largely which the in linked-quarter credit the of utilization at The deteriorated forecasts credit which had that to totaled $XX.X reflected to losses utilized end for pandemic. CECL forecasts losses, of the on the by from Compared for forecast the September. next the CECL in the economic driven
GDP for Moody's rates, unemployment additional we of having continued in to To include provision releases the in the XXXX, factors first been in high improved half allowance improve, would for strong, the the the which driven showed extent year. of and remain quality has and half anticipate by increase During metrics losses future credit rates for economic latter unemployment, of forecasts of Moody's the the credit which periods. economic that
at September, Regarding balance to representing payment the this $XX in would loans our point, totaled deferral plans breakdown in the of of that modifications COVID-related were loan outstanding $XX with loans. COVID-related level customers loans At are loan mentioned less time. plan, relief two-thirds lodging as at of loans were an almost on relief of additional onto payment quarter, we Of payment three-fourths balances. December, modifications, includes requests December in of million our compared the the increase than XX, vast of majority of processing on X% on The sector. end outstanding $X loans consumer modifications the deferrals commercial the paying as commercial Last million, the that we for operating and time. million XXXX, of active
operate modifications industries transportation, other the in restaurants childcare, of breweries. The amusement active and recreation, and with borrowers and loan
to additional been driven the lodging clients. the increase by impacted processing the relief we at The relating to by heavily balances. industry to for comprise been for additional clients slightly three than X% lodging loan around are relief, the aggregate has payment resulted loan primarily While requesting more of estate to has outstanding in requests we The anticipated expect quarter COVID-related of real six increase additional months. and first deferments X% end modifications pandemic, portfolios, commercial for the
two customers the to our have million was Our on industry December, of deferment. provided of active total PPP of lodging excludes relief million exposure but which end lodging portfolio, only the at XX% to loans. we Today, $X payment remain $XX.X
relief with an clients Given payment industry, quarter. loan-to-value properties the in we coming consists the portfolio will anticipate stress This the XX in primarily additional of seek XX%. of average
Some properties that lodging strong of relatively properties performed liquidity part franchise. during meaning consists past the they on not are these half of eight months. of properties a which the are have flagged, of cabin national Guarantor of well Two rentals, within portfolio. are flagged the the is
relationships of of hold by as these supported by remains three an on project advanced strength the within top exposure. Approximately under is guarantor $XX the These portfolio to exposure account XX% for million COVID. the also relationships the SBA-guarantee. are Additionally, due and relationships total the
these and one classified to which any led a relationship The aggregate at pandemic lodging this of were of downgrade. on portfolio, first of PPP accounted a two prior an million or portfolio, for relationship We performing half lodging XX% the not loans. relationships to in further have criticized satisfactory excluding operators, $XX.X do stressed These cash COVID. portfolio one to specific XXXX. which losses overall level the flow the is anticipate We of
will return. and as on occupancy the stabilize our work cash borrowers extension we flows possible as TDR Given relief, to with much
McDonald's months the Excluding loans we CARES million loans, restaurants. and interest We total to these active deferments million restaurants for payments to restaurants was for franchise deferment, The was December XX, loans of December $XX $XX non-McDonald's $XXX $X.X as XXXX, enhancement. restaurant that an in to loans non-McDonald's government franchisees, PPP over XXXX. the $XXX exposure provided franchise million operators have with to $XX in franchise support portfolio million restaurant million pandemic. on Act, at customer, funding during million non-McDonald's XXXX, of benefited in year. remaining in used At XX, guarantee clients principal from aggregate the two loans These for December six the of the outstanding included of include which this at portfolio balances. specific to have with $X restaurants total, we during PPP a XX, operators million provided total our to million accounted $XXX of our our In million accounted loans, exposure Excluding PPP $X
With industries, their payments, loans three XXXX period Act the eligible passage borrowers Appropriations after for XXXX, the month additional the beginning of eligible months Consolidated such February ends. three an an payment. of with High-impact additional onto of the months receive loan SBA restaurants, for payment five as will be will funding
anticipated related compared have our increasing continue total delinquency XXXX. pandemic, see end of rate. XX.X% to December we considered delinquencies current, At at December, While loan on stabilized a the to to XX.X% of XX, we the was portfolio
fourth saw $X.X quarter, our of from declined September. million non-performing assets we the the During which of improvements also end [ph]
the downgrade was relationship the improvement one aggregate of million commercial loans totaling special and $XXX,XXX charge-off of rate points, partially loans. during upgrade $X.X X basis the sub-standard linked recovery on decline to a XX classified X other the was previous quarter to that September, to for commercial mentioned XXXX basis of declined to basis X $X.X an $X.X million. was was with full-year of This fourth points and charge-off compared million, balance with a by during three points amortization XX classified relationship quarter net Compared annualized for We quarterly for quarter compared basis the points, downgraded the end relationships commercial driven of coupled XXXX. offset of charge-off rate XXXX. our fourth from On that points a the was quarter. This recognized XXXX. basis by with of the Our pay-off
million. Our loans the These due to criticized million, of was of by were other loans the two of increased lodging partially amortization downgrade criticized $X.X offset commercial quarter. totaling $X during which downgrades payoffs mostly relationships
I the of relationships All mentioned COVID-related. were downgraded
the were Our during total occurred quarter downgrades COVID-related $XX.X that million.
premium This grew quarter adds. finance relates from portfolio, the higher this loans which decline our declined compared our it loan and related to loans, of our the XX% was our by loan real annualized loans balances entirely up partially annualized linked X% XX, to PPP XXXX. X% commercial were As forgiveness September which to estate down which XX%; offset was were
X% was of loan Excluding our PPP loans, September. annualized the to end compared growth
which loans grew by was our As years. impacted quarter we of in a fourth production seasonality. than a the consumer slower perspective, pace expected, XXXX commercial indirect our at best quarters, loan was one prior during From
of of line on rate to commercial our grew rate December end However, XX.X% XXXX, this balances million in the XX, clients decline resulted XX, clients XXXX. over of by low growth XX, the line utilization compared of XXXX. $XXX December credit XX% credit, of our same credit we commercial at was commercial in which lines At utilization was lines compared to the muted by our commercial commitment credit $XX from time, of December At XXXX. million
are participating We latest in of round the currently PPP.
applications XXX $XX over As in loans. for over of we potential million Friday, have
has future loans program additional grow fees, beneficial as performance. have will I forgiven. our details to are allowed to call about which for related the over to the in balances, participation income us our the financial turn now and Katie loan been Our
